WhatsApp CEO Jan Koum is leaving Facebook and it could be quite the costly exit, Twitter is taking a bigger step into video, and Tesla has a pretty serious cash problem.
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From Google Trends – WhatsApp CEO Jan Koum is exiting Facebook, and he could be leaving nearly 1 billion dollars on the table as a result. The Washington Post reported that Koum is exiting the social media goliath after clashing with Facebook over strategy, and his decision comes before the final three dates of restricted Facebook stock awards that were tied to Facebook’s 22 billion dollar purchase of WhatsApp in 2014. As part of the deal, Koum got 24.9 million restricted shares in increments until late 2018. Koum has reportedly accrued a neat 10.4 billion dollar fortune already, 8 billion of which comes from selling Facebook stock. By leaving now, he is forfeiting 5.8 million shares worth nearly 1 billion. In previous news, WhatsApp co-founder Brian Acton last month posted the #DeleteFacebook hashtag during height of the company’s Cambridge Analytica scandal.
From LinkedIn – Twitter is getting waaaay more involved with video. The social media platform announced that it has signed or renewed more than 30 content deals with the likes of NBCUniversal, Disney/ESPN, Viacom, Vice Media, and Will Packer Media. These partnerships include content across entertainment, news, lifestyle, music, gaming, and sports. Part of the sports aspect is an expansion of existing deals with Live Nation Entertainment, Major League Baseball, and Major League Soccer. According to Variety, Twitter’s video views nearly doubled in 2017 and video now accounts for more than half of its ad revenue. This means Twitter users will see more native Twitter content, like SportsCenter Live via ESPN, which will feature some of SportsCenter’s biggest talent deliver breaking news coverage straight to Twitter.
And from Reddit – Despite all the positive buzz around Tesla, Bloomberg is reporting that it is burning through cash at an alarming rate of six thousand five hundred dollars a minute, which could lead to the company running out of cash before the end of 2018. Now while every car company inevitably blows through large piles of cash, most don’t tend to perpetually lose that money. Tesla hasn’t posted a yearly profit since its 2010 IPO and currently has about 3.5 billion dollars on hand, plus lines of credit. Earlier this year, The Economist reported that Tesla would need additional funding this year, but CEO Elon Musk responded saying that the company will be profitable and cash flow positive in the second half of 2018, so there will be no need. While that certainly may be the case, if Tesla continues to have production problems with its Model 3 sedan, that may end up being an optimistic outlook.
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