📜 *Like a crypto constitution, but the founders are anonymous…*

Crypto and blockchains come from somewhere. At the most basic level, that somewhere is often a white paper. Typically, white papers are foundational documents laying out technical specifications and core principles of a new cryptocurrency or blockchain. The __[bitcoin](https://robinhood.com/crypto/BTC/)__ [white paper](https://bitcoin.org/bitcoin.pdf) was first published 14 years ago by the pseudonymous Satoshi Nakamoto.

DEFI(NE)

Ian Redman

Heard on the Block: "white paper"

__“Game of Thrones: Magic Kingdom” edition…__ __[Disney](https://robinhood.com/stocks/DIS/)__ icon Bob Iger shocked the entertainment industry by announcing he’d return as chief exec for two more years. Iger had stepped down as CEO in 2020 and was replaced by then head of parks Bob Chapek. In June, Disney's board voted to extend Chapek's CEO contract until 2025. But internal complaints from senior execs reportedly prompted a U-turn. Now, Disney’s ousting Chapek while the board looks for a more permanent replacement.

- __“Succession” IRL:__ Conflicting loyalties may’ve played a role, because Chapek and his inner circle were said to be caught off guard by the decision. 
- __Disney shares jumped 6%__ yesterday, but are down 38% this year. Disney execs say Iger is "uniquely situated" to direct the company at this time.

__Mouse House divided…__ Though Chapek helped Disney survive the pandemic, his tenure featured some public controversies. Last year Scarlett Johansson launched a lawsuit against Disney claiming breach of contract for “Black Widow.” In April, Chapek narrowly avoided a worker revolt following his delayed response to Florida’s “Don’t Say Gay” bill.

- __On the #s side:__ Disney stock experienced its biggest plunge in 21 years this month after its park and resorts revenue underwhelmed and profit disappointed.
- __Disney+ added__ more subs than forecast, but Disney’s streaming biz posted nearly $1.5B in operating losses.

Old Bob is new Bob with his old job (Michael Loccisano/Getty Images)

Bobs

__Brand makers are hard to replace…__ Iger spent 15 years growing Disney into Hollywood's most powerful media conglomerate. That's the kind of household-name leadership that investors and execs like to bank on in a downturn. We’ve seen it before: Steve Jobs returned to __[Apple's](https://robinhood.com/stocks/AAPL/)__ helm in 1997 after 12 years away, and __[Starbucks](https://robinhood.com/stocks/SBUX/)__ founder Howard Schultz returned in April as interim CEO.

Bob Iger’s surprise comeback as Disney CEO proves brand makers are hard to replace

__Kicking themselves…__ Sponsors are losing the PR game at the FIFA World Cup. In the years leading up to this tournament, host country Qatar has been [criticized](https://www.axios.com/2022/11/21/world-cup-qatar-controversy) over corruption, exploitative labor practices, and its anti-LGBTQ+ laws (homosexuality is illegal there). Controversy escalated this week after FIFA threatened teams who were planning on wearing rainbow armbands in support of the LGBTQ+ community, while Qatar banned beer sales at stadiums. 

- __Sponsors = hit hard:__ __[AB InBev](https://robinhood.com/stocks/BUD/)__-owned Budweiser, the World Cup’s exclusive beer partner since 1986, paid $75M to sponsor this tourney but now won’t be able to sell alcohol (it’ll sell booze-free Bud Zero instead).
- __FIFA = unfazed.__ Soccer’s governing body, FIFA, made a record $7.5B from 2022 sponsors (FYI: FIFA officials have been charged with accepting Qatar-related bribes).

__Hot-button hosts…__ are nothing new. The organizers of the 2022 Beijing Winter Olympics and the 2018 World Cup in Russia were also criticized for ignoring local human-rights abuses. Now, 2022 World Cup sponsors like __[Coke](https://robinhood.com/stocks/KO/)__, __[McDonald’s](https://robinhood.com/stocks/MCD/)__, __[Visa](https://robinhood.com/stocks/V/)__, Hyundai, and __[Adidas](https://robinhood.com/stocks/ADDYY/)__ are getting heat for participating despite Qatar’s human-rights record. Meanwhile, “anti-sponsors” are on the rise: 

- __UK brewery BrewDog__ [launched](https://www.brewdog.com/uk/anti-sponsor-qatar) flashy ad campaigns and special brews condemning Qatar, but has itself been criticized for signing a beer-distribution agreement with the country. 

B(ad)

__Eyeballs may matter more than mouths…__ when it comes to corporate profits. Despite vocal opposition to Qatar’s conduct, none of the World Cup’s 70+ major sponsors have backed out. Few are willing to ditch one of the world’s top advertising opportunities: this year’s Cup is expected to attract a record-shattering 5B viewers (aka: more than half of all humans).

As World Cup host Qatar kicks off more controversy, Budweiser and other sponsors stay the course

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Gamblers are expected to wager over $160B on the World Cup