WM. personal page - To The Moon

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2022-05-08

ok//@LimLS:Firstly, let me highlight my bias first. I'm vested in Tesla and strongly see them having good potential of strong growth for next 3-5 years. After putting this aside, let's talk about the real numbers. It is true that Tesla had much higher PE, PS ratio. Company with strong growth are often perceived by the investors of worthy of higher than usual numbers. Is Telsa worthy of this high ratio and price? It's up to the individual to decide. But one thing I must say, current market with ongoing hikes and QT is extremely unfavorable for companies with high valuation. While I love to say Tesla is special, I don't think they will be spared from the current market environment. My 2 cents' worth

Tesla: Overvalued By 85.26% And Not A Technology Company

2022-04-04

$TOP GLOVE CORPORATION BHD(BVA.SI)$still hold

2022-04-07

$TOP GLOVE CORPORATION BHD(BVA.SI)$hurray

2022-05-16

$TOP GLOVE CORPORATION BHD(BVA.SI)$lucky sold le

2022-05-02

$TOP GLOVE CORPORATION BHD(BVA.SI)$what advisce? Hold?

2022-03-18

Like

Pfizer Shares Rose More Than 2% in Morning Trading

2022-07-03

$TOP GLOVE CORPORATION BHD(BVA.SI)$how. Hold....

2022-04-05

$TOP GLOVE CORPORATION BHD(BVA.SI)$hurray

2022-04-28

Ban

Meta Shares Surge 18% After Facebook Ekes Out User Growth

2023-03-06

like

@MattGiannino: 3 Option Picks for this Week *NOW*

2022-09-05

$Tesla Motors(TSLA)$ok

2022-08-19

Oo

Inside Crypto’s Largest Collapse with Terra's Do Kwon

2022-07-25

Ol

Fed, Tech Earnings, GDP Data: What to Know Ahead of the Busiest Week of the Year

2022-07-07

$TOP GLOVE CORPORATION BHD(BVA.SI)$no hope

2022-05-28

$TOP GLOVE CORPORATION BHD(BVA.SI)$ok

2022-05-19

$TOP GLOVE CORPORATION BHD(BVA.SI)$ok

2022-05-12

Ok

AppLovin Stock Jumps 25% as Execs Consider Selling One Business as the Other Finds a New Gear

