Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies.
The S&P 500, the benchmark for many index funds, fell 4%. The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.
Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.
That comes a day after Walmart cited inflation for its own weak results. US Inflation is currently reigning at a 40-year high. 
 

Markets crash: Inflation, rate hike hits tech and retailers big time

Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies.
The S&amp;P 500, the benchmark for many index funds, fell 4%.&nbsp;The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.
Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.
That comes a day after Walmart cited inflation for its own weak results.
&nbsp;

S&amp;P 500 index saw the biggest daily drop in almost two years

Stocks closed sharply lower on Wall Street Wednesday as dismal results from Target renewed fears that inflation is battering U.S. companies.
The S&amp;P 500, the benchmark for many index funds, fell 4%.&nbsp;The Dow Jones Industrial Average dropped 1,164 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. Treasury yields fell as investors sought safer ground.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/latest-stock-market-scam-this-company-was-selling-something-that-does-not-exist-1652942096992" target="_blank">Latest stock market scam: This company was selling something that does not exist</a>
Target lost a quarter of its value, dragging other retailers down with it, after saying its profit fell by half in the latest quarter as costs for freight and transportation spiked.
That comes a day after Walmart cited inflation for its own weak results. US Inflation is currently reigning at a 40-year high.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/entertainment-news/bollywood/ed-slaps-money-laundering-charge-on-raj-kundra-1652939723995" target="_blank">ED slaps money laundering charge on Raj Kundra</a>

Brokerage firm Macquarie has initiated a report on the insurance giant LIC as it debut on Dalal Strete. The research house had been in focus for it's extreme bearish stance on Paytm right ahead of it's listing has been kinder to the govt backed insurer. Here is what Macquarie has to say-:MACQUARIE ON LIC 

Initiate with Neutral rating and target price of Rs 1,000
Inherent volatility in Embedded Value (EV) is a big challenge 
Substantial portion of EV constitutes marked-to-market (MTM) unrealised equity gains 
Scaling up non-par business will be a challenge 
Start selling high margin non-par savings policies and pure protection products could be difficult 
Traditionally LIC has sold ust one product, ie, participating (PAR) policies
Focus on profitability will be a big change 
Remain sceptical of scale up of bancassurance business 
Other channels like direct/online LIC’s presence has been insignificant. 


LIC IPO Listing Latest News Share Price: Brokerage target from Macquarie

LIC IPO Listing: Here is what Macquarie makes of the stock

Macquarie initiates report on LIC&nbsp;as the insurance giant debuts on Dalal Street&nbsp;

Brokerage firm Macquarie has initiated a report on the insurance giant LIC as it debut on Dalal&nbsp;Street. The research house had been in focus for it's extreme bearish stance on Paytm&nbsp;right ahead of it's listing has been kinder to the govt backed insurer while raising some concerns. Here is what Macquarie has to say-: MACQUARIE ON LIC&nbsp;
<ul>
<li>Initiate with Neutral rating and target price of Rs 1,000</li>
<li>Inherent volatility in Embedded Value (EV) is a big challenge&nbsp;</li>
<li>Substantial portion of EV constitutes marked-to-market (MTM) unrealised equity gains&nbsp;</li>
<li>Scaling up non-par business will be a challenge&nbsp;</li>
<li>Start selling high margin non-par savings policies and pure protection products could be difficult&nbsp;</li>
<li>Traditionally LIC&nbsp;has sold&nbsp;ust one product, ie, participating (PAR) policies</li>
<li>Focus on profitability will be a big change&nbsp;</li>
<li>Remain sceptical of scale up of bancassurance business&nbsp;</li>
<li>Other channels like direct/online LIC&rsquo;s presence has been insignificant.&nbsp;</li>
</ul>

LIC IPO Listing : It was a tepid start to a mega IPO. India's largest Initial public offering (IPO) listed at Rs 872/share vs the issue price of Rs 949/share but the stock gained traction as it found support at lower levels. 

LIC IPO Listing: Debut at discount but gains traction 

LIC IPO Listing: Starts trade at Rs 872/share, IPO below issue price The LIC IPO -- India's largest to date -- closed with nearly 3 times subscription, fetched Rs 20,557 crore to the government.
The government had fixed the issue price of LIC shares at Rs 949 apiece for allotment to investors. LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered.
The Initial Public Offering (IPO) of Life Insurance Corporation (LIC) closed on May 9 and shares were allocated to bidders on May 12. The government sold over 22.13 crore shares or a 3.5 per cent stake in LIC through the IPO. The price band of the issue was Rs 902-949 a share. However, shares were allocated to investors on May 12 at the upper end of the price band.

LIC IPO Listing: Starts trade at Rs 872/share, IPO below issue price  

LIC IPO Listing:&nbsp;LIC policyholders and retail investors have got the shares at a price of Rs 889 and Rs 904 apiece, respectively, after taking into account the discount offered.

