The Rundown - Reddit IPO Roadshow Kicks Off, Bitcoin Hits $72,000

Episode Date: March 11, 2024

Stock market update for March 11, 2024. The content of the podcast is for general and informational purposes only. All views presented in this show reflect the opinions of the guest and the host. You should not take a mention of any asset, be it cryptocurrency or a publicly traded security as a recommendation to buy, sell or hold that cryptocurrency or security. Guests and hosts are not affiliated with or endorsed by Public Holdings or its subsidiaries. You should make your own financial and investment decisions or consult respective professionals. Full disclosures are in the channel description. Learn more at Public.com/disclosures. Past performance is not a guarantee of future results. There is a possibility of loss with any investment. Historical or hypothetical performance results, if mentioned, are presented for illustrative purposes only. Do not infer or assume that any securities, sectors or markets described in the videos were or will be profitable. Any statements of future expectations and other forward-looking statements are strictly based on the current views, opinion, or assumptions of the person presenting them, and should not be taken as an indicator of performance nor should be relied upon as an investment advice.The content of the podcast is for general and informational purposes only. All views presented in this show reflect the opinions of the guest and the host. You should not take a mention of any asset, be it cryptocurrency or a publicly traded security as a recommendation to buy, sell or hold that cryptocurrency or security. Guests and hosts are not affiliated with or endorsed by Public Holdings or its subsidiaries. You should make your own financial and investment decisions or consult respective professionals. Full disclosures are in the channel description. Learn more at Public.com/disclosures. Past performance is not a guarantee of future results. There is a possibility of loss with any investment. Historical or hypothetical performance results, if mentioned, are presented for illustrative purposes only. Do not infer or assume that any securities, sectors or markets described in the videos were or will be profitable. Any statements of future expectations and other forward-looking statements are strictly based on the current views, opinion, or assumptions of the person presenting them, and should not be taken as an indicator of performance nor should be relied upon as an investment advice.

Public.com presents the rundown, your daily market update in five minutes. My name is Zadmani, and today is Monday, March 11th. In today's episode, we talked about Bitcoin hitting all-time highs this morning and what caused the price to spike overnight. We also dive into more details regarding the Reddit IPO and discuss the possibility of a TikTok band. And then we wrap the show highlighting some stocks making moves and a fun fact about the Oscars. All right, let's get into it. Let's do a quick recap with the stock market last week.

The stock market rally took a break last week. All three major indices finished lower. It was kind of a roller coaster of a week where stocks started lower, then bounced back to all-time highs on Thursday and then dip lower again on Friday. Let's hope that things can get back on track this week because we have another stacked week to get through. On Tuesday morning, the February CPI report comes out. That is the most referred to inflation report. Investors are going to keep a close watch on this data because this is going to factor

into the Fed's decision on when they're going to start cutting rates. Speaking of the Fed, the FOMC meeting, also known as the Fed meeting, is just nine days away. And right now, the markets are pricing in a 97% chance of the Fed keeping rates the way they are, according to the CME Fed Watch tool. Now, while the stock market rally hit a speed bump last week, Bitcoin has continued to power on. The price of Bitcoin hit all-time highs this morning, jumping past $72,000 for the first time

ever. I woke up this morning around 4 a.m. shout out to my six-month-old son, and I had like six notifications of Bitcoin hitting all-time highs. Now, the reason for the jump in price has to do with the UK. UK regulators said that they wouldn't fight the creation of a crypto ETN, which is a exchange traded note. It's a bit different than an ETF like we have in the US, and ETN is a debt security that tracks an index. But what this means is more institutional money all over the world can now be invested into crypto. Now, to be clear, this crypto, ETN will not be available to retail traders, only institutional traders. But crypto investors were still excited because the institutional monies were the big monies at.

And as we've seen the popularity of the Bitcoin ETF in the U.S. With tens of billions of dollars invested in it already, the ETN in the UK might do just that for UK institutional investors. The London Stock Exchange said that it would start accepting applications for these ETNs starting in Q2 of this year. So right around the corner. All right, let's switch gears and talk about more traditional finance, like the Reddit IPO. The Reddit IPO Roadshow kicks off today where we're going to learn more about the company. Like according to the latest filings this morning, Reddit plans to sell 22 million shares at a price range between $31 and $34 a share.

