According to DoorDash, it hired too many workers when delivery demand spiked during the COVID-19 outbreak. Thus it is laying go more than 1,200 corporate employees.
All the staff members were informed on Wednesday. CEO Tony Xu announced that DoorDash was understaffed before the pandemic and had accelerated hiring to keep up with its expansion. As a result, it is laying off about 1,250 people.
“Most of our investments are paying off, and while we’ve always been disciplined in how we have managed our business and operational metrics, we were not as rigorous as we should have been in managing our team growth. That’s on me. As a result, operating expenses grew quickly,” he said.
Although more than those would be required to close the gap, Xu stated that DoorDash would continue to focus on reducing operating costs unrelated to staffing. “This hard reality ultimately led me to make this painful decision to reduce our team size,” he said.
Employees of DoorDash will get 17 weeks of pay
Employees who are impacted will get 17 weeks of pay. Additionally, their stock will vest in February 2023. By March 31, 2023, all health benefits will still be available.
“Today’s announcement that 1,250 jobs are to be cut is a recognition that the business needs to take action to rein in costs. This is especially important as the consumer outlook remains uncertain and coming quarters could see households retrench on both meal spending and their use of delivery services,” said Neil Saunders, managing director of GlobalData.
One of several businesses that recently announced employment layoffs is DoorDash. Twitter, Amazon, Facebook’s parent company Meta, and H&M are a few others.
The news from DoorDash comes shortly after the San Francisco-based firm released good quarterly statistics, noting that its orders increased 27% in the third quarter as a consequence of international expansion and the addition of new grocery and retail services.
The firm expanded its business internationally
DoorDash expanded internationally and introduced new grocery and retail options. As a result, its orders increased by 27% in the third quarter. By defying a general downturn in restaurant delivery in the United States.
439 million orders were placed between July and September, according to the San Francisco-based delivery service. According to experts surveyed by FactSet, that was greater than the 433 million Wall Street projected.
DoorDash expects the trend to hold throughout the remainder of the year. According to the business, gross order volumes increased by 30% in the fourth quarter, from $13.5 billion to $14.2 billion. Additionally, it would surpass Wall Street’s prediction of $13.7 billion.
A few weeks earlier after-hours trading saw a more than 8% increase in shares of DoorDash.However, as costs increased, the company’s net loss increased from $101 million in the same quarter last year to $296 million in the third quarter. Analysts had predicted a loss of 59 cents per share, while the actual defeat was 77 cents per share.
Twitter just announced that as of Nov. 23, it would no longer enforce its Covid-19 false information policy. It denotes that the business will no longer give top priority to flagging or removing inappropriate health material about Covid-19.
Twitter announced in December 2020 that it would start identifying and removing incorrect content about the Covid-19 vaccination. It was because thousands of accounts spread false information about the coronavirus and the adverse effects of immunizations.
Elon Musk, the CEO of Twitter and the single owner. Musk has been outspoken in his criticism of health officials’ response to the coronavirus pandemic. The stay-at-home orders, he claimed, were “forcibly imprisoning people in their homes against all their constitutional rights” during the company’s first-quarter 2020 earnings call. On “The Joe Rogan Experience” podcast in 2020, he added that the fatality rate of Covid-19 was significantly lower than what authorities had predicted.
Musk pledged his support for free expression on Twitter, which could help to explain why the adjustment was made. However, internet safety experts argue that his strategy has increased the amount of hate speech, harassment, and false information on the network.
After Twitter laid off thousands of staff earlier this month, some civil rights organizations advised businesses to stop advertising there because they worried that this would make it harder for Twitter to police hate speech and other harmful content.
Even though it is unclear exactly how Twitter has been tracking these impressions, Musk claims that there has been a decline in hate speech since October.
Twitter reinstates 62,000 suspended accounts
The modification comes as more than 62,000 suspended accounts are being worked on by staff, according to the technology newsletter Platformer. This number might include a portion of the more than 11,000 accounts the business suspended for breaking its Covid-19 disinformation policies.
Musk posted a poll on Twitter on November 23 asking users whether Twitter should allow suspended accounts to reactivate, provided they had not engaged in “egregious spam” or broken any laws. Voters chose “Yes” 72.4% of the time, while “No” garnered 27.6%.
On November 19, Musk used the exact Latin phrase, “the voice of the people, the voice of God,” to declare that the Twitter account of the late President Donald Trump would be restored. After Trump promoted the Jan. 6 uprising, Twitter’s previous owner permanently banned his account.
The original rollout of the billionaires $8 per month Twitter Blue service was put on hold after users exploited the system by buying blue checkmarks to impersonate brands and prominent people. The billionaire is also the CEO of Tesla and SpaceX. However, he barred some impersonators before he shut down the service, once more casting doubt on his interpretation of the free expression.
A request for comment from Musk has yet to receive a prompt response.
As tall as a 20-story skyscraper, the Shenzhou 15 mission’s rocket blazed into the Gobi Desert night sky on Tuesday. It took three astronauts to a rendezvous with the recently finished space station of China.
Even as many of its citizens have been fiercely protesting strict pandemic controls in the streets. The rocket launch of China was a split-screen event and the most recent in a long line of technological advances for the nation.
The air trembled as the massive white rocket launched into the bright, icy night sky just before the waxing crescent moon set.
The mission to the new space station is a significant accomplishment for China’s quickly developing space program. In addition, it will be the first time a crew from Earth will be welcomed by a team of three astronauts stationed in the Tiangong outpost.
Another milestone in China’s race to catch up to the United States and overtake it as the supreme power in space, the Chinese space station will now be permanently manned, similar to the International Space Station.
Chinese space authorities are planning to land astronauts on the moon with a persistent presence in low-Earth orbit aboard Tiangong, just as NASA plans to return to the moon before the end of the decade as part of its Artemis mission.
