July 25, 2023 Hello, Insiders! Happy Big Tech earnings week to all who celebrate. On deck today: Microsoft, Samsung, and Alphabet. Later this week: Amazon and Meta. These are some of the most powerful companies, so it's a make-or-break week for the market.    And on that note, today’s big story dives into Meta’s new Twitter (sorry, X) competitor.   We’re also covering: Tesla owners are sharing their unexpected gripes about the EV. Airlines hate “skiplagging,” and many will punish passengers who do it. Hunter Biden’s gallery sold his art to a donor “friend” who Joe Biden appointed. But first, don’t get your hopes up about Threads. If this was forwarded to you, sign up here.

THE BIG STORY The failure of Threads Twitter, Threads, Tyler Le/Insider At first glance, Mark Zuckerberg’s Threads looked like a promising alternative to Twitter (which is now rebranded to X — RIP “Twitter”). Threads became the fastest-growing app in history. It lured over some Twitter traffic. And Elon Musk’s lawyer even threatened Zuckerberg with legal action over the “copycat” platform. But beyond the surface-level similarities, Threads doesn’t actually want to replace Twitter (we mean X). Instead of serving as a real-time discourse forum — politics and news are no longer part of Meta’s larger brand — it’s more of a hangout space for lifestyle brands and influencers. While that might sound great to advertisers, it's hard to imagine people will want to be confined to the vapid topics that do best on Instagram, Paris Marx writes for Insider. Even those involved in Threads seem to agree. Instagram head Adam Mosseri said (of course, via Threads) that “there are more than enough amazing communities — sports, music, fashion, beauty, entertainment, etc — to make a vibrant platform without needing to get into politics or hard news.” That’s great for Musk’s social network. As the site gets less usable by the day, a platform gap remains for users who originally flocked to Twitter for its main selling point: relevancy. Twitter gave real-time updates from vetted sources, mingled with opinions from average users. And this created a unique, live experience from any screen. Many (including Twitter cofounder Jack Dorsey) have tried and failed to recreate that cacophonous online magic. Something between the user-friendliness, mass adoption, or content moderation of alternative sites like Mastodon and Bluesky has always created too large of a barrier to migrate people over from Twitter. Between Threads not seeking to fill that role and Twitter’s slow decline, people may soon lack a reliable online space to have real-time discourse. Until a platform fills the gap, users who fueled the main selling point of the former Twitter are going to continue falling through the cracks. Or, they may just go back to Twitter (rather, X). READ THE FULL STORY HERE

TOP READS Biden, Teslas, & tech parties  Andrew Harnik/AP; Insider   Hunter Biden's gallery sold his art to a Democratic donor “friend” who Joe Biden named to a prestigious commission, Insider's Mattathias Schwartz reports. The transaction raises questions about the "absolute wall" between President Joe Biden's administration and his family members' business deals. Tesla owners share unexpected downsides of owning their vehicles. Dozens of Tesla drivers revealed headaches of owning the EV, including that the tires wear out faster and that EV owners are charged higher insurance rates. Inside the private equity recruiting tornado. Recruiting for 2025 roles has officially started. The frenzy, pressure-filled cycle started earlier than ever and is repelling young bankers from a career on buyside. Every US airline’s policy on the money-saving travel hack skiplagging. Airlines hate passengers who skiplag. United Airlines, for example, even threatens to permanently ban skiplaggers. Meanwhile, airlines like Alaska threaten to take legal action against customers. Meet the 27-year-old Gatsby of Silicon Valley. Andrew Yeung started throwing these gatherings as a pandemic-era meetup — he noticed that young techies craved human connection. But the meetups have now evolved into the hottest tech parties and an empire of events. Adobe employees worry their AI will kill jobs. Internal Slack messages reveal that employees are concerned their technology will kill graphic designer jobs — their key customers. “Is this what we want?” one person wrote in an AI ethics channel. A pilates instructor earned $9,812 in one year from renting out designer dresses. She rents out designer dresses from her closet, then uses the income to buy even more clothing. She said the dresses pay for themselves and then some.

BEFORE THE OPENING BELL US savings, home foreclosures, & Warren $5.5 trillion in personal savings is gone. Since April 2020, US savings have evaporated due to high inflation. With student loan payments returning, spending levels could worsen. This phenomenon could pave the way for a recession. The top 10 US cities with the highest home foreclosure rates. Foreclosures are surging across the country. New Haven, Connecticut; Orlando, Florida; and Atlantic City, New Jersey are among the cities leading this trend, according to new data. Elizabeth Warren warns the Fed’s interest rate decision this week could “be devastating for our economy.” Predictions say that the Federal Reserve will raise interest rates by 25 basis points. The announcement is expected to come on Wednesday.

WHAT ELSE IS GOING ON Coast Guard, viral plane passenger, & Nike Simple habits that could add up to 20 years to your life. Exercise, sleep, and social connections are among the top habits that researchers say could extend your life. The US Coast Guard is searching for a Carnival cruise ship passenger who went overboard. Carnival says the 30-year-old passenger “jumped.” Ohio Secretary of State endorsed Trump’s 2024 campaign. Frank LaRose once said it was “irresponsible” for Republicans to make stolen election claims. A plane passenger goes viral for sharing that her boyfriend refused to pay $11 to sit next to her. The story reignited debate over whether people would pay the fee. Nike has a clever new spot for its swoosh. In a long overdue advertising move, the athletic corporation is now putting its logo on the back, right corner of golf shirts.

LAST LOOK Chinese ghost town Jade Gao/AFP via Getty Images There's a ghost town of deserted Chinese mega-villas built for multimillionaires that's now overrun by farmers and left to rot. Check it out.