🚨 Elon-Be-Gone! Musk drops Twitter
Plus: Crypto Crooks, 3AC are on the run
Sugar Daddies in 2022 be like…
Purses are pinched, wallets are walloped, and inflation remains as potent as ever.
With the new US inflation data exceeding expectations at 9.1%, central banks are scrambling to get ahead of this pricing power mess.
While institutions like the Bank of Canada introduced an unprecedented 100 basis point hike, it may come as a surprise that markets responded q: economies will have difficulty
Overall, very little has changed, but one thing is clear, economies will have difficulty operating if accelerating costs and expensive debt persist.
Here is how major indexes performed this week:
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TOP NEWS
Amazon beats Prime Day record with +300 million items sold
The allure of wonderful deals tempts even the best of us.
With the retail giant’s annual sale wrapping up, inflation is creating a new kind of savvy shopper; or at least that's our excuse for dropping hundreds on unnecessary purchases.
🎁 Prime members worldwide bought over 100,000 items per minute.
✈️ Total online retail sales in the US surpassed $11.9 billion during the event, up 8.5% from last year.
📺 Consumers purchased necessities over indulgences with the top-selling categories being consumer electronics, home goods, diapers, and Amazon-branded devices.
📦 Amazon (AMZN) posted a negative free cash flow of $18.5 billion in 2021 and the stock is down 31.89% YTD.
Do you think that Amazon is poised for a comeback in 2023?
Elon drops $44bn Twitter deal, but they chirp back
It has been a whirlwind of events surrounding the Elon-Twitter acquisition and TWTR shareholders are not pleased with the outcome.
After failing to meet Musk's demands, the tech tycoon flopped, but did he overplay his hand?
🤖 Musk’s lawyer claims, “Twitter has not complied with its contractual obligations,” when they failed to consult with Musk before laying off a large portion of its workforce, or prove that less than 5% of Twitter accounts are bots.
🐥 Twitter then countered claiming, “Musk believes that he - unlike every other party subject to Delaware contract law - is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away.”
☕️ If they win, the social media firm will force Musk to complete the $44 billion merger at the agreed price of $54.20 per TWTR share.
💪 Twitter CEO Parag Agrawal had this to say, “We will prove our position in court and we believe we will prevail."
📉 Twitter (TWTR) stock is down 12.68% YTD and is trading at $37.42 per share.
Who do you think will win? TWTR or Musk?
Here is what our IG community had to say 👈🔥
Crypto Fund, 3AC’s Founders are On the Run
The crypto world is undergoing one of the greatest collapses in the history of financial markets with a new firm going bankrupt every day.
And while this process is very painful for anyone with skin in the game, the blockchain purge is valuable for the market in the long run as we cleanse the dirt from society; 3AC is no exception.
🗺 After filing for bankruptcy on July 1, the once $10 billion hedge fund is now dodging the law before liquidation.
🎆 Lawyers say that the physical whereabouts of Zhu Su and Kyle Davies, who started Three Arrows Capital in 2012, are “currently unknown;” in more recent news, Zhu Su was spotted at a nightclub in Singapore.
👻 The fund’s liquidators attempted to meet with the team in June, but “the offices appeared vacant except for a number of inactive computer screens.”
🚔 Expecting that the founders stole fund assets, the “risk is heightened because a substantial portion of the Debtor’s assets is comprised of cash and digital assets [...] that are readily transferable.”
💥 The effects of this default are severe as it led to the bankruptcy of the crypto brokerage Voyager Digital, and lenders Genesis & BlockFi are struggling due to significant losses as well.
How likely is it that 3ACs founders are caught this year?
DID YOU KNOW?
The Euro reached parity with the US dollar
After 20 years of purchasing power prosperity, the Euro fell to parity with the US dollar meaning that 1 USD = 1 Euro
Primarily due to record inflation and painfully high energy prices caused by the Russian-Ukraine war, the Eurozone is on the brink of a recession and this is a tell-tale sign.
For context, here are five major world events that happened the last time the Euro hit parity (2002):
🏚 Kmart Corp becomes the largest retailer in American history to file for Chapter 11 bankruptcy protection.
👑 Queen Elizabeth, the Queen’s Mother of the UK passes away.
⚽️ Brazil Wins the 2002 World Cup in the Korean Republic and Japan
🎓 The No Child Left Behind Act is passed and President George W. Bush signs it into law.
🐍 Andrew Fastow former chief financial officer for Enron Corp is indicted on 78 counts of wire fraud, money laundering, conspiracy, and obstruction of justice.
Are you planning a trip to Europe any time soon?