👀 Reddit insiders are selling

Yesterday’s market performance 🏆️ 

S&P 500: -0.20% 📉 
Nasdaq: +0.11% 📈 
Dow 30: -0.60% 📉 
Russell 2000: -1.26% 📉 

TOP STORY
📉 Reddit executives have sold $41M of shares since the company has gone public

Eleven days ago, Reddit ($RDDT), the social media giant with 850+ million monthly users, went public on the New York Stock Exchange (NYSE).

The company went public at $34 per share and reached a record high of $74.90 within just a couple of days.

But… things took a turn for the worse, with top Reddit executives beginning to sell hundreds of thousands of shares.

Here are some of the big trades:

• 🔻 CEO Steve Huffman sold 500,000 shares for $16.15 million.

• 🔻 CFO Vollero Andrew sold 71,765 shares for $2.318 million.

• 🔻 COO Jennifer Wong sold 514,000 shares for $16.602 million.

• 🔻 CTO Christopher Slowe sold 185,000 shares for $5.975 million.

The total value of Reddit shares sold by executives and board members reached an astounding $41.245 million… and the company has been public for less than two weeks.

While it's common for executives to sell their shares after an IPO to profit, many analysts suggest that Reddit might be entering “overvalued” territory.

So, the fact that Reddit’s top brass is selling so early is definitely not a great sign.

EMERGING MARKETS
💰️ Blackstone is investing an additional $25 billion in India… but why?

Blackstone ($BX), the world's largest alternative asset manager, with over $1 trillion of assets under management, plans to invest ~$25 billion in India over the next five years. 

Here's what they're investing in 👇️ 

• Digital Infrastructure: This includes data centers and AI hubs, which are essential for storing the vast amounts of data required to fuel AI and other tech companies.

• Energy Transition: This includes the transition to cleaner energy sources and making the energy system (solar, wind, and fossil fuels) more eco-friendly.

• Transportation: This includes airports, roads, ports, etc.

But why India? 🇮🇳 

Blackstone already has $50 billion of private equity and real estate assets in India, which has generated the highest private equity returns for the firm of any country, even more than the US. 

🤷‍♂️ And it's no surprise…

India is one of the fastest-growing major economies in the world, with GDP growth of around 7% over the past year, more than double that of countries like China, the US, and the UK.

Not to mention, the Indian government has initiated programs like "Make in India" to boost manufacturing, "Digital India" for digitalization, and the "Smart Cities Mission" for urban development to foster their incredible economic growth and continue to attract billions from foreign investors.

Here are the top countries that have invested in India (as of 2022):

• 🇸🇬 Singapore: $15.9B, accounting for 27% of India's total FDI.

• 🇺🇸 United States: $10.5B, accounting for 18% of the total FDI.

• 🇲🇺 Mauritius: $9.4B, accounting for 16% of the total FDI.

• 🇳🇱 Netherlands: $4.6B, accounting for 7.9% of the total FDI.

• 🇬🇧 United Kingdom: $1.7B, accounting for 2.8% of the total FDI.

• 🇯🇵 Japan: $1.5B, accounting for 2.5% of the total FDI.

• 🇰🇾 Cayman Islands: $1B, accounting for 1.8% of the total FDI​

POLITICS
🏟️ Travis Kelce and Patrick Mahomes want taxpayers to help them build a new stadium

Fresh off their 3rd Super Bowl win in the past five years, Kansas City Chiefs superstars Travis Kelce and Patrick Mahomes have entered a new arena: politics.

Over the past few months, the hall-of-fame duo has encouraged Kansas City voters to approve a tax that would raise up to $2 billion for two new sports stadiums.

The tax money would help move the Kansas City Royals baseball team to a new downtown stadium and let the Chiefs use the Royals' old space. 

Plus, they already have the support of Kansas City mayor, Quinton Lucas, who has endorsed the proposal.

But this is far from over. A poll by the Remington Research Group shows that 47% of people would vote yes, and 46% would vote no.

The 46% believe that the Hunt family (owners of the Chiefs) should contribute more than the promised $300 million towards the $800 million renovation.

Apparently, some people are just too selfish to pay a bit more in taxes to build a new football stadium… 🤣 

Here’s what else you might’ve missed…

California's fast-food restaurants now have a minimum wage of $20, up from $16.

Uber Eats ($UBER) drivers in New York City had their wages bumped up to $19.56/hour.

Disney's ($DIS) grueling proxy fight is set to conclude on April 3rd.

Discord is adding in-game ads to support developers.