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2022-11-16

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2022-10-31

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Google Case Before High Court Could Reshape Internet Economy

2022-09-17

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Dow Drops 300 Points as Traders Fret over FedEx Warning, Wall Street Heads for Big Weekly Loss

2022-09-12

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2022-09-12

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Nasdaq Bear Market: 5 Unparalleled Growth Stocks You'll Regret Not Buying on the Dip

2022-08-23

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Kanzhun Limited Reports Quarterly Revenues of $166.1 Million

2022-08-23

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JD.com Reports Quarterly Revenues of $40B

2022-08-23

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Stocks Have Reason to Rally Out of Jackson Hole, Strategists Say

2022-08-19

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

2022-08-19

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3 Stocks That Turned $10,000 Into $100,000 (or More)

2022-08-17

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Pre-Bell｜Futures Tick Lower as Retail Earnings Kick Off; Walmart Rallied 3.4%

2022-08-17

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2022-08-12

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3 Supercharged Growth Stocks Down 88% to 93% That Billionaires Can't Stop Buying

2022-08-12

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Apple Reportedly Tells iPhone Partners to Crank up Production Plans

2022-07-30

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2022-07-30

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ot","content":"<html><head></head><body><p>The liability shield and other legal protections that fueled the fortunes of Google, Facebook and other internet giants are facing a long-anticipated day of reckoning -- but it is the Supreme Court, and not Congress, that will be calling the shots.</p><p>That has the tech industry worried that an unfavorable ruling by the high court could shake the foundations of the internet economy by imposing a new set of ground rules.</p><p>The federal shield law, known as Section 230, generally protects internet platforms such as YouTube, Facebook and Yelp from being sued for harmful content posted by third parties on their sites. The Supreme Court agreed this month to hear a lawsuit against Google in which the plaintiffs contend Section 230 shouldn&#39;t protect platforms that steer people to harmful content, such as terrorist videos.</p><p>Meanwhile, Texas and Florida state laws targeting alleged online censorship by Big Tech platforms also are under separate legal challenges that are expected to land soon on the Supreme Court&#39;s doorstep. The industry contends those laws, which seek to tightly regulate the platforms as common carriers, violate the platforms&#39; First Amendment free-speech rights by curbing their ability to take down or otherwise restrict content.</p><p>Internet companies worry that adverse rulings in any of these cases could undercut their business model. Scaling back Section 230&#39;s protections could hamper the use of algorithms that help platforms keep users engaged and could also open them to a torrent of litigation. Curbing their ability to moderate content on their services, meanwhile, could turn much of the internet into a cesspool, they contend.</p><p>On the other hand, many critics of the internet companies believe the Supreme Court now has a chance to rein in legal protections that have left the companies too lightly regulated and too powerful.</p><p>&#34;This is going to be the most important [Supreme Court] term ever for the internet,&#34; said Alan Rozenshtein, a former Justice Department cybersecurity official who is now a University of Minnesota law professor. &#34;It&#39;s not even close.&#34;</p><p>The tech industry is already trying to calibrate how it might respond to an unfavorable ruling, including pressing Congress to adopt legislation to rewrite Section 230 with more clear-cut liability protections, said Matt Schruers, president of the Computer and Communications Industry Association, a trade group.</p><p>&#34;I could foresee an outcome where the litigation and compliance risks stemming from an ill-considered decision are so great that many small firms exit the market,&#34; leading to foreign-based services gaining market share, he said.</p><p>&#34;To say that another way, U.S. competitiveness is potentially at risk here, and we have the most to lose from getting this wrong,&#34; he said.</p><p>Lawmakers and President Biden have long called for modifying Section 230 to address what they say are flaws in the law, but legislation to do so has repeatedly fizzled amid partisan differences.</p><p>The high court will get a turn at bat by hearing an appeal in Gonzalez v. Google, brought by the family of Nohemi Gonzalez, who was killed in the 2015 Islamic State terrorist attack in Paris. The plaintiffs claim that YouTube, a unit of Alphabet Inc.&#39;s Google unit, aided ISIS by recommending the terrorist group&#39;s videos to users.</p><p>Google contends that Section 230 of the Communications Decency Act of 1996 protects it from any liability for content posted by users on its site.</p><p>The court also agreed to hear a similar case involving Twitter Inc. as well as Google and <a href=\"https://laohu8.com/S/META\">Meta Platforms</a> Inc.&#39;s Facebook, although that case isn&#39;t expected to focus on Section 230.</p><p>The result of these cases is effectively a change in venue for Big Tech oversight -- from Congress to the courts -- in a shift that will blunt Silicon Valley&#39;s immense lobbying clout.</p><p>&#34;Even marginal legislative efforts in Congress have turned into massive money fights,&#34; said Rachel Bovard, a former adviser to the Internet Accountability Project, a group funded by Big Tech critics.</p><p>In addition to campaign contributions and lobbying efforts, Big Tech companies also influence public opinion by supporting think-tanks and academics, Ms. Bovard said, which is likely to result in friend-of-court briefs supporting tech positions.</p><p>&#34;So the money game will certainly reach the court,&#34; she said.</p><p>The tech giants have successfully fended off any major  legislation changing their business models, despite congressional hearings and investigations into Big Tech&#39;s market power and the harmful effects of its social-media platforms.</p><p>This year, a bipartisan effort led by Sen. Amy Klobuchar (D., Minn.) and Sen. Chuck Grassley (R., Iowa) to bar dominant tech platforms from favoring their own products and services also appears to be fading amid a pitched ad campaign against it by tech companies that say it could force them to stop offering popular services to consumers.</p><p>In the case of Section 230, the tech industry has offered limited support for change -- but lawmakers have been sharply divided over what needs to be fixed.</p><p>Democrats say Section 230 allows internet platforms to promote harmful content and want higher guardrails. Republicans don&#39;t like 230 because internet platforms also aren&#39;t liable for decisions to ban content they deem objectionable, which they say has led to censorship of conservative viewpoints.</p><p>Supreme Court Justice Clarence Thomas has suggested that the law&#39;s protections have been improperly extended to immunize actions taken by the platforms themselves, such as when their algorithms recommend content.</p><p>Justice Thomas wrote two years ago, in a statement concerning a different Section 230 case, that the court should consider &#34;whether the text of this increasingly important statute aligns with the current state of immunity enjoyed by Internet platforms.&#34;</p><p>The high court could side with Google, as lower courts have done, or decide for the plaintiffs on relatively narrow grounds that don&#39;t alter Section 230 much.</p><p>But if it sides with the Gonzalez family on broader terms, then the case has the potential to alter the business models of big social-media platforms, for example by holding the platforms accountable for the consequences of their content-promotion decisions. That could lead them to tighten up significantly on the content they recommend or feed.</p><p>In addition to the Section 230 case, the high court is widely expected to consider state laws passed recently by legislators in Texas and Florida to curb what they view as online censorship by the big platforms. The industry contends the laws violate the platforms&#39; free-speech rights.</p><p>In deciding those cases, the high court likely will have to determine whether the platforms should be tightly regulated as common carriers, like phone or rail companies, as the states contend, or whether the platforms should enjoy broad First Amendment protections against just about any meddling by the government in their content practices, as the industry contends.</p><p>Some conservative activists are hoping the cases, especially the Texas and Florida cases, will help in their efforts to combat what they view as improper discrimination against the right by big platforms.</p><p>&#34;It&#39;s really going to be a blockbuster year,&#34; said Alex Deise, a staff attorney at FreedomWorks, a conservative advocacy group.</p></body></html>","source":"wsj_highlight","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>Google Case Before High Court Could Reshape Internet Economy</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\">\nGoogle Case Before High Court Could Reshape Internet Economy\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-10-31 16:09 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/google-case-before-high-court-could-reshape-internet-economy-11667091945?mod=business_lead_pos5><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The liability shield and other legal protections that fueled the fortunes of Google, Facebook and other internet giants are facing a long-anticipated day of reckoning -- but it is the Supreme Court, ...</p>\n\n<a href=\"https://www.wsj.com/articles/google-case-before-high-court-could-reshape-internet-economy-11667091945?mod=business_lead_pos5\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GOOG":"谷歌","GOOGL":"谷歌A"},"source_url":"https://www.wsj.com/articles/google-case-before-high-court-could-reshape-internet-economy-11667091945?mod=business_lead_pos5","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2279845107","content_text":"The liability shield and other legal protections that fueled the fortunes of Google, Facebook and other internet giants are facing a long-anticipated day of reckoning -- but it is the Supreme Court, and not Congress, that will be calling the shots.That has the tech industry worried that an unfavorable ruling by the high court could shake the foundations of the internet economy by imposing a new set of ground rules.The federal shield law, known as Section 230, generally protects internet platforms such as YouTube, Facebook and Yelp from being sued for harmful content posted by third parties on their sites. The Supreme Court agreed this month to hear a lawsuit against Google in which the plaintiffs contend Section 230 shouldn't protect platforms that steer people to harmful content, such as terrorist videos.Meanwhile, Texas and Florida state laws targeting alleged online censorship by Big Tech platforms also are under separate legal challenges that are expected to land soon on the Supreme Court's doorstep. The industry contends those laws, which seek to tightly regulate the platforms as common carriers, violate the platforms' First Amendment free-speech rights by curbing their ability to take down or otherwise restrict content.Internet companies worry that adverse rulings in any of these cases could undercut their business model. Scaling back Section 230's protections could hamper the use of algorithms that help platforms keep users engaged and could also open them to a torrent of litigation. Curbing their ability to moderate content on their services, meanwhile, could turn much of the internet into a cesspool, they contend.On the other hand, many critics of the internet companies believe the Supreme Court now has a chance to rein in legal protections that have left the companies too lightly regulated and too powerful.\"This is going to be the most important [Supreme Court] term ever for the internet,\" said Alan Rozenshtein, a former Justice Department cybersecurity official who is now a University of Minnesota law professor. \"It's not even close.\"The tech industry is already trying to calibrate how it might respond to an unfavorable ruling, including pressing Congress to adopt legislation to rewrite Section 230 with more clear-cut liability protections, said Matt Schruers, president of the Computer and Communications Industry Association, a trade group.\"I could foresee an outcome where the litigation and compliance risks stemming from an ill-considered decision are so great that many small firms exit the market,\" leading to foreign-based services gaining market share, he said.\"To say that another way, U.S. competitiveness is potentially at risk here, and we have the most to lose from getting this wrong,\" he said.Lawmakers and President Biden have long called for modifying Section 230 to address what they say are flaws in the law, but legislation to do so has repeatedly fizzled amid partisan differences.The high court will get a turn at bat by hearing an appeal in Gonzalez v. Google, brought by the family of Nohemi Gonzalez, who was killed in the 2015 Islamic State terrorist attack in Paris. The plaintiffs claim that YouTube, a unit of Alphabet Inc.'s Google unit, aided ISIS by recommending the terrorist group's videos to users.Google contends that Section 230 of the Communications Decency Act of 1996 protects it from any liability for content posted by users on its site.The court also agreed to hear a similar case involving Twitter Inc. as well as Google and Meta Platforms Inc.'s Facebook, although that case isn't expected to focus on Section 230.The result of these cases is effectively a change in venue for Big Tech oversight -- from Congress to the courts -- in a shift that will blunt Silicon Valley's immense lobbying clout.\"Even marginal legislative efforts in Congress have turned into massive money fights,\" said Rachel Bovard, a former adviser to the Internet Accountability Project, a group funded by Big Tech critics.In addition to campaign contributions and lobbying efforts, Big Tech companies also influence public opinion by supporting think-tanks and academics, Ms. Bovard said, which is likely to result in friend-of-court briefs supporting tech positions.\"So the money game will certainly reach the court,\" she said.The tech giants have successfully fended off any major  legislation changing their business models, despite congressional hearings and investigations into Big Tech's market power and the harmful effects of its social-media platforms.This year, a bipartisan effort led by Sen. Amy Klobuchar (D., Minn.) and Sen. Chuck Grassley (R., Iowa) to bar dominant tech platforms from favoring their own products and services also appears to be fading amid a pitched ad campaign against it by tech companies that say it could force them to stop offering popular services to consumers.In the case of Section 230, the tech industry has offered limited support for change -- but lawmakers have been sharply divided over what needs to be fixed.Democrats say Section 230 allows internet platforms to promote harmful content and want higher guardrails. Republicans don't like 230 because internet platforms also aren't liable for decisions to ban content they deem objectionable, which they say has led to censorship of conservative viewpoints.Supreme Court Justice Clarence Thomas has suggested that the law's protections have been improperly extended to immunize actions taken by the platforms themselves, such as when their algorithms recommend content.Justice Thomas wrote two years ago, in a statement concerning a different Section 230 case, that the court should consider \"whether the text of this increasingly important statute aligns with the current state of immunity enjoyed by Internet platforms.\"The high court could side with Google, as lower courts have done, or decide for the plaintiffs on relatively narrow grounds that don't alter Section 230 much.But if it sides with the Gonzalez family on broader terms, then the case has the potential to alter the business models of big social-media platforms, for example by holding the platforms accountable for the consequences of their content-promotion decisions. That could lead them to tighten up significantly on the content they recommend or feed.In addition to the Section 230 case, the high court is widely expected to consider state laws passed recently by legislators in Texas and Florida to curb what they view as online censorship by the big platforms. The industry contends the laws violate the platforms' free-speech rights.In deciding those cases, the high court likely will have to determine whether the platforms should be tightly regulated as common carriers, like phone or rail companies, as the states contend, or whether the platforms should enjoy broad First Amendment protections against just about any meddling by the government in their content practices, as the industry contends.Some conservative activists are hoping the cases, especially the Texas and Florida cases, will help in their efforts to combat what they view as improper discrimination against the right by big platforms.\"It's really going to be a blockbuster year,\" said Alex Deise, a staff attorney at FreedomWorks, a conservative advocacy group.","news_type":1},"isVote":1,"tweetType":1,"viewCount":351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9937922093,"gmtCreate":1663344880512,"gmtModify":1676537256826,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks&nbsp;","listText":"Thks&nbsp;","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9937922093","repostId":"1142186136","repostType":4,"repost":{"id":"1142186136","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":1663335158,"share":"https://ttm.financial/m/news/1142186136?lang=&edition=fundamental","pubTime":"2022-09-16 21:32","market":"us","language":"en","title":"Dow Drops 300 Points as Traders Fret over FedEx Warning, Wall Street Heads for Big Weekly Loss","url":"https://stock-news.laohu8.com/highlight/detail?id=1142186136","media":"Tiger Newspress","summary":"Stocks fell Friday as Wall Street headed toward a big losing week, and traders absorbed an ugly earn","content":"<html><head></head><body><p>Stocks fell Friday as Wall Street headed toward a big losing week, and traders absorbed an ugly earnings warning from FedEx about the global economy.</p><p>The Dow Jones Industrial Average dropped 335 points, or 1.1%. The S&amp;P 500 and Nasdaq Composite slid 1.2% and 1.4%, respectively.</p><p>Shares of FedEx plunged 23% after the shipments companywithdrew its full-year guidanceand said it will implement cost-cutting initiatives to contend with soft global shipment volumes as the global economy “significantly worsened.” Transport stocks are typically seen as a leading economic indicator, so FedEx’s announcement could contribute to broader declines on Friday.</p><p>“It very much is a bellwether, certainly traditionally,” Robert Teeter of Silvercrest Asset Management said on CNBC’s “Worldwide Exchange.” ”[But] I think one of the things we’ve seen in this pandemic and post-pandemic economy is that different sectors are having different cycles.”</p><p>“No doubt the news the was not positive, and it certainly is a tell on the importance of margins going forward, which we think is a company by company issue,” Teeter added.</p><p>The three major averages were on pace to notch their fourth losing week in five as a comeback rally looks increasingly like a bear market bounce. The Dow Jones Industrial Average has declined 4.9% this week, while the S&amp;P 500 is 5.3% lower. The Nasdaq Composite is down 6.1%, headed toward its worst weekly loss since June.</p><p>The bulk of the losses came on Tuesday following a surprisingly hot reading in August’s consumer price index report, with the Dow losing 1,200 points in its worst decline in two years.</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>Dow Drops 300 Points as Traders Fret over FedEx Warning, Wall Street Heads for Big Weekly Loss</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\">\nDow Drops 300 Points as Traders Fret over FedEx Warning, Wall Street Heads for Big Weekly Loss\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\">2022-09-16 21:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Stocks fell Friday as Wall Street headed toward a big losing week, and traders absorbed an ugly earnings warning from FedEx about the global economy.</p><p>The Dow Jones Industrial Average dropped 335 points, or 1.1%. The S&amp;P 500 and Nasdaq Composite slid 1.2% and 1.4%, respectively.</p><p>Shares of FedEx plunged 23% after the shipments companywithdrew its full-year guidanceand said it will implement cost-cutting initiatives to contend with soft global shipment volumes as the global economy “significantly worsened.” Transport stocks are typically seen as a leading economic indicator, so FedEx’s announcement could contribute to broader declines on Friday.</p><p>“It very much is a bellwether, certainly traditionally,” Robert Teeter of Silvercrest Asset Management said on CNBC’s “Worldwide Exchange.” ”[But] I think one of the things we’ve seen in this pandemic and post-pandemic economy is that different sectors are having different cycles.”</p><p>“No doubt the news the was not positive, and it certainly is a tell on the importance of margins going forward, which we think is a company by company issue,” Teeter added.</p><p>The three major averages were on pace to notch their fourth losing week in five as a comeback rally looks increasingly like a bear market bounce. The Dow Jones Industrial Average has declined 4.9% this week, while the S&amp;P 500 is 5.3% lower. The Nasdaq Composite is down 6.1%, headed toward its worst weekly loss since June.</p><p>The bulk of the losses came on Tuesday following a surprisingly hot reading in August’s consumer price index report, with the Dow losing 1,200 points in its worst decline in two years.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142186136","content_text":"Stocks fell Friday as Wall Street headed toward a big losing week, and traders absorbed an ugly earnings warning from FedEx about the global economy.The Dow Jones Industrial Average dropped 335 points, or 1.1%. The S&P 500 and Nasdaq Composite slid 1.2% and 1.4%, respectively.Shares of FedEx plunged 23% after the shipments companywithdrew its full-year guidanceand said it will implement cost-cutting initiatives to contend with soft global shipment volumes as the global economy “significantly worsened.” Transport stocks are typically seen as a leading economic indicator, so FedEx’s announcement could contribute to broader declines on Friday.“It very much is a bellwether, certainly traditionally,” Robert Teeter of Silvercrest Asset Management said on CNBC’s “Worldwide Exchange.” ”[But] I think one of the things we’ve seen in this pandemic and post-pandemic economy is that different sectors are having different cycles.”“No doubt the news the was not positive, and it certainly is a tell on the importance of margins going forward, which we think is a company by company issue,” Teeter added.The three major averages were on pace to notch their fourth losing week in five as a comeback rally looks increasingly like a bear market bounce. The Dow Jones Industrial Average has declined 4.9% this week, while the S&P 500 is 5.3% lower. The Nasdaq Composite is down 6.1%, headed toward its worst weekly loss since June.The bulk of the losses came on Tuesday following a surprisingly hot reading in August’s consumer price index report, with the Dow losing 1,200 points in its worst decline in two years.","news_type":1},"isVote":1,"tweetType":1,"viewCount":242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9932546635,"gmtCreate":1662963539927,"gmtModify":1676537172736,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks","listText":"Thks","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9932546635","repostId":"2266393769","repostType":4,"isVote":1,"tweetType":1,"viewCount":483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9932546198,"gmtCreate":1662963510314,"gmtModify":1676537172731,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks","listText":"Thks","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9932546198","repostId":"2266338721","repostType":4,"repost":{"id":"2266338721","kind":"highlight","pubTimestamp":1662954798,"share":"https://ttm.financial/m/news/2266338721?lang=&edition=fundamental","pubTime":"2022-09-12 11:53","market":"us","language":"en","title":"Nasdaq Bear Market: 5 Unparalleled Growth Stocks You'll Regret Not Buying on the Dip","url":"https://stock-news.laohu8.com/highlight/detail?id=2266338721","media":"Motley Fool","summary":"These highly innovative companies are begging to be bought following a peak decline of 34% in the Nasdaq Composite.","content":"<html><head></head><body><p>It&#39;s a trying time to be an investor. Whether you&#39;ve been putting your money to work on Wall Street for decades or are relatively new to the investing arena, you&#39;ve witnessed the worst first-half return for the broad-based <b>S&amp;P 500</b> in 52 years!</p><p>What&#39;s more, the growth stock-dependent <b>Nasdaq Composite</b>, which is largely responsible for leading the market to record highs, has fared even worse. On a peak-to-trough basis, the Nasdaq Composite lost as much as 34% of its value and firmly entrenched itself in a bear market.</p><p>While there&#39;s no denying that bear markets can be scary given the velocity and unpredictability of downside moves, history also shows they&#39;re the ideal time for long-term investors to pounce. That&#39;s because every major decline in the U.S. indexes, including the Nasdaq Composite, is eventually cleared away by a bull market rally.</p><p>With growth stocks getting taken to the woodshed during this downturn, they&#39;re arguably the best place for patient investors to put their money to work. What follows are five unparalleled growth stocks you&#39;ll regret not buying on the Nasdaq bear market dip.</p><h3><a href=\"https://laohu8.com/S/AMZN\">Amazon</a></h3><p>The first incredible growth stock that&#39;s begging to be bought during the Nasdaq bear market dip is none other than FAANG stock <b>Amazon</b>. Despite near-term concerns about weaker retail sales and historically high inflation, Amazon&#39;s highest-margin operating segments are firing on all cylinders.