• 2 months ago
TheStreet’s Conway Gittens brings you the biggest news of the day, including what investors are watching and why staying warm this winter is going to cost you.

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Sports
Transcript
00:00I'm Conway Gittins reporting from the New York Stock Exchange.
00:02Here's what we're watching on the street today.
00:04Wall Street is in nervous mode Wednesday
00:06after geopolitical tensions and a potentially economically
00:10damaging labor strike kept investors on edge.
00:13Meanwhile, good news on the labor front went overlooked.
00:16Private hiring bounced back more than expected in September,
00:19according to payroll company ADP.
00:21But on the corporate front, quarterly sales at Nike
00:24fell more than anticipated.
00:26Profits came in ahead of forecast,
00:28but that was largely due to cost cutting.
00:32In other news, Elon Musk's purchase of X
00:34is turning into a very bad investment
00:37for the billionaire.
00:38Since taking over the company formerly known as Twitter,
00:41X's value has plummeted roughly 80% to just $9.4 billion
00:47based on estimates by the Fidelity Blue Chip Growth Fund.
00:50Musk paid $44 billion for the company in 2022.
00:54That estimate is based on the shares Fidelity still owns.
00:58As of the end of August, it says its stake
01:01was worth only $4.2 million, which was a 24% drop
01:05from the month before, and way down
01:08from the $19.6 million perceived value
01:11at the time of Musk's purchase.
01:13Other estimates of X's value are less dire, but not by much.
01:18Noted Wedbush securities analyst Dan Ives
01:20told CNN that X is probably worth about $15 billion
01:24and was worth about $30 billion when Musk did the deal.
01:28Analysts and marketing experts pin X's diminishing market
01:31value on Musk himself.
01:34Since taking over, he's scared away advertisers
01:37by allowing controversial content, misinformation,
01:40and unfounded conspiracy theories
01:42to proliferate the site.
01:43But not all the news is bad.
01:46X said monthly active users rose 6% in the second quarter
01:49to 570 million monthly active users.
01:53And that's still a lot of eyeballs for advertisers
01:57who are willing to pay up.
01:59That'll do it for your daily briefing
02:00from the New York Stock Exchange.
02:01I'm Conway Gittens with The Street.

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