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Good morning readers. Donald Trump’s social media company, Truth Social, goes public today, trading under the ticket symbol DJT. Ya…the former president’s initials. Trump, who owns roughly 60% of the company, is set to net roughly $3 billion (on paper) at the current share price. Perfect timing for a guy who, up until early Monday morning, struggled to pay a $454 million civil fraud penalty. Luckily for him, an appeals court decided to cut the amount owed to $175 million. That, along with the merger, pushed DJT into the Bloomberg Billionaire’s Index for the first time in his life.

And they say nice guys always win. Wait a minute…no they don’t.

Let’s jump into today’s storylines.

In today’s digest:

• It’s going to get harder to buy Air Force 1’s

• Headline Hustle: Boeing CEO resigns, Adam Nuemann makes a $500 million bid to buy back WeWork, EV company Fisker gets suspended by the NYSE

• Spotify is venturing into e-learning

• Pulse Points: What’s Trending

RETAIL

Nike is trying to make it harder to buy it’s classic sneaker lines

If you’ve been thinking about buying a fresh pair of Nike Air Force 1’s and haven’t gotten around to it, you might want to find some time and…get around to it.

The sportswear giant recently announced its scaling back production of their most classic sneaker lines, like the Air Force 1’s and Pegasus, to prevent them from discounting and losing their appeal with its loyal customer base.

The why behind the what

At the heart of the company’s latest move is a challenge many giants face: keeping the brand as fresh as their kicks. Nike's grappling with the sneaker world's equivalent of a mid-life crisis—discounts deeper than your last Spotify dive, growth that's barely inching forward, and the hot breath of newcomers like Hoka and On on its neck.

The plan? Dial down on the classics and pump up the volume on newer, pricier temptations like the Air Max and the latest Pegasus fleet.

Lace up and take a closer look. The Air Force 1 and Pegasus, your go-to’s for just about anything from a quick grocery run to a night out, have been tripping over their own success, leading to a sneaker surplus and, dare we say, sneaker boredom. By playing hard to get, Nike's hoping you'll remember why you fell in love with them in the first place.

But with high reward comes high risk.

• The company could see potential backlash from loyal customers and uncertainty regarding the reception of new styles.

• People are also swapping their shopping carts for experiences and basics, leaving less room for splurges on the latest drops.

Nike's seen the writing on the wall, dialing down its revenue forecasts and tightening its laces with cost cuts and a leaner approach to getting its goods to market.

The bottom line: Nike has shifted its distribution strategy by reducing reliance on traditional retailers and focusing on direct sales through its own channels, mainly online. The company plans to focus its resources, marketing efforts, and top products on a select group of 40 retail partners including Dick’s Sporting Goods and Foot Locker.

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IN THE KNOW

Headline Hustle

✈️ Boeing’s CEO resigns, will step down at end of year. Boeing CEO Dave Calhoun will step down at the end of 2024 amidst a significant management overhaul for the aerospace giant. This move accompanies the departure of Larry Kellner, Boeing's chairman, and Stan Deal, president of the commercial airplanes unit. Calhoun continues to emphasize a commitment to safety and quality following increased scrutiny due to recent incidents. Investor reactions are mixed, with some airlines supporting the changes. Nonetheless, Boeing faces challenges with production and quality control, highlighted by airline CEOs' concerns and a 26% decline in stock value this year.

💰️ Adam Nuemann makes a $500 million bid to buy back WeWork. Former WeWork CEO Adam Neumann has made an unsolicited bid exceeding $500 million to acquire the company out of bankruptcy, potentially reaching $900 million pending due diligence. Neumann's financing remains unclear, with Third Point, previously rumored to back his bid, denying involvement. Neumann's history with WeWork and uncertainties surrounding his financing may affect the company's response. Neumann's bid follows renewed interest in reclaiming WeWork, which filed for bankruptcy in 2023.

📉 Fisker gets suspended by the NYSE. The New York Stock Exchange has announced the immediate suspension of trading for EV startup Fisker, with plans to delist the company due to its stock price consistently trading below $1 for 30 days, violating exchange rules. Fisker anticipates relocation to over-the-counter markets like OTC Pink, facing challenges with repayment clauses triggered by the delisting. Amidst a tumultuous day, Fisker's shares plummeted over 28% following the loss of a potential deal with a major automaker (Nissan), jeopardizing any emergency funding efforts.

MEDIA

Spotify dips its toes into e-learning

Imagine turning up the volume on your career aspirations, courtesy of your favorite music streaming app. Spotify, not content with merely serenading the masses, is now tuning into the e-learning world, aiming to school over 600 million users in everything from Beethoven to spreadsheets.

Class is in session

At the heart of Spotify's educational ensemble are partnerships with heavy-hitters like the BBC and Skillshare, promising a lineup of freemium video courses that hit the right notes on both accessibility and expertise. Starting with a pilot in the U.K., the initiative offers a teaser of two free lessons per course, with the full selection of courses available for a ticket price ranging from £20 to £80. Mohit Jitani, Spotify's product director for education, emphasizes that pricing is part of their test phase to gauge demand before a wider rollout.

The curriculum promises diversity, spanning the spectrum from creative arts to corporate acumen. Yet, in an already crowded auditorium of online education platforms, Spotify's strategy puts on a unique performance, focusing on one-directional, on-demand video content curated to match user preferences—a symphony of data-driven personalization.

But this venture isn't just about encores and ovations. It's a calculated move to enrich Spotify's repertoire, mixing educational threads into its fabric of music and podcasts. This expansion not only highlights the company's ambition to harmonize different content forms but also reflects a deeper commitment to empowering creators and engaging listeners beyond the conventional playlist.

Looking ahead…despite Spotify's ambition, it has yet to rival platforms like YouTube or Netflix in video content. While CEO Daniel Ek briefly mentioned video podcasting's growth in the company’s latest earnings call, recent efforts include launching music videos and entering the world of educational videos, hinting at potential for growth in this area.

SNIPPETS

Pulse Points

• Elon Musk mandates Tesla employees to install and demonstrate the Full Self-Driving system to customers in North America before finalizing a vehicle delivery.

• Bankrupt FTX sells most of its stake in AI startup Anthropic for $884 million, as per a Delaware court filing. With the sale, the company expects to fully repay its customers and creditors.

• The UN Security Council's resolution for an immediate Gaza cease-fire, enabled by the U.S.'s abstention, led to Israel canceling upcoming high-level meetings with the Biden administration.

• Federal agents raided Sean Combs' homes in Los Angeles and Miami for a New York-based criminal investigation, following lawsuits accusing him of sexual misconduct, according to NBC News.

• Florida's Governor Ron DeSantis signed a law banning children under 14 from owning social media accounts, his office announced.

• The FAA's heightened scrutiny of United Airlines, following numerous recent flight incidents, could delay the airline's future projects to ensure safety compliance.

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