Elon Musk's Terrible, Horrible, No Good, Very Bad Day

Falling TSLA stock, Twitter chaos, rockets exploding ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ New euphemism just dropped. SpaceX's Starship rocket exploded. But it's not an explosion. It's a "rapid unscheduled disassembly," at least according to SpaceX. There was a good bit of laugher at Elon Musk on Twitter, where there is currently something of a user uprising against Musk's policies. (Don't miss Mr. X on the state of journalism below). Yet investors might be more concerned about what's happening with Tesla (TSLA). TSLA was down more than 9% yesterday as concerns intensified over the consequences of a continuing price war. One can't help but worry that Musk has bitten off more than he can chew... and is taking on too many enemies at once. Of course, Musk's enemies in the press have also seen better days. Buzzfeed was down 20%, as Buzzfeed News is going bankrupt. Vox, Vice, and other media companies are all laying off journalists. At the same time, the collective power of the media is only increasing. And Musk is heading straight into buzzsaw when it comes to taking on the people who shape the opinions of his potential customers. No business, however efficient, can take on the world. No corporate leader, however brilliant, can do everything single-handedly. And no investor can ever afford to be content with the lessons of the past. Always be looking forward. Keep Moving, Corey Snyder Publisher, Rogue Investing WORD ON THE STREET Elon Musk's Terrible, Horrible, No Good, Very Bad Day - Ka-Boom! - Elon Musk put the best face possible on a literally explosive launch for SpaceX's Starship. It blew up shortly after launch, much to the rejoicing of Musk's foes on social media. "Congrats @SpaceX team on an exciting test launch of Starship!" tweeted Musk. "Learned a lot for next test launch in a few months." - TSLA Continues Decline - The EV giant suffered its second worst day in 2023 after it continued to suffer from a mixed earnings report. Despite an increase in deliveries, the company is now losing market share over the EV market in the United States. TSLA was down 9.75% during the trading day yesterday - No More Legacy Bluechecks - Twitter's legacy blue checks are gone, infuriating celebrities and journalists who are no longer getting status from the social media company. Twitter has rolled out a feature where people can pay $8.00 for a verified account and special rights. However, with the loss of legacy blue checks, there is confusion about which accounts for celebrities and journalists are the "real" ones - which was the point of verified accounts in the first place. - Yellen Speaks On China Challenge - Treasury Secretary Janet Yellen argued for a "healthy" and "constructive" relationship with China, sounding a notably conciliatory note after months of rising tensions. "China's economic growth need not be incompatible with U.S. economic leadership," she said. "We do not seek to 'decouple' our economy from China's." HOT SPOTS: What's Going on in Geopolitics - Showdown In Sudan - What could go wrong? President Joe Biden has authorized American forces to prepare for the evacuation of the American embassy in Sudan as a civil war continues. Russian and Libyan forces are reportedly providing support to the Rapid Support Forces against the incumbent Sudanese government. It may be another proxy superpower showdown, similar to that which occurred in Syria, where Russian-backed forces mostly came out on top. - Mexican President Blasts USA – Mexican President Andres Manuel Lopez Obrador (AMLO) has some advice for the United States, and it is sure to infuriate many in Washington. In recent comments, he accused the DEA of "abusive meddling" in Mexican affairs and even "espionage." He also called American culture "sad and decadent." He blasted New York's charges against former president Donald Trump, who rather surprisingly shared a close and friendly relationship with the Mexican leader. - President Biden To Run For Reelection - Could Donald Trump and Joe Biden get a rematch? President Joe Biden will reportedly run for re-election and preparations are already underway. A major speech next week will mark the kickoff of the campaign. Former president Donald Trump continues to enjoy frontrunner status within the GOP. CUTTING EDGE: What[']( )s Happening In Tech - Microsoft Drops Twitter From Advertising - Twitter recently announced that it would charge $42,000 per month for users of its API. In response, Microsoft is kicking Twitter off its advertising program. Elon Musk has threatened legal action. - "Epic" Lawsuit Drags On – Google asked a court to dismiss several of the key claims of its opponents in the pivotal lawsuit against Epic Games. Google is arguing that its moves to keep purchases within the Google Play store were not anti-competitive and were in line with industry standards. The judgment here has the potential to shape the entire online marketplace. - EU Lets Up Comprehensive Crypto Regulation - Well, so much for the separation between currency and state. The new Markets in Crypto Act (MICA) imposes strict regulations for those issuing crypto assets, including making providers potentially liable if assets are lost. New tokens will be heavily regulated and consumers will need to be informed about risks. New requirements about cash reserves are also being imposed. The EU Vote was 517 in favor and just 38 against FOR YOUR CONSIDERATION --------------------------------------------------------------- "More than anything else, ours is an Age of Information. No business can thrive without a major internet presence and that requires a basic level of support in the media. Companies rise or fall based on the social media game, and, just as critically, how the media reacts to it. Even the most powerful people can’t survive hostile media coverage." It's the best of times, it's the worst of times. Media companies are going bankrupt and laying off journalists everywhere. Yet the collective power of the media is arguably stronger than ever. How will this all pan out? Mr. X argues that the media and the state are inseparable, and government backing of journalism is a virtual certainty. 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