MARKET RECAP → The S&P 500 (VOO) closed slightly lower as tech stocks like NVIDIA (NVDA) reached fresh highs, helping the index recover some of its early-session losses. And just as everyone thought the action was over for the day, the SEC tweeted out Tuesday afternoon that it approved Bitcoin (BTC) ETFs, minutes later, the post was deleted and reports surfaced that the statement was incorrect and the SEC’s X account was compromised… Never a dull moment!
ELLIOTT SWIPES RIGHT ON MATCH GROUP →? Elliott Management’s bold $1 billion investment in Match Group (MTCH) pushed shares as much as a 12% higher Tuesday morning, despite the dating giant’s recent market cap slump and high CEO turnover, signaling a potential strategic shake-up.
MUSK’S PAYMENT PUSH →? Elon Musk’s X evolves from tweets to transactions, announcing a peer-to-peer payment feature in its quest to become the ultimate ‘everything app’. |
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| Sean Horgan Head of Investor Relations @ MoneyLion
$shorgan |
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ELLIOTT SWIPES RIGHT ON MATCH GROUP |
? Elliott Management’s $1 Billion Stake: Elliott Management, known for its activist investing, acquired a roughly $1 billion stake in Match (MTCH), the owner of Tinder. This move led to a significant surge in Match’s shares, which jumped as much as 12% in Tuesday morning trading, later stabilizing around a 6% increase. ? Match’s Market Struggles: Despite its early pandemic growth, Match has faced recent challenges, with its market cap dropping from over $45 billion in 2021 to $10 billion. The company has experienced a decline in Tinder payers and a lower-than-expected revenue outlook for the fourth quarter.
? Management and Analyst Outlook: Match has seen considerable turnover in its leadership, with seven CEOs since 2012, far exceeding the average CEO tenure. Despite these challenges, some Wall Street analysts, including JPMorgan (JPM), remain bullish on Match, citing prospects for Tinder’s return to double-digit growth.
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? X Marks the Spot for Payments: Elon Musk’s social media platform X, formerly Twitter, announced plans to launch peer-to-peer payments in 2024. This move aims to enhance user utility and commerce opportunities, aligning with Musk’s vision to transform X into a multifunctional platform, though specific details about the payment system’s workings and launch date remain under wraps.
? Transforming into an ‘Everything App’: Since Musk’s acquisition of the company in late 2022 for $44 billion, X has undergone significant changes. Musk’s ambition is to evolve X into an ‘everything app’, integrating various functionalities like posting, financial management, and now, peer-to-peer commerce, reminiscent of platforms like China’s WeChat. ? Expanding Beyond Social Media: Alongside the introduction of financial features, X plans to roll out more original content, invest in creators and content partnerships, and enhance its advertising strategy. This expansion signifies X’s transition from a mere social media app to a comprehensive digital interface for diverse user experiences. |
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Miller Lite’s latest offering is a $5 tin of beer-flavored mints (CNBC make it)
Tax filing season kicks off Jan. 29. Here’s what taxpayers need to know (CNBC)
United, Alaska Air find loose hardware on some Boeing 737 Max 9s after grounding (CNBC)
Microsoft’s multibillion-dollar investment in OpenAI could face EU merger probe (CNBC) The 5 weirdest products Samsung unveiled at CES 2024 (Mashable)
Bill Ackman, rarely inclined to back down, escalates his fight against America’s most prestigious universities (CNN)
Pat McAfee doesn’t ‘take back anything’ after accusing ESPN executive of sabotaging show (CNN) |
And if you want more, be sure to check out the MoneyLion blog for tips, hacks and all things money. (MoneyLife) |
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