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Nike shares are down 10% as they forecast cheaper apparel for at least the rest of the year

Nike shares are down 10% as they forecast cheaper apparel for at least the rest of the year


Shares of Nike Inc fell as much as 10% after hours on Thursday after executives at the sports gear giant said a price-cutting effort to clear off-season apparel from North American warehouses would reduce overall revenue for the rest of the fiscal year. warned of a major potential blow from the strengthening of the dollar.

Management also said they expect competitors to continue cutting prices at least through the end of the calendar year as they try to clear their inventories. But Nike executives said inventory levels in North America likely “peaked” in the first quarter ended Aug. 31 and expected levels — with newer, seasonally adjusted, in-demand product — to level off in the coming months. preparing for the holiday rush.

“We are taking aggressive steps to clear out excess inventory, focusing on specific pockets of seasonally delayed products, primarily apparel,” Chief Financial Officer Matthew Friend said on Nike’s earnings call.

He added that he expects the moves to have a “transient impact” on total revenues for the year.

According to Dost, Nike’s inventory levels, which rose 44% in the third quarter, led to late deliveries last year after factories closed in Asia, where most of its shoes are made.

But these late deliveries are now mixed with holiday season deliveries that will arrive earlier than planned. What came before, executives said, was a function of earlier orders — due to shipping delays that characterized the past year — and then a sudden, more recent improvement in those shipping times.

And as the U.S. dollar strengthens, Friend said it expects the full-year negative impact of foreign currency on reported sales and earnings before interest and taxes to be $4 billion and $900 million, respectively.

Still, executives said inventory management in China is “ahead of schedule” as it recalibrates supply and manages restrictions there due to COVID-19. And despite rising prices, they said consumer demand is still strong. Friend and CEO John Donahoe reiterated that Nike told customers, “No. 1 cool” and “No. 1 favorite” brand.

Shoes like the Air Max Scorpion — which offer “the most air in terms of pounds per square inch” — reflect Nike’s commitment to innovation, Donahoe said. The company’s Travis Scott and LeBron 20 sneakers also remain popular, executives said. Back-to-school season and demand for its Jordan and Converse sneakers were also strong.

As for first-quarter financials, Nike reported net income of $1.5 billion, or 93 cents per share, compared with $1.9 billion, or $1.16 per share, in the prior period. Sales were $12.7 billion, compared to $12.2 billion a year ago.

Analysts polled by FactSet had expected earnings of 92 cents a share on sales of $12.28 billion. Nike NKE stock,
-3.41%
it was down 9.3% after hours, but fell more than 10% at one point after the close.

Ahead of the report, analysts following Nike discounted the impact of a stronger U.S. dollar, the impact of China’s COVID-19 lockdown, as well as the effects of larger discounts on shoes and other equipment that have been out of stock for too long due to stockpiles. in the company’s supply chain. Back-to-school season and competition from brands like Adidas AG ADDYY,
-5.21%
It was also a focus for Wall Street.

Gross margin fell to 44.3% from 46.5% during the quarter. Nike executives said the decline was “primarily due to North America, which took action to liquidate excess inventory through Nike Direct discounts and wholesale market moves.”

Nike’s inventory was $9.7 billion, up 44% from the prior period, due to what executives described as “supply chain volatility partially offset by strong consumer demand during the quarter.”

In June, Nike said it expected “higher promotional activity” in the first quarter as it tries to sell late-arriving seasonal products following factory closures in Asia last year. However, for the full year ahead, management said at the time that it planned for “mid-single-digit price growth.”

Executives also said they plan to expand direct-to-consumer sales in their stores and online. The company over the years Foot Locker Inc. Trying to rely less on retail chains like FL.
-6.36%
for sale.

Nike shares are down 43% so far this year. By comparison, the S&P 500 index SPX,
-2.11%
decreased by about 24% during this period.



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Crypto Notes: ETH Consolidation Has Little Impact on BTC-Focused Stocks


Nearly two weeks after the completion of the Ethereum Merge, investors have likely heard about its implications for Ether (ETH), Bitcoin (BTC), and the broader cryptocurrency industry. Less clear is whether and how the merger will affect companies in the crypto ecosystem. Using the Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts and ETPs Index (CRYPTO) as a reference, only a few pure constituents are affected by the structural changes behind the Merger. Some cryptocurrency miners may see a negative impact when they reuse their ETH mining equipment (although most public cryptocurrency miners focus on Bitcoin mining), while exchanges that offer staking services may see a greater increase in revenue.

Quick Update – What is Consolidation?

On September 15, Ethereum finally completed the long-awaited transition from proof-of-work (PoW) to proof-of-stake (PoS) — in other words, Ethereum switched from a mining system to a staking system. This event was also known as the Ethereum Merge. This was a structural change to the blockchain and ETH users and holders were not affected or required to take any action. Despite the recent focus on the merger, the event was anticipated for several years when the new PoS blockchain was created on December 1, 2020. On the regulatory side, Merge has reduced Ethereum’s power consumption by 99.95%. However, the SEC has previously expressed some concerns that it could raise questions about staking and asset classification.(1)

Most public cryptocurrency miners focus on Bitcoin mining.

