“Most entrepreneurial ideas will sound crazy, stupid and uneconomic, and then they'll turn out to be right.”
- Reed Hastings, Netflix founder
Activist investors swarm Salesforce
It’s amazing how quickly a bear market can turn the smart money crowd against a formerly loved business. It seems like internally, leadership is also having a few challenges up-leveling performance (something indicative across tech).
“At least five activist investors have taken positions in the company, including Elliott Management Corp. and Starboard Value LP. They are pressuring Mr. Benioff to change the way he runs things…Salesforce executives in the proposed strategy plan said, "wellness culture overpowered high-performance culture during the pandemic” to explain the company’s recent headwinds.” (WSJ)
Netflix Experimenting
Netflix, the once House of DVD Returns, is now pushing the curve of innovation even further. All eyes are watching (pun intended) to see if its first-ever experiment with a live event works. On deck is Chris Rock. From a business perspective, can you see Netflix’s strategy? It’s continuing to branch out from TV & Movie content to Live streaming, Gaming, and more.
“Netflix is readying for its first-ever live, global streaming event, and it’s pulling out all the stops. On March 4, the streaming giant will air its first live stand-up special, Chris Rock: Selective Outrage…with live commentary from fellow comics and messages from Rock’s famous pals, including Amy Schumer and Jerry Seinfeld” (Hollywood Reporter)
FTX Update
Another SBF lieutenant has pleaded guilty, this time, it’s a co-founder. According to the SEC, Singh wrote the code that allowed FTX customer funds to be diverted to Alameda Research, Bankman-Fried’s “hedge fund".
“FTX co-founder and former director of engineering Nishad Singh pleaded guilty to fraud charges and agreed to cooperate against his former boss, Sam Bankman-Fried, making him the third person in the FTX founder’s orbit to do so.” (WSJ)
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