Zaid Admani

But since then, the stock has been a disaster, losing more than 90% of its value.

See, competition flooded in, sales started to decline, and there were claims that some Olaplex products were actually causing hair loss.

So that's why Henkel is swooping in and buying the brand at a fraction of what it was once worth.

Now, moving on, let's talk about Snap.

Their shares are moving lower after the European Union opened a formal investigation into the company over child safety.

EU regulators are accusing Snap of having a weak age verification system

that's failing to keep kids under the age of 13 off the platform.

On top of that, regulators say that Snapchat's algorithm is also misclassifying teenagers aged 13 to 17 as adults and pushing them towards inappropriate content.

I mean, the EU is going as far as saying that children on the platform are being exposed to grooming by adults and can even purchase drugs, vapes, and alcohol through the app.

So these are pretty serious allegations.

So as a result, Snap stock is down around 2% this morning at the time of this recording.

Kind of surprising.

it's not down a lot more.

Overall, though, it's been a pretty tough week to be a social media platform.

Let's wrap the show with a fun fact.

The NBA is expanding for the first time in over 20 years.

The existing 30 owners in the NBA unanimously voted for the league to look at adding teams in Las Vegas and Seattle.

And what blows my mind is the price tags being thrown around.

The

The league expects the bids for each new team to be seven to $10 billion each.