Equity Equity Monday: Unpacking the Twitter blues
Apr 24, 2023
Twitter Blue stirs up controversies as Elon Musk alters the platform's verification system, igniting debates on its implications. The crypto market faces a significant downturn, with Bitcoin and Ethereum struggling for stability. Meanwhile, Lyft's financial woes reflect broader challenges among tech-enabled companies, spotlighting their compliance hurdles. Recent funding rounds in startups offer a glimmer of hope, even as major tech firms brace for turbulent earnings reports on the horizon.
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Crypto Supercycle Drivers
- The crypto market cap is down to $1.16 trillion, similar to before the recent modest appreciation.
- Alex Wilhelm suggests new product development is key for the next crypto supercycle, citing previous booms driven by innovations.
Twitter Blue Kerfuffle
- Alex Wilhelm lost his blue checkmark on Twitter as part of Elon Musk's changes to the verification system.
- Musk's changes led to confusion and debate, making verification a wedge issue and Twitter a "private playground."
Lyft's Valuation Woes
- Rising interest rates have exposed unsustainable business models of venture-backed companies like Lyft.
- Lyft's current valuation is less than its total private funding, demonstrating market misjudgment.