Hey Snackers,
Cryptopreneurs may be leaving Miami, but the city's mayor said he's still taking paychecks in bitcoin despite crypto winter. His wallet must feel cold.
Stocks ticked down yesterday as investors awaited Fed Chair Powellâs speech at Brookings today â his last major scheduled speech before the next rate-setting meeting in mid-December. Investors are hoping for less hawkish policy in their stockings.
Elon is techâd off with Apple⌠and (as usual) heâs taken the beef to Twitter. On Monday the billionaire CEO posted a series of tweets accusing Apple of everything from threatening free speech to not being transparent about its censorship practices. But Elonâs core issues with Apple might be financial:
Battle of the MVPs⌠Musk wants to make Twitter profitable and diversify revenue beyond ads, which make up 90% of Twitter's sales (but have been sagging). Last year Twitter launched its Twitter Blue subscription, which includes perks like early access to new features (think: tweet-editing). This month, Twitter hiked the price of the sub to $8/month â and made it a requirement for users who want to gain the coveted blue checkmark. But Apple's 30% cut could strike a blow to Twitterâs non-ad sales â and its goal of doubling revenue by 2023.
Choose your enemies wisely⌠On the one hand, Elon has a lot of support on his side against Appleâs app tax: developers like Fortnite maker Epic Games, Spotify, and Tinder parent Match have criticized the fees (and launched legal battles against Apple). On the other hand, antagonizing the worldâs most valuable company â which makes the smartphones that millions use to browse Twitter â could have negative consequences.
Take the last train to Clarksville⌠if itâs running. A nationwide rail strike has been looming for weeks. Itâs a big deal because trains play a critical role in hauling goods, food, and materials across the US. Railroads move 30% of the nationâs freight, and a weeklong strike could cost the country $1B. President Biden warned it could put the economy âat risk.â
Dude, whereâs my coal?... The last time Congress intervened to settle a nationwide rail dispute was 30 years ago. A holiday rail strike could be disastrous: halted train lines would freeze supply chains for key commodities like lumber and coal and aggravate inflation by driving up prices of consumer goods.
When shift hits the fan, alliances can shift⌠Biden has been a strong union backer, having previously argued against congressional intervention in labor disputes. But this week the president requested that Congress intervene to force a deal by passing legislation. Now hundreds of business groups are praising Biden while his usual allies (unions) are criticizing the move.
Authors of this Snacks own: bitcoin and shares of Apple and Match
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