Zhou Jianping, the head of China’s crewed space program, stated in an interview at the launch facility that “It will not take a long time; we can achieve the goal of the manned moon landing,” He said, without specifying a timeframe for its potential use, that China has been working on a lunar lander.
Less than two weeks have passed since NASA eventually launched its Artemis I mission after numerous delays. The unmanned Orion capsule from that voyage is now orbiting the moon.
China is willing to work with few other countries
Beijing has also launched a charm offensive to court European and developing nations, especially since the Group of 20 summits in Bali earlier this month. That includes seeing into space. In a letter to a United Nations symposium on November 21, China’s president, Xi Jinping, reiterated this issue.
“China is willing to work with other countries to strengthen exchanges and cooperation, jointly explore the mysteries of the universe, make peaceful use of outer space, and promote space technology to better benefit the people of all countries in the world,” Mr. Xi wrote.
European countries have not yet shown much interest in Tiangong. Despite cooperating with the United States on the Artemis missions and the International Space Station. Germany has no bilateral space station projects with China. It was reported by a written response from Germany’s Federal Ministry for Economic Affairs and Climate Action.
Furthermore, Germany and Italy each sent an astronaut to China’s Shandong Province four years ago for training. The training was to fly on a Shenzhou rocket. No nation has yet to arrange to send astronauts aboard a Chinese rocket. However, some European scientists are working on projects that will be transported to Tiangong, such as a high-energy cosmic radiation detector. Through a United Nations program, researchers from Saudi Arabia, India, Peru, and Mexico have also been able to research the Chinese space station.
The program has developed independently
European officials have been apprehensive about expanding space cooperation when tensions over China’s human rights record and military buildup are rising. In order to safeguard the safety of astronauts, they have requested China to give particular information about its space operations. However, like the early American space program decades ago, China’s space program has developed independently of the nation’s military and has been leery of substantial sharing.
That connection to the military was evident at the Jiuquan Satellite Launch Center in the desert. Around the site, it was possible to see camouflaged vehicles, and some signage referred to Dongfeng ballistic missiles rather than Shenzhou civilian space rockets, which are utilized in China’s nuclear arsenal.
On their mobile phones, visitors nearing the launch center began receiving a series of brief, automated warning messages from roughly 50 miles away. They had entered a military control zone, where photography was forbidden, and those who violated national security would be put to death, according to the warnings.
The first of these messages, written in Chinese, included a mobile phone number for reporting any sightings of foreigners or unusual activity and warned those stealing secrets that they would be caught and beheaded once they were. Catching enemy spies and capturing them will help everyone greatly.
Before the launch of the Shenzhou 15, Ji Qiming, assistant director general of the China Manned Space Engineering Office, stated during a news conference that China was upholding the legacy of Mao’s “two bombs, one satellite” philosophy. The program’s goals were to develop an atomic bomb, an intercontinental ballistic missile to deliver the bomb, and a satellite to observe Earth.
According to recent reports, crypto firm BlockFi files for bankruptcy as FTX fallout spreads. Read the entire article to learn more about this news piece.
About BlockFi’s bankruptcy
“BlockFi looks forward to a transparent process that achieves the best outcome for all clients and other stakeholders,” Berkeley Research Group’s Mark Renzi said in a press statement. BRG serves as BlockFi’s financial advisor.
“We do have significant exposure to FTX and associated corporate entities that encompasses obligations owed to us by Alameda, assets held at FTX.com, and undrawn amounts from our credit line with FTX.US,” BlockFi previously said. BlockFi is founded by Zac Prince and he claimed that significant exposure to FTX created a liquidity crisis.
FTX’s new CEO John Ray said in a filing with the Delaware Bankruptcy Court that “in his 40 years of legal and restructuring experience,” he had never seen “such a complete failure of corporate controls and such a complete absence of trustworthy financial information as occurred here.”
“BlockFi’s Chapter 11 restructuring underscores significant asset contagion risks associated with the crypto ecosystem,” said Monsur Hussain, senior director at Fitch Ratings. “Two months ago we looked the ‘same.’ They shut down and have impending losses for their clients,” he said.
“Acting in the best interest of our clients is our top priority and continues to guide our path forward,” BlockFi said.
About BlockFi
For people who do not have any idea about BlockFi, this company provides credit services to markets that do not have access to financial resources. The company aims to empower clients financially all over the globe. The company calls its customer’s clients and gives them all the necessary support and toll to help their clients make effective financial decisions for themselves. The company deals with cryptocurrency. Cryptocurrency is nothing but digital money. It is not an actual currency, rather, it is a digital currency and once you own it, you can do whatever you want to with it. The company has recently filed for bankruptcy and it seems like the company is drowning just like FTX.
About FTX
FTX is a crypto exchange platform that has been built by traders for traders. The company has been founded and led by Sam Bankman Fried. The company recently filed for bankruptcy, and on the same day, SBF resigned from the company. “I didn’t mean for any of this to happen, and I would give anything to be able to go back and do things over again. You were my family,” he said. “I’ve lost that, and our old home is an empty warehouse of monitors. When I turn around, there’s no one left to talk to.”
Netherlands-based retailing giant, IKEA, said on Monday that the company hopes to cut prices of its products as costs of some inputs have started to come down in the market.
IKEA which is renowned for its ready-to-assemble furniture and other household products was forced to raise the price of its products due to rising input costs. High volatility in the global economy and supply chain issues had pushed prices of input materials upwards.
Tolga Oncu , a senior official at Ingka Group, shared the information regarding price cuts plans while talking with Reuters News Agency in Mumbai, India. Ingka Group is one of the owners of IKEA which takes care of retailing units, centers, and customer fulfillment services of the multinational conglomerate.
Tolga Oncu said that prices of various commodities and materials such as metals are coming down even as the global supply chain continues to be under severe stress from Russia Ukraine conflict. Shipping costs, which were at one time at their highest level have also come down.
