
<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>New Covid boosters pending approval will only target the coronavirus’ Eris strain and other XBB subvariants, which make up most cases in the U.S., causing some experts to encourage patients to wait for the new shots instead of getting a current bivalent booster.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>In June, a Food and Drug Administration panel&nbsp;<a href="https://www.fda.gov/media/169591/download?attachment" target="_blank" rel="noreferrer noopener">recommended</a>&nbsp;Pfizer, Moderna and Novavax formulate their new Covid booster shots to be monovalent and only protect against the XBB.1.5 variant and other XBB sublineages—as opposed to the currently available shots, which were designed to combat earlier coronavirus strains.</p>



<p>The companies are still awaiting FDA approval: The new vaccines are estimated to be ready by late September but probably won’t be widely available until October, CBS News&nbsp;<a href="https://www.cbsnews.com/news/covid-vaccine-booster-xbb-variants-september-2023/" target="_blank" rel="noreferrer noopener">reports</a>.</p>



<p>XBB.1.5 (also known as “Kraken”) is a descendent of the omicron variant and was the&nbsp;<a href="https://www.ama-assn.org/delivering-care/public-health/xbb15-omicron-subvariant-questions-patients-may-have" target="_blank" rel="noreferrer noopener">most dominant</a>&nbsp;strain in the U.S. earlier this year, but is now the eighth dominant strain.</p>



<p>The reason the FDA recommended monovalent boosters that protect against one strain is because most of the circulating variants are XBB descendants—as of June, over 95% of the Covid variants in the U.S. were XBB sublineages, the agency said in its report.</p>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/08/10/what-we-know-about-eris-covid-variant-eg5-the-dominant-stain-driving-an-uptick-in-cases/?sh=22a519ab1627">EG.5</a>&nbsp;or “Eris” is an XBB subvariant and the dominant strain in the U.S., accounting for 20.6% of all cases in the U.S. between August 6 and 10,&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#variant-proportions" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Centers for Disease Control and Prevention.</p>



<p>The second most common variant, FL.1.5.1, made up 13.3% of cases in the country within that same time period and is also an XBB subvariant.</p>



<p>On Thursday, Moderna&nbsp;<a href="https://investors.modernatx.com/news/news-details/2023/Moderna-Clinical-Trial-Data-Confirm-Its-Updated-COVID-19-Vaccine-Generates-Robust-Immune-Response-in-Humans-Against-Widely-Circulating-Variants/default.aspx" target="_blank" rel="noreferrer noopener">said</a>&nbsp;its new Covid vaccine generated a “robust immune response” against Eris and other XBB variants.</p>



<p>A&nbsp;<a href="https://www.nature.com/articles/s41591-023-02228-4" target="_blank" rel="noreferrer noopener">report</a>&nbsp;published in&nbsp;<em>Nature Medicine&nbsp;</em>found that although any available booster offers good protection against Covid, variant-specific shots—like the new monovalent XBB ones awaiting approval—offer about 1.6 times more immunity.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>676,728,782. That’s how many vaccines have been administered in the U.S. according to CDC&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#vaccinations_vacc-people-booster-percent-pop5" target="_blank" rel="noreferrer noopener">data</a>. However, only 17% of the population has received an updated bivalent booster.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Some experts believe that since the new vaccines expected to release this fall are specifically aimed at targeting XBB variants, Americans should hold off on getting updated boosters until then. Paul Sax, the clinical director of the division of infectious diseases at Brigham and Women’s Hospital,&nbsp;<a href="https://www.nytimes.com/article/covid-booster-fall.html#:~:text=The%20short%20answer%2C%20according%20to,the%20Omicron%20XBB.1.5%20variant" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the&nbsp;<em>New York Times&nbsp;</em>that “waiting makes more sense” for most people looking to get a new vaccine. The current booster is a bivalent shot designed to protect against omicron subvariants BA.4 and BA.5, which were once the dominant strains in the U.S. but now make up less than&nbsp;<a href="https://covid.cdc.gov/covid-data-tracker/#variant-proportions" target="_blank" rel="noreferrer noopener">1%</a>&nbsp;of cases combined. A January&nbsp;<a href="https://www.cdc.gov/mmwr/volumes/72/wr/mm7205e1.htm?s_cid=mm7205e1_w" target="_blank" rel="noreferrer noopener">study</a>&nbsp;conducted by the CDC found the bivalent vaccines were about 50% effective at protecting against XBB and XBB.1.5 in most adults and about a third effective in those 65 years and older. Raina MacIntyre, head of the biosecurity program at the medical research organization the Kirby Institute,&nbsp;<a href="https://www.smh.com.au/national/nsw/four-fifths-of-australian-adults-have-failed-to-get-a-bivalent-booster-here-s-why-that-is-a-problem-20230814-p5dwb5.html#" target="_blank" rel="noreferrer noopener">told</a>&nbsp;the S<em>ydney Morning Herald</em>&nbsp;the available bivalent boosters “do not provide enough protection against EG.5.1, but the XBB subvariant boosters that are being made by most companies will protect against EG.5.1.” Similarly, University of Michigan infectious disease expert Preeti Malani&nbsp;<a href="https://www.npr.org/sections/goatsandsoda/2023/08/11/1193229029/coronavirus-faq-is-it-wiser-to-get-a-booster-now-or-wait-for-the-new-fall-booste" target="_blank" rel="noreferrer noopener">told NPR</a>&nbsp;the updated booster shots “will provide a better match to the currently circulating variants,” so most patients are better off waiting for it to be approved.</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>The CDC&nbsp;<a href="https://www.cdc.gov/vaccines/covid-19/clinical-considerations/interim-considerations-us.html" target="_blank" rel="noreferrer noopener">still recommends</a>&nbsp;that most people receive at least one bivalent booster shot. The agency&nbsp;<a href="https://www.forbes.com/sites/madelinehalpert/2022/09/01/cdc-advisory-panel-recommends-new-covid-booster-shots-targeting-omicron-heres-what-you-need-to-know/?sh=e92dc701da8c">first signed off</a>&nbsp;on Pfizer and Moderna’s updated boosters almost a year ago.</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>A new Covid variant called BA.2.86, or “Pirola,” was&nbsp;<a href="https://twitter.com/WHO/status/1692255671687794902" target="_blank" rel="noreferrer noopener">labeled</a>&nbsp;as a variant under monitoring by the World Health Organization on Thursday due to the “large number of mutations it carries.” That same day, the CDC&nbsp;<a href="https://twitter.com/CDCgov/status/1692326710262304890?s=20" target="_blank" rel="noreferrer noopener">said</a>&nbsp;it was monitoring the variant as it’s been reported in the U.S., Israel and Denmark. It is the descendant of omicron subvariant BA.2, which was the&nbsp;<a href="https://www.ama-assn.org/delivering-care/public-health/what-doctors-wish-patients-knew-about-ba2-omicron-subvariant" target="_blank" rel="noreferrer noopener">dominant strain</a>&nbsp;in the U.S. earlier this year, at one point making up 85% of cases in the country. An&nbsp;<a href="https://slides.com/jbloom/new_2nd_gen_ba2_variant?ftag=YHF4eb9d17#/3" target="_blank" rel="noreferrer noopener">analysis</a>&nbsp;by Jesse Bloom, an evolutionary biologist at Fred Hutch Cancer Center, found the variant had 36 additional spike protein mutations than XBB.1.5 and 34 more mutations than BA.2. The number of mutations BA.2.86 has in comparison to other variants makes it “comparable to [the] number of mutations in [the] first Omicron strains relative to” the original Covid strain, according to Bloom. Although its prevalence in the U.S. isn’t large enough to appear on the CDC’s variant tracker—it’s being lumped in with BA.2 cases—there might be concern that the new monovalent vaccines won’t protect against it because it’s not an XBB variant. However, in a report shared with&nbsp;<em>Forbes,&nbsp;</em>Pfizer-BioNTech said evidence shows their new monovalent boosters should offer some protection against BA.2.86.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/08/10/what-we-know-about-eris-covid-variant-eg5-the-dominant-stain-driving-an-uptick-in-cases/?sh=22a519ab1627">What We Know About ‘Eris’ Covid Variant EG.5: The Dominant Strain Driving An Uptick In Cases</a>&nbsp;(Forbes)</p>



<p><a href="https://www.nytimes.com/article/covid-booster-fall.html#:~:text=The%20short%20answer%2C%20according%20to,the%20Omicron%20XBB.1.5%20variant" target="_blank" rel="noreferrer noopener">Don’t Get Your Next Covid Booster Quite Yet</a>&nbsp;(New York Times)</p>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/01/26/covid-vaccines-heres-evidence-they-work-despite-persistent-misinformation-along-with-side-effects-and-common-misconceptions/?sh=2d67186147c3">Covid Vaccines: Here’s Evidence They Work—Despite Persistent Misinformation—Along With Side Effects And Common Misconceptions</a> (Forbes)</p>


A healthcare worker administers the Pfizer-BioNTech (

New Covid Boosters Expected This Fall: Why Some Doctors Suggest Holding Off On Getting Your Next Booster Until Then


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>DC Comics’ late-summer superhero movie&nbsp;<em>Blue Beetle</em>&nbsp;grossed roughly $9.8 million on its opening day at the U.S. box office, taking down Mattel’s&nbsp;<em>Barbie</em>&nbsp;after a month on top of the box office charts, though&nbsp;<em>Blue Beetle</em>’s opening still pales in comparison to rival Marvel’s recent releases, a lackluster start for DC’s latest movie, which cost a reported $104 million to make.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p><em>Blue Beetle</em>&nbsp;has pulled in more than $13 million since its opening, including $3.3 million in Thursday previews,&nbsp;<a href="https://deadline.com/2023/08/box-office-blue-beetle-strays-barbie-1235522235/" target="_blank" rel="noreferrer noopener"><em>Deadline</em></a>&nbsp;and<em>&nbsp;</em><a href="https://variety.com/2023/film/box-office/box-office-blue-beetle-previews-1235698810/" target="_blank" rel="noreferrer noopener"><em>Variety</em></a>&nbsp;reported, taking down<em>&nbsp;Barbie</em>&nbsp;after 29 straight days on top of the U.S. box office, according to&nbsp;<a href="https://www.boxofficemojo.com/daily/" target="_blank" rel="noreferrer noopener">Box Office Mojo</a>.</p>



<p>The DC movie is projected to make between $25 million to $32 million through Sunday,&nbsp;<em>Variety&nbsp;</em>reported, though&nbsp;<em>Deadline</em>&nbsp;puts it at $25 million, making it DC’s latest underperforming film as it struggles to compete with rival Marvel.</p>



<p>Its opening could also finish with less than half of the $55.1 million DC’s&nbsp;<em>The Flash</em>&nbsp;pulled in domestically over its opening weekend in June, though&nbsp;<em>The Flash</em>&nbsp;also struggled to meet expectations, falling short of its $70 million opening weekend projection, after the film faced&nbsp;<a href="https://www.forbes.com/sites/conormurray/2023/02/14/a-detailed-look-at-flash-star-ezra-millers-rough-2-years-harassment-burglary-charges-and-more/?sh=29e8e15029b7">controversy</a>&nbsp;over harassment and disorderly conduct charges against star Ezra Miller.</p>



<p>By comparison, Marvel’s&nbsp;<em>Guardians of the Galaxy Vol. 3</em>&nbsp;pulled in $118.4 million in its opening weekend in May, while&nbsp;<em>Ant-Man and the Wasp: Quantumania</em>&nbsp;grossed $106.2 million in its opening weekend in February and Sony’s<em>&nbsp;Spider-Man: Across the Spider-Verse&nbsp;</em>grossed $120.7 million in its first weekend.</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>The DC movie has a 91% audience score and a 75% critics’ score on&nbsp;<a href="https://www.rottentomatoes.com/m/blue_beetle" target="_blank" rel="noreferrer noopener">Rotten Tomatoes</a>, though critics have not been universally friendly, giving it a score of 61 out of 100 on&nbsp;<a href="https://www.metacritic.com/movie/blue-beetle" target="_blank" rel="noreferrer noopener">Metacritic</a>. A review in&nbsp;<a href="https://www.theguardian.com/film/2023/aug/16/dc-latino-superhero-film-blue-beetle-review" target="_blank" rel="noreferrer noopener"><em>The Guardian</em></a>&nbsp;lauded the movie for setting a “milestone for representation” as the first live-action Latino superhero film, but confessed the movie “suffers from overplayed beats,” due to the “fatigue from oversaturation” of a seemingly never ending string of Hollywood superhero movies. A&nbsp;<a href="https://www.nytimes.com/2023/08/16/movies/blue-beetle-review.html#:~:text=The%20plot%20is%20boilerplate%20and,family%20members%20steal%20the%20show." target="_blank" rel="noreferrer noopener"><em>New York Times</em></a>&nbsp;review didn’t pull any punches either, calling the plot “boilerplate” and the superhero “not particularly compelling.”</p>



