DAILY DOSE: December 8, 2020
Posted on 12/08/2020
1. Silicon Valley billionaire and Tesla Inc. CEO Elon Musk relocates to Texas from California. Musk wants to focus more on the new Tesla Inc plant and his SpaceX venture. Texas is one of seven states without a personal income tax. California has some of the highest state tax rates in the United States. The 670% stock rally of Tesla in 2020 boosted Musk’s net worth from US$ 27 billion to US$ 155 billion. In June 2020, Musk sold his home the Bel-Air area of Los Angeles for US$ 29 million, according to public records.
Tesla is undertaking a US$ 5 billion capital (equity distribution agreement) raise to retire debt and increase the warchest of the company.
2. Texas election challenge is formally docketed at the U.S. Supreme Court. The State of Texas filed suit against Pennsylvania, Michigan, Georgia, and Wisconsin. Election irregularities have been documented with affadavits in the U.S. presidential election.
3. Swiss government says all public events are forbidden with the exception of legislative bodies and religious events.
4. The U.S. Department of Treasury issued fresh North Korea-related sanctions.
5. Portugal 10-year bond yield falls to 0% for the first time.
6. IATA says October passenger demand (measured in revenue passenger kilometers) was down 70.6% compared to October 2019.
7. The Chinese government opposes U.S. arm sales to Taiwan.
8. Apple Inc. says Apple Fitness+ will be a US$ 9.99 subscription and be available December 14, 2020.
9. Congressman Clyburn says most of Joe Biden’s inauguration will be virtual.