Since the main change is the shift from mining to staking, Merge will affect Ethereum miners the most out of the companies in the ecosystem. However, most public cryptocurrency companies focus on Bitcoin mining, with the exception of HIVE Blockchain Technologies ( HIVE CN ) and Hut 8 Mining Corp ( HUT CN ). Fortunately, ETH mining hardware is cheaper and more flexible than BTC mining hardware, so existing ETH mining hardware can be repurposed. ETH is mined using graphics processing units (GPUs), which are standard computer hardware and can be used for many purposes, including mining various digital currencies. BTC is mined using application-specific integrated chip (ASIC) mining rigs — which are more powerful and expensive and are built for a specific purpose (e.g. Bitcoin mining).(2) There was uncertainty about the specific completion date of the merger. , the transition started in December 2020, so miners have been preparing for the Merger for at least a few years. HIVE has already announced that it is looking to redistribute 6.5 Terahash of Ethereum mining capacity to other mineable coins.(3) HUT expects to use its Ethereum mining hardware for non-cryptocurrency capabilities, including artificial intelligence, machine learning, or visual effects rendering. (4)

Exchanges like Coinbase could benefit from revenue generation.

The shift from mining to staking should benefit companies that either participate in staking or serve as platforms for staking. Staking involves staking ETH to act as a validator, which can then provide rewards based on the deposited balance (similar to earning interest at a bank). To make the process easier, platforms like Coinbase (COIN) can make it easy to stake in exchange for a percentage of revenue. The company has already seen growth in revenue from its staking services from ETH and several other digital currencies over the past few quarters. While COIN’s operating revenue fell 66% year-on-year in 2Q22, its blockchain reward revenue (which includes staking) doubled over the same period. Blockchain rewards revenue accounted for 8.5% of total net revenue in 2Q22, up from 1.7% in 2Q16.

Bottom line:

The direct implications for blockchain and cryptocurrencies are few, as most companies are still focused on Bitcoin, and its impact on the sector as a whole is largely neutral in the short term (although there may be long-term implications for supply/demand and regulation). ). The individual companies most exposed to the structural changes behind the merger include COIN, which could benefit from increased sting revenue, while only certain miners (HUT CN and HIVE CN) may need to figure out how to smoothly transfer their existing ETH mining equipment. .

The Alerian Galaxy Global Cryptocurrency-Focused Blockchain Equity, Trusts, and ETPs Index (CRYPTO) is the underlying index for the Invesco Alerian Galaxy Crypto Economy ETF (SATO).

Related Research:

Crypto Notes: Two Correlation Questions

Crypto Notes: Meet the Metaverse

Crypto Notes: Bitcoin ETFs and Index-Based Crypto ETFs

Crypto Notes: Looking at cryptocurrencies that go beyond Bitcoin

[1] Merge | ethereum.org

[2] What is the difference between ASIC mining and GPU mining? :: HIVE Blockchain Technologies

[3] HIVE Blockchain Delivers August 2022 Production Update

[4] Hut 8 Mining Production and Operations Update for August 2022



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Internet, cell phone may cost some poor Californians


summary

Companies and consumers aren’t happy, but consumer advocates say the proposed rule could be a more efficient use of the public’s money.

Editor’s note: This story was updated on Sept. 14 to reflect the new meeting date.

During the pandemic, California has taken major steps to increase cell phone and Internet access to vulnerable communities in the state, particularly low-income families.

In July 2021, Governor Gavin Newsom signed a $6 billion state plan to expand high-speed internet infrastructure in rural and other under-resourced areas.

And from May 2021 to March of this year, the state allowed low-income families to take advantage of discounts of up to $75 a month from state and federal subsidy programs and to purchase Internet and cell phone services. Eligible households can “bundle” subsidies from three programs, two federal and one state, to get these savings.

State regulators are considering limiting some of their savings.

California’s Public Utilities Commission is expected to vote in October on a new rule that would limit how much telecommunications companies can earn from the state’s Lifeline program, which provides discounts for home phone and cell phone service to low-income families.

Under the new rule, low-income California families who qualify for federal assistance for phone service and Internet access will lose some or all of their California Lifeline monthly discounts. The result: Instead of collecting three deductibles, most California Lifeline users will be limited to two years with a deductible of up to just $39.25 per month.

The companies that service Lifeline customers and some of their customers have protested the change, arguing that it would cost low-income consumers money and limit what cell and Internet services they can buy.

Six California Lifeline providers and the National Lifeline Association recently wrote to the commission that the proposed outcome is “perverse, elitist, discriminatory and deeply harmful to California’s low-income consumers.”

‘A win for wireless’

About 1.7 million Californians are enrolled in the state’s Lifeline program, an offshoot of the federal Lifeline program. Commission staff predicted the proposed change could result in more money being made available to extend services to more low-income residents.

State officials also argued that the two federal rebates are enough to cover most consumer needs and, in many cases, pay for excess, unused data capacity. Commission staff wrote that collecting the three subsidies would “result in unintended harm to wireless providers and lead to waste, fraud and abuse.”

Most Californians who own a phone pay these subsidies with a 4.75% charge on their monthly bill.

Nationwide phone extensions fund emergency services called the Universal Service Fund, which keeps 911 and the federal Lifeline program afloat. The federal government established the Lifeline subsidy in 1984 to extend telephone service to the poorest Americans. It now pays providers $9.25 a month to fund phone and cell service for households with incomes below 135% of the federal poverty level, or $37,463 for a family of four, and for people receiving public assistance.

During the pandemic, in May 2021, the federal government created a $50 per month Emergency Broadband Benefit to help families get online as schools close, people work from home, and many others lose their jobs. In late 2021, Congress’ Infrastructure and Jobs Act replaced that emergency benefit with what’s now called the Affordable Connection Plan, offering a $30 discount per month instead of $50.

