Disgraced Crypto King Faces Judgement Day – She’s Got The Stocks 5 October

Disgraced Crypto King Faces Judgement Day – She’s Got The Stocks 5 October

After having their worst month of the year in September, tech stocks have had a better, but still turbulent, start to October.

The tech-heavy Nasdaq Composite index dropped 5.8 per cent in September, however, it is still up 27.43 per cent YTD.

The downward trend seemed to be continuing into the month with a 1.9 per cent drop on Tuesday, however, there has been a slight uplift since.

Tech stocks have once again fallen victim to rising treasury yield rates, with yields reaching 4.8 per cent on Tuesday – its highest level in 16 years.

The benchmark yield has surged as the FED promises to keep interest rates higher for longer. The 30-year Treasury yield also climbed to its highest since 2007.

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If you’ve ever felt bad about losing or wasting money, then please just think of disgraced billionaire Sam Bankman-Fried who managed to lose $ 40 billion dollars of investors’ cash and is now facing trial for financial fraud.

The former “King of Crypto” spectacularly lost his crown after his company FTX was declared bankrupt in November last year.

He is now on trial for what has been described as one of the biggest financial frauds in US history.

The 31-year-old, who set up FTX in 2019 is accused of stealing billions from customers and investors.

His jury has now been selected (as of Tuesday) and, if found guilty, he could face up to 100 years in federal prison.

“This is a hugely important case. This is the biggest trial we have seen in the crypto world,” Sarah Paul, a former federal prosecutor and partner at law firm Eversheds Sutherland, told the Financial Times.

The trial, which began on Tuesday, is expected to last six weeks.

Meanwhile, it is also a bad time to be an owner of an NFT. The Non-fungible tokens (NFT) bubble is now well and truly burst.

The tokens claimed to give investors unique “ownership” of digital assets, however, given just how easily digital assets are copied the exact value of that ownership has been brought into question.

NFTs gained popularity in 2021 with Sotheby’s even selling 101 Bored Ape NFTs for more than US$20 million in September 2021.

The prices of Bored Ape NFTs are now down about 90 per cent from their peak.

The market’s fortunes have now dramatically changed with a recent report following 73,000 NFTs now estimated that at least 70,000 now have a value of zero. Eek.

Moving on, Meta is cracking down on users that don’t want to see ads. The tech giant is threatening to charge European users for an ad-free version of Instagram and Facebook, according to the Wall Street Journal.

The proposal, which would charge mobile users US$14 a month and desktop users US$17 a month, is in response to stricter privacy laws put forward by the EU.

The privacy laws will require Meta to get users’ consent in order to show them targeted ads.

Finally, US payment fintech Block (parent company of Afterpay) has begun laying off staff as it battles with new internal targets and sinking share prices.

The Australian Financial Review has reported that the layoffs are in the recruitment and talent team and that they are in response to the company now aiming to have revenue growth plus profit margins of more than 40 per cent.

OpeningCloseChange
Macquarie Telecom Limited (ASX: MAQ)$62.82$61.23-2.53%
REA Group (ASX: REA)$156.51$151.96-2.91%
Atlassian (NAS: TEAM) (USD)$197.52$189.84-3.89%
Xero (ASX: XRO)$112.50$110.71-1.59%
Carsales.com (ASX: CAR)$28.79$27.22-5.45%
NEXTDC (ASX: NXT)$12.48$12.09-3.13%
WiseTech Global (ASX: WTC)$65.72$62.17-5.40%
Appen (ASX: APX)$1.22$1.12-8.20%
Airtasker (ASX: ART)$0.200.195-2.50%
Telstra (ASX: TLS)$3.85$3.78-1.82%
Adobe (NAS: ADBE) (USD)$502.60$518.423.15%
Salesforce (NYSE: CRM) (USD)$202.73$201.87-0.42%
Apple (NAS: AAPL) (USD)$170.43$173.661.90%
Alphabet (NAS: GOOGL) (USD)$130.54$135.243.60%
Meta (NAS: META) (USD)$297.74$305.582.63%
Microsoft (NAS: MSFT) (USD)$312.79$318.951.97%
Amazon (NAS: AMZN) (USD)$125.98$127.000.81%
Nvidia (NAS: NVDA) (USD)$424.68$440.413.70%
Netflix (NAS: NFLX) (USD)$377.59$376.90-0.18%

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