- Blank: “SPAC King” Chamath Palihapitiya is shuttering two special-purpose acquisition companies worth a combined $1.6B. SPAC-tivity has dwindled this year, with 600 SPACs scrambling to find acquisitions before their deadlines.
- Hole: Prices of crypto-mining machines have tanked 70% this year. The issue: plunging BTC prices + surging electricity costs = lower profits for mining companies, which means lower demand for new equipment.
- Play: Spotify launched a pay-to-download audiobook service for US users, taking on Amazon and Apple. Audiobooks are experiencing a growth chapter, and Spotify wants to change the playbook for these “B-list” products.
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