IKEA is one of the largest home furniture retailer in the world
Such a decrease in the costs of materials and shipping gives IKEA a space to cut down the prices of its products. Price cuts by IKEA are expected to give breathing space for consumers across the globe who are currently reeling under a cost of living crisis.
Reducing prices at a time when cheap well-designed, well-functioning home furnishing products are in high demand also provides IKEA with an interesting business opportunity, which it hopes to utilize successfully.
During the pandemic in 2020 and 2021, IKEA stores across the globe suffered huge losses from regional lockdowns and a steep decline in consumer demand. The retailing giant was forced to shut down various stores and large-scale manufacturing plants across the globe.
The coronavirus pandemic also triggered a severe global supply chain crisis which forced the company to hike the prices of its products. A few days ago, Ingka Group reported a 9 percent increase in annual profits which was mainly due to price hikes.
The supply chain crisis become worse in 2022 when Russia decided to invade Ukraine on the pretext of a special military operation. IKEA was forced to close its stores in Russia and lay off more than 10000 employees in the country.
Even though the company first announced that it will sell factories, close stores, and lay off all employees in Russia, later it was reported that IKEA has not decided to sell their businesses in Russia. Latest news reports suggest that the retailing giant is planning to restart its operations in Russia within 2 years.
According to recent reports, Apple is facing a shortage of 6 million iPhone Pros because of protests against covid-19 restrictions in China. The company has its biggest producer Foxconn in Zhengzhou city, China where there was a covid outbreak. Read the entire article to learn more about this news piece.
About the protests
According to various reports, an inside source who wished to remain anonymous revealed that this shortage is subject to change because it all depends on how quickly the factory is able to encourage workers to come to work despite the protests. The iPhone Pros production can get delayed by a few weeks due to the covid-19 lockdowns. The company claims that it will make up for the production of the iPhones in the coming year. There were several protests at the factory due to the pandemic restrictions and pay-related issues.
There were various videos surfacing on the internet showing large crowds of people pushing and chardhing past the guards at the factory. Gradually, the protest spread to other cities in China as well. Footage shared on a livestreaming site showed workers shouting: “Defend our rights! Defend our rights!” “They changed the contract so that we could not get the subsidy as they had promised. They quarantine us but don’t provide food,” said one Foxconn worker during his live stream. “If they do not address our needs, we will keep fighting.” He also claimed to have seen a man “severely injured” after a beating from police. Another newly recruited employee told the BBC he visited the protest scene on Wednesday where he saw “one man with blood over his head lying on the ground”. “I didn’t know the exact reason why people are protesting but they are mixing us new workers with old workers who were [Covid] positive,” he told the BBC.
Source: The Strait Times
About Foxconn
For people who do not know much about Foxconn, this article will provide you with the necessary information. Foxconn is largest technology manufacturer and technology provider. The company is one of the biggest suppliers for Apple. Apple is one of the popular companies and it is known for its range of iPhones which are popular worldwide. They have some amazing features with the latest technology and stunning designs. Foxconn is the biggest iPhone maker in the world and is responsible for 70% of the shipments and 45% of the company’s revenue comes from the production of these iPhones. The company has its headquarters in Taiwan.
French bank Credit Agricole weighing plans to offer car-sharing financial services in Germany. It comes especially as market offers and opportunities are increasing, challenging incumbent players. The French bank’s consumer finance has been pushing mobility revenues.
Image credits- Reuters
The French bank’s consumer finance arm has been in a push to increase mobility-related revenues from its car leasing joint venture with Stellantis and other partnerships as well as from its existing car financing and car rental services. “We are testing car-sharing in smaller towns in France with a population of up to 30,000. If that succeeds we will take the concept also to Germany,” Stephane Priami, the head of Credit Agricole’s consumer finance unit, was quoted as saying.
The idea was to focus on towns within driving distance of larger cities to put them within reach for customers without a car, he added. The German membership-based car-sharing market is undergoing a transformation as Volkswagen is selling its all-electric car-sharing unit WeShare to Berlin-based Miles Mobility. Germany’s Mercedes-Benz and BMW sold their car-sharing venture Share Now to Stellantis. Car rental firm Sixt has branched out into car-sharing.
As part of the deal with VW, Miles Mobility will order more than 10,000 all-electric vehicles from VW’s stable of brands, including Audi and Seat cars. Miles Mobility already runs a fleet of 9,000 vehicles across eight German cities, including Bonn, Cologne, and Munich, and two cities in Belgium. “With a strong partner to operate the fleet and with vehicles from various Volkswagen Group brands, car sharing will become available to an even broader spectrum of customers,” Dahlheim said in a statement. German automotive expert Ferdinand Dudenhoeffer said VW’s decision to sell its WeShare service showed that car-sharing remained a “niche market” that carried “considerable risks of losses”.
Miles Mobility for its part said it aimed “to become the leading car-sharing platform in Europe” and welcomed the addition of VW’s zero-emission cars to its fleet. “The electrification of our fleet is a cornerstone of the Miles strategy towards sustainable urban transport,” it added.
If you’re a startup, then you know that growth is essential to your success. But how can you make sure that your growth is healthy and sustainable? In this blog post, we will discuss some tips for accelerating as a fast-growing startup. We’ll cover everything from fundraising to hiring to marketing. Read on for advice that will help your business take off!
Understanding start-up fundraising
Start-up fundraising can be a daunting task, but with a little planning and a solid understanding of the process, it can be manageable. The first step is to identify potential investors. This can be done through online research, networking, and even attending investor conferences. Once you have a list of potential investors, the next step is to create a pitch deck. This is a presentation that will give an overview of your business and what you are looking to raise. The pitch deck should be clear, concise, and visually appealing. Finally, you will need to present your pitch to the investors. This can be done in person or through a video call. If you are able to secure funding from investors, it is important to stay on track with your business plan and use the funds wisely. With careful planning and execution, start-up fundraising can be a successful endeavour.
