Latest / What the Flux / WiseTech loses $10 billion | Nike's desperate collab with Kim Kardashian | Bybit bitten by $1.5 billion crypto heist

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WiseTech loses $10 billion | Nike's desperate collab with Kim Kardashian | Bybit bitten by $1.5 billion crypto heist · What the Flux

• 0:05
  Speaker 1: This is what the flux. I'm Bratt and I'm justin
• 0:07
  Speaker 1: and it's Wednesday, the twenty six to February Josie Boy
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  Speaker 1: Domino's Pizza has recorded its first half year loss in
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  Speaker 1: more than twenty years after a rough six months.
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  Speaker 2: But don't panic, my friend. It's not the Aussie demand
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  Speaker 2: for mega meat lovers, but the European and Japanese demands.
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  Speaker 2: See the biggest cost came from shutting down one hundred
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  Speaker 2: and seventy two stores because dem Europeans just aren't nibbling
• 0:27
  Speaker 2: on the meat lovers.
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  Speaker 1: Don't mess with the meat lovers. Man. Did you know
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  Speaker 1: sixty six percent of Australians do not even know the
• 0:34
  Speaker 1: first thing about their credit score? Wow? And it's one
• 0:36
  Speaker 1: of the most important numbers that you can know about
• 0:38
  Speaker 1: yourself and it comes to the financial world. That's why
• 0:40
  Speaker 1: in the Flux app, we gied get access to your
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  Speaker 1: credit score and you can see if it's gone up,
• 0:44
  Speaker 1: if it's gone down, and what's changed from month to months.
• 0:46
  Speaker 1: Make sure to check the Flux app for your credit
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  Speaker 1: score this month.
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  Speaker 2: Three riveting stories today Jusi boy, let's do it for
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  Speaker 2: our first wise tech has seen the chairs plunge more
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  Speaker 2: than twenty four percent after four of its independent board
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  Speaker 2: members stepped down.
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  Speaker 1: This week, get the Popcorn, aub Man, The wise Tech
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  Speaker 1: soap opera has another season, So tell me more well so.
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  Speaker 1: Wise Tech Global is a logistics software company founded in
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  Speaker 1: nineteen ninety four. It does all those complicated logistics activities
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  Speaker 1: like help with supply chain management, customs clearance, forwarding services.
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  Speaker 2: And juzzy boy. Wis Tech has been a bit of
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  Speaker 2: an ASX darling. Its share price has jumped more than
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  Speaker 2: twenty times since its IPO.
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  Speaker 1: Nowbman for context. Wise TeX's founder, Richard White has been
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  Speaker 1: in the spotlight over the past few years.
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  Speaker 2: Yep. He's been accused of bullying as well as inappropriate
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  Speaker 2: conduct at work.
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  Speaker 1: And as a result, he stepped down a CEO of
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  Speaker 1: wise Tech in October last year and shifted into a
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  Speaker 1: consulting role.
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  Speaker 2: But now four of weis Tech's independent directors have stepped
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  Speaker 2: down from the board.
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  Speaker 1: They couldn't land on an agreement of what the founder's ongoing.
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  Speaker 2: Role would be, or, as they diplomatically put it, they
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  Speaker 2: had intractable differences.
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  Speaker 1: And next minute, y sex share price dropped more than
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  Speaker 1: twenty four percent or ten billion dollars in market value.
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  Speaker 2: The challenge is that although the founder isn't technically the
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  Speaker 2: CEO anymore, he's on the board and still owns nearly
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  Speaker 2: thirty nine percent of the company.
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  Speaker 1: Interesting, so what is the key learning here?
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  Speaker 2: Founder control can be a double edged sword for publicly
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  Speaker 2: listed companies.
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  Speaker 1: On the one hand, founders often bring visionary leadership and
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  Speaker 1: can motivate employees.
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  Speaker 2: As well as lead the strategic direction of the company
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  Speaker 2: based on their wealth of experience.
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  Speaker 1: And they man. We've seen this particularly in the tech industry,
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  Speaker 1: with founder led companies like Amazon and Ali Barber until recently,
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  Speaker 1: and Meta still.
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  Speaker 2: But when founders maintain substantial control, it can sometimes undermine
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  Speaker 2: corporate governance and.
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  Speaker 1: Create conflicts of interest when the founder goes roke.
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  Speaker 2: Remember when Elon Musk tweeted he was considering taking Tesla
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  Speaker 2: private at four hundred and twenty dollars per share, the
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  Speaker 2: price being a reference to smoking marijuana, and.
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  Speaker 1: This led to significant stock volatility, Musk stepping down as
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  Speaker 1: chairman and paying a twenty million dollar five.
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  Speaker 2: But clearly there are two camps here. Some investors are
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  Speaker 2: celebrating that weisstech talent has won at the expense of
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  Speaker 2: corporate governance, so to speak, while.
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  Speaker 1: Other investors are clearly concerned by the look of the
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  Speaker 1: share price Plumbting.
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  Speaker 2: For our second story, Nike has announced a new collaboration
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  Speaker 2: with Kim Kardashian's Skims brand after struggling with declining sales.
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  Speaker 1: Nike losing relevance must be their biggest fear. Be man,
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  Speaker 1: so quite unfamiliar feeling, Tell me more.
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  Speaker 2: Well, Jazi boite. Nike is the sportswear brand that was
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  Speaker 2: founded back in nineteen sixty four under the name of
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  Speaker 2: Blue Ribbon Sport.
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  Speaker 1: It's going to become the most recognizable sportswear brand in
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  Speaker 1: the world with its iconic swoosh.
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  Speaker 2: But the Swish has been in struggle street lately and
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  Speaker 2: sales dropped eight percent in the past quarter.
