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Fed chair cleared of controversy, SEC eyes Musk tweet amid deal fallout, Shein aims for 2024 IPO

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Notable business headlines include the Fed’s Jerome Powell and Richard Clarida being cleared of wrongdoing in trading controversy, the SEC scrutinizing Elon Musk's tweets as the Twitter deal falls through, and Shein aiming to go public in the U.S. in 2024.

Video Transcript

[MUSIC PLAYING]

JULIE HYMAN: Some other headlines we're watching now. The Federal Reserve's Office of Inspector General has cleared former Vice Chair Richard Clarida and current chair, of course, Jerome Powell of any wrongdoing surrounding report on trading activity between 2019 and 2021. Remember, during that time, the two highly ranked officials traded stocks while the central bank, of course, used monetary policy to influence financial markets. Evaluations of trades from other top Fed officials are still ongoing.

And the latest in the Elon Musk Twitter situation, the Tesla CEO now facing some backlash from the Securities and Exchange Commission over how he disclosed the termination of the Twitter deal. In a letter to Musk, the SEC pointed to a tweet in May where Musk said the deal, quote, "cannot move on until the company is clearer about how many of its accounts are fake." The SEC said the tweet may have violated a schedule 13D filing, but Musk's attorney said the tweet did not require any-- trigger any required amendment to that filing.

And Chinese fashion giant SHEIN may be headed for the US stock market. Hopes to an initial public offering in the US as soon as 2024. This comes as the company has faced some scrutiny surrounding its chief product line, prolific production chain. And it appears to be focused on improving environmental social and governance in preparation for a public offering.

This isn't the first time that SHEIN has tried to go public. Earlier this year, the company had plans to list an IPO but did not end up following through. Certainly, it's not the only company in that category.