- Exec Sum
- Archive
- Page 53
Archive
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.
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.
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.
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.
'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.
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.
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.
$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.
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.
"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.