MAXIM - While we were locked up at home, deprived of physical interactions, the digital economy has established itself as the new commercial space, on a global scale. It was therefore necessary to find solutions to meet these new challenges and electronic payment has become essential in almost all countries of the world.

Digitalization and pandemic: a favorable context

Much more than a simple technological tool, the Internet has profoundly changed consumer trends. It is no longer necessary to browse shopping malls in search of the latest trend or to queue at the checkout to satisfy your shopping desires. Today, technology is speeding up this process even further, making it possible to find and order products, all while paying with an often pre-registered card.

In 2021, e-commerce represents more than 13% of retail trade, and continues to grow, favored by repeated confinements. Companies around the world sell their products across the globe, and buyers jostle on sites and marketplaces hosted around the world.


Means of payment: the new challenge for merchants

Online interactions are increasing, and transactions are thus crossing physical borders. But if it is obvious in France to register your bank card on the Internet, it is a completely different reality in other countries, even bordering ones. In Germany, for example, consumers favor direct debit rather than bank cards, using solutions such as Sofort or Giropay. Similarly, buyers in Portugal mainly use Multibanco, a post-payment solution that allows them to pay for their purchases after ordering, directly from an ATM. The bank card is not a standard, and what the French will consider as the basic method of payment, will only be an alternative solution in another country, even within Europe. A company that develops online, and therefore wants to be accessible from any country, cannot therefore content itself with offering its customers the payment methods of its home market. The integration of different payment solutions is a strategic issue for merchants in a globalized world, because this diversity becomes a real asset for the competitiveness of a company.

 APIs and software integration

But integrating a payment option is not just about adding a button to the customer interface. This integration is carried out using APIs, which link the various parties involved in a transaction, namely the customer, his bank, the merchant and his bank. But this process can sometimes hurt the competitiveness of traders. Indeed, banks, being obliged to offer APIs, have generated them without always taking into account the customer experience. From their point of view, integrating payment solutions that are not or hardly present in a territory constitutes an opening to competition. They are therefore not particularly encouraged to do more than the bare minimum to develop these tools, which are essential to the fluidity of the user experience.

Faced not only with payment methods in other countries, but also with payment solutions in installments such as Alma or Klarna, the role of APIs is crucial in the payment process. In commerce, customer loyalty is the sinews of war, but a consumer who does not enjoy a satisfactory end-to-end experience is less likely to be loyal. APIs and the integration of payment solutions into them are therefore essential to the development of the digital economy.

The pandemic: vector of innovation

In this context of e-commerce growth, new players have been able to take advantage of the rigidity of the banking system in the face of the challenge of APIs. With the pandemic, the number of online sales increased sharply, by around 50% in value compared to the previous year. What has been a nightmare for many companies has turned into an opportunity for the e-commerce ecosystem. This boom has allowed companies to develop, as is the case for Stripe, a specialist in the integration of electronic payments which has taken advantage of this vacuum left by traditional players to become a leader in its field. This pandemic is a vector of innovation and strong development for the digital economy, which has accelerated the modernization of an entire ecosystem.

However, ways to connect all players in this economy have been overlooked. But not for long: today, banks and companies seem to better understand the challenge that APIs represent in these interactions. On the one hand, the priority is more on improving the customer experience, taking into account the differences between payment habits in each country, and improving connections between stakeholders. On the other hand, the monetization of APIs has become a hot topic, as this technological tool has become essential. It's a safe bet that banking players have not said their last word, and intend to exploit all the opportunities presented by the digital economy.


MAXIM - Grands Crus, Which wines are consumers most looking forward to tasting in 2022? Leading journalists, writers and sommeliers forget about trends and reveal their wine preferences for 2022.

After two years under glass in a topsy-turvy world, consumers seem to be turning to sparkling wines for some solace, but also to delve deeper into some less famous wine regions, like Montesucco in Tuscany or Dawn in Champagne.