2022-05-04

$TOP GLOVE CORPORATION BHD(BVA.SI)$oh no

2022-04-30

$TOP GLOVE CORPORATION BHD(BVA.SI)$in in

2022-04-27

$TOP GLOVE CORPORATION BHD(BVA.SI)$lucky

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The more keywords you have, the luckier you will be hahaha.📒&nbsp;How to participate?Leave the keywords you found in the comment section, you can circle them in the picture, or just type them;The right spelling methods are horizontal and vertical from left to right, slanting and turning are not included.⏰&nbsp;Event&nbsp;Duration27th January 2023- 1st February 2023🎁Rewards10 Tiger Coins for each keyword found, up to 200 Tiger Coins;The first three Tigers who find all keywords will receive special gifts.","listText":"Hey Tigers！Do you have any new wishes or ideas for 2023?&nbsp;We have prepared 2023 keywords for you, the words you find = your 2023~See how many keywords you can find. 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This might be a good decision in the long run. Elon is already the owner of Twitter anyways, and what he says will play a pivotal role in the future direction of Twitter. What Elon could do is provide the \"big picture\" framework, while his replacement will do the work of executing his vision and connecting with the employees.&nbsp; By entrusting the company to a CEO who understands Elon's demands and working style, he can also better focus on improving the misguided perception that he is \"distracted\" from his work at the multiple companies under his purview, namely&nbsp;<a target=\"_blank\" href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$ </a>, SpaceX, Neuralink and The Bor","listText":"So, here's my thoughts on the latest news about Elon stepping down as CEO only after finding a replacement... This might be a good decision in the long run. Elon is already the owner of Twitter anyways, and what he says will play a pivotal role in the future direction of Twitter. What Elon could do is provide the \"big picture\" framework, while his replacement will do the work of executing his vision and connecting with the employees.&nbsp; By entrusting the company to a CEO who understands Elon's demands and working style, he can also better focus on improving the misguided perception that he is \"distracted\" from his work at the multiple companies under his purview, namely&nbsp;<a target=\"_blank\" href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$ </a>, SpaceX, Neuralink and The Bor","text":"So, here's my thoughts on the latest news about Elon stepping down as CEO only after finding a replacement... This might be a good decision in the long run. Elon is already the owner of Twitter anyways, and what he says will play a pivotal role in the future direction of Twitter. What Elon could do is provide the \"big picture\" framework, while his replacement will do the work of executing his vision and connecting with the employees. By entrusting the company to a CEO who understands Elon's demands and working style, he can also better focus on improving the misguided perception that he is \"distracted\" from his work at the multiple companies under his purview, namely $Tesla Motors(TSLA)$ , SpaceX, Neuralink and The Bor","images":[],"top":1,"highlighted":2,"essential":2,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926479845","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":523,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926622741,"gmtCreate":1671545198883,"gmtModify":1676538553039,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"Cna thanks","listText":"Cna thanks","text":"Cna thanks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926622741","isVote":1,"tweetType":1,"viewCount":706,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9926978262,"gmtCreate":1671458965456,"gmtModify":1676538539528,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"Tiger fun game","listText":"Tiger fun game","text":"Tiger fun game","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9926978262","isVote":1,"tweetType":1,"viewCount":328,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9923231792,"gmtCreate":1670860688416,"gmtModify":1676538448176,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"liile","listText":"liile","text":"liile","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9923231792","repostId":"9923874778","repostType":1,"repost":{"id":9923874778,"gmtCreate":1670838904495,"gmtModify":1676538443515,"author":{"id":"3577965120664925","authorId":"3577965120664925","name":"SR050321","avatar":"https://community-static.tradeup.com/news/7a02781de36c0ac0f4851adb1cee54ff","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3577965120664925","authorIdStr":"3577965120664925"},"themes":[],"title":"Top gainer for the rest 2022","htmlText":"The event by <a href=\"https://ttm.financial/U/3527667618000160\">@CaptainTiger&nbsp;</a>has announced the 8 most voted stocks to go to the next level, to be selected as the top gainer for the rest 2022, which means few more days&nbsp;to go, and it's really the top gainers (the stock price go up the most) not the most voted stocks anymore&nbsp;[Surprised]&nbsp; ✅ i&nbsp;have compared the 8 from group A to H, we are given 2 chances only which make it difficult to choose because i found 4 to the semifinal which is&nbsp;<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a>Bullish<a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$&nbsp;</a>Bearish<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$&nbsp;</a>and <a href=\"https://ttm.financial/S/PFE\">$Pfizer(PFE)$&amp;nbs</a>","listText":"The event by <a href=\"https://ttm.financial/U/3527667618000160\">@CaptainTiger&nbsp;</a>has announced the 8 most voted stocks to go to the next level, to be selected as the top gainer for the rest 2022, which means few more days&nbsp;to go, and it's really the top gainers (the stock price go up the most) not the most voted stocks anymore&nbsp;[Surprised]&nbsp; ✅ i&nbsp;have compared the 8 from group A to H, we are given 2 chances only which make it difficult to choose because i found 4 to the semifinal which is&nbsp;<a href=\"https://ttm.financial/S/AAPL\">$Apple(AAPL)$&nbsp;</a>Bullish<a href=\"https://ttm.financial/S/GOOGL\">$Alphabet(GOOGL)$&nbsp;</a>Bearish<a href=\"https://ttm.financial/S/BRK.B\">$Berkshire Hathaway(BRK.B)$&nbsp;</a>and <a href=\"https://ttm.financial/S/PFE\">$Pfizer(PFE)$&amp;nbs</a>","text":"The event by @CaptainTiger has announced the 8 most voted stocks to go to the next level, to be selected as the top gainer for the rest 2022, which means few more days to go, and it's really the top gainers (the stock price go up the most) not the most voted stocks anymore [Surprised] ✅ i have compared the 8 from group A to H, we are given 2 chances only which make it difficult to choose because i found 4 to the semifinal which is $Apple(AAPL)$ Bullish$Alphabet(GOOGL)$ Bearish$Berkshire Hathaway(BRK.B)$ and $Pfizer(PFE)$&nbs","images":[{"img":"https://community-static.tradeup.com/news/580f366564a9d80a07489ee01e0bef8f","width":"749","height":"1298"},{"img":"https://community-static.tradeup.com/news/1ed30136dfbde74579981afdde4676d2","width":"750","height":"1294"},{"img":"https://community-static.tradeup.com/news/a46242ffc4e5ee774bf8f9860eb56c1c","width":"750","height":"1294"}],"top":1,"highlighted":2,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9923874778","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":7,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9929657382,"gmtCreate":1670656977246,"gmtModify":1676538413700,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"popp<a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$ &nbsp;</a>","listText":"popp<a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$ &nbsp;</a>","text":"popp$S&P 500(.SPX)$","images":[{"img":"https://community-static.tradeup.com/news/56c523e03c9981b5ce4aa24ea3d5bbc8","width":"720","height":"1342"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9929657382","isVote":1,"tweetType":1,"viewCount":291,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9969906186,"gmtCreate":1668308492945,"gmtModify":1676538039737,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"ok","listText":"ok","text":"ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9969906186","repostId":"9969091178","repostType":1,"repost":{"id":9969091178,"gmtCreate":1668296733395,"gmtModify":1676538036948,"author":{"id":"3559581955535845","authorId":"3559581955535845","name":"koolgal","avatar":"https://static.tigerbbs.com/c05274d88ffc0434623e57350c52c70a","crmLevel":6,"crmLevelSwitch":1,"followedFlag":false,"idStr":"3559581955535845","authorIdStr":"3559581955535845"},"themes":[],"htmlText":"The Santa Rally has begun in earnest in the aftermath of the US Mid term elections and a milder than expected inflation of 7.7% in October. At the moment, it looks like the Republicans have won 211 seats versus 201 seats for the Democrats in the House of Representatives.&nbsp; However it is neck to neck with 49 seats win by the Republicans and another 49 seats in favour of the Democrats in the Senate.&nbsp;So the general consensus by the political analysts is that the Republicans will gain control of the House while it is a tie breaker for the Senate. This Mid Term Elections was supposed to be a \"Red Wave\" for the Republicans but in reality it was not.&nbsp; It was also supposed to be&nbsp;&nbsp;an endorsement&nbsp;&nbsp;for&nbsp;Donald Trump to stage his triumphant return to retake back t","listText":"The Santa Rally has begun in earnest in the aftermath of the US Mid term elections and a milder than expected inflation of 7.7% in October. At the moment, it looks like the Republicans have won 211 seats versus 201 seats for the Democrats in the House of Representatives.&nbsp; However it is neck to neck with 49 seats win by the Republicans and another 49 seats in favour of the Democrats in the Senate.&nbsp;So the general consensus by the political analysts is that the Republicans will gain control of the House while it is a tie breaker for the Senate. This Mid Term Elections was supposed to be a \"Red Wave\" for the Republicans but in reality it was not.&nbsp; It was also supposed to be&nbsp;&nbsp;an endorsement&nbsp;&nbsp;for&nbsp;Donald Trump to stage his triumphant return to retake back t","text":"The Santa Rally has begun in earnest in the aftermath of the US Mid term elections and a milder than expected inflation of 7.7% in October. At the moment, it looks like the Republicans have won 211 seats versus 201 seats for the Democrats in the House of Representatives. However it is neck to neck with 49 seats win by the Republicans and another 49 seats in favour of the Democrats in the Senate. So the general consensus by the political analysts is that the Republicans will gain control of the House while it is a tie breaker for the Senate. This Mid Term Elections was supposed to be a \"Red Wave\" for the Republicans but in reality it was not. It was also supposed to be an endorsement for Donald Trump to stage his triumphant return to retake back t","images":[{"img":"https://community-static.tradeup.com/news/0fa532bc491937d73ac98224d179564d","width":"1080","height":"2340"},{"img":"https://community-static.tradeup.com/news/29b1c9896abd01b4c97e60a1a1bba04e","width":"1080","height":"2340"},{"img":"https://community-static.tradeup.com/news/3832192bda88f51a98b0e1a96aca907f","width":"1080","height":"2340"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9969091178","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":3,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":334,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9960533490,"gmtCreate":1668207882511,"gmtModify":1676538027440,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"okk","listText":"okk","text":"okk","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9960533490","repostId":"9960363012","repostType":1,"repost":{"id":9960363012,"gmtCreate":1668072320837,"gmtModify":1676538008053,"author":{"id":"4089501973615070","authorId":"4089501973615070","name":"Optionspuppy","avatar":"https://static.tigerbbs.com/caf34258aff8afe478620b82647f1199","crmLevel":7,"crmLevelSwitch":1,"followedFlag":false,"idStr":"4089501973615070","authorIdStr":"4089501973615070"},"themes":[],"title":"Buy sti etf every 14 days to dollar average ","htmlText":"\n \n \n  Buy sti etf every 14 days to dollar average <a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents&nbsp;</a><a href=\"https://ttm.financial/U/9000000000000149\">@TigerStars&nbsp;</a><a href=\"https://ttm.financial/U/3527667621665671\">@Daily_Discussion&nbsp;</a>do feature me&nbsp; Readers do like and share and repost and comment&nbsp; STI means Straits Times Index (STI). This is the stock index in Singapore. The STI dates back to 1966 and has been used to track the performance of the top 30 companies that are listed on the Singapore Exchange. These 30 firms are drawn from 19 different industries and 5 different sectors representing Singapore’s diverse economy. The index is constructed jointly by the SGX, FTSE, and Singapore Press Holdings (SPH). Why Invest in STI ETF? If you are not s\n \n","listText":"Buy sti etf every 14 days to dollar average <a href=\"https://ttm.financial/U/3527667667103859\">@TigerEvents&nbsp;</a><a href=\"https://ttm.financial/U/9000000000000149\">@TigerStars&nbsp;</a><a href=\"https://ttm.financial/U/3527667621665671\">@Daily_Discussion&nbsp;</a>do feature me&nbsp; Readers do like and share and repost and comment&nbsp; STI means Straits Times Index (STI). This is the stock index in Singapore. The STI dates back to 1966 and has been used to track the performance of the top 30 companies that are listed on the Singapore Exchange. These 30 firms are drawn from 19 different industries and 5 different sectors representing Singapore’s diverse economy. The index is constructed jointly by the SGX, FTSE, and Singapore Press Holdings (SPH). Why Invest in STI ETF? If you are not s","text":"Buy sti etf every 14 days to dollar average @TigerEvents @TigerStars @Daily_Discussion do feature me Readers do like and share and repost and comment STI means Straits Times Index (STI). This is the stock index in Singapore. The STI dates back to 1966 and has been used to track the performance of the top 30 companies that are listed on the Singapore Exchange. These 30 firms are drawn from 19 different industries and 5 different sectors representing Singapore’s diverse economy. The index is constructed jointly by the SGX, FTSE, and Singapore Press Holdings (SPH). Why Invest in STI ETF? If you are not s","images":[{"img":"https://community-static.tradeup.com/news/167a7de8981d75bc801d431274ce86d0","width":"1242","height":"2688"},{"img":"https://community-static.tradeup.com/news/cb2b379c4f7d52b8ae716eb134e3c6d0","width":"1242","height":"2688"},{"img":"https://community-static.tradeup.com/news/48c6c10054d861f8d6d05b10de98fc6c","width":"1242","height":"2688"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9960363012","isVote":1,"tweetType":2,"object":{"id":"17d69563ce4a4f1987f9fbab6069debd","tweetId":"9960363012","videoUrl":"https://1254107296.vod2.myqcloud.com/b741d586vodhk1254107296/410aecc5387702305446901032/I6fUw6qBRTEA.mp4","poster":"https://community-static.tradeup.com/news/926f950376da807a065849f1a665f9ad"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":4,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":185,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9980992906,"gmtCreate":1665624527005,"gmtModify":1676537637586,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>like","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>like","text":"$Tesla Motors(TSLA)$like","images":[{"img":"https://community-static.tradeup.com/news/695e7d1e2542ab784673a3b1f361dcdf","width":"720","height":"1531"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9980992906","isVote":1,"tweetType":1,"viewCount":262,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9980996739,"gmtCreate":1665624514921,"gmtModify":1676537637586,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"like<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>","listText":"like<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>","text":"like$Grab Holdings(GRAB)$","images":[{"img":"https://community-static.tradeup.com/news/4f705997e3d4094a487fe8f34383d73e","width":"720","height":"1531"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9980996739","isVote":1,"tweetType":1,"viewCount":380,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9918881290,"gmtCreate":1664357594110,"gmtModify":1676537439736,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9918881290","repostId":"9911742961","repostType":1,"repost":{"id":9911742961,"gmtCreate":1664271223253,"gmtModify":1676537422909,"author":{"id":"9000000000000419","authorId":"9000000000000419","name":"WallStreet_Tiger","avatar":"https://community-static.tradeup.com/news/1fdbba25bcf5dea3f281241ba1320d10","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000419","authorIdStr":"9000000000000419"},"themes":[],"title":"Dollar Hits High, Bonds Selloff, & Stocks Far to the Bottom","htmlText":"U.S. Dollar Index is thus far having its best year in history,while&nbsp;global bonds&nbsp;prices stage a \"Black Monday\",&nbsp;investors&nbsp;are&nbsp;get&nbsp;rid&nbsp;of&nbsp;risk&nbsp;assets.&nbsp;However,&nbsp;when&nbsp;the&nbsp;Dollar&nbsp;will&nbsp;peak?&nbsp;What&nbsp;factors&nbsp;to&nbsp;watch?&nbsp;And&nbsp;do&nbsp;you&nbsp;have&nbsp;interested&nbsp;in&nbsp;some&nbsp;currencies&nbsp;ETFs.&nbsp;Please&nbsp;check&nbsp;the&nbsp;article&nbsp;below.1.&nbsp;U.S. Dollar Index Now Up 18.3% YTDU.S. Dollar Index is thus far having its best year in history,&nbsp;the dollar closed up 0.96% at 114.11 on Monday, its highest in two decades. Non-US currencies generally fell, the euro fell 0.79% to 0.9610 against the dollar, and the pound fell 1.42% to 1.0690 against the dollar.The U.S. dollar has","listText":"U.S. Dollar Index is thus far having its best year in history,while&nbsp;global bonds&nbsp;prices stage a \"Black Monday\",&nbsp;investors&nbsp;are&nbsp;get&nbsp;rid&nbsp;of&nbsp;risk&nbsp;assets.&nbsp;However,&nbsp;when&nbsp;the&nbsp;Dollar&nbsp;will&nbsp;peak?&nbsp;What&nbsp;factors&nbsp;to&nbsp;watch?&nbsp;And&nbsp;do&nbsp;you&nbsp;have&nbsp;interested&nbsp;in&nbsp;some&nbsp;currencies&nbsp;ETFs.&nbsp;Please&nbsp;check&nbsp;the&nbsp;article&nbsp;below.1.&nbsp;U.S. Dollar Index Now Up 18.3% YTDU.S. Dollar Index is thus far having its best year in history,&nbsp;the dollar closed up 0.96% at 114.11 on Monday, its highest in two decades. Non-US currencies generally fell, the euro fell 0.79% to 0.9610 against the dollar, and the pound fell 1.42% to 1.0690 against the dollar.The U.S. dollar has","text":"U.S. Dollar Index is thus far having its best year in history,while global bonds prices stage a \"Black Monday\", investors are get rid of risk assets. However, when the Dollar will peak? What factors to watch? And do you have interested in some currencies ETFs. Please check the article below.1. U.S. Dollar Index Now Up 18.3% YTDU.S. Dollar Index is thus far having its best year in history, the dollar closed up 0.96% at 114.11 on Monday, its highest in two decades. Non-US currencies generally fell, the euro fell 0.79% to 0.9610 against the dollar, and the pound fell 1.42% to 1.0690 against the dollar.The U.S. dollar has","images":[{"img":"https://community-static.tradeup.com/news/9695d0cfacb97dcc38292f4862e67c3d","width":"936","height":"501"},{"img":"https://community-static.tradeup.com/news/f87c53aa881d7bf278270731af0bc606","width":"2048","height":"908"},{"img":"https://community-static.tradeup.com/news/ea70c766d37f2d212410132b068b8b35","width":"1440","height":"900"}],"top":1,"highlighted":1,"essential":2,"paper":2,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9911742961","isVote":1,"tweetType":1,"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":5,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":304,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9913813568,"gmtCreate":1663957114754,"gmtModify":1676537370157,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a>loki","listText":"<a href=\"https://ttm.financial/S/.SPX\">$S&amp;P 500(.SPX)$</a>loki","text":"$S&P 500(.SPX)$loki","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9913813568","isVote":1,"tweetType":1,"viewCount":274,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9910365604,"gmtCreate":1663558917008,"gmtModify":1676537290585,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>like","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>like","text":"$Grab Holdings(GRAB)$like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9910365604","isVote":1,"tweetType":1,"viewCount":415,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9937838952,"gmtCreate":1663389771777,"gmtModify":1676537264561,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>ok no","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>ok no","text":"$Grab Holdings(GRAB)$ok no","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9937838952","isVote":1,"tweetType":1,"viewCount":339,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9937099444,"gmtCreate":1663314029688,"gmtModify":1676537250671,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>jurt","listText":"<a href=\"https://ttm.financial/S/GRAB\">$Grab Holdings(GRAB)$</a>jurt","text":"$Grab Holdings(GRAB)$jurt","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9937099444","isVote":1,"tweetType":1,"viewCount":311,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9934925724,"gmtCreate":1663191849468,"gmtModify":1676537221057,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"Ol","listText":"Ol","text":"Ol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9934925724","repostId":"1137608568","repostType":4,"repost":{"id":"1137608568","kind":"news","pubTimestamp":1663168187,"share":"https://ttm.financial/m/news/1137608568?lang=&edition=fundamental","pubTime":"2022-09-14 23:09","market":"us","language":"en","title":"Leveraged ETFs Added to Stock Chaos With $15.5 Billion Selling","url":"https://stock-news.laohu8.com/highlight/detail?id=1137608568","media":"Bloomberg","summary":"Nomura’s McElligott says fund rebalancing compounded selloffResearch shows these complex products am","content":"<html><head></head><body><ul><li>Nomura’s McElligott says fund rebalancing compounded selloff</li><li>Research shows these complex products amplify intraday moves</li></ul><p>In Tuesday’stumultuous trading sessionwas a pattern market watchers have seen time and again this year: A bad day for stocks gets worse, right around the close. Suspicion is growing that a breed of complex but increasingly popular ETF may be helping fuel the trend.</p><p>With the main equity gauges all down heavily on the day, leveraged exchange-traded funds -- which use options to amplify returns, usually of major indexes -- added around $15.5 billion of selling pressure to the rout, according to estimates from Nomura Holdings Inc. It’s likely a big reason why stocks took another dip in the last 30 minutes to close out a particular brutal trading session.</p><p>While the propensity of options to lash the very stocks on which they’re based has becomea fact of lifeon Wall Street, doubts have remained about the capacity of leveraged vehicles to do the same.</p><p>Yet trading volumes across these complex products have beenhistorically highall year. Certain peaks, such as in May and June, corresponded with instances of stocks extending their moves near the end of the session.</p><p><img src=\"https://static.tigerbbs.com/9912df98158d8ef4b9f24a873eab26cb\" tg-width=\"620\" tg-height=\"348\" referrerpolicy=\"no-referrer\"/></p><p>“It’s absolutely real,” said Charlie McElligott, a cross-asset strategist at Nomura, referring to the ability of leveraged ETFs to spur broader moves across the equity ecosystem thanks to their rebalancing moves. He puts the boom in such products down to retail investors looking for big wins.</p><p>“Day traders remain drunk on high intraday vol and continue to actively seek-out large price swings,” he said by email.</p><p>Read more:Wall Street’s Risky ‘Razor Blade’ Trade Is Making a Comeback</p><p>Leveraged products aim to amplify the performance of an underlying index or fund on a daily basis, meaning every day they must rebalance to return to their target leverage -- usually two- or three-times the underlying.</p><p>That means in the last 30 minutes of trading every day, this cohort will add to buying pressure if the market is up, and to selling pressure if it’s down. Research publishedearlier this yearfound that, alongside options hedging, leveraged ETFs exert an “economically large” price pressure late in the day.</p><p>The selling pressure at the close Tuesday was real, albeit far from dramatic relative to late-session swings seen earlier this year. The S&amp;P 500 was about 4% lower with 30 minutes still to go. It ended 4.3% down. The Nasdaq 100 Index closed 5.5% having been down 5.3%. The Dow Jones Industrial Average went from a 3.7% drop to a 3.9% decline.</p><p>Of course, there are plenty of reasons equity gyrations are extending late in the day with increased frequency. Endless inflation, surging bond yields and depleted liquidity are all spurring big momentum trends as well as intraday rallies and reversals across assets in this wild year. In this context, leveraged funds are just another factor for traders to consider.</p><p>Yet systematic risks linked to the cohort prompted both the Securities and Exchange Commission and the Financial Industry Regulatory Authorityto announcepotential new rules for the products in the past year.</p><p>Peter Tchir at Academy Securities is among those to note the uptick in leveraged ETF activity this year. In May he wrote that while such products are less powerful than in prior market dramas, they’re big enough to create “a limit down day” if they suffer outflows and rebalancing that accelerates broader selling.</p></body></html>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Leveraged ETFs Added to Stock Chaos With $15.5 Billion Selling</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nLeveraged ETFs Added to Stock Chaos With $15.5 Billion Selling\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-14 23:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-09-14/leveraged-etfs-added-to-stock-chaos-with-15-5-billion-selling><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Nomura’s McElligott says fund rebalancing compounded selloffResearch shows these complex products amplify intraday movesIn Tuesday’stumultuous trading sessionwas a pattern market watchers have seen ...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-09-14/leveraged-etfs-added-to-stock-chaos-with-15-5-billion-selling\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TQQQ":"纳指三倍做多ETF","SQQQ":"纳指三倍做空ETF"},"source_url":"https://www.bloomberg.com/news/articles/2022-09-14/leveraged-etfs-added-to-stock-chaos-with-15-5-billion-selling","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1137608568","content_text":"Nomura’s McElligott says fund rebalancing compounded selloffResearch shows these complex products amplify intraday movesIn Tuesday’stumultuous trading sessionwas a pattern market watchers have seen time and again this year: A bad day for stocks gets worse, right around the close. Suspicion is growing that a breed of complex but increasingly popular ETF may be helping fuel the trend.With the main equity gauges all down heavily on the day, leveraged exchange-traded funds -- which use options to amplify returns, usually of major indexes -- added around $15.5 billion of selling pressure to the rout, according to estimates from Nomura Holdings Inc. It’s likely a big reason why stocks took another dip in the last 30 minutes to close out a particular brutal trading session.While the propensity of options to lash the very stocks on which they’re based has becomea fact of lifeon Wall Street, doubts have remained about the capacity of leveraged vehicles to do the same.Yet trading volumes across these complex products have beenhistorically highall year. Certain peaks, such as in May and June, corresponded with instances of stocks extending their moves near the end of the session.“It’s absolutely real,” said Charlie McElligott, a cross-asset strategist at Nomura, referring to the ability of leveraged ETFs to spur broader moves across the equity ecosystem thanks to their rebalancing moves. He puts the boom in such products down to retail investors looking for big wins.“Day traders remain drunk on high intraday vol and continue to actively seek-out large price swings,” he said by email.Read more:Wall Street’s Risky ‘Razor Blade’ Trade Is Making a ComebackLeveraged products aim to amplify the performance of an underlying index or fund on a daily basis, meaning every day they must rebalance to return to their target leverage -- usually two- or three-times the underlying.That means in the last 30 minutes of trading every day, this cohort will add to buying pressure if the market is up, and to selling pressure if it’s down. Research publishedearlier this yearfound that, alongside options hedging, leveraged ETFs exert an “economically large” price pressure late in the day.The selling pressure at the close Tuesday was real, albeit far from dramatic relative to late-session swings seen earlier this year. The S&P 500 was about 4% lower with 30 minutes still to go. It ended 4.3% down. The Nasdaq 100 Index closed 5.5% having been down 5.3%. The Dow Jones Industrial Average went from a 3.7% drop to a 3.9% decline.Of course, there are plenty of reasons equity gyrations are extending late in the day with increased frequency. Endless inflation, surging bond yields and depleted liquidity are all spurring big momentum trends as well as intraday rallies and reversals across assets in this wild year. In this context, leveraged funds are just another factor for traders to consider.Yet systematic risks linked to the cohort prompted both the Securities and Exchange Commission and the Financial Industry Regulatory Authorityto announcepotential new rules for the products in the past year.Peter Tchir at Academy Securities is among those to note the uptick in leveraged ETF activity this year. In May he wrote that while such products are less powerful than in prior market dramas, they’re big enough to create “a limit down day” if they suffer outflows and rebalancing that accelerates broader selling.","news_type":1},"isVote":1,"tweetType":1,"viewCount":254,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9062928424,"gmtCreate":1651989809268,"gmtModify":1676535010326,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"ok//<a href=\"https://laohu8.com/U/3572923586954779\">@LimLS</a>:Firstly, let me highlight my bias first. I'm vested in Tesla and strongly see them having good potential of strong growth for next 3-5 years. After putting this aside, let's talk about the real numbers. It is true that Tesla had much higher PE, PS ratio. Company with strong growth are often perceived by the investors of worthy of higher than usual numbers. Is Telsa worthy of this high ratio and price? It's up to the individual to decide. But one thing I must say, current market with ongoing hikes and QT is extremely unfavorable for companies with high valuation. While I love to say Tesla is special, I don't think they will be spared from the current market environment. My 2 cents' worth","listText":"ok//<a href=\"https://laohu8.com/U/3572923586954779\">@LimLS</a>:Firstly, let me highlight my bias first. I'm vested in Tesla and strongly see them having good potential of strong growth for next 3-5 years. After putting this aside, let's talk about the real numbers. It is true that Tesla had much higher PE, PS ratio. Company with strong growth are often perceived by the investors of worthy of higher than usual numbers. Is Telsa worthy of this high ratio and price? It's up to the individual to decide. But one thing I must say, current market with ongoing hikes and QT is extremely unfavorable for companies with high valuation. While I love to say Tesla is special, I don't think they will be spared from the current market environment. My 2 cents' worth","text":"ok//@LimLS:Firstly, let me highlight my bias first. I'm vested in Tesla and strongly see them having good potential of strong growth for next 3-5 years. After putting this aside, let's talk about the real numbers. It is true that Tesla had much higher PE, PS ratio. Company with strong growth are often perceived by the investors of worthy of higher than usual numbers. Is Telsa worthy of this high ratio and price? It's up to the individual to decide. But one thing I must say, current market with ongoing hikes and QT is extremely unfavorable for companies with high valuation. While I love to say Tesla is special, I don't think they will be spared from the current market environment. My 2 cents' worth","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9062928424","repostId":"1131831539","repostType":4,"repost":{"id":"1131831539","kind":"news","pubTimestamp":1651980653,"share":"https://ttm.financial/m/news/1131831539?lang=&edition=fundamental","pubTime":"2022-05-08 11:30","market":"us","language":"en","title":"Tesla: Overvalued By 85.26% And Not A Technology Company","url":"https://stock-news.laohu8.com/highlight/detail?id=1131831539","media":"Seeking Alpha","summary":"SummaryMake no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.Just because Tesla is a successfu","content":"<html><head></head><body><p>Summary</p><ul><li>Make no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.</li><li>Just because Tesla is a successful company that is causing automotive titans to change from combustible engines to EVs doesn&#39;t mean Tesla&#39;s stock is a good investment today.</li><li>100% of gross profit and net income is generated from the automotive sector as Tesla&#39;s other businesses lose money, making them an automobile manufacturing company, not a technology company.</li><li>I compared Tesla&#39;s metrics to the auto industry and big tech and the results are the same, Tesla&#39;s valuation is egregious.</li></ul><p>It&#39;s rare to find companies that have cult-like followings with loyalists willing to pay any price for its stock. The debate regarding Tesla, Inc.&#39;s (NASDAQ:TSLA) valuation continues to be a topic of conversation between the bulls and the bears. Oneside argues that TSLA&#39;s financial growth and future prospects, including FSD, insurance, and robotaxis, justify the current $902.12 billion valuations, while others argue that the current financials and cult-like following have led to a massive overvaluation in TSLA&#39;s stock.</p><p>I tip my hat to Elon Musk, as his accomplishments are second to none. When others called him crazy, Mr. Musk chose one of the hardest industries to compete in, started TSLA from the ground up, went to battle against the auto manufacturers, and succeeded. TSLA is one of the rare success stories that has truly shaped an industry, and the barriers of entry that were overcome are astonishing. TSLA didn&#39;t have the capital, manufacturing, credibility, or the infrastructure that its competitors did, yet they found a way to succeed. If the odds weren&#39;t enough which TSLA faced, they accomplished their goals without a combustible engine and pioneered an entirely new sector within the automotive industry.