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⏱142 mile high stack of cash
Boeing's fine is in the billions, and a bitcoin bubble?
Good morning everyone, and congrats on making it to the end of a crazy week. We’re excited to jump start your Friday morning.
The crypto craze is still upon us, as Bitcoin officially broke yet another barrier yesterday, topping $40k less than three hours after crossing $39k. This huge jump helped to push the total cryptocurrency market to more than $1 trillion overall, and pushed Bitcoin’s market cap higher than Tesla’s. Time will only tell how high this bubble will float before popping.
For example, today Elon Musk found out that he was the world’s richest person while scrolling through Twitter. This came to fruition after Tesla stock rose ~6% on the day, slingshotting his net worth to $188 billion, and past Jeff Bezos. If you were to stack his net worth in $100 bills, the tower of cash would reach more than 142 miles high. This fact seems rather mundane to Musk, who tweeted, “How strange” to the news, followed by, “Well, back to work ...”
The Justice Department just issued a $2.5Bn fine to Boeing after more than a three year investigation into the debacle that was the 737 MAX line of jets. ~$243M of the total is the fine, and the other $2.2Bn will go to the families of the 346 people who died in the crashes. The fine also included a prosecution clause that stated that Boeing would not be charged as long as no issues cropped up with the jets for at least three years. Currently the 737 MAXs are being reintroduced to airlines, and while Boeing says they’re safe, fly at your own risk.
Last week’s initial claims for jobless benefits came in yesterday, and they weren’t great. The seasonally adjusted number was more than 787k, which is more than four times the pre-pandemic average. This prompted Alfredo Romero, an economist at North Carolina A&T State University to say, “The economy is at a bigger crossroads now than we were last fall.”
Yes, you read that correctly. Lenny the one-year-old bearded dragon has a cookbook entitled, “Chef Lenny: Cooking for Humans” that you can of course buy on Amazon.
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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