Set measurable goals and objectives
A goal without a plan is just a wish. In order to achieve success, you need to set target goals and develop a clear strategy for reaching them. Otherwise, you’ll likely find yourself frustrated and disappointed with your progress. But how do you go about setting effective goals? First, make sure that your objectives are specific and measurable. Vague goals like “become healthier” or “lose weight” are too difficult to track and easy to forget about. Second, set realistic targets that challenge you without being overwhelming. Trying to accomplish too much at once is a recipe for burnout. Finally, keep your goals visible and in mind as often as possible. Write them down, post them on your fridge, or set reminders on your phone. By taking these steps, you can increase your chances of achieving your target objectives.
Create a marketing plan that targets your audience
A well-executed marketing plan is essential for any business that wants to succeed. By clearly defining your target audience and outlining your goals, you can develop a strategic approach that will help you achieve your desired results. When crafting your marketing plan, be sure to keep your audience in mind. What are their needs and wants? What are their pain points? Once you have a good understanding of your target audience, you can begin to develop a plan that resonates with them. Outline the tactics you will use to reach them, such as online advertising, PR, or direct mail. And finally, set a budget and timeline for your marketing efforts. By taking the time to develop a comprehensive marketing plan, you can ensure that your business is on the path to success.
Product market fit
Any business owner knows that it takes more than a great product to be successful. Even the most innovative and well-made product will flounder if there is no demand for it in the marketplace. In order to be successful, a company must first find its niche and then tailor its products and marketing to appeal to that group of consumers. Finding what your audience needs will help you understand market-pull.
The first step in finding product market fit is to identify your target market. Who are you selling to? What needs does your product address? Once you have a good understanding of your potential customers, you can begin to tailor your products and marketing messages to appeal to them. It’s important to remember that different groups of people will have different needs, so it’s important to segment your target market and create detailed buyer personas.
When defining your product, make sure it fits well. For example, if you are a young eager teenager or school kid looking for assistance,tutoringis a great way to understand your business goals from online experts.
Once you’ve determined who your target market is and what they’re looking for, you can start working on creating a product that meets their needs. This process requires a lot of trial and error, so don’t be discouraged if your first few attempts aren’t successful. The important thing is to keep iterating until you find a product thatresonates with your target market.
Finding product market fit is essential for any business that wants to be successful in today’s competitive marketplace. By taking the time to understand your target market and create a product that meets their needs, you’ll be well on your way to building a successful company.
Analysing results each week
As any successful athlete knows, it is important to analyse your performance on a regular basis. This allows you to identify areas that need improvement and to make the necessary adjustments to your training regime. While it is important to analyse your results on a monthly or even annual basis, it is also beneficial to analyse them on a weekly basis. This helps to ensure that you are making steady progress and that you are not overtraining or undertraining. It also allows you to identify any potential injuries early and to take steps to prevent them. In short, taking the time to analyse your results each week can help you to train more effectively and to avoid injury.
Just as athletes need to analyse their results on a weekly basis, startup owners need to do the same. By taking the time to assess your progress each week, you can ensure that you are making steady progress and that you are heading in the right direction. This is essential for any business owner who wants to achieve success. Analyse your sales, customer feedback, and marketing efforts each week to ensure that you are on the right track. By taking the time to assess your progress, you’ll be well-positioned for success in the long run.
Finally, don’t forget to celebrate your successes! As a business owner, it is easy to get lost in the minutiae of everyday operations. But it is also important to take the time to celebrate your successes and to recognize all the hard work you have put in. Take a step back and reflect on how far you have come, both as an individual and as a business. Celebrate your wins, no matter how small they may be, and use them as motivation to keep pushing forward.
These are just a few tips for accelerating as a fast-growing startup. By understanding your target market, analysing your results each week, and celebrating your successes, you’ll be well on your way to success. Remember that growth doesn’t happen overnight – it takes hard work and dedication.
Minecraft’s new Avatar Legends DLC is coming to the Minecraft Marketplace on Dec. 6. According to the official Minecraft Twitter account, Avatar Legends DLC will bring four Avatar skins based on past and present days into Minecraft. The new DLC was announced via Minecraft’s official Twitter account featuring a picture of the four skins which will be available for players, featuring Avatars of the past and present. The four skins will be available for players, featuring Avatars of the past and present.
Credit @ Minecraft
In the case of the new DLC, players will be able to access the new content when it hits Minecraft Marketplace on December 6. Well, there is not a whole lot revealed about Minecraft’s eponymous content, but based on the features in the previous DLC, players are likely to be given access to content based on the story.
The Avatar Legends is apparently going to be bringing at least four new skins to Minecraft, featuring the final four avatars from the cycle ranging from Kyoshi and Roku to Aang and Korra. It is entirely possible the next Minecraft Marketplace content may add the four skins. We envision there’ll also be a lot more included with DLC, both in terms of characters and other content, but these are yet to be confirmed.
As is usually the case with these partnerships, we are probably going to see a lot more of that in an upcoming DLC package when it comes out. Those interested should note the 6th of December in their calendars, as that is the date when DLC becomes available in their markets.
The Avatar film (anime one not the one with blue people) was announced only recently, but considering that is still some time away, this DLC, along with the other projects surrounding Avatar, are going to need to be the things holding people back until then. It remains to be seen just how large of an expansion this content package ends up being, but adding four skins to Minecraft will be a dream come true for many fans hungry for an open-world, sandbox-style game set in the Avatar universe. Avatar The Last Airbender is one of the most beloved animated TV series, so news of its getting its own downloadable content, or DLC, within Minecraft fits players like a thousand wonders.
