Elon’s Making It up as He Goes | The Daily Peel | 11/8/22

• Zuck is about to can thousands of employees this week in the first mass layoff since he founded Facebook
• China’s C-19 Zero is hampering production of the iPhone 14
• COP27 begins this week in Egypt as world leaders haggle over how to keep the Earth from literally boiling over
• Midterm campaigns are unleashing all they’ve got ahead of election day

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Digging the Gig

Americans have shown that they’ll sooner take on 5-figure CC debt rather than trim their lifestyles.

So, to cope with inflation, more are entering the gig economy.

• 6% more workers than last October have a side gig in addition to their day job
• Zoomers are the cohort that loves gig work the most, with many cobbling enough together to ditch full-time work entirely
• Adding part-time workers has helped employers survive the labor crunch somewhat, but there still aren’t enough bodies
• The U.S. labor market will have to undergo a titanic shift as younger people prefer to juggle several employers rather than be beholden to one

Source

Meta ($META) ↑ 6.53% ↑

• A wave of job cuts this week is a drop in the bucket compared to the piles of money Zuck is throwing at the metaverse
• But the stock has gotten halved in the last 6 months, and investors are seeing value at these levels

Natural Gas Futures (NG00)

• Nat gas has been trading like a meme stock lately, and futures got a big jump after an updated forecast for frigid U.S. temps this winter
• Tankers with billions in gas are hanging out in European waters until prices rise, showing how insane the market is rn