As the market looks ahead to a new trading week during a period of volatility and a traditional lull ahead of Memorial Day, here's a recap of a few major headlines that hit the wire over the weekend.
1. Musk Harps On Twitter Spam Count: Tesla, Inc. TSLA chief executive officer Elon Musk is fixated on Twitter, Inc. TWTR spam accounts. He said in reply to a tweet that Twitter has a disincentive in reporting spam accounts, as it reduces its user numbers. Musk also suggested that Twitter's refusal to share its methodology to count spammers is making him suspicious.
2. Ethereum Founder No Longer A Billionaire: Ethereum ETH/USD founder Vitalik Buterin relayed via a tweet that he is no longer a billionaire. Buterin, who once had the distinction of being the youngest crypto billionaire, has apparently lost much of his fortune amid the crypto market sell-off.
Ether, the native token of the Ethereum blockchain, has more than halved from a high of $4,859.50 on Nov. 10.
Related Link: Tesla Drops To Number 2: Is Cathie Wood's Ark Invest Losing Confidence In Its Favorite Stock?
3. Cathie Wood's Sings AI's Virtues: Fund manager and Ark Invest founder Cathie Wood suggested over the weekend that artificial general intelligence has the potential to increase the year-over-year GDP growth rate from the current 3%-5% per year to 30%-50% per year in about six to 12 years, This, according to Wood, can be accomplished due to breakthroughs in AGI.
4. Consumer Electronics Demand Disappearing: Noted Apple, Inc. AAPL analyst Ming-Chi Kuo dropped a bombshell by suggesting the easing of COVID lockdowns in China may not solve all the issues faced by consumer electronics companies. Demand is disappearing and is not deferred, he said.
5. SpaceX Seeks Fresh Funding: Elon Musk's SpaceX venture is reportedly looking to raise $1.725 billion in new capital that could increase the company's valuation to $127 billion. The company is exploring the sale of equity at $70 per unit, which is a 25% jump from the $56-a-share valuation that was prevailing in February, when it enacted a 10-for-1 split.
What Else: Walt Disney Company's DIS "Doctor Strange in the Multiverse of Madness" continued to rule the roost for a third week in running, grossing $30 million from 4,534 theaters this weekend.
Musk's visit to Brazil and his talks with the nation's President Jair Bolsonaro regarding providing Starlink connection to rural schools and using the service for the surveillance of the Amazon rainforest also made headlines over the week.
For all the key biotech catalytic events scheduled for the week, read Benzinga's weekly preview.
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