Happy morning, Munchers! 🙏

Hope you had a relaxing weekend. We all needed that one to recover from the nonsense that's wreaking havoc across markets.

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 53 seconds.

Over the weekend, Binance's CEO issued a grim warning for the future, Elon Musk hit the brakes on Twitter's operations, and FTX's empire fell apart and the skeletons went tumbling. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Markets traded flat after Friday's overjoyed spike.

• Indian indices surged too after calming inflation data and better-than-expected earnings. 💸

• Despite soothing inflation, US consumer sentiment continued their fall from their 2021 highs. 🥲

Story Roundup

1 - Binance's CEO thinks that we're back in '08. 😓

Bodies are floating to the surface across the crypto markets.

FTX's collapse has left a lot of big guys shaken - almost every crypto exchange is rushing to soothe it's clients that "all is well".

The biggest stablecoin has seen over $3 billion in customer redemptions and investors across the board are pulling their hard earned $$$ out of crypto exchanges and back into their own accounts.

Binance's CEO has said that he's "never seen anything like it" and described the market mood as "2008-esque".

Strap in, folks.

The FTX closet has a lot more skeletons to reveal. 💀

2 - Elon Musk hits the alarm bells on Twitter's bank account. 🚨

A lot of top Twitter execs said bye-bye to their cushy senior seats, and Elon Musk is a little concerned.

It's very bruising for their public image, and even worse for the business. A cruise ship without staff is bound to have some angry passengers.

Twitter's Chief Privacy Officer, Chief Security Officer, Chief Compliance Officer, and Head of Safety all ditched the business, mainly because of how the mood's been since Elon bought Twitter.

In an all-hands meeting with top engineers, he also warned that Twitter might have net negative cash flow of a few billion dollars.

This bird's flight is looking real rickety. 🐦

3 - SoftBank notches a $10 billion loss. 💀

The only thing soft about SoftBank is their risk management.

2021's bull run took their ship well beyond the moon, but this year has been quite a reckoning.

SoftBank reported some heavy losses for this quarter - clocking in at a hefty $10 billion.

As markets across the globe come alight in dumpster fires, so do the holdings of top tech VCs. Money is flowing away from businesses that have had "experimental" business models, and is moving towards the guys that responsibly spend money to make money.

Sign of the times. For the billionth time. 🤣

4 - FTX manages to have the worst balance sheet ever. 💥

You'll have to zoom in for this one.

After plaguing the entire crypto industry with it's contagion of fraud and panic, crazy information keeps floating around about FTX.

This is a screenshot of their balance sheet.

Liabilities sit at about $9 billion, with liquid assets of only $900 million. That's barely a tenth.

The largest portion of these liquid assets are in Robinhood stock - which will likely not stand ground for a long time.

Pretty unhealthy. 💥

5 - Ukrainian forces push back against Russia's wrath. 💣

Let that sink in. 📉

Ukraine's explosive progress into Russia is continuing yet again.

President Putin apparently completed his withdrawal from the Kherson area yesterday - one of the most fiercely contested bits of land in the whole war.

As all these Russian forces flee, they're forced to leave behind their equipment - which Ukrainian soldiers are using against them.

Wartime might be ticking closer to the end. 🤷

A few nibbles from Qashio🍪

If you’re a business that’s got their eyes on the moon, listen up.

Time is money.

And Qashio is gonna help you save both.

They’re the hottest spend management biz in Dubai, and they wanna put more in your wallet.

Qashio will set you up with unlimited company cards and an unrivalled expense management platform.

You can issue cards with custom controls, set department budgets, and create multi-level approval workflows. The kicker? This all gets integrated with your ERP/Accounting software to make life easy.

Qashio helps you get get a grip on your cashflow - which means that your business becomes faster and more efficent.

You can book a demo with them here.

Hope you enjoyed this issue of the Market Munch. If you've got any feedback - good or bad (😏) you can hit reply to this email. Thanks a ton for reading!

You might also wanna follow up on Twitter, LinkedIn, or Instagram.

Cheers, and have a lovely day. 🙏

Aryaansh