The euro and the dollar are a penny away from parity for the first time in 20 years
CNN
For the first time in 20 years, the exchange rate between the euro and the US dollar is nearly the same -- the two currencies are less than one cent away from parity.
The euro hovered around $1.007 on Monday morning, down nearly 15% since the start of the year. Fears of recession on the continent abound, stoked by high inflation and energy supply uncertainty caused by Russia's invasion of Ukraine.
The European Union, which received roughly 40% of its gas through Russian pipelines before the war, is attempting to reduce its dependence on Russian oil and gas. At the same, Russia has throttled back gas supplies to some EU countries and recently cut the flow in the Nord Stream pipeline to Germany by 60%.
Elon Musk has sought to accumulate political capital commensurate with his extravagant wealth. In the past year, Musk has publicly opined on global conflicts, met with numerous world leaders and US senators to discuss artificial intelligence and his space and satellite technologies. And he has courted senior Chinese officials on their home turf.