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Former Disney CEO makes mega investment in Australian design company

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An Australian graphic design company making major moves on wall St has an impressive new investor

Former Disney CEO Bob Iger has acquired a stake in Australian design company Canva and agreed to be an advisor to the closely held company.

Canva announced a $40 billion valuation back in September 2021, and was on pace to reach $1 billion in revenue that year.

Iger has made several investments with his own money since stepping down from Disney’s board in December, including with delivery company GoPuff and toy maker Funko.

A spokesman from Canva says “Bob brings a wealth of experience after 15 years at the helm of one of the most loved and most creative brands in the world”

The Sydney-based company helps people create presentations, videos and other designs, competing against Adobe, Microsoft and other graphic-design software firms.

Iger and Canva declined to comment on the size of the investment.

Business

Billionaire boss pays for staff holiday to Disney

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The happiest place on earth became home to the happiest staff on earth after a boss paid for a company break

Ken Griffin is the billionaire boss who booked out an entire Disney World for his staff to cap off a successful year.

Mr Griffin is the Chief Executive at Citadel LLC—a multinational hedge fund and financial services company.

He paid for his staff to visit Walt Disney World in Florida for an all-inclusive weekend away.

“We have built the most extraordinary team not only in our history, but also in the history of finance,” he said.

Around 10,000 people attended the three-day celebrations, including families of Griffin’s staff.

He paid for airfares, hotels, parking tickets, meals and entry into the happiest place on earth.

According to The New York Post, the mega-rich boss said the company has lot to look forward to.

“We have an incredible future ahead of us—and I look forward to the chapters yet to be written.”

A range of musical acts also performed, including Coldplay, Carly Rae Jepsen and DJ Diplo, as part of the weekend of celebrations.

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Business

How did Musk lose his title as the world’s richest person?

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Elon Musk has briefly lost his title as the world’s richest person

This is all following a steep drop in the value of his stake in Tesla and his $44 billion purchase of Twitter.

Bernard Arnault, the CEO of LVMH, which includes luxury brands such as Louis Vuitton, briefly took over the title, with a personal wealth of $185 billion.

Musk has held the top position since late 2021, but has seen his wealth drop, as Tesla investors are worried that he is focused more on Twitter than the electric vehicle company.

Tesla has lost nearly half of its market value and Musk’s value has fallen approximately $70 billion since he made a bid for Twitter back in April.

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Business

Europe plans to bar Meta from using your personal data 

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Europe plans

Europe plans to bar Meta from using your personal data in major ruling

Meta will require permission from its users to serve advertisements based on their personal data, if a confidential EU privacy body has its way.

The European Data Protection Board (EDPB) has issued the agency that overseas Meta one month to issue the ruling.

This is yet another blow for Meta. The company makes around 98% of its revenue from advertising, equating to $27.16 billion in the third quarter of 2022 alone.

Meta attracts advertisers due to its ability to specifically target users based on their geographical location, age, and interests. But the company has been forced to reduce a number of its targeting options recently.

This is to avoid advertisers from targeting users based on sexual orientation, health, religion, and a number of other personal characteristics.

But this recent move from the EDPB is just another blow for the social media giant. The company also having to weather Apple’s iOS 14 update that allowed users to opt out of off app tracking, further reducing the ability for advertisers to specifically target individuals with ads.

Providing users with further control over their personal data is another evolution in the data rights discussion. The issues has been raised in various articles and documentaries, including The Great Hack

If passed, Meta users will once again be faced with the million-dollar question. Would they prefer tailored ads or ads that may not be relevant?

While regulations around data privacy will continue to evolve, advertising will never cease. This is particularly true for Meta, which relies on advertising revenue for its existence.

By Dr Karen Sutherland, University of the Sunshine Coast and Dharana Digital 

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