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This Week in Review ☕️: BlackRock files for crypto fund | Spotify ends podcast deal with Meghan Markle | Wall Street gets bullish | Airbus wins historic 500-plane deal | LGBQT+ advertising gets pricey
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Quick Bites:
Crypto💰: BlackRock files for Bitcoin Exchange Traded Fund.
💡2017: CEO Larry Fink calls Bitcoin "an index of money laundering"
💡2023: The $10 trillion asset manager files for a spot Bitcoin ETF
"First, they will ignore you, then they will laugh at you, then they will fight you, then you will win"
-Mahatma Gandhi
Umm... Damn right Bapu
Key Highlights, according to Reuters:
💡They already launched a Bitcoin private trust for institutional clients last year
💡The filing for the exchange-traded fun that tracks the price of Bitcoin, will give investors exposure to the cryptocurrency without having to directly buy it
💡BlackRock said it would use Coinbase as its custodian
💡Proposals from 'Fidelity' and other firms have been rejected on the basis that crypto is vulnerable to fraud and market manipulation
💡The asset class is under increased regulatory scrutiny, with the SEC suing Coinbase and Binance earlier this month
💡"It shows resilience of the public's interest in crypto."
Our Thoughts:
1. So, BlackRock launches a ETF and pumps the price to $1mn per coin
2. We all sell our coins to get in the ETF because let's be honest- @1mn per coin? F*CK YEAH 💰💰💰
3. BlackRock owns majority of $BTC coins in the market
4. In 2030, $1mn buys you all but a breakfast sandwich & coffee at Starbucks
5. Your hard-earned money is now at Larry Fink's mercy
Moral of the story💡: Do NOT sell your caviar for catfish folks. HOLD onto those coins for the years to come. BlackRock lookin' like they might pump-it-and-dump-it 🤔
PS. Isn't the entire point of BTC to be against corporations like BlackRock?
This is NOT the way of Satoshi Nakamoto🖕🏻
Tech 📱: Spotify ends podcast deal with Harry & Meghan.
Signed in 2020, the $20 million multi-year deal has been cancelled only after one series.
The Royal couple will never make it in the US tbh. They're like Heinz Baked Beans and lukewarm beer.
America has finally said "NO, THANKS" 👋🏻
"Archetypes", the podcast hosted by Meghan was launched in August 2022 to "investigate, dissect, and subvert the labels that try to hold women back."
Archetypes saw many big names being featured- from Serena Williams, Mariah and Carey to Jameela Jamil and Paris Hilton.
Meghan just woke up one day after moving to LA and thought "You know what, I'm bored in California. Lemme have my moment ONE LAST TIME."
Thought she wanted nothing in the limelight? Can't have your cake and eat it too, Duchess👎🏼
Guess a huge American Red Velvet came to bite her royal a**
Despite the usual scrutiny around Meghan Markle, this development is also an indication of Spotify reevaluating its costly growth strategy.
Spotify has invested more than $1bn in podcasting since 2019. They have made headlines for their massive contracts- like paying Joe Rogan a record $200mn to commit to podcasting exclusively on the platform.
However, the company has recently cut back on its podcast division, laying off 200 people and letting go off some notable brands, Bloomberg.
Aviation ✈️ : Airbus wins historic 500-plane deal.
Indian budget airline 'IndiGo' announces record order for 500 jets from French plane maker Airbus.
The deal that happened at the Paris Airshow on Monday is the largest deal in commercial aviation history.
The aviation deal also shows India is soaring to new heights as it becomes the country to watch out for in the future.
At a population at 1.4 billion people and a burgeoning middle-class, India today has the global power to shape events beyond South Asia.
Some say by 2030, India might lead the world in almost every category. It is already projected to be the fastest-growing large economy, at 5.9% this year, The Washington Post reports.
It also shows how airlines are spending big money to meet the rising travel demand.
Executives say over 2,000 more orders could take place as the world's largest air show continues, Reuters reports.
In addition, Boeing's newly released outlook expects airlines to add nearly 42,600 jets worldwide and become an $8 trillion industry in the next two decades.
Culture🌈: Pride Month boycott takes $28 billion toll.
Global corporations like Bud Light, Target and Kohl's have lost a collective $28.7bn in market value, after their support of the LGBTQ+ community incited backlash and boycotts, Axios reports.
"While conservatives will inflict economic consequences on companies that are more vocally supportive of transgender rights,
Progressives will expect brands to be inclusive and will boycott companies that minimize their LGBTQ+ support in response to conservative pressure"
-Axios
Catch-22 situation right here, guys. Damned if you do Damned if you don't🤷🏻♀️
This is indeed a Catch-22 situation as employers can't not take action either. Large companies have increasingly come under the microscope for their role in society.
As the world celebrates #PrideMonth, global brands are being called out for little to no action to support the LBGQT+ community.
Simply marketing a rainbow-themed product in the month of June has started to come across as increasingly shallow- and customers are taking notice.
Life was simpler when politics and business didn't mix eh? 🙏🏻🙏🏻
Quicker Bites:
US Secretary of State met with Chinese president Xi Jinping in Beijing Monday.
Indian PM Modi leaves for landmark state visit to the US.
Nikola lays off 270 employees.
Shootings on Juneteenth weekend leave atleast 12 dead.
Judge orders Trump not to disclose evidence in classified documents case.
Titanic tourist submersible goes missing with search underway.