California, meanwhile, continued its Lifeline program — one of only three states to do so — with a $16.23 monthly discount for low-income households or those receiving public assistance. For example, a family of four making $40,600 or less qualifies.

“One More Cost”

At the height of the pandemic, Californians could get three discounts to purchase services from Lifeline providers, but that ended in March.

Now, at best, consumers can apply one Lifeline plan and one Affordable Connectivity Plan discount per home. The commission is considering making that limit permanent.

Commissioner Genevieve Shiroma argued that combining all three programs gives people more information than the minimum required by law.

“California Lifeline subsidies must be designed to ensure that ratepayer funds are used in a prudent and fiscally sound manner,” the proposal states. Shiroman’s staff said he was not available to answer questions about the proposal.

At least 35 members of the public wrote to the commission opposing the changes to the discounts and defending the use of the data.

“California Lifeline subsidies must be designed to ensure that ratepayer funds are used in a prudent and fiscally sound manner.”

California Public Utilities Commission proposal

pleaded Christina Moore of Lifeline in Los Angeles Commission.

“I use my phone for job hunting … I use it to talk to my doctor about my condition … This phone has been a blessing from the good Lord for me, especially during the pandemic,” he said. “Please don’t cut our benefits and please let’s maximize minutes and benefits from all levels of government!”

Christine Morris of Mission Viejo worried about losing options for her family.

“How come CA is finding new ways to make it harder for consumers to stay connected,” he said. “My kids need a phone and a tablet to keep up with school and do their homework. By limiting the service plans available to low-income people, you’re making the problem worse for us, not better. This was very important to my family — please find a way to serve us more and better! “With all the rising costs, that’s one more cost we can’t afford.”

‘Failure to provide’

Todd Snyder of San Francisco said it would be unfair to limit internet options for low-income Californians.

“This proposed decision will exacerbate inequality and widen the digital divide for low-income Californians trying to compete in today’s rapidly changing digital economy,” he said.

Several consumer advocacy groups took a counter stance, supporting the commission’s plan. Some California Lifeline providers charge high monthly fees for data plans that vary wildly in quality and services, and consumers don’t always get what they pay for, they said.

“This proposed decision will exacerbate inequality and widen the digital divide for low-income Californians.”

Todd Snyder, a resident of San Francisco

“The failure of some providers to provide customers with good value Lifeline service is part of the reason the commission does not allow providers to bundle California Lifeline subsidies with (Affordable Connection Plan) subsidies,” said Ashley Salas, an attorney. San Francisco-based consumer advocacy group The Utility Reform Network.

The Federal Communications Commission and the California Public Utilities Commission have established minimum service standards for Lifeline plans. Currently they require unlimited voice and text and 6 gigabytes of data per month.

The 6GB plan allows you to browse the web for three days, stream 1,200 songs or watch 12 hours of standard videos, according to the Paris-based product review website. According to Swedish telecom giant Ericsson, the average American smartphone user consumed 11GB or more of data per month in 2020, but that number is expected to increase with the rollout of 5G.

Some opponents of the commission’s plan said today’s Zoom meetings, online courses and telemedicine sessions already require more than 6GB per month.

State officials countered that most Lifeline users don’t use all of their data and that the industry couldn’t prove otherwise.

Nuanced views

Nathan Johnson, CEO of TruConnect, a Los Angeles-based wireless company that offers Lifeline, said many low-income people want more data, which is why many don’t sign up for Lifeline.

A 2019 report from the Legislative Analyst’s Office found that only 40% of eligible California families are enrolled in Lifeline. The report cites several reasons: Families may be unaware of the program, they may prefer non-Lifeline plans or carriers, or they may experience difficulties with the program.

Johnson said TruConnect’s low-income customers used more than 6GB per month when offered higher data plans, and said the utility commission should be more flexible.

“Why should Californians get less when they deserve more?” – he asked.

Other consumer groups don’t necessarily agree. Vinhcent Le, a lawyer with the Oakland-based Greenlining Institute, said advocates’ views are more nuanced. They consider not only consumers of Lifeline services, but also other consumers who pay additional fees.

“It was not an easy decision to support the commission,” he said. “It always looks bad when you can’t do more subsidies… But I think what the CPUC is trying to do here — and why we’ve supported it — is to create a way that you can use the rebates more effectively and make sure that the funding is there. so we don’t have to increase surcharges for California consumers.”

And if Lifeline funds are used more efficiently, he said, perhaps California could lower the surcharge for other consumers.

The commission will hold a vote on the issue on October 6.

Interactive graphics

Download the interactive graphic

Send comments to the commission.

Watch the meeting online.

The Lifeline Call Center offers assistance in 10 languages, including English (1-866-272-0349) and Spanish (1-866-272-0350).



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Where Does Venture Capital Invest in Bitcoin? – The Bitcoin Journal


This is a transcribed portion of the “Bitcoin Magazine Podcast” hosted by P and Q. In this episode, they’re joined by Alyse Killeen to talk about what’s happening in the Bitcoin VC space and what hidden gems are ripe. currently investing.

Watch This Episode on YouTube Or Rumble

Listen to the Episode Here:



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These volunteers are building cell towers to bring the internet to everyone — and they need help — GeekWire


Seattle Community Network volunteers and members of Black Brilliance Research work to install an internet network at the Oromo Cultural Center in Seattle. (Seattle Community Network Photos)

Internet access has become essential after COVID-19.

Video chat applications are largely replacing face-to-face interactions, and personal services and businesses are being pushed behind the safety of screens, making daily life impossibly difficult for those without reliable internet access.