Lesser Known Burgundy Appellations – Lauren Mowery, Travel Writer for Wine Enthusiast Magazine

“Last year, I had the opportunity to moderate a panel of Burgundy winegrowers for Wine Enthusiast. At the time, I avoided Burgundy wines because of their high price, but the subject of the panel changed my mind: “Finding valuable wines beyond the Côte de Beaune and the Côte de Nuits, with lesser-known appellations”. We discussed Mâconnais, Côte Chalonnaise, as well as Grand Auxerrois, or the heavenly notes of Chardonnay and Pinot Noir that can be enjoyed at reasonable prices. I look forward to drinking more of these wines in 2022.”

Ancient world – Yannick Benjamin, sommelier at Contento Restaurant and co-founder of the Wheeling Forward association

“Last year, I took a close interest in wines from Antiquity. I have created a section within the Contento wine list entirely dedicated to this fascinating world of Antiquity. Places like Armenia, Georgia, Turkey, Cyprus, Israel or Lebanon are the cradle of a wine civilization that dates back 8000 years. In 2022, I will continue this quest to fully understand this important part of the wine world and its native varieties such as Vokehat, Tsolikauri, Narince, Xynisteri or Merwah. To understand the present, we must understand the past."

Small Formats – Julia Coney, Founder of Black Wine Professionals

“I look forward to drinking more wines in bottles or small cans. These wines have improved over the past few years and I am keen to discover hidden gems from around the world."

Crémant d’Alsace – Matthew Kaner, SOMM TV Network

"In 2022, I can assure you that I will burst a lot of bubbles, and although I am a big champagne lover, I will drink a lot more Crémant d'Alsace! Obtaining the AOC dates back to 1976, but the history of Crémant d'Alsace is much older. It all started in 1900, when Alsace was still tossed between France and Germany. The importance of the family business from generation to generation and the rich diversity of its terroir, with 51 distinct grands crus, make Alsace a region that we should all integrate more into our consumption habits."

Bordeaux and its new grape varieties – Deborah Parker Wong, SOMM Journal

“In 2022, I will be leading a one-semester course on the wines of France and I look forward to tasting Bordeaux blends with new, recently approved grape varieties, such as Alvarinho, Petit Manseng or Liliorilia. It's unlikely that I'll be able to taste Liliorilia as a monovarietal wine, but I'm curious what it will add to a Bordeaux blend."

Pfalz and Xinomarvo – Brent Kroll, Maxwell Park

“In 2022, I will taste wines from Pfalz, in particular Pinot Noir. I was able to visit Pfalz this year and was shown that the climate for pinot was similar to that of Burgundy 30 years ago. The list of the best producers in the region is longer than a CVS receipt. Wines are generally perfect for aging. Also, they have great value. Keep an eye out for these bottles: Rebholz, Chrismann, Pfeffingen, von Winning, Rings, Krebs, Schwedhelm and Julg."

"I will also taste the Xinomarvo from Greece. It has the structure of Nebbiolo and lots of aromas of Mourvèdre from Bandol. I like its power and its salty notes of olive tapenade. A bottle with a little age will make any wine drinker happy. There are nine Xinomavro clones, with the best usually, but not always, coming from Amýntaioet and Náoussa. These bottles are perfect to taste or to age: Delamaras, Katsaros, Foundi, Alpha, Kir Yianni, Diaporos, Karydas and Aregatia." 

Small Vineyards – Victoria James, Cote

“With the launch of our Cote Wine Club, I am constantly scouring the market for hidden gems to offer our members. I look forward to tasting many of these rare wines with the club. We now have small vineyards that set aside entire vintages and cuvées for us. As a sommelier, I have the chance to drink the most recent wines and It's not the coolest, but it tastes more special when we can share our exclusive access with our members."

Montesucco and Austrian Sparkling – Clive Pursehouse, Peloton Magazine

"In 2022, I would say 'open a Montesucco for me!' The Sangiovese from Montesucco is one of my favorite wines this year. This wine originates from Tuscany, in the Maremma region, and lies between Brunello di Montalcino and Morellino di Sansano. Tuscany produces a wide range of wines made from Sangioveses. Nevertheless, the region is already famous for its wines, so you have to find rare pearls in small family wineries."

