Financial and Economic News: December 6, 2023

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Major stories developing on the global economic front, including:

• Spotify Layoffs
• BitCoin Booms (Again)
• Barkley layoffs
• Inflation is Eating into Savings
• Musk’s Meltdown
• Millei, Argentina’s President-elect Wants to Dollarize
• Meta shares are officially for sale!
• Banking Examiner Shortage

FinWeekly has all the details on trending market and financial news this week: Starting off, Spotify makes headlines with a significant workforce reduction, cutting 1,500 jobs—17% of its workforce, prompting discussions on the ethical dimensions of such moves. Bitcoin enthusiasts celebrate a surge beyond $42,000, fueled by SEC approval hopes for exchange-traded funds, but we explore potential risks and indicators to watch. Barclays contemplates layoffs in a $1.25 billion cost-cutting effort, impacting both employees and the broader market. Santander US Capital Markets highlights the real-world impact of inflation, eroding pandemic savings for 40% of Americans. Elon Musk's 'X' faces financial challenges as major advertisers pull out, questioning the platform's stability. Argentina's President-elect proposes an unconventional solution to hyperinflation—adopting the U.S. dollar. Mark Zuckerberg's Meta shares are up for sale, reflecting strategic decisions for the company. And lastly, we delve into the banking examiner shortage at the Federal Reserve and FDIC, exploring the potential risks within the financial system. Check out what this means for you in our latest episode!

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