Morning Brew Daily
@mbdailyshow
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@MorningBrew 's daily talk show covering the latest business news and more, w/ @Neal_Freyman & @tobydoyhowell . Available on all podcasting platforms & Youtube.
NY, NY
Joined August 2019
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Pinned Tweet
Are you on Team Toby or Team Neal?
Use code NEAL20 or TOBY20 to get a 20% discount on our latest merch drop
Whichever code is used the most wins the competition
P.S. Toby tweeted this so definitely use TOBY20
🔗
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For every 10 likes this gets, we'll make Kim shorter and Kendall taller
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Silicon Valley Bank is imploding before our eyes
here is how SVB threw 50 years of goodwill and $80 billion down the drain in just 30 hours
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boomers when they hear that a 4-day workweek actually increases productivity, reduces turnover, and makes employees happier
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Can’t lose a blue check mark if you never had one at all
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Just a reminder that we live in a Twitter bubble
"Succession" premiere: 2.3 million viewers
"Yellowstone" premiere: 12.5 million viewers
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It's cheaper to fly to Argentina and watch Taylor Swift perform than it is to see her in Los Angeles.
Absolutely wild
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Gravity is losing its grip on Kendall. Also Kim and Ant Man are now dating
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12/ Making matter worse, only 2.7% of SVB deposits are FDIC insured
97.3% aren't
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Nvidia added $230 billion to its market cap in the last 24 hours alone
Netflix's entire market cap is $162 billion
it's time to call off the fight
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Credit Suisse was once the most trusted bank in the world with 166 years of solid track record
Now its stock is down -97% and it's biggest shareholder has refused to provide any capital assistance
It might be failing in front of our eyes
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The 2nd and 3rd largest bank failures in US history just happened
But over the weekend, the US government stepped in to bail out both
Here's what that actually means
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3/ It's truly wild
SVB went from one of the most important banks in the startup world with 8,500 employees, to being sold for scraps in the span of 30 hours
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8/ Turns out that was a HUGE mistake
Even though SVB didn't have a liquidity problem, investors got spooked and reacted as if it did
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one small step for man, one giant leap for those boots
it's also getting serious between Ant Man and Kim
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1/ To understand this situation is to understand SVB's place within the startup ecosystem
SVB situated itself as the bank for founders
Just signed a fat Series A? Put the money in SVB
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14/ Google can't even populate the daily stock chart for SVB right now, its falling so fast
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3/ With all that money rolling in, SVB wanted to put the money to work
They ended up buying $80 billion in Mortgage Backed Securities (MBS) with an average yield of 1.5%
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15/ And the broader bank sector is getting slammed too (but most believe the risk of serious contagion is low)
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2/ And lots of people we're signing fat Series A's back at the start of the pandemic
Deposits in SVB grew from $60 billion in 2019 to over $189 billion in 2022
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9/ A hilariously bad and convoluted press release yesterday only served to make investors more nervous
over the past two trading days SVB is down over 70% and its still falling
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6/ Those absurd valuations and checks startups were getting?
They came back down to earth which means SVB wasn't getting the inflows it once was
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5/ With every rate hike, the $80 billion SVB had locked up looked worse and worse
Then deposits also started to fall
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4/ With interest rates at historic lows, that 1.5% yield didn't look half bad
Then interest rates started to rise
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11/ All of this has obviously spooked founders as well
Lots of VCs have jumped in to advise founders to get their money out of SVB
that's sparked a bank run
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7/ Since it was in a more precarious position than before, SVB decided to sell some securities (at a loss) in order to give themselves a little breathing room
the idea was to free up more capital and improve their liquidity
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Ryan Reynolds
2018: Acquires stake in Aviation Gin
2020: Aviation Gin sells for $610 million
2019: Acquires stake in Mint Mobile
2023: Mint Mobile sells for $1.3 billion
Most successful celebrity businessman of our generation?
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The NYC to Dublin portal i̶s̶ was restoring our faith in humanity
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"Maybe this time it'll be different!"
— The Fed, probably
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sheeeeeeesh
BREAKING: Silicon Valley Bank has been closed by California regulators
FDIC now controls all insured deposits
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10/ As the stock continues to free fall, SVB has wisely decided to scrap its capital raise
not because they realized it was a bad idea
but because they are now considering a sale
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It’s been three days since a cargo ship took down the Francis Scott Key Bridge.
And it's already shaping up to be the largest single marine insurance loss ever ($2 billion - $4 billion)
Here’s a quick thread breaking down who is going to be liable for what.
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We’ve decided to hire a CEO for Morning Brew Daily
Old media is broken. Talking heads, selling ads, inciting anger, with one-sided discourse has become tiresome and is deeply damaging the social fabric.
We want to tackle this error and create a new kind of media and live events
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@dougboneparth
these three things are worth the same because their values are completely made up
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If found this thread helpful, make sure to tune into the podcast
we break down complex business topics like this every morning
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Quick video explainer as well
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Crazy story we talked about on the pod today
it's likely that a billionaire died sometime in the last few years that no one knew about
the IRS recently received a $7 billion estate tax
that implies a fortune of $35 billion which would be a top 20 wealthiest person in the US
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I deeply regret my participation in the board's actions. I never intended to harm OpenAI. I love everything we've built together and I will do everything I can to reunite the company.
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Jamaica had to raise money through a GoFundMe just to make it to the WWC
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55 STORIES
55 SLIDES
55 BARS
55 POOLS
55 ARCADES
100 RESTAURANTS
100 ROCK CLIMBING WALLS
100 WATER PARKS
100 MINI GOLF HOLES
100 NEIGHBORHOODS
55 WATERFALLS
55 PARKS
55 FAMILY AREAS
55 WHIRLPOOLS
55 BALCONIES
and 155 SUITES
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Airbnb: Why are rentals falling??
Also Airbnb: Gonna need you to wash your sheets and reroof the house before you leave or we'll kidnap your firstborn child
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ghostwriter977's fake Drake x Weeknd song already has
- 151k views on YouTube
- 250k+ Spotify streams
- 9.2 million views on Tiktok
music industry in shambles
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Elon: “Twitter is running smoother than ever!”
Twitter:
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Elton John's "Yellow Brick Road Tour"
• 300 shows
• $887 million gross
• 20 different countries
• Highest earning tour ever
He just played his final show in England this weekend
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Taylor Swift's Era Tour is massive
• Projected to gross $591 million
• Would be biggest tour ever
• 52 dates scheduled
• Each show is 44 songs, 3+ hours
Legend of the game
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16/ This is still an ongoing situation but here's to hoping SVB figures things out
Mark Cuban said it best
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BREAKING: Silicon Valley Bank has been closed by California regulators
FDIC now controls all insured deposits
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📂 Fortune 500 company
└📁 Metaverse
└📁 Ongoing projects
└⚠️ This folder is empty
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India is about to dominate the next decade
• Just became most populous country
• Apple opening its first two stores there
• Air India had the largest aircraft order ever
• Apple plans to manufacture 40% of iPhones there
Strap in
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Elon taking away everyone's checkmark after seeing them make fun of his rocket blowing up
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"WHY IS IT SPELLED INDICTMENT IF IT'S PRONOUNCED INDITEMENT?"
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Ryan Reynolds' last 3 months
- Sold Mint Mobile for $1.4 billion
- Acquired stake in Canadian fintech Nuvei
- Won the National League with Wrexham
- Still married to Blake Lively
Man is a walking dub
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@austin_rief
Why part time? We think this can be a $B business. Media, events, membership, networking etc. you should do it full time and make yourself a fortune.
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