Teen detox
Kids get unplugged
Good morning, feed curators. This is your Stock Market Rundown for December 20th, 2024. Thanks for hanging out with me, once again. Let’s get into it:
TODAY’S TOP STORY: SCREEN TIME-OUT
The tech industry has been warping young minds since the first ten-year-old slid a Pong cartridge into an Atari console. But the video games of decades ago were nothing compared to the crack cocaine of addictive modern social media.
If it’s not teen girls chasing likes with filtered Instagram selfies, it’s teen boys competing for who can post the most outrageous TikTok stunt before somebody ends up in the ER.
Now, Silicon Valley is getting its biggest pushback yet on youth social media use: Australia just banned social media for everybody under age 16. Tech companies who fail to gate their platforms to minors could be slapped with multi-million-dollar fines.
Platforms like Meta and TikTok pushed back on the new law, calling it “rushed” and arguing there’s no proof social media is harmful to teens.
But experts say social media could be what’s causing skyrocketing depression and anxiety in youth. Turns out spending four hours a day scrolling isn’t really ideal for developing your prefrontal cortex.
Australia isn’t the only place parents and teachers are worried that social media is melting kids’ minds. France requires parental consent for teens to use social media. And Florida just passed a law banning social media for kids under 14.
So what’s the downside for the social-media behemoths if they become as child-free as the topless pool at a Vegas hotel? Well, it’s a sizeable revenue hit. A Harvard study found that the platform most reliant on children was Snapchat, which got 41% of its ad revenue from users under 18, followed by TikTok at 35% and YouTube at 27%.
I guess if social media becomes a childfree gated community, these platforms are just going to have to learn to monetize boomers. How about getting the gals down at the seniors’ center doing QVC hauls, and line dancing on TikTok?
SO WHAT ELSE IS GOING ON?
With recent data showing surging job growth, the US labor market is as healthy as an aerobics instructor drinking a kale smoothie. The top-gaining job sector was healthcare, so if you’ve ever considered a career as a phlebotomist, now’s the time.
Bitcoin hits six figures: the speculative cryptocurrency touched $100k before sagging on a broader market selloff. That guy from 2013 who spent his bitcoins on pizza is truly the Tom Brady of awful financial decisions.
With copper demand surging, mining giant Rio Tinto has announced that its copper production will be up 50% in 2025, thanks to output from its new mine in Mongolia. Nothing says “green future” like turning the pristine steppes into a giant crater.
A New York court just sentenced a man to prison for attempting to sell stolen Tesla trade secrets to undercover FBI agents. Pro tip: if you’re going to dabble in industrial espionage, don’t conspire with randos you meet on LinkedIn.
That’s it for today, my friends. Have yourselves a fantastic weekend, and I look forward to circling back next week. Yours in capitalism, The Axe