Broker Check
Bi-Weekly Breakdown

Bi-Weekly Breakdown

April 16, 2024

Solar Eclipse Economic Boost

It felt like the world stopped for what felt like the most hyped up solar eclipse on April 8. Maybe that is because the next solar eclipse we’ll be able to see from the US is not until August 23, 2044. Mark your calendars. 

But for some fun data around the eclipse. Internet traffic decreased 40% in states that had the totality of the eclipse. Also, it was projected that the eclipse could generate roughly $6 billion worth of economic activity through people spending on travel, hotels, restaurants, and products like glasses. 

Spain Stops Its Golden Visa Program 

If you’ve never heard of Spain’s golden visa program, don’t worry, you aren’t alone because neither have I. However, a story came out over the past two weeks on how detrimental this program became to Spain’s housing market to the point where they are now stopping the program to avoid a crisis. 

A brief background on this, it is a program that allows non-EU applicants to do one of three things to immediately have a visa for Spain to live and work there for a set time. Those things are: 1. Invest 1 million euros into a Spanish company. 2. Deposit 1 million euros into a Spanish bank account. Or 3. Invest 500,000 euros into Spain’s real estate. If you did one of these, you were automatically granted a visa. 

For context, 94 out of every 100 of these applicants chose the third option. Playing a major factor in Spain’s housing crisis. How has this played out? Well, now Spain has had an incredible amount of outside investment into its real estate by those with the means to do so because it was the easiest way to get a visa. So you have a large portion of Spain’s real estate in major cities being owned by foreign investors. This creates a real issue for actual citizens of Spain that are trying to purchase this real estate for themselves or just finding a reasonable place to live. In reality, more and more citizens can’t afford to live in major cities around Spain because of this structure. In response, Spain has ceased the program to try and fix this issue, but there are more questions than answers because it doesn’t solve the issue at hand for a lot of their citizens. 

TikTok’s Instagram Clone

Last time we talked about TikTok’s potential ban by the US Government. However, that doesn’t seem to be deterring TikTok in any way as it has come to light that ByteDance is preparing to launch an Instagram clone. Now this is something that happens a lot, social media companies copy each other’s ideas all of the time. And Meta is one of, if not the, biggest culprit of this with its platforms like Facebook and Instagram and all of the features they have added over the years. However, this potentially kicks off the first time that a worthy adversary will enter the ring to try and copy Meta. 

There is no definite release date yet, but the app reported to try and steal some of Instagram’s users is TikTok Notes. I will be curious to see how this plays out being that there is a potential ban on the line for TikTok. I would assume that TikTok Notes gets looped into this same ban. Not many times an app gets banned this publicly before it ever sees the light of day.