</p><p>Just because TSLA is a great company, it doesn&#39;t mean TSLA has a great stock, or it isn&#39;t overvalued. I am not bearish on TSLA the company because I believe they still have a long runway of growth ahead of them, but I am bearish on the valuation. Prior to leaving a comment on why I am wrong, please read the article and think about the metrics I am citing; then, I will happily discuss any viewpoints about the analysis.</p><p><b>Tesla Vs. The World In The Automotive Sector</b></p><p>It feels like TSLA vs. the world whenever TSLA is discussed. Discussing who makes a better automobile is a matter of opinion, and everyone is correct because it&#39;s their opinion. If person A thinks TSLA makes the best car and person B thinks Mercedes Benz makes the best car, they are both correct. Debating over this is pointless, so let&#39;s look at the raw numbers.</p><p>TSLA has a larger market cap than the combination ofToyota(TM),Volkswagen(OTCPK:VWAGY),Daimler(OTCPK:DDAIF),BMW(OTCPK:BMWYY),General Motors(GM),Ford(F),Honda(HMC),Ferrari(RACE),Nissan(OTCPK:NSANY),Subaru(OTCPK:FUJHY),Volvo(OTCPK:VOLAF), andMazda(OTCPK:MZDAY). TSLA&#39;s market cap is currently $986.92 billion, while the combination of these 12 companies is $777.41 billion.</p><p><img src=\"https://static.tigerbbs.com/ff930d2442bf282c1bd880cca408eb94\" tg-width=\"640\" tg-height=\"327\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo</p><p>The P/S ratio is often cited to justify the valuation. The combination of TM, VWAGY, DDAIF, BMWYY, GM, F, HMC, RACE, NSANY, FUJHY, VOLAF, and MZDAY has generated $1.38 trillion in revenue over the TTM, putting their P/S at 0.56, while TSLA has generated $62.19 billion in revenue and has a 15.87 P/S.</p><p><img src=\"https://static.tigerbbs.com/c9b9661fde232925a758c38fd2e93f36\" tg-width=\"640\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>As a combined entity, these 12 companies have generated $118.29 billion in net income, while TSLA has produced $8.4 billion.</p><p><img src=\"https://static.tigerbbs.com/d25806eb839eb9ca2b4ef3c24218048c\" tg-width=\"640\" tg-height=\"330\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>TSLA is a great company, but its current valuation has become overly inflated. TSLA&#39;s market cap is $209.52 billion larger than these 12 auto manufacturers, yet the combination of the 12 auto manufacturers generates $1.32 trillion more in revenue and $109.89 billion more in net income.</p><p><img src=\"https://static.tigerbbs.com/a1b686de4009ca733ff9651ce0d9fcaf\" tg-width=\"640\" tg-height=\"348\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>Looking at the market caps, one would assume that TSLA has a dominant majority over its competitors in auto sales within the U.S. According to the2021 data, TSLA sold 2.02% of all vehicles in the U.S. TSLA&#39;s market cap reflects a level of dominance that is non-existent.</p><p>Realistically, TSLA will have a hard time disrupting the sector further due to the price point of their vehicles. The reality is that, unless TSLA can sell a car that rivals a Honda or Toyota, doubling its market share is going to be a daunting task. It&#39;s just math. TSLA doesn&#39;t have a product for the masses, and while it may continue to grow in the luxury segment, the amount of growth that can be achieved is limited due to the pricing power of the consumer.</p><p><img src=\"https://static.tigerbbs.com/442ffe151dd83bc524785857925f9797\" tg-width=\"640\" tg-height=\"227\" referrerpolicy=\"no-referrer\"/></p><p>www.goodcarbadcar.net</p><p><b>Tesla Isn&#39;t A Technology Company And Shouldn&#39;t Be Valued As One</b></p><p>The valuation rebuttal has always been that TSLA isn&#39;t an automobile company, rather, it&#39;s a technology company.</p><p><img src=\"https://static.tigerbbs.com/bbc9ccb2cb8a0e7d40804db24e183214\" tg-width=\"640\" tg-height=\"341\" referrerpolicy=\"no-referrer\"/></p><p>Tesla</p><p>Page 23 ofTSLA&#39;s Q1 2022 slide deck from their earnings call is their statement of operations. Once again, 100% of TSLA&#39;s gross profit and net income are derived from automobiles. Energy generation and storage lose money as it generates $616 million in revenue while the cost of this revenue is $688 million. The same goes for Services and others, as this segment generates $1.279 billion in revenue while the cost of this revenue is $1.286 billion. This doesn&#39;t even factor in operating expenses.</p><p>TSLA manufacturers state of the art automobiles, but this doesn&#39;t classify them as a technology company, nor should they be classified as one. Since this is always the rebuttal and technology companies trade at larger earnings multiples, I will compare TSLA to Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) (GOOGL), and Meta Platforms (FB) and illustrate why TSLA is still drastically overvalued if the market was still to provide it with a tech multiple.</p><p>Prior to the comparisons, I want to frame the analysis by providing each company&#39;s market cap:</p><ul><li>AAPL $2.69 Trillion</li><li>MSFT $2.17 Trillion</li><li>GOOGL $1.62 Trillion</li><li>AMZN $1.28 Trillion</li><li>TSLA $986.92 Billion</li><li>FB $604.62 Billion</li></ul><p>I am going to start with growth because this is always the key metric bulls point out. Since the close of 2018, which is 3.25 fiscal years, TSLA has grown its revenue from $21.46 billion to $62.19 billion.</p><p>This is absolutely remarkable, but it doesn&#39;t place TSLA in the upper epsilon of technology companies. Over the same period, FB grew its revenue by $63.83 billion, which is more than what TSLA produced in the TTM. FB grew its revenue by more than what TSLA produces and generates just about double the revenue ($119.67 billion), yet TSLA has a larger market cap. For everyone who has used growth as their investment premise, FB having a market cap that&#39;s $382.30 less than TSLA nullifies that aspect of the bull thesis. AMZN&#39;s market cap is only $294.33 billion larger than TSLA, yet they generated $477.75 billion in revenue and grew their revenue by $341.76 billion in this period. Using revenue growth for TSLA doesn&#39;t support the valuation.</p><p><img src=\"https://static.tigerbbs.com/3c0fbd4eb93f026c4575ee8f77f53e4b\" tg-width=\"640\" tg-height=\"396\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>Next, I will turn to profits because, at the end of the day, businesses are in the business of making money. Once again, TSLA has done a fantastic job of monetizing its business and, in 3.25 short years, has gone from losing -$976 million to make $8.4 billion in the TTM for an increase of $9.38 billion. FB has produced $37.34 billion in profit in the TTM, and its net income grew by $15.23 billion over this period. Using growth doesn&#39;t support the valuation when FB has a market cap that&#39;s $382.30 less than TSLA and grew its profits in this period by almost double what TSLA has generated in the TTM.</p><p><img src=\"https://static.tigerbbs.com/c9716477607711ee0b6d4f77eb24c890\" tg-width=\"640\" tg-height=\"382\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>The new metric bulls are using in their thesis is TSLA&#39;s free cash flow (FCF). Once again, TSLA has done an excellent job, going from -$221 million of FCF in 2018 to $6.93 billion of FCF in the TTM. Many companies would love to grow their annual FCF by $7.15 billion over a 3.25-year period, and this should be applauded.</p><p>Let&#39;s look at FB once again, since TSLA&#39;s valuation isn&#39;t based on its core segment as an automobile manufacturer. FB has grown its FCF over the previous 3.25 years by $23.45 billion, more than 3x TSLA&#39;s growth, and has generated $39.81 billion of FCF in the TTM. FB generated roughly 5.75x more FCF than TSLA and grew its FCF by more than 3x what TSLA produces, yet FB has a market cap that&#39;s almost $400 billion less than TSLA. Growth within the financials does not support TSLA&#39;s valuation, which is a breath away from $1 trillion.</p><p><img src=\"https://static.tigerbbs.com/902a7074eda9e8f2f2765e0833423d2c\" tg-width=\"640\" tg-height=\"373\" referrerpolicy=\"no-referrer\"/></p><p>Steven Fiorillo, Seeking Alpha</p><p>Today you&#39;re paying a 113.81 P/E for TSLA. Paying a larger multiple for a company that&#39;s growing its earnings quickly is normal, but TSLA isn&#39;t growing by larger amounts than FB, and FB trades at a 16.66 P/E. I have seen TSLA bulls justify the P/E because of TSLA&#39;s growth factor, but this doesn&#39;t hold up when FB has grown by larger amounts from larger starting positions and has a P/E that&#39;s a fraction of TSLA. Look at AAPL, which is the largest company in the world. AAPL has grown its net income by $56.25 billion and its FCF by $52.3 billion over the past 3.25 years, and its P/E is 26.78. People are blindly paying any multiple the market places on TSLA.</p><p><img src=\"https://static.tigerbbs.com/75168f6e39ced721cf0c53d78481a983\" tg-width=\"614\" tg-height=\"335\" referrerpolicy=\"no-referrer\"/>TSLA is trading at a 15.38 P/S. The justification for this multiple is difficult to defend while AMZN trades at a P/S of 11.31. AMZN&#39;s revenue grew by $341.76 billion over the past 3.25 years while TSLA grew their revenue by $40.73 billion. Instead of an absolute basis, looking at this from a percentage aspect, TSLA grew its revenue by 189.78%, while AMZN&#39;s grew by 251.32%. The P/S ratio is not a supporting valuation metric as TSLA is trading at a larger multiple than AMZN yet produced $301.03 billion less in revenue growth compared to AMZN. At the very least, TSLA should trade at a lower P/S multiple than AMZN considering their revenue growth was a fraction of AMZN&#39;s.</p><p><img src=\"https://static.tigerbbs.com/aad00a6c490808962705a1a2dae45cfe\" tg-width=\"608\" tg-height=\"338\" referrerpolicy=\"no-referrer\"/>TSLA has done an excellent job monetizing its revenue, delivering exceptional margins, and generating FCF. Now that TSLA is generating billions in FCF, it&#39;s been inserted into the bull thesis. FCF is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet. FCF could be the most underrated and most important financial metric to look at, as this is the pool of capital that companies can utilize to repay debt, pay dividends, buy back shares, make acquisitions, or reinvest in the business.</p><p>Every investment is the present value of all future cash flow. This is why investors look at the price to FCF valuation. Investors want to pay the cheapest multiple for a company&#39;s FCF. Today, you&#39;re paying 142.52x TSLA&#39;s FCF. Going back to the FCF section, TSLA grew its FCF by $7.15 billion over the past 3.25 years. FB generated $23.45 billion of FCF in this period, which is 3x the amount TSLA grew, yet FB is trading at a 15.19x multiple on price to FCF.</p><p>Why on earth would you want to pay 142.52x for TSLA&#39;s FCF when you could pay 15.19x for FB, which is growing their FCF by more than 3x the amount that TSLA is growing by? How about AAPL? AAPL grew its FCF by $52.3 billion and trades at a 25.4x price to FCF. If I exclude FB for a moment, should TSLA trade at a larger FCF multiple than GOOGL, which has grown its FCF by $46.15 billion over the past 3.25 years? My answer is no because there is no guarantee that TSLA will ever generate $46.15 billion in annual FCF, let alone the $68.99 billion in FCF that GOOGL generates.</p><p>So what is a fair price to FCF multiple for TSLA? I don&#39;t believe TSLA has earned the right to trade at the same multiples as the rest of big tech considering the levels of FCF they produce. If I stick with the methodology that FB is egregiously undervalued, then TSLA should trade above 15.19x its FCF but lower than the 23.42x multiple GOOGL trades at.</p><p>I don&#39;t want to be overly bearish, so I will place a 21x multiple on TSLA&#39;s FCF, which is more than fair considering big tech metrics. A 21x multiple on TSLA&#39;s FCF puts its market cap at $145.43 billion, which is -85.26% from its current market cap of $986.92 billion. It&#39;s just math, and if TSLA is going to be valued as a technology company, it needs to be compared to the technology companies with similar market caps.</p><p>At the very least, there isn&#39;t a single reason why TSLA&#39;s market cap is larger than FB&#39;s. There isn&#39;t a single metric that TSLA beats FB in. Based on FB&#39;s valuation, if TSLA traded at the same FCF multiple, it would have a market cap of $105.19 billion.</p><p><img src=\"https://static.tigerbbs.com/b81a61d60d9ec098276569cc4a501da0\" tg-width=\"627\" tg-height=\"341\" referrerpolicy=\"no-referrer\"/>TSLA has a gross profit margin of 27.1% ($16.85b / $62.19b) and a profit margin of 13.51% ($8.4b / $62.19b). FB has a gross profit margin of 80.34% ($96.14b / $119.67b) and a profit margin of 31.2% ($37.34b / $119.67b). FB has much wider margins and is growing its revenue by larger amounts. This reinforces my methodology as to why TSLA is grossly overvalued. GOOGL has a gross profit margin of 56.93% ($153.9b / $270.33b) and a profit margin of 27.57% ($74.54b / $270.33b).</p><p>The chances are incredibly slim that TSLA can double its profit margin to be within striking distance of GOOGL&#39;s. TSLA should not trade at a larger FCF, P/E, or P/S multiple than FB or GOOGL. While the market would indicate that I am wrong today, eventually, the hype will wear off, and TSLA will trade at a realistic valuation.</p><p><b>TSLA&#39;s Future Catalysts Have A Long Way To Go Before Impacting Its Bottom Line</b></p><p>There are three main catalysts people discuss, which include insurance, robotaxis, and FSD.TSLA offers insurance using real-time driving behavior. This is currently available to all Model S, Model 3, Model X, and Model Y owners. The catch is that it&#39;s only available in Arizona, Colorado, Illinois, Ohio, Oregon, Texas, and Virginia as of now.</p><p>TSLA uses a safety rating score to determine the monthly premium for its vehicles. At the largest premium of $130/mo, this would be $1,560 per year. If TSLA converted 100% of their U.S sales in 2021 as an insurance customer, which I think could be possible if TSLA insurance was available in every state, it would have generated $471.12 million in revenue.</p><p>We have no idea what the margins would have been, but if the margin was 50%, it would have been an additional $235.56 million in net income in 2021. While this is nothing to sneeze at, an additional $235.56 million in net income hardly moves the needle. This could be a $1 billion top-line revenue segment in the future, but with availability in only 7 states, insurance&#39;s $1 billion revenue mark is a long way away.</p><p><img src=\"https://static.tigerbbs.com/e86de6232b9abf7cee46a9607eb09741\" tg-width=\"640\" tg-height=\"326\" referrerpolicy=\"no-referrer\"/></p><p>Tesla</p><p>Next,FSD, for which TSLA has created two subscription models, a $99/mo price point and a $199/mo price point. The problem with FSD is that it doesn&#39;t make the vehicle fully autonomous, and you still need a driver to be attentive and alert. While I am not arguing that TSLA&#39;s FSD isn&#39;t leaps and bounds ahead of the competition, the problem is that it&#39;s not exactly a self-driving car.</p><p>The questions around legality and where you can use it pop into my head, and how many of TSLA&#39;s drivers opt for this upgrade. Until there is clear legislation and the technology advances to where vehicles can fully drive a person from point A to B while that person takes a nap or reads, I have a hard time believing enough TSLA owners will spend the extra $199/mo on FSD. If there is somewhere where TSLA produces the numbers about how many owners opt for this package, please let me know, and I will crunch the numbers.</p><p>Which Features Come With My Subscription?</p><blockquote>The FSD capability features you receive are based on your configuration and location. Not all features are available in all markets, and features are subject to change.Learn more about Autopilot and Full Self-Driving capability features.</blockquote><blockquote><i>Note: These features are designed to become more capable over time; however the currently enabled features do not make the vehicle autonomous. The currently enabled features require a fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment.</i></blockquote><p>The last catalyst is Robotaxis which many have commented on in my articles before. We&#39;re so far off on Robotaxis that this can&#39;t be considered in TSLA&#39;s upcoming revenue. I would think major legislation would be needed for Robotaxis to exist, and there is no telling how many years away we are from this.</p><p>Also, what is the percentage of TSLA owners that would actually allow their vehicle to be used as a Robotaxi? Depending on what the profitability is, I can see people buying TSLAs to enroll them in this program, but, once again, we need to see the economics behind it. I know I am just one opinion, but I would never enroll one of my cars into a robotaxi program because I don&#39;t want other people that I don&#39;t know in my car. I would think there are many others that have similar viewpoints.</p><p>The real upcoming catalysts are future revenue growth and entering the Chinese market. In 2021 TSLA grew its YoY revenue by 70.67%, and their off to a great start after Q1 2022. Only time will tell what type of growth rate TSLA can maintain, but too many people are assuming that TSLA will obliterate the competition. Over the next several years, we could see TSLA&#39;s growth rate become significantly reduced as more luxury operators put EVs on the road.</p><p>At TSLA&#39;s current margins, they would need to increase their revenue by 444.55% to $276.47 billion to produce the same amount of net income ($37.34b) that FB produces today at their current 13.51% profit margin. Maybe TSLA can get there in the future, but why should TSLA be valued at almost $1 trillion today, considering not a single metric of theirs is similar to FB or GOOGL, and TSLA&#39;s growth across any of the sectors isn&#39;t larger than FB or GOOGL?</p><p><b>Tesla Continues To Dilute Shareholders, And Almost No Shareholders Care</b></p><p>Dilution kills shareholder value. Look, I am a shareholder of TSLA, and I hate that my shares continue to be diluted. These numbers are split-adjusted that I am using. Over the past decade,TSLA has diluted its shares by 80.93%. This is horrible compared to big tech, yet investors can&#39;t buy enough TSLA shares. TSLA finished 2012 with 572.6 million shares and, as of its last filing, had increased its outstanding shares to 1.036 billion shares.</p><p>This is the equivalent of me taking a pizza, and instead of giving you a slice, cutting another 6.5 slices, then giving you one. The pizza represents TSLA, the company, and they basically turned an 8-slice pie into a 14.5-slice pie, reducing shareholder&#39;s ownership and the amount of equity, revenue, and EPS our shares represent.</p><p>If you want to see what a true shepherd of shareholder value looks like, turn to AAPL. In 2012 AAPL had 26.3 billion shares outstanding. Over the past decade, AAPL has repurchased 10.09 billion shares, reducing its outstanding shares by 38.37%. Every quarter, AAPL is buying back shares and increasing the ownership its shares represent. TSLA, on the other hand, continues to dilute shareholders by increasing shares YOY.</p><p><b>I Could Be Completely Wrong, And Tesla Could Continue Growing At These Rates</b></p><p>TSLA&#39;s vehicle deliveries continue to outpace its growing production. YoY TSLA&#39;s deliveries increased by 68% in Q1, adding 125,171 delivered vehicles to its customers. TSLA just began Model Y deliveries from the Austin facility, and production at the Gigafactory in Berlin started in March of 2022. TSLA&#39;s Shanghai facility had strong production rates prior to the spike in COVID that resulted in temporary shutdowns. TSLA isn&#39;t just focusing on the U.S, they have Europe and China in their sights.</p><p>EVs accounted for 488,000 sales in the U.S for 2021, and the previous projection was that EVs would account for 670,000 units sold in 2022. Oil has hovered around $100 per barrel and could render the previous projections of 37% increased EV sales domestically for 2022 conservative. TSLA is in a prime position to capitalize on this trend. In 2021 TSLA vehicles accounted for 61.89% of EVs sold in the U.S (301,998 / 488,000).</p><p>Hypothetically, if the previous projection of 670,000 EV sales for 2022 is accurate and TSLA maintains its current margin, they would sell 414,628 vehicles throughout the U.S in 2022. If gas prices do alter the decision-making process when deciding between a combustible engine or an EV, then TSLA could continue surprising the market with QoQ earnings beats.</p><p>The U.S has a national goal of reaching 50% of domestic auto sales coming from EVs. In 2021, EVs accounted for 3.26% of total sales in the U.S auto market. Based on U.S auto sales in 2021, annual EV sales would need to grow by 6,989,403 to reach a 50% EV to combustible engine ratio. Hypothetically if U.S auto sales stayed flat but EVs reached 50% of the market in 2030 they would sell 7,477,403 vehicles. If TSLA&#39;s dominance in the EV sector was to drop from 61.89% to 15% due to increased competition, they would generate 1,121,610 in sales compared to 301,998 in 2021. When you add in Europe and China, TSLA certainly has the ability to become a top auto manufacturer by sales next decade.</p><p>Bulls aren&#39;t incorrect to be excited about TSLA. The world is moving toward EVs, and TSLA is the crème de la crème. As I said in the beginning, I am bullish about TSLA&#39;s future prospects, but I think the valuation today is overinflated. Nobody can predict the future, but I have no doubt that TSLA will continue to grow its sales YoY.</p><p>The question becomes, how much growth will they be able to achieve YoY? In 2021, TM generated $226.48 billion of revenue and, based on the future of EVs, TSLA certainly could achieve this level of revenue in the future. Based on TSLA&#39;s current 13.51% profit margin, if they achieved TM&#39;s level of revenue, they would generate $30.59 billion of net income, which would definitely make today&#39;s valuation look more realistic.</p><p><img src=\"https://static.tigerbbs.com/93c9176fa9bebc2c940e038cafd23229\" tg-width=\"603\" tg-height=\"631\" referrerpolicy=\"no-referrer\"/></p><p>Tesla</p><p><b>Conclusion</b></p><p>You&#39;re probably wondering how I can be a shareholder and be a bear on TSLA&#39;s valuation at the same time. It&#39;s simple; my wife bought shares of TSLA, which makes me a shareholder. My stance has always been bullish on the company and bearish on the valuation. What Elon Musk and the team at TSLA has accomplished is astonishing, and they deserve nothing but respect.</p><p>Keep in mind a company and a company&#39;s stock are two separate things. TSLA continues to dilute shareholders, and they and the market are valuing TSLA as if it&#39;s FB or GOOGL. TSLA is not a technology company; it&#39;s an automobile company, as the automotive segments drive 100% of its gross revenue and net income.</p><p>TSLA is trading at a P/E of 113.81, a P/S of 15.38, and a 142.52x multiple on its FCF. The numbers are drastically inflated as TSLA has no business trading at a larger P/S multiple than AMZN, which trades at 11.31 P/S when it has grown its revenue by $341.76 billion over the previous 3.25 years compared to TSLA&#39;s $40.73 billion of revenue growth. TSLA has generated $6.93 billion in FCF over the TTM, while Mr. Market has placed a 142.52x multiple on TSLA due to $7.15 billion FCF growth over the past 3.25 years. FB trades at a 15.19x FCF multiple while growing FCF by $23.45 billion over this period which is more than 3x what TSLA has generated in the TTM.</p><p>With FB trading at 15.19x FCF, GOOGL at 23.42x FCF, and AAPL at 25.4x FCF, it&#39;s hard to justify any number above 20x for TSLA. I think a 21x FCF multiple is generous and that places TSLA at a market cap of $145.43 billion, which is -85.26% from its current market cap of $986.92 billion.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla: Overvalued By 85.26% And Not A Technology Company</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla: Overvalued By 85.26% And Not A Technology Company\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-05-08 11:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4507535-tesla-overvalued-by-85-26-percent-and-not-a-technology-company><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryMake no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.Just because Tesla is a ...</p>\n\n<a href=\"https://seekingalpha.com/article/4507535-tesla-overvalued-by-85-26-percent-and-not-a-technology-company\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TSLA":"特斯拉"},"source_url":"https://seekingalpha.com/article/4507535-tesla-overvalued-by-85-26-percent-and-not-a-technology-company","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1131831539","content_text":"SummaryMake no mistake, Tesla is a phenomenal company that has accomplished the unthinkable as it broke through extreme barriers of entry to disrupt the auto industry.Just because Tesla is a successful company that is causing automotive titans to change from combustible engines to EVs doesn't mean Tesla's stock is a good investment today.100% of gross profit and net income is generated from the automotive sector as Tesla's other businesses lose money, making them an automobile manufacturing company, not a technology company.I compared Tesla's metrics to the auto industry and big tech and the results are the same, Tesla's valuation is egregious.It's rare to find companies that have cult-like followings with loyalists willing to pay any price for its stock. The debate regarding Tesla, Inc.'s (NASDAQ:TSLA) valuation continues to be a topic of conversation between the bulls and the bears. Oneside argues that TSLA's financial growth and future prospects, including FSD, insurance, and robotaxis, justify the current $902.12 billion valuations, while others argue that the current financials and cult-like following have led to a massive overvaluation in TSLA's stock.I tip my hat to Elon Musk, as his accomplishments are second to none. When others called him crazy, Mr. Musk chose one of the hardest industries to compete in, started TSLA from the ground up, went to battle against the auto manufacturers, and succeeded. TSLA is one of the rare success stories that has truly shaped an industry, and the barriers of entry that were overcome are astonishing. TSLA didn't have the capital, manufacturing, credibility, or the infrastructure that its competitors did, yet they found a way to succeed. If the odds weren't enough which TSLA faced, they accomplished their goals without a combustible engine and pioneered an entirely new sector within the automotive industry.Just because TSLA is a great company, it doesn't mean TSLA has a great stock, or it isn't overvalued. I am not bearish on TSLA the company because I believe they still have a long runway of growth ahead of them, but I am bearish on the valuation. Prior to leaving a comment on why I am wrong, please read the article and think about the metrics I am citing; then, I will happily discuss any viewpoints about the analysis.Tesla Vs. The World In The Automotive SectorIt feels like TSLA vs. the world whenever TSLA is discussed. Discussing who makes a better automobile is a matter of opinion, and everyone is correct because it's their opinion. If person A thinks TSLA makes the best car and person B thinks Mercedes Benz makes the best car, they are both correct. Debating over this is pointless, so let's look at the raw numbers.TSLA has a larger market cap than the combination ofToyota(TM),Volkswagen(OTCPK:VWAGY),Daimler(OTCPK:DDAIF),BMW(OTCPK:BMWYY),General Motors(GM),Ford(F),Honda(HMC),Ferrari(RACE),Nissan(OTCPK:NSANY),Subaru(OTCPK:FUJHY),Volvo(OTCPK:VOLAF), andMazda(OTCPK:MZDAY). TSLA's market cap is currently $986.92 billion, while the combination of these 12 companies is $777.41 billion.Steven FiorilloThe P/S ratio is often cited to justify the valuation. The combination of TM, VWAGY, DDAIF, BMWYY, GM, F, HMC, RACE, NSANY, FUJHY, VOLAF, and MZDAY has generated $1.38 trillion in revenue over the TTM, putting their P/S at 0.56, while TSLA has generated $62.19 billion in revenue and has a 15.87 P/S.Steven Fiorillo, Seeking AlphaAs a combined entity, these 12 companies have generated $118.29 billion in net income, while TSLA has produced $8.4 billion.Steven Fiorillo, Seeking AlphaTSLA is a great company, but its current valuation has become overly inflated. TSLA's market cap is $209.52 billion larger than these 12 auto manufacturers, yet the combination of the 12 auto manufacturers generates $1.32 trillion more in revenue and $109.89 billion more in net income.Steven Fiorillo, Seeking AlphaLooking at the market caps, one would assume that TSLA has a dominant majority over its competitors in auto sales within the U.S. According to the2021 data, TSLA sold 2.02% of all vehicles in the U.S. TSLA's market cap reflects a level of dominance that is non-existent.Realistically, TSLA will have a hard time disrupting the sector further due to the price point of their vehicles. The reality is that, unless TSLA can sell a car that rivals a Honda or Toyota, doubling its market share is going to be a daunting task. It's just math. TSLA doesn't have a product for the masses, and while it may continue to grow in the luxury segment, the amount of growth that can be achieved is limited due to the pricing power of the consumer.www.goodcarbadcar.netTesla Isn't A Technology Company And Shouldn't Be Valued As OneThe valuation rebuttal has always been that TSLA isn't an automobile company, rather, it's a technology company.TeslaPage 23 ofTSLA's Q1 2022 slide deck from their earnings call is their statement of operations. Once again, 100% of TSLA's gross profit and net income are derived from automobiles. Energy generation and storage lose money as it generates $616 million in revenue while the cost of this revenue is $688 million. The same goes for Services and others, as this segment generates $1.279 billion in revenue while the cost of this revenue is $1.286 billion. This doesn't even factor in operating expenses.TSLA manufacturers state of the art automobiles, but this doesn't classify them as a technology company, nor should they be classified as one. Since this is always the rebuttal and technology companies trade at larger earnings multiples, I will compare TSLA to Apple (AAPL), Microsoft (MSFT), Amazon (AMZN), Alphabet (GOOG) (GOOGL), and Meta Platforms (FB) and illustrate why TSLA is still drastically overvalued if the market was still to provide it with a tech multiple.Prior to the comparisons, I want to frame the analysis by providing each company's market cap:AAPL $2.69 TrillionMSFT $2.17 TrillionGOOGL $1.62 TrillionAMZN $1.28 TrillionTSLA $986.92 BillionFB $604.62 BillionI am going to start with growth because this is always the key metric bulls point out. Since the close of 2018, which is 3.25 fiscal years, TSLA has grown its revenue from $21.46 billion to $62.19 billion.This is absolutely remarkable, but it doesn't place TSLA in the upper epsilon of technology companies. Over the same period, FB grew its revenue by $63.83 billion, which is more than what TSLA produced in the TTM. FB grew its revenue by more than what TSLA produces and generates just about double the revenue ($119.67 billion), yet TSLA has a larger market cap. For everyone who has used growth as their investment premise, FB having a market cap that's $382.30 less than TSLA nullifies that aspect of the bull thesis. AMZN's market cap is only $294.33 billion larger than TSLA, yet they generated $477.75 billion in revenue and grew their revenue by $341.76 billion in this period. Using revenue growth for TSLA doesn't support the valuation.Steven Fiorillo, Seeking AlphaNext, I will turn to profits because, at the end of the day, businesses are in the business of making money. Once again, TSLA has done a fantastic job of monetizing its business and, in 3.25 short years, has gone from losing -$976 million to make $8.4 billion in the TTM for an increase of $9.38 billion. FB has produced $37.34 billion in profit in the TTM, and its net income grew by $15.23 billion over this period. Using growth doesn't support the valuation when FB has a market cap that's $382.30 less than TSLA and grew its profits in this period by almost double what TSLA has generated in the TTM.Steven Fiorillo, Seeking AlphaThe new metric bulls are using in their thesis is TSLA's free cash flow (FCF). Once again, TSLA has done an excellent job, going from -$221 million of FCF in 2018 to $6.93 billion of FCF in the TTM. Many companies would love to grow their annual FCF by $7.15 billion over a 3.25-year period, and this should be applauded.Let's look at FB once again, since TSLA's valuation isn't based on its core segment as an automobile manufacturer. FB has grown its FCF over the previous 3.25 years by $23.45 billion, more than 3x TSLA's growth, and has generated $39.81 billion of FCF in the TTM. FB generated roughly 5.75x more FCF than TSLA and grew its FCF by more than 3x what TSLA produces, yet FB has a market cap that's almost $400 billion less than TSLA. Growth within the financials does not support TSLA's valuation, which is a breath away from $1 trillion.Steven Fiorillo, Seeking AlphaToday you're paying a 113.81 P/E for TSLA. Paying a larger multiple for a company that's growing its earnings quickly is normal, but TSLA isn't growing by larger amounts than FB, and FB trades at a 16.66 P/E. I have seen TSLA bulls justify the P/E because of TSLA's growth factor, but this doesn't hold up when FB has grown by larger amounts from larger starting positions and has a P/E that's a fraction of TSLA. Look at AAPL, which is the largest company in the world. AAPL has grown its net income by $56.25 billion and its FCF by $52.3 billion over the past 3.25 years, and its P/E is 26.78. People are blindly paying any multiple the market places on TSLA.TSLA is trading at a 15.38 P/S. The justification for this multiple is difficult to defend while AMZN trades at a P/S of 11.31. AMZN's revenue grew by $341.76 billion over the past 3.25 years while TSLA grew their revenue by $40.73 billion. Instead of an absolute basis, looking at this from a percentage aspect, TSLA grew its revenue by 189.78%, while AMZN's grew by 251.32%. The P/S ratio is not a supporting valuation metric as TSLA is trading at a larger multiple than AMZN yet produced $301.03 billion less in revenue growth compared to AMZN. At the very least, TSLA should trade at a lower P/S multiple than AMZN considering their revenue growth was a fraction of