since money was still easy and big tech, sometimes just low tech, attracted investors, a photo app like Snap was a real stock market hit. It was like before the dot-com bubble burst around the turn of the millennium: you did not calculate in anticipation of a super cycle of digital disruption.
Yesterday, after the market closed, Snaps’ parent company obtained the forecast for sales and operating profit after just one month. Snap stock fell more than 30 percent.
Because CEO Evan Spiegel pointed out that the macroeconomic environment was deteriorating “more and faster than expected”, Wall Street became “Tremble Street”, the nervous zone. Within the newly picked tech companies, it caught those who, like Snap, are dependent on online advertising and thus on the economy.
Twitter and Google’s parent company Alphabet lost about four percent. The Facebook group Meta Platforms was hit particularly hard: While the price had already fallen by 40 percent since the beginning of the year, it has now fallen again by eight percent. The problems for Facebook founder Mark Zuckerberg have to do not only with ad falls – but with a total loss of reputation.
The latest lawsuit from the Attorney General in Washington DC points to the entire inability to deal responsibly with a mass media that reaches three billion people worldwide. He accuses “The Zuck” of data breach because the company Cambridge Analytica had access to millions of Facebook data and thus campaign for just Donald Trump in 2016.
Internally, the mood is down, says our correspondent Stephan Scheuer. There are hiring freezes, even in Metaversum’s future sector, “Reality Labs” will be cut. German Niklas Steenfatt spoke to us, who tracked down dirty, racist, defamatory Facebook content in the “Integrity” section and also ran a channel on YouTube.
Therefore, he was hit by the internal surveillance unit “Employee Survey”, was interrogated and spied on. Steenfatt resigned and was terminated again by the employer shortly before the end of the working day – without notice.
EU Commission Vice-President Margrethe Vestager recently appeared in front of students and demanded: “Imagine if all the things in this space that were produced outside of Europe were suddenly gone. We wanted to look like we had played a game of strip poker. ”
In order not to look naked in the fight for raw materials with Russia and China, the EU Commissioner now calls on Europe to help each other with countries such as the United States, South Korea, Japan, Singapore and Canada.
Instead of the old “off-shoring”, outsourcing of economic activities somewhere, “friend-shoring” now applies. By the way, Vestager believes that we were not “naive” towards Russia and its Gazprom capitalism, just “greedy”. Her lesson learned, “We have to pay a security premium.”
No one is naive either when it comes to China, but so far hardly anyone has wanted to be particularly moral. In contrast to Russia, where there was only a cluster risk of “energy”, we are doubly dependent on China: in sales (eg of cars) and in the purchase of raw materials. The shocking images from the detention camps in the Chinese Uighur province of Xinjiang, which were disseminated by the media, raise new questions about an old topic.
In “Xinjiang Police Files” you can see pictures like those from the torture camp: prisoners tied with bags over their heads, uniformed men holding prisoners in check with combat rifles and wooden clubs and similar bad things. Amnesty sees a “crime against humanity”, Foreign Minister Annalena Baerbock called the images “disturbing and frightening” and called for clarification in the video call with Chinese counterpart Wang Yi.
The VW and BASF groups, in turn, declare that they will stick to their factories in Xinjiang. One investigates, but in any case respects human rights. On the other hand, a spokesman for the Foreign Ministry in Beijing complains that the situation in Xinjiang is being pronounced. The society that is stable, the people live in peace.
The SPD is currently Chancellor, but the bottom line is that it is of so little use that it has nothing to do with the current government formations in Kiel and Düsseldorf. It will be the next few years’ political trend color, black and green.
Even worse is that personal details get in the way of social democracy. For example, in Hesse: Nancy Faeser would be the logical top candidate for the state election campaign in the fall of 2023. But since she is the federal interior minister, one can only talk about it in the same way as one talks about monkey cups.
In Frankfurt, on the other hand, the mayor of the scandal, Peter Feldmann, announced that he would read out a short statement with immediate departure (without further question). To do this, he returned early from the World Economic Forum in Davos and had his colleague from Offenbach represent him by agreement.
Conclusion: This is how politicians who have lost all support in their party act. Feldmann recently told football fans of Eintracht Frankfurt on the plane to the Europa Cup final in Seville that the flight crew had put him “hormonally out of action”.
Some relief in the Social Democratic management of difficult issues comes from the former spear bearer Gerhard Schröder. Surprisingly, he announced that he “a long time ago” decided not to be nominated to the board of directors of the state-owned company Gazprom. Only last week did he give up his seat on the board of directors of the Russian oil company Rosneft.
The former chancellor, who is constantly losing some of his honorary citizenship or club membership, has been confronted with increasingly harsh accusations that he is putting his friendship with warrior Vladimir Putin over EU sanctions.
The European Parliament even wanted to put Schröder on the list of sanctions against oligarchs. It should have become redundant, and the Putin-Schröder camaraderie is also losing its point. The two can no longer use each other, only harm.
Freedom Day is Pay Day for the cruise industry. The corona and turnover plague has been forgotten, holidaymakers dare to return to the ship, analyzes our report. The shipping companies have thrown mask requirements and distance rules overboard, from July most yachts with small town capacity will be fully booked.
In one case, you can also book “Pissers’ Best” and sing for days with Markus “I want to have fun, we step on the gas” against the crises of this time. Everything is so focused on good humor that the industry association CLIA even expects an increase of twelve percent for 2024 compared to the pre-corona year 2019.
The heavily indebted shipping companies urgently need revenue. Since the scrapping of old ships during the pandemic, a now irregular demand is facing a tight supply – also a contribution to inflation.
And then there’s Bill McDermott, 60, American with tinted glasses, known by the Germans as the longtime, flamboyant CEO of the software company SAP when it was still number one in Dax.
Now he is the head of the cloud specialist Service Now, still earns extremely well (2021: $ 165 million) and attacks his slightly weakened former employer with old ideas and new zest for life. For example, he has a program that analyzes SAP data and makes it more efficient.
Another product helps customers optimize their core business system – the highly acclaimed start-up Celonis, in which Service Now has invested $ 100 million, acts as a data provider. McDermott’s revenue planning is super optimistic and will triple to more than $ 15 billion by 2026 – also greetings Walldorf.
A wisdom from François VI applies to this strategy. Duke de La Rochefoucauld: “In the misfortune of our best friends we will always find something that does not displease us.”
It warmly welcomes you
Hans Jürgen Jakobs