</p><p>Although most people think of Amazon&#39;s leading online marketplace when they hear the company&#39;s name, online retail sales produce razor-thin margins. What&#39;s been far more important for the company is how its leading marketplace has helped draw in higher-margin revenue. For instance, the company&#39;s marketplace has helped it sign up more than 200 million Prime members worldwide, as of April 2021. Amazon is pacing almost $35 billion in annual run-rate sales from subscription services.</p><p>To add, with the company expected to bring in nearly $0.40 of every $1 in U.S. online retail sales in 2022, Amazon&#39;s advertising revenue has soared. Amazon is pacing $35 billion in yearly run-rate sales solely from advertising services.</p><p>But the company&#39;s golden ticket is undoubtedly its cloud infrastructure segment, Amazon Web Services (AWS). Cloud spending is still in the early innings of growth, and AWS brought in an estimated 31% of global cloud-service revenue in the second quarter, according to a report by Canalys. Since cloud-service operating margins run circles around online retail margins, AWS has the potential to more than triple Amazon&#39;s operating cash flow by mid-decade.</p><h2><a href=\"https://laohu8.com/S/FVRR\">Fiverr International</a></h2><p>A second unmatched growth stock investors will kick themselves over if they don&#39;t buy during the Nasdaq bear market decline is online-services marketplace <b>Fiverr International</b> (FVRR 6.66%). Even though a weakening U.S. economy has cast doubt on enterprise spending in the short term, Fiverr is uniquely positioned to benefit over multiple years.</p><p>The key to Fiverr&#39;s success is going to be its ability to stand out in an increasingly crowded space. The good news is the company is doing so in two ways. First, Fiverr&#39;s freelancers are presenting their scope of work as a package deal, rather than on an hourly basis. Providing an all-inclusive (i.e., transparent) price is something Fiverr&#39;s customers seem to appreciate, as evidenced by the continued growth in spend per buyer, even in the face of a weaker U.S. economy.</p><p>As I recently pointed out, the other difference with Fiverr&#39;s operating model can be seen in its take-rate. The &#34;take-rate&#34; describes the amount of money Fiverr is keeping for deals negotiated on its platform. Whereas most of the company&#39;s peers have a take-rate in the low-to-mid teens, Fiverr&#39;s take-rate has been consistently rising and currently sits just shy of 30%. The simple fact that Fiverr&#39;s take-rate continues to climb as it adds new active buyers demonstrates the pricing power of this already-profitable platform.</p><h2><a href=\"https://laohu8.com/S/FSLY\">Fastly</a></h2><p>The third unparalleled growth stock you&#39;ll regret not scooping up during the Nasdaq bear market dip is edge computing company <b>Fastly</b> (FSLY 7.58%). Although Fastly&#39;s wider-than-expected losses over the past couple of quarters have been an eyesore, the company is well positioned to thrive over the long term as data shifts online and into the cloud.</p><p>In simple terms, Fastly is responsible for delivering data from the edge of the cloud to end users as quickly and securely as possible. Since the COVID-19 pandemic took shape, we&#39;ve witnessed the traditional workplace and content consumption habits shift pretty dramatically. With more people working remotely, and businesses moving their data into the cloud at an accelerated pace, companies like Fastly are being relied on now more than ever. That&#39;s great news for a usage-driven operating model like Fastly&#39;s.</p><p>While not overlooking the disappointment of Fastly&#39;s larger quarterly losses, investors should also note that the company&#39;s total customer count continues to climb, and its dollar-based net expansion rate (DBNER) has stabilized right around 120%. DBNER is a measure of how much more (or less) existing clients are spending in the current year compared to the previous year. A figure of around 120% suggests that existing customers are spending about 20% more on a year-over-year basis.</p><h2><a href=\"https://laohu8.com/S/CRLBF\">Cresco Labs</a></h2><p>A fourth remarkable growth stock you&#39;ll regret not buying as the Nasdaq plunges is U.S. cannabis multistate operator (MSO) <b>Cresco Labs</b>. While Wall Street remains disappointed that the U.S. federal government hasn&#39;t legalized marijuana, there are more than enough opportunities at the individual state level for a company like Cresco to profit immensely.</p><p>Marijuana stock Cresco Labs looks like an intriguing investment for two reasons. To begin with, it&#39;s highly focused on expanding into limited-license markets. These are markets where regulators are purposely limiting both the aggregate number of dispensary licenses issued, as well as the total number of retail licenses a single business can hold. Targeting limited-license states will allow Cresco Labs a fair chance to build up its brands without getting overtaken by an MSO with deeper pockets.</p><p>Furthermore, Cresco is in the midst of a transformative acquisition. Before the end of the year, Cresco&#39;s all-share buyout of MSO <b>Columbia Care</b> is expected to close. When complete, the combined company will have more than 130 operating dispensaries in 18 states.</p><p>The second factor that makes Cresco such a smart buy is its industry-leading wholesale operations. Despite wholesale cannabis generating lower margins than retail operations, Cresco holds a coveted cannabis distribution license in California that allows it to place its proprietary pot products into more than 575 dispensaries. In other words, it&#39;s winning on volume, even with lower margins.</p><h2><a href=\"https://laohu8.com/S/MA\">Mastercard</a></h2><p>The fifth and final unparalleled growth stock you&#39;ll regret not buying on the Nasdaq bear market dip is payment processor <b>Mastercard</b>. Though the growing likelihood of a U.S. and/or global recession has Wall Street concerned, Mastercard brings clearly identifiable competitive advantages to the table for its shareholders.</p><p>One of the more interesting things about Mastercard is its cyclical ties. While this does expose the company to weaker revenue generation during recessions, it&#39;s important to note that recessions don&#39;t last very long. By comparison, periods of economic expansion are almost always measured in years. Simply sitting back and allowing time to run its course should allow Mastercard&#39;s investors to benefit from steadily higher consumer and enterprise spending.</p><p>Something else to consider is that Mastercard purposely avoids lending. Even though it&#39;s a well-recognized brand that would likely have no issue generating interest income and fees as a lender, doing so would also expose the company to loan delinquencies and possible charge-offs during recessions. Not having to set aside capital to cover loan losses is a big reason Mastercard&#39;s profit margin remains firmly above 40%.</p><p>Mastercard&#39;s growth runway is enormous as well. Since most of the world&#39;s transactions are still being conducted in cash, Mastercard has plenty of opportunity to expand its infrastructure into underbanked markets or make acquisitions to further its reach.</p></body></html>","source":"fool_stock","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>Nasdaq Bear Market: 5 Unparalleled Growth Stocks You'll Regret Not Buying on the Dip</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\">\nNasdaq Bear Market: 5 Unparalleled Growth Stocks You'll Regret Not Buying on the Dip\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-12 11:53 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/09/10/nasdaq-bear-market-5-growth-stocks-regret-not-buy/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>It's a trying time to be an investor. Whether you've been putting your money to work on Wall Street for decades or are relatively new to the investing arena, you've witnessed the worst first-half ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/09/10/nasdaq-bear-market-5-growth-stocks-regret-not-buy/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊","FVRR":"Fiverr International Ltd.","CRLBF":"Cresco Labs Inc.","FSLY":"Fastly, Inc."},"source_url":"https://www.fool.com/investing/2022/09/10/nasdaq-bear-market-5-growth-stocks-regret-not-buy/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2266338721","content_text":"It's a trying time to be an investor. Whether you've been putting your money to work on Wall Street for decades or are relatively new to the investing arena, you've witnessed the worst first-half return for the broad-based S&P 500 in 52 years!What's more, the growth stock-dependent Nasdaq Composite, which is largely responsible for leading the market to record highs, has fared even worse. On a peak-to-trough basis, the Nasdaq Composite lost as much as 34% of its value and firmly entrenched itself in a bear market.While there's no denying that bear markets can be scary given the velocity and unpredictability of downside moves, history also shows they're the ideal time for long-term investors to pounce. That's because every major decline in the U.S. indexes, including the Nasdaq Composite, is eventually cleared away by a bull market rally.With growth stocks getting taken to the woodshed during this downturn, they're arguably the best place for patient investors to put their money to work. What follows are five unparalleled growth stocks you'll regret not buying on the Nasdaq bear market dip.AmazonThe first incredible growth stock that's begging to be bought during the Nasdaq bear market dip is none other than FAANG stock Amazon. Despite near-term concerns about weaker retail sales and historically high inflation, Amazon's highest-margin operating segments are firing on all cylinders.Although most people think of Amazon's leading online marketplace when they hear the company's name, online retail sales produce razor-thin margins. What's been far more important for the company is how its leading marketplace has helped draw in higher-margin revenue. For instance, the company's marketplace has helped it sign up more than 200 million Prime members worldwide, as of April 2021. Amazon is pacing almost $35 billion in annual run-rate sales from subscription services.To add, with the company expected to bring in nearly $0.40 of every $1 in U.S. online retail sales in 2022, Amazon's advertising revenue has soared. Amazon is pacing $35 billion in yearly run-rate sales solely from advertising services.But the company's golden ticket is undoubtedly its cloud infrastructure segment, Amazon Web Services (AWS). Cloud spending is still in the early innings of growth, and AWS brought in an estimated 31% of global cloud-service revenue in the second quarter, according to a report by Canalys. Since cloud-service operating margins run circles around online retail margins, AWS has the potential to more than triple Amazon's operating cash flow by mid-decade.Fiverr InternationalA second unmatched growth stock investors will kick themselves over if they don't buy during the Nasdaq bear market decline is online-services marketplace Fiverr International (FVRR 6.66%). Even though a weakening U.S. economy has cast doubt on enterprise spending in the short term, Fiverr is uniquely positioned to benefit over multiple years.The key to Fiverr's success is going to be its ability to stand out in an increasingly crowded space. The good news is the company is doing so in two ways. First, Fiverr's freelancers are presenting their scope of work as a package deal, rather than on an hourly basis. Providing an all-inclusive (i.e., transparent) price is something Fiverr's customers seem to appreciate, as evidenced by the continued growth in spend per buyer, even in the face of a weaker U.S. economy.As I recently pointed out, the other difference with Fiverr's operating model can be seen in its take-rate. The \"take-rate\" describes the amount of money Fiverr is keeping for deals negotiated on its platform. Whereas most of the company's peers have a take-rate in the low-to-mid teens, Fiverr's take-rate has been consistently rising and currently sits just shy of 30%. The simple fact that Fiverr's take-rate continues to climb as it adds new active buyers demonstrates the pricing power of this already-profitable platform.FastlyThe third unparalleled growth stock you'll regret not scooping up during the Nasdaq bear market dip is edge computing company Fastly (FSLY 7.58%). Although Fastly's wider-than-expected losses over the past couple of quarters have been an eyesore, the company is well positioned to thrive over the long term as data shifts online and into the cloud.In simple terms, Fastly is responsible for delivering data from the edge of the cloud to end users as quickly and securely as possible. Since the COVID-19 pandemic took shape, we've witnessed the traditional workplace and content consumption habits shift pretty dramatically. With more people working remotely, and businesses moving their data into the cloud at an accelerated pace, companies like Fastly are being relied on now more than ever. That's great news for a usage-driven operating model like Fastly's.While not overlooking the disappointment of Fastly's larger quarterly losses, investors should also note that the company's total customer count continues to climb, and its dollar-based net expansion rate (DBNER) has stabilized right around 120%. DBNER is a measure of how much more (or less) existing clients are spending in the current year compared to the previous year. A figure of around 120% suggests that existing customers are spending about 20% more on a year-over-year basis.Cresco LabsA fourth remarkable growth stock you'll regret not buying as the Nasdaq plunges is U.S. cannabis multistate operator (MSO) Cresco Labs. While Wall Street remains disappointed that the U.S. federal government hasn't legalized marijuana, there are more than enough opportunities at the individual state level for a company like Cresco to profit immensely.Marijuana stock Cresco Labs looks like an intriguing investment for two reasons. To begin with, it's highly focused on expanding into limited-license markets. These are markets where regulators are purposely limiting both the aggregate number of dispensary licenses issued, as well as the total number of retail licenses a single business can hold. Targeting limited-license states will allow Cresco Labs a fair chance to build up its brands without getting overtaken by an MSO with deeper pockets.Furthermore, Cresco is in the midst of a transformative acquisition. Before the end of the year, Cresco's all-share buyout of MSO Columbia Care is expected to close. When complete, the combined company will have more than 130 operating dispensaries in 18 states.The second factor that makes Cresco such a smart buy is its industry-leading wholesale operations. Despite wholesale cannabis generating lower margins than retail operations, Cresco holds a coveted cannabis distribution license in California that allows it to place its proprietary pot products into more than 575 dispensaries. In other words, it's winning on volume, even with lower margins.MastercardThe fifth and final unparalleled growth stock you'll regret not buying on the Nasdaq bear market dip is payment processor Mastercard. Though the growing likelihood of a U.S. and/or global recession has Wall Street concerned, Mastercard brings clearly identifiable competitive advantages to the table for its shareholders.One of the more interesting things about Mastercard is its cyclical ties. While this does expose the company to weaker revenue generation during recessions, it's important to note that recessions don't last very long. By comparison, periods of economic expansion are almost always measured in years. Simply sitting back and allowing time to run its course should allow Mastercard's investors to benefit from steadily higher consumer and enterprise spending.Something else to consider is that Mastercard purposely avoids lending. Even though it's a well-recognized brand that would likely have no issue generating interest income and fees as a lender, doing so would also expose the company to loan delinquencies and possible charge-offs during recessions. Not having to set aside capital to cover loan losses is a big reason Mastercard's profit margin remains firmly above 40%.Mastercard's growth runway is enormous as well. Since most of the world's transactions are still being conducted in cash, Mastercard has plenty of opportunity to expand its infrastructure into underbanked markets or make acquisitions to further its reach.","news_type":1},"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9992979462,"gmtCreate":1661255621258,"gmtModify":1676536483352,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks","listText":"Thks","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9992979462","repostId":"1109534191","repostType":4,"repost":{"id":"1109534191","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":1661250754,"share":"https://ttm.financial/m/news/1109534191?lang=&edition=fundamental","pubTime":"2022-08-23 18:32","market":"us","language":"en","title":"Kanzhun Limited Reports Quarterly Revenues of $166.1 Million","url":"https://stock-news.laohu8.com/highlight/detail?id=1109534191","media":"Tiger Newspress","summary":"Kanzhun Limited, a leading online recruitment platform in China, today announced its unaudited finan","content":"<html><head></head><body><p><a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a>, a leading online recruitment platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2022.</p><p><b>Second Quarter 2022 Highlights</b></p><ul><li><b>Revenues</b> for the second quarter of 2022 were RMB1,112.3 million (US$166.1 million), a decrease of 4.8% from RMB1,168.2 million for the same quarter of 2021.</li><li><b>Calculated cash billings</b> for the second quarter of 2022 were RMB979.2 million (US$146.2 million), a decrease of 32.2% from RMB1,444.5 million for the same quarter of 2021.</li><li><b>Average monthly active user</b> for the second quarter of 2022 were 26.5 million, a decrease of 12.8% from 30.4 million for the same quarter of 2021.</li><li><b>Total paid enterprise customers</b> in the twelve months ended June 30, 2022 increased by 5.6% to 3.8 million from 3.6 million in the twelve months ended June 30, 2021.</li><li><b>Net income</b> for the second quarter of 2022 was RMB107.4 million (US$16.0 million), compared to a net loss of RMB1,414.1 million for the same quarter of 2021. <b>Adjusted net income</b> for the second quarter of 2022 was RMB257.2 million (US$38.4 million), an increase of 4.3% from RMB246.5 million for the same quarter of 2021.</li></ul><p><b>Outlook</b></p><p>For the third quarter of 2022, the Company currently expects its total revenues to be between RMB1.14 billion and RMB1.16 billion, representing a year-on-year decrease of 5.9% to 4.3%. This forecast considers the impact of the COVID-19 resurgence in certain cities which adversely affected recruitment needs, as well as reflects the Company’s current views on the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.</p><p>Shares of <a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a> drop 1.6% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/badf66dc0ed8307c9b0786c27cb91636\" tg-width=\"893\" tg-height=\"711\" referrerpolicy=\"no-referrer\"/></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>Kanzhun Limited Reports Quarterly Revenues of $166.1 Million</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\">\nKanzhun Limited Reports Quarterly Revenues of $166.1 Million\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\">2022-08-23 18:32</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p><a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a>, a leading online recruitment platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2022.</p><p><b>Second Quarter 2022 Highlights</b></p><ul><li><b>Revenues</b> for the second quarter of 2022 were RMB1,112.3 million (US$166.1 million), a decrease of 4.8% from RMB1,168.2 million for the same quarter of 2021.</li><li><b>Calculated cash billings</b> for the second quarter of 2022 were RMB979.2 million (US$146.2 million), a decrease of 32.2% from RMB1,444.5 million for the same quarter of 2021.</li><li><b>Average monthly active user</b> for the second quarter of 2022 were 26.5 million, a decrease of 12.8% from 30.4 million for the same quarter of 2021.</li><li><b>Total paid enterprise customers</b> in the twelve months ended June 30, 2022 increased by 5.6% to 3.8 million from 3.6 million in the twelve months ended June 30, 2021.</li><li><b>Net income</b> for the second quarter of 2022 was RMB107.4 million (US$16.0 million), compared to a net loss of RMB1,414.1 million for the same quarter of 2021. <b>Adjusted net income</b> for the second quarter of 2022 was RMB257.2 million (US$38.4 million), an increase of 4.3% from RMB246.5 million for the same quarter of 2021.</li></ul><p><b>Outlook</b></p><p>For the third quarter of 2022, the Company currently expects its total revenues to be between RMB1.14 billion and RMB1.16 billion, representing a year-on-year decrease of 5.9% to 4.3%. This forecast considers the impact of the COVID-19 resurgence in certain cities which adversely affected recruitment needs, as well as reflects the Company’s current views on the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.</p><p>Shares of <a href=\"https://laohu8.com/S/BZ\">Kanzhun Limited</a> drop 1.6% in premarket trading.</p><p><img src=\"https://static.tigerbbs.com/badf66dc0ed8307c9b0786c27cb91636\" tg-width=\"893\" tg-height=\"711\" referrerpolicy=\"no-referrer\"/></p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BZ":"BOSS直聘"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1109534191","content_text":"Kanzhun Limited, a leading online recruitment platform in China, today announced its unaudited financial results for the second quarter ended June 30, 2022.Second Quarter 2022 HighlightsRevenues for the second quarter of 2022 were RMB1,112.3 million (US$166.1 million), a decrease of 4.8% from RMB1,168.2 million for the same quarter of 2021.Calculated cash billings for the second quarter of 2022 were RMB979.2 million (US$146.2 million), a decrease of 32.2% from RMB1,444.5 million for the same quarter of 2021.Average monthly active user for the second quarter of 2022 were 26.5 million, a decrease of 12.8% from 30.4 million for the same quarter of 2021.Total paid enterprise customers in the twelve months ended June 30, 2022 increased by 5.6% to 3.8 million from 3.6 million in the twelve months ended June 30, 2021.Net income for the second quarter of 2022 was RMB107.4 million (US$16.0 million), compared to a net loss of RMB1,414.1 million for the same quarter of 2021. Adjusted net income for the second quarter of 2022 was RMB257.2 million (US$38.4 million), an increase of 4.3% from RMB246.5 million for the same quarter of 2021.OutlookFor the third quarter of 2022, the Company currently expects its total revenues to be between RMB1.14 billion and RMB1.16 billion, representing a year-on-year decrease of 5.9% to 4.3%. This forecast considers the impact of the COVID-19 resurgence in certain cities which adversely affected recruitment needs, as well as reflects the Company’s current views on the market and operational conditions in China, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.Shares of Kanzhun Limited drop 1.6% in premarket trading.","news_type":1},"isVote":1,"tweetType":1,"viewCount":559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9992979246,"gmtCreate":1661255589287,"gmtModify":1676536483344,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks&nbsp;","listText":"Thks&nbsp;","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9992979246","repostId":"1193077320","repostType":4,"repost":{"id":"1193077320","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":1661251310,"share":"https://ttm.financial/m/news/1193077320?lang=&edition=fundamental","pubTime":"2022-08-23 18:41","market":"us","language":"en","title":"JD.com Reports Quarterly Revenues of $40B","url":"https://stock-news.laohu8.com/highlight/detail?id=1193077320","media":"Tiger Newspress","summary":"JD.com Reports Quarterly Revenues of $40B. Shares of JD.com Rise 5.75% in Premarket Trading.Second Q","content":"<html><head></head><body><p>JD.com Reports Quarterly Revenues of $40B. Shares of JD.com Rise 5.75% in Premarket Trading.</p><p><img src=\"https://static.tigerbbs.com/fabc485aaeaa594018f79711f6388e7e\" tg-width=\"894\" tg-height=\"727\" referrerpolicy=\"no-referrer\"/></p><p><b>Second Quarter 2022 Highlights</b></p><ul><li><p><b>Net revenues</b> for the second quarter of 2022 were RMB267.6 billion (US$140.0 billion), an increase of 5.4% from the second quarter of 2021. Net service revenues for the second quarter of 2022 were RMB41.6 billion (US$6.2 billion), an increase of 21.9% from the second quarter of 2021.</p></li><li><p><b>Income from operations</b> for the second quarter of 2022 was RMB3.8 billion (US$0.6 billion), compared to RMB0.3 billion for the same period last year.<b>Non-GAAP2income from operations</b> was RMB5.8 billion (US$0.9 billion) for the second quarter of 2022, as compared to RMB2.5 billion for the second quarter of 2021. Operating margin of JD Retail before unallocated items for the second quarter of 2022 was 3.4%, compared to 2.6% for the second quarter of 2021.</p></li><li><p><b>Net income attributable to ordinary shareholders</b> for the second quarter of 2022 was RMB4.4 billion (US$0.7 billion), compared to RMB0.8 billion for the same period last year. <b>Non-GAAP net income attributable to ordinary shareholders</b> for the second quarter of 2022 was RMB6.5 billion (US$1.0 billion), as compared to RMB4.6 billion for the same period last year.</p></li><li><p><b>Diluted net income per ADS</b> for the second quarter of 2022 was RMB2.74 (US$0.41), compared to RMB0.50 for the second quarter of 2021. <b>Non-GAAP diluted net income per ADS</b> for the second quarter of 2022 was RMB4.06 (US$0.61), compared to RMB2.90 for the same period last year.</p></li><li><p><b>Operating cash flow</b> for the twelve months ended June 30, 2022 was RMB51.1 billion (US$7.6 billion), compared to RMB38.9 billion for the twelve months ended June 30, 2021. <b>Free cash flow</b>, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended June 30, 2022 was RMB27.7 billion (US$4.1 billion), compared to RMB31.9 billion for the twelve months ended June 30, 2021.</p></li><li><p><b>Annual active customer accounts</b> increased by 9.2% to 580.8 million in the twelve months ended June 30, 2022 from 531.9 million in the twelve months ended June 30, 2021.</p></li></ul></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>JD.com Reports Quarterly Revenues of $40B</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\">\nJD.com Reports Quarterly Revenues of $40B\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\">2022-08-23 18:41</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>JD.com Reports Quarterly Revenues of $40B. Shares of JD.com Rise 5.75% in Premarket Trading.