AMZN's.TSLA has done an excellent job monetizing its revenue, delivering exceptional margins, and generating FCF. Now that TSLA is generating billions in FCF, it's been inserted into the bull thesis. FCF is a measure of profitability that excludes the non-cash expenses of the income statement and includes spending on equipment and assets as well as changes in working capital from the balance sheet. FCF could be the most underrated and most important financial metric to look at, as this is the pool of capital that companies can utilize to repay debt, pay dividends, buy back shares, make acquisitions, or reinvest in the business.Every investment is the present value of all future cash flow. This is why investors look at the price to FCF valuation. Investors want to pay the cheapest multiple for a company's FCF. Today, you're paying 142.52x TSLA's FCF. Going back to the FCF section, TSLA grew its FCF by $7.15 billion over the past 3.25 years. FB generated $23.45 billion of FCF in this period, which is 3x the amount TSLA grew, yet FB is trading at a 15.19x multiple on price to FCF.Why on earth would you want to pay 142.52x for TSLA's FCF when you could pay 15.19x for FB, which is growing their FCF by more than 3x the amount that TSLA is growing by? How about AAPL? AAPL grew its FCF by $52.3 billion and trades at a 25.4x price to FCF. If I exclude FB for a moment, should TSLA trade at a larger FCF multiple than GOOGL, which has grown its FCF by $46.15 billion over the past 3.25 years? My answer is no because there is no guarantee that TSLA will ever generate $46.15 billion in annual FCF, let alone the $68.99 billion in FCF that GOOGL generates.So what is a fair price to FCF multiple for TSLA? I don't believe TSLA has earned the right to trade at the same multiples as the rest of big tech considering the levels of FCF they produce. If I stick with the methodology that FB is egregiously undervalued, then TSLA should trade above 15.19x its FCF but lower than the 23.42x multiple GOOGL trades at.I don't want to be overly bearish, so I will place a 21x multiple on TSLA's FCF, which is more than fair considering big tech metrics. A 21x multiple on TSLA's FCF puts its market cap at $145.43 billion, which is -85.26% from its current market cap of $986.92 billion. It's just math, and if TSLA is going to be valued as a technology company, it needs to be compared to the technology companies with similar market caps.At the very least, there isn't a single reason why TSLA's market cap is larger than FB's. There isn't a single metric that TSLA beats FB in. Based on FB's valuation, if TSLA traded at the same FCF multiple, it would have a market cap of $105.19 billion.TSLA has a gross profit margin of 27.1% ($16.85b / $62.19b) and a profit margin of 13.51% ($8.4b / $62.19b). FB has a gross profit margin of 80.34% ($96.14b / $119.67b) and a profit margin of 31.2% ($37.34b / $119.67b). FB has much wider margins and is growing its revenue by larger amounts. This reinforces my methodology as to why TSLA is grossly overvalued. GOOGL has a gross profit margin of 56.93% ($153.9b / $270.33b) and a profit margin of 27.57% ($74.54b / $270.33b).The chances are incredibly slim that TSLA can double its profit margin to be within striking distance of GOOGL's. TSLA should not trade at a larger FCF, P/E, or P/S multiple than FB or GOOGL. While the market would indicate that I am wrong today, eventually, the hype will wear off, and TSLA will trade at a realistic valuation.TSLA's Future Catalysts Have A Long Way To Go Before Impacting Its Bottom LineThere are three main catalysts people discuss, which include insurance, robotaxis, and FSD.TSLA offers insurance using real-time driving behavior. This is currently available to all Model S, Model 3, Model X, and Model Y owners. The catch is that it's only available in Arizona, Colorado, Illinois, Ohio, Oregon, Texas, and Virginia as of now.TSLA uses a safety rating score to determine the monthly premium for its vehicles. At the largest premium of $130/mo, this would be $1,560 per year. If TSLA converted 100% of their U.S sales in 2021 as an insurance customer, which I think could be possible if TSLA insurance was available in every state, it would have generated $471.12 million in revenue.We have no idea what the margins would have been, but if the margin was 50%, it would have been an additional $235.56 million in net income in 2021. While this is nothing to sneeze at, an additional $235.56 million in net income hardly moves the needle. This could be a $1 billion top-line revenue segment in the future, but with availability in only 7 states, insurance's $1 billion revenue mark is a long way away.TeslaNext,FSD, for which TSLA has created two subscription models, a $99/mo price point and a $199/mo price point. The problem with FSD is that it doesn't make the vehicle fully autonomous, and you still need a driver to be attentive and alert. While I am not arguing that TSLA's FSD isn't leaps and bounds ahead of the competition, the problem is that it's not exactly a self-driving car.The questions around legality and where you can use it pop into my head, and how many of TSLA's drivers opt for this upgrade. Until there is clear legislation and the technology advances to where vehicles can fully drive a person from point A to B while that person takes a nap or reads, I have a hard time believing enough TSLA owners will spend the extra $199/mo on FSD. If there is somewhere where TSLA produces the numbers about how many owners opt for this package, please let me know, and I will crunch the numbers.Which Features Come With My Subscription?The FSD capability features you receive are based on your configuration and location. Not all features are available in all markets, and features are subject to change.Learn more about Autopilot and Full Self-Driving capability features.Note: These features are designed to become more capable over time; however the currently enabled features do not make the vehicle autonomous. The currently enabled features require a fully attentive driver, who has their hands on the wheel and is prepared to take over at any moment.The last catalyst is Robotaxis which many have commented on in my articles before. We're so far off on Robotaxis that this can't be considered in TSLA's upcoming revenue. I would think major legislation would be needed for Robotaxis to exist, and there is no telling how many years away we are from this.Also, what is the percentage of TSLA owners that would actually allow their vehicle to be used as a Robotaxi? Depending on what the profitability is, I can see people buying TSLAs to enroll them in this program, but, once again, we need to see the economics behind it. I know I am just one opinion, but I would never enroll one of my cars into a robotaxi program because I don't want other people that I don't know in my car. I would think there are many others that have similar viewpoints.The real upcoming catalysts are future revenue growth and entering the Chinese market. In 2021 TSLA grew its YoY revenue by 70.67%, and their off to a great start after Q1 2022. Only time will tell what type of growth rate TSLA can maintain, but too many people are assuming that TSLA will obliterate the competition. Over the next several years, we could see TSLA's growth rate become significantly reduced as more luxury operators put EVs on the road.At TSLA's current margins, they would need to increase their revenue by 444.55% to $276.47 billion to produce the same amount of net income ($37.34b) that FB produces today at their current 13.51% profit margin. Maybe TSLA can get there in the future, but why should TSLA be valued at almost $1 trillion today, considering not a single metric of theirs is similar to FB or GOOGL, and TSLA's growth across any of the sectors isn't larger than FB or GOOGL?Tesla Continues To Dilute Shareholders, And Almost No Shareholders CareDilution kills shareholder value. Look, I am a shareholder of TSLA, and I hate that my shares continue to be diluted. These numbers are split-adjusted that I am using. Over the past decade,TSLA has diluted its shares by 80.93%. This is horrible compared to big tech, yet investors can't buy enough TSLA shares. TSLA finished 2012 with 572.6 million shares and, as of its last filing, had increased its outstanding shares to 1.036 billion shares.This is the equivalent of me taking a pizza, and instead of giving you a slice, cutting another 6.5 slices, then giving you one. The pizza represents TSLA, the company, and they basically turned an 8-slice pie into a 14.5-slice pie, reducing shareholder's ownership and the amount of equity, revenue, and EPS our shares represent.If you want to see what a true shepherd of shareholder value looks like, turn to AAPL. In 2012 AAPL had 26.3 billion shares outstanding. Over the past decade, AAPL has repurchased 10.09 billion shares, reducing its outstanding shares by 38.37%. Every quarter, AAPL is buying back shares and increasing the ownership its shares represent. TSLA, on the other hand, continues to dilute shareholders by increasing shares YOY.I Could Be Completely Wrong, And Tesla Could Continue Growing At These RatesTSLA's vehicle deliveries continue to outpace its growing production. YoY TSLA's deliveries increased by 68% in Q1, adding 125,171 delivered vehicles to its customers. TSLA just began Model Y deliveries from the Austin facility, and production at the Gigafactory in Berlin started in March of 2022. TSLA's Shanghai facility had strong production rates prior to the spike in COVID that resulted in temporary shutdowns. TSLA isn't just focusing on the U.S, they have Europe and China in their sights.EVs accounted for 488,000 sales in the U.S for 2021, and the previous projection was that EVs would account for 670,000 units sold in 2022. Oil has hovered around $100 per barrel and could render the previous projections of 37% increased EV sales domestically for 2022 conservative. TSLA is in a prime position to capitalize on this trend. In 2021 TSLA vehicles accounted for 61.89% of EVs sold in the U.S (301,998 / 488,000).Hypothetically, if the previous projection of 670,000 EV sales for 2022 is accurate and TSLA maintains its current margin, they would sell 414,628 vehicles throughout the U.S in 2022. If gas prices do alter the decision-making process when deciding between a combustible engine or an EV, then TSLA could continue surprising the market with QoQ earnings beats.The U.S has a national goal of reaching 50% of domestic auto sales coming from EVs. In 2021, EVs accounted for 3.26% of total sales in the U.S auto market. Based on U.S auto sales in 2021, annual EV sales would need to grow by 6,989,403 to reach a 50% EV to combustible engine ratio. Hypothetically if U.S auto sales stayed flat but EVs reached 50% of the market in 2030 they would sell 7,477,403 vehicles. If TSLA's dominance in the EV sector was to drop from 61.89% to 15% due to increased competition, they would generate 1,121,610 in sales compared to 301,998 in 2021. When you add in Europe and China, TSLA certainly has the ability to become a top auto manufacturer by sales next decade.Bulls aren't incorrect to be excited about TSLA. The world is moving toward EVs, and TSLA is the crème de la crème. As I said in the beginning, I am bullish about TSLA's future prospects, but I think the valuation today is overinflated. Nobody can predict the future, but I have no doubt that TSLA will continue to grow its sales YoY.The question becomes, how much growth will they be able to achieve YoY? In 2021, TM generated $226.48 billion of revenue and, based on the future of EVs, TSLA certainly could achieve this level of revenue in the future. Based on TSLA's current 13.51% profit margin, if they achieved TM's level of revenue, they would generate $30.59 billion of net income, which would definitely make today's valuation look more realistic.TeslaConclusionYou're probably wondering how I can be a shareholder and be a bear on TSLA's valuation at the same time. It's simple; my wife bought shares of TSLA, which makes me a shareholder. My stance has always been bullish on the company and bearish on the valuation. What Elon Musk and the team at TSLA has accomplished is astonishing, and they deserve nothing but respect.Keep in mind a company and a company's stock are two separate things. TSLA continues to dilute shareholders, and they and the market are valuing TSLA as if it's FB or GOOGL. TSLA is not a technology company; it's an automobile company, as the automotive segments drive 100% of its gross revenue and net income.TSLA is trading at a P/E of 113.81, a P/S of 15.38, and a 142.52x multiple on its FCF. The numbers are drastically inflated as TSLA has no business trading at a larger P/S multiple than AMZN, which trades at 11.31 P/S when it has grown its revenue by $341.76 billion over the previous 3.25 years compared to TSLA's $40.73 billion of revenue growth. TSLA has generated $6.93 billion in FCF over the TTM, while Mr. Market has placed a 142.52x multiple on TSLA due to $7.15 billion FCF growth over the past 3.25 years. FB trades at a 15.19x FCF multiple while growing FCF by $23.45 billion over this period which is more than 3x what TSLA has generated in the TTM.With FB trading at 15.19x FCF, GOOGL at 23.42x FCF, and AAPL at 25.4x FCF, it's hard to justify any number above 20x for TSLA. I think a 21x FCF multiple is generous and that places TSLA at a market cap of $145.43 billion, which is -85.26% from its current market cap of $986.92 billion.","news_type":1},"isVote":1,"tweetType":1,"viewCount":157,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9018887409,"gmtCreate":1649026971643,"gmtModify":1676534436159,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>still hold","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>still hold","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$still hold","images":[{"img":"https://community-static.tradeup.com/news/4891ee8bc84de538153064e25c9bf8ea","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":9,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9018887409","isVote":1,"tweetType":1,"viewCount":206,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9012331138,"gmtCreate":1649286719630,"gmtModify":1676534483044,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>hurray","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>hurray","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$hurray","images":[{"img":"https://community-static.tradeup.com/news/e59c35ef607a6b59cd5df8a5c6647f99","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9012331138","isVote":1,"tweetType":1,"viewCount":393,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9020506505,"gmtCreate":1652663039108,"gmtModify":1676535135135,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>lucky sold le","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>lucky sold le","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$lucky sold le","images":[{"img":"https://community-static.tradeup.com/news/2779b7d8f4eecc0cdc802c65f839adfd","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9020506505","isVote":1,"tweetType":1,"viewCount":204,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9063604808,"gmtCreate":1651456940793,"gmtModify":1676534909409,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>what advisce? Hold?","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>what advisce? Hold?","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$what advisce? Hold?","images":[{"img":"https://community-static.tradeup.com/news/c887911c8f75a47239b7bf9b7e489fef","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9063604808","isVote":1,"tweetType":1,"viewCount":307,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9035125513,"gmtCreate":1647555890393,"gmtModify":1676534242517,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"Like","listText":"Like","text":"Like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9035125513","repostId":"1165019745","repostType":4,"repost":{"id":"1165019745","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1647530294,"share":"https://ttm.financial/m/news/1165019745?lang=&edition=fundamental","pubTime":"2022-03-17 23:18","market":"us","language":"en","title":"Pfizer Shares Rose More Than 2% in Morning Trading","url":"https://stock-news.laohu8.com/highlight/detail?id=1165019745","media":"Tiger Newspress","summary":"Pfizer shares rose more than 2% in morning trading.Thirty five generic drugmakers around the world w","content":"<html><head></head><body><p>Pfizer shares rose more than 2% in morning trading.<img src=\"https://static.tigerbbs.com/4a03e4c180b16dbc8dee58435f81f61a\" tg-width=\"713\" tg-height=\"629\" referrerpolicy=\"no-referrer\"/>Thirty five generic drugmakers around the world will make cheap versions of Pfizer Inc&#39;s highly effective COVID-19 oral antiviral Paxlovid to supply the treatment in 95 poorer countries, the U.N.-backed Medicines Patent Pool (MPP) said on Thursday.</p><p>Pfizer struck a deal last year with the group to allow generic drugmakers to make the pills for 95 low- and middle-income countries. They have been working since then to select the drugmakers they will license.</p><p>Paxlovid is expected to be an important tool in the fight against COVID-19 after it reduced hospitalizations in high-risk patients by around 90% in a clinical trial. The results were significantly better than those for Merck &amp; Co&#39;s rival antiviral pill molnupiravir in its clinical trial.</p><p>Pfizer won’t receive royalties from sales covered by the pact as long as Covid remains classified as an international public-health emergency by the World Health Organization, according to the patent pool.</p><p>After the pandemic, middle-income nations will be subject to a 5% royalty for sales to the public sector and 10% for sales to the private sector. There will be no royalty payment for low-income countries.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Pfizer Shares Rose More Than 2% in Morning Trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nPfizer Shares Rose More Than 2% in Morning Trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2022-03-17 23:18</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Pfizer shares rose more than 2% in morning trading.<img src=\"https://static.tigerbbs.com/4a03e4c180b16dbc8dee58435f81f61a\" tg-width=\"713\" tg-height=\"629\" referrerpolicy=\"no-referrer\"/>Thirty five generic drugmakers around the world will make cheap versions of Pfizer Inc&#39;s highly effective COVID-19 oral antiviral Paxlovid to supply the treatment in 95 poorer countries, the U.N.-backed Medicines Patent Pool (MPP) said on Thursday.</p><p>Pfizer struck a deal last year with the group to allow generic drugmakers to make the pills for 95 low- and middle-income countries. They have been working since then to select the drugmakers they will license.</p><p>Paxlovid is expected to be an important tool in the fight against COVID-19 after it reduced hospitalizations in high-risk patients by around 90% in a clinical trial. The results were significantly better than those for Merck &amp; Co&#39;s rival antiviral pill molnupiravir in its clinical trial.</p><p>Pfizer won’t receive royalties from sales covered by the pact as long as Covid remains classified as an international public-health emergency by the World Health Organization, according to the patent pool.</p><p>After the pandemic, middle-income nations will be subject to a 5% royalty for sales to the public sector and 10% for sales to the private sector. There will be no royalty payment for low-income countries.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"PFE":"辉瑞"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1165019745","content_text":"Pfizer shares rose more than 2% in morning trading.Thirty five generic drugmakers around the world will make cheap versions of Pfizer Inc's highly effective COVID-19 oral antiviral Paxlovid to supply the treatment in 95 poorer countries, the U.N.-backed Medicines Patent Pool (MPP) said on Thursday.Pfizer struck a deal last year with the group to allow generic drugmakers to make the pills for 95 low- and middle-income countries. They have been working since then to select the drugmakers they will license.Paxlovid is expected to be an important tool in the fight against COVID-19 after it reduced hospitalizations in high-risk patients by around 90% in a clinical trial. The results were significantly better than those for Merck & Co's rival antiviral pill molnupiravir in its clinical trial.Pfizer won’t receive royalties from sales covered by the pact as long as Covid remains classified as an international public-health emergency by the World Health Organization, according to the patent pool.After the pandemic, middle-income nations will be subject to a 5% royalty for sales to the public sector and 10% for sales to the private sector. There will be no royalty payment for low-income countries.","news_type":1},"isVote":1,"tweetType":1,"viewCount":282,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9047021070,"gmtCreate":1656832529390,"gmtModify":1676535901958,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>how. Hold....","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>how. Hold....","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$how. Hold....","images":[{"img":"https://community-static.tradeup.com/news/9b621c556cd96c976be35c6742df16f0","width":"720","height":"1280"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9047021070","isVote":1,"tweetType":1,"viewCount":208,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9016143282,"gmtCreate":1649157553933,"gmtModify":1676534460355,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>hurray","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>hurray","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$hurray","images":[{"img":"https://community-static.tradeup.com/news/d31b19059c8612a30d9126b05fad4554","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9016143282","isVote":1,"tweetType":1,"viewCount":434,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9060321853,"gmtCreate":1651104071662,"gmtModify":1676534849894,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"Ban","listText":"Ban","text":"Ban","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9060321853","repostId":"1164859165","repostType":4,"repost":{"id":"1164859165","kind":"news","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1651100840,"share":"https://ttm.financial/m/news/1164859165?lang=&edition=fundamental","pubTime":"2022-04-28 07:07","market":"us","language":"en","title":"Meta Shares Surge 18% After Facebook Ekes Out User Growth","url":"https://stock-news.laohu8.com/highlight/detail?id=1164859165","media":"Reuters","summary":"(Reuters) - Facebook rebounded from a drop in users early this year and its parent Meta  posted a pr","content":"<html><head></head><body><p>(Reuters) - Facebook rebounded from a drop in users early this year and its parent <a href=\"https://laohu8.com/S/FB\">Meta </a> posted a profit ahead of Wall Street targets, defying low investor expectations with a quarterly report that sent shares up 18%.</p><p>Meta CEO Mark Zuckerberg also said that the company would scale back costs and was investing in artificial intelligence tools to improve recommendations and ads, a sign Meta is buckling down to make money while working on its long-term ambitions to build the metaverse.</p><p>Its stock rose over 18% in after-hours trade on Wednesday.</p><p><img src=\"https://static.tigerbbs.com/0712bddf11838c263ab421e4fb49c365\" tg-width=\"933\" tg-height=\"671\" referrerpolicy=\"no-referrer\"/></p><p>Meta&#39;s profit soundly beat Wall Street targets at $2.72 per share, compared with an average analyst estimate of $2.56, according to IBES data from Refinitiv. The earning beats were tempered by Meta recording its slowest revenue growth in a decade.</p><p>Facebook daily active users (DAU), a key metric for advertisers, were 1.96 billion, slightly higher than the estimate of 1.95 billion, according to IBES data from Refinitiv. Monthly active users came in at 2.94 billion, missing Wall Street estimates by 30 million.</p><p>Meta has lost about half of its value since the start of the year, after a dismal February earnings report when Facebook&#39;s daily active users declined for the first time and it forecast a gloomy quarter, blaming ongoing factors including <a href=\"https://laohu8.com/S/AAPL\">Apple</a>&#39;s privacy changes and increased competition from platforms like ByteDance&#39;s TikTok.</p><p>&#34;It&#39;s good news that Meta somehow managed to eke out growth in DAU. It needed to show some sort of turnaround from last quarter&#39;s performance,&#34; Insider Intelligence analyst Debra Williamson said.</p><p>&#34;However, growth in monthly active users is slowing quickly. A few quarters ago it could count on developing markets to keep the growth engine going but it&#39;s likely that even these high-growth opportunities are starting to dry up,&#34; she said.</p><p>Total revenue, the bulk of which comes from ad sales, rose 7% to $27.91 billion in the first quarter, but missed analysts&#39; estimates of $28.20 billion, according to IBES data from Refinitiv.</p><p>In a conference call with analysts on Wednesday, Chief Financial Officer Dave Wehner cited factors including a slowdown in ecommerce after rapid growth during the COVID-19 pandemic, as well as a loss of revenue in Russia and reduced ad demand amid global economic uncertainty.</p><p>Russia banned Facebook and Instagram in March, finding Meta guilty of &#34;extremist activity&#34; amid Moscow&#39;s crackdown on social media during its invasion of Ukraine. Meta&#39;s messaging service WhatsApp is not affected by the ban. Meta has also barred advertisers in Russia from creating and running ads anywhere in the world.</p><p>Meta forecast second-quarter revenue between $28 billion and $30 billion. Analysts on average were expecting current-quarter revenue of $30.63 billion. The company said its outlook reflected factors including the war in Ukraine and said it was monitoring the potential impact of regulatory moves in Europe.</p><p>Recent earnings reports from Google parent <a href=\"https://laohu8.com/S/GOOGL\">Alphabet Inc </a> and <a href=\"https://laohu8.com/S/SNAP\">Snap Inc </a> have signaled the impact of the global economic turmoil on digital ads spending, amid rising inflation and geopolitical uncertainty.</p><p>&#34;I think following Google, expectations were just for the absolute worst,&#34; said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. &#34;When they came in with EPS above estimates, I think people who had shorted the stock and those that had...given up on it decided to come back in.&#34;</p><p>Meta lowered its expected 2022 total expenses to between $87 billion and $92 billion, down from its prior outlook of $90 billion to $95 billion.</p><p>Meta saw quarterly revenue of $695 million for its Reality Labs hardware division, which is home to its augmented and virtual reality efforts. It reported $3 billion in losses from operations from these metaverse ambitions.</p><p>The company has warned it will take billions of dollars and multiple years to realize its aims around building the metaverse, a futuristic idea of virtual environments where users can work, socialize and play.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meta Shares Surge 18% After Facebook Ekes Out User Growth</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeta Shares Surge 18% After Facebook Ekes Out User Growth\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2022-04-28 07:07</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>(Reuters) - Facebook rebounded from a drop in users early this year and its parent <a href=\"https://laohu8.com/S/FB\">Meta </a> posted a profit ahead of Wall Street targets, defying low investor expectations with a quarterly report that sent shares up 18%.</p><p>Meta CEO Mark Zuckerberg also said that the company would scale back costs and was investing in artificial intelligence tools to improve recommendations and ads, a sign Meta is buckling down to make money while working on its long-term ambitions to build the metaverse.</p><p>Its stock rose over 18% in after-hours trade on Wednesday.</p><p><img src=\"https://static.tigerbbs.com/0712bddf11838c263ab421e4fb49c365\" tg-width=\"933\" tg-height=\"671\" referrerpolicy=\"no-referrer\"/></p><p>Meta&#39;s profit soundly beat Wall Street targets at $2.72 per share, compared with an average analyst estimate of $2.56, according to IBES data from Refinitiv. The earning beats were tempered by Meta recording its slowest revenue growth in a decade.</p><p>Facebook daily active users (DAU), a key metric for advertisers, were 1.96 billion, slightly higher than the estimate of 1.95 billion, according to IBES data from Refinitiv. Monthly active users came in at 2.94 billion, missing Wall Street estimates by 30 million.</p><p>Meta has lost about half of its value since the start of the year, after a dismal February earnings report when Facebook&#39;s daily active users declined for the first time and it forecast a gloomy quarter, blaming ongoing factors including <a href=\"https://laohu8.com/S/AAPL\">Apple</a>&#39;s privacy changes and increased competition from platforms like ByteDance&#39;s TikTok.</p><p>&#34;It&#39;s good news that Meta somehow managed to eke out growth in DAU. It needed to show some sort of turnaround from last quarter&#39;s performance,&#34; Insider Intelligence analyst Debra Williamson said.</p><p>&#34;However, growth in monthly active users is slowing quickly. A few quarters ago it could count on developing markets to keep the growth engine going but it&#39;s likely that even these high-growth opportunities are starting to dry up,&#34; she said.</p><p>Total revenue, the bulk of which comes from ad sales, rose 7% to $27.91 billion in the first quarter, but missed analysts&#39; estimates of $28.20 billion, according to IBES data from Refinitiv.</p><p>In a conference call with analysts on Wednesday, Chief Financial Officer Dave Wehner cited factors including a slowdown in ecommerce after rapid growth during the COVID-19 pandemic, as well as a loss of revenue in Russia and reduced ad demand amid global economic uncertainty.</p><p>Russia banned Facebook and Instagram in March, finding Meta guilty of &#34;extremist activity&#34; amid Moscow&#39;s crackdown on social media during its invasion of Ukraine. Meta&#39;s messaging service WhatsApp is not affected by the ban. Meta has also barred advertisers in Russia from creating and running ads anywhere in the world.</p><p>Meta forecast second-quarter revenue between $28 billion and $30 billion. Analysts on average were expecting current-quarter revenue of $30.63 billion. The company said its outlook reflected factors including the war in Ukraine and said it was monitoring the potential impact of regulatory moves in Europe.</p><p>Recent earnings reports from Google parent <a href=\"https://laohu8.com/S/GOOGL\">Alphabet Inc </a> and <a href=\"https://laohu8.com/S/SNAP\">Snap Inc </a> have signaled the impact of the global economic turmoil on digital ads spending, amid rising inflation and geopolitical uncertainty.</p><p>&#34;I think following Google, expectations were just for the absolute worst,&#34; said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. &#34;When they came in with EPS above estimates, I think people who had shorted the stock and those that had...given up on it decided to come back in.&#34;</p><p>Meta lowered its expected 2022 total expenses to between $87 billion and $92 billion, down from its prior outlook of $90 billion to $95 billion.</p><p>Meta saw quarterly revenue of $695 million for its Reality Labs hardware division, which is home to its augmented and virtual reality efforts. It reported $3 billion in losses from operations from these metaverse ambitions.</p><p>The company has warned it will take billions of dollars and multiple years to realize its aims around building the metaverse, a futuristic idea of virtual environments where users can work, socialize and play.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1164859165","content_text":"(Reuters) - Facebook rebounded from a drop in users early this year and its parent Meta  posted a profit ahead of Wall Street targets, defying low investor expectations with a quarterly report that sent shares up 18%.Meta CEO Mark Zuckerberg also said that the company would scale back costs and was investing in artificial intelligence tools to improve recommendations and ads, a sign Meta is buckling down to make money while working on its long-term ambitions to build the metaverse.Its stock rose over 18% in after-hours trade on Wednesday.Meta's profit soundly beat Wall Street targets at $2.72 per share, compared with an average analyst estimate of $2.56, according to IBES data from Refinitiv. The earning beats were tempered by Meta recording its slowest revenue growth in a decade.Facebook daily active users (DAU), a key metric for advertisers, were 1.96 billion, slightly higher than the estimate of 1.95 billion, according to IBES data from Refinitiv. Monthly active users came in at 2.94 billion, missing Wall Street estimates by 30 million.Meta has lost about half of its value since the start of the year, after a dismal February earnings report when Facebook's daily active users declined for the first time and it forecast a gloomy quarter, blaming ongoing factors including Apple's privacy changes and increased competition from platforms like ByteDance's TikTok.\"It's good news that Meta somehow managed to eke out growth in DAU. It needed to show some sort of turnaround from last quarter's performance,\" Insider Intelligence analyst Debra Williamson said.\"However, growth in monthly active users is slowing quickly. A few quarters ago it could count on developing markets to keep the growth engine going but it's likely that even these high-growth opportunities are starting to dry up,\" she said.Total revenue, the bulk of which comes from ad sales, rose 7% to $27.91 billion in the first quarter, but missed analysts' estimates of $28.20 billion, according to IBES data from Refinitiv.In a conference call with analysts on Wednesday, Chief Financial Officer Dave Wehner cited factors including a slowdown in ecommerce after rapid growth during the COVID-19 pandemic, as well as a loss of revenue in Russia and reduced ad demand amid global economic uncertainty.Russia banned Facebook and Instagram in March, finding Meta guilty of \"extremist activity\" amid Moscow's crackdown on social media during its invasion of Ukraine. Meta's messaging service WhatsApp is not affected by the ban. Meta has also barred advertisers in Russia from creating and running ads anywhere in the world.Meta forecast second-quarter revenue between $28 billion and $30 billion. Analysts on average were expecting current-quarter revenue of $30.63 billion. The company said its outlook reflected factors including the war in Ukraine and said it was monitoring the potential impact of regulatory moves in Europe.Recent earnings reports from Google parent Alphabet Inc  and Snap Inc  have signaled the impact of the global economic turmoil on digital ads spending, amid rising inflation and geopolitical uncertainty.