Hi there,
A very cheerful happy Eid-El-Maulud once again to our amazing muslim users. We celebrate everyone of you & hope you had a bountiful Eid!
A Salam Alaikum!
In our normal fashion, we are back to scintillate you with our sweet-like-candy stock market juice.
You know as we dey run am na!!!! [You know how we do!]
We move
ELON ENDS UP WITH THE TWITTER DEAL
In what we’ll call an unexpected dramatic turnaround (although it would have been a very difficult court trial for him to win), Elon Musk, aka the richest god (or at least that’s how he poses himself ), has finally agreed to proceed with the Twitter deal!
In a letter addressed to Twitter this week, Elon agreed to pay the initial amount ($52.20 per share) he offered the social media platform before trying to get out of the deal.
Is it because he finally figured out that he’d probably lose the court battles? I mean dude is as smart as a whip… who knows if this was all stage drama anyways.
Tomi listening to Elon drag Twitter
Quick recap on this whole ‘soap-opera’: Remember that Twitter first accepted Elon’s offer sometime in April. Then, Elon proceeded to try to terminate the deal, claiming that Twitter breached its obligations by not properly reporting the number of spam and fake accounts on the platform. When in-fact, “mr. rich guy” did say he wanted to buy twitter to make its content better.
For context, Twitter said that the spam and fake accounts on the platform are less than 5% of its total users. Twitter’s board wasn’t having any of it, so they marched on to court, and trials were to begin on the 17th October, 2022. Yes, a few days from now.
When the market opened following this announcement, Twitter stocks climbed by over 20% to more than $52 each.
So is this an evident win for Twitter or is it too soon to tell?
Tweet @ me to tell me what you think! [Tomi From @TroveFinance]
Me side-eying all those smart ones that traded the twitter volatility – Teach me how to live, bruh!
LAYOFFS @ PELOTON
When I saw this in the news, I was like “oh no, not again!”
The news of layoffs have probably over saturated us by now. I mean, zamn, it’s just like heavy rain in rainy season no one is safe, mehn. In the last two years, companies have laid off staff and closed down office locations due to the never-ending aftermath of the pandemic as well as macro economic factors
.
Now, the high-end workout equipment maker based in New York is laying off about 12% (500 employees) of its entire workforce in its fourth round of layoffs this year. 
It’s only October, Ok, 4th quarter but 
! These job cuts will leave the company with about 3,800 employees globally, down from about 6700 over a year ago.
The CEO, Barry McCarthy, sent an internal memo to all staff on Thursday saying that the layoffs were mandatory in “saving” the company and fulfilling the company’s “restructuring plan”. He also mentioned that the company lost more than $100 million in retail sales last year, so it just might also close a number of its stores in the coming months.
This is rather unfortunate because the company did see its revenue soar during the pandemic, call it the pandemic boost, but as soon as the world opened back up and people returned to public gyms, the revenue also came back to earth in a steep decline.
In a ‘captain-save-me’ move, Peloton partnered with Amazon and Dick’s sporting goods to sell some of its products and give discounts to customers.
SPOTIFY AXING 10 PODCASTS
For the first time, the audio streaming platform is ceasing production on 10 podcasts within the next month. As a result of this, some podcast employees will be reassigned and laid off.
The company intends to take a step back on podcasts, so it can focus on original and high-profile shows like Meghan Markle’s “Archetypes,” and Kim Kardashian’s newly launched “The System”. These noteworthy shows have consistently hit the Top 20 on its charts.
Spotify be like…
In comparison to the company’s music streaming business, its podcast department hasn’t been tad-die-for. According to the Sportify’s CFO, Paul Vogel, it generated nearly €200 million in revenue with a negative gross margin of -57% in 2021 and has been predicted to fall even lower this year.
LOVE DON’T COST A THING, UH?
A reliable source said: 22% of millennials (ages 26 to 41) and 19% of Gen Zers (ages 18 to 25) have gone into debt from what they’ve spent on dating.
“Everything is getting more expensive; It’s not just the new clothes, roses, ride-share, fancy dinner, concerts or the after-show coffee — it’s all of it.” The extra costs of these things by themselves may not be catastrophic, but all together, it can become a woeful mess, y’all.
Luckily, the report also says millennials & GenZers said they wouldn’t feel offended if their partner took them on a low-cost date. What are y’all waiting for then?
Isn’t it the thought that counts?
Tomi’s 2 cents is this: Create a tangible budget to make sure your finances aren’t in a hole by your dating life. Track your expenses monthly, at the beginning of the month and subtract from it after each date. c est fini!
Erhh, it’s tempting to want to sweep your partner off their feet by overspending to impress but dude 
wahala be like bicycle, you’d be left with a financial mess all by yourself yo! Be honest about your budget with your partner AND there are budget-friendly alternatives i.e. walk in the park, nature adventure, homemade meals, etc..
#WiseUP
How much did you spend on your last date? Tweet at me!
Tomi from @TroveFinance
…And there you have it!
It’s a wrap!
What are you waiting for?!?!
Forget not this ministry of yours: Tell a friend to tell a friend to:
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Once again, from our family to yours, Happy EID celebration!
Your dearest and favorite Stocks Market Gist Partner,
