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AXIOS ... PRESENTED BY NETWORK:ON AXIOS Ina Fried on Apr 12, 2022 Original article: https://www.axios.com/newsletters/axios-login-a22c92d3-590c-44b0-8cc6-df57de1c35eb.html Burgess COMMENTARY Peter Burgess | ||
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Axios Login: PRESENTED BY NETWORK:ON
By Ina Fried · Apr 12, 2022 Today's newsletter is 1,188 words, a 4-minute read. Hi from Vancouver. Unfortunately I am reporting from my Airbnb, and not from TED, as I have tested positive for COVID. Symptoms are mild so far, but you may be hearing more from my fabulous colleagues than from me for the next few days. 1 big thing: Musk's 'goblin mode' is here to stay Illustration of a suit without a head, and goblin ears off to the sides. Illustration: Aïda Amer/Axios At the end of his week-long Twitter adventure — buying 9% of the company's stock, taking a seat on its board and then abandoning it — Elon Musk posted a meme reading: 'In all fairness, your honor, my client was in goblin mode.' Then he deleted it. Goblin mode apparently means 'I no longer care about what anyone thinks about how I look or what I say.' Don't mind me, Musk seemed to be saying. I've just been putting you on. Why it matters: Musk may just be one crazy-rich guy who loves to play the trickster-troll, but the manic style of corporate disruption he is pioneering is likely to be with the tech industry for a long time, Axios' Scott Rosenberg writes. That's because Musk's tactics are going to be irresistible for his legions of fans and imitators in the business world and for a new generation of investors schooled in his playbook. 'Activist investor' used to mean someone who starts buying stock in a company in order to force it to change how it operates. That would include the folks at Elliott Management, who took a run at Twitter in 2020 and ousted its CEO, Jack Dorsey, the next year. It's a hard-knuckled business that involves shareholder meetings, proxy fights and other complex corporate processes often managed by lawyers. Most of these investors aim to strip away what they view as costly, self-indulgent distractions so the firm can get back to earning more profit for owner/shareholders. Musk seems to find all that boring. His idea of activist investing involves roasting the company's management in public (ideally, on their own social media platform) while frequently changing his own course. This method's strength is that it attracts attention, it hooks people on an unpredictable narrative, and it makes Musk himself look (to fans, at least) like a renegade rule-breaker. The big picture: That approach has potent allure in the tech marketplace. It appeals to investors weaned on meme stocks, and to startup founders looking to stand out from the crowd, and to crypto enthusiasts trying to organize their companies and projects on Discord and govern them via DAOs. Our thought bubble: Not everyone has Musk's 80 million followers or his billions of dollars. But anyone can put on a show. The bottom line: No one knows what Musk will do next, probably not even Musk himself. He could still try for a hostile takeover of Twitter, or he could walk away. Whatever he does, it won't be done quietly. 2. Scoop: Snapchat’s newsroom boost Illustration of the Snapchat logo ghost holding a three dimensional newspaper Illustration: Annelise Capossela/Axios Snapchat is rolling out a new product today that aims to make it easier for news publishers to upload their content in real time as stories break, Axios' Sara Fischer reports. Why it matters: The update dramatically lowers the barrier to entry for news publishers — especially at the local level — to publish on Snapchat. Details: Beginning Tuesday, more than 40 news publishers from around the world will begin using a new feature called Dynamic Stories that lets them publish stories to Snapchat using RSS feeds, a spokesperson told Axios. Examples of experimental news partners in the U.S. include CNN, ESPN, Insider, Axios, the New York Post, the Washington Post, the Wall Street Journal, TMZ, Vice and more. How it works: The conversion process from stories on the web to Snapchat is automated, and most web publishing systems today already produce RSS feeds, so that newsrooms don't need to do extra legwork. The stories will be available via Snapchat's curated content platform Discover. Be smart: Snap will sell vertical video ads on the new Dynamic Stories product and share some of the revenue with publishers. The big picture: Snapchat has worked with news companies for years to develop custom content for its curated content platform, Discover. But previous products were more labor intensive and harder to update. 3. Big Tech's crypto catchup Illustration of an open briefcase with a small glowing cube inside Illustration: Annelise Capossela/Axios The internet oligarchs are playing catch-up with cryptocurrencies, tentatively tiptoeing into the kiddie pool with waders on — floaties, too, Axios Crypto's Brady Dale reports. Why it matters: These companies have huge networks, and if one of them finds a way for crypto to complement their business, they could switch on millions of new users with the stroke of a digital pen. What they're saying: 'The market size is too big to ignore now,' Electric Capital managing partner Avichal Garg, an alum of both Facebook and Google, told Axios. 'Everyone under 30 is doing this so, to stay relevant, they have to.' Details:
On Tap
Screenshot: @inafried (Twitter) Over the weekend (before I came down with COVID), I started a thing on social media to send some love to trans and nonbinary kids. No money, no politics, just letters of support. I would be honored for interested Login readers to join in. You can post to Twitter, FB, Instagram, LinkedIn, wherever. Just use #Letters4TransKids. I'm already blown away by some of the responses. A MESSAGE FROM NETWORK:ON ... 1 Subscribe to the new Axios Crypto daily newsletter. The Internet keeps us connected when we need it most Today’s Internet is a direct result of massive investment, relentless innovation and the dedicated work of millions of Americans. Network:On celebrates the resilience of the Internet, how it keeps us connected and what comes next. Visit Network:On to learn what it takes. A MESSAGE FROM NETWORK:ON ... 1 The Internet keeps us connected when we need it most Today’s Internet is a direct result of massive investment, relentless innovation and the dedicated work of millions of Americans. Network:On celebrates the resilience of the Internet, how it keeps us connected and what comes next. Visit Network:On to learn what it takes. HQ Like this email style and format? It's called Smart Brevity®. Over 200 orgs use it — in a tool called Axios HQ — to drive productivity with clearer workplace communications. Axios thanks our partners for supporting our newsletters. If you’re interested in advertising, learn more here. Sponsorship has no influence on editorial content. Axios, 3100 Clarendon Blvd, Suite 1300, Arlington VA 22201
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