Tesla’s Energy Storage Gigafactory in Shanghai Begins Trial Production
Despite news that its energy storage gigafactory in Shanghai has started trial production, with mass production expected early next year, Tesla (TSLA) stock declined in premarket trade on Tuesday. The drop tracks a broader tech rout, which has hit the market amid concerns about the pace of Federal Reserve interest rate cuts in 2025.
The Impact of Elon Musk’s Statements on Tesla Stock
Meanwhile, the electric car maker’s stock continues to be closely tied to the actions and statements of its billionaire founder Elon Musk. Recently, Musk made several provocative statements, including claiming that he would ‘go to war’ with the MAGA movement over skilled migrant visas.
Elon Musk’s Controversial Remarks
Musk’s most recent outburst was in response to criticism of the H-1B visa programme, which allows US companies to hire skilled foreign workers. "Take a big step back," Musk said, as he launched an attack on critics of the programme.
The Importance of H-1B Visas for America’s Success
Musk defended the programme as vital to America’s success, stating that it allowed him and many other critical people to build companies like SpaceX, Tesla, and hundreds of others. "The reason I’m in America along with so many critical people who built SpaceX, Tesla and hundreds of other companies that made America strong is because of H-1B," Musk wrote on X.
Year-to-Date Performance
Despite the recent controversy surrounding Musk’s statements, the stock has jumped around 68% for the year-to-date.
Other Market News
Sangamo Therapeutics (SGMO): Sangamo Therapeutics dropped almost 50% in premarket trade on Tuesday in the US, following news that pharma giant Pfizer (PFE) is ending a partnership with the drug developer to make a new gene therapy to treat haemophilia A.
Pfizer’s Decision to End Partnership
Sangamo said it is assessing ‘all options’ to continue making the drug. The move by Pfizer comes despite the fact that the drug had met its goals in a late-stage trial, and the company was planning to file for US and European approval early next year.
Bitcoin (BTC-USD)
Bitcoin ticked cautiously higher on the final day of the year, after a rollercoaster year which saw it smash through previous all-time highs. The largest digital asset by market cap was trading at around $93,800 by mid-morning in London on a subdued day in markets.
Bitcoin’s Volatility
Over the last month, the asset has been volatile — heading to all-time highs past the $106,000 mark. This volatility can be attributed to market anticipation of US president-elect Donald Trump‘s incoming pro-crypto cast of advisers.
Donald Trump’s Pledges for the Crypto Industry
During the election cycle, Trump made several pledges in line with boosting the crypto industry. One such pledge was to build a national bitcoin reserve for the US. He also vowed to sack the crypto critical US Securities and Exchange Commission (SEC) chair Gary Gensler, with Paul Atkins, CEO of Patomak Partners and a former SEC commissioner, lined up to replace him.
Patomak Partners’ CEO Paul Atkins
Atkins is known as a friend of the crypto industry and will likely be a softer touch on regulation. Meanwhile, Trump appointed former PayPal (PYPL) executive David Sacks as the first crypto and AI tsar. Sacks has previously argued that opening the doors to crypto adoption would spur on growth and encourage innovation.
Endeavour (EDV.L) Stock Climbs 1.8%
Endeavour stock was among the winners of the FTSE 100 (^FTSE) on Tuesday, climbing 1.8% after it announced a share buyback. The transaction will involve the repurchase of 15,700 of its ordinary shares as part of its ongoing buy-back programme.
How Major Tech Stocks Could Perform in 2025
As we look to the future, many investors are wondering how major tech stocks could perform in 2025. With the pace of Federal Reserve interest rate cuts in 2025 being a concern for many market participants, it will be interesting to see how these stocks react.
Best-Performing Memecoins of 2024
In addition to major tech stocks, we are also seeing some interesting trends in the memecoin space. With the rise of memes and their increasing popularity, it’s no wonder that some of these coins have seen significant price increases this year.
Pound, Gold, and Oil Prices in Focus: Commodity and Currency Check
As the new year begins, investors are looking to the future with a mix of optimism and caution. With the pound, gold, and oil prices all coming under scrutiny, we take a closer look at what’s driving these changes.
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