AFL club says it is not in its ‘best interests’ for former player to remain
Tredrea had refused to apologise for podcast guest’s comments
Port Adelaide has removed Warren Tredrea from its board after the former club great refused to apologise for comments made by a guest on his podcast.
An interview published in May with a former British Army veteran drew criticism from the Jewish Council of Australia, accusing it of amplifying far-right antisemitic conspiracy theories, prompting the AFL club to commence a governance review.
The Old State House Museum is the original state capitol building of Arkansas and the oldest standing state capitol building west of the Mississippi River. Since 1833, when construction began, the building and its grounds have witnessed many of the most important events in Arkansas history.
Some 32 Latvian lawmakers voted to stay in the pact of the Council of Europe that opposes violence against women, while 56 voted to leave it. Two MPs did not vote.
In a lengthy Truth Social Post, the president attacked the Democratic Party and said the Senate GOP leadership should get rid of the filibuster and “immediately” end the shutdown.
Mark Zuckerberg lost about $29.2 billion as Meta’s AI spending spooked investors, knocking him two spots down on Bloomberg’s Billionaires Index.
Taylor Hill/Getty Images
Mark Zuckerberg lost about $29.2 billion overnight as Meta’s stock fell after its earnings report.
The drop pushed him two spots lower on Bloomberg’s Billionaires Index to fifth place.
The Meta CEO fielded a flurry of investor questions about the company’s AI spending during a call on Wednesday.
Mark Zuckerberg’s net worth just took a tumble.
The Meta CEO dropped two spots on Bloomberg’s Billionaires Index after the company’s quarterly earnings report sent its stock sliding. Zuckerberg lost around $29.2 billion overnight, leaving him with $235 billion.
The drop pushed him to fifth place on the index, below Amazon’s Jeff Bezos and Alphabet’s Larry Page.
Page’s net worth increased to $244 billion as Alphabet’s shares rose 2.5% after the company beat earnings estimates, buoyed by robust growth in Google Cloud and Search.
Bezos’ fortune fell by about $6.6 billion. Meanwhile, Amazon’s stock jumped more than 13% on Thursday after the company reported huge growth in the third quarter, including in its cloud business, Amazon Web Services.
Zuckerberg’s fortune has taken hits in the past when earnings spooked its investors. Meta shares plunged about 24% in 2022 after the company missed earnings targets and Zuckerberg pledged to pour billions more into building the metaverse. The metaverse bet wiped out about $100 billion from his wealth at that time.
Investors have been jittery about Meta’s big AI spending plans. Meta said on Wednesday it could spend $70 billion to $72 billion on AI capital expenditures in 2025, up from its previous guidance of $66 billion to $72 billion. Meta CFO Susan Li said spending will climb even higher in 2026 as Meta invests in data centers, cloud services, and salaries for the growing ranks of AI researchers and engineers hired for Meta Superintelligence Labs.
Mark Zuckerberg faced a flurry of questions in a call with analysts on Wednesday about how Meta is spending the billions it’s pouring into AI.
When JPMorgan analyst Doug Anmuth asked about Meta’s soaring costs, Zuckerberg said pouring money into AI was the smart play, even if the company ends up overshooting.
In what he called the “very worst case,” Meta would have “pre-built for a couple of years,” taking on some depreciation costs before eventually growing into the extra capacity, Zuckerberg said.
That was better than being caught short on compute when the next wave of AI breakthroughs arrives, he added.
After the earnings report was released, Meta’s stock plummeted nearly 9%.
As of Thursday evening, Meta’s stock had fallen more than 11%.
Zuckerberg did not respond to a request for comment from Business Insider.
Investors on edge about AI spending
Microsoft’s stock prices also dropped on Wednesday following its earnings announcement. The software giant reported a record $34.9 billion in capital expenditures last quarter, up from the $24.2 billion the quarter before. The company also said spending could increase in 2026.
Shares of Microsoft fell 3% at intraday lows on Thursday.
Peter Berezin, chief market strategist at BCA Research, said the stock declines in Meta and Microsoft were a “yellow flag” for the AI trade. In a recent note to clients, he said a possible warning for the AI trade could be when a major tech firm announces plans to spend more on capex, only to see their stock prices fall.
Berezin told Business Insider on Thursday that he expected to see that play out across the sector in the future, which would mark a clearer warning that the AI hype is starting to deflate.
“When Zuck comes out and says, we’re making all these investments based on the best-case scenario for AI because we don’t want to be left behind — that’s dangerous, right? Because if you don’t get that best-case scenario, you are going to have pretty significant write-offs,” Berezin said.
Michael Burry of “The Big Short” fame just posted on X for the first time since April 2023.
The investor said that even if there’s a bubble, sometimes the “only winning move is not to play.”
Burry also updated his profile, doubling down on his reputation as a pessimistic forecaster.
Michael Burry is back with a bang.
The investor of “The Big Short” fame posted on X for the first time since April 2023 on Thursday. He shared a still from the movie of actor Christian Bale, who portrayed Burry, staring at a computer screen in disbelief.
“Sometimes, we see bubbles,” he wrote. “Sometimes, there is something to do about it. Sometimes, the only winning move is not to play.”
The post suggests Burry sees unsustainable levels of speculation in markets, but has decided to steer clear as he doesn’t see an effective way to capitalize on it.
Burry also updated his profile name to “Cassandra Unchained,” referring to the priestess in Greek mythology who was cursed to make accurate prophecies but never to be believed.
Echoing his return to the social media platform in November 2021, Burry once again changed his header image to “Satire of Tulip Mania,” a painting by Jan Brueghel the Younger that ridicules the Dutch tulip bubble in the 1600s.
Sometimes, we see bubbles. Sometimes, there is something to do about it. Sometimes, the only winning move is not to play. pic.twitter.com/xNBSvjGgvs
Burry is best known for predicting and profiting from the collapse of the housing bubble in the mid-2000s. His contrarian wager was immortalized in the book and film “The Big Short.”
He’s also famous in financial circles for frequently predicting market crashes and recessions, investing in GameStop long before it became a meme stock, and betting against Elon Musk’s Tesla, Cathie Wood’s flagship Ark fund, Apple, microchip stocks including Nvidia, and the S&P 500 and Nasdaq 100 indexes in recent years.
Notably, in the summer of 2021, he sounded the alarm on the “greatest speculative bubble of all time in all things” and cautioned buyers of meme stocks and cryptocurrencies that they were careening toward the “mother of all crashes.”
Burry’s dire warnings caught Musk’s attention in late 2021, when the world’s richest man labeled him a “broken clock.” The Scion Asset Management chief also sent shockwaves through Wall Street in early 2023 with a single-word post: “Sell.”
However, Burry ceased posting to his primary account’s 1.4 million followers shortly afterward.
Burry appeared to turn bullish in the second quarter of this year, when his hedge fund swapped bearish put options on six stocks for bullish call options on nine stocks last quarter, per its latest portfolio update. The notional values of those positions were $186 million and $522 million, respectively.
At the end of March, Scion held seven positions, including puts on Alibaba, JD.com, and Nvidia, as well as a direct stake in Estée Lauder. Three months later, it held 15 positions, including calls and direct stakes in Estée Lauder and Lululemon, and calls on Alibaba, JD.com, and VF.
“He has gone from a strong conviction bet on a sector fall to a broad-based bet the bull run will continue,” Peter Mallouk, the president and CEO of Creative Planning, told Business Insider in August.
Scion didn’t immediately respond to a request for comment.
Law enforcement personnel carried out the inspection at a federally authorized container freight station as part of an ongoing campaign to ensure compliance with immigration regulations.
