Stocks to Watch Monday: Tesla, Shell, Oracle
↘️ Shell (UK:SHEL), (SHEL): The global energy company said earnings from gas trading would fall significantly this quarter due to volatile prices. Shares dropped 3% in London.
🔎 Oracle (ORCL): The company is slicing the cost of its database software and cloud-computing service for the government, making it the latest tech giant to offer the Trump administration a significant discount on services. Oracle shares fell slightly premarket.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
TechCrunch
14 minutes ago
- TechCrunch
Sequoia bets on silence
There is a time-honored crisis management strategy, wherein one says nothing and waits for the outrage to pass. For Sequoia Capital, the strategy worked pretty well this week. While partner Shaun Maguire initially weathered criticism over an inflammatory social media post, that initial indignation cooled quickly. Now, some seem to think that Maguire's defiant stance may even be strengthening his position. Business Insider actually called it 'good for deal flow' — controversy as competitive advantage. Sequoia's calculated gamble carries real risk, though. Another provocative post from Maguire that hits the wrong nerve, a shift in political winds, or escalating consequences could quickly transform their unflappable partner from an asset into a liability the firm can no longer afford to ignore. A crisis communications professional who has managed reputation disasters for dozens of major brands tells this editor, 'Firms like Sequoia are bulletproof until they aren't.' What happened Sequoia's hands-off approach was put to the test earlier this week when the storied venture firm found itself in the eye of a storm over Maguire's inflammatory comments about New York City mayoral candidate Zohran Mamdani. Maguire called him an 'Islamist' who 'comes from a culture that lies about everything' in a July 4th tweet on X that has since been viewed more than five million times. More than one thousand signatures have poured in since on a petition demanding that Sequoia condemn the remarks, investigate Maguire's conduct, and apologize. There's been a lot of talk about why Sequoia hasn't done this, with many outlets noting that Maguire isn't just any partner. This status owes partly to his friendship with Stripe's co-founder. According to reports, at a 2015 Founders Fund event, Maguire—then a Founders Fund-backed entrepreneur—defended Collison during an argument with Anduril's Palmer Luckey about quantum computing, earning Collison's friendship. The connection proved valuable when Maguire joined Google Ventures in 2016; he helped secure a $20 million Stripe investment during his first week. When Maguire left Google Ventures in 2019, Collison personally recommended him to Sequoia's partners. (Stripe has been in Sequoia's portfolio since 2010, with the firm investing more than $500 million over 15 years.) Maguire also led Sequoia's investment in Bridge, a stablecoin platform that Stripe acquired for $1.1 billion, and is reportedly Sequoia's link to Elon Musk, though this is probably somewhat overstated. Musk and Sequoia's global managing director, Roelof Botha, are both native South Africans and have known each other for more than 25 years, dating back to their time together at the then-nascent PayPal, where Botha was recruited personally by Musk. Despite that long relationship, the two haven't always seen eye to eye. Botha was highly critical of Musk's management style when Musk was CEO of the merged company, where Botha was CFO. Botha once told veteran journalist Ebbe Dommisse, 'I think it would have killed the company if Elon had stayed on as CEO for six more months. The mistakes Elon was making at the time were amplifying the risk of the business.' But Musk was at odds with pretty much that entire crew at the time, and those tensions have long since been resolved. Techcrunch event Save up to $475 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Save $450 on your TechCrunch All Stage pass Build smarter. Scale faster. Connect deeper. Join visionaries from Precursor Ventures, NEA, Index Ventures, Underscore VC, and beyond for a day packed with strategies, workshops, and meaningful connections. Boston, MA | REGISTER NOW The bigger point here: when you're managing tens of billions of dollars in assets and your firm's reputation rests on backing winners like Google, Stripe, and Nvidia, you don't easily cast aside a rainmaker. Meanwhile, Maguire's behavior suggests he's not backing down. After issuing a 30-minute video on X last weekend in which he apologized for offending so many — saying he was making a point about a political ideology and not one about a