🚀 Cybertruck Recall

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Tesla is recalling 3,878 of its Cybertruck pickups due to accelerator pedals that may dislodge, potentially causing unintended acceleration and increasing the risk of crashes. The company, which has received two complaints regarding this issue, will fix the pedals at no cost to owners. This recall provides insight into Cybertruck sales, which have not been explicitly detailed by Tesla since CEO Elon Musk initiated deliveries in November. Musk has indicated that it could take 12 to 18 months to ramp up production significantly, with a goal to reach an annual production rate of 250,000 pickups by next year. Tesla's stock has declined by approximately 40% this year.

2. Global military spending hit a record $2.4 trillion in 2023, marking a 6.8% increase from the previous year and the largest annual rise since 2009, according to the Stockholm International Peace Research Institute. This surge in expenditure reflects heightened global tensions and conflicts, notably the ongoing war in Ukraine. Russia and Ukraine significantly boosted their military budgets, with increases of 24% and 51% respectively. Russia's spending reached an estimated $109 billion, making it the third largest globally, while Ukraine spent approximately $64.8 billion, or 37% of its GDP. The conflict has influenced military spending worldwide, with NATO countries reassessing their security needs and increasingly viewing the alliance's 2% GDP spending target as a minimum. This trend is evident in substantial spending hikes in countries like Poland (75%), Germany (9%), and the UK (7.9%). The U.S. remains the top spender at $916 billion, followed by China at $296 billion, which also increased its military budget by about 6%. Middle Eastern tensions, particularly Israel's increased expenditure following conflicts in Gaza, also contributed to the rise, with Israel's spending jumping 24% to $27.5 billion.

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4. Headlines

   1. Cryptocurrencies rose on Monday in response to Bitcoin’s halving event.

   2. EU threatening to ban TikTok’s Lite program over concerns that it could cause addiction to the app.

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