What's in a name? 🌹
  Dave here, in for Allison again, who is off somewhere fancy, probably sipping a drink with one of those little umbrellas in it – as long as they're not on backorder. Let's do this. 🌹 WHAT'S IN A NAME?  Facebook is quickly becoming a toxic brand, which isn't exactly great news for Instagram, WhatsApp and the other mega-brands that Facebook controls. The company could change its behavior … or it could just rebrand itself, like when Philip Morris became Altria. It appears to be choosing the latter.
The Verge reported Facebook is planning to rename itself with a new brand focused on the metaverse. That's the pie-in-the-sky goal Mark Zuckerberg dreams for his company, in which people live a 3D, virtual-reality life online. (Old man shouting at clouds time: I live a 3D, actual-reality life offline, and it's been working out OK so far. Highly recommend.)
Facebook's yet-to-be-announced new name, whatever that will be, will become the brand of the parent company, not the social network – just like Alphabet controls Google and a bunch of other side projects. Facebook, the toxic hellstew of misinformation and hate speech, will conveniently keep its name for its social network, so you won't have to learn a new name to dread. The new name will be announced next week, according to the Verge, and we here at Nightcap have placed bets on "Metasphere." Sounds ominous enough.
MY TAKE
As Facebook comes under fire from regulators around the world over its business practices, it risks losing users, which means losing advertising revenue, which is bad for business. As much as Zuck & Co. want to pretend like this mess isn't happening, it very much is, and the company is in danger of the world turning against it – or getting regulated out of existence.
Rebrands are often mocked as sideshows that represent progress exclusively in the eyes of corporate executives. Who knows, maybe a fresh coat of paint will go a long way toward reshaping Facebook's image. But this feels a whole lot like smoke and mirrors to distract its audience from one bad news day after the next.  🤝 SPONSOR CONTENT BY THUMA  Introducing the perfect platform bed frame Thuma combines elevated design, quality craftsmanship and modern convenience. Made from real, eco-friendly wood, The Bed is Greenguard certified.
#️⃣ NUMBER OF THE DAY 100 That's the record number of cargo vessels — including barges, tankers, car carriers and ships that carry bulk goods — anchored just outside the Los Angeles and Long Beach, California, ports this week. 62 of those are cargo ships, which are the equivalent of about 200,000 20-foot containers. That's why you can't get your stuff on time. 🤷♂️ NETFLIX CEO: OOPS  Netflix co-CEO Ted Sarandos has some regrets about how he handled Dave Chappelle's stand-up special. It's not what you think.
He still stands by Netflix's decision to stream the controversial act that contains a number of jokes aimed at transgender people and explicit jokes about the bodies of trans women. But Sarandos is upset about how he handled the communication about the special with his staff.
In an interview with Variety late Tuesday, Sarandos admitted that he "screwed up" the internal communication, saying he "should have led with a lot more humanity" when dealing with some irate employees who felt attacked by Chappelle's comedy routine. He acknowledged that a group of employees were "definitely feeling pain and hurt" from the decision to stream Chapelle's special. Some Netflix employees plan a walkout – in part because of the company's decision to stream Chappelle's special, but also because of an internal memo from Sarandos that some felt dismissed the staff's concerns.
In that memo, Sarandos defended the special because "we have a strong belief that content on screen doesn't directly translate to real-world harm." In the Variety interview, he back-tracked, acknowledging employees' concerns and that "of course storytelling has real impact in the real world."
This is a mess of Netflix's own making – a PR disaster that it could have avoided on many fronts. Netflix lives and dies by its algorithm, but Sarandos is right that a little humanity could have gone a long way in solving this problem.
CNN Business' Jordan Valinsky has more.
🌎 QUOTE OF THE DAY  I'm not here to take options off the table. White House Press Secretary Jen Psaki said the National Guard may have to be brought into help alleviate the supply chain crisis. The White House is considering that measure, although hat option is viewed as unlikely, a person familiar with the matter told CNN.
WHAT ELSE IS GOING ON? 🚢 Want a dead-simple explainer about the supply chain crisis? Look no further. My colleague Chris Isidore has got you covered.
👩⚖️ Daniel Edlin's Duke University college buddy, Christian, happens to be Elizabeth Holmes' brother. Now Edlin is testifying against her at her trial.
💱 The bitcoin bull market is showing no signs of slowing down. Bitcoin, the world's most valuable cryptocurrency, hit a new all-time high of nearly $67,000 Wednesday, topping the previous record set in April.
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