Meanwhile at a Tesla "Charge Club" [Flashpop/DigitalVision via GettyImages]
Hey Snackers,
Guess it's going to be an Animal Style summer: In-N-Out released a pool float shaped like its french fry boats. Perfect for those who like their tans extra crispy.
Stocks dipped yesterday, dragged down by tech. Meanwhile, AMC stock plunged 21% after the company sold millions of shares for the second time this week — and warned people to only buy its stock if they’re prepared to risk losing their entire investment.
I’ll have the Musk Burger... with a side of Ludicrous Mode Mayo. That could soon be a reality for Tesla owners: Tesla just filed trademarks for restaurant services, including take-out, self-service, and pop-up restaurants. Think: fries and pressed juice while you juice up your Model S — instant "range anxiety" killer.
Pull up the Elon tweet... Since 2017, Tesla execs have been flirting with restaurant concepts. Picture: Tesla-only charging stations with convenience stores and upscale burger joints. In 2018, Elon tweeted that he was “Gonna put an old school drive-in, roller skates & rock restaurant" at a Tesla Supercharger station in LA. That hasn't happened yet, but Tesla has been developing a "Charge Club" model.
Exclusivity breeds brand loyalty... exactly what Tesla needs right now. Tesla’s global EV market share fell to 11% in April, from 29% in March. Ford and others are dropping sleek EVs at attractive prices, and the Biden admin is pushing for wider EV adoption. Competition is hotter than ever, and Tesla needs differentiators to justify its higher prices. With "Charge Clubs," Tesla can offer an ecosystem that others haven't built yet. Just like some people pay extra for loyalty flights with lounges, some might buy a Tesla over a Mach-E thanks to "Charge Clubs."
I'm Blue, da ba dee da ba di... Had to. Yesterday, Twitter started rolling out its first subscription service in Australia and Canada: "Twitter Blue." For ~$3/month, Blue offers access to exclusive features and perks. Like:
I see you diverisifying... Twitter confirmed that "free Twitter" is never going away (greeeeat). Subscriptions are just part of its goal to double annual revenue by 2023. Ad revenue makes up ~90% of Twitter's sales, so subs could add some #diversification — which is currently top of mind for social media companies.
Social media subscriptions are an untested concept... Facebook, Insta, Twitter, and Snap are free because they sell eyeballs to advertisers. We don't know how many people will actually pay for Twitter Blue, which still shows ads. But if a social giant offered an ad-free subscription, that could have wide appeal. Social apps reward engagement because they want users to spend more time scrolling ads. An ad-free sub could change their business incentives.
Authors of this Snacks own shares of: Tesla
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Correction: Yesterday, we said that Colonial paid $4.4B worth of Bitcoin in ransom — we meant $4.4M 😑