- Exec Sum
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Archive
Biden Caught Covid
Biden tested positive for Covid, UK inflation hit a 40-year high, the Nord Stream 1 pipeline resumed gas deliveries to Europe, China fined Didi $1.2B, Amazon is expanding its empire into the healthcare sector, and we finally got the first crypto insider trading case in the US.
Tesla Paper Hands Bitcoin
Tesla sold 75% of its bitcoin holdings for $936M, US home prices keep climbing, investors are cutting back on equities exposure, private credit giants are slowing down lending, Ivy League endowments are bracing for losses, Esports giant FaZe Clan went public through a SPAC, and BlackRock lost $1.7T in the first half of 2022. A lot of OOOOF in this opener.
Leveraged SPAC ETFs are here
Stocks ripped yesterday, China holdings of US debt fell below $1T, gas prices are going down, Twitter and Elon will have a five-day trial in October, the UK is getting rekt by a heat wave, Netflix *only* lost 970K subscribers, and a new ETF that will lever up to invest in SPACs hit the market.
Interest Rates Go Brrrr
The Fed is getting ready to raise interest rates (again), Yellen wants to move ahead with a global minimum corporate tax, Amazon sold 300M items on Prime Day, China is dealing with a mortgage boycott, Musk wants to block Twitter's request for an expedited trial, and Disney is jacking up the cost of ESPN+.
Manhattan Rents Are Bussin' Fr
Average Manhattan rent broke $5,000, an inverse Tesla ETF is hitting the market, the SEC is investigating Musk's past tweets, the Euro slipped below the Dollar, Stripe cut its internal valuation by 28%, bank earnings are down, and OpenSea is the latest tech company to cut jobs.
Twitter vs. Musk 🥊
The euro and the US dollar are at parity for the first time in 20 years, Twitter sued Musk, the White House warned that today's CPI will run hot, S&P 500 companies paid out record-high dividends, Google is slowing hiring for the rest of the year, Croatia will adopt the euro common currency, and British lawmakers approved a 25% windfall tax on oil & gas producers in the North Sea.
1 US Dollar = 1 Euro
The euro is within half a cent of dollar parity, India's population is expected to pass China's next year, the public sector labor force is recovering much slower than the private sector, the DoJ is investigating the PGA Tour for violations of antitrust laws, Klarna's valuation was slashed by almost $40B, and GameStop launched an NFT marketplace.
Twitter Lawyered Up
Twitter lawyered up to enforce Musk's acquisition, Spirit delayed its merger shareholder vote, European gas prices fell slightly from their peak, job numbers came in hot, American confidence in news hit an all-time low, and Djokovic won his seventh Wimbledon title.