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Out of everything that’s happened in the world this week there is one event that tops them all. Facebook has been dragged into one of the biggest social media scandals ever and the social media’s stock value is plummeting almost as fast as the company’s reputation among users. However, Facebook is not the only one struggling, the most iconic toy store is filing for bankruptcy, the majority of ICOs from 2018 are failing, and we have lost one of the most iconic human beings to ever walk this earth. On a more positive note, things are looking good for Tesla and Elon Musk himself, and the Bank of England has lessened the pressure on cryptocurrencies. Without further ado, here is a round-up of this week’s most important events.
Facebook is in total crisis mode after information about the company selling user information to private companies surfaced. Reportedly, the information was later misused. According to several reports, Facebook illegally handed over user information to Cambridge Analytica who then used the data to influence the 2016 American presidential election by running Facebook ads for Donald Trump. As you might imagine the news about these allegations caused Facebook’s stock to plummet and the near future does not look too promising.
In the midst of the Facebook scandal, media outlets discovered that Zuckerberg had sold a large portion of his stocks just a week before the events unfolded. At first, this led to a public outcry about insider trading and rigged investments, but the facts tell us something different. Apparently, Zuckerberg’s stock sale was in fact planned for several months and it was completely automatic.
According to the latest reports, the majority of successful ICOs in 2018 are currently trading at loss proving once again that Initial Coin Offerings aren’t the best or most reliable investments. Currently, close to 80% of ICOs in 2018 are failing and the remaining 20% are struggling to stay afloat. The reason for this is tighter regulation of the ICO market as well as the tumbling cryptocurrency market and Ethereum’s falling price.
The American toy store Toys R Us has fallen. Toys R Us has been the most iconic toy store in the world for several decades. Unfortunately, the company has been forced to file for bankruptcy due to their inability to stay relevant and compete in the online market. All Toys R Us stores in the United States are now being liquidated, and it seems like this is the end of the tunnel for the toy company.
Twitter’s CEO Jack Dorsey announced that he is a strong believer in Bitcoin. Dorsey even took it as far as to claim that Bitcoin will overtake the American dollar and become the biggest currency in the world within 10 years.
Even though Dorsey seems confident about Bitcoin, some sources are claiming that the company is about to ban cryptocurrency ads within two weeks. Twitter’s alleged cryptocurrency ban is said to be similar although not as strict as the bans that were recently introduced by Facebook and Google.
Stephen Hawking passed away this week at 76 years of age, and even though he was not a business person himself, he has helped inspire countless innovative products and services over the years. For example, without Hawking, Elon Musk wouldn’t be talking about colonizing Mars. Hawking’s death shocked the world and he will be greatly missed by many.
Tesla shareholders have agreed on a new huge pay raise for CEO Elon Musk. The payment plan is a stock grant and it can be worth up to $50 billion dollars over the next few years. That being said, the payment is not guaranteed, and in order to qualify for the money, Elon Musk and Tesla must reach certain strict milestones.
Concerns over stricter cryptocurrency regulation and reactionary measures continued to grow as the initial G20 Summit meetings were held this week. However, on Sunday Mark Carney the Chairman of the G20’s Financial Stability Board changed everything. Carney announced in a letter to the G20 member states that the FBS had come to the conclusion that cryptocurrencies were not as risky as many assumed. Since the announcement, the cryptocurrency market has experienced widespread gains.
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