Elon Musk and his plans of revamping Twitter were the main topics of discussion this weekend, along with the potential near-term monetary policy trajectory in light of the past week’s Fed decision and the October non-farm payrolls report.
Here's a recap of a few major headlines that hit the wire over the weekend:
1. Twitter To Rehire Some Sacked Employees: After laying off employees en masse on Friday, Elon Musk-led Twitter has reportedly asked some of them to return to work, according to a Bloomberg report. Some of the cuts were reportedly made by mistake, while a few who were sacked were needed back to build new features envisioned by the new Twitter owner. Musk was very active on Twitter this weekend, spelling out his vision for the platform and warding off criticisms regarding the initial moves made by him immediately after completing the deal.
2. Apple Warns Of China Production Hit: China lockdowns have left Apple Inc. AAPL with no option but to warn of potential iPhone production shortfall in its fiscal year, first quarter. The company said the Zhengzhou iPhone assembly plant run by its production partner Hon Hai Precision Manufacturing Company Limited HNHPF was operating at significantly reduced capacity and this will likely impact shipments of its high-end Pro and Pro Max iPhone14 models.
3. Berkshire Swings To Loss In Q3 But Operating Profit Climbs: Warren Buffett-led Berkshire Hathaway Inc. BRKA BRKB reversed to a loss in the third quarter, weighed down by losses on investments and derivatives. The loss on investments of $10.45 billion, however, narrowed from the previous quarter’s $53.04 billion. Operating earnings derived from its portfolio companies climbed 20% year-over-year but were down 16% sequentially. Its insurance underwriting business suffered a $962 million loss.
4. Ethereum Charts Turns Constructive: As cryptocurrencies mark a turnaround, Ethereum ETH/USD, the second largest crypto by market cap, could be priming for a rally back toward $2,000, economist Raoul Pal said, supporting his deduction with technical indicators. He noted that the crypto has broken a downtrend seen since late 2021, has formed an inverse “head-and-shoulder” pattern and is on track to complete a cup and handle formation at $2,000.
5. Fed Flashes Red Light On Stablecoins: A survey by the Federal Reserve showed that over 20% of the respondents remain wary of the risk stablecoins such as Tether USDT/USD and USD Coin USDC/USD pose to the U.S. economy over the next 12 to 18 months. The results were part of the November Financial Stability report published by the central bank.
What Else: Donald Trump and Florida Governor Ron DeSantis held separate rallies on Sunday in Florida, just ahead of the Nov. 8 mid-term polls. The two — touted as serious contenders for the 2024 Republican presidential nomination — refrained from attacking each other and sought support along the party lines.
Meta Platforms Inc. META will reportedly announce massive layoffs, similar to the one announced by Twitter, reports said.
Given the uncertainty around Twitter since Musk took over the platform, some users are flocking to alternative options, and noted economist Paul Krugman said as a precautionary move he has opened an account on Mastodon, an open-source microblogging platform.
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