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On Now:9:00a ET • Saturday Report
Coming Up:11:00a ET • Wounded Warrior Project Presents: A Warrior Journey
Lord's Conservative Corner
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| Election of Boris Yeltsin
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| Anne Frank
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June 12
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SEE ALL BIOS ON THIS DAY
| MORE EVENTS ON THIS DAY
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2016: The
deadliest mass shooting in U.S. history up to that time occurred when Omar Mateen opened fire at Pulse, an LGBTQ nightclub in Orlando, Florida, killing 49 people and wounding more than 50.
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TOGETHER WITH
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Good morning. What’s
better than a Nadal vs. Djokovic French Open semifinal? Not much, but a
new segment in Morning Brew could probably compete. On Saturdays this
summer, our personal finance writer Ryan Lasker will be answering all
your money questions—except whether you should splurge on appetizers.
The answer's always yes.
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Nasdaq
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14,069.42
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S&P
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4,247.44
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Dow
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34,479.60
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Bitcoin
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$36,913.91
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10-Year
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1.453%
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Gold
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$1,879.50
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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 closed its third straight week in the green,
though it was more lazy river than Splash Mountain in terms of
excitement. Investors are twiddling their thumbs ahead of the big Fed
meeting next week, during which we’ll learn more about the central
bank’s views on higher inflation.
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Government: The DOJ’s independent watchdog has launched an investigation a day after the NYT reported that the Trump administration had secretly seized phone data from House Democrats and reporters.
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A bipartisan
group of House lawmakers interrupted Summer Fridays across the US
yesterday afternoon by dropping five antitrust bills designed to finally
put some speed limits on the tech industry’s autobahn.
The bills don’t mention any company by name, but they clearly subtweet four:
Amazon, Facebook, Google, and Apple, which have a combined market
capitalization of $6.4 trillion and collectively represent Big Tech’s
domination of industries spanning from advertising to ecommerce.
Why it matters: After
years of a simmering “techlash” on Capitol Hill, this is the biggest
effort yet to make Big Tech into Still Big But Slightly Smaller Tech. If
passed, the bills would require those companies to significantly
rejigger their businesses, or break up altogether, to conform to the new antitrust laws.
Those new laws
Here’s a quick look at the major themes of the five bills lawmakers dropped yesterday.
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Conflict of interest: Huge
tech companies wouldn't be able to own or operate a business that would
incentive it to favor its own products over those of a competitor. In
theory that means Amazon would need to split up its business, because it
operates a marketplace and also sells its own products on that
marketplace.
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Self-preference: This
bill would bar companies like Google from promoting their own products
in search results to the disadvantage of a competitor.
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Interoperability: Big Tech would need to tweak their platforms to make porting data from one service to another easier.
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Mergers: A fourth bill would make it more difficult for Big Tech companies to snatch up smaller competitors.
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More mergers: The final bill would raise filing fees for large mergers in order to raise money for antitrust enforcement agencies.
Looking ahead...the
path to President Biden’s desk is long and winding—first the bills will
need to get past the House Judiciary Committee, then the full House,
then the Senate before they become actual law. If they do, they’ll
represent the biggest changes to antitrust law in decades.
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Giphy
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On Thursday, Didi Chuxing, China’s largest ride-hailing service, filed
for a US IPO at a reported $70 billion valuation. Didi reported 2020
revenue of $21.6 billion, more than Lyft and Uber...combined.
If you’re
like us, the high temps make you cranky and sweat through even the
strongest Dri-FIT tank. But IPOs this summer are only revving up.
Bankers are forecasting that US-listed IPOs could raise up to $40 billion from June through August this year, topping last year’s record of $32 billion, per the WSJ.
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Oatly went public in May and set the stage for this gangbusters IPO season. Its stock is currently up more than 50% from its initial price.
- The
Regina George of stock trading, Robinhood, is also preparing for a
highly anticipated IPO at a potential $40 billion valuation.
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Krispy Kreme and its stunning ticker symbol DNUT filed to go public for the second time at the end of May.
Big picture: When the SEC started poking around into the SPAC frenzy earlier this year, the blank-check boom cooled down a bit. Now it’s traditional IPOs’ time to shine.
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Re-entering society is not easy, especially for the leaders of the G7 at their summit in Cornwall.
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Karwai Tang/Pool/Anadolu Agency via Getty Images
Karwai Tang/Pool/Anadolu Agency via Getty Images
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Lots of
people like saying the phrase "time is money” as a part of the ongoing
philosophical debate about which is more important.