This changing reality got a graduate student at the University of Washington thinking.

Esther Jang spent time in the Philippines building cell towers to provide internet access to remote areas. Why not try the same in underserved areas of Seattle, he wondered?

“It really kicked into gear because of the pandemic,” Jang said. “Suddenly, people realized that Internet access was a utility — something people couldn’t do without.”

Esther Jang is helping build the network infrastructure as part of the SCN project.

A 2018 City of Seattle report found that 88 percent of Seattle residents have access to fixed broadband Internet at home. But Jang says that research on this topic usually raises more questions than answers. For example, who owns a home and what accesses a truly secure internet? What happens if someone misses a monthly payment, especially during the heightened economic uncertainty of the pandemic?

“All these problems kind of surfaced,” he said.

Jang wanted to start something like NYC Mesh, a nonprofit that relies on volunteers to provide Internet access through towers in New York. He spoke with Kurtis Heimerl, head of the Information and Communication Technologies for Development Lab at the UW. The ICTD Lab studies the application of technology for poverty alleviation.

“Esther said, ‘I want to do everything we do in the Philippines, but I want to do it in Seattle,'” Heimerl recalled.

They developed a plan that became the Seattle Community Network, an internet service provider supported by volunteers and partners. It is sponsored by the City of Seattle, University of Technology in the Public Interest
Network, National Science Foundation, and individual donors.

Building a collaborative network hasn’t been without its challenges—not least of which is the proliferation of hills and buildings in Seattle.

Seattle’s urban topography — carved by glaciers as old as skyscrapers — is one of cellular wireless’s biggest enemies, Jang said. In short, everything tends to go right. A tall building can block the signal, and a hill or valley can mean a loss of coverage.

Nevertheless, Seattle Community Network now operates six LTE-based towers around the Seattle area, including one at Franklin High School — and a seventh in Tacoma. Coverage for each tower varies from blocks to miles depending on location.

While the project continues to look for new sites for towers to expand its reach, the focus is now on building a network of volunteers and partners who can help educate potential users on how to access the free service.

“It’s really hard to get the word out to people,” Jang said. “You can blast something on Facebook, but if they’re not online, they’re less likely to see it.”

So far, the strategy has been to partner with community organizations, including the King County Library System, the Black Brilliance Project, and the Seattle Filipino Community, which have helped spread the word.

“Our model really works with multiple partner organizations and supports them in providing connectivity,” Heimerl said.

He added: “At the end of the day, the main idea is to run the mobile network by really building the infrastructure like T-Mobile and Verizon. To take this idea and try to bring it down to the level of these organizations that have not technical capabilities, but social capabilities to communicate with this population.”

SCN volunteers producers of the Philippine Community Village Integrated Learning Center.

The Seattle Community Network is currently seeking individual volunteers with community building, teaching, and technology skills, as well as individuals with hands-on experience building things and installing electronic devices.

“We definitely need people with technical experience, who help network and IT the most, but also people who like to build things,” Jang said. “Even people who have wired their house, have some electrical skills, or just software engineers.”

He said building a community around internet access for all has been one of the most rewarding aspects of the project, and he hopes to find more like-minded people who can donate their time and skills to the cause.

“Honestly, I think one of the best things about this project is just the people,” Jang said.



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Crypto CEOs are quitting their jobs. Here’s why


Hello, welcome to Distributed Ledger, a weekly cryptocurrency newsletter delivered to your inbox every Thursday. I’m Frances Yue, a crypto reporter at MarketWatch. This week I’ll be bringing you the latest and greatest in the world of digital assets.

Over the past few weeks, the CEOs of several major cryptocurrency companies have stepped down. I sat down with Columbia Business School professor RA Farrokhnia to discuss the reasons for such moves.

Find me on Twitter @FrancesYue_ send feedback or tell us what we should cover. You can also contact me via email to share your personal crypto stories.

Crypto in an instant

Bitcoin BTCUSD
It has fallen about 5.6% over the past seven days and was trading at about $19,159 on Thursday, according to CoinDesk data. Ether ETHUSD
lost 18% in seven days to $1,306. Meme Token Dogecoin DOGEUSD
Another dog-themed token, Shiba Inu SHIBUSD, gained 2.8%,
trading down 8% seven days ago.

Cryptometric measurements
Biggest Winners

Price

7% daily income

Quantity

$135.02

33.5%

Tokenize Xchange

$7.64

29.5%

Creator

$725.6

22.1%

XDC network

$0.03

19.6%

Uniswap

$6.38

18.9%

Source: CoinGecko September 29

The biggest quitters

Price

7% daily income

Eumos

$1.58

-33.5%

Lido DAO

$1.59

-12.4%

DeFiChain

$0.73

-8.7%

ApeCoin

$5.40

-7.1%

Osmosis

$1.10

-7.0%

Source: CoinGecko as of September 29

The departure of cryptocurrency executives

The cryptocurrency sector has seen the departure of top executives from major companies as a slump in valuations has rocked the industry this year.

In early August, Michael Saylor relinquished his CEO title at MicroStrategy and moved to a new role as executive chairman. In the same month, Michael Moro stepped down as chief executive at crypto lender Genesis after parent company Digital Currency Group filed a $1.2 billion lawsuit against bankrupt digital asset hedge fund Three Arrows. Meanwhile, Sam Trabucco has stepped down as CEO of crypto billionaire Sam Bankman-Fried’s hedge fund, Alameda Research.

Earlier this month, cryptocurrency exchange Kraken co-founder Jesse Powell stepped down as the company’s CEO.

