This is what the flux. I'm Bratt and I'm justin and it's Wednesday, the twenty six to February Josie Boy Domino's Pizza has recorded its first half year loss in more than twenty years after a rough six months.
But don't panic, my friend. It's not the Aussie demand for mega meat lovers, but the European and Japanese demands. See the biggest cost came from shutting down one hundred and seventy two stores because dem Europeans just aren't nibbling on the meat lovers.
Don't mess with the meat lovers. Man. Did you know sixty six percent of Australians do not even know the first thing about their credit score? Wow? And it's one of the most important numbers that you can know about yourself and it comes to the financial world. That's why in the Flux app, we gied get access to your credit score and you can see if it's gone up, if it's gone down, and what's changed from month to months. Make sure to check the Flux app for your credit score this month.
Three riveting stories today Jusi boy, let's do it for our first wise tech has seen the chairs plunge more than twenty four percent after four of its independent board members stepped down.
This week, get the Popcorn, aub Man, The wise Tech soap opera has another season, So tell me more well so. Wise Tech Global is a logistics software company founded in nineteen ninety four. It does all those complicated logistics activities like help with supply chain management, customs clearance, forwarding services.
And juzzy boy. Wis Tech has been a bit of an ASX darling. Its share price has jumped more than twenty times since its IPO.
Nowbman for context. Wise TeX's founder, Richard White has been in the spotlight over the past few years.
Yep. He's been accused of bullying as well as inappropriate conduct at work.
And as a result, he stepped down a CEO of wise Tech in October last year and shifted into a consulting role.
But now four of weis Tech's independent directors have stepped down from the board.
They couldn't land on an agreement of what the founder's ongoing.
Role would be, or, as they diplomatically put it, they had intractable differences.
And next minute, y sex share price dropped more than twenty four percent or ten billion dollars in market value.
The challenge is that although the founder isn't technically the CEO anymore, he's on the board and still owns nearly thirty nine percent of the company.
Interesting, so what is the key learning here?
Founder control can be a double edged sword for publicly listed companies.
On the one hand, founders often bring visionary leadership and can motivate employees.
As well as lead the strategic direction of the company based on their wealth of experience.
And they man. We've seen this particularly in the tech industry, with founder led companies like Amazon and Ali Barber until recently, and Meta still.
But when founders maintain substantial control, it can sometimes undermine corporate governance and.
Create conflicts of interest when the founder goes roke.
Remember when Elon Musk tweeted he was considering taking Tesla private at four hundred and twenty dollars per share, the price being a reference to smoking marijuana, and.
This led to significant stock volatility, Musk stepping down as chairman and paying a twenty million dollar five.
But clearly there are two camps here. Some investors are celebrating that weisstech talent has won at the expense of corporate governance, so to speak, while.
Other investors are clearly concerned by the look of the share price Plumbting.
For our second story, Nike has announced a new collaboration with Kim Kardashian's Skims brand after struggling with declining sales.
Nike losing relevance must be their biggest fear. Be man, so quite unfamiliar feeling, Tell me more.
Well, Jazi boite. Nike is the sportswear brand that was founded back in nineteen sixty four under the name of Blue Ribbon Sport.
It's going to become the most recognizable sportswear brand in the world with its iconic swoosh.
But the Swish has been in struggle street lately and sales dropped eight percent in the past quarter.
And it shares have lost twenty five percent of their value over the past year after struggling to retain market share against other sportwear brands like Hokker and On.
But now enter the savior please, or at least what Nike is hoping to be the savior.
Kim Kardashian and her activewear brand Skims YEP.
Nike has announced a new Nike skims collection that will target women with activewear, footwear and accessories.
Q Nike purists dying in their air axes.
But there is a clear goal here to help Nike compete against brands like Lulu, Lemon, and Alo.
And b Man. This is Nike's first collab with an outside company to create a new brand together.
As opposed to acquisition or partnering with athletes like Michael Jordan.
So what is the key learning here?
Strategic partnerships can be the cheat code to a brand's revitalization.
Now, be Man, we know that Nike's no stranger to innovation. It's mastered the art of staying relevant.
It's very true. It started specializing in sports, but it's now part of music and fashion and street culture.
Think shoe colabs with Travis Scott limited Edition, Sneaky collabs with condugas On, and cult followings for its nigg SB.
Brand Bechase Boid. Lately, it's been losing market share left, right and center.
And be Man in particular in the activewear market, which is worth around four hundred and twelve billion US dollars in twenty twenty.
Four and growing at nearly six percent per year according to Global market insights.
So be man by partnering with Kim Kardashin's brand, Now he's not just selling legging. Now they're buying influence, cultural capital, and access to Kimmy Kay's three hundred and sixty four million Instagram followers. For our third and final story, by Bit, the world's second largest crypto exchange, has been hacked for one and a half billion US dollars, making it the largest crypto heist in history. Oceans eleven stepping up to
their game, tell me more so, biby. It was founded back in twenty eighteen, and it's going to become the second largest crypto exchange in the world by trading volume.
We're talking over sixty million users worldwide buying bitcoins and ethereum and meme coins.
Making millions and losing millions as well.
But now it's not just the traders crying into their keyboards, it's by bit itself.
Yeah, Bibit's sheepishly announced that it was hacked with more than one and a half billion US dollars stolen from their account and.
It was the biggest crypto theft in history.
And they meant, how did this highst happen? I'm imagining Danny Ocean dropping into the crypto bank safe. Not quite.
It happened during a routine transfer from their offline cold wallet to a warm wallet, and no surprises here. The price of bitcoin and other cryptocurrencies dropped more than three percent.
So what is the key leny here?
The warmer the wallet, the more vulnerable it becomes.
In the world of cryptocurrency, wallets are classified into three main categories. You've got your hot wallets, your warm wallets, and your cold wallets.
Cold wallets are offline storage solutions, super secure and safe from online hacking.
On the you've got warm wallet. These are the hybrid between cold and hot water.
They're connected to the Internet, but only temporarily or for specific transaction.
And in Bibit's case, this hack occurred when the funds will move from a cold wallet to a warm wallet, so it clearly is still a risky.
And finally, we've got the hot wallets. These are the wallets fully connected to the Internet and most vulnerable to hacking.
And if you're invested on platforms like coin base or binance, you've got a smoking hot wallet.
They're convenient, but the easiest targets for cyber attack.
And that's part of the reason why Crypto exchanged coinbase or a share price drop eight percent after this by bit hacking News.
Because each hack reminds investors of the risks associated with digital assets.
Pluckam. Your credit score can move every single month based on what you do. You apply for a home loan, you apply for a credit card, you even get a brand new mobile phone plan. So if you don't know your credit score, like sixty six percent of Aussies, there is one place to find it. It is snack Bang in the Flux app. Make sure to download the app and check your credit score this month.
Thanks for listening and we'll see you on Friday.