By: Lucinda Mavuso
Robotaxi: Elon Musk spoke at Trump’s rally in Philadelphia this past weekend. Musk’s appearance will influence the markets significantly with his robotaxi, a self-driving or driverless taxi, which will be released on Oct. 10. Investors are waiting with bated breath and the share price of TESLA might shoot up. According to Yahoo Finance, analysts are estimating it to reach a $310 target leading to the event. I am still trying to wrap my head around EV’s, and I am not sure the world is ready for a robot vehicle. With oil prices decreasing, we are seeing the demand for cars increase, given the interest rate cut.
Hurricane Milton:
There is a crucial economic downturn in Florida due to Hurricane Milton.
Tampa, Orlando, and Palm Beach airports are shut down and gas stations are out of gas. Insurance companies are preparing for considerable losses. Wells Fargo foresees insured losses worth $20 billion. Elyse Greenspan the Managing Director of Insurance at Wells Fargo Securities projects, universal insurance is already taking a hard beating, and the share price is responding to the macroeconomics.
If you have family and friends in Florida, I hope they have evacuated and stay safe.
FTX bankruptcy: Yes, it is still an operating business with Bankman Fried incarcerated. Creditors will be getting their money back since the company filed for Chapter 11 bankruptcy in May 2022 (CNBC).
Cook County Finance Committee Meeting: There is a virtual and in-person meeting on Oct. 11 at 10:30 AM. The board will be talking about the fiscal 2025 budget for Cook County. If you are interested here is the link to join https://www.cookcountyil.gov/service/watch-live-board-proceedings
Photo Credit: Tito
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