</p><p><img src=\"https://static.tigerbbs.com/fabc485aaeaa594018f79711f6388e7e\" tg-width=\"894\" tg-height=\"727\" referrerpolicy=\"no-referrer\"/></p><p><b>Second Quarter 2022 Highlights</b></p><ul><li><p><b>Net revenues</b> for the second quarter of 2022 were RMB267.6 billion (US$140.0 billion), an increase of 5.4% from the second quarter of 2021. Net service revenues for the second quarter of 2022 were RMB41.6 billion (US$6.2 billion), an increase of 21.9% from the second quarter of 2021.</p></li><li><p><b>Income from operations</b> for the second quarter of 2022 was RMB3.8 billion (US$0.6 billion), compared to RMB0.3 billion for the same period last year.<b>Non-GAAP2income from operations</b> was RMB5.8 billion (US$0.9 billion) for the second quarter of 2022, as compared to RMB2.5 billion for the second quarter of 2021. Operating margin of JD Retail before unallocated items for the second quarter of 2022 was 3.4%, compared to 2.6% for the second quarter of 2021.</p></li><li><p><b>Net income attributable to ordinary shareholders</b> for the second quarter of 2022 was RMB4.4 billion (US$0.7 billion), compared to RMB0.8 billion for the same period last year. <b>Non-GAAP net income attributable to ordinary shareholders</b> for the second quarter of 2022 was RMB6.5 billion (US$1.0 billion), as compared to RMB4.6 billion for the same period last year.</p></li><li><p><b>Diluted net income per ADS</b> for the second quarter of 2022 was RMB2.74 (US$0.41), compared to RMB0.50 for the second quarter of 2021. <b>Non-GAAP diluted net income per ADS</b> for the second quarter of 2022 was RMB4.06 (US$0.61), compared to RMB2.90 for the same period last year.</p></li><li><p><b>Operating cash flow</b> for the twelve months ended June 30, 2022 was RMB51.1 billion (US$7.6 billion), compared to RMB38.9 billion for the twelve months ended June 30, 2021. <b>Free cash flow</b>, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended June 30, 2022 was RMB27.7 billion (US$4.1 billion), compared to RMB31.9 billion for the twelve months ended June 30, 2021.</p></li><li><p><b>Annual active customer accounts</b> increased by 9.2% to 580.8 million in the twelve months ended June 30, 2022 from 531.9 million in the twelve months ended June 30, 2021.</p></li></ul></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"JD":"京东","09618":"京东集团-SW"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193077320","content_text":"JD.com Reports Quarterly Revenues of $40B. Shares of JD.com Rise 5.75% in Premarket Trading.Second Quarter 2022 HighlightsNet revenues for the second quarter of 2022 were RMB267.6 billion (US$140.0 billion), an increase of 5.4% from the second quarter of 2021. Net service revenues for the second quarter of 2022 were RMB41.6 billion (US$6.2 billion), an increase of 21.9% from the second quarter of 2021.Income from operations for the second quarter of 2022 was RMB3.8 billion (US$0.6 billion), compared to RMB0.3 billion for the same period last year.Non-GAAP2income from operations was RMB5.8 billion (US$0.9 billion) for the second quarter of 2022, as compared to RMB2.5 billion for the second quarter of 2021. Operating margin of JD Retail before unallocated items for the second quarter of 2022 was 3.4%, compared to 2.6% for the second quarter of 2021.Net income attributable to ordinary shareholders for the second quarter of 2022 was RMB4.4 billion (US$0.7 billion), compared to RMB0.8 billion for the same period last year. Non-GAAP net income attributable to ordinary shareholders for the second quarter of 2022 was RMB6.5 billion (US$1.0 billion), as compared to RMB4.6 billion for the same period last year.Diluted net income per ADS for the second quarter of 2022 was RMB2.74 (US$0.41), compared to RMB0.50 for the second quarter of 2021. Non-GAAP diluted net income per ADS for the second quarter of 2022 was RMB4.06 (US$0.61), compared to RMB2.90 for the same period last year.Operating cash flow for the twelve months ended June 30, 2022 was RMB51.1 billion (US$7.6 billion), compared to RMB38.9 billion for the twelve months ended June 30, 2021. Free cash flow, which excludes the impact from JD Baitiao receivables included in the operating cash flow, for the twelve months ended June 30, 2022 was RMB27.7 billion (US$4.1 billion), compared to RMB31.9 billion for the twelve months ended June 30, 2021.Annual active customer accounts increased by 9.2% to 580.8 million in the twelve months ended June 30, 2022 from 531.9 million in the twelve months ended June 30, 2021.","news_type":1},"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9992979390,"gmtCreate":1661255482012,"gmtModify":1676536483335,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks for the info&nbsp;","listText":"Thks for the info&nbsp;","text":"Thks for the info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9992979390","repostId":"1120269557","repostType":4,"repost":{"id":"1120269557","kind":"news","pubTimestamp":1661244407,"share":"https://ttm.financial/m/news/1120269557?lang=&edition=fundamental","pubTime":"2022-08-23 16:46","market":"us","language":"en","title":"Stocks Have Reason to Rally Out of Jackson Hole, Strategists Say","url":"https://stock-news.laohu8.com/highlight/detail?id=1120269557","media":"Bloomberg","summary":"Relief rally awaits if Fed is only modestly hawkish: StanChartJPMorgan says half of clients expect n","content":"<html><head></head><body><ul><li>Relief rally awaits if Fed is only modestly hawkish: StanChart</li><li>JPMorgan says half of clients expect no change in Fed position</li></ul><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/a470b964867fabc622d205cbd8b3a824\" tg-width=\"1000\" tg-height=\"666\" referrerpolicy=\"no-referrer\"/><span>All eyes are on Federal Reserve chief Jerome Powell. All eyes are on Federal Reserve chief Jerome Powell.Photographer: Ting Shen/Bloomberg</span></p><p>Stocks and other risk assets have a chance to rally if Jerome Powell delivers a nuanced message at the Jackson Hole symposium, strategists say.</p><p>Hawkish recent comments from Federal Reserve officials appear to have convinced market participants to get out of the way as the central bank raises interest rates, leading to a consensus that Chair Powell will deliver a hawkish message on Friday, according to Standard Chartered Plc.</p><p><img src=\"https://static.tigerbbs.com/2f74dcb7d87c1ea1415f6e8eea17b1a8\" tg-width=\"930\" tg-height=\"523\" referrerpolicy=\"no-referrer\"/></p><p>“We see risk that the market prices more hawkishness than he delivers,” Steve Englander, New York-based strategist at the bank wrote in a research note. “With positioning skewed in a bearish direction, we could see a relief rally even on a moderately hawkish stance, recognizing that data on activity and inflation are the ultimate USD drivers.”</p><p>Sentiment toward both stocks and bonds has turned bearish in recent days as traders brace for a potentially hawkish pivot from Powell at the Kansas Fed’s annual retreat. A US stock slide extended into Asia Tuesday and benchmark US 10-year yields held above 3% amid the prospect of further Fed policy tightening.</p><p><b>‘Dovish Surprise’</b></p><p>Still, the room for a hawkish surprise at Jackson Hole is now rather limited, said Alvin T. Tan, head of Asia foreign-exchange strategy at RBC Capital Markets in Singapore.</p><p>“I doubt that Powell will pre-commit to any hike quantum in the September Federal Open Market Committee meeting, certainly not 75 basis points,” he said.</p><p>There’s a possibility Powell may reiterate his message from July’s Fed gathering, where he said the central bank would be more data-dependent going forward, which would be a “dovish surprise,” and spur a resumption in the equity market rally, Tan said.</p><p>JPMorgan Chase &amp; Co.’s clients are also far from convinced a hawkish shift is likely. Fifty perecent of them say the Fed is unlikely to deliver any surprise at the symposium, while just 43% said they anticipated hawkishness and 7% expect dovishness, according to a report.</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>Stocks Have Reason to Rally Out of Jackson Hole, Strategists Say</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\">\nStocks Have Reason to Rally Out of Jackson Hole, Strategists Say\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-23 16:46 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/articles/2022-08-23/stocks-have-reason-to-rally-out-of-jackson-hole-strategists-say?srnd=premium-asia><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Relief rally awaits if Fed is only modestly hawkish: StanChartJPMorgan says half of clients expect no change in Fed positionAll eyes are on Federal Reserve chief Jerome Powell. All eyes are on Federal...</p>\n\n<a href=\"https://www.bloomberg.com/news/articles/2022-08-23/stocks-have-reason-to-rally-out-of-jackson-hole-strategists-say?srnd=premium-asia\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://www.bloomberg.com/news/articles/2022-08-23/stocks-have-reason-to-rally-out-of-jackson-hole-strategists-say?srnd=premium-asia","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1120269557","content_text":"Relief rally awaits if Fed is only modestly hawkish: StanChartJPMorgan says half of clients expect no change in Fed positionAll eyes are on Federal Reserve chief Jerome Powell. All eyes are on Federal Reserve chief Jerome Powell.Photographer: Ting Shen/BloombergStocks and other risk assets have a chance to rally if Jerome Powell delivers a nuanced message at the Jackson Hole symposium, strategists say.Hawkish recent comments from Federal Reserve officials appear to have convinced market participants to get out of the way as the central bank raises interest rates, leading to a consensus that Chair Powell will deliver a hawkish message on Friday, according to Standard Chartered Plc.“We see risk that the market prices more hawkishness than he delivers,” Steve Englander, New York-based strategist at the bank wrote in a research note. “With positioning skewed in a bearish direction, we could see a relief rally even on a moderately hawkish stance, recognizing that data on activity and inflation are the ultimate USD drivers.”Sentiment toward both stocks and bonds has turned bearish in recent days as traders brace for a potentially hawkish pivot from Powell at the Kansas Fed’s annual retreat. A US stock slide extended into Asia Tuesday and benchmark US 10-year yields held above 3% amid the prospect of further Fed policy tightening.‘Dovish Surprise’Still, the room for a hawkish surprise at Jackson Hole is now rather limited, said Alvin T. Tan, head of Asia foreign-exchange strategy at RBC Capital Markets in Singapore.“I doubt that Powell will pre-commit to any hike quantum in the September Federal Open Market Committee meeting, certainly not 75 basis points,” he said.There’s a possibility Powell may reiterate his message from July’s Fed gathering, where he said the central bank would be more data-dependent going forward, which would be a “dovish surprise,” and spur a resumption in the equity market rally, Tan said.JPMorgan Chase & Co.’s clients are also far from convinced a hawkish shift is likely. Fifty perecent of them say the Fed is unlikely to deliver any surprise at the symposium, while just 43% said they anticipated hawkishness and 7% expect dovishness, according to a report.","news_type":1},"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9998007656,"gmtCreate":1660890093678,"gmtModify":1676536419598,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks&nbsp;","listText":"Thks&nbsp;","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9998007656","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":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9998007979,"gmtCreate":1660890010893,"gmtModify":1676536419590,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Ths for the info&nbsp;","listText":"Ths for the info&nbsp;","text":"Ths for the info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9998007979","repostId":"2260331445","repostType":4,"repost":{"id":"2260331445","kind":"highlight","pubTimestamp":1660887378,"share":"https://ttm.financial/m/news/2260331445?lang=&edition=fundamental","pubTime":"2022-08-19 13:36","market":"us","language":"en","title":"3 Stocks That Turned $10,000 Into $100,000 (or More)","url":"https://stock-news.laohu8.com/highlight/detail?id=2260331445","media":"Motley Fool","summary":"These three pandemic powerhouses all saw share prices skyrocket by 10x or more in the past decade, though two have since come back down to Earth.","content":"<html><head></head><body><p>The legendary 10-bagger -- a stock that delivers 10 times the return on its purchase price -- remains a fairly rare event in modern markets. And the pandemic drove instability across many different industries, with deep plunges in some sectors and others seeing new interest and investment due to their offerings.</p><p>These three companies experienced new highs since the beginning of the global pandemic, making an investment in the last decade truly pay off -- at least, to a certain point. $10,000 invested in <b>Apple</b> in early 2013 delivered 10-bagger results at recent highs. Likewise, a $10,000 investment in <b>Netflix</b> shares in mid-2014 at less than $70 soared to over $700 by late 2021. <b>Roku</b> also saw new highs with its shares hitting $400 versus the $40 they sold for at the end of 2018.</p><p>However, what goes up also sometimes goes down -- as it did for two of these stocks. Let&#39;s take a closer look at all three -- and see what could be in store for their shares from here.</p><h2>Apple dominates with innovation, iPhones, and India</h2><p>The king of the smartphone market continues innovating with each iteration of its popular iPhone line. Accessories and services drive the company&#39;s App Store and offerings further into the lifestyles and pockets of consumers. The pandemic may have boosted sales, but Apple continues to perform well even as the global economy has reopened.</p><p>At a recent share price of $170, the stock isn&#39;t far off its 52-week high of $183. Over the past six months, the smartphone maker has moved roughly in tandem with the <b>S&amp;P 500</b>, outperforming it by 4 percentage points over that period.</p><p>Apple may have a catalyst overseas, however. The huge economy of India seems ready to consume Apple products as its smartphone adoption levels take off. The company grew its smartphone shipments to India by 108% year-over-year in 2021, making it one of the fastest growing brands in the region, and Counterpoint Research expects continued growth throughout 2022.</p><h2>Stay-at-home orders drove Netflix to new heights</h2><p>Streaming powerhouse Netflix brought entertainment to millions of viewers stuck at home during the depths of the pandemic. It delivered 10-bagger results for many long-term shareholders who got in during the past decade, but Netflix failed to hold onto much of those gains as cities and markets reopened.</p><p>The streaming company&#39;s stock currently trails the S&amp;P 500 by more than 35 percentage points over the past six months, making it one of the worst performers in the index so far this year.</p><p>Some investors may see this dip as a buying opportunity, but the company has yet to assure the broader market of its recovery. Long-term, Netflix has shown great resilience, but a potential recession may limit its growth in the near future.</p><h2>Roku&#39;s pandemic power now wanes</h2><p>Roku hasn&#39;t fared much better than Netflix when it comes to proving itself after recent all-time highs. While there are more Roku devices in homes worldwide than ever, and the company posted total net revenue growth of 18% year over year in its second-quarter 2022 earnings report, the stock continues to lag the S&amp;P 500 by 45 percentage points.</p><p>The horizon doesn&#39;t seem so bleak for this previous 10-bagger, though. Recent partnerships with <b>Walmart</b> and <b>Paramount</b> could deliver the catalysts that, when coupled with strong earnings growth and guidance, may bring Roku share prices back in line with its previous successes. The company may even reach previous highs if share prices rise to reflect continued success through its partnerships.</p><h2>The future of home and mobile entertainment</h2><p>Smart investors know that profits can be made in bear markets, and bear-market investments can generate wealth when the bulls take control. Apple remains in a strong position and could be a dividend leader, while both Netflix and Roku could well stay near lows before seeing a return to previous levels.</p><p>Current market conditions provide a great opportunity to get in on these stocks at a much lower price point than during the onset of the pandemic, with its stay-at-home orders and boost to home entertainment. Never try to time the bottom of the market -- instead, focus on quality and long-term potential, especially when a recession could be looming. Consider the overall strength and position of these companies before making a leap during uncertain times.</p></body></html>","source":"fool_stock","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>3 Stocks That Turned $10,000 Into $100,000 (or More)</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\">\n3 Stocks That Turned $10,000 Into $100,000 (or More)\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-19 13:36 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/08/18/3-stocks-that-turned-10000-into-100000-or-more/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The legendary 10-bagger -- a stock that delivers 10 times the return on its purchase price -- remains a fairly rare event in modern markets. And the pandemic drove instability across many different ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/18/3-stocks-that-turned-10000-into-100000-or-more/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果","ROKU":"Roku Inc","NFLX":"奈飞"},"source_url":"https://www.fool.com/investing/2022/08/18/3-stocks-that-turned-10000-into-100000-or-more/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2260331445","content_text":"The legendary 10-bagger -- a stock that delivers 10 times the return on its purchase price -- remains a fairly rare event in modern markets. And the pandemic drove instability across many different industries, with deep plunges in some sectors and others seeing new interest and investment due to their offerings.These three companies experienced new highs since the beginning of the global pandemic, making an investment in the last decade truly pay off -- at least, to a certain point. $10,000 invested in Apple in early 2013 delivered 10-bagger results at recent highs. Likewise, a $10,000 investment in Netflix shares in mid-2014 at less than $70 soared to over $700 by late 2021. Roku also saw new highs with its shares hitting $400 versus the $40 they sold for at the end of 2018.However, what goes up also sometimes goes down -- as it did for two of these stocks. Let's take a closer look at all three -- and see what could be in store for their shares from here.Apple dominates with innovation, iPhones, and IndiaThe king of the smartphone market continues innovating with each iteration of its popular iPhone line. Accessories and services drive the company's App Store and offerings further into the lifestyles and pockets of consumers. The pandemic may have boosted sales, but Apple continues to perform well even as the global economy has reopened.At a recent share price of $170, the stock isn't far off its 52-week high of $183. Over the past six months, the smartphone maker has moved roughly in tandem with the S&P 500, outperforming it by 4 percentage points over that period.Apple may have a catalyst overseas, however. The huge economy of India seems ready to consume Apple products as its smartphone adoption levels take off. The company grew its smartphone shipments to India by 108% year-over-year in 2021, making it one of the fastest growing brands in the region, and Counterpoint Research expects continued growth throughout 2022.Stay-at-home orders drove Netflix to new heightsStreaming powerhouse Netflix brought entertainment to millions of viewers stuck at home during the depths of the pandemic. It delivered 10-bagger results for many long-term shareholders who got in during the past decade, but Netflix failed to hold onto much of those gains as cities and markets reopened.The streaming company's stock currently trails the S&P 500 by more than 35 percentage points over the past six months, making it one of the worst performers in the index so far this year.Some investors may see this dip as a buying opportunity, but the company has yet to assure the broader market of its recovery. Long-term, Netflix has shown great resilience, but a potential recession may limit its growth in the near future.Roku's pandemic power now wanesRoku hasn't fared much better than Netflix when it comes to proving itself after recent all-time highs. While there are more Roku devices in homes worldwide than ever, and the company posted total net revenue growth of 18% year over year in its second-quarter 2022 earnings report, the stock continues to lag the S&P 500 by 45 percentage points.The horizon doesn't seem so bleak for this previous 10-bagger, though. Recent partnerships with Walmart and Paramount could deliver the catalysts that, when coupled with strong earnings growth and guidance, may bring Roku share prices back in line with its previous successes. The company may even reach previous highs if share prices rise to reflect continued success through its partnerships.The future of home and mobile entertainmentSmart investors know that profits can be made in bear markets, and bear-market investments can generate wealth when the bulls take control. Apple remains in a strong position and could be a dividend leader, while both Netflix and Roku could well stay near lows before seeing a return to previous levels.Current market conditions provide a great opportunity to get in on these stocks at a much lower price point than during the onset of the pandemic, with its stay-at-home orders and boost to home entertainment. Never try to time the bottom of the market -- instead, focus on quality and long-term potential, especially when a recession could be looming. Consider the overall strength and position of these companies before making a leap during uncertain times.","news_type":1},"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993841542,"gmtCreate":1660667600789,"gmtModify":1676536375298,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks for the info","listText":"Thks for the info","text":"Thks for the info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993841542","repostId":"1138006464","repostType":4,"repost":{"id":"1138006464","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":1660650988,"share":"https://ttm.financial/m/news/1138006464?lang=&edition=fundamental","pubTime":"2022-08-16 19:56","market":"us","language":"en","title":"Pre-Bell｜Futures Tick Lower as Retail Earnings Kick Off; Walmart Rallied 3.4%","url":"https://stock-news.laohu8.com/highlight/detail?id=1138006464","media":"Tiger Newspress","summary":"U.S. stock index futures inched lower on Tuesday as investors assessed results from retailers Walmar","content":"<html><head></head><body><p>U.S. stock index futures inched lower on Tuesday as investors assessed results from retailers Walmart and Home Depot, while signs of a slowing global economy continued to keep investors on edge.</p><h2><b>Market Snapshot</b></h2><p>At 07:53 a.m. ET, Dow e-minis were down 3 points, or 0.01%, S&amp;P 500 e-minis were down 2.75 points, or 0.06%, and Nasdaq 100 e-minis were down 9.25 points, or 0.07%.<img src=\"https://static.tigerbbs.com/5fa5137b0d1909bb981b804ae30b9a86\" tg-width=\"433\" tg-height=\"184\" width=\"100%\" height=\"auto\"/></p><h2><b>Pre-Market Movers</b></h2><p>Home Depot(HD) – Home Depot reported a quarterly profit of $5.05 per share, 11 cents above estimates, with revenue and comparable store sales also topping Street forecasts. However, the number of customer transactions fell during the quarter. Home Depot moved between gains and losses in premarket trading.</p><p>Walmart(WMT) – Walmart rallied 3.4% in premarket trading after reporting better-than-expected top and bottom line results for the second quarter. Comparable store sales also beat estimates, and Walmart projects adjusted earnings will fall slightly less this year than previously thought.</p><p>Masimo(MASI) – Masimo gained 2.3% in premarket action after activist investor Politan Capital Management took a 9% stake in the medical technology company. Politan plans to push Masimo to take actions that improve its stock price.</p><p>Philips(PHG) – Philips shares were up 2.6% in the premarket after the Dutch health technology company announced that CEO Frans van Houten will leave that job on October 15. He’ll be replaced by Roy Jakobs, who currently heads the company’s Connected Care unit.</p><p>BHP(BHP) – BHP stock gained 3% in premarket action after the world’s biggest mining company reported its highest annual profit in 11 years. BHP’s results were boosted by higher prices for coal and other commodities.</p><p>Ally Financial(ALLY) – Ally Financial rallied 5.5% in premarket trading after Berkshire Hathaway’s latest 13F filings showed that Warren Buffett’s firm tripled its stake in the online banking company during the second quarter.</p><p>Nu Holdings(NU) – Nu Holdings shares leaped 13.5% in the premarket after the Warren Buffett-backed digital banking company reported quarterly revenue that more than doubled from a year earlier.</p><p>ThredUp(TDUP) – ThredUp gained 3.3% in premarket trading after the online apparel resale platform reported better-than-expected quarterly revenue and a 29% increase in active buyers.</p><p>ZipRecruiter(ZIP) – The online employment website operator posted second-quarter results that were better than expected on continued labor market growth. However, the stock slid 6.2% in the premarket after the company said employers were starting to pull back on job postings as the quarter came to a close.</p><h2><b>Market News</b></h2><p><b>Walmart Sticks with Second-Half Outlook after Earnings Beat Expectations</b></p><p>Walmarton Tuesday said sales grew more than 8%, but profits tightened in the fiscal second quarter, as consumers turned to the discounter for groceries and essentials.</p><p>The retailer’s results surpassed analysts’ expectations, butechoed its profit warning last month, when Walmart said inflation-pinched shoppers were buying less high-margin discretionary merchandise like apparel as they spent more on necessities.</p><p><b>Sea Quarterly Revenue Miss Estimates, Suspending E-Commerce GAAP Revenue Guidance for the Full Year</b></p><p>Sea (NYSE:SE) reported quarterly losses of $(1.03) per share which beat the analyst consensus estimate of $(1.21) by 14.88 percent. This is a 68.85 percent decrease over losses of $(0.61) per share from the same period last year.  </p><p>The company reported quarterly sales of $2.90 billion which missed the analyst consensus estimate of $2.97 billion by 2.36 percent.  This is a 27.14 percent increase over sales of $2.28 billion the same period last year.</p><p><b>Home Depot Beats Quarterly Sales Estimates</b></p><p>Home Depot Inc reported quarterly comparable sales above Wall Street estimates on Tuesday on steady demand for home-improvement goods from professional builders and handymen.</p><p>Analysts have said demand from home-improvement professionals has been strong, even as do-it-yourself customers are reining in their spending, due to a healthy pipeline of remodeling work.</p><p><b>Tencent Plans to Divest $24 Bln Meituan Stake</b></p><p>China&#39;s <a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a> plans to sell all or a bulk of its $24 billion stake in food delivery firm <a href=\"https://laohu8.com/S/03690\">Meituan </a> to placate domestic regulators and monetise an eight-year-old investment, four sources with knowledge of the matter said.</p><p>Tencent, which owns 17% of Meituan, has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake, said three of the sources.</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>Pre-Bell｜Futures Tick Lower as Retail Earnings Kick Off; Walmart Rallied 3.4%</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; 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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\">\nPre-Bell｜Futures Tick Lower as Retail Earnings Kick Off; Walmart Rallied 3.4%\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\">2022-08-16 19:56</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>U.S. stock index futures inched lower on Tuesday as investors assessed results from retailers Walmart and Home Depot, while signs of a slowing global economy continued to keep investors on edge.</p><h2><b>Market Snapshot</b></h2><p>At 07:53 a.m. ET, Dow e-minis were down 3 points, or 0.01%, S&amp;P 500 e-minis were down 2.75 points, or 0.06%, and Nasdaq 100 e-minis were down 9.25 points, or 0.07%.<img src=\"https://static.tigerbbs.com/5fa5137b0d1909bb981b804ae30b9a86\" tg-width=\"433\" tg-height=\"184\" width=\"100%\" height=\"auto\"/></p><h2><b>Pre-Market Movers</b></h2><p>Home Depot(HD) – Home Depot reported a quarterly profit of $5.05 per share, 11 cents above estimates, with revenue and comparable store sales also topping Street forecasts. However, the number of customer transactions fell during the quarter. Home Depot moved between gains and losses in premarket trading.</p><p>Walmart(WMT) – Walmart rallied 3.4% in premarket trading after reporting better-than-expected top and bottom line results for the second quarter. Comparable store sales also beat estimates, and Walmart projects adjusted earnings will fall slightly less this year than previously thought.</p><p>Masimo(MASI) – Masimo gained 2.3% in premarket action after activist investor Politan Capital Management took a 9% stake in the medical technology company. Politan plans to push Masimo to take actions that improve its stock price.</p><p>Philips(PHG) – Philips shares were up 2.6% in the premarket after the Dutch health technology company announced that CEO Frans van Houten will leave that job on October 15. He’ll be replaced by Roy Jakobs, who currently heads the company’s Connected Care unit.</p><p>BHP(BHP) – BHP stock gained 3% in premarket action after the world’s biggest mining company reported its highest annual profit in 11 years. BHP’s results were boosted by higher prices for coal and other commodities.</p><p>Ally Financial(ALLY) – Ally Financial rallied 5.5% in premarket trading after Berkshire Hathaway’s latest 13F filings showed that Warren Buffett’s firm tripled its stake in the online banking company during the second quarter.</p><p>Nu Holdings(NU) – Nu Holdings shares leaped 13.5% in the premarket after the Warren Buffett-backed digital banking company reported quarterly revenue that more than doubled from a year earlier.</p><p>ThredUp(TDUP) – ThredUp gained 3.3% in premarket trading after the online apparel resale platform reported better-than-expected quarterly revenue and a 29% increase in active buyers.</p><p>ZipRecruiter(ZIP) – The online employment website operator posted second-quarter results that were better than expected on continued labor market growth. However, the stock slid 6.2% in the premarket after the company said employers were starting to pull back on job postings as the quarter came to a close.</p><h2><b>Market News</b></h2><p><b>Walmart Sticks with Second-Half Outlook after Earnings Beat Expectations</b></p><p>Walmarton Tuesday said sales grew more than 8%, but profits tightened in the fiscal second quarter, as consumers turned to the discounter for groceries and essentials.</p><p>The retailer’s results surpassed analysts’ expectations, butechoed its profit warning last month, when Walmart said inflation-pinched shoppers were buying less high-margin discretionary merchandise like apparel as they spent more on necessities.</p><p><b>Sea Quarterly Revenue Miss Estimates, Suspending E-Commerce GAAP Revenue Guidance for the Full Year</b></p><p>Sea (NYSE:SE) reported quarterly losses of $(1.03) per share which beat the analyst consensus estimate of $(1.21) by 14.88 percent. This is a 68.85 percent decrease over losses of $(0.61) per share from the same period last year.  </p><p>The company reported quarterly sales of $2.90 billion which missed the analyst consensus estimate of $2.97 billion by 2.36 percent.  This is a 27.14 percent increase over sales of $2.28 billion the same period last year.</p><p><b>Home Depot Beats Quarterly Sales Estimates</b></p><p>Home Depot Inc reported quarterly comparable sales above Wall Street estimates on Tuesday on steady demand for home-improvement goods from professional builders and handymen.</p><p>Analysts have said demand from home-improvement professionals has been strong, even as do-it-yourself customers are reining in their spending, due to a healthy pipeline of remodeling work.</p><p><b>Tencent Plans to Divest $24 Bln Meituan Stake</b></p><p>China&#39;s <a href=\"https://laohu8.com/S/00700\">Tencent Holdings</a> plans to sell all or a bulk of its $24 billion stake in food delivery firm <a href=\"https://laohu8.com/S/03690\">Meituan </a> to placate domestic regulators and monetise an eight-year-old investment, four sources with knowledge of the matter said.</p><p>Tencent, which owns 17% of Meituan, has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake, said three of the sources.</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":"1138006464","content_text":"U.S. stock index futures inched lower on Tuesday as investors assessed results from retailers Walmart and Home Depot, while signs of a slowing global economy continued to keep investors on edge.Market SnapshotAt 07:53 a.m. ET, Dow e-minis were down 3 points, or 0.01%, S&P 500 e-minis were down 2.75 points, or 0.06%, and Nasdaq 100 e-minis were down 9.25 points, or 0.07%.Pre-Market MoversHome Depot(HD) – Home Depot reported a quarterly profit of $5.05 per share, 11 cents above estimates, with revenue and comparable store sales also topping Street forecasts. However, the number of customer transactions fell during the quarter. Home Depot moved between gains and losses in premarket trading.Walmart(WMT) – Walmart rallied 3.4% in premarket trading after reporting better-than-expected top and bottom line results for the second quarter. Comparable store sales also beat estimates, and Walmart projects adjusted earnings will fall slightly less this year than previously thought.Masimo(MASI) – Masimo gained 2.3% in premarket action after activist investor Politan Capital Management took a 9% stake in the medical technology company. Politan plans to push Masimo to take actions that improve its stock price.Philips(PHG) – Philips shares were up 2.6% in the premarket after the Dutch health technology company announced that CEO Frans van Houten will leave that job on October 15. He’ll be replaced by Roy Jakobs, who currently heads the company’s Connected Care unit.BHP(BHP) – BHP stock gained 3% in premarket action after the world’s biggest mining company reported its highest annual profit in 11 years. BHP’s results were boosted by higher prices for coal and other commodities.Ally Financial(ALLY) – Ally Financial rallied 5.5% in premarket trading after Berkshire Hathaway’s latest 13F filings showed that Warren Buffett’s firm tripled its stake in the online banking company during the second quarter.Nu Holdings(NU) – Nu Holdings shares leaped 13.5% in the premarket after the Warren Buffett-backed digital banking company reported quarterly revenue that more than doubled from a year earlier.ThredUp(TDUP) – ThredUp gained 3.3% in premarket trading after the online apparel resale platform reported better-than-expected quarterly revenue and a 29% increase in active buyers.ZipRecruiter(ZIP) – The online employment website operator posted second-quarter results that were better than expected on continued labor market growth. However, the stock slid 6.2% in the premarket after the company said employers were starting to pull back on job postings as the quarter came to a close.Market NewsWalmart Sticks with Second-Half Outlook after Earnings Beat ExpectationsWalmarton Tuesday said sales grew more than 8%, but profits tightened in the fiscal second quarter, as consumers turned to the discounter for groceries and essentials.The retailer’s results surpassed analysts’ expectations, butechoed its profit warning last month, when Walmart said inflation-pinched shoppers were buying less high-margin discretionary merchandise like apparel as they spent more on necessities.Sea Quarterly Revenue Miss Estimates, Suspending E-Commerce GAAP Revenue Guidance for the Full YearSea (NYSE:SE) reported quarterly losses of $(1.03) per share which beat the analyst consensus estimate of $(1.21) by 14.88 percent. This is a 68.85 percent decrease over losses of $(0.61) per share from the same period last year.  The company reported quarterly sales of $2.90 billion which missed the analyst consensus estimate of $2.97 billion by 2.36 percent.  This is a 27.14 percent increase over sales of $2.28 billion the same period last year.Home Depot Beats Quarterly Sales EstimatesHome Depot Inc reported quarterly comparable sales above Wall Street estimates on Tuesday on steady demand for home-improvement goods from professional builders and handymen.Analysts have said demand from home-improvement professionals has been strong, even as do-it-yourself customers are reining in their spending, due to a healthy pipeline of remodeling work.Tencent Plans to Divest $24 Bln Meituan StakeChina's Tencent Holdings plans to sell all or a bulk of its $24 billion stake in food delivery firm Meituan  to placate domestic regulators and monetise an eight-year-old investment, four sources with knowledge of the matter said.Tencent, which owns 17% of Meituan, has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake, said three of the sources.","news_type":1},"isVote":1,"tweetType":1,"viewCount":98,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993841679,"gmtCreate":1660667567094,"gmtModify":1676536375294,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks for info","listText":"Thks for info","text":"Thks for info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993841679","repostId":"2259688685","repostType":4,"isVote":1,"tweetType":1,"viewCount":175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9990192231,"gmtCreate":1660303528626,"gmtModify":1676533447509,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks for the sharing","listText":"Thks for the sharing","text":"Thks for the sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9990192231","repostId":"2258201019","repostType":4,"repost":{"id":"2258201019","kind":"highlight","pubTimestamp":1660285153,"share":"https://ttm.financial/m/news/2258201019?lang=&edition=fundamental","pubTime":"2022-08-12 14:19","market":"us","language":"en","title":"3 Supercharged Growth Stocks Down 88% to 93% That Billionaires Can't Stop Buying","url":"https://stock-news.laohu8.com/highlight/detail?id=2258201019","media":"Motley Fool","summary":"Not even a bear market decline can faze billionaire money managers who are intent on owning innovative companies and future industry leaders.","content":"<html><head></head><body><p>This has been one of the most-challenging years in decades for Wall Street and the investing community. The first six months of the year delivered the worst first-half return for the benchmark <b>S&amp;P 500</b> in 52 years! Meanwhile, the growth-driven <b>Nasdaq Composite</b> has tumbled more than 30% from its high point in 2022.</p><p>It&#39;s been an especially rough go for the growth stocks that led the broader market out of the doldrums following the 2020 coronavirus crash. Yet even with this poor performance, billionaire money managers remain unfazed and have continued to put their money to work on Wall Street.</p><p>The following three supercharged growth stocks plunged between 88% and 93% from their all-time highs set over the past 18 months, but select billionaires still can&#39;t stop buying them.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86a2726b9174984dc74f2cbd11eb01a0\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"/><span>Image source: Getty Images.</span></p><h2>Upstart Holdings: Down 93% from its all-time high</h2><p>This first billionaire with eyes for beaten-down growth stocks is Susquehanna International&#39;s Jeff Yass. During the first three months of 2022, Yass oversaw the addition of nearly 140,000 shares of cloud-based lending platform <b>Upstart</b>. This increased Susquehanna&#39;s stake in the company to 852,019 shares.</p><p>Of the rapidly growing companies on this list, none has taken a beating quite like Upstart. This roller-coaster stock rallied from about $30 per share to $401 in 10 months. Over the subsequent 10 months, it shed 93% of its value and ended up right back where it started.</p><p>Wall Street&#39;s concern with Upstart has to do with the Federal Reserve&#39;s aggressive monetary-policy shift. With the U.S. inflation rate hitting a four-decade high of 9.1% in June, the nation&#39;s central bank has no choice but to quickly raise interest rates. By doing so, it has dramatically reduced loan demand in all categories. There&#39;s the clear worry that reduced loan demand, coupled with higher loan delinquencies, could sink Upstart&#39;s loan-vetting platform.</p><p>But there&#39;s more to the Upstart story than meets the eye. This company is using artificial intelligence (AI) to completely disrupt the loan-vetting process. Approximately three-quarters of Upstart-approved loans are fully automated. This saves the lending institutions taking on these loans time and money.</p><p>What&#39;s arguably more important is that Upstart&#39;s AI-driven platform is opening up opportunities for applicants who&#39;d otherwise be rejected by the traditional vetting process. Even though the average credit score of Upstart-approved applicants is lower than the average credit score of the traditional process, the delinquency rate for Upstart-approved loans has been similar. In other words, Upstart can bring a larger pool of customers to financial institutions without increasing their risk.</p><p>There&#39;s also a huge runway for Upstart to expand its services. For instance, it acquired Prodigy Software in 2021 to begin offering AI-based auto loans. The auto loan-origination market is nearly seven times larger than the personal loan-origination space that Upstart has primarily focused on.</p><p>Considering that Upstart was quite profitable when interest rates were low and the U.S. economy was booming, I believe Yass&#39;s optimism has merit.</p><h2>Fiverr International: Down 88% from its all-time high</h2><p>The second supercharged growth stock billionaires are piling into is online-services marketplace <b>Fiverr International</b>. Billionaire Jim Simons of Renaissance Technologies (RennTech) has been an avid supporter of Fiverr, with additions in both the fourth and first quarters. This includes the purchase of more than 195,000 shares for RennTech in the March-ended quarter.</p><p>Fiverr has certainly taken it on the chin, with shares of the company plummeting from an intraday high of $336 in 2021 to a close last week of about $40 per share. Whereas Fiverr initially benefited from the workplace disruption caused by COVID-19, Wall Street now appears unsettled about the future of the hybrid work environment. With COVID-19 vaccination rates ticking higher and people returning to offices, there&#39;s concern the freelance-focused platform may lose some luster.</p><p>But Simons may have himself a diamond in the rough -- if he&#39;s willing to be patient. With Fiverr&#39;s former nosebleed valuation descending from the heavens, investors can now focus on the company&#39;s two biggest competitive advantages.</p><p>For starters, Fiverr&#39;s freelancer marketplace is unique. Whereas most online-service marketplaces offer services on an hourly basis, Fiverr&#39;s buyers, which are companies or sole proprietors, are purchasing freelancer services as a packaged deal. This provides considerably more cost transparency than being charged by the hour, and it&#39;s helped Fiverr sustain a double-digit growth rate in average spend per buyer.</p><p>The other edge Fiverr brings to the table is its take-rate. The take-rate represents how much of the deals negotiated on its platform Fiverr gets to keep. At the end of 2020, Fiverr&#39;s take-rate was 27.1%. In the exceptionally challenging second quarter of 2022, the company&#39;s take-rate was up to 29.8%.  As more deals get completed on its marketplace, Fiverr is trending toward keeping more of those dollars for itself.</p><p>If there&#39;s a silver lining to this near-term uncertainty, it&#39;s that Fiverr has remained profitable on a recurring basis. Although it still appears nominally pricey based on Wall Street&#39;s forecast earnings for 2023, its premium can now be justified with a take-rate that&#39;s well above the industry average. This makes Fiverr a potentially intriguing buy.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e4706ecbab7d51a21d9f9f6b66931c3\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"/><span>Image source: Getty Images.</span></p><h2>Teladoc Health: Down 88% from its all-time high</h2><p>The third supercharged growth stock that&#39;s been absolutely pummeled, yet billionaires can&#39;t stop buying, is telemedicine kingpin <b>Teladoc Health</b>. Billionaire Ray Dalio of Bridgewater Associates has been an active buyer. Dalio and his team picked up almost 97,000 additional shares during the first quarter, which boosted Bridgewater&#39;s total stake to a little north of 398,000 shares.</p><p>Like Fiverr, Teladoc finds itself 88% below its all-time intraday high set in February 2021. Over the past 18 months, it&#39;s been a relatively steady downslope from $308 per share to the $37 and change Teladoc closed at this past week.</p><p>Arguably the biggest issue for Teladoc has been investors&#39; lack of trust in management. The company grossly overpaid for applied health-signals company Livongo Health last year and has taken massive writedowns tied to this deal in each of the past two quarters ($9.6 billion in total).  What&#39;s more, the company&#39;s near-term growth rate remains uncertain due to COVID-19 vaccination rates ticking up (i.e., people returning to in-person care) and a variety of macroeconomic headwinds.</p><p>As is the theme with these three beaten-down growth stocks, Teladoc has an opportunity to prove skeptics wrong. It all starts with the company&#39;s transformative virtual-visit platform.</p><p>What makes Teladoc such an exciting long-term investment is the benefit its platform provides up and down the healthcare-treatment chain. It&#39;s more convenient for patients to consult with physicians from the comfort of their homes, and it&#39;s considerably easier for physicians to keep closer tabs on patients with chronic illnesses using telemedicine platforms.</p><p>The end result should be improved patient outcomes and less money out of the pockets of health insurers. As a general rule, anything that saves health insurers money is going to be something they heavily promote.</p><p>Despite Teledoc wildly overpaying for Livongo Health, investors shouldn&#39;t overlook the benefits of this combination. Prior to being acquired, Livongo was already profitable and targeting its care at people in the U.S. with common chronic illnesses (e.g., diabetes and hypertension). As a combined company, Teladoc and Livongo can cross-sell on each other&#39;s platforms to sign up even more chronic-care patients.</p><p>A sustained annual growth rate of around 20% throughout this decade isn&#39;t out of the question. If Teladoc can make significant progress reining in its losses as it expands its customer base in 2023, Wall Street and investors are bound to notice.</p></body></html>","source":"fool_stock","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>3 Supercharged Growth Stocks Down 88% to 93% That Billionaires Can't Stop Buying</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\">\n3 Supercharged Growth Stocks Down 88% to 93% That Billionaires Can't Stop Buying\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-12 14:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/08/11/3-growth-stocks-down-88-to-93-billionaires-buying/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This has been one of the most-challenging years in decades for Wall Street and the investing community. The first six months of the year delivered the worst first-half return for the benchmark S&P 500...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/11/3-growth-stocks-down-88-to-93-billionaires-buying/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPST":"Upstart Holdings, Inc.","FVRR":"Fiverr International Ltd.","TDOC":"Teladoc Health Inc."},"source_url":"https://www.fool.com/investing/2022/08/11/3-growth-stocks-down-88-to-93-billionaires-buying/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2258201019","content_text":"This has been one of the most-challenging years in decades for Wall Street and the investing community. The first six months of the year delivered the worst first-half return for the benchmark S&P 500 in 52 years! Meanwhile, the growth-driven Nasdaq Composite has tumbled more than 30% from its high point in 2022.It's been an especially rough go for the growth stocks that led the broader market out of the doldrums following the 2020 coronavirus crash. Yet even with this poor performance, billionaire money managers remain unfazed and have continued to put their money to work on Wall Street.The following three supercharged growth stocks plunged between 88% and 93% from their all-time highs set over the past 18 months, but select billionaires still can't stop buying them.Image source: Getty Images.Upstart Holdings: Down 93% from its all-time highThis first billionaire with eyes for beaten-down growth stocks is Susquehanna International's Jeff Yass. During the first three months of 2022, Yass oversaw the addition of nearly 140,000 shares of cloud-based lending platform Upstart. This increased Susquehanna's stake in the company to 852,019 shares.Of the rapidly growing companies on this list, none has taken a beating quite like Upstart. This roller-coaster stock rallied from about $30 per share to $401 in 10 months. Over the subsequent 10 months, it shed 93% of its value and ended up right back where it started.Wall Street's concern with Upstart has to do with the Federal Reserve's aggressive monetary-policy shift. With the U.S. inflation rate hitting a four-decade high of 9.1% in June, the nation's central bank has no choice but to quickly raise interest rates. By doing so, it has dramatically reduced loan demand in all categories. There's the clear worry that reduced loan demand, coupled with higher loan delinquencies, could sink Upstart's loan-vetting platform.But there's more to the Upstart story than meets the eye. This company is using artificial intelligence (AI) to completely disrupt the loan-vetting process. Approximately three-quarters of Upstart-approved loans are fully automated. This saves the lending institutions taking on these loans time and money.What's arguably more important is that Upstart's AI-driven platform is opening up opportunities for applicants who'd otherwise be rejected by the traditional vetting process. Even though the average credit score of Upstart-approved applicants is lower than the average credit score of the traditional process, the delinquency rate for Upstart-approved loans has been similar. In other words, Upstart can bring a larger pool of customers to financial institutions without increasing their risk.There's also a huge runway for Upstart to expand its services. For instance, it acquired Prodigy Software in 2021 to begin offering AI-based auto loans. The auto loan-origination market is nearly seven times larger than the personal loan-origination space that Upstart has primarily focused on.Considering that Upstart was quite profitable when interest rates were low and the U.S. economy was booming, I believe Yass's optimism has merit.Fiverr International: Down 88% from its all-time highThe second supercharged growth stock billionaires are piling into is online-services marketplace Fiverr International. Billionaire Jim Simons of Renaissance Technologies (RennTech) has been an avid supporter of Fiverr, with additions in both the fourth and first quarters. This includes the purchase of more than 195,000 shares for RennTech in the March-ended quarter.Fiverr has certainly taken it on the chin, with shares of the company plummeting from an intraday high of $336 in 2021 to a close last week of about $40 per share. Whereas Fiverr initially benefited from the workplace disruption caused by COVID-19, Wall Street now appears unsettled about the future of the hybrid work environment. With COVID-19 vaccination rates ticking higher and people returning to offices, there's concern the freelance-focused platform may lose some luster.But Simons may have himself a diamond in the rough -- if he's willing to be patient. With Fiverr's former nosebleed valuation descending from the heavens, investors can now focus on the company's two biggest competitive advantages.For starters, Fiverr's freelancer marketplace is unique. Whereas most online-service marketplaces offer services on an hourly basis, Fiverr's buyers, which are companies or sole proprietors, are purchasing freelancer services as a packaged deal. This provides considerably more cost transparency than being charged by the hour, and it's helped Fiverr sustain a double-digit growth rate in average spend per buyer.The other edge Fiverr brings to the table is its take-rate. The take-rate represents how much of the deals negotiated on its platform Fiverr gets to keep. At the end of 2020, Fiverr's take-rate was 27.1%. In the exceptionally challenging second quarter of 2022, the company's take-rate was up to 29.8%.  