⏱To the moon🚀
No more politics on FB, and Tesla makes some money
Good morning everyone. It’s hard to believe that it isn’t Friday already. Hang in there!
If you want to know, just ask a $GME investor. The stock rose another 134% on the day, bringing it to another all time high of $347.51. They weren’t the only ones who had fun though — $AMC was up 301%, $KOSS was up 474%, and $EXPR was up 214%. Never heard of those businesses? They were picked by Reddit’s WallStreetBets community because they are commonly shorted (a bet that a stock will drop) by Hedge Funds. The stocks all took slight dips after hours, but the “meme investors” remain optimistic.
After facing countless Senate hearings on their political manipulation, and constant scrutiny from mainstream media on both sides of the aisle, Facebook finally announced yesterday that moving forward they would no longer recommend civic and political groups to its users. In addition, Zuckerberg told investors during the earnings call that Facebook is also “considering steps” to reduce political content on each user’s News Feed as well.
Tesla announced earnings yesterday, and for the first time in their existence they were able to boast a full year of profitability. In 2020, they made $721M off of $31.5Bn in revenue, compared with an $862M loss on revenue of $24.6Bn from just a year ago. This massive increase was helped by record breaking deliveries caused by a stellar year for EVs. It doesn’t look like it’ll stop either — during the call, Elon Musk set a target of 1M deliveries in 2021, well over the Wall Street projection of 796k vehicles.
Exxon Mobil, the oil and gas company, has recently been facing activist pressure to make changes to its carbon footprint, and yesterday they caved. Reports indicate that they are now planning on making changes to their board while also committing to “...address[ing] climate change, including initiatives to commercialize technologies which are key to reducing emissions and meeting societal goals...”
It has officially been one full year since the “Large boulder the size of a small boulder” tweet that took over the internet. Time flies when you’re having fun in lockdown.
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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