Salesforce Replaces Exxon in Dow Jones Industrial Average

In another clear indication of the rising economic strength of the technology sector, Salesforce will replace Exxon in the Dow Jones Industrial Average.

“Exxon is now losing money for the first time in decades. Its long track record of raising the dividend is in doubt. Exxon is the poster child for the fossil fuels industry at a time of deep concern about the climate crisis. And the company’s market value has crumbled by a staggering $267 billion from the peak,” writes Matt Egan of CNN Business. “The latest humiliation for Exxon: It’s being kicked out of the Dow Jones Industrial Average, the exclusive index it’s been a part of for 92 years. Fittingly, given the swings in fortune in the modern economy and stock market, Exxon is being replaced by a technology company: Salesforce (CRM). And Chevron (CVX), a more successful company of late than Exxon, is now the Dow’s sole oil company.”

I recommend reading Matt’s article. From my perspective, the technology sector is driving the modern economy, and this is another significant data point in the unfolding story of our culture.

Will Tesla Shares Reach $2,500? It’s Still ‘Early’ in the Game, Says Jefferies

Tesla is on a roll, and there’s still plenty of room for the company to grow, according to a Jefferies note cited by CNBC.

“Jefferies on Wednesday more than doubled its target on the stock, lifting its forecast to a Street high of $2,500 from $1,200. The firm said it’s ‘still early in the transformation of the auto industry,’ while reiterating its buy rating on the company,” writes Pippa Stevens in CNBC Pro. “In a note titled ‘The Permanent Revolution Continues,’ analyst Philippe Houchois said that although Tesla’s dominance in the automobile industry might begin to shrink due to growing competition, its presence in areas like software and battery capacity will continue to give it an advantage over rivals.

TikTok CEO Resigns; Walmart and Microsoft Team Up to Bid for Embattled Firm

The newly hired CEO of TikTok has resigned, apparently as a result of increasing pressure from the U.S. government.

“TikTok CEO Kevin Mayer has quit as the Chinese-owned video sharing app faces enormous backlash from President Donald Trump,” write Donie O’Sullivan and Sherisse Pham, of CNN Business. “TikTok hired Mayer, a former top Disney executive, less than four months ago to run the app, which is the first owned by a Chinese company to gain significant traction in western countries. In addition to his CEO responsibilities, Mayer became chief operating officer of ByteDance, TikTok’s parent company.”

And the race to see who acquires TikTok is heating up. “One of the bids was from Microsoft and Walmart, which have teamed up, and the other was from Oracle and could include a coalition of investors, they said,” writes Mike Isaac of the New York Times. “The discussions remain fluid, said the people, who were not authorized to speak publicly. It is unclear which group will secure a deal, and the makeup of the bidders could still change.”

Apple Making it Harder to Advertise on iOS 14

In a move that Facebook and other companies may find challenging, Apple will implement a new rule requiring a notification that about a metric called Identification for Advertisers (IDFA). The metric isn’t well-known outside of the advertising industry, but it could play a large role in determining which ads you see on your mobile devices in the future.

“Apple and Facebook are fighting again, and how you feel about it says something about who you trust to represent your interests in the strange tech landscape of 2020,” writes Casey Newton of The Verge. “Starting with iOS 14, which will ship this fall, Apple will begin requiring that developers show you a warning that they are collecting your IDFA, and you’ll have to opt into sharing it.”