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The value of Tesla's bitcoin holdings fell nearly $1.8 billion last year, a company filing showed. CEO Elon Musk distanced himself from crypto last year, calling it a "sideshow to the sideshow." But 2022 saw a bloodbath for the vast majority of crypto assets, after a bull rally through most of 2021 where prices peaked. "We're neither here nor there on cryptocurrency," Musk told investors. The value of bitcoin has risen more than 40% through 2023 in a sign of returning bullishness for riskier assets after a dour 2022.
Cathie Wood's Ark predicts the market for delivery robots to grow to $1 trillion by 2030. Tesla is well positioned to expand into the technology, and that should boost the stock toward Ark's 2026 price target of $4,600, the fund said. Ark alluded to Elon Musk's comments at Tesla's earnings that "mind blowing" products were coming. In its weekly Ark Disrupt newsletter, the investment firm stressed the scope for Tesla to expand into the new technology, which the fund predicts will grow to a $trillion market by 2030. Keeney added that this would help Tesla's share price toward Ark's 2026 target of $4,600 per share, a 2,500% increase from current market levels.
Celsius misled customers when it advertised its business model, a court-appointed examiner said. The crypto lender filed for bankruptcy in June as the market collapsed. Examiner Shoba Pillay said the lender was making the market for its CEL coin by buying it. Pillay said Celsius spent $558 million buying its own Celsius token on the market in a bid to prop up its flagging assets. "In effect, Celsius bought every CEL token in the market at least one time and in some instances, twice," Pillay wrote.
However, a four-month drop in the dollar is threatening to derail that trend by raising the cost of imported goods. But the welcome relief on the prices front is now facing a new threat — in the form of a falling dollar. A weaker dollar raises the cost of imported goods, which would eventually feed into consumer prices in the US. The US is a net importer of materials such as lumber and semiconductors that are crucial in manufacturing supply chains, and these would become costlier due to dollar weakness. "If we continue to see the dollar trade at current levels or even increase in weakness, that would be a headwind in the fight against high global inflation," Lomholt told Insider.
Goldman Sachs expects oil prices to jump to $100 a barrel by the third quarter of 2023. The bank said China's reopening was likely to add 1.6 million barrels a day in demand to the market. The analyst added that crude supply wasn't in a place to accommodate Chinese resurgence "because of the underinvestment we've seen over the last few years in oil assets." The increase in oil prices projected by Goldman Sachs would represent a 22% rise on current levels of around $81.99 for crude oil. "The fifth of February product embargo could be more disruptive to the product prices, not necessarily crude but to the product prices by way of higher refining margins of diesel," Bhandari said.
Sign up for our newsletter to get the inside scoop on what traders are talking about — delivered daily to your inbox. Microsoft shares initially rose 4.6% after the tech giant released its second-quarter earnings report after the market closed Tuesday, after its cloud computing division Azure posted better-than expected results. It expects between $50.5 billion to $51.5 billion in revenue in the third quarter, compared with expectations for over $52 billion, as growth in its Azure cloud-computing unit falters. Its outlook for revenues in its Azure division was also cut, after growth in the cloud-computing division slowed to 31%. "But overall revenue growth lower than expectations, companies and consumers are clearly belt tightening and Microsoft is cautious about the quarter ahead with sales momentum slowing."
Inflation is beginning to moderate in developed markets, but potential data surprises remain a risk to investors. Goldman Sachs suggests three areas that investors can watch in order to help predict these inflation surprises. Commodity prices, currency movements, and regional inflation figures are key areas to look for future surprises. But, according to Goldman Sachs, surprises still abound and can shock markets if too much bullishness is priced in. "The significant slowdown in global headline and core inflation that we anticipate in 2023 will likely eventually lower market sensitivity to inflation surprises," Goldman analysts wrote.
Anthony Scaramucci says he only got $400k back from a $10 million investment in FTX's token. The SkyBridge Capital investor backed FTT after receiving $45 million in funding from FTX. The coin lost 91% of its value in a matter of days following allegations Bankman-Fried's Alameda Research held a significant amount of the FTT token, falling from averages around $24 to less than $1. SkyBridge received $45 million of funding from Bankman-Fried after FTX bought a 30% stake in the company, of which Scaramucci invested $10 million in FTT, before eventually selling it at a loss of $9.6 million. I'm not going to be the person that takes no more risk in the future because I got burned by Sam."
