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 43 seconds.

That's less time than it takes for crypto contagion to make the market sick, Disney+ to go ham on growth, and TikTok to take a U-turn in the US. 🔥

Let’s dive in.

What’s hot, what’s not?

Market Commentary

• Crypto markets whipsawed as turmoil in FTX and Binance infected the entire market.

• King Dollar remains strong as ever, with no signs of taking the crown off anytime soon.

• Meta popped on news of job cuts and Apple had some selling pressure as they warned of slow shipments.

Story Roundup

1 - FTX fiasco leaves them on the brink of collapse. 💥

Something weird is brewing in the crypto casino.

One of the largest crypto exchanges (FTX) has apparently asked for Binance's help after a "significant liquidity crunch".

FTX's troubles were accelerated this weekend after Binance themselves decided to sell all of their FTX tokens over concerns of financial stability - causing it to crater in price.

This has sent shockwaves all across the crypto markets - with Bitcoin down almost 17% and listed exchange Coinbase down over 15%.

The only takeaway from this saga - Binance is the most powerful player in crypto.

2 - Disney's streaming spending takes a bite out of profits. 💸

Streaming is going strong, as Disney added a record 14.6 million subscribers to their Disney+ products.

But this crazy growth came at a pretty steep cost.

Disney+'s operating losses almost doubled, from $800m to $1.5bn.

In an environment as unforgiving as ours, loss-making companies take the backseat. Disney stock was down over 7%.

Their decision to aggressively spend was defended by the CEO as a move to invest heavily in making great content available over the globe.

This rapid subscriber growth also means that Disney now has more subscribers than Netflix, and that we have a new market leader in OTT content.

All hail the king. 👑

3 - TikTok shuffles up US business after advertising drought. 😓

The ad-revenue elixir is drying up and advertising businesses are going thirsty.

TikTok's the biggest shark in the waters, and they're acting first.

They made over 400 employees redundant and are shuffling around senior management.

Key executives in the US market have been transferred over to Europe, and a lot of teams have been either shut down or merged.

This story has only one moral - and it's that TikTok is not immune to the woes of the macro world, despite all the aggressive growth.

Sticky situation. 📽️

4 - Russia becomes India's top oil supplier. 🛢️

Russia has surpassed Iraq and Saudi Arabia as India's top oil supplier.

Ever since the West slapped Russia with energy sanctions, they took a U-turn and hawked their black gold to buyers in the East.

To make the trade juicy, Russia also slashed prices for anyone willing to buy.

This squeezes out expensive suppliers in a region as business-minded as the East and gives Eastern economies a crutch to stand on in a time where prices for everything are through the roof.

Us Indians love a good deal. 🫰

5 - Elon Musk continues selling his Tesla stock into the Twitter deal. 🐦

Elon Musk has sold another $4bn of Tesla shares despite telling everyone he was done with it.

Let's flash back to August - when our protagonist tweeted that it was important to avoid an emergency sale of Tesla stock, and that he was done selling.

That's apparently not held up, but Twitter is still growing rapidly - Elon also said that they just had the highest daily active users ever.

For a business like theirs, all publicity is good publicity - they've suddenly had media coverage worth billions.

It looks like the bird's finally spreading it's wings. ✈️

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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