Plus: Crypto companies' regulatory challenges
| For November 26, 2023 |  |
| Here are the top Business stories you should look forward to this week: - 🧠 The SEC could potentially make an announcement on investigating Elon Musk and his brain chip company, Neuralink.
- 💴 Argentina's new President, Javier Milei, is facing the first hurdles in his plan to adopt the U.S. Dollar.
- 🏈 Amazon could change how companies spend their marketing money forever, depending on how well sales did on the "Black Friday" NFL game.
Thank you. Arbër
p/Arber | |
| 1 | | Look for: The SEC potentially making an announcement on investigating Elon Musk and his brain chip company, Neuralink. Why: Neuralink uses monkeys to test its brain chips. According to Musk, these monkeys are all close to death due to their health conditions, and no monkeys have died due to the company's experiments. Legislators are calling for Elon Musk to be investigated by the SEC over his comments because, according to them, this is not true. Furthermore, they claim that Musk knowingly lied to his investors to mislead them about the safety of these experiments. A letter signed by four members of the House of Representatives has been sent to the head of the SEC to initiate an investigation. Whether the SEC does so could be announced soon. |     | |
| 2 | | Look for: Javier Milei, Argentina's newly elected President, has shocked the political scene worldwide. During his campaign, he promised to close the Central Bank of Argentina and make the U.S. dollar the national currency of his country. As he enters the office, look out for news regarding the challenge of implementing these decisions. His first plan has already hit hurdles, as his top choice for the head of the Central Bank, Emilio Ocampo, has declined the job offer. Why: If Javier Milei's plan to make the U.S. dollar Argentina's national currency succeeds, it would be a monumental shift in a country that has balanced its ties with the U.S., Russia, and China. Other countries could try to replicate it if it were to prove successful. | | | |
| 3 | | Look for: Companies announcing how much they sold during the "Black Friday" football game between the Miami Dolphins and the New York Jets, and potentially announcing major changes in their marketing strategy. Why: Traditionally, NFL games during Thanksgiving weekend were given to cable broadcasters. For the first time ever, this year's game between the Miami Dolphins and the New York was live-streamed on Amazon Prime. Marketers were excited because Amazon's technology allows them to show ads and enabled consumers to purchase those items in real time. Companies can track users who interact with the ads with very accurate data, thus making traditional media a less attractive option from an investment perspective. | | | |
| 4 | | Look for: More investigations on crypto companies from U.S. regulators in the upcoming days that could result in dramatic fines. Why: Changpeng Zhao, the co-founder and former CEO of Binance, one of the world's largest cryptocurrency exchanges, agreed to settle a $4.3B case with the U.S. Department of Justice. According to the deal, Binance pleaded guilty to charges of conspiracy to conduct an unlicensed money-transmitting business and to fail to maintain an effective anti-money laundering program. If regulators were able to successfully find proof of wrongdoing in a company as large as Binance, then smaller companies are likely to be targeted by U.S. authorities, too. | | | |
| 5 | | Look for: Microsoft potentially making new decisions regarding its AI products that help reduce its dependence on OpenAI. Why: Now that Sam Altman has returned to his position as the CEO of OpenAI, Microsoft's plan to have him create a team at Microsoft and work on AI technology has failed. While Microsoft owns 49% of OpenAI, some industry experts question whether the partnership is sustainable from a long-term point of view. Investors could also view software such as Copilot as one of the leading examples of a tech giant no longer needing OpenAI to boost its AI capabilities. | | | |
| 6 | | Look for: Consulting companies announcing cost-cutting measures as high interest rates continue to hamper the global economy and job market. Why: KPMG, one of the world's largest accounting companies, announced it would freeze pay for 12,000 employees. This measure, along with bonus cuts, will help reduce costs for the multinational firm. While the pay freeze will impact most employees, this policy will not affect graduates and general partners. | | | |
| 7 | | Quick Hits: - Competitors are killing your efficiency. Read how Greenhouse gained $85M in revenue from reps who used Klue over non-Klue users.*
- Despite reports that consumers could spend less this year, U.S. shoppers spent $9.8B on Black Friday this year, up 7.5% from 2022.
- Small music venues in the U.S. struggle to balance affordable prices and profit as the cost of doing business has increased significantly.
- The price of Bitcoin has decreased to around $37,000 today since the 18-month high of over $38,000, reached two days ago.
*This is sponsored content. | | | |
Term of the Day Customer journey: A customer journey is the series of stages a buyer experiences from the moment they get to know a product until the moment they purchase it. Question of the Week What perks would convince you to return to the office? Join the conversation |
 | Writer | | 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. | | This newsletter was edited by Vibha Chapparike | |
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