Mojang Connects Worlds Minecraft and Avatar Legends Tabletop role-playing game, based on the Avatar the Last Airbender anime series, has a new DLC. This pack from Avatar The Last Airbender includes the character’s appearances, as well as the associated worlds. A Kickstarter-backed RPG called Avatar Legends is finally bringing the world of Avatar to the tabletop, bearing the same title as the Minecraft DLC. Avatar Legends is now being combined with the blocky, always-popular landscape of Minecraft, with The Last Airbender and The Legend of Korra now included as part of an upcoming DLC package.
Latest statistics from stock exchanges across the United States suggest that tech stocks have been suffering huge losses for the past 12 months. Tech investors and traders lost nearly 7.4 trillion dollars in the NASDAQ over the past 12 months.
NASDAQ Composite (^IXIC) since November 2021
High inflation rates caused by the Russian special military operation in Ukraine and aggressive interest rate hikes followed by central banks across the globe have severely impacted the financials of tech giants in the United States. As inflation and interest rates skyrocketed, customers and consumers began spending less, which resulted in the drying up of revenue streams for the tech giants.
To cut costs and save up revenue, tech companies are resorting to large-scale lay-off and asking employees to leave the companies voluntarily. Several tech companies have also decided to shut down many subsidiary businesses.
All these reactions by tech companies pushed down the confidence of investors and traders in tech stocks. Unfavorable performance posted by tech startups also was viewed as a red flag by investors.
Major tech giants based in the United States suffered huge losses in stock markets over the last 12 months. All these factors resulted in the decline of market value for multinational IT companies.
Now we will analyze the performance of major US tech companies in stock markets.
1 – Apple Inc
The multinational tech company, Apple Inc, based in Cupertino, California, managed to avoid huge losses from a highly volatile macroeconomic environment. An increase in revenue and income from iPhone sales and related services helped the company stay strong financially.
The market capitalization of Apple Inc went down from 2.9 trillion dollars in Q4 of 2021 to 2.2 trillion dollars in Q3 of 2022. Apple Inc achieved a 3 trillion market cap on 3 January 2022. Despite a decrease in market capitalization, Apple Inc continues to be the largest tech company in the world.
Apple Inc stock performance since November 2021
Over the last 12 months, the share price of Apple Inc went down by nearly 5% (as of 26th Nov 2022). When compared to the previous financial year, the revenue of Apple Inc has gone up by more than 30 billion dollars. Analysts expect the company to post 125.63 billion dollars in revenue for the December quarter of the current financial year.
2 – Microsoft Corp
The American IT giant based in Redmond, Washington, witnessed its market capitalization go below 2 trillion dollars, despite an annual increase in revenue and earnings. Microsoft which was valued at 2.5 trillion dollars at the end of Q4 of 2021 is currently valued at 1.84 trillion dollars.
Microsoft Corp stock performance since November 2021
Stock prices of Microsoft Corp, listed on NASDAQ with MSFT ticker, went down by more than 22% over the last 12 months. A share of Microsoft, which was valued at 329.68 dollars on November 26, 2021, is currently valued at 247.49 dollars.
3 – Alphabet Inc
Alphabet Inc, the parent company of Google, suffered huge losses in the stock market over the past 12 months. Alphabet Inc stocks traded with GOOGL ticker on Nasdaq dropped more than 30 percent since 26th November 2021. The company which achieved a 1 trillion dollar market capitalization on 16 January 2020 and a 2 trillion dollar market cap on 8 November 2021, witnessed a huge dip in value by the first quarter of 2022.
Alphabet Inc stock performance since November 2021
During the 2nd and 3rd quarters of 2022, the market value of Alphabet Inc fell to 1.4 trillion and 1.2 trillion dollars respectively. Net income fell to 13.91 billion dollars in 2022 Q3, from 18.94 billion dollars in 2021 Q3.
4 – Amazon.com Inc
Reduced spending by consumers and increasing cost of operations severely impacted the revenue and market capitalization of Amazon.com Inc based in Seattle, Washington. The market capitalization of Amazon fell from 1.6 trillion dollars in Q4 of 2021 to 952.9 billion dollars on 26th November 2022.
Amazon.com Inc stock performance since November 2021
Falling revenue and earnings also pushed down the stock prices of the multinational e-commerce giant. Over the past 12 months, stock prices of Amazon.com Inc went down by nearly 46 percent. Shares which were traded at 175.23 dollars a year ago are currently traded at 93.41 dollars (At close: November 25, 01:00PM EST).
5 – Tesla, Inc.
Tesla, Inc. owned by Elon Musk suffered huge losses in the stock market over the last year as investors and traders were highly concerned about the volatility of the stock. Despite having higher revenue and earnings, Tesla stocks tumbled in value mainly due to the actions of CEO Elon Musk. Various activities and business decisions of Elon Musk, such as buying Twitter in a multi-billion dollar deal and sale of his stake in tesla all contributed towards a fall in market capitalization.
Tesla Inc stock performance since November 2021
The market cap of Tesla Inc fell from 1.06 trillion dollars in Q4 of 2021 to 577.42 billion dollars. Stock prices of electronic vehicles manufacturer have gone down by nearly 50 percent since November 2021, signaling strong mistrust amongst investors and traders.
6 – NVIDIA Corporation
Software and fabless company based in Santa Clara, California saw severe depletion in its market capitalization over the last year as lower revenue from the gaming and microchips segment pushed down the stock listed on NASDAQ. The market value of the company went down to 405.44 Billion dollars from 822 billion on 20th November 2022.
NVIDIA Corporation stock performance since November 2021
The stock price of Nvidia Corp went down by nearly 50 percent from 315 dollars on November 26, 2022. The stock is currently traded at 162.70 (At close: November 25, 01:00PM EST).
