Market Minute: Spotify Announces Layoffs, Feds Seize Millions from FTX Founder & Egg Smuggling
Here is a rundown of Cheddar News' top market stories of the day.
SPOTIFY LAYOFFS
Spotify has announced plans to cut around 6 percent of its workforce, placing the music streaming service among other tech firms that have made layoffs in recent weeks, including Microsoft, Amazon, and Google parent company Alphabet. The number of positions potentially on the chopping block is not yet clear. Many tech firms have cut between 5 and 10 percent.
FED'S FTX SEIZURE
Disgraced crypto executive Sam Bankman-Fried's fortune is rapidly dwindling, as federal regulators seized more than $600 million of his assets this month. The forfeitures are related to the federal government's criminal case against Bankman-Fried, who faces charges of fraud and conspiracy — though he has pleaded not guilty. The most recent seizure was a whopping $95 million from an account held at Silvergate Bank.
CITADEL PROFITS
Hedge fund Citadel reported a record $16 billion in profits for clients in 2021. That is the biggest annual return for a fund manager since John Paulson made $15 billion in 2007 betting against the subprime mortgage market, and perhaps one of the biggest plays in Wall Street's history. The sky-high profits came as hedge funds overall underperformed amid 2022's bear market.
EGG SMUGGLING
Customs and Border Protection officials are reporting a surge in egg smuggling from Mexico — with U.S. egg prices up 60 percent in December from 12 months earlier. Smugglers are risking thousands of dollars in fines just to bring eggs, which cost around $3.40 for a 30-count carton in Mexico, compared to as much as $7.37 for just a dozen in America.
Axios reporter Erin Doherty breaks down the results from the South Carolina primary as former President Trump gets closer to winning the GOP nomination.
Jay Woods of Freedom Capital Markets shares thoughts on how the latest inflation report will impact the market, and why he expects a ‘cascade’ of IPOs if Reddit’s public debut goes well.
During AT&T's widespread outage Thursday, landline phones were a working alternative — which most of the U.S. does not have. Over half of Americans are estimated to have ditched landlines altogether.
Jade Kearney Dube, Founder & CEO of She Matters talks the Symptom Tracker app, cultural competency for healthcare providers, and being a Black woman CEO looking for funding.
Ahead of April’s planned BitCoin halving, Bitfarms CEO Geoff Morphy shares why he thinks the crypto rally will continue, plus why you’ll see a broader adoption of clean energy for mining.
Did you know there's a big difference between a dude ranch and a working cattle ranch? Check out the new generation of ranches, and live out your cowboy dreams.
Lara Rhame, FS Investments chief U.S. economist, discusses the recent market highs, how the job market is in a ‘good place,’ and why rates staying higher for longer might not be a bad thing.
