5 Important Stories You Might Have Missed From The Weekend: Elon Musk May Backtrack On Twitter Layoffs, Apple's China Issues, Ethereum's Potential Bullish Move, And More

This weekend, the main topics of conversation included Elon Musk and his intentions to redesign Twitter, as well as the probable near-term monetary policy trajectory in light of the Fed decision from last week and the October non-farm payrolls report.

Here is a rundown of a few significant news stories that broke over the weekend:

1. Elon Musk-led Twitter is apparently asking some of the people it fired to come back to work after firing them all on Friday. This is according to a Bloomberg story. According to reports, some of the layoffs were unintentional, while others were necessary in order to implement new features that the new owner of Twitter had in mind. This past weekend, Musk was very active on Twitter, outlining his goals for the service and addressing criticism of his initial actions following the deal.

2. Apple Inc. (NASDAQ: AAPL) has been forced to issue a warning regarding a possible deficit in iPhone production during the first quarter of its fiscal year due to China lockdowns. The business claimed that its high-end Pro and Pro Max iPhone14 models would likely not ship as planned because the Zhengzhou iPhone assembly plant run by its production partner Hon Hai Precision Manufacturing Company Limited (OTC: HNHPF) was operating at a drastically reduced capacity.

3. Warren Buffett-led Berkshire Hathaway Inc. (NYSE: BRKA) (NYSE: BRKB) reversed to a loss in the third quarter due to losses on investments and derivatives, but operating profit increased. However, compared to the prior quarter's loss on investments of $53.04 billion, it was lower at $10.45 billion. Operating profits from its portfolio companies increased 20% over the previous year, but decreased 16% sequentially. It lost $962 million on its insurance underwriting operation.

4. As the market for cryptocurrencies begins to come around, Ethereum (CRYPTO: ETH), the second-largest cryptocurrency by market cap, may be gearing up for a climb back toward,000, economist Raoul Pal suggested, using technical evidence to back up his claim. He pointed out that the cryptocurrency has reversed a decline that has persisted since late 2021, has made a "head-and-shoulders" pattern, and is on track to complete a cup-and-handle shape at $2,000.

5. Fed Flashes Red Light On Stablecoins: According to a Federal Reserve survey, more than 20% of respondents are still concerned about the risk that stablecoins like Tether (CRYPTO: USDT) and USD Coin (CRYPTO: USDC) pose to the American economy over the course of the next 12 to 18 months. The central bank included the findings in its November Financial Stability report.

What Else: On Sunday in Florida, just days before the November 8 midterm elections, Donald Trump and Florida Governor Ron DeSantis conducted separate rallies. The two, who are being viewed as serious candidates for the Republican presidential nomination in 2024, avoided direct conflict and sought support from other members of their respective parties.

According to sources, Twitter-like large layoffs will be revealed by Meta Platforms Inc. (NASDAQ: META).

Since Musk gained control of Twitter, some users have flocked to alternate platforms, including renowned economist Paul Krugman announced that he had started an account on Mastodon, an open-source microblogging platform, as a precaution.