Tesla Stock Rolling Downhill
Tesla stock got wrecked this year, Russia banned oil exports to countries implementing G7 price cap, New York raised limits of how much state and city pensions can invest in alternative assets, the DOT is investigating Southwest's mass flight cancellations, and AMC's CEO requested a salary freeze.
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SPAC Massacre
US consumer 1-year inflation expectations dropped to a 1.5 year low, 70 SPACs have liquidated this month, global equity funds recorded their biggest weekly outflows since March 2020, Lockheed Martin got a fat government contract, Meta will pay $725M to settle its Cambridge Analytica scandal, and Tesla suspended production in Shanghai.
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Quarter-Billion Bail
SBF was released on a mere $250M bond, Musk promised not to sell any more Tesla stock for two years, US Q3 GDP was revised up to 3.2% growth, US short-sellers are up $304B YTD, LBO activity is down 40% YoY, global PE dry powder is at $1.96T, YouTube signed a $2B/year deal with NFL's Sunday Ticket, and Florida became the fastest growing state by population in 2022.
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The ARKK Is Sinking
Cathie Wood's Ark Investment Management is down $50B from its peak, Musk expects Twitter to break even next year, US companies are turning to contract workers, China posted a record year for IPOs, PE activity dropped 66% in Q4, and India plans to phase out stock buybacks.
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Wells Fargo Down Horrendously
Wells Fargo was fined $3.7B for misconduct, Musk will resign as Twitter CEO and is looking for a successor, ESG funds are set for a net outflow this year, Phoenix pro basketball teams are getting scooped up by a billionaire, German VC funding is down 46%, AWS got a $724M Navy contract, US lawmakers unveiled a $1.65 trillion spending bill for 2023, and SBF is getting extradited to the US.
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Dogecoin worth more than Coinbase
Musk's Twitter poll shows that users want him to step down, Epic Games got fined $520M for children's privacy and safety law violations, Dogecoin is worth more than Coinbase, the US is expected to become a net exporter of crude oil in 2023, and law school enrollment is down 11% this year.
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Messi is Goated 🐐 ⚽
What an incredible weekend of football (and American football). Messi led Argentina to a World Cup victory over France, SBF is giving consent to extradition to the US (lol), China is stepping up support for its economy in 2023, Elon asks twitter users to decide if he should step down, and Goldman is planning a wave of layoffs.
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Market Clappening
Stocks had a rough day, European banks raised rates by 0.5%, US IPO proceeds hit a 32-year low, Musk sold $3.5B of Tesla stock, the EU approved a 15% minimum corporate tax, US rents dropped 0.4% MoM, Twitter suspended a bunch of journalists, the Senate passed a bill to ban TikTok on government devices, and mortgage rates fell for the 5th straight week.
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Atlas Rugged
France ended Morocco's Cinderella run, the Fed raised rates by another 50 bps, London IPO funding is down 90% this year, BlackRock is betting against long-term sovereign debt, Goldman is weighing a 40% bonus cut for investment bankers, Visa is investing $1B in Africa, and the SEC indicted a group of eight social media influencers, collectively known as "Atlas Trading," for a $114M securities fraud.
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'Team Transitory' Resurfaces
SBF was charged with eight crimes, US CPI came in lower than expected, Cathie Wood thinks we've been in a recession all year, Apple will allow rival app stores on iPhones in the EU, US lawmakers unveiled a bipartisan bid to ban TikTok, Ken Griffin sued the IRS, Argentina beat Croatia in the World Cup semifinals, and college football coaching legend Mike Leach passed away.
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