twitter has blown up
Bye-bye, blue bird: Twitter began rebranding itself as X overnight, replacing its old logo with a stylish emblem that was introduced at its San Francisco headquarters.
The move underscored Elon Musk’s ambition to make the social network a key part of his long-term goal of making the “Everything App”. But reshaping that business is another risky gamble that has struggled since paying $44 billion for it last year.
“Light. camera. X!” written by Linda YacarinoThe CEO of the company, the social network has started its new branding. has gone stylized birdWhat was once named Larry T. Bird by Twitter co-founder Biz Stone has become one of the most famous Internet logos – and has been described by the company as Its most recognized asset is,
The page about the platform hasn’t been updated yet, but Ms Yacarino mentioned X repeatedly in a series of tweets outlining the company’s ambitions. Expect X to pervade the company completely: what Mr Musk described as an internal message to employees over the weekend last time he sent from twitterand they told a user that there should be a post will be called “x” instead of a tweet.
Mr. Musk was very clearly behind this change, I’ve been attracted to the X identity for a long time, His second start-up was X.com, which eventually became PayPal. (Author Walter Isaacson shared lovely piece More about that in his upcoming Musk biography.) Mr. Musk included “X” in the names of SpaceX and Tesla’s first car models, and he recently named his new AI start-up XAI.
not everyone was on board with the moveHowever, some advertising executives said that what matters more is whether users stay engaged with the platform. Ms. Yacarino briefed marketers According to The Financial Times, the latest changes at the company took place on Sunday, which also include greater collaboration with xAI. (The restructuring could raise questions about how much authority he has in the company after Mr. visual limits imposed For users who don’t please advertisers.)
This is much more than a branding exercise. As Twitter struggles under Mr Musk – the pivot to rely on membership is not yet in place 50 percent drop in ad revenueNegative cash flow, and a new threat from Meta Threads – they have increasingly emphasized the importance of the company they call X.
The billionaire has long dreamed of building a super-app that could serve as a platform for everything users do online, much like WeChat does in China. But as third-party data suggests user numbers are declining, it’s unclear how much runway Mr Musk needs to get the Reborn X airborne.
What’s going on over here
“Barbenheimer” set a box office record after the pandemic. “Barbie” and “Oppenheimer” grossed a combined $235.5 million in the United States and Canada, the best opening weekend of 2019 since “Avengers: Endgame”. That’s good news for a film industry battered by the writers’ and actors’ strike and the underperformance of expensive blockbusters, but it shows that Hollywood’s reliance on franchises is fast failing to pay off.
People had to evacuate due to wildfires in Greece. the officers ordered thousands The tourist hotspots of Rhodes and Corfu were closed this weekend as fires burned parts of the islands. Southern Europe, like much of the Northern Hemisphere, saw temperatures rise by more than 100 degrees Fahrenheit.
Morgan Stanley gives strong marks to “Bidenomics”. The bank’s chief US economist Ellen Zentner said that due to President Biden’s economic policy, including extensive investment in infrastructure Growth in manufacturing, construction and placement Which helped the GDP to grow more than expected. That bodes well for Mr. Biden, who has promoted his economic record to bolster his re-election campaign.
Adidas is reportedly seeing strong demand for Yeezy shoes. the german sho got about it Online orders worth $563 million As for the sneakers designed by Kanye West, which he was supposed to take off this spring, according to The Financial Times. Last year, Adidas ended its partnership with the rapper after he made anti-Semitic remarks, but has been exploring the option of liquidating his Yeezy inventory, which could lead to losses of up to $550 million.
A big week for central banks
Investors braced for a consequential week of interest rate decisions that could set the stage for a second-half recovery for the world’s largest economies.
Wall Street is increasingly buying “soft landings” for the US economy, betting that higher interest rates will continue to reduce inflation without causing a recession. john grayThe Blackstone chairman believes that the worst is past and the M.&A. Activity will pick up again when inflation comes down.
Investors are also feeling upbeat, pushing the S&P 500 up nearly 19 percent this year on confidence that central banks will be less aggressive.
That approach will be tested on Wednesday, which is decision day for the Fed, After halting rate hikes last month, the central bank is expected to raise borrowing costs by 0.25 percentage points, its 11th increase since March 2022.
This morning the futures markets are pricing in only a one-in-three possibility of a rate hike in September at the Fed’s next meeting. Economists are also watching the Fed’s tightening cycle intensify ends this week,
The European Central Bank meeting will be held on Thursday. Economists expect the ECB to hike rates by a quarter of a percentage point. Beyond that, the outlook is less clear. Inflation in the Eurozone has begun to decline. Whether that’s enough to persuade the bank’s president, Christine Lagarde, and her allies to pause (or halt) after this week is less certain.
