Happy morning, Munchers! 🙏

Hope you had a good Monday. Bumpy start to the week, but we're still trucking on. 🤷🏼

As always, here is your daily dose of the news that matters, from Wall Street to Dalal Street - in 4 minutes and 55 seconds.

Yesterday, the average Joe voted to kick Elon out of his CEO seat, America slapped Epic Games with a hefty fine, and Yuga Labs got a new leader. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• American markets slipped a little bit as investors still remained uncertain about the future of monetary policy.

• Economists think that inflation may have peaked in the US, the UK, and Europe. Big if true.

• Bond markets are also under a spot of selling pressure - sparked by a fresh round of rate hikes and hawkish comments. Maybe Erdogan was right. "Interest rates are the mother of all evil." 🤣

Story Roundup

1 - Twitters users vote to kick Elon out. 🤚🏼

Maybe Elon isn't as popular as he thinks he is.

He asked Twitter users whether he should step down as Twitter CEO, and the results were shocking.

About 3 in 5 people think that the bird would be able to spread it's wings further if Elon gave his CEO seat to someone else.

He gave the world his word that he'd do whatever the poll said.

And the results spoke for themselves. 🤔

2 - Fortnite's maker gets slapped with a fine. 💥

Video games aren't just gonna eat your brain. They'll take a hefty bite out of your bank account too.

Epic Games is being forced to repay almost $520mn to users, and it's all over two words.

"Dark patterns".

A dark pattern is a user interface purposely designed to trick you into doing something you don't want to.

It's like making you inadvertently sign up for someone's crappy marketing list when you just wanted to accept the terms and conditions.

Epic will pay $275mn to regulators, and refund another $245mn to customers.

Big win. 🎮

3 - Courts find Wirecard fraud sloppy. 💳

Wirecard fell apart in 2020 as one of Europe's biggest accounting scandals.

Yesterday, one of it's Dubai-based executives testified in court.

Judges found that the fraud was "sloppily done" and led by "an absolutist CEO" who was hell bent on portraying a positive image to the world.

This Dubai-based exec called the company " a scam right from the start" and that he had a pretty big role to play in it.

He fabricated documents showing that Wirecard made over $1bn in revenue that never existed.

Classic. 🤦🏼

4 - Jordan's stability gets shaken a little. 😳

Jordan is one of the most stable countries in the Middle East.

Yesterday, something wobbled that status.

3 police officers were killed while trying to arrest a guy that killed a senior commander last week.

Across the country there have been broader protests over soaring living costs, with Jordanian inflation sitting at a 20-year high.

Sad to see.

5 - Bored Ape gets a new boss. 🐵

The monkey NFTs that dominated media last year are back in the limelight.

They've managed to snag the COO and President of Activision Blizzard for their own CEO seat.

Yuga labs has been at the forefront of the frothy crypto casino. As the whole market ditches obscure investments with no future, they're adamant on some things.

Their metaverse is set to debut next year, and they still plan to splash some money on buying up NFT projects.

Try explaining a "strategic asset allocation in NFTs" to Warren Buffet. 🤣

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!

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Cheers, and have a lovely day. 🙏

Aryaansh