As more deals get completed on its marketplace, Fiverr is trending toward keeping more of those dollars for itself.If there's a silver lining to this near-term uncertainty, it's that Fiverr has remained profitable on a recurring basis. Although it still appears nominally pricey based on Wall Street's forecast earnings for 2023, its premium can now be justified with a take-rate that's well above the industry average. This makes Fiverr a potentially intriguing buy.Image source: Getty Images.Teladoc Health: Down 88% from its all-time highThe third supercharged growth stock that's been absolutely pummeled, yet billionaires can't stop buying, is telemedicine kingpin Teladoc Health. Billionaire Ray Dalio of Bridgewater Associates has been an active buyer. Dalio and his team picked up almost 97,000 additional shares during the first quarter, which boosted Bridgewater's total stake to a little north of 398,000 shares.Like Fiverr, Teladoc finds itself 88% below its all-time intraday high set in February 2021. Over the past 18 months, it's been a relatively steady downslope from $308 per share to the $37 and change Teladoc closed at this past week.Arguably the biggest issue for Teladoc has been investors' lack of trust in management. The company grossly overpaid for applied health-signals company Livongo Health last year and has taken massive writedowns tied to this deal in each of the past two quarters ($9.6 billion in total).  What's more, the company's near-term growth rate remains uncertain due to COVID-19 vaccination rates ticking up (i.e., people returning to in-person care) and a variety of macroeconomic headwinds.As is the theme with these three beaten-down growth stocks, Teladoc has an opportunity to prove skeptics wrong. It all starts with the company's transformative virtual-visit platform.What makes Teladoc such an exciting long-term investment is the benefit its platform provides up and down the healthcare-treatment chain. It's more convenient for patients to consult with physicians from the comfort of their homes, and it's considerably easier for physicians to keep closer tabs on patients with chronic illnesses using telemedicine platforms.The end result should be improved patient outcomes and less money out of the pockets of health insurers. As a general rule, anything that saves health insurers money is going to be something they heavily promote.Despite Teledoc wildly overpaying for Livongo Health, investors shouldn't overlook the benefits of this combination. Prior to being acquired, Livongo was already profitable and targeting its care at people in the U.S. with common chronic illnesses (e.g., diabetes and hypertension). As a combined company, Teladoc and Livongo can cross-sell on each other's platforms to sign up even more chronic-care patients.A sustained annual growth rate of around 20% throughout this decade isn't out of the question. If Teladoc can make significant progress reining in its losses as it expands its customer base in 2023, Wall Street and investors are bound to notice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9990192902,"gmtCreate":1660303368308,"gmtModify":1676533447501,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks","listText":"Thks","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9990192902","repostId":"1197754619","repostType":4,"repost":{"id":"1197754619","kind":"news","pubTimestamp":1660296605,"share":"https://ttm.financial/m/news/1197754619?lang=&edition=fundamental","pubTime":"2022-08-12 17:30","market":"us","language":"en","title":"Apple Reportedly Tells iPhone Partners to Crank up Production Plans","url":"https://stock-news.laohu8.com/highlight/detail?id=1197754619","media":"Seeking Alpha","summary":"Apple (NASDAQ:AAPL) is reportedly going full-steam-ahead with its iPhone production plans heading to","content":"<html><head></head><body><p>Apple (NASDAQ:AAPL) is reportedly going full-steam-ahead with its iPhone production plans heading toward the end of the year and despite a grim outlook from one of its top contract manufacturers.</p><p>According to a report from Bloomberg, Apple (AAPL) has told its suppliers to make 90 million of its newest iPhones this year, which would be in line with 2021&#39;s production levels when the iPhone 13 was introduced. Apple (AAPL) is reportedly looking at building a total of 220 million iPhones in 2022, or roughly the same number of iPhones that were built a year ago.</p><p>Apple (AAPL) doesn&#39;t publicly disclose the number of iPhones it sells. During the second quarter of this year, Apple (AAPL) said the iPhone accounted for $40.7B of the company&#39;s $83B in quarterly revenue.</p><p>Apple (AAPL) historically launches a new model of the iPhone in either September or October in an effort to boost sales during the end-of-the-year Christmas and holiday shopping seasons. Already, there have been expectations that Apple (AAPL) could raise the average selling price of the so-called iPhone 14 by as much as 15% over the iPhone 13&#39;s price tag.</p><p>Should Apple (AAPL) ramp up iPhone production over the next few months, it would do so in the wake of one of its top suppliers, Foxconn (OTCPK:FXCOF) saying earlier this week that it is seeing signs of slower consumer demand in the smartphone market.</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>Apple Reportedly Tells iPhone Partners to Crank up Production Plans</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\">\nApple Reportedly Tells iPhone Partners to Crank up Production Plans\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-12 17:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3871894-apple-reportedly-tells-iphone-partner-to-crank-up-production-plans?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A7><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple (NASDAQ:AAPL) is reportedly going full-steam-ahead with its iPhone production plans heading toward the end of the year and despite a grim outlook from one of its top contract manufacturers....</p>\n\n<a href=\"https://seekingalpha.com/news/3871894-apple-reportedly-tells-iphone-partner-to-crank-up-production-plans?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A7\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/news/3871894-apple-reportedly-tells-iphone-partner-to-crank-up-production-plans?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197754619","content_text":"Apple (NASDAQ:AAPL) is reportedly going full-steam-ahead with its iPhone production plans heading toward the end of the year and despite a grim outlook from one of its top contract manufacturers.According to a report from Bloomberg, Apple (AAPL) has told its suppliers to make 90 million of its newest iPhones this year, which would be in line with 2021's production levels when the iPhone 13 was introduced. Apple (AAPL) is reportedly looking at building a total of 220 million iPhones in 2022, or roughly the same number of iPhones that were built a year ago.Apple (AAPL) doesn't publicly disclose the number of iPhones it sells. During the second quarter of this year, Apple (AAPL) said the iPhone accounted for $40.7B of the company's $83B in quarterly revenue.Apple (AAPL) historically launches a new model of the iPhone in either September or October in an effort to boost sales during the end-of-the-year Christmas and holiday shopping seasons. Already, there have been expectations that Apple (AAPL) could raise the average selling price of the so-called iPhone 14 by as much as 15% over the iPhone 13's price tag.Should Apple (AAPL) ramp up iPhone production over the next few months, it would do so in the wake of one of its top suppliers, Foxconn (OTCPK:FXCOF) saying earlier this week that it is seeing signs of slower consumer demand in the smartphone market.","news_type":1},"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9901989217,"gmtCreate":1659112573539,"gmtModify":1676536259600,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901989217","repostId":"1169976748","repostType":4,"isVote":1,"tweetType":1,"viewCount":115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9901989897,"gmtCreate":1659112530819,"gmtModify":1676536259591,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901989897","repostId":"2255930052","repostType":4,"isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":9963196278,"gmtCreate":1668611904395,"gmtModify":1676538084729,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks&nbsp;","listText":"Thks&nbsp;","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/9963196278","repostId":"2283827074","repostType":4,"repost":{"id":"2283827074","kind":"highlight","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":1668601184,"share":"https://ttm.financial/m/news/2283827074?lang=&edition=fundamental","pubTime":"2022-11-16 20:19","market":"us","language":"en","title":"Grab Lifts Revenue Outlook on Rideshare, Food Delivery Strength","url":"https://stock-news.laohu8.com/highlight/detail?id=2283827074","media":"Reuters","summary":"Nov 16 (Reuters) - Grab Holdings Ltd on Wednesday raised its forecast for annual revenue as demand f","content":"<html><head></head><body><p>Nov 16 (Reuters) - Grab Holdings Ltd on Wednesday raised its forecast for annual revenue as demand for its ride-hailing service and food deliveries remains strong across Southeast Asia.</p><p>U.S.-listed shares of Southeast Asia&#39;s biggest ride-hailing and food delivery firm rose 15% in trading before the bell.</p><p><img src=\"https://static.tigerbbs.com/a53ce28248e71c377ad01973fad01adf\" tg-width=\"853\" tg-height=\"617\" width=\"100%\" height=\"auto\"/></p><p>Decade-old Grab has become a go-to for consumers in the region as they increasingly step out and return to offices.</p><p>The company said it expected revenue between $1.32 billion and $1.35 billion. It had previously forecast revenue between $1.25 billion and $1.30 billion for the year.</p><p>Grab also raised its forecast for annual gross merchandise volume growth (GMV) to between 22% and 25%. It had previously forecast GMV growth of 21% to 25% for the year.</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>Grab Lifts Revenue Outlook on Rideshare, Food Delivery Strength</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\">\nGrab Lifts Revenue Outlook on Rideshare, Food Delivery Strength\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\">2022-11-16 20:19</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p>Nov 16 (Reuters) - Grab Holdings Ltd on Wednesday raised its forecast for annual revenue as demand for its ride-hailing service and food deliveries remains strong across Southeast Asia.</p><p>U.S.-listed shares of Southeast Asia&#39;s biggest ride-hailing and food delivery firm rose 15% in trading before the bell.</p><p><img src=\"https://static.tigerbbs.com/a53ce28248e71c377ad01973fad01adf\" tg-width=\"853\" tg-height=\"617\" width=\"100%\" height=\"auto\"/></p><p>Decade-old Grab has become a go-to for consumers in the region as they increasingly step out and return to offices.</p><p>The company said it expected revenue between $1.32 billion and $1.35 billion. It had previously forecast revenue between $1.25 billion and $1.30 billion for the year.</p><p>Grab also raised its forecast for annual gross merchandise volume growth (GMV) to between 22% and 25%. It had previously forecast GMV growth of 21% to 25% for the year.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"GRAB":"Grab Holdings"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2283827074","content_text":"Nov 16 (Reuters) - Grab Holdings Ltd on Wednesday raised its forecast for annual revenue as demand for its ride-hailing service and food deliveries remains strong across Southeast Asia.U.S.-listed shares of Southeast Asia's biggest ride-hailing and food delivery firm rose 15% in trading before the bell.Decade-old Grab has become a go-to for consumers in the region as they increasingly step out and return to offices.The company said it expected revenue between $1.32 billion and $1.35 billion. It had previously forecast revenue between $1.25 billion and $1.30 billion for the year.Grab also raised its forecast for annual gross merchandise volume growth (GMV) to between 22% and 25%. It had previously forecast GMV growth of 21% to 25% for the year.","news_type":1},"isVote":1,"tweetType":1,"viewCount":539,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9992979390,"gmtCreate":1661255482012,"gmtModify":1676536483335,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks for the info&nbsp;","listText":"Thks for the info&nbsp;","text":"Thks for the info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9992979390","repostId":"1120269557","repostType":4,"isVote":1,"tweetType":1,"viewCount":372,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9901989217,"gmtCreate":1659112573539,"gmtModify":1676536259600,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Agree","listText":"Agree","text":"Agree","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901989217","repostId":"1169976748","repostType":4,"repost":{"id":"1169976748","kind":"news","pubTimestamp":1659104628,"share":"https://ttm.financial/m/news/1169976748?lang=&edition=fundamental","pubTime":"2022-07-29 22:23","market":"us","language":"en","title":"Everything We Like And Dislike About Amazon's Q2 2022 Earnings","url":"https://stock-news.laohu8.com/highlight/detail?id=1169976748","media":"Seeking Alpha","summary":"SummaryAmazon's market value surged overnight after releasing stronger-than-expected second quarter ","content":"<html><head></head><body><p><b>Summary</b></p><ul><li>Amazon&#39;s market value surged overnight after releasing stronger-than-expected second quarter results with a solid forward guidance that demonstrated resilience against worsening macro headwinds.</li><li>The company delivered impressive growth across its core commerce (3P &amp; FBA, Prime), cloud-computing (AWS), and advertising businesses despite substantial exposure to risks of waning consumption.</li><li>Amazon has effectively regained investors&#39; confidence that its e-commerce and cloud-computing moat remains intact, even in the face of ongoing internal and external challenges.</li></ul><p>Investors largely went into Amazon&#39;s (NASDAQ:AMZN) second quarter earnings with reasonably low expectations, given weakening consumer sentiment due to heightened macroeconomic challenges, as well as a shifted Prime Day timeline this year that has led to a tough PYcomp. However, the company&#39;s surprise sales and operating income beats provided a much-needed boost to investors&#39; confidence in the stock, as well as the underlying business&#39; resilience against ongoing macro uncertainties. Amazon&#39;s shares rose as much as 14% in post-earnings late trading Thursday evening, outpacing the 10% overnight slump observed in April after its lackluster first quarter earnings release.</p><p>Unlike the previous quarter, we believe Amazon&#39;ssecond quarter results and forward guidance have demonstrated that there is more to like than dislike about its growth outlook. While excess fulfilment capacity continues to be the big idiosyncratic overhang on Amazon&#39;s core commerce business, the deceleration observed in related incremental costs during the second quarter corroborates management&#39;s diligence in reducing controllable costs and optimizing operational efficiency ahead of what looks to be a worsening economic downturn. A solid forward guidance backed by tangible evidence of resilience observed in July&#39;s Prime Day consumer activities, as well as robust cloud service take-rates observed across both the enterprise and public sectors also demonstrates that Amazon will outperform peers amid deteriorating economic conditions, despite its significant exposure to the slowing consumer end market.</p><p><b>Recap of 2Q&#39;22 Performance</b></p><p>Consolidated first quarter sales beat consensus estimates and exceeded the top range of management&#39;s previously provided guidance. Amazon generated total sales of $121.1 billion (+7% y/y; +4% q/q) in the second quarter, compared with average consensus estimate of $119 billion (+5% y/y; +2% q/q) and management&#39;s upper range guidance of $121 billion (+7% y/y; +4% q/q). The second quarter sales beat had already taken into consideration 320 bps of FX headwind and 400 bps of unfavorable impact from the shifted Prime Day timeline.</p><p>The incremental cost headwinds stemming from inflationary pressures, excess fulfilment capacity, and fixed cost leverage has also decelerated from $6 billion in the first quarter to $4 billion in the second quarter. Although the unfavorable incremental costs indicate that the internal impact of inefficient productivity related to overstaffing and excess capacity built from the booming pandemic era remains a lingering overhang on Amazon&#39;s margins, the deceleration observed in the second quarter underscores improvement in managing controllable costs outside of unfavorable external impacts (e.g. inflation, FX, etc.).</p><p>As a result, operating income came in stronger-than-expected at $3.3 billion (-57% y/y; -10% q/q), beating average consensus estimates of $1.8 billion (-77% y/y; -51% q/q) and management&#39;s upper range guidance of $3 billion (-61% y/y; -18% q/q). The softened second quarter margins also reflect a &#34;seasonal step-up&#34; in stock-based compensation expenses as guided by management during Amazon&#39;s first quarter earnings call.</p><p>Consolidated earnings per share came in at -$0.2, missing Wall Street consensus of $0.12 by a far cry again due to the ongoing risk-off environment in public markets. Specifically, the results included a $3.9 billion negative impact related to non-operating, mark-to-market losses on its Rivian investment during the second quarter (vs. -$7.6 billion in Q1).</p><p><b>Everything We Like and Dislike About Amazon&#39;s 2Q&#39;22 Results1. Macro Headwinds</b></p><p><b>What We Did Not Like:</b> Persistent macroeconomic challenges are being felt across all industries, and not just Amazon. However, the $4 billion in incremental costs reported in the second quarter also implies that Amazon is still dealing with the aftermath of inefficient network productivity and excess capacity built during the pandemic-era boom.</p><p>Recall that in the first quarter, incremental costs totaled $6 billion, with only $2 billion attributable to unfavorable external economic conditions, and while underutilized capacity accounted for $4 billion. In the second quarter, it is likely that underutilized capacity remains a core driver of the $4 billion in incremental costs. Specifically, Amazon&#39;s fulfilment network OPEX remained flat compared to PQ, representing an increase of 14% from the prior year. Margins are also expected to remain soft in the third quarter, with management only guiding a range of $0 to $3.5 billion, a far cry from the average consensus estimate of $4.4 billion. This implies there is still much work to be done when it comes to &#34;unwinding the pandemic-era expansion&#34; as demand slows.</p><p><b>What We Liked:</b> However, the deceleration in incremental costs is still a win we will take. It is not the most ideal situation, but it shows that there has not been any additional idiosyncratic risks to Amazon&#39;s margins. It means Amazon is still defending its market leadership across both its core commerce and cloud businesses, with controllable cost efficiencies only improving from here on out.</p><p>The results also provide validation to the achievability of management&#39;s guide on sequential cost improvements of $1.5 billion in the third quarter, as well as CEO Andy Jassy&#39;s positive commentary that the company is &#34;making progress on the more controllable costs…, particularly improving the productivity of [its] fulfilment network&#34;. Paired with the anticipated increase in volumes from Prime Day shopping events in both Q3 and Q4, as well as the winter holiday shopping season, we see incremental costs stemming from internal inefficiencies to decline rapidly in 2H with increased absorption of excess capacity, as well as improved scale.</p><p>Amazon has also yet to see significant discounting of inventory values, despite similar concerns raised by big-box retailers like Walmart(WMT) andTarget(TGT) amid worsening consumption trends as inflationary pressures remain elevated. This is definitely a competitive advantage for Amazon, and corroborates that the e-retailer&#39;s consumer-base is less saturated with lower-income households like those of Walmart, which is seeing a substantial &#34;shift to lower-margin categories&#34; due to heightened sensitivity to pricing changes.</p><p><b>2. AWS Margins</b></p><p><b>What We Did Not Like:</b> AWS has typically been the poster child at Amazon and across the cloud-computing industry, which few investors have raised concerns about. However, the unit&#39;s latest operating income miss is risking the reversal of this autonomy it has historically enjoyed away from the public eye.</p><p>AWS posted strong top-line growth in the 30% range for the sixth consecutive quarter, but operating income missed consensus estimates by 5% (actual: $5.72 billion vs. consensus: $6.04 billion). Despite built-in expectations for a seasonality step-up in stock-based compensation expenses during the second quarter, related spending was actually higher-than-expected in AWS due to pronounced &#34;wage inflation in high demand areas, including engineers and other tech workers&#34;.</p><p>With AWS being the cash engine in supporting Amazon&#39;s broader business - especially as core commerce margins falter amid the inflationary environment - the segment&#39;s margin miss draws &#34;intrigue&#34; about its profitability prospects. Although AWS remains a cash cow for Amazon despite the recent miss on operating income, the situation begs questions over how much of the impact is related to temporary investments in related infrastructure build-out and near-term macro pressures, as well as whether the record-setting 35% margins in the first quarter are still within reach.</p><p><b>What We Liked:</b> AWS&#39; continuation of growth in the 30% range and a sustained multi-year CAGR of more than 20% provides confidence that the second quarter margin miss is only a temporary showing. The segment commands 33% of opportunities within the global cloud-computing market still, representing the industry&#39;s largest share and far ahead of runner up Microsoft Azure&#39;s(MSFT) 21%.</p><p><img src=\"https://static.tigerbbs.com/a1ca5b59c56ba5b7d3cec587bedf979f\" tg-width=\"640\" tg-height=\"155\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Cloud Computing Revenue Comp (AMZN, MSFT, GOOG/GOOGL Historical Financial Statements)</p><p>The robust demand environment for cloud-computing solutions across the enterprise and public sectors, paired with AWS&#39; aggressive investment cycle on building out related infrastructure to capitalize on growing opportunities are expected to support the continuation of a double-digit multi-year CAGR over the longer-term. Cloud spending has remained resilient despite the looming economic downturn, as the modernization of technology stacks continues to be viewed as a critical enabler of operational and economic efficiency. Defying the odds of an economic downturn, cloud infrastructure investments are expected to increase by 22% in the current year to more than $90 billion, marking &#34;the highest annual growth rate since 2018&#34;. This accordingly bolsters AWS&#39; ability in maintaining its market leadership despite rising competition, and drive the scale required to bring margins back to the high-30% within the near-term.</p><p><b>3. Core Commerce &amp; Ads</b></p><p><b>What We Did Not Like:</b> Outside of macro headwinds and the lingering overhang of underutilized capacity as mentioned in earlier sections, there is not much to not like in Amazon&#39;s core commerce and rapidly expanding advertising business.</p><p><b>What We Liked:</b> Despite being the two most recession-prone businesses at Amazon, core commerce and advertising sales demonstrated resilience in the second quarter with y/y and sequential growth (except 1P online sales):</p><ul><li><b>3P Seller Services:</b>3P vendors accounted for 57% of all merchandise sold on Amazon during the second quarter, which is favorable to the commerce segment&#39;s bottom-line as related revenues generate higher margins. Specifically, related revenues generated from fees charged on third-party vendor sales, as well as fulfilment via FBA (i.e. storage and delivery) currently drive higher margins compared to Amazon&#39;s 1P sales. According to data disclosed by Forum Brands, an aggregator of Amazon&#39;s 3P FBA vendors, Amazon&#39;s fee charged on 3P sales range from 8% to 15%, with fulfilment taking another 8% to 23%. The segment&#39;s acceleration in sequential growth observed in the second quarter also showcases increasing recognition by 3P sellers of value in Amazon&#39;s fast and free shipping capabilities, which bodes well with the company&#39;s continued efforts in optimizing utilization of fulfilment capacity. Increased 3P sales have also helped Amazon diversify its product selection, and accordingly diversify its consumer-base, reducing concentration within specific demographics like lower-income households to offset recession risks.</li><li><b>Subscription Services:</b> Related revenues grew 10% y/y (+14% y/y cc), which implies a positive balance between Prime churn and take-rates during the second quarter despite recent membership fee hikes. Recall that Amazon hadincreasedPrime membership fees in North America earlier in the year to account for rising input costs. As discussed in our recent coverage on the stock, which dives into the competitive advantage of Prime&#39;s cost-value structure to all of Amazon, its consumers, and vendors, the feature is likely to benefit from robust demand in the near-term due to continued inflation-driven deal hunting ahead of tightening economic conditions. The growing list of Prime member benefits, like new and improved content on Prime Video, as well as perks like free GrubHub delivery are also expected to help reduce churn when consumers dial back on unnecessary subscriptions and recurring expenses due to tighter budgets. The upcoming Prime Day 2.0 in Q4, as well as the holiday shopping season are also expected to reinforce subscription growth as consumers become increasingly enticed to bargains and deals on discretionary goods (e.g. consumer electronics and Amazon devices, which were the best-selling products during July&#39;s Prime Day) as recession risks grow louder. Continued commitment to providing fast and free shipping is another plus for Amazon in securing new and existing Prime memberships - more than three-quartersof online shoppers have indicated fast delivery times as a core driver of purchase decisions, while free shipping remains the dominant preference. The results imply that Amazon has achieved pricing power through Prime, with the service contributing positively to its unique position in remaining resilient against the near-term consumer slowdown.