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<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p><em>Barbie</em>&nbsp;is just under $30 million short of surpassing<em>&nbsp;The Super Mario Bros. Movie</em>&nbsp;as the year’s highest-grossing movie at the domestic box office. Since its release,&nbsp;<em>Barbie</em>&nbsp;has pulled in $545.8 million in the U.S. and another $660.6 million internationally, according to&nbsp;<a href="https://www.boxofficemojo.com/release/rl1077904129/" target="_blank" rel="noreferrer noopener">data</a>&nbsp;from Box Office Mojo, putting it just behind the Universal Pictures and Nintendo blockbuster, which has grossed more than $574.2 million domestically since its release on April 5.&nbsp;<em>Barbie</em>&nbsp;still has $110 million to go to catch up with James Cameron’s&nbsp;<em>Avatar: The Way of Water</em>, which has grossed more than $684 million in the U.S. since its December release.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/brianbushard/2023/08/06/barbie-tops-1-billion-at-global-box-office/?sh=6c5fe75c7520">‘Barbie’ Tops $1 Billion At Global Box Office</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/maryroeloffs/2023/08/13/barbie-and-oppenheimer-continue-box-office-dominance-for-fourth-week-raking-in-combined-525-million/?sh=65ef9f762019">&#8216;Barbie’ And &#8216;Oppenheimer&#8217; Continue Box Office Dominance For Fourth Week—Raking In Combined $52.5 Million</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/08/12/barbie-breaks-500-million-at-us-box-office-further-cementing-itself-as-summers-blockbuster/?sh=744fe19b43f9">‘Barbie’ Breaks $500 Million At U.S. Box Office—Further Cementing Itself As Summer’s Blockbuster</a>&nbsp;(Forbes)</p>


New Barbie Movie Sparks Barbie-mania Across U.S.

End Of Barbiemania? ‘Blue Beetle’ Unseats ‘Barbie’ With $9.8 Million Opening


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>The price of Bitcoin fell below $26,000 Thursday—its lowest level since June—amid a broader crypto market slump after the&nbsp;<em>Wall Street Journal</em>&nbsp;<a href="https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b?mod=hp_lead_pos5" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;that SpaceX has taken a significant write-down on its Bitcoin holdings and sold the cryptocurrency.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>The price of the world’s most valuable cryptocurrency stood at $26,400 early on Friday, down nearly 8% in the previous 24 hours and 10% compared to last week.</p>



<p>Earlier on Thursday evening, the price of Bitcoin had dropped even lower, to around $25,400 before a slight recovery.</p>



<p>Ether, the world’s second-largest cryptocurrency, also took a similar hit and fell to $1,680—down 6.6% in the previous 24 hours.</p>



<p>Other major tokens like Binance’s BNB, Cardano and Solana are also down more than 6%</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>16%. That’s how much the price of Ripple’s XRP token has fallen in the past 24 hours, significantly worse than all other major cryptocurrencies. XRP’s steeper fall is a result of a federal judge’s&nbsp;<a href="https://www.wsj.com/livecoverage/stock-market-today-dow-jones-08-17-2023/card/judge-in-sec-ripple-case-opens-path-to-partial-appeal-after-july-ruling-Qj9YAsJsOP72ufpmQfCx" target="_blank" rel="noreferrer noopener">decision</a>&nbsp;on Thursday to allow the SEC to partially appeal a&nbsp;<a href="https://www.bloomberg.com/news/newsletters/2023-07-13/what-does-ripple-xrp-ruling-in-sec-case-mean-for-crypto" target="_blank" rel="noreferrer noopener">ruling</a>&nbsp;in its case against Ripple.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Thursday evening’s crypto selloff began after the&nbsp;<em>Wall Street Journal</em>&nbsp;<a href="https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b?mod=hp_lead_pos5" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;that Elon Musk’s SpaceX wrote down the value of its bitcoin holdings by a total of $373 million in the previous two calendar years. The company has also sold off its crypto holdings, the report added, although it is unclear when this sale happened. Musk and his companies have been a key mover of cryptocurrency prices, with the market often seeing significant movement based on the billionaire’s tweets. However, the SpaceX selloff follows a similar move by Musk’s other company, Tesla, which&nbsp;<a href="https://tesla-cdn.thron.com/static/EIUQEC_2022_Q2_Quarterly_Update_Deck_J8VLIK.pdf?xseo=&amp;amp;response-content-disposition=inline%3Bfilename%3D%22tsla-q2-22-update.pdf%22" target="_blank" rel="noreferrer noopener">disclosed in an earnings report last year</a>&nbsp;that it had sold 75% of its Bitcoin holdings.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.wsj.com/tech/behind-the-curtain-of-elon-musks-secretive-spacex-revenue-growth-and-rising-costs-2c828e2b?mod=hp_lead_pos5" target="_blank" rel="noreferrer noopener">A Rare Look Into the Finances of Elon Musk’s Secretive SpaceX</a>&nbsp;(Wall Street Journal)</p>



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<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



<p><a href="https://www.bloomberg.com/news/articles/2023-08-18/bitcoin-plunge-spurs-liquidations-as-spacex-s-token-sale-weighs?srnd=premium" target="_blank" rel="noreferrer noopener">Bitcoin Plunge Spurs Liquidations as SpaceX’s Token Sale Weighs</a> (Bloomberg)</p>


Cryptocurrency Mining In Africa As Poor Sheperdherder Proves A Point

Bitcoin Drops To Lowest Level Since June Amid Wider Crypto Sell-Off


<p><a href="https://www.forbes.com/"></a><strong>Valued at $2.2 billion in 2021, African money-transfer startup Chipper Cash was slow to adapt to the funding collapse of 2022. Now, after layoffs and a deep valuation cut, it’s focusing on the basics–and profitability</strong>.</p>



<p>The layoffs at&nbsp;<a href="https://www.forbes.com/sites/jeffkauflin/2022/06/06/how-two-africans-overcame-bias-to-build-a-startup-worth-billions" target="_blank" rel="noreferrer noopener">Chipper Cash</a>, a five-year-old fintech startup that lets African consumers send money to each other, started slowly. In July 2022, four recruiters were dismissed. Seven quality assurance engineers came next, two months later. On a Sunday night in early December at 12:01 AM, about 50 employees, or slightly more than 10% of the company, received emails in their personal accounts telling them they no longer had jobs, and access to their work computers had been terminated. Staffers were stunned by the abrupt execution of the layoff. “There was shock and disgust,” a former employee says. Then, after another two months, even deeper cuts came: Chipper slashed about 30% of its staff.</p>



<p>It was a dramatic turnabout for a company that included “lead with empathy” as one of its four corporate values and had been&nbsp;<a href="https://www.forbes.com/sites/jeffkauflin/2022/06/06/how-two-africans-overcame-bias-to-build-a-startup-worth-billions/">featured in&nbsp;<em>Forbes</em></a>&nbsp;as one of the most promising startups in fintech just eight months before.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p>In February 2023, Zepz, a U.K.-based international money-transfer company formerly known as WorldRemit, smelled blood and approached Chipper with a take-out offer. Zepz sent a letter of intent saying it would pay between 5% and 10% of its own stock to buy the startup, pending more due diligence. Zepz had been valued at $5 billion in an August 2021 fundraise, but market values for fintech stocks had since dropped by 50%. Even if you thought Zepz was still worth $5 billion, which was doubtful at best, the deal would have valued Chipper at between $250 million and $500 million–a brutal discount to the $2.2 billion valuation it fetched in late 2021.</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>“I was fully aware that we were living in a time when capital was cheap. And when capital is cheap, that&#8217;s when you want to do the capital-intensive things.&#8221;— Ham Serunjogi</p>
</blockquote>



<p>The talks broke down. A Zepz spokesperson says the company walked away from the deal because they couldn’t get enough financial information from Chipper, and what they did see made them question the viability of the business. Ham Serunjogi, Chipper’s now 29-year-old CEO, says that Chipper provided all information requested, Zepz refused to share its own financial metrics and Chipper was the one to walk away. “I have never had any intention to go out and look for a buyer or to be acquired,” Serunjogi told us in May, speaking from his office at his home in the San Francisco Bay Area.</p>



<p>In April, Chipper lowered its internal 409A valuation–the market value it uses for issuing employee stock options–by 70%, cutting its common stock share price from about $13 in late 2022 to $3.89, according to a former employee and a document viewed by&nbsp;<em>Forbes</em>. It also raised roughly $25 million in convertible debt, says a person familiar with the financing–debt that will convert to equity at a $450 million valuation if Chipper gets acquired or has another big fundraise.</p>



<p>Chipper’s predicament is emblematic of the challenges many fintech startups face today. In 2020 and 2021, as Covid pushed more transactions online and consumers flocked to fintech apps, startups and their backers acted like the fast growth and good times would continue for years. Chipper, which offers low-cost money transfers, bill payment, stock investing and crypto trading for consumers in Africa, plus payment services for businesses there, had amassed five million registered users in seven countries, including Uganda, Ghana and Nigeria, in just the four years after its founding. It booked more than $75 million in revenue in 2021 (excluding cryptocurrency transactions), according to the company, and between $100 and $150 million in 2022, says a person familiar with its finances, compared with $18 million in 2020.</p>



<p>Serunjogi was pursuing a land-grab, growth-at-all-costs strategy, aiming “to capture as much market share and new geographical footprint as possible. And that&#8217;s an expensive endeavor,” he admits. Then as interest rates rose and the stock market sank, investors put away their checkbooks. Profitability suddenly became more important than growth.</p>



<p>Now Chipper is trying to dramatically cut costs and change its strategy while preventing employees from thinking they’re on a sinking ship. “I feel like I’ve grown up so much in the last 12 months,” Serunjogi says.</p>



<p>He has wrestled with the emotional toll of layoffs and a feeling that his employees weren’t taking their jobs seriously enough. In January, he decided to eliminate “lead with empathy” as one of Chipper’s four corporate values. “It was becoming a substitute for accountability,” he says. As he tries to turn the company around, he faces the tough task of still striving for rapid growth–and getting close to profitability–on a much tighter budget.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p>S<strong>erunjogi grew up in</strong>&nbsp;Uganda, and while in high school he saw the problems his dad faced trying to move money through Africa’s disjointed banking system. A couple of years later, he enrolled at Grinnell, a small liberal arts college in Iowa, where he met Maijid Moujaled, a Ghanaian computer science major. The two soon began talking about developing an app that could become a Venmo for Africa.</p>



<p>They cofounded Chipper in 2018 and eventually raised $300 million in funding from investors including FTX, Ribbit Capital and Bezos Expeditions. Serunjogi spent aggressively to grow his customer base because of the nature of the money-transfer business: if you’re a consumer in Nigeria, you’d rather be able to send money to twenty different countries than two. “I was fully aware that we were living in a time when capital was cheap. And when capital is cheap, that&#8217;s when you want to do the capital-intensive things,” he says.</p>



<p>At the end of 2021, Chipper created its 2022 financial plan and intended to keep burning through large sums of cash, assuming capital would still be abundant. As tech stocks tumbled through the spring of 2022, Chipper began revising its plans. But while&nbsp;<a href="https://www.forbes.com/sites/jeffkauflin/2022/07/28/in-fintech-2022-is-becoming-the-year-of-layoffs" target="_blank" rel="noreferrer noopener">many fintech companies started doing layoffs that summer</a>, Serunjogi and Moujaled held out.</p>



<p>Serunjogi focused on driving Chipper as fast as possible–one way he tried to do that was by keeping the board small. Though he insists he has a large group of advisors, Chipper only had (and still has) just three voting board members: Serunjogi, Moujaled and Dan Kimerling, who runs fintech-focused venture capital firm Deciens. Similar-stage startups usually have five or more. “At the early stage of a business, the founders’ vision still has a premium. You&#8217;re trying to execute on something you uniquely see,” Serunjogi says.</p>



<p>By mid-2022, Serunjogi wanted to slow down expansion, but he concluded Chipper had already progressed so far on some projects that it would be too costly or wasteful to abandon them. One example: The company had already done much regulatory legwork to launch money transfers simultaneously in 10 new nations, each with its own set of legal requirements. So it charged ahead anyway with the big rollout over a two-week period in the fall of 2022.</p>



<p>When asked whether he chases too many goals at once, Serunjogi says, “If you set a goal of 10 versus a goal of 100, you will get to 9 out of 10, and you&#8217;ll get to 90 out of 100 … I strongly believe in setting stretch goals–that has been my style.”</p>



