Mickey Thinks Disney Is Goofy
It’s been a bad week for Disney. First, Florida Governor Ron DeSantis easily won reelection. After that, Wall Street was let down by Disney's corporate earnings, which caused its stock to plunge to new lows. According to recent reports, the multinational entertainment company is preparing to curtail employee travel and implement a targeted hiring freeze.
Disney CEO Bob Chapek stated in a letter to senior corporate officials that the austerity measures would be "tough" but necessary.
"I am well aware that many of you and your teams will find this process challenging. We're going to have to make some difficult choices. But that is just what leadership demands, and I sincerely appreciate you stepping up at this crucial moment," he added.
"Over the course of our 100-year existence, our company has overcome many obstacles, and I have faith that we will accomplish our objectives and build a more agile business that is more suited to the environment of future."
According to Yahoo Finance, the two largest investors in Disney as of the last reporting were BlackRock and Vanguard. There are many reasons why you should not invest in either of these companies.
While Disney is but one company that could cause many people to avoid BlackRock and Vanguard, a careful study of their holdings may cause you to wonder just how your investments are being handled. ESG investing, investing in companies you personally feel go against your moral values, and the huge loss of dollars should all be considered.
Are The Invest Markets Really Healthy At This Time?
Stocks are imploding, and the trend is becoming more obvious each time I look. Amazon has accomplished what no other company has ever achieved; the company became the first publicly traded company to lose $1 trillion in market valuation.
The astounding numbers, which were first reported by Bloomberg, are the outcome of a deteriorating economy, persistently depressing earnings reports, and significant stock selloffs. Amazon, which was valued at $1.882 trillion on June 21, announced a valuation of only $878 billion on Thursday.
With market valuation losses averaging approximately $900 billion, Microsoft, which for a brief period last year temporarily overtook Apple as the most valuable corporation in the world, wasn't far behind. The combined falls of the two firms show the impact of a terrible year that most in tech would like to fast forget.
Those declines aren’t just limited to Amazon and Microsoft.
The top five most valuable U.S. tech companies reportedly lost a combined $4 trillion in value this year. To put that in perspective, that’s more than the combined GDPs of Turkey, Argentina, and Switzerland. - Yahoo News
The World Around Us Is Changing
Amazon just unveiled their "Sparrow" robot on Thursday," which can detect, select, and handle millions of items in a warehouse to complete a customer order, rendering a human picker obsolete.
"Leveraging computer vision and artificial intelligence (AI), Sparrow can recognize and handle millions of items. Last year, with the support of Amazon technologies, our employees around the world picked, stowed, or packed approximately 5 billion packages—or over 13 million packages per day," the company wrote in a press release.
