TOGETHER WITH
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Good morning. Not that we don’t
love answering your questions in the inbox, but we had this thought:
What if there were a way to collect the most frequently asked questions
from readers, answer them, and put them all in one article on our
website?
So, we did
that and made an FAQ page. On it, you’ll find answers to questions such
as, “How does your referral program work?” and “Do you sell coffee?”
Bookmark it.
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Nasdaq
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13,470.99
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S&P
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4,155.86
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Dow
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34,207.84
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Bitcoin
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$36,636.91
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10-Year
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1.619%
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Ford
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$13.33
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*Stock data as of market close, cryptocurrency data as of 6:00pm ET.
Here's what these numbers mean.
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Markets: The S&P posted its first back-to-back weekly losses since February. And cryptocurrencies got hit again after a Chinese official said the government would “crack down”
on bitcoin mining and trading, adding to other hints of regulation
earlier in the week. Ford investors are basking in the glow of the
company's new all-electric F-150.
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Economy: The White House dropped the price tag
on its infrastructure proposal from $2.3 trillion to $1.7 trillion in
order to bring Republicans on board. But GOP lawmakers are reportedly
still unhappy with it.
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Francis Scialabba
A business
beef with more leadup than a pay-per-view fight wrapped up its trial
yesterday, when Apple CEO Tim Cook took the stand. The kerfuffle started
last summer when Fortnite maker Epic Games skirted Apple’s 30% fee for in-game purchases such as hamburger helmets and demogorgon skins.
While we
don’t have a verdict yet on whether or not Apple’s App Store policies
represent illegal monopolistic behavior, the three-week trial spilled
the business world’s equivalent of piping hot tea: Epic’s finances were
revealed through court documents. It’s a private company so these are
juicy deets, and they made it clear why Epic wants to maximize
per-hamburger helmet profit: Epic made 98% of its estimated $9.7 billion
in revenue exclusively from Fortnite in 2018 and 2019.
And Apple allegedly took an outsized bite out of that revenue to unfairly benefit its bottom line. US District Judge Yvonne Gonzalez Rogers said
that Apple makes more money off of gaming apps than any other category,
quipping, “You’re charging the gamers to subsidize Wells Fargo.”
What did Tim Cook have to say about all this?
He played
defense, responding “idk” to several lines of questioning. But when
asked about his stance on apps steering customers away from the App
Store for purchases (the reason Fortnite was booted off iOS
last August), he said, “It would be akin to Apple going down to Best Buy
and advertising that you can go across the street to the Apple Store
and get an iPhone.”
Cook also
argued that Apple does not closely track the App Store’s profit and
loss; in other words, the company’s bean-counting doesn’t interfere with
the App Store’s integrity as a marketplace for users to discover apps.
Epic’s lawyers pulled up emails suggesting otherwise.
Looking ahead…If Apple loses, it may have to “basically rewrite iOS,” according to The Verge. But even if it ends up defeating Epic, this trial has perma-flipped flashlight mode onto Apple’s App Store.
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Francis Scialabba
Today, we’re
tossing out the usual Vaccine Tracker format to talk about the main
question vexing US health officials: With vaccines widely available,
what's the most effective way to motivate people to get a shot?
1. Hold a lottery: Ohio
pioneered the tactic with its “Vax-a-Million” lottery awarding $1
million each to five vaccinated residents, and preliminary numbers show
it’s working: The state reported a 53% week over week increase in first doses administered following the announcement. On Thursday, New York also introduced a lottery incentive for residents to get vaccinated.
2. Use vaccines as an aphrodisiac: In partnership
with the White House, popular dating apps including Hinge, Tinder,
OkCupid, and Bumble will soon introduce features that allow users to a)
broadcast they’ve been vaccinated and b) find other vaccinated singles
who are down to dose-si-do.
3. Go door-to-door: With more than 60% of adults vaccinated in NYC, public health officials are encouraging community groups to start knocking on doors, specifically in Black and Hispanic neighborhoods where vaccination rates are lower.
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Scott Olson/Getty Images
Despite loads of opposition, shareholders voted
yesterday to approve the sale of Tribune Publishing and its legendary
newspaper chain—including the Chicago Tribune, Baltimore Sun, and a
number of other local dailies—to Alden Global Capital for $633 million.
