TLDR

MARKET RECAP → Stocks continued to cool off Tuesday, marking the third-straight down day for the S&P 500 (VOO). Big movers for the day included Tesla (TSLA, +3%) and Krispy Kreme (DNUT, +39%) as the doughnut maker expanded its partnership with McDonald’s (MCD).

NEUMANN'S WEWORK BID → 🏢 Adam Neumann offered over $500 million, potentially up to $900 million, to buy back WeWork from bankruptcy, amidst financing uncertainties and his complex legacy, shaking up the company's restructuring efforts.

TRUMP MEDIA SOARS → 📈 Trump Media's stock (DJT) soared over 50% upon trading under the new ticker DJT after its merger with Digital World Acquisition Corp. This marked a significant, albeit volatile, entrance to the public market and added over $4 billion to Trump's net worth, according to some estimates.

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MARKETS

Today’s S&P 500 Heatmap

Notable Earnings This Week

TODAY’S TOP NEWS

Neumann's WeWork Bid

🔄 Bold Reentry: Adam Neumann submitted an unsolicited bid exceeding $500 million to acquire WeWork out of bankruptcy, potentially reaching up to $900 million upon further due diligence, marking a dramatic attempt to reclaim the company he was ousted from five years prior.

💰 Financing Questions: The specifics of Neumann's financing remain unclear, with previous assertions of backing from Dan Loeb's Third Point being disputed. This uncertainty, combined with Neumann's controversial history with WeWork, raises questions about the bid's viability and the company's openness to it.

🏢 Bankruptcy Complications: WeWork, which filed for bankruptcy in 2023 following operational struggles, is navigating through restructuring efforts. Neumann's bid introduces complexities to the bankruptcy proceedings, especially as the company seeks to reject numerous leases to exit less profitable markets.

TODAY’S TOP NEWS

Trump Media Soars

🚀 Stock Surge: Trump Media's stock price jumped over 50% as it began trading under the new ticker DJT, following its merger with Digital World Acquisition Corp. The surge was momentarily halted due to volatility but resumed shortly after.

💼 Merger Milestone: The completion of the merger with Digital World Acquisition Corp allowed Trump Media to go public, significantly boosting Donald Trump's net worth by over $4 billion, according to reports.

📉 Historical Echoes: This event mirrors the 1995 public debut of Trump's hotel and casino company under the same DJT ticker, which was later delisted. Trump Media, like its predecessor, is currently operating at a loss, with $49 million in losses against modest revenue. Nevertheless, that hasn’t seemed to hold buyers back.

KEEP READING

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How BYD grew from battery maker to electric vehicle juggernaut, overtaking Tesla (CNBC)

Nigeria’s central bank hikes interest rate to 24.75% as it battles sky-high inflation, currency crisis (CNBC)

Chick-fil-A will stop using its ‘no antibiotics ever’ label on chicken (CNN)

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