7 – Meta Platforms Inc
Meta Platforms Inc, the parent company of Facebook, WhatsApp, and Instagram witnessed its market capitalization decreased by 70%, wiping out over $600 billion in value this year. The company which crossed a 1 trillion dollar market cap on 28 June 2021 is now valued at 295.40 billion dollars.
Meta Platforms stock performance since November 2021
Over the last 12 months, the company suffered huge losses in the stock market. The share price of the company fell by more than 66 percent to 111.41 dollars per share. A year ago, a Meta stock cost 333.12 dollars. Revenue earned by the multinational tech giant fell from 29.01 billion dollars in Q3 of 2021 to 27.71 billion dollars in Q3 of 2022.
8 – Oracle Corporation
This software company founded in 1977 has so far managed to keep a healthy position in the market with only slight volatility in the stock prices. The market value of Oracle Corporation based in Austin, Texas, is currently standing at 223.02 billion dollars. Strong business growth in the cloud tech sector and expectations of higher revenue and earnings helped the company advance from a slump in market value in October 2022 when market capitalization touched 170 billion dollars.
Oracle stock performance since November 2021
Over the past 12 months, the shares of Oracle Corp listed on New York Stock Exchange, have gone down by 10 percent. Shares of Oracle Corporation are currently traded at 82.72 dollars (At close: November 25, 01:00PM EST).
9 – Broadcom Inc.
Broadcom Inc., a semiconductor company based in San Jose, California, posted positive performance over the last 4 quarters by beating estimated EPS (earnings per share). The consistent sequential increase in revenue and earnings, along with higher revenue projections helped the company maintain trust amongst investors and traders. Various stock analysts and market experts recommended investors buy Broadcom stocks due to their resiliency amidst highly volatile global economic conditions.
Broadcom Inc stock performance since November 2021
The semiconductor company is currently valued at 214.61 billion dollars. A year ago, the market value of Broadcom Inc was standing at 228 billion dollars. The trade war between China and United States coupled with semiconductor trade restrictions placed by the US government on China has slightly impacted the market value of the company.
10- Cisco Systems, Inc.
Despite a year-on-year increase in revenue and other financial metrics, Cisco Systems, Inc. suffered a decline in market value by more than 20 billion dollars over the last 12 months. The market cap of Cisco which is currently standing at 198.72 billion dollars, was 237 billion dollars a year ago. In its first quarter earning report (Q1 2023), Cisco reported $13.6 billion in revenue, up 6 percent year over year.
Cisco Systems Inc stock performance since November 2021
Cisco also witnessed its stock prices going down by 11.47% in the last year. A share of Cisco is currently traded at 48.40 dollars (At close: November 25, 01:00PM EST). The company also recently decided to lay off 4000 employees as part of “rebalancing”.
11 – Texas Instruments Incorporated
Texas Instruments which focuses on designing and manufacturing semiconductors and various integrated circuits witnessed its market value go down by 7.72% over the last 12 months. As of November 2022, Texas Instruments has a market cap of 160.70 Billion. In November 2021, the company was valued at 174.14 billion dollars.
Texas Instruments stock performance since November 2021
The stock price of the semiconductor company remained more or less the same with a slight decrease in prices over the last 1 year. The share price of Texas Instruments is currently posted at 177.07 (At close: November 25, 01:00 PM EST). During the third quarter of 2022, the company beat EPS market expectations by 0.08 dollars posting 2.47 dollars in earnings per share.
12 – Adobe Inc.
Despite posting growth in revenue and income, the market capitalization of Adobe Inc. fell by nearly 42 percent over the last 12 months. The company’s decision to acquire Figma, a web‐first collaborative interface design platform had severe impacts on the share price of Adobe Inc. Adobe is planning to spend 20 billion dollars to acquire Figma which only produces 400 million in annual recurring revenue.
Adobe Inc stock performance since November 2021
The market value of Adobe Inc is currently posted at 155.41 Billion dollars. Almost a year ago, the company’s market cap was standing at 312 billion dollars. The share price of the company also went down to 334.30 dollars from 662 dollars a year ago.
13 – Salesforce, Inc.
Cloud-based software company grounded in California suffered huge losses in market capitalization over the last 12 months as lower earnings and the acquisition of Slack continued to push down the stock prices. In one year, the market capitalization of Salesforce inc has gone down by 38 percent and is currently posted at 153.35 billion dollars.
Salesforce Inc stock performance since November 2021
Macroeconomic factors also had impacts on the stock prices of salesforce which resulted in a decline in market value. Over the past 52 weeks, the share price of salesforce went down from 284 dollars to 153.35 dollars(At close: November 25, 01:00 PM EST).
14 – QUALCOMM Incorporated
A semiconductor and software company based in San Diego witnessed its market value tumbling by more than 32 percent over the last 12 months, despite gains in revenue and earnings. As of November 2022, QUALCOMM has a market cap of $138.38 Billion. In November 2021, the market value of Qualcomm was standing at 207 billion dollars.
Qualcomm Inc stock performance since November 2021
Stocks of Qualcomm listed on Nasdaq also went down by nearly 30 percent over the last 52 weeks. the shares of the tech company are currently traded at 123.45 dollars. Highly volatile macroeconomic conditions and the overall slump in the value of tech companies are stated to be major reasons why Qualcomm suffered major blows in market cap and share value.
15 – International Business Machines Corporation (IBM)
IBM based in Armonk, New York, is the only major American tech company (in the top 15 entities) to witness an increase in market capitalization over the past 12 months. Despite the severe crisis in the tech world and back-to-back negative financial performance by various tech giants in the USA, IBM managed to increase its market value by 10.95 percent. As of November 2022, IBM has a market cap of 132.98 billion dollars.
IBM stock performance since November 2021
The increase in market value and stock prices of IBM comes amidst deep losses in revenue and earnings, Since the end of the previous financial year, the revenue and earnings of IBM went down by 17% and 122% respectively.
