MARKETS UPDATE

• U.S. GDP rose 2.9% in the three months from October to December 2022, but the 2022 growth rate cooled compared to Q3, due to interest rate hikes, decreased consumer spending, and weak economies overseas.

• Blackstone, the world's largest manager of alternative assets, reported a 41% YoY decline in its Q4 earnings, as asset sales declined by 55%.

• Tesla beat Q4 analyst estimates with their best-ever quarterly revenue, and it’s share price is up 10% today.

Chart of the day

Charlie Bilello @charliebilello

The cost of a dozen eggs in the US has moved from $1.79 to $4.25 over the last year, the largest 12-month % increase on record (+138%).

2:02 PM ∙ Jan 25, 2023

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ONLINE BUSINESS UPDATE

• EF Capital, which just closed its latest investment round with over $3.8M raised, is rebranding to WebStreet. They state that long term this will lead to better investor returns through increased deal flow, with their vision being to deploy $100M per year.

• The market-leading affiliate site Dog Food Advisor was acquired for $9M earlier this month by Wag!, expanding its reach into the pet food and treats market of the pet industry.

• CNET’s AI-written financial articles have drawn criticism for significant factual errors. It’s been forced to add a new disclaimer stating "We are actively reviewing all our AI-assisted pieces".

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STARTUPS UPDATE

• Asset Reality, a London startup that helps its clients track and recover stolen digital assets, raises a $4.9 million seed round led by Framework Ventures, along with TechStars.

• Digital-first health insurance provider Angle Health raises a $58M Series A funding led by Portage.

• EV charging management platform Ampeco raised a $13M Series A led by BMW iVentures. Its platform lets customers pick and choose from hardware partners.

CRYPTO UPDATE

• Tesla HODLd all its Bitcoin during the crypto market turmoil in Q4.

• Grayscale Investments is taking SEC to court over its decision to reject their spot bitcoin ETF proposal.

• BlockFi’s mistakenly uploaded financials show a $1.2 billion relationship with FTX and Alameda Research.

REAL ESTATE UPDATE

• Existing home sales dropped 1.5% in December, and are 34% lower than 12 months prior, with low supply supporting prices.

• RE/MAX announced the release of its MAX/Tech platform in the U.S. after a successful launch in Canada late last year. Features include customizable websites, lead engine, and an AI-powered CRM.

• Metahood, a platform for trading real estate in the metaverse, launches in public beta and announces its $3M seed round, enabling trading of assets within popular metaverses such as Otherside, Sandbox, and Decenterland.

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