<p>Chipper hired about 150 employees in 2022, hitting almost 450 at its peak size. It spent aggressively on marketing, paying spokespeople like&nbsp;<a href="https://www.youtube.com/watch?v=SqkjPTzP_6Y" target="_blank" rel="noreferrer noopener">Burna Boy</a>, Africa’s most streamed artist, to appear in ads. Within the fintech industry and in Africa, Chipper was gaining attention. In the middle of last year,&nbsp;<em>Forbes&nbsp;</em>published an article chronicling&nbsp;<a href="https://www.forbes.com/sites/jeffkauflin/2022/06/06/how-two-africans-overcame-bias-to-build-a-startup-worth-billions" target="_blank" rel="noreferrer noopener">Chipper’s founding story and fast growth</a>.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p>W<strong>hen crypto exchange</strong>&nbsp;FTX collapsed suddenly last November, the mood inside Chipper grew much darker, former employees say. Sam Bankman-Fried’s company had been a major investor in Chipper’s 2021 mega funding round, and staffers found the situation deeply unsettling. It also exacerbated the bear market for the digital asset industry and dampened interest in something that had been helping Chipper attract new users: crypto investing.</p>



<p>With marketing efforts drastically reduced, Chipper saw its number of active users shrink in 2022, according to a former employee, and though it had more than five million registered users, only about one million of them were engaging with the app monthly, the company says. Serunjogi admits Chipper has seen a dip in usage and attributes it to Chipper’s raising prices on money transfers and other features to focus more on profitability. He says that new-user signups and “people who use multiple products” still “continue to fare quite well.”</p>



<p>Chipper will soon start offering U.S. dollar-denominated accounts to African customers to try to entice more users. Serunjogi says receiving international payments has been one of the most requested features, particularly for freelancers earning a living online. While crypto was once a major growth driver for Chipper, the startup seems to be going back to basics. “We’re essentially giving anyone access to one of the most trusted currencies in the world,” he says.</p>



<p>On top of spiking interest rates and a dormant funding market, Chipper has been facing another macroeconomic headwind: the naira, Nigeria’s currency that Chipper needs to hold to enable customers’ money transfers, has dramatically declined in value. It had been falling since early 2020, and in the second half of 2022 it lost another 8%, ultimately contributing to a negative gross profit margin for Chipper, an unusual financial profile for a company of its size. Today Serunjogi says Chipper has a positive gross margin.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p>W<strong>hen the fintech market</strong>&nbsp;recovers from its deep downturn, entrepreneurs’ approaches to layoffs will likely turn out to have had a major impact on startups’ survival and trajectory. At Chipper, Serunjogi and Moujaled have done at least five sets of layoffs over the past 13 months. Judging by the frequency and increasing depth of the cuts compared with those of other major fintechs, Chipper waited too long to get lean.</p>



<p>“Layoffs were agonizing decisions. That is the stuff that kept me up at night,” Serunjogi says. “It’s like a piece of your humanity dies … Imagine having a conversation with people who you really like, who are very good, who made sacrifices for the business to be where it is today. They depend on that income. And you tell that person, ‘I have to cut you.’ And they have a family to look after.”</p>



<p>Why didn’t he opt for a smaller number of deeper cuts to get them over with faster? “These are human beings we’re talking about,” he says. “If I can save someone&#8217;s job, I&#8217;m going to try to find a way to save it until clearly it doesn&#8217;t make sense to be saved.” He adds that some international rules require companies to do layoffs over a period of three months, which drags out the process.</p>



<p>Some former Chipper employees think Serunjogi has botched the communication of bad news over the past year. For instance, after layoffs began, workers started asking questions about revenue and how much cash was left in the bank at company-wide meetings. Serunjogi often responded to the effect of, “Why do you guys keep asking this? You don’t need to know,” according to a former employee. Another staffer felt Chipper became a “very secretive environment.”</p>



<p>“We have various responsibilities and confidentiality we have to maintain in running a business,” Serunjogi says. “In all our all-hands meetings we used to show revenue, revenue growth by product, et cetera–until people started leaking it. We would start to see these things showing up in the press,” he says, chuckling.</p>



<p>He started to believe employees felt too entitled and weren’t taking their jobs seriously enough. That led him to remove the “lead with empathy” corporate value–he thought people were using it to excuse mediocre performance. Chipper replaced it with “be customer obsessed.”</p>



<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow">
<p>“Don’t mistake the early successes we’ve had with ‘we’ve made it.’ No, we can still die.”— Ham Serunjogi</p>
</blockquote>



<p>“If you make a mistake, I have to come down hard on you, because the consequences for all of us are that much greater [at a startup],” Serunjogi says. “Don’t mistake the early successes we’ve had with ‘we’ve made it.’ No, we can still die.” He admires Bill Gates for working all the time and not taking vacation during Microsoft’s early days, and he appreciated&nbsp;<a href="https://www.forbes.com/sites/edwardsegal/2022/11/17/elon-musks-ultimatum-to-twitter-employees-ramps-up-companys-crisis/">Elon Musk’s November 2022 ultimatum to Twitter employees</a>&nbsp;that staying at the company would require “extremely hardcore” work and long hours.</p>



<p>In the spring of 2023, some employees began saying Chipper had just ten months of cash left in the bank, with one posting it in&nbsp;<a href="https://www.glassdoor.com/Reviews/Employee-Review-Chipper-Cash-RVW75333016.htm" target="_blank" rel="noreferrer noopener">a Glassdoor review</a>. People inside the startup were asking how it could have blown through the $300 million it raised, according to a former engineering manager.</p>



<p>Regarding Chipper’s rumored short runway, “I genuinely don&#8217;t know why and who would say something like that,” Serunjogi says, expressing frustration that anyone would discuss internal company matters publicly. “We have a tremendous amount of money on our balance sheet, so we’re fine,” he told us in late May.</p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p>S<strong>erunjogi doesn’t like talking</strong>&nbsp;much about the specifics of what he would have done differently if he could do it all again. When asked the question multiple times, he told us, “We are laying the foundation for what is going to make us successful over the next 10 or 20 years. I obsess less about what was happening in the last six months or three months or 12 months.” He concedes there are many things he’d do differently but demurs from spelling them out and says, “We are one of the most successful companies in Africa.”</p>



<p>What is clear: Chipper has cut nearly 175 people and scrapped plans to expand into Europe and the Middle East for now, since entering a new country takes months of work–it requires hiring lawyers and consultants and sometimes staffing at least 10 people in a new nation. It has refocused on Africa, cutting many U.S. employees who sit thousands of miles away from its customers. Serunjogi plans to hire fewer than 50 people this year. The marketing budget has been “meaningfully scaled back,” Serunjogi says, and he claims the company is “about to be profitable.”</p>



<p>Somehow, when asked to reflect on the past year, the young entrepreneur always comes back with a positive spin. “What we’ve achieved so far–if I went back and started the whole thing again, I would be very happy to come back to that same exact point.”</p>


Ham Serunjogi and Maijid Moujaled by Ethan Pines for Forbes 130L-03-0027

Inside Chipper Cash’s Grueling Battle To Survive The Fintech Winter


<p>The Ukrainian air assault forces finally have deployed their most powerful unit. The 2,000-person 82nd Air Assault Brigade, which is stacked with Marder and Stryker fighting vehicles and Challenger 2 tanks, rolled into action around Robotyne, in southern Ukraine’s Zaporizhzhia Oblast, apparently in the last few days.</p>



<p>The deployment is good&nbsp;<em>and&nbsp;</em>bad news for Kyiv’s long-anticipated counteroffensive, which kicked off with a series of coordinated assaults across southern and eastern Ukraine starting on June 4.</p>



<p>The 82nd Brigade and its sister air-assault unit, the 46th Brigade, were some of the last major units that the Ukrainian general staff was holding in reserve. In finally sending those formations into battle, the Ukrainians could significantly boost their firepower along one of the main axes of the counteroffensive—the one stretching 50 miles from Russian-occupied Robotyne to occupied Melitopol, just north of the Black Sea coast.</p>



<p>But no brigade can fight forever. When the 46th and 82nd Brigades pull back for rest, reset and repairs, there might not be any equally powerful&nbsp;<em>fresh&nbsp;</em>brigades to fill in for them. The counteroffensive could lose momentum.</p>



<p>This neither is a new problem, nor one that’s unique to the Robotyne axis. The Ukrainian marine corps, which has focused its efforts along the Mokri Yaly River Valley, 50 miles to the east, has deployed&nbsp;<em>all four</em>&nbsp;of its front-line brigades&nbsp;<em>at the same time</em>&nbsp;along a 10-mile-wide sector.</p>



<p>The concentration of marine forces along the Mokri Yaly River has paid off for Kyiv. The division-size marine force has liberated a chain of settlements on the road to occupied Mariupol, on the Black Sea coast 50 miles to the south. Most recently Urozhaine, where marine gunners firing American-made cluster shells <a href="https://www.forbes.com/sites/davidaxe/2023/08/14/ukrainian-cluster-shells-massacred-russian-troops-fleeing-urozhaine/">massacred retreating Russian troops this weekend</a>.</p>



<p>But the marines eventually will need rest. And it’s not apparent which forces can fill in for them. While Ukraine still has uncommitted territorial and national guard brigades, these formations generally lack the firepower and training that make marine brigades so effective.</p>



<p>The same clock is ticking over in Robotyne, as a powerful Ukrainian air-assault force assembles outside the town. A Russian drone strike on&nbsp;<a href="https://twitter.com/RALee85/status/1691340418590429184" target="_blank" rel="noreferrer noopener">one of the 82nd Brigade’s American-made Stryker wheeled fighting vehicles</a>, apparently earlier this week, places the 82nd Brigade within a mile of the Russian 1430th Motor Rifle Regiment’s positions inside Robotyne.</p>



<p>Russian drones have spotted at least one of the 82nd Brigade’s 90 Strykers as well as&nbsp;<a href="https://twitter.com/JulianRoepcke/status/1691378804688580608" target="_blank" rel="noreferrer noopener">one of its 40 German-made Marder tracked fighting vehicles</a>. The Russians apparently&nbsp;<em>haven’t</em>&nbsp;located the brigade’s 14 ex-British Challenger 2 tanks. But we know the 69-ton tanks are inching toward the line of contact.</p>



<p>The most recent photo of a Ukrainian Challenger 2 to appear online depicts the tank with a turret-mounted cage that the crew clearly hopes will help to protect the vehicle from drone strikes. These “cope cages” are a battlefield expedient that brigades tend to install on their own as they’re getting ready to enter combat.</p>



<p>If the Ukrainian marines’ experience in Urozhaine is any indication, the surge of air-assault troops around Robotyne could result in rapid gains for Kyiv’s forces.&nbsp;<a href="https://www.forbes.com/sites/davidaxe/2023/08/11/ukrainian-scouts-are-inside-robotyne-the-first-russian-strongpoint-on-the-road-to-melitopol/?sh=544fb60010eb">The Ukrainians already were probing</a>, and attempting to flank, the Russian garrison in Robotyne. Now they’ve got two more brigades—and especially heavily-armed ones—to bolster their efforts.</p>



<p>If the Russians in Robotyne can hold their ground, and endure what is likely to be a major but temporary surge in Ukrainian combat power, they might eventually find themselves in a position to strike back at the Ukrainians—once the surge brigades rotate off the front line without replacement.</p>


Ukrainian Armed Forces Train For Critical Spring Counter Offensive

Ukraine’s Powerful 82nd Brigade, Once Held In Reserve, Has Finally Joined The Counteroffensive


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p><em>Barbie&nbsp;</em>was pulled from theaters in Algeria this week, joining a growing list of countries that, despite the summer blockbuster’s widespread success, have banned the film because of its themes of gender and sexuality or because of the film’s alleged use of a controversial map. (Say what?)</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p><strong>Algeria:&nbsp;</strong>Algeria’s Ministry of Culture and Arts notified cinemas in the cities of Algiers, Oram and Constantine earlier this week to “immediately” pull the movie, the Algerian news outlet 24H&nbsp;<a href="https://www.24hdz.com/le-film-barbie-interdit-en-salles-en-algerie/" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;(a source confirmed the news to&nbsp;<a href="https://www.reuters.com/world/africa/algeria-bans-barbie-movie-media-official-source-say-2023-08-14/" target="_blank" rel="noreferrer noopener">Reuters</a>).</p>



<p><strong>Kuwait:&nbsp;</strong>On Thursday, officials in Kuwait announced they were banning the film because it promoted “ideas and beliefs that are alien to the Kuwaiti society and public order,”&nbsp;<a href="https://www.kuna.net.kw/ArticleDetails.aspx?id=3105733&amp;Language=en" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;a statement published by the state-run KUNA news agency. (The statement did not cite any specific scenes that Kuwaiti censors found objectionable.)</p>



