Bee Keepin, Evergrande, and Updates 🐝
Hi all,
I spent the week in Austin, TX for FinCon (although no conference was attended) to meet up with other content creators and also, to selfishly figure out a better strategy for my YouTube channel moving forward.
I think what I’ve landed on is that I will start covering more current events starting in October, so you can expect to see some more videos from me, consistently in the Fall. My hope is to break down financial news topics into a simple and digest-able way. For example, if you watch my Evergrande video linked at the bottom of this newsletter, that’s the gist I’m going for, and I hope you stick around!
Another fun part of my time in Texas was that I got to meet up with my friend who makes videos on Beekeeping. You may know her from Tik Tok as @texasbeeworks. I was able to go to her house and she taught me all about bees! Texas is very hospitable, and everyone here is super nice. I’ll link a photo below but it will also be on my Instagram later. Have a great week!
In the Markets
Weekly News Roundup
Evergrande’s Global Bondholders Didn’t Receive Interest Payment (WSJ)
Evergrande is the real estate company in far too much debt that could have a rippling domino effect if it were to default. They did not pay their latest interest payment this past Thursday.
HY: They still have 30 days before it’s considered a “default”, and I believe the Chinese government is looking to restructure Evergrande & it’s debt. Watch my latest YouTube video for more context on the Evergrande situation.
AMC Seeks to Accept Dogecoin Cryptocurrency for Movie Tickets (BBG)
After a Twitter poll viewed by over 4.2M people revealed that the public wants Dogecoin to be accepted as payment for movie tickets, CEO Adam Aron said AMC has plans in the works to let customers use crypto such as Ethereum, Litecoin and Bitcoin/Bitcoin Cash by the end of the year.
HY: My first reaction is that this is stupid and impractical, but I also think there’s a large segment of people that I don’t understand, lol, I feel like AMC is just doing this for the headlines now to pump their stock price up and win the public’s approval.
Twitter to Pay $809.5 Million to Settle Securities Suit (WSJ)
Twitter has agreed to pay more than $800M to settle a class action lawsuit alleging the company deliberately misled investors about user engagement in 2015. With the settlement, Twitter claims no admission of fault.
HY: Unrelated, but I think social media companies want to obfuscate engagement metrics from people and companies (mostly companies) so that companies have a harder time figuring out how engaging an account is. For example, IG is hiding # of likes now - they claim it’s for mental health, but it also means that companies buying ads on Instagram are going to have a hard time figuring out the engagement of an individual account. That means a company looking to advertise on IG might prefer using FB’s ad platform instead of reaching out to that influencer directly.