⏱What would you do with $95m a month?
90 Second News Issue #40
Happy Saturday everyone! Congrats on making it one day closer to the end of 2020. Only four more weeks to go!
Yesterday, all of the major indices closed at new weekly all time highs. The S&P 500 hit 3,696, the DJIA closed at 30,185, and Nasdaq ended the day at 12,377. This surge likely comes off investor confidence backed by a vaccine potentially getting approved soon, stimulus talks ending on optimistic notes, and relative stability within the market.
The November jobs report was released early yesterday morning, and brought with it the news that the US had only added 245k new jobs. This comes in sharp contrast to both the October numbers (+610k), and the Wall St. estimates (440k). Unemployment fell to 6.7% on the news, with over 10.7 million Americans out of work — that number is more than 4.9 million higher than it was in February.
US officials announced yesterday that President Trump had ordered the Pentagon to move almost all US troops out of Somalia — a country where the US has been maintaining a presence for over 13 years. This decision will transfer over 700 troops to Kenya and Djibouti, and follow the trend started earlier this fall when it was announced that more than 2,500 troops will be removed from Iraq and Afghanistan in January 2021.
Frank Slootman, CEO of Snowflake, is currently making more than $95 million dollars a month. (Yes, you read that correctly!) Each month, as part of his compensation package, he receives a batch of options with a strike price of $8.88 that are each currently worth about $95m a month or $1.1Bn annually.
In light of rising cases within the league, the NFL released a new set of Covid protocols in a memo sent out to teams yesterday. Teams will now be able to bring more than 62 players to games in case of a last minute positive test, and will also have to shut down their facilities for two days following games. The league hopes these new additions will allow for a smoother last few weeks and playoffs.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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