\"I think following Google, expectations were just for the absolute worst,\" said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey. \"When they came in with EPS above estimates, I think people who had shorted the stock and those that had...given up on it decided to come back in.\"Meta lowered its expected 2022 total expenses to between $87 billion and $92 billion, down from its prior outlook of $90 billion to $95 billion.Meta saw quarterly revenue of $695 million for its Reality Labs hardware division, which is home to its augmented and virtual reality efforts. It reported $3 billion in losses from operations from these metaverse ambitions.The company has warned it will take billions of dollars and multiple years to realize its aims around building the metaverse, a futuristic idea of virtual environments where users can work, socialize and play.","news_type":1},"isVote":1,"tweetType":1,"viewCount":42,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9940548904,"gmtCreate":1678069385409,"gmtModify":1678069389154,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"like","listText":"like","text":"like","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9940548904","repostId":"9940567175","repostType":1,"repost":{"id":9940567175,"gmtCreate":1678058066997,"gmtModify":1678068875442,"author":{"id":"9000000000000493","authorId":"9000000000000493","name":"MattGiannino","avatar":"https://community-static.tradeup.com/news/076c4526ed15e6ab4b5e3837009735c7","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"9000000000000493","authorIdStr":"9000000000000493"},"themes":[],"htmlText":"\n \n \n  3 Option Picks for this Week *NOW*\n \n","listText":"3 Option Picks for this Week *NOW*","text":"3 Option Picks for this Week *NOW*","images":[],"top":1,"highlighted":2,"essential":2,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9940567175","isVote":1,"tweetType":2,"object":{"id":"166db92d42934174ba00f9ce5c3bc202","tweetId":"9940567175","title":"3 Option Picks for this Week *NOW*","videoUrl":"http://v.tigerbbs.com/167805806049732590efaaf741b3a1cb2557f94faa8ce.mp4","poster":"https://static.tigerbbs.com/3cda71c5e4d9b67cb895050583981cbb","shareLink":"http://v.tigerbbs.com/167805806049732590efaaf741b3a1cb2557f94faa8ce.mp4"},"viewCount":0,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},"isVote":1,"tweetType":1,"viewCount":669,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9933419586,"gmtCreate":1662336809645,"gmtModify":1676537037944,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>ok","listText":"<a href=\"https://ttm.financial/S/TSLA\">$Tesla Motors(TSLA)$</a>ok","text":"$Tesla Motors(TSLA)$ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9933419586","isVote":1,"tweetType":1,"viewCount":10,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9991599229,"gmtCreate":1660862998965,"gmtModify":1676536410867,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"Oo","listText":"Oo","text":"Oo","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9991599229","repostId":"1154624575","repostType":4,"repost":{"id":"1154624575","kind":"news","pubTimestamp":1660875576,"share":"https://ttm.financial/m/news/1154624575?lang=&edition=fundamental","pubTime":"2022-08-19 10:19","market":"us","language":"en","title":"Inside Crypto’s Largest Collapse with Terra's Do Kwon","url":"https://stock-news.laohu8.com/highlight/detail?id=1154624575","media":"Coinage","summary":"Three months ago, Do Kwon was a multi-billionaire on paper. He had a million followers on Twitter. A","content":"<html><head></head><body><p><img src=\"https://static.tigerbbs.com/8924c127191fc1ede7d88ee41d029968\" tg-width=\"3840\" tg-height=\"2160\" referrerpolicy=\"no-referrer\"/></p><p>Three months ago, Do Kwon was a multi-billionaire on paper. He had a million followers on Twitter. And he commanded a sprawling crypto empire nearing $100 billion in value, which had seemed to explode from obscurity to ubiquity overnight.</p><p>If there were a Mt. Rushmore of crypto, Kwon’s face would have been half-chiseled into stone by May of this year. And one of those faces would have been an anonymous slab in a hoodie, so that’s saying something. His algorithmic stablecoin “UST,” created by his company Terraform Labs (TFL), had crypto’s most coveted investors lining up to give him their money.</p><p>The Terra ecosystem’s astronomical growth was unprecedented. If it survived the crucible of early adoption, it was poised to become the backbone of the entire decentralized economy — “crypto’s reserve currency,” as the pitch tended to go. UST would do this by performing one deceptively simple job: always be worth one dollar, and in doing so, give crypto a less volatile medium of exchange than standard bearers like bitcoin.</p><p>To keep UST’s price steady, Kwon designed a companion coin, LUNA, which he programmed to have a balancing effect on UST’s price. If demand for UST went up or down, then Kwon’s algorithm would adjust the supply of LUNA accordingly, until market forces drove UST back to $1. Zoom all the way out, and if UST maintained that dollar peg long enough, then Kwon would become the man at the center of the coin at the center of a multi-trillion dollar industry.</p><p>And he wasn’t shy about his breakneck success. He might have been a versatile engineer, but shame was not in his repertoire. Some of his tweets could make Elon Musk blush: He referred to his critics as “poors.” He mocked journalists and taunted regulators. And he danced on the graves of his competitors with palpable delight.</p><p>He made a show of walking the walk, too — his wardrobe of a half-dozen faded t-shirts made Zuck look like a fashionista, and his upright, 6’2” frame exuded the confidence of a fox in a henhouse. At the age of 30, he played the part of wunderkind visionary with more panache than a hype man at a Cupertino keynote.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/1c2d9d89ce74ca3fc4a1e6dba2e24add\" tg-width=\"3840\" tg-height=\"2160\" referrerpolicy=\"no-referrer\"/><span>Do Kwon, founder of Terraform Labs, sits down for an exclusive interview with Coinage at his company&#39;s office in Singapore.</span></p><p>From the outside, success at such a dizzying scale always has a way of feeling like it happens overnight. One day, you’ve never heard of the smirking Stanford grad from South Korea; the next, he’s everywhere — a force that must be reckoned with anywhere that crypto must be reckoned with. But behind the scenes, Kwon had been quietly laying the groundwork for his meteoric rise for nearly five years. From the comfort of his keyboard, he’d created a new blockchain, invented a new currency, and raised a small and fiercely loyal army of developers (you can’t launch a financial revolution without revolutionaries, of course). In crypto these days, that means shooting the shit under pseudonyms on Discord, parlaying with hackers on Telegram, and reeling in institutional investors one by one, until blue-chip billionaires start getting FOMO and maneuver to dive in headfirst.</p><p>Skeptics could always nitpick, but from afar, everything in Kwon’s playbook didn’t just look like it was going to plan — at every turn, he seemed to exceed expectations. He also made a habit of putting his money where his mouth was, and his family’s legacy too: when he and his wife welcomed their first child in April, they christened her Luna. “My dearest creation named after my greatest invention,” he<u>announced</u>on Twitter. To say he was all in was an understatement. He actively positioned himself to either go down as a genius or an egomaniac. Or just as likely, both.</p><p>But that was Kwon’s great appeal as a salesman: Bold, brash, and brilliant, a man who was untouchable in all the most entertaining ways. His legion of followers called themselves LUNAtics. Analysts called him the most important man in crypto. At least one of those billionaire backers went so far as to get a regrettable LUNA tattoo. His cockiness? All in good fun, and proven out by the numbers. His caginess? A great man need not suffer fools nor haters — in online discourse, there’s no such thing as too clever by half.</p><p>So it was little surprise his investors hailed from all over the world, united by the Big Idea at the heart of Terra’s triumph: “A decentralized economy needs decentralized money.” Or put another way, for those who haven’t been crypto-pilled: For crypto to work, UST-LUNA has to work. And it will only work if enough of us trust that it will.</p><p>But then one day, it didn’t.</p><p>With breathtaking speed, Terra’s fairytale rise would prove too good to be true — and would only be outdone by the nightmarish theatrics of its fall. Over one week in May, the market’s trust in Do Kwon went to zero, and UST cratered with it as LUNA crashed back to Earth. By month’s end, over $45 billion had evaporated from Terra’s ecosystem, and<u>more than $80 billion</u>from all crypto markets in the fallout. Just like that, Kwon’s empire had crumbled to dust.</p><p>In the hazy aftermath, investors who watched their life savings disappear have been left with more questions than answers. Lives have been ruined, fortunes lost, and there have been reports of suicides. Meanwhile, Kwon and his company are now the subjects of multiple class-action lawsuits, and some in the press have dubbed him “crypto’s Elizabeth Holmes.” Last month, investigators in Korea raided the home of his co-founder Daniel Shin. And as authorities build a possible case against Terraform Labs in Kwon’s home country, his employees attached to the project have been put on Korea’s no-fly list.</p><p>But Kwon hasn’t been in Korea for months — he’s in Singapore, still trying to process exactly how everything went so bad, so fast. He meets me in a casual hot pot joint near his office, wearing shorts and knockoff Birkenstocks to survive the unyielding heat of a Singapore summer. Everywhere I look, something’s reaching a boiling point.</p><p>I’d been chasing this interview for three months now, since the week of Terra’s collapse. So had others, Kwon tells me. The New York Times, The Wall Street Journal, even a couple Netflix documentaries. When Kwon finally agreed to go on the record, I took the first flight out from New York I could get.</p><p>As a reporter, there is little more terrifying than the sense you may be too close to a story; this one requires more disclosures than any I’ve reported in my life. When Kwon was at the pinnacle of his powers last year, Terraform Labs became an investor in Coinage’s parent company. Meanwhile, I had previously bought UST and LUNA tokens, and held both all the way through the crash. Which is to say: I lost almost everything that week as well. On several occasions over those fateful few days, I’d even passed up the chance to hedge my bets, because, like hundreds of thousands of others, I believed in what Terra was building, and believed Kwon when he said it would work.</p><p>To be sure, I had only myself to blame for my investment choices — indeed, I knew Terra’s risks better than most. Or at least, I liked to think I did. It’s one thing to buy the dream, another to live the reality. And somewhere in the shuffle, I’d lost a small fortune literally buying what Kwon had been selling.</p><p>That’s why I don’t see it coming when Kwon throws back the last of his drink, as exhausted as I’ve ever seen him, and hits<i>me</i>with a question before he’ll start leaking answers: “What would you have done differently?”</p><p>Well, if we’re going there — where to begin?</p><h2><b>Day 1: 99 Cents</b></h2><p>The trade was perfectly timed. An anonymous actor, or<u>possibly two</u>, knew exactly how and when to strike against Kwon’s miracle machine. To many, its algorithm appeared invincible — it had just catapulted Terra from far-flung message boards to one of crypto’s top 10 projects by market cap, after all. But behind the curtain, if you knew where to look, there lurked a glaring flaw.</p><p>Unlike other stablecoins, which are designed to be backed by cold hard cash, UST was “algorithmic,” which meant that it had no such<i>real</i>backstop in the physical world. This approach was riskier, sure. But it also meant that if Terra was successful, crypto would finally have a reliable currency that was truly and completely independent of the old financial system.</p><p>So instead, UST kept its $1 peg through its algorithm, allowing users to freely trade between UST and LUNA. In effect, buying LUNA was a pure bet on the adoption of UST: The more people bought UST, the more LUNA the algorithm would burn to keep UST at $1. And that would in turn drive up the price of LUNA. In a market as complex as crypto’s, Kwon’s masterstroke was a tantalizingly simple investment thesis — if you thought UST’s use would continue to grow, then you bought LUNA. So, I bought LUNA.</p><p>As recently as 2021, LUNA was trading for as low as 63 cents. At its peak in April of this year, it was going for $119. The day before everything went to hell, it was still sitting comfortably near $80.</p><p>And just as designed, as LUNA soared, UST stayed stable. Until it didn’t.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/c4aeab6f3109ce798595f9f4ac111456\" tg-width=\"3840\" tg-height=\"2025\" referrerpolicy=\"no-referrer\"/><span>Do Kwon working from Terraform Labs&#39;s office in Singapore.</span></p><p>On the night of May 7, 2022, Terraform labs executed an unannounced transfer of funds between trading pools. Thirteen minutes later, the untraceable traders pounced on this brief window of vulnerability, selling off nearly $200 million worth of UST at the exact same time.</p><p>“I was in Singapore,” Kwon recounts from his noticeably sparse downtown office. “I woke up in the morning and the Curve pool was imbalanced because somebody had done a very large trade … Twitter was alight with speculation about UST. And my first reaction is, you know, this has happened before … I talked to a few people on Twitter, I got back to a few Telegram messages and, you know, didn&#39;t take too much action at that point.”</p><p>As more and more UST was swapped out for other currencies, the trading pool became unbalanced, which caused the value of UST to wobble from $1 to 99 cents. Which might not sound like a lot, on its face. But again, UST only had that one job:<i>always be worth one dollar</i>. No more, no less.</p><p>The wobble quickly caught the attention of traders. “The sentiment on Twitter started to get worse,” Kwon recalls, putting it lightly. “And then there started to be more people that were trading against the Curve pools.” In an attempt to allay fears, Kwon brusquely<u>took to Twitter</u>, where he goes by @stablekwon: “Anon, you could listen to [Crypto Twitter] influensooors about UST depegging for the 69th time. Or you could remember they’re all now poor, and go for a run instead.”</p><p>But behind the scenes, the situation was more complicated than he was letting on. His executive team was out of commission at the time of the attack — they were all up in the air, en route to Singapore for a quarterly summit at Terraform’s headquarters. Looking back, Kwon believes that this confluence of events feels like too much of a coincidence. The timing of the decisive fund transfer and the movements of his advisors were both inside information. In his view, there must have been a leak in his office.</p><p>“The only people that knew that were TFL employees,” Kwon admits when I press him on whether the timing seems more than mere happenstance. His manner of speech is littered with cliffhanger pauses, like he’s stress-testing tomorrow’s news in his head. “So if you&#39;re asking me whether there was a mole at Terraform Labs, that&#39;s probably &#39;yes&#39;.”</p><p>But as he takes care to repeatedly reiterate, this was not the first time that UST had wobbled — it had dipped to 99 cents a few times before, even once briefly dropping below 90 cents the year prior, before quickly regaining its dollar peg. To an “algo stable” veteran, this was just the system working as designed.</p><p>But this time was different because the stakes for Terra were different. And now that its peg was suddenly in question, long-simmering concerns about its viability erupted to the fore.</p><p>In the blood rush of a bull market, it could be easy to forget that UST’s success was always going to be an uphill battle: Every large algorithmic stablecoin that had ever been sold on the open market had eventually crashed to pennies on the dollar. Some were poorly designed, others ineffectively managed. But across the board, all had failed to achieve what lasting success would inevitably require — a real economy of users making purchases with the stablecoin, and the size and scale to justify having one.</p><p>Simply put, for Terra to stand the test of time, yes, UST had to be worth $1. But the real question was, if you had a dollar, why would you want to hold it in UST? To survive in the long run, Terra had to convince us that UST was the best currency on offer — that it was even a better bet than those greenbacks stuffed under our mattresses. So Kwon sought to make his stablecoin attractive not only to crypto insiders already deep in the burgeoning ecosystem of decentralized finance (more commonly known as DeFi), but also to everyday consumers who had no interest in toppling the global economy’s status quo, and just wanted money that was easy to spend.</p><p>On this count, Kwon and his co-founder Shin had an ace up their sleeve: they’d already founded Chai, a digital payments startup that was doing big business in Korea. Chai let people use UST to make purchases without even realizing they were trafficking in crypto — seamless, convenient, and straightforward, not unlike PayPal in the States. The idea that a cryptocurrency was being used in the real world to buy everyday goods was a breakthrough selling point for Terra — it’s what first caught my eye about the project, and what made it stand out from countless rivals. When push comes to shove, the most powerful currencies in crypto have always been legitimacy and trust. And as Chai took off in Korea, Terra had an undeniable competitive advantage.</p><p>But even so, in 2019, growth across the industry slowed to a crawl, and Kwon struggled to hook deep-pocketed investors. &#34;We tried to do another fundraise for Terra in the middle of 2019,” he tells me, arms crossed as he looks out over the Singapore skyline — a grayscale view, perpetually under construction. “And the market was really bad. We actually managed to raise $0.” It was around this time that Kwon bought out Shin’s ownership stake in Terra, leaving Shin free to work on developing Chai on his own.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a1e39ae9b4a01a9803de05a3d20df942\" tg-width=\"3840\" tg-height=\"2160\" referrerpolicy=\"no-referrer\"/><span>&#34;In retrospect, if you were to ask me whether the manner in which some of these comments were conveyed was cringe, yes.&#34;</span></p><p>In the meantime, Kwon had to look elsewhere to jumpstart his nascent economy. His big break would come in March 2021, with the launch of Anchor Savings Protocol — effectively, an automated bank built on Terra’s blockchain. The sales pitch was simple: Deposit your UST stablecoins in Anchor, and it would automatically give you a fixed annual interest rate of nearly 20%.</p><p>As DeFi users flocked to Anchor’s sweetheart rate in droves, LUNAtics began forming communities around the ecosystem. At its peak, over $17 billion was locked in the Anchor protocol, which<u>represented</u>over 70% of UST in circulation. In the process, Anchor rocketed Terra toward the size it would need to become too big to fail — but at the same time, it would also require Kwon to perform the high-wire act of keeping money flowing into the system. The catch was that the 20% yield was not sustainable on its own. (There’s a reason most traditional banks only offer around 1 or 2% interest, and even other stablecoins were dangling rates only half as high).</p><p>But Kwon doesn’t cede an inch on his decision-making here, arguing that he was in fact extremely conservative in his posturing. “The internal consensus of what people wanted to do with the interest rate was several thousand percent APR with Anchor in the beginning,” he counters when I suggest he was asking for trouble. “This was still when DeFi yields were in full bloom, and there were tons of DeFi launches that were targeting stablecoin deposits, offering several hundred percent APRs, several thousand percent APRs.”</p><p>Whatever the points of comparison, the simple fact remains: Anchor wasn’t profitable enough to sustain its 20% yield on its own. As a result, the protocol was reliant on regular cash injections from Terraform Labs to keep the payments flowing. When the anonymous traders struck on May 7, Anchor’s runway was down to only 45 days before it would need another injection of cash. And because this was all playing out on a transparent blockchain,<i>anyone</i>could see the end of the road looming there on the horizon. When a Terra community member proposed a $1 billion top-up in April, Kwon coyly replied: “<u>Sounds low</u>.”</p><p>That’s what made<i>this</i>depegging unique in Terra’s short but stalwart history — by the time UST dipped to 99 cents at center stage, there were already whispers in the rafters, and depositors on Anchor were starting to eye the exits, ready to jump at any sign the protocol might be headed for insolvency. Should that exodus grow from a trickle to a flood, it would risk a death spiral for the currency — akin to a modern-day digital bank run. The May 7 price wobble was precisely the sort of event that makes trigger-happy investors question their assumptions. Meanwhile, Kwon’s critics had been warning of just such a scenario for months.</p><p>But Kwon was prepared for a situation like this — or so he thought. “I’m up  —  amusing morning,” began that same tweet that stuck it to the haters and poors.</p><p>By his own accounting, he would not sleep again for eight days.</p><h2><b>Day 2: $1</b></h2><p>Kwon’s strategy to prevent a death spiral boiled down to the Luna Foundation Guard, a non-profit entity Terra launched in early 2022. Its initials, LFG, double as shorthand for the millennial rallying cry “Let’s Fucking Go.”</p><p>Through LFG, which was staffed with friendly faces from the Terra community, Kwon bought billions of dollars of other cryptocurrencies, mostly Bitcoin, to help prop up UST’s peg during times of turmoil. At its peak, LFG had over<u>$4 billion in reserves</u>, and Kwon had ambitions to grow that number to $10 billion — by some estimates, enough to make LFG the second largest holder of Bitcoin behind its anonymous creator.</p><p>To investors, Kwon billed the creation of LFG as a diplomatic move, meant to build bridges between Terra and other heavyweight blockchains across crypto. “We felt that by adding multiple different types of collaterals, starting with Bitcoin, UST had a real chance to become the decentralized money for all of crypto,” Kwon argues. “Because as UST grows, it’s backed by the economy of all the different chains on which it’s powering apps.”</p><p>Or <u>as he put it</u> more bluntly a few months earlier, before the bottom fell out: With crypto’s other powerhouses bought into Terra’s success, the failure of UST would be “equivalent to the failure of crypto itself.” If Kwon went down, then the whole space would go down with him. The very definition of <i>too big to fail.</i></p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/11dbe061a81f8876f284e6cf12827852\" tg-width=\"3840\" tg-height=\"2160\" referrerpolicy=\"no-referrer\"/><span>“You cannot be emotional about markets, right? Markets are dispassionate, and they move the way that they will.&#34;</span></p><p>And so, just before midnight on Sunday, May 8, as sell pressure on UST was mounting, Kwon set Plan A into motion: He began deploying $1.5 billion worth of LFG’s funds to stave off UST’s wobble. From his team’s war room in his Singapore office, Kwon once again<u>flaunted</u>on Twitter just how unfazed he was: “Those of you waiting for the earth to become unstable - I&#39;m afraid you will be waiting until the age of men expires.”</p><p>At least publicly, then, Kwon was his usual confident self. But he also had to be — any sign of weakness would suggest there was good cause to panic. So he tweeted “pegging” jokes, traded barbs with his critics, and generally acted how an overconfident founder would. When I ask him about his use of Twitter throughout Terra’s run, Kwon sits with the question before answering. “I think I developed an entertaining alter ego to match the community that I was engaging with. In retrospect, if you were to ask me whether the manner in which some of these comments were conveyed was cringe, yes.”</p><h2><b>Day 3: 69 cents</b></h2><p>On May 9, UST lost its peg for the second time. Almost immediately, Kwon’s reserves gambit — dipping into Bitcoin to cover his own currency’s slide — spectacularly backfired.</p><p>Instead of breathing a collective sigh of relief at UST’s return to $1, the market panicked at<i>how</i>it had gotten there: The whole point of UST-LUNA’s system was that it was supposed to be self-sufficient. The idea that it needed to tap into reserves of outside currencies seemed to undercut that foundational premise. And once again, those reserves were transparently finite — if they were necessary in times of crisis, then what happened if they ran out, too? If you have to ask the question in the stablecoin world, then you already have your answer. The market’s fears of a second depegging became a self-fulfilling prophecy. Not trusting the price to hold, investors rushed to get out while they could — and all those deployed Bitcoin reserves became their exit liquidity.</p><p>As Kwon dumped his rainy day fund on crypto exchanges, hoping to beat back the wave of sellers who were driving down UST’s price, he couldn’t bail himself out fast enough. With the loss of confidence in UST, the price of LUNA began to plummet too, falling from $61 to $27 by day’s end. And the lower the price dipped, the bolder short sellers became, driving down the price further yet — a vicious cycle that Kwon was all but helpless to reverse. Investors couldn’t refresh their screens fast enough; many were unable to cash out as they watched their savings evaporate. Billions were now exiting Anchor by the hour. The death spiral had begun in earnest.</p><p>Naturally, all eyes turned to @stablekwon for answers. But Kwon, who’d been tweeting memes, challenging critics, and<u>declaring</u>“I love chaos” over the past two days, had grown curiously — worryingly — silent. When UST’s price landed at 69 cents, not even Kwon was laughing.</p><p>A full twelve hours after he’d tweeted about LFG’s decision to deploy the $1.5 billion in capital  —  an eye-popping number that would rise to $2.5 billion by day’s end  —  he finally <u>resurfaced</u> with five words that would change countless lives, my own included:</p><p>“Deploying more capital - steady lads.”</p><h2><b>Day 4: 72 cents</b></h2><p>I was a lad. I held steady. I would swiftly pay the price.</p><p>Since it was my job to report on markets, I first came to crypto by way of traditional finance: What would this new technology disrupt, and what actually needed disrupting? Like any inventive frontier, the space had no shortage of provocative ideas in its early years. But time and again, their execution left much to be desired. Scams and frauds aside (of which, yes, there are still all too many), the industry had a preternatural talent for building the very traps it claimed it was here to escape. Like centralized economies, for one: The point of DeFi was to cut out traditional middlemen. But DeFi needed stablecoins to keep the wheels greased, and all those stablecoins were centralized.</p><p>If we’re being ungenerous, we’d call this hypocrisy. But more often, it was just a case of brass-tacks reality catching up to those airy ideals. Because yes, for digital economies to flourish, you needed digital reserve currencies. And for digital reserve currencies to flourish, you needed people to believe they were stable. And what did people believe was stable? The U.S. dollar. And so you’d end up right back where you started.</p><p>But then came Terra: Actually decentralized. Actually used in the real world on Chai. The spitting image of what a functional decentralized currency was actually supposed to look like. I reached out to Kwon for the first time in the spring of 2021. When I<u>interviewed</u>him for the first time, there was at least one question I felt still needed clearing up: How is this not a Ponzi scheme?</p><p>Yet, Kwon’s argument convinced me: A decentralized bank can make money all the ways that a “real” bank can, as long its currencies hold real value. And Terra’s did. Amidst the pomp of a bull market, precious few were raising concerns about Anchor’s high-yield runway. Every day, the ecosystem kept ballooning, proving Kwon’s adage that stablecoins have always been the crypto product with the best market fit. And a<i>decentralized</i>,<i>algorithmic</i>stablecoin? That wasn’t just market fit. It was the ground floor of an economic revolution: The fulfillment of crypto’s foundational mission.</p><p>All through that year and into the next, the market proved Kwon’s thesis right. So by the middle of that week in May, it wasn’t just my investment on the line. It was my conviction that decentralized economies were inevitable, and that Kwon knew how to build one better than anyone on Earth. Logic should have compelled me to hedge my bets to cover potential losses. Had I shorted when I had the chance, I’d have turned a ten-fold profit at the click of a button. But that would have been a bet against Kwon and everything Terra stood for. Markets might not be emotional, but one more disclosure: Sometimes, I am. So when Kwon told us to hold steady, assuring us he had the situation under control, that’s exactly what hundreds of thousands of us did. But UST did not.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/29b13142ce227142c1fd2722dc6854d9\" tg-width=\"3840\" tg-height=\"2025\" referrerpolicy=\"no-referrer\"/><span>“I just haven&#39;t found the words to describe what that feels like.&#34;</span></p><p>It was now Day Four of Kwon’s suddenly inescapable nightmare, and he was facing an immense amount of sell pressure from LUNA and UST holders looking to leave the ecosystem, and he was all too aware that LFG’s reserves were nearly depleted. He needed a Plan B, and fast.</p><p>“We decided that putting together additional capital so we’d have resources to be able to fight further would be the smart thing to do,” Kwon tells me, hands clasped on the table like a fallen saint come to repent. “So we started to put together a $2 billion round in the middle of the night. We called our existing investors in LFG. We called a lot of the friends that we had in the industry across multiple desks and large funds. And then, I think we were close to completing the book for that $2 billion round overnight.”</p><p>When I ask if he really pulled eight straight all-nighters, he cocks his head to think it over.</p><p>“So, seven nights. And then, I think I had one burrito.”</p><p>“A burrito?”</p><p>“One burrito. Half a burrito.”</p><p>Such is life with the weight of Terra on your shoulders. But now, “next level euphoric” at their progress in the war room, he once again took to Twitter, <u>declaring</u> he was “close to announcing a recovery plan for $UST. Hang tight.” Then, yet again, radio silence. It was one thing to secure verbal commitments, another for the money to hit the bank. Eight hours later, he reiterated that the plan was still in the works, <u>tweeting</u> “Getting close ... stay strong, lunatics.”</p><p>And then, the news leaked. The Block, an industry news site,<u>reported</u>that LFG was looking to raise fresh capital from large crypto investment firms in order to shore up UST. Kwon had planned to offer these investors a discount on LUNA, but the leak instantly obliterated the deal. “Once the news leaked, we started to see massive shorts pile up against LUNA,” he tells me with surprising equanimity. “So the value of the tokens that we were ready to sell just basically got decimated. It didn&#39;t make sense for people to participate in the round ... Good on [The Block], actually.”</p><p>“For ruining your round?”</p><p>“I mean, it’s all business, so. All good.”</p><p>This is a recurring theme in our conversations: “You cannot be emotional about markets, right? Markets are dispassionate, and they move the way that they will,” he muses. It’s not how I would react if I was sabotaged at the 11th hour on the most important day of my life, but what do I know? “There are probably not too many people that are alive with this type of experience,” Kwon reminds me.</p><p>In the meantime, with LFG’s reserves depleted, and thousands of investors losing faith by the minute, all Kwon could do was watch as UST’s economy was wiped off the market. Even three months later, he’s still grasping to make sense of the moment he realized he’d lost control of the situation. “I just haven&#39;t found the words to describe what that feels like,” he tells me. “I just didn&#39;t think this would happen.”</p><p>Plan A had backfired. Plan B was up in smoke. And Plan C — convince the market to wait for a Plan C — was hurtling out of reach in live time. The mainstream media was starting to take notice as well; that very day, at a Senate Banking Committee hearing, U.S. Treasury Secretary Janet Yellen called out Terra’s unregulated bank run. (Though Kwon made a point of noting it wasn’t his “place to spell out conspiracy theories,” he couldn’t help but comment on the speed of Yellen’s remarks: “I’m surprised that they were able to put together material for her speech when the thing had started to happen just a few hours earlier.”)</p><h2><b>Day 5: 30 cents</b></h2><p>In the blink of an eye, UST’s peg now seemed a distant memory. LUNA, which had been trading at $80 just days ago, was now unthinkably hovering below $1.</p><p>Stepping back, it was now painfully apparent that tens of billions of dollars had been lost in the Terra ecosystem alone. And its collapse was already having ripple effects across DeFi too. In short order, it would<u>topple</u>a who’s who of<u>overzealous crypto hedge funds</u>, while driving away investors from crypto in droves. Within two months, $800 billion would be wiped off the industry&#39;s<u>total market cap</u>. Against the backdrop of a wider downturn, it&#39;d be unfair to say that Terra started the fire. But it certainly became the lighter fluid that ignited the blaze.</p><p>As market prices plunged to crushing lows, talk of crypto as one big Ponzi scheme was suddenly hitting record highs in mainstream coverage. In one sense, Kwon’s master plan was working like a charm: now that he was going down, all of crypto was going down with him. As backward as it sounds, the scale of the disaster may be our best yardstick for measuring what had been the scale of Kwon’s success.