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Speaker 1: Good morning and welcome to the Daily OS. Coming to

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Speaker 1: you from a long weekend, but hopefully after you've listened

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Speaker 1: to this podcast, you're taking it easy, spending some time

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Speaker 1: with family. Unfortunately, though, the news does not stop, so

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Speaker 1: here we are talking about some big stories making headlines today. Sam,

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Speaker 1: there was an incident in Tasmania that concerned the Prime

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Speaker 1: Minister and his staff tell us about it.

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Speaker 2: Four security officers were taken to hospital in Tasmania after

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Speaker 2: the Prime Minister's security car was involved in an accident

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Speaker 2: and rolled off the road on the way to a

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Speaker 2: campaign event. The Prime Minister, who was not involved in

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Speaker 2: the crash, was in Lunceston to announce an one hundred

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Speaker 2: million dollar fund for a new National Forestry research Institute.

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Speaker 1: A man has been arrested in Manhattan and charged with

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Speaker 1: a federal terror offense over a shooting on a New

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Speaker 1: York subway train on Tuesday. The sixty two year old

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Speaker 1: man is suspected of firing more than thirty gunshots, leaving

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Speaker 1: twenty nine passengers injured, including five people reported to be

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Speaker 1: in a critical but stable condition.

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Speaker 2: Australia's unemployment rate remained at four percent in March, with

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Speaker 2: seventeen nine hundred people joining the workforce in the last month. However,

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Speaker 2: economists sworn the total number of hours worked fell, suggesting

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Speaker 2: a growth in insecure work and Australians looking for more hours.

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Speaker 2: According to the Australian Bureau of Statistics, the unemployment rate

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Speaker 2: for women is the lowest it has been since nineteen

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Speaker 2: seventy four.

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Speaker 1: This good news has made it to debut on our

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Speaker 1: Instagram and now we're bringing it to your ears. The

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Speaker 1: first Komodo dragons to ever be born in Australia have

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Speaker 1: hatched at the Australian Reptile Park, with all three baby

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Speaker 1: dragons said to be in good health. The Komodo dragon

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Speaker 1: is the largest lizard on Earth, and despite currently being

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Speaker 1: just forty centimeters in length, we'll reach up to three meters.

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Speaker 2: Maddie and Sophie from your Own Good Company join us

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Speaker 2: on this Good Friday, Happy Easter, guys. Hope you're having

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Speaker 2: a fantastic start to your long weekend. Sophie, I'd love

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Speaker 2: to start with you today. We haven't talked about him

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Speaker 2: for a while on this segment, but I think it's time.

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Speaker 2: What is the latest in Elon Musk's world?

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Speaker 3: Oh God, Elon Musk's world changes on a daily basis,

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Speaker 3: So honestly, I could be saying something today and it'll

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Speaker 3: be different tomorrow. But there seems to be a bit

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Speaker 3: of a battle unfolding between Musk and Twitter. So for

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Speaker 3: some context, Musk is a renowned Twitter user and he

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Speaker 3: has over eighty million followers, and he tweets about literally

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Speaker 3: anything it can be, about his companies, about bitcoin, about

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Speaker 3: anything that honestly comes to his mind. And on Monday

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Speaker 3: last week, it was revealed that Elon Musk bought nine

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Speaker 3: point two percent of Twitter, making him the company's largest

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Speaker 3: individual shareholder, and on that day, Twitter stock price rose

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Speaker 3: by twenty seven percent. And honestly, right now, it feels

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Speaker 3: like investors are thinking that anything that Musk touches turns

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Speaker 3: to gold.

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Speaker 2: How much would that transaction have cost Elon Musk?

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Speaker 3: It cost him a whopping two point nine billion, but

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Speaker 3: I mean his net worth is two hundred and sixty billions,

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Speaker 3: so it's kind of not really a dent.

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Speaker 2: That's wild, And so is that going to change Twitter?