It was a tepid start to a mega IPO. India's largest Initial public offering (IPO)&nbsp;listed at Rs 872/share vs the issue price of Rs 949/share but the stock gained traction as it found support at lower levels.&nbsp; Though the price was fixed at the upper band, policyholders due to the discount got the shares at&nbsp;Rs 889/share. So for long time investors the early volatility in the stock has been largely dismissed.&nbsp; The <a href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856" target="_blank">LIC IPO</a> -- India's largest to date -- closed with nearly 3 times subscription, fetched Rs 20,557 crore to the government.
Also Watch:<a href="https://www.editorji.com/business-news/cryptocurrency/sebi-cracksdown-on-crypto-find-out-what-the-market-regulator-is-saying-1652754123199" target="_blank">&nbsp;SEBI cracksdown on crypto, find out what the market regulator is saying</a>
<a href="https://www.editorji.com/business-news/markets/sc-on-lic-ipo-denies-stay-on-govt-stake-sale-3-judge-bench-issues-notice-to-govt-while-attaching-case-to-ongoing-proceedings-relating-to-money-bill-1652337728173" target="_blank">Life Insurance Corporation (LIC)</a> is the largest insurance provider company in India, with a market share of more than 66 per cent in new business premiums. The company offers participating insurance products and non-participating products.

Meet Gautam Adani, not just India's but also Asia's richest man that has decisively broken into the top 10 rich list racing ahead of Mukesh Ambani, Oracle founder Larry Ellison and also Meta founder Mark Zuckerberg. Adani's Assets Runs and manages 7 out of the 8 PPP airports in IndiaIndia’s largest private power producer Largest solar power producer in India. The Adani Group is an Indian multinational

Gautam Adani; solar, cement, power, airports - this billionaire now has it all

Meet Gautam Adani, not just India's but also Asia's richest man, who has decisively broken into the top 10 rich list racing ahead of Mukesh Ambani, Oracle founder Larry Ellison and also Meta founder Mark Zuckerberg. 


Adani's Assets!

The Adani Group was founded by Gautam Adani in the year 1988 as a commodity trading business, with the flagship company Adani Enterprises Limited.&nbsp;

Meet Gautam&nbsp;Adani, a self made billionaire who in a span of under 4 decades has become&nbsp;not just India's but also Asia's richest man. Adani&nbsp;has decisively broken into the top 10 rich list racing ahead of&nbsp;Mukesh&nbsp;Ambani, Oracle founder Larry Ellison and also Meta founder&nbsp;Mark Zuckerberg. Ranked number 8, the chief of Adani&nbsp;conglomerate has seen his wealth swell $22 billion in just 5 months this year. That's a gain of Rs 31,100 cr a month or Rs 311 crores&nbsp;a day!!&nbsp;
Also read/watch|&nbsp;<a title="Ambuja and ACC shareholders - this is what the Adani acquisition means for you" href="https://www.editorji.com/business-news/markets/ambuja-and-acc-shareholders-this-is-what-the-adani-acquisition-means-for-you-1652690403586">Ambuja and ACC shareholders - this is what the Adani acquisition means for you</a> So what all does Gautam&nbsp;Adani&nbsp;own! The billionaire's focus on the 'Atmanirbhar&nbsp;Bharat' policy has yielded great results as the group is&nbsp;India&rsquo;s largest private power producer and also the largest solar power producer in India. Hailing from Gujarat this first-generation businessman became&nbsp;the boss of the first private port of India at Mundra,&nbsp;Adani&nbsp;is eyeing everything from water to air as the group runs and manages 7 out of the 8 PPP&nbsp;airports in India. From the cement (ACC, Ambuja)&nbsp;that build your homes to the oil that is cooking (Adani&nbsp;Wilmar) in your kitchen to the news on the move (Quintillion Business Media), Adani&nbsp;is present everywhere.&nbsp; And it is not just his kitty that is swelling the Adani&nbsp;pack has given shareholders much to cheer about as the market cap&nbsp;of the group soars to above $200 bn and recent listing giving 180% return to its investors.&nbsp;

Holcim owns 63.19 per cent in Ambuja Cement and 4.48 per cent in ACC.Ambuja Cement, in turn, owns 50.05 per cent in ACC. So total holding is over 54% Hence, Holcim directly controls ACEM and indirectly controls ACC. and now that boss will be adani. As per SEBI norms - The Adani family will make an open offer to buy 26 per cent in these two companies from non-promoter shareholdersIf there is a successful open offer, Adanis stake would stand at 89% in ACEM and 81% in ACC and it would have to be seen if Adani then sells stake to comes down to 75% or de-lists the companies.What about a merger? -  1) removal of fees for transfer of mining leases.2) Rule changed in 2021 3) It should be noted that issues around transfer of limestone mines were cited as one of the reasons for not pursuing the ACC-Ambuja merger in 2018... In early May 2017, both ACC and Ambuja independently announced that they will consider a possible merger4) Limestone is one of the key raw materials that is required for manufacturing cement.

