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Twitter Reportedly Stops Development on Crypto Wallet, Causing Dogecoin to Drop 10%

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Twitter Reportedly Stops Development on Crypto Wallet, Causing Dogecoin to Drop 10%

After Elon Musk took over Twitter, DOGE prices spiked as investors anticipated he might push for crypto-friendly policies.

According to the report, Twitter has ceased its plans to construct a cryptocurrency wallet due to recent changes enforced by its new owner, Elon Musk. 

Tesla CEO and billionaire entrepreneur Elon Musk have been a major advocate for the popular meme coin, and its price has consistently reacted to his activities and pronouncements. In the aftermath of recent news about Musk acquiring Twitter, Dogecoin (DOGE) took a nearly 10% dive. 

DOGE prices have significantly increased in the past week after Musk completed the deal. The price is now the highest it has been since April. People are optimistic that Musk might do things to make crypto-currencies more popular on Twitter.

Last week, Musk fired Twitter’s CEO and other senior executives after making it clear he wanted to change the company’s trajectory. And it is predicted that the company will fire nearly half of its employees. As of now, we have not received a response from Twitter about their plans for a cryptocurrency wallet after our request for comment.

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Multiple Respected Wall Street Banks are Forecasting a Stock Crash in 2023

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Multiple Respected Wall Street Banks are Forecasting a Stock Crash in 2023

Wall Street stock analysts are expecting a significant decline in 2023, as three top banks have predicted that the US stock market could fall by more than 20 percent next year. The S&P 500 stock index has declined 13% since October, but it has recently recovered and is back to 4000.

Large banks are under the impression that the recent stock market rise was only temporary and will not last long. For an extended time, stocks on Wall Street have been slumping because many investors are anxious about the potential for a recession in the near future. 

As 2023 goes on, there will be a lot of ups and downs with stocks as earnings take a hit from the recession. According to Morgan Stanley, based in New York, the S&P 500 index could drop 24% within the first four months of 2023. This would put the stock index between 3,000 and 3,300. According to Mike Wilson, chief US equity strategist at Morgan Stanley, the bear market is not over, and 2023 will be a volatile year with lots of ups and downs.

Similarly, according to Bank of America, if the current trend continues, stocks in the S&P 500 could drop by 24% and fall to 3000. The main reason for the crash would be lower business and consumer spending impacting corporate earnings adversely. Additionally, the bank is predicting that the US economy will have a 0.4% drop in growth during the first quarter of next year. The Federal Reserve’s quantitative tightening policies might also dry up market liquidity by cutting back $95 billion in Treasury bonds and mortgage-backed securities from its $9 trillion balance sheet each month.

Deutsche Bank predicts that US stocks will fall by over 25% in the third quarter of the next financial year, contrary to the predictions made by Morgan Stanley and Bank of America. The team also predicts that stock prices will rebound by 2023, provided the recession doesn’t continue for more than a few quarters. Deutsche Bank’s 2023 outlook claims that the global capital market will experience a significant decrease in value due to increasing interest rates from the Federal Reserve, which will, as a result, slow down the US economy.

The American Federal Reserve was obliged to lift interest rates when high inflation surfaced as a consequence of spiking oil prices. Increasing rates, this action works to quell inflation overall.

Rising interest rates decrease cash flow in the economy, which then lowers commodity demand and, finally, inflation. However, a primary drawback of increasing interest rates is that it might lead to an economic recession in which people don’t spend money on necessities. When people spend less money, companies make less profit. This usually causes the stock market to react negatively.

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DoorDash is Abruptly Firing 1,250 Corporate Employees

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DoorDash is Abruptly Firing 1,250 Corporate Employees

One more tech company’s name has been attached to the string of tech companies that have announced mass layoffs.

DoorDash is cutting approximately 1,250 jobs and has joined the list of well-known tech companies’ most recent examples of cost-cutting. Tony Xu, CEO of DoorDash, wrote in a note to employees that the company had accelerated its hiring during the COVID-19 pandemic to keep up with its growth. He said that as of early 2020, DoorDash was undersized for its needs. Though DoorDash has succeeded in many areas, “we were too lax in our management of team growth,” according to Xu. He takes responsibility for this lack of foresight, which caused operating expenses to rise quickly.

Xu noted that DoorDash has held up better than other e-commerce businesses. DoorDash has seen a significant increase in its market share for food delivery, according to third-party data. As of September, DoorDash accounted for 56 percent of sales in the industry. However, rising interest rates and recessionary fears pose a risk to DoorDash’s business model.

The company’s growth has decreased, and if DoorDash doesn’t cut costs, its operating expenses will exceed its revenue, according to company CEO Xu. The layoffs announced today affect around six percent of the company’s workforce.

DoorDash is giving laid-off employees 17 weeks of severance pay and a stock vest that will come in February 2023. In addition to that, health benefits will cease at the end of March, but COBRA coverage will be accessible for up to 18 months. Xu noted that DoorDash would set 1st March as the employment termination date. So, immigrant workers in the US on visas will get more time to find another job. Not only this, but DoorDash says it will offer recruiting support.

Last month, Lyft stated that it would be firing about 700 employees, representing a 13 percent workforce reduction. Other large tech companies that have conducted similar mass layoffs in recent months include Twitter, Meta, Roku, Peloton, Amazon, and Snap.

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Now, You Can Buy a VanLife-Ready Transit Directly From the Ford Factory

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Now, You Can Buy a VanLife-Ready Transit Directly From the Ford Factory

The 2023 Ford Transit Trail is perfect for anyone who loves to explore and have new experiences.

The most significant challenge to using a van for long-distance excursions is the preparation. Most vehicles aren’t designed to accommodate extensive interior changes, like refrigerators, beds, and lighting fixtures–requiring many hours of custom work. However, Ford’s new Transit vans come prepped from the factory to accept popular VanLife modifications.

If you’re someone who loves adventure, then you’ll need a vehicle that can keep up with your lifestyle– enter the 2023 Transit Trail. This van is available in medium- and high-roof cargo configurations, providing ample space for all of your gear. The most spacious configuration offers 487 cubic feet of space, meaning there’s plenty of room to customize it to fit your needs. Plus, it has enough standing room for people six feet five inches tall and 14 feet of floor space in the cavernous cargo area.

This vehicle has been designed with convenience in mind- there are areas specifically for things like shelves, cabinets, and a bed. Buyers also have the option of an Upfitter package, which adds an exterior light bar, a larger center console, dual AGM batteries, and heavy-duty switches and electronics to make it easier to power accessories.

Not only has the inside been fixed up, but this Transit has also been built to handle tough adventures. It has a 3.5-liter turbocharged EcoBoost V-6 engine that makes 310 hp and 400 lb-ft of torque. This means it can go fast and carry a lot. The power goes to all four wheels through a 10-speed automatic transmission. The Transit has also increased its ride height by 3.5 inches for more ground clearance while keeping the 30-inch Goodyear Wranglers that guarantee you won’t get stuck anywhere. The 6500-pound towing capacity will come in handy when needing to tow a car or use it as your home away from home on race weekends.

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