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 49 seconds.

Yesterday, crypto lender BlockFi went bankrupt, Fed officials warned of a pop in unemployment, and some environmental innovations were tested by Rolls Royce. 🔥

Let’s dive in.

Story Roundup

1 - Crypto lenders BlockFi reveal their house of cards. 💥

The latest casualty of the crypto casino is BlockFi.

That's about $4bn of value gone up in smoke, and a ton of angry investors.

BlockFi had some "significant" exposure to FTX, and they expect recovery of money from FTX to be delayed.

They now have over 100k creditors and have racked up liabilities of about $10bn.

Sign of the times. 🤷

2 - Top Fed officials say some grim stuff about the economy. 🌚

JPow's plan to tighten belts across America is going ahead with full steam.

As cheap money evaporates and interest rates rise, unemployment could hit 5%.

Bringing decades-high inflation back down to 2% is gonna give markets a lot of pain - and people are starting to take notice.

Rooting out price pressures is step 1 in ensuring that labour markets are healthy.

The Fed's got their eyes on 2024 though, which is when they want to start cutting rates.

But there's still a long road to walk. 🛣️

3 - Rolls Royce gears up to take off. 🚀

Say bye bye to common jet fuel - the future is here.

Rolls Royce took a step away from their bread and butter of cars and engines to work on something different.

Their engineers developed a working aircraft engine, powered purely on hydrogen fuel.

It's a world first for the aviation industry, and it'll help make planes leaner, greener, and meaner.

Airbus wants to scoop up some of these hydrogen jets and start flying them around by 2025.

Prepare for takeoff. ✈️

4 - Qatari cash bumps up PSG valuation. ⚽

Football is a business.

And a very good one, at that.

PSG'S Qatari owners have been having fun with the World Cup at home, and they're now tryna get some money flowing.

PSG is seeking a stunning $4bn valuation for a fundraise - one of the largest on record for a sports team.

They'll sell about 15% of the team, and increase the hot streak that the business of football is having.

Goal. 🥅

5 - Elon's everything app begins to take shape. 💪

Yesterday, Elon released some slides from a Twitter company talk. Here are the highlights. 👇

1/ The current state of Twitter. 

• New signups have hit an all-time high of 2m/day. All publicity is good publicity?

• User activity is also at an all-time high, with about 8 billion active minutes per day.

• Monthly active users have crossed the 250 million mark.

• Hate speech impressions have come down.

• Impersonation cases have ceased since Twitter Blue was launched.

2/ The future of Twitter. 🚀

• A greater focus on video is coming soon. TikTok has absolutely gobbled up social media giants' lunch, and Elon wants a slice of the pie. 

• Support for long-form tweets is also on the way. Great news for anyone that hates scrolling through threads. 

• Encrypted DMs are gonna be rolled out. Now no one can see me messaging Man U to sell Maguire. 

• Twitter Blue 'Verified' will be relaunched. That's the same thing as before, with an extra $8 on top. 

• Support for payments. He hasn't said much, but I reckon it'll function as a P2P money transfer service.

This bird's spreading it's wings. 📈

A few nibbles from Pasiv 🍪

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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!

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Cheers, and have a lovely day. 🙏

Aryaansh