Business and Tech News - 3.6.24

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Skool Projekt Staff
March 06, 2024

Target Launches Paid Membership Program

Target announces Target Circle 360, a paid membership program launching April 7, offering benefits like unlimited free same-day delivery on orders over $35 and free two-day shipping. Initially priced at $49 annually until May 18, then increasing to $99, the program aims to compete with established subscriptions like Amazon Prime and Walmart+. Target Circle 360, an upgrade of the existing free Target Circle loyalty program, will also feature exclusive partnerships and is part of Target's effort to enhance customer loyalty and revenue.

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Bitcoin Hits New High

Bitcoin reached a new all-time high of over $69,000, marking its first peak since November 2021, driven by recent U.S. approvals of spot bitcoin ETFs and anticipation of the bitcoin halving event in late April. The cryptocurrency has seen over a 60% increase this month and a 205% rise year-on-year. The total crypto market cap rose 18% to $2.55 trillion, with bitcoin accounting for 52%. The upcoming halving, which reduces the reward for mining bitcoin, historically boosts its demand and price.

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ByteDance May Be Forced to Divest TikTok

A bipartisan group of House lawmakers introduced legislation proposing a U.S. ban on TikTok unless it dissociates from ByteDance, its parent company with alleged ties to the Chinese government. The bill aims to prohibit TikTok from app stores and web hosting services without severance from ByteDance, offering a five-month divestment period. The legislation also empowers the president to designate foreign-controlled social media apps as national security risks. TikTok countered, claiming the bill infringes on free speech rights.

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Biden Caps Credit Card Late Fees at $8

The Consumer Financial Protection Bureau (CFPB) has introduced a new regulation effective March 5, 2024, capping credit card late fees at $8, significantly reducing the industry average of $32. This move, which impacts companies with a major share of credit card balances, aims to halt automatic fee increases linked to inflation and expects to save consumers over $10 billion annually. Despite the cap, companies retain the right to enforce other measures against late payments.

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BowFlex Files For Bankruptcy

The home fitness industry faces a downturn as Americans shift away from cardio equipment, leading BowFlex to file for Chapter 11 bankruptcy protection. Johnson Health Tech Retail is set to acquire BowFlex for $37.5 million. The decline reflects changing workout preferences, with a noticeable pivot towards strength training over cardio. BowFlex's revenue drop and Peloton's struggles highlight the trend. The market for strength equipment is expected to outgrow the overall fitness equipment sector, driven by younger consumers' preferences for weights and stretching.

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Disclaimer: This content is not intended as financial guidance. The purpose of this newsletter is purely educational, and it should not be interpreted as an encouragement to engage in buying, selling, or making any financial decisions regarding assets. Exercise caution and conduct your own research before making any investment choices.