Bob Iger Is Back As Disney CEO
Plus, Ethereum's $6M exploitation.
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Bob Iger Is Back As Disney CEO
Walt Disney (NYSE; DIS) stunned everyone on Sunday by suddenly announcing that Bob Iger is returning to the company as CEO to replace Bob Chapek effective immediately.
Details: Iger will serve as CEO for two years, according to an announcement from Disney. He will also work closely with the board to develop a successor to lead Disney at the end of his term.
Background: Iger originally became CEO of Disney in 2005. During his time as CEO, the company emerged as a powerhouse media company. After Iger stepped down in 2020, the company struggled to grow. While Disney+ has become one of the largest streaming platforms, growth has appeared to slow down recently.
Stock Price: Disney is down 41% this year, including 10% in the last 30 days.
Final Thoughts: Iger has his hands full. He needs to turn Disney+ profitable and grow revenue for Disney Parks. It will be tough for the company, but if anyone can do it, it’s Iger. Disney shareholders are happy that he is back.
Notable Earnings Today: Futu Holdings (Nasdaq: FUTU), Zoom Video Communications (Nasdaq: ZM), Niu Technologies (Nasdaq: NIU), Dell Technologies (NYSE: DELL), J.M. Smucker (NYSE: SJM), Agilent (NYSE: A), Jacobs Engineering (NYSE: J), Urban Outfitters (Nasdaq: URBN), DouYu International Holdings (Nasdaq: DOYU), ZTO Express (NYSE: ZTO), Ituran Location and Control (Nasdaq: ITRN), PropertyGuru Group (NYSE: PGRU), Noah Holdings (NYSE: NOAH), Afya (Nasdaq: AFYA), Fanhua (Nasdaq: FANH).
Notable IPOs Today: N/A.
Notable Equity Crowdfunding Campaigns Ending Today: Greener Process Systems (StartEngine), Brybe (Netcapital).
Notable Economic Events Today: N/A.
Ethereum's $6M Exploitation
The price of the cryptocurrency Ethereum dropped by 8% on Sunday to one of its lowest levels in the entire year.
Catalyst: An “exploiter” exchanged millions of dollars in Ethereum for other tokens that represent Bitcoin on Sunday. CoinDesk said that this was the same person or group behind the $600 million exploit of the crypto exchange FTX.
Total Value: This person drained about $6 million worth of Ethereum, according to CryptoPotato, which caused the price of Ethereum to drop on Sunday.
Background: Similar to other cryptos, Ethereum had a bad 2022. The value of Ethereum is down about 70% this year. In the past 30 days, Ethereum’s price has dropped around 9%. The larger crypto market has been volatile, especially in the wake of the FTX crash.
Final Thoughts: Some experts say that Ethereum has bottomed out and is ready to take off. Others say that there could still be more pain. Given the volatility in the crypto market, this might not be the best time to bet on digital currency.
Equity Crowdfunding Spotlight: Azure Printed Homes
Briefly describe your business. Azure is fundamentally changing the construction industry by leveraging 3D printing technology using recycled plastics to prefab modern backyard offices, ADUs and homes 70% faster and 30% less expensive than existing construction methods.
What are the terms of the investment for your campaign? Pre-money valuation is $25,000,000. The investment instrument is SAFE. See Wefunder for details.
What makes your startup special? We have pre-orders for over $20MM for 2023. There is tremendous interest from property owners who want an office, gym, or a rental unit in their backyard. We also have orders for affordable housing, glamping resorts, and developers planning homes.
Trends to Watch
The Walking Spread: Crypto Markets Are Suffering – But Is It Really ‘Contagion’? (CoinDesk)
Opportunity: Housing Industry Braces for a Downturn, but Investors Are Piling In (The Wall Street Journal)
Glitch: Tesla recalls over 321,000 vehicles due to taillight software issue (Verge)
Warren Does It Again: Buffett’s Berkshire Ups Stakes in Five Japanese Trading Houses (Bloomberg)
Like Old Times: Airbnb CEO bets on tailwind from economic downturn, says shift in behavior 'similar to 2008' (Yahoo! Finance)
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