religion — he has doubled down with increasingly aggressive posts this week. He has claimed he has 'reverse engineered' his critics' 'command structure' and threatened to 'embarrass' anyone who escalates against him. He added that this is him at '1% throttle' and warned people not to 'fuck w children of the internet.' The silent treatment Sequoia has precedent for its approach to this situation. The firm has historically given its partners space to express themselves publicly, with figures like Doug Leone and Michael Moritz (who left the firm in 2023) representing different political perspectives. But there's a crucial difference between political diversity and inflammatory rhetoric and clearly to some, Maguire's comments extend beyond partisan politics into territory that alienates both political opponents and potential business partners. It's also worth remembering that even for Sequoia, there is a bright line. Michael Goguen, another, earlier rainmaker with the firm, was promptly shown the door when Sequoia learned of a sexual abuse lawsuit filed against him. The situations are hardly comparable; Goguen's issues were legal and personal, not ideological. At the same time, Sequoia has shown it isn't willing to circle the wagons at any cost, not if its reputation is at stake. Presumably, several factors inform Sequoia's do-nothing PR strategy, including how quickly people, faced with a constant flurry of news, move on from a scandal. The firm is also operating in a different political landscape right now in the U.S. Along with Donald Trump's victory and the rollback of DEI initiatives has come new tolerance for controversial speech. What might have been career-ending at an earlier point in time is now weathered more easily. The firm is also likely banking on the fact that while founders want partners who fit the traditional, more genteel VC mold, they want successful ones even more. Startups being courted by multiple top-tier firms might not like or agree with Maguire, but when Sequoia comes calling with its track record and almost bottomless pockets, most founders are going to welcome the firm with open arms. There's also the very real possibility that Sequoia is working on a contingency plan. (Sequoia declined to comment on Maguire's posts when reached by TechCrunch earlier this week.) Still, Sequoia's silence carries risks. Not all the signers have been confirmed, but the petition against Maguire includes the names of some prominent Middle Eastern executives and founders who have attested to signing it, and they represent the kind of diverse, global talent pool that drives innovation. By not addressing the controversy, Sequoia risks being seen as tacitly endorsing Maguire's views. Put another way, though the venture capital world has historically been remarkably forgiving of controversial figures with exceptional deal flow, the firm is gambling with its reputation in an increasingly connected global market where alienating entire regions and communities carries real business consequences. Whether that bet pays off will depend on how long the controversy lingers, how much business it actually costs Sequoia, and whether Maguire can resist the urge to push things past Sequoia's own tolerance threshold. (He has said he doesn't post anything that hasn't been 'excrutiatingly thought out.') History suggests that established financial firms with strong track records tend to outlive their scandals, even serious ones. When Apollo Global Management's Leon Black resigned in 2021 over his $158 million payments to Jeffrey Epstein, the firm's stock barely moved and shareholders seemed largely unfazed. Apollo just continued its aggressive deal-making under new leadership. Similarly, Kleiner Perkins survived Ellen Pao's high-profile gender discrimination lawsuit in 2015. But it took years and essentially an entirely new team for the storied venture firm to regain its footing in Silicon Valley's hierarchy. The lesson here may be that while controversial partners can be endured, the recovery timelines can vary significantly depending on how firms handle the crisis. For now, the crisis communications professional, who asked not to be named, has some advice for Maguire and, by extension, Sequoia. Regarding the video Maguire published in the aftermath of his initial comments, the expert said, 'I did think that apology addressed the ambiguities in [Maguire's] post. But it's a 30-minute video — you have to be really interested to watch this.' If there's a next time, the professional said, Maguire should 'do two videos — one for three minutes' and another, longer video, for anyone who wants to keep watching. Sometimes, the expert added, 'less is more.'
