The long weekend on account of the public holiday on Monday was largely devoid of any major news and here's a recap of a few major headlines that hit the wire over the weekend:
1. Tesla China’s Zhu Taking Over?: Tom Zhu, who oversees Tesla Inc.'s (NASDAQ:TSLA) China operations, has reportedly taken a broader role in the company’s global operation. The executive is now in charge of Tesla North America unit’s sales, service and deliveries, Electrek reported. The development comes amid calls for CEO Elon Musk to find a replacement for him in Twitter and devote more attention to his flagship electric vehicle venture.
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2. Meta Mulls Trump’s Reinstatement: As the deadline for making a decision on reinstating Donald Trump at Meta Platforms Inc.’s (NASDAQ:META) Facebook and Instagram approaches, separate reports suggested the decision could be deferred to later this month. The decision could be one of the most polarizing ones Meta would be making, reports said.
3. Inflation Hasn’t Peaked, Bury Warns: "The Big Short" fame Michael Bury took to Twitter to share his thoughts on inflation. He believes inflation will turn negative in the second half of 2023 and the economy will slip into a recession. The imminent recession will lead the governments and central banks to hand out more stimuli, perking inflationary pressure further.
4. Twitter Sued For Defaulting On Rent: Twitter, which is now owned by Musk, is facing a lawsuit over non-payment of rent amounting to $136,250 for its San Francisco office. The property owner, Columbia REIT -650 California LLC, has reportedly filed the lawsuit in the state court in San Francisco.
5. Bitcoin Could Scale $16K In Three Years, Says Analyst: Cryptocurrency analyst “Dave The Wzve,” who correctly predicted the 2022 collapse, said Bitcoin (CRYPTO: BTC) could climb to $160,000 by January 2025, citing his logarithmic growth curve analysis.
What Else: As 2022 folded up, Brazilian and some south and southeastern Asian markets emerged as the best-performing ones in an otherwise tough year.
The week also witnessed somber news as Pope Emeritus Benedict XVI passed away at the age of 95. The former pope served as the head of the Roman Catholic church between 2005 and 2013.