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- š¶ Elon Musk starts āDOGEā
š¶ Elon Musk starts āDOGEā
PLUS: GrubHub just sold for $650M, bought for $7B in 2021; Disneyās mixed Q4 earnings.
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TOP STORY
š¶ Elon Musk starts āDOGEā
As you may have heard by now, Elon Musk is joining Donald Trumpās presidential cabinet.
Yes, itās true: The worldās richest man has decided he has some time to spare and has teamed up with fellow billionaire and political hopeful Vivek Ramaswamy to lead the Department of Government Efficiency (or DOGE).
Wait, this has to be a massive joke.
Youāre saying Elon is in charge of the DOGE? Like the crypto meme coin?
Lol, yes, this is actually happening.
But this initiative aināt about coins; itās about cutting through red tape, slashing bloated budgets, and shaking up Washingtonās ābusiness as usual.ā
BAR.
š¬ Elon Musk has been obsessed with Dogecoin for a few years now. His tweets turned the meme crypto into a real player, and fans even call him the āDogefather.ā
šø Bloomberg / Getty Images
Whatās their plan?
As of now the details are about as thin as Trumpās hair, but the president-elect says DOGE will work outside the government to dismantle bureaucracy, cut wasteful spending, and reorganize federal agencies.
Itās essentially the governmentās version of spring cleaningā¦ on steroids.
So what are Musk and Ramaswamy actually doing?
For starters, theyāll partner with the Office of Management and Budget and serve as Trump's key advisors.
Musk, a Mar-a-Lago regular since the election, said on X that he plans to ādelete the mountain of choking regulations.ā
Meanwhile, Ramaswamy is already on a mission to ācrowdsource examples of fraud and wasteā from the public.
š¬ DOGEās completion deadline is July 4, 2026, the 250th anniversary of the Declaration of Independence.
š¬ $516 billion is spent annually on programs Congress hasnāt reauthorized.
We shouldnāt let the government spend money on programs that have expired. Yet thatās exactly what happens today: half a *trillion* dollars of taxpayer funds ($516 B+) goes each year to programs which Congress has allowed to expire. There are 1,200+ programs that are no longerā¦ x.com/i/web/status/1ā¦
ā Vivek Ramaswamy (@VivekGRamaswamy)
6:19 PM ā¢ Nov 13, 2024
Wait, weāre spending half a trillion on expired programs?
Yep, which is why Ramaswamy thinks itās a great place to start slashing.
āThere are 1,200+ programs no longer authorized but still receiving appropriations,ā he posted on X.
āThis is totally nuts.ā
But the year-and-a-half deadline means Musk and Ramaswamy need to move fast.
Whether they succeed or crash like a failed rocket launch remains to be seen, but if nothing else, the next four years are shaping up to be... incredible.
FOOD DELIVERY
š GrubHub sold for $650M, bought for $7B in 2021
2 years ago, Just Eat Takeaway made headlines after acquiring Grubhub for $7.3 billion.
They, like many others, wanted to dominate the U.S. food delivery market.
But unfortunately for them, it proved to be a bit too lofty of a goal.
Earlier this week, their food dream officially died after the company announced it would be selling Grubhub for $650 million, a far cry from the $7.3 billion it spent in 2021 to buy the food delivery platform.
Damn, that's an even bigger price drop than turkey in the first week of December (*crickets*)!
š¬ For some background, Just Eat already owns brands worldwide, such as SkipTheDishes, Menulog, and Takeaway.com, so this wasnāt such a crazy goal.
š¬ GrubHub is being sold to Wonder Group, a New York-based food delivery startup founded by ex-Walmart CEO Marc Lore.
Anyways, moving right along.
As many of us did, JET made a costly pandemic purchase, thinking COVID-19 might last forever and that people would continue to get lazier and lazier.
The latter may still be true, but unfortunately for them, COVID aināt here no more.
š Just Eat Takeaway ($JTKWY) was up 23.95% this week.
ENTERTAINMENT
š¤· Disneyās mixed Q4 earnings
Disney came through this week with some very interesting numbers from their Q4 earnings.
Letās just say itās a pretty mixed bag.
Hereās the scoop:
Streaming Profit: $321 million (vs. -$387 million last year) ā talk about a glow-up). š
Revenue: $22.6 billion (up 6% year-over-year) ā right in line with expectations. š
Net Income: $460 million (up a ridiculous 74% year-over-year) š
Cable Networks: Income down 38% to $498M (ouch) š
Theme Parks: Operating income dropped 6% to $1.66B š
As expected, Disneyās streaming game is the clear MVP here, with Disney+, Hulu, and ESPN+ crushing it for the second straight quarter in a row.
They even snagged 4.4M new Disney+ subscribers, blowing past analyst expectations of 900K (come on, guys, you gotta start believing in the mouse more).
Another interesting stat is that more people are choosing ad-supported plans.
In the U.S., a solid 37% of subscribers have picked the ad option.
Honestly, it makes a lotta sense. All you gotta do is play on your phone when the ads are on.
Oops, I shouldnāt have told Disney the secret hack!
š¬ Ad-supported tiers are cheaper plans where users watch ads for lower upfront fees.
But itās not all sunshine and Mickey ears.
The theme park business took a hit, with operating income dropping 6% to $1.66 billion due to rising costs.
Also, overseas parks lost traffic revenue, especially Disneyland Paris, which saw fewer visitors during the Paris Olympics.
And cable? Yeah, thatās still on life support.
š Disney ($DIS) is up 16.24% this week.
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