SBF Is Cuffed Up 🔗
SBF was arrested in The Bahamas (can he still do Twitter Spaces from jail?), inflation expectations have eased, Goldman will stop issuing unsecured consumer loans and is cutting hundreds of jobs, Credit Suisse's Greater China CEO is leaving the company, Bored Ape NFT holders are suing celebrity promoters, and Bernard Arnault is richer than Musk again.
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Twitter Blue Is Back
Twitter is relaunching Twitter Blue, Thoma Bravo is nearing another large software LBO, US 30-year mortgages fell for the fourth straight week, US equity funds are still seeing huge outflows, Saudi Arabia is on pace to be the fastest growing G-20 country, EY scrapped holiday bonuses, and Airbnb is banning NYE parties.
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Litquidity's 2022 Last-Minute Holiday Gift Guide 🤝🎅🎄🎁
If you've been getting clapped at work and haven't had time to do holiday gift shopping, we've got y'all covered. Open this email for our curated gift ideas.
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$5k Manhattan Rent
US gas prices fell to $3.29/gal, Exxon and Chevron will invest $38B in oil projects, Google plans to combine Google Maps and Waze teams, VC deals are screeching to a halt, Amazon is working on a TikTok-like shopping experience, average Manhattan rent topped $5k, and NYT employees went on strike yesterday.
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Thoma Bravo Is Feeling Bullish
Thoma Bravo raised $32B for new funds, Bank of Canada raised rates by 50 bps, Wall Street CEOs have seen a slowdown in consumer spending, China increased its gold reserves, Vanguard left the Net Zero Asset Managers initiative, Blackstone's credit fund reached its withdrawal limit, and Coinbase's CEO predicts a sharp revenue drop.
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"2023 Gon Be Ugly" - Wall Street CEOs
US exports hit a seven-month low, Wall Street execs are increasingly saying 2023 will be ugly, EY sees other big-four firms copying its proposed split, the Israeli VC sector is hot, Microsoft is eyeing a 'super app' to compete with Google and Apple, BuzzFeed is laying off employees, Neuralink is under federal investigation for animal-welfare violations, and Trump Organization was convicted of defrauding tax authorities.
Exxon Boosts Exec Pay 📈
US service industry activity unexpectedly rose in November, Credit Suisse is 'stable' according to its chairman, PepsiCo plans to cut 100s of North American corporate jobs, ExxonMobil is raising its executives' pay, and Nike severed ties with Kyrie Irving.
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Reduced Bonus SZN
Blackstone limited withdrawals from its $125B BREIT, several banks are slashing bonuses, Apple and Amazon are advertising on Twitter again, Twitter suspended Kanye again, NYT union members are threatening walk outs, the US was eliminated from the World Cup, SBF said he is willing to testify before congress, and Alex Jones filed for bankruptcy.
Meme Stock Christmas Rally
Several big banks are cutting jobs and bonuses, US manufacturing activity contracted for the first time in 2.5 years, the world's poorest countries owe $62B on bilateral debt, gas prices have hit pre-Russia/Ukraine conflict levels, China will loosen Covid curbs, Florida is pulling money out of BlackRock in anti-ESG move, meme stocks are rallying again, SCOTUS will decide on the legality of Biden's student loan forgiveness plan, and the College Football Playoff is expanding in 2024.
Mariah Carey SZN 🎅🏼
J Pow embraced slower rate hikes, stocks ripped back to bull territory, junk bonds rallied, Eurozone inflation fell MoM, US Q3 GDP growth was 2.9% YoY, IPO proceeds fell 93% this year, some Chinese cities are curbing lockdowns in response to protests, Amazon had its highest Thanksgiving weekend sales ever, SBF denied trying to commit fraud, and the EU threatened to ban Twitter.
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