Capitalist Countdown: Wealthy VC’s Top 5 Investing News Stories of the Week
Welcome to Wealthy VC’s Capitalist Countdown
The Capitalist Countdown is a weekly series that features the biggest stories from the market’s hottest stocks as well as news from under-the-radar hidden gems capable of delivering mutibagger returns to your portfolio.
Please sit back, relax and enjoy Capitalist Countdown’s top 5 market-moving news stories for the week of May 9th – 15th, 2022.
5. Bitcoin Hits Two and a Half Year Low Amid Cryptocurrency Carnage
The Correction in the Financial Markets Has Been Significant and Prolonged
Bitcoin (BTC) and the rest of the crypto market have been feeling the pain too, especially after the recent carnage caused by the TerraUSD (UST) stablecoin debacle.
4. Twitter Freezing New Hiring and Cutting Costs as Execs Depart
Elon Musk, the World’s Richest Man, is in the Process of Trying to Take Twitter Private, Ostensibly to Protect Free Speech on the Platform
After becoming Twitter’s (NYSE: TWTR) largest shareholder over the last few months, Musk accepted, then spurned a spot on the Board of Directors, before later announcing his intentions to outright buy the entire company and institute wholesale changes to the firm’s censorship policies.
READ FULL TWITTER EXECS ARTICLE
3. This Oil Giant Just Overtook Apple as the World’s Most Valuable Company
Just a Few Years Ago, it Would Have Been Absurd to Think That an Oil Company Would Supplant Apple as the World’s Most Valuable Company, But What a Difference a Year Can Make
With oil prices continuing to rise, oil giant Saudi Aramco (TADAWUL: ARAMCO) has seen its valuation soar to more than $2.4 trillion, and in the process, overtaking Apple (NASDAQ: AAPL) as the world’s most valuable company.
2. Cryptocurrency Luna and Linked “Stablecoin” TerraUSD Both Collapse After UST Breaks From USD Peg
Few Are Aware of Just How Vast the Crypto Market is, Which Now Boasts Over 12,000 Coins, Including the Lesser-Known Sablecoins, One of Which Just Crashed in Spectacular Fashion
One of these stablecoins is TerraUSD (UST), which is tied to the U.S. dollar and run by the Terra platform, which uses blockchain to control the supply of the cryptocurrency, keeping it priced at $1. However, on May 8th, the coin suddenly broke away to the downside. It plummeted hard and fast; it currently trades below $0.12, an 88% loss in a week. With the TerraUSD peg to the U.S. dollar seemingly broken, investor confidence took a severe hit. This resulted in Terra Coin (LUNA), a cryptocurrency tied to the performance of the Terra platform, suffering an even worse plunge than TerraUSD.
1. Is Elon Musk Backing Out of the Twitter Deal?
Elon Musk’s Move to Takeover Social Media Giant Twitter Has Been Dominating the Financial News Cycle Since He Became the Largest Shareholder and Announced His Decision to Buy the Firm and Take it Private
Musk has repeatedly stated that his primary motivation for the Twitter (NYSE: TWTR) buyout is to restore free speech on the platform, which he views as being vital to democracy – however, recent events and the large decline in TWTR stock have the market speculating that the deal may not make it across the finish line, at least not at the currently agreed-upon $44 billion valuation.
READ FULL MUSK TWITTER ARTICLE
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Disclaimer: Wealthy VC does not hold a position in any of the stocks mentioned in this article.
