Unusual Whales

CVNA Stock Plunged: Here’s What Happened

The Situation Carvana Co (NASDAQ: CVNA) shares -- an online used car retailer in the United States known for multi-story car vending machines -- plunged on Monday after dropping in Q3 revenue and other conditions. As of 12:00 PM, ET Carvana shares dropped by 11.17%. The Explanation Carvana

Amazon Founder Warned Consumers About Spending Before Black Friday Sale

Per Business Standard and CNN Amazon founder Jeff Bezos warns consumers to "slow down" on purchases and "keep that cash, see what happens." The founder advised against purchasing a big-screen TV saying, "you might want to wait, hold onto your money." The new CEO

Twitter 'Core Service' Team Drops from 100 People to Four

Per NYT Twitter's "core service" team is cut from 100 people to four. The team was responsible for handling computing architecture. Other teams that were responsible for how media appears in tweets or how profile follower counts show were cut down to zero. Peter Clowes, a

Swiss National Bank Lost $148.4 Billion Since the Start of the Year | Largest Loss in 115-Years

Per Reuters The Swiss National Bank lost $148.4 billion (142.2 billion Swiss francs) since the start of 2022. The central bank's foreign investments dropped in value amid rising interest rates and a stronger Swiss franc. This is the largest loss the bank sustained in 115 years.

Crypto Firm Grayscale Cites 'Security Concerns' as Reason Why It Won't Share Proof of Reserves

Per The Block Crypto investment firm Grayscale cites "security concerns" as to why they won't show proof of reserves. The firm acknowledged its decision would be a disappointment to some investors. Grayscale said panic isn't a good enough reason for them to "circumvent

Average Individual Retirement Account Dropped 25% YOY to $101,900 in Q3 of 2022

Per CNBC The average individual retirement account dropped 25% from $136K in Q3 2021 to $102K in Q3 2022. It has also dropped around 8.1% from Q2 of this year. The average 401(k) balances dropped by 23% from $126K to$97,200 a year ago. It also dropped

The IRS says the new 87,000 agents could help rase as much as $1 trillion

Per Bloomberg: At issue was the $80 billion earmarked to the IRS over the next decade in President Joe Biden's Inflation Reduction Act. Advocates argued reinvigorating the agency after a decade of debilitating budget cuts would raise as much as $1 trillion by forcing tax evaders to pay

Sports Betting Meets Stock Trading with Sporttrade App

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Elon Musk considering further Twitter layoffs in sales

Per Bloomberg: Elon Musk is considering firing more Twitter Inc. employees as soon as Monday, this time targeting the sales and partnership side of the business after mass resignations among engineers on Thursday, according to people familiar with the matter. Musk had offered Twitter employees an ultimatum: either stay on

Sam Bankman-Fried's Almadea Research was approved for a Paycheck Protection Program loan worth $370,000 in April 2020

Per Bloomberg: There’s at least one creditor who Sam Bankman-Fried paid back. Alameda Research LLC, the trading house at the center of Bankman-Fried’s imploding crypto empire, was approved for a $370,518 loan from the Paycheck Protection Program in April 2020. The program was intended to help companies

FBI Director Christopher Wray said that allowing TikTok to continue operating in the United States could pose a threat to national security

Wray told members of the House Homeland Security Committee in a hearing about worldwide threats on Tuesday that he is “extremely concerned” about TikTok’s operations in the U.S. “They include the possibility that the Chinese government could use it to control data collection on millions of users. Or

CBS News has said it is halting its activity on Twitter over Elon Musk’s takeover of the platform

CBS News is halting its activity on Twitter over Elon Musk’s turbulent and potentially devastating moves following his takeover of the company. “In light of the uncertainty around Twitter and out of an abundance of caution, CBS News is pausing its activity on the social media site as it

Josh Hawley requested correspondence between federal agencies, Democrats, and FTX and Alameda Research

Missouri Republican Senator Josh Hawley on Friday sent a broad request for correspondence between federal agencies and Democrats, including the Biden administration and the House and Senate Democrats’ campaign committees, regarding bankrupt crypto exchange FTX and trading house Alameda Research. Hawley said he’s trying to determine whether Bankman-Fried’s

