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✂️ Elon Scissorhands Strikes Again

🌅 GM and Happy Monday,

Last week was wild with the sudden market downturn.

This week is a cliffhanger as well, as we all wait in anticipation of what the Fed Chair will say at the Jackson Hole summit.

But while waiting for Powell’s speech, let us check what is happening in the tech industry.

Elon Scissorhands did it again and wants the “block” feature gone on X, and Tesla can now be controlled by Siri.

While Elon deletes features, his rival Mark Zuckerberg releases new ones on Threads. These two are really polar opposites.

Without further ado, let’s dive in.🥽

MONEY MASTERY BRIEF

  • Elon Cuts X’s Block Function
  • Tesla’s NACS to be Used by Honda, Acura EVs
  • Hooray! Threads Web Version is Coming
  • Siri Can Now Unlock Your Tesla

🔪 Elon Cuts X’s Block Function

First, Elon fired a big chuck of X’s, formerly Twitter, staff. Then he went ahead and changed the name and logo of the popular social media platform. But apparently, he is not yet done trimming the company and now he wants the “block” feature gone.

As expected, users are up in arms in an attempt to retain the right to block others. Users can use the block function to stop other X accounts from following them, seeing their tweets, or contacting them.

Elon hasn’t provided a clue why he wants the feature gone, but he suggested that muting is still an option. That sounds fair, but that wouldn’t do much against stalkers, right?

This raises safety concerns, since it may expose users to harassment and abuse on the social medial platform. Additionally, this may also violate App Store guidelines and may lead to the platform’s removal.

James Wood, an American Actor, said that Musk is just protecting his advertisers and called the billionaire a “greedy capitalist”. Elon answered in his typical scathing manner and simply said “Then delete your account”. Ouch!

Binance CEO CZ, an investor in X, tweeted that “X should really solve the bots & spam problems before removing blocks”. That would be great if Elon Scissorhands can weed out all those pesky accounts.🦗

🔌 Tesla’s NACS to be Used by Honda, Acura EVs

One might think that Tesla is solely in the business of producing cars. Well, that is the main income stream, but if you look at their offerings closely, the company also sells carbon credits, offers renewable energy systems, and charges fees for charging station usage.

Honda and its luxury line Acura is set to adopt Tesla’s North American Charging Standard (NACS) on their electric vehicles. This is bullish for Tesla since Honda is a major Japanese car manufacturer. This would mean Elon Musk’s company would have more customers for their charging stations.

Tesla has more than 45,000 superchargers that could charge up to 200 miles within 15 minutes. This makes the company the owner of the world’s largest fast-charging network.

An executive from Honda says Tesla’s system is an example of how to properly create chargers.
“If you look at what’s so great about the Tesla Supercharger network, it’s the maintenance… they’ve got someone onsite monitoring the equipment, they’re monitoring it electronically and remotely, and they fix it – fast,” says Jay Joseph, American Honda’s VP of Sustainability and Business Development.

In the last few months, several EV makers like Ford, GM, and Mercedes-Benz have said that they will switch to NACS. At this rate, Elon will become an energy baron.

🖥️ Hooray! Threads Web Version is Coming

X’s/Twitter’s rival Thread is coming out with a browser-based version soon. According to a WSJ report, the missing feature will be released early this week.

Threads was created to dethrone Twitter as the preferred short-form platform. However, high hopes were dashed when users realized that the new kid needed more features. Since nobody wants a half-baked cake, engagement began to dwindle.

Mark Zuckerberg recognized the shortcoming and promised some upgrades earlier this month. He committed to having web access and better search functions.

The question is if the upgrades will be enough to entice users or will Elon still have the last laugh?

🔐 Siri Can Now Unlock Your Tesla

Smartphones are the ultimate multipurpose tool. They can make calls, surf the net, take videos, and they can now control your Tesla. The 4.24.0 version of Tesla’s iOS app allows iPhone and Apple Watch users to command Siri to perform various actions on their electric vehicle, such as unlocking the doors and even starting or stopping charging.

Before the update, Tesla owners needed to use third-party apps so that they could use Siri to command their cars.

However, Tesla still lacks Apple CarPlay. It is baffling, considering that Siri is now the key to the vehicle. But it is still pretty cool to ask Siri to lock the car when you think you have forgotten to do it for the nth time.

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“Once a new technology rolls over you, if you’re not part of the steamroller, you’re part of the road.”

– Stewart Brand, Writer

$1 Trillion is the amount that some analysts estimate may be needed by the Chinese government to take over or write off bad loans and investments from the private sector The Evergrande debt crisis has opened a can of worms related to the Chinese property market and if left unchecked may start an economic meltdown that would spill over globally.

That is approximately the same market cap as Amazon or the whole crypto market! Can you hear the money printers say brrr?🧧

General Motors’ (NYSE: GM) autonomous vehicle company Cruise has hit a snag after California’s DMV asked the business to halve its autonomous taxi fleet in San Francisco. This came after a Cruise car crashed into a fire truck. Full story

Apple’s (NASDAQ: AAPL) iPhone 15 ditches the Lightning port in favor of USB-C. The change came just in time to comply with new EU law mandating smartphones to use USB-C ports by 2024. The new iPhone is expected to come out by September. Full story

JP Morgan (NYSE: JPM) says Bitcoin Miners are diversifying into AI ahead of the 2024 halving. As a preparation for the decreased rewards after the halving, miners are now offering High-performance computing (HPC) services to the AI market. Full story

SpaceX and Blue Origin, are being targeted by Chinese and Russian spies according to the warning issued by US government agencies. According to an advisory, “They see US space-related innovation and assets as potential threats as well as valuable opportunities to acquire vital technologies and expertise”. The federal government is advising space companies to tighten security protocols as a precaution. Full story

Goldman Sachs (NYSE: GS) suggested buying two tech stocks. The first one is Teledyne Technologies (NYSE: TDY), a company involved in several industries like aerospace, defense, factory automation, and deep water energy exploration. The second one is OKTA, Inc. (NASDAQ: OKTA), a cloud-based software company that offers enterprise-grade identity management services. Full story

Al Gore’s investment firm Generation Investment Management has reduced exposure to Salesforce (NYSE: CRM), Mastercard (NYSE: MA), and Charles Schwab (NYSE: SCHW). The firm bought more shares of semiconductor equipment manufacturer, Applied Materials (NASDAQ: AMAT), in the belief that it is in a “pole position” to benefit from generative AI. Full story

Google (NASDAQ: GOOGL) is emailing users that inactive accounts will be deleted starting in December. Those who haven’t signed in for two years will be affected by this new rule. Google is doing this to prevent attackers from taking over inactive accounts. Full story

Jackson Hole is a mountain valley in Wyoming, USA. This place has hosted the annual economic symposium organized by the Federal Reserve of Kansas City since 1978. The event is closely watched by investors, traders, and analysts who look for monetary policy clues and guidance. The next symposium is happening this week.

But you don’t have to wait for Jerome Powell’s speech to know where the market is going. The chart below is a cheat sheet and it shows us that US stocks rise the week after the Fed’s Chair’s speech.

Will the pattern continue or will it be different this time?

Elon’s way of thinking is interesting. He achieved his star status by going against the grain. You might not agree with him, but he produces results. However, a lot of people disagree with the removal of X’s block function. Maybe this be the beginning of Thread’s rise to take over X’s spot.

Do you agree with Elon’s decision to eliminate the block function?

Reply with a YES or NO to this email. 📧

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