Apple CEO Tim Cook has a 40% Pay Cut in 2023

10,000      

Microsoft CEO Satya Nadella announced that the company is planning to lay off 10,000 employees to cut costs amid growing concerns about a widespread economic downturn. The layoff represents less than 5% of Microsoft's global workforce of 221,000 employees

$936.3B  

Holiday sales are below industry expectations. As per National Retail Federation forecast, the growth would be between 6% to 8% and spending would be between $942.6 billion and $960.4 billion. But the sales in November and December grew 5.3% YOY to $936.3 billion. 

0.5%  

Prices for wholesale goods and services fell sharply in December which is a sign of inflation is high. The Labor Department reported that the producer price index dropped by 0.5% for the month, compared to the Dow Jones estimate for a 0.1% decrease. Retail sales fell 1.1% in December, slightly more than the 1% forecast. 

40%

This year 2023, Apple CEO Tim Cook has a 40% pay cut which is lower than his target compensation of 2022. The total compensation target for 2023 will be $49 million. Apple is one of the highest-valued public companies in the world and the median compensation for CEOs of the largest U.S. companies was $14.7 million in 2021.    

27.9%

As per Mortgage Bankers Association survey, mortgage demand ramped up dramatically in the latter half of December. Mortgage demand increased by 13.2% last week compared to two weeks before and the average contract interest rate on 30-year fixed mortgages climbed from 6.34% to 6.58%. 

20%    

Crypto.com wants to make a significant cut to its workforce, and it will reduce its employee headcount by 20%. Last summer, the company has laid off 260 employees, or 5% of its workforce. Recently, Coinbase.com and Blockchain.com also announced workforce cuts of 950 and 110 workers, respectively. 

8%

In the U.S. crude oil prices increased by 8% last week. West Texas Intermediate, the price of oil, was up 1.2% to touch $81 per barrel, which is the highest since early December. California has the highest average at $4.43 per gallon and Mississippi has the lowest price at $2.93 to $3 per gallon.