Good morning! Disney has nixed its Metaverse division as part of the company's layoffs plan; while housing prices in the West have fallen, they are booming in the East, and Crocs have become increasingly popular during the pandemic.

BUSINESS

Disney Slashes Metaverse Staff

Amid a larger restructuring and cost-cutting effort led by CEO Bob Iger, Disney has laid off its interactive storytelling team that was responsible for developing metaverse strategy and content.

Here's the breakdown:

• Disney's interactive storytelling team, responsible for developing metaverse strategies, has been laid off as part of CEO Bob Iger's cost-cutting and restructuring effort.

• Mike White headed the team of around 50 people, which was hired by former CEO Bob Chapek in February 2022 to create new ways of interactive storytelling using new technological formats.

• Tech companies like Meta have been disappointed with the slow growth of the metaverse, despite investing billions of dollars in its development due to low demand and confusion among users regarding its usage.

• The layoff of White's team is part of Disney's broader plan to reduce costs by $5.5 billion, resulting in the loss of 7,000 jobs, and managers are under pressure to identify further areas where they can cut budget.

REAL ESTATE

East Vs. West Coast Real Estate

The US housing market is split, with cities west of Texas experiencing annual home price declines and those in the east experiencing annual gains, except Austin, Texas.

Here's the breakdown:

• Home prices in the 12 largest markets west of Texas declined on an annual basis in January.

• Home prices in the 37 biggest metro areas east of Colorado increased, except for Austin, Texas.

• Cities linked to the technology sector that experienced rapid expansion in the 1990s are observing a decline in home prices.

• Annual price gains of around 8% have been supported in places like Hartford, Conn., and Buffalo, N.Y., due to more affordable homes and limited housing supply.

• Florida and other Southern markets, which are attracting companies and creating jobs, are experiencing an increase in home prices.

• The decline in mortgage rates in December and January led to increased activity in the market, but the momentum slowed down in February when rates started rising again.

BUSINESS

Crocs Popularity Soars

Since 2019, Crocs has seen a notable surge in sales by almost 200%, and its stock price has surged by 167% since January 2020, with the brand's success being credited to its footwear's supportive and adaptable qualities, personalization options and interactive social media presence.

Here's the breakdown:

• Crocs has seen sales increase by 200% since 2019, and its stock price soar 167% since January 2020.

• Fans of the footwear attribute its success to the supportive qualities, versatility, and personalisation options afforded by Jibbitz.

• The company's distinctive online voice through the use of emojis and memes has cultivated a loyal and engaged customer base.

• Crocs have become increasingly popular among Gen Z shoppers, a coveted demographic for any retail brand.

• The company has developed a steady stream of new products, has been adept at seizing cultural moments, and is skilled at social media marketing.

• Crocs is expecting to reach $400 million in sales for its sandal business this year, with a focus on expanding sales in India and Southeast Asia, which has a $30 billion global sandal market, while North America currently accounts for 60% of all sales.

APPENDIX

• A rare planetary alignment will occur on March 29 between the Moon, Venus, Uranus, and Mars, and can be seen in the night sky with the naked eye with the help of a telescope or binoculars.

• Elon Musk tweeted that he believes Twitter's value has decreased to $20 billion and referred to it as an "inverse" startup due to its declining user growth and monetization.

• Zoom to compete with Slack, Calendly, Google, and Microsoft by launching new features, including AI-powered meeting summaries and other new features.

• Lyft's co-founders, John Zimmer and Logan Green, will be stepping down from their roles, and former Amazon exec, David Risher, has been named as the new CEO.

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