🚀 EU investigating Big Tech

Market Overview
Read time 1.6 minutes

Year To Date Performances:

1. The European Union has initiated an investigation into tech giants Apple, Alphabet (Google's parent company), and Meta (the parent of Facebook and Instagram) over potential violations of the new Digital Markets Act (DMA). The inquiry focuses on several key concerns, including restrictive practices that limit competition, such as preventing cheaper deals outside their platforms and hindering users' ability to switch apps and services easily. Apple, previously fined €1.8 billion for similar issues, faces scrutiny alongside Google for possibly favoring its services in search results, and Meta, for its ad-free subscription models. Amazon is also under examination for allegedly prioritizing its products on its platform. The investigation aims to promote fair competition and could impose significant fines on these corporations for any breaches of the DMA. The EU intends to conclude the investigation within a year, though no definitive deadline has been established.

2. Boeing CEO Dave Calhoun announced his resignation, effective at the end of 2024, amidst a broad management overhaul at the aerospace company. The shake-up also sees Larry Kellner stepping down as chairman of the board, with Steve Mollenkopf, a former Qualcomm CEO and a Boeing director since 2020, set to succeed him. Additionally, Stan Deal, president and CEO of Boeing’s commercial airplanes unit, is leaving immediately, with Stephanie Pope taking over the role. These changes come amid increased scrutiny from airlines and regulators following a series of quality and manufacturing issues, including a recent incident involving a Boeing 737 Max 9 flight. Calhoun, who described his departure as a personal decision, emphasized the importance of addressing these challenges with humility and transparency. The management transitions aim to reinforce Boeing's commitment to safety and quality while navigating through its current challenges. Boeing's stock has seen fluctuations, reflecting the impact of production problems and regulatory oversight on its business operations.

3. If you follow James Clear (Atomic Habits) or Mark Manson (The Subtle art of Not Giving a F*ck) you’ve seen them writing highly of the book summary service Shortform. Their super comprehensive coverage of nonfiction books allows you to tackle best-sellers in business, finance, self-improvement, and so much more. Try it for yourself with a free trial and EXCLUSIVE 20% discount. *

4. Headlines

   1. Bitcoin regained $70,000 on Monday.

   2. Older people retiring with student debts will see 15% of their social security payments seized by the government to cover their debts, potentially meaning they won’t have enough to fund their retirement.

   _{* This is sponsored content.}

Are you looking to grow your business? Here is how I can help:

📢 Promote your startup to 2,000+ VCs including investors from a16z, YC, Techstars, Rarebreed, Sequoia and more.

📱 Book a Strategy Call to get 1:1 feedback on your pitch, pitch deck and/or fundraising strategy. (If you need general startup advice, then reply to this email, and I’ll let you know if/how I can help.)

📺 Access FundraiseOS, the ultimate fundraising course with video lessons and practical worksheets helping with everything from deciding how much to raise to understanding a term sheet.

💸 Promote your product or service to 100,000+ entrepreneurs.

🌐 Connect with me on LinkedIn or X (formerly Twitter) to get access to new content about startups, fundraising, venture capital, and more every day.

Onwards and Upwards,

Liam Gill