Here’s what we have for you today:
• Sinking Ark?
• Scenting southern Musk
• Social so-so
Cathie Wood’s contrarian fund?
So far: Cathie Wood’s Ark Investment Management has earned more than $300 million in fees on its flagship fund since its start nine years ago, while wiping out almost $10 billion of investors’ money in the same period.
Flee or Fee? In 2023, Ark has earned more than 70% of its $310mn fees since the fund’s valuation plummeted by nearly three quarters from its high in February 2021.
Welcome to 2023: Since the beginning, the “Ark Disruptive Innovation” investors have lost nearly 27% in dollar (weighted returns). Thus, on average, every dollar invested in the fund is now worth 73 cents. Investors who bought at the peak are down more than 74%.
From South Africa to Southern United States
Cowboy town: Reportedly Elon Musk bought thousands of acres of land next to Austin, Texas with plans to build his own town there for employees to live and work.
Sounds boring: The Wall Street Journal reports Elon has described the city as a “sort of Texas utopia along the Colorado River”. It is also planned to be named “Snailbrook”.
By creating the town, Elon would be able to set some of the city’s regulations. Last year, at an all-hands meeting of Boring employees, president Steve Davis reportedly talked about holding an election for mayor of the city.
Employee benefits? “Snailbrook” could be part of Elon’s plans to provide affordable housing for his employees.
Meta party over?
The cut: Meta the parent of Facebook, Instagram and WhatsApp has cut 21,000 jobs in the recent four months.
Not so virtual: Mark Zuckerberg is pushing for majority in-person work at Meta.
Apparently: Tech and Silicon Valley now enter the normal corporate setting, where profit is first and employees are second.
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