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
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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Vince McMahon looks like Wario's cousin and just sold WWE for $9.1 billion
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2019: WeWork worth $42 billion after raising Series H from SoftBank . 2023: "Substantial doubt exists about the company’s ability to continue." . What a ride
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How Stanley went from $70 million to $750 million in sales
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Nvidia market cap . '23 $990 billion.'22 $364 billion.'21 $735 billion.'20 $323 billion.'19 $144 billion.'18 $81 billion.'17 $117 billion.'16 $57 billion.'15 $17 billion.'14 $11 billion.'13 $9 billion.
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When your CEO has a tattoo of the company logo, good things happen. What a week for Nvidia
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Netflix: *cancels show with potential after one season*. Also Netflix: "how can we create the worst show of all-time?"
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What is the greatest logo of all time?. From Nike to FedEx and everything in between, over the next two weeks you all will be voting to crown the GLOAT. Voting opens at 10AM today but before then, let's preview each region
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7,177 of 7,806 subreddits are currently dark . Steve Huffman poked the bear holy moly .
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This chart is truly absurd and scary. We are living through the least productive Congress in history
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