The Bank of Japan decides on Friday. statistics released last week Headline inflation overtakes the United States for the first time in many years. But economists expect the central bank to back him, as wage growth in Japan has been relatively low. Global investors including Warren Buffett have been drawn to relatively cheap Japanese stocks this year, attracted by the country’s economic outlook.
In other news this week: Big Tech will be part of a parade of 165 S&P 500 firms scheduled to report quarterly results. Investors will be keeping an eye on Microsoft and Alphabet’s earnings calls on Tuesday and Meta on Wednesday to gauge whether the explosion of interest around artificial intelligence is affecting their business outlook.
Altice USA Rethinks Its Bets on Cheddar News
Cable company Altice USA is considering a possible sale of Cheddar News, the news network once billed as “CNBC for Millennials,” less than five years after buying the company, DealBook’s Lauren Hirsch and Ben Mullin of The Times are the first to report.
Altice USA has hired Goldman Sachs to help it explore strategic options for Cheddar News, according to three people with knowledge of the matter. He cautioned that Altice is still considering its options and may decide against the sale. Representatives for Altice USA and Goldman declined to comment.
The sale would mark a retreat from Altice USA’s big bet on the streaming news company. Altice, which is controlled by French-Israeli billionaire Patrick Drehi, paid $200 million to the streaming network in 2019. The deal was seen as a way to beef up the company’s news division, which includes the News 12 channel. Cheddar had billed itself as the future of financial news, featuring interviews with NYSE CEOs, news makers and journalists.
Cheddar doesn’t operate like a traditional cable business. The network’s founder, former BuzzFeed president Jon Steinberg, made deals to distribute it on various platforms. Among them: Gas Station TV (which, yes, runs at the pump) and MTV’s College Campus Network (which is Cheddar). bought in 2018).
However, some of those agreements are not as profitable as cable distribution deals. Instead of paying TV providers such as Comcast a fee for each viewer of Cheddar, the channel relies mostly on advertising revenue. It’s a tough business model for media companies competing against tech giants like Meta and TikTok for digital advertising market share. (In fact, Cheddar recently laid off employees,
Shares of Altice USA have declined nearly 70 percent over the past year. The company, which provides broadband services in 22 states, said decline in profit and revenue in the first quarter; News and advertising revenue alone declined by 14 percent. Altice is set to report second-quarter earnings next week.
Is China peaking?
China Predictions impending economic collapse Are Deposit as its post-covid recovery stall, growth is slowing, youth unemployment is high And the important asset sector is declining. recession has promoted Discussion Between think tanks and political pundits in Washington: have we reached “peak China” and what will it mean for the world?
The idea that China’s hegemony is coming to an end was introduced by Michael Beckley, Head of the Asia Program at the Foreign Policy Research Institute 2018 articles For Foreign Affairs magazine. Mr Beckley believes his outline has recently moved forward as it no longer seems inevitable that China will overtake the US economically.
Countries at the peak of their power become more aggressive, He says. In a forthcoming paper in the journal International Security, shared with DealBook, Mr Beckley argues that the current recession could lead to a more expansionist China (think about it) Increasing assertiveness towards Taiwan), based on the historical practice of other countries such as the US in the late 19th century. Yet, as the American example shows, Mr. Beckley says, “the fall of an extreme power is not certain.”
“We need to be careful” about assumptions because there is no reliable datasaid Representative Raja Krishnamurthy of Illinois, the top Democrat on the House Committee on Competition with China. While the Chinese economic engine is faltering, he says Beckley’s theory is misguided because it focuses on “artificial” plateaus of another economy rather than fostering growth in the US.
It is too early to call this the beginning of the end of Chinese development, says Ian Bremer, president of Eurasia Group, a political risk consulting company. He argues that China’s growth will overtake that of the US and that the “Peak China” theory is “ideologically weak”. This is perpetuated by those with a “zero sum” worldview who fail to recognize that China’s successes can be victories for the US and that Beijing’s global influence is likely to grow along with its economy. And American businesses like Tesla and the NBA, which depend on Chinese markets, don’t want to see the decline. “A lot of people are very excited to make money on China,” Mr. Bremer said.
“A ‘leaner-meaner’ DeSantis campaign faces a reboot and a reckoning.” (NYT)
worldcoinThe cryptocurrency project, founded by OpenAI chief Sam Altman, began operating on Monday despite regulatory pressure. (ft)
Drugmakers are waging a war against the Biden administration’s move to let Medicare negotiate the price of some prescription drugs. (NYT)
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