To those people, we say: Why don’t you just join Walmart+ and save both?
Walmart+ is the membership that helps you save both time and money—avoiding all philosophical quandaries involved in choosing between the two.
Walmart+ gives you free same day delivery*
from your store on all the fresh groceries and goods you’ve come to
expect from Walmart. (So long as you order 35 bucks worth of stuff.)
To recap: You spend no money on delivery. And you spend no time picking it up. Because it’s delivery.
Start saving time and money with a 15-day free trial of Walmart+.
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Stat: Six of the highest-earning execs from 2020 were among the people with the top 10 largest pay packages in the last decade,
according to an Equilar analysis for the NYT. The CEOs in the survey
earned 274x the pay of the median employee at their company in 2020,
compared to 245x in 2019.
Quote: “I
am concerned that the initial reaction of a regulator is always to say,
‘I want to grab hold of this and make it like the markets I already
regulate.’ I am not sure that’s going to be great for innovation.”
Hester Peirce, a commissioner at the SEC, told the Financial Times that she doesn’t support strict government regulation of the cryptocurrency market as her colleagues do.
Read: A pleasant story about everyone’s favorite courtroom TV star, Judge Judy. (LA Times)
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In this
brand new segment, the Brew’s personal finance writer Ryan Lasker is
nose-diving into our inbox to address your personal finance questions. Submit your money woes here.
Q:
I work for a startup and have shares in a non-public company that vests
over time. What does that mean, and will the shares only be worth
something if we go public or are acquired?—Lauren from Philadelphia
In most
cases, startups dangle equity compensation over employees like a
just-out-of-reach cupcake in front of a treadmill. Vesting means some condition needs
to be met before you fully own your shares, whether it’s staying at the
company for a period of time, reaching a target valuation, or both.
Once your
shares have fully vested, you’d think you can finally cash in. But
that’s not always the case. It’s a hassle to sell private company shares
because there are far fewer buyers compared to selling shares in a
publicly traded company.
If you want
to sell your stake before the company goes public, you can ask the execs
at your company to buy back your shares. If they say no—and they might,
because once they let one employee sell, it’s hard to turn down
others—you need another buyer, like an outside investor.
There are
eBay-like marketplaces for selling private company shares, but it’s not
like posting a picture of your old iPod and offering free shipping. You
can only sell to accredited investors (aka hedge funds and other rich
folks), and your company needs to authorize the sale.
It’s way
easier to sell your shares if and when your company goes public or is
acquired by another company. Thanks in advance for the lobster feast
when that happens.
—Ryan
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The FDA ordered Johnson & Johson to scrap 60 million vaccine doses that were made at a contractor’s troubled Baltimore plant.
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Starbucks filed a trademark application to use its name on a stadium.
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Spotify is discussing a licensing deal with the podcast Call Her Daddy valued at around or over $20 million, per the WSJ.
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The 2021 Pulitzer Prize winners for journalism.
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Hedge funds started buying bitcoin at $500.
Now they’re pouring millions of dollars into a massive (and previously
unavailable) investment: blue-chip art. Masterworks has your ticket to
this exclusive $1.7 trillion asset class. Get in before the rush with
this private Morning Brew link.*
A flight to Spain for $243 or Hawaii from $118? In our professional opinion...wowie zowie. Try Dollar Flight Club
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Interesting facts: That’s pretty much it—a long thread of very interesting facts.
Weekend Conversation Starters:
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Pointy objects are everywhere in today’s Brew Crossword. Give it a go, but don’t say we didn’t warn you. | |
G7
Cabal Plots ‘Minimum’ Tax Rate to Kill Free Market, Aid China
Newsom
Threatens Federal Judge Who Thwarted Calif. Gun-Grabs
SPECIAL: the
3 best NUTS that shrink your swollen prostate and boost
testosterone
Biden
to ‘Return’ Much of Trump’s Hard-Fought $2Bn in Wall Funding
‘Squad’
Cries 'Racism' over Pelosi’s Rebuke of Pro-Terrorist Tweet
Joe Biden Shuffles Alone in the Back of the Pack While G7 Leaders..
Who’s In for the Left’s ‘New Normal’?
NY Rep. Wants ‘Liability’ Omar Booted From Congressional Committee
Teen Who Filmed George Floyd’s Murder Awarded Pulitzer Special Citation
You won't believe what just happened:
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