Bloomberg Businessweek

• Yaccarino Stepping Down as CEO of Musk’s X After Two Years

  Linda Yaccarino, who was hired two years ago by Elon Musk as chief executive officer of X, is stepping down less than three months after the social-media platform was absorbed by Musk’s artificial intelligence startup, xAI.“After two incredible years, I’ve decided to step down as CEO of X,” Yaccarino said in a post on X Wednesday. “I’ll be cheering you all on as you continue to change the world.”The former NBCUniversal executive was hired by Musk in May 2023 after he’d already fired or lost about 75% of employees at the company previously called Twitter. Over the course of her two-year tenure, Yaccarino was charged with reversing an advertiser exodus from the platform, triggered in part by Musk’s own erratic content moderation decisions and posts. Advertisers were concerned that their products would be listed next to hate speech or violent content.It was a difficult task. X revenue fell by close to 50% and missed internal targets in 2023, and several major advertisers departed the platform or paused spending after Musk endorsed an antisemitic post in late 2023. He told marketers who were boycotting the platform to “Go f—- yourself” at a conference after the incident. At the time, Yaccarino told staff that the company’s “free speech” mission would continue with or without advertiser support. “Our principles do not have a price tag, nor will they be compromised — ever,” Yaccarino wrote.Revenue has since improved from those lows, and advertising sales were projected to increase 16.5% this year, according to Emarketer. Yaccarino, who spent more than 11 years as a top advertising executive at NBCUniversal, is known for her strong relationships in the ad world.Today's show features: Dan Ives, Global Head of Technology Research at Wedbush Securities top headlines from the tech industry including Nvidia’s market cap and Elon Musk’s social media response to Ives making suggestions for the Tesla board Wendy Cutler, Vice President at the Asia Society Policy Institute on President Donald Trump’s tariffs impacting Asian trading partners Bloomberg News US Semiconductor & Networking Reporter Ian King on Nvidia reaching a market cap of $4 trillion Dr. Steven Skancke, Chief Economic Advisor at Keel Point on FOMC minutes and the White House’s criticism of Federal Reserve Chair Jerome Powell See omnystudio.com/listener for privacy information.

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• ICYMI: The Banks of Tomorrow

  Payments and stablecoin firm Ripple Labs Inc. and crypto custodian BitGo Inc. have applied for national bank charters, joining a crush of upstart financial services companies seeking such approval. BitGo, which custodies billions of dollars in crypto assets for clients, is weighing an initial public offering as soon as this year, Bloomberg News previously reported. The custodian’s corporate structure already includes two state-regulated trust companies, one in New York and one chartered in South Dakota.Bloomberg News personal finance reporter Paige Smith details the push by tech-focused firms into the traditional US financial system. Paige speaks with Tim Stenovec and Emily Graffeo on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

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• Trump Vows No Tariff Extension, Hardens Threats on Copper, Drugs

  Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump vowed to push forward with his aggressive tariff regime in the coming days, stressing he would not offer additional extensions on country-specific levies set to now hit in early August while indicating he could announce substantial new rates on imports of copper and pharmaceuticals.The posturing on social media and at a Cabinet meeting on Tuesday came after traders initially shrugged off a series of letters and executive actions Trump issued Monday, pushing back the deadline for his so-called “reciprocal” tariffs while announcing the latest rates he planned for more than a dozen countries that had not succeeded in brokering quick trade agreements.That changed Tuesday as Trump signaled a renewed determination to push ahead with his plans to heavily tax foreign imports. Trump said he would offer no additional delays on the country-specific tariffs, despite the previous night allowing he was “not 100% firm” on his August 1 deadline.He said he would impose a 50% rate on copper products being sent into the US, surging futures of the commodity to their largest intraday gain in data going back to at least 1988.Today's show features: Bloomberg News Economic Statecraft Reporter Joe Deaux on President Donald Trump's latest tariff announcements Libby Cantrill, Managing Director and the head of public policy for PIMCO on corporate positioning based on changes to White House trade policy and tariffs Ellen Wald, President of Transversal Consulting and Senior Fellow at the Atlantic Council on the global energy market and this week’s OPEC+ meeting Bloomberg News Managing Editor for Global Consumer Tech Mark Gurman on Apple’s problems in the AI arms race See omnystudio.com/listener for privacy information.

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• ICYMI: The Next Sports and Entertainment Empire

  BSE Global, the parent company of the NBA's Brooklyn Nets, the WNBA's New York Liberty, as well as their home arena, Barclays Center, has built a business model across sports, entertainment, hospitality and media. The company believes that its array of multiple businesses enables it to enjoy operational leverage and extract cross-functional synergies.Sam Zussman, CEO of BSE Global, explains how Brooklyn's unique culture and history make it the ideal home base for the "experiential" powerhouse. Sam speaks with Tim Stenovec, Emily Graffeo and Randall Williams on Bloomberg Businessweek Daily.See omnystudio.com/listener for privacy information.

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• Trump Announces New Set of Tariff Rates Ahead of August Deadline

  Watch Bloomberg Businessweek Daily LIVE every day on YouTube: http://bit.ly/3vTiACF.President Donald Trump unveiled the first in a wave of promised letters that threaten to impose higher tariffs rates on key trading partners, including levies of 25% on goods from Japan and South Korea beginning Aug. 1.Trump also announced 25% rates on Malaysia and Kazakhstan, while South Africa would see a 30% tariff and Laos and Myanmar would face a 40% levy. The nations were the first in what the president promised would be a flurry of unilateral warnings and trade deals announced on Monday, two days before agreements are due from trading partners facing his April 2 so-called reciprocal levies.“Our relationship has been, unfortunately, far from Reciprocal,” Trump wrote in the letters. Trump’s second-term rush to overhaul US trade policies has served as a steady source of uncertainty for markets, central bankers and executives trying to game out the effect on production, inventories, hiring, inflation and consumer demand — routine planning that’s hard enough without costs like tariffs that are on one day, off the next.Today's show features: US Representative Kathy Castor (D-FL) on new tariff announcements from the White House and the passage of President Donald Trump’s tax and spending bill Bloomberg Economics Geo-Economic Analyst for Latin America Jimena Zuniga on this week’s BRICS summit in Rio de Janeiro Bloomberg News Texas Bureau Chief Julie Fine on deadly flash flooding in the Lone Star State Bryan Fairbanks, President and CEO of Trex, on the company outlook and key trends in US manufacturing See omnystudio.com/listener for privacy information.

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