Thursday, May 26th 2022
“Change is the law of life, and those who look only to the past and present are certain to miss the future.” - John F. Kennedy
1) Jack has more time to focus on Block: Jack Dorsey officially stepped down from Twitter’s board of directors on Wednesday. The exit comes at a critical time in the company’s history as a looming bid to take the platform private weighs heavily on shareholders' minds.
Titan’s takeaway: Although the move was expected, it marks the end of an era. Jack has a way of adding more to his plate, so we wonder if a "decentralized town square" is in his future.
2) Apple’s car unit stalls: Apple’s top autopilot executive left the tech giant for autonomous software company, Luminar. The departure is the latest shakeup for Apple’s car division, which has undergone numerous leadership changes over the past several years.
Titan’s takeaway: As shareholders of Apple, we have yet to model any potential impact of a successful car division and view that as a call option. If the execution of this side project ever resembles past product launches, this could be the lever to the trillion dollars in market cap in our eyes.
3) Chelsea goes Hollywood: The sale of Chelsea FC, the famed football club, for £4.25 billion has been approved to an American group led by Los Angeles Dodgers owner Todd Boehly. The club previously belonged to Russian oligarch Roman Abramovich, who was sanctioned following the invasion of Ukraine. The U.K. government reassured that the oligarch would not receive proceeds from the sale.
Titan’s takeaway: Although it was a bit of a fire sale, the Todd Boehly group faced competition from several industry tycoons. As the world shifts to experiences over products, billionaires are looking to express that theme by just buying a sports team.
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