—— London Billionaire Sells Mansion at 30% Discount; Nvidia Poised for Stock Split; US Jobless Rate Hits Two-Year High; Audi to Fully Acquire F1 Team; Coinbase Reclaims Listing Price; HelloFresh Plunges 48%; TSMC to Receive $5B in Federal Grants
1. London Billionaire Sells Mansion at 30% Discount
In November last year, UK billionaire Bobby Arora sold a luxury detached villa in London’s Belgravia neighborhood for $30 million—30% less than what he paid a decade ago.
London’s wealthiest homeowners are having to slash prices significantly to attract buyers. Higher taxes and elevated interest rates are impacting luxury housing transactions.
Late last year, a South African developer sold a nearby property for £80 million, which was £30 million less than the purchase price in 2017.
Despite the markdowns, London’s ultra-luxury market remains resilient, with overseas buyers spending £100 million on homes in 2023.
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2. Nvidia Poised for Stock Split
Nvidia has added an astonishing $1 trillion in market cap year-to-date, with its share price nearing $1,000. Many now believe Nvidia is well-positioned for a stock split.
While some bullish investors argue that the price is justified by Nvidia’s prospects, others see the stock as overheated.
Ken Mahoney, CEO of Mahoney Asset Management, noted that Nvidia’s high stock price deters retail investors. He expects the company to pursue a stock split next year to attract smaller shareholders.
In 2021, Nvidia last split its stock after shares climbed to $750.
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3. US Jobless Rate Hits Two-Year High
The US Labor Department reported that nonfarm payrolls rose by 275,000 in February, while the unemployment rate climbed to 3.9% and wage growth slowed.
The data suggests a cooling job market, which the Fed views positively.
The sectors adding the most jobs in February included services, healthcare, leisure and hospitality, and government. The unemployment rate rose largely because more job seekers hadn’t yet found work.
The data boosted hopes for a Fed rate cut this year, pushing stocks and Treasuries higher as traders raised expectations for a June rate cut.
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4. Audi to Fully Acquire F1 Team
Volkswagen’s luxury brand Audi plans to acquire full ownership of the Swiss-based Sauber Group F1 racing team and enter the competition in 2026.
Audi initially bought a minority stake in January 2023, aiming to acquire up to 70%. However, new CEO Gernot Dollner later decided to buy the entire team.
With F1’s growing popularity, more investors are pouring into the sport. Ford has also announced a return to F1 in 2026 after a 20-year hiatus.
Dollner will oversee Audi’s R&D efforts in addition to his CEO role to accelerate car development cycles.
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5. Coinbase Reclaims Listing Price
This morning, Coinbase Global’s stock price surpassed its $250 direct listing price for the first time in over two years.
In November 2021, Coinbase shares peaked at $350, but dropped 38% within a year of going public.
The recent Bitcoin rally and SEC’s approval of Bitcoin ETFs have pushed Coinbase’s stock up over 300% in the past year.
On its debut trading day in 2021, Coinbase opened at $381 and surged more than 13% before falling below its opening price.
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6. HelloFresh Plunges 48%
German meal-kit company HelloFresh issued a disappointing profit outlook and withdrew its 2025 revenue forecast, sending its shares crashing 48% to €6.13—well below even the most bearish analyst estimates.
Out of 23 analysts tracking HelloFresh, more than half had buy ratings, with only six bearish. Even the most pessimistic forecast was €11 per share.
The company admitted that expensive marketing efforts haven’t driven meaningful customer growth.
HelloFresh now trades at just 0.2x forward revenue, far below its food-sector peers in Europe.
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7. TSMC to Receive $5B in Federal Grants
Insiders revealed that TSMC is likely to receive $5 billion in US federal subsidies to support its chip manufacturing facility in Arizona.
The 2022 Chips and Science Act also offers TSMC loan guarantees, though the company may not use them.
The US Commerce Department has earmarked $28 billion in total subsidies for top chipmakers to encourage local production, with Intel, Micron, and Samsung among expected recipients.
TSMC’s Phoenix plant has delayed production until 2025 due to a shortage of skilled workers.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.