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Happy Friday! Have a great weekend:
👉 GameStop share offering
👉 China real estate bailout
👉Figma announces offer
GAMESTOP: Share Offering
GameStop shares dropped for a third day after the company announced plans to sell up to 45 million shares, losing as much as 25% in premarket trading. Preliminary first-quarter sales fell to $872-$892 million, down from $1.2 billion last year.
Source: ABC
The trading frenzy that boosted these meme stocks earlier this week has eased, with significant declines in retail investor purchases and options activity. Keith Gill, known as "Roaring Kitty," sparked the latest rally, but the high volatility and options trading from early 2021 have not returned.
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CHINA: Real Estate Package
The Chinese government, led by Xi Jinping, is making a significant effort to revive the property market by easing mortgage rules and urging local governments to buy unsold homes. The support package includes lower down payments and 300 billion yuan ($42 billion) from the central bank for buying excess inventory, which will be converted into affordable housing.
Source: Fox
Investors reacted positively, with developer shares rising nearly 10%. However, it's uncertain if this will fully resolve the crisis, as the funding is less than what analysts say is needed and many buyers are waiting for prices to drop further.
FIGMA: Announces Offer
Figma, a cloud-based design tool company, announced a tender offer valuing it at $12.5 billion, up 25% from its 2021 valuation. This offer allows current and former employees to sell shares and is supported by over 25 investors, including A16z, Sequoia, and Kleiner Perkins.
Source: Figma
Adobe's planned $20 billion acquisition was canceled in December due to regulatory issues. Figma's clients include Microsoft, Google, Oracle, and Salesforce. In 2021, it was valued at $10 billion in a funding round with Morgan Stanley’s Counterpoint Global.
Chart of the Day
📊 Total Credit Card Debt
Source: CNBC
GRIT Meme of the Day 😂
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Source: @wallstbets
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