<p><strong>Vietnam:&nbsp;</strong>Before the film premiered, officials in Vietnam&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/03/barbie-movie-banned-in-vietnam-over-controversial-map/?sh=7ec28cfc4ba7">announced</a>&nbsp;they were banning&nbsp;<em>Barbie&nbsp;</em>over a scene that included a map that appeared to show China’s contested territorial claims in the South China Sea—Warner Bros.&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/07/07/warner-bros-defends-child-like-map-that-got-barbie-banned-in-vietnam/?sh=2702920437bd">disputed</a>&nbsp;the claim, describing the drawing as “child-like.”</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>Before it was banned,&nbsp;<em>Barbie&nbsp;</em>had sold out Algerian theaters every day since its July 19 release, the Algerian news outlet 24H&nbsp;<a href="https://www.24hdz.com/le-film-barbie-interdit-en-salles-en-algerie/" target="_blank" rel="noreferrer noopener">reported</a><strong>.</strong></p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>It’s not uncommon for countries, particularly Gulf nations, to ban movies or TV shows because the content goes against certain religious beliefs. A number of countries in the Middle East, for example, have&nbsp;<a href="https://deadline.com/2022/05/everything-everywhere-all-once-banned-middle-east-1235016780/" target="_blank" rel="noreferrer noopener">banned</a>&nbsp;films that include gay characters, such as&nbsp;<em>Everything Everywhere All At Once, Doctor Strange In The Multiverse Of Madness, Eternals&nbsp;</em>and<em>&nbsp;West Side Story.</em></p>



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<h2 class="wp-block-heading" id="h-what-we-don-t-know">WHAT WE DON’T KNOW</h2>



<p>It’s unclear how many other countries may ban the box office hit.&nbsp;<em>Barbie&nbsp;</em>is scheduled to premiere in theaters in Lebanon on August 31, but some officials have said they might follow the lead of other Middle Eastern countries and ban the movie from theaters. Lebanese culture minister Mohammad Mortada asked the interior ministry to ban&nbsp;<em>Barbie</em>&nbsp;because he said it contradicts “values of faith and morality” and promotes “homosexuality and sexual transformation,” the Associated Press&nbsp;<a href="https://apnews.com/article/mideast-barbie-movie-censorship-955390b933747bfc3f662022db2e4d9b" target="_blank" rel="noreferrer noopener">reported</a>. Mortada also said&nbsp;<em>Barbie&nbsp;</em>questioned the necessity of marriage and ridiculed the role of mothers, the&nbsp;<em>New York Times&nbsp;</em><a href="https://www.nytimes.com/2023/08/10/arts/barbie-ban-kuwait-lebanon.html" target="_blank" rel="noreferrer noopener">reported</a>.</p>



<h2 class="wp-block-heading" id="h-surprising-fact">SURPRISING FACT</h2>



<p><em>Barbie&nbsp;</em>was nearly banned in the Philippines earlier this month. Following news of Vietnam’s decision to not air the film, officials in the Philippines launched a weeklong review of the film that included two review sessions and conversations among multiple government departments,&nbsp;<a href="https://www.facebook.com/photo/?fbid=741736454626335&amp;set=pcb.741736844626296" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;a press release from the country’s Movie and Television Review and Classification Board. The board&nbsp;<a href="https://www.facebook.com/photo/?fbid=741736454626335&amp;set=pcb.741736844626296" target="_blank" rel="noreferrer noopener">decided</a>&nbsp;the map included in the film did “not depict the ‘nine-dash line,’” a term used to describe China’s contested claims over the South China Sea, and instead the map “portrayed the route of the make-believe journey of Barbie.” In the statement, the board&nbsp;<a href="https://www.facebook.com/photo/?fbid=741736454626335&amp;set=pcb.741736844626296" target="_blank" rel="noreferrer noopener">noted</a>&nbsp;it has previously sanctioned filmmakers and distributions for exhibiting the fictitious nine-dash line in their films.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>$1,187,042,188. That’s how much money&nbsp;<em>Barbie&nbsp;</em>has grossed worldwide since it premiered in mid-July,&nbsp;<a href="https://www.boxofficemojo.com/release/rl1077904129/?ref_=bo_hm_RECENT_WEEKEND_WIDGET_1" target="_blank" rel="noreferrer noopener">according to</a>&nbsp;Box Office Mojo. Domestically&nbsp;<em>Barbie&nbsp;</em>has&nbsp;<a href="https://www.boxofficemojo.com/release/rl1077904129/?ref_=bo_hm_RECENT_WEEKEND_WIDGET_1" target="_blank" rel="noreferrer noopener">earned</a>&nbsp;more than $526 million, making it the second-highest-grossing movie of the year&nbsp;<a href="https://www.forbes.com/sites/antoniopequenoiv/2023/08/12/barbie-breaks-500-million-at-us-box-office-further-cementing-itself-as-summers-blockbuster/?sh=4ba5ebde43f9">behind</a>&nbsp;the&nbsp;<em>Super Mario Bros. Movie</em>.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p><em>Barbie&nbsp;</em>has dominated the U.S. box office since it first opened in theaters in July and taken the top box office spot for the past four weeks. The film tells the live-action story of Mattel dolls Barbie and Ken. With an all-star cast—Margot Robbie, Ryan Gosling, Will Ferrell, Kate McKinnon, Ncuti Gatwa, Michael Cera, Simu Liu, America Ferrera and Dua Lipa—and pop soundtrack produced by Mark Ronson, the film’s release was long awaited by many.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/roberthart/2023/07/03/barbie-movie-banned-in-vietnam-over-controversial-map/?sh=7ec28cfc4ba7">‘Barbie’ Movie Banned In Vietnam Over Controversial Map</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.nytimes.com/2023/08/10/arts/barbie-ban-kuwait-lebanon.html" target="_blank" rel="noreferrer noopener">Kuwait And Lebanon Look To Ban ‘Barbie’ For Moral Reasons</a>&nbsp;<em>(New York Times)</em></p>


The European Premiere of Barbie in London

‘Barbie’ Banned In Algeria—Here’s Where Else You Can’t See The Box Office Hit


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Ozempic and Mounjaro manufacturers are being sued over claims that the drugs cause gastroparesis, a severe stomach disorder, but some experts believe this assertion is inaccurate because the drugs only cause a temporary delay in stomach emptying.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Earlier this month, a personal injury law firm filed a&nbsp;<a href="https://www.forthepeople.com/sites/default/files/2023-08/Morgan%20%26%20Morgan%20Ozempic%20Bjorklund%20complaint%208.2.23.pdf" target="_blank" rel="noreferrer noopener">lawsuit</a>&nbsp;against Novo Nordisk—the makers of Ozempic—and Eli Lilly, the makers of Mounjaro, claiming the drugs cause gastroparesis.</p>



<p>The lawsuit also alleges the manufacturers knew of the link between the GLP-1 drugs and “the risk of developing severe gastrointestinal issues, including gastroparesis.”</p>



<p><a href="https://www.mayoclinic.org/diseases-conditions/gastroparesis/symptoms-causes/syc-20355787" target="_blank" rel="noreferrer noopener">Gastroparesis</a>, or stomach paralysis, slows or completely stops the movement of food from the stomach to the small intestine, preventing the stomach from properly emptying—neither drug lists gastroparesis as a potential side effect.</p>



<p>Semaglutide (the generic name for&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2022/12/26/what-to-know-about-ozempic/?sh=2336a35a5adb">Ozempic</a>) and tirzepatide (the generic name for&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/01/31/diabetes-drug-mounjaro-expected-to-be-approved-for-weight-loss-soon-what-to-know-and-how-it-compares-to-similar-drugs/?sh=68aef4ef477a">Mounjaro</a>) are a type of drug known as a GLP-1, and they work by&nbsp;<a href="https://www.uclahealth.org/news/semaglutide-weight-loss-what-you-need-know" target="_blank" rel="noreferrer noopener">interacting</a>&nbsp;with the hunger part of the brain and suppressing the appetite, causing patients to feel full quicker.</p>



<p>In July, CNN released a&nbsp;<a href="https://www.cnn.com/2023/07/25/health/weight-loss-diabetes-drugs-gastroparesis/index.html" target="_blank" rel="noreferrer noopener">report</a>&nbsp;about patients who’ve been diagnosed with severe gastroparesis, and their doctors believe weight loss drug Wegovy (manufactured by Novo Nordisk) and its sister diabetes drug Ozempic may be to blame.</p>



<p>The patients noticed they were vomiting days-old food and doctors noted it was common for people on Ozempic to have stomachs full of food when doing an endoscopy—one patient even had to have a stomach bypass surgery to help relieve the gastroparesis.</p>



<p>The American Society of Anesthesiologists (ASA) put out a&nbsp;<a href="https://www.asahq.org/about-asa/newsroom/news-releases/2023/06/patients-taking-popular-medications-for-diabetes-and-weight-loss-should-stop-before-elective-surgery" target="_blank" rel="noreferrer noopener">warning</a>&nbsp;in June asking patients to stop taking GLP-1 drugs at least a week before elective surgeries due to an increased risk of the drugs causing vomiting during operation.</p>



<p>The ASA has received reports that an “increased risk of regurgitation and aspiration of food into the airways and lungs during general anesthesia and deep sedation” was potentially being caused by the drugs’ ability to “delay” stomach emptying.</p>



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



<p>A spokesperson for Novo Nordisk&nbsp;<a href="https://thehill.com/policy/healthcare/4134614-ozempic-mounjaro-sued-stomach-paralysis/" target="_blank" rel="noreferrer noopener">told</a>&nbsp;The Hill “patient safety is of utmost importance” to the company and they continuously monitor “the safety profile of our products and collaborate closely with authorities to ensure patient safety, including adequate information on gastrointestinal side effects in the label.” In a similar statement, a spokesperson for Eli Lilly told The Hill patient safety is “top priority,” and it “actively [engages] in monitoring, evaluating and reporting safety information” for their medications.&nbsp;<em>Forbes&nbsp;</em>has reached out to both companies for comment.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Gastroparesis, also called delayed stomach emptying, affects the movement of food even though there isn’t a blockage in the small intestine or stomach,&nbsp;<a href="https://www.niddk.nih.gov/health-information/digestive-diseases/gastroparesis" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the National Institute of Diabetes and Digestive and Kidney Diseases. It typically takes about&nbsp;<a href="https://www.mayoclinic.org/digestive-system/expert-answers/faq-20058340#:~:text=After%20you%20eat%2C%20it%20takes,move%20through%20the%20entire%20colon." target="_blank" rel="noreferrer noopener">six to eight hours</a>&nbsp;for food to pass from the stomach to the small intestine, though the amount and type of food consumed can affect this. With gastroparesis, the&nbsp;<a href="https://www.medicalnewstoday.com/articles/318753#stomach-emptying" target="_blank" rel="noreferrer noopener">digestion process</a>&nbsp;is extended, and specific times differ from person to person.&nbsp;<a href="https://www.niddk.nih.gov/health-information/digestive-diseases/gastroparesis/symptoms-causes" target="_blank" rel="noreferrer noopener">Symptoms</a>&nbsp;include too much bloating, feeling full after starting a meal, feeling full long after finishing a meal, vomiting, heartburn, pain in the upper abdomen, poor appetite and too much burping. Gastroparesis has many causes, including diabetes, which is the most common cause of gastroparesis, the Centers for Disease Control and Prevention&nbsp;<a href="https://www.cdc.gov/diabetes/library/features/diabetes-digestion.html#:~:text=Nausea%2C%20heartburn%2C%20or%20bloating%20can,common%20known%20cause%20of%20gastroparesis." target="_blank" rel="noreferrer noopener">reports</a>. Though both Ozempic and Mounjaro are used off-label for weight loss, they are only approved by the Food and Drug Administration for use in treating Type 2 diabetes. High blood sugar can lead to gastroparesis. Besides suppressing the appetite, another result of Ozempic’s ability to slow down the digestion process is the lowering of blood sugar,&nbsp;<a href="https://www.ozempic.com/why-ozempic/how-ozempic-works.html" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to Novo Nordisk.</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>Steven Batash, founder of Batash Endoscopic Weight Loss and an expert on nonsurgical weight loss procedures, told&nbsp;<em>Forbes&nbsp;</em>that “to say [Ozempic] causes gastroparesis is not really an accurate statement.” This is because gastroparesis is the “end product” when no food or almost no food moves in the digestive tract. Instead, Batash believes Ozempic causes a delay in gastric emptying. However, this delay only lasts for a short period of time and once the medication’s effects wear off, patients’ “motility will return to [their] baselines,” according to Batash. Ozempic and other GLP-1 drugs are known to&nbsp;<a href="https://www.ozempic.com/faqs.html" target="_blank" rel="noreferrer noopener">cause</a>&nbsp;gastrointestinal issues, like nausea, vomiting and diarrhea. Side effects of Ozempic will be present but will be “mild” in most patients. If these effects are too extreme, Batash recommends either lowering the dosage or stopping usage altogether.</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>A&nbsp;<a href="https://pubmed.ncbi.nlm.nih.gov/28958851/" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in the&nbsp;<a href="https://www.thelancet.com/journals/langas/home" target="_blank" rel="noreferrer noopener"><em>Lancet Gastroenterology and Hepatology</em></a><em>&nbsp;</em>examined how liraglutide—another GLP-1 drug—affected digestion. Participants took either liraglutide or a placebo for five weeks and then ate a meal with a radioactive tracer so researchers could see how long the food stayed in their stomachs. It took those taking liraglutide 70 minutes for half their food to leave their stomachs compared to four minutes in the control group, a drastic slow in digestion. In some participants taking liraglutide, it took up to two hours and 30 minutes for half the meal to leave their stomachs. However, this group did see weight loss, and there was a correlation between a bigger delay in stomach emptying and the more weight participants lost.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2022/12/26/what-to-know-about-ozempic/?sh=13edf6c65adb">What To Know About Ozempic: The Diabetes Drug Becomes A Viral Weight Loss Hit (Elon Musk Boasts Using It) Creating A Shortage</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/08/07/what-is-berberine-supplement-dubbed-natures-ozempic-for-possible-weight-loss-benefits-but-evidence-is-limited/?sh=154e8d5a1068">What Is Berberine? Supplement Dubbed ‘Nature’s Ozempic’ For Possible Weight Loss Benefits—But Evidence Is Limited.</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/01/31/diabetes-drug-mounjaro-expected-to-be-approved-for-weight-loss-soon-what-to-know-and-how-it-compares-to-similar-drugs/?sh=68aef4ef477a">Diabetes Drug Mounjaro Expected To Be Approved For Weight Loss Soon: What To Know And How It Compares To Similar Drugs</a> (Forbes)</p>


