Credit Suisse & TikTok 💰
This Week in Review☕: Switzerlands Two Biggest Banks come together | Leading adult entertainment company gets acquired | The Most Iconic Places to Travel to in 2023 | The US gets suspicious of China |
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This intro is dedicated to all savvy marketing pros with great taste and a healthy obsession with getting rich 💰💰
1. love Touristy
2. want a behind-the-scenes look into a fast-growing startup and
3. are looking for resume-boosting experience in marketing + earn money, you should apply today.
We are a small team, so adding someone to the team is big and exciting for us.
Big Tech💻: The US threatens to ban TikTok, unless its Chinese parent company 'ByteDance' sells its stake.
The Justice Department is investigating the app for "possibly spying on US citizens."
DOJ: We can't let TikTok spy on US citizens. That's our job.
Current POV: Us after watching 12-year olds get paid for boogieing to Beyoncé while we we get ready for our fifth 10-hour shift this week👇🏻
We tired of making money the hard way.
With more than 100 million Americans on the app, the government is concerned that sensitive user data could go directly into the hands of the Chinese government.
They are also worried that China could use TikTok's content recommendations for misinformation, NY Times reports.
Always comes down to China, doesn't it 🤔
Since November, more than two dozen states have banned TikTok on government-issued devices.
These are the list of countries who have taken restrictive action so far:
💡India: banned the app in 2020
💡US: banned on government phones this February
💡UK: banned on government phones
💡Canada: banned from government phones
💡The EU: banned from all employee devices
💡Afghanistan: banned nationally in the fear that it will "misguide the youth"
Our Thoughts💡: Ok, we're gonna keep it real:
The US is trying to ban TikTok partially because Meta can't compete with its algorithm and partially because Zuckerberg is using his bought politicians to advocate the ban + leverage Meta's proven track record to incite political upheaval
If this doesn't scare the shit out of y'all it should
Banking💰: UBS agrees to buy its rival Credit Suisse for $3.3bn, in a deal that would combine Switzerland's two biggest banks.
If 166-year old Credit Suisse is getting acquired for 3 billy there's a solid chance you're not the fintech unicorn startup you thought you were
"This was the only possible solution."
-Swiss Finance Minister
Key Highlights, according to Bloomberg:
💡The price per share marked a 99% decline from its peak in 2007
💡This is a government-brokered all-share rescue deal
💡Job cuts to be significant
💡UBS will get $100bn of liquidity from the Swiss National Bank as part of the deal
💡Around $17bn of Credit Suisse bonds have become worthless after the takeover
💡Tie-up will create wealth manager with $5 trillion of invested assets
UBS gets $100bn credit line from the central bank (25% of Swiss GDP). Shareholders don't get a vote.
Just another normal week in the banking sector. It's almost like tryna hold a Jenga together with boob tape lmao
Our Thoughts💡: This month, four of the biggest global banks imploded right in front of us: Silvergate, Silicon Valley, Signature Bank and now Credit Suisse.
Key Takeaways from Credit Suisse's collapse:
💡2006: Market cap of $70bn
💡2016: Market cap pf $30bn
💡2023: Bought out for $3bn
💡Lesson: BUY BITCOIN
On another note💡: While y’all were talking about SVB you missed CS. Now that you’re talking about CS, you’re missing Wells Fargo
Entertainment: Pornhub acquired by Canadian private equity firm called 'Ethical Capital Partners'. You can't make this shit up.
The world's leading adult website getting acquired by a company called "Ethical Partners" is wild. The irony def isn't lost there.
Having said that, great move; thats recession-free, pandemic-free business. No doubt there was some deep due diligence there
💡Ethical Capital Partners bought ‘MindGeek’, the company behind Pornhub, YouPorn, and other major adult entertainment sites
💡The amount has not been disclosed
💡MindGeek has faced intense backlash for previously hosting videos that depicted child sexual abuse
💡The tipping point came in 2020 when Visa and Mastercard suspended services from the site
💡While, Pornhub deleted all unverified content and built a mandatory age bracket for actors- it has been unable to revive its reputation
Despite this controversy, its new owners claim there’s massive “social, financial, and technological” value in sharing how Mindgeek hosts and moderates content about “sex-positive expression between consenting adults.”
Our Thoughts💡: "Ethical Capital Partners" sounds like a new way to say ethical infidelity but with financial benefits
On that note, whose ready for some "ethical" porn? 😎
Culture 🌍: Finland wins “The World’s Happiest Country”, according to World Happiness Report.
The ranking is based on 5 key factors: Healthy life expectancy , GDP per capita, Social support, Absence of corruption, Generosity and Freedom.
World’s 10 Happiest Countries in 2023:
10. New Zealand
World’s Top 10 Unhappiest Countries:
3. Sierra Leone
Travel✈️: Big news for travelers as TIME Magazine released their annual World's Greatest Places of 2023.
The criterion was of choosing "new and exciting experiences" coupled with sustainable tourism - and we have to admit, the iconic magazine has done a pretty great job.
According to TIME:
💡Dijon, France- In 2022, the town launched its "Cité Internationale de la Gastronomie et du Vin", a 16-acre site dedicated to French cuisine.
💡Pantelleria, Italy- A new national park that has transformed the quiet island into a year-round adventure destination.
💡Timisoara, Romania- The 2023 European Capital of Culture
In The Americas:
💡Washington D.C- Stylish new hotels and booming arts and culture scene
💡Vancouver, Canada- The city just got its first Michelin Guide (the first Canadian city after Toronto to do so) and the Chinese Canadian Museum will open in Vancouver’s historic Chinatown this summer.
💡Bozeman, Montana- is “turning into a Rocky Mountain hub,” says TIME, following a rush of pandemic relocation.
“Downtown is experiencing a growth spurt, with boutique yoga studios, alternative health-care outposts and high-end beauty stores setting up shop.”
💡Guadalajara, Mexico- There's more to the town than mariachi and tequila, says TIME. In November it’ll become the 1st Latin American destination to host the "Gay Games" worldwide sporting event.
💡Chile’s Torres del Paine National Park, Chile- The place to go for a Puma safari
💡Kangaroo Island, Australia- A wildlife haven for nature fanatics
💡The Tuamotu Archipelago, French Polynesia: A go-to destination for “world-class surfing, scuba diving, and snorkeling”
💡Nagoya, Japan- The country's new blockbuster theme park attraction. Also, great during the April cherry blossom season.
💡Jeju, South Korea- Long been a domestic favorite
💡Ladakh, India: Ladakh has also just become home to the country’s first Dark Sky Reserve, in Hanle village
Amazon to cut another 9,000 jobs.
Climate ‘time bomb’ is ticking, reports the UN.
Moderna expects to price its Covid vaccine at about $130 in the US.
Meta rolls out paid verification plan.
Putin to welcome China's Xi to Moscow at critical moment.
Wyoming bans the abortion pill.
California faces persistent flooding after rounds of deadly storms.