CNN
16 minutes ago
- CNN
Deputy FBI Director Bongino has told people he is considering resigning amid Epstein files fallout, sources say
CNN — Deputy FBI Director Dan Bongino has told people he is considering resigning amid a major clash between the FBI and Justice Department over the continued fallout from the release of the Jeffrey Epstein memo, sources familiar with the matter told CNN. This comes after a heated confrontation with Attorney General Pam Bondi over the handling of the case earlier this week. The infighting over the case came to a head during a Wednesday meeting, which included Bongino, Bondi, FBI Director Kash Patel and White House chief of staff Susie Wiles, the sources said. Bongino and Patel were confronted about whether they were behind a story that said the FBI wanted more information released but was ultimately stymied by the Department of Justice, they said. Bongino denied leaking that notion to NewsNation, which published the story, a source familiar with the matter told CNN, though he did not sign on to a statement defending the review included in that article. CNN has reached out to Bongino and the FBI for comment. The sources cautioned that Bongino had not made up his mind, and it was possible he would stay in his position. Axios first reported some of the details of Bongino's confrontation at the White House. The episode comes as many of President Donald Trump's close advisers, both inside and outside of the White House, have grown increasingly frustrated with Bondi's handling of the so-called Epstein files, following days of intense criticism from some of the president's most devoted supporters. Multiple sources said Bongino did not come to work Friday, fueling speculation he had quit over the issue. One of those sources said that as of Friday afternoon he had not left his position. 'The whole thing has been a complete mess and no one is happy,' a source briefed on the matter told CNN. Epstein is a disgraced financier and convicted sex offender whose criminal case has long captured significant public attention, in part because of his ties to wealthy and high-profile people. In August 2019, while he was awaiting trial in a federal criminal case, Epstein was found unresponsive in his cell at New York's Metropolitan Correctional Center. He was taken to a hospital, where he was pronounced dead. His death was ruled a suicide. The death, though, was heavily scrutinized, and during his 2024 campaign, Trump said that he would consider releasing additional government files on the case. Many of the president's supporters hoped that release would implicate other high-profile figures, or undercut the notion that Epstein killed himself. But the Justice Department announced in a memo Monday that there was no evidence he kept a 'client list' or was murdered, fueling rage and suspicion among many in MAGA world. FBI and Justice officials had been at odds for months about the handling of the Epstein files review. But the tension spilled out publicly on Friday, when far-right provocateur Laura Loomer, who is close with people in the administration, wrote on social media that Bongino and Patel were 'LIVID' with Bondi over the Epstein case. She wrote Bongino was 'taking the day off today from his job as Deputy Director of the FBI, and there's now speculation on whether or not he will return to his job.' Deputy Attorney General Todd Blanche denied a rift between Justice Department and FBI leadership in a post on X Friday, saying that 'the suggestion by anyone that there was any daylight between the FBI and DOJ leadership on this memo's composition and release is patently false.' White House deputy press secretary Harrison Fields said Trump has 'assembled a highly qualified and experienced law and order team dedicated to protecting Americans, holding criminals accountable, and delivering justice to victims.' 'This work is being carried out seamlessly and with unity,' Fields said. 'Any attempt to sow division within this team is baseless and distracts from the real progress being made in restoring public safety and pursuing justice for all.' Bondi orchestrated an event at the White House in February with pro-Trump social media influencers to present binders of Epstein-related documents, though she later faced criticism when the MAGA influencers realized most of the documents had been public for years. Patel had minimal involvement in that event. More recently, Bongino repeated promises that the files would be released, even as he tried to downplay their contents. At least one of Bongino's frustrations relates to a 10-hour surveillance video taken outside of Epstein's Manhattan jail cell the day he died, a person familiar with the situation told CNN. As the investigators spent weeks combing through records related to the Epstein investigation, Bongino discovered the video, the person said. The deputy director was elated by the discovery, and he said it was definitive evidence that Epstein had not been murdered, they said. But after the video was released, members of the public and press observed that the video jumped forward, cutting out 60 seconds. Bondi has publicly said the outdated recording system that produced the video resets every day at midnight and the same minute is skipped every evening. Still, theories about what happened in that minute exploded online, and Bongino was blamed internally for the oversight. Patel and Bongino have privately expressed frustration for months over the DOJ's handling of the case, stemming in part from an early interview where Bondi implied the FBI was still reviewing the case, while it had already been turned over to the Department of Justice, sources familiar with the matter said.
