Overshadowed by Ethereum, McDonald’s temporarily closes US offices, prepares for layoffs

According to a recent report from The Wall Street Journal, McDonald’s is temporarily closing its US offices this week. At the same time, the American multinational fast food chain is working on its business renewal plan and preparing to lay off employees.

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Citing a recently viewed internal email, The Wall Street Journal reported that the burger giant has instructed its U.S. employees and some international employees to “work from home Monday through Wednesday so it can make workforce decisions virtually.” In addition, employees have been asked to cancel all face-to-face meetings with suppliers and other outside parties at headquarters. The post additionally noted,

“During the week of April 3, we will communicate key decisions regarding roles and staffing levels across the organization.”

In addition, employees who do not have a computer at their disposal this week must provide personal contact details to their supervisor. The company added,

“We want to ensure the comfort and confidentiality of our people during the reporting period.”

McDonald’s overshadowed by Ethereum

Shares of McDonald’s have produced a series of back-to-back green candlesticks over the past seven trading days. Now waiting for McD’s April 3, open Monday. Given the latest pessimistic developments, a reactionary setback is to be expected.

ETH/USDT, McDonald’s by TradingView

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In terms of market capitalization, McDonald’s has been overshadowed by Ethereum. After a soft Q1,
Ethereum has been trading in the red lately. After falling 0.9% on the daily quote, ETH was trading at $1778 at the time of writing. In retrospect, it dropped by two positions in the overall ranking. Still, a notable gap remains between its valuation and McDonald’s.

In addition, it is interesting to note that Ethereum is currently up almost 30% from its March low, while McDonald’s is only up about 7% from its local low. As depicted below, Ethereum’s market cap currently stands on the verge of $214 billion. McDonald’s market cap, on the other hand, isn’t even $205 billion.

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