$5B breaks records — not destinies... Facebook is about to be smacked with a $5B fine by the FTC for years of being casual with users' privacy. Even though that would be a record-high fine, investors were (wait for it) happy with the news. Back in April, Facebook warned it was expecting a penalty close to that amount. Besides, Facebook can pay off that fine with just 30 days of revenue (we did the math).
Live your best life, Snap... Shares have more than tripled since December, thanks to Snap flexing the two biceps of tech: growth and engagement. Its gender-swapping filter in May more than doubled the number of daily app downloads from 600K to over 1.5M, and the new Bitmoji-focused games (including Tennis, launched last week), keep more of those users in the app longer. Investment banks want to friend it.
Namastay right here on the 2nd floor... of Lululemon's new everything-store for sweaty people. The 25K-square-foot flagship in Chicago has 1 boring level of merch, but the rest is an anti-ecommerce playland: 3 studios (yoga, HIIT, and meditation), a chef-designed, influencer-influenced restaurant, and WeWork-worthy work space. Lulu wants 10% of its stores to look like this one by 2023.