</li><li><b>Advertising:</b> Amazon&#39;s high-margin advertising revenues of $8.8 billion (+18% y/y or +21% y/y cc; +11% q/q) in the second quarter also beat consensus estimates of $8.6 billion (+15% y/y; +9% q/q), despite a broad-based slowdown in related spending across the industry. This indicates that outside of external economic headwinds, demand for Amazon&#39;s ad services remains strong. The results are consistent with our previous discussion on how Amazon&#39;s vast trove of first-party data on consumer behavior and purchase habits garnered from its retail business makes a strong competitive advantage. Amazon currently sits in third place behind Google(GOOG/GOOGL) and Meta Platforms(META) in the race for market share in digital ads, and is slated to expand beyond its current 10% share in related opportunities over coming years, as it continues to attract advertisers with rising traffic on its core commerce site. Additional value-add services like Prime Video and Amazon Music have also created new ad distribution channels for Amazon to capitalize on growth opportunities ahead within the digital advertising sector. The upcoming Prime Day and holiday season sales are also expected to position Amazon well for a meaningful share of the limited ad dollars this year, and help offset some of the headwinds to its bottom-line.</li></ul><p>All of the above strengths observed during Amazon&#39;s tough second quarter provide confidence in the viability of management&#39;s solid revenue guidance for the third quarter, and foreshadows a strong close to the year. Paired with Amazon&#39;s limited discount risks as discussed in earlier sections, the company demonstrates solid resilience despite significant exposure to the weakening consumer end market.</p><p><b>Final Thoughts</b></p><p>Given the overall positive sentiment from Amazon&#39;s second quarter results and forward guidance, we are maintaining our price target of$170for the stock. This represents upside potential of 24% based on the stock&#39;s post-earnings price of about $137 apiece in late trading July 28th.</p><p>The valuation assumptions applied in our analysis remain consistent with those discussed in our previous coverage to reflect Amazon&#39;s continued demonstration of strength in upholding its robust growth profile, despite the near-term macroeconomic challenges.</p><p><img src=\"https://static.tigerbbs.com/9b8db8546a55abac06142c0b69c6a54c\" tg-width=\"640\" tg-height=\"231\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>Amazon Valuation Analysis (Author)</p><p><i>Amazon_-_Forecasted_Financial_Information.pdf</i></p><p>Amazon&#39;s proven resilience against softening consumer spending is also underpinned by robust Prime Day demand observed in July, with its home-brand Amazon Devices benefiting from record-setting sales, while discretionary goods like consumer electronics made one of the best-selling categories. The results also imply that demand will remain resilient against the external headwinds into the fourth quarter with similar holiday season and Prime Day 2.0 deals, while also contributing positively to ongoing efforts to minimizing the impact of internal headwinds pertaining to fulfilment network inefficiencies.</p><p>Amazon&#39;s continued AWS and e-commerce moat remains intact, given the robust Q2 save from its Q1 slump. The results also underscore a strong 2H, restoring investors&#39; confidence that Amazon&#39;s overall bullish narrative has not been materially altered as a result of ongoing market and economic uncertainties.</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>Everything We Like And Dislike About Amazon's Q2 2022 Earnings</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\">\nEverything We Like And Dislike About Amazon's Q2 2022 Earnings\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-29 22:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4527359-everything-we-like-dislike-amazon-q2-2022-earnings?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A3><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>SummaryAmazon's market value surged overnight after releasing stronger-than-expected second quarter results with a solid forward guidance that demonstrated resilience against worsening macro headwinds...</p>\n\n<a href=\"https://seekingalpha.com/article/4527359-everything-we-like-dislike-amazon-q2-2022-earnings?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A3\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AMZN":"亚马逊"},"source_url":"https://seekingalpha.com/article/4527359-everything-we-like-dislike-amazon-q2-2022-earnings?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A3","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1169976748","content_text":"SummaryAmazon's market value surged overnight after releasing stronger-than-expected second quarter results with a solid forward guidance that demonstrated resilience against worsening macro headwinds.The company delivered impressive growth across its core commerce (3P & FBA, Prime), cloud-computing (AWS), and advertising businesses despite substantial exposure to risks of waning consumption.Amazon has effectively regained investors' confidence that its e-commerce and cloud-computing moat remains intact, even in the face of ongoing internal and external challenges.Investors largely went into Amazon's (NASDAQ:AMZN) second quarter earnings with reasonably low expectations, given weakening consumer sentiment due to heightened macroeconomic challenges, as well as a shifted Prime Day timeline this year that has led to a tough PYcomp. However, the company's surprise sales and operating income beats provided a much-needed boost to investors' confidence in the stock, as well as the underlying business' resilience against ongoing macro uncertainties. Amazon's shares rose as much as 14% in post-earnings late trading Thursday evening, outpacing the 10% overnight slump observed in April after its lackluster first quarter earnings release.Unlike the previous quarter, we believe Amazon'ssecond quarter results and forward guidance have demonstrated that there is more to like than dislike about its growth outlook. While excess fulfilment capacity continues to be the big idiosyncratic overhang on Amazon's core commerce business, the deceleration observed in related incremental costs during the second quarter corroborates management's diligence in reducing controllable costs and optimizing operational efficiency ahead of what looks to be a worsening economic downturn. A solid forward guidance backed by tangible evidence of resilience observed in July's Prime Day consumer activities, as well as robust cloud service take-rates observed across both the enterprise and public sectors also demonstrates that Amazon will outperform peers amid deteriorating economic conditions, despite its significant exposure to the slowing consumer end market.Recap of 2Q'22 PerformanceConsolidated first quarter sales beat consensus estimates and exceeded the top range of management's previously provided guidance. Amazon generated total sales of $121.1 billion (+7% y/y; +4% q/q) in the second quarter, compared with average consensus estimate of $119 billion (+5% y/y; +2% q/q) and management's upper range guidance of $121 billion (+7% y/y; +4% q/q). The second quarter sales beat had already taken into consideration 320 bps of FX headwind and 400 bps of unfavorable impact from the shifted Prime Day timeline.The incremental cost headwinds stemming from inflationary pressures, excess fulfilment capacity, and fixed cost leverage has also decelerated from $6 billion in the first quarter to $4 billion in the second quarter. Although the unfavorable incremental costs indicate that the internal impact of inefficient productivity related to overstaffing and excess capacity built from the booming pandemic era remains a lingering overhang on Amazon's margins, the deceleration observed in the second quarter underscores improvement in managing controllable costs outside of unfavorable external impacts (e.g. inflation, FX, etc.).As a result, operating income came in stronger-than-expected at $3.3 billion (-57% y/y; -10% q/q), beating average consensus estimates of $1.8 billion (-77% y/y; -51% q/q) and management's upper range guidance of $3 billion (-61% y/y; -18% q/q). The softened second quarter margins also reflect a \"seasonal step-up\" in stock-based compensation expenses as guided by management during Amazon's first quarter earnings call.Consolidated earnings per share came in at -$0.2, missing Wall Street consensus of $0.12 by a far cry again due to the ongoing risk-off environment in public markets. Specifically, the results included a $3.9 billion negative impact related to non-operating, mark-to-market losses on its Rivian investment during the second quarter (vs. -$7.6 billion in Q1).Everything We Like and Dislike About Amazon's 2Q'22 Results1. Macro HeadwindsWhat We Did Not Like: Persistent macroeconomic challenges are being felt across all industries, and not just Amazon. However, the $4 billion in incremental costs reported in the second quarter also implies that Amazon is still dealing with the aftermath of inefficient network productivity and excess capacity built during the pandemic-era boom.Recall that in the first quarter, incremental costs totaled $6 billion, with only $2 billion attributable to unfavorable external economic conditions, and while underutilized capacity accounted for $4 billion. In the second quarter, it is likely that underutilized capacity remains a core driver of the $4 billion in incremental costs. Specifically, Amazon's fulfilment network OPEX remained flat compared to PQ, representing an increase of 14% from the prior year. Margins are also expected to remain soft in the third quarter, with management only guiding a range of $0 to $3.5 billion, a far cry from the average consensus estimate of $4.4 billion. This implies there is still much work to be done when it comes to \"unwinding the pandemic-era expansion\" as demand slows.What We Liked: However, the deceleration in incremental costs is still a win we will take. It is not the most ideal situation, but it shows that there has not been any additional idiosyncratic risks to Amazon's margins. It means Amazon is still defending its market leadership across both its core commerce and cloud businesses, with controllable cost efficiencies only improving from here on out.The results also provide validation to the achievability of management's guide on sequential cost improvements of $1.5 billion in the third quarter, as well as CEO Andy Jassy's positive commentary that the company is \"making progress on the more controllable costs…, particularly improving the productivity of [its] fulfilment network\". Paired with the anticipated increase in volumes from Prime Day shopping events in both Q3 and Q4, as well as the winter holiday shopping season, we see incremental costs stemming from internal inefficiencies to decline rapidly in 2H with increased absorption of excess capacity, as well as improved scale.Amazon has also yet to see significant discounting of inventory values, despite similar concerns raised by big-box retailers like Walmart(WMT) andTarget(TGT) amid worsening consumption trends as inflationary pressures remain elevated. This is definitely a competitive advantage for Amazon, and corroborates that the e-retailer's consumer-base is less saturated with lower-income households like those of Walmart, which is seeing a substantial \"shift to lower-margin categories\" due to heightened sensitivity to pricing changes.2. AWS MarginsWhat We Did Not Like: AWS has typically been the poster child at Amazon and across the cloud-computing industry, which few investors have raised concerns about. However, the unit's latest operating income miss is risking the reversal of this autonomy it has historically enjoyed away from the public eye.AWS posted strong top-line growth in the 30% range for the sixth consecutive quarter, but operating income missed consensus estimates by 5% (actual: $5.72 billion vs. consensus: $6.04 billion). Despite built-in expectations for a seasonality step-up in stock-based compensation expenses during the second quarter, related spending was actually higher-than-expected in AWS due to pronounced \"wage inflation in high demand areas, including engineers and other tech workers\".With AWS being the cash engine in supporting Amazon's broader business - especially as core commerce margins falter amid the inflationary environment - the segment's margin miss draws \"intrigue\" about its profitability prospects. Although AWS remains a cash cow for Amazon despite the recent miss on operating income, the situation begs questions over how much of the impact is related to temporary investments in related infrastructure build-out and near-term macro pressures, as well as whether the record-setting 35% margins in the first quarter are still within reach.What We Liked: AWS' continuation of growth in the 30% range and a sustained multi-year CAGR of more than 20% provides confidence that the second quarter margin miss is only a temporary showing. The segment commands 33% of opportunities within the global cloud-computing market still, representing the industry's largest share and far ahead of runner up Microsoft Azure's(MSFT) 21%.Cloud Computing Revenue Comp (AMZN, MSFT, GOOG/GOOGL Historical Financial Statements)The robust demand environment for cloud-computing solutions across the enterprise and public sectors, paired with AWS' aggressive investment cycle on building out related infrastructure to capitalize on growing opportunities are expected to support the continuation of a double-digit multi-year CAGR over the longer-term. Cloud spending has remained resilient despite the looming economic downturn, as the modernization of technology stacks continues to be viewed as a critical enabler of operational and economic efficiency. Defying the odds of an economic downturn, cloud infrastructure investments are expected to increase by 22% in the current year to more than $90 billion, marking \"the highest annual growth rate since 2018\". This accordingly bolsters AWS' ability in maintaining its market leadership despite rising competition, and drive the scale required to bring margins back to the high-30% within the near-term.3. Core Commerce & AdsWhat We Did Not Like: Outside of macro headwinds and the lingering overhang of underutilized capacity as mentioned in earlier sections, there is not much to not like in Amazon's core commerce and rapidly expanding advertising business.What We Liked: Despite being the two most recession-prone businesses at Amazon, core commerce and advertising sales demonstrated resilience in the second quarter with y/y and sequential growth (except 1P online sales):3P Seller Services:3P vendors accounted for 57% of all merchandise sold on Amazon during the second quarter, which is favorable to the commerce segment's bottom-line as related revenues generate higher margins. Specifically, related revenues generated from fees charged on third-party vendor sales, as well as fulfilment via FBA (i.e. storage and delivery) currently drive higher margins compared to Amazon's 1P sales. According to data disclosed by Forum Brands, an aggregator of Amazon's 3P FBA vendors, Amazon's fee charged on 3P sales range from 8% to 15%, with fulfilment taking another 8% to 23%. The segment's acceleration in sequential growth observed in the second quarter also showcases increasing recognition by 3P sellers of value in Amazon's fast and free shipping capabilities, which bodes well with the company's continued efforts in optimizing utilization of fulfilment capacity. Increased 3P sales have also helped Amazon diversify its product selection, and accordingly diversify its consumer-base, reducing concentration within specific demographics like lower-income households to offset recession risks.Subscription Services: Related revenues grew 10% y/y (+14% y/y cc), which implies a positive balance between Prime churn and take-rates during the second quarter despite recent membership fee hikes. Recall that Amazon hadincreasedPrime membership fees in North America earlier in the year to account for rising input costs. As discussed in our recent coverage on the stock, which dives into the competitive advantage of Prime's cost-value structure to all of Amazon, its consumers, and vendors, the feature is likely to benefit from robust demand in the near-term due to continued inflation-driven deal hunting ahead of tightening economic conditions. The growing list of Prime member benefits, like new and improved content on Prime Video, as well as perks like free GrubHub delivery are also expected to help reduce churn when consumers dial back on unnecessary subscriptions and recurring expenses due to tighter budgets. The upcoming Prime Day 2.0 in Q4, as well as the holiday shopping season are also expected to reinforce subscription growth as consumers become increasingly enticed to bargains and deals on discretionary goods (e.g. consumer electronics and Amazon devices, which were the best-selling products during July's Prime Day) as recession risks grow louder. Continued commitment to providing fast and free shipping is another plus for Amazon in securing new and existing Prime memberships - more than three-quartersof online shoppers have indicated fast delivery times as a core driver of purchase decisions, while free shipping remains the dominant preference. The results imply that Amazon has achieved pricing power through Prime, with the service contributing positively to its unique position in remaining resilient against the near-term consumer slowdown.Advertising: Amazon's high-margin advertising revenues of $8.8 billion (+18% y/y or +21% y/y cc; +11% q/q) in the second quarter also beat consensus estimates of $8.6 billion (+15% y/y; +9% q/q), despite a broad-based slowdown in related spending across the industry. This indicates that outside of external economic headwinds, demand for Amazon's ad services remains strong. The results are consistent with our previous discussion on how Amazon's vast trove of first-party data on consumer behavior and purchase habits garnered from its retail business makes a strong competitive advantage. Amazon currently sits in third place behind Google(GOOG/GOOGL) and Meta Platforms(META) in the race for market share in digital ads, and is slated to expand beyond its current 10% share in related opportunities over coming years, as it continues to attract advertisers with rising traffic on its core commerce site. Additional value-add services like Prime Video and Amazon Music have also created new ad distribution channels for Amazon to capitalize on growth opportunities ahead within the digital advertising sector. The upcoming Prime Day and holiday season sales are also expected to position Amazon well for a meaningful share of the limited ad dollars this year, and help offset some of the headwinds to its bottom-line.All of the above strengths observed during Amazon's tough second quarter provide confidence in the viability of management's solid revenue guidance for the third quarter, and foreshadows a strong close to the year. Paired with Amazon's limited discount risks as discussed in earlier sections, the company demonstrates solid resilience despite significant exposure to the weakening consumer end market.Final ThoughtsGiven the overall positive sentiment from Amazon's second quarter results and forward guidance, we are maintaining our price target of$170for the stock. This represents upside potential of 24% based on the stock's post-earnings price of about $137 apiece in late trading July 28th.The valuation assumptions applied in our analysis remain consistent with those discussed in our previous coverage to reflect Amazon's continued demonstration of strength in upholding its robust growth profile, despite the near-term macroeconomic challenges.Amazon Valuation Analysis (Author)Amazon_-_Forecasted_Financial_Information.pdfAmazon's proven resilience against softening consumer spending is also underpinned by robust Prime Day demand observed in July, with its home-brand Amazon Devices benefiting from record-setting sales, while discretionary goods like consumer electronics made one of the best-selling categories. The results also imply that demand will remain resilient against the external headwinds into the fourth quarter with similar holiday season and Prime Day 2.0 deals, while also contributing positively to ongoing efforts to minimizing the impact of internal headwinds pertaining to fulfilment network inefficiencies.Amazon's continued AWS and e-commerce moat remains intact, given the robust Q2 save from its Q1 slump. The results also underscore a strong 2H, restoring investors' confidence that Amazon's overall bullish narrative has not been materially altered as a result of ongoing market and economic uncertainties.","news_type":1},"isVote":1,"tweetType":1,"viewCount":115,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9992979246,"gmtCreate":1661255589287,"gmtModify":1676536483344,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks&nbsp;","listText":"Thks&nbsp;","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9992979246","repostId":"1193077320","repostType":4,"isVote":1,"tweetType":1,"viewCount":624,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9990192902,"gmtCreate":1660303368308,"gmtModify":1676533447501,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks","listText":"Thks","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9990192902","repostId":"1197754619","repostType":4,"repost":{"id":"1197754619","kind":"news","pubTimestamp":1660296605,"share":"https://ttm.financial/m/news/1197754619?lang=&edition=fundamental","pubTime":"2022-08-12 17:30","market":"us","language":"en","title":"Apple Reportedly Tells iPhone Partners to Crank up Production Plans","url":"https://stock-news.laohu8.com/highlight/detail?id=1197754619","media":"Seeking Alpha","summary":"Apple (NASDAQ:AAPL) is reportedly going full-steam-ahead with its iPhone production plans heading to","content":"<html><head></head><body><p>Apple (NASDAQ:AAPL) is reportedly going full-steam-ahead with its iPhone production plans heading toward the end of the year and despite a grim outlook from one of its top contract manufacturers.</p><p>According to a report from Bloomberg, Apple (AAPL) has told its suppliers to make 90 million of its newest iPhones this year, which would be in line with 2021&#39;s production levels when the iPhone 13 was introduced. Apple (AAPL) is reportedly looking at building a total of 220 million iPhones in 2022, or roughly the same number of iPhones that were built a year ago.</p><p>Apple (AAPL) doesn&#39;t publicly disclose the number of iPhones it sells. During the second quarter of this year, Apple (AAPL) said the iPhone accounted for $40.7B of the company&#39;s $83B in quarterly revenue.</p><p>Apple (AAPL) historically launches a new model of the iPhone in either September or October in an effort to boost sales during the end-of-the-year Christmas and holiday shopping seasons. Already, there have been expectations that Apple (AAPL) could raise the average selling price of the so-called iPhone 14 by as much as 15% over the iPhone 13&#39;s price tag.</p><p>Should Apple (AAPL) ramp up iPhone production over the next few months, it would do so in the wake of one of its top suppliers, Foxconn (OTCPK:FXCOF) saying earlier this week that it is seeing signs of slower consumer demand in the smartphone market.</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>Apple Reportedly Tells iPhone Partners to Crank up Production Plans</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\">\nApple Reportedly Tells iPhone Partners to Crank up Production Plans\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-12 17:30 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/3871894-apple-reportedly-tells-iphone-partner-to-crank-up-production-plans?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A7><strong>Seeking Alpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple (NASDAQ:AAPL) is reportedly going full-steam-ahead with its iPhone production plans heading toward the end of the year and despite a grim outlook from one of its top contract manufacturers....</p>\n\n<a href=\"https://seekingalpha.com/news/3871894-apple-reportedly-tells-iphone-partner-to-crank-up-production-plans?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A7\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/news/3871894-apple-reportedly-tells-iphone-partner-to-crank-up-production-plans?source=content_type%3Areact%7Cfirst_level_url%3Ahome%7Csection%3Aportfolio%7Csection_asset%3Aheadlines%7Cline%3A7","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1197754619","content_text":"Apple (NASDAQ:AAPL) is reportedly going full-steam-ahead with its iPhone production plans heading toward the end of the year and despite a grim outlook from one of its top contract manufacturers.According to a report from Bloomberg, Apple (AAPL) has told its suppliers to make 90 million of its newest iPhones this year, which would be in line with 2021's production levels when the iPhone 13 was introduced. Apple (AAPL) is reportedly looking at building a total of 220 million iPhones in 2022, or roughly the same number of iPhones that were built a year ago.Apple (AAPL) doesn't publicly disclose the number of iPhones it sells. During the second quarter of this year, Apple (AAPL) said the iPhone accounted for $40.7B of the company's $83B in quarterly revenue.Apple (AAPL) historically launches a new model of the iPhone in either September or October in an effort to boost sales during the end-of-the-year Christmas and holiday shopping seasons. Already, there have been expectations that Apple (AAPL) could raise the average selling price of the so-called iPhone 14 by as much as 15% over the iPhone 13's price tag.Should Apple (AAPL) ramp up iPhone production over the next few months, it would do so in the wake of one of its top suppliers, Foxconn (OTCPK:FXCOF) saying earlier this week that it is seeing signs of slower consumer demand in the smartphone market.","news_type":1},"isVote":1,"tweetType":1,"viewCount":96,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9937922093,"gmtCreate":1663344880512,"gmtModify":1676537256826,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks&nbsp;","listText":"Thks&nbsp;","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9937922093","repostId":"1142186136","repostType":4,"isVote":1,"tweetType":1,"viewCount":242,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9932546635,"gmtCreate":1662963539927,"gmtModify":1676537172736,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks","listText":"Thks","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9932546635","repostId":"2266393769","repostType":4,"repost":{"id":"2266393769","kind":"highlight","pubTimestamp":1662962901,"share":"https://ttm.financial/m/news/2266393769?lang=&edition=fundamental","pubTime":"2022-09-12 14:08","market":"us","language":"en","title":"Deere Invests Billions in Self-Driving Tractors, Smart Crop Sprayers","url":"https://stock-news.laohu8.com/highlight/detail?id=2266393769","media":"The Wall Street Journal","summary":"For decades, Deere & Co. has dominated the hardware that powers the American farm industry with trac","content":"<html><head></head><body><p>For decades, Deere &amp; Co. has dominated the hardware that powers the American farm industry with tractors, harvesters and other machinery used to plant seeds and reap crops.