Alex Mashinsky, CEO of crypto-lender Celsius, resigned on Tuesday amid the company’s bankruptcy proceedings. On the same day, FTX USA President Brett Harrison said he was leaving the position.

The reasons behind the moves may vary, each company is in a different position during a market downturn. Bankman-Fried’s FTX and Alameda have been aggressively acquiring several distressed cryptocurrency companies and assets, some of which, like Celsius, have filed for bankruptcy.

Still, a shakeup of C-suites on such a scale reflected changes in the overall cryptocurrency industry.

First comes market conditions. A year or two ago, when digital assets were in a bull run, they now face a different challenge as bitcoin has lost almost 60% of its value.

“Obviously, during a recession, things get a little more difficult. You need a different management mindset to weather the storm, and different crypto companies are going through the experience very differently,” Farrokhnia said.

Meanwhile, the cryptocurrency industry, born in 2009, has grown further with increasing institutional acceptance and regulatory attention. “It requires a different level of professionalism and maturity in senior management,” Farrokhnia said. Some cryptocurrency early adopters with strong, libertarian values ​​may clash with newcomers.

In addition, the complexity of the cryptocurrency space has increased the difficulty of finding new leaders outside the industry. Farrokhnia said that explained why in most cases the heirs are insiders of the companies.

Ethereum ’empty address’ hack

About $950,000 in cryptocurrency was stolen on September 25th in an attack using a dummy address generator called Profanity, according to blockchain security firm PeckShield.

A “blank address” is a personalized cryptocurrency address created by users. Because such addresses are human-generated, rather than being a random string of letters and numbers generated by a machine, they are more vulnerable to brute-force attacks.

The hackers reportedly took a total of 732 ether on September 25 before transferring the money to US government-sanctioned crypto mixer Tornado Cash. a tweet from blockchain security company PeckShield.

The attack is similar to the recent $160 million attack on major cryptocurrency market maker Wintermute.

MarketWatch’s Anushree Dave wrote more about it here .

Crypto companies, funds

stocks Coinbase Global Inc. COIN
It fell 9% to $61.27 on Thursday and is down 2.7% in the last five trading sessions. by Michael Saylor MicroStrategy Inc.
MSTR
shares fell 4.8% to $209.90 on Thursday, and are up 9% over the past five days.

Mining company Riot Blockchain Inc. NOTE
shares fell 4.3% to $7.03 on Thursday, and are up 10.8% over the past five days. stocks Marathon Digital Holdings Inc.
MARA
It fell 2.5% to $10.68, and has risen 1.2% over the past five days. Another miner, Ebang International Holdings Inc. EBONY
Shares rose 0.8% to $0.40 on Thursday, but have fallen 0.4% over the past five days.

Overstock.com Inc.
OSTKof
shares fell 2% to $24.54. Shares are up 2.9% in five sessions.

stocks Block Inc.
SQ,
formerly known as Square, fell 5.5% to $55.85, down 0.2% for the week. Tesla Inc. TSLA
shares have fallen 6.9% over the past five days, down 6.7% to $268.59.

PayPal Holdings Inc.
PYPL
It fell 2.8% to $88.55, up 0.9% after five sessions. Nvidia Corp.
NVDA
shares fell 4.5% to $121.65, looking to lose 3.1% in the last week.

Advanced Micro Devices Inc.
AMD
Shares fell 6.5% to $63.77 on Thursday, down 8% over the past five trading days.

Among crypto funds, ProShares Bitcoin Strategy ETF
BITO
It lost 0.5% to $11.99 on Thursday, while its Short Bitcoin Strategy ETF
THE END
It increased by 0.8% to $38.34. Valkyrie Bitcoin Strategy ETF
BTF
It traded down 1.1% to $7.44 VanEck Bitcoin Strategy ETF
XBTF
Down 1.4% to $18.82.

Gray Bitcoin Trust
GBTC
It fell 2.3% to $11.42.

Must read





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India’s Internet Bill is straight out of Beijing’s Playbook


One of the laws governing India’s communications industry dates back to 1885 – less than a decade after Alexander Graham Bell’s invention of the telephone. If India’s colonial-era Telegraph Act is hopelessly anachronistic, its proposed replacement could also be problematic: The telecommunications bill seeks to retain broad powers of state surveillance and apply them even to encrypted Internet messages.

If the bill passes in its current form, citizens of the world’s largest democracy will lose yet another corner of the already rapidly shrinking space for privacy and free speech. Activists, dissidents and whistleblowers will find themselves particularly exposed; Pressure will increase on services such as Meta Platforms Inc.’s WhatsApp, which has sued the Indian government for demanding that it break end-to-end encryption.

Eventually, India will move a little closer to a more Chinese-style, controlled internet.

The pending telecommunications law is actually related to the internet. It seeks to bend the industry to the government’s will by requiring licenses for everything from Gmail to FaceTime and Skype. Licensed services will have to “unequivocally identify” their customers. The senders of the messages must be identified in the same way as for the recipients. “These provisions essentially take away a user’s right to remain anonymous,” said the New Delhi-based Internet Freedom Foundation, a think tank. “In the absence of data protection law, such a broad and excessive requirement does not prioritize user safety and security.”

Last month, the Indian government scrapped a five-year-in-the-making data protection bill and decided to replace it with a “comprehensive legislative framework.” It is unrealistic to expect India to gravitate towards European-style privacy safeguards under the tenets of the Telecom Bill. Both the public and private sectors are happy to see everything from banking services to government subsidies linked to the controversial national repository of biometric identification. Tracking the daily lives of 1.4 billion Indians with databases for profit or power is a leaf out of Beijing’s playbook.

