Twitter Accepts Musk’s $44 Billion Offer After Endless Saga (2 min read)
Elon Musk has agreed to purchase Twitter at the price of $54.20 per share. Twitter’s stock rose more than 12% right after the news until the trading was halted. As of the market closed, shares of Twitter were up more than 22%. Both parties were scheduled for court this week because Elon backed out on the buyout deal over Twitter misstating the number of bot accounts. After agreeing to the deal again, Elon had asked the court to immediately pause litigation. This could be a sign that Elon realized his chance of winning in court is slim, or the new proposal is part of a legal tactic.
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Ray Dalio steps down from Bridgewater Associates, cedes voting rights (2 min read)
Ray Dalio stepped down as the Chief Investment Office and gave up control of Bridgewater Associates, the largest hedge fund in the world. He founded the company in 1975 and served as the CEO, CIO, and Chairman until recent years. He had planned on a transition since 2010 but remained in his role until now as he looked for successors. Ray said he will continue to mentor Bridgewater's current executive team and the investment committee.
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Credit Suisse angst shows just how freaked out markets are right now (4 min read)
Media’s recent speculation that Credit Suisse’s financial situation is at the verge of collapse has sent their stocks plunging to an all-time low. Analysts already reaffirmed the company’s financials are healthy, but investors continue to sell as they fear the UK bond market crisis and aggressive rate hikes might cause Credit Suisse to default like banks did in the 2008 meltdown. However, experts said large banks now have a much higher capital and liquidity than prior 2008 and Credit Suisse is unlikely to reenact another “Lehman moment”.
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ETF Issuer WisdomTree Registers Slate of Mutual Funds (2 min read)
WisdomTree Investments has registered to issue nine digital funds. The underlying investment strategies for each fund covers a variety of areas in equities and fixed income. These digital funds will have their shares recorded physically and on the blockchain. None of the funds will charge a management fee. WisdomTree is aiming to take advantage of blockchain and digital assets as supporting technology to offer a better experience for investors. More details on the digital funds filings are available in this article.
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New ETF Targets Next Generation of Internet (1 min read)
Bitwise Asset Management launched their second ETF, the Bitwise Web3 ETF (BWEB). The ETF tracks the performance of companies that fall into one or more of the following five key Web3 themes - Web3 infrastructure providers; Web3 finance; Web3-enabled metaverse and digital worlds; Web3-enabled creator economy; and Web3 development and governance. It currently has 33 constituents and the top holdings are Coinbase Global, Roblox Corp, and Equinix.
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Investment Glossary: Your A-Z Of Terms & Acronyms (17 mins read)
This is a glossary for common financial and investment terms. Although it is not a complete list of terms that you might come across, it is still very detailed. It would be a useful tool for DIY investors, especially if you are new to investing. The glossary was published for Australian audiences but most of the terms still apply internationally.
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That's it for today! You can reply to this email if you have any comments or feedback.
Thanks,
Thomas
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