Ozempic Manufacturer Sued Over Side Effects Of Medication Used For Weight Loss

What To Know About Gastroparesis: Lawsuit Claims Ozempic And Mounjaro Causes The Severe Stomach Disorder


<p><strong>Food waste costs grocery stores $28 billion every year. Afresh is working to slash that number.</strong></p>



<hr class="wp-block-separator has-alpha-channel-opacity"/>



<p>A<strong>lbertsons</strong>&nbsp;wants to sell fresh raspberries. Not raspberries that are mushy. Or moldy. Or that will be inedible the day after you stick them in your fridge. But raspberries that are red and juicy and delicious.</p>



<p>It’s astonishingly difficult to pull off. In the past, store managers were essentially making their best guess when deciding how much to order. Too little, and the customer walks away empty-handed. Too much, and the raspberries end up sitting around for too long and go bad.</p>



<p>“Previously, produce ordering was a manual process, which meant stores were more likely to inaccurately estimate the type and amount of produce customers would buy,” said Suzanne Long, chief sustainability officer for Albertsons.</p>



<p>Boise, Idaho-based Albertsons, one of the nation&#8217;s largest grocers with $78 billion in annual revenue, began using artificial intelligence software across stores last year from a startup called Afresh Technologies to help it forecast demand and place orders for the type of food that tends to spoil the fastest, like bananas, bell peppers and bagged salads. Albertsons is now placing more frequent<strong>&nbsp;</strong>orders for smaller quantities.</p>



<p>“We’re trying to have full shelves and an empty backroom when the next truck comes in,” said Afresh CEO Matt Schwartz.</p>



<p>San Francisco-based Afresh, started in 2017, is still a nascent business –&nbsp;<em>Forbes&nbsp;</em>estimates that its revenue last year was under $10 million – but it’s growing fast. With $150 million in equity funding from Spark Capital, Insight Partners and other top VCs, Afresh has rolled out its software at 3,300 stores that include Albertsons (whose stores represent the majority of its business), WinCo Foods and Save Mart. Supermarket employees wielding iPads punch in how many apples, heads of broccoli and cherry tomatoes they have left on shelves and then review automated suggestions for how much to order.</p>



<p>More grocery stores are adopting this type of technology in an effort to cut down on how much food they toss each year, an amount that totals $28 billion, according to estimates from ReFED, a nonprofit that tracks food waste. Since stores tend to err on the side of ordering too much, they throw away about 5% to 6% of fresh food, Schwartz said. Rates can be twice that among prepared foods. In addition to being bad for the environment, it’s bad for business because it means lost sales and crimped profits.</p>



<p>Afresh CEO Matt Schwartz<small>AFRESH</small></p>



<p>Afresh says that its customers typically reduce food waste by one quarter, which can lift operating margins in the produce category by 40% and deliver tens of millions, or even hundreds of millions, in profit. “We tell chief financial officers, ‘You’re going to smash your numbers,’” said Schwartz.</p>



<p>That’s a welcome message at a time when grocery stores, which have notoriously thin profit margins, are grappling with the rising cost of food. Albertsons, whose brands include Safeway, Vons and Jewel-Osco and which&nbsp;<a href="https://www.nytimes.com/2023/01/23/business/kroger-albertsons-merger.html" target="_blank" rel="noreferrer noopener">has announced plans to merge</a>&nbsp;with Kroger, rolled out the software across nearly all 2,200 of its stores last year. The company has said that its goal is to&nbsp;<a href="https://www.albertsonscompanies.com/our-impact/planet/food-waste/default.aspx" target="_blank" rel="noreferrer noopener">eliminate food waste going to landfills</a>&nbsp;by 2030. “If you can pick up three to five points of gross margin with this thing without having to raise prices, that is huge,” said Walter Robb, the former CEO of Whole Foods, who has invested in Afresh.</p>



<p>To assist with orders, the startup makes sense of a jumble of data to forecast demand better than any human can. It starts with the history of how an item has sold over the past several years, folding in sales data on a daily basis. It then factors in anything that may affect demand, such as upcoming promotions, weather, holidays and the day that food stamps are doled out. Internal estimates attempt to account for the unforgiving shelf life of finicky items like avocados and peaches, which a store is always racing against the clock to sell.</p>



<p>This is a big improvement over an employee going product by product, using their judgment to figure out how many Gala apples to order versus Honeycrisp and Fuji and Pink Lady and Granny Smith.</p>



<p>It means that fruits and veggies are not sitting around for nearly as long at grocers like Cub, a Minnesota chain with 100 stores, which is moving produce in and out of its stores 7% faster than before. The retailer has also seen a nice 2.5% boost in sales from improving its in-stock levels.</p>



<p>“Remember that retailing is all about having the right product at the right price at the right time,” said Robb. “This is a tool to make that happen.”</p>



<p>The backroom of a Cub grocery store before they started working with Afresh (left) and after.<small>AFRESH</small></p>



<p>The stakes are high in the fresh section of a grocery store, which tends to be a big traffic driver, especially for return trips. Improving the quality and selection of fresh foods has been a major priority for Albertsons, which sees it as a way to boost sales and steal market share from competitors. “The fresh portfolio really, really matters,” Albertsons CEO Vivek Sankaran said in a quarterly earnings call last month.</p>



<p>Schwartz, 33, a former Bain consultant with an MBA from Stanford, started Afresh six years ago after learning how much fresh food grocery stores were throwing away, and how little technology existed to address the problem. Schwartz has always been a health nut, who practiced intermittent fasting and designed meal and workout plans for friends. Early in his career, he’d worked at Simple Mills, which makes crackers, cookies and other snacks with alt-ingredients like almond flour and coconut sugar.</p>



<p>Afresh charges each store department hundreds of dollars per month to use its software. It says it has prevented 43 million pounds of food from being thrown away since inception.</p>



<p>“This technology is one of a small handful we’re seeing really take off,” said Dana Gunders, executive director of ReFED.</p>



<p>As AI-powered ordering gains wider adoption, it&nbsp;<a href="http://pacificcoastcollaborative.org/wp-content/uploads/2022/12/PCFWC-Case-Study_AI_Final.pdf" target="_blank" rel="noreferrer noopener">could help cut food waste at the store level in half by 2030</a>, according to the Pacific Coast Collaborative, a multi-state governmental initiative to reduce greenhouse gas. Similar technology is sold by companies like Shelf Engine, which signed up Kroger as a customer but subsequently laid off a significant portion of its staff.</p>



<p>Afresh is now signing up more stores and expanding beyond produce with existing customers. This year, it expects to go into another 7,500 departments, which includes new forays into the meat and seafood counters, the deli and the prepared foods section. It is also introducing more tools for grocery stores, like one that helps employees complete monthly inventory checks.</p>



<p>The company now assists with ordering a tenth of all produce sold in America, said Schwartz. “We plan to be preventing over 100 million pounds of food waste per year very shortly,” he said.</p>


E-commerce augmented reality marketing in supermarket mobile phone app AI artificial intelligence

This AI Startup Has Saved Grocers From Tossing Millions Of Pounds Of Food


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Niger’s military junta announced plans to charge ousted President Mohamed Bazoum with “high treason” and undermining national security, defying international pressure to release and reinstate the democratically elected leader and raising tensions in the region just hours after coup leaders signaled they were open to explore diplomatic solutions to the growing crisis.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>In a&nbsp;<a href="https://www.youtube.com/watch?v=azXRQJp7eVQ&amp;ab_channel=GuardianNews" target="_blank" rel="noreferrer noopener">statement</a>&nbsp;<a href="https://apnews.com/article/niger-coup-leaders-president-bazoum-treason-1e54fa565ec0c659fc233cc695d7de21" target="_blank" rel="noreferrer noopener">delivered</a>&nbsp;on state television Sunday night, junta spokesman Colonel Major Amadou Abdramane&nbsp;<a href="https://www.ft.com/content/c8fae0de-6555-4022-8226-a529b6ff7a33" target="_blank" rel="noreferrer noopener">vowed</a>&nbsp;to prosecute Bazoum “for high treason and for undermining the internal and external security of Niger.”</p>



<p>Abdramane said the military regime, which ousted and replaced Bazoum’s democratically elected government in July, had now gathered sufficient evidence to try the deposed leader alongside “local and foreign accomplices.”</p>



<p>The regime would do so before “competent national and international authorities,” Abdramane said.</p>



<p>The statement did not include details on the allegations leveled against Bazoum or provide specific details on who alleged conspirators may be, nor did it outline possible dates and venues for a trial.</p>



<p>If found guilty, Bazoum could&nbsp;<a href="https://www.bbc.co.uk/news/world-africa-66496128" target="_blank" rel="noreferrer noopener">face</a>&nbsp;the death penalty under Niger’s penal code.</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>The public declaration to charge Bazoum with high treason is a major blow to international efforts to resolve the crisis in Niger diplomatically. It marks a rapid about turn from the junta, which has resisted global pressure to reinstate the ousted president—who has been imprisoned under&nbsp;<a href="https://www.theguardian.com/world/2023/aug/11/niger-captive-leader-losing-weight-in-inhumane-conditions-daughter-reveals-mohamed-bazoum" target="_blank" rel="noreferrer noopener">questionable</a>&nbsp;conditions since his own presidential guard turned on him last month—and had rebuffed diplomats until&nbsp;<a href="https://www.wionews.com/world/niger-regime-leader-open-to-explore-diplomacy-625135" target="_blank" rel="noreferrer noopener">suggesting</a>&nbsp;it was open to possible negotiation on Sunday. The announcement also threatens to destabilize the entire region as the area’s key diplomatic bloc, the Nigeria-led Economic Community of West African States (ECOWAS), has threatened military intervention to restore Niger’s democratically elected leader. This could spiral into all-out regional conflict as the group, which has already instigated stinging sanctions against Niger, could face more than just Niger, with Mali and Burkina Faso—both junta-led states—<a href="https://foreignpolicy.com/2023/08/01/niger-mali-burkina-faso-ecowas-coup-military-intervention/" target="_blank" rel="noreferrer noopener">warning</a>&nbsp;they would consider any intervention a “declaration of war.” Abdramane dismissed foreign efforts to discrete the coup and&nbsp;<a href="https://www.reuters.com/world/africa/niger-junta-says-ousted-president-could-be-prosecuted-high-treason-2023-08-14/" target="_blank" rel="noreferrer noopener">said</a>&nbsp;foreign powers are waging a misinformation campaign to try to &#8220;derail any negotiated solution to the crisis in order to justify military intervention.”</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for-0">WHAT TO WATCH FOR</h2>



