Hey Gotraders,
Wooo hoooo… It’s Friday!!
Let’s wrap up the week by taking a quick look at what’s going on with Meta Platforms (FB), the parent company of Facebook. They have been making headline news a lot lately.
🥽 Facebook takes down Brazil's environmental disinformation network with ties to the military.
🥽 Meta removes Facebook accounts to tackle misinformation ahead of the Philippine election.
🥽 Meta’s former Chief Technology Officer Mike Schroepfer to focus on climate change.
🥽 Meta loses bid to quash vote on the future of Metaverse.
🥽 Meta is exploring the potential of digital money referred to internally as 'Zuck Bucks'.
🥽 Meta says it’s ‘pausing’ F8, and won’t hold the developer conference this year.
🥽 Meta issued its Adversarial Threat Report, for the first quarter of 2022.
Why is this important? Meta has undergone a lot of scrutiny and bad press over the last few months due to anti-monopolistic practices, data privacy concerns, backlash over their Instagram for teens, and the list goes on..
They rebranded the company from Facebook to Meta-Platforms in an effort to start from scratch, and refocus the company’s strategy on the Metaverse. Has their reputation or company’s image improved since then….? 🤷
Their stock price has taken a hit. It’s fallen from its 52-week high of about $384 to about $223 currently.
UBS seems to think that Meta’s shares could rally 28% from here as the company ramps up its Instagram Reels monetization efforts.
📈 Elon Musk commemorates new Texas Gigafactory with 'Cyber Rodeo' party 🤠
What do you do when you have something to celebrate? You throw a party, of course! In the case of Elon Musk, it wasn’t just any party, it was a rodeo party!
That’s right - Mr. Musk decided to celebrate the launch of Tesla’s (TSLA) new $1.1 billion Gigafactory in Austin, Texas by throwing a Texan-themed party! He called his party a “Cyber Rodeo” party!
He also gave a speech at this event, and here’s a snippet of what he said:
“It wasn’t easy building this humongous building and getting all this equipment here… If you put the building on its side, it’s taller than the Burj Khalifa… In the trailing twelve months, we’ve delivered over a million cars worldwide… There’s still a long way to go…”
He gave his speech while wearing a cowboy hat (of course… we wouldn’t expect anything less at a Rodeo party), and he also joked that according to Tesla’s calculations, 194 billion hamsters could fit in the building… 🤦♂️
Wow, his sense of humor is just…. *Speechless*
Shares of Tesla closed at $1,057.26, up 1.10% for the day.
📉 Tencent is shutting down its gaming service, Penguin Esports 🛑
We all know that China’s regulators have been cracking down on tech companies for a while now. Some of China’s tech powerhouses have been affected by the scrutiny and fines.
Tencent (TCEHY) is one of them. Chinese regulators have previously blocked one of its mergers. Last month, Tencent reported its slowest revenue growth since its listing in 2004. Hmmm…
They have now announced that they will be shutting down their gaming service, Penguin Esports. All services will be terminated by June 7th.
Shares of Tencent closed at $46.97, down 1.24% for the day.
Top movers & shakers 🎢
What else is making headline news 📰
Warren Buffett made about $650 million on HP (HPQ) after stake was revealed.
Amazon (AMZN) illegally interfered in Alabama warehouse vote, union alleges.
‘It’s meaningless’ — large Tesla shareholder Ron Baron reacts to Elon Musk joining Twitter’s (TWTR) board.
Roblox (RBLX) analysts, Cathie Wood defy pessimism on stock.
US stocks end higher to break losing streak spurred by fears of a hawkish Fed.
SoFi (SOFI) drops 10% as Biden's extended student loan payment moratorium forces the company to lower earnings guidance.
Microsoft (MSFT) says it disrupted attempted hacks by Russian spies.
IEA details plan to release 120 million barrels of oil over 6 months to cool prices.
Ferrari (RACE) on top in first free practice at Australian GP.
Top Research Reports for Nvidia (NVDA), Coca-Cola (KO) & Thermo Fisher (TMO).
That’s all from us for now.
Signing out,
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The legal stuff 🤓
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