Dear Inside Community, Our most popular event series is coming back on May 24 and 25, and we want you to be there! Meet Our Fund 3 brings together an all-star lineup of venture capitalists ready to pitch you on what they invest in and how they add value for founders. Register here, and check out the speakers we have already announced. There will be plenty more to come in the weeks ahead. It’s going to be our biggest Meet Our Fund yet. —The Inside Team | |  Vanessa |  |
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Activist investor Blackwells Capital is again calling for Peloton to consider a sale, arguing that shareholders are worse off today than they were in January under Peloton’s co-founder and former CEO, John Foley. Blackwells pushed for Foley to be removed as Peloton’s CEO in January. Foley transitioned to the role of chairman and was replaced by former Netflix and Spotify executive Barry McCarthy. More: - Blackwells says McCarthy has failed to reform the fitness company’s governance or justify its continued operation as an independent company.
- Blackwells founder Jason Aintabi has reached out to other shareholders to support its push for Peloton to scrap its dual-class shareholder structure, which gives Foley and other insiders control of the company.
- Blackwells owns a 5% stake in Peloton and plans to detail its argument in a presentation on Wednesday.
- According to a draft of the document seen by the Financial Times, Blackwells is threatening to pursue legal action if Peloton does not take a series of actions, including soliciting takeover bids for the company.
- Amazon and Nike have considered bids for Peloton.
- Peloton shares were up ~2% in early trading on Wednesday; the company is down over 30% so far this year.
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JPMorgan Chase released its Q1 2022 earnings on Wednesday, reporting a 5% drop in revenue and a 42% drop in profits. The bank reported revenue of $31.59B, slightly beating analysts’ expectations. Net income came in at $8.28B or $2.63 a share. JPMorgan reported credit costs of $1.5B, including $902M set aside for potential loan losses and $524M for losses related to the ongoing war in Ukraine. More: - CEO Jamie Dimon said the bank is optimistic about the U.S. economy in the short term but foresees significant geopolitical and economic challenges ahead due to high inflation, supply chain issues, and the war in Ukraine.
- Its Consumer and Community Banking arm reported $12.23B in net revenue, a 2% drop YoY. Net income came in at $2.9B, down 57% YoY.
- Corporate & Investment Bank reported net revenue of $13.53B, down 7% YoY. Net income came in at $4.4B, down 26% YoY.
- Commercial Banking reported net revenue of $2.4B, which remained flat compared to last year. Net income was $850M, down 28% YoY, mostly due to the bank’s credit reserve builds compared to $5.2B released last year.
- Asset and Wealth Management reported net revenue of $4.3B, a 6% increase YoY. Net income came in at $1B, down 20% YoY.
- JPMorgan shares were down ~3% by afternoon trading.
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BlackRock released its Q1 2022 earnings on Wednesday, reporting $114B in long-term net inflows. AUM dropped to $9.57T at the end of March after crossing the $10T mark in December; it is still up 6% YoY. The world’s largest assets manager reported revenue of $4.7B, up 7% YoY, and net income of $1.44B or $9.35 a share, a 20% increase YoY. The firm reported $500M worth of share buybacks and an 18% increase to $4.88 per share to its quarterly cash dividend. More: - BlackRock reported total net flows of $86.36B in the quarter:
- $10.16B net inflow from Retail, down 72% YoY.
- $56.2B net inflow from ETFs, down 18% YoY.
- $47.37B net inflow from Institutional clients, up 71% YoY.
- $27B net outflow from cash management products.
- BlackRock reported inflows of $28B from the Americas, $45B from Europe, the Middle East, and Africa, and $41B from Asia-Pacific.
- BlackRock shares are down ~21.5% this year.
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Meta Platforms, Facebook’s parent, plans to take an overall cut of up to 47.5% on every virtual asset sale in its metaverse – Horizon Worlds. The company popularized the term metaverse last fall when it announced it would focus on developing the space as the next evolution of human connection. The company also changed its name from Facebook to Meta to reflect this commitment. More: - In a blog post on Monday, Meta announced it would start testing new tools that would allow creators to sell virtual assets and experiences they create in Horizon Worlds.
- Horizon Worlds is Meta’s free virtual reality game that allows users to build and explore virtual worlds.
- In December, Meta launched the game in the U.S. and Canada on its Oculus VR headsets.
- A Meta spokesperson said the 47.5% cut included a 30% hardware platform fee and a Horizon Worlds 17.5% fee.
- News of the cost sparked anger in the NFT community, with some comparing Meta’s cut with NFT marketplace OpenSea, which takes a 2.5% cut on each sale.
- The 47.5% cut is also higher than the 30% Apple charges developers for sales on its App Store, for which Meta CEO Mark Zuckerberg criticized Apple last year.
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On Wednesday, Delta Airlines released its Q1 2022 earnings, reporting a 6% increase in its fuel costs compared to 2019 despite operating 17% fewer flights. Jet fuel prices have more than doubled in the last year; they have been up over 50% since the start of the year. The airline reported revenue of $9.35B, beating analysts' expectations but still 11% below 2019 levels. Airlines have been comparing their results against 2019 pre-pandemic levels to show their recovery following the pandemic's devastating impact on travel and the airline industry. More: - Delta earned $1.2B from its credit card partnership with American Express, up 25% compared to the same period in 2019.
- Delta reported an adjusted net loss of $784M or $1.23 a share; however, it logged one of its highest bookings in March.
- Delta ended the quarter with $12.8B in liquidity, including $2.9B in undrawn revolver capacity.
- Delta expects costs, excluding fuel, to increase 17% in Q2 and plans to operate at 84% of its 2019 capacity levels in the quarter.
- Delta shares were up ~6% in afternoon trading.
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Google plans to invest $9.5B in its U.S. offices and data centers this year, opening new locations and expanding existing facilities. The company also plans to create at least 12,000 new full-time Google jobs and thousands more through its partners, local suppliers, and communities by the end of the year. In a blog post announcing the plans, Google CEO Sundar Pichai noted that the investments might seem counterintuitive given the company’s embrace of hybrid work. More: - Google plans to open a new office in Atlanta this year, increase its presence in New York, and expand its campus in Boulder, Colorado.
- The company also plans to invest in new data centers across the U.S.
- Google has invested over $37B in its offices and data centers in the last five years.
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- Trading platform Robinhood added four new cryptocurrencies, including the Shiba Inu coin. Others added include Solana’s SOL, Polygon’s Matic, and Compound’s COMP. NOTE: Inside.com’s founder and CEO, Jason Calacanis, is an investor in Robinhood.
- In March, U.K. inflation rose 7%, a 30-year high, fueled by record-high energy costs. The kingdom reported an annual rate of 6.2% in February.
- Amazon announced on Wednesday it will add a 5% fuel and inflation surcharge to U.S. sellers who use its fulfillment services.
- President Biden has authorized an additional $800M in military assistance for Ukraine. The weapons package includes artillery systems, artillery rounds, and armored personnel carriers.
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 |  | Vanessa Omeokachie is a Researcher at Inside. Her interests include finance, tech, and startups. In her free time, she enjoys reading, hiking, attending music festivals, and traveling. Connect with her on Twitter @VanessaOmeo or through email at vanessa@inside.com | | | | Editor | Aaron Crutchfield is based in the high desert of California. Over the last two decades, he has spent time writing and editing at various local newspapers and defense contractors in California. When he's not working, he can often be found looking at the latest memes with his kids or working on his 1962 Ford. | |
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