To The Moon

Buy sands share @lvsands

k

Singapore has once again been ranked as the most expensive city to live in, sharing the top spot with New York City this year, according to the Economist Intelligence Unit (EIU).  This is the eighth time in 10 years that Singapore topped the list. Both Singapore and New York City knocked last year's leader, Tel Aviv, down to third place thanks to higher inflation and stronger currencies, the EIU reported in its new Worldwide Cost of Living survey of 172 cities. According to the survey, the average price of goods in local currency terms surged by 8.1% this year, citing a poll that the firm conducted between Aug. 16 and Sept. 16. That's up from the 3.5% rise in prices reported by the EIU's 2021 survey. Supply chain disruptions from China's zero-Covid policy and the Russia

Zoom (ZM): The company cut its fourth quarter and full-year revenue guidance, sending shares lower by more than 4% in extended trading. Zoom sees fourth-quarter revenue $1.10 billion to $1.11 billion, short of Wall Street’s estimate of $1.12 billion. Zoom sees full-year revenue of $4.37 billion to $4.38 billion, lower than its prior view of $4.39 billion to $4.40 billion. For the third quarter, Zoom reported adjusted earnings of $1.07 per share on revenue of $1.10 billion.Urban Outfitters (URBN): The retailer’s third-quarter sales beat estimates, sending shares higher in after hours trading. Sales for the three month period rose 3.9% from a year ago to a record $1.18 billion. Comparable retail segment sales rose 4%, double analyst estimates of 2% growth. CEO Richard Hay

Over the first two weeks of November, crypto exchange FTX went from leading crypto exchange to a $16 billion bankruptcy - this year's largest so far. Insiders, customers, the press, and regulators are still piecing together what caused the largest corporate failure in crypto's 14-year history and what such a fallout means as it ripples across the digital assets market. So far the fallout has meant the loss, freeze, or write down of at least $1.8 billion in funds comprising mostly equity investors from past funding rounds and firms who held money with FTX. It also accounts for the hundreds of millions of dollars in credit, loans, and acquisition financing between FTX, its U.S. subsidiary, Alameda Research, and outside parties. Here's the damage so far. Equity Investors Equity investors stan

Temasek Holdings Investment firm Temasek Holdings has been affected by the implosion of popular cryptocurrency trading firm FTX. FTX was one of the world’s largest cryptocurrency exchanges before it sought bankruptcy protection last week. Its CEO and founder, Sam-Bankman Fried, has also resigned. Temasek has released a statement confirming that it will write down its entire US$275 million investment in FTX, regardless of the outcome of the latter’s bankruptcy filing. The US$275 million investment was made in two separate tranches between October 2021 to January 2022 for a 2.5% stake in the cryptocurrency outfit. It also clarified that it did not invest directly in cryptocurrencies. The due diligence process for FTX was extensive and lasted approximately eight months, during which Temasek r

Billionaire hedge fund manager Bill Ackman has been urging the Federal Reserve to get serious on inflation since late last year. Now, he has doubts about the U.S. central bank’s ability to bring price stability down to its target. And thinks stock prices could remain under pressure as rates stay high amid this new environment. The Pershing Square Capital founder and CEO said Thursday in a quarterly call with investors that interest rates are "meaningfully below where they are going to go." "We think that is, of course, a risk for equities," Ackman said. "And part of our thesis is we think inflation is going to be structurally higher." "We do not believe that it is likely the Federal Reserve is going to be able to get inflation back to a consistent 2% level," Ackman added. Ackman'

Retail and institutional investors weren’t the only ones to get rug pulled by FTX’s swift and stunning collapse last week. In addition to losing their jobs at the now-bankrupt exchange, many of FTX’s employees also appear to have significant amounts of personal wealth locked in the platform – wealth that is likely gone after being sucked into the black hole of the FTX disaster. FTX’s deficit was allegedly created, according to a Wall Street Journal report last week, by former CEO Sam Bankman-Fried’s penchant for playing fast and loose with customer funds, using them to cover the debts of his quant trading firm, Alameda Research, violating the exchange’s own terms and conditions. Former FTX Head of Marketing Nathaniel Whittemore, who is also a CoinDesk podcaster, said th

Sea’s chairman and group CEO Li says the company is seeking to achieve “self-sufficiency and profitability as soon as possible”. NYSE-listed Sea Limited has reported a total net loss of US$569.3 million ($781.7 million) for the 3QFY2022 ended Sept 30, down 0.3% from the total net loss of US$571.0 million in the corresponding quarter before. On a q-o-q basis, the quarter’s net loss improved by 38.9%. Excluding share-based compensation, Sea reported a total net loss of US$373.5 million for the 3QFY2022, improving by 16.6% y-o-y and 34.4% q-o-q. Sea’s chairman and group CEO Forrest Li said that the company has “entirely shifted [its] mindset and focus from growth to achieving self-sufficiency and profitability as soon as possible, without relying on any external funding” given the “significan

General Motors (GM): Shares of the automaker fell after Berkshire Hathaway’s 13F filing disclosed it decreased its stake in the company to 50 million shares. Warren Buffett’s firm also trimmed its stake in US Bancorp and Bank of New York Mellon (BK).Taiwan Semiconductor Manufacturing (TSM): The stock rose 6% in extended trading after Berkshire Hathaway revealed it has a $4.1 billion stake in the semiconductor company.Jefferies Financial Group (JEF): Shares jumped in after-hours trading after Berkshire disclosed a $12.79 million stake in the investment bank.thredUP (TDUP): The online resale platform cut its fourth quarter and full-year revenue guidance. It now sees fourth-quarter sales of $62 million to $64 million, down from its prior range of $70 to $72