</p><p>Unsurprisingly, before UST was even dead and buried, some started calling Do Kwon the Elizabeth Holmes of Korea — a comparison he struggles with when I bring it up to him. In his view, Theranos lied about its blood testers, which never worked, whereas “[UST] was working beautifully throughout the entire history that it was, and the fact that it was working perfectly was visible in the order books, and was present in all the integrations in the open source and transparent manner of crypto. Until it stopped working.”</p><p>In other words, it worked until it didn’t. In crypto, an industry that is equal parts unregulated and unprecedented, it can be a slippery slope from failure to fraud. And while victims of the crash scavenged for answers as their savings vanished, only more questions emerged.</p><p>By now, the press had had a field day with Kwon’s infamous shitposting. His hubris was the journalistic definition of low-hanging fruit. So when allegations broke of a trail of lies and deceit, the reputational damage was catastrophic.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/8db332b051cd8c5b5933d6e4eb03b6d3\" tg-width=\"3840\" tg-height=\"2025\" referrerpolicy=\"no-referrer\"/><span>&#34;I mean, this was essentially my life. And I put my actions where my beliefs are. I bet big, and I think I lost.”</span></p><p>On May 11, with UST hanging on for dear digital life at 30 cents, CoinDesk reported that Kwon <u>had been involved</u> in a prior attempt to create an algorithmic stablecoin called Basis Cash — a failed project that Kwon himself had referenced as proof of why UST was better than anything else that had been on the market. The optics of him scrambling to salvage a<i>failing</i>stablecoin, while omitting his association with a<i>failed</i>stablecoin, would prove the nail in UST’s coffin.</p><p>Three months later — and likely three months too late — Kwon confirms to me for the first time that he was indeed the pseudonymous “Rick Sanchez” of the Basis Cash project, but distances himself from the title of co-founder.</p><p>In the cool reprieve of his unfurnished high-rise apartment, he’s teaching me the computer game<i>StarCraft</i>—his go-to method for stress relief — when he denies that Basis Cash was his idea alone. According to Kwon, five developers he’d hired to work on Anchor had come up with their own idea for an algorithmic stablecoin, which would be run on the Ethereum blockchain. (Everyone on the team had an alias ripped from the cult favorite cartoon<i>Rick and Morty</i>; Kwon’s character, Rick Sanchez, is a mad scientist whose inventions have a knack for spiraling out of control.)</p><p>“I helped them with the initial community building, talking on Telegram a little bit, talking in the voice of what Rick Sanchez would’ve sounded like,” he explains. “It started to do really well. I think the market cap far exceeded LUNA’s right after they launched. So they said, ‘All right, we&#39;re just going to run this.’ And they quit the company and then they started to run it solo.”</p><p>Naturally, critics and investors were quick to call out Kwon for not disclosing his part in the project. But he still sees it differently. “I think bringing the Basis mechanism to light and testing it, especially in a sandbox type of environment before DeFi became very large, was good. I think for a first effort, they did a lot of things right,” he tells me, before quickly adding that their efforts left much to be desired, and that he was critical of their choice to sell their tokens and abandon the project.</p><p>But as it turned out, the Basis Cash debacle was just the beginning of Kwon’s trust troubles.</p><h2><b>Day 6: 15 Cents</b></h2><p>When the system was working in normal times, UST could be freely swapped for LUNA and vice versa; that had always been how UST maintained its peg. But these were anything but normal times. The way the algorithm was designed, more LUNA would be printed to help reset the peg when it wobbled. Except now, the market dynamics were so out of balance that LUNA began printing at immeasurable rates. This led to extreme hyperinflation and the collapse in LUNA’s price.</p><p>LUNA was now so cheap  —  trading for less than one cent  —  that the validators physically running Terra’s blockchain began calling for it to be<u>halted</u>, citing threats to the system’s security. UST was trading at 15 cents when Kwon was left with no choice but to shut it down to prevent a governance attack. The great game was over. His dream was dead.</p><p>But if it sounds like his algorithm broke down in the end, that’s not exactly true — what broke was the economy built atop it. Even to the bitter end, as it tried to print infinite LUNA, Kwon’s algorithm worked exactly as designed.</p><p>The totality of the crash hit LUNAtics especially hard. Two of the top three posts on the /r/TerraLuna subreddit are still about suicide. In other posts, users grappled with the magnitude of the crash as it unfolded (a typical<u>title</u>: “My brain can’t process this is happening for real”). And thoughts on Kwon’s handling of the crash read like a communal diary of spiraling sentiment. One day, he’s a mastermind who knows exactly what he’s doing. The <u>next</u>, “Do Kwon&#39;s arrogance was Terra&#39;s downfall.”</p><p>The blowback was sudden and unsettling. Kwon’s only two requests for our interview were that I avoid filming the faces of his employees or the location of his office, due to the flurry of death threats he’d received. By day six of the crash, a man had broken into his family’s apartment complex and rung their doorbell, forcing his wife to request <u>emergency protection</u> from Seoul police.</p><p>Kwon doesn’t deny that the collapse of Terra caused incalculable pain. “It was brutal,” he tells me. And he counts himself among the victims, claiming to have lost most of his net worth in the crash. “I don&#39;t want to seem like my losses are larger in terms of emotional impact compared to people that had less to go on and then put [in] their entire life savings and then the Terra system went down. But I just want to make it perfectly clear that the way that I thought about Terra and Luna was — I mean, this was essentially my life. And I put my actions where my beliefs are. I bet big, and I think I lost.”</p><p>He’s cagey about where his net worth now stands, a number that would be admittedly difficult to verify. Since crypto wallets start out anonymous, he could always ostensibly be hiding profits in wallets unknown to the public. “The reason why I didn’t want to advertise my wallet addresses is, number one, it&#39;s not going to work. People will just say I have more wallets, right?”</p><p>But he’s unflinching when he asserts he made nothing off UST’s collapse. “I’ve never shorted a cryptocurrency in my life, let alone UST.” And he says that his wife, who runs a Korean hot sauce company, held her own coins “all the way down.” How does she feel about these past few months? As Kwon quotes her telling him, “One of the best and worst things about you is that you go all in on everything.”</p><p>Try as I might to get a number out of him, he declines to elaborate on how much “all in” means in financial terms. “One of the jokes that people tell each other when markets turn bad is [that they’re] ‘down bad’ or ‘down horrendous,’” he says with a wistful smile. “And the word that I use to describe what happened here is ‘down infinite.’”</p><p>So there was no getting around it now: Terra had failed, in plain sight and for all to see. The fatal flaws in Anchor and LFG’s reserves plan were now readily apparent. As it so often does, the market had eaten its own. But as crowdsourced autopsies of Terra’s ecosystem began in earnest, and Kwon’s legal team walked out, an alarming array of red flags seemed to pop up everywhere investors looked.</p><h2><b>Day 90: Down Infinite</b></h2><p>In June, about a month after the collapse, the Wall Street Journal<u>reported</u>that Chai — the real-world use case that Kwon frequently touted as evidence of Terra’s mainstream adoption — had, in fact, ceased its use of UST by the end of 2021. Kwon was still listing the Chai relationship as a selling point as late as March 23, 2022, when he <u>brought it up</u> as a reason to be bullish about Terra on the Pomp Podcast, hosted by crypto investor Anthony Pompliano.</p><p>Kwon assures me he didn’t know that Chai’s usage had been discontinued when he made those claims. “We should have known better about how all of our different products were being used in different places like that,” he concedes.</p><p>Which may well be true. But, put in context, it’s a revelation that seems interesting. Kwon helped found Chai with Daniel Shin. He had sat on Chai’s board. And what’s more — Shin was even the officiant at Kwon’s wedding. That Kwon would not have been aware of Chai’s decision requires a leap of faith.</p><p>Yet, Kwon remains adamant when I press him: “By that point, other things in Terra were so large that I just wasn&#39;t paying attention to Chai very much. But that&#39;s definitely one of those things that we should have picked up on.”</p><p>What Kwon knew and when will be a central question of any investigation into Terra’s collapse. The <u>legal definition</u> of fraud is the deliberate misrepresentation of facts as they’re known at the time, with the intent of inciting people to actions they otherwise would not take and causing harm. Well, the Chai use case was what attracted me to the Terra ecosystem in the first place — had I known the deal was dead, would I have exited my investment before or during the crash?</p><p>Kwon, for one, doesn’t think so. In his mind, Terra was already a sure thing by that juncture, with or without Chai. “I think just psychologically, I had moved on from Chai as a use case, because that business wasn&#39;t growing, whereas, you know, there were dozens of different things that were being built on top of Terra. Tons of integrations like Anchor and Mirror were increasing in usership and things like that.&#34;</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/57328367830b1d54c3a76ed16fba5107\" tg-width=\"3840\" tg-height=\"2025\" referrerpolicy=\"no-referrer\"/><span>&#34;I think what I spend time doing over the next 20 years is going to be more meaningful than what happened over the last six weeks.&#34;</span></p><p>In case you didn’t think there were enough twists and turns in Kwon’s tale: Mirror was an unregulated copy of the stock market built atop Terra’s blockchain, which inevitably got Kwon subpoenaed by the U.S. Securities and Exchange Commission. In a cavalier Kwon comeback, he responded by<i>suing the SEC</i>for improperly issuing the subpoena. There’s poking the bear, and then there’s challenging the bear to a fistfight.</p><p>At this point, the SEC may be the least of Kwon’s problems. Among the various agencies around the world looking into all things Terra, Korean prosecutors have thus far been the most aggressive. But Kwon says he plans to cooperate when the time comes.</p><p>“In terms of dealing with due process, it&#39;s not a question of what you are prepared to face, it’s a question of how you are going to face them. So what we&#39;re going to do is we&#39;re just going to put out the facts as we know them,” he tells me with trademark confidence.</p><p>When I ask him how he defines fraud, he pauses so long, I feel like I’m the one who might be in trouble. “Well,if you knew something that wasn&#39;t true, and then you argue that that was true for personal enrichment or whatever purpose that might be, then that&#39;s fraud, right?” Pretty spot on, off the cuff. “I think it boils down to a question of whether you wanted to do the right thing.”</p><p>But of course, many investors in Terra are no longer taking Kwon at his word. A number of former Terra users, including one of the loudest, have accused him of<u>extracting $2.7 billion</u>from Terra’s reserves, a claim Kwon<u>flatly denies</u>. “In terms of how much UST [exchanges] were able to buy back, it matches the amount of Bitcoin that we gave them,” he points out. The blockchain may be built for transparency, but that has rarely made the whole truth any easier to find.</p><p>Other allegations, Kwon has little trouble swatting down. Some news organizations reported on the existence of Flexi Corp, a Korean shell company linked to Kwon. With a wave of his hand, he explains that Terraform Labs had three subsidiary corporations in Korea, including Flexi Corp, but when he moved operations to Singapore before the crash, he “wound that entity down.” Other questions have been raised about how much money Terraform Labs was spending on operations through an effort called<u>Project Dawn</u>; of the three million LUNA it let the company unlock per month, Kwon says the coins “were used to meet our obligations to investors and employee vesting. And once again, none of that went to me.”</p><p>In the meantime  —  and as ever in crypto  —  those Ponzi claims continue to linger. In one sense, the argument that Terra was just one big elaborate Ponzi scheme is simple: Anchor promised fixed 20% returns for everyone who bought into the ecosystem. When that became unsustainable, everything crashed.</p><p>On the other hand, this kind of “Ponzi-nomics” has long been actively debated in the crypto sphere. Plenty of traditional businesses use VC cash to subsidize everything from free lunches and taxi rides to subscriptions and movie tickets in order to gain a loyal customer base, raising prices or reducing benefits once they’ve established themselves as an essential part of our lives. Terra was arguably doing the same by subsidizing Anchor, and it worked as intended for years. Until, of course, it didn’t.</p><p>For what it’s worth, Kwon makes a point of accepting responsibility for the crash. “I, and I alone, am responsible for any weaknesses that could have been presented for a short seller to start to take profit. The blame is on the person that presented those vulnerabilities in the first place,” he said. “That’s me.”</p><p>Even so, that likely won’t satisfy the Korean justice system, which also appears intensely interested in making sense of Terra’s collapse. In between my two days of interviews with Kwon in Singapore, Korean authorities <u>raided his cofounder Daniel Shin’s home</u>, as well as Korean cryptocurrency exchanges that held UST-LUNA on the books.</p><p>When I ask if he’s thinking about going back to Korea, he’s noncommittal. “It&#39;s kind of hard to make that decision, because we&#39;ve never been in touch with the investigators. They&#39;ve never charged us with anything. They haven&#39;t reached out to us at all.”</p><p>Again, his casual calmness surprises me. When I float the prospect of jail time, he doesn’t miss a beat: “Life is long.”</p><p>And his new lawyers? How do they feel about our conversation? Kwon all but laughs. “I mean, no lawyer is going to be happy.”</p><p>As investigators and armchair detectives circle the case, regulators around the world are also now taking a closer look at stablecoins in the wake of Terra’s collapse. Under <u>new rules</u> passed in the EU known as MiCA, stablecoins like Tether and USDC will have to maintain an ample reserve backing to ward off death spirals like Terra’s. And in the U.S., <u>some lawmakers</u> hope to have a new federal regulation passed by the end of the year.</p><h2><b>Day 0</b></h2><p>In the meantime, Do Kwon is already trying again. Shortly after the crash, he launched Terra 2.0 — his swift attempt to start rebuilding his crypto empire, though this time with no algorithmic stablecoin attached. The new coin launched on May 28, and traded as high as $11 in the days that followed, though its price currently sits around $2. Million of dollars of “LUNA Classic” still trades hands every day, and some loyal developers are still building on the platform. But activity on its <u>official forum</u> remains sparse.</p><p>“In terms of the future of Terra 2.0, one of the things that I&#39;m banking on is a lot of the core of the community that was built up during the crash. I think they are primed to launch interesting things on top of 2.0 independent of the things that we do,” Kwon tells me, as enthusiastic as I’ve seen him. “I&#39;m always going to be doing things on Terra and for the Terra community. This is my home and this is where I feel like there&#39;s the brightest future.”</p><p>Some rival blockchains have attempted to hire away developers who worked on Terra, including Polygon and Kadena, which both <u>announced millions</u> in funding dedicated to poaching top talent. Kwon claims “most of Terraform Labs is still intact. We lost a lot of executives during the crash, but in terms of the overall headcount, we lost a total of two devs.”</p><p>Beyond the collapse of Terra itself, there’s no chart I can point to revealing what remains of the market’s trust in Do Kwon. Its implosion caused many of us to lose incredible sums of money — almost certainly driving some away from the Terra ecosystem forever, if not the rest of crypto, too. Yet Kwon’s new venture will have to rely almost entirely on trust — both in him and in the resuscitated Terra ecosystem — in order to successfully rebuild. When asked about upcoming projects launching on Terra 2.0, Kwon was optimistic but sparing with details. “I would rather just leave these [upcoming products] to be a surprise. I think one of the lessons that I learned is you should probably not oversell things that don&#39;t exist yet.”</p><p>What’s certain is that he doesn’t intend to be going anywhere. “I love crypto. I love Web3. I plan to be building here for a long time, and if my thesis is right that we are at the very early innings of what will turn out to be, in my hope, a world that runs on Web3, then I think what I spend time doing over the next 20 years is going to be more meaningful than what happened over the last six weeks.”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/af47472de312e63f318f5f2387b46c5d\" tg-width=\"3840\" tg-height=\"2160\" referrerpolicy=\"no-referrer\"/><span>Do Kwon announced the birth of his daughter Luna to the world on Twitter, calling her &#34;My dearest creation named after my greatest invention.&#34;</span></p><p>As for his daughter Luna, Kwon doesn’t plan on changing her name. “Let&#39;s just say that I have an incentive to make sure that her name isn&#39;t something that she can be ashamed of, but something that she can be proud of.”</p><p>He could have named his new project literally anything else too — conventional wisdom would be to create as much distance as possible from memories of crypto’s largest-ever collapse. But this is Do Kwon we’re talking about. So LUNA 2.0 it is.</p><p>As we spill out of hot pot heaven on my last night in Singapore, Kwon stops along the road and gazes up at the night sky. He confesses he thought about another name, but just couldn’t bring himself to do it. “It’s right there,” he says, like we’re standing in a dream. “I stare up and see the moon, and just feel so attached to it.”</p><p>On that count, at least, I still envy him. For me, it remains out of reach.</p></body></html>","source":"lsy1660834006975","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Inside Crypto’s Largest Collapse with Terra's Do Kwon</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nInside Crypto’s Largest Collapse with Terra's Do Kwon\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-19 10:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.coinage.media/s1/inside-cryptos-largest-collapse-with-terras-do-kwon><strong>Coinage</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Three months ago, Do Kwon was a multi-billionaire on paper. He had a million followers on Twitter. And he commanded a sprawling crypto empire nearing $100 billion in value, which had seemed to explode...</p>\n\n<a href=\"https://www.coinage.media/s1/inside-cryptos-largest-collapse-with-terras-do-kwon\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GBTC":"Grayscale Bitcoin Trust","COIN":"Coinbase Global, Inc."},"source_url":"https://www.coinage.media/s1/inside-cryptos-largest-collapse-with-terras-do-kwon","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1154624575","content_text":"Three months ago, Do Kwon was a multi-billionaire on paper. He had a million followers on Twitter. And he commanded a sprawling crypto empire nearing $100 billion in value, which had seemed to explode from obscurity to ubiquity overnight.If there were a Mt. Rushmore of crypto, Kwon’s face would have been half-chiseled into stone by May of this year. And one of those faces would have been an anonymous slab in a hoodie, so that’s saying something. His algorithmic stablecoin “UST,” created by his company Terraform Labs (TFL), had crypto’s most coveted investors lining up to give him their money.The Terra ecosystem’s astronomical growth was unprecedented. If it survived the crucible of early adoption, it was poised to become the backbone of the entire decentralized economy — “crypto’s reserve currency,” as the pitch tended to go. UST would do this by performing one deceptively simple job: always be worth one dollar, and in doing so, give crypto a less volatile medium of exchange than standard bearers like bitcoin.To keep UST’s price steady, Kwon designed a companion coin, LUNA, which he programmed to have a balancing effect on UST’s price. If demand for UST went up or down, then Kwon’s algorithm would adjust the supply of LUNA accordingly, until market forces drove UST back to $1. Zoom all the way out, and if UST maintained that dollar peg long enough, then Kwon would become the man at the center of the coin at the center of a multi-trillion dollar industry.And he wasn’t shy about his breakneck success. He might have been a versatile engineer, but shame was not in his repertoire. Some of his tweets could make Elon Musk blush: He referred to his critics as “poors.” He mocked journalists and taunted regulators. And he danced on the graves of his competitors with palpable delight.He made a show of walking the walk, too — his wardrobe of a half-dozen faded t-shirts made Zuck look like a fashionista, and his upright, 6’2” frame exuded the confidence of a fox in a henhouse. At the age of 30, he played the part of wunderkind visionary with more panache than a hype man at a Cupertino keynote.Do Kwon, founder of Terraform Labs, sits down for an exclusive interview with Coinage at his company's office in Singapore.From the outside, success at such a dizzying scale always has a way of feeling like it happens overnight. One day, you’ve never heard of the smirking Stanford grad from South Korea; the next, he’s everywhere — a force that must be reckoned with anywhere that crypto must be reckoned with. But behind the scenes, Kwon had been quietly laying the groundwork for his meteoric rise for nearly five years. From the comfort of his keyboard, he’d created a new blockchain, invented a new currency, and raised a small and fiercely loyal army of developers (you can’t launch a financial revolution without revolutionaries, of course). In crypto these days, that means shooting the shit under pseudonyms on Discord, parlaying with hackers on Telegram, and reeling in institutional investors one by one, until blue-chip billionaires start getting FOMO and maneuver to dive in headfirst.Skeptics could always nitpick, but from afar, everything in Kwon’s playbook didn’t just look like it was going to plan — at every turn, he seemed to exceed expectations. He also made a habit of putting his money where his mouth was, and his family’s legacy too: when he and his wife welcomed their first child in April, they christened her Luna. “My dearest creation named after my greatest invention,” heannouncedon Twitter. To say he was all in was an understatement. He actively positioned himself to either go down as a genius or an egomaniac. Or just as likely, both.But that was Kwon’s great appeal as a salesman: Bold, brash, and brilliant, a man who was untouchable in all the most entertaining ways. His legion of followers called themselves LUNAtics. Analysts called him the most important man in crypto. At least one of those billionaire backers went so far as to get a regrettable LUNA tattoo. His cockiness? All in good fun, and proven out by the numbers. His caginess? A great man need not suffer fools nor haters — in online discourse, there’s no such thing as too clever by half.So it was little surprise his investors hailed from all over the world, united by the Big Idea at the heart of Terra’s triumph: “A decentralized economy needs decentralized money.” Or put another way, for those who haven’t been crypto-pilled: For crypto to work, UST-LUNA has to work. And it will only work if enough of us trust that it will.But then one day, it didn’t.With breathtaking speed, Terra’s fairytale rise would prove too good to be true — and would only be outdone by the nightmarish theatrics of its fall. Over one week in May, the market’s trust in Do Kwon went to zero, and UST cratered with it as LUNA crashed back to Earth. By month’s end, over $45 billion had evaporated from Terra’s ecosystem, andmore than $80 billionfrom all crypto markets in the fallout. Just like that, Kwon’s empire had crumbled to dust.In the hazy aftermath, investors who watched their life savings disappear have been left with more questions than answers. Lives have been ruined, fortunes lost, and there have been reports of suicides. Meanwhile, Kwon and his company are now the subjects of multiple class-action lawsuits, and some in the press have dubbed him “crypto’s Elizabeth Holmes.” Last month, investigators in Korea raided the home of his co-founder Daniel Shin. And as authorities build a possible case against Terraform Labs in Kwon’s home country, his employees attached to the project have been put on Korea’s no-fly list.But Kwon hasn’t been in Korea for months — he’s in Singapore, still trying to process exactly how everything went so bad, so fast. He meets me in a casual hot pot joint near his office, wearing shorts and knockoff Birkenstocks to survive the unyielding heat of a Singapore summer. Everywhere I look, something’s reaching a boiling point.I’d been chasing this interview for three months now, since the week of Terra’s collapse. So had others, Kwon tells me. The New York Times, The Wall Street Journal, even a couple Netflix documentaries. When Kwon finally agreed to go on the record, I took the first flight out from New York I could get.As a reporter, there is little more terrifying than the sense you may be too close to a story; this one requires more disclosures than any I’ve reported in my life. When Kwon was at the pinnacle of his powers last year, Terraform Labs became an investor in Coinage’s parent company. Meanwhile, I had previously bought UST and LUNA tokens, and held both all the way through the crash. Which is to say: I lost almost everything that week as well. On several occasions over those fateful few days, I’d even passed up the chance to hedge my bets, because, like hundreds of thousands of others, I believed in what Terra was building, and believed Kwon when he said it would work.To be sure, I had only myself to blame for my investment choices — indeed, I knew Terra’s risks better than most. Or at least, I liked to think I did. It’s one thing to buy the dream, another to live the reality. And somewhere in the shuffle, I’d lost a small fortune literally buying what Kwon had been selling.That’s why I don’t see it coming when Kwon throws back the last of his drink, as exhausted as I’ve ever seen him, and hitsmewith a question before he’ll start leaking answers: “What would you have done differently?”Well, if we’re going there — where to begin?Day 1: 99 CentsThe trade was perfectly timed. An anonymous actor, orpossibly two, knew exactly how and when to strike against Kwon’s miracle machine. To many, its algorithm appeared invincible — it had just catapulted Terra from far-flung message boards to one of crypto’s top 10 projects by market cap, after all. But behind the curtain, if you knew where to look, there lurked a glaring flaw.Unlike other stablecoins, which are designed to be backed by cold hard cash, UST was “algorithmic,” which meant that it had no suchrealbackstop in the physical world. This approach was riskier, sure. But it also meant that if Terra was successful, crypto would finally have a reliable currency that was truly and completely independent of the old financial system.So instead, UST kept its $1 peg through its algorithm, allowing users to freely trade between UST and LUNA. In effect, buying LUNA was a pure bet on the adoption of UST: The more people bought UST, the more LUNA the algorithm would burn to keep UST at $1. And that would in turn drive up the price of LUNA. In a market as complex as crypto’s, Kwon’s masterstroke was a tantalizingly simple investment thesis — if you thought UST’s use would continue to grow, then you bought LUNA. So, I bought LUNA.As recently as 2021, LUNA was trading for as low as 63 cents. At its peak in April of this year, it was going for $119. The day before everything went to hell, it was still sitting comfortably near $80.And just as designed, as LUNA soared, UST stayed stable. Until it didn’t.Do Kwon working from Terraform Labs's office in Singapore.On the night of May 7, 2022, Terraform labs executed an unannounced transfer of funds between trading pools. Thirteen minutes later, the untraceable traders pounced on this brief window of vulnerability, selling off nearly $200 million worth of UST at the exact same time.“I was in Singapore,” Kwon recounts from his noticeably sparse downtown office. “I woke up in the morning and the Curve pool was imbalanced because somebody had done a very large trade … Twitter was alight with speculation about UST. And my first reaction is, you know, this has happened before … I talked to a few people on Twitter, I got back to a few Telegram messages and, you know, didn't take too much action at that point.”As more and more UST was swapped out for other currencies, the trading pool became unbalanced, which caused the value of UST to wobble from $1 to 99 cents. Which might not sound like a lot, on its face. But again, UST only had that one job:always be worth one dollar. No more, no less.The wobble quickly caught the attention of traders. “The sentiment on Twitter started to get worse,” Kwon recalls, putting it lightly. “And then there started to be more people that were trading against the Curve pools.” In an attempt to allay fears, Kwon brusquelytook to Twitter, where he goes by @stablekwon: “Anon, you could listen to [Crypto Twitter] influensooors about UST depegging for the 69th time. Or you could remember they’re all now poor, and go for a run instead.”But behind the scenes, the situation was more complicated than he was letting on. His executive team was out of commission at the time of the attack — they were all up in the air, en route to Singapore for a quarterly summit at Terraform’s headquarters. Looking back, Kwon believes that this confluence of events feels like too much of a coincidence. The timing of the decisive fund transfer and the movements of his advisors were both inside information. In his view, there must have been a leak in his office.“The only people that knew that were TFL employees,” Kwon admits when I press him on whether the timing seems more than mere happenstance. His manner of speech is littered with cliffhanger pauses, like he’s stress-testing tomorrow’s news in his head. “So if you're asking me whether there was a mole at Terraform Labs, that's probably 'yes'.”But as he takes care to repeatedly reiterate, this was not the first time that UST had wobbled — it had dipped to 99 cents a few times before, even once briefly dropping below 90 cents the year prior, before quickly regaining its dollar peg. To an “algo stable” veteran, this was just the system working as designed.But this time was different because the stakes for Terra were different. And now that its peg was suddenly in question, long-simmering concerns about its viability erupted to the fore.In the blood rush of a bull market, it could be easy to forget that UST’s success was always going to be an uphill battle: Every large algorithmic stablecoin that had ever been sold on the open market had eventually crashed to pennies on the dollar. Some were poorly designed, others ineffectively managed. But across the board, all had failed to achieve what lasting success would inevitably require — a real economy of users making purchases with the stablecoin, and the size and scale to justify having one.Simply put, for Terra to stand the test of time, yes, UST had to be worth $1. But the real question was, if you had a dollar, why would you want to hold it in UST? To survive in the long run, Terra had to convince us that UST was the best currency on offer — that it was even a better bet than those greenbacks stuffed under our mattresses. So Kwon sought to make his stablecoin attractive not only to crypto insiders already deep in the burgeoning ecosystem of decentralized finance (more commonly known as DeFi), but also to everyday consumers who had no interest in toppling the global economy’s status quo, and just wanted money that was easy to spend.On this count, Kwon and his co-founder Shin had an ace up their sleeve: they’d already founded Chai, a digital payments startup that was doing big business in Korea. Chai let people use UST to make purchases without even realizing they were trafficking in crypto — seamless, convenient, and straightforward, not unlike PayPal in the States. The idea that a cryptocurrency was being used in the real world to buy everyday goods was a breakthrough selling point for Terra — it’s what first caught my eye about the project, and what made it stand out from countless rivals. When push comes to shove, the most powerful currencies in crypto have always been legitimacy and trust. And as Chai took off in Korea, Terra had an undeniable competitive advantage.But even so, in 2019, growth across the industry slowed to a crawl, and Kwon struggled to hook deep-pocketed investors. \"We tried to do another fundraise for Terra in the middle of 2019,” he tells me, arms crossed as he looks out over the Singapore skyline — a grayscale view, perpetually under construction. “And the market was really bad. We actually managed to raise $0.” It was around this time that Kwon bought out Shin’s ownership stake in Terra, leaving Shin free to work on developing Chai on his own.\"In retrospect, if you were to ask me whether the manner in which some of these comments were conveyed was cringe, yes.