Hey Snackers,
A tuna conspiracy is shaking the food world to its (alba)core. The former Bumble Bee CEO was sentenced to 3+ years in jail "for his lead role in a conspiracy to fix the prices of canned tuna." He was also ordered to pay a fine, to the tuna $100K.
Stocks dipped at the end of yesterday's volatility. The tech-heavy Nasdaq got a little green bump — But "reopening stocks" like cruise and airlines closed in the red.
Can I still get the AUX cord?... Not the type of question bus drivers like to get. Uber is selling its ride-tracking, route-mapping software to public transit agencies on a subscription basis. We're calling it UaaS: Uber as a Service. It's Uber's latest move to diversify beyond gig ride-hailing. And CA's Marin County Transit is the first guinea pig:
Tech-ifying public transit... Uber already includes public transit info in-app in some big cities. Like: what's the fastest subway line and how much will it cost. But now it's actually getting paid by a transit agency to include it as a booking option through its app. Right now, the Marin service only includes four six-seater vans. Uber thinks it could grow way beyond this:
Uber is worried about the future of gig... Uber always insisted that it's just a tech company. Now it's selling its techy platform as its most valuable asset — not its army of gig workers. Since CA no longer classifies gig workers as contractors, gig icons like Uber may have to start giving them benefits like full-time employees. This new anti-gig product adds a new revenue stream that could offset some gig-related losses.
Summer BBQ just got plant-ier... Plant-based meat icon Beyond Meat is expanding beyond the four-pack. The corona-crisis and a national meat shortage has won the alt-meat gang some bandwagon fans: Last week, sales of meat alternatives nearly tripled compared to the year before. And Beyond wants more in on the stay-at-home, food hoarding action:
This is more than just Grill Season marketing... It's a pricing war with (literal) beef. The new value packs lower the price of Beyond meat per pound, narrowing the price gap with traditional (cheaper) beef patties:
Early adopters are not enough... Once your product gets its early fan base, you have to knock down barriers to go mainstream. Beyond is focused on the first one: price. It managed to turn a profit last quarter because its patties are so pricey. Now it's chasing growth by competing on price with beef and cheaper meat-substitutes like Morningstar. It may want to extend this beyond "limited time."
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