Wall Street's main indexes tumbled on Thursday as investors fretted the Federal Reserve's rate hike might not be enough to bring inflation under control and the U.S. central bank might need to take more drastic action.

(Reuters) -Elon Musk is expected to become Twitter's temporary CEO after closing his $44 billion takeover of the social-media firm, a person familiar with the matter said on Thursday, as the billionaire inches closer to securing funds for the deal.

A paper published by the world's main central bank umbrella group, the BIS, has called for individuals and firms to be given more control over the data collected on them by social media and other Big Tech firms and banks.

MILAN (Reuters) -Italy's Banco BPM posted a higher-than-expected first-quarter net profit on Thursday, helped by a combination of higher revenues and lower loan writedowns.

Over 500 kg (1,102 lb) of cocaine estimated to be worth more than 50 million Swiss francs ($50.65 million) have been found in a container of coffee bean bags for Nestle's Nespresso factory in Romont in western Switzerland, the cantonal police said on Thursday.

(Reuters) -Wall Street's main index fell sharply on Thursday in a broad-based selloff as the Federal Reserve's less hawkish tone failed to ease investors' expectations of bigger interest rate hikes this year to tame surging inflation.