Snap out of it🫰🏼 - Snap’s stock stumbles, Airbnb checks out of China and Canadian regulators sets sights on DeFi.

Snap’s shares took a 30% tumble after the social media company’s CEO announced it would miss its revenue and profit targets. The revenue slowdown is attributed to economic pressures and ad tech changes. Airbnb is leaving China, a signal that big western tech has can’t survive in the world’s second-largest economy. The home-sharing company will remove its 150,000 listings, as local competitors take its place. Canada’s anti-money laundering watchdog is warning law enforcement and the government about the associated risks of decentralized finance, which it claims could pose “money-laundering and terrorist-activity financing risks." The Peak Daily is produced by 306 Media Productions. Hosted by Alex Blumenstein and Jay Rosenthal.