David Bridges
As the market looks ahead to the Federal Open Market Committee meeting, discussions over the weekend centered around the Fed decision and its implication for growth and the financial markets.
Here’s a recap of a few major headlines that hit the wire over the weekend:
Black Swan Author Slams Fed, Bitcoin: Nassim Taleb renewed his Bitcoin BTC/USD bashing and also criticized the Fed for maintaining interest rates at extremely accommodative levels. “Zero interest rate for a long period of time, you are hurting the economy, you are creating a bubble, creating tumors like Bitcoin,” he said. He renewed his call for the apex crypto going as low as 0.
Disney-Comcast Lock Horns Over Hulu: Streaming platform Hulu is majority owned by Walt Disney Company DIS, while Comcast Corporation CMCSA holds a 33% stake in the platform. Both companies have a deal in place to transfer full ownership in Hulu to Disney in 2024.
Disney’s CEO Bob Chapek has recently sounded out his intention to push forward the timeline for the acquisition of the remaining stake in Hulu. While Chapek suggested a lower price could be renegotiated, Comcast CEO Brian Roberts ruled out any such move.
Tesla Sued Over Deceptive FSD Advertising: A Tesla Inc. TSLA owner has sued the company and its CEO Elon Musk for deceptively advertising the full-self driving software tech as fully functioning or “just around the corner” despite knowing that it did not work or was non-existent and made vehicles unsafe. He had reportedly paid a $5,000 premium for his 2018 Model X to get “Enhanced Autopilot,” which was sold as a precursor to the FSD software suite.
Bluebird bio Receives Back-to-Back Nod: bluebird bio Inc. BLUE announced that the FDA approved its gene therapy to treat a rare, inherited neurodegenerative condition called cerebral adrenoleukodystrophy, which affects young boys, between the ages of 4 and 17 years. The wholesale price of the drug is fixed at $3 million, making it the most expensive drug to date.
Elon Musk Gets Pat On The Back: Tesla CEO Elon Musk received praises from Eric Schmidt, who formerly served as Alphabet Inc. GOOGL GOOG unit Google’s chairman and CEO, for providing Ukraine with SpaceX’s Starlink terminals.
“Elon is a real hero in the story,” he reportedly said, praising him for the speed of the internet Starlink provided while he was traveling by train in Ukraine.
What Else: U.S. President Joe Biden signaled that he isn’t yet decided on running for office in 2024. It’s an intention to run again, he said, adding that it remains to be seen whether it is a firm decision to run.
Russian President Vladimir Putin said if Europe wants more gas, it should lift sanctions on the Nord Stream 2 pipeline. He denied Russia’s role in Europe’s current energy crisis and blamed the predicament on the continent’s “green agenda.”
Maya Kensington
Tessa Everly
