Skydance Media Acquires Paramount Global
- Skydance Media, led by David Ellison, acquired Paramount Global, which reported a $5.3 billion operating loss and a $6 billion write-down of its cable TV networks.
Nasdaq Proposes Stricter Rules on Penny Stocks
- Nasdaq aims to curb risks with new rules that expedite delistings for penny stocks that drop below $1 per share, particularly targeting companies using reverse stock splits.
Apartment Loans at Risk Amid Market Struggles
- The apartment rental market faces financial stress with tens of billions in loans at risk, driven by rising interest rates and costly renovations, leading to potential defaults.
S&P 500 Rises Amid Lower Jobless Claims
- The S&P 500 experienced its best day since 2022, gaining 2.3% after jobless claims came in lower than expected, calming recession fears.
Tim Walz’s Unique Financial Position
- Minnesota Gov. Tim Walz, VP Kamala Harris’ running mate, holds no stocks, mutual funds, or real estate, with his investment assets limited to pensions.
Crypto Industry Updates
- The crypto industry saw policy moves, coin launches, and legal battles, including Ripple’s $125M fine over its XRP token sale, despite XRP prices jumping 25%.
Warner Bros. Discovery Hits Record Low
- Warner Bros. Discovery saw a 12% stock drop due to a $9.1 billion impairment charge, reflecting the declining value of its traditional TV properties.
Eli Lilly Surges on Weight Loss Drugs
- Eli Lilly’s Q2 sales of weight loss drugs exceeded expectations, leading to raised full-year guidance and positioning the company ahead in the market.
FTX Ordered to Pay $12.7 Billion
- FTX is required to pay $12.7 billion to customers from its bankruptcy liquidation, based on 2022 crypto prices, leaving some customers feeling shortchanged.
UK Investigates Amazon-Anthropic Partnership
- The UK’s CMA is investigating Amazon’s $4 billion partnership with AI startup Anthropic for potential antitrust violations, reflecting global concerns over tech mergers.
Anduril Industries Hits $14 Billion Valuation
- AI weapons startup Anduril Industries, named after a Lord of the Rings sword, raised $1.5 billion to develop autonomous weapons systems, now valued at $14 billion.
AI Bubble Deflates Amid Market Turbulence
- The AI sector saw a significant market selloff, with the “Magnificent Seven” stocks losing $653 billion, amid concerns over AI’s profitability and Nvidia’s chip delay.
EU’s AI Act Takes Effect, Setting Global Standards
- The EU’s AI Act, effective August 1, imposes strict rules on AI safety, sustainability, and bias, likely influencing global tech companies to comply with these standards.
Strong Electrified Vehicle Sales Despite Market Challenges
- Automakers reported strong July sales for electrified vehicles, though the transition remains challenging due to consumer concerns and some automakers scaling back investments.
Humane Ai Pin Struggles with Sales
- Humane Ai Pins faced poor sales, with more units returned than sold, despite raising $200 million, highlighting challenges in the wearable tech market.
Advertising Group GARM disbands following a lawsuit from X and Rumble, who accused the non-profit of colluding to withhold monetization from conservative outlets; media reactions are split, with some framing it as a win for free speech and others as a loss for small organizations.
Left’s Opinion:
- GARM’s shutdown is seen as a victory for Musk but raises concerns about the future of media watchdogs and brand safety.
- Musk’s lawsuit against GARM may deter advertisers further, making X a risky platform for ad placements.
- GARM was critical in reducing harmful ad placements, achieving significant success in decreasing such content.
- Musk’s confrontational approach with advertisers, including suing other watchdogs like CCDH and Media Matters, reflects his ongoing battles with those monitoring content on X.
Right’s Opinion:
- GARM disbanded after lawsuits from X and Rumble accused it of censoring conservative content and colluding to withhold advertising revenue.
- The House Judiciary Committee alleged that GARM organized boycotts and targeted conservative platforms, limiting consumer choices and demonetizing certain content.
- GARM’s guidelines were criticized for labeling conservative views as inappropriate for advertising, including blacklisting platforms like The Daily Wire and threatening Spotify over Joe Rogan’s podcast.
- Rumble’s lawsuit claimed GARM set arbitrary standards to enforce advertiser boycotts, harming platforms and content creators and increasing clients’ ad costs.