Circle won’t be going public
Circle, the company that created one of the most prominent stablecoins, USDC, has canceled its plans to go public. Circle had publicly announced plans for an IPO in July 2021, with a market valuation of $4.5 billion through SPAC.
More market movers from category
Microsoft said that it will invest multiple billion dollars over the course of several years in the AI company OpenAI behind ChatGPT. Microsoft has plans to integrate OpenAI’s models into many of its business and consumer products as well.
There will be 12,000 layoffs at Google, affecting departments including HR, IT, product management, and corporate functions. These layoffs are the latest to rock the tech industry and follow Microsoft’s announcement to eliminate 10,000 jobs.
The JSE FTSE All Share Index, which tracks South African stocks, reached a new record high of 80,000. Optimism regarding expectations of more conservative rate hikes from major central banks has buoyed the market mood. The stock index has risen by about 10% so far in 2023.
Amazon.com is planning to lay off more than 18 000 employees this year. This represents about 1% of all the workforce of Amazon. It will be the biggest employee elimination in the history. It is expected that the retail division and HR of Amazon will be most affected.
More market movers
The price of natural gas in Europe tumbled for the fifth day in a row, dropping below 54€ on Friday. Prices have dropped 20% in just one week and are now close to levels not seen since September 2021.
The US economy grew at an annualized rate of 2.9% in Q4 2022,. This is more than the expected 2.6%, following a 3.2% growth in the previous quarter.