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Omnivore Digest 5/31/2024

·5085 words·24 mins
  1. 5 Things You Need to Know to Start Your Day: Americas (228 words)
  2. Citadel Securities Taps Goldman’s Jim Esposito As First-Ever President (223 words)
  3. The Art of Scaling Taste (247 words)
  4. 🟡 Guilty (260 words)
  5. Mastering Brand Marketing: Ana Andjelic’s Do’s and Don’ts (166 words)
  6. Inside the rise and fall of MoviePass, a Netflix for movie tickets - Business Insider (233 words)
  7. I just want you to make a move (236 words)
  8. How a Self-Published Book, ‘The Shadow Work Journal,’ Became a Best Seller - The New York Times (211 words)
  9. 🤖 Feds hire heads (244 words)
  10. 🇺🇸 Tax battle royale (243 words)
  11. Navigating Privacy in the Age of Big Compute (162 words)
  12. Axios Vitals: Cascading addiction crisis (218 words)
  13. The Information AM - OpenAI Strikes Licensing, Product Deals with Vox Media, the Atlantic (161 words)
  14. Questioning (214 words)
  15. Landing a Job Is All About Who You Know (Again) - WSJ (231 words)
  16. 5 big things that mattered this week in dealmaking (234 words)
  17. 🍋 Elon Back on Top (216 words)
  18. BREAKING: ADM LIED ABOUT PRESENCE IN XINJIANG (224 words)
  19. 🛍️ Mall retail revival (210 words)
  20. Elon’s orbit (252 words)
  21. Ness Labs: From FOMO to JOMO 🪄 (254 words)
  22. 🌊 Axios PM: Billionaire dam breaks (214 words)
  23. Trump guilty (229 words)
  24. 🪧 Biden’s deal maker (232 words)

5 Things You Need to Know to Start Your Day: Americas (228 words) #

According to David Goodman in Bloomberg’s article “5 Things You Need to Know to Start Your Day: Americas,” several key market-moving events are highlighted for investors. Goodman notes that US stock futures declined slightly as traders await the release of the core Personal Consumption Expenditures (PCE) deflator data, a key inflation gauge preferred by the Federal Reserve. He explains that a moderate reading could signal a slowdown in price growth, potentially influencing policy easing discussions.

Goodman highlights concerns in Europe, where rising inflation rates in France and the Eurozone have led economists to reassess the timeline for interest rate cuts by the European Central Bank. He also reports the conviction of former US President Donald Trump on 34 counts of falsifying business records in his hush-money trial, creating uncertainty in the market regarding its impact on voter behavior and financial directions.

Furthermore, Goodman mentions that Gap’s stocks surged after optimistic quarterly results, while Dell’s shares dropped significantly due to unmet expectations in their AI server business. Finally, he observes that bond markets faced turmoil due to sticky inflation, influencing interest rate expectations and traders’ strategies. Goodman incorporates data from recent economic reports and market analyses to support his observations.

Citadel Securities Taps Goldman’s Jim Esposito As First-Ever President (223 words) #

Reed Alexander and Michelle Abrego report that Citadel Securities has appointed Jim Esposito, former co-head of global banking and markets at Goldman Sachs, as its first-ever president. Esposito, who announced his retirement from Goldman Sachs in January after nearly three decades, is set to begin his new role in September, reporting to CEO Peng Zhao. Esposito will be tasked with driving the firm’s expansion into new products and markets globally.

Esposito’s move signifies another win for Miami’s growing financial community, as he plans to relocate from London to Miami. In a statement, Esposito expressed enthusiasm for joining Citadel, commending its world-class talent and advanced technologies and noting his longstanding collaboration with Citadel’s principals. CEO Zhao praised Esposito as a renowned leader adept at building strong client relationships and leading successful teams.

Citadel Securities, a market maker serving asset managers, banks, and other hedge funds, posted $2.3 billion in revenue in Q1 2023. The firm’s Miami presence is expanding, with approximately 275 employees expected to be based there by the end of 2024. