The past weekend saw market participants lamenting over the sell-off that appears to have no end in sight. There was a fair share of news flow pertaining to markets, geopolitics and corporations, among others. Here's a recap of a few major headlines that hit the wire over the weekend.
1. Trump Media In Eye Of Storm: Trump Media & Technology Group, which is the parent of former President Donald Trump’s Truth Social, was in the news after Will Wilkerson, one of the company’s first employees, made explosive allegations in a whistleblower complaint with the SEC. The complaint and the other documents were disclosed to The Washington Post by the executive and his attorneys. The Washington Post also reported that the executive was fired on Thursday following the disclosures.
2. Apple Drops China Chip Sourcing Plans: Apple Inc. AAPL put on hold its plan to source cheap but powerful chips from China’s Yangtze Memory Technologies. Nikkei reported that Cupertino decided not to go ahead after the months-long certification process, primarily due to the U.S. decision to impose restrictions on China chip exports.
3. China To Focus On Winning Key Tech Battles: Chinese President Xi Jinping sounded out support for the country’s tech sector, which has been ravaged over the past two years, partly due to the government's antagonistic stance. The president’s comments came during a speech on Sunday, in which he laid out the Communist Party’s agenda for the next five years.
Xi reportedly said the country will focus on national strategic needs and indigenous and leading scientific and technological research in order to win the battle in key core technologies.
4. Gates Gives More: Bill Gates, through his “Bill & Melinda Gates Foundation” has pledged another $1.2 billion to support the end of debilitating diseases globally. The new pledge will support the implementation of a polio eradication program that will run from 2022 through 2026.
5. Tesla Stock Weakness Do Not Deter Lawmakers: Trading disclosures by Congressmen showed that Representatives bulked up on Tesla Inc. TSLA shares in the past three months when they saw significant weakness. Among those who bought the stock were Rep. Rho Khanna (D-Calif.) and Rep. Kathy Manning (D-NC). Incidentally, House Speaker Nancy Pelosi’s husband Paul made a huge Tesla buy in March.
What Else? Bloomberg’s Mark Gurman previewed Apple’s next launch event, in which the company is expected to release its new iPad Pro, powered by its M2 chips, and more.
"Rich Dad, Poor Dad" author Robert Kiyosaki yet again warned of economic pain ahead and recommended buying Bitcoin BTC/USD.
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