<p>Developments in Niger could have far-reaching ramifications for the region and international security writ large. Niger has long been considered a&nbsp;<a href="https://www.theguardian.com/world/2023/jul/27/explainer-niger-a-linchpin-for-stability-in-africas-coup-belt" target="_blank" rel="noreferrer noopener">bastion of stability</a>&nbsp;in Africa’s otherwise tumultuous Sahel region. The country is a key partner in efforts to combat violent Islamic extremism in the Sahel and is one the few Western allies left in the region. The coup dashes hard fought gains towards democratic rule in Niger,&nbsp;<a href="https://www.pbs.org/newshour/world/how-the-coup-in-niger-could-expand-the-reach-of-islamic-extremism-and-wagner-in-west-africa" target="_blank" rel="noreferrer noopener">sets back counterterrorism efforts</a>&nbsp;and threatens to both destabilize the region and further&nbsp;<a href="https://apnews.com/article/coup-niger-jihadis-extremist-violence-a7ae8b8f3954cdf838692b074f9cd4e8" target="_blank" rel="noreferrer noopener">embolden</a>&nbsp;Islamic extremists. The possibility of regime change also deals a heavy blow to Western powers, notably France and the U.S., who not only lose a crucial ally and&nbsp;<a href="https://www.wsj.com/articles/niger-coup-upends-u-s-security-plans-in-west-africa-handing-russia-an-opportunity-8dcf6679" target="_blank" rel="noreferrer noopener">security partner</a>&nbsp;but face the prospect of the country pivoting towards an enemy: Russia. Such shifts were seen following recent coups in neighboring Mali and Burkina Faso and Moscow, especially via the&nbsp;<a href="https://foreignpolicy.com/2023/05/17/russia-wagner-prigozhin-africa-war-security-terrorism/" target="_blank" rel="noreferrer noopener">Wagner mercenary group</a>, has been keen to grow its footprint in the region. The White House has&nbsp;<a href="https://www.wsj.com/articles/niger-coup-upends-u-s-security-plans-in-west-africa-handing-russia-an-opportunity-8dcf6679" target="_blank" rel="noreferrer noopener">said</a>&nbsp;there is no evidence Russia or the Wagner Group were behind the coup. The country is also a key provider of uranium and strained relations could&nbsp;<a href="https://www.politico.eu/article/niger-coup-spark-concerns-france-uranium-dependency/" target="_blank" rel="noreferrer noopener">stress global supplies and energy</a>&nbsp;security, particularly for big importers like France and the European Union.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/anafaguy/2023/08/01/why-the-niger-coup-has-sparked-concerns-about-nuclear-power/">Why The Niger Coup Has Sparked Concerns About Nuclear Power</a>&nbsp;(Forbes)</p>



<p><a href="https://foreignpolicy.com/2023/05/17/russia-wagner-prigozhin-africa-war-security-terrorism/" target="_blank" rel="noreferrer noopener">How Russia Expands Its Influence in Africa</a>&nbsp;(Foreign Policy)</p>



<p><a href="https://www.theguardian.com/world/2023/jul/27/explainer-niger-a-linchpin-for-stability-in-africas-coup-belt" target="_blank" rel="noreferrer noopener">Explainer: Niger a linchpin for stability in Africa’s ‘coup belt’</a>&nbsp;(Guardian)</p>


Key Speakers At The 77th Session Of The United Nations General Assembly

Niger Coup: Junta Leaders Will Charge Ousted President With ‘High Treason’


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Tech executives Mark Zuckerberg and Elon Musk suggested in June they’d be interested in clashing in a UFC-style cage fight, and egged each other on while tensions escalated between the two billionaires and their companies—but Zuckerberg&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/08/13/zuckerberg-thinks-its-time-to-move-on-from-planned-cage-fight-with-musk-elon-isnt-serious/">downplayed the potential</a>&nbsp;of a billionaire brawl Sunday when he said Musk “isn’t serious” about picking a date.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>The idea of a cage match was first posed by Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1671364992665264131" target="_blank" rel="noreferrer noopener">over Twitter</a>, where the Tesla CEO responded to a thread about Instagram’s then-upcoming rival app Threads, saying, “I’m up for a cage match if he is lol.”</p>



<p>Zuckerberg responded the next day with an Instagram story showing a screenshot of Musk’s tweet captioned “send me location”—a reference to a famous line from former UFC lightweight champion Khabib Nurmagomedov (a Meta spokesperson confirmed to&nbsp;<a href="https://www.theverge.com/2023/6/21/23769263/mark-zuckerberg-elon-musk-fight-cage-match-worldstar" target="_blank" rel="noreferrer noopener">The Verge</a>&nbsp;that Zuckerberg was being serious in his response to Musk).</p>



<p>As hype around a potential fight picked up, UFC president Dana White joined in on the anticipation, posting a video of himself sporting a&nbsp;<a href="https://www.instagram.com/reel/CuCyF4HJQut/?img_index=1" target="_blank" rel="noreferrer noopener">Zuckerberg vs Musk shirt</a>&nbsp;that was made available for purchase on the UFC’s website.</p>



<p>White was quoted in a July 1 story from the&nbsp;<a href="https://www.nytimes.com/2023/07/01/technology/elon-musk-mark-zuckerberg-cage-match.html" target="_blank" rel="noreferrer noopener"><em>New York Times</em></a><em>&nbsp;</em>saying he would help organize an exhibition match between the tech CEOs and that they both wanted to fight—with both men agreeing there should be a charity component to the bout.</p>



<p>On July 3, photos of Musk training with UFC legend Georges St. Pierre, mixed martial arts coach John Danaher and Brazilian Jiu-jitsu black belt Lex Fridman surfaced online—with an&nbsp;<a href="https://www.instagram.com/p/CuQLly_vqrT/?img_index=1" target="_blank" rel="noreferrer noopener">Instagram post</a>&nbsp;from St. Pierre showing the four men in training gear.</p>



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<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



<p>Zuckerberg, who is trained in the grappling combat discipline of Jiu-jitsu, also employed the training services of elite fighting talent in July—made evident by&nbsp;<a href="https://twitter.com/stylebender/status/1678848822041255937" target="_blank" rel="noreferrer noopener">gym photos</a>&nbsp;taken with UFC middleweight champion Israel Adesanya and UFC featherweight champion Alexander Volkanovski on July 11.</p>



<p>The two billionaires reinvigorated interest in a potential match in early August, when Musk said he was weightlifting to prepare for the fight, suggesting it would be live-streamed on X—the rebranded Twitter platform—and that all proceeds would go to a charity for veterans.</p>



<p>Zuckerberg responded to Musk’s posts via Threads, asking if a “more reliable platform” should be used for a live-stream of the fight and adding he was “not holding his breath” for a fight to materialize.</p>



<p>Although Zuckerberg has&nbsp;<a href="https://www.threads.net/@zuck/post/CvnechDSJeC" target="_blank" rel="noreferrer noopener">made clear</a>&nbsp;he is ready for a match, the same can’t be said for Musk, who said the date is “still in flux” and he&nbsp;<a href="https://twitter.com/elonmusk/status/1688377445957652480?s=20" target="_blank" rel="noreferrer noopener">may need surgery</a>&nbsp;before a fight can happen.</p>



<p>Days after calling the idea “in flux,” Musk said the Italian government agreed to an “<a href="https://www.forbes.com/sites/dereksaul/2023/08/11/elon-musk-says-italian-government-approved-epic-location-for-his-billionaire-clash-against-mark-zuckerberg/?sh=1d1742f043f9">epic location</a>” for a fight that would be managed by his and Zuckerberg’s respective foundations, not the UFC.</p>



<p>Zuckerberg shot down Musk’s plans, saying, “if he ever agrees on an actual date, you&#8217;ll hear it from me,” adding that he’d prefer to work with professional fight promotions such as UFC and ONE.</p>



<p>Just days after Zuckerberg expressed hesitation about Musk’s commitment to the match, the Meta CEO&nbsp;<a href="https://www.forbes.com/sites/mollybohannon/2023/08/13/zuckerberg-thinks-its-time-to-move-on-from-planned-cage-fight-with-musk-elon-isnt-serious/">posted on Threads</a>&nbsp;on August 13 “it’s time to move on” because Musk won’t confirm a date, adding Musk said he needs surgery—and months of recovery—before fighting and wanted to do a practice round in Zuckerberg’s backyard.</p>



<p>The same day Zuckerberg announced the desire to move on, Musk&nbsp;<a href="https://twitter.com/elonmusk/status/1690747345674137600" target="_blank" rel="noreferrer noopener">posted</a>&nbsp;a screenshot to X of the purported conversation in which he suggested a practice round; Zuckerberg responded over text telling him he should train on his own and say when he’s ready to compete, adding he doesn’t “want to keep hyping something that will never happen.”</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>In the background of Musk and Zuckerberg fight-related banter, tensions between the two have&nbsp;<a href="https://www.forbes.com/sites/phoebeliu/2023/07/09/billionaire-brawl-now-whos-winning-the-fight-between-musk-and-zuckerberg/?sh=11d0221d26bc">increased</a>&nbsp;following the launch of Instagram’s Threads platform, a direct competitor to Twitter that launched July 5 and racked up its first&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2023/07/10/with-100-million-users-in-five-days-threads-is-the-fastest-growing-app-in-history/?sh=287d252549ab">100 million users</a>&nbsp;on July 10. That same day, Musk called Zuckerberg a “<a href="https://www.forbes.com/sites/maryroeloffs/2023/07/10/musk-hits-below-the-belt-with-latest-zuckerberg-attacks-zuck-is-a-cuck/?sh=356527f622ee">cuck</a>” over Twitter and proposed a “dick measuring contest” with him. An attorney for Twitter accused and threatened to sue Meta for allegedly misusing Twitter’s &#8220;trade secrets and other intellectual property&#8221; and employing former Twitter staffers for help with developing Threads, labeling it as a “copycat” app of Twitter.</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>Musk biographer Walter Isaacson later claimed in a Twitter Spaces session that&nbsp;<a href="https://www.businessinsider.com/elon-musk-mark-zuckerberg-cage-fight-match-unlikely-walter-isaacson-2023-7" target="_blank" rel="noreferrer noopener">he doubted</a>&nbsp;a fight would happen and that it was “a metaphor” for the competition between the CEOs’ rivaling social media sites.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>-160. That was the&nbsp;<a href="https://dknation.draftkings.com/pop-culture/2023/6/22/23769810/mark-zuckerberg-vs-elon-musk-odds-cage-fight-who-will-win-wheres-the-asteroid" target="_blank" rel="noreferrer noopener">hypothetical line</a>&nbsp;DraftKings set in June for Zuckerberg to win the match, making him the betting favorite, with bettors needing to wager $160 on Zuckerberg to return a $100 profit. DraftKings set the odds for a Musk upset at +140, meaning a $100 bet would deliver a $140 profit. The sports betting company attributed the lines to Zuckerberg’s younger age and his regular physical activity.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>A cage match between the tech CEOs might involve some parameters to account for their difference in size. Notably, Musk told White that he would not be willing to “lose any weight” for a potential matchup. Musk, 52, stands around 6’1” tall and has made clear on Twitter that he&nbsp;<a href="https://twitter.com/elonmusk/status/1671699387620237312" target="_blank" rel="noreferrer noopener">almost never works out</a>. Zuckerberg, 39, is 5 &#8216;7” and regularly takes to physical training and competition, recently securing two medals in his first&nbsp;<a href="https://www.cnn.com/2023/05/09/business/mark-zuckerberg-jiu-jitsu-winner/index.html" target="_blank" rel="noreferrer noopener">Jiu-jitsu tournament</a>&nbsp;in May, though he was also choked out in one of his fights, according to the&nbsp;<a href="https://www.nytimes.com/2023/06/02/style/mark-zuckerberg-workout.html" target="_blank" rel="noreferrer noopener"><em>New York Times</em></a>&nbsp;(Zuckerberg has denied the claim). Zuckerberg also seems to be the more avid fight fan, as he and his wife, Priscilla Chan, attended a UFC&nbsp;<a href="https://www.insider.com/video-mark-zuckerberg-attends-ufc-event-priscilla-chan-looks-shook-2022-10" target="_blank" rel="noreferrer noopener">fight card</a>&nbsp;last October.</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p>We estimate Musk is the richest person in the world, with an estimated net worth of&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?list=rtb/&amp;sh=5a59a8f87999">$225.2 billion</a>. Zuckerberg’s net worth is estimated at&nbsp;<a href="https://www.forbes.com/profile/mark-zuckerberg/?sh=350141a23e06">$107 billion</a>—placing him at No. 8 on&nbsp;<em>Forbes</em>’ list of the&nbsp;<a href="https://www.forbes.com/real-time-billionaires/#7b288cfb3d78">world’s real-time billionaires</a>.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/antoniopequenoiv/2023/07/11/mark-zuckerberg-training-with-ufc-champions-israel-adesanya-and-alexander-volkanovski-as-elon-musk-spat-intensifies/?sh=52e0cfd75d9a">Mark Zuckerberg Training With UFC Champions Israel Adesanya And Alexander Volkanovski As Elon Musk Spat Intensifies</a>&nbsp;(Forbes)</p>



