tomi from trove newsletter

Elon Musk Back @ It Again!

Hey, there!
Whatsup? How’s life treating you in this wonderful economy? 

Okay… I know it is still the beginning of the month, but hope your bank account is still your bestie or has it started sending you “we need to talk” texts? (You know what I mean?) 

Haha, I get that look 🤣🤣🤣 Don’t worry its all gonna be fine.

Uhm.. for today, I’ve got a lot to spill, but I’m not sure you’re ready for it. 👀👀

Share buyback? Again?!

Share buyback now seems to be the latest trend out there!  Companies are taking back their shares like they’re hotcakes…🤣 🤣 🤣 But like seriously, I can’t count how many share buy-backs I have told you about in the past few months, Or can you remember?

I know you can’t remember because it is actually a lot 🤣 🤣 🤣 

Anyway, Instacart just announced a brand new $500 million share repurchase program! Yep, you read right! And you know what? It’s actually their THIRD round of buybacks since September last year! 

The board gave the green light to this buyback plan on June 2nd and it was revealed in a regulatory filing on June 6th, 2024. The company has already completed its two previous authorizations for $1 billion in repurchases, equivalent to about 34 million shares or more than 10% of those outstanding,$1 billion in repurchases. Talk about making big moves! 💪

Emily Reuter, Instacart’s Chief Financial Officer, mentioned that the business is actually performing well and will remain focused on deepening its lead as the largest online grocery marketplace. She also mentioned they had about $1.7 billion in cash and equivalents at the end of Q1, which means they’re basically cashing out on a regular 😁😁

    Nvidia on Steroid

    Is it just me who gets overly excited when a stock is performing well? Maybe because I like the sound of money 🤑🤑, I mean, who doesn’t like money?

    Okay, so we all know it’s no longer news that Nvidia is the “oga at the top” when it comes to AI service and how well they have been performing generally as a company.

    Anyway, I have got some new news 😜

    But before I spill the tea, lemme tell you a little bit about Nvidia.
    The company was founded in 1993 and was originally known for making computer chips that process graphics, particularly for computer games. Long before the AI revolution, it started adding features to its chips that help machine learning – all of which have helped it increase its market share. And now they are currently known as the AI chip giants.

    So, here is the news 🥁🥁🥁🥁

    Apple is no longer the second coolest kid on the block! Nvidia has dethroned Apple!! 

    Yes, Nvidia is now the second most valuable company in the world, having passed a market value of $3 trillion! With the rate at which everyone is adding AI to their products, they definitely taking over the world

    I’m sure they’ve got their eyes set on Microsoft, to take the first position from them… Hahaha

    From Dream to Reality!

    I think I now want to visit to the space.👀 

    What’s the stare?

    I mean, who doesn’t need a break from this earthly drama, especially in Nigeria? Just imagine floating around, sipping on some nice tea, and being like, ‘Earth, whatsup?’ 🤣🤣

    You get the drill, right? 🤣🤣🤣🤣

    Okay! Guess you are wondering why we’re discussing the space. Well, Boeing’s new Starliner astronaut capsule finally launched on Wednesday after years of delays! It was the first time the spacecraft had been entrusted to carry people. 

    The CST-100 Starliner, with two astronauts aboard Suni Williams and Butch Wilmore, lifted off from the Cape Canaveral Space Force Station in Florida, strapped to an Atlas V rocket furnished and flown by the Boeing-Lockheed Martin joint venture United Launch Alliance (ULA).⁠

    Anyway the long and short of the story is that the crew on board arrived safely even though they experienced minor technical issues at some point but they made it 😁.  They were both welcomed with hugs and applause, after arriving at the International Space Station on board the American Boeing company’s Starliner capsule. I needs so hugs too 🥱

    Maybe we should go next?

    What’s Next for Elon?

    Elon Musk is at it again! 🤦‍♂ Mehn! this guy really loves so much attention, because how else can you explain his constant presence in the headlines?! 🤣

    This time around he pulled off a major move, and it’s got everyone talking!

    According to some interesting emails obtained by CNBC, the Twitter Lord diverted a huge shipment of AI processors meant for Tesla to his other baby, X (formerly Twitter)! We’re talking over $500 million worth of graphics processing units (GPUs) here! 

    But, some Tesla shareholders are not happy about this. They’re wondering if Musk is spreading himself too thin, running multiple companies, and diverting resources away from Tesla. Some even said diverting Nvidia chips is further proof that Elon Musk doesn’t deserve a multibillion-dollar pay package.

    Now, here is the interesting part, Tesla shareholders are gathering on June 13th to decide Elon’s destiny! Whether to reinstate Musk’s deal or not. 

    But with this diversion, I wonder what would be Elon’s fate.

    And It’s a wrappppp!

    What are you waiting for?!?!
    Forget not this ministry of yours: Tell a friend to tell a friend to download the Trove App

    Until next time folks!Catch more gist on our social media pages

    Your dearest and favorite Stocks Market Gist Partner,
    Tomi, From Trove 💚

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