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Archive
Nadella Got PAID đ°
Nadella has made $1B+ in Microsoft comp, UPS and the Teamsters union have returned to the bargaining table to avoid a strike, Nasdaq dropped its plans for a crypto custodian business in the US, Microsoft and Activision extended their window for closing their deal, and thereâs no word from the US soldier who crossed the border to North Korea.
Meta Enters the AI Wars
Meta released a commercial version of its open-source AI, Yellen sees disinflation pressures working their way through the labor market, Taco Bell won its âTaco Tuesdayâ trademark dispute, Morgan Stanleyâs CEO predicts the bank will eventually hit $20T in AUM, and a US soldier is being held in North Korea after crossing the border.
BlackRock's Newest Board Member
BlackRock added Saudi Aramcoâs CEO to its board, Goldman cut its probability of a US recession, the ECB expects a July rate hike but hasnât made a decision on September, Apollo Global wants to target the worldâs 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, Twitterâs 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.
The Disinflation Print
Inflation cooled to 3%, fund giants are betting against the dollar, Musk launched a new AI company, remote work is killing office values, Dominoâs will use Uber for food deliveries, Disney extended Igerâs contract through 2026, and ARK hit an 11-month high.
M&A Deals Are So Back
Microsoft and Broadcomâs 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, Uberâs CFO stepped down, Flexport founder Ryan Petersen joined Founders Fund, Turkey approved Swedenâs 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 Japanâs 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 đ¤), 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.
đ¨ EXEC SUM 250K CLUB đ¨
Taylor Swiftâs tour is set to earn $1B+ in sales, the PCE index rose 3.8% in May, Credit Suisse private bankers were told to update resumes amid manager selections, Meta unveiled its Threads app to take on Twitter, and cocaine was found in the White House.