Ambuja and ACC shareholders - this is what the Adani acquisition means for you 

Adani now will directly controls Ambuja&nbsp;Cements&nbsp;and indirectly controls ACC

Gautam Adani&nbsp;jetted to Geneva to close a deal that has taken rivals by surprise but the new boss for Ambuja&nbsp;and ACC will face many questions from shareholders as discussions of&nbsp;open offer to a possible merger to even a delisting&nbsp;come to the table. Editorji&nbsp;explores the options: The Deal Dynamics
<ul>
<li>First the basics, Adani&nbsp;has bought over&nbsp;Holcim's&nbsp;India assets which is basically&nbsp;63.19 percent in&nbsp;Ambuja Cement&nbsp;and 4.48 percent in ACC.</li>
<li>Ambuja Cement, in turn, owns 50.05 percent in ACC. So total holding for Adani&nbsp;in ACC is over 54%&nbsp;</li>
<li>So now Adani directly controls Ambuja&nbsp;Cements&nbsp;and indirectly controls ACC.</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/economy/indonesia-over-india-here-s-why-tesla-s-choice-for-production-hub-may-be-changing-1652683766453" target="_blank">Indonesia over India? Here's why Tesla's choice for production hub may be changing</a>
The Open Offer&nbsp;
<ul>
<li>As per SEBI&nbsp;norms -&nbsp;The Adani&nbsp;group will make an open offer to buy 26 per cent in these two&nbsp;companies&nbsp;from non-promoter shareholders</li>
<li>The open offer price for shareholders will be set at the offer made to Holcim&nbsp;-&nbsp; Rs 385 for Ambuja Cement and Rs 2,300 for ACC</li>
</ul>
Delisting on the cards?
<ul>
<li>If there is a successful open offer, Adani's stake would stand at 89% in Ambuja&nbsp;and 81% in ACC</li>
<li>As per SEBI&nbsp;norms promoter can only hold 75%, so Adani would have either pare stake or or de-lists the companies.</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/adani-to-acquire-ambuja-cement-and-acc-from-holcim-1652636823053" target="_blank">Adani to acquire Ambuja Cement and ACC from Holcim</a>
What about a merger?
<ul>
<li>In early May 2017, both ACC and Ambuja independently announced that they will consider a possible merger</li>
<li>This was not pursued due to high cost of transfer of limestone mines and fees for the same&nbsp;</li>
<li>Limestone is one of the key raw materials that is required for manufacturing cement.</li>
<li>The rules of&nbsp;fees for transfer of mining leases were changed in 2021 making the merger feasible once again</li>
</ul>
Also read/watch |&nbsp;<a href="https://www.editorji.com/world-news/amazon-founder-vs-joe-biden-jeff-bezos-slams-us-president-for-linking-inflation-wealth-tax-1652614447664" target="_blank">Amazon founder vs Joe Biden: Jeff Bezos slams US President for linking inflation, wealth tax</a>

India's richest man Gautam Adani is cementing his position now as cement czar as he pips put rivals Jindal and Birla to acquire Holcim's India assets and be the new boss for cement majors ACC and Ambuja.

Gautam Adani to acquire Ambuja Cement and ACC from Holcim

Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).

Adani to acquire Ambuja Cement and ACC from Holcim

With this, Adani now becomes India&rsquo;s second largest cement manufacturer with a capacity of about 70 Metric Tonnes Per Annum (MTPA)

India's richest man Gautam&nbsp;Adani is cementing his position now as cement czar as he pips put rivals Jindal&nbsp;and Birla&nbsp;to acquire Holcim's&nbsp;India assets and be the new boss for cement majors ACC and Ambuja. At $10.5 bn this the largest ever acquisition by Adani, and India&rsquo;s largest ever M&amp;A transaction in the infrastructure and materials space, The deal&nbsp;values includes&nbsp;Holcim stake and open offer consideration for Ambuja Cements and ACC
With this, <a href="https://www.editorji.com/business-news/markets/gautam-adani-is-now-asia-s-richest-man-surpasses-the-wealth-of-mukesh-ambani-mark-zuckerberg-1644289000296" target="_blank">Gautam&nbsp;Adani</a> now becomes India&rsquo;s second largest cement manufacturer with a capacity of about 70 Metric Tonnes Per Annum (MTPA) right behind Birla&nbsp;owned UltaTech&nbsp;which is India's largest cement company.&nbsp;
Holcim, through its subsidiaries, holds 63.19 per cent in Ambuja Cements and 54.53 per cent in ACC (of which 50.05 per cent is held through Ambuja Cements).
Holcim in a statement said, "The corresponding offer share prices of Rs 385 for Ambuja Cement and Rs 2,300 for ACC translate into cash proceeds of CHF 6.4 billion (Swiss Franc) for Holcim." Adani has in the last couple of years diversified beyond its core business of operating ports, power plants and coal mines into airports, data centres and clean energy.
The group had last year set up two cement subsidiaries - Adani Cementation Ltd which was planning to set up two cement units at Dahej in Gujarat and Raigarh in Maharashtra; and Adani Cement Ltd.
Also Watch/Read:<a href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856" target="_blank">&nbsp;LIC IPO listing tomorrow: What does the grey market say</a>&nbsp;
The world's largest cement maker Holcim last month announced its exit from the country after struggling here for a long. The company through two listed entities <a href="https://www.editorji.com/business-news/ambuja-cements-acc-up-for-sale-1649909380297" target="_blank">ACC</a> and Ambuja has 66 million tonnes per annum capacity (MTPA).
Holcim was in talks with several business houses including Aditya Birla Group, which owns the leading cement players UltraTech and steel-to-energy conglomerate JSW Group.
The group, which had entered the market 17 years ago, holds a 63.19 per cent stake in Ambuja and a 4.48 per cent in ACC while Ambuja owns a 50.05 per cent stake in ACC.
ACC has 17 cement manufacturing units, 9 captive power plants and 6,643 employees along with a distribution network of 56,000 dealers &amp; retailers and a countrywide.
<a href="https://www.editorji.com/business-news/ambuja-cements-acc-up-for-sale-1649909380297" target="_blank">Ambuja Cements</a> has a cement capacity of 31 million tonnes with 6 integrated cement manufacturing plants and 8 cement grinding units across the country.