"Sekt offers a wide range of puns, but Austria has much more to offer thanks to its higher quality standards than its German neighbors. Sekpt is therefore certainly more than just a wine to drink. He can be very sexy. Grosse Réserve and Réserve are particularly good, but the Austrians make so many great natural wines. The Meinklang is of course a top option, in addition to the traditional Sket there are plenty of good Pet-Nats to nest on the side of the Austrian growers."

 Romanian wines – Wanda Mann, SOMM Journal

“I haven’t traveled abroad since 2019. Wine and spirits have been my passport to adventure during the pandemic. I don't set myself any limits or restrictions on the wines I will taste in 2022, I want to try them all! I've been drinking more Sherry lately and want to dive into it even more in the new year. I recently attended a Romanian wine tasting in New York and was fascinated by the rich history and character of the wines. Spanish wines have always been my favorite, but I recently tasted some excellent wines from the Canary Islands and will continue to seek them out. Italian wines continue to captivate me, and the volcanic wines of Etna are particularly intriguing. Traditional method sparkling wines from around the world will always capture my attention."

Cornas – Alice Feiring, writer, author of To Fall in Love, Drink This

“I look forward to being inspired. I'm really in the mood for an old Cornas. Smoky, earthy, a hint of horse sweat and lots of space. This way please ! "

Champagne produced in Aube – Treve Ring, writer

“Is there a better time to drink champagne? And more particularly champagne produced by small producers who will suffer most from the consequences of the crazy frosty, flooded or moldy harvest of 2021. I am particularly interested in producers from Aube, a long neglected region, for whom the hour to shine has finally arrived. " 

Burgundy – Vicki Denig, editor

“This year, I can’t wait to drink a lot more champagne and burgundy. If the past two years have taught us one thing, it's that life is too short and should be celebrated. Find the hidden gems, drink the good stuff, and don't be afraid to splurge, within reason. " 

Champagne, tequila and sake – Sarah Blau, San Francisco Wine Trading Company

"I'm not very picky about what I see, but if someone asks me what I want in my glass, I'll answer with one of three options: champagne, sake or tequila. Each of these drinks corresponds to a different mood, but regardless, after a sip of one of them, a big smile of satisfaction lights up my face. After two years of isolation, I will continue to drink what brings joy to my life and you should too."

Alto Adige – Yolanda Shoshana, writer

“I am looking forward to the wine from Alto Adige (Alto Adige). These wines give me the impression of being in the Alps, in Italy, sipping a good glass."

California Sauvignon Blanc – Tim Teichgraeber, Hugh Johnson’s Pocket Wine Book

“As part of my work, I focus primarily on Californian wines, and I continue to be blown away by the cool-climate Chardonnay, Pinot Noir and Syrah that come from the Sonoma Coast and Anderson Valley. The 2020 vintage was disastrous for red wines on the north coast due to the wildfires, but the 2020 Sauvignon Blancs that were harvested before the fires are incredibly good. Sauvignon Blanc is probably my favorite white grape variety, and I love how California vineyards coalesce around a sunny style that's both crisp and oaky. I am also looking forward to visiting the Loire Valley in April and tasting a lot more Sauvignon Blanc there."

"If this rumor of a champagne shortage is true, I will be perfectly happy with the sparkling wines from Roederer Estate, Domaine Carneros, Schramsberg and Gloria Ferrer. Now that many American zinfandel producers are making less ripe and more balanced wines, I think this category is interesting again. California is still struggling to excel in mid-weight red wines. A friend introduced me to an incredible Susumaniello from Masseria Li Veli in Puglia, and I love it. I also have a weakness for a good Valpolicella Ripasso from Veneto, a Travaligni Gattinara from Piedmont or a Frappato from Sicily." 

I Clivi – Paige Farrell, writer and sommelier

“I remember a visit to the Italian winery I Clivi in ​​the peaceful town of Corno di Rosazzo, not far from the Slovenian border, in Friuli-Venezia Giulia. When I arrived, bud break had just begun and the sap was still glistening on the vines. Here, where the gentle hills of vineyards keep pace with fruit trees on the verge of intoxicating bloom, it's impossible not to sit back and be grateful. The wines of the late winemaker Zanusso and his son Mario embody grace and purity, especially their elegant and sparkling RBL, made from Ribolla Gialla. Brazan Bianco, a single varietal, nuanced and herbal white, made with Tocai Friulano, offers both complexity and verve. Alongside these lovely muses, I will contemplate gratitude and new beginnings!"

