Good morning! Zuckerberg caved and his brainchild is to ban political ads after the election. The pandemic caused over 107,000 jobs in the oil and gas industry to vanish — some permanently. Meanwhile, both Instacart and Netflix are thriving during the pandemic — with the former raising $200 million and the latter has a Wall Street-high price target.
Facebook to Ban Political Ads After the Election
Ding, ding, ding! Mark Zuckerberg has finally caved after weeks of Trump’s evasive comment about whether he would accept a peaceful transfer of power if he lost the election.
Facebook has announced that it would ban all political and issue-based ads after the election. There’s no news yet on how long the ban will last.
Breaking it down
Here’s a breakdown of FB’s stance/history re electoral misinformation:
FB played a big role in the 2016 election fiasco, where it was the platform of choice for Russian operatives to spread disinformation.
Zuckerberg has since spent billions of dollars to hire employees for the company’s integrity and security divisions.
Last month, FB said that it planned to ban new political ads in the week before Election Day. It will also remove any posts that tried to dissuade people from voting.
But, Zuckerberg is still adamantly for unfettered speech — even with Trump’s falsehoods and misleading comments.
Too little for some, too much for others
According to a spokesman for Trump’s campaign, Tim Murtaugh, FB’s little ban is “aimed at silencing President Trump, pure and simple.” Meanwhile, its radio silence from Biden’s side.
Critics, on the other hand, are far more forthcoming — pointing out that the social media titan is doing too little too late. After all, Twitter already banned all political ads a year ago, and last month, Google, too, announced that it would ban all political and issue ads after election day.
Instacart’s Valuation More Than Doubled
Maria Lin Kim
Shopping its way into a valuation $17.7 billion, Instacart raised $200 million in funding. That valuation is more than double what it’s worth at the beginning of the year — making the grocery delivery startup now one of the most valuable private companies in the U.S.
The funding comes as food delivery companies and apps expand into grocery, convenience, and retail shopping during the pandemic. Its existing investors Valiant Capital and D1 Capital Partners led the round.
Here’s what you need to know:
The company plans to use the fund to expand its ad and enterprise businesses, and for product development.
Instacart was valued at ‘only’ $7.9 billion at the start of 2020.
Its share of the grocery delivery market surged to nearly 50% as more people buy extra groceries than before and saying goodbye to restaurants.
Like many similar companies, Instacart is also expanding beyond its core with partnerships with new retailers. To name a few: Walmart, 7-Eleven, and Sephora.
The Pandemic Costs the Oil and Gas 107,000 jobs
Considered a ‘safe’ industry, oil and gas is no match against the pandemic. The industry is laying off workers at an unprecedented rate to cope with the pandemic that crashed prices and raised doubts about the future of fossil fuels.
Give me the details
Here’s a look at how the pandemic affects the industry:
According to an analysis by Deloitte, over 107,000 jobs vanished from the industry between March and August 2020.
That’s the fastest rate of layoffs in the industry… ever.
The number doesn’t include those furloughed or taking pay cuts.
The majority of these jobs are unlikely to return anytime soon… or at all.
Where are the cuts coming from?
Just days ago, ExxonMobil said that it plans to lay off up to 1,600 workers in Europe. Once near-invincible, Exxon is losing $$$ for the first time in decades. Embarrassingly, it was also recently kicked out of the Dow Jones Industrial Average. The company — at one time, the most valuable company in the world — lost a staggering $300 billion in market value.
Last month, Shell announced its plans to ax 9,000 jobs as it moves on from fossil fuels. BP, too, isn’t spared and disclosed 10,000 layoffs. Meanwhile, Schlumberger, the largest oilfield services firm, said in July it would cut 21,000 jobs.
Netflix Has A Wall Street-High Price Target
First, it takes over our living room — and all our waking hours — and, now, Netflix is taking over Wall Street.
As Pivotal analyst Jeffrey Wlodarczak puts it, Netflix is in the middle of a “virtuous cycle” of subscribers paying for the company’s spending on new content, and that new content bringing in more subscribers.
The call came in a difficult week as traditional movie theaters and studio operators struggle. On Monday, Regal Cinemas’ parent Cineworld announced that it would temporarily close all of its U.S. and U.K. theaters. On the same day, Warner Bros. also said that it would delay the highly anticipated releases of Dune and The Batman.
So, Netflix remains the only hope for the bored and Wall Street. After all, the trend now leans heavily on streaming. Plenty of studios are amending their agreements to shorten the period of exclusivity in the cinemas before getting the programs onto streaming platforms. Netflix is, of course, the king in this space.
Citibank is fined $400 million for a “longstanding failure to establish effective risk management.” Ouch! That’s certainly a pricey failure.
A grand jury in Texas accused Netflix of promoting lewd visual material depicting a child in Cuties. Yikes!
Trouble in Musk-heaven? Tesla accuses employee of sabotaging factory in leaked internal email.
Finally, some good news! Lowe’s said it will give $100 million more in bonuses to hourly employees in mid-October.
Onion is the new sexy? A Canadian business was left confused when Facebook refused to run an ad because a photo of onions was flagged as an “overtly sexual image.” For all of you “pics or it didn’t happen” folks, here are the onions in question.