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.
Americans' credit card debt reached a record high in the third quarter.
Target announced that it's rolling out a pre-set meal to feed up to four people for under $25.
You might already be planning your Thanksgiving menu as the holiday approaches. Some retailers are offering deals that could help your pockets as you budget for those large family gatherings.
Management employees who work for AT&T are now being offered paid time off to care for their loved ones.
Jade Warshaw, personal finance expert and co-host of 'The Ramsey Show, joined Cheddar News to provide tips on how to save on engagement rings and to look at cheaper alternatives.
As the country watches the financial situation and monitors decisions from the Federal Reserve, many may be re-evaluating what to do with their money, with interest and mortgage rates at some of the highest levels seen in decades. Mark Hamrick, Washington bureau chief and senior economic analyst with Bankrate, joined Cheddar News to provide tips on your money management as monetary policy continues to change.
A Dutch recruitment firm found that only 42% of employees who have been laid off this year actually received severance, down from 64% who received severance in 2021.
Direct deposit delays due to a human error that happened last week have resulted in some customers still not receiving their paychecks.
Nestle is reportedly investing $100 million in food delivery startup Wonder Group.
Arturo Béjar testified before a Senate subcommittee on Tuesday about social media and the teen mental health crisis, hoping to shed light on how Meta executives, including Zuckerberg, knew about the harms Instagram was causing but chose not to make meaningful changes to address them.