</p><p>Now, Deere aims to extend its dominance to software to make those machines -- and agriculture -- more efficient and productive.</p><p>The company this year is rolling out self-driving tractors that can plow fields by themselves, and sprayers that distinguish weeds from crops. Deere, which helped make satellite-guided tractors ubiquitous in the U.S. Farm Belt over the past 20 years, is investing billions of dollars to develop smarter machines that the company said will make farming faster and more efficient than it ever could be with just farmers behind the wheel.</p><p>&#34;It&#39;s all about doing more with less,&#34; said John May, Deere&#39;s chief executive.</p><p>By the end of the decade, Mr. May projects that 10% of Deere&#39;s annual revenue will come from fees for using software.</p><p>Deere&#39;s equipment rivals, CNH Industrial NV and Agco Corp., agribusinesses such as Bayer AG and Corteva Inc., and venture-capital investors have collectively invested billions of dollars to buy and build systems for predicting crop performance and lowering farmers&#39; costs with more precise operations.</p><p>Despite that investment, some startups have struggled to break into the agriculture industry, and big companies have yet to turn significant profits from their technology investments, analysts have said. Widespread use of software subscriptions for operating equipment hasn&#39;t been tried before in the farm industry.</p><p>While farmers have said they are open to test-driving new technology, many are struggling with the cost of necessities including fertilizer and fuel, which have surged in price over the past year.</p><p>Moline, Ill.-based Deere, which generated $44 billion in sales in 2021, sells around 60% of the high-horsepower tractors used in the U.S. and Canada. Deere has been guiding farmers toward a bigger leap into technology for almost 20 years, starting with an autopilot system on tractors and harvesters that is now a standard feature on nearly all of Deere&#39;s large farm machinery.</p><p>By 2026, Deere wants to connect 1.5 million machines in service and a half billion acres in use to its cloud-based John Deere Operations Center, which will collect and store crop data, including millions of images of weeds that can be targeted by herbicide. Deere last year acquired California-based startup Bear Flag Robotics for $250 million to provide software for turning older tractors into autonomous-capable vehicles.</p><p>Selling farmers subscriptions to the software is expected to yield higher profit margins than sales of Deere&#39;s signature green and yellow machinery, which will continue to make up the bulk of Deere sales. A 2021 report from Bernstein analysts estimated the average gross margin for farming software at 85%, compared with 25% for equipment sales.</p><p>Deere&#39;s technology expansion could deepen some farmers&#39; distrust of the equipment maker. For years, some farmer organizations and consumer advocacy groups have accused Deere of using proprietary software on its equipment to restrict repair work to Deere&#39;s own dealers, which farmers said raises their costs and sometimes leaves equipment out of commission for weeks. Deere has said it provides tools and repair manuals enabling private repairs, but has pushed back against what it says are attempts by farmers to modify software that controls machinery operations.</p><p>Walter Schweitzer, a farmer near Geyser, Mont., who also serves as president of the Montana Farmers Union, said he worried that further linking farm equipment to software managed by Deere could give the equipment company greater influence over farmers&#39; operations, while collecting data to benefit Deere&#39;s own technology development.</p><p>&#34;You&#39;re losing control of the data, and the ownership of the tools,&#34; said Mr. Schweitzer. The Montana Farmers Union has joined other farm groups in pushing Deere to broaden access to the software and tools required to repair and work on Deere equipment, so independent repair shops and farmers themselves could do more fixes.</p><p>Deere is betting that it can lower farmers&#39; anxiety by offering software as a service on an as-needed basis for specific jobs, such as tilling fields or applying fertilizer. Deere said it is considering charging a per-acre fee for fields where the software is deployed. The company hasn&#39;t yet released a fee schedule. Deere said it would be responsible for fixing any problems and updating the software. Farmers would need to buy the newest crop sprayers to use the software.</p><p>&#34;Every farmer has a different business model,&#34; said Mr. May, who became CEO in 2019 and has overseen the acquisitions of Silicon Valley-backed startups that have become the foundation of Deere&#39;s technology business.</p><p>Nebraska farmer Taylor Nelson said he uses an enhanced version of Deere&#39;s AutoTrac guidance system, which collects and shares information about the whereabouts and work being done by people operating machinery on his 12,000-acre farm. Mr. Nelson said the system has cut down on costly mistakes, such as spraying a field twice with fertilizer.</p><p>&#34;You can use this technology to stick people in with less experience and still get optimal results,&#34; Mr. Nelson said.</p><p>Mr. Nelson said he&#39;s doubled the number of acres he plants in a day to 800 with Deere&#39;s new high-speed planter, which distributes seeds at precise depths in the soil for ideal growing conditions.</p><p>Deere&#39;s new generation of smart farm equipment grew from its 2017 acquisition of Blue River Technology Inc., a startup co-founded in 2011 by Jorge Heraud, a Peruvian immigrant. Mr. Heraud said about two-thirds of the herbicide applied to a field by a conventional sprayer lands on places other than weeds. Blue River developed computer vision technology to differentiate crops from weeds, which evolved from the company loading photos of California lettuce plants into a sprayer and programming it to avoid spraying plants in a lettuce field that matched those photos.</p><p>Deere has adapted the technology to the 120-foot-long spray boom that extends from the sides of self-propelled crop sprayers. The boom&#39;s 36 cameras feed images to onboard computers that identify weeds and activate the herbicide sprayer. Images of weeds and crops are cataloged in a database used by all the sprayers in service, reducing the chances that a sprayer will come upon a plant that has never been seen before.</p><p>Deere this year is selling the smart sprayers on a limited basis, along with self-driving tractors for tillage work, which also use camera-guided technology. If a driverless tractor detects a fallen tree or another obstacle in a tractor&#39;s path, the machine stops and waits for a farmer to restart it. By 2030, Deere said, it will offer autonomous models for its entire equipment line.</p></body></html>","source":"wsj_highlight","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>Deere Invests Billions in Self-Driving Tractors, Smart Crop Sprayers</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\">\nDeere Invests Billions in Self-Driving Tractors, Smart Crop Sprayers\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-09-12 14:08 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.wsj.com/articles/deere-invests-billions-in-self-driving-tractors-smart-crop-sprayers-11662904802?mod=lead_feature_below_a_pos1><strong>The Wall Street Journal</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>For decades, Deere & Co. has dominated the hardware that powers the American farm industry with tractors, harvesters and other machinery used to plant seeds and reap crops.Now, Deere aims to extend ...</p>\n\n<a href=\"https://www.wsj.com/articles/deere-invests-billions-in-self-driving-tractors-smart-crop-sprayers-11662904802?mod=lead_feature_below_a_pos1\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"DE":"迪尔股份有限公司"},"source_url":"https://www.wsj.com/articles/deere-invests-billions-in-self-driving-tractors-smart-crop-sprayers-11662904802?mod=lead_feature_below_a_pos1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2266393769","content_text":"For decades, Deere & Co. has dominated the hardware that powers the American farm industry with tractors, harvesters and other machinery used to plant seeds and reap crops.Now, Deere aims to extend its dominance to software to make those machines -- and agriculture -- more efficient and productive.The company this year is rolling out self-driving tractors that can plow fields by themselves, and sprayers that distinguish weeds from crops. Deere, which helped make satellite-guided tractors ubiquitous in the U.S. Farm Belt over the past 20 years, is investing billions of dollars to develop smarter machines that the company said will make farming faster and more efficient than it ever could be with just farmers behind the wheel.\"It's all about doing more with less,\" said John May, Deere's chief executive.By the end of the decade, Mr. May projects that 10% of Deere's annual revenue will come from fees for using software.Deere's equipment rivals, CNH Industrial NV and Agco Corp., agribusinesses such as Bayer AG and Corteva Inc., and venture-capital investors have collectively invested billions of dollars to buy and build systems for predicting crop performance and lowering farmers' costs with more precise operations.Despite that investment, some startups have struggled to break into the agriculture industry, and big companies have yet to turn significant profits from their technology investments, analysts have said. Widespread use of software subscriptions for operating equipment hasn't been tried before in the farm industry.While farmers have said they are open to test-driving new technology, many are struggling with the cost of necessities including fertilizer and fuel, which have surged in price over the past year.Moline, Ill.-based Deere, which generated $44 billion in sales in 2021, sells around 60% of the high-horsepower tractors used in the U.S. and Canada. Deere has been guiding farmers toward a bigger leap into technology for almost 20 years, starting with an autopilot system on tractors and harvesters that is now a standard feature on nearly all of Deere's large farm machinery.By 2026, Deere wants to connect 1.5 million machines in service and a half billion acres in use to its cloud-based John Deere Operations Center, which will collect and store crop data, including millions of images of weeds that can be targeted by herbicide. Deere last year acquired California-based startup Bear Flag Robotics for $250 million to provide software for turning older tractors into autonomous-capable vehicles.Selling farmers subscriptions to the software is expected to yield higher profit margins than sales of Deere's signature green and yellow machinery, which will continue to make up the bulk of Deere sales. A 2021 report from Bernstein analysts estimated the average gross margin for farming software at 85%, compared with 25% for equipment sales.Deere's technology expansion could deepen some farmers' distrust of the equipment maker. For years, some farmer organizations and consumer advocacy groups have accused Deere of using proprietary software on its equipment to restrict repair work to Deere's own dealers, which farmers said raises their costs and sometimes leaves equipment out of commission for weeks. Deere has said it provides tools and repair manuals enabling private repairs, but has pushed back against what it says are attempts by farmers to modify software that controls machinery operations.Walter Schweitzer, a farmer near Geyser, Mont., who also serves as president of the Montana Farmers Union, said he worried that further linking farm equipment to software managed by Deere could give the equipment company greater influence over farmers' operations, while collecting data to benefit Deere's own technology development.\"You're losing control of the data, and the ownership of the tools,\" said Mr. Schweitzer. The Montana Farmers Union has joined other farm groups in pushing Deere to broaden access to the software and tools required to repair and work on Deere equipment, so independent repair shops and farmers themselves could do more fixes.Deere is betting that it can lower farmers' anxiety by offering software as a service on an as-needed basis for specific jobs, such as tilling fields or applying fertilizer. Deere said it is considering charging a per-acre fee for fields where the software is deployed. The company hasn't yet released a fee schedule. Deere said it would be responsible for fixing any problems and updating the software. Farmers would need to buy the newest crop sprayers to use the software.\"Every farmer has a different business model,\" said Mr. May, who became CEO in 2019 and has overseen the acquisitions of Silicon Valley-backed startups that have become the foundation of Deere's technology business.Nebraska farmer Taylor Nelson said he uses an enhanced version of Deere's AutoTrac guidance system, which collects and shares information about the whereabouts and work being done by people operating machinery on his 12,000-acre farm. Mr. Nelson said the system has cut down on costly mistakes, such as spraying a field twice with fertilizer.\"You can use this technology to stick people in with less experience and still get optimal results,\" Mr. Nelson said.Mr. Nelson said he's doubled the number of acres he plants in a day to 800 with Deere's new high-speed planter, which distributes seeds at precise depths in the soil for ideal growing conditions.Deere's new generation of smart farm equipment grew from its 2017 acquisition of Blue River Technology Inc., a startup co-founded in 2011 by Jorge Heraud, a Peruvian immigrant. Mr. Heraud said about two-thirds of the herbicide applied to a field by a conventional sprayer lands on places other than weeds. Blue River developed computer vision technology to differentiate crops from weeds, which evolved from the company loading photos of California lettuce plants into a sprayer and programming it to avoid spraying plants in a lettuce field that matched those photos.Deere has adapted the technology to the 120-foot-long spray boom that extends from the sides of self-propelled crop sprayers. The boom's 36 cameras feed images to onboard computers that identify weeds and activate the herbicide sprayer. Images of weeds and crops are cataloged in a database used by all the sprayers in service, reducing the chances that a sprayer will come upon a plant that has never been seen before.Deere this year is selling the smart sprayers on a limited basis, along with self-driving tractors for tillage work, which also use camera-guided technology. If a driverless tractor detects a fallen tree or another obstacle in a tractor's path, the machine stops and waits for a farmer to restart it. By 2030, Deere said, it will offer autonomous models for its entire equipment line.","news_type":1},"isVote":1,"tweetType":1,"viewCount":483,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993841679,"gmtCreate":1660667567094,"gmtModify":1676536375294,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks for info","listText":"Thks for info","text":"Thks for info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993841679","repostId":"2259688685","repostType":4,"repost":{"id":"2259688685","kind":"highlight","pubTimestamp":1660650269,"share":"https://ttm.financial/m/news/2259688685?lang=&edition=fundamental","pubTime":"2022-08-16 19:44","market":"us","language":"en","title":"Palantir Is Punishing Shareholders With This Regular Practice","url":"https://stock-news.laohu8.com/highlight/detail?id=2259688685","media":"Motley Fool","summary":"This accounting technique could be dragging down investors' returns.","content":"<html><head></head><body><p>Data specialist <b>Palantir Technologies</b> (PLTR 0.00%) is a unique company. It requires top-notch talent to build complicated software solutions for some of the world&#39;s most complex tasks, including working with the most secretive parts of the U.S. government.</p><p>The story is fantastic, but sometimes it doesn&#39;t translate well to investment returns. The stock is sitting at $10 per share, the same price it went public at in late 2020. A bear market that was especially hard on tech stocks certainly deserves some blame, but there is a deeper issue that investors should know about.</p><h2>Palantir&#39;s stock-based compensation strategy</h2><p>Palantir&#39;s business requires bright employees to build and maintain its software solutions; in other words, talent is a competitive advantage. Good help isn&#39;t cheap, and Palantir has chosen a strategy of luring talent with significant stock-based compensation instead of large cash salaries.</p><p>This is a double-edged sword. On the one hand, stock-based compensation is a non-cash expense, which preserves cash and has helped Palantir operate with positive free cash flow:</p><p><img src=\"https://static.tigerbbs.com/7476f0fdb2b354600cd2012c277fd786\" tg-width=\"720\" tg-height=\"466\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>PLTR Stock-Based Compensation (TTM) data by YCharts.</p><p>But the downside is a share count that is continually expanding. Shares lose value when you add more because they represent a smaller slice of the company. The business must grow fast enough to overcome this loss of share value, called dilution.</p><h2>But it&#39;s canceling out the company&#39;s growth</h2><p>Unfortunately, that doesn&#39;t appear to be the case. Most investors look at an earnings report and see the top-line growth. For example, Palantir&#39;s revenue grew 26% year over year in Q2. Trailing-12-month revenue has hit $1.7 billion, a 94% increase since coming public in 2020.</p><p><img src=\"https://static.tigerbbs.com/bb1a6ecb09ea91871ddb810c831a7945\" tg-width=\"720\" tg-height=\"449\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>PLTR Revenue (TTM) data by YCharts.</p><p>But almost nobody looks past that to see what dilution is doing to Palantir&#39;s shareholders. The above chart shows that revenue per share is virtually flat, wiping out all of that revenue growth on a per-share basis.</p><h2>Meanwhile, growth isn&#39;t cutting it</h2><p>This wouldn&#39;t be a huge deal if Palantir&#39;s growth were accelerating. Its software platforms, Gotham and Foundry, could play an essential role in how government and businesses operate in the years to come. Additionally, Palantir has just 304 customers; there is <i>a lot</i> of room for the company to grow.</p><p>However, Palantir&#39;s growth is slowing down, not speeding up. You can see below that the quarterly revenue growth rate has slowed from more than 48% to 26% in the most recent quarter (Q2):</p><p><img src=\"https://static.tigerbbs.com/d4fd5750887086e843de048adc18b4ba\" tg-width=\"720\" tg-height=\"433\" referrerpolicy=\"no-referrer\" width=\"100%\" height=\"auto\"/></p><p>PLTR Revenue (Quarterly YoY Growth) data by YCharts.</p><p>The problem is that Palantir could need to bring on more talent as it grows larger. The company&#39;s employee count increased 20% over the past year. There has to be some point where the scales tip and Palantir&#39;s business can grow faster than its share count.</p><p>It&#39;s not too late for Palantir to change its trajectory. Many companies have noted fears about a looming recession, and enterprises could be hesitant to spend money in the short term. In that light, maybe cutting Palantir some slack is fair. But this trend needs to turn around at some point. Otherwise, Palantir might end up being a cool company but a mediocre investment.</p></body></html>","source":"fool_stock","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>Palantir Is Punishing Shareholders With This Regular Practice</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\">\nPalantir Is Punishing Shareholders With This Regular Practice\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-16 19:44 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/08/16/palantir-punish-shareholders-stock-compensation/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Data specialist Palantir Technologies (PLTR 0.00%) is a unique company. It requires top-notch talent to build complicated software solutions for some of the world's most complex tasks, including ...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/16/palantir-punish-shareholders-stock-compensation/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4099":"汽车制造商","BK4523":"印度概念","TTM":"塔塔汽车"},"source_url":"https://www.fool.com/investing/2022/08/16/palantir-punish-shareholders-stock-compensation/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2259688685","content_text":"Data specialist Palantir Technologies (PLTR 0.00%) is a unique company. It requires top-notch talent to build complicated software solutions for some of the world's most complex tasks, including working with the most secretive parts of the U.S. government.The story is fantastic, but sometimes it doesn't translate well to investment returns. The stock is sitting at $10 per share, the same price it went public at in late 2020. A bear market that was especially hard on tech stocks certainly deserves some blame, but there is a deeper issue that investors should know about.Palantir's stock-based compensation strategyPalantir's business requires bright employees to build and maintain its software solutions; in other words, talent is a competitive advantage. Good help isn't cheap, and Palantir has chosen a strategy of luring talent with significant stock-based compensation instead of large cash salaries.This is a double-edged sword. On the one hand, stock-based compensation is a non-cash expense, which preserves cash and has helped Palantir operate with positive free cash flow:PLTR Stock-Based Compensation (TTM) data by YCharts.But the downside is a share count that is continually expanding. Shares lose value when you add more because they represent a smaller slice of the company. The business must grow fast enough to overcome this loss of share value, called dilution.But it's canceling out the company's growthUnfortunately, that doesn't appear to be the case. Most investors look at an earnings report and see the top-line growth. For example, Palantir's revenue grew 26% year over year in Q2. Trailing-12-month revenue has hit $1.7 billion, a 94% increase since coming public in 2020.PLTR Revenue (TTM) data by YCharts.But almost nobody looks past that to see what dilution is doing to Palantir's shareholders. The above chart shows that revenue per share is virtually flat, wiping out all of that revenue growth on a per-share basis.Meanwhile, growth isn't cutting itThis wouldn't be a huge deal if Palantir's growth were accelerating. Its software platforms, Gotham and Foundry, could play an essential role in how government and businesses operate in the years to come. Additionally, Palantir has just 304 customers; there is a lot of room for the company to grow.However, Palantir's growth is slowing down, not speeding up. You can see below that the quarterly revenue growth rate has slowed from more than 48% to 26% in the most recent quarter (Q2):PLTR Revenue (Quarterly YoY Growth) data by YCharts.The problem is that Palantir could need to bring on more talent as it grows larger. The company's employee count increased 20% over the past year. There has to be some point where the scales tip and Palantir's business can grow faster than its share count.It's not too late for Palantir to change its trajectory. Many companies have noted fears about a looming recession, and enterprises could be hesitant to spend money in the short term. In that light, maybe cutting Palantir some slack is fair. But this trend needs to turn around at some point. Otherwise, Palantir might end up being a cool company but a mediocre investment.","news_type":1},"isVote":1,"tweetType":1,"viewCount":175,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9901989897,"gmtCreate":1659112530819,"gmtModify":1676536259591,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"👍","listText":"👍","text":"👍","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9901989897","repostId":"2255930052","repostType":4,"repost":{"id":"2255930052","kind":"highlight","pubTimestamp":1659108180,"share":"https://ttm.financial/m/news/2255930052?lang=&edition=fundamental","pubTime":"2022-07-29 23:23","market":"us","language":"en","title":"Want to Ride the Bitcoin Rally? Here Are 2 Bitcoin Mining Stocks That Analysts Like","url":"https://stock-news.laohu8.com/highlight/detail?id=2255930052","media":"TipRanks","summary":"The Federal Reserve raised rates this week, by another 0.75%, toughening up its anti-inflationary st","content":"<div>\n<p>The Federal Reserve raised rates this week, by another 0.75%, toughening up its anti-inflationary stance. At the same time, Fed chair Jerome Powell indicated that the central bank may slow its pace on...</p>\n\n<a href=\"https://finance.yahoo.com/news/want-ride-bitcoin-rally-2-001112120.html\">Web Link</a>\n\n</div>\n","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>Want to Ride the Bitcoin Rally? Here Are 2 Bitcoin Mining Stocks That Analysts Like</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\">\nWant to Ride the Bitcoin Rally? Here Are 2 Bitcoin Mining Stocks That Analysts Like\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-07-29 23:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/want-ride-bitcoin-rally-2-001112120.html><strong>TipRanks</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>The Federal Reserve raised rates this week, by another 0.75%, toughening up its anti-inflationary stance. At the same time, Fed chair Jerome Powell indicated that the central bank may slow its pace on...</p>\n\n<a href=\"https://finance.yahoo.com/news/want-ride-bitcoin-rally-2-001112120.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CLSK":"CleanSpark, Inc.","BK4023":"应用软件","ARBK":"Argo Blockchain Plc"},"source_url":"https://finance.yahoo.com/news/want-ride-bitcoin-rally-2-001112120.