Hey Snackers,
Tinder just introduced plant-based dating. Nothing sparks a connection like tempeh.
The tech-heavy Nasdaq index hit a fresh record yesterday, its first since February. Investors are looking forward to earnings from the "Big Tech 5" this week. Meanwhile, Tesla posted its seventh-straight quarterly profit.
Shots fired... Exxon reportedly was just dealt a major warning by its activist investor, hedge fund Engine No. 1. Activist investors = Wall Street's aggro helicopter parents. Engine No. 1 said Exxon faces an “existential business risk” from tying its future to fossil fuels. Unlike Shell and BP, Exxon hasn't vowed to transition away from oil and gas, arguing they'll remain key.
Why you always in the news?... Exxon has been making headlines for its carbon capture efforts. Carbon capture = removing carbon dioxide from the air, then storing it underground. Exxon created a new biz unit to commercialize carbon capture, which it says will be a $2T market by 2040. Oil giants like Occidental and BHP have also invested in the carbon-vacuuming tech. But most of Exxon's $$$ comes from oil and gas... and Engine No. 1 doesn't love that:
It's the "Blockbuster Alarm"... The call for an existential pivot to be made... before it's too late. Blockbuster clung to VHS and DVD rentals, even while streaming emerged as the future. Now it’s extinct, and Engine No.1 doesn’t want the same to happen to Exxon. If VHS tapes are oil, then streaming is clean energy. Governments will need clean energy (like wind and solar) to achieve their green goals. Engine No. 1 rang the "Blockbuster Alarm" to spur Exxon to go green.
5 stars for four paws... And throw in a special purpose acquisition corgi. Rover is like Uber, for dogs. "The world's largest" online pet care marketplace connects you to dog walkers, house sitters, groomers, and even play dates for your pooch (similar to Wag). In February, Rover revealed it's going public by merging with a SPAC called Nebula Caravel Acquisition Corp (claaassic SPAC name). And it just dropped some fresh stats.
Meet the pawrents... Pet adoptions soared last year as homebound Americans took in furry friends, boosting pet supply companies like Chewy. For Rover, it wasn't as cute: 2020 sales plunged 49% because a) you didn't need a home sitter, since you were always sitting at home and b) you didn't need a walker, since your dachshund was your only reason to leave the house. Now...
We're in the "gig-ify anything" era... Independent workers' wages and participation soared 33% in 2020, as full-timers got laid off and the gig economy boomed (think: DoorDash, Instacart, Fiverr, Upwork). One in four workers are considering quitting their jobs post-pandemic — and many say it's because they want more flexibility (aka: exactly what gig work provides). From Rover's gig-ified pet care, to professional cuddling services (virtual and IRL) like Cuddlist... people are gig-ifying their interests and time at an unprecedented level.
Authors of this Snacks own shares of: Tesla
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