Northern Rhône Syrah – Lauren Daddona, sommelier

“The year 2022 will be the year of Syrah from the northern Rhône. I want wines that provoke a reaction, that have personality, but I am not ready to sacrifice freshness. This Syrah is closer to 13% alcohol than 15% and has heady aromas: tasty, floral and spicy. Syrah is inherently intense and, in the right hands, retains a liveliness on the palate that is essential for such a varietal. The Cornas, in particular, caught my full attention, without hesitation. To tell the truth, I am open to all appellations, and I would particularly welcome the opportunity offered to me to look for bottles of Collines Rhodaniennes and Côtes du Rhône from recognized Syrah producers such as Rostaing, Voge or Jamet." 

Overview – Pascaline Lepeltier, sommelier, MOF

"This year, I'm going to seem off-putting, but my objective will always be to find and support the winegrowers and winegrowers who write the present and the future of the wine sector, wherever they are, whatever their culture: those who seek above all to preserve their land and to return as much as they take in a form of win-win contract with their vineyards; those who create and support a work structure where we can not only earn a decent living, but also thrive and grow; those who observe what needs to change and evolve in order to produce the most expressive wine. There are more and more of them everywhere, including in traditional regions such as Bordeaux (with some replanting of old and indigenous grape varieties such as Bouchale and Mancin, work on sowing, etc.) or in Beaujolais (with trials of old varieties and new hybrids). Most of these new dynamics come from regions where financial pressure is less and where creativity is possible. It is truly exciting to see the multiple ways in which these ideas can be embodied in agro-ecological agriculture supported by scientific research. This is particularly the case with VinNatur in Italy, permaculture, the practical school or the new system of cooperatives (such as the Kalche wine project in Vermont). All in all, it's time to stop being a label drinker and grab the chance to be a lively, authentic wine drinker and supporter."

Article translated from Forbes US – Author: Adam Morganstern

MAXIM - The ranking of the ten most followed influencer creators in the world on TikTok is very interesting in different respects. Already, it makes it possible to inform about the personalities and the contents which interest the generation Z (Gen Z). But beyond that, it is the most unique social media ranking.

Here no Cristiano Ronaldo, Rihanna or Taylor Swift! Those who monopolize the first places on all other networks like Instagram and Twitter are not present in the top performers of the platform. Indeed, on TikTok, there is an independent subculture that no matter how stardom a personality is, they will not be successful if they do not produce TikTok content that appeals to users.

Here is the TikTok ranking of the 10 most followed creators:

1. Charli d'Amelio - 133.3M

Charli D'Amelio started posting videos on TikTok from May 2019. Her first popular video was a duet with the user "Move with joy" in July 2019. Since then, most of her videos show her dancing on the app trending music. On October 19, 2019, she published on her account her cover of the dance "Renegade", which propelled her to the rank of star of TikTok.

2. Khaby Blade – 127.5M

Khaby Lame, born Khabane Lame on March 9, 2000 in Senegal, is a Senegalese designer living in Italy. Khaby Lame starts posting on TikTok on March 15, 2020, during the first lockdown. His videos are known for being short comedy skits where he sarcastically points to people making simple tasks difficult.

3. Bella Poarch – 87.4M

Bella Poarch, real name Taylor Nairee, born February 8, 1997 in the Philippines, moved with her family to Texas, United States when she was 13 years old. She joined the US Navy for which she served for three years from 2015 to 2018. In January 2020, she created an account on TikTok. She regularly publishes videos on subjects as diverse as video games, cosplays and facial expressions synchronized to music. She gained some notoriety in August 2020, with a lip sync that went viral to the track M to the B by British rapper, Millie B.

4. Addison Rae – 86.2M

Addison Rae grew up in Lafayette, Louisiana before moving to Los Angeles to join The Hype House, a collective of young TikTok creators gathered in a villa. She has been active on TikTok since 2019 where she is known in particular for her dance demonstrations.