Elizabeth Holmes of Theranos has been sentenced to 11 years in prison for fraud

Per WSJ: Elizabeth Holmes, the founder of Theranos Inc., was sentenced to 135 months, or 11.25 years, in prison, capping the extraordinary downfall of a one-time Silicon Valley wunderkind. U.S. District Judge Edward Davila, who oversaw the months long trial in which Ms. Holmes was convicted of running

Estimates that 1,200 full-time employees resigned from Twitter on Thursday

Per NYT: Some internal estimates showed that at least 1,200 full-time employees resigned on Thursday, three people close to the company said. Twitter had 7,500 full-time employees at the end of October, which dropped to about 3,700 after mass layoffs earlier this month. The employee numbers are

Disabled Twitter employees resigned because they felt they couldn't keep up with Elon Musk's 'hardcore' drive

Per BI: A former Twitter employee is suing the company, alleging that Elon Musk's new work demands forced disabled workers to resign. The class action lawsuit, filed Wednesday in the San Francisco federal court, highlighted how Musk told Twitter employees this week that they would have to "

Hundreds of Twitter employees appear to have decided to resign after an ultimatum from Elon Musk

Musk had sent all the company’s employees an email asking them to commit to working harder if they wanted to remain at the company: “This will mean working many hours at high intensity. Only exceptional performance will constitute a pass,” read the ultimatum, which was obtained by The Washington

FTX’s Sam Bankman-Fried cashed out $300 million personally during a $420.69 million raise from 69 investors

Per WSJ: When FTX raised $420 million from an array of big-name investors in October last year, the cryptocurrency exchange said the money would help grow the business, improve user experience and allow it to engage more with regulators. Left unmentioned was that nearly three-quarters of the money, $300 million,

68% of Americans now say they support marijuana legalization

Per Gallup: Gallup has documented increasing support for legalizing marijuana over more than five decades, with particularly sharp increases occurring in the 2000s and 2010s. In 2013, a majority of Americans, for the first time, supported legalization. As was the case in 2020, solid majorities of U.S. adults in

Qatar is set to ban all beer sales at and around its World Cup stadiums

Qatar is banning all beer sales at and around its World Cup stadiums, in a dramatic U-turn just two days before the massive soccer tournament begins, world soccer governing body FIFA confirmed on Friday. “Following discussions between host country authorities and FIFA, a decision has been made to focus the

Almadea Research used billions in customer funds from its founder’s exchange FTX

The quant trading firm Sam Bankman-Fried founded was able to quietly use customer funds from his exchange FTX in a way that flew under the radar of investors, employees and auditors in the process, according to a source. The way they did it was by using billions from FTX users

FTCH Stock Plunged: Here’s What Happened

The Situation Farfetch Ltd (NASDAQ: FTCH) shared -- a British-Portugues online luxury fashion retail platform with over 700 boutiques and branches worldwide -- plunged on Friday after Q3 losses were reported larger than expected. As of 12:00 PM ET, Farfetch shares dropped by 16.03%. The Explanation Farfetch Ltd

Ontario Teachers' Pension Plan Invested $75 M and a Follow-Up $20 M in FTX | Investment to be Written as Zero

Per OTPP Ontario Teachers' Pension Plan invested $75 million in FTX International and FTX US in October 2021. They added $20 million to FTX US in January 2022. They said the investment was less than 0.05% of their net total assets. Their invested amounts gave them ownership of

Binance Strategy Chief Patrick Hillmann Said It Only Took Two Hours of Due Diligence on FTX to Find Out It Couldn't be Saved

Per CNBC Binance Strategy Chief Patrick Hillmann said it only took him two hours of due diligence on FTX to determine that his company couldn't save the crypto exchange. Hillmann: "It was like a bomb went off that place." Hillmann described his call, saying people were

Hundreds of Employees Quit as Elon Musk Demanded Commitment to a 'Hardcore' Work Environment

Per NYT Elon Musk recently demanded that Twitter employees commit to a new "hardcore" work environment. As a result, hundreds of workers decided to resign. Some employees quit even before the 5 PM pledge deadline by Elon Musk took effect. Three-quarters of a poll on Blind, consisting of