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⏱Money moves the market
New fossil fuel laws, and vivid video valuations
Good morning everyone, we hope you’re ready to attack the week! Thanks for starting it with us!
In one of the craziest developments in stock market history, the internet simply decided to pick a stock and have it go up. Reddit’s “Wall Street Bets” community decided on Gamestop ($GME), and it’s blown up since the start of the year. At its all time high yesterday, the stock was up 789% YTD, and 4000+% since its low last April. On top of that, the stock was so volatile that the NYSE had to temporarily halt trading of it nine times, and it recorded more than 175.5M transactions — the second highest one day total ever. The craziest part? Melvin Capital, a hedge fund, had to be bailed out by two other funds after it lost more than $2.75Bn shorting the stock.
If you were worried about the new strains of Covid such as the UK or South African variants, you can breathe a sigh of relief. Moderna announced yesterday that their vaccine is still effective against those strains in preliminary research, and that they were testing booster shots for them to improve antibody responses.
Joe Biden set his plan to fight climate change in action yesterday, announcing that he would be issuing an executive order to halt new oil, gas, and coal leasing tomorrow. This order would prohibit all new auctions on these properties for the next year in the case of oil and gas, and the next three years in the case of coal. This is a direct effort to fight the effects of the US’ carbon output, as those three industries account for 25% of the emissions.
Yesterday Vimeo, which raised $300M three months ago, announced that they had raised an additional round of funding that values it at more than $6Bn, which is triple what investors paid in November. This comes as Vimeo prepares to spin off its parent company and go public soon.
1:26- Coffee or Cola?
Why not both? Coke premiered its new coffee flavor yesterday, which comes with the slogan, “Sips like a Coke, finishes like a coffee.” Initial reviews are good so far, but you can try it for yourself when it launches later this month.
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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