I will be on vacation the next two weeks. Alas, Login doesn't get such generous benefits, so my colleagues will be putting out the newsletter next week. You will, however, have to entertain and educate yourselves the week of Aug. 13 when both Login and I will be on vacation. We return Aug. 20.
Illustration: Rebecca Zisser/Axios
As you undoubtedly heard, Apple briefly topped $1 trillion in market cap, becoming the first U.S. company to do so. In and of itself, it's an arbitrary and not terribly meaningful milestone. But Apple's size really does matter.
The bottom line: A trillion dollars in market cap means Apple has both the cash and stock to buy anything it wants. That could be very important if the company decides to venture further into areas like self-driving cars or video content. (This NYT interactive graphic puts a trillion dollars in perspective, showing all the things that amount would buy.)
History lesson: Apple was close to bankruptcy back in the late 1990s, before Steve Jobs' return to the company. In the two decades since, Apple has had a series of consecutive hits that allowed it to grow, step by step, into the tech giant it is today. Here are the three most important:
For more on Apple's transformation from near insolvency to $1 trillion in market value, the New York Times' Jack Nicas has a great recap here.
What they're saying:
What's next: The big question now is what the next trillion dollar company will be, with most eyes on Amazon. As for Apple's future, the question now is whether Apple can use services, cars or another breakthrough to keep the growth going.
Twitter CEO Jack Dorsey. Photo: Drew Angerer/Getty Images
Axios' Jonathan Swan and David McCabe had the scoop Thursday on a letter from Rep. Kevin McCarthy to House Energy and Commerce Chairman Greg Walden asking him to publicly grill Twitter CEO Jack Dorsey over recent allegations that the platform limits the reach of some conservative accounts.
Why it matters: Republicans politicians are embracing anger among conservatives who say online platforms are censoring their voices. Majority Leader McCarthy also needs the backing of more conservative lawmakers if he wants to replace Paul Ryan as speaker of the House should Republicans keep the chamber in November.
Go deeper: Jonathan and David have more here.
At two minutes and 46 seconds in duration, Snap’s first shareholder meeting yesterday was hardly a model for corporate governance, reports Axios' Kia Kokalitcheva, who diligently listened to the entire meeting.
During the meeting, Snap’s associate general counsel, Atul Porwal, had only one item on the agenda, which was to announce that co-founders Evan Spiegel and Bobby Murphy approved the election of Snap’s board members. And that's all that's needed, given the duo jointly own 96.4% of the voting power.
Where were the shareholders? According to Porwal, no shareholder questions were sent in, despite the fact that they could submit them via email, according to a July notice.
To be fair: Snap is part of a growing trend of companies forgoing the in-person meeting for a virtual one, a move proponents argue is more efficient and accessible for all shareholders.
Yes, but: In-person meetings historically have offered a rare opportunity for CEOs to be questioned on all manner of issues related to the company, from stock performance to ethics.
The bottom line: The choice to hold the short, audio-only meeting isn’t the best look for a company whose stock price has been on a decline since it went public in early 2017. That said, investors knew they were buying a stock in which they would have no direct say-so.
Illustration: Rebecca Zisser/Axios
The nascent cryptocurrency industry is making headway with mainstream investors, but there are still big concerns over insider trading and other unethical behaviors, Kia reports.
Why it matters: Unlike the traditional investment markets, which are overseen by multiple government agencies, companies and funds dealing with digital tokens are largely left to self-regulate.
Go deeper: Kia has more here.
Luxury diapers for chickens are a thing, and apparently Instagram is to blame.