The S&P 500’s ‘biggest risk’ is companies’ ‘debt refi wall’ as bond yields top 5% |
The S&P 500’s ‘biggest risk’ is companies’ ‘debt refi wall’ as bond yields top 5%
Good morning. On Fortune’s radar today:
Temu axes $1 billion army of fake Meta accounts.
Companies face ‘debt refi wall’ as rates go over 5%.
Ominous signal: Air passenger numbers go into decline.
Unemployment at three-year low.
Should you put your nanny in charge of your VC fund? No. Obviously not.
Temu axes $1 billion army of fake accounts on Instagram and Facebook
Temu appears to have largely stopped funding a network of fake accounts on Meta’s platforms in the days after it was first exposed by Fortune.
Temu had spent nearly $1 billion funding partnership ads with various influencers and creators on Instagram and Facebook, targeting users in the U.K. and 27 E.U. countries. Around 73 of the 100 influencers whose pages featured the most Temu ads were probably fake.
Fortune’s story on the fake account network ran on Aug. 31. At that time, Temu was running 4,900 separate partnership campaigns a day on the network. By Sept. 4, 90 accounts suddenly featured zero advertising from Temu. And of the top 100 accounts, 54 stopped using partnership ads almost immediately after Aug. 31.
Read the whole thing here.
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Stocks tick up modestly, but the real drama is in the bond........