TheStreet’s Remy Blaire brings the latest business headlines from the floor of the New York Stock Exchange as markets close for trading on Monday, April 1.
FULL VIDEO TRANSCRIPT BELOW:
Remy Blaire: I’m Remy Blaire - reporting from the New York Stock Exchange.
All three major indexes look to continue their strong starts to 2024. Investors will look ahead to a series of economic data all wrapped up in the March jobs report, which is expected Friday. The jobs report will be closely watched by the Federal Reserve when gauging economic activity ahead of the next rates decision in May.
In other news - after years of bucking the trend and refusing to spend big on advertising, Tesla is starting to open its checkbook. According to estimates from Vivvix, the company spent just $1750,000 on U.S. ads in 2022. But that number skyrocketed to $6.4 million in 2023. It’s a drastic change, considering CEO Elon Musk’s 2019 declaration of “I hate advertising.”
Most of Tesla’s ads have been on YouTube, however it has recently placed video ads on Facebook, Instagram, and Musk-owned X.
And while the spending budget might seem like it got a big increase for 2023, Tesla’s ad spending is pennies compared to other big carmakers. For example, General Motors spend $3.6 billion on global advertising and promotions in 2023. That comes out to $580 in spending for each of the more than 6 million cars the company sold.
Though it’s still the 12th largest company in the world by market cap, Tesla is looking to rebound from a weak first quarter of 2024. Shares of the EV maker were down more than 20 percent in Q1. But despite the shaky quarter, with a net worth of $189 billion, Elon Musk ranks third on Bloomberg’s Billionaire Index.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Remy Blaire with TheStreet.
