🚀 Jack Dorsey leaves Bluesky

Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Jack Dorsey, co-founder of Twitter, has stepped down from the board of Bluesky, a social media platform he initiated in 2019 during his tenure as CEO of Twitter. Bluesky acknowledged his departure on May 5 and expressed gratitude for his contributions. The reasons behind his exit have not been disclosed by either party. Dorsey has remained active online, supporting grants and referring to Elon Musk's network as "freedom technology." Notably, he has also significantly reduced his following list on social media to a select few, including Musk. Bluesky was envisioned by Dorsey as a venture to create a decentralized standard for social media platforms.

2. The dream of homeownership is increasingly out of reach for many renters, as a New York Federal Reserve survey from February 2024 shows only 13.4% believe they can eventually afford a home, down from 15% in 2023. High mortgage rates and rising housing prices are significant barriers, with the average rate for a 30-year mortgage at 7.22% and the median home price at $388,700. Prospects for future affordability are bleak, with expected increases in housing prices by 5.1% over the next year and mortgage rates projected to rise further to 8.7% in one year and 9.7% in three years. Additionally, renters anticipate a 9.7% increase in rental costs over the next year, compounding the affordability crisis.

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4. Headlines

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