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Welcome to 10 Things Before the Opening Bell.
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1. Elon Musk is back at it again with the Twitter antics. This time he's crowd-sourcing advice from his 63 million followers around whether he should sell 10% of his Tesla stock, worth roughly $21 billion. (They voted 'yes.')
At the center of the debate is Sen. Ron Wyden's so-called billionaires' tax, which Musk hinted at when addressing the Twittersphere. Under Wyden's plan, Musk's capital-gains tax bill would be significantly higher than it is now, hence the interest in possibly selling now.
As with all of Musk's high-profile online shenanigans, billions of dollars of market value hung in the balance. Tesla shares tumbled as much as 7% soon after the market opened on Monday, wiping out $89 billion from the company's valuation.
But losses stabilized in the afternoon as people came to terms with the fact that Musk was probably going to have to sell a bunch of Tesla stock eventually. He even said as much months ago.
And it wouldn't truly be an Elon Musk Twitter Moment without a dash of juvenile humor - and the Tesla CEO was happy to oblige. Rather than directly address a tweet from Wyden, Musk instead made a lewd comment about his profile photo. Never change, Elon.
2. US stocks are marooned near all-time highs, as the Fed sounds the alarm on risky assets. Even so, bitcoin and ether are hitting new records, boosted by big investors gripped by FOMO. Here are the latest moves on the market.
3. Your old NBA rookie cards could be worth more than $1 million. That's according to Leore Avidar, who founded a sports-investing platform. He spoke to Insider about the ways NFTs are changing the trading-card industry.
4. Earnings on deck: Coinbase, DoorDash, and Toast, all reporting.
5. Crypto gains may be fueling the labor shortage. A new study from CivicScience found that people are leaving low-paying work to take their chances on risky digital assets. The survey comes as the total market cap for digital assets hits $3 trillion for the first time.
6. Citi's CEO says all big banks will soon consider crypto trading. Vikram Pandit sees the shift happening in the next one to three years. Read his full comments about digital-asset expansion.
7. The collapse of Evergrande is a big warning for China's property market. Pantheon Macroeconomics has some choice words for so-called wealth management products. Here's why the firm thinks they're a "lurking off-balance sheet risk."
8. Warren Buffett's Berkshire Hathaway reported Q3 earnings over the weekend. The company revealed it was a net seller of stocks, and discussed inflation and labor shortages. Here are the 4 big takeaways.
9. Meet the influencer who's found the intersection between altcoins and the metaverse. Mack Lorden recently began investing in cryptos used in metaverse projects. Here are 6 altcoins he likes now.
10. We spoke to the 'Godmother of the Metaverse,' who runs an academy where tuition is sold as an NFT. Cathy Hackl has more than seven years of experience in the space. She laid out 4 diversified ways for investors to tap into the metaverse boom.
Compiled by Phil Rosen. Feedback? Email [email protected] or tweet @philrosenn.
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