Gm. Rule number one of the newsletter game: If you stay up late enough, Elon will tweet something controversial enough to become news.
Looking at three funds that recently topped up their coffers.
Who should rule the tweets?
Late last night, the current CEO of Twitter Parag Agrawal dropped a bomb that Elon is no longer joining Twitter's board. There aren't many details to go along with the news of Elon's sudden 180, but there is one position within Twitter that might suit him even better than a board seat: CEO. It’s still speculation at this point, but after snagging a 9.2% stake in the company last week, Musk might be in the CEO seat before we know it.
Let’s look at the evidence
Here are three main arguments for why Elon might actually become Twitter's CEO.
- It’s happened before: It’s not unheard of for an activist investor like Musk to step in and use their minority stake to exert their influence. Larry Tisch bought 24% of CBS back in the 1980s then became CEO just a few months later. Armed with a 9.2% stake a whole lot of ideas, Musk could easily follow the same path.
- He's going to be pulling strings anyways: Musk has been very vocal about certain aspects of Twitter like an edit button or a better verification process. If that’s what he’s doing in public, you can imagine he is doing the same in private. If Parag is going to have to deal with Musk’s constant meddling, Twitter might as well make the transition official and hand Musk the title. It's possible too: Musk is the largest shareholder while technically Parag is a just a hired employee.
- It’s Elon: Becoming CEO just seems like something he’d do. Gotta factor the Elon-ness of the move.
The key arguments against Musk becoming CEO are 1) he won’t have enough time between running Tesla, SpaceX, and Twitter 2) he has no experience running an ad-based business, and 3) he’s quite erratic.
But Jack ran multiple companies at the same time, Elon is actually pushing for Twitter to move away from an ad-based model, and his erratic nature will fall squarely on his shoulders if he’s CEO. In short, there are fairly logical counter arguments to all those points.
Bottom line: You never know with Elon, but if we had to guess, this is probably going to happen.
Bitcoin 2022 recap
A Warren Buffett diss, a 3,000 pound chrome bull, and a high-stakes mechanical rodeo stole the show in Miami, but there were some notable developments amidst the theatrics of Bitcoin 2022. Here are the main announcements that dropped at the biggest bitcoin conference of the year:
🇸🇻 Nayib Bukele canceled his planned appearance just a day before he was scheduled to take the stage due to “unforeseen circumstances” in the Salvadoran president’s home country. Bukele announced his plan to make BTC a national currency at Bitcoin 2021, so another bombshell was definitely on the table. News about the country’s delayed bitcoin bonds will have to wait.
⚡️ Jack Mallers, CEO of Strike, announced a mega-partnership with Shopify, Blackhawk Network, and point-of-sale manufacturer NCR that will make it easier for businesses to receive USD when customers pay in crypto. Mallers claimed that Wal-Mart, CVS, Whole Foods, and other major chains will be able to accept payments with the new system.
💸 Cash App dropped the news that is adding features that allow users to automatically invest in bitcoin by rounding up their purchases and allocating a portion of each paycheck to crypto. The app is also integrating with Lightning Network to facilitate bitcoin payments.
Stat: Everyone knows that VCs dove head first into crypto in the last few years, but it’s always helpful to see just how bullish the industry has become. In 2020, there were 838 deals in the crypto space for a total of $4.9 billion in aggregate capital invested. One year later in 2021? That number exploded to 1,349 deals and $30.5 billion in capital investments. Talk about memetic investing.
TLDR: Apple announced the date of its next WWDC and there are a whole lot of tasty leaks to pour over. The biggest one we have our eye on: Apple's unreleased AR headset is reportedly referenced in iOS 16. More here.
Rabbit hole: An inside look at the harrowing lockdowns in Shanghai (Rest of the World).
WHAT ELSE IS GOING ON
- Apple TV Plus held its first Friday Night Baseball broadcast, but connectivity issues and off-topic commentary led to mixed reviews from viewers.
- Coinbase suspended UPI payments in India, rendering the service unusable just a few days after making its debut in the country.
- The New York Times issued new guidance to its journalists: get off Twitter every now and then.
- The Stand Up for Ukraine campaign, backed by celebrities like Elton John and Oprah Winfrey, announced that it has raised over $10 billion for Ukrainian refugees.
These four iconic places are among the world’s top filming locations. Can you rank them in order according to the number of movies filmed there?
- The Eiffel Tower
- Niagara Falls
- Central Park
- Trafalgar Square
This is how Elon broke the news of him declining a seat on Twitter's. Do you think he will eventually become Twitter's CEO?
Let us know here.
The best resources we came across this weekend that will help you become a better founder, builder, or investor.
🕸️ A Roam-based workflow that lets you visualize your note taking
🗓️ We like this minimalist, privacy-focused planner app
🖥️ Tips from a senior dev on planning, managing, and enjoying side projects
- Central Park - 352
- Niagara Falls - 143
- Trafalgar Square - 104
- The Eiffel Tower - 75
Source: The Hustle