CNN
18 minutes ago
- CNN
As South Korea becomes a key arms supplier to US allies, its best customer is on the edge of a warzone
Poland has finalized a deal to acquire a second batch of 180 South Korean tanks under a 2022 agreement that will eventually see Warsaw boost its arsenal with almost 1,000 of the armored vehicles. The deal underlines Poland's emergence as a substantial European military force, as well as South Korea's status as a major arms supplier – especially to US allies as wars around the world exhaust American stockpiles. It comes as Russia ramps up attacks on Ukraine, some of which have come within 100 miles of Polish territory on Ukraine's western border. Warsaw has been increasing defense spending since Russia's invasion of Ukraine, acquiring new weaponry while also helping Kyiv with its defense. As a NATO member bordering Ukraine, it is seen part of the alliance's first line of defense should Russian leader Vladimir Putin decide to expand his aggression beyond Ukraine. Poland's Defense Ministry announced the tank deal, which still needs to be formally signed, in a post on social media platform X earlier this month. It put the price tag at $6.7 billion and said that includes 80 support vehicles, ammunition, and logistics and training packages for the Polish Army. The deal for the K2 main battle tanks, regarded as among the world's most powerful, includes units to be made in South Korea by defense giant Hyundai Rotem and the establishment of a production line in Poland for a Polish variant, the K2PL, according to South Korea's Defense Acquisition Program Administration (DAPA), which oversees Seoul's foreign military sales. Sixty of the batch of 180 tanks will be built in Poland, the Polish Defense Ministry's post on X said. The first 30 of the South Korea-made tanks included in the new contract are expected to arrive in Poland next year, it said. In 2022, the two countries signed a deal for Poland to get 180 K2s. All but about 45 of those have been delivered, with the remainder expected to arrive in Poland by the end of the year, Hyundai Rotem said. That framework was considered South Korea's biggest overseas defense deal ever. It included a total of 980 K2s, 648 self-propelled K9 armored howitzers, and 48 FA-50 fighter jets, the Polish Defense Ministry said at the time. The ministry said the armored vehicles would, in part, replace Soviet-era tanks that Poland has donated to Ukraine to use in its fight against Russia. A March report from the Wilson Center based in Washington, DC, said Poland has given Ukraine more than 300 tanks and more than 350 infantry fighting vehicles and armored personnel carriers. Poland has been on edge in recent days after Russia ramped up drone attacks on Ukraine. A Russian drone barrage against the northwestern Ukrainian city of Lutsk was so intense it caused Warsaw to scramble fighter jets as a precaution. Lutsk is about 50 miles from the Polish border. A NATO report from April cited Polish efforts to dramatically increase defense spending in the face of the Russian threat. Warsaw's defense spending has grown from 2.7% of GDP in 2022 to an expected 4.7% in 2025, according to the report. 'Of all NATO allies, it spends the highest percentage of its GDP on defense,' the NATO report said. It noted Poland's purchase of South Korean arms to quickly fill gaps left by donations to Ukraine. The Wilson Center report said Poland has 'arguably emerged as Europe's most capable military power.' But a May report from the RAND Corp think tank expressed caution over the financing of Poland's arms buildup. Many of its purchases are 'financed through direct loans from countries supplying equipment,' RAND said, adding: 'If securing such loans proves impossible, market financing might be too expensive to turn framework agreements into binding contracts.' RAND also said Poland faces recruitment challenges, needing to increase troop strength by almost 50% in the next 10 years. Meanwhile, South Korea has emerged as the world's 10th-largest arms exporter over the past five years, according to the Stockholm International Peace Research Institute. Over that span, Poland has received 46% of South Korean military exports, followed by the Philippines at 14% and India at 7%, according to the SIPRI's Trends in International Arms Transfers 2024 report. As the war in Ukraine has dragged on, as well as Israel's war in Gaza, US military aid for Ukraine and Israel has drained its arms stockpiles. South Korea is therefore increasingly seen as an option for US allies in need of weapons, according to a 2024 report from the DC-based Stimson Center. And Seoul's arms industry may become important to Washington in the future, the report said. 'Increased South Korean defense industrial base capacity, particularly in arms and shipbuilding, has the potential to directly support the United States,' the report said. Shipbuilding is seen as a particular area of South Korean military industrial strength, and Washington has already seen contracts for maintenance of US Navy supply ships go to South Korean yards as the Navy grapples with a backlog in US shipyards. Along with the K2 tanks, South Korea has sent 174 K9 howitzers to Poland under the 2022 framework, with 38 remaining to be delivered, according to contractor Hanwha Aerospace. A second tranche of 152 K9s is in the works, Hanwha said. Of the 48 FA-50 jets ordered, only 12 have been sent so far, according to manufacturer Korean Aerospace Industries.
