Ellison testifies againt SBF

Market Overview
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Year To Date Performances:

1. Exxon Mobil is set to fortify its stature in the oil industry with the acquisition of Pioneer Natural Resources in a whopping $60 billion all-stock deal. This merger, the largest for Exxon since its union with Mobil in 1998, will boost its foothold in the U.S. fossil fuel sector, particularly benefiting from Pioneer's significant presence in the Permian Basin. Post-acquisition, Exxon's daily production in the Permian Basin will more than double, hitting 1.3 million barrels. CEO Darren Woods expressed confidence in the combined strength of the two entities, foreseeing unparalleled long-term value generation.

2. Caroline Ellison's testimony has sent shockwaves throughout the cryptocurrency community. Allegedly, Sam Bankman-Fried, the co-founder of FTX, instructed Ellison to divert funds from FTX clients to clear outstanding debts with firms that loaned money to Alameda Research, a crypto trading company led by Ellison. The two, who once shared both personal and professional ties, are now embroiled in a scandal that reportedly involves a staggering misappropriation of around $10 billion. Ellison claims Bankman-Fried was not only complicit but played a pivotal role in facilitating this unauthorized fund transfer.

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4. Headlines

   1. Amazon has launched its “Big Deals” day which is essentially another Prime Day in October.

   2. Demand for adjustable mortgage rates saw a significant spike last week.

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