Sponsored by DiagnaMed Holdings

No, there’s no Starlink IPO coming

Elon Musk refuted recent claims that SpaceX, his aerospace company, is in discussions regarding an initial public offering (IPO) for its Starlink satellite internet business by 2024. 

Responding to a Bloomberg News report shared on social media, Musk dismissed the information as “false.” The report had suggested that SpaceX was moving Starlink’s assets to a wholly owned unit with eventual plans for a spin-off.

The tech billionaire, who is also the CEO of Tesla and owner of X, the platform formerly known as Twitter, said in 2021 that he would list Starlink once the revenue growth and cash flow of the satellite internet service became more stable and predictable. 

You can read more on the matter here.

What’s going on?

• Congressional Democrats Want to Overhaul Cannabis Banking Regulations (theDeepDive)

• CMHC says annual pace of housing starts in October up 1% from September (BNN)

• Food Insecurity in Toronto: Who’s Hungry 2023 Report Reveals Alarming Trends (theDeepDive)

• Canada Is So Expensive That Some Ukrainian Immigrants Are Leaving (Bloomberg)

• Top German Journalist Had A Secret $700,000 Deal with Putin Ally (theDeepDive)

• Rep. George Santos will not seek reelection after damning House Ethics report (CNBC)

• Manulife Cuts 250 Jobs in Wealth and Asset Management Unit (theDeepDive)

• Starbucks employees at hundreds of US stores walkout on Red Cup day (Reuters)

• Trump Has Big Plans For His White House Return (theDeepDive)

• US is "confident" Sweden will soon join NATO - US envoy to Hungary (Reuters)

• How heat pumps work: A visual guide (CBC)

• Tesla Backs Off Controversial Cybertruck ‘No Resale’ Policy (theDeepDive)

What’s the latest?

• Housing Starts Up: In October, Canada's annual pace of housing starts increased slightly by 1% compared to September, according to the Canada Mortgage and Housing Corp. The seasonally adjusted annual rate in October was 274,681, up from 270,669 in the previous month. This growth was driven by a 2% rise in urban housing starts, which totaled 257,357 units.

• US Production Down: U.S. factory production declined more than anticipated in October, primarily due to strikes at General Motors, Ford, and Stellantis. The Federal Reserve reported a 0.7% drop in manufacturing output, with a year-on-year decrease of 1.7%. Excluding the motor vehicle sector, manufacturing production saw a marginal increase of 0.1%. The broader industrial sector also experienced a decrease in production, with a 0.6% drop in overall industrial output.

• Santos Fraud: Republican Representative George Santos of New York has been found by a House Ethics subcommittee to likely have committed campaign fraud and other ethical violations, as detailed in a new report. The subcommittee accuses Santos of misusing over $4,000 in campaign funds for personal expenses, including purchases at luxury retailer Hermes and on OnlyFans

• US Jobless Claims Rise: In the U.S., unemployment claims have reached a three-month high, indicating a cooling labor market which could aid the Federal Reserve in its efforts to combat inflation. The Department of Labor reported a rise in initial claims for state unemployment benefits to 231,000 for the week ended November 11, the highest since August.

• Russia Loads Up: Russia has loaded an intercontinental ballistic missile equipped with the nuclear-capable "Avangard" hypersonic glide vehicle into a launch silo in the Orenburg region near Kazakhstan, as shown on the Russian defence ministry's 'Zvezda' television channel. This development comes as part of President Vladimir Putin's 2018 announcement of the Avangard system, which he described as a response to U.S. weapons development and missile defense systems.

Is a 9-5 job still worth it?

The stock market and stuff

• Coinbase Warns of Transaction Halts As Bitcoin Plummets (theDeepDive)

• Alibaba Tumbles After Nixing Cloud Spinoff on US Chip Curbs (Bloomberg)

• Google Witness Unexpectedly Reveals Just How Much Being the Default Search Engine on Safari Costs (theDeepDive)

• U.S. crude prices fall nearly 4% as inventories rise amid demand worries (CNBC)

In the juniors

• Did Else Nutrition Just Get Its Products Into Whole Foods?(theDeepDive)

• Sigma Lithium Reports Strong Third Quarter Financials (theDeepDive)

• Talon Metals Hits 6.22% Nickel, 3.26% Copper Over 10 Metres In Exploratory Drilling (theDeepDive)

• Surge Battery Metals Releases Full Results From Sonic Drill Campaign (theDeepDive)

• Monarch Mining Forced Into Creditor Protection By Investissement Quebec (theDeepDive)

FULL DISCLOSURE: DiagnaMed Holdings is a client of Canacom Group, the parent company of The Deep Dive. Canacom Group is currently long the equity of DiagnaMed Holdings. The author has been compensated to cover DiagnaMed Holdings on The Deep Dive, with The Deep Dive having full editorial control. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security.