Bloomberg Business

Billionaire Elon Musk is warning against something he himself has done — borrowing against the value of securities one owns — because of the risk of “mass panic” in the stock market.

Oil took over from natural gas as the leading fuel for power plants in New England, a significant switch that signals how the grid is desperately trying to keep the lights on in the face of a winter massive storm.

Editor’s Note: Welcome to Credit Weekly, where Bloomberg’s global team of reporters will catch you up on the hottest stories of the past week while also offering you a peek into what to expect in credit markets for the days ahead.

The largest US grid operator is leaning on more than 65 million people to conserve electricity to keep the lights on as a frigid winter storm moves over the East Coast, boosting heating demand and forcing power plants to trip offline.

A judge in Arizona rejected a bid by Republican gubernatorial candidate Kari Lake to throw out the results of the November election she lost, calling her claims of misconduct by election workers “speculation” that she had failed to prove.

The US Energy Department declared a power emergency in Texas, citing a shortage of electricity as an Arctic winter blast causes power plants to fail.

Argentina’s World Cup winning captain Lionel Messi is to sign a one-year extension with his current club Paris St Germain, with the option of an additional year, according to BBC Sport.

US natural gas production suffered its biggest one-day drop in more than a decade on Friday as the massive winter storm battering much of North America froze liquids in pipes and forced wells to shut down.