Global stocks show mixed results, while Bitcoin and Ethereum remain stable despite falling trading volumes. Reddit faces backlash over proposed API charges, highlighting tensions between monetization and user satisfaction. Twitter struggles with declining ad revenues amidst high debt, signaling a bumpy road ahead. Mutual funds are tightening their grips, exemplified by a markdown on Canva's valuation and concerns for other unicorns. Plus, excitement builds for Apple's upcoming event!
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insights INSIGHT
Crypto Security Concerns
The Atomic Wallet hack, where millions were stolen, underscores the vulnerability of current crypto products.
The need for user-friendly and secure blockchain interaction is crucial for crypto's future adoption.
insights INSIGHT
Monetizing Reddit
Reddit's proposed API changes aim to monetize its platform by charging third-party apps.
This move has sparked user backlash and subreddit blackouts, highlighting the tension between business needs and community expectations.
insights INSIGHT
Twitter's Revenue Decline
Twitter's US ad revenue dropped 59% YoY, totaling $88 million in a recent five-week period.
This decline raises concerns about Twitter's financial stability, given its high debt and operating costs.
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Stocks are mixed around the world this morning while crypto stays pretty flat. Earnings this week that we’re excited about include Gitlab, Couchbase, Yext, Smartsheet, and Hashicorp. (We’re also keeping an eye on the Atomic Wallet hack.)
Reddit’s proposed API changes (charges, more like) are having a pretty big impact on the service’s userbase; there are calls for a blackout of certain forums in response to the proposed updates. Reddit, on the other hand, is a business and needs to make money.
Sticking to social media, news broke this morning that Twitter’s revenues are down sharply compared to year-ago totals, at least when we consider its American advertising incomes. Twitter does more than just ads in North America, but given that it’s likely a pretty big chunk of its total top line, it’s not good news.
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Equity will be back on Thursday this week, but in the meantime, you can catch us on Twitter @EquityPod.
Credits: Equity is produced by Theresa Loconsolo with editing by Kell. Bryce Durbin is our Illustrator. We'd also like to thank the audience development team and Henry Pickavet, who manages TechCrunch audio products.
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