\"In the meantime, Kwon had to look elsewhere to jumpstart his nascent economy. His big break would come in March 2021, with the launch of Anchor Savings Protocol — effectively, an automated bank built on Terra’s blockchain. The sales pitch was simple: Deposit your UST stablecoins in Anchor, and it would automatically give you a fixed annual interest rate of nearly 20%.As DeFi users flocked to Anchor’s sweetheart rate in droves, LUNAtics began forming communities around the ecosystem. At its peak, over $17 billion was locked in the Anchor protocol, whichrepresentedover 70% of UST in circulation. In the process, Anchor rocketed Terra toward the size it would need to become too big to fail — but at the same time, it would also require Kwon to perform the high-wire act of keeping money flowing into the system. The catch was that the 20% yield was not sustainable on its own. (There’s a reason most traditional banks only offer around 1 or 2% interest, and even other stablecoins were dangling rates only half as high).But Kwon doesn’t cede an inch on his decision-making here, arguing that he was in fact extremely conservative in his posturing. “The internal consensus of what people wanted to do with the interest rate was several thousand percent APR with Anchor in the beginning,” he counters when I suggest he was asking for trouble. “This was still when DeFi yields were in full bloom, and there were tons of DeFi launches that were targeting stablecoin deposits, offering several hundred percent APRs, several thousand percent APRs.”Whatever the points of comparison, the simple fact remains: Anchor wasn’t profitable enough to sustain its 20% yield on its own. As a result, the protocol was reliant on regular cash injections from Terraform Labs to keep the payments flowing. When the anonymous traders struck on May 7, Anchor’s runway was down to only 45 days before it would need another injection of cash. And because this was all playing out on a transparent blockchain,anyonecould see the end of the road looming there on the horizon. When a Terra community member proposed a $1 billion top-up in April, Kwon coyly replied: “Sounds low.”That’s what madethisdepegging unique in Terra’s short but stalwart history — by the time UST dipped to 99 cents at center stage, there were already whispers in the rafters, and depositors on Anchor were starting to eye the exits, ready to jump at any sign the protocol might be headed for insolvency. Should that exodus grow from a trickle to a flood, it would risk a death spiral for the currency — akin to a modern-day digital bank run. The May 7 price wobble was precisely the sort of event that makes trigger-happy investors question their assumptions. Meanwhile, Kwon’s critics had been warning of just such a scenario for months.But Kwon was prepared for a situation like this — or so he thought. “I’m up  —  amusing morning,” began that same tweet that stuck it to the haters and poors.By his own accounting, he would not sleep again for eight days.Day 2: $1Kwon’s strategy to prevent a death spiral boiled down to the Luna Foundation Guard, a non-profit entity Terra launched in early 2022. Its initials, LFG, double as shorthand for the millennial rallying cry “Let’s Fucking Go.”Through LFG, which was staffed with friendly faces from the Terra community, Kwon bought billions of dollars of other cryptocurrencies, mostly Bitcoin, to help prop up UST’s peg during times of turmoil. At its peak, LFG had over$4 billion in reserves, and Kwon had ambitions to grow that number to $10 billion — by some estimates, enough to make LFG the second largest holder of Bitcoin behind its anonymous creator.To investors, Kwon billed the creation of LFG as a diplomatic move, meant to build bridges between Terra and other heavyweight blockchains across crypto. “We felt that by adding multiple different types of collaterals, starting with Bitcoin, UST had a real chance to become the decentralized money for all of crypto,” Kwon argues. “Because as UST grows, it’s backed by the economy of all the different chains on which it’s powering apps.”Or as he put it more bluntly a few months earlier, before the bottom fell out: With crypto’s other powerhouses bought into Terra’s success, the failure of UST would be “equivalent to the failure of crypto itself.” If Kwon went down, then the whole space would go down with him. The very definition of too big to fail.“You cannot be emotional about markets, right? Markets are dispassionate, and they move the way that they will.\"And so, just before midnight on Sunday, May 8, as sell pressure on UST was mounting, Kwon set Plan A into motion: He began deploying $1.5 billion worth of LFG’s funds to stave off UST’s wobble. From his team’s war room in his Singapore office, Kwon once againflauntedon Twitter just how unfazed he was: “Those of you waiting for the earth to become unstable - I'm afraid you will be waiting until the age of men expires.”At least publicly, then, Kwon was his usual confident self. But he also had to be — any sign of weakness would suggest there was good cause to panic. So he tweeted “pegging” jokes, traded barbs with his critics, and generally acted how an overconfident founder would. When I ask him about his use of Twitter throughout Terra’s run, Kwon sits with the question before answering. “I think I developed an entertaining alter ego to match the community that I was engaging with. In retrospect, if you were to ask me whether the manner in which some of these comments were conveyed was cringe, yes.”Day 3: 69 centsOn May 9, UST lost its peg for the second time. Almost immediately, Kwon’s reserves gambit — dipping into Bitcoin to cover his own currency’s slide — spectacularly backfired.Instead of breathing a collective sigh of relief at UST’s return to $1, the market panicked athowit had gotten there: The whole point of UST-LUNA’s system was that it was supposed to be self-sufficient. The idea that it needed to tap into reserves of outside currencies seemed to undercut that foundational premise. And once again, those reserves were transparently finite — if they were necessary in times of crisis, then what happened if they ran out, too? If you have to ask the question in the stablecoin world, then you already have your answer. The market’s fears of a second depegging became a self-fulfilling prophecy. Not trusting the price to hold, investors rushed to get out while they could — and all those deployed Bitcoin reserves became their exit liquidity.As Kwon dumped his rainy day fund on crypto exchanges, hoping to beat back the wave of sellers who were driving down UST’s price, he couldn’t bail himself out fast enough. With the loss of confidence in UST, the price of LUNA began to plummet too, falling from $61 to $27 by day’s end. And the lower the price dipped, the bolder short sellers became, driving down the price further yet — a vicious cycle that Kwon was all but helpless to reverse. Investors couldn’t refresh their screens fast enough; many were unable to cash out as they watched their savings evaporate. Billions were now exiting Anchor by the hour. The death spiral had begun in earnest.Naturally, all eyes turned to @stablekwon for answers. But Kwon, who’d been tweeting memes, challenging critics, anddeclaring“I love chaos” over the past two days, had grown curiously — worryingly — silent. When UST’s price landed at 69 cents, not even Kwon was laughing.A full twelve hours after he’d tweeted about LFG’s decision to deploy the $1.5 billion in capital  —  an eye-popping number that would rise to $2.5 billion by day’s end  —  he finally resurfaced with five words that would change countless lives, my own included:“Deploying more capital - steady lads.”Day 4: 72 centsI was a lad. I held steady. I would swiftly pay the price.Since it was my job to report on markets, I first came to crypto by way of traditional finance: What would this new technology disrupt, and what actually needed disrupting? Like any inventive frontier, the space had no shortage of provocative ideas in its early years. But time and again, their execution left much to be desired. Scams and frauds aside (of which, yes, there are still all too many), the industry had a preternatural talent for building the very traps it claimed it was here to escape. Like centralized economies, for one: The point of DeFi was to cut out traditional middlemen. But DeFi needed stablecoins to keep the wheels greased, and all those stablecoins were centralized.If we’re being ungenerous, we’d call this hypocrisy. But more often, it was just a case of brass-tacks reality catching up to those airy ideals. Because yes, for digital economies to flourish, you needed digital reserve currencies. And for digital reserve currencies to flourish, you needed people to believe they were stable. And what did people believe was stable? The U.S. dollar. And so you’d end up right back where you started.But then came Terra: Actually decentralized. Actually used in the real world on Chai. The spitting image of what a functional decentralized currency was actually supposed to look like. I reached out to Kwon for the first time in the spring of 2021. When Iinterviewedhim for the first time, there was at least one question I felt still needed clearing up: How is this not a Ponzi scheme?Yet, Kwon’s argument convinced me: A decentralized bank can make money all the ways that a “real” bank can, as long its currencies hold real value. And Terra’s did. Amidst the pomp of a bull market, precious few were raising concerns about Anchor’s high-yield runway. Every day, the ecosystem kept ballooning, proving Kwon’s adage that stablecoins have always been the crypto product with the best market fit. And adecentralized,algorithmicstablecoin? That wasn’t just market fit. It was the ground floor of an economic revolution: The fulfillment of crypto’s foundational mission.All through that year and into the next, the market proved Kwon’s thesis right. So by the middle of that week in May, it wasn’t just my investment on the line. It was my conviction that decentralized economies were inevitable, and that Kwon knew how to build one better than anyone on Earth. Logic should have compelled me to hedge my bets to cover potential losses. Had I shorted when I had the chance, I’d have turned a ten-fold profit at the click of a button. But that would have been a bet against Kwon and everything Terra stood for. Markets might not be emotional, but one more disclosure: Sometimes, I am. So when Kwon told us to hold steady, assuring us he had the situation under control, that’s exactly what hundreds of thousands of us did. But UST did not.“I just haven't found the words to describe what that feels like.\"It was now Day Four of Kwon’s suddenly inescapable nightmare, and he was facing an immense amount of sell pressure from LUNA and UST holders looking to leave the ecosystem, and he was all too aware that LFG’s reserves were nearly depleted. He needed a Plan B, and fast.“We decided that putting together additional capital so we’d have resources to be able to fight further would be the smart thing to do,” Kwon tells me, hands clasped on the table like a fallen saint come to repent. “So we started to put together a $2 billion round in the middle of the night. We called our existing investors in LFG. We called a lot of the friends that we had in the industry across multiple desks and large funds. And then, I think we were close to completing the book for that $2 billion round overnight.”When I ask if he really pulled eight straight all-nighters, he cocks his head to think it over.“So, seven nights. And then, I think I had one burrito.”“A burrito?”“One burrito. Half a burrito.”Such is life with the weight of Terra on your shoulders. But now, “next level euphoric” at their progress in the war room, he once again took to Twitter, declaring he was “close to announcing a recovery plan for $UST. Hang tight.” Then, yet again, radio silence. It was one thing to secure verbal commitments, another for the money to hit the bank. Eight hours later, he reiterated that the plan was still in the works, tweeting “Getting close ... stay strong, lunatics.”And then, the news leaked. The Block, an industry news site,reportedthat LFG was looking to raise fresh capital from large crypto investment firms in order to shore up UST. Kwon had planned to offer these investors a discount on LUNA, but the leak instantly obliterated the deal. “Once the news leaked, we started to see massive shorts pile up against LUNA,” he tells me with surprising equanimity. “So the value of the tokens that we were ready to sell just basically got decimated. It didn't make sense for people to participate in the round ... Good on [The Block], actually.”“For ruining your round?”“I mean, it’s all business, so. All good.”This is a recurring theme in our conversations: “You cannot be emotional about markets, right? Markets are dispassionate, and they move the way that they will,” he muses. It’s not how I would react if I was sabotaged at the 11th hour on the most important day of my life, but what do I know? “There are probably not too many people that are alive with this type of experience,” Kwon reminds me.In the meantime, with LFG’s reserves depleted, and thousands of investors losing faith by the minute, all Kwon could do was watch as UST’s economy was wiped off the market. Even three months later, he’s still grasping to make sense of the moment he realized he’d lost control of the situation. “I just haven't found the words to describe what that feels like,” he tells me. “I just didn't think this would happen.”Plan A had backfired. Plan B was up in smoke. And Plan C — convince the market to wait for a Plan C — was hurtling out of reach in live time. The mainstream media was starting to take notice as well; that very day, at a Senate Banking Committee hearing, U.S. Treasury Secretary Janet Yellen called out Terra’s unregulated bank run. (Though Kwon made a point of noting it wasn’t his “place to spell out conspiracy theories,” he couldn’t help but comment on the speed of Yellen’s remarks: “I’m surprised that they were able to put together material for her speech when the thing had started to happen just a few hours earlier.”)Day 5: 30 centsIn the blink of an eye, UST’s peg now seemed a distant memory. LUNA, which had been trading at $80 just days ago, was now unthinkably hovering below $1.Stepping back, it was now painfully apparent that tens of billions of dollars had been lost in the Terra ecosystem alone. And its collapse was already having ripple effects across DeFi too. In short order, it wouldtopplea who’s who ofoverzealous crypto hedge funds, while driving away investors from crypto in droves. Within two months, $800 billion would be wiped off the industry'stotal market cap. Against the backdrop of a wider downturn, it'd be unfair to say that Terra started the fire. But it certainly became the lighter fluid that ignited the blaze.As market prices plunged to crushing lows, talk of crypto as one big Ponzi scheme was suddenly hitting record highs in mainstream coverage. In one sense, Kwon’s master plan was working like a charm: now that he was going down, all of crypto was going down with him. As backward as it sounds, the scale of the disaster may be our best yardstick for measuring what had been the scale of Kwon’s success.Unsurprisingly, before UST was even dead and buried, some started calling Do Kwon the Elizabeth Holmes of Korea — a comparison he struggles with when I bring it up to him. In his view, Theranos lied about its blood testers, which never worked, whereas “[UST] was working beautifully throughout the entire history that it was, and the fact that it was working perfectly was visible in the order books, and was present in all the integrations in the open source and transparent manner of crypto. Until it stopped working.”In other words, it worked until it didn’t. In crypto, an industry that is equal parts unregulated and unprecedented, it can be a slippery slope from failure to fraud. And while victims of the crash scavenged for answers as their savings vanished, only more questions emerged.By now, the press had had a field day with Kwon’s infamous shitposting. His hubris was the journalistic definition of low-hanging fruit. So when allegations broke of a trail of lies and deceit, the reputational damage was catastrophic.\"I mean, this was essentially my life. And I put my actions where my beliefs are. I bet big, and I think I lost.”On May 11, with UST hanging on for dear digital life at 30 cents, CoinDesk reported that Kwon had been involved in a prior attempt to create an algorithmic stablecoin called Basis Cash — a failed project that Kwon himself had referenced as proof of why UST was better than anything else that had been on the market. The optics of him scrambling to salvage afailingstablecoin, while omitting his association with afailedstablecoin, would prove the nail in UST’s coffin.Three months later — and likely three months too late — Kwon confirms to me for the first time that he was indeed the pseudonymous “Rick Sanchez” of the Basis Cash project, but distances himself from the title of co-founder.In the cool reprieve of his unfurnished high-rise apartment, he’s teaching me the computer gameStarCraft—his go-to method for stress relief — when he denies that Basis Cash was his idea alone. According to Kwon, five developers he’d hired to work on Anchor had come up with their own idea for an algorithmic stablecoin, which would be run on the Ethereum blockchain. (Everyone on the team had an alias ripped from the cult favorite cartoonRick and Morty; Kwon’s character, Rick Sanchez, is a mad scientist whose inventions have a knack for spiraling out of control.)“I helped them with the initial community building, talking on Telegram a little bit, talking in the voice of what Rick Sanchez would’ve sounded like,” he explains. “It started to do really well. I think the market cap far exceeded LUNA’s right after they launched. So they said, ‘All right, we're just going to run this.’ And they quit the company and then they started to run it solo.”Naturally, critics and investors were quick to call out Kwon for not disclosing his part in the project. But he still sees it differently. “I think bringing the Basis mechanism to light and testing it, especially in a sandbox type of environment before DeFi became very large, was good. I think for a first effort, they did a lot of things right,” he tells me, before quickly adding that their efforts left much to be desired, and that he was critical of their choice to sell their tokens and abandon the project.But as it turned out, the Basis Cash debacle was just the beginning of Kwon’s trust troubles.Day 6: 15 CentsWhen the system was working in normal times, UST could be freely swapped for LUNA and vice versa; that had always been how UST maintained its peg. But these were anything but normal times. The way the algorithm was designed, more LUNA would be printed to help reset the peg when it wobbled. Except now, the market dynamics were so out of balance that LUNA began printing at immeasurable rates. This led to extreme hyperinflation and the collapse in LUNA’s price.LUNA was now so cheap  —  trading for less than one cent  —  that the validators physically running Terra’s blockchain began calling for it to behalted, citing threats to the system’s security. UST was trading at 15 cents when Kwon was left with no choice but to shut it down to prevent a governance attack. The great game was over. His dream was dead.But if it sounds like his algorithm broke down in the end, that’s not exactly true — what broke was the economy built atop it. Even to the bitter end, as it tried to print infinite LUNA, Kwon’s algorithm worked exactly as designed.The totality of the crash hit LUNAtics especially hard. Two of the top three posts on the /r/TerraLuna subreddit are still about suicide. In other posts, users grappled with the magnitude of the crash as it unfolded (a typicaltitle: “My brain can’t process this is happening for real”). And thoughts on Kwon’s handling of the crash read like a communal diary of spiraling sentiment. One day, he’s a mastermind who knows exactly what he’s doing. The next, “Do Kwon's arrogance was Terra's downfall.”The blowback was sudden and unsettling. Kwon’s only two requests for our interview were that I avoid filming the faces of his employees or the location of his office, due to the flurry of death threats he’d received. By day six of the crash, a man had broken into his family’s apartment complex and rung their doorbell, forcing his wife to request emergency protection from Seoul police.Kwon doesn’t deny that the collapse of Terra caused incalculable pain. “It was brutal,” he tells me. And he counts himself among the victims, claiming to have lost most of his net worth in the crash. “I don't want to seem like my losses are larger in terms of emotional impact compared to people that had less to go on and then put [in] their entire life savings and then the Terra system went down. But I just want to make it perfectly clear that the way that I thought about Terra and Luna was — I mean, this was essentially my life. And I put my actions where my beliefs are. I bet big, and I think I lost.”He’s cagey about where his net worth now stands, a number that would be admittedly difficult to verify. Since crypto wallets start out anonymous, he could always ostensibly be hiding profits in wallets unknown to the public. “The reason why I didn’t want to advertise my wallet addresses is, number one, it's not going to work. People will just say I have more wallets, right?”But he’s unflinching when he asserts he made nothing off UST’s collapse. “I’ve never shorted a cryptocurrency in my life, let alone UST.” And he says that his wife, who runs a Korean hot sauce company, held her own coins “all the way down.” How does she feel about these past few months? As Kwon quotes her telling him, “One of the best and worst things about you is that you go all in on everything.”Try as I might to get a number out of him, he declines to elaborate on how much “all in” means in financial terms. “One of the jokes that people tell each other when markets turn bad is [that they’re] ‘down bad’ or ‘down horrendous,’” he says with a wistful smile. “And the word that I use to describe what happened here is ‘down infinite.’”So there was no getting around it now: Terra had failed, in plain sight and for all to see. The fatal flaws in Anchor and LFG’s reserves plan were now readily apparent. As it so often does, the market had eaten its own. But as crowdsourced autopsies of Terra’s ecosystem began in earnest, and Kwon’s legal team walked out, an alarming array of red flags seemed to pop up everywhere investors looked.Day 90: Down InfiniteIn June, about a month after the collapse, the Wall Street Journalreportedthat Chai — the real-world use case that Kwon frequently touted as evidence of Terra’s mainstream adoption — had, in fact, ceased its use of UST by the end of 2021. Kwon was still listing the Chai relationship as a selling point as late as March 23, 2022, when he brought it up as a reason to be bullish about Terra on the Pomp Podcast, hosted by crypto investor Anthony Pompliano.Kwon assures me he didn’t know that Chai’s usage had been discontinued when he made those claims. “We should have known better about how all of our different products were being used in different places like that,” he concedes.Which may well be true. But, put in context, it’s a revelation that seems interesting. Kwon helped found Chai with Daniel Shin. He had sat on Chai’s board. And what’s more — Shin was even the officiant at Kwon’s wedding. That Kwon would not have been aware of Chai’s decision requires a leap of faith.Yet, Kwon remains adamant when I press him: “By that point, other things in Terra were so large that I just wasn't paying attention to Chai very much. But that's definitely one of those things that we should have picked up on.”What Kwon knew and when will be a central question of any investigation into Terra’s collapse. The legal definition of fraud is the deliberate misrepresentation of facts as they’re known at the time, with the intent of inciting people to actions they otherwise would not take and causing harm. Well, the Chai use case was what attracted me to the Terra ecosystem in the first place — had I known the deal was dead, would I have exited my investment before or during the crash?Kwon, for one, doesn’t think so. In his mind, Terra was already a sure thing by that juncture, with or without Chai. “I think just psychologically, I had moved on from Chai as a use case, because that business wasn't growing, whereas, you know, there were dozens of different things that were being built on top of Terra. Tons of integrations like Anchor and Mirror were increasing in usership and things like that.\"\"I think what I spend time doing over the next 20 years is going to be more meaningful than what happened over the last six weeks.\"In case you didn’t think there were enough twists and turns in Kwon’s tale: Mirror was an unregulated copy of the stock market built atop Terra’s blockchain, which inevitably got Kwon subpoenaed by the U.S. Securities and Exchange Commission. In a cavalier Kwon comeback, he responded bysuing the SECfor improperly issuing the subpoena. There’s poking the bear, and then there’s challenging the bear to a fistfight.At this point, the SEC may be the least of Kwon’s problems. Among the various agencies around the world looking into all things Terra, Korean prosecutors have thus far been the most aggressive. But Kwon says he plans to cooperate when the time comes.“In terms of dealing with due process, it's not a question of what you are prepared to face, it’s a question of how you are going to face them. So what we're going to do is we're just going to put out the facts as we know them,” he tells me with trademark confidence.When I ask him how he defines fraud, he pauses so long, I feel like I’m the one who might be in trouble. “Well,if you knew something that wasn't true, and then you argue that that was true for personal enrichment or whatever purpose that might be, then that's fraud, right?” Pretty spot on, off the cuff. “I think it boils down to a question of whether you wanted to do the right thing.”But of course, many investors in Terra are no longer taking Kwon at his word. A number of former Terra users, including one of the loudest, have accused him ofextracting $2.7 billionfrom Terra’s reserves, a claim Kwonflatly denies. “In terms of how much UST [exchanges] were able to buy back, it matches the amount of Bitcoin that we gave them,” he points out. The blockchain may be built for transparency, but that has rarely made the whole truth any easier to find.Other allegations, Kwon has little trouble swatting down. Some news organizations reported on the existence of Flexi Corp, a Korean shell company linked to Kwon. With a wave of his hand, he explains that Terraform Labs had three subsidiary corporations in Korea, including Flexi Corp, but when he moved operations to Singapore before the crash, he “wound that entity down.” Other questions have been raised about how much money Terraform Labs was spending on operations through an effort calledProject Dawn; of the three million LUNA it let the company unlock per month, Kwon says the coins “were used to meet our obligations to investors and employee vesting. And once again, none of that went to me.”In the meantime  —  and as ever in crypto  —  those Ponzi claims continue to linger. In one sense, the argument that Terra was just one big elaborate Ponzi scheme is simple: Anchor promised fixed 20% returns for everyone who bought into the ecosystem. When that became unsustainable, everything crashed.On the other hand, this kind of “Ponzi-nomics” has long been actively debated in the crypto sphere. Plenty of traditional businesses use VC cash to subsidize everything from free lunches and taxi rides to subscriptions and movie tickets in order to gain a loyal customer base, raising prices or reducing benefits once they’ve established themselves as an essential part of our lives. Terra was arguably doing the same by subsidizing Anchor, and it worked as intended for years. Until, of course, it didn’t.For what it’s worth, Kwon makes a point of accepting responsibility for the crash. “I, and I alone, am responsible for any weaknesses that could have been presented for a short seller to start to take profit. The blame is on the person that presented those vulnerabilities in the first place,” he said. “That’s me.”Even so, that likely won’t satisfy the Korean justice system, which also appears intensely interested in making sense of Terra’s collapse. In between my two days of interviews with Kwon in Singapore, Korean authorities raided his cofounder Daniel Shin’s home, as well as Korean cryptocurrency exchanges that held UST-LUNA on the books.When I ask if he’s thinking about going back to Korea, he’s noncommittal. “It's kind of hard to make that decision, because we've never been in touch with the investigators. They've never charged us with anything. They haven't reached out to us at all.”Again, his casual calmness surprises me. When I float the prospect of jail time, he doesn’t miss a beat: “Life is long.”And his new lawyers? How do they feel about our conversation? Kwon all but laughs. “I mean, no lawyer is going to be happy.”As investigators and armchair detectives circle the case, regulators around the world are also now taking a closer look at stablecoins in the wake of Terra’s collapse. Under new rules passed in the EU known as MiCA, stablecoins like Tether and USDC will have to maintain an ample reserve backing to ward off death spirals like Terra’s. And in the U.S., some lawmakers hope to have a new federal regulation passed by the end of the year.Day 0In the meantime, Do Kwon is already trying again. Shortly after the crash, he launched Terra 2.0 — his swift attempt to start rebuilding his crypto empire, though this time with no algorithmic stablecoin attached. The new coin launched on May 28, and traded as high as $11 in the days that followed, though its price currently sits around $2. Million of dollars of “LUNA Classic” still trades hands every day, and some loyal developers are still building on the platform. But activity on its official forum remains sparse.“In terms of the future of Terra 2.0, one of the things that I'm banking on is a lot of the core of the community that was built up during the crash. I think they are primed to launch interesting things on top of 2.0 independent of the things that we do,” Kwon tells me, as enthusiastic as I’ve seen him. “I'm always going to be doing things on Terra and for the Terra community. This is my home and this is where I feel like there's the brightest future.”Some rival blockchains have attempted to hire away developers who worked on Terra, including Polygon and Kadena, which both announced millions in funding dedicated to poaching top talent. Kwon claims “most of Terraform Labs is still intact. We lost a lot of executives during the crash, but in terms of the overall headcount, we lost a total of two devs.”Beyond the collapse of Terra itself, there’s no chart I can point to revealing what remains of the market’s trust in Do Kwon. Its implosion caused many of us to lose incredible sums of money — almost certainly driving some away from the Terra ecosystem forever, if not the rest of crypto, too. Yet Kwon’s new venture will have to rely almost entirely on trust — both in him and in the resuscitated Terra ecosystem — in order to successfully rebuild. When asked about upcoming projects launching on Terra 2.0, Kwon was optimistic but sparing with details. “I would rather just leave these [upcoming products] to be a surprise. I think one of the lessons that I learned is you should probably not oversell things that don't exist yet.”What’s certain is that he doesn’t intend to be going anywhere. “I love crypto. I love Web3. I plan to be building here for a long time, and if my thesis is right that we are at the very early innings of what will turn out to be, in my hope, a world that runs on Web3, then I think what I spend time doing over the next 20 years is going to be more meaningful than what happened over the last six weeks.”Do Kwon announced the birth of his daughter Luna to the world on Twitter, calling her \"My dearest creation named after my greatest invention.\"As for his daughter Luna, Kwon doesn’t plan on changing her name. “Let's just say that I have an incentive to make sure that her name isn't something that she can be ashamed of, but something that she can be proud of.”He could have named his new project literally anything else too — conventional wisdom would be to create as much distance as possible from memories of crypto’s largest-ever collapse. But this is Do Kwon we’re talking about. So LUNA 2.0 it is.As we spill out of hot pot heaven on my last night in Singapore, Kwon stops along the road and gazes up at the night sky. He confesses he thought about another name, but just couldn’t bring himself to do it. “It’s right there,” he says, like we’re standing in a dream. “I stare up and see the moon, and just feel so attached to it.”On that count, at least, I still envy him. For me, it remains out of reach.","news_type":1},"isVote":1,"tweetType":1,"viewCount":16,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9900241383,"gmtCreate":1658719052642,"gmtModify":1676536197286,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"Ol","listText":"Ol","text":"Ol","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9900241383","repostId":"2254296074","repostType":4,"repost":{"id":"2254296074","kind":"highlight","pubTimestamp":1658713622,"share":"https://ttm.financial/m/news/2254296074?lang=&edition=fundamental","pubTime":"2022-07-25 09:47","market":"us","language":"en","title":"Fed, Tech Earnings, GDP Data: What to Know Ahead of the Busiest Week of the Year","url":"https://stock-news.laohu8.com/highlight/detail?id=2254296074","media":"Yahoo Finance","summary":"The busiest week of the year for investors is here.A jam-packed week of market-moving developments a","content":"<html><head></head><body><p>The busiest week of the year for investors is here.</p><p>A jam-packed week of market-moving developments awaits investors in the coming days, headlined by the Fed, tech earnings, and key economic data.</p><p>The Federal Reserve&#39;s latest policy meeting is set to take place this coming Tuesday and Wednesday, July 26-27, with the central bank expected to raise interest rates another 75 basis points.</p><p>On the earnings side, some of the most S&amp;P 500’s most heavily-weighted components — including Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (FB), Apple (AAPL), and Amazon (AMZN) — are among more than 170 companies scheduled to report second-quarter results through Friday.</p><p><img src=\"https://static.tigerbbs.com/4ada7b243e14854832b5370b492cab57\" tg-width=\"2044\" tg-height=\"1448\" referrerpolicy=\"no-referrer\"/></p><p>Also on spotlight will be Thursday&#39;s advance estimate of second quarter GDP, as market participants continue to debate whether a recession is already underway. Economists expect this report to show the economy grew at an annualized pace of 0.5% last quarter, according to estimates from Bloomberg.