[The beef 675]
[I'm an image]
"Zuck coming in hot!â - Jeff
Hey there carnivores,
Markets were up Friday.
And today weâre talking Facebook getting back into the video chat game.
Keep raging,
Jeff & Jason
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[I'm an image]
If Youâre Not First, Youâre Facebook
Facebook is back to its old ways⦠stealing ideas from more innovative startups. *cough* Snapchat *cough*
This time FB is throwing its hat into the video chat ring... again. In an effort to help users make the most of the coronavirus lockdown, the âbook released a new suite of offerings to help users connect. But the one causing the biggest buzz is its Messenger Rooms video chat platform.
Not its first rodeo
Facebook has tried its hand at video chat before through Messenger. Previously, users could video call one another on a level rivaling FaceTime, Skype, and whatever Google is up to. But it didnât quite catch on because no one trusts Facebook with their private messages, let alone what some freaks are doing over video.
Now, with Messenger Rooms, [up to 50 participants]( can join a call without even selling their souls for a Facebook account. Participants can also play with virtual backgrounds, and if Facebookâs regular user base is any sort of indication, there will be plenty of backgrounds featuring memes that were on Reddit a month before.
Following the leader
Facebook has clearly seen the success Zoomâs had. Since the beginning of the year, Zoom has seen its shares, well, zoom, to more than 130%. Its $44B market cap is also higher than nearly three-quarters of S&P 500 companies.
Given the companyâs success, itâs no wonder Facebook wanted to mirror its functionality.
The bottom line...
Despite the massive surge to open the year, Facebookâs entrance into the fight sent Zoom shares down 6.1%. That, and the endless security breaches that Zoomâs [made the news]( with over the last few weeks.
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[I'm an image]
âï¸ You canât make me. âF*ck off, Treasuryâ - rebel public companies, probably.
Not all public companies are feeling as guilty as Ruthâs Chris, Shake Shack, and Potbelly for taking federal funds as outlined as part of the funds for small businesses in the CARES Act. In fact, some of them have clearly stated that giving back funds would be a breach of fiduciary duty to its shareholders. Always for the shareholders *eye roll*...
The companies have a point. The haters were up in arms when Shake Shack raised money through capital markets AND received $10M from the SBA. But not every public company [has the same access to straight cash as Shake Shack.](
It appears that some of the public companies truly do operate like small businesses. One CEO of a digital technology company, Digimarc, said that his company does, in fact, need the funds and the loan helped it keep 215 skilled workers employed. That, and furloughing all of the cleaning staff that worked at the office.
âï¸ A wild ride. If you havenât seen somebody's workout pic while scrolling through social media in your underwear from the comfort of your couch, are you even in quarantine?
Peloton announced on Friday that it had its [biggest live-stream]( class ever with 23k riders tuning in. The good news led Pelotonâs share price higher on the day.
The at-home spin company which offers monthly subscription-based workout packages on its app along with the $2k bike has come a long way in 2020. Itâs Super Bowl commercial caught a lot of heat and a bad final quarter in 2019 saw its stock price drop nearly in half.
Similar to other companies like Netflix and Zoom, Peloton appears to be benefiting from shelter-in-place initiatives throughout the country.
âï¸ Stank the Tank. AT&T CEO Randall Stephenson [is getting TF out]( of dodge. After helping the company through its merger with WarnerMedia, Stephenson was planning to stay on through the end of the year. Just like everything else on this earth, plans have changed.
Taking over the worldâs top revenue-generating telecommunications company will be long time executive John Stankey. âStank the Tankâ has been groomed for this role. He ran WarnerMedia until earlier this month when the company dropped his title and made him President and COO of AT&T as a whole. Hate being demoted to President and COO.
âï¸ Yeezyâs Boost. Kanye West can start breathing a little easier after it was announced that BoA valued his Yeezy [fashion line at $3B]( (pre-coronavirus). The rapper and Kardashian arm-candy claimed (very publicly, of course) as recently as four years ago that he was more than $53M in debt after a massive investment in the fashion brand. Going HAM, indeed.
2019 saw Yeezy do $1.3B in revenue, netting Kanye $147M in royalties. Iâm sure there will be a song about that soon. With his new influx of cash, Kanye is ready to move into âLevel 3â of his Yeezy vision... creating a town full of architecture, hospitality, urban design, and plumbing? You canât make this up, you guys.
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