In today’s briefing:
- Roblox 2Q22: 15% or 35% EBITDA Margins?
- Faraday Future Raised $52m or 1/4 of Needed Funds
- Sporting Crypto – August 15th 2022: Barnsley FC Terminate Deal with Crypto Partner Hex.com
- The Commodity Report #64
- #34 Tornado Cash, or how to prosecute code
Roblox 2Q22: 15% or 35% EBITDA Margins?
- Roblox initially fell 17% on earnings, but ended the week up 8%… why? Third party data is driving stock price action.
- Reacceleration of DAUs, engagement, and bookings is beginning to play out…bullish ST.
- LT EBITDA margins are anyone’s guess right now, which makes the coming 9/9 Analyst Day an important catalyst to frame up the size and margin impact of TAM extensions.
Faraday Future Raised $52m or 1/4 of Needed Funds
- Faraday Future (FF) released an 8-K today saying they raised $52m and could see as much as $600m after 90 days.
- The 90-day lead time is obviously based on whether FF can survive. The company originally said it needed $200m to make it through the Q4 launch of its first EV.
- FF said it only had $52m in cash as of August 9th versus $233m on April 30th. With new funding, FF has 7.4 weeks of money at current cash-burn rates.
Sporting Crypto – August 15th 2022: Barnsley FC Terminate Deal with Crypto Partner Hex.com
- After unearthing vile homophobic social media posts from senior leadership of Hex.com — Barnsley FC have terminated its partnership with the crypto token.
- The posts are disgusting and show how little due diligence was done in the first place by the English League 1 Football club.
- But why did they partner with something that has been called a scam on several occasions?
The Commodity Report #64
- Here is what is structurally wrong in the way leaders/politicians and people in general talk about the green transition, about fossil fuels, oil, gas and metals. A cyclical commodity bull market.
- I’m in favor of combating man-made climate change and replacing most fossil fuels with renewables in the long term, but the way we are currently going about it is not realistic and will end badly for society and also in high commodity prices and much higher cost of living.
- Why is that the case? Everyone wants renewable energy but no one wants to invest in the raw materials needed to build the EVs, the power lines, or the battery capacity. Due to political pressure, the financial world has had to jump on the #ESG bandwagon.
#34 Tornado Cash, or how to prosecute code
- US Treasury Department sanctions a piece of code Crypto feels like those teenage years when every experience feels massive and pivotal.
- The age of firsts. Today we witness the first time regulators take on a protocol, and like everything in crypto, like in teenage years, it feels like a defining moment.
- The OFAC included mixer Tornado Cash in their SDN list in what is the first time a regulator sanctions a protocol, somehow. Let’s unpack things.
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