<p><a href="https://www.nytimes.com/2023/07/01/technology/elon-musk-mark-zuckerberg-cage-match.html" target="_blank" rel="noreferrer noopener">A ‘Cage Match’ Between Elon Musk and Mark Zuckerberg May Be No Joke</a>&nbsp;(New York Times)</p>



<p><a href="https://www.forbes.com/sites/maryroeloffs/2023/07/10/musk-hits-below-the-belt-with-latest-zuckerberg-attacks-zuck-is-a-cuck/?sh=356527f622ee">Musk Hits Below The Belt With Latest Zuckerberg Attacks: ‘Zuck Is A Cuck’</a> (Forbes)</p>


Elon Musk Vs Mark Zuckerberg Illustration

Zuckerberg Vs Musk: Disputes Heat Up Over Billionaire Cage Fight—Here’s Everything We Know


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Global oil demand reached record levels in June and is poised to peak again in August, the International Energy Agency&nbsp;<a href="https://www.iea.org/reports/oil-market-report-august-2023" target="_blank" rel="noreferrer noopener">said</a>&nbsp;on Friday, warning that price hikes could be on the horizon as slowing outputs from major suppliers like Saudi Arabia tighten supply.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>World oil demand hit a record 103 million barrels a day in June, the IEA said.</p>



<p>The agency said demand could rise further in August and demand for 2023 as a whole is expected to reach 102.2 million barrels a day.</p>



<p>The figure, an increase of around 2.2 million barrels a day from the year before, would mark the highest ever annual level, the agency said.</p>



<p>China is responsible for the lion’s share of this growth, accounting for more than 70% of the uptick, the IEA said, adding that demand there was “stronger than expected” and reached new highs “despite persistent concerns over the health of the economy.”</p>



<p>Strong summer air travel and the increased use of oil in power generation also contributed to increased demand, the IEA said.</p>



<p>The IEA forecast continued, albeit slower, growth for oil demand in 2024, pointing to “lacklustre economic conditions,” new electric vehicles and the “post-pandemic rebound running out of steam.”</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>Oil prices could be poised to rise even higher in coming months as major producers, particularly Saudi Arabia, move to constrict supplies. Previous production cuts from the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, have helped&nbsp;<a href="https://www.reuters.com/markets/commodities/oil-benchmark-brents-price-structure-reflects-tighter-market-2023-08-10/" target="_blank" rel="noreferrer noopener">drive</a>&nbsp;oil prices up and the IEA warns the bloc’s targets, if maintained, pose “a risk of driving prices still higher.”</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>The IEA said Russia’s oil exports breached the price cap put in place by the Group of Seven (G7) nations. Prices reached an average of $64.41 a barrel last month, the IEA said, above the $60 a barrel cap the group set. The cap was designed to limit Moscow’s ability to fund its war in Ukraine while simultaneously averting chaos in global energy markets by keeping its oil on the markets and it limits how companies can move Russian oil by cutting access to things like insurance and other key services should they pay more than this threshold. The rule has changed the map of global oil supply chains and exports from Russia, a major producer, away from Europe and towards Asia. The IEA said crude exports to India and China accounted for 80% of Russia’s shipments.</p>



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<p>By signing up, you accept and agree to our&nbsp;<a href="https://www.forbes.com/terms-and-conditions" target="_blank" rel="noreferrer noopener">Terms of Service</a>&nbsp;(including the class action waiver and arbitration provisions), and&nbsp;<a href="https://www.forbes.com/privacy" target="_blank" rel="noreferrer noopener">Privacy Statement</a>.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>While oil demand dropped during the Covid-19 pandemic and as the world shifted to greener forms of energy, supplies have also tightened from output cuts and disruption from Russia’s invasion of Ukraine. The recent squeeze, spearheaded by Saudi Arabia’s voluntary production cuts, have helped push prices up and Brent crude, a key international benchmark, was trading at $88 dollars a barrel on Thursday, a six month&nbsp;<a href="https://www.reuters.com/markets/commodities/iea-lowers-2024-oil-demand-growth-forecast-2023-08-11/" target="_blank" rel="noreferrer noopener">high</a>.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/roberthart/2023/07/19/electricity-demand-slows-in-2023-as-economic-downturn-and-energy-crisis-weighs-on-growth-iea-says/">Electricity Demand Slows In 2023 As Economic Downturn And Energy Crisis Weighs On Growth, IEA Says</a>&nbsp;(Forbes)</p>



<p><a href="https://www.bloomberg.com/news/articles/2023-08-11/global-oil-demand-hits-record-and-prices-may-climb-iea-says" target="_blank" rel="noreferrer noopener">Global Oil Demand Hits Record and Prices May Climb, IEA Says</a>&nbsp;(Bloomberg)</p>



<p><a href="https://www.reuters.com/markets/commodities/iea-lowers-2024-oil-demand-growth-forecast-2023-08-11/" target="_blank" rel="noreferrer noopener">IEA sees slower 2024 oil demand growth, tightening market this year</a>&nbsp;(Reuters)</p>



<p><a href="https://www.bbc.com/future/article/20230726-an-experts-guide-to-peak-oil-and-what-it-really-means" target="_blank" rel="noreferrer noopener">Is the decline of oil in sight?</a> (BBC)<a href="https://www.forbes.com/sites/roberthart/"></a></p>


Oil pump with candle stick graph chart in the background. World Oil Industry

Oil Prices Poised To Soar As Global Demand Hits Record High, IEA Says


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>New research found that organs like the heart, liver and kidneys may still be affected by Covid well after the lungs have healed, affirming previous research that long Covid can affect multiple organs.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>A new&nbsp;<a href="https://www.science.org/doi/10.1126/scitranslmed.abq1533" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in&nbsp;<em>Science Translational Medicine&nbsp;</em>on Wednesday reviewed how Covid can negatively affect organs other than the lungs, resulting in long Covid.</p>



<p>Long Covid (also called post-Covid) is lingering symptoms—like loss of smell or taste, chest pain, shortness of breath or brain fog—following recovery from a Covid infection that can last for weeks or even years,&nbsp;<a href="https://www.cdc.gov/coronavirus/2019-ncov/long-term-effects/index.html" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the Centers for Disease Control and Prevention.</p>



<p>The cause of the issue stems from when the virus’ proteins bind to the genes of the mitochondria, the cells’ energy producer, which can negatively impact the body’s organs, leading to dysfunction.</p>



<p>The study also found that even if mitochondrial gene expression recovered in the lungs, the first organ&nbsp;<a href="https://www.lung.org/lung-health-diseases/lung-disease-lookup/covid-19/about-covid-19" target="_blank" rel="noreferrer noopener">affected</a>&nbsp;by Covid infection, it can still negatively impact other organs, including the heart, liver and kidneys.</p>



<p>Long Covid most commonly affects people who suffered from severe Covid symptoms, people with underlying conditions, the unvaccinated and those who had multisystem inflammatory syndrome—a rare&nbsp;<a href="https://www.cdc.gov/mis/index.html" target="_blank" rel="noreferrer noopener">condition</a>&nbsp;associated with Covid in which body parts like the kidneys and brain become inflamed—during or after Covid, the National Library of Medicine&nbsp;<a href="https://medlineplus.gov/postcovidconditionslongcovid.html" target="_blank" rel="noreferrer noopener">reports</a>.</p>



<p>A study published in February by the American College of Cardiology&nbsp;<a href="https://www.forbes.com/sites/ariannajohnson/2023/02/23/long-covid-linked-to-heart-problems-here-are-the-symptoms--and-whos-at-risk/?sh=43b1469c6890">found</a>&nbsp;having long Covid doubled a person’s risk of developing cardiovascular health issues.</p>



<p>A separate&nbsp;<a href="https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9955527/#:~:text=The%20results%20of%20these%20investigations,in%20long%2DCOVID%2D19." target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in the journal of&nbsp;<em>International Urology and Nephrology&nbsp;</em>found that long Covid may play a part in the development of chronic kidney disease and acute kidney injury.</p>



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>“This study provides us with strong evidence that we need to stop looking at Covid-19 as strictly an upper respiratory disease and start viewing it as a systemic disorder that impacts multiple organs,” Douglas C. Wallace, the study’s coauthor, said in a statement. “The continued dysfunction we observed in organs other than the lungs suggests that mitochondrial dysfunction could be causing long-term damage to the internal organs of these patients.”</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>65 million. That’s how many people worldwide are estimated to suffer from long Covid, according to a&nbsp;<a href="https://www.nature.com/articles/s41579-022-00846-2" target="_blank" rel="noreferrer noopener">study</a>&nbsp;published in&nbsp;<em>Nature&nbsp;</em>in February.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>A recent&nbsp;<a href="https://www.thelancet.com/journals/eclinm/article/PIIS2589-5370(22)00354-6/fulltext" target="_blank" rel="noreferrer noopener">report</a>&nbsp;published in the&nbsp;<em>Lancet</em>&nbsp;found that Covid vaccines could potentially reduce the risk of developing long Covid, with data suggesting two doses is more effective at protection than one.&nbsp;<a href="https://medlineplus.gov/postcovidconditionslongcovid.html" target="_blank" rel="noreferrer noopener">According</a>&nbsp;to MedlinePlus, a site run by the National Institutes of Health’s National Library of Medicine, post-Covid symptoms may present in one of three ways: Patients may develop new health issues months after a Covid infection; they seem to recover from Covid, but their symptoms come back; or they have symptoms that can linger for a span of days to years. Long Covid&nbsp;<a href="https://www.cdc.gov/coronavirus/2019-ncov/long-term-effects/index.html" target="_blank" rel="noreferrer noopener">symptoms</a>&nbsp;can include heart palpitations, chest pain, diarrhea, stomach pain, coughing, shortness of breath or neurologic symptoms—like brain fog, headaches or sleep problems. There is not a certain test for long Covid. To diagnose it, a physician will ask about a patient&#8217;s medical history, conduct a physical exam and they may order blood work and imaging tests.</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>New&nbsp;<a href="https://www.medrxiv.org/content/10.1101/2023.06.29.23292056v1" target="_blank" rel="noreferrer noopener">research</a>&nbsp;published in&nbsp;<em>medRxiv&nbsp;</em>suggests that genetics may play a role in who develops long Covid. The researchers looked at data from 24 different studies with almost 6,500 participants and found that patients with long Covid were more likely to share DNA around a gene called FOXP4, which is a gene that may be involved in immune responses in the air sacs of the lungs. However, just because a patient has the FOXP4 gene doesn’t guarantee they will develop long Covid. The gene has previously been&nbsp;<a href="https://pubmed.ncbi.nlm.nih.gov/25994569/" target="_blank" rel="noreferrer noopener">found</a>&nbsp;to play a role in tumor growth in lung cancer.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/02/23/long-covid-linked-to-heart-problems-here-are-the-symptoms--and-whos-at-risk/?sh=43b1469c6890">Long Covid Linked To Heart Problems: Here Are The Symptoms – And Who’s At Risk</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/06/15/more-people-got-diabetes-during-the-covid-pandemic-heres-why/?sh=65ea758f31d3">More People Got Diabetes During The Covid Pandemic—Here’s Why</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/05/10/covids-no-longer-a-public-health-emergency-heres-how-that-may-affect-you/?sh=33db5d4d20e3">Covid’s No Longer A Public Health Emergency: Here’s How That May Affect You</a> (Forbes)</p>


TUNISIA-HEALTH-VIRUS-TOURISM-HOSPITAL

Long Covid May Affect Organs Like The Heart And Kidneys After Lungs Recover, New Research Says


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Disney’s streaming unit beat expectations even as it shed 12 million Disney+ subscribers, according its latest quarterly earnings report released Wednesday afternoon, as the entertainment giant contends with turbulence while struggling to return profits to prior glory.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Disney’s $22.33 billion of revenue and $1.03 earnings per share largely tracked consensus analyst estimates of $22.5 billion and $0.96, respectively, as tracked by FactSet.</p>



<p>The conglomerate’s park and linear television units continued to beef up the bottom line, as the units’ $1.1 billion and $1.9 billion in quarterly operating profit were in line with expectations, respectively, while Disney bled $512 million in its flashier direct-to-consumer media business including Disney+, ESPN+ and Hulu, far below projections of a $758 million loss.</p>



