Good morning. It looks like 14% of US adults got their news from TikTok this year, rising from just 3% in 2020. Should we start posting TikToks? 🤔

This is our last Weekly Snapshot of the year, thanks for coming along with us! There’s a round of job opportunities at the end, on us. If you liked reading our stories this year, tell your friends!

📈 Market Updates

Economic Pulse 🌐 

Consumer spending in the US continued to grow in October but decelerated after rapid Q3 growth. Inflation metrics signalled a decline in underlying inflation, including the PCE deflator, which showed that core prices were up only 3.5% from a year earlier, the lowest since April 2021. Since underlying inflation is slowly declining and real income is gradually rising, the Fed is more likely to hold rates and ease monetary policy in 2024.

In Europe, inflation also continued to subside, with consumer prices in the Eurozone up 2.4% in November compared to a year earlier, the lowest rate since July 2021.

Money Moves 💰️ 

ExxonMobil’s proposed $60B takeover of Pioneer Natural Resources, which would be the largest oil-and-gas deal in two decades, is being investigated by the FTC amid antitrust concerns.

Elsewhere, the Premier League sold four years of British broadcasting rights for over $8B, primarily to existing partners, including Sky Sports and TNT Sport. Similarly, Germany's top soccer leagues are garnering interest from buyout firms, including Blackstone, who have submitted bids for minority stakes in their broadcasting entities

Unraveling China’s Silent Powerplay 

In a decisive strike, Meta has dismantled a vast network of nearly 4,800 fake accounts, unmasking a China-based influence operation.

This bold maneuver, set against the backdrop of the impending 2024 U.S. presidential election, unfolds a gripping narrative in the shadowy world of digital geopolitics, a world where information is both a weapon and a prize. 

What about these accounts: These accounts, adept in the art of digital disguise, disseminated diverse, polarizing content, aiming to inflame both sides of the U.S. political spectrum. This intricate web of disinformation, a blend of repurposed partisan material, underscores a sophisticated and calculated attempt to manipulate public discourse. The operation's nuanced tactics, distinct from past Russian endeavours, reflect an evolving landscape in state-backed digital subterfuge. 

Zoom out: Meta's response not only spotlights the escalating arms race in digital security but also raises critical questions about the balance between free speech and the safeguarding of political integrity.

As digital platforms increasingly become proxies for geopolitical chess, the line between information and influence grows ever more blurred, demanding a vigilant, adaptive approach to navigating this complex and ever-changing digital battlefield. 

Alaska Air acquires Hawaiin Airlines for $1.9 Billion 

As of this weekend, Alaska Air announced it will be acquiring competitor Hawaiin Airlines in a deal worth $1.9 billion.

Alaska Airlines CEO Ben Minicucci expressed his pleasure with the deal, describing how it benefits the airline industry by bringing together two legacy airlines with exceptional brands. Both companies have opted to keep their original branding in the deal, as opposed to Hawaiin Airlines switching its name to Alaska Air. Before being finalized, federal antitrust regulators need to approve the deal, and as such, it could be up to a year and a half before it is sealed. 

Looking ahead: The acquisition arrived at a perfect moment for Hawaiian Airlines amidst their financial struggles, mainly caused by reduced tourism and lower demand due to recent wildfires nationwide.

Alaska Air is set to pay $18 per share in cash to Hawaiin Airlines along with $900 million of their debt. Ultimately, the deal is well summarized by Daniel McKenzie, senior analyst with Seaport Research Partners: “Big picture: A healthy airline is buying a sick airline.” 

🔥 Jobs! Jobs! Jobs!

• Loopio is looking for a Student Intern to join their finance team.

• Klue wants to add a Value Consulting Intern to its roster.

• Porsche is looking for an E-commerce Intern to head their newly launched Porsche Shop.

• Series A VC, Builders VC, is seeking a Summer Analyst to help with investments and capital formation.

• The City of Richmond Hill is searching for an Intern to report to their Chief Purchasing Officer.

📞Word on the Street

• Spotify Wrapped: You Laid off another 17% of your workforce this year.

• The GTA 6 trailer surpassed 90.6M views in its first 24 hours, becoming the most-viewed non-music YouTube video in that timespan.

• Rep. George Santos, R-N.Y., allegedly spent campaign funds on OnlyFans.

Writers: Isaac Moore, Amin Nazari, Simon Ing

Senior Editor: Amyn Dehal

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