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2255930052","content_text":"The Federal Reserve raised rates this week, by another 0.75%, toughening up its anti-inflationary stance. At the same time, Fed chair Jerome Powell indicated that the central bank may slow its pace on rate hikes, which gives some hope for a ‘soft landing,’ that may curb inflation while avoiding a deep recession. Markets rallied strongly in response to the Fed news.The rally has made its way to cryptos, too, which have been tracking US stocks closely this summer. In particular, the largest crypto, Bitcoin, is up 21% this month.Nexo crypto wallet co-founder Antoni Trenchev sees these developments as net gains, and predicts further near-term rally in BTC in his comments on the Fed meeting: “The conclusion of Wednesday’s Fed meeting opens up a summer window for a Bitcoin relief rally, given we now have two months until policymakers next deliberate on monetary policy.”So it’s an interesting time to look at bitcoin mining stocks, which are highly correlated to the price of BTC. Using the TipRanks database, we identified two such equities that have received bullish praise from the Street, enough to earn a “Strong Buy” consensus rating. Let's take a closer look.CleanSpark (CLSK)The first bitcoin miner we’ll look at it CleanSpark, a company with double-barreled focus – one barrel targeting bitcoin mining and the other aimed at clean energy. CleanSpark produces software products that allow close control of distributed energy systems, microgrids, and other off-the-grid power systems based on ‘green’ energy such as solar, wind, or nuclear. In CleanSpark’s particular case, it uses this technology to power its bitcoin mining operations.Those bitcoin mining ops are substantial. CleanSpark currently operates four mining facilities, in Texas, Georgia, and New York, and this month announced an expansion of mining capacity totaling 90 petahashes. This expansion was powered by the acquisition of new, ‘latest generation’ mining servers, 1,061 Whatsminer M30S machines, installed a facilities co-operated with Coinmint. In addition, CleanSpark also announced, in June, acquisition of a purchase contract for 1,800 Antminer S19 XP machines, along with water cooling infrastructure, for its mining facilities. These machines, when installed, will add another 252 petahashes per second to CleanSpark’s mining capabilities.As of the end of June, CleanSpark’s BTC production had totaled 1,863 for the year. June’s production was 339, and production hit a company record-high rate of 12.1 BTC per day. The hash rate increased 12% from May, to a total hash rate of 2.8 EH/s. CleanSpark held a total of 561 BTC as of June 30, after converting 328 to pay for June operations.Production on this scale delivered revenue of $41.6 million in the quarter ended March 31, compared to just $8.1 million in the year-ago quarter.Assuming coverage of CLSK for H.C. Wainwright, analyst Mike Colonnese likes what he sees in the company’s prospects for continued growth.\"With a strong track record of solid execution and 600 megawatts (MW) of mining infrastructure already secured (capable of supporting ~20 EH/s), we are confident in CLSK’s future growth and ability to continue to win market share. As a top five miner with 2.8 EH/s of active hashing power, CLSK produced 339 BTC in the month of June (over 11/day). By our calculation, this makes CLSK the most efficient bitcoin miner in the industry (with an active EH/s >1),\" Colonnese opined.“We believe the risk/reward profile for shares of CLSK is very favorable at current levels,\" the analyst summed up.To this end, Colonnese rates CLSK shares a Buy, and his $6 price target implies a one-year potential gain of ~43% for the stock.Overall, this small-cap bitcoin miner holds a Strong Buy consensus rating from the Wall Street analysts, and that rating is unanimous, based on 3 recent positive analyst reviews. The stock is selling for $4.20 and its $11.00 average price target indicates possible gain of ~162% in the year ahead.Argo Blockchain (ARBK)Next up is Argo Blockchain, a crypto mining firm based in London with its operations in North America. Argo has three active crypto mining facilities, one, Helios, located in Dickens County, Texas, and two located in Quebec, at Baie Comeau and Mirabel. The Mirabel facility is the smallest and the Texan location the largest; altogether, Argo boasts some 45 megawatts of power generation supporting 2.2 EH/s of bitcoin mining and 280 MS of equihash ZCash mining.Last month the company mined a total of 179 bitcoins, and increase of 44% over the May total of 124. The company sold off 637 bitcoin during the month to fund operations. Those operations included the ongoing expansion of the Helios crytpomining facility. Argo entered a contract for delivery and installation of 20,000 mining machines purchased from Bitmain; it is on track to complete this installation by October of this year. As of June 30, Argo held 1,953 bitcoin in its assets.Despite its solid production, growing exahash rate, and expanding operational footprint, Argo’s share price has been declining since its IPO last fall. The stock started trading on September 23, and closed its first day on the NASDAQ at $16.75; the stock is down 71% since then.5-star analyst Darren Aftahi, of Roth Capital, has been covering Argo, and in his look at the company’s recent results he sees plenty of reason for longer-term optimism. Aftahi writes, “Helios began mining in early May and should provide a modest lift to 2Q mining capacity and a larger impact in 2H22 as ARBK looks to reach its 5.5 EH/s ending hash rate target... Overall, we remain encouraged that Helios should begin to enable ARBK to increase its network share back towards 1% by year-end and do so with little dilution risk to shareholders.”Going on from these comments, Aftahi sets a Buy rating on ARBK shares – along with a $11 price target that indicates his confidence in a robust 142% upside for the next 12 months.Argo has piqued the curiosity and attention of 5 Wall Street analysts, who have combined to give the shares a unanimous Strong Buy consensus rating. ARBK is currently trading for $4.84 and has an average price target of $11.40; this gives the stock a one-year upside potential of 135%.","news_type":1},"isVote":1,"tweetType":1,"viewCount":135,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9998007979,"gmtCreate":1660890010893,"gmtModify":1676536419590,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Ths for the info&nbsp;","listText":"Ths for the info&nbsp;","text":"Ths for the info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9998007979","repostId":"2260331445","repostType":4,"isVote":1,"tweetType":1,"viewCount":356,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9982578658,"gmtCreate":1667222593074,"gmtModify":1676537879923,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks&nbsp;","listText":"Thks&nbsp;","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9982578658","repostId":"2279845107","repostType":4,"isVote":1,"tweetType":1,"viewCount":351,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9932546198,"gmtCreate":1662963510314,"gmtModify":1676537172731,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks","listText":"Thks","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9932546198","repostId":"2266338721","repostType":4,"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9992979462,"gmtCreate":1661255621258,"gmtModify":1676536483352,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks","listText":"Thks","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9992979462","repostId":"1109534191","repostType":4,"isVote":1,"tweetType":1,"viewCount":559,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9998007656,"gmtCreate":1660890093678,"gmtModify":1676536419598,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks&nbsp;","listText":"Thks&nbsp;","text":"Thks","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9998007656","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":365,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9993841542,"gmtCreate":1660667600789,"gmtModify":1676536375298,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks for the info","listText":"Thks for the info","text":"Thks for the info","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9993841542","repostId":"1138006464","repostType":4,"isVote":1,"tweetType":1,"viewCount":98,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":9990192231,"gmtCreate":1660303528626,"gmtModify":1676533447509,"author":{"id":"4110850849752222","authorId":"4110850849752222","name":"Daena Chan","avatar":"https://community-static.tradeup.com/news/8f13e14931f3ec311a2708493c43cfaf","crmLevel":2,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4110850849752222","authorIdStr":"4110850849752222"},"themes":[],"htmlText":"Thks for the sharing","listText":"Thks for the sharing","text":"Thks for the sharing","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/9990192231","repostId":"2258201019","repostType":4,"repost":{"id":"2258201019","kind":"highlight","pubTimestamp":1660285153,"share":"https://ttm.financial/m/news/2258201019?lang=&edition=fundamental","pubTime":"2022-08-12 14:19","market":"us","language":"en","title":"3 Supercharged Growth Stocks Down 88% to 93% That Billionaires Can't Stop Buying","url":"https://stock-news.laohu8.com/highlight/detail?id=2258201019","media":"Motley Fool","summary":"Not even a bear market decline can faze billionaire money managers who are intent on owning innovative companies and future industry leaders.","content":"<html><head></head><body><p>This has been one of the most-challenging years in decades for Wall Street and the investing community. The first six months of the year delivered the worst first-half return for the benchmark <b>S&amp;P 500</b> in 52 years! Meanwhile, the growth-driven <b>Nasdaq Composite</b> has tumbled more than 30% from its high point in 2022.</p><p>It&#39;s been an especially rough go for the growth stocks that led the broader market out of the doldrums following the 2020 coronavirus crash. Yet even with this poor performance, billionaire money managers remain unfazed and have continued to put their money to work on Wall Street.</p><p>The following three supercharged growth stocks plunged between 88% and 93% from their all-time highs set over the past 18 months, but select billionaires still can&#39;t stop buying them.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/86a2726b9174984dc74f2cbd11eb01a0\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"/><span>Image source: Getty Images.</span></p><h2>Upstart Holdings: Down 93% from its all-time high</h2><p>This first billionaire with eyes for beaten-down growth stocks is Susquehanna International&#39;s Jeff Yass. During the first three months of 2022, Yass oversaw the addition of nearly 140,000 shares of cloud-based lending platform <b>Upstart</b>. This increased Susquehanna&#39;s stake in the company to 852,019 shares.</p><p>Of the rapidly growing companies on this list, none has taken a beating quite like Upstart. This roller-coaster stock rallied from about $30 per share to $401 in 10 months. Over the subsequent 10 months, it shed 93% of its value and ended up right back where it started.</p><p>Wall Street&#39;s concern with Upstart has to do with the Federal Reserve&#39;s aggressive monetary-policy shift. With the U.S. inflation rate hitting a four-decade high of 9.1% in June, the nation&#39;s central bank has no choice but to quickly raise interest rates. By doing so, it has dramatically reduced loan demand in all categories. There&#39;s the clear worry that reduced loan demand, coupled with higher loan delinquencies, could sink Upstart&#39;s loan-vetting platform.</p><p>But there&#39;s more to the Upstart story than meets the eye. This company is using artificial intelligence (AI) to completely disrupt the loan-vetting process. Approximately three-quarters of Upstart-approved loans are fully automated. This saves the lending institutions taking on these loans time and money.</p><p>What&#39;s arguably more important is that Upstart&#39;s AI-driven platform is opening up opportunities for applicants who&#39;d otherwise be rejected by the traditional vetting process. Even though the average credit score of Upstart-approved applicants is lower than the average credit score of the traditional process, the delinquency rate for Upstart-approved loans has been similar. In other words, Upstart can bring a larger pool of customers to financial institutions without increasing their risk.</p><p>There&#39;s also a huge runway for Upstart to expand its services. For instance, it acquired Prodigy Software in 2021 to begin offering AI-based auto loans. The auto loan-origination market is nearly seven times larger than the personal loan-origination space that Upstart has primarily focused on.</p><p>Considering that Upstart was quite profitable when interest rates were low and the U.S. economy was booming, I believe Yass&#39;s optimism has merit.</p><h2>Fiverr International: Down 88% from its all-time high</h2><p>The second supercharged growth stock billionaires are piling into is online-services marketplace <b>Fiverr International</b>. Billionaire Jim Simons of Renaissance Technologies (RennTech) has been an avid supporter of Fiverr, with additions in both the fourth and first quarters. This includes the purchase of more than 195,000 shares for RennTech in the March-ended quarter.</p><p>Fiverr has certainly taken it on the chin, with shares of the company plummeting from an intraday high of $336 in 2021 to a close last week of about $40 per share. Whereas Fiverr initially benefited from the workplace disruption caused by COVID-19, Wall Street now appears unsettled about the future of the hybrid work environment. With COVID-19 vaccination rates ticking higher and people returning to offices, there&#39;s concern the freelance-focused platform may lose some luster.</p><p>But Simons may have himself a diamond in the rough -- if he&#39;s willing to be patient. With Fiverr&#39;s former nosebleed valuation descending from the heavens, investors can now focus on the company&#39;s two biggest competitive advantages.</p><p>For starters, Fiverr&#39;s freelancer marketplace is unique. Whereas most online-service marketplaces offer services on an hourly basis, Fiverr&#39;s buyers, which are companies or sole proprietors, are purchasing freelancer services as a packaged deal. This provides considerably more cost transparency than being charged by the hour, and it&#39;s helped Fiverr sustain a double-digit growth rate in average spend per buyer.</p><p>The other edge Fiverr brings to the table is its take-rate. The take-rate represents how much of the deals negotiated on its platform Fiverr gets to keep. At the end of 2020, Fiverr&#39;s take-rate was 27.1%. In the exceptionally challenging second quarter of 2022, the company&#39;s take-rate was up to 29.8%.  As more deals get completed on its marketplace, Fiverr is trending toward keeping more of those dollars for itself.</p><p>If there&#39;s a silver lining to this near-term uncertainty, it&#39;s that Fiverr has remained profitable on a recurring basis. Although it still appears nominally pricey based on Wall Street&#39;s forecast earnings for 2023, its premium can now be justified with a take-rate that&#39;s well above the industry average. This makes Fiverr a potentially intriguing buy.</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3e4706ecbab7d51a21d9f9f6b66931c3\" tg-width=\"700\" tg-height=\"467\" referrerpolicy=\"no-referrer\"/><span>Image source: Getty Images.</span></p><h2>Teladoc Health: Down 88% from its all-time high</h2><p>The third supercharged growth stock that&#39;s been absolutely pummeled, yet billionaires can&#39;t stop buying, is telemedicine kingpin <b>Teladoc Health</b>. Billionaire Ray Dalio of Bridgewater Associates has been an active buyer. Dalio and his team picked up almost 97,000 additional shares during the first quarter, which boosted Bridgewater&#39;s total stake to a little north of 398,000 shares.</p><p>Like Fiverr, Teladoc finds itself 88% below its all-time intraday high set in February 2021. Over the past 18 months, it&#39;s been a relatively steady downslope from $308 per share to the $37 and change Teladoc closed at this past week.</p><p>Arguably the biggest issue for Teladoc has been investors&#39; lack of trust in management. The company grossly overpaid for applied health-signals company Livongo Health last year and has taken massive writedowns tied to this deal in each of the past two quarters ($9.6 billion in total).  What&#39;s more, the company&#39;s near-term growth rate remains uncertain due to COVID-19 vaccination rates ticking up (i.e., people returning to in-person care) and a variety of macroeconomic headwinds.</p><p>As is the theme with these three beaten-down growth stocks, Teladoc has an opportunity to prove skeptics wrong. It all starts with the company&#39;s transformative virtual-visit platform.</p><p>What makes Teladoc such an exciting long-term investment is the benefit its platform provides up and down the healthcare-treatment chain. It&#39;s more convenient for patients to consult with physicians from the comfort of their homes, and it&#39;s considerably easier for physicians to keep closer tabs on patients with chronic illnesses using telemedicine platforms.</p><p>The end result should be improved patient outcomes and less money out of the pockets of health insurers. As a general rule, anything that saves health insurers money is going to be something they heavily promote.</p><p>Despite Teledoc wildly overpaying for Livongo Health, investors shouldn&#39;t overlook the benefits of this combination. Prior to being acquired, Livongo was already profitable and targeting its care at people in the U.S. with common chronic illnesses (e.g., diabetes and hypertension). As a combined company, Teladoc and Livongo can cross-sell on each other&#39;s platforms to sign up even more chronic-care patients.</p><p>A sustained annual growth rate of around 20% throughout this decade isn&#39;t out of the question. If Teladoc can make significant progress reining in its losses as it expands its customer base in 2023, Wall Street and investors are bound to notice.</p></body></html>","source":"fool_stock","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>3 Supercharged Growth Stocks Down 88% to 93% That Billionaires Can't Stop Buying</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\">\n3 Supercharged Growth Stocks Down 88% to 93% That Billionaires Can't Stop Buying\n</h2>\n\n<h4 class=\"meta\">\n\n\n2022-08-12 14:19 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.fool.com/investing/2022/08/11/3-growth-stocks-down-88-to-93-billionaires-buying/><strong>Motley Fool</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This has been one of the most-challenging years in decades for Wall Street and the investing community. The first six months of the year delivered the worst first-half return for the benchmark S&P 500...</p>\n\n<a href=\"https://www.fool.com/investing/2022/08/11/3-growth-stocks-down-88-to-93-billionaires-buying/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"UPST":"Upstart Holdings, Inc.","FVRR":"Fiverr International Ltd.","TDOC":"Teladoc Health Inc."},"source_url":"https://www.fool.com/investing/2022/08/11/3-growth-stocks-down-88-to-93-billionaires-buying/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2258201019","content_text":"This has been one of the most-challenging years in decades for Wall Street and the investing community. The first six months of the year delivered the worst first-half return for the benchmark S&P 500 in 52 years! Meanwhile, the growth-driven Nasdaq Composite has tumbled more than 30% from its high point in 2022.It's been an especially rough go for the growth stocks that led the broader market out of the doldrums following the 2020 coronavirus crash. Yet even with this poor performance, billionaire money managers remain unfazed and have continued to put their money to work on Wall Street.The following three supercharged growth stocks plunged between 88% and 93% from their all-time highs set over the past 18 months, but select billionaires still can't stop buying them.Image source: Getty Images.Upstart Holdings: Down 93% from its all-time highThis first billionaire with eyes for beaten-down growth stocks is Susquehanna International's Jeff Yass. During the first three months of 2022, Yass oversaw the addition of nearly 140,000 shares of cloud-based lending platform Upstart. This increased Susquehanna's stake in the company to 852,019 shares.Of the rapidly growing companies on this list, none has taken a beating quite like Upstart. This roller-coaster stock rallied from about $30 per share to $401 in 10 months. Over the subsequent 10 months, it shed 93% of its value and ended up right back where it started.Wall Street's concern with Upstart has to do with the Federal Reserve's aggressive monetary-policy shift. With the U.S. inflation rate hitting a four-decade high of 9.1% in June, the nation's central bank has no choice but to quickly raise interest rates. By doing so, it has dramatically reduced loan demand in all categories. There's the clear worry that reduced loan demand, coupled with higher loan delinquencies, could sink Upstart's loan-vetting platform.But there's more to the Upstart story than meets the eye. This company is using artificial intelligence (AI) to completely disrupt the loan-vetting process. Approximately three-quarters of Upstart-approved loans are fully automated. This saves the lending institutions taking on these loans time and money.What's arguably more important is that Upstart's AI-driven platform is opening up opportunities for applicants who'd otherwise be rejected by the traditional vetting process. Even though the average credit score of Upstart-approved applicants is lower than the average credit score of the traditional process, the delinquency rate for Upstart-approved loans has been similar. In other words, Upstart can bring a larger pool of customers to financial institutions without increasing their risk.There's also a huge runway for Upstart to expand its services. For instance, it acquired Prodigy Software in 2021 to begin offering AI-based auto loans. The auto loan-origination market is nearly seven times larger than the personal loan-origination space that Upstart has primarily focused on.Considering that Upstart was quite profitable when interest rates were low and the U.S. economy was booming, I believe Yass's optimism has merit.Fiverr International: Down 88% from its all-time highThe second supercharged growth stock billionaires are piling into is online-services marketplace Fiverr International. Billionaire Jim Simons of Renaissance Technologies (RennTech) has been an avid supporter of Fiverr, with additions in both the fourth and first quarters. This includes the purchase of more than 195,000 shares for RennTech in the March-ended quarter.Fiverr has certainly taken it on the chin, with shares of the company plummeting from an intraday high of $336 in 2021 to a close last week of about $40 per share. Whereas Fiverr initially benefited from the workplace disruption caused by COVID-19, Wall Street now appears unsettled about the future of the hybrid work environment. With COVID-19 vaccination rates ticking higher and people returning to offices, there's concern the freelance-focused platform may lose some luster.But Simons may have himself a diamond in the rough -- if he's willing to be patient. With Fiverr's former nosebleed valuation descending from the heavens, investors can now focus on the company's two biggest competitive advantages.For starters, Fiverr's freelancer marketplace is unique. Whereas most online-service marketplaces offer services on an hourly basis, Fiverr's buyers, which are companies or sole proprietors, are purchasing freelancer services as a packaged deal. This provides considerably more cost transparency than being charged by the hour, and it's helped Fiverr sustain a double-digit growth rate in average spend per buyer.The other edge Fiverr brings to the table is its take-rate. The take-rate represents how much of the deals negotiated on its platform Fiverr gets to keep. At the end of 2020, Fiverr's take-rate was 27.1%. In the exceptionally challenging second quarter of 2022, the company's take-rate was up to 29.8%.  As more deals get completed on its marketplace, Fiverr is trending toward keeping more of those dollars for itself.If there's a silver lining to this near-term uncertainty, it's that Fiverr has remained profitable on a recurring basis. Although it still appears nominally pricey based on Wall Street's forecast earnings for 2023, its premium can now be justified with a take-rate that's well above the industry average. This makes Fiverr a potentially intriguing buy.Image source: Getty Images.Teladoc Health: Down 88% from its all-time highThe third supercharged growth stock that's been absolutely pummeled, yet billionaires can't stop buying, is telemedicine kingpin Teladoc Health. Billionaire Ray Dalio of Bridgewater Associates has been an active buyer. Dalio and his team picked up almost 97,000 additional shares during the first quarter, which boosted Bridgewater's total stake to a little north of 398,000 shares.Like Fiverr, Teladoc finds itself 88% below its all-time intraday high set in February 2021. Over the past 18 months, it's been a relatively steady downslope from $308 per share to the $37 and change Teladoc closed at this past week.Arguably the biggest issue for Teladoc has been investors' lack of trust in management. The company grossly overpaid for applied health-signals company Livongo Health last year and has taken massive writedowns tied to this deal in each of the past two quarters ($9.6 billion in total).  What's more, the company's near-term growth rate remains uncertain due to COVID-19 vaccination rates ticking up (i.e., people returning to in-person care) and a variety of macroeconomic headwinds.As is the theme with these three beaten-down growth stocks, Teladoc has an opportunity to prove skeptics wrong. It all starts with the company's transformative virtual-visit platform.What makes Teladoc such an exciting long-term investment is the benefit its platform provides up and down the healthcare-treatment chain. It's more convenient for patients to consult with physicians from the comfort of their homes, and it's considerably easier for physicians to keep closer tabs on patients with chronic illnesses using telemedicine platforms.The end result should be improved patient outcomes and less money out of the pockets of health insurers. As a general rule, anything that saves health insurers money is going to be something they heavily promote.Despite Teledoc wildly overpaying for Livongo Health, investors shouldn't overlook the benefits of this combination. Prior to being acquired, Livongo was already profitable and targeting its care at people in the U.S. with common chronic illnesses (e.g., diabetes and hypertension). As a combined company, Teladoc and Livongo can cross-sell on each other's platforms to sign up even more chronic-care patients.A sustained annual growth rate of around 20% throughout this decade isn't out of the question. If Teladoc can make significant progress reining in its losses as it expands its customer base in 2023, Wall Street and investors are bound to notice.","news_type":1},"isVote":1,"tweetType":1,"viewCount":76,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}