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Good Morning!
Here’s what’s moving the markets today:
👉 Boeing CEO ousted
👉 EU launches new investigation
👉 Truth Social goes public
Let’s get into it!
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BOEING: Massive Changes
Boeing CEO Dave Calhoun is set to depart at the end of 2024, signaling a significant overhaul in the company's leadership. This change includes the departure of board chairman Larry Kellner in May, with Steve Mollenkopf taking his place. Stan Deal, leader of Boeing Commercial Airplanes, is also leaving, with Stephanie Pope stepping into his role.
Source: CNN
These leadership changes come as Boeing faces pressure to address quality and production issues amidst multiple safety incidents. Airline executives have been actively discussing their concerns about these issues with Boeing's board. Calhoun, who took over as CEO in early 2020 after his predecessor was removed, has been working to reassure stakeholders that the company is tackling its quality challenges head-on.
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EU: New Investigation
The European Union has launched an investigation into Apple, Alphabet (Google's parent), and Meta (Facebook and Instagram's parent) for potentially breaking new tech rules under the new Digital Markets Act (DMA). The main issues include preventing companies from offering cheaper deals outside their platforms and whether Apple makes it easy for users to switch apps and services on their devices. Apple has already been fined 1.8 billion euros for such practices.
Source: CNBC
The EU is also looking into whether Google unfairly promotes its own services in search results and whether Meta's ad-free subscription options violate the DMA. The investigation aims to ensure fair competition and could result in hefty fines for these tech giants if found in violation. Additionally, the EU is examining Amazon for possibly favoring its own products on its website. The goal is to wrap up the investigation within a year, but no strict deadline has been set.
TRUTH: Goes Public
Shareholders of Digital World Acquisition Corp. recently voted to merge with Donald Trump's social media enterprise, potentially enriching Trump with over $3 billion. Following the merger, the new entity, Trump Media, plans to publicly trade under Trump's initials, DJT.
Source: Business Insider
After the announcement, DWAC's stock fell by 12% but later regained some value. Trump's potential earnings from this deal hinge on the stock's performance. He has nearly 80 million shares of the company. However, Trump is restricted from selling his shares for six months, and he has no assurance of their future value.
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