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Key Takeaways
- Stocks on Wall Street moved to a new all-time high with tech earnings on focus
- Tesla CEO Elon Musk is now worth $300 billion after Tesla’s value jumped over $1 trillion
Over the past week, major markets and asset classes experienced heightened volatility and sharp swings. Moreover, individual assets like Tesla stock and the Ethereum cryptocurrency were launched to record highs amid strong optimism.
In general, the US stock market logged another solid week of gains. Moreover, all three indexes, the S&P500, the Dow Jones, and the Nasdaq Composite, surged to fresh records. On that note, stocks across the board were powered by elevated investor optimism over the third-quarter earnings reports.
In individual stocks, Apple and Amazon delivered downbeat financial results for the past quarter. Both technology giants cited global supply-chain shortages and the weaker labor markets as factors weighing on their businesses.
Furthermore, the CEOs of both companies predicted the current quarter could be even more disappointing than the previous one. Amazon CEO Andy Jassy even said the e-commerce giant could realize a loss for the fourth quarter. In comparison, the third-quarter profit for Amazon arrived at $3.2 billion.
In the meantime, Facebook CEO Mark Zuckerberg announced his company is changing its name to Meta. The decision was a move to highlight the vision of Facebook, which includes the so-called Metaverse, an online virtual realm.
Elon Musk, the $300-Billion Man
Elon Musk, Tesla CEO, became the first person to reach a net worth of $300 billion. Not only that but this week was especially fruitful to him as he accumulated over $50 billion in four days. That said, Mr. Musk is about $100 billion richer than the second-most wealthy person on earth, Amazon founder Jeff Bezos.
Tesla, largely responsible for Mr. Musk’s enormous fortune, skyrocketed over the week. In more detail, the electric-vehicle maker peaked above $1,000 a share and became the first car company to hit a valuation of $1 trillion.
Bitcoin Steady, Ether at a New All-Time High
In cryptocurrency markets, the price of bitcoin retreated from its all-time high levels. Furthermore, the orange coin gyrated around the area of $60,000 to $62,000 throughout the week.
Ether, on the other hand, surged to a fresh peak of over $4,400. The new record arrived in a broader altcoin rally. Altcoins, short for alternative coins, have been increasingly fashionable since bitcoin set a record high of $67,000 earlier this month.
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