Consumer Price Index for inflation for the month of April has shocked at 7.79%. The reading makes it the highest ever since 2014. The internals of the data is something the common man has been facing with record high prices of atta, fuel and edible oil. The data makes it clear that RBI which shocked the street with a 40 bps hike in May is likely to hike rates again in June. The pressure on prices comes as global food and fuel inflation is also at a record high. Here are the economy highlights-:

Consumer prices at 7.79%, Vegetable price inflation at 15%
Consumer food price inflation 8.38% vs 7.68% in March
Rural consumer price inflation 8.38% vs 7.66% in March
Inflation reading has breached RBI's tolerance range for 4th straight month. 

 

Inflation Shock! CPI at the highest level since 2014, clocks in at 7.79%

Inflation Shocks! CPI at the highest level since 2014, clocks in at 7.79%

Inflation Shockers! CPI at the highest level since 2014, clocks in at 7.79%

April CPI&nbsp;comes much above street estimates

Consumer Price Index for inflation for the month of April has shocked at 7.79%. The reading makes it the highest ever since 2014. The internals of the data is something the common man has been facing with record high prices of atta, fuel and edible oil. The data makes it clear that RBI&nbsp;which shocked the street with a 40 bps hike in May is likely to hike rates again in June. The pressure on prices comes as global food and fuel inflation is also at a record high. Here are the economic highlights-:
Also read/watch|&nbsp;<a title="Startups Shrink: From unicorns to layoffs, the firing squad is here" href="https://www.editorji.com/business-news/startups-shrink-from-unicorns-to-layoffs-the-firing-squad-is-here-1652263415790">Startups Shrink: From unicorns to layoffs, the firing squad is here</a>
<ul>
<li>Consumer prices at 7.79%, Vegetable price inflation at 15%</li>
<li>Consumer food price inflation 8.38% vs 7.68% in March</li>
<li>Rural consumer price inflation 8.38% vs 7.66% in March</li>
<li>Inflation reading has breached RBI's&nbsp;tolerance range for 4th straight month.&nbsp;</li>
</ul>
&nbsp;

As technology share prices take a beating, the new market reality is reflect in Apple losing it's spot as the world's most valuable company with oil giant Aramco reclaiming the title. Apple boasted a market value of $3 trillion, about $1 trillion more than Aramco’s at the start of this year. Since then, however, Apple has fallen nearly 20% while Aramco is up 28%. In fact since the Fed hiked rates, the iPhone maker has lost $200 million in marketcap. Tech index Nasdaq 100 has lost 24% in the year so far as the central banks ends ultra-easy money policy. Meanwhile, the S&P 500 Energy sector has soared 40% this year, as oil prices have rallied from $75 to $110 this year. 
 

Tech takedown: Apple is no longer the world’s most valuable company

New rate realities hits tech stocks! Apple loses top spot and is replaced as the world’s most valuable company. Guess who it is now?

Apple passed Saudi Aramco to become the world&rsquo;s most valuable publicly traded company in 2020.
&nbsp;

As technology share prices take a beating, the new market reality is reflect in Apple losing its spot as the world's most valuable company with oil giant Aramco&nbsp;reclaiming the title.&nbsp;
Also read/watch|&nbsp;<a title="Mass layoffs at American companies: Here is who is firing" href="https://www.editorji.com/business-news/mass-layoffs-at-american-companies-here-is-who-is-firing-1652340430753">Mass layoffs at American companies: Here is who is firing</a> Apple boasted a market value of $3 trillion, about $1 trillion more than Aramco&rsquo;s&nbsp;at the start of this year.&nbsp;Since then, however, Apple has fallen nearly 20% while Aramco is up 28%. In fact since the Fed hiked rates, the iPhone maker has lost $200 million in market cap.&nbsp; Tech index Nasdaq&nbsp;100 has lost 24% in the year so far as the central banks end their ultra-easy money policy.&nbsp;Meanwhile, the S&amp;P 500 Energy sector has soared 40% this year, as oil prices have rallied from $75 to $110 this year.&nbsp;
&nbsp;

Supreme Court refuses to stay LIC IPO but agreed to hear a plea against Govt's decision to sell 5% stake filed by select policy holders. The petitioners challenged the legality of the government's move to pass the decision to launch the LIC's IPO through a Money bill.The court said it would not grant interim relief as it involved investments as the top court observed that 73 lakh applicants subscribed to the LIC IPO. An LIC policyholder had petitioned the Madras High Court challenging provisions of the Finance Act, 2021 and the Life Insurance Corporation (LIC) Act, 1956 on the ground that they were introduced by way of a Money Bill under Article 110 of the Constitution of India, even though the amendment did not fall in the category of a Money Bill. The appeal in the Supreme Court states that the amendments being challenged effectively reduce the share of LIC’s surplus which the petitioner is legally entitled to, causing losses to her and other participating policyholders to the tune of Rs 4.4 lakh crore.The LIC IPO, the largest ever in India , will be listed on the bourses on May 17 and the issue has been subscribed 2.95 times. 

