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12/2/2023, 10:11 PM (Source: TeleTrader)
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Weekly recap: X's ad crisis, political turmoil and Bitcoin surge

Last week witnessed a tumultuous period for Elon Musk's X, formerly Twitter, which is facing a potential loss of $75 million in advertising revenue by the end of 2023, with major companies like Apple Inc., The Walt Disney Co., Amazon Inc. and the Coca-Cola Co. already suspending or considering suspending their ads on the platform.

Tech news took center stage with SpaceX launching South Korea's first spy satellite on Friday via its Falcon 9 rocket. Meanwhile, TikTok's parent company ByteDance Ltd. announced it will cut about 1,000 jobs as it moves away from the gaming sector. In other tech developments, Tesla made headlines by delivering its first Cybertrucks, starting at $60,990.

In finance, the spot gold price jumped after US Federal Reserve Chairman Jerome Powell signaled potential interest rate hikes. Euro area inflation fell to 2.4% in November and on the cryptocurrency front, Bitcoin experienced a surge, reaching its highest level since May of last year.

The Thanksgiving weekend box office was dominated by Lionsgate's Hunger Games: The Ballad of Songbirds & Snakes and Apple and Sony's biopic Napoleon, while Disney's much-anticipated animated feature, Wish, fell short of expectations.

In politics, United States Representative George Santos faced a historic expulsion from the lower chamber of Congress. The Israel-Hamas ceasefire in Gaza ended and the United Nations-sponsored COP28 climate summit commenced with a surprise deal.

The week was marked by the unfortunate loss of Charles Munger, Warren Buffett's business partner, as well as the passing of former US Secretary of State Henry Kissinger.

Baha Breaking News (BBN) / NL