🍋 Wall Street’s Swiping Left

Why Wall Street is giving up on dating app companies, plus Trader Joe's goes viral.

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"The benefit of having a crisis is that things that were overlooked or needed get done and get done quickly." — Jamie Dimon

Good Morning! The House passed its TikTok crackdown bill - but it faces a steeper challenge in the Senate. Jamie Dimon is Bob Iger’s newest ally in Disney’s activist fight. Trader Joe's tote bags are the latest product to go viral and end up on the resale market for hugely marked-up prices. And Wall Street’s forecasts are chasing the economy even higher. Plus how to get better at small talk, and does a 4-day workweek work?

Yesterday’s poll results: roughly 1 in 3 of you (34%) said you use TikTok.

This week, Ethereum eclipsed the $4,000 mark, hitting a new 52-week high. Currently, traders are pricing a 29% chance of an Ethereum ETF being approved by May 31st. Trade your insights on Polymarket today.


Wall Street’s Swiping Left

Bumble’s CEO made a surprising announcement this week - the app is rethinking its signature offering of letting women make the first move. And Tinder is considering doing away with its signature swiping. 

But these moves might be a desperation play for an industry that’s been struggling for a while. As it turns out, Americans are just getting fed up with dating apps.

For almost a decade now, singles have been swiping on dating apps. But now investors are losing interest. Match Group and Bumble dominate the market, yet their combined market value has dropped by over $40 billion since 2021.

Wall Street investors used to be drawn to the growth of these companies, but now growth is slowing due to changes in generations. Millennials are settling down, and dating apps need more Gen Z users to pay up. But Gen Zers aren't keen on paying, maybe due to a lack of disposable income or perhaps a lack of interest.

And while most revenue for dating apps comes from subscriptions, they're struggling to increase sales. Match Group and Bumble earned around $4.2 billion from subscriptions last year.

Takeaway: Wall Street wants dating apps to convince more young users to pay, as investors love the steady income from subscription models. But since paying doesn't guarantee dates, many argue it's not worth it. Furthermore, there is widespread concern over the addictive qualities of these platforms and their overall satisfaction rates. Maybe it's time to meet people the old-fashioned way: on a cold, dark evening in the dingiest dive bar in your city.


Will Ethereum ETF Be Approved by May 31st?

This week, Ethereum soared, reaching a new 52-week high and eclipsing the $4,000 mark, a milestone that has invigorated the crypto community and caught the attention of investors worldwide.

The surge comes amidst growing interest in Ethereum's upcoming upgrades, which promise to enhance its scalability, security, and sustainability.

The approval of an Ethereum ETF is a hotly debated topic. It represents not just a potential influx of institutional money but also a stamp of legitimacy for Ethereum as a mainstream financial asset. 

Currently, the odds on Polymarket reflect a cautious sentiment, with a 29% chance of approval by May 31.

What's your take? Share your analysis, make predictions, and trade on Polymarket now.


Top Reads

  • House passes TikTok crackdown (YF)

  • Jamie Dimon is Bob Iger’s newest ally in Disney activist fight (CNBC)

  • Trader Joe's mini tote bags are the latest viral product (Axios)

  • Boeing’s legal woes are becoming a problem for the entire airline industry (YF)

  • Wall Street forecasts are chasing the U.S. economy higher (YF)

  • The Fed’s inflation fight is starting to feel like a forever war (Axios)

  • JPMorgan's Dimon urges US Fed to wait past June before cutting rates (CNBC)

  • Apollo reaches out to Paramount about deal (Axios)

  • Shake Shack's Danny Meyer is betting millions on indoor golf experience boom (CNBC)

  • Deadspin lays off entire staff (CNN)

  • NYC’s first ever mini-forest is coming to Roosevelt Island (NYP)


Markets Rundown

Stocks closed lower after a selloff in tech stocks.

Movers & Shakers

  • (+) Moelis ($MC) +4% after the investment bank was upgraded by Goldman.

  • (–) Tesla ($TSLA) -5% after a downgrade by Wells Fargo.

  • (–) Dollar Tree ($DLTR) -14% after the retailer announced disappointing quarterly earnings.

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Burn Book

Part memoir, part history, Burn Book is a necessary chronicle of tech’s most powerful players. From “the queen of all media” (Walt Mossberg, Wall Street Journal), this is the inside story we’ve all been waiting for about modern Silicon Valley and the biggest boom in wealth creation in the history of the world. 

When tech titans crowed that they would “move fast and break things,” Kara Swisher was moving faster and breaking news. While covering the explosion of the digital sector in the early 1990s, she developed a long track record of digging up and reporting the facts about this new world order.

Her consistent scoops drove one CEO to accuse her of “listening in the heating ducts” and prompted Facebook’s Sheryl Sandberg to once observe: “It is a constant joke in the Valley when people write memos for them to say, ‘I hope Kara never sees this.’” 

While still in college, Swisher got her start at The Washington Post, where she became one of the few people in journalism interested in covering the nascent Internet. She went on to work for The Wall Street Journal, joining with Walt Mossberg to start the groundbreaking D: All Things Digital conference, as well as pioneering tech news sites.

Swisher has interviewed everyone who matters in tech over three decades, right when they presided over an explosion of world-changing innovation that has both helped and hurt our world.

“The book is also deeply personal and frankly, very moving.”


I Am What Survives Me

Erik Erikson, a pioneer in the field of psychology, introduced the world to the concept of eight stages of psychosocial development, challenging the traditional Freudian emphasis on sexuality with a broader view that considered social and cultural influences.

His journey, influenced by a unique upbringing and a significant mentorship under Anna Freud, led to the realization that our identities are shaped not just in childhood but throughout our lives, as we navigate a series of developmental conflicts from trust vs. mistrust in infancy to ego integrity vs. despair in old age. Each stage presents a unique challenge that, when resolved positively, contributes to our growth, and when not, leads to stagnation.

Erikson's theory offers a profound insight into the human condition, suggesting that our growth is a continuous process influenced by our interactions with society and our internal struggles. The resolution of conflicts at each stage shapes our identity and impacts our ability to deal with life's later challenges.

This understanding provides not just a framework for psychological analysis but a guide for personal reflection, emphasizing the importance of overcoming these challenges to lead a fulfilling life. Erikson's legacy, encapsulated by the idea "I am what survives me," highlights the enduring impact of our developmental journey on our sense of self and our place in the world.


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