Today is Wednesday, July 5, 2023.
The Early Bird Index today is 57.41.
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Zuckerberg Goes After Musk
Meta Platforms (Nasdaq: META) already owns two of the largest social media networks (Facebook and Instagram), and now the company is launching a third one to take on Twitter.
Details: Instagram is expected to launch Threads, a new microblogging social media network similar to Twitter, tomorrow. While Meta has not commented yet, a listing for Threads appeared on the Apple (Nasdaq: AAPL) app store this week with plans to have users sign up on Thursday.
Background: The arrival of Threads comes as Twitter seems to be in hot water. Ever since Elon Musk bought Twitter in 2022, there have been a host of problems on the platform. This past week, Twitter put a cap on the number of tweets a user can read each day, which angered some people.
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Stock Price: Meta’s stock is up 129% this year, including a 5% increase in the last 30 days.
Final Thoughts: If Threads launches without any major problems, it could potentially encourage more users to abandon Twitter and join the new platform. And if Meta succeeds, it will grow its social media dominance. Checkmate, Mark Zuckerberg wins.
Notable Earnings Today: N/A.
Notable IPOs Today: PHINIA Inc. (NYSE: PHIN).
Notable Equity Crowdfunding Campaigns Ending Today: VeganMePlease (Honeycomb), Hope's Caramels (SMBX).
Notable Economic Events Today: Factory Orders (10:00 a.m. ET), FOMC Meeting Minutes (2:00 p.m. ET), API Weekly Crude Oil Stock (4:30 p.m. ET).
The Next Big IPO From China
Photo by Li Yang / Unsplash
A major online retailer based in China is reportedly eyeing a U.S. initial public offering.
Details: According to a report from Reuters on Tuesday, Shein is talking to Goldman Sachs (NYSE: GS), Morgan Stanley (NYSE: MS), and JPMorgan Chase (NYSE: JPM) about a potential IPO with the New York Stock Exchange and Nasdaq. Shein is still working on the drafts of the IPO, it is still unsure of the venue for the IPO and the timing is still uncertain.
Response: Shein reportedly told the apparel sourcing and textile industry news website Just Style that it “denied” Reuters report about the IPO.
Background: The rumored Shein IPO comes as the company has faced criticism from U.S. representatives about its business practices, specifically about its reported use of Uyghur forced labor, which Shein has denied.
Final Thoughts: There have been several mega IPOs to come out of China in recent years. But with a valuation north of $60 billion, Shein could be the biggest one yet.
Aptos Gets Bump From South Korea
As most cryptocurrency prices stayed flat on Monday and Tuesday, Aptos saw a 4% increase.
Details: The reason for the price increase was a jump in South Korea-based trading volumes, according to Decrypt. Specifically, the traders were using the Korean crypto exchange Upbit.
Also: The trading volume for Aptos reached over $160 million on Tuesday, according to CoinGecko.
Price: The price of Aptos has more than doubled since the beginning of the year. While the price is down a bit in the last month, it has since recovered.
Final Thoughts: Although Aptos is having an impressive 2023, it is hard to trust most altcoins as an investor due to volatility.
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Trends to Watch
Bitcoin Surges: Bitcoin futures premium hits 18-month high — Time to flip bullish? (Cointelegraph)
Fly Hard: A California company has received FAA certification for its flying car (CBS News)
No Cloud for You: U.S. Looks to Restrict China’s Access to Cloud Computing to Protect Advanced Technology (The Wall Street Journal)
Making Money: Porsche Battery Parts Maker Daejoo Sees Revenue Surging With New Factories (Bloomberg)
A Dotcom Comeback: Yahoo plots return to public markets (Financial Times)
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