Liberty Global's $LBTYA / $LBTYK announcement regarding its Virgin Media O2 business not meeting the expected 'shock and awe' in its 2024 guidance has led to a significant drop in shares, erasing most of its gains for the year. In a separate development, Twilio is officially looking to spin out Segment, a decision influenced by its slowed growth to 4%, a net revenue retention (NRR) rate below 100%, and lack of profitability despite reaching approximately $300m in annual recurring revenue (ARR). The potential sale comes amid activist pressure on Twilio, with speculations on Segment's valuation being around 4x its ARR.