Wednesday’s Headlines: Amazon’s Going To Space

Wednesday’s Headlines: Amazon’s Going To Space

Here were the biggest movers in the MyWallSt shortlist yesterday:

Moving Up ⬆️

RH (RH) +7.1%

Twitter (TWTR) +2.0%

American Tower (AMT) +2.0%

FactSet (FDS) +1.8%

Prologis Inc. (PLD) +1.5%

Moving Down ⬇️

Upstart Holdings (UPST) -8.9%

Baozun (BZUN) -7.8% (BILL) -7.4%

StoneCo (STNE) -7.3%

DraftKings (DKNG) -6.7%

1. Amazon (AMZN) has signed what is alleged to be the single biggest deal in commercial space flight history. The Big Tech juggernaut is teaming up with Europe’s Arianespace, Jeff Bezos-founded Blue Origin, and United Launch Alliance (ULA) to beam broadband internet to users back on Earth — a direct competitor to Elon Musk’s Starlink program. The so-called Project Kuiper aims to use over 3,000 satellites in low Earth orbit to beam high-speed, low-latency internet to customers, including households, businesses, and government agencies and includes 18 launches with Arianespace’s Ariane 6 rockets, 12 launches with Blue Origin’s New Glenn, and 38 launches with ULA’s Vulcan Centaur rockets. No price has been mentioned, though it is sure to put a dent in the $10 billion Amazon has squirreled away for space ventures since 2020. Read more here.

2. Speaking of getting lost in the clouds, Twitter (TWTR) announced yesterday that Elon Musk will join its board of directors after taking a 9.2% stake in the social media company. The move comes following a bout of criticism from the well-known Twitter user against the company, which Musk believes is not doing enough to protect free speech. Joining the board may well be an effective move to make changes. Twitter CEO Parag Agrawal said in a tweet: “Through conversations with Elon in recent weeks, it became clear to us that he would bring great value to our Board. He’s both a passionate believer and intense critic of the service which is exactly what we need on Twitter, and in the boardroom, to make us stronger in the long-term”. Read the official filing here.

3. First it was Australia, and now Canada is coming for Google (GOOG) and Meta’s (FB) news monopoly. Similar to groundbreaking legislation passed in the ‘Land Down Under’ last year, Canada looks poised to force the digital giants to share profits with Canadian media outlets when they make money off their content. The Online News Act was introduced on Tuesday and is the Liberal government’s latest attempt to support Canada’s struggling news industry. Both Google and Facebook, in separate statements, said they were reviewing the proposed legislation and looked forward to working with the government. However, one wonders if such moves will begin tempting regulators in Canada’s southern neighbor. Read more here.