What we’re reading (1/29)
“Breakup Of Google’s Ad Business Would Reshape $500 Billion Sector” (Wall Street Journal). “Google spent the better part of two decades building the world’s most powerful digital advertising machine. Breaking it up would send shock waves through the $500 billion online-ad market.”
“‘Buy Now, Pay Later’ Is The Victim Of Its Own Success” (DealBook). “Last Tuesday was a rough day for Goldman Sachs. The share price fell 6 percent after the Wall Street giant reported its worst earnings miss in a decade. On a call that morning, analysts peppered David Solomon, the bank’s C.E.O., with questions about its consumer banking strategy, and about one unit in particular, GreenSky. Goldman closed its $2.2 billion acquisition of GreenSky, a pioneer in the “buy now, pay later” (B.N.P.L.) lending sector, in March, calling it a key piece in its strategy to build “the consumer banking platform of the future.” It flew under the radar until last quarter, the first in which Goldman broke out earnings for its “platform solutions” business unit, which includes GreenSky. The picture wasn’t pretty. Revenues were up, but the division lost $1.66 billion in 2022.”
“What’s Passive Income? It’s Not What Influencers Say It Is.” (New York Times). “Search ‘passive income’ on YouTube, TikTok or Reddit and you’ll find a wealth of videos by people claiming they make thousands of dollars each month this way — whether they sell courses, e-books or other products online; offer property on short-term rental platforms like Airbnb and VRBO; or even buy and maintain vending machines in high-traffic buildings. The allure: Theoretically, it’s easier than a traditional 9-to-5 ‘job.’”
“When You Can’t Speak To The Manager — Or Anyone” (Vox). “There’s been a breach of the Jonny Boston’s International Facebook page. Jonathan Kiper, the New Hampshire restaurant’s owner, is no longer able to access his personal Facebook account or, in turn, the page for his business, where he once kept customers updated about specials and deals. He’s tried to get back in, going through the online process to report his account as compromised multiple times and sending in a picture of his driver’s license to prove he’s, well, himself. But thus far, his efforts have been to no avail. He always gets tripped up at the last verification step — the one where Facebook sends a test code — because it appears the hacker has changed the account’s phone number. It’s actually two phone numbers that are at the heart of Kiper’s problem: the hacker’s and Facebook’s, or rather, Facebook’s lack thereof.”
“In Texas Oil Country, An Unfamiliar Threat: Earthquakes” (New York Times). “The West Texas earth shook one day in November, shuddering through the two-story city hall in downtown Pecos, swaying the ceiling fans at an old railroad station, rattling the walls at a popular taqueria. The tremor registered as a 5.4-magnitude earthquake, among the largest ever recorded in the state. Then, a month later, another of similar magnitude struck not far away, near Odessa and Midland, twin oil country cities with relatively tall office buildings, some of them visible for miles around.”