5. Zach King – 66.6M

Zach King, born February 4, 1990 in Portland, Oregon is an American star from the Vine era. He is a filmmaker, YouTuber and TikTokeur based in Los Angeles. Zach King was present on Musically in 2016 before the platform became TikTok. He is known for his videos mixing illusion and the magic of editing. 

6. Will Smith – 64.6M

Willard Smith, his real name, is the only celebrity from the traditional start system. The 53-year-old American actor has surrounded himself with a real professional team to support him in the production of very elaborate TikTok videos: identification of trends, scriptwriting, filming and editing with advanced special effects.

7. Kimberly Loaiza – 58.2M

Kimberly Guadalupe Loaiza Martinez was born on December 12, 1997 in Mexicali, Baja California, Mexico. Kim Loaiza is a personality and singer who follows music and dance trends on TikTok.

8. Dixie d'Amelio - 56.8M

Dixie Jane D'Amelio born August 12, 2001 is the sister of Dixie d'Amelio. Dixie creates and posts videos on TikTok very similar to that of her sister who she physically resembles a lot.

9. Burak Ozdemir – 55.4M

Burak Özdemir, nicknamed CZN Burak, is a Turkish chef and restaurateur born March 12, 1995 in Yayladağı. Burak shares fun videos on TikTok around recipes or typical Turkish dishes, original and unusual while displaying his legendary smile and good humor. He regularly creates content with the various celebrities who visit him in his restaurant.

10. Spencer Polanco Knight – 55M

Spencer Polanco Knight or Spencer X is an American beatboxer of Chinese and Ecuadorian origin born on April 20, 1992 in Manhattan, New York, United States. He uses beatbox as a soundtrack for his sketches and stagings on TikTok.

And you, what do you think of this TikTok ranking of the most followed personalities on the network? (Rudy Turinay)

Tesla CEO Elon Musk gestures as he arrives to visit the construction site of the future US electric car giant Tesla, on September 03, 2020 in Gruenheide near Berlin.


MAXIM - On October 27, the chairman of the US Senate Finance Committee, Ron Wyden, presented a plan according to which the tax on long-term capital gains should also apply to the "unrealized gains" of exchange-traded assets owned by persons who own assets worth more than $ 1 billion or have received income of $ 100 for three consecutive years mln. How much will the richest Americans pay to the US budget?

On Monday, October 25, when Tesla shares jumped, adding $ 26 billion to Elon Musk's fortune ($ 253 billion), some Democrats in Congress were working on a bill to introduce a new tax on billionaires. Early Wednesday morning, Senate Finance Committee chairman Ron Wyden unveiled a 107-page plan that the federal tax on long-term capital gains should also apply to "unrealized gains" in exchange-traded assets held by individuals holding more than $ 1 billion or more in assets. for three consecutive years, they received income of $ 100 million.

Thus, the unrealized (and therefore never taxed) capital gains of eligible billionaires are taxed again. The Wyden project is expected to take effect in 2022. To understand the scale of the loss, Forbes calculated what would have happened if the tax had already been in effect in 2020, taking as an example the 20 richest billionaires from the Forbes 400 rating, whose assets consist mainly of stocks, including Musk, Jeff Bezos, Mark Zuckerberg. , Bill Gates and Warren Buffett. In theory, they would have to pay the government $ 239 billion.

In 2020, Bezos would have suffered the most ($ 39.7 billion in debt), followed by Zuckerberg with $ 19.9 billion. Wyden's plan gives billionaires five years to pay their first year net tax. and permits this amount to be distributed over five equal tranches.

Musk's shares as of September 3 (this data was used to compile the Forbes 400 rating of 2021) have grown by $ 83 billion since the publication of the rating last year, which means that the Tesla founder would have to pay an additional $ 20 billion in taxes: for the first two years the total the amount would have been $ 29.8 billion. For comparison: according to tax returns received by ProPublica, from 2014 to 2018, Musk paid income taxes in the amount of $ 455 million.

