General Electric is splitting up
Plus: Tesla lost $199 billion & FuboTV reached a big milestone
Hello there,
General Electric (GE) announced that it will be breaking into three companies, which will be focused on; healthcare, energy and power, and aviation.
Why this matters: The company dropped a bombshell that left investors excited and shot its stock up over 16% to $126, though it slid back to $111. GE plans to spin off its healthcare unit by 2023, the power and energy business will follow in 2024. This will leave the GE name with its aviation arm serving the commercial aerospace and defence industries. This move pushes General Electric’s market capitalization to about $125 billion. (Market Watch)
Tesla lost $199 billion
Tesla (TSLA) lost $199 billion in value during its biggest back-to-back selloff amid a host of negative news.
Why this matters: The train of events began over the weekend when Elon Musk asked voters via Twitter polls if he should sell 10% of his stake in the company. This was followed by news that his brother, Kimbal Musk, sold off $109 million in Tesla shares just before the poll. Some investors believe that Musk may want to sell stocks to cover his personal debts. Tesla shares dropped 12% following this news. (Yahoo Finance)
FuboTV reached a big milestone
FuboTV (FUBO) has crossed one million subscribers six years after its launch.
Why this matters: The sports-focused streaming TV service announced the milestone yesterday, as part of its third-quarter earnings report. FuboTV also highlighted its growth in revenue, advertising earnings, and viewing hours of about 284 million hours of streamed content during the quarter, up 113% year over year. FuboTV also announced that it is acquiring France’s number one live TV streaming company, Molotov SAS. (The Verge)
That’s it from us
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