Wealt Weekly Roundup #37

Good morning ??

We are excited to share the 37th edition of the Wealt weekly roundup, where we provide a weekly update on our progress, company insights, and significant industry developments.

Together, we'll navigate the path to financial success because informed decisions are the foundation of a prosperous future. Let's get started!

Highlights from Wealt

Second deal lifts off! ??

Last week, we announced that we had successfully secured our place in the stratosphere of alternative investments by securing an allocation of access to SpaceX – the most valuable private company on Earth. This grants our esteemed Wealt Club ?? community, the Wealters, an exclusive route to the pioneering enterprise that's reshaping the boundaries of space exploration. Through strategic manoeuvring and support of our network, we have secured competitive terms, ensuring this stellar opportunity aligns perfectly with our commitment to delivering the finest alternative investments. We extend our sincere thanks to all who have already secured their places. Your trust has been the driving force propelling us to new frontiers. As we close this deal tomorrow, we will continue to update you with the finalised details of this interstellar venture.

We will be announcing new deals on the hottest startups in the coming days. If you don’t want to miss out on our upcoming, highly sought-after deals, join the Wealt Club to get the latest updates and be the first to know about upcoming deals.

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Thanks again for being part of our journey. Here's to many more successes together! ??

Must know

Fun fact: Did you know that out of all the companies in the US with annual revenues exceeding $100 million, only 2,800 are publicly traded? That means a whopping 87% of these high-revenue powerhouses are privately held, operating away from the stock market spotlight!

• Nvidia has completed its 10-for-1 stock split.
• Nvidia is now more valuable than Apple at $3.01 trillion.
• The U.S. economy created far more jobs than expected in May, and annual wage growth reaccelerated.
• German central bank warns on inflation and cuts 2024 growth outlook.
• The Bank of England allotted a record 19.096 billion pounds in its weekly short-term repo operation, up from 17.186 billion pounds the week before.
• The US Department of the Treasury seeks public comment on the risks and opportunities posed by using AI in financial services.
• Mastercard has updated its Open Banking platform to enable people to automatically switch their direct deposits and update their recurring bill payments when they open or update an account.
• Tesla CEO Elon Musk could leave if a $56 billion pay package is not approved, shareholders warned.
• Australia's government is prepping legislation requiring buy now, pay later providers to carry out basic credit checks on new customers.
• The Consumer Financial Protection Bureau (CFPB) has taken another step to promote open banking in the US, finalising a rule for recognising data sharing standards and preventing incumbents from "squelching" startups.
• Texas Stock Exchange raises $120 million to take on Nyse and Nasdaq.
• Dutch neobank Bunq announced this week its partnership with NVIDIA to combat fraudsters through accelerated computing and AI.
• BBVA Colombia and IFC will issue the first biodiversity bond for the financial sector.
• The UK's Link ATM network is testing a new breed of cash machine, a ‘super-ATM,’ that can accept deposits from multiple banks.
• The Bank for International Settlements (BIS) is launching Project Rialto to explore how instant cross-border payments could be improved using a modular foreign exchange component combined with settlement in wholesale central bank digital currencies (wCBDC).
• Small business lender Funding Circle is cutting around 120 jobs as it looks to slash costs in search of profitability.
• Savings app Yotta says 85,000 customers have been locked out of their accounts for three weeks because of the collapse of BaaS platform Synapse.
• UK digital bank Monzo is preparing to expand into the US and Europe after reporting its first full year of profitability. For the financial year ended 31 March 2024, Monzo achieved a pre-tax profit of ￡15.4m.
• UK neobank Starling will not reapply for an EU banking license.
• Mastercard launches biometric checkout program in Uruguay.
• Visa and Mastercard have agreed to pay $197 million to settle a long-running class action lawsuit accusing them of keeping ATM fees artificially high.
• Coinbase argues that the SEC is trying to crush the crypto industry.

Readings for you

We add another article about life and wealth management to our collection every week. We know and love that knowledge grows when it’s shared. So, here there are some handpicked suggestions from our collection:

• The secondary market has become an indispensable focal point for many investors. Did you catch the rise of private equity secondary markets?
• We are offering you a FIRE path for your freedom.
• Welcoming the sustainable investment. First, calculate your ESG score.

Before you go…

We will continue to be here every week. Stay tuned for more in your inbox or on LinkedIn. To learn more about wealth management and Wealt, join our community and drop us a ??.

With warm regards and enthusiastic spirits,

Wealt Team ???