Unions representing Tribune employees fought the sale
over the last year, fearing the New York hedge fund’s aggressive
cost-cutting strategies would lead to job cuts and office closures. The
sale ultimately came down to one hotly debated vote from shareholder and
LA Times owner Dr. Patrick Soon-Shiong.
- Soon-Shiong abstained from the vote, but didn’t actually check the “abstain” box, so it was counted as a “yes.”
- If the
“abstain” box would have been checked (even a little bit), it would have
been counted as an “against” vote and the sale wouldn’t have been
approved.
Zoom out: Alden,
which already owns ~200 other local newspapers, has been the Tribune’s
largest shareholder since 2019. When the deal is finalized, Alden will
take Tribune private and become the second-largest newspaper owner in
the country.
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Listen up, boring shoes of the world. You are officially being put on notice by CARIUMA, the Brew’s fave eco-friendly, stylish, and super colorful kicks.
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Brew readers can get 15% off your new pair of CARIUMAs right here.
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Stat: Skyrocketing share prices for vaccine makers have minted nine
new billionaires in Big Pharma, according to the People’s Vaccine
Alliance. Moderna CEO Stéphane Bancel and BioNTech (Pfizer’s vaccine
bff) CEO Ugur Sahin are both worth more than $4 billion each.
Quote: “Don’t kiss or snuggle backyard poultry.”
The CDC told amateur farmers to put those chickens down
right this instant after a salmonella outbreak sickened 163 people
across 43 states, as of Thursday. Pigeons are still fair game.
Read:
In the final installment of our series on Black Wall Street, we
collected a list of resources to help you learn more about the Tulsa
Race Massacre of 1921. (Morning Brew)
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Racing
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ANDREJ ISAKOVIC/AFP via Getty Images
After a one-year absence, Formula One returns to the French Riviera for the glamorous Monaco Grand Prix on Sunday. Here’s a cool video on the logistical challenges of turning the tiny country into a race track.
Golf
Keyur Khamar/PGA TOUR via Getty Images
The
PGA Championship is entering the third round at the stunning-but-gusty
Ocean Course at Kiawah Island in South Carolina. Measuring 7,876 yards,
it’s the longest golf course in major championship history.
Basketball
C. Taylor Crothers/Getty Images
For their (long-awaited) playoff game vs. the Atlanta Hawks on Sunday, the Knicks will host 15,000 fans at Madison Square Garden. Officials say it will be the largest indoor gathering in NYC since the pandemic began.
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Snap is buying WaveOptics, the supplier of its augmented reality displays, for more than $500 million.
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Kansas City Southern accepted a $30 billion merger offer from Canadian National Railway, ditching another (smaller) bid from Canadian Pacific.
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Netflix is looking to hire an executive to lead an expansion into video games, according to The Information.
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Existing US home sales fell in April for the third straight month, likely due to the inventory crunch pushing up prices.
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New airline Breeze Airways will start service on May 27. Breeze says that 95% of its early routes have no other nonstop flights.
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New Music Saturday: BTS spread Butter on our summer, Olivia Rodrigo dropped a tangy new album, Lil Nas X made the soundtrack to Earth’s next sunset, St. Vincent released an album, Niall Horan & Anne-Marie did a duet...do you think we’re cool now?
Weekend conversation starters:
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Francis Scialabba
Every other week, Brew’s Bookshelf brings you a few of our favorite, business-related reads.
- President and CTO of Greenwood Financial Aparicio Giddins recommends The Color of Money by Mehrsa Baradaran. To understand the racial wealth gap, you have to understand the segregated economy it was built on.
- Augustine Sedgewick’s Coffeeland
explores the brutal history of coffee cultivation in El Salvador and
charts how capitalism, geopolitics, and marketing reshaped consumer
habits around a cup of brew.
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Francis Scialabba
Hopefully
you don’t get no-hit by today’s puzzle, called Cover Your Bases. Kudos
to the creator Zach Keller for the timely theme.
Play the crossword here. | |
Breaking: Maricopa County’s Attorney Office Writes Senate Leader Karen Fann
Consumer prices outpace Americans’ wage growth as inflation surges
Tulsi Gabbard EVISCERATES Lori Lightfoot, Demands Resignation
Georgia judge approves absentee ballot audit for 2020 election in Fulton County
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TREANDING HEADLINES TODAY
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SATURDAY 5.22.2021
BREAKING NEWS
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