Technology moves fast and doesn't wait for anyone. New digital innovations such as cloud computing have forced businesses to adapt quickly in order to keep up with innovation. Jason McDonald, U.S. President for Contino, a consulting firm helping brands adopt new tech, was with us to chat about how businesses are responding to rapid changes in technology.
McDonald breaks down the challenges for moving data to the cloud. He points out that 70% of digital transformation projects will fail in 2018, according to a recent study. The key failure is not bringing the right personnel into the system, he says. McDonald names the healthcare sector as a laggard because of moving regulations and calls out the government for being even farther behind.
It's hard for companies to ignore headlines around cybersecurity breaches. Contino is working to mitigate concerns about those threats and help businesses plan for the future. McDonald says it's less of a "software and tech" conversation, and more of a "people and process" conversation.
The crypto industry is still reeling from Terra's recent crash. The company's blockchain was temporarily halted earlier this month after the collapse of its cryptocurrency Luna (LUNA) and its stablecoin TerraUSD (UST), which led to almost $45 billion being wiped from the tokens' market caps within a week. Now, many are left wondering what Terra's struggles mean for the broader crypto market. Reeve Collins, CEO of the NFT platform BLOCKv, joins Cheddar News' Closing Bell from Davos 2022 to discuss.
China's largest ride-hailing company will no longer be listed on the world's largest stock exchange. Didi shareholders voted on Monday to delist from the New York Stock Exchange, less than a year after launching a $4.4 billion IPO with the most significant U.S. share offering by a Chinese company since Alibaba debuted in 2014. Since going public in June of last year, around $70 billion has been wiped from Didi's market value and shares of the company have dropped nearly 90%. Now, Didi is expected to begin preparations to list in Hong Kong. Kevin T. Carter, founder and Chief Investment Officer of EMQQ Global, joins Cheddar News' Closing Bell to discuss.
Ahead of the Meta shareholder meeting, more than five hundred doctors have jointly sent a letter to investors to hold the Facebook parent accountable for the risks its platforms have posed to the public and mental health. Dr. Rob Davidson, a West Michigan ER physician and executive director of the Committee to Protect Health Care, joined Cheddar News to discuss how medical professionals are coming together to highlight the social media giant's spread of misinformation, especially during the pandemic. "We've seen the direct impacts of misinformation and disinformation that spreads like wildfire on the social media platforms," he said. "Our goal with this letter is to try to get the shareholders of Meta to convince leadership that they need to do a better job."
Snap downgraded its earnings and revenue expectations for the second quarter, saying the "macroeconomic environment" has deteriorated faster than the company anticipated. The warning sent shockwaves through the digital ad industry, dragging down a handful of other tech stocks, including Pinterest, Meta, and Twitter. Daniel Cobb, CEO and Chief Strategy Officer of Daniel Brian Advertising, joined Cheddar to discuss the reason behind this warning, and why it's bringing so many social media stocks down.
