Good morning. Lyft said employees don't have to come back to the office until 2023, which sounds like a joke...until you realize that in just a few weeks 2023 = "next year." 
—Neal Freyman, Matty Merritt, Jamie Wilde | | | READ THIS TO REMAIN A SUBSCRIBER Want to keep receiving Morning Brew? Clicking on newsletter links is the only way for us to know you are reading (and enjoying) Morning Brew. If you don't click by next month, you will stop receiving this newsletter. Click here to let us know that you're still an active subscriber. Thanks! | | | |  | Nasdaq | 15,786.99 | | | | | S&P | 4,701.21 | | | | | Dow | 35,754.75 | | | | | 10-Year | 1.526% | | | | | Bitcoin | $50,683.09 | | | | | Roku | $256.08 | | | | *Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean. | - Markets: The S&P posted its third straight day of gains, as fears of widespread Omicron-induced lockdowns continue to fade. Roku stock popped 18% after it reached a deal with Google to keep YouTube and YouTube TV on its platform.
- Economy: Great Resignation update—still going strong. 4.2 million people quit their jobs in October, a historically high number but 205,000 lower than the previous month.
Markets Sponsored by Fidelity Investments
Feeling ambitious? Today's episode of Fresh Invest, our investing podcast with Fidelity, breaks down advanced investing techniques. Listen here. Listen here. | | Francis Scialabba In 2021, crypto showed up in high-art circles, on NBA jerseys, and in more investment portfolios. So it's not a surprise that, for the first time ever, the sector also made an appearance in the halls of Capitol Hill. Six executives from leading crypto firms, including FTX and Coinbase, testified before the House Financial Services Committee yesterday. It's part of Congress's "fact-finding mission" into how to regulate an industry that's been subject to spottier oversight than the boys in Lord of the Flies. - In the nearly 13 years since bitcoin was first introduced, cryptocurrencies have ballooned into a ~$2.6 trillion asset class.
- Yet the industry is governed by a patchwork of laws rather than an overarching regulatory framework.
So how should it be policed? Unsurprisingly, industry leaders and lawmakers don't exactly see eye to eye. Crypto execs generally want low-touch, custom regulations that promote competition and innovation around blockchain technology. Coinbase CFO Alesia Haas argued yesterday that heavy-handed rules would "effectively push crypto activity underground" or outside the US. - Haas said that crypto markets are fundamentally different from traditional financial markets, and should be treated by regulators as such.
Lawmakers, specifically Democrats, have a number of concerns with how the crypto industry currently operates, including the amount of energy consumed during the mining process and the potential for fraud. - They're especially spooked by "stablecoins," which are cryptocurrencies typically pegged to government-backed currencies. Stablecoins have surged to become a $140 billion market, but regulators think they're not quite as "stable" as they claim and actually risk destabilizing financial markets.
Big picture: Both crypto leaders and government regulators agree that some rules of the road are needed for the industry to be sustainable. "Few technologies in history, since antiquity, can persist for long periods of time outside of public policy frameworks," SEC Chair Gary Gensler recently said.—NF | | Dianna "Mick" McDougall The question on everyone's mind this holiday season: Will existing Covid vaccines work against the new variant, Omicron? Early results show that yes, they can, but only after you get knocked on your couch for a third time. Pfzier and its vaccine partner BioNTech released preliminary data yesterday that showed booster shots come as advertised—they increase the level of Omicron-fighting antibodies by 25x when compared to a 2-shot regimen. - Disclaimer: These results haven't gotten the ol' "peer-reviewed" stamp yet, and need to be scrutinized further.
Still, this is encouraging news, considering early observations of Omicron sparked concern that existing vaccines wouldn't be able to neutralize the variant at all. In case more protection is needed, Pfizer and BioNTech are working on an Omicron-specific booster they said could be available by March 2022. Zoom out: These results add another wrinkle in the debate over what dosage indicates someone is "fully vaccinated." Dr. Fauci told CNN yesterday that "it's going to be a matter of when, not if" the definition changes.—NF | | Vishal Garg, CEO of mortgage company Better.com, broke out a classic exec move and said he was sorry for not respecting his employees. On Tuesday, Garg sent an apology letter to staff after he laid off 900 employees—at least 9% of the company's total—on a Zoom call last week that had the energy of a middle school surprise anti-drug assembly. - "I own the decision to do the layoffs, but in communicating it I blundered the execution," wrote Garg.