And if you do the math, that means that Reddit is looking to raise around $750 million in its IPO with a valuation to be near $6.5 billion. About 8% of the shares in the IPO are being set aside for Reddit power users and moderators, and as well as some board members and friends and families of some employees and directors. And interestingly enough, these shares won't be subject to a lockup, which means that you could sell these shares on opening day of trading. I wonder what that's going to do to the stock price on day one. The Reddit stock should start trading sometime this month,

so we're going to keep you in the loop once things go live. And speaking of big social media companies, there might be a TikTok ban coming in the United States. Last week, a committee in the House of Representatives decided with a 50 to zero vote to bring legislative forward to Congress focused on a TikTok ban in the U.S. Now, if we dig into the specifics of the bill, this law would require Bight Dance, which is Ticktok's parent company and also a Chinese holding company, to sell Ticktok to a U.S. company or be banned.

U.S. government officials are worried that TikTok is providing data to the Chinese government. And obviously, TikTok has denied this claim multiple times. If this law does pass, BightDance will have about five months to sell Ticktok or be banned. An interesting twist in this whole thing. President Trump, who tried to ban TikTok back in 2020, is now against a TikTok ban, saying that this would strengthen Facebook. So, yeah, drama. A vote for this bill is expected to happen on the House this week. So we'll keep an eye on this for you and keep an eye on meta as all this plays out. Because if TikTok does get banned, they're going to be the biggest winners out of all of this.

And I know this is a very controversial topic. I'm very curious what you guys think. Do you think that TikTok should be banned in the U.S.? We're going to put up a poll on Spotify. People seem to like these polls and we've had a lot of great. engagement on these polls. So if you're listening to this on Spotify, go open up the app real quick and put your vote in for the poll. I'm very curious to see how this vote turns out. I bet you it's going to be 50-50. All right, let's talk about some stocks making moves today. Starting with some

winners for this morning. No surprise, a lot of the winners are crypto-related companies. Coinbase stock is up more than 3% off the backs of Bitcoin making all-time highs. And then micro-strategy, which holds a ton of Bitcoin is also up more than 5%. So yeah, crypto, big winners today. No surprise there. Let's talk about some stocks not doing so good today. Meta, surprisingly, is one of the worst performing stocks in the S&P 500 today, down more than 5%. This likely has to do with the fact that Trump came out saying that he would not support a TikTok ban. Also, Boeing down more than 2% this morning because they're under a criminal investigation from the DOJ from the incident earlier in the year where their door blew off from the Alaskan Airlines flight.

Also, Boeing had a ton of issues last week as well where a tire fell off a plane taking off from San Francisco. And then an engine failure on a flight going from Houston to Florida. Boeing, please, can you guys just figure this out? I have a couple of flights coming up and I really don't want any anxiety, okay? All right, let's wrap the show with a fun fact about the Oscars. The Oscars were on Sunday night where Oppenheimer pretty much won all the awards. But, you know, don't feel so bad for the other nominees that didn't win because they get a gift basket worth $178,000. Like in this year's bag, there's going to be vouchers for stays at fancy resorts in Switzerland and St. Barts.

But if you do redeem these vouchers, you got to pay taxes on the value of that trip. So, Killian Murphy, I know you listen to this show every day. Just, you know, tell your accountant to set some money aside for the taxes if you do decide to redeem these vouchers. I always just found that funny. You're like, if someone wins a car on the Price is Right or Wheel of Fortune, they have to pay taxes on the prize. Imagine winning a $50,000 car and then getting hit with $10,000 in taxes. I feel like it kind of takes the fun away. We need to pass a law that has a loophole for winning prizes in game shows.

That's my rant for today. All right, guys. That's all I got for you guys today. I really appreciate everyone that listens to this show, everyone that's rated this show five stars on Spotify and Apple Podcasts, especially those of you guys that participate in the Spotify polls. Thank you guys again for all the support. Remember, we got shows every day this week.

So make sure you guys tune in. Thank you again for listening, and we'll see you guys back here tomorrow. This is the rundown, your real-time resource for news events and trends in the markets. All views presented in this show reflect the opinions of the guests. You should not take any mention of a publicly traded security as recommendation to buy, sell or hold that security. Rundown guests are not financial advisors and are not affiliated with public holdings or its subsidiaries.

You should make your own financial and investment decisions or consult. Respective professionals. Learn more at public.com disclosures. In partnership with Zayid Mani, brokerage services for U.S. listed, registered securities are offered by Open to the Public Investing Incorporated, member FINRA and SIPC.