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Speaker 3: Yeah, So after the announcement that Musk bought that nine

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Speaker 3: point two percent, he was actually offered a seat on

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Speaker 3: the board by the CEO, and also by Jack Dorsey,

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Speaker 3: and they said that they would be very excited to

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Speaker 3: have him join the company as they believe that he

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Speaker 3: could bring a new way of thinking to the company. However,

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Speaker 3: this offer was declined by Musk, and that was mainly

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Speaker 3: because you can't own more than fourteen point nine percent

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Speaker 3: of the stock when you are a board member, and

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Speaker 3: this really raised the question of whether Musk was planning

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Speaker 3: a hostile takeover. And of course overnight we have heard,

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Speaker 3: in this man's sporadic nature, that he has made a

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Speaker 3: best and final offer to buy Twitter for fifty eight

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Speaker 3: billion dollars, saying that the company has extraordinary potential and

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Speaker 3: he will unlock it again. The company share price has

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Speaker 3: soared more than seventeen percent, and then with this new

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Speaker 3: bid to take over the company, Must wrote a letter

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Speaker 3: to the board saying that Twitter will neither strive nor

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Speaker 3: serve its free speech social imperative in its current form

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Speaker 3: and Twitter needs to be transformed as a private company.

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Speaker 3: So I guess it's really showing that the reason behind

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Speaker 3: all of this is that he cares about having free

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Speaker 3: speech on I guess this incredibly powerful platform, like people

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Speaker 3: are really wondering why Elon has kind of done this,

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Speaker 3: And there's kind of like two sides to it, you know.

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Speaker 3: On the one side, people are saying this is a

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Speaker 3: kind of Trump esque move in the sense that, you know,

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Speaker 3: the more power that you have on Twitter, the more

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Speaker 3: that you can talk about and you have free reign.

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Speaker 3: But on the other side, people are saying that he

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Speaker 3: wants to have control in Twitter because he wants to

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Speaker 3: make the platform an area of where people can have

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Speaker 3: free speech. And I think people are kind of slightly

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Speaker 3: erring more towards the free speech argument because in late March,

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Speaker 3: he tweeted asking his followers if they believed whether the

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Speaker 3: platform adheres to the principle of free speech, and it's

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Speaker 3: stated the consequences of this poll will be important. Please

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Speaker 3: vote carefully, and over seventy percent of people voted no.

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Speaker 2: Little did people know they were actually voting in a

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Speaker 2: future board resolution. Pretty unbelievable when your your tech playground

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Speaker 2: involves one of the biggest social media networks in the world. Maddie,

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Speaker 2: to you now, and let's bring things back to Australia.

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Speaker 2: We're seeing some pretty big movements in the buy now,

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Speaker 2: Pay later space, which was the kind of market darling

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Speaker 2: for a lot of last year and the year before.

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Speaker 2: What's the latest from that world?

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Speaker 4: Yeah, so buy and now pay later. Giant aft pay

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Speaker 4: has revealed significant losses in the first six months of

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Speaker 4: the financial year under its new owner, Block formerly known

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Speaker 4: as Square So Block acquired after pay for thirty nine

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Speaker 4: billion dollars last year, and earlier this week they revealed

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Speaker 4: the costs had blown out by sixty five percent and

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Speaker 4: bad debts were up seventy percent. So they're saying that

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Speaker 4: the losses are due to increasing employment expenses as are

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Speaker 4: to Pay has been hiring new staff to keep up

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Speaker 4: with and stay ahead of its competition, as well as

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Speaker 4: an expanding customer base that has led to some higher

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Speaker 4: risk customers. Interestingly, after pay is not a loan, and

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Speaker 4: at time of recording, shares and ZIP are down seventy

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Speaker 4: percent since the start of the year and Open pay

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Speaker 4: is down fifty one percent.

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Speaker 2: I want to ask you to go a little deeper

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Speaker 2: into that bad debt point. What is bad debt?

