🚀 Spirit declares bankruptcy

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Market Overview
Read time 1.4 minutes

Year To Date Performances:

1. Spirit Airlines has filed for Chapter 11 bankruptcy, becoming the first major U.S. airline to do so since 2011. The budget carrier has faced mounting losses due to rising costs, weaker sales, and setbacks like a failed JetBlue merger and a Pratt & Whitney engine recall. Spirit plans to continue operations while restructuring, supported by $300 million in financing and deals to convert $795 million in debt into equity. Despite selling jets to boost liquidity and experimenting with fare bundles, Spirit couldn’t recover from post-pandemic challenges. The bankruptcy could lead to further downsizing or a potential revival of merger talks with Frontier.

2. Tesla shares surged nearly 7% after reports that President-elect Donald Trump’s team plans to prioritize a federal framework for self-driving vehicle regulation, a potential boon for Tesla's robotaxi ambitions. Elon Musk, a vocal Trump supporter during the campaign, has been tapped to co-lead the new "Department of Government Efficiency" (DOGE), aimed at slashing bureaucracy and easing regulations. Tesla recently unveiled the "Cybercab," a $30,000 two-seater robotaxi concept, but still lags behind Waymo in deploying autonomous vehicles. A clear regulatory framework could accelerate Tesla’s rollout of unsupervised Full Self-Driving technology in states like Texas and California by next year.

3. Liberty Energy shares climbed nearly 6%, and Oklo surged 10% premarket after President-elect Donald Trump tapped Liberty CEO Chris Wright as Energy Secretary. Wright, who also sits on Oklo’s board, is set to join the Council on National Energy, aligning with Trump’s pro-fossil fuel agenda. While Wright denies climate change necessitates transitioning from fossil fuels, Oklo’s nuclear micro-reactor ambitions hint at diverse energy strategies. Despite Trump's push for increased U.S. fossil fuel production, experts, including Exxon CEO Darren Woods, doubt significant changes in oil and gas output, as the U.S. remains the world's top crude producer.

4. Headlines

   1. Jake Paul and Mike Tyson’s boxing match reached 65 million concurrent streams on Netflix.

   2. Xiaomi's revenues increased 30.5% last quarter as its first electric car was a commercial success.

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Liam Gill