The stock market surged to record highs following the election, with the S&P 500 closing at 5,995.54 on Friday. While some attribute the rally to the removal of election uncertainty, others point to a more powerful force: the stock market vigilantes. These are investors who, by their own self-interest, will push policies that keep stock prices high, potentially influencing the direction of the economy and even the president’s decisions.
Tesla’s recent robotaxi unveiling has fallen flat with investors, prompting concerns about the company’s future growth prospects. Jefferies, while raising Tesla’s price target, maintains a Neutral rating, citing the lack of clarity surrounding the robotaxi technology and concerns about the company’s core business. The brokerage predicts subdued growth for the next two years due to aging core models and challenges updating its vehicle catalog.
A court filing has unveiled the list of investors backing Elon Musk’s X, formerly known as Twitter. The list includes high-profile figures such as Saudi Prince Al Waleed bin Talal al Saud, Jack Dorsey, Sean “Diddy” Combs, and Andreessen Horowitz. The revelation sheds light on the financial backing behind Musk’s ambitious plans for X as an all-encompassing app.
Saudi Arabia’s economy minister, Faisal Al Ibrahim, has rejected reports that the kingdom’s $1.5 trillion NEOM megaproject is reducing its plans. Al Ibrahim stressed that all projects are progressing according to schedule, but decisions are being made with consideration for optimal economic impact. The minister emphasized that the project’s scale remains unchanged, despite reports that The Line project would be significantly reduced in size. NEOM, part of Saudi Arabia’s Vision 2030 initiative, aims to diversify the economy and attract investors with innovative projects.
