Catching you up on today’s top business headlines with household wealth falling in Q1 for the first time in two years, Meta officially changing its ticker symbol from ‘FB’ to ‘META’, and updates on Tesla.

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In Business: Household Wealth Falls, FB to META Ticker Change & Tesla Updates

But in some other headlines that were watching us household wealth down for the first time in two years since the pandemic first started A new Federal Reserve report today showing that America household net worth declined by more than $500 billion dollars in the first quarter of this year. Now the decline coming as the stock market dropped, we had seen a bottom in mid March outweighing of course higher home values. That was sort of the tradeoff. We continued to see the stock market fall here in the second quarter about household wealth was down and americans still have more money than pre pandemic, even in the face of inflation, which does signal that consumer spending could continue to be strong. But again it is a disparity whereas the affluent customer is willing and able to spend household wealth most notably for affluent wealthy household soaring during the pandemic amid rising stock prices the first year and a half of this pandemic, but it does come at the expense of lower income earning americans oftentimes these wages not actually keeping pace with inflation and thus americans needing to dig deeper and deeper into their savings to actually make ends meet, but elsewhere facebook's parent company officially moved to the metaverse. Yes, shares of the company now trading under a new ticker symbol meta to co to coincide with the new name, it does come after a major rebranding that started back in october representing its shift into the virtual world and the change to the tech giant's ticker symbol coming after months of postponements and does reflect the company's new corporate focus as it does aim to be the leader in the metaverse which includes VR headsets of virtual worlds and more plus the news from Tesla out of china. The E. V. Giant reported rebounding sales in china last month along with greater exports, China is the world's biggest auto market by far and Tesla selling more than 32,000 vehicles made in china just in May. That was up from 1100 in april and april's total was substantially lower due to Tesla having to close its factory for more than three weeks amid Covid lockdowns in Shanghai Produced 212% more vehicles in May than in April again as the city of 20 million plus was nearly completely under lockdown in Shanghai but Tesla also forging ahead on hiring in China with at least two dozen new positions added just today. That's a week after Ceo Elon musk warned of job cuts across the company on the horizon. But the company looking to add what it describes as smart manufacturing jobs. Tesla currently has more than 200 job openings in China so certainly looking to hire but back here in the US, Tesla also getting a boost from U. B. S. Where analysts upgraded the stock to a buy from neutral and raised their price target 2 $1100. Well, analysts citing Tesla's outlook being quote stronger than before and quote partially due to factories, new factories in texas in Germany and another factor driving Tesla shares. Today, Cathie Wood's Ark Innovation E t. F, adding about 50,000 shares of Tesla over the past two weeks, middle stocks dip following developments in Ceo Elon musk's twitter takeover.