⏱Twitter builds a nest egg
A crypto IPO, and tech companies in court
Good morning everyone, we hope you’re ready to finish the week strong!
Yesterday Twitter had its annual analyst day and introduced a lofty goal — they want to double their revenue to $7.5Bn or more by the end of 2023. Their plan to get there? A new slate of features aimed at capturing more value on the platform that’s been lost over the years to third party sites. Among those features are SuperFollows, which will allow users to charge followers for exclusive content (to compete with Patreon and OnlyFans), and Microcommunities, which will allow users to connect with other like minded individuals (Facebook Groups). Investors loved the news, and $TWTR ticked to a new all-time high of $80.75 during intraday trading.
The state of Michigan, confirmed the suicide of former US Olympic gymnastics coach John Geddert yesterday, only hours after he was charged on 24 different counts, 20 of which involved human trafficking. Geddert, who has been disgraced since he was accused of turning a blind eye to Larry Nassar’s abuse, had been banned from USA gymnastics since 2018. Since then, countless gymnasts have come out and accused him of behavior that led to severe eating disorders, suicide attempts, and a toxic enviorment.
0:56- It just makes cents
Well actually, it’s a lot of cents. Coinbase, the crypto trading start-up officially filed its S-1 yesterday, signifying its intent to go public later this year. In the document, it revealed that its revenue had more than doubled to $1.3Bn last year, with a profit of $322M. In addition, the company also revealed something interesting — only ~33% of its purchases were from individuals last year, meaning that more and more corporations have begun purchasing Bitcoin.
As Epic continues to sue Apple in an attempt to break up their app store monopoly, almost all of the largest tech companies in the world have been called. Epic has subpoenaed Match, Tinder, and former Apple executives, while Apple has called Sony, Microsoft, Nintendo, Amazon, Samsung, and Valve.
Have a great rest of your day, and we’ll see you tomorrow bright and early!
-The 90 Second News Team
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