Slowing growth and surging inflation may not spark a 70s-style bout of global stagflation, but dimming prospects for the U.S. economy weighed on stocks Wednesday.

"We are actively engaging in a broad range of strategic and financial alternatives ... including Elliott’s offer to invest incremental equity capital in our Flash Business," said CEO David Goeckeler.

Stock futures lower as stagflation worries mount; Novavax surges as FDA panel recommends Covid vaccine; Western Digital leaps after board agrees to consider flash memory sale; Credit Suisse slumps after third straight profit warning and Denver Broncos sold to Walmart heir for record $4.65 billion

"We believe a full separation of the Flash business can allow both HDD and Flash to be more successful and unlock significant value," said Elliott Associates.

Tesla said it had a record rate of production in June, but supply chain disruption and the closure of its Shanghai gigafactory triggered a slump in Q2 deliveries.

GDP shrank an annualized 1.6% in the first quarter, and some experts anticipate another drop in the second quarter.

The platform denies selling proprietary customer data and announces it is expanding into several European countries.