1. SEC’s Social Media Account Hacked
2. CFA Pass Rate Falls to New Low
3. Amazon Lays Off Streaming Staff
4. OpenAI Launches GPT App Store
5. Bain Named Top Workplace in U.S.
6. Brokers Optimistic on Multifamily Sector
7. SEC Officially Approves Bitcoin ETFs
1. SEC’s Social Media Account Hacked
Today, the U.S. Securities and Exchange Commission’s official X (formerly Twitter) account was hacked. The attacker falsely announced that Bitcoin ETFs had been approved, which triggered an immediate price surge in Bitcoin.
SEC Chair Gary Gensler quickly posted a correction, confirming the hack and clarifying that no spot Bitcoin ETF had been approved at that time.
Bitcoin prices spiked briefly before dropping again due to the confusion. The SEC stated it is working with law enforcement to investigate the incident.
X’s head of operations, Joe Benarroch, confirmed the account was secured and that an internal investigation is underway.
More than 10 firms have submitted applications to launch Bitcoin ETFs. A decision from the SEC is expected this year.
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2. CFA Pass Rate Falls to New Low
The CFA Institute announced today that the pass rate for the November Level I exam dropped to 35%, down from 37% in August and 39% in May—marking the lowest level since 2021.
The average pass rate over the past decade is 40%. The pandemic disrupted exam preparation and continues to impact candidate performance across all three levels.
Although scores are gradually recovering, the institute noted that lasting effects from COVID-era disruptions remain.
The CFA advised candidates to leverage past academic knowledge and retain their study materials to improve preparation.
In November, 29,000 candidates sat for the Level I exam across 480 testing centers globally.
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3. Amazon Lays Off Streaming Staff
Amazon will cut hundreds of jobs in its Prime Video and studio operations, according to an internal email shared today.
Mike Hopkins, head of Amazon’s streaming division, said the company is trimming expenses and reducing investments in certain areas.
Other media giants like Disney, Paramount, and Warner Bros. are also scaling back streaming costs. Netflix has kept production spending flat for the past two years.
U.S. media output fell from 599 releases in 2022 to a projected 400 this year.
Amazon’s live-streaming platform Twitch also plans to cut 35% of its workforce—around 500 jobs.
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4. OpenAI Launches GPT App Store
OpenAI launched its GPT Store today—a new web-based marketplace where users can share and sell custom GPT-powered tools.
Examples include a GPT that teaches math to children or one that generates cocktail recipes. These tools can be monetized by their creators.
Similar to Apple’s App Store or Google Play, the GPT Store features trending tools, categorized and ranked by functionality.
The launch could become a major revenue stream for OpenAI and help it build a broader AI ecosystem.
OpenAI also rolled out a $25/month ChatGPT subscription plan today.
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5. Bain Named Top Workplace in U.S.
According to Glassdoor’s 2023 “Best Places to Work” rankings, management consulting firm Bain & Company claimed the #1 spot. Nvidia placed second.
Apple reentered the list at #39 after falling off in 2022—likely due to its return-to-office push. Still, Apple avoided the mass layoffs seen at other tech companies.
Last year, Apple stock rose 48%, more than double the market average, which may have contributed to higher employee satisfaction.
The number of tech companies on the list fell from 41 to 31, replaced by more banks, retailers, and manufacturers.
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6. Brokers Optimistic on Multifamily Sector
According to a new Berkadia survey, 72% of real estate investment and lending professionals expect an increase in institutional multifamily deals worth over $50 million this year.
Among 212 respondents, 13% predicted worsening market conditions, while 15% expected performance to remain similar to 2023.
44% believe the U.S. 10-year Treasury yield will settle between 3.5% and 4% in 2024. Meanwhile, 35% expect capitalization rates to rise, and 30% think they will fall.
Cap rates typically move in tandem with interest rate shifts.
The survey found banks are tightening credit, with insurance companies and government-sponsored entities (GSEs) expected to lead in lending activity.
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7. SEC Officially Approves Bitcoin ETFs
Today, the SEC officially approved 11 spot Bitcoin ETFs for listing starting Thursday—a landmark decision for the $1.7 trillion digital asset market.
The approval came as a surprise, marking a policy shift after over a decade of skepticism toward crypto from the SEC.
Following the announcement, Bitcoin rose modestly by less than 1% to $45,729. In 2023, Bitcoin more than doubled in value after plunging 64% in 2022, fueled largely by ETF speculation.
Investors can now access Bitcoin through traditional brokerages, no longer limited to crypto exchanges like Coinbase.
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This content is sourced from Financial Times, Bloomberg, and The Real Deal, among other financial news outlets.