 Fox lost around $700M in market value in 30 minutes today as the news of Tucker Carlson leaving the company surprised the market. The controversial host had the largest audience on cable news, but Fox announced Monday that he and the network were parting ways effective immediately. More: - Class A shares of Fox Corporation slid as much as 5.6%, resulting in a $700M market value loss.
- The departure of Tucker Carlson comes days after Fox paid $787.5M to settle a defamation lawsuit with Dominion Voting Systems after several Fox hosts, including Carlson, made false claims regarding fraud in the 2020 presidential election.
- Fox News has yet to give an official explanation for Carlson's departure.
- The Washington Post claims that the departure was related to Carlson's comments about Fox News management. In contrast, the Los Angeles Times claims Fox decided due to a gender-based discrimination suit by a former Carlson producer and his stance on the Jan. 6, 2021, riot at the U.S. Capitol.
- Dominion originally asked for $1.6B from Fox, more than Fox Corporation reported in net income last year.
- Fox faces a second, similar lawsuit from Smartmatic, a company that builds electronic voting systems.
Zoom Out: - In another shocking event, CNN host Don Lemon announced today that he has been fired. He stated that CNN did not tell him the reason behind this decision.
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LVMH has become the first European company in history to reach a $500B market value. The company is now ninth among the 10 most valuable companies globally. More: - Analysts have credited strong sales in China and a strengthened Euro currency as the two main reasons behind the LVMH stock momentum.
- The company's boost has made Bernard Arnault's net worth reach $212B, enough to make him the world's richest person.
- The French conglomerate owns brands such as:
- Louis Vuitton,
- Tiffany&CO,
- Givenchy,
- Sephora,
- Hennessy,
- Fendi,
- Dom Perignon,
- Off-White, etc.
- Bank of America Corp analysts expect the stock to reach €1,000 ($1,100) in 2023.
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Apple has won a landmark case against Epic Games over its App Store fees. The decision by the Appeals Court confirms that Apple didn't break antitrust laws. More: - This marks the second time that a federal court has decided in favor of Apple since the company was sued by Epic Games.
- Nine out of the 10 claims were in favor of Apple.
- Apple takes fees from sales that apps make in the App Store. These fees can go up to 30%. The app store provides Apple with $78.1B in revenue.
- Apple lost one claim and had to allow developers to place links inside their apps so users could make purchases outside the App Store.
- The appeals court did not overturn that decision, which was related to California law, and is the one claim that Apple says was not decided in its favor.
- Whether the company is forced to allow links to outside payments will be determined in possible future hearings.
- Apple said in its statement that it was considering further action, which could include an appeal to the Supreme Court.
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Coca-Cola beat Q1 revenue and earning estimates, earning $10.96B vs. $10.8B estimates. The company has increased its prices to mitigate the effect of inflation. More: - Coca-Cola earned 68 cents per share vs. the 64 cents expected.
- Coke reported Q1 net income attributable to shareholders of $3.11B, up from $2.78B in 2022.
- Organic revenue climbed 12% in the quarter, driven largely by higher prices, while its net sales rose 5% to $10.98B.
- The company's unit case volume, which excludes the impact of pricing and currency changes, grew by 3% in the quarter.
- Growth in North America was flat, while in Europe, the Middle East, and Africa, it fell by 3%. The company's strong growth in Latin America and the Asia-Pacific region, however, compensated for this drop.
- Coke reported a 3% volume growth for its sparkling soft drinks unit. Coke Zero Sugar's volume rose by 8%.
- The company's water, sports, coffee, and tea division saw volume growth of 4%. Its water division's volume alone rose by 5%.
- The company is projecting organic revenue growth of 7% to 8%.
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Argentina's economy is growing at 0.2% YoY as the country's inflation rate surpassed 100% for the first time in 30 years. Analysts estimate that the country is likely in a recession. More: - Economic activity was flat in February from January, according to government data published Monday.
- The government's strategy of price freezes, currency controls, and multiple exchange rates has failed to improve the inflation rate with Argentina's national currency, the Peso.
- The current rise in inflation could cost Argentina up to $19B in exports.
- If the country were to enter a recession, it would be the sixth in the last 10 years.
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Mooncard has raised a $40.7M Series C funding round to provide automated expense reports for companies. The company has raised over $75M since its inception. More: - Mooncard offers a SaaS expense management product that automates expense reports and offers smart payment cards.
- Some of the companies Mooncard has partnerships with are:
- Visa,
- WTW,
- AIG,
- Flying Blue,
- and John Paul.
- Orange Ventures and Portage led the Series C round with participation from Blackfin Capital Partners, Partech Partners, Aglaé Ventures, and Raise Ventures.
- Mooncart aims to use the funding to expand its market reach in Europe.
- The company currently operates in France, Germany, Austria, Belgium, Italy, Spain, and the Netherlands.
- Mooncard is headquartered in Paris, France.
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- Woodoo has raised a $31M funding round to transform low-grade wood into premium high-tech materials.
- Grimes has told her fans that she will share 50% of the profits from the AI songs they create using her voice.
- Enter has raised a $21M Series A funding round to help households with energy refurbishment.
- Oscar Lopez, the owner of Lopez Holdings, passed away on Saturday evening aged 93.
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 |  | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. |   | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 and 1972 Fords. | |
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