Stock Markets

Twitter users advised Twitter owner Elon Musk to “keep shooting himself in the foot”

Published

5 months ago

January 6, 2023

The controversial owner of Twitter, Elon Musk, held another “popular vote” among users. This time the entrepreneur judged their activity in the political arena.

Musk asked his followers’ opinion on his involvement in politics. Users could vote for one of two options: “stay out of politics” or “keep shooting yourself in the foot.” So far, 57 percent of respondents supported Elon’s activities in the political arena and gave the go-ahead to continue “firing.”

Notably, the entrepreneur did not specify what kind of involvement in politics they were talking about. Whether the entrepreneur thus seeks the blessing of the people to participate in the regulation of the world order, or just adjusts Twitter content to the interests of the public – remains a mystery. By the way, Tesla’s stock price has plummeted to record lows. It is not excluded that Musk’s media activity plays a significant role in this.

Twitter Elon Musk news

Twitter Elon Musk news has always been in the spotlight for the last few months. Earlier, Musk repeatedly made political statements on his Twitter page. Thus, he suggested ways to resolve the conflict in Ukraine and commented on the elections of the Speaker of the U.S. House of Representatives. Also, the businessman published a link to the documents proving that the former management of the social network was trying to conceal information about the scandal with Hunter Biden’s laptop and deleted tweets related to it.

Since Musk’s acquisition of the platform, making important decisions through polls has become a favorite pastime of the new owner. For example, “the people” voted to unfreeze the account of former U.S. President Donald Trump, to “amnesty” some other blocked users, and for Elon to step down as head of Twitter. Explaining his non-trivial methods of leadership of the social network, the billionaire quoted the Latin proverb “Vox populi vox Dei” (“The voice of the people is the voice of God”).

Earlier, we reported that Amazon had announced record layoffs.

Stock Markets

Goldman Sachs to start trading Japan power futures

Published

15 hours ago

June 7, 2023

Goldman Sachs Group (NYSE:GS) plans to establish a desk in Tokyo to start trading Japanese power derivatives, two people familiar with the matter told Reuters on Wednesday.

More foreign energy companies and banks are seeking access to the Japanese power market, which was launched in 2016 in the wake of the Fukushima nuclear disaster in 2011, spurring trade activity by generators, consumers, and distributors.

An interest in trading rose amid growing liquidity in Japan’s power futures markets as the volatility of electricity prices surged following Russia’s invasion of Ukraine. The power crisis heightened the need for hedging among power suppliers and buyers, according to the sources.

Goldman Sachs has hired some traders in Tokyo, the sources said, requesting anonymity as the matter is still confidential.

A spokesperson for Goldman Sachs declined to comment.

Stock Markets

Cathie Wood buys the dip in Coinbase shares amid SEC crackdown

Published

17 hours ago

June 7, 2023

Cathie Wood’s Ark Invest increased its stake in crypto exchange Coinbase Global Inc (NASDAQ:COIN) on Tuesday, as a crackdown by the Securities and Exchange Commission on the crypto industry saw the stock hit near five-month lows.Data from the website Cathie’s Ark, which tracks the investment activities of the Ark group, showed that three funds under Cathie Wood bought a total of over 400,000 shares in Coinbase on Tuesday.Her flagship ARK Innovation ETF (NYSE:ARKK) carried out most of the buying, adding over 300,000 shares.This came as Coinbase’s share price plummeted as much as 20% after the SEC sued the firm over operating an unlicensed exchange, while also issuing cease and desist letters over its staking services.

“We allege that Coinbase, despite being subject to the securities laws, commingled and unlawfully offered exchange, broker-dealer, and clearinghouse functions,” SEC Chair Gary Gensler said in a press release.

Coinbase shares settled 12% lower on Tuesday, their second session of steep losses this week following a 9% tumble on Monday, after the SEC also sued world no. 1 crypto exchange Binance over similar charges.But Coinbase shares rose 2% in aftermarket trading, boosted by news of the Ark buy.Cathie Wood has repeatedly expressed confidence in Coinbase and the broader crypto industry, and has cited a $1 million long-term price target for Bitcoin on the belief that it is an effective inflation hedge.Coinbase holds the fifth-largest weightage in Ark’s flagship Innovation ETF, with the fund having consistently accumulated the stock since its listing in 2021. But Coinbase has seen a sharp decline in value from 2021 highs, hitting record lows earlier this year as interest in crypto markets rapidly dried up amid rising U.S. lending rates.The company has also struggled to remain profitable amid multiple failed ventures, regulatory hiccups, and mounting operational costs, especially as low crypto trading volumes hurt its transaction margins, which are a key source of revenue.Bitcoin prices showed little reaction to the SEC move against Coinbase, rising 4% on Wednesday. But the world’s largest cryptocurrency was nursing steep losses through May, as trading volumes sank.

Stock Markets

Japan stocks lower at close of trade; Nikkei 225 down 1.82%

Published

19 hours ago

June 7, 2023

Japan stocks were lower after the close on Wednesday, as losses in the Banking, Transportation Equipment and Power sectors led shares lower.

At the close in Tokyo, the Nikkei 225 declined 1.82%.

The best performers of the session on the Nikkei 225 were Kawasaki Heavy Industries, Ltd. (TYO:7012), which rose 4.35% or 146.00 points to trade at 3,500.00 at the close. Meanwhile, Tokuyama Corp. (TYO:4043) added 3.78% or 84.50 points to end at 2,321.00 and SKY Perfect JSAT Holdings Inc. (TYO:9412) was up 2.20% or 12.00 points to 557.00 in late trade.

The worst performers of the session were Shionogi & Co., Ltd. (TYO:4507), which fell 4.43% or 283.00 points to trade at 6,100.00 at the close. Daikin Industries, Ltd. (TYO:6367) declined 4.40% or 1,300.00 points to end at 28,240.00 and Tokyo Electron Ltd. (TYO:8035) was down 4.18% or 820.00 points to 18,815.00.

Falling stocks outnumbered advancing ones on the Tokyo Stock Exchange by 2255 to 1305 and 270 ended unchanged.

Shares in Kawasaki Heavy Industries, Ltd. (TYO:7012) rose to 5-year highs; rising 4.35% or 146.00 to 3,500.00. Shares in Tokuyama Corp. (TYO:4043) rose to 52-week highs; gaining 3.78% or 84.50 to 2,321.00.

The Nikkei Volatility, which measures the implied volatility of Nikkei 225 options, was down 3.03% to 21.15.

Crude oil for July delivery was down 0.84% or 0.60 to $71.14 a barrel. Elsewhere in commodities trading, Brent oil for delivery in August fell 0.79% or 0.60 to hit $75.69 a barrel, while the August Gold Futures contract fell 0.42% or 8.30 to trade at $1,973.20 a troy ounce.

USD/JPY was down 0.20% to 139.36, while EUR/JPY fell 0.33% to 148.83.

The US Dollar Index Futures was up 0.09% at 104.17.