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- Market Munch 🍕 | 15 November 2022
Market Munch 🍕 | 15 November 2022
Amazon says bye-bye to employees, America tells Russia off, and the FTX virus infects everyone. 🔥
Aryaansh Rathore
November 14, 2022
Happy morning, Munchers! 🙏
As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 50 seconds.
Yesterday, Amazon sawed off a big chunk of it's workforce, America told Russia to stop playing around with nukes, and FTX-related businesses went belly up. 🔥
Let’s dive in.
What’s hot, what’s not?
Market Commentary
Markets traded flat with a little downside pressure as the dead cat bounce seems to have stretched quite a bit.
Crypto bros took yet another beating as the FTX nonsense is pushing a lot of big guys to the sidelines for the while. ⏳
It looks like the last laugh for now seems to be with the old-school investors. 🤷
Story Roundup
The slowdown is coming in hot.
Amazon's trousers are getting tight, which means that they need to trim some fat.
It looks like Jeff Bezos and co. are following in Zuckerberg baba's footsteps - getting ready to fire about 10,000 people.
Employees in unprofitable units have been asked to find work elsewhere and the bottom of the pack is also being asked to leave.
Sales are slowing, and the future is uncertain.
Bumpy road ahead.
Ever since stuff started heating up in the war, Russia always had the threat of nukes dangling over the rest of the world.
And the CIA has told them to stop playing around.
As Russian military forces keep getting pushed back from front lines in the war, there's growing stress that Putin might just flip a button and nuke a city.
The director of the CIA had a meeting with his Russian equivalent and expressed a lot of concern over this.
No winners in a war like this. 😔
China seems set to break it's losing streak.
Properties indices tracking Chinese markets closed about 13-15% higher after central bankers dropped a pretty hefty plan to support the real estate market.
Here are they key points - - property developers can pay back outstanding loans 6 months later - bond repayment can happen a year later- developers are gonna be hand-held in selling more RMB denominated bonds
This looks like a bit of a turning point. Government is stepping in and saying that they'll help out.
Time will tell. ⏳
Jeff Bezos was once the richest guy in the world, and he's looking to give all his wealth away.
He wants to donate a majority of his $124bn in wealth and said that "philanthropy is insanely difficult".
The problem is that most of his wealth is tied up in assets - assets that are very difficult to sell.
He owns 10% of Amazon, which is worth about $100bn. If he tries selling it, he'll end up crashing his own stock price.
Big B needs to find a way to convert his assets to cash without breaking markets.
Big money. 💰
If something looks too good to be true, it probably is.
Billions of hedge fund dollars are now stuck on FTX, the exchange that went bankrupt last week.
Reports have come out saying that FTX basically took positions in the market with customer funds. That is something they should not be doing. It's also fraud.
When FTX went belly-up, one of the worst balance sheets in history was unearthed.
SBF's crypto empire has about $9 billion in liabilities, but only $900 million in assets.
Oh man. 💀
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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!
Cheers, and have a lovely day. 🙏
Aryaansh