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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Bird, an electric scooter company once valued at $2.5 billion, has filed for Chapter 11 bankruptcy in Florida, signalling a sharp decline from its previous market prominence. The company, which gained popularity as an eco-friendly transport alternative, has entered a preliminary purchase agreement with its creditors to facilitate the sale of its assets within 90 to 120 days. Bird's fortunes plummeted with the onset of the COVID-19 pandemic, as lockdowns drastically reduced scooter usage. Despite going public in 2021 through a merger, the company faced a steep drop in stock value and was delisted from the New York Stock Exchange in September for failing to meet regulatory market capitalization requirements.

2. After two significant announcements, Toyota experienced a 4% drop in its stock on the Nikkei 225 index. Firstly, due to safety concerns, the company issued a recall for about a million 2020-2022 models of Toyota and Lexus vehicles in the United States. Additionally, Toyota's subsidiary Daihatsu ceased shipments of all its vehicles after an investigation revealed discrepancies in airbag control units used in tests compared to those in the sold models. This follows Daihatsu's April admission of rigging side-collision safety tests for 88,000 small cars, primarily sold under the Toyota brand. These developments contributed to the sharp sell-off of Toyota's shares.

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4. Headlines

   1. Blackberry posted a profit in Q4 against expectations.

   2. Warner Bros and Paramount are considering a merger.

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