Monday’s Headlines: Are Tesla And Bitcoin Back Together?

Monday’s Headlines: Are Tesla And Bitcoin Back Together?

Here were the biggest movers in the MyWallSt shortlist on Friday:

Moving Up ⬆️

Peloton Interactive (PTON) +6.6%

GoPro (GPRO) +6.1%

Zoom Communications (ZM) +5.7%

Coupa Software (COUP) +4.8%

Lemonade (LMND) +4.7%

Moving Down ⬇️

RH (RH) -3.5%

Spotify (SPOT) -1.4%

Arista Networks (ANET) -1.4%

Prologis Inc. (PLD) -1.2%

Planet Fitness (PLNT) -1.0%

1. The Bitcoin-Tesla (TSLA) saga continues after Elon Musk declared on Sunday that it will resume accepting the coin once it confirms that miners are using reasonable clean energy. In February, Tesla announced that it had bought $1.5 billion worth of Bitcoin and later said it would take it as payment before going back on this last month over environmental concerns. In response to crypto market price manipulation allegations, Musk also stated that Tesla sold around 10% of its Bitcoin holdings to prove that the coin could be liquidated easily without moving the market. Following the announcement, Bitcoin’s price jumped 10%. Read more here

2. All eyes were on the Xbox Game Pass at Microsoft (MSFT) and Bethesda’s joint presentation at the E3 gaming conference yesterday. At the event, Microsoft unveiled 30 new games, including ‘Yakuza: Like A Dragon’, and explained that most of these titles will be available on its monthly subscription service, Xbox Game Pass. The subscription model gives players access to a library of games that subscribers can play on Xbox consoles, Android devices, and PCs for $9.99 a month. Head of Xbox, Phil Spencer, stated: "What makes us different from a service like Netflix is that we give players both options, a subscription package and also a full retail store." See more here.  

3. Big Tech was faced with some bad news on Friday as House lawmakers in Washington introduced antitrust legislation aimed at restraining their power. If passed, the new laws will be the most progressive updates made to monopoly law in the last decade. The proposals will make it easier to break up companies that use their dominance to get ahead in new markets, introduce hurdles for acquisitions of rivals, and give regulators more funds to police companies. For example, the new legislation could make it harder for Apple (AAPL) to enter new lines of business that are advertised in its App Store and Amazon (AMZN) could also find it difficult to sell its own branded products. Check out the full story here.


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