💸 Musk's $120B Loss: Tesla's Slide Continues (Mar 11)

☕️ Good Morning, Masala Chai Family!

Happy Tuesday! While the world is juggling tariffs, market swings, and cola wars, we’re here to bring you the freshest, spiciest brew of the news. So, grab your chai, settle in, and let’s dive into today’s piping hot updates!

🍵 Chai Shots

• 📉 Crypto Slump Deepens: As tariff tensions rise and rate cut hopes diminish, Bitcoin fell as much as 3.7%, trading at $82,568. President Trump's pro-crypto announcements, including a US Bitcoin reserve, did little to lift market sentiment.

• 📉 Sensex, Nifty Tumble: The Sensex fell by 217 points and Nifty slipped below 22,500 as public sector banks, oil & gas, and auto stocks dragged markets lower.

• 🍾 Elon Musk’s $120B Hit: Tesla’s CEO saw his net worth plunge by 25% this year, driven by Tesla’s declining share price, increased political engagement, and reduced EV demand. More in the Big Brew!

• 💼 British Airways Compensation: A Bengaluru family received Rs 1.2 lakh after being denied boarding on a US-bound flight due to a payment issue, showcasing the growing attention to consumer rights in India.

• 🛵 Ola Electric's Regulatory Woes: Over 95% of its showrooms lack necessary trade certificates, leading to raids, vehicle seizures, and showrooms shutting down.

📈 Market Masala

• 📊 Sensex and Nifty: Both indices dipped with Sensex falling by 217.41 points to 74,115.17 and Nifty closing at 22,460.30 amid volatile crude oil prices and global uncertainties.

• 📉 Mid & Small Cap Struggles: Broader markets underperformed, with midcap 100 and smallcap 100 indices falling 1.5% and 2%, respectively. Analysts remain cautious about valuations.

• 💰 Rupee's Worst Fall: The rupee depreciated by 38 paise to 87.33 against the USD, marking its steepest fall in over a month.

• 🚢 India's Pharma Sector Resilient: Despite proposed US tariffs, Indian pharma CDMOs are expected to remain stable, contributing 40-45% of the US generic drug volume.

• 🛫 Air India Express Doubles Fleet: The airline now boasts 100 aircraft and is expanding routes across India, the Middle East, and Southeast Asia.

🌏 Global Masala

• 🛑 US Market Sell-Off: The "Magnificent Seven" stocks, including Nvidia, Tesla, Alphabet, Amazon, Meta, Apple, and Microsoft, were at the center of another sell-off. Tesla led the pack with a 15% plunge, while five of the seven saw drops over 4%. The Nasdaq had its worst day since September 2022, and the S&P 500 is nearing correction territory.

• 🥚 Brazil Boosts Egg Exports: With the US reeling from avian flu-related shortages, Brazil plans to nearly double its egg exports to 35,000 tons this year.

• ⛴️ Ferretti’s Acquisition Plans: The Italian yacht maker is eyeing an acquisition this year, keeping its options open on whether to buy a brand, yard, or asset.

• 📉 Novo Nordisk Shares Drop: Shares fell 5.4% after trial results showed its weight-loss drug CagriSema led to 15.7% weight reduction, below expectations.

• 🇨🇦 Canada’s Tariff Standoff: Prime Minister-designate Mark Carney declared that Canada's retaliatory tariffs will stay until the US shows “respect.” The tariffs hit C$30 billion worth of goods, with potential expansion on the horizon.

🫖 The Big Brew: Elon Musk’s Rollercoaster Wealth 🎢

💸 Elon Musk’s net worth took a nosedive, dropping a whopping $121 billion since December! Most of the loss is tied to Tesla’s shares, which plummeted as the S&P 500 dipped 1.78% after President Trump’s tariffs rattled investors.

🚘 Tesla’s stock, once flying high at $479 per share, now hovers around $263. The brand is also facing backlash as Musk’s role as the head of the Department of Government Efficiency (DOGE) under Trump’s administration creates controversy.

🔥 The tariffs hit Tesla hard as the company relies on Canada for imported vehicle parts, and China is its second-largest market. To add to the drama, Musk’s $300 million contribution to Trump’s campaign hasn’t helped, with sales dropping 16% from December to January.

🌍 The situation is so intense that Tesla power stations and showrooms have been targeted, and Cybertrucks now need police escorts during public events!

☕ What Does This Mean?

Musk remains the richest man on the planet, but he would need to lose another $116 billion to fall behind Meta's Mark Zuckerberg. For Tesla investors, the situation is a mixed bag – while the long-term growth story remains intact, the near-term turbulence is undeniable.

🚀 Startup Scoop

• 💍 GIVA Raises INR 102 Cr: The D2C jewellery brand secured fresh funding to open new stores, with participation from Alteria Capital and Northern Arc.

• 💸 Rusk Media's INR 74 Cr Series B: The digital entertainment company raised $8.5 million to fuel growth, with backing from Woori Venture Partners and others.

• 🚁 DroneAcharya Soars High: The dronetech company landed an INR 46.25 Cr project from EY for the World Bank's drone initiative in Nepal. The project focuses on infrastructure, disaster management, and precision agriculture.

• 🏥 Zenzo's 25,000 Ambulances: Zenzo launched a massive fleet of ambulances across 450 cities, aiming to offer quick access to emergency healthcare services akin to booking a cab.

🔮 What’s Brewing Next?

• 🛢️ Government's Ethanol Push: Ministers will meet with industry stakeholders to discuss ethanol blending policies and pricing ahead of the new sugar season.

• 💸 Government Seeks Rs 51,463 Cr: In the second batch of FY25 supplementary demands, the government aims to cover expenditures like the Unified Pension Scheme starting April 1.

• 📅 Mark Your Calendar: The U.S. releases job data on March 7, followed by China’s inflation rate on March 9 and India’s on March 12.

☕️ That’s a Wrap!

We hope today’s brew kept you caffeinated with the latest happenings. Remember, whether it’s the cola wars, the crypto slides, or the sky-high drone contracts, Masala Chai has got your back. Until tomorrow, stay curious and stay chai’d up! Keep Brewin’ 🫶