A Tesla buyer said he felt "bullied" into taking delivery of his car earlier than he wanted to. Tun Bhothinard told Insider he paid $62,440 for a Tesla Model Y, which now costs about $10,000 less. He said Tesla agents told him he'd lose his reservation if he tried to delay delivery until January. "We tried to talk to so many people on the delivery team and everyone was just very robotic about it," he told Insider, adding he felt "bullied" into taking delivery. After "begrudgingly" taking delivery in November, price cuts were announced in December.
A Reddit user took out $76,672 in loans to trade meme stocks and lost nearly all of it. Aaron, a software engineer from Munich, took out tens of thousands of dollars in loans to trade stocks. The subreddit shot to fame in 2021 when it made some retail traders into millionaires while bankrupting others, often through trading meme stocks in "short squeezes." Bed Bath & Beyond, Aaron's meme stock of choice, has lost 88% of its value since January 2021. Within two months of accessing his girlfriend's money, he lost $6,000 of it betting on meme stocks.
Thai police arrested a man over an alleged fraud involving a firm that owned a New Jersey deli. Peter Coker Jr. was detained on January 11 at a hotel in Phuket, the Bangkok Post reported. His father, Peter Coker Sr., and James Patten were arrested in September and have pleaded not guilty. Coker Jr was the subject of arrest warrants issued by Interpol, per the Post, after being accused of stock market manipulation and fraud in September. The Post reported that Coker Jr. admitted he was the man wanted on the Interpol register.
CEO Satya Nadella told employees the company was "living through times of significant change." Read the email sent to Microsoft staff announcing its layoff plans. Read the email sent to Microsoft staff below:We're living through times of significant change, and as I meet with customers and partners, a few things are clear. When I think about this moment in time, the start of 2023, it's showtime – for our industry and for Microsoft. Thank you for the focus, dedication, and resilience you demonstrate for Microsoft and our customers and partners each day.
Executives at Davos weighed in on the likelihood and severity of a recession in 2023. Most expect the US to have a shallow recession, but Europe and elsewhere could be hit harder. I think there's going to be a lot of uncertainty. "And that means it's time to really think about hunkering down and focusing on what's important, and really focusing on the fundamentals, which is what we are doing within the company." We will do better if there's a recession – at least if there's a recession with unemployment."
A Delta jet was forced to abort a takeoff when an American Airlines plane passed in front of it. The FAA said the Delta jet halted its takeoff within 1,000 feet of the AA plane. Delta passenger Donall Brian Healy told Insider there were screams in the cabin. Healy said the pilot told passengers that another plane had passed in front of them, forcing him to abort the takeoff. ABC7 reported that the Delta jet was traveling at 115 miles an hour when it aborted its takeoff.
A former X Factor contestant told the Sunday Times she plans to sue Simon Cowell's company. Waissel said she sought therapy for PTSD after X Factor, and that Syco failed in its duty of care. "There are so many of us who have been so trapped and it's not fair, there was a huge imbalance in power," Waissel told the newspaper. The X Factor made stars of contestants in both the US and UK, including One Direction, Little Mix, and Camila Cabello. Were you an X Factor contestant?
Tyler Winklevoss called the SEC "super lame" after filing charges against his crypto company. Winklevoss said the SEC was trying to score political points rather than work with Genesis clients. In a Twitter thread Thursday, Tyler Winklevoss argued that the SEC action was counterproductive to the company's aim of settling cases with customers. It's unfortunate that they're optimizing for political points instead of helping us advance the cause of 340,000 Earn users and other creditors," Tyler Winklevoss wrote. Tyler Winklevoss also questioned the pace of the SEC's action, given the Earn program had been shut down for more than two months.
