Wall Street Breakfast Spotify CEO hands over the reins
Sep 30, 2025
Spotify's Daniel Ek transitions to executive chairman after two decades, while new co-CEOs take the reins. Meanwhile, Kalshi's record-breaking trading weekend puts pressure on sports betting giants DraftKings and FanDuel. Consumer confidence takes a hit, signaling potential recession worries. Wendy's introduces chicken tenders to compete with McDonald's, and experts weigh in on the surprisingly strong labor market amid conflicting economic signals. The podcast provides a quick yet thorough financial rundown on these pivotal topics.
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Spotify Leadership Shift
- Daniel Ek is moving from CEO to executive chairman to focus on long-term strategy and capital allocation at Spotify.
- Gustav Söderström and Alex Nordström become co-CEOs and will report to Ek while joining the board after shareholder approval.
Prediction Platform Disrupts Sports Betting
- Calci's record weekend of over $275 million in trading unsettled DraftKings and Flutter's FanDuel by siphoning sports-betting volume.
- Calci benefits from legality in big states like California and Texas, drawing heavy college and NFL trading activity.
AI Compute And Spectrum Moves Lift Stocks
- CoreWeave jumped on a $14.2 billion deal with Meta for AI compute, highlighting demand for specialized cloud infrastructure.
- EchoStar rallied amid reports Verizon may buy parts of its wireless spectrum portfolio.