⏱Big changes in Washington D.C.

Jan 22, 2021

Good morning everyone. It’s Friday, which means reading this might be the most effective thing you do all day.

In his first week in office, President Biden is making an effort to revert many of the changes that Trump made while in office. After signing a flurry of executive orders on day one, President Biden has now brought the US back to two organizations that it formally left — the Paris Agreement, and the World Health Organization. Both changes were expected, as Biden has been very open about his opinion of both climate change and the handling of the Covid pandemic thus far.

After years of struggling in the stock market following their respective bailouts, GM($GM) and Ford($F) stocks are starting to shoot up once again. Since the start of the year the two companies have experienced jumps of about 35% in their stock price, and are showing no signs of stopping. These increases have come largely off of the announcement of EV tech advancements combined with the hopes that Biden stimulus deals will allow consumers to make larger purchases later this year.

Say what you want about cryptocurrencies, but they’re among the most volatile investments out there. In the last 48 hours, the entire cryptocurrency market lost around $100Bn in market cap, fueled mostly by the drop of Bitcoin’s value down 10% to the $32k level. Bitcoin enthusiasts weren’t concerned though, and Michael Sonneshein, CEO of Grayscale Investments, said this was simply a correction, stating, “From 2016-2017, we experienced six corrections of approximately 30% or more on the way to new highs.”

Yesterday the grocery delivery service Instacart announced that it was laying off nearly 2k of its 10k grocery store employees. That total also coincidentally includes every single employee who voted to unionize last year. The company stated that they will move some of the impacted employees to new stores, and provide “transition assistance” to others who will be looking for work, along with as little as $250 in severance.

Apple is reportedly developing a VR/AR headset to be launched as soon as 2022 in an effort to make a larger leap into the industry that they’ve begun to explore with their ARKit software. This project, codenamed N301/N421, utilizes technology from NextVR, a company they acquired last year.

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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