Large sums of money can be made or lost in the blink of an eye in the world of cryptocurrencies. For example, the value of FTX, the second-largest cryptocurrency exchange, was above US$30 billion at the beginning of November 2022. Yet, by November 14, FTX and more than 100 of its affiliated companies were involved in bankruptcy proceedings.
Finance, investing, and fintech are areas of study for academics D. Brian Blank and Brandy Hadley. They describe how and why this extraordinary fall occurred, its impact on the conventional financial industry, and whether or not you should be concerned if you don’t own any cryptocurrencies.
Sam Bankman-Fried established FTX in 2019. A business that operated one of the biggest cryptocurrency exchanges.
Similar to the New York Stock Exchange for stocks, FTX is where many bitcoin investors trade and store their holdings. Alameda Research, a hedge fund that trades and invests in cryptocurrencies and cryptocurrency businesses, was also founded by Bankman-Fried.
These two businesses would be independent entities outside the traditional banking industry. Or, at the very least, have divisions and firewalls in place. However, news organizations revealed in early November 2022 that a sizeable amount of Alameda’s assets was a kind of cryptocurrency created by FTX.
FTX has been landing customer assets in Alameda
A few days later, information emerged claiming that FTX had reportedly been lending customer assets to Alameda for dangerous transactions without the consumers’ approval and had been creating its own cryptocurrency for Alameda to use as collateral. Criminal and regulatory authorities started looking into FTX for possible securities law violations as a result.
In essence, a bank run on FTX was caused by these two pieces of news.
Large crypto investors started selling off their bitcoin stored on FTX’s exchange, including its rival Binance. As soon as FTX could not process customer withdrawals, trading was suspended. In addition, the suspected insider hack that affected FTX on November 14 resulted in the loss of $600 million in cryptocurrencies.
FTX, Alameda Research, and 130 different Bankman-Fried-founded affiliate companies filed for bankruptcy on the same day. As a result, more than a million vendors, workers, and investors who purchased cryptocurrency through the exchange or made investments in these businesses may be unable to get their money back due to this move.
Many of the usual participants in the crypto world were among the organizations and people who stored currency on the FTX platform, but several more conventional investing firms also kept assets there. For example, it is reported that the Ontario Teacher’s Pension and the venture capital firm Sequoia Capital each had ownership stakes in FTX worth millions of dollars. Both of these investments with FTX have already been written off as losses.
Did a lack of supervision have any impact?
By maintaining liquidity and solvency in traditional markets, firms often restrict the risk they expose themselves to. A company’s liquidity refers to its capacity to sell its assets swiftly without suffering a significant loss in value. The concept of solvency states that a company’s assets should be greater than its liabilities to creditors and consumers.
Though FTX is an exception, the crypto community has typically operated with a lot less care than the conventional banking industry. Around $11.3 billion of the $16 billion that FTX owed to those who held cryptocurrencies on its exchange was backed by illiquid coins that FTX had generated.
FTX was using its customers’ money to buy risky investments from Alameda, then created its own cryptocurrency, FTT, as a replacement that it could not sell at a profit when it needed to.
Additionally, FTX’s coin made for nearly 40% of Alameda’s assets; remember that the same person started both businesses.
When investors made the decision to sell their coins on the market, everything came to a head. Unfortunately, FTX lacked the liquid assets necessary to satisfy those demands. As a result, FTT’s value decreased from over $26 per coin at the start of November to under $2 by November 13. By this time, FTX owed its clients more money than it was actually worth.
Who lost their money in the FTX?
Using client funds to make investments is prohibited on regulated exchanges. Additionally, auditors verify financial statements, and businesses are required to disclose the amount of cash. The cash which they have set aside in reserve to cover consumer withdrawals. If something goes wrong, the Securities Investor Protection Corporation (SIPC) guards depositors against losing money if a brokerage firm or exchange fails due to financial difficulties. In the world of cryptocurrencies, none of these barriers are in existence.
Tom Brady invested in FTX
The former spouse of the seven-time Super Bowl winner, Gisele Bündchen, finalised an equity transaction with FTX in June 2021. Brady and his wife served as brand ambassadors and advisors for FTX and were well-known figures in the company. However, as part of the agreement, the precise amount of their investment was kept a secret.
Steph Curry
NBA player Stephen Curry established a long-term collaboration with FTX in September 2021. He earned an equity investment in the business and was appointed an FTX worldwide ambassador. Eat.Learn.Play, his foundation, joined forces with FTX to support humanitarian causes.
Naomi Osaka
The first significant female athlete to join FTX as an ambassador was tennis prodigy Naomi Osaka in March 2022. As part of the agreement, she obtained an equity stake in the business and promised payment in cryptocurrency.
Shohei Ohtani
Baseball player Shohei Ohtani of the Los Angeles Angels became an ambassador for FTX in November 2021. The deal’s compensation was to be paid in FTX shares and cryptocurrencies.
Miami Heat
The Miami Heat’s arena has been known as the FTX Arena since the 2021–2022 NBA season. However, if the cryptocurrency company cannot fulfill its obligations under the terms of the 19-year contract, the stadium, formerly American Airlines Arena, will require a new sponsor.
Kevin O’Leary
Kevin O’Leary, a “Shark Tank” investor, invested in and served as a spokesperson for FTX. In an interview with CNBC, the Canadian billionaire demanded more regulation in the cryptocurrency industry, claiming that his investment in FTX had reached “nothing.”
He declared, “For institutional investors, there won’t be another circumstance like this.” We will not invest money until this is regulated, plain and simple.
As an investor, you will never get it right every time. You will make some mistakes. Sometimes big ones like FTX. The key is to learn from them so you don't repeat. Over time experience will get you to a place where you make more good investments than bad. #Crypto bottom is in! pic.twitter.com/AsOKZMTBOS
— Kevin O'Leary aka Mr. Wonderful (@kevinolearytv) November 12, 2022
Larry David
One of the 11 athletes and other celebrities mentioned in the class action complaint is the comedian Larry David.