Supreme Court refuses stay on LIC IPO, Issues notice to centre 

Petition against LIC&nbsp;IPO was heard by Justices DY Chandrachud, Surya Kant and PS Narasimha

Supreme Court refuses to stay LIC IPO&nbsp;but agreed&nbsp;to hear a plea against Govt's decision to sell 5% stake filed by select policy holders.&nbsp;The petitioners challenged the legality of the government's move to pass the decision to launch the LIC's IPO through a Money bill. The court said it would not grant interim relief as it involved investments as the top court observed that 73 lakh applicants subscribed to the LIC IPO.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/crypto-markets-scripting-a-scary-story-coins-down-99-billionaires-lose-90-wealth-1652337306286" target="_blank">Crypto markets scripting a scary story; coins down 99%, billionaires lose 90% wealth</a> An LIC policyholder had petitioned the Madras High Court challenging provisions of the Finance Act, 2021 and the Life Insurance Corporation (LIC) Act, 1956 on the ground that they were introduced by way of a Money Bill under Article 110 of the Constitution of India, even though the amendment did not fall in the category of a Money Bill. The appeal in the Supreme Court states that the amendments being challenged effectively reduce the share of LIC&rsquo;s surplus which the petitioner is legally entitled to, causing losses to her and other participating policyholders to the tune of Rs 4.4 lakh&nbsp;crore. The <a href="https://www.editorji.com/business-news/lic-ipo-listing-tomorrow-what-does-the-grey-market-say-1652672129856" target="_blank">LIC IPO</a>, the largest ever in India ,&nbsp;will be listed on the bourses on May 17 and the issue has been subscribed 2.95 times.&nbsp; Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/mass-layoffs-at-american-companies-here-is-who-is-firing-1652340430753" target="_blank">Mass layoffs at American companies: Here is who is firing</a>

Crypto markets witness a huge crash with some of the top cryptocurrencies losing more than 99 percent of their value.
The crypto in buzz is Terra which fell to a dollar from its all-time high of $119 made on April 5, 2022. Even Terra's stable coin UST, which has to maintain a 1:1 with the U.S. Dollar, fell to as low as $0.29.
The biggest crypto Bitcoin was down over 25 percent in the last 7 days as it was trading below $30,000. Ethereum was down 56 percent from its all-time highs.
Other top cryptos like Binance coin lost 60 percent from its all-time high, Cardano (ADA) was down 85 percent, Solana tanked 80 percent, Dogecoin 88 percent, and Shiba Inu 85 percent.
With falling crypto markets we also see a crumbling wealth of crypto billionaires.
Changpeng Zhao, CEO of Binance, has lost almost 90 percent of his wealth this year. He debuted on the Bloomberg wealth index in January with a net worth of $96 billion, one of the world’s largest. By Thursday that had shrunk to $11.6 billion.
Coinbase Global Inc. founder Brian Armstrong had a personal fortune of $13.7 billion as recently as November and about $8 billion at the end of March. That’s now just $2.2 billion, according to the Bloomberg Billionaires Index.
The global cryptocurrency market cap was down 10 percent on Thursday at $1.35 trillion, as per CoinGecko.
There is a panic over inflation and fears of a potential recession that is crashing the crypto markets as investors sell off risk assets and shift to the safe-haven dollar.

Crypto markets scripting a scary story; coin down 99%, billionaires lose 90% wealth

Crypto markets see a crash as some of the top coins lost over 99% of their value.

Crypto Crash: Billions eroded 

The global cryptocurrency marketcap eroded by $1.5 trillion from peak&nbsp;

Crypto&nbsp;markets witness a huge crash with some of the top cryptocurrencies&nbsp;losing more than 99 percent of their value.
The crypto&nbsp;in buzz is Terra which fell to some 69 cents on Thursday from its all-time high of $119 made on April 5, 2022. Even Terra's stable coin UST, which has to maintain a 1:1 with the U.S. Dollar, fell to as low as $0.29.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/mass-layoffs-at-american-companies-here-is-who-is-firing-1652340430753" target="_blank">Mass layoffs at American companies: Here is who is firing</a>
The biggest crypto&nbsp;Bitcoin&nbsp;was down over 25 percent in the last 7 days as it was trading below $30,000. Ethereum was down 56 percent from its all-time highs.
Other top cryptos like Binance&nbsp;coin lost 60 percent from its all-time high, Cardano&nbsp;(ADA) was down 85 percent, Solana&nbsp;tanked 80 percent, Dogecoin&nbsp;88 percent, and Shiba&nbsp;Inu&nbsp;85 percent.
With falling crypto&nbsp;markets we also see a crumbling wealth of crypto&nbsp;billionaires.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/markets/sc-on-lic-ipo-denies-stay-on-govt-stake-sale-3-judge-bench-issues-notice-to-govt-while-attaching-case-to-ongoing-proceedings-relating-to-money-bill-1652337728173" target="_blank">Supreme Court refuses stay on LIC IPO, Issues notice to centre</a>
Changpeng Zhao, CEO of Binance, has lost almost 90 percent of his wealth this year.&nbsp;He&nbsp;debuted&nbsp;on the Bloomberg wealth index in January with a net worth of $96 billion, one of the world&rsquo;s largest. By Thursday that had shrunk to $11.6 billion.
Coinbase Global Inc. founder Brian Armstrong had a personal fortune of $13.7 billion as recently as November and about $8 billion at the end of March. That&rsquo;s now just $2.2 billion, according to the&nbsp;Bloomberg Billionaires Index.
The global cryptocurrency market cap was down 10 percent on Thursday at $1.35 trillion, as per CoinGecko.
There is a panic over inflation and fears of a potential recession that is crashing the crypto markets as investors sell off risk assets and shift to the safe-haven dollar.
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/startups-shrink-from-unicorns-to-layoffs-the-firing-squad-is-here-1652263415790" target="_blank">Startups Shrink: From unicorns to layoffs, the firing squad is here</a>