Adapting the model to local conditions is not difficult given the general lack of awareness of digital harm. 50 million Indians recently geotagged their homes and uploaded their photos along with their phone numbers to the culture ministry’s website after Prime Minister Narendra Modi said they should celebrate India’s 75th year of independence this way. Only some security researchers found this idea ugly.

On the other hand, Bengaluru-based online payments portal Razorpay was recently forced by the police to give up confidential user data that could be used to track down donors to Alt News. A website increasingly at odds with the Hindu right-wing Modi government. As a regulated financial service provider, Razorpay had no choice. Now, the same threat of fines – or losing the right to operate – can be applied to technology services firms.

India is already a world leader when it comes to the world’s desire to control the Internet: since 2012, there have been more than 660 cases of shutdowns of mobile or landline Internet in one part of the country or another. to the Software Freedom Law Center, an advocacy group. The Telecom Bill seeks to formalize this arbitrary power, used by various state governments not only to prevent the spread of misinformation during riots, but also to prevent students from cheating in exams.

This may not be the right plan for a rapidly modernizing economy where the private sector aspires to lead the world in digital businesses from retail to finance to entertainment. But the Modi government, which has seen and harnessed the power of social media to win elections, is unlikely to go hand-in-hand with China, not if the tight control model is in place.

Business interests will support what works for them. Twitter Inc, which has sued the government over “arbitrary” and “disproportionate” orders to block handles or remove content, doesn’t want its fate in the country to hinge on a license it could lose at any time. But new local players in industries like social media, messaging and e-commerce will rush to support New Delhi. They will proclaim nationalistic motivations, although in fact India’s Alibaba Group Holding Ltd. and Tencent Holdings Ltd. will want it to go behind a Chinese-style firewall.

In this confusing intersection of power and profit, the voice of the consumer and the citizen who best serve the interests of a free and open internet will struggle to be heard.

More from Bloomberg Opinion:

• India’s inward turn may hamper its rise: Andy Mukherjee

• Where Modi could be as wrong as Nehru: Andy Mukherjee

• Next China? India must beat Bangladesh first: Andy Mukherjee

This column does not necessarily reflect the opinion of the editorial staff or Bloomberg LP and its owners.

Andy Mukherjee is a Bloomberg Opinion columnist covering industrial companies and financial services in Asia. Previously, he worked for Reuters, Straits Times and Bloomberg News.

More stories like this one are available at bloomberg.com/opinion



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Here are some of the most outrageous revelations in the Elon Musk text dump • TechCrunch


In discovery leading up to Elon Musk’s lawsuit against Twitter, which is scheduled to take place within weeks, a particularly juicy new document has surfaced. See: Other random chats between Musk and Twitter’s key figures, such as founder Jack Dorsey, chairman Bret Taylor and current CEO Parag Agrawal, and investor Jason Calacanis and even Joe Rogan.

There’s a lot to unpack here, so let’s get to it.

“I don’t think I should be anyone’s boss”

Elon Musk doesn’t want to be the boss. This is a big revelation for someone who has been CEO of several companies.

In a conversation with Twitter CEO Parag Agrawal in early April — before their relationship soured to poop emojis – Musk admitted that he does not like being a leader.

“Honestly, I hate doing a lot of things. I don’t think I should be anyone’s boss. But I like to help solve technical/product design problems,” Musk Agrawal said.

Musk and Agrawal’s relationship initially seemed promising.

“Treat me like an engineer instead of a CEO,” Agrawal told Musk.

Throughout their conversations, Twitter founder and former CEO Jack Dorsey regularly speaks highly of Agrawal’s engineering prowess. But on April 26, Dorsey, Musk and Agrawal got together on a Google Hangout to discuss the takeover. According to the texts, it didn’t go well.

“At least it’s clear that you can’t work together. It was enlightening,” Dorsey said.

Count your blessings that you don’t have to pay Doge to tweet

Elon Musk has controversial ideas for Twitter to vet all human users and open source the algorithm (it was originally Dorsey’s idea). But perhaps his worst idea is to fight bot spam by forcing people to pay dogecoin to tweet.

“I have an idea for a blockchain social media system that handles both payments and short text messages/links like twitter. You have to pay a small fee to get your message posted on the chain, which will cut out the vast majority of spam and bots. There is no place to choke, so freedom of speech is guaranteed.”

A few days later, on April 13, Musk’s idea took a bigger shape.

“My Plan B is a blockchain-based version of Twitter where ‘tweets’ are fed into the comment transaction,” he told Steve Davis, president of The Boring Company. “So you’ll pay maybe 0.1 Doge per comment or repost of a comment.”

Thankfully, Musk later concluded that a blockchain-based Twitter wouldn’t be possible right now.

Jack Dorsey is known as “jack jack” on Elon’s phone

We already knew that Dorsey Musk was on the takeover train. But in these texts it seems that the two entrepreneurs really respect each other. So much so that Dorsey earned the nickname “jack jack” on Elon’s phone. Sweet!

Back in March, Dorsey and Musk were talking about the future of Twitter.

“A new platform is needed. This company cannot be. That’s why I left,” Dorsey said. When asked by Musk what Twitter should look like, jack Jack replied: “I think it should be an open source protocol that is funded by a foundation that does not own the protocol, but only develops it. A little like Signal did. This cannot be an advertising model.”