He didn't even have a fun background. The CEO's curt layoff message was followed by a number of frustrated employees venting on the anonymous discussion website, Blind. Then Garg decided things could only get more fun with the boss around and wrote a series of posts on the same site accusing at least 250 former employees of "stealing" by only working "two hours a day" while clocking in for eight. The fallout: After a rocky week, Better.com's PR leaders responded by...leaving. Three top communications execs resigned as of yesterday. Plus, the company put a pin in its $7.7 billion SPAC merger with Aurora Acquisition Corp. for what it said were "regulatory" reasons. + Bonus: Here's how the call may have gone.—MM | | | It might blow your freakin' mind that CARIUMAs—celeb-loved, eco-friendly, and super comfy—are back in stock RIGHT NOW. Their IBIs have been known to command a 22k person waitlist (prob because celebs have such big closets), but right now we can all get these sneaks on our feet. And that's not all the good news, because the IBIs are also available in slip-on and high-top styles in fall-ready colors  . Here's hoping some of our celeb readers are on their yachts right now, because CARIUMA's bestselling OCA sneakers are also back. With over 7k five-star reviews, these snazzy sneaks come in canvas, suede, low-top, and hightop options. CARIUMA kicks are here, but now that the entire Brewniverse knows, you should probably get to clickin'. PS: They're never on sale, but Brew readers get a special discount here. | | Stat: US emergency room visits for suicide attempts by adolescent girls surged 51% in early 2021 compared to the same period in 2019, a new report showed Tuesday (they rose 4% for boys). The surgeon general, Dr. Vivek Murthy, warned of a "devastating" mental health crisis among the country's youth, spurred in part by messages in media and pop culture that "erode their sense of self-worth." Quote: "We'll be a sanctuary." California Gov. Gavin Newsom said that CA's abortion clinics are preparing to support the influx of patients who will travel from out of state for reproductive care if Roe v. Wade is overturned by the Supreme Court. Read: Google's top trending searches in 2021. (Google Trends) | | Maxim Blinov/Getty Images But like, actual space. Japanese billionaire Yusaku Maezawa docked at the International Space Station yesterday, making him the first self-funded tourist to visit the ISS in over a decade. He'll spend about 12 days aboard the space station with Russian cosmonaut Alexander Misurkin and Yozo Hirano, a video producer who's documenting the trip. - For comparison, Jeff Bezos and Richard Branson were each in space for less than 15 minutes, and only Bezos went above the Kármán line, which many consider to be the space–Earth boundary.
What you should know about Maezawa and his trip Maezawa, 46, became a billionaire after founding the e-commerce sites Start Today and Zozo (Zozo sold to SoftBank in 2019). He also used to drum in the punk rock band Switch Style. This certified chiller asked fans to suggest 100 activities for him to do in space, which he intends to document and upload to YouTube. They include: - Playing golf
- Hosting a badminton tournament
- Getting a zero-gravity haircut
- Whatever "drinking 'urine water'" entails
Ganbatte, Maezawa!—JW | | - Apple will not have to make major changes to its App Store while it's appealing a lawsuit brought by Fortnite maker Epic Games, a court ruled yesterday.
- Instagram CEO Adam Mosseri in a Senate hearing refused to say he'd permanently halt plans to release an Instagram for kids. He also said the company is bringing back a chronological feed option.
- Canada and Australia joined several other Western governments in staging a diplomatic boycott of the Beijing Winter Olympics.
- The defense team for Elizabeth Holmes rested their case yesterday, and jury deliberations in her criminal fraud trial will begin later this month.
| | Invest in better knees. Monogram is disrupting the $19.6B joint replacement industry with a personalized approach to knee replacements—of which there are 1+ million per year (!). Monogram will use robotics, AI, and 3D printing to make that tricky procedure easier—learn more here.* Those are some clean numbers. 2022 just feels like the right time to get things in order, including personal finances. This card comes with up to 5% cashback, no annual fee, and 0% intro APR for over a year. Clean numbers indeed. Check it out.* Easy on the eyes: A library of airlines' seatback safety cards throughout history. The year on Reddit: The most viewed topic on the platform was cryptocurrency, and this thread with a lobster diver was the most upvoted AMA of the year. Here's the entire recap. Golden Mug Awards: Just a reminder to vote for our end-of-year awards, which include categories like the most consequential person, the cringiest moment, and the best comeback story of 2021. *This is sponsored advertising content | | Brew Mini: Today's Mini is a special one—it has approximately 0 black squares. We had fun playing it and think you will, too. Three Headlines and a Lie Three of these news headlines are real and one is faker than a noncompetitive cookie swap. Can you guess the odd one out? - This year's National Finals Rodeo in Vegas has a new event: Horse Hugging
- NFTs are the big holiday gift this year—whether you want one or not
- Camels enhanced with Botox barred from Saudi beauty contest
- Finland's prime minister apologizes for clubbing after contact with Covid-19 case
| | With hoodies, T-shirts, mugs, and accessories, there's something for everyone in the Brew store. If reading the Brew every morning puts a smile on your face, just imagine how you'll feel wearing the Brew. Refer a friend before midnight (ET) tonight and both of you will have a chance to win a $250 gift card to the Morning Brew store. Plus, every confirmed referral is one entry to win. So the more you refer, the more entries you get. Share to win* Disclaimer: Only readers with US addresses are eligible to participate. Here are the terms and conditions. | | | We made up the rodeo one. | | | ✢ A Note From Fidelity Investing involves risk, including risk of loss. Fidelity Brokerage Services LLC, Member NYSE, SIPC, 900 Salem Street, Smithfield, RI 02917 | | | Written by Neal Freyman, Jamie Wilde, and Matty Merritt Was this email forwarded to you? Sign up here. WANT MORE BREW? Industry news, with a sense of humor → - HR Brew: analysis of the employee-employer relationship
- Marketing Brew: the buzziest happenings in marketing and advertising
Tips for smarter living → - Money Scoop: your personal finance upgrade
- Sidekick: lifestyle recs from every corner of the internet
Accelerate Your Career → - MB/A: virtual 8-week program designed to broaden your skill set
| ADVERTISE // CAREERS // SHOP // FAQ
Update your email preferences or unsubscribe here.
View our privacy policy here.
Copyright © 2021 Morning Brew. All rights reserved.
22 W 19th St, 8th Floor, New York, NY 10011 | |
No comments:
Post a Comment