Based on the 2021 Forbes 400 date, the top 20 billionaires would have to shell out another $ 106 billion in 2021. Note that these calculations are correct if we assume that the tax was introduced in 2020, and not in 2022, as stipulated by the bill. In just the first two years of the tax, these billionaires would have to pay $ 345 billion, or about 19% of their combined wealth, assuming they did not make large donations, which the bill also allows.

Unsurprisingly, Musk immediately condemned the new bill, posting several critical tweets on Monday. “Sooner or later, other people's money will run out and they will come for you,” he wrote on Twitter.

Still, Wyden's project seems to leave billionaires with several ways to avoid paying taxes: for example, transferring the risen shares to a charity before the tax is calculated at the end of the first year. And if only exchange-traded assets are taxed annually, hundreds of billionaires with stakes in non-public companies are left on the sidelines. More specifically, 56% of the 400 richest Americans (and 58% of the 777 American billionaires monitored by Forbes) own predominantly non-public assets.

But Wyden hadn't forgotten about them either. In contrast, these assets, which are not listed on the exchange, are taxed (with a “deferral” surcharge) on sale or on certain types of transfers or gifts. For example, the gains included in the value of these assets at the end of the first year, when the taxpayer begins to be taxed on billionaires, will be charged to that year, then interest for all these years will be added to the amount of tax to be accrued for the first year. The total amount of interest will be limited. So, according to the bill, in the year of sale, the total amount of capital gains tax, as well as all deferred interest, cannot exceed 49% of the gain.

Less wealthy billionaires will also receive benefits: they will be able to pay taxes on their shares in public companies worth up to $ 1 billion as if they were non-public assets.

One of the big beneficiaries of the deferral for non-public assets will be Michael Bloomberg, the main donor to the Democratic Party: he has a fortune of $ 59 billion and is the richest American with predominantly non-public assets thanks to his 88% stake in Bloomberg LP.

It is unclear whether cryptocurrencies will be treated as exchange-traded assets (subject to an annual tax) or as non-tradable assets that are taxed only if sold or transferred, potentially exempting billionaires like Sam Bankman-Fried from paying tax. He has earned $ 26.5 billion in several years and is already criticizing the bill on Twitter.

“If you exclude a tax on cryptocurrencies, it can be a bigger problem than an exemption for non-public assets,” says Philip Hackney, professor of tax law at the University of Pittsburgh.

According to David Gamage, a law professor at Indiana University who worked on the bill with Senator Wyden, some, but not all, cryptocurrencies will be taxed, but which ones are still unknown.

The bill, according to its supporters, does not introduce a property tax, which they believe will protect it from being declared unconstitutional: the idea is that it is an income tax applied to unrealized gains and calculated based on current exchange rates, that is, publicly traded assets are valued as if they were being sold at the end of each year.

Billionaires can evade tax by transferring their shares in limited liability companies or trusts to hide the beneficiary. “Wealthy individuals will be looking for tools to place their money in trusts that are exempt at current rates, and the government and the IRS will try to prevent this,” says Philip Hackney, professor of tax law at the University of Pittsburgh.

Wyden is trying to limit the use of trusts for tax evasion: the bill introduces a tax on existing trusts that own assets of at least $ 100 million or receive income of $ 10 million for three consecutive years, and classifies the transfer of assets by a billionaire to certain trusts as taxable sale. Charitable trusts are exempt from asset transfer tax, and special rules apply to trusts with separate beneficiaries (where the beneficiaries are both a charitable organization and an individual).

What about billionaires who paid taxes and then saw their share price plunge? Between 2020 and 2021, shares of mortgage billionaire Daniel Gilbert and casino empire owner Miriam Adelson in Rocket Companies and Las Vegas Sands fell $ 7.6 billion. Wyden's bill would offset any losses they suffered at the end of the year. on account of income for the previous three years, and therefore, they will be able to demand the return of large amounts.

Wyden's bill is controversial even among Democrats. Some Democrats are reportedly considering introducing a 3% “surcharge” tax on those earning more than $ 5 million a year instead of the billionaire tax.

Some are in favor of a previous plan, backed by President Joe Biden, to tax unrealized profits in excess of a certain amount in the event of an entrepreneur's death. Under current law, all assets held by someone at the time of death are “raised” to their current market value, which means that any unrealized profits, even if they reach tens of billions of dollars, are not subject to income tax.