Editorji is your personalised video news platform, we learn about your interests in order to show the news that matters to you! Watch it on your phone, tablet or TV.

ABOUT US

about us editorji

Latest Video News: Editorji provides the latest news video headlines, latest videos clip from India and the World. Get all breaking news videos on Entertainment, Business, Coronavirus, Elections, Politics and more.

Latest Video News, Breaking News, Bollywood, Political, Sports, Business News | Editorji

+91 11 4035 6666 / info@editorji.com
3rd floor, Plot B, Khasara no 360, Sultanpur, New Delhi, Delhi 110030
<a title="mail to us" href="mailto:info@editorji.com">Send Feedback</a>

REACH US

Contact for any questions, suggestions, comments, feedback or advertisement on Editorji.com, we are always looking forward to hearing from you.

Contact Us for Feedback, Suggestions and Advertising 

Cryptocurrency News

Russia Ukraine War

IPL 2022 Live Updates

IPL 2022 Point Table

Elon Musk - Twitter 

LIC IPO

Assam floods

Cannes Film Festival 2022

Wheat Export Ban

Navjot Singh Sidhu

Krishna Janmabhoomi case

Gyanvapi mosque row

LPG Price Hike 

Google may buy stake in Vodafone Idea; stock hits upper circuit

SM Text - Google is looking for a 5% stake in Vodafone&nbsp;Idea; stock hits upper circuit of 10% on NSE and BSE.

Google could acquire a 5% stake in Vodafone&nbsp;Idea, the Financial Times has reported.&nbsp;According to the average price of the Vodafone Idea stock in the past two weeks, a 5% stake sale could fetch the company around $101 million. The telecom joint venture of Vodafone Group Plc and the Aditya Birla Group is also in talks with private equity firms for potential investments, as per some reports. Shares of Vodafone&nbsp;Idea locked into the upper circuit of 10% on NSE and BSE&nbsp;right after the session started on Friday.
&nbsp;

Markets made a roaring comeback as the bulls decided to party into the weekend. The Sensex and Nifty snapped the 5-week losing streak with a 1500 point gain from the benchmark 30 stock index and the Nifty putting on 450 points in trade. It was big boy Reliance Industries that led the rally with  6% gain in intraday trade. But this week has not been for the weak hearted. Sensex and Nifty posted the biggest single-day gain on Friday just a day after it had posted it's second biggest drop in this year. For the week Sensex, Nifty are up 3% with the metal index leading the charts on gains while tech remained the only underperformer. The week ahead once again will be dominated by global cues and the movement of the dollar as all eyes remain steadfast on inflation and rates. 

Markets at close: Sensex shuts shop with 1500 point gain, Nifty up over 450 points in Friday's trade, RIL leads gains and tech recovers

Sensex and Nifty posted the biggest single-day gain on Friday just a day after it had posted it's second biggest drop in this year. 


Markets at close: Not a week for the weak hearted!

Sensex, Nifty shut with smart gains on Friday's session

Markets made a roaring comeback as the bulls decided to party into the weekend. The Sensex&nbsp;and Nifty snapped the 5-week losing streak with a 1500 point gain from the benchmark 30 stock index and the Nifty putting on 450 points in trade.&nbsp;It was big boy Reliance Industries that led the rally with&nbsp; 6% gain in intraday&nbsp;trade. For the week Sensex, Nifty are up 3% with the metal index leading the charts on gains while tech remained the only underperformer.&nbsp; But this week has not been for the weak hearted.&nbsp;Sensex&nbsp;and Nifty posted the biggest single-day gain on Friday just a day after it had posted it's second biggest drop in this year.&nbsp; The week ahead once again will be dominated by global cues and the movement of the dollar as all eyes remain steadfast on inflation and rates.&nbsp;

Nicknamed Silicon Valley kingmaker, investment firm Y Combinator is warning startups that it may be winter for businesses soon as the trend is reversing on what has been a decade long bull run for disruptors. “If your plan is to raise money in the next 6-12 months, you might be raising at the peak of the downturn. Remember that your chances of success are extremely low even if your company is doing well. We recommend you change your plan,” the firm said in the letter, titled “Economic Downturn.”Y Combinator (YC) backs hunders of startups yearly and has recently chopped down the value for giants such as Shopify and Netflix as it warns early-stage startups universe will also feel the heat. YC raised the red flag on funding as it advised founders that-:"Irrespective of your ability to fundraise, it’s your responsibility to ensure your company will survive if you cannot raise money for the next 24 months."Globally and in India funding for startups has slowed and firing amongst some of the larger names has been brutal as revenue slowdown is adding pressure to books and cashflow.

