🍦 Breaking scoop, via Axios' Sara Fischer: Former Snapchat exec Imran Khan launches an Amazon for luxury goods.
😎 Good Tuesday morning! Today's Smart Brevity count: 1,399 words ... ~ 5 minutes.
Apple generates ridiculous cash flow, but the nearly $900 billion megacompany's growth is built on its ability to reinvent entire product categories — which it hasn't done lately, Axios Markets editor Dion Rabouin writes.
What's happening: The iPhone is Apple’s most important product and generates the bulk of its revenue.
Investors have taken notice. Following the company's first quarter earnings report — which beat expectations, but revealed the steepest decline ever in iPhone sales — Apple has been by far the most shorted company in the world, according to data provided to Axios from data firm S3 Partners.
Yes, but: This could all turn around — because we really don't know what Apple is cooking. The iPhone itself was a second act for Apple, which nearly died in the late '90s.
Our thought bubble, from Scott Rosenberg, Axios managing editor for technology:
Apple CEO Tim Cook used a Stanford commencement address on Sunday to go after the "chaos factory" built by other unnamed Silicon Valley companies:
Social media, shareable video, snaps and stories that connect half the people on Earth. They all trace their roots to Stanford’s backyard.
But lately, it seems, this industry is becoming better known for a less noble innovation: the belief that you can claim credit without accepting responsibility.
If we accept as normal and unavoidable that everything in our lives can be aggregated, sold, or even leaked in the event of a hack, then we lose so much more than data. We lose the freedom to be human.
Why it matters, from Axios chief tech correspondent Ina Fried: As the national conversation on tech shifts gears from admiration to regulation, Apple hopes to carve out a safe harbor by positioning itself as a privacy champion.
Illustration: Aïda Amer/Axios
After nearly a year of speculation, Facebook today unveils its plans to create a cryptocurrency, which will be called Libra and debut in 2020, Axios' Kia Kokalitcheva writes from S.F.
Details: Facebook has spent the past year working in-house on the plans and tech for Libra, but the cryptocurrency will be managed by a separate, Swiss-based foundation initially backed by Facebook and 27 other organizations.
Calibra will initially be available inside Facebook’s Messenger app, WhatsApp, and as standalone iOS and Android apps.
Be smart: This is not Bitcoin. Unlike the pioneering cryptocurrency and many of the other digital-token experiments, the goal here is not to supplant the traditional financial system but rather to extend it to serve people without access to conventional banking or stable currency.
On the eve of tonight's Orlando kickoff of his re-election campaign, President Trump last night tweeted that U.S. immigration agents are planning to make mass arrests starting "next week," the WashPost reports.
Be smart: "Large-scale ICE enforcement operations are typically kept secret to avoid tipping off targets."
"Acting U.S. Defense Secretary Patrick Shanahan announced ... the deployment of about 1,000 more troops to the Middle East for what he said were defensive purposes, citing concerns about a threat from Iran." (Reuters)
Some are calling for legislation and regulation to make the U.S. more resilient to threats from solar weather, Axios space correspondent Miriam Kramer writes.
It happened before: Perhaps the most extreme example of a damaging solar storm occurred in 1859 when a CME hit the Earth, lighting telegraph lines on fire and creating auroras that could be seen almost everywhere on Earth.
Out today, from one of our faves ... "How to Win in a Winner-Take-All World: The Definitive Guide to Adapting and Succeeding in High-Performance Careers," by N.Y. Times senior economics correspondent Neil Irwin.
Neil writes in a Times excerpt about findings by Dawn Klinghoffer, a former actuary, and Ryan Fuller, a former management consultant:
One of their findings was that people who worked extremely long work weeks were not necessarily more effective than those who put in a more normal 40 to 50 hours. In particular, when managers put in lots of evening and weekend hours, their employees started matching the behavior and became less engaged in their jobs, according to surveys.
Another finding was that one of the strongest predictors of success for middle managers was that they held frequent one-on-one meetings with the people who reported directly to them.
Third: People who made lots of contacts across departments tended to have longer, better careers within the company. There was even an element of contagion, in that managers with broad networks passed their habits on to their employees.
New polling by Firehouse Strategies and 0ptimus finds that in three critical states, Ivanka Trump has a higher net favorability among likely general election voters than her father does:
Why it matters: Ivanka, a presidential adviser who'll be in Charlotte today to co-chair the second American Workforce Policy Advisory Board meeting, can be a surrogate in tough states.
The SGNL, "the first political album," launches today as "a new media product designed to get [progressive] young Americans engaged in the 2020 election."
Behind those puppy-dog eyes:
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