Good evening.
Market bloodbath continues, tech giants wipe more than $1 trillion in value, and popular stablecoin TerraUSD tumbles 70%.
Let's dive in.
Markets
Here are today's market moves:
What Happened?
U.S. stocks fell sharply on Wednesday as investors digested the latest U.S. inflation data.
The consumer price index accelerated 8.3% in April, more than the 8.1% estimate and near the highest level in more than 40 years.
After April proved to be one of Wall Street’s worst months in recent years, May has not provided much relief for investors.
The world's biggest companies have lost more than $1 trillion in recent days, with companies like Apple, Amazon, and Meta leading the losses.
The crypto market tumbled on Wednesday, with Bitcoin falling below $30,000. The price movement of cryptocurrencies this year has closely mirrored that of the tech-heavy Nasdaq.
Catch Up
Elon Musk said yesterday that if he owned Twitter, he would “reverse the permanent ban” of former President Donald Trump.
TerraUSD, a popular crypto stablecoin, fell to as low as 30 cents on Wednesday, before recovering to 80 cents.
Hedge fund Tiger Global has lost roughly two-thirds of the gains it has made for investors since its inception in 2001.