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Archive
BlackRock's Newest Board Member
BlackRock added Saudi Aramco’s CEO to its board, Goldman cut its probability of a US recession, the ECB expects a July rate hike but hasn’t made a decision on September, Apollo Global wants to target the world’s top family offices, Ford is cutting its F-150 prices, FedEx has a new CFO, and Netflix is well-positioned in the Hollywood strikes.
UPS Union Standoff
UPS union asked Biden not to interfere in case of strike, markets appear convinced the Fed can pull off a soft landing, high-earning retirement savers are losing some of their 401(k) tax breaks, Twitter’s cash flow is still negative after a 50% decline in ad revenue, and UBS will retain EY as auditor after its Credit Suisse takeover.
FTC vs ChatGPT
St. Louis Fed President Jim Bullard is stepping down, the US deficit jumped to $228B in June, a UPS strike would be perilous to US supply chains, Meta is releasing a commercial AI model, the FTC is investigating ChatGPT, a Stability AI co-founder got hosed on his equity, and Twitter is now sharing ad revenue with creators.
M&A Deals Are So Back
Microsoft and Broadcom’s respective acquisitions of Activision and VMWare highlight a revived M&A market, the EV market is struggling with price cuts, ByteDance is letting US staff sell shares, BoA owes $250M over junk fees, meme stocks are hot again, and a Blue Origin rocket engine exploded during testing.
100 Million Threaders
The Fed thinks higher rates are needed to reach inflation goals, Threads hit 100M users, Uber’s CFO stepped down, Flexport founder Ryan Petersen joined Founders Fund, Turkey approved Sweden’s NATO bid, the EU is investigating Ozempic after suicidal thoughts were reported, and The New York Times is dismantling its sports desk.
Gemini's DCG Lawsuit
US banks are set to report Q2 earnings this week, Biden and NATO are offering support, but not membership, to Ukraine, the Saudis were denied the chance to take a 40% stake in Credit Suisse, cash investments are reaching record highs amid recession fears, and Gemini is suing Digital Currency Group.
Scorching Hot Labor Markets
The US labor market was on fire in June, US VC funding declined 50% YoY in Q2, high-yield bond deals are back, Threads hit 30M downloads in its first 16 hours, UBS overhauled leadership in its wealth management division, the US is renewing its audit of NY-listed Chinese firms, and Japan’s base salary growth hit a 28-year high.
Zuck's Twitter Killer
Zuck launched his Twitter competitor: Threads (Give the Exec Sum team a follow at Litquidity and Jack_Raines 🤝), Fed minutes revealed more rate hikes ahead, BofA increased its dividend by 9% after a Fed stress test, UPS and Teamsters accused each other of walking away from contract talks, and ChatGPT showed its first decline in traffic since its launch.
Affirmative Action Is Gone
The US Supreme Court ruled that Affirmative Action is unconstitutional, the US economy is firing on all cylinders, Morgan Stanley’s board is considering choices for a new CEO, Google is pulling its news service in Canada, Virgin Galactic completed its first commercial flight, and Shein filed for an IPO.
China's AI Chip Embargo
AI and chip stocks were down on news that the US may limit chip exports to China, US banks have increased sales of loan portfolios to private lenders, Apple stock hit a record high, the Biden-McCarthy deal failed to tame US debt, Teamsters want a final contract from UPS, and OpenAI was sued for theft.