“Elon is the only solution,” Dorsey said in a public comment in April. But he supported Musk alone.

“I appreciate you. This is the right and only way. I will continue to do everything I can to make it work,” Jack told Mask.

Gayle King: Buying Twitter ‘is a gangsta move’

Elon Musk doesn’t run communications teams and generally doesn’t enjoy talking to reporters. But alas, he’s talking to CBS morning host Gayle King.

“ELON! You buy twitter or offer to buy twitter Wow!” the news anchor told Mask. “Now don’t you think we should face it, that’s what the kids these days call ‘gangsta move.'”

We’re sure kids don’t say that. But it’s worth noting that Gayle King is one of the very few women that Musk has spoken to over hundreds of texts.

Musk later told Gayle King that Oprah should join the Twitter board.

“Perhaps Oprah would be interested in joining the Twitter board if my proposal is successful. “The wisdom of humanity and knowing what is right is more important than so-called ‘management’ skills, which in my experience are almost irrelevant,” Musk said.

Honestly, we were going to watch the Oprah interview with Elon Musk.

Joe Lonsdale wanted to connect Musk and Florida Governor Ron DeSantis

Joe Lonsdale, who co-founded Palantir and now runs venture capital firm 8VC, also appears. Lonsdale recently made statements blaming Black culture for racial disparities in funding and calling men who take paternity leave “losers” for context.

“I love your ‘Twitter algorithms should be open source’ tweet…” Lonsdale tweeted in late March. “There should be no arbitrary sketch censorship in our public squares.”

Musk replied: “Absolutely. What we have now is hidden corruption!”

Lonsdale fell back in mid-April. “Haha, even Governor DeSantis has called me now and told me how to help you and how angry he is on this board and how the public supports you,” Lonsdale said. “If you or anyone on your side wants to talk to him, let me know.” (Musk replied curtly and brusquely, “Haha that’s cool.”)

Jason Calacanis volunteered to be CEO of Twitter

Angel investor Jason Calacanis couldn’t help but scroll through Musk’s texts in April when news of his bid to buy Twitter went wild, joking that Musk had raised his bid to $54.21 — “the perfect counter.”

“You can easily clean out bots and spam and make the service more user-friendly—removing bots and spam is much less complicated than what the Tesla self-driving team has seen,” Calacanis said. “So why should blue badges be limited to the elite, the press and celebrities? How is that democratic?’

Calacanis offered more unsolicited advice the next day, including a proposal to cut Twitter’s workforce by more than half to make the revenue math more affordable. “Day zero,” Calacanis wrote. “Kids, sharpen your knives. 2 days per week Office requirement = 20% voluntary departures.”

He also told Twitter to hire MrBeast to create original video content, as well as more creator monetization features with video – “grand unlocking” – giving video creators 100% of ad revenue up to the first $1 million, and then offered to divide.

Both Musk and Calacanis agreed that Twitter Blue was a “crazy piece of shit” and that its features should be completely gutted and overhauled. “These evil people spent a year on Twitter Blue not giving people exactly… anything they wanted!” Calacanis sent a message.

When Musk asked if he wanted to be a strategic advisor if the deal went through, Calacanis swore at the future Twitter owner: “Board member, advisor, whatever… you have my sword.” “Put me in the head coach of the game! CEO of Twitter is my dream job.”

It seems his enthusiasm soon landed him in hot water with Musk.

“What happens by selling the SPV to randos? This is not good,” Musk wrote in May. “Morgan Stanley and Jared [Birchall, Musk’s wealth manager/right-hand man] you think that you don’t use our friendship in a good way.”

Calacanis defended himself by explaining how the Musk/Twitter deal had “captured the world’s imagination in an incredible way,” so he took it upon himself to enter the realm of investment interest.

“You know I’ll ride or die, brother—I’ll jump big [sic] for you,” Calacanis said, earning himself a comeback.

Joe Rogan was pissed

“I really hope you get Twitter,” Joe Rogan tweeted on March 23. (Musk responded with 100 emojis.)

Rogan also asked if Musk would “liberate Twitter from the censorship happy crowd.”

“I will give advice, which they may or may not choose to follow,” Musk said.

Riot Games president Mark Merrill considers Elon to be Batman

We quote directly without comment:

“You’re the hero Gotham needs – hell F’ing yes!”





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A student’s nickname tale of revenge on a stubborn teacher is delighting the Internet


Members of a popular internet forum were filled with pride after recounting the story of a former student’s comeback at the expense of a brave high school teacher.

In a viral Reddit post on r/pettyrevenge, Redditor u/Gunn_Show (otherwise known as the original poster or OP) said their names are often mispronounced at school, but revealed how they were able to influence one guilty teacher. stops disrespect immediately.

The article entitled “I called my teacher by his nickname in the school yard…in front of the class” has collected about 12 thousand positive votes in the last day.

“I have a silent letter in my name,” said the OP. “I had this teacher who was relentlessly not only pronouncing it, but announcing it a lot.”

Continuing to explain that they had tried to correct the teacher – over and over again – the original poster said that their efforts were in vain and that no matter how hard they tried, the mispronunciation persisted.

That is, until he fights back by using the teacher’s “really weird” name against him.

“One day I finally broke,” the OP wrote. “He called the roll and mispronounced my name.

“I replied, ‘Yes, Mrs. Two-Booger,'” the OP continued. “His jaw dropped…[and] he said, ‘That’s not my name!’…I said plainly, ‘And that’s not my name.’

“He pronounced it right after that,” said the OP.

A person’s name is more than just a distinguishing label.