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/0257c07b94036425ca0041e05623685c\" tg-width=\"960\" tg-height=\"640\" referrerpolicy=\"no-referrer\"/><span>Logo of an Apple store is seen as Apple Inc. reports fourth quarter earnings in Washington, U.S., January 27, 2022. REUTERS/Joshua Roberts</span></p><p>All three major U.S. indexes logged gains last week after broad-based advances across sectors. On Tuesday, 98% of stocks in the benchmark S&amp;P 500 advanced, the most since December 26, 2018, the first trading day after the market bottom that occurred on December 24, 2018, according to data from LPL Financial.</p><p>Recent gains have pushed up the index by roughly 6% since June 16, stoking optimism among some investors that the worst of the recent market downturn is over.</p><p>“While breadth has been rather unimpressive during the market’s rally since the June lows, days like Tuesday are exactly what we are looking for, and can go a long way towards changing the character of this market,” LPL strategist Scott Brown said in a note. “To be clear, the S&amp;P 500 is not out of the woods yet.”</p><p>Tuesday pushed the index to a close above the 50-day moving average for the first time since April 20, but it remained just short of the late-June intraday highs, Brown pointed out.</p><p>If the Federal Reserve proceeds with hiking rates three quarters of a percentage point later this week, the Federal funds rate will have moved from near 0% less than five months ago to a range of 2.25%-2.5% — a level in line with most officials’ estimates of the long-run neutral.</p><p>“The Fed has told us they’re unlikely to let up on the brakes until they see a convincing shift in the trajectory of monthly inflation readings that would signal progress towards the Fed’s 2% target,” PGIM Fixed Income lead economist Ellen Gaske said in emailed comments. “We expect Powell will likely reiterate that message at his post-meeting press conference.”</p><p>Federal Reserve Chair Jerome Powell is set to deliver remarks at 2:30 p.m. ET Wednesday, shortly after the U.S. central bank’s policy decision comes out at 2:00 p.m. ET.</p><p>“We suspect it’s likely too soon for the Fed to convey a much more forward-looking point of view, as the most recent inflation readings still showed high and widespread price pressures,” Gaske said. “But with each additional hike from here, the lagged effects of the Fed’s tightening measures will be increasingly important to consider.”</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/59626e18211886e9fe5f70ddf13a84e5\" tg-width=\"960\" tg-height=\"640\" referrerpolicy=\"no-referrer\"/><span>WASHINGTON, DC - JUNE 23: Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System testifies before the House Committee on Financial Services June 23, 2022 in Washington, DC. Powell testified on monetary policy and the state of the U.S. economy. (Photo by Win McNamee/Getty Images)</span></p><p>Last month, U.S. consumer prices again accelerated at the fastest annual pace since November 1981. The Bureau of Labor Statistics&#39; Consumer Price Index (CPI) reflected a year-over-year increase of 9.1% in June’s reading, marking the highest print of the inflation cycle.</p><p>Economists at Goldman Sachs said in a note last week that inflation expectations have notably softened since the FOMC last met in June, referencing downward revisions to the University of Michigan’s final read on 5-10 year inflation expectations, a decline in the survey’s preliminary July figure, and a “material” downtrend in market-based measures of inflation.</p><p>“This softening of inflation expectations is one reason why we expect the FOMC will not accelerate the near-term hiking pace and will deliver a 75bp hike at the July FOMC meeting,” Goldman economists led by Jan Hatzius said.</p><p>In addition to the Fed and earnings, investors will closely watch the government’s first estimate of gross domestic product – the broadest measure of economic activity — for the second quarter, set for release Thursday morning.</p><p>The Atlanta Federal Reserve’s latest GDPNow estimate for Q2 GDP on July 19, showed the economy likely shrank 1.6% last quarter. If realized, this decline would mark the second-consecutive quarter of negative economic growth and affirm to some strategists that the economy has entered a recession.</p><p>According to data from Bloomberg, Wall Street economists expect GDP grew at an annualized pace of 0.5% last quarter.</p><p>On the earnings front, results from the mega-caps will be closely watched, though hundreds of other names will draw investor attention during one of the busiest weeks for corporate results of the year. In addition to performance for the most recent three-month periods, remarks from tech heavyweights on hiring plans or other adjustments to their outlooks related to macroeconomic headwinds will be closely tracked.</p><p>In recent weeks, Apple, Microsoft, Google, and Meta have all said they would scale back on hiring across certain areas.</p><p>According to FactSet Research, 21% of companies in the S&amp;P 500 have reported second-quarter earnings through Friday, with only 68% presenting actual earnings per share above estimates — below the five-year average of 77%. Any earnings beats have also, in aggregate, been only 3.6% above estimates, less than half of the five-year average of 8.8%.</p><p>—</p><h2>Economics calendar:</h2><h2></h2><p><b>Monday: </b>Chicago Fed national activity index (June), Dallas Fed manufacturing business index (June)</p><p><b>Tuesday:</b> House price index (May), S&amp;P Case-Shiller national home price index (May), Conference Board consumer confidence index (July), New home sales (June), Richmond manufacturing index (June)</p><p><b>Wednesday: </b>MBA mortgage applications (week ended July 22)<b>, </b>Durable goods orders (June), Retail inventories (June), Wholesale inventories (June), Pending home sales (June), FOMC statement, Fed interest rate decision, Fed Chair Jerome Powell press conference</p><p><b>Thursday:</b> GDP (Q2 advance estimate), Initial jobless claims (week ended July 22), Continuing claims (week ended July 15), Kansas City Fed composite index (July)</p><p><b>Friday:</b> Core PCE price index (June), PCE price index (June), Personal income (June), Personal spending (June), Real personal consumption (June), Chicago PMI (July), UMich consumer sentiment index (July preliminary), UMich 5-year inflation expectations (July preliminary)</p><p>—</p><h2>Earnings Calendar:</h2><h2></h2><p><b>Monday: </b>Whirlpool (WHR), Squarespace (SQSP), TrueBlue (TBI), F5 (FFIV), Alexandria Real Estate Equities (ARE), Ryanair (RYAAY), NXP Semiconductor (NXPI), Newmont Corporation (NEM)</p><p><b>Tuesday: </b>Microsoft (MSFT), Alphabet (GOOGL), Coca-Cola (KO), McDonald’s (MCD), General Motors (GM), Chipotle Mexican Grill (CMG), Mondelez International (MDLZ), UPS (UPS), 3M (MMM), PulteGroup (PHM), Texas Instruments (TXN), General Electric (GE), Ameriprise Financial (AMP), Raytheon Technologies (RTX), Archer-Daniels-Midland (ADM), Chubb (CB), Canadian National Railway, Pentair (CNI), Paccar (PCAR), Kimberly-Clark (KMB), Albertsons (ACI), Teradyne (TER), Ashland (ASH), Boston Properties (BXP), FirstEnergy (FE), Visa (V)</p><p><b>Wednesday:</b> Meta Platforms (META), Boeing (BA), Ford (F), Etsy (ETSY), Qualcomm (QCOM), T-Mobile (TMUS), Bristol-Myers Squibb (BMY), Kraft Heinz (KH), Hilton Worldwide (HLT), Boston Scientific (BSX), Sherwin-Williams (SHW), Fortune Brands (FBH), Flex (FLEX), Hess Corporation (HES), Norfolk Southern Corporation (NSC), Netgear (NTGR), Cheesecake Factory (CAKE), American Water Works (AWK), Ryder System (R), Genuine Parts (GPC), Waste Management (WM), Community Health Systems (CYH), Molina Healthcare (MOH), Owens Corning (OC)</p><p><b>Thursday:</b> Apple (AAPL), Amazon (AMZN), Pfizer (PFE), Honeywell (HON), Mastercard (MA), Comcast (CMCSA), Intel (INTC), Roku (ROKU), Merck (MRK), Keurig Dr. Pepper (KDP), Hertz Global (HTZ), T.Rowe Price (TROW), Valero Energy (VLO), Northrop Grumman (NOC), V.F. Corporation (VFC), Frontier Group (ULCC), Southwest Air (LUV), Harley-Davidson (HOG), Shell (SHEL), Stanley Black and Decker (SWK), Carlyle Group (CG), Lazard (LAZ), International Paper (IP), Sirius XM (SIRI), Hershey (HSY), PG&amp;E (PCG), Hartford Financial (HIG), Celanese (CE)</p><p><b>Friday: </b>AstraZeneca (AZN), Sony (SON), Aon (AON), BNP Paribas (BNPQY)</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Fed, Tech Earnings, GDP Data: What to Know Ahead of the Busiest Week of the Year</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFed, Tech Earnings, GDP Data: What to Know Ahead of the Busiest Week of the Year\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-25 09:47 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/fed-tech-earnings-weekly-preview-july-25-194451575.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The busiest week of the year for investors is here.A jam-packed week of market-moving developments awaits investors in the coming days, headlined by the Fed, tech earnings, and key economic data.The ...</p>\n\n<a href=\"https://finance.yahoo.com/news/fed-tech-earnings-weekly-preview-july-25-194451575.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"TXN":"德州仪器","UPS":"联合包裹","MSFT":"微软",".IXIC":"NASDAQ Composite","MCD":"麦当劳","ROKU":"Roku Inc","GE":"GE航空航天",".SPX":"S&P 500 Index",".DJI":"道琼斯","RYAAY":"Ryanair Holdings plc","GOOG":"谷歌","F":"福特汽车","AAPL":"苹果","GOOGL":"谷歌A","META":"Meta Platforms, Inc.","INTC":"英特尔","V":"Visa","KO":"可口可乐","BA":"波音","NXPI":"恩智浦","CMCSA":"康卡斯特","QCOM":"高通","AMZN":"亚马逊"},"source_url":"https://finance.yahoo.com/news/fed-tech-earnings-weekly-preview-july-25-194451575.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2254296074","content_text":"The busiest week of the year for investors is here.A jam-packed week of market-moving developments awaits investors in the coming days, headlined by the Fed, tech earnings, and key economic data.The Federal Reserve's latest policy meeting is set to take place this coming Tuesday and Wednesday, July 26-27, with the central bank expected to raise interest rates another 75 basis points.On the earnings side, some of the most S&P 500’s most heavily-weighted components — including Microsoft (MSFT), Alphabet (GOOGL), Meta Platforms (FB), Apple (AAPL), and Amazon (AMZN) — are among more than 170 companies scheduled to report second-quarter results through Friday.Also on spotlight will be Thursday's advance estimate of second quarter GDP, as market participants continue to debate whether a recession is already underway. Economists expect this report to show the economy grew at an annualized pace of 0.5% last quarter, according to estimates from Bloomberg.Logo of an Apple store is seen as Apple Inc. reports fourth quarter earnings in Washington, U.S., January 27, 2022. REUTERS/Joshua RobertsAll three major U.S. indexes logged gains last week after broad-based advances across sectors. On Tuesday, 98% of stocks in the benchmark S&P 500 advanced, the most since December 26, 2018, the first trading day after the market bottom that occurred on December 24, 2018, according to data from LPL Financial.Recent gains have pushed up the index by roughly 6% since June 16, stoking optimism among some investors that the worst of the recent market downturn is over.“While breadth has been rather unimpressive during the market’s rally since the June lows, days like Tuesday are exactly what we are looking for, and can go a long way towards changing the character of this market,” LPL strategist Scott Brown said in a note. “To be clear, the S&P 500 is not out of the woods yet.”Tuesday pushed the index to a close above the 50-day moving average for the first time since April 20, but it remained just short of the late-June intraday highs, Brown pointed out.If the Federal Reserve proceeds with hiking rates three quarters of a percentage point later this week, the Federal funds rate will have moved from near 0% less than five months ago to a range of 2.25%-2.5% — a level in line with most officials’ estimates of the long-run neutral.“The Fed has told us they’re unlikely to let up on the brakes until they see a convincing shift in the trajectory of monthly inflation readings that would signal progress towards the Fed’s 2% target,” PGIM Fixed Income lead economist Ellen Gaske said in emailed comments. “We expect Powell will likely reiterate that message at his post-meeting press conference.”Federal Reserve Chair Jerome Powell is set to deliver remarks at 2:30 p.m. ET Wednesday, shortly after the U.S. central bank’s policy decision comes out at 2:00 p.m. ET.“We suspect it’s likely too soon for the Fed to convey a much more forward-looking point of view, as the most recent inflation readings still showed high and widespread price pressures,” Gaske said. “But with each additional hike from here, the lagged effects of the Fed’s tightening measures will be increasingly important to consider.”WASHINGTON, DC - JUNE 23: Jerome Powell, Chairman of the Board of Governors of the Federal Reserve System testifies before the House Committee on Financial Services June 23, 2022 in Washington, DC. Powell testified on monetary policy and the state of the U.S. economy. (Photo by Win McNamee/Getty Images)Last month, U.S. consumer prices again accelerated at the fastest annual pace since November 1981. The Bureau of Labor Statistics' Consumer Price Index (CPI) reflected a year-over-year increase of 9.1% in June’s reading, marking the highest print of the inflation cycle.Economists at Goldman Sachs said in a note last week that inflation expectations have notably softened since the FOMC last met in June, referencing downward revisions to the University of Michigan’s final read on 5-10 year inflation expectations, a decline in the survey’s preliminary July figure, and a “material” downtrend in market-based measures of inflation.“This softening of inflation expectations is one reason why we expect the FOMC will not accelerate the near-term hiking pace and will deliver a 75bp hike at the July FOMC meeting,” Goldman economists led by Jan Hatzius said.In addition to the Fed and earnings, investors will closely watch the government’s first estimate of gross domestic product – the broadest measure of economic activity — for the second quarter, set for release Thursday morning.The Atlanta Federal Reserve’s latest GDPNow estimate for Q2 GDP on July 19, showed the economy likely shrank 1.6% last quarter. If realized, this decline would mark the second-consecutive quarter of negative economic growth and affirm to some strategists that the economy has entered a recession.According to data from Bloomberg, Wall Street economists expect GDP grew at an annualized pace of 0.5% last quarter.On the earnings front, results from the mega-caps will be closely watched, though hundreds of other names will draw investor attention during one of the busiest weeks for corporate results of the year. In addition to performance for the most recent three-month periods, remarks from tech heavyweights on hiring plans or other adjustments to their outlooks related to macroeconomic headwinds will be closely tracked.In recent weeks, Apple, Microsoft, Google, and Meta have all said they would scale back on hiring across certain areas.According to FactSet Research, 21% of companies in the S&P 500 have reported second-quarter earnings through Friday, with only 68% presenting actual earnings per share above estimates — below the five-year average of 77%. Any earnings beats have also, in aggregate, been only 3.6% above estimates, less than half of the five-year average of 8.8%.—Economics calendar:Monday: Chicago Fed national activity index (June), Dallas Fed manufacturing business index (June)Tuesday: House price index (May), S&P Case-Shiller national home price index (May), Conference Board consumer confidence index (July), New home sales (June), Richmond manufacturing index (June)Wednesday: MBA mortgage applications (week ended July 22), Durable goods orders (June), Retail inventories (June), Wholesale inventories (June), Pending home sales (June), FOMC statement, Fed interest rate decision, Fed Chair Jerome Powell press conferenceThursday: GDP (Q2 advance estimate), Initial jobless claims (week ended July 22), Continuing claims (week ended July 15), Kansas City Fed composite index (July)Friday: Core PCE price index (June), PCE price index (June), Personal income (June), Personal spending (June), Real personal consumption (June), Chicago PMI (July), UMich consumer sentiment index (July preliminary), UMich 5-year inflation expectations (July preliminary)—Earnings Calendar:Monday: Whirlpool (WHR), Squarespace (SQSP), TrueBlue (TBI), F5 (FFIV), Alexandria Real Estate Equities (ARE), Ryanair (RYAAY), NXP Semiconductor (NXPI), Newmont Corporation (NEM)Tuesday: Microsoft (MSFT), Alphabet (GOOGL), Coca-Cola (KO), McDonald’s (MCD), General Motors (GM), Chipotle Mexican Grill (CMG), Mondelez International (MDLZ), UPS (UPS), 3M (MMM), PulteGroup (PHM), Texas Instruments (TXN), General Electric (GE), Ameriprise Financial (AMP), Raytheon Technologies (RTX), Archer-Daniels-Midland (ADM), Chubb (CB), Canadian National Railway, Pentair (CNI), Paccar (PCAR), Kimberly-Clark (KMB), Albertsons (ACI), Teradyne (TER), Ashland (ASH), Boston Properties (BXP), FirstEnergy (FE), Visa (V)Wednesday: Meta Platforms (META), Boeing (BA), Ford (F), Etsy (ETSY), Qualcomm (QCOM), T-Mobile (TMUS), Bristol-Myers Squibb (BMY), Kraft Heinz (KH), Hilton Worldwide (HLT), Boston Scientific (BSX), Sherwin-Williams (SHW), Fortune Brands (FBH), Flex (FLEX), Hess Corporation (HES), Norfolk Southern Corporation (NSC), Netgear (NTGR), Cheesecake Factory (CAKE), American Water Works (AWK), Ryder System (R), Genuine Parts (GPC), Waste Management (WM), Community Health Systems (CYH), Molina Healthcare (MOH), Owens Corning (OC)Thursday: Apple (AAPL), Amazon (AMZN), Pfizer (PFE), Honeywell (HON), Mastercard (MA), Comcast (CMCSA), Intel (INTC), Roku (ROKU), Merck (MRK), Keurig Dr. Pepper (KDP), Hertz Global (HTZ), T.Rowe Price (TROW), Valero Energy (VLO), Northrop Grumman (NOC), V.F. Corporation (VFC), Frontier Group (ULCC), Southwest Air (LUV), Harley-Davidson (HOG), Shell (SHEL), Stanley Black and Decker (SWK), Carlyle Group (CG), Lazard (LAZ), International Paper (IP), Sirius XM (SIRI), Hershey (HSY), PG&E (PCG), Hartford Financial (HIG), Celanese (CE)Friday: AstraZeneca (AZN), Sony (SON), Aon (AON), BNP Paribas (BNPQY)","news_type":1},"isVote":1,"tweetType":1,"viewCount":101,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9079321029,"gmtCreate":1657152916361,"gmtModify":1676535959083,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>no hope","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>no hope","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$no hope","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9079321029","isVote":1,"tweetType":1,"viewCount":73,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9025408855,"gmtCreate":1653711391077,"gmtModify":1676535331870,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>ok","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>ok","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9025408855","isVote":1,"tweetType":1,"viewCount":30,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9023585330,"gmtCreate":1652930851520,"gmtModify":1676535191748,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>ok","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>ok","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9023585330","isVote":1,"tweetType":1,"viewCount":109,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9064846676,"gmtCreate":1652313754895,"gmtModify":1676535074463,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9064846676","repostId":"2234623329","repostType":4,"repost":{"id":"2234623329","kind":"highlight","weMediaInfo":{"introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"media_name":"Dow Jones","id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"pubTimestamp":1652312402,"share":"https://ttm.financial/m/news/2234623329?lang=&edition=fundamental","pubTime":"2022-05-12 07:40","market":"us","language":"en","title":"AppLovin Stock Jumps 25% as Execs Consider Selling One Business as the Other Finds a New Gear","url":"https://stock-news.laohu8.com/highlight/detail?id=2234623329","media":"Dow Jones","summary":"Announcement follows Unity's stock drop after inaccurate data was used in ad-targetingAppLovin Inc. ","content":"<html><head></head><body><p>Announcement follows Unity&#39;s stock drop after inaccurate data was used in ad-targeting</p><p><img src=\"https://static.tigerbbs.com/c67d3bd8f7fc10060b70961a3c18a9f0\" tg-width=\"700\" tg-height=\"471\" width=\"100%\" height=\"auto\"/></p><p>AppLovin Inc. shares rallied in the extended session Wednesday after the app-monetization company&#39;s executives said they expect about $2 billion from their software business alone in 2023 and could sell their apps business.</p><p>AppLovin shares, which were halted for trading soon after the market closed, rallied as much as 50% at one point after earnings results were announced, and were last up around 25% in the extended session.</p><p><img src=\"https://static.tigerbbs.com/d6685f20a340091ed64434b0b9295159\" tg-width=\"880\" tg-height=\"621\" width=\"100%\" height=\"auto\"/></p><p>The Palo Alto, Calif.-based company offers marketing, monetization and analytics software that helps app developers grow their businesses, similar to the software <a href=\"https://laohu8.com/S/U\">Unity Software Inc.</a> (U) sells to videogame makers. It also owns a portfolio of more than 200 free-to-play mobile games, part of a business that executives intend to separate structurally from the software business and review, which they said Wednesday &#34;could result in the retention, restructure or sale of certain assets, or no change at all to our Apps portfolio.&#34;</p><p>&#34;Given our recent outperformance of our technology, our Software Platform&#39;s current scale, and the immense reach of our MAX solution, we can greatly reduce our reliance on the data from our Apps,&#34; the company said in its shareholder letter. &#34;Therefore, we have decided to operate our Apps business as if a standalone business rather than a strategically integrated asset.&#34;</p><p>The optimistic color on the software business contrasts with Unity, which reported late Tuesday. Unity&#39;s stock was savaged Wednesday, losing more than a third of its value after it revealed a flaw in its ad-targeting tool, which used inaccurate data from an end user&#39;s engagement and platform performance data. Unity&#39;s ad-targeting and monetization service appeared able to work around Apple Inc.&#39;s opt-out of using Identifier for Advertisers, or IDFA, in its privacy update, a change that has roiled online-ad companies like <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> Inc.&#39;s (FB) Facebook.</p><p>Additionally, AppLovin said its board approved a $750 million share buyback for the company. Shares closed the regular session down 5.9% at $27.28, putting them 76% off their record closing high of $114.85 on Nov. 11. In the company&#39;s April 15 initial public offering, shares priced at $80 but closed down nearly 20% in their debut.</p><p>AppLovin said it expects $1.14 billion to $1.29 billion in software-platform revenue in 2022, up from $674 million in 2021, and revenue of about $2 billion in 2023. Analysts surveyed by FactSet expect $1.44 billion in 2022, and $2.05 billion in 2023.</p><p>The company said it now expects full-year revenue between $3.14 billion and $3.44 billion, while the Street is looking for $3.69 billion.</p><p>Shares dropped last quarter when the company provided a 2022 forecast that disappointed Wall Street, calling for full-year revenue between $3.55 billion and $3.85 billion when, at the time, analysts were looking for $3.83 billion.</p><p>AppLovin on Wednesday reported a first-quarter loss of $115 million, or 31 cents a share, compared with a loss of $10.5 million, or 5 cents a share, in the year-ago period. The company did not list adjusted earnings-per-share figures.</p><p>The company reported revenue of $625.4 million -- or $835 million including $210 million in non-recurring publisher bonuses -- compared with revenue of $604 million in the year-ago quarter.</p><p>Analysts surveyed by FactSet had forecast earnings of 4 cents a share on revenue of $815 million.</p><p>In April, AppLovin added streaming-video company Wurl in a $430 million cash-and-stock acquisition, following its $1.05 billion acquisition of app-monetization company MoPub, which closed on Jan. 3, and its year-ago $1 billion acquisition of German mobile-app measurement and marketing company Adjust.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>AppLovin Stock Jumps 25% as Execs Consider Selling One Business as the Other Finds a New Gear</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAppLovin Stock Jumps 25% as Execs Consider Selling One Business as the Other Finds a New Gear\n</h2>\n\n<h4 class=\"meta\">\n\n\n<div class=\"head\" \">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time\">2022-05-12 07:40</p>\n</div>\n\n</div>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Announcement follows Unity&#39;s stock drop after inaccurate data was used in ad-targeting</p><p><img src=\"https://static.tigerbbs.com/c67d3bd8f7fc10060b70961a3c18a9f0\" tg-width=\"700\" tg-height=\"471\" width=\"100%\" height=\"auto\"/></p><p>AppLovin Inc. shares rallied in the extended session Wednesday after the app-monetization company&#39;s executives said they expect about $2 billion from their software business alone in 2023 and could sell their apps business.</p><p>AppLovin shares, which were halted for trading soon after the market closed, rallied as much as 50% at one point after earnings results were announced, and were last up around 25% in the extended session.</p><p><img src=\"https://static.tigerbbs.com/d6685f20a340091ed64434b0b9295159\" tg-width=\"880\" tg-height=\"621\" width=\"100%\" height=\"auto\"/></p><p>The Palo Alto, Calif.-based company offers marketing, monetization and analytics software that helps app developers grow their businesses, similar to the software <a href=\"https://laohu8.com/S/U\">Unity Software Inc.</a> (U) sells to videogame makers. It also owns a portfolio of more than 200 free-to-play mobile games, part of a business that executives intend to separate structurally from the software business and review, which they said Wednesday &#34;could result in the retention, restructure or sale of certain assets, or no change at all to our Apps portfolio.&#34;</p><p>&#34;Given our recent outperformance of our technology, our Software Platform&#39;s current scale, and the immense reach of our MAX solution, we can greatly reduce our reliance on the data from our Apps,&#34; the company said in its shareholder letter. &#34;Therefore, we have decided to operate our Apps business as if a standalone business rather than a strategically integrated asset.&#34;</p><p>The optimistic color on the software business contrasts with Unity, which reported late Tuesday. Unity&#39;s stock was savaged Wednesday, losing more than a third of its value after it revealed a flaw in its ad-targeting tool, which used inaccurate data from an end user&#39;s engagement and platform performance data. Unity&#39;s ad-targeting and monetization service appeared able to work around Apple Inc.&#39;s opt-out of using Identifier for Advertisers, or IDFA, in its privacy update, a change that has roiled online-ad companies like <a href=\"https://laohu8.com/S/FB\">Meta Platforms</a> Inc.&#39;s (FB) Facebook.</p><p>Additionally, AppLovin said its board approved a $750 million share buyback for the company. Shares closed the regular session down 5.9% at $27.28, putting them 76% off their record closing high of $114.85 on Nov. 11. In the company&#39;s April 15 initial public offering, shares priced at $80 but closed down nearly 20% in their debut.</p><p>AppLovin said it expects $1.14 billion to $1.29 billion in software-platform revenue in 2022, up from $674 million in 2021, and revenue of about $2 billion in 2023. Analysts surveyed by FactSet expect $1.44 billion in 2022, and $2.05 billion in 2023.</p><p>The company said it now expects full-year revenue between $3.14 billion and $3.44 billion, while the Street is looking for $3.69 billion.</p><p>Shares dropped last quarter when the company provided a 2022 forecast that disappointed Wall Street, calling for full-year revenue between $3.55 billion and $3.85 billion when, at the time, analysts were looking for $3.83 billion.</p><p>AppLovin on Wednesday reported a first-quarter loss of $115 million, or 31 cents a share, compared with a loss of $10.5 million, or 5 cents a share, in the year-ago period. The company did not list adjusted earnings-per-share figures.</p><p>The company reported revenue of $625.4 million -- or $835 million including $210 million in non-recurring publisher bonuses -- compared with revenue of $604 million in the year-ago quarter.</p><p>Analysts surveyed by FactSet had forecast earnings of 4 cents a share on revenue of $815 million.</p><p>In April, AppLovin added streaming-video company Wurl in a $430 million cash-and-stock acquisition, following its $1.05 billion acquisition of app-monetization company MoPub, which closed on Jan. 3, and its year-ago $1 billion acquisition of German mobile-app measurement and marketing company Adjust.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2234623329","content_text":"Announcement follows Unity's stock drop after inaccurate data was used in ad-targetingAppLovin Inc. shares rallied in the extended session Wednesday after the app-monetization company's executives said they expect about $2 billion from their software business alone in 2023 and could sell their apps business.AppLovin shares, which were halted for trading soon after the market closed, rallied as much as 50% at one point after earnings results were announced, and were last up around 25% in the extended session.The Palo Alto, Calif.-based company offers marketing, monetization and analytics software that helps app developers grow their businesses, similar to the software Unity Software Inc. (U) sells to videogame makers. It also owns a portfolio of more than 200 free-to-play mobile games, part of a business that executives intend to separate structurally from the software business and review, which they said Wednesday \"could result in the retention, restructure or sale of certain assets, or no change at all to our Apps portfolio.\"\"Given our recent outperformance of our technology, our Software Platform's current scale, and the immense reach of our MAX solution, we can greatly reduce our reliance on the data from our Apps,\" the company said in its shareholder letter. \"Therefore, we have decided to operate our Apps business as if a standalone business rather than a strategically integrated asset.\"The optimistic color on the software business contrasts with Unity, which reported late Tuesday. Unity's stock was savaged Wednesday, losing more than a third of its value after it revealed a flaw in its ad-targeting tool, which used inaccurate data from an end user's engagement and platform performance data. Unity's ad-targeting and monetization service appeared able to work around Apple Inc.'s opt-out of using Identifier for Advertisers, or IDFA, in its privacy update, a change that has roiled online-ad companies like Meta Platforms Inc.'s (FB) Facebook.Additionally, AppLovin said its board approved a $750 million share buyback for the company. Shares closed the regular session down 5.9% at $27.28, putting them 76% off their record closing high of $114.85 on Nov. 11. In the company's April 15 initial public offering, shares priced at $80 but closed down nearly 20% in their debut.AppLovin said it expects $1.14 billion to $1.29 billion in software-platform revenue in 2022, up from $674 million in 2021, and revenue of about $2 billion in 2023. Analysts surveyed by FactSet expect $1.44 billion in 2022, and $2.05 billion in 2023.The company said it now expects full-year revenue between $3.14 billion and $3.44 billion, while the Street is looking for $3.69 billion.Shares dropped last quarter when the company provided a 2022 forecast that disappointed Wall Street, calling for full-year revenue between $3.55 billion and $3.85 billion when, at the time, analysts were looking for $3.83 billion.AppLovin on Wednesday reported a first-quarter loss of $115 million, or 31 cents a share, compared with a loss of $10.5 million, or 5 cents a share, in the year-ago period. The company did not list adjusted earnings-per-share figures.The company reported revenue of $625.4 million -- or $835 million including $210 million in non-recurring publisher bonuses -- compared with revenue of $604 million in the year-ago quarter.Analysts surveyed by FactSet had forecast earnings of 4 cents a share on revenue of $815 million.In April, AppLovin added streaming-video company Wurl in a $430 million cash-and-stock acquisition, following its $1.05 billion acquisition of app-monetization company MoPub, which closed on Jan. 3, and its year-ago $1 billion acquisition of German mobile-app measurement and marketing company Adjust.","news_type":1},"isVote":1,"tweetType":1,"viewCount":35,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9061404016,"gmtCreate":1651659123362,"gmtModify":1676534943579,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>oh no","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>oh no","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$oh no","images":[{"img":"https://community-static.tradeup.com/news/cb5fa12e43dd568dca48679bb7ee79a0","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9061404016","isVote":1,"tweetType":1,"viewCount":116,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0},{"id":9069262261,"gmtCreate":1651294343329,"gmtModify":1676534886631,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>in in","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>in in","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$in in","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9069262261","isVote":1,"tweetType":1,"viewCount":56,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9087856813,"gmtCreate":1650989417811,"gmtModify":1676534829163,"author":{"id":"4097809573246800","authorId":"4097809573246800","name":"WM.","avatar":"https://static.itradeup.com/news/2f4f9b29ba76b42d40e93f5a74e1cdad","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4097809573246800","authorIdStr":"4097809573246800"},"themes":[],"htmlText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>lucky","listText":"<a href=\"https://ttm.financial/S/BVA.SI\">$TOP GLOVE CORPORATION BHD(BVA.SI)$</a>lucky","text":"$TOP GLOVE CORPORATION BHD(BVA.SI)$lucky","images":[{"img":"https://community-static.tradeup.com/news/24be137b03c13b8453ed4186aab5dec0","width":"1080","height":"1920"}],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9087856813","isVote":1,"tweetType":1,"viewCount":69,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":1,"langContent":"EN","totalScore":0}],"lives":[]}