Zuckerberg, We Need To Talk! 🌝
This week, Big US Banks, Tesla, Google & FaceBook caught our eye!
Hi 👋,
Happy Sunday, folks! How’s it going? It's another beautiful week in the Nigerian survival mode. Now that Twitter is back, I’d love to hear from more of you guys. I miss y’all toooo ...and for those that shoot me emails, I see y’all!!!
Y’all know what the deal is: juicy content for my favs, here we go!!! But first, I hope you’re staying safe out there?! Please do 😉
Sooo The World Stopped
It felt like the world literally stopped yo! Was it just Tomi or did y’all also feel like well, Telegram to the rescue? I learnt something new this week. I learnt that the internet really does belong to Mark Zuckerberg because when his apps stopped, the world stopped right along with them. He literally said “world stop ...carry on”, in Beyonce’s voice, perhaps😂. This server issue had the whole world in a chokehold (Who dey breath?); Facebook, Instagram and Whatsapp down? ...and at the exact same time??? Mark, ma pa mi now.
The outage started shortly before 5pm on Monday (you know we were all getting ready for the evening IG ride through traffic & catching up on facebook messages after work) ...omo it took nearly 6 hours to be resolved. It felt like it lasted at least 6 years right? We had to revert to good old radio to take us through the tenacious Lagos traffic. This is the worst outage the company has experienced since 2008 when Facebook shut down for almost 24 hours. Difference is, in 2008, the company had about 80 million users but now it boasts up to 3 billion users. So what you mean to say is that almost half of the world’s population uses Facebook?
Now for me, not being able to access these apps meant I couldn’t scroll through my TL to help me unwind after a long day of being Tomi from Trove but for others, it meant significant amounts of revenue lost. At the top of that list is Mark Zuckerberg himself, who potentially lost about 7 billion dollars in revenue in those 6 hours. Errr… so that's about a billion and change per hour lost… So someone sees ~7 billion dollars? In this economy? Baba God, am I not your child too? Wait a minute... hollup, hollup, if he’s losing 7 billion in 6 hours, how much exactly does Uncle Mark make in a month?
Anyway, this server outage did not do Facebook’s stock any good, especially with the whistleblower drama going on, as share prices slipped by up to 5% just this week.
In just one week, the whistleblower interview premiered and his apps experienced a major outage. I think we should all say a prayer for Mark, his village people seem to be putting in some serious work. On the bright side though, Facebook announced that there was no evidence that any user data was compromised. So at least there’s one win for the Facebook team this week.
Google to Invest 1 Billion in Africa
Oya naaaa!!! Come through Google!!! 💥
Google plans to invest $1 billion in Africa over the next five years to ensure access to fast and cheaper internet and to back startups, in order to support the continent's digital transformation. Maadddd oooo!!🥰 The unit of U.S. tech company, Alphabet Inc (GOOGL), made the announcement at a virtual event, on Wednesday, where it launched an Africa Investment Fund, through which it will invest $50 million in startups, providing them with access to its employees, network and technologies. Okurrrrr!!!
Tomi’s literal footage right now:
Nitin Gajria, managing director for Google in Africa said that the company would among others, target startups focusing on fintech, e-commerce and local language content. "We are looking at areas that may have some strategic overlap with Google and where Google could potentially add value in partnering with some of these startups," Gajria said.
Additionally, in collaboration with not-for-profit organisation Kiva, Google will also provide $10 million in low-interest loans to help small businesses and entrepreneurs in Ghana, Kenya, Nigeria and South Africa so they can get through the economic hardship created by COVID-19. Yaaay, Google for President 🥳
Big Bank Money is Here
The last two quarters have been a roll of profit for the big banks in the US and as you can guess Q3 doesn’t feel like it’ll be any different. Do your dance for your dividend payment coming through but wait ooo… I hope I'm talking to investors 😟 na person we invest dey think of dividend oo
The largest U.S. lender banks are expected to report significantly higher profits next week, this includes Citigroup and Morgan Stanley. Both banks are expected to report a 15% rise in profits, while Bank of America Corp is expected to be up about 35%. Oya na!! Investors are super excited about how the banks have handled operations during the pandemic.
Now playing: Ayra Star - Kill my vibe
Investor be like:
Tesla moves headquarters to Texas
Tesla CEO, Elon Musk, announced on Thursday the electric carmaker plans to move its headquarters from Silicon Valley's Palo Alto, California to Austin, Texas, where it is building a massive car and battery manufacturing complex. Elon explained to shareholders that he made the decision because “there’s a limit to how big you can scale in the Bay Area.” While Tesla HQ will move to Austin, the company’s huge manufacturing plant that’s in California will continue to expand ...and Austin is such a lovely city!
Tesla (TSLA) joins Oracle (ORCL), HP (HPQ) and Toyota Motors in moving U.S. headquarters from California, which has relatively high taxes and living costs, to Texas. While Silicon Valley also is a hive of the development of new ideas and companies, Texas is known for cheaper labour and less stringent regulation. Already feels like a smart move… but Elon is seen as the smart-move king so no news there… This announcement comes fresh off Tesla delivering a record number of electric cars in the third quarter, beating Wall Street estimates after Elon Musk asked staff to "go super hardcore" to make a quarter-end delivery push.
Nobody:
Elon: Go hard or go home!
...it’s a wrap, beautiful people!
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Your dearest and favourite Stocks Market Gist Partner,
Tomi, From Trove 🖤
XOXO