Stocks Market News Today, March 12th, 2021
Quick Bites of stock market news for geeks, traders and misfits- not found on CNBC
Founder of NFT fund Metapurse bought Beeple’s 5000-day collection for nearly $70M
-The collection, which sold for a whopping $69.3 million, is one of the highest art auction sales ever and makes Beeple one of the top three most valuable living artists.
Southeast Asia’s ride-hailing giant Grab is in talks to go public at a $40B valuation via the largest SPAC acquisition ever. Grab is expected to raise $3-$4B through the acquisition by Altimeter Capital Management.
=The Chinese government is reportedly planning on levying a fine for antitrust behavior on Alibaba, exceeding the $975M it demanded from Qualcomm in 2015. The specific practice under question is Alibaba’s penalization of merchants that sell goods both on its platform and on its competitors’.
-Regulators are also reportedly considering whether to require Alibaba to divest of certain assets unrelated to its main online-retailing business.
Alibaba faces a double bind of having to correct its alleged anticompetitive behavior, as well as adhering to the government’s statist prerogatives.
==General Motors partnered with Singapore-based SolidEnergy Systems (SES) to reduce electric vehicle battery technology costs by 60%. The two companies will build a test facility in Massachusetts for a high-capacity preproduction battery by 2023.
-SES is a Massachusetts Institute of Technology spinout that aims to cut batteries’ costs by reducing their size and increasing the range.
-GM unveiled its Ultium battery platform last year and claimed it would enable EVs to travel at least 400 miles on a single charge.
=U.S. homeowners made $1.5T last year as house prices increased at the fastest rate since 2006. FitchRatings currently estimates homes are overvalued by 5.5%, and rising mortgage rates could cause a collapse
-60% of American families are unable to afford the average-priced newly built home.
-Increasing mortgage rates will decrease buying power, potentially causing a collapse of the housing market in the coming years.
=Stock FOMO? A new filing with the SEC seeks to offer an ETF — rightly called FOMO — that tracks “emerging trends.” Translation: It’s supposed to help you ride the next GameStop wave.
==Professor G. makes moves: NYU professor Scott Galloway — a bestselling author, speaker, and entrepreneur — raised $30m for his MBA-alternative startup, Section4.
==The piece showcases 5k pieces of digital art that Beeple made each day over those number of days.
The bidding started 2 weeks ago at only $100 and — in the final 30 minutes — exploded from $15m to $69.3m, per Forbes. Insane!
==WisdomTree Files for a Bitcoin ETF (CoinDesk)
==ETF competition a threat to GBTC dominance? (CoinDesk)
==In February, global food prices rose 2.4% for their ninth straight month of increases. While there’s never a good time for food to get more expensive, one year into a crushing pandemic definitely counts as worst-case.
-Adjusted for inflation, prices are at their highest point since 2014. Cereals/grains, vegetable oil, and sugar have especially spiked in recent month
==Jason Mudrick, founder of investment firm Mudrick Capital Management, told Bloomberg that financiers who recently ditched Manhattan for Miami are starting to realize that no amount of sunshine can replace 4am chicken over rice.
==Lord & Taylor will relaunch as an e-comm-only retailer.
==Ulta CEO Mary Dillon will step down in June.
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