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Today's Top Stories

  • Amid increased spending and falling oil prices, Russia's economy faces pressure
  • Adobe acquires design software firm Figma in $20 billion deal, a win for startups
  • Ethereum's long-awaited "Merge" is complete, and without any hiccups

Econ Bytes

AP

 

Cheaper Oil and Ukraine War Are Blowing a Hole in Russia’s Finances

 

New signs of strain in the Russian economy are proving increasingly costly. Between falling energy prices and the long-term effects of the war with Ukraine, Russia's budget surplus has all but disappeared. Even before we see the potentially impactful G7 price cap on oil, and EU embargo, Russia's gas deliveries to the EU and the UK have decreased by nearly 50% since the start of 2022. At the same time, spending on the military and economic recovery has risen sharply. Putin continues to deny any signs of economic trouble, and trade between Russia and China has boomed in the last six months, but things could start to unravel here pretty quickly. 

 

Tech Bytes

Getty Images

 

$20 Billion Figma Deal Is a Historic Coup for Startup Investors

 

Adobe announced on Thursday a massive acquisition of design software firm Figma. With nearly $20 billion in cash and stock, Adobe is buying Figma at roughly 50 times revenue, prompting a response from critics. Figma, for those unfamiliar, is known for allowing teams to collaborate in real-time and actually competes head-to-head with Adobe’s XD program. That being said, Adobe is planning on integrating some features of Figma's platform into its products. Illustration, photography, and video technology will all be brought from the platform to accelerate Adobe's "vision for collaborative creativity.” 

 

Notable Decliners

  • Adobe (ADBE) -16.8%
  • Zscaler (ZS) -3.8%
  • Bill.com (BILL) -2.7%
  • Fortinet (FTNT) -2.2%
  • Electronic Arts (EA) -2.0%
 

Earnings

  • Monday: Oracle
  • Tuesday: N/A
  • Wednesday: N/A
  • Thursday: Adobe
  • Friday: N/A

Crypto Bytes

Shutterstock

 

Ethereum Successfully Executes Highly-Anticipated Merge Event

 

Finally, Ethereum's transition from proof of work to proof of stake is complete. With the upgrade, Ethereum's network is forever changed as the way in which ETH is created and transactions are validated is transformed. During the event, major crypto platforms (i.e., Binance, FTX, and Coinbase) temporarily paused trading for Ethereum-related tokens, but it's expected to resume on those platforms shortly. The Ethereum core developer team is certainly celebrating the moment after years of testing and preparation. After all, none of the tens of billions of dollars worth of digital assets supported by the network were adversely affected. 

 

Notable Gainers

  • Golem (GLM) +10.17%
  • Kyber Network Crystal v2 (KNC) +7.66%
  • Chiliz (CHZ) +5.73%
  • Quant (QNT) +4.61%
  • Neo (NEO) +3.26%

rareliquid

 
 

Disclosure: This newsletter is meant for informational purposes only and is not investment advice. Please consult with your investment, tax, or legal advisor before making any investment decisions.

 

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