What's up, Market Movers! Welcome to the podcast where we serve up a curated, snackable summary of the latest news, trends and financial models, giving you all the intel you need to make better decisions when it comes to thinking about your money, protecting your money, and building wealth. For more, visit us at MarketMoversDaily.com and now for your market movers daily update today, Tuesday, February 7th, 2023. Meta's Virtual Reality deal approved by judge.
The judge's ruling in favor of Meta and Mark Zuckerberg's marks an important victory for the company as the acquisition of Within Unlimited was approved despite the FTCs objections. While the judge agreed with the FTC on certain legal and factual arguments, this decision strengthens META'S position and demonstrates the agency's ability to take similar cases in the future. Dell cuts thousands of jobs amid plunging PC sales.
Dell announced that it will be reducing its global workforce by 6,650 jobs, about 5% of the company, as the company struggles with declining demand for personal computers. This move reflects broader market conditions as Dell joins other tech companies in announcing significant. Customers making a run on the bank Record borrowing an unsecured cash market. Banks are borrowing at an unprecedented pace in the federal funds market with a one day total of 120 billion recorded on January 27th.
This increase in borrowing is driven by banks need to improve liquidity and meet regulatory requirements as customers withdraw cash from savings accounts to pursue higher yield investments. Fewer fixer upper buyers with home prices falling from their peaks over the summer. Many investors are now increasingly pausing their purchases. If prices dip even a little, they could lose money on their projects. And many of the larger IBU have either exited the market or aren't buying as much at.
That's left less demand for these properties. Ultra luxury real estate booms in 2022. Will this trend continue? The ultra luxury real estate sector saw impressive growth in 2022 with sales totaling 29 and a half billion dollars, an increase of 104.7% from 2019. This growth was driven by increased wealth and strong sales in emerging or reemerging markets for homes valued at 10 million or more. What to watch this week...
Twitter is trending towards breakeven, says Elon Musk, c e o of Tesla, and SpaceX took to Twitter to report that Twitter is recovered from a tough few months and is now on track for break. According to Musk, he played a role in saving Twitter from bankruptcy while managing his responsibilities at his other companies. Rothchild family takes bank private in a 4 billion deal.
The Rothchild family's holding company Concordia plans to file a tender offer for Rothchild and co shares at 48 Euro each representing a 19% premium over the previous closing price. Concordia already owns 38.9% of the firm shares in 47.5% of voting rights. House prices are coming down, but not as far as some sea. Despite a slowdown in the housing market, prices are not falling as dramatically as some had expected.
After a strong seller's market during the pandemic with multiple offers on homes and bidding wars, the months of sale supply have now moved back up to the high threes indicating a more balanced market. Chevron seeks Algerian gas exploration deal. Chevron is exploring its options in the Middle Eastern and African natural gas reserves to replace sanctioned Russian gas in Europe.
The company is seeking to secure a deal with Algeria, which is also looking to replace Russian supplies with its own reserves. The US plans a tariff on Russian aluminum. The US is imposing a 200% tariff on Russian aluminum as it continues to put pressure on Moscow in the wake of the one year anniversary of the invasion of Ukraine. The move is aimed at combating Moscow's dumping of aluminum on the US market, which has been damaging to American companies.
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