TOP STORY
Meta Launches “Threads,” A Twitter Competitor 📱

In the midst of a potential "cage fight" between Elon Musk and Mark Zuckerberg, Meta made a striking move this week with the launch of a new app called "Threads."

Threads is a text-based conversation platform competing with Twitter. Threads accounts are linked to Instagram profiles, making the sign-up process seamless for existing Instagram users (it took me all of 2 minutes to sign-up). This helps Meta grant immediate access to an expansive user base right from launch.

A jaw-dropping 30 million sign-ups were registered 16 hours after its launch, positioning Threads to become the most rapidly downloaded app in history and easily beating ChatGPT for the fastest time to hit 1M users.

This successful launch has provided a much-needed boon to Meta, given their flagship “family of apps” has experienced stagnating user growth in recent years. This also provides Meta with another potential revenue lever.

However, it's not all smooth sailing for Meta and Threads. Twitter, now owned by Elon Musk, has thrown down the legal gauntlet, threatening to sue Meta over the new app.

Allegations have surfaced that Meta has violated Twitter's "intellectual property rights" and engaged in "unlawful misappropriation of Twitter's trade secrets.”

FROM OUR FRIENDS @ ADDY
Special offer for the Blossom community 🤗

Some of you may remember addy from the joint event we hosted together back in November, but if not, definitely go check them out.

As real estate continues to grow out of reach for most Canadians, addy has built an awesome platform that enables investors to participate in the ownership of real estate properties across the country for as little as $1.00.

addy has graciously offered our community a free addyONE membership for their first year (regularly $50) which gives priority access to investment opportunities, special discounts for in-person events, and more. Just use code BLOSSOM when you sign-up (expires July 25, 2023).

addy is a long-time friend of Blossom so go show them some love!

ELECTRIC VEHICLES
An Electric Q2 for These Car Companies 📈

This week was packed with earnings reports and delivery numbers from the electric vehicle industry's biggest names, pointing towards an optimistic trend in the sector:

📈 Tesla ($TSLA): Tesla delivered 466,140 vehicles worldwide in Q2, beating estimates of ~445,000. Although Tesla doesn't break down sales by country, a significant portion of this performance is attributed to the Chinese market.

📈 BYD ($BYDDF): The Chinese auto giant posted record-breaking figures, with 253,046 vehicles sold in June. It has sold more than 1.2 million EVs (including hybrids) in the first half of 2023, beating out Tesla for the top spot in China.

📈 Li Auto ($LI): Li Auto delivered 32,575 vehicles in June, surpassing their previous month's record. Their total Q2 deliveries of 86,533 vehicles outpaced their entire 2022 deliveries.

📈 XPeng ($XPEV): XPeng continued its sales growth streak for the fifth straight month, delivering 8,620 vehicles in June. Its Q2 deliveries were above the top end of its guidance.

📉 NIO ($NIO): While not quite hitting their target, Nio still delivered 23,520 vehicles in Q2, including a significant boost in June. The sales jump has been attributed to the rapid increase of their ES6 SUV.

📈 Rivian ($RIVN): The EV manufacturer exceeded expectations by delivering 12,640 EVs in Q2 (+183% year-over-year), and its production reached 13,992 units, both hitting all-time records.

📉 Ford ($F): Ford reported a 10% increase in vehicle sales during the second quarter, selling 531,662 vehicles. This growth was driven by a 26% surge in pickups, delivery vans, and heavy trucks, but saw a slight 3% decline in sales of electric vehicles.

📈 General Motors ($GM): The company sold 15,652 EV units, marking an increase of 117% compared to the same period in 2022. The popularity of the Bolt EUV, with its increased size and SUV-like features, contributed significantly to these numbers.

BLOSSOM INVESTOR SOCIAL
Venue Locked in for Toronto Investor Social 🔒

If you’re in Toronto this one’s for you… we just locked in the Rec Room’s private area for our Investor Social on August 1st!

The event space is awesome and will fit 300 of us including some of our favorite creators like Brandon Beavis, Canadian in a T-shirt, Daniel Pronk, The Humbled Trader, Joyee Yang, Money with Cass, and more 🤗

There’s also a few tickets left for our Calgary Social on July 17 and Montreal Social on August 3. We’ll be announcing the Montreal venue soon!

CANADIAN NEWS
Canadian Dockworkers Go on Strike in B.C. 🚢

The ongoing strike by dock workers in British Columbia is causing ripples across the Canadian economy, with experts estimating the damage to be at least $250 million per week. 

This strike is led by the International Longshore and Warehouse Union (ILWU) Canada and stems from disagreements over wages and concerns over contracting out jobs.

The strike, which involves over 7,400 workers, is leading to significant disruptions, including delayed shipments, inventory reductions, and increased prices for goods in short supply.

While the strike could have an impact on economic activity, the primary concern for the Bank of Canada (BoC) is the potential inflationary pressure caused by supply chain disruptions. 

The BoC is set to make a policy announcement next week, and the persistent strike complicates its previous efforts to curb stubbornly high inflation through interest rate hikes.

 FROM THE BLOSSOM APP

🎙 Top Discussions This Week

🗞️ What else you might’ve missed:

• Google ($GOOGL) has delayed the release of its custom semiconductor chips.

• Toronto’s housing market slowed in June for the first time in 5 months.

• The Canadian government is suspending advertisements on Facebook and Instagram.

• Alibaba ($BABA) aims to work with Zhejiang to develop A.I. and the digital economy.

• SVB Financial Group won court permission to sell its investment banking arm for $100 million.

• U.S. crypto companies’ job listings have fallen as much as 80% in some cities.