Startups warned 'Prepare or the Worst' by Silicon Valley kingmaker

Startups warned by Silicon Valley kingmaker - Be ready to change your plans and survive without funding for the next 24 months

Startups warned - be prepared for the worst

Y Combinators&nbsp;early backings include investments in Dropbox, Coinbase, Airbnb and Reddit

Nicknamed&nbsp;Silicon Valley kingmaker, investment firm Y Combinator&nbsp;is warning startups that it may be winter for businesses soon as the trend is reversing on what has been a decade long bull run for disruptors.&nbsp; &ldquo;If your plan is to raise money in the next 6-12 months, you might be raising at the peak of the downturn. Remember that your chances of success are extremely low even if your company is doing well. We recommend you change your plan,&rdquo; the firm said in the letter, titled &ldquo;Economic Downturn.&rdquo;
Also watch |&nbsp;<a href="https://www.editorji.com/business-news/relief-to-burning-high-prices-edible-prices-may-come-down-1653024606393">Relief to burning high prices, edible prices may come down</a>
Y Combinator&nbsp;(YC)&nbsp;backs hunders&nbsp;of startups&nbsp;yearly and has recently chopped down the value for giants such as Shopify and Netflix as it warns&nbsp;early-stage startups universe will also feel the heat.&nbsp; YC raised the red flag on funding as it advised founders that-: "Irrespective of your ability to fundraise, it&rsquo;s your responsibility to ensure your company will survive if you cannot raise money for the next 24 months." Globally and in India funding for startups&nbsp;has slowed and firing amongst some of the larger names has been brutal as revenue slowdown is adding pressure to books and cashflow.
Also watch |&nbsp;<a href="https://www.editorji.com/business-news/canada-bans-chinese-telecom-giant-huawei-zte-from-5g-network-1653012922195" target="_blank">Canada bans Chinese telecom giant Huawei, ZTE from 5G network</a>

Markets latest news: Sensex and Nifty saw sharp cuts in Thursday's trade posting the the biggest single-day fall in 2 months as global cues went from bad to worse. Sensex sunk over 1,400, while the 50 stock Nifty dopped over 400 points crashing all the way to 15,800. All sectoral indices closed in the red with the tech index posting the biggest fall in over 2 years. Top losers in the Nifty pack were the frontline tech companies Wipro, HCL, Infosys, Tech Mah, TCS. With volatility index now jumped of over 10% reflecting the risk-off attitude of investors seen in the US markets that saw the biggest fall in over 2 years. The phrase "Sell in May and go away" is playing out to be true for the Indian markets that have seen relentless selling from the FIIs from October onwards. 

Markets at close: A terrible Thursday, bear attack on Sensex, Nifty 

Sensex sunk over 1,400, while the 50 stock Nifty dopped over 400 points crashing all the way to 15,800. All sectoral indices closed in the red with the tech index posting the biggest fall in over 2 years. Top losers in the Nifty pack were the frontline tech companies Wipro, HCL, Infosys, Tech Mah, TCS. 

Markets at close: Terrible Thursday

Sensex crashed 1400 points during the day&nbsp;

Markets latest news: Sensex and Nifty saw sharp cuts in Thursday's trade posting the the biggest single-day fall in 2 months as global cues went from bad to worse.&nbsp; Sensex&nbsp;sunk over&nbsp;1,400, while the 50 stock Nifty dopped over 400 points crashing all the way to 15,800. All sectoral indices&nbsp;closed in the red with the tech index posting the biggest fall in over 2 years. Top losers in the Nifty pack were the frontline tech companies&nbsp;Wipro, HCL, Infosys, Tech Mah, TCS.&nbsp;
Also read/watch |<a href="https://www.editorji.com/business-news/markets/explained-why-tesla-is-no-longer-on-green-and-clean-index-musk-calls-s-p-a-scam-1652950825989"> Why Tesla is no longer on 'green and clean' index, Musk calls S&amp;P a scam</a> With volatility index now jumped of over 10% reflecting the risk-off attitude of investors seen in the US markets that saw the biggest fall in over 2 years.&nbsp; The phrase "Sell in May and go away" is playing out to be true for the Indian markets that have seen relentless selling from the FIIs&nbsp;from October onwards.&nbsp;
Also read/watch |<a href="https://www.editorji.com/business-news/latest-stock-market-scam-this-company-was-selling-something-that-does-not-exist-1652942096992" target="_blank">&nbsp;Latest stock market scam: This company was selling something that does not exist</a>

"ESG is an outrageous scam! Shame on S&P Global," Tesla CEO Elon Musk tweeted as the EV giant out kicked off the S&P500's green and clean ESG index. Here is what happened-:
The S&P Global did it's fourth annual rebalance of the sustainably focused, large-cap index this week and Elon Musk's Tesla - the world's largest EV maker got booted off the index. Tesla the the fifth largest holding in the S&P 500, was deemed ineligible as it found itself out along with Berkshire Hathaway, Johnson & Johnson, and Meta Platforms but oddly making it on the sustainable list is oil major Exxon Exxon is rated top ten best in world for environment, social & governance (ESG) by S&P 500, while Tesla didn't make the list. ESG is a scam. It has been weaponised by phony social justice warriors," Musk added.S&P Global's ration was that while Tesla's ESG score has remained fairly stable year-over-year, it was pushed further down the ranks relative to its global industry group peers." So Tesla is green but some of the other manufacturers are getting greener. But casting a shade of grey on the ratings is also Tesla's treatment of worker says the global index creator. 
"A media and stakeholder analysis identified two separate events centered around claims of racial discrimination and poor working conditions at Tesla's Fremont factory, as well as its handling of the NHTSA investigation after multiple deaths and injuries were linked to its autopilot vehicles," S&P Global said.
Those events led to a lower ESG score for Tesla, leading to its elimination from the index.


