Wednesday's Headlines: Instagram Hits 2 Billion MAUs
Here were the biggest movers in the MyWallSt shortlist yesterday:
Moving Up ⬆️
DocuSign (DOCU) +3.4%
Nordstrom (JWN) +3.3%
Hain Celestial (HAIN) +1.1%
Moving Down ⬇️
Cloudflare (NET) -9.0%
Datadog (DDOG) -6.5%
LoveSac (LOVE) -5.6%
Trupanion (TRUP) -5.0%
1. Facebook’s (FB) Instagram has surpassed 2 billion monthly active users (MAUs), according to employees. It took the company eight years before passing the initial milestone in 2018 — and it took only three years to reach the two billion mark — which exhibits monumental compound annual growth. The company, which changed its name to Meta Platforms earlier this year, has set new concentrated ambitions that will benefit from this volume of users. The Facebook platform itself has over 2.9 billion MAUs — many of which are likely dual-wielding both social media options — but it captures a significant consumer base to market its products and services for future offerings across different demographics and ages, for its next generational goal, the metaverse. Read the full story here.
2. Tesla’s (TSLA) Elon Musk is back at it again, taking to his favorite social media platform Twitter (TWTR), to announce "Tesla will make some merch buyable with Doge & see how it goes". Doge, or Dogecoin, is a cryptocurrency originally built off of a meme, that has been popularized by Musk. A number of companies have made the decision to hold cryptocurrency on company balance sheets, but this goes one step further than many, deciding to make it available for payments. The CEO appears to be testing the use case for its ‘merchandise’ segment — a fairly insignificant portion of its overall revenue model — to determine the viability of cryptocurrency as a form of payment in the future. Read the full story here.
3. Google’s (GOOG) YouTube is being kept on its toes in its latest negotiation battle, this time with Disney (DIS). This dispute comes straight after YouTube finally came to an agreement to renew a multiyear contract with the digital streamer, Roku (ROKU), just last week. The controversy — which is based around pricing — makes it look like Google is attempting to take advantage, considering a time where ongoing pandemic-induced troubles are affecting Disney’s other segments such as Resorts. If an agreement doesn’t come to life, YouTube will lose access to 18 Disney-owned channels, but it says it will reduce prices for customers if negotiations fail. Read the full story here.
One company on the MyWallSt shortlist will report earnings today: