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Tesla Market Cap Declined by One Twitter
Tesla lost one Twitter in market cap, Apple's valuation fell below $2T, Croatia adopted the euro, ByteDance cut hundreds of jobs in China, Japan is paying people to move out of Tokyo, The University of California invested in BREIT, and SpaceX is raising $750M.
New Year, New Markets (Hopefully)
Stock and bond markets lost $30T in 2022, hedge funds had their worst year since 2008, Europe natural gas prices hit pre-Ukraine war levels, JPM is getting sued by the US Virgin Islands, Russia is now one of China's leading oil and gas suppliers, Southwest expects its holiday meltdown to impact Q4 results, Fidelity slashed its Twitter valuation by 56%, and Kim Jong Un wants more nukes.
Andrew Tate Played Himself
Andrew Tate got arrested in Romania, Biden signed the $1.7T FY 23 government spending bill into law, average weekly jobless claims remain below pre-pandemic lows, major US-listed Chinese tech firms are pulling out of Hong Kong IPOs, Chinese industrial profits contracted 3.6% in November, and OpenSea's CEO wants to distance NFTs from the crypto crisis.
2020 Round 2
Russian pipeline gas exports to Europe hit a post-Soviet era low, the Nasdaq is down 36.4% from its peak, Instacart cut its internal valuation by another 20%, Amazon is planning a standalone app for sports content, Musk told employees not to be worried about stock market craziness, and the US will require negative Covid tests for passengers from China. Is it 2020 again?
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.
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.
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.
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.
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.
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.