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TOGETHER WITH
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Good morning. Close your eyes and pretend you’re back in 10th-grade homeroom, because this is your principal and we have some announcements:
- Morning Brew has a TikTok! And it’s quite funny. Go check it out.
- If you’re
not into TikTok...maybe you’re into doing crossword puzzles. We publish
them every Saturday and want to feature puzzles from our own brilliant
readers. Read up here on how to make your own crossword (it’s really not as impossible as you think).
TikToks and crosswords. That’s what Morning Brew does.
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NASDAQ
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13,138.72
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+ 1.24%
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S&P
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3,974.54
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+ 1.66%
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DOW
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33,072.88
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+ 1.39%
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GOLD
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1,731.60
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+ 0.38%
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10-YR
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1.685%
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+ 5.70 bps
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OIL
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60.72
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+ 3.69%
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*As of market close.
Here's what these numbers mean.
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Economy: Cold weather in February also froze out consumer spending, which fell 1%
last month for its biggest drop since last April. The good news is that
it's supposed to pick up for March when the federal government went
full stimmy.
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Markets: Happy hour, indeed. The Dow jumped more than 150 points in the final eight minutes of trading the S&P 500 closed at a record.
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Barcroft Media/Getty Images
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Four words we didn’t know would ever make it to the Brew? WeWork is going public.
The rumors are true: The shared office space company is merging
with a SPAC, BowX Acquisition Corp., to make its debut in the public
markets, which have been waiting for WeWork like a prom date at the
bottom of the stairs since 2019.
WeWork’s character arc was looking very Sméagol → Gollum back then...
A recap: Cofounder
and former CEO Adam Neumann tried and failed to take WeWork public in
fall 2019. The big trouble came when the company’s S-1 filing was made
public, revealing a murky corporate governance structure and a
dog-ate-my-homework business plan: The company spent almost double what
it made and had no clear path to become profitable in the future. In
other words, the emperor had no clothes and no plans to buy any.
WeWork’s
value plummeted from $47 billion at its peak to $2.9 billion
post-meltdown. In the months that followed, Neumann was stripped of all
his titles and SoftBank, an existing mega-investor in WeWork, swooped in
to bail the company out with a $5+ billion infusion.
Now, WeWork
is back up to a respectable $9 billion valuation. To tie it back to
Tolkien: WeWork’s looking more Gandalf the White than Gollum.
What changed?
Covid-19
ushered in a work-from-anywhere revolution, but “anywhere” being the
couch or the bed quickly lost its appeal. Now, flexible office space is
back in demand, and WeWork 2.0 provides just that.
- CEO Sandeep Mathrani expects WeWork to turn a profit by the end of this year, following some belt-tightening measures he made last summer. Mathrani told the WSJ that WeWork has cut jobs, re-worked lease agreements, and sold off assets.
Bottom line: The
company has narrowed its focus from Neumann’s zany plan to “elevate the
world’s consciousness” to being “more or less, a normal real estate
company,” as finance professor Jay Ritter explained to the NYT.
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Ariadne Labs
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It’s our weekly tradition that we hope will end soon.
In the US...yesterday, the country broke its record for most doses administered in a single day: 3.4 million. At the current rate, the US would hit President Biden’s new goal of 200 million shots administered in his first 100 days.
Around the world…growing supply could allow 70% of the global population
to be vaccinated this year, per new research from the Duke Global
Health Innovation Center. But short-term hurdles remain: India is restricting exports of its vaccine stockpile as it confronts a surge in cases.
More headlines
Come one, come all: Six states are now offering Covid-19 vaccinations to all residents 16 or older, and at least 30 others
plan to open up eligibility to adults before the end of April,
according to CNN. Check out the map above from Ariadne Labs for a more
comprehensive timeline.
They are the future, after all: Pfizer kicked off
clinical trials this week for testing its Covid-19 vaccine on kids aged
6 months to 11 years old. Moderna said earlier this month it had
started testing its vaccine on kids.
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Dominion Voting Systems ditched the Hawaiian shirt and khakis yesterday, instead filing a $1.6 billion lawsuit
against Fox News. The suit alleges that the news giant played a key
role in circulating false claims that Dominion’s voting machines were
used to rig the election against Donald Trump.
The lawsuit
argues that Fox News leveraged its platform to defame Dominion, severely
damaging its business in the process. “If this case does not rise to
the level of defamation by a broadcaster, then nothing does,” reads a
copy of the lawsuit seen by the AP.
Big picture: Dominion
has filed separate defamation lawsuits against several members of
Trump’s posse, including lawyer Rudy Guliani, attorney Sidney Powell,
and MyPillow CEO Mike Lindell. And yesterday, lawyers for Dominion left the door open for going after individual Fox News broadcasters as well.
Bottom line: While the cases brought against Fox are mounting, it still enjoys sizable
First Amendment protections as a news organization. Dominion lawyers
would have to show that Fox “acted with ‘actual malice’ and ‘reckless
disregard’ for the truth, typically a high standard to meet,” writes the
NYT.
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Francis Scialabba
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Stat: If you subscribed to all flagship streaming services from big media/tech companies, your bill would come out to $92/month, according to Bloomberg. That’s just about on par with the cost of a typical cable TV package: $93.50/month.
