Hello!
I knowwww! It’s been one hellova minute since we last had a heart to heart. It’s all my fault. Ma Bad. You can’t stay mad at me na...
Is this beginning to read like a love note? 🥴😅 Okay, lets tough it out: I’M BACK! Like I never left, hommie.
Your favourite stock market gist partner, the very Tomi from Trove is Back, y’all!!! (Yes I know I’m tooting my own horn here).
Did you miss me? Because I’ve missed you guys too. So much. [Ain’t gon front]
Ohhh I also come bearing gifts... In just a few weeks, there’ll be loads to tell! But we can't let the cat out of the bag just yet. Just know, I always listen to you and I gotchu😉😉.
...ANDDD that’s on periodt.
Anyway, back to what I was saying… China 🤝 & 😩Wahala, na 5 🤝 6.
Video Games Palava
China, How far na?! What’s popping na? Everyday, you always hit us with som-fin, how for do? Like brah, anytime I hear China now, I'm just like what has happened again?! 🤦 because e taya person, fam!
Sha Quick BackStory for my Trovers: In 2019, the Chinese government imposed a restriction on video gaming for minors, limiting the time they can play to 90 minutes during weekdays and 3 hours on weekends. (I mean, I hear all the arguments about freedom and what not but You know China is the capital of controversies) Ok fine, we ain’t gon play more than the stipulated regulation - just because we are law-abiding ...and the church says? Now, no one expected it to get much worse than that. Well, that was ...until earlier this week when the government announced even tighter restrictions. Starting September 1st, 2021, minors would only be allowed to play video games for three hours a week, one hour on Friday, Saturday and Sunday including public holidays.
Mad o! We know, e shock us too
In 2020, China’s domestic gaming revenue rose to about $43.1 billion because of its 665 million active gamers of which 110 million are below 18 years. China houses the largest gaming companies like NetEase and Tencent. But why’s that a bad thing though? That’s all I'm saying mehn! The argument is that the restrictions were put in place to curb video game addiction which the government believes has detrimental effects on the youths in the country. While we agree… who’s watched Space Jam? That little kid invented a whole new industry from his video game love ~addiction~ I’m just saying: China, Temper mercy with justice. Get it? In any case,
Chinese gaming stocks experienced a significant decline in share value with Chinese game giant NetEase experiencing a downturn of up to 8.8% after the announcement was made.
I mean!!! Who’s surprised??? Not I!
Affirm x Amazon
It’s probably every fintech’s dream to be backed by Amazon: Look at Affirm living the dream!
Okay let’s be honest, Affirm has been through a lot this year, it REALLY needed this win - sooo this is really coming at a great time! Its agreement with Amazon will have the flexible payment service as an option on the eCommerce platform. As you can imagine, Affirm’s stock soared 47% to close at $99.59 on the exchange, while Amazon’s stock climbed 2.2% to $3,421.57! 🔝
Essentially, once this partnership is fully set up, any Amazon purchase over $50 can be broken down into simple monthly instalments. There are no late or hidden fees, and Affirm has maintained that customers will never pay more than what they’ve agreed to, at the time of checkout. Pretty Neat Huh? Amazon will be getting a new feature to make its customers' purchase process more convenient & Affirm will be getting an important income stream. Who doesn’t like a win-win situation?
WhatsApp got Fined
We love Whatsapp, right? Not to be a Debbie downer but Facebook Inc.'s WhatsApp was ordered to pay a whopping $266 million penalty for failing to be transparent about how it handled users’ personal information. It's the company’s first fine under beefed-up European Union data protection law. You’d probably be like: What did Whatsapp do again?! After Whatsapp explained its process for users’ and non-users’ data, as well as data sharing between WhatsApp and other Facebook companies, it looks like it fell short of regulatory standards. Yet another regulatory/data-type wahala for Facebook & affiliates. The fine comes weeks after Amazon.com Inc. was hit with a record 746 million-euro penalty in Luxembourg, where it has its European base, for processing personal data in violation of the EU’s General Data Protection Regulation.
WhatsApp spokesperson said they disagree with the decision regarding the transparency they provided to people in 2018 and the penalties are entirely disproportionate. ''We will appeal this decision.” he said.
....and it’s a wrap ~!!!
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“It is during our darkest moments that we must focus to see the light.” - Tomi Aristotle 😉