Market Update: Meta, Microsoft, Musk, Tencent, CarMax, FTX | Dec 23

By Duncan Ferris


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In Friday’s market update we look at a payout from Meta Platforms, a promise from Elon Musk, a Tencent freakout and the latest entry in the Sam Bankman-Fried saga.

Thursday saw the S&P 500 drop by 1.5%, after falling as much as 3% during trading hours. Meanwhile the Nasdaq 100 fell by 2.5%, the DOW was down by 1.05% and the Russell 2000 declined by 1.29%.

Meta Platforms (NASDAQ: META) has agreed to pay $725m to settle a lawsuit relating to its relationship with Cambridge Analytica. The long-running suit alleged that the social media giant illegally shared users’ data with the Cambridge Analytica, a consulting firm which worked on President Trump’s 2016 election campaign.

Microsoft (NASDAQ: MSFT) says it will take on the Federal Trade Commission over whether the US regulator will block the tech giant's planned takeover of video game company Activision Blizzard (NASDAQ: ATVI).

Elon Musk has announced that he won’t sell any Tesla (NASDAQ: TSLA) stock for two years, having sold around $40bn-worth over the last 12 months. Musk’s announcement appears to be an effort to steady the ship, with Tesla stock having decline in value by almost 70% across the year to date.

Tencent (HKG: 0700) CEO Pony Ma has laid into the company’s workforce at a company event, reportedly telling staff that they couldn’t “survive as a business” but were quite happy to “chill at the weekend”.

CarMax (NYSE: KMX) shares slid on Thursday after the company’s earnings disappointed. The used car business said it was pausing share buybacks and some hiring efforts after third quarter profits fell by almost 90%.

Last of all, FTX founder Sam Bankman-Fried clinched a bail deal on Thursday that would see him released on a $250m bond secured against his parents' property with restrictions on his movement.

That's our final market update of 2022, so we'd like to wish you happy holidays and have a fantastic new year!

Dig a little deeper into the market update: 

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In this article:

Author: Duncan Ferris

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Duncan Ferris does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Duncan Ferris has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of, has not been paid for the production of this piece by the company or companies mentioned above.

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