In an ad for FTX that ran during the 2022 Super Bowl, the “Seinfeld” and “Curb Your Enthusiasm” actors played imaginary characters who dismissed significant innovations throughout history and concluded with the warning, “Don’t Miss Out on Crypto.”
Sequoia Capital
FTX is currently owned by it to the tune of 1.1%. The investment made by Sequoia reached its peak value of $350 million in early 2022. If the money is not recovered, it will overtake other FTX investors as the biggest loser.
Sequoia Capital just took a huge L
They lost over $150 million on their investment in FTX, and they're apologizing to their investors.
This just goes to show that even the best funds in the world can make huge mistakes.
The third-largest pension fund in Canada, the Ontario Teachers’ Pension Plan, invested a total of US$95 million in FTX. However, teachers say less than 0.05% of FTX’s total net assets are invested in FTX.
“These investments were made through our Teachers’ Venture Growth (TVG) platform, alongside several global investors,” a statement said. “Naturally, not all investments in this early-stage asset class meet expectations.”
On its website, however, the TVG group describes the fund differently, stating that it “invests directly in innovative, late-stage firms that are harnessing technology to design a better future.”
Matt Huang, a co-founder of Paradigm, used Twitter to describe how the failure of the bitcoin exchange FTX has affected his business. Investment company Paradigm, with offices in San Francisco, supports crypto and Web3 firms and technologies.
“We are shocked by the revelations about FTX, Alameda, and SBF,” he began. FTX and trading firm Alameda Research filed for Chapter 11 bankruptcy last week. Both companies were founded by Sam Bankman-Fried (SBF), who has stepped down as the CEO of FTX.
“Facts are still coming to light, and there will be many lessons to learn,” Huang added.
“The coming weeks and months will be a tough time for crypto, but we remain optimistic about crypto’s potential and are committed to building towards the positive future we know it can enable,” he concluded.
Temasek
The investment firm from Singapore has a 1% stake in FTX. Its stake was worth $320 million at the height of its valuation in early 2022. Initially, it made a $205 million investment in the company.
Many individuals have also lost in the crypto firm
In the early hours of November 8th, William, a California construction site manager, was awakened by a text message from friends warning him about possible danger at FTX. The 40-year-old had a sizeable portion of his assets on the exchange at the time, including roughly $85,000 in fiat money, three bitcoins valued at about $55,000, and about $10,000 in various altcoins.
I tried to withdraw it all via the FTX app, but fiat withdrawals are only allowed up to $25,000, so I did that and was instructed to wait 24 hours, the user claims. “I got an error warning when I tried to withdraw the bitcoins.”
William was able to withdraw $25,000 at a time over the following several days and change his alternative currencies into ethereum. “I lost $60,000 in addition to the current value of my three bitcoins, which was $50,691 as of Friday. I intended to construct a new house for my family with that money. Although we won’t be walking the streets, it still hurts. Because it’s “so embarrassing,” he claims he can’t tell anyone. However, the fall has not altered his opinions on cryptocurrency. “I still believe that this will be the future; these evildoers won’t be able to stop the advancement of technology.
An individual commented about FTX investment, ” I and many others”
“I and many others – we got caught up in a kind of intense euphoria last year about the small guy’s chance of going from zero to hero, and this is now the morning after. The hardest thing about this loss is – we didn’t get the chance to lose the money ourselves. It was just taken from us.”
Laura, a data analyst from the UK, claims that being unable to withdraw roughly $2,300 from FTX last week has “totally turned her off” dealing in cryptocurrencies. She had hoped to generate some modest financial returns to use as a down payment on a home.
The 40-year-old claims that he began trading on FTX at the beginning of the year because he wanted to purchase dollars because the value of the pound was declining. I became aware of its problems earlier this month and Binance’s prospective interest in acquiring FTX, but I didn’t pay it any attention.
Check out how people’s reaction to the collapse of FTX
A user tweeted,”#FTXScam #FTX Is just the kind of scam Leftist would fall for. Have you seen the promotional video? “Gives away money”(LOL, He told you.), “Climate Change,” “Animal Rights/Vegan” are Damn near every stupid buzzword they use. Was gonna donate a billion to stop Trump.”
#FTXScam#FTX Is just the kind of scam Leftist would fall for.
Have you seen the promotional video?
“Gives away money”(LOL He told you.)
“Climate Change”
“Animal Rights/Vegan”
Damn near every stupid buzzword they use. Was gonna donate a billion to stop Trump.
Another said, “How am I understanding what happened in last week #CZBinance found out that #SBF has shorted crypto market using #FTX users money while paying them 8% yield limited to $100k. So he would like to protect the market even if it meant FTX users sacrify.”
How am I understanding what happened in last weeks #CZBinance found out that #SBF has shorted crypto market using #FTX users money while paying them 8% yield limited to $100k. He would like to protect the market even it meant FTX users sacrify.#Binance#cryptocurrencies
Beyond investors, FTX built up a sizable network of associates and supporters, many of whom were paid in the form of company stock. However, many sponsorships and partnerships are in doubt because of the collapsing cryptocurrency corporation. Additionally, Mr. Bankman-Fried and other celebrities are being sued by American bitcoin investors. They pushed FTX because they misrepresented the accounts they were selling, which cost them $11 billion in losses.
The biggest worry for many of FTX’s clients is that they won’t ever see their money again. The company’s founder and former CEO, Sam Bankman-Fried, and his partners lost money by placing bets on Alameda Research, a trading company that was intimately associated with FTX. According to rumors, Bankman-Fried wanted to balance the company’s finances by obtaining up to USD8 billion from new investors.
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