<p>The company reported a staggering 12 million decrease in Disney+ subscribers, though its subscriber loss in the U.S. and Canada was a milder 1%.</p>



<p>Disney incurred $2.7 billion in restructuring costs during the quarter in which the company concluded its round of roughly&nbsp;<a href="https://www.cnn.com/2023/05/22/media/disney-layoffs/index.html" target="_blank" rel="noreferrer noopener">7,000</a>&nbsp;layoffs globally.</p>



<p>Shares of Disney registered a roughly 1% in after hours trading as investors digested the mixed-bag report.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Disney’s earnings release comes amid a turbulent stretch for the company’s stock, which is down 20% over the last five years, far underperforming the S&amp;P 500’s roughly 60% return over the timeframe. The slump comes after a brief surge in Disney’s share price as investors&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/11/21/disney-shares-jump-9-on-return-of-bob-igers-magic/?sh=14889bd28b2f">heralded</a>&nbsp;the November return of the company’s long-time CEO Bob Iger. But Disney’s stock is down 4% since Iger’s reclamation of the throne, well below the S&amp;P’s 13% gain during the period, as investors&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/05/11/disney-stock-set-for-worst-day-since-ceo-bob-igers-comeback/?sh=38001ff940da">grew impatient</a>&nbsp;with a lack of results in Iger’s cost-cutting vision to grow profits as streaming losses mounted.</p>



<h2 class="wp-block-heading" id="h-tangent">TANGENT</h2>



<p>Much of Disney’s bottom-line issues come as the legacy media sector grapples with a decline in the popularity of linear television: Its $1.1 billion in operating profit for its media and entertainment unit during the first three months of 2023 was down from $1.9 billion the year prior and nearly $3 billion five years ago. Overall, Disney’s operating profit during the most recent quarter was roughly a fifth less robust than it was during the same period five years ago ($4.2 billion).</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>How Disney’s&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2023/08/08/penn-entertainment-sells-barstool-sports-back-to-founder-dave-portnoy-in-deal-rebranding-sportsbook-as-espn-bet/?sh=52dfb7d968d2">$1.5 billion</a>&nbsp;agreement with sports gambling operator PENN Entertainment announced Tuesday – and subsequent launch of an ESPN-branded sportsbook – will drive sales at Disney’s sports segment. Iger&nbsp;<a href="https://www.cnbc.com/2023/07/13/disney-open-to-finding-espn-strategic-partner.html" target="_blank" rel="noreferrer noopener">said</a>&nbsp;last month the company is open to offloading an equity stake in ESPN.</p>



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>Even amid entertainment companies’ challenges as consumer preferences shift, Disney “should survive and thrive in this environment due to its diversification, multiplatform media offerings, large vault of content, and pricing premium,” Daiwa analyst Jonathan Kees proclaimed in a Tuesday note previewing earnings.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/brianbushard/2023/08/08/penn-entertainment-sells-barstool-sports-back-to-founder-dave-portnoy-in-deal-rebranding-sportsbook-as-espn-bet/" target="_blank" rel="noreferrer noopener">MORE FROM FORBES<strong>Penn Entertainment Sells Barstool Sports Back To Founder Dave Portnoy In Deal Rebranding Sportsbook As ESPN BET</strong><small>By&nbsp;<strong>Brian Bushard</strong></small></a></p>



<p><a href="https://www.forbes.com/sites/dereksaul/2023/05/11/disney-stock-set-for-worst-day-since-ceo-bob-igers-comeback/" target="_blank" rel="noreferrer noopener">MORE FROM FORBES<strong>Disney Stock Set For Worst Day Since CEO Bob Iger&#8217;s Comeback</strong><small>By&nbsp;<strong>Derek Saul</strong></small></a></p>



<p><a href="https://www.hollywoodreporter.com/business/business-news/disney-apple-deal-1235559416/" target="_blank" rel="noreferrer noopener">THE HOLLYWOOD REPORTER<strong>A Disney Sale to Apple? Don&#8217;t Count It Out This Time</strong></a></p>


Disney plus : Illustration

Disney Plus Subscribers Dwindle — But Streaming Unit Beats Estimates


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Google and Universal Music Group are discussing whether to license artists’ melodies and vocals for AI-generated music, <a href="https://www.ft.com/content/6f022306-2f83-4da7-8066-51386e8fe63b?list=intlhomepage" target="_blank" rel="noreferrer noopener">according</a> to the <em>Financial Times</em>, following a recent trend of music produced by artificial intelligence that has faced backlash—and support—from music labels and artists.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Universal Music—which represents artists like Drake, Ariana Grande and Taylor Swift—and Google are working to develop a tool for users to create AI-generated music using an artist’s voice, lyrics or sounds, the&nbsp;<em>Financial Times</em>&nbsp;<a href="https://www.ft.com/content/6f022306-2f83-4da7-8066-51386e8fe63b?list=intlhomepage" target="_blank" rel="noreferrer noopener">reported</a>.</p>



<p>A deal would pay copyright holders for the right to create the music, while artists would have the choice to opt in.</p>



<p>Warner Music Group is also discussing a similar product with Google, according to the&nbsp;<em>Times</em>.</p>



<p>Neither Google nor Universal Music immediately responded to requests for comment from&nbsp;<em>Forbes</em>.</p>



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>Warner Music CEO Robert Kyncl&nbsp;<a href="https://investors.wmg.com/events/event-details/q3-2023-warner-music-group-earnings-conference-call" target="_blank" rel="noreferrer noopener">said</a>&nbsp;during the company’s earnings call Tuesday that “with the right framework in place” artificial intelligence would be able to “enable fans to pay their heroes the ultimate compliment through a new level of user-driven content.”</p>



<h2 class="wp-block-heading" id="h-chief-critic">CHIEF CRITIC</h2>



<p>Drake voiced his opposition to AI-produced music earlier this year after he was featured in several deepfakes,&nbsp;<a href="https://www.billboard.com/music/rb-hip-hop/drake-reacts-ice-spice-munch-ai-1235303454/" target="_blank" rel="noreferrer noopener">suggesting</a>&nbsp;after one song was released: “This is the last straw.” Sting said there was “going to be a battle” between “human capital” and AI, which he said “doesn’t impress me at all,”&nbsp;<a href="https://www.bbc.com/news/entertainment-arts-65627089" target="_blank" rel="noreferrer noopener">according</a>&nbsp;to the BBC.</p>



<h2 class="wp-block-heading" id="h-contra">CONTRA</h2>



<p>Several artists have supported the development of AI-generated music, including Grimes, who&nbsp;<a href="https://www.rollingstone.com/music/music-features/grimes-drake-the-weeknd-ai-music-1234726521/" target="_blank" rel="noreferrer noopener">said</a>&nbsp;anyone could create songs using her voice “without penalty” as long as she receives a 50% split on royalties. Paul McCartney&nbsp;<a href="https://www.forbes.com/sites/roberthart/2023/06/13/ai-you-need-is-love-artificial-intelligence-helps-create-final-beatles-song-paul-mccartney-says/?sh=4c263c571275">announced</a>&nbsp;in June a new Beatles song would be released later this year, after McCartney said AI was used to “extricate” John Lennon’s voice from an old demo tape to create “the final Beatles record.”</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Regulations and restrictions for music generated by artificial intelligence have increased in recent months. Universal Music sent a&nbsp;<a href="https://www.ft.com/content/aec1679b-5a34-4dad-9fc9-f4d8cdd124b9" target="_blank" rel="noreferrer noopener">letter</a>&nbsp;to streaming services in April requesting they prevent AI programs from accessing its platforms to train on copyrighted lyrics and melodies. Universal Music general counsel Jeffrey Harleston&nbsp;<a href="https://www.youtube.com/watch?v=uoCJun7gkbA&amp;ab_channel=CNBCTelevision" target="_blank" rel="noreferrer noopener">said</a>&nbsp;during a Senate hearing last month that “an artist’s voice is often the most valuable part of their livelihood and public persona.” The U.S. Copyright Office noted it will only offer copyright to works “created by a human being” and not “register works produced by a machine.” Google&nbsp;<a href="https://blog.google/technology/ai/musiclm-google-ai-test-kitchen/" target="_blank" rel="noreferrer noopener">released</a>&nbsp;an experimental AI tool for created music in May, which develops a song based on a text prompt. Meta&nbsp;<a href="https://www.forbes.com/sites/irenebenedicto/2023/08/02/meta-launches-tool-to-create-music-using-ai-heres-what-to-know/?sh=41419a9e444d">released</a>&nbsp;its own AI tool for creating music earlier this month, which is trained on 20,000 hours of licensed music owned by Meta.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.ft.com/content/6f022306-2f83-4da7-8066-51386e8fe63b?list=intlhomepage" target="_blank" rel="noreferrer noopener">Google And Universal Music Negotiate Deal Over AI ‘Deepfakes’</a>&nbsp;(<em>Financial Times</em>)</p>



<p><a href="https://www.forbes.com/sites/irenebenedicto/2023/08/02/meta-launches-tool-to-create-music-using-ai-heres-what-to-know/?sh=41419a9e444d">Meta Launches Tool To Create Music Using AI—Here’s What To Know</a>&nbsp;(<em>Forbes</em>)</p>



<p><a href="https://www.forbes.com/sites/ariannajohnson/2023/05/03/ai-generated-music-is-here-sung-by-stars-like-drake-and-ariana-grande-but-it-may-be-very-illegal/?sh=612b5343aa32">AI-Generated Music Is Here—‘Sung’ By Stars Like Drake And Ariana Grande—But It May Be Very Illegal</a> (<em>Forbes</em>)</p>


Headphones, Amplifying Equipment, Studio Audio Mixer Knobs And Faders. Sound Engineering Equipment. Selective Focus. The photo is covered with sand and noise. Wireless and electronic technologies. Equipment in a nightclub, on television, radio studio.

Google And Universal Music Group Negotiating AI-Generated Music Tool, Report Says


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Moderna and BioNTech shares both cratered to their lowest price in years Monday as the companies behind the most widely-circulated mRNA Covid-19 vaccines grapple with investor disappointment with crashing revenues.</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>BioNTech and Moderna’s stocks fell 8% and 6%, respectively, a decline spurred by BioNTech’s earnings report revealing the German firm’s sales fell 95% year-over-year last quarter.</p>



<p>Moderna’s fresh decline came after it reported a 93% annual decline in quarterly revenues in its own earnings release Thursday.</p>



<p>Moderna’s $101.20 close Monday was its lowest since November 2020, while BioNTech’s $98.50 close was its lowest since March 2021.</p>



<p>BioNTech, which developed a Covid vaccine with Pfizer, said Monday it expects to generate $5.5 billion in Covid vaccine sales this year, a 70% decline from 2022, while Moderna’s $6 billion to $8 billion in forecasted Covid jab sales is similarly about two-thirds below its $18 billion of revenue in the unit last year.</p>



<p>The stock crashes moved against broader market gains, with the Dow Jones Industrial Average’s 408-point, or 1.2%, rally its strongest since June 2.</p>



<h2 class="wp-block-heading" id="h-key-background">KEY BACKGROUND</h2>



<p>Shares of Moderna are down 78% from their September 2021 high of $456, making the Massachusetts-based pharmaceutical company the worst-performing stock listed on the S&amp;P 500 during the period, according to FactSet data. BioNTech, which isn’t listed on the S&amp;P, is also down 78% from its 2021 peak share price. Moderna and Pfizer are among the worst-performing stocks listed on the S&amp;P this year as the rival firms both grappled with&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2023/01/31/pfizer-expects-covid-vaccine-and-pill-revenues-will-fall-60-in-2023/?sh=182d46027bee">declining demand</a>&nbsp;for Covid prevention and treatment.</p>



<h2 class="wp-block-heading" id="h-big-number">BIG NUMBER</h2>



<p>About $340 billion. That’s how much market capitalization BioNTech (down $85 billion) and Moderna (down $157 billion) have lost over the last two years.</p>



<h2 class="wp-block-heading" id="h-crucial-quote">CRUCIAL QUOTE</h2>



<p>Until BioNTech gets “the COVID guidance monkey off its back, this will remain purgatory for most investors,” Jefferies analysts led by Akash Tewari wrote in a Monday note to clients.</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/dereksaul/2023/07/03/worst-stocks-of-2023s-first-half-battered-banks-and-vaccine-makers/" target="_blank" rel="noreferrer noopener">MORE FROM FORBES<strong>Worst Stocks Of 2023&#8217;s First Half: Battered Banks And Vaccine Makers</strong><small>By <strong>Derek Saul</strong></small></a></p>


Author: Forbes

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