🛻⚡️ Seen a Cybertruck Lately?
Hello All!
Today’s Sunday issue is jam-packed, and we hope you enjoy it. One of the more interesting stories since last Wednesday’s newsletter was the unveiling of the Tesla Cybertruck on Thursday - full specs and details are now out. Mass production of the Cybertruck isn't expected until 2025, but many are still buzzing about this dystopian-looking truck. Personally? I think the blind spots will be huge 😂
Tomorrow, keep an eye out on the YouTube channel, as we have an eye-opening video being uploaded around 1 PM Pacific Time. We hope you tune in.
— Humphrey, Tim & Rickie
Market Report
U.S. Economy Grew 5.2% in Third Quarter, More Than First Estimated
The U.S. economy experienced more robust growth than initially estimated in the third quarter, with a 5.2% annualized increase in GDP, marking the fastest growth in nearly two years.
This uptick was driven by stronger business investment, particularly in structures and housing, and higher government spending, despite a slight downward revision in consumer spending, which still remained strong due to a resilient job market.
Can Money Buy Happiness?
A recent survey revealed that a majority of Americans, particularly millennials, believe that money can buy happiness.
The survey asked participants about the salary they would need to feel happy and less stressed, uncovering that the perception of necessary income varies greatly based on current earnings.
Those already earning over $200,000 annually felt they would need $350,000 to achieve happiness, whereas individuals with lower incomes believed an annual salary of $33,250 would suffice.
Americans' savings are dwindling, new poll shows
Recent evidence indicates that Americans are saving less and increasingly using their existing savings, with a notable decline in the number of adults able to cover six months of expenses solely through savings, as reported by Morning Consult.
There is also a rise in the proportion of people uncertain about the duration their savings can sustain them (from 15.5% in July 2022 to about 21%).
Tesla Finally Delivers Cybertrucks And Sets Pricing
After years of anticipation, Tesla has begun delivering the Cybertruck to customers, with a special event held at the Gigafactory in Austin, Texas.
The Cybertruck's pricing was also revealed, with the base rear-wheel-drive model starting at $60,990 for the 2025 model year, marking an increase from the initially projected 2019 prices due to inflation.
The event also featured demonstrations of the Cybertruck's performance capabilities, including a drag race with a Porsche 911 and towing challenges against competitors.
Despite this progress, mass production of the Cybertruck isn't expected until 2025, indicating that widespread availability is still some time away.
Larger share of U.S. homes sell at a loss
Recent data from Redfin shows a growing trend of homeowners in the U.S. selling their properties at a loss, with more than 3% of homes sold between August and October 2023 experiencing this downturn, up from 2.4% the previous year.
The median loss was approximately $40,000, with the most significant losses and highest proportions of such sales occurring in San Francisco, where the median loss reached $122,500.
Other cities with notable loss rates include Detroit, Chicago, Cleveland, and New York.
However, some markets like D.C. have seen a decrease in such losses, and sellers who have owned their homes for a longer period still often profit in the current low-inventory market.
Forecast Ahead
Big Number: 118 minutes
As the year draws to a close, Spotify Wrapped, an annual feature that showcases users' listening habits, has become a significant talking point on social media, with an average user spending 118 minutes per day on the app.
This feature has proven to be a marketing boon for Spotify, which allocates nearly 74% of its revenue from premium subscriptions and ad-supported users to content delivery costs.
7 in 10 people are reportedly too embarrassed to share their Wrap sheets (although ‘Spotify Wrapped’ still received 400 million mentions on Twitter within 3 days of its 2022 release).