🍋 Tech Simps for Wall Street

The power dynamic in Corporate America is shifting, and finance is slowly regaining dominance over the once mighty Silicon Valley. Many tech leaders who once dismissed layoffs and stock buybacks as harmful to innovation and short-sighted are now embracing these tactics to appease Wall Street investors.

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“When a fellow says it ain't the money but the principle of the thing, it's the money.” — Artemus Ward

Good Morning! Meta is slashing its VR prices in a bid to attract a whole new wave of customers. Publicly traded companies are now required to reveal the real value of executive compensation thanks to a SEC ruling on transparency.

Credit Suisse's top shareholder has sold off its entire stake in the company, and the U.S. government plans to block the $3.8 billion merger between JetBlue and Spirit

NYC’s mayor wants store owners to make sure customers remove face masks in an effort to stop the spread of crime. And after pandemic layoffs, hospitality is now the fastest-growing industry in America.

If your company is stuck on single-digit growth, Ballistix is offering a free book that outlines the necessary changes to revitalize your salespeople and sell again for double-digit growth.

1. Story of the Day: Tech Simps for Wall Street

The power dynamic in Corporate America is shifting, and finance is slowly regaining dominance over the once mighty Silicon Valley. Many tech leaders who once dismissed layoffs and stock buybacks as harmful to innovation and short-sighted are now embracing these tactics to appease Wall Street investors.

But why the sudden shift in power? The past decade has seen Big Tech companies hold all the cards, delaying their initial public offerings, demanding special voting rights for founders, and limiting shareholder influence. But with the end of the easy money era, the tech-heavy Nasdaq composite took a 33% nosedive in 2022.

Companies like Salesforce, Meta, and PayPal have announced thousands of job cuts and funneled billions of dollars into stock buyback programs to win back Wall Street's approval.

So far in 2023, Big Tech CEOs sound like ordinary corporate leaders - they’re talking less about world-changing technologies and more about cutting costs and turning a profit.

Takeaway: Silicon Valley's bold move towards independence from Wall Street was a strategic gamble, but the reality of their relationship is far more intricate than anyone could have predicted.

It's no longer a question of who needs whom, but how these two powerhouses can come together to change the future. With game-changing fintech startups and pioneering tech unicorns, the intersection of finance and tech is where the magic happens, and the future of innovation depends on this unexpected alliance.

2. Markets Rundown

Stocks closed slightly higher ahead of the Fed’s testimony and new data.

Movers & Shakers

  • (+) Snap, Inc. ($SNAP) +9% after a push to ban TikTok, one of its largest competitors, gains steam.

  • (+) Apple ($AAPL) +2% after Goldman Sachs upgraded the stock to a ‘buy’.

  • (–) GoodRx ($GDRX) -7% after the company released earnings.

Private Dealmaking

  • Subway, the sandwich chain expected to be valued at around $10 billion, received indicative takeover offers from Goldman Sachs and Bain Capital

  • Altria will buy e-cig maker NJOY for $2.75 billion

  • Abound, an open banking startup, raised $601 million

  • Headway, a mental health care startup, is raising $100 million

  • Bitewise Industries, a startup that trains software developers, raised $80 million

  • Shef, a startup that provides tools for chefs to promote themselves and run their business, raised $73.5 million

  • BetterNight, a virtual care platform for sleep, raised $33 million

A Message from Ballistix: Why Your Company is Stuck on Single Digit Growth

Have you noticed that your salespeople are spending too much time managing existing accounts and not enough time pursuing new ones?

The solution is to free salespeople from account management so they can sell, exclusively.

Ballistix is offering a free book that outlines the necessary changes to revitalize your salespeople and sell again for double-digit growth.

Level up your sales and get your hands on this valuable resource today.

3. Top Reads

  • New bipartisanship TikTok ban will be released today (CNBC)

  • Should it be easier to become an accountant? (WSJ)

  • The generative AI race is just starting (Axios)

  • Pressure grows on another crypto giant (YF)

  • The bond market’s record February (Axios)

  • Goldman may have appetite for Subway chain (Fox)

  • Google tells employees that fewer will receive promotions (CNBC)

  • When it comes to office buildings, it’s survival of the fanciest (Axios)

  • Growth vs. value stock in the eyes of the beholder (CNBC)

  • Airbnb is becoming a Wall Street darling again (YF)

4. Book of the Day: 101 Essays That Will Change the Way You Think

Read a Book in a Day - Don't think it's possible? With Shortform it is. Their super-detailed book guides give you the world's best ideas without all the fluff. And they don't cut corners, either. Shortform's guides to popular nonfiction books and articles include comprehensive coverage, analysis, and even interactive exercises. With a library of 1000+ books in categories like finance, careers, and personal development, you'll have the tools to excel in 2023. Start learning faster with a free trial and $42 off the annual subscription - that's almost 3 months free!

101 Essays That Will Change The Way You Think, the global bestseller and social media phenomenon, is a collection of author Brianna Wiest's most beloved pieces of writing.

Her meditations include why you should pursue purpose over passion, embrace negative thinking, see the wisdom in daily routine, and become aware of the cognitive biases that are creating the way you see your life.

Some of these pieces have never been seen; others have been read by millions of people around the world. Regardless, each will leave you thinking: this idea changed my life.

“I believe that the root of the work of being human is learning how to think.”

5. Short Squeez Picks

A Message from RYSE: What if Apple Made Window Shades?

When it comes to global brand loyalty, no one even comes close to Apple – their meticulously designed products inspire a truly unique feeling in their customers.

Companies that can replicate this feeling are poised to create an ecosystem that fosters substantial loyalty with their customers – which is why this smart home company is doing just that.

RYSE has created the ONLY solution that converts manual window shades to automated, smart shades, and their designs mimic what you would see from a company like Apple.

With $7M in products sold, and a significant portion of their sales coming from repeat customers, they are creating a brand that aims to become synonymous with smart shades.

And with signed retail agreements, you may soon start to see their products on the retail shelves of the biggest retailers in North America.

6. Daily Visual: US Investment Grade Bond Issuance

Source: Axios

7. Daily Acumen

“The things we do each day, every day, often arrive without intent.

By the time we realize that they’re now habits, these random behaviors have already become part of how we define ourselves and the time we spend.

Bringing intent to our rituals gives us the chance to rewire our attitudes.

But first we need to see it.”

Source: Seth’s Blog

8. Job Board

9. Memes of the Day

 

 

 

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