Bonus stat: The unemployment rate in South Dakota is just 2.9%, compared to the national rate of 6.2%. The economic recovery has been uneven across geographic lines.
Quote: “It's never good news when a bunch of people learn the name of a boat.”
Philip Bump, national correspondent for the Washington Post, summed up this week’s disaster-you-couldn’t-look-away-from in a single tweet.
The boat he’s talking about, of course, is the Ever Given, whose
traffic mishap in the Suez Canal has caused utter chaos in global trade.
The ship will probably remain stuck in the canal, blocking all traffic,
until at least next week.
Read: Your Saturday deep dive into the underworld of finch smuggling. (Guernica)
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Sean Gallup/Getty Images
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Germany’s federal statistics office found that the country got busy increasing its birth rate by 0.8% in December 2020 and January 2021, about nine months after the pandemic started.
This jump in
births runs counter to the current and even pre-pandemic fertility
rates in the rest of Europe, the US, and other wealthy nations:
- There will be 300,000 fewer births this year in the US, according to estimates.
- China reported a 12% drop in births from 2019–2020.
- Countries
with older populations showed their age. Italy, for example, reported
its lowest birth rate last year in over a century.
Nothin’ hotter than chaos.
Recessions and pandemics tend to lead to lower fertility rates, and the
US still hasn’t recovered from the 2008 financial crisis baby bust. And
while fewer births = fewer baby showers you have to go to, a steady
decline exacerbated by economic instability can funk up everything from
social security to interest rates.
How did Germany do it? No one’s totally sure, but some economists are pointing to Kurzarbeit, Germany’s state-funded safety net. The Brew is pointing to Berlin’s sexy brutalist architecture.
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ThredUP, a secondhand clothing site, popped nearly 43% in its public debut. Retail Brew will have in-depth coverage on Monday, including an interview with the CEO.
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Facebook is opening up its Bay Area offices to some employees starting in May.
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ViacomCBS and Discovery shares plunged more than 27% each yesterday following analyst downgrades. Guess that’s what happens after you write about how well their stocks were performing just a few weeks ago.
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Amazon is going on the PR offensive ahead of the tallying of union votes at an Alabama warehouse next week.
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Our newsletter homies Axios and sports publication The Athletic are eyeing a merger and a SPAC deal, per the WSJ.
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The best gift is a free gift. If you join Thrive Market today,
you get 25% off your first order AND a free gift. That’s zero dollars
for Califia Farms Barista Oat Milk, tasty Kind bars, and more. Choose your gift today.*
Can’t enjoy summer with a soggy bum. Outer
makes outdoor furniture that’s always dry, clean, and ready to use.
Their patented OuterShell® technology protects cushions from everyday
dirt, debris, and morning dew. Warm weather’s rolling in, so build the outdoor sanctuary of your dreams now.*
No plans this weekend? We recommend bawling/crying to one of these films with an optional glass of red in-hand.
Weekend Conversation Starters:
*This is sponsored advertising content
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Francis Scialabba
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Every other week, Brew's Bookshelf
brings you a few of our favorite, business-related reads. On this
special Saturday edition, let's try questioning everything we know.
- When organizational psychologist Adam Grant drops a new book, you drop everything and read it. His latest, Think Again, teaches you to embrace the possibilities that come with changing your mind.
- It's probably blasphemous for us to even mention...but A World Without Email from productivity expert Cal Newport offers insight into how we developed our inbox addiction and what to do about it.
- Sarah Jaffe's Work Won't Love You Back
challenges the importance of work as part of your identity and breaks
down how "doing what you love" has tricked people into a new tyranny of
labor.
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Francis Scialabba
In honor of
putting on shorts for the first time since September, we’re also
changing things up with the crossword puzzle this week. Instead of one
15x15 crossword puzzle, we’re bringing you three 5x5 Brew Mini puzzles.
Math checks out, right?
To make it even more fun, the Minis have graduated levels of difficulty. Try them out and work your way up!
Easy
Medium
Hard
| Former CDC Director Believes COVID-19 ‘Escaped’ From Wuhan Lab |
| Former director of the US Centers for Disease Control and Prevention, Dr. Robert Redfield, said he believes the Wuhan co [...] |
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| ADVERTISEMENT |
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Dems
Go Ballistic as Ga. Passes Vote Integrity Reforms
New
Border Czar Kamala Harris Still Has No Plans to Visit
SPECIAL: Strange
“sleep hack” melts 2lbs the first night
Rep.
Ted Lieu Explodes at Witness Who Cited Asian Admissions Bias
GOP
Sens. Blast Corporations for Silence on Theft of Iowa Seat
White House Alters Press Conference Transcript to Cover for Biden Gaffes
Pelosi: I Can Seat and Unseat Any Member of Congress…That’s My Right
Want to Fight Cancel Culture?
“I Haven’t Seen Presidents Flip Through Notes Like Biden to Find Answers”
March 27th, 2021
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| Welcome To California: Whites Excluded | |
Oakland, California, Mayor Libby Schaaf (D) announced a program that
offers poor minority families $500 a month. Poor white families are
excluded for the sin of being white. However, illegal aliens... Read More › | | |
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