Financial Virgin - Issue 29
Happy Friday, everybody. It was a thriller out there… 🤭 Three of the four major indexes traded positive. The Nasdaq Composite was today’s leader, up 0.62%. The S&P 500 also had a great day, notching a new all-time high and rising 0.30%.
📉 FTX raises a mammoth $420m round at $25 billion valuation
FTX announced it has closed a new $420.69 million raise, just months after it raised over $900 million in a Series B round. The new round was backed by 69 investors,. It will help the firm acquire companies and navigate uncertain regulatory waters. FTX is a cryptocurrency exchange platform that allows users to trade cryptocurrencies, founded by one of the youngest self made crypto millionaires, Sam Bankman-Fried
💸A Bitcoin ETF is LIVE
The first U.S. bitcoin futures exchange-traded fund launched on Tuesday, a milestone for the cryptocurrency industry. The ticker is BITO US Bitcoin sailed to all-time highs of $67,000. 📈 Check this out:
😎 Trump has a Media company?
This could be very dangerous, giving Trump a podium to stand on! Trump Media & Technology Group, is merging with Digital World Acquisition Corp. $DWAC skyrocketed over 350% today on news of the merger. More here
🍚 Snap crackle and Pop
Is the hype train over for social media apps and the ludicrous earning multiples? Snap posted its latest quarter’s earnings today and needless to say, it could’ve gone better. 🤦 Over $25 billion of the company’s value was wiped out in the minutes after its earnings release dropped. Snap traded at 200x earnings for FY 2021. Given those crazy multiples, the small revenue miss and unfortunate outlook added up to one big loss for the company. 💩 Apple’s new privacy laws for advertisers is really starting to have an impact on these in app adverts.
⚡ Elon is on a High!
Tesla released record profits while beating earnings and sales forecasts after the bell. Electric!! The company posted EPS of $1.86 (analysts expected $1.59) and revenue of $13.76 billion (analysts expected $13.63 billion.) The company’s revenues were up 57% YoY. View the earnings call here
Nannies in London are paid well
The UK is effectively catching up on pre-COVID-19 salaries that once applied only to London. (In London’s super-rich neighbourhoods, such as Holland Park, it’s normal to pay a 23-year-old nanny £65 000 (R1,3 million a year) plus a £3 000 bonus (R60 000). Not forgetting the expected perks: holidays by private jet, a personal apartment and a top-of-the-range car for the school run.) More here
🤖 Google cuts prices
Google said that it would halve fees on sales made in its app store. The change will reduce the Google Play store’s service fee from 30% to 15% on Jan. 1, 2022. The company also indicated that it would introduce a program to unlock even lower fees for media apps. Your move Apple?
App wars.
Apple’s app advertising business is now responsible for nearly 60% of all iPhone app downloads that come from ad clicks. It tripled its share of the mobile app advertising market within 6 months of introducing privacy changes that made it more difficult for third-party ad networks — like Google’s and Facebook’s — to target consumers
autonomous cargo planes next big thing?
LINKS THAT DONT SUCK
🎮 In Amazon’s “New World”, Players Are Running Out of In-Game Money
💙 Paintmakers Are Running Out of the Color Blue
Have a great weekend all! Don’t forget to hit the like button and share with your friends.