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Speaker 4: Yeah, so after pay puts aside what is called a

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Speaker 4: provision for bad debts for when customers are able to

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Speaker 4: repay their loans. So in the latest results, they actually

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Speaker 4: increase the provision from ninety nine million dollars to one

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Speaker 4: hundred and fifty one million, which ultimately impacts after Pay's

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Speaker 4: bottom line. And I think this sort of comes into

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Speaker 4: the fact that after pays late fees and other income

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Speaker 4: it more than doubled in the latest results, which the

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Speaker 4: AFI has suggested hints that more customers are struggling to

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Speaker 4: repay their debts.

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Speaker 2: A fascinating shift in the way that the market is

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Speaker 2: perceiving by now pay later stocks, it's kind of lost

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Speaker 2: its shine a little bit, it would seem, and now

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Speaker 2: that after pay is part of this kind of more

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Speaker 2: global company, it could have global implications. Has after pay

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Speaker 2: responded to the release of the results in any way.

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Speaker 4: Not really. They are sort of attributing it a little

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Speaker 4: bit to interest rates. So with rising interest rates, after

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Speaker 4: pay needs to borrow money from the banks to support

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Speaker 4: its lending to users, and as with all borrowing, after

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Speaker 4: pay has to pay interest on what it borrows. So

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Speaker 4: as interest rates rise, so do the cost for after

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Speaker 4: pay to fund its customers. The other thing that's sort

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Speaker 4: of playing into it is online shopping trends. So research

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Speaker 4: conducted by the IMF show that on average. The share

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Speaker 4: of total online spending rose sharply during the pandemic to

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Speaker 4: almost fifty percent at the peak, but it's fallen back

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Speaker 4: down sort of around twelve percent. So given by and

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Speaker 4: now pay later has a much stronger presence online than

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Speaker 4: in bricks and water retail, this downward trend really does

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Speaker 4: have a flaw on effect. So they're sort of explained

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Speaker 4: some of the things that are playing into it, but

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Speaker 4: otherwise not much in the way of comment from them.

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Speaker 2: Interesting to see that we are returning to bricks and

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Speaker 2: mortar shops and that there's been a move away from online, Sophie,

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Speaker 2: I'm sure you're going to have lots of time for

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Speaker 2: bricks and mortar shopping over this long weekend. But when

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Speaker 2: you're not, and when you're reading about the big topic

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Speaker 2: coming up next week, what are you looking at.

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Speaker 3: One of the areas that's really interesting me at the

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Speaker 3: moment is the story about Sheen, which is the Chinese

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Speaker 3: online retailer, and they have gone out to market wanting funding,

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Speaker 3: and they have reached a value of one hundred billion dollars,

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Speaker 3: which makes it one of the most If this funding

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Speaker 3: is successful, it makes it one of the most successful

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Speaker 3: startups behind the likes of TikTok and space X, which

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Speaker 3: are huge names and a very interesting valuation given the

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Speaker 3: fact that you know, there's a lot of skepticism about

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Speaker 3: this company in terms of environmental and social reasons.

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Speaker 2: And Maddie, when you're not in bricks and mortar shopping,

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Speaker 2: what are you going to be doing this weekend?

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Speaker 4: Well, Wes Farmans, which is the owner of Bunnings and Kmart,

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Speaker 4: is the latest company to take on the net zero challenge,

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Speaker 4: so I'm going to be reading up on that one

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Speaker 4: and I'm interested to see just how they're planning on

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Speaker 4: doing that.

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Speaker 2: That seems like a very busy Easter weekend. Mattie and

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Speaker 2: Sophie from Your and Good Company Guys, if you have

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Speaker 2: time to listen to a podcast this weekend, I would

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Speaker 2: recommend listening to the les episode of Your Own Good Company.

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Speaker 2: It will be a perfect side dish to your Easter

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Speaker 2: road trip. That's all we've got time for this week

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Speaker 2: on the Daily Ods, we won't be stopping work over

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Speaker 2: the weekend. Over on our Instagram, will be covering the

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Speaker 2: latest movements from the election road show and looking ahead

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Speaker 2: to see what you need to know as we hit

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Speaker 2: the ground running four week two of the Election road

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Speaker 2: Show coming up next week. Until then, we'll speak to

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Speaker 2: you on Monday,