“Billionaires and mega-millionaires can evade taxes in a way that wreaks havoc on the economy,” says Indiana University's Gamage. “There are problems in our tax system, and this is a good first step towards eliminating them.” (Forbes)


MAXIM - Tech giants Facebook, Twitter, Alphabet are due to report their third quarter 2021 financial results next week. On the eve of their shares collapsed after the securities of the social network Snap, whose advertising business "sank" in July-September due to the new privacy policy of Apple. Is it worth investing in tech players now?

What's happened

Shares of the world's largest IT companies fell sharply following the collapse of shares of the social network Snap (by 30%) on Thursday evening, October 21. The leaders of the fall were Facebook and Twitter, which sank 6% on the postmarket. Alphabet (parent of Google) shares fell 2.8%.

What does it mean

In April 2021, Apple changed its privacy policy for iOS apps: the innovations also affected the ads that Snap partners, Facebook and Twitter showed users based on data about them. Previously, the user, by downloading the application, by default gave consent to the use of their data, and it was necessary to prohibit their collection by a separate action. Now the owner of the application cannot process user data until he specifically gives his consent.

Snap shares plunged yesterday following the release of third-quarter earnings and forecast for October-December 2021. “Our ad business has been undermined by changes Apple made to advertising tracking policies for iOS users in June and July. Apple's new solution did not scale as we expected, making it difficult for our ad partners to manage and measure their ad campaigns, ”Snap co-founder Evan Spiegel said during a conference call. Snap's revenue for the third quarter of 2021 fell short of expectations - it amounted to $ 1.07 billion against the $ 1.1 billion predicted by Refinitiv analysts. In the fourth quarter, Snap expects revenue of $ 1.16-1.2 billion, but analysts predicted it at $ 1.4 billion.

Twitter, Google, Facebook also make money from advertising, which makes up a significant share of their income: Twitter - 86.3%, Google - 80.5%, and Facebook - 97.7%. Therefore, the reaction of investors was natural, says Evgeny Shatov, partner at Capital Lab. These companies are due to report July-September financial results next week. The impact of the changes in iOS for Facebook will be most noticeable in the third quarter of 2021, but should weaken in the fourth quarter, Goldman Sachs analysts wrote in a note to investors dated October 7 (Forbes has).

Why do I need to know this

Apple's innovations can completely rebuild the online advertising market, says Capital Lab's Shatov: "The situation at the moment is critical for companies where the bulk of income comes from advertising sales." The changes affected not only technology companies, but also businesses, players in the e-commerce market, The Wall Street Journal points out.

Under the new conditions, the cost of attracting a user for an advertiser may significantly increase, respectively, the demand for such advertising from customers is likely to decrease, which will certainly negatively affect the income of companies, Shatov said.

Facebook ad prices have already increased by 25% for advertisers. At the same time, small businesses that promote their products and services mainly through Facebook and Instagram, changes in Apple's privacy policy forced to reduce advertising costs, writes The Wall Street Journal, which spoke with 20 CEOs of companies in the e-commerce and advertising market.

For the investor

For investors who are willing to take on high risks, buying stocks on a fall can be an opportunity to make money if Facebook, Twitter and Google during their reporting show not only good results for the third quarter (as analysts expect), but also raise forecasts for the fourth or at least they will be left unchanged, says Shatov, partner at Capital Lab. And conservative investors, he continues, will wait for the results of the reporting: if the companies show poor results, this will help to avoid losses, and if they give a positive outlook, then you can buy shares and wait for further growth of securities.

The fall in shares by tens of percent looks strong, but this is due to the peculiarities of the pricing of fast-growing companies, says Nikita Yemelyanov, an analyst at Aton. Usually experts predict revenue growth for the next year, based on the company's growth over the past years, continues Yemelyanov: "If the company lowers its forecast by at least 1%, analysts will extrapolate this for the next years and at the moment a fast-growing share may lose 10% at once." And vice versa: if a fast-growing company raises its forecast by at least 1%, its shares may immediately rise in price by 10% or more, he added. (forbes)