Tesla owners are venting their frustration after missing out on steep price cuts this week. One buyer told Bloomberg she had missed out on a $13,000 reduction and wouldn't buy another Tesla. I feel like I got taken advantage of as a consumer," Marianne Simmons told Bloomberg after paying more than $77,000 in September for a Model Y. Jack Bradham told Bloomberg that the black Model Y long-range edition Tesla now cost $12,000 less than the $69,000 he paid in December. The Model Y and Model 3 were the two best-selling cars in the UK in December even before the price cuts.
A Thai-restaurant chain in LA was fined more than $1.6 million after failing to pay staff overtime. The DOL found that 83 employees at Ocha Classic and Vim Restaurant were owed more than $800,000. The DOL personally fined Boonyindee, who operates six Ocha Classic chains and one Vim Restaurant outlet, an additional $62,000 for the "willful nature" of his violations. According to an LA Times report from last year, diners often queue up for an hour for a table at Ocha Classic. Ocha Classic didn't respond to a request for comment from Insider.
A 14-year-old Southwest passenger was stranded in a Baltimore airport for 19 hours on Christmas Eve. Southwest staff left Penelope Meyer alone as they repeatedly rebooked her flight to Florida. Penelope Meyer, 14, had been flying from Long Island, New York, to Fort Myers, Florida, to spend Christmas with her dad, Greg. "Otherwise, she was going to be sleeping in an airport alone as a 14-year-old girl," Greg said. While Greg found the additional expenses of about $2,000 to be an inconvenience, he was more concerned that staff had left Penelope alone for so long.
Tesla owners in China gathered at delivery hubs and outlets to protest price cuts, per Reuters. The EV maker has cut prices in China for the second time in three months, with some missing out. Tesla cut prices in China for the second time in three months on Friday as it struggles to make sales. EV makers have been forced into sudden price changes in recent months as big car makers raise their game and the global economy sours. But Tesla's move to cut prices in China more reflects depressed demand due to years of COVID-19 lockdowns, as well as Tesla's floundering share price and its big bet on a Shanghai factory.
Facebook spent $20 million on plans to revive a railway line that would run near its office. Meta's Juan Salazar told The New York Times it wanted to reduce congestion caused by its staff. Political pressure and impatience put pressure on plans that were abandoned after the pandemic. Slocum told the Times he approached tech companies including Facebook in 2017 to discuss securing funds. Parts of the railway were expected to be operational by 2028, per the Times report.
A Southwest passenger spent $600 and 4 days trying to get home after the airline's holiday meltdown. Olivia Laskowski couldn't get another Southwest flight for more than two weeks, per New York Times. Instead, she decided to buy a JetBlue flight to get back to New York with her cat. The JetBlue flight got her back to Brooklyn on December 30, per The Times – four days later than planned. "Sometimes you get extra expenses in life and you just kind of brush them off and they are what they are," Laskowski told The Times.
The picture of Ma was posted hours before Ant Group said Ma was giving up control of the company. Ant Group abandoned a blockbuster float in 2020 soon after Ma criticized Chinese regulations. Ma disappeared from public view in October 2020 after giving a speech criticizing China's financial regulation system. Once China's richest man, Ma's net worth has fallen by more than $25 billion since he disappeared from public view, per the Bloomberg Billionaires Index. The Financial Times suggested in November that he had been living in Tokyo for six months, staying out of public view and mainly socializing in private members' clubs.
American Airlines retaliated against employees who reported work-related illnesses, per the DOL. Cabin crew said they were discouraged from reporting illnesses after jet fumes entered the cabin. In a statement, the Department of Labor (DOL) said flight attendants reported worker illnesses to the airline caused by jet fuel fumes seeping into aircraft cabins. But an investigation by the Occupational Safety and Health Administration (OSHA) — initiated by a whistleblower tip-off — found that upon reporting these illnesses, the airline retaliated against employees. The effects on passengers of toxic jet fumes entering the cabin are unclear.
A fire at a Wisconsin dairy factory caused melted butter to run into a nearby canal. A hazmat team tried to stop the butter flowing into the canal with absorbent material and booms. Nevertheless, the melted butter escaped from the factory into the adjacent canal. The fire department said that Wisconsin's Department for Natural Resources was due to assess damage to the canal and storm drains on Wednesday. The Portage canal is an historic site, with references to its use by Indigenous Americans, and early French explorers and fur trappers as early as 1640.
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