Zuck prepares his Twitter killer | Ukraine accuses Unilever of sponsoring war | Norfolk Southern sues shippers over East Palestine disaster

In today's Portfolio Intelligence Daily:

• Zuck prepares his Twitter killer
• Ukraine accuses Unilever of sponsoring war
• Norfolk Southern sues shippers over East Palestine disaster

Each day we spotlight under the radar investment themes and idiosyncratic risks, often involving emerging markets, supply chain issues, ESG risks, and the impact of regulatory changes.

Theme summaries are curated by Auquan’s analyst team using our Portfolio Intelligence Engine to uncover investment insights at scale using NLP and generative AI.?

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Zuck prepares his Twitter killer

Meta will unveil a new app on Thursday called Threads that is designed to compete with Twitter and will be linked to Instagram, allowing users to keep their usernames and follow the same accounts.

• Threads is described as a "text-based conversation app" that will allow users to share text, photos, and videos and include features like polls, questions, and disappearing messages.
• Threads could be a major challenge for Musk, who has been making changes to Twitter that have unnerved advertisers and frustrated users.
• Multiple Twitter alternatives have been launched over the past couple of years, including Post, Spoutable, Mastodon, Bluesky, and Counter Social, but Meta’s reach could make Threads a major player quickly.
• Twitter has rolled out a series of unpopular changes in recent days, including a requirement for users to be verified to use TweetDeck, requiring payment.
• Twitter's search visibility on Google has decreased significantly following recent actions taken by Elon Musk to limit the number of tweets users could view per day.
• Threads will not be immediately available in Europe due to EU privacy regulations.?

“It’s hard to tell whether the upset and discontent is strong enough to make a mass exodus or whether it will be somewhat of a slow erosion.” —?Matt Navarra, social media consultant.

Select timeline

• July 4, 2023 | Meta looks to target Twitter with a rival app called Threads (AP)
• July 4, 2023 | Facebook Owner Meta's Launching a Rival to Musk's Twitter (Barrons)
• July 4, 2023 | Twitter’s Google Rankings Plummet Following Actions By Elon Musk (Search Engine Journal)

Tags: #elonmusk #zuckerberg #twitter #meta #instagram #facebook #socialmedia

Ukraine accuses Unilever of sponsoring war

Ukraine has accused Unilever — which has continued to operate in Russia and paid $331 million in taxes there last year — of sponsoring the war in Ukraine.

• Ukrainian leaders have called on Unilever to withdraw from Russia, but the company said it is providing essential products to people in Russia.
• The Ukraine Solidarity Project led protests against Unilever on Monday, placing it on a 'sponsors of war' list alongside Procter & Gamble and the French supermarket group Leroy Merlin.
• A new Russian law could force Unilever to contribute to the war effort. It requires foreign companies to either sell their Russian assets or contribute to the war effort.?
• Unilever has said it is not considering selling its Russian assets, but it is not clear how it will comply with the new law.
• The situation is complicated by the fact that Unilever has a large workforce in Russia. The company employs 3,000 people in Russia, and it is not clear what would happen to them if Unilever were to withdraw from the country.

“Unilever is contributing hundreds of millions in tax revenues to a state which is killing civilians and funding a mercenary group about to be designated a terrorist organisation in the UK. It risks its staff and resources being mobilised into Putin’s machine. Some of the world’s biggest companies have already left Russia. It’s possible – after 16 months of war – that the time for excuses has passed.” — Valeriia Voshchevska, a spokesperson for The Ukraine Solidarity Project

Select timeline

• July 4, 2023 | Ukraine dubs Unilever an ‘international sponsor of war’ amid reports it paid Russia $331 million in taxes last year (Mint)
• July 3, 2023 | Unilever named ‘international sponsor of war’ by Ukraine (The Guardian)
• July 3, 2023 | Ukraine designates Unilever as 'international sponsor of war' (Kyiv Independent)

Tags: #russia #ukraine #unilever?

Norfolk Southern sues shippers over East Palestine disaster

Norfolk Southern filed a lawsuit against several companies who owned and shipped railcars involved in the February 3rd derailment in East Palestine, OH.

• The suit names seven companies, including Oxy Vinyls LP, GATX Corporation, and General American Marks Company, alleging they were negligent in their recordkeeping and inspections, and that this contributed to the derailment.
• The suit seeks to recover damages from the companies for the costs that Norfolk Southern has incurred.
• The derailment released vinyl chloride, a toxic chemical, into the environment, and the EPA has ordered Norfolk Southern to pay for the cleanup of the derailment.
• Ohio Governor Mike DeWine has asked President Joe Biden to declare a major disaster in response to the February 3rd train derailment.

Select timeline

• July 4, 2023 | "Never approved for vinyl chloride service" - Norfolk Southern alleges negligence and oversight in lawsuit (WFMJ 21)
• July 4, 2023 | Biden urged to declare disaster over East Palestine train derailment (Al Mayadeen)?
• July 3, 2023 | Residents Say Norfolk Southern Can't Evade Derailment Suits (Law 360)

Tags: #norfolksouthern #eastpalestine #railroad #esg

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