Business and Tech News - 4.22.24

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Skool Projekt Staff
April 22, 2024

The Bitcoin 'Halving' Has Happened

Bitcoin's fourth "halving" event reduced mining rewards to 3.125 bitcoins, causing the price to drop 4% this week to around $64,100. Despite historical post-halving gains, analysts do not anticipate significant price increases, with mining stocks experiencing major volatility and declines in 2024 after surging in 2023. Expectations of stable high prices persist due to potential future regulatory changes and economic developments.

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The House Passed The Bill To Block TikTok

House lawmakers have passed legislation potentially leading to a nationwide TikTok ban, extending the company's sale deadline to up to a year. The Senate is expected to vote on this bill as it is bundled with a larger foreign aid package, increasing its likelihood of passage. Should the package receive President Biden's signature, it would trigger a 270-day period for TikTok to secure a sale, although legal challenges and Chinese regulations on algorithms could complicate the process.

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Google Fires 28 Over Protests, Signals Shift

Google dismissed 28 employees who were protesting a $1.2 billion contract with the Israeli government, signaling a departure from its original ethos as a "non-conventional company." The protests, which led to nine arrests, took place in the company's Silicon Valley and NYC offices. CEO Sundar Pichai emphasized the company's role as a business entity, reinforcing a shift in corporate culture and policy enforcement away from political activism.

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Tesla Cuts Prices Across The Globe

Tesla has reduced prices for its Model Y, S, and X vehicles, while keeping Model 3 and Cybertruck prices steady, following a significant drop in its stock value. The company also lowered the price of its "Full Self Driving" system by a third to $8,000, amid Elon Musk highlighting additional savings through federal tax credits and gas savings for entry-level models. Amidst increased competition, Tesla is experiencing its first quarterly sales decline in nearly four years.

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Mortgage Rates At Highest Level Since November

Mortgage rates rose to 7.1%, the highest since November 2023, influenced by expectations that the Federal Reserve will maintain current interest rates. The 30-year fixed-rate mortgage increased by 22 basis points last week, while the 15-year rate climbed to 6.39%, raising the median monthly mortgage payment to $2,858. Despite these higher rates challenging affordability, cash buyers, who constitute 28% of home sales, continue to support robust price growth.

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Here’s how the markets closed on Friday:

 

 

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.