Good evening and welcome to Markets Desk, your closing read on the stories moving money and markets.
Mark Zuckerberg is putting California on notice. According to a filing with the Securities and Exchange Commission, the Meta chief executive told his board he was weighing a move out of the state over Proposition forty, a proposed billionaire wealth tax on the November third, two thousand twenty six ballot. His estimated liability under the measure tops eleven billion dollars, and that disclosure alone signals how seriously high-net-worth individuals are treating this legislation as a genuine threat to residency.
Meanwhile, retail investors are quietly stepping back from equities at a moment when markets could use their support. Last week's hedge fund carnage threw a spotlight on declining activity among individual traders, who had been a reliable source of buying pressure through much of the post-pandemic rally. That cooling sentiment adds another layer of fragility to an already unsteady tape.
And in the digital asset space, Strategy sat on its hands last week, making no Bitcoin purchases or sales. Instead, the firm spent two hundred five million dollars buying back its STRC preferred stock, a move that drained nearly half its cash balance, leaving just two hundred forty two million dollars on hand. That shift in capital allocation is worth watching closely.
That's the tape. Markets Desk, signing off the floor.
