ON THIS EPISODE OF: YOUR BOY, ELON!

Hi there,

Waddup, Waddup my people! It’s your boy, Tomi from Trove back again on today’s episode of …[gather round, y’all… drum roll.. all hail King Tomiiii] …What’s Tomi Gotta Say about the stock market.

Today, I bring you all shades of the Elon drama, stocks sorta rebounding and everything good and nice!

By the way, we had an amazing time with Jay Woods, an executive floor governor at the New York Stock Exchange yesterday! He taught us so much on how to think about this current Bear Market. If you missed it, what do I tell you?
Head over to our Youtube channel asap!

Investing in a Bear Market with Jay Woods

Without further ado, weeee meuveeee! Let’s go!!

YOUR BOY, ELON!

Okay maybe not the finale finale, but it looks like the story is wrapping up.

Good ol’ Elon Musk has expressed that he would like to put an end to the $44 billion dollar deal to acquire Twitter.

I laugh in wakandan

Elon,

Talk about buyer’s remorse

This decision to halt the deal was communicated via a letter sent by a lawyer on his behalf to Twitter’s Chief Legal officer. As you would expect, Twitter shares sadly fell by about 6% in after hours trading on Friday.

According to Elon’s legal counsel, Mike Ringler, he wants to terminate the deal because Twitter has not complied with its contractual obligations. Elon trying to cook up excuses. Apparently, Twitter refused to disclose pertinent business information as requested. Ringler also stated that Twitter had breached the merger agreement because it purportedly contains materially inaccurate representations, especially regarding their Monetizable Daily Active Users (MDAUs).

The terms of the agreement stated that Elon Musk is required to pay $1 billion if he backs out of the deal.

Still not a bad deal, right? Well, the Twitter board doesn’t agree.

The board of Twitter had indicated that they intend to hold Elon Musk to his original deal by suing him if decides to walk away. And Twitter has good reason to, the company’s shares have fallen from 54.20 to about $36 since the announcement of Elon’s takeover offer.

Tomi watching Elon & the Twitter Board

YAY!!! US STOCKS STAGING A COME BACK?

So… on today’s episode of What Tomi Has To Say… we got some good news for ya! The US stock market is hopefully recovering from its poorest first half of the year’s performance in decades! It’s been super real this first half, mehn!

But umm, don’t get too excited, we’d have to see what happens next.

Fingers oh-so-crossed.

Quick Summary: The S&P 500 grew by 1.50% on Thursday while the Dow Jones and Nasdaq grew by

1.12% and 2.28% respectively. Some energy stocks like ExxonMobil and Occidental Petroleum grew by almost 4%. Another great performer was mining giant, Freeport McRoRan which gained about 6.7%. Solar energy provider, Sunrun also increased by over 7%.

Can Wall Street maintain this positive streak for long? Not to be a debbie downer or anything, but the unemployment rate is still at 3.6%, the pandemic hasn’t exactly ended, and the Russia/Ukraine war is still ongoing. So, issa-whole-lot going on but hey, the US stock market has a history of recovering from its lows – we just can’t predict the timing.

Tomi be like – I hope it ain’t too long fam!

BORIS JOHNSON STEPS DOWN & STOCKS RALLY

Okay…I know this might sound unusual, but UK stocks rose by more than 1% on Thursday after news of Prime Minister Boris Johnson’s resignation.

Chill. I know it did seem like everyone in the UK wanted him to step down as the UK Prime Minister (no thanks to his numerous scandals), but I just didn’t expect the stock market to react. Lol, who am I kidding? I expected the stock market to react, but not just that quickly.

Following his resignation speech on Thursday, export-reliant FTSE 100 closed with a 1.1% gain. The British pound also went up by 0.5% against the dollar compared to what it was before. The UK 10-year bond also recovered from its 5-week low of under 2% to close at 2.1%. Are the UK economy and the UK stock market trying to say Boris was bad vibes?

Season 2 Reaction GIF by Insecure on HBO

GAMESTOP SPLIT

GameStop Stock Split: What Investors Should Know - CNET

It’s another stock split season.

Video game retailer, GameStop, has announced that they would be undergoing a 1-for-4 stock split. A company typically undergoes a stock split when they wish to make the shares more affordable for investors.

The stock split was approved by the company’s board on Wednesday after which the share price swiftly rose by 15% over the course of the trading day.

I mean who wouldn’t want more?

Note that GameStop shareholders who still own the stock by July 18th will be eligible to receive three more units of shares, in addition to each full stock they own.

However, the additional shares will be disbursed after trading ends on July 21, and the stock will start trading on a split-adjusted basis the next day.

My GameStop holders be like?!