The Metaverse Finally Has Legs

At Meta Connect, Mark Zuckerberg announced that the Metaverse finally has legs. 🦵🦵

Well, not legs like the idiom’s meaning of “likely to continue or succeed.” That might be true; however, we mean actual LEGS.

The company is shaking up its higher-detail avatar products by adding legs. While this may not seem like such a big deal, it was a challenging undertaking. More importantly, Zuckerberg made the case that looking and acting like real people in the Metaverse will dramatically improve the experience and possibilities, ultimately leading to increased adoption.

Additionally, in its efforts to convince investors of the company’s progress, Meta also shared updates like: the Quest Pro shipping out, partnering with Microsoft to bring workplace tools to VR, $1.5 billion in revenue from its Quest Store, and more!

Unfortunately, while Zuckerberg and Meta appear excited about the Metaverse, investors remain skeptical. $META shares fell 3.92% today and closed just shy of their 2020 lows. 🙃

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What’s With All The Accounting Issues?

Accounting is the practice of using numbers to tell the story of a company’s past, present, and future. For an investor, these numbers and stories are the foundation of all decisions, so it’s imperative that they’re done correctly. And generally, they are.

But lately, there’s been an uptick in the number of accounting mishaps making their way into the financial markets. Today we got a few more instances of this problem, so let’s take a look. 📝

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Justice Department Targets UnitedHealth

With the upcoming presidential election looming, the current administration is itching to accomplish more before a potential shakeup. While antitrust regulators have had a field day with big tech, airlines, grocery chains, and others this year, they’re taking another look at UnitedHealth, especially given its recent cybersecurity issues. 🕵️‍♂️

The Justice Department is poking around to figure out the relationship between the company’s UnitedHealthcare insurance unit and its Optum health-services division. They’ve asked how UnitedHealth’s acquisitions of doctor groups might affect competitors and consumers. 🤔

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Only Some EV-Makers Delivered

Electric vehicle (EV) manufacturers came out with their fourth-quarter delivery numbers today, sending their stocks all over the place. 📊

First, let’s start with everyone’s favorite, Tesla, which delivered mixed news to investors. It managed 1.81 million EV deliveries around the globe in 2023, meeting its full-year guidance and narrowly topping the consensus estimates. That was up 38% YoY but slowed from 2022. 

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DWAC Bounces Back (Again)

We mentioned last week that investors were preparing for a politically driven 2024, and boy, that accelerated quickly. 😜

Trump-linked stocks Digital World Acquisition Corp, Phunware, and Rumble jumped sharply today after Ron DeSantis canceled his presidential run.

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