🚀 CrowdStrike: $1.5B Insured Losses

PLUS: Tesla’s 2Q profit falls 45% to $1.48B, Cameo: From $1B valuation to struggling to pay $600,000 fine

July 31, 2024

Dear founder, here’s your 3-minute recap (without the fluff):

  • FREE AI SEO content writer*: ContentShake AI helps you create articles that will rank well in search results

  • Insured losses from CrowdStrike outage could reach US$1.5 billion, according to cyber analytics firm CyberCube (link)

  • Tesla's second-quarter net income fell 45% despite price cuts and low-interest financing as global EV sales tumbled (link)

  • Cameo, once a tech unicorn valued at $1 billion, is now so financially strained that it cannot pay a $600,000 fine (link)

  • New tools, resources, funding updates & job postings

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🛠️ Tools

Growth School*- Learn the 20 most powerful & insane AI tools on the internet. Join this FREE 3-hour Masterclass by Growthschool. Sign up here (100 free seats only!)

WebAI’s Summer Release Event*: Learn how to deploy some of the world's largest models locally. Save your seat to the live stream today →

Findr - An AI-powered search assistant that helps teams quickly find information across their workplace apps (link)

Wordtune - Helps you find plenty of wording alternatives to improve your text (link)

BeeDone - An application that helps to boost your productivity (link)

Anydo - Helps you easily manage your personal tasks, family projects, and team’s work all in one place (link)

Raycast - A powerful productivity tool that provides a unified interface for accessing various applications, commands, and AI-powered features on your Mac (link)

Capture - An all-in-one suite that provides content provenance, copyright protection, and monetization for digital media using C2PA and blockchain technology (link)

LTX Studio - An AI-driven filmmaking platform for creators, marketers, filmmakers and studios (link)

Otio - This tool helps in summarizing and conversing with your documents and links, enabling you to write, edit, and paraphrase using AI (link)

đź“š Resources

Nike used a brilliant strategy to outperform Adidas and dominate the Olympics (link)

How to use Reddit and AI to find winning startup ideas (link)

Elon Musk’s genius move on open-sourcing all of Tesla's patents (link)

The 20 funniest ads of all time from Twitter/X (link)

PS. If you’re interested in this AI stuff, you should sign up for our other newsletter - Prompts Daily. It has 100,000+ readers (Executives, VCs, and engineers). Sign up with one click.

đź’° Funding

Osapiens raises $120M Series B to help companies navigate ESG regulation (link)

Cowbell secures $60M to scale up operations and advance global SME cyber adoption (link)

đź’Ľ Job Board

Staff Machine Learning Engineer at Mozilla (Remote)

Generative AI Product Specialist at Databricks (Remote)

đź’Ś Etcetera

Find topics people are actually searching for

25 mind-bending optical illusions

The restaurant at the end of the world

Why do Olympic swimmers slap themselves?

Modern astrophysics answers Isaac Newton’s oldest question

NASA HQ picked their best photos of the year. Here are our 13 favorites

How gambling affects the brain and who is most vulnerable to addiction

Tesla fan climbs on Cybertruck to show how tough it is, accidentally cracks windshield

🗞️ News

CrowdStrike outage estimated to cost $1.5B

Global insured losses from the recent CrowdStrike IT outage are projected to reach between $400 million and $1.5 billion, according to CyberCube. The incident, caused by a software bug, disrupted services across various sectors, including aviation and banking. Parametrix estimates that Fortune 500 companies could face losses between $540 million and $1.08 billion.

Despite the scale of the event, Fitch Ratings suggests the broader insurance industry will likely avoid significant financial repercussions. Insurers may also encounter claims related to directors and officers' insurance due to the outage.

Tesla’s 2Q profit falls 45% to $1.48B

Tesla reported a 45% decline in second-quarter net income, totaling $1.48 billion, as global electric vehicle sales fell despite price reductions and low-interest financing. Revenue increased by 2% to $25.5 billion, surpassing Wall Street estimates. Vehicle sales dropped to 443,956 units, down 4.8% from the previous year, indicating weakening demand.

The company's gross profit margin also decreased to 18%. Following the announcement, Tesla's shares fell approximately 8% in after-hours trading.

Cameo: From $1B valuation to struggling to pay $600,000 fine

Cameo, once valued at over $1 billion, is now unable to pay a $600,000 fine for violating Federal Trade Commission rules on celebrity endorsements. A recent settlement revealed that the company, facing severe financial difficulties, will instead pay $100,000, with the remaining balance suspended.

The settlement also mandates Cameo to implement compliance measures, including watermarking videos and requiring acknowledgment of endorsement regulations. This decline follows multiple layoffs and challenges in attracting A-list celebrities since its peak during the pandemic

That’s it for now!

Hope you enjoyed this week’s edition! See you next week.

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