Xero – More than $1 billion was wiped off Xero’s market capitalization on Thursday as the resignation of the CEO coupled with widening losses worried investors.
Twitter – Elon Musk has begun firing employees of twitter with 50 per cent of the workforce already let go. Musk in his first email to staff explained that a reason for the reduction in staff is that “the economic picture is dire”.
US – US stocks had their biggest gains in more than two years after softer than expected inflation data boosted investors’ confidence. The Dow Industrials soared 1,200 points, S&P 500 Index increased by 200 points and the Nasdaq increased by 760 points.
Magellan – Founder of Magellan Financial Group Hamish Douglas has sold 13 million shares at $9.10 a share. In a statement Douglas said that he will not sell any additional shares for 12 months and that he still has confidence in the investment team. The stock is currently down 48.16% this year.
Bitcoin – One of the largest Cryptocurrency exchanges FTX is scrambling to raise funds after a deal with Binance fell through. The repercussions have been felt throughout the crypto industry as Sequoia Capital wrote down its FTX investment to zero. According to Dow Jones Market Data bitcoin traded at $15,787.53, down nearly 77% from all time high a year earlier.
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