Crypto & Coke🥤
This Week in Review☕️: Earth is our only shareholder | 2023 could be the warmest year on record | SVB executives resign amid turmoil | Politicians vs Crypto | Coca Cola beats Wall Street expectations
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Quick Bites:
Climate Change 🌊: The planet could see record breaking temperatures this year as scientists predict "strong" warming weather to return, Reuters reports.
This could result in 2023 surpassing 2016 as the hottest year on record.
President Biden💡: "Anybody who doesn't think that we have global warming, hang out with me. man. Travel to every major fire I've been to"
Yep, travel with me on my Air Force 1 backwards and forwards to Mississippi 7 times a week, producing more greenhouse gases than all the fires combined man
Also, Biden💡: Hold my ice cream
The last eight years were the world's eight hottest on record- reflecting the trend driven by greenhouse gas emissions, Reuters.
Many big companies have pledged to fight the climate change; just last year, the founder of outdoor apparel company 'Patagonia' donated the entire company worth $3bn, to fight climate change.
Shop Patagonia, Save the World lmao
In a letter to shareholders, rock climber-turned-billionaire- Yvon Chouinard wrote: "Earth is now our only shareholder".
The company pledged to give all profits (roughly $100mn/year) to fight the climate crisis.
Meanwhile, Patagonia heirs still reeling from the news👇🏻
Our Thoughts💡:
What to expect💡: The temperatures are already crazy so its likely shit will hit the fan this year. But it won't be from cow dump, fuel companies or people flying first class. It will be from hot breath from liberal half-baked retards who are eyeing the big pot of climate money waiting to be seized
What you need💡: Carbs, a fanny pack, emotional support- and a bottle of chilled rosé. Preferably all of the above
Banking🗞: Silicon Valley Bank's senior executives resign. CEO Gregory Becker and CFO Daniel Beck have stepped down in a shocking exit amid company turmoil.
And once again, another set of top level execs will leave with big fat compensation packages while ordinary citizens are left holding the bag
Both execs, as well as the parent group, had recently been sued for fraud by shareholders. In March, SVB became the biggest bank failure in the US since the 2008 financial crisis.
Background:
💡SVB Financial filed for Chapter 11 bankruptcy protection last month
💡SVB reported 96% drop in Q4 2021 profits, with estimated losses reaching $1.5bn
💡Auditing firm KPMG reveals bank's poor tracking of loans and deposits.
💡New leadership at the helm; Restructuring specialist Nicholas Grossi takes lead as interim CFO
💡Customers move to larger, more stable financial institutions like JP Morgan after banking fiasco
Meanwhile, the chairman of the SEC- Gary Gensler, blamed crypto as the cause of SVB's failure.
Yep, it obviously wasn't the mortgage securities with more than 10 years to maturity...
Gensler drew a correlation between the banking crisis in the US and the partnerships that banks had with crypto clients.
Our Thoughts💡: We see lots of hedgefunds and politicians blaming the crypto sector. The anti-crypto rhetoric is getting exhausting tbh. When will these old geezers understand:
💡Not every energy company is Enron
💡Not every financier is Madoff
💡Not every cryptocurrency exchange is FTX
💡Not every bank is SVB
Retail💰: Bed Bath & Beyond files for bankruptcy protection
A decade ago, Bed, Bath & Beyond was an iconic American retailer representing middle class prosperity. Today it's broke. Now that a great name has filed for bankruptcy, let's call it for what it is: The middle class is F*CKED
The home goods retailer will close all 360 locations with as many as 32,000 employees being let go.
The chain- which has long been losing customers to competitors- listed both its estimated assets and liabilities in the range of $1 billion and $10 billion, according to a court filing.
The company's stock also became a popular "meme stock" during a 2021 trading frenzy, WSJ.
Guess you can't meme your way to success lmao. Actually have to be a profitable biz
10 Reasons for Bed, Bath & Beyond's failure:
1. Amazon
2. Amazon
3. Amazon
4. Amazon
5. Amazon
6. Woke capitalism
7. Lousy management
8. Miserable board structure
9. Anti-Trump activism
10. TOTAL IRRELEVANCE WITH GEN-Z
Our Thoughts💡: Bed, Bath & Beyond spent $1bn in stock buybacks and cash payments to shareholders all while burning the company to the ground.
Meanwhile, employees of 20 years got 0 notice and 0 severance packages because their bosses caved to the woke mob. This is not due to high labor costs or inflation.
This is pure corporate greed. Tax billionaires. Unionize workers.
Drink🥤: Coca-Cola beats Wall Street expectations.
Global sales rose 5% in the first 3 months to $10.96 billion vs $10.8bn expected.
Revenue was particularly boosted by the company's coffee segment and strong sales of Coke Zero Sugar and Smartwater.
The company has been raising prices to offset inflation, which has helped drive a 12% jump in organic revenue for the first quarter.
The beverage giant currently has a market value of $277bn, CNBC reports.
Despite the price hikes, consumers have not stopped buying their favorite drinks.
Our Thoughts💡: Let's be honest guys- Coke is classic. No one asks for a Rum and Pepsi. Just like no one asks for a Cheeseburger and Pepsi.
All that aspartame and acesulfame.. Coke is where the fizz is at. An extra dollar or two for the perfect combo of sugar and caffeine?
Yep.. we'll take it 🙌🏻
Quicker Bites:
Biden makes it official: he’s running again in 2024.
$104bn withdrawn from First Republic bank.
Lizzo protests Tennessee drag ban.
Disney to lay off thousands this week.
North Dakota governor signs six-week abortion ban.
‘Carnage everywhere’: Exploded homes, collapsed homes after Tahoe’s worst winter in 70 years.