According to the University of British Columbia, names are an important part of a person’s identity and help preserve deep, personal, cultural, familial and historical connections.

While many people in the United States who live with traditional, English names rarely worry about any mispronunciations, a portion of the country’s population is called by the wrong name every day.

Mispronounced names often have different effects on different people.

In 2016, researchers at Stanford University and the University of Toronto found that nearly 50 percent of black and Asian job applicants changed their names on resumes to remove any racial ambiguity in hopes of increasing their chances of getting hired at the companies they wanted.

And in 2019, University of California Riverside associate professor Rita Kohli argued that repeatedly mispronouncing a student’s name can cause many problems that affect their ability to learn effectively with their white classmates.

“We’ve felt that a lot of people are embarrassed – they’re embarrassed by their name, they want to refuse to raise their hand in class, and they sit on the edge of their seat during the roll call so they can say their name before someone else. It’s confusing,” Kohli said in an interview with NPR.

“There was a lot of anxiety and fear with that,” Kohli added.

The teacher was shocked after the student’s challenge. Members of Reddit’s r/petty revenge forum have defended a former student who revealed how they took revenge on a teacher who repeatedly mispronounced their name.
fokusgood/iStock / Getty Images Plus

In the comments section of the viral Reddit post, many Redditors detailed their experiences with mispronounced names and unwanted nicknames, praising the original poster for making sure they never mispronounce their former teachers’ names again.

“I had a shop teacher who didn’t pronounce my last name correctly,” said Redditor u/MasterBeanCounter. “I corrected it several times [and] made him a list of words that rhymed with my last name.

“He still couldn’t help but pronounce it correctly,” they said. “So I called him a childhood nickname he hated so much…I got kicked out of school and he still didn’t get my name right. Never.”

Redditor u/ErikMalik chimed in: “A friend of mine managed to tell my ex-boss about the name I was made fun of in school. “I hated it. [But] of course this boss… started using it all the time.”

In the top comment on the post, which has more than 3,000 upvotes, Redditor u/Fickle-Square199 lamented the authority figures who refuse to correct their actions until the tension is resolved.

“I hate when people can’t solve their problems when they’re politely corrected,” they said. “I prefer to be beautiful, but they force a person to take the low road.”

“Good for you,” said Redditor u/smudgesbudges, referring to the OP. “If he can pronounce his name, he can pronounce yours correctly.”

Newsweek u/Gunn_Show has been contacted for comment.



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New York to ban new gas-powered cars, following California’s lead


Picture it: Manhattan with all the noise but none of the exhaust fumes.

New York is following in California’s footsteps, taking drastic steps to reduce greenhouse gas emissions. The Empire State will completely ban the purchase of new gasoline-powered cars by 2035.

“With continued state and federal investment, our actions are encouraging New Yorkers, local governments and businesses to transition to electric vehicles. We are advancing New York’s transition to clean transportation, and today’s announcement will benefit our climate and the health of our communities for generations to come,” said Governor Cathy Hochul. statement describes the new policy directive.

The regulatory move will bring New York closer to itself state purpose 85% reduction in emissions from 1990 levels by 2050.

According to the report, transportation accounted for 28% of New York’s total greenhouse gas emissions State report for 2021— injection of 106.92 million metric tons of carbon dioxide and other gases into the atmosphere during one year. The transition to electric vehicles should significantly reduce these emissions, given that the electricity grid is also moving away from fossil fuels.

Hochul held a press conference Thursday morning with the Chevy Bolt in White Plains, where he announced his plans for a future gas-free New York. The regulation will come into force gradually.

First, by 2026, 35% of all new light vehicles sold in the state will be required to be electric. Then, by 2030, this percentage will increase to 68%, and by 2035 to 100%. New pollution standards for gas-powered vehicles produced between 2026 and 2034 also accompany the EV mandates.

Additional related policies include transitioning to an all-electric school bus fleet in New York City by 2035 and increased financial support for both individuals and municipalities looking to purchase EVs. The state is adding $10 million Driver Clean Discount program that offers an incentive of up to $2,000 (on top of the federal tax credit Up to $7,500) to encourage and help people buy electric cars. New York has already issued more than 78,000 concessions statewide, Hochul said.

“You no longer have an excuse” not to buy an EV, Hochul said. “We are not going down that dead end street [of gas vehicles] already.” Although the initial costs of buying an EV are still relatively high, this cost fallsand some estimates, electricity in the long run cars are cheap to hold and own relative to their gas counterparts.

California entered into force similar policy in August, but Hochul wasn’t content to let West Coast take all the credit. The governor drew attention to him signed the gas ban goal in 2021. But he said, “He had to wait for California to step up because there’s some federal requirement that California go first — that’s the only time we let them go first.”

In addition to reducing CO2, switching from gas-powered cars to EVs can have public health benefits across the state. “Westchester is a no-notice zone for the Clean Air Act,” state Sen. Pete Harkham said at a news conference Thursday, emphasizing the local benefits of curbing burning vehicles. It is air pollution fatal and debilitating. And in New York, there is car exhaust one of the biggest contributors.

At a time when we desperately need gas-powered cars and fossil fuels, New York’s announcement is exciting. to die. Unfortunately, personal EVs aren’t necessarily a perfect fix. There are unresolved questions about what the current supply will look like necessary materials like lithium, copper, and rare earth metals will be able to meet the growing demand. And all this mining comes with environmental costs, even if they are less existentially pressing than climate change itself. Unfortunately, Hochul’s announcement did not address additional state funding expansion of public transport.



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