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  Speaker 1: And it shares have lost twenty five percent of their
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  Speaker 1: value over the past year after struggling to retain market
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  Speaker 1: share against other sportwear brands like Hokker and On.
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  Speaker 2: But now enter the savior please, or at least what
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  Speaker 2: Nike is hoping to be the savior.
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  Speaker 1: Kim Kardashian and her activewear brand Skims YEP.
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  Speaker 2: Nike has announced a new Nike skims collection that will
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  Speaker 2: target women with activewear, footwear and accessories.
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  Speaker 1: Q Nike purists dying in their air axes.
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  Speaker 2: But there is a clear goal here to help Nike
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  Speaker 2: compete against brands like Lulu, Lemon, and Alo.
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  Speaker 1: And b Man. This is Nike's first collab with an
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  Speaker 1: outside company to create a new brand together.
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  Speaker 2: As opposed to acquisition or partnering with athletes like Michael Jordan.
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  Speaker 1: So what is the key learning here?
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  Speaker 2: Strategic partnerships can be the cheat code to a brand's revitalization.
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  Speaker 1: Now, be Man, we know that Nike's no stranger to innovation.
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  Speaker 1: It's mastered the art of staying relevant.
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  Speaker 2: It's very true. It started specializing in sports, but it's
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  Speaker 2: now part of music and fashion and street culture.
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  Speaker 1: Think shoe colabs with Travis Scott limited Edition, Sneaky collabs
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  Speaker 1: with condugas On, and cult followings for its nigg SB.
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  Speaker 2: Brand Bechase Boid. Lately, it's been losing market share left,
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  Speaker 2: right and center.
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  Speaker 1: And be Man in particular in the activewear market, which
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  Speaker 1: is worth around four hundred and twelve billion US dollars
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  Speaker 1: in twenty twenty.
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  Speaker 2: Four and growing at nearly six percent per year according
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  Speaker 2: to Global market insights.
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  Speaker 1: So be man by partnering with Kim Kardashin's brand, Now
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  Speaker 1: he's not just selling legging. Now they're buying influence, cultural capital,
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  Speaker 1: and access to Kimmy Kay's three hundred and sixty four
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  Speaker 1: million Instagram followers. For our third and final story, by Bit,
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  Speaker 1: the world's second largest crypto exchange, has been hacked for
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  Speaker 1: one and a half billion US dollars, making it the
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  Speaker 1: largest crypto heist in history. Oceans eleven stepping up to
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  Speaker 1: their game, tell me more so, biby. It was founded
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  Speaker 1: back in twenty eighteen, and it's going to become the
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  Speaker 1: second largest crypto exchange in the world by trading volume.
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  Speaker 2: We're talking over sixty million users worldwide buying bitcoins and
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  Speaker 2: ethereum and meme coins.
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  Speaker 1: Making millions and losing millions as well.
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  Speaker 2: But now it's not just the traders crying into their keyboards,
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  Speaker 2: it's by bit itself.
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  Speaker 1: Yeah, Bibit's sheepishly announced that it was hacked with more
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  Speaker 1: than one and a half billion US dollars stolen from
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  Speaker 1: their account and.
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  Speaker 2: It was the biggest crypto theft in history.
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  Speaker 1: And they meant, how did this highst happen? I'm imagining
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  Speaker 1: Danny Ocean dropping into the crypto bank safe. Not quite.
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  Speaker 2: It happened during a routine transfer from their offline cold
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  Speaker 2: wallet to a warm wallet, and no surprises here. The
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  Speaker 2: price of bitcoin and other cryptocurrencies dropped more than three percent.
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  Speaker 1: So what is the key leny here?
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  Speaker 2: The warmer the wallet, the more vulnerable it becomes.
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  Speaker 1: In the world of cryptocurrency, wallets are classified into three
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  Speaker 1: main categories. You've got your hot wallets, your warm wallets,
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  Speaker 1: and your cold wallets.
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  Speaker 2: Cold wallets are offline storage solutions, super secure and safe
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  Speaker 2: from online hacking.
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  Speaker 1: On the you've got warm wallet. These are the hybrid
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  Speaker 1: between cold and hot water.
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  Speaker 2: They're connected to the Internet, but only temporarily or for
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  Speaker 2: specific transaction.
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  Speaker 1: And in Bibit's case, this hack occurred when the funds
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  Speaker 1: will move from a cold wallet to a warm wallet,
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  Speaker 1: so it clearly is still a risky.
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  Speaker 2: And finally, we've got the hot wallets. These are the
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  Speaker 2: wallets fully connected to the Internet and most vulnerable to hacking.
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  Speaker 1: And if you're invested on platforms like coin base or binance,
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  Speaker 1: you've got a smoking hot wallet.
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  Speaker 2: They're convenient, but the easiest targets for cyber attack.
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  Speaker 1: And that's part of the reason why Crypto exchanged coinbase
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  Speaker 1: or a share price drop eight percent after this by
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  Speaker 1: bit hacking News.
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  Speaker 2: Because each hack reminds investors of the risks associated with
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  Speaker 2: digital assets.
• 6:36
  Speaker 1: Pluckam. Your credit score can move every single month based
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  Speaker 1: on what you do. You apply for a home loan,
• 6:42
  Speaker 1: you apply for a credit card, you even get a
• 6:44
  Speaker 1: brand new mobile phone plan. So if you don't know
• 6:46
  Speaker 1: your credit score, like sixty six percent of Aussies, there
• 6:48
  Speaker 1: is one place to find it. It is snack Bang
• 6:50
  Speaker 1: in the Flux app. Make sure to download the app
• 6:52
  Speaker 1: and check your credit score this month.
• 6:53
  Speaker 2: Thanks for listening and we'll see you on Friday.