🐦 Twitter’s new boss

New sheriff in town… Yesterday Elon Musk officially handed over his CEO of Twitter title to Linda Yaccarino, a former head of advertising at NBCUniversal, weeks ahead of schedule. Elon will serve as CTO with a focus on new products. Meanwhile, Yaccarino is taking the reins as Twitter struggles to win back advertisers.

• In April, Musk said Twitter's finances were "roughly breaking even," even after more than half of its top 1K advertisers had pulled promos from the app.

• Now: Twitter's US ad revenue reportedly dropped 59% between April 1 and May 1 compared to last year. Twitter estimated that sales would be down at least 56% each week this month, The New York Times reported, citing sources.

Content controversy… Twitter's content safety has been under scrutiny after reports that some moderators had been laid off. And last week two of Twitter's key content-safety officers resigned. Twitter's ad team is apparently worried that big advertisers may be fleeing after a rise in hate speech and pornography, along with more “vice industry” ads (like: gambling and weed). During one week last month, four of Twitter’s top 10 US advertisers were online gambling or sports-betting companies. Now some lawmakers are warning that moderation-staff departures could put Twitter in violation of consumer-protection laws.

Happy Mealski… A year after McDonald’s left Russia, its replacement, Vkusno & Tochka (translation: “Tasty & That's It”), is experiencing a growth spurt. After McD’s closed about 850 Russia locations, “Tasty & That’s It” took them over with a quick-and-dirty rebrand. The McD’s knockoff is on pace to have 900 spots by the end of this year, owner (and Siberian oil billionaire) Alexander Govor said.

• Not the Big Mick: So far, it said it’s been serving about 2M people/day and has sold 24M+ “Big Hit” burgers (its version of the Big Mac).

• Overtime: Gover said Vkusno & Tochka is “here for the long haul,” but McD’s has the option to buy back its locations within 15 years.

Checking in… An estimated 1K companies have ceased operations in Russia since it invaded Ukraine in February 2022. Chains like Starbucks, KFC, and Pizza Hut sold off franchise locations, retailers including Adidas and Nike shuttered stores, and financial companies like Visa halted transactions. A CNBC review of Dow companies suggested that, as of February, most had kept their promises to fully suspend or scale back their presence in Russia.

• Workaround: Apple and Coca-Cola are being sold in Russia through third-party countries, even though the companies stopped direct sales.

• Still there: Brands that haven’t cut ties yet are gaining market share as competitors flee. Earlier this year Russia imposed an exit tax to slow the exodus.

Waiting for the “one more thing”... During the opening of Apple’s annual developer conference, CEO Tim Cook and other execs shared updates like FaceTime video voicemails and a feature that lets you AirDrop your contact info (“NameDrop”). But the real highlight came at the end: Apple’s long-rumored headset is no longer a rumor.

• Vision Pro: Apple’s first new major product since the Apple Watch in 2014. The VR and AR headset looks like ski goggles and is packed with powerful tech. Apple calls it “the most advanced personal electronics device ever.” Might explain the $3.5K starting price.

• Your phone on your face: Familiar apps virtually overlay your IRL environment. You can navigate with your eyes, scroll with your fingers, and use your voice to dictate. You can control your level of immersion, and the screen will digitally display your eyes when you’re talking to someone (looks less creepy than feared).

• TL;DR: It removes the limitations of physical displays, bringing apps and windows into your space (instead of having three monitors).

Movie-theater experience… in your economy middle seat. While existing headsets have been marketed largely for gaming, Apple didn’t focus heavily on gaming in its presentation. The pitch was heavy on entertainment value: you can expand streaming-app shows into movie-theater-size screens (and spatial audio gives a surround-sound effect). Apple claims resolution is crystal clear thanks to 23M pixels, saying that’s more than a 4K TV for each eye. Disney boss Bob Iger even took the stage to share ways the House of Mouse will use VisionOS to bring its stories to life. Picture: 3-D Baby Yoda.

• Ring: Amazon is said to be in talks with major wireless providers to offer low-cost or even free cell service to US Prime members. Membership #s have plateaued since the company raised costs last year.

• Shot: In a trial, an mRNA cancer vaccine by Moderna and Merck, used with Keytruda, reduced the risk of the deadliest skin cancer’s spread by 65%. The companies are also testing the combo on lung cancer.

• Nostate: Allstate has stopped selling new home and commercial insurance policies in California, citing worsening climate conditions like wildfires. State Farm announced a similar move last week.

• Sweeping: The SEC sued Binance, the world’s largest crypto exchange, and its founder, Changpeng Zhao. The commission accused the company of running an illegal exchange in the US and mishandling customer money.

• Boosted: Some tech execs are lining up in support of Robert F. Kennedy Jr.’s bid for the 2024 Democratic nomination for president. RFK Jr. has been endorsed by Jack Dorsey and invited by Musk to take part in a Twitter discussion.

• Earnings expected from Cracker Barrel, Dave & Buster's, J.M. Smucker, and Stitch Fix

Authors of this Snacks own shares of: Amazon, Apple, Comcast, Disney, Moderna, and Starbucks