?? Coinbase Blasts SEC, Musk Offers Free Karaoke

STOCKS & STARTUPS

Twitter cancels Q2 earnings call, citing Elon Musk's 'pending acquisition'

Twitter (TWTR)?cancelled this month’s quarterly earnings call, citing its ongoing litigation against Elon Musk, the billionaire CEO of Tesla, whose beleaguered attempt to withdraw from a planned multibillion-dollar acquisition of Twitter continues.?Read more .

So what: Twitter did, nevertheless, release a?report ?detailing its recent earnings. In Q2, it announced that it had increased its daily active users by 16.6% to 237.8 million, while its revenue dropped 1% to 1.18 billion. The downturn reflects, it wrote, “advertising industry headwinds” associated with the macro environment - presumably Ukraine and the post-pandemic fallout. It also said revenue had suffered from “uncertainty related to the pending acquisition of Twitter by an affiliate of Elon Musk.”

Walmart issues profit warning as customers are hit by soaring inflation

Walmart (WMT) has issued a profit warning for the second quarter and the rest of the year, signalling a sharp worsening of the US retail environment as inflation bites the price-sensitive consumers on which the world’s largest retailer depends.?Read more .

So what: This comes at the same time as cost-conscious consumers are reportedly buying more store brands at the supermarket, raising pressure on big food companies that are dealing with their own rising costs. Lower-cost brands are actually?gaining traction with consumers for the first time since the pandemic began, according to?market-research , as consumers feel the pinch.

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TECH & WEB 3?

Coinbase blasts SEC over insider trading case, says none of the tokens it lists are securities

An ex-Coinbase product manager was charged on Thursday, along with two others, in a first-of-its-kind crypto insider trading case. US prosecutors accused the individuals of plotting to profit from the listing of new tokens on the Coinbase platform before they were announced publicly. In response, Coinbase’s chief legal officer, Paul Grewal, denied the claims in a blog post titled “Coinbase does not list securities. End of story.”?Read more .

So what: The SEC’s position is significant as it means Coinbase (and others) might be forced to classify some of the cryptocurrencies it offers as regulated financial instruments.The process of listing securities, like shares in a company, involves rigorous disclosure and registration requirements. Cryptocurrencies, by contrast, are unregulated and so don’t come with the same level of scrutiny, so the outcome of this case is significant for the crypto space as a whole - not just Coinbase.

Former Goldman Sachs analyst come web3 game founder says GameFi has ‘never been hotter’

Venture capitalists have funded "GameFi"?more than any other crypto-related investment this year.?Messari ?found more than $1.2 billion of funding poured into 128 companies in Q1?of this year alone. GameFi, a blend of “game” and “finance,” refers to blockchain games that offer economic incentives to the people that play them. Typically players earn in-game rewards like crypto tokens, virtual land, avatars and other NFTs by completing tasks, battling other players or progressing through various game levels.?Read more .

Why so popular? Grant Haseley, a former Goldman Sachs analyst turned web3 game founder claims that 1. Bear markets are upsetting for people - so gaming is a distraction, 2. Most of the scammers got wiped out by the crypto crash, which cleaned up the space and 3. Given the state of the global economy, people are going to want additional ways to make income, and play-to-earn gaming is the next pivot for them to be able to do that. Side hustle, anyone?

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BUSINESS, LEADERSHIP & CULTURE

Is imposter syndrome actually just the human condition?

Three-quarters of women in?executive roles say they've experienced imposter syndrome ?at various points in their careers. Viv Groskop argues in the Financial Times that the prevalence among women suggests it is less of an isolated issue and more a natural part of working life.?Read more .

So what: Groskop says?that using the label to identify bouts of professional self-doubt can actually make it a question of the individual fixing themselves, ignoring the systemic issues that contribute to the problem. To deal with the issue, Groskop argues it’s about both questioning the system and looking to “individuals inside it who are focused on solutions rather than on themselves and their own perceived failings”.?Do you think that the label of “imposter syndrome” can put too much focus on self-improvement, rather than systemic issues at play?

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Fact of the day

Spotify users can search “Upside Down” to get a personalised playlist to ward off “Stranger Things” villain Vecna.

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Tweet of the week

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