Good morning, and happy Friday.
Three interesting stories on Fortune.com this week that are worth your time this weekend, if you missed them.
First, there’s a fascinating piece by Fortune legend Shawn Tully about how Bitcoin miners, banished from China, are now reviving the Pennsylvania waste coal business. It’s a long and convoluted but utterly mind-blowing tale that’s worth your attention, here.
Second, Fortune data nerd Lance Lambert dives into some new real estate numbers and finds that the red-hot housing market is starting to cool, here.
And finally, David Meyer and Nicole Goodkind take a closer look at the growing global antitrust attack on big tech in the U.S., Europe and China, and try to divine where industry regulation is heading, here.
Warning that all three of these stories are behind the paywall. Reader support is how we fund our best journalism. If you don’t already subscribe, we have a special summer deal for you—$1 for a 6-month trial—that you can sign up for here.
More news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
TOP NEWS
New J&J CEO
Alex Gorsky said he would step down as CEO of the company on Thursday after nine years at the helm. He'll become executive chairman, while Joaquin Duato, who is currently vice chairman, will step into the CEO role. Duato, like Gorsky, is a longtime insider who has led the drug and consumer products division since 2018. Bloomberg
China tech drop
Chinese tech stocks were dropping once again on Friday morning, as the Chinese government's regulatory crackdown continued to expand. The government said it has passed a law to regulate how personal data is processed, and it will go into effect on November 1—but there were few further details. Chinese media is also reporting that new regulation is expanding into online pharmaceutical sales. FT
Amazon department stores
Amazon disrupted department stores. Now, it wants to open them. In another surge into brick-and-mortar retail for the ecommerce giant, Amazon will reportedly open initial, 30,000 square foot stores in Ohio and California. It's not exactly clear what brands the company will sell, but its own private labels are likely to feature prominently. WSJ
Facebook suit
The Federal Trade Commission is taking another crack at Facebook after a previous suit was thrown out by a judge two months ago. The new suit makes the same argument—that Facebook is a monopoly and should be broken up—but provides much more detail and analysis, saying that the tech giant "bought or buried" competitors that became a threat. Facebook denies the accusations. NYT
AROUND THE WATER COOLER
Coinbase in Japan
The cryptocurrency exchange Coinbase has expanded into Japan, striking a deal with Mitsubishi UFJ Financial Group. The entry gives access to one of the world's top crypto markets, but it's also a crowded field, with 31 already recognized exchanges. And worries about security were heightened when another exchange, Liquid, promptly announced it had been hacked, losing an estimated $80 million. FT
Elon's robots
Elon Musk said Tesla would create a human-form robot that can perform basic tasks, rendering physical work optional and requiring the introduction of a universal basic income (he was accompanied by a human dressed as a robot.) Of course, not everything Musk says comes to pass—he previously claimed the company would have a million A.I.-powered autonomous cars by 2020. WSJ
Taliban taxes
In recent days, the focus has grown on how the Taliban will—or won't—manage Afghanistan's economy after the U.S. stopped shipments of dollars ahead of the takeover. The Taliban have already been running a shadow economy for years—and while some of it does come from drugs (including a growing methamphetamine industry), more of it comes from taxes on road transport of fuel and other goods. They've also sought to be better administrators than the previous government (they provide receipts.) FT
OnlyFans goes PG (ish)
OnlyFans, the social media platform that exploded during the pandemic, is trying to raise funds from investors—and to do so, it's downplaying its popularity as a platform for sex work. The platform will ban sexually explicit material, though will allow some nudity, as it tries to highlight its influencers, chefs and fitness trainers instead. Fortune
This edition of CEO Daily was edited by Katherine Dunn.