Explained | Why Tesla is no longer on the US markets 'green and clean' index

Musk loses $12 billion in a single day from his wealth as Tesla stocks sink

"ESG is an outrageous scam! Shame on S&amp;P Global," Tesla CEO Elon Musk tweeted as the EV giant out kicked off the S&amp;P500's green and clean ESG index. Here is what happened-:
The S&amp;P Global did it's fourth annual rebalance of the sustainably focused, large-cap index this week and Elon&nbsp;Musk's Tesla - the world's largest EV maker got booted off the index.&nbsp; Tesla the fifth largest holding in the S&amp;P 500, was deemed&nbsp;ineligible as it found itself out along with&nbsp;Berkshire Hathaway, Johnson &amp; Johnson, and Meta Platforms but oddly making it on the sustainable list is oil major Exxon.&nbsp;
Also read/watch|&nbsp;<a title="Latest stock market scam: This company was selling something that does not exist" href="https://www.editorji.com/business-news/latest-stock-market-scam-this-company-was-selling-something-that-does-not-exist-1652942096992">Latest stock market scam: This company was selling something that does not exist</a> Exxon is rated top ten best in the world for the environment, social &amp; governance (ESG) by S&amp;P 500, while Tesla didn't make the list. ESG is a scam. It has been weaponised by phony social justice warriors," Musk added. S&amp;P Global's ration was that&nbsp;while Tesla's ESG score has remained fairly stable year-over-year, it was pushed further down the ranks relative to its global industry group peers." So Tesla is green but some of the other manufacturers are getting greener.&nbsp; But casting a shade of grey on the ratings is also Tesla's treatment of workers says the global index creator.&nbsp;
Also read/watch|&nbsp;<a title="LPG price hiked again, cylinder rates cross Rs 1,000 all over India" href="https://www.editorji.com/business-news/economy/lpg-price-hiked-again-cylinder-rates-cross-rs-1000-all-over-india-1652929897525">LPG price hiked again, cylinder rates cross Rs 1,000 all over India</a>
"A media and stakeholder analysis identified two separate events centered around claims of racial discrimination and poor working conditions at Tesla's Fremont factory, as well as its handling of the NHTSA investigation after multiple deaths and injuries were linked to its autopilot vehicles," S&amp;P Global said.
Those events led to a lower ESG score for Tesla, leading to its elimination from the index.

Bears took full control of Dalal Street on Thursday as the benchmark 30 stock index Sensex slid over 1000 points in early trade and the actively traded Nifty 50 collapsed below the 16,000 mark shaving off over 300 points. The drop mirrors global worries as major indexes on Wall Street declined more than 3.5% each overnight, with the Dow Jones Industrial Average closing at its lowest since March 2021.The worries of multi-decade high inflation and rate hikes along with the prolonged war and covid is adding to supply disruption. The bumps in business and revenue is leading to large layoffs across industries and sectors. Right now only 2 Asia-Pacific markets are giving positive returns to the investors, Singapore and Indonesia. 

Markets crack: Sensex sinks 1000 points, Nifty below 16000

Major indexes on Wall Street declined more than 3.5% each overnight, with the Dow Jones Industrial Average closing at its lowest since March 2021.

Bear attack again in markets! 

Meltdown began with Wall Street, Dow dropped over 1000 points overnight

Bears took full control of Dalal&nbsp;Street on Thursday as the benchmark 30 stock index Sensex&nbsp;slid over 1000 points in early trade and the actively traded Nifty 50 collapsed below the 16,000 mark shaving off over 300 points.&nbsp; The drop mirrors global worries as major indexes on Wall Street declined more than 3.5% each overnight, with the Dow Jones Industrial Average closing at its lowest since March 2021.
Also read/watch |&nbsp;<a href="https://www.editorji.com/entertainment-news/bollywood/ed-slaps-money-laundering-charge-on-raj-kundra-1652939723995">ED slaps money laundering charge on Raj Kundra</a> The worries of multi-decade high inflation and rate hikes along with the prolonged war and&nbsp;covid&nbsp;is adding to supply disruption. The bumps in business and revenue is leading to large layoffs across industries and sectors.&nbsp; Right now only 2 Asia-Pacific markets are giving positive returns to the investors, Singapore and Indonesia.&nbsp;
Also read/watch |&nbsp;<a href="https://www.editorji.com/business-news/latest-stock-market-scam-this-company-was-selling-something-that-does-not-exist-1652942096992">Latest stock market scam: This company was selling something that does not exist</a>

Latest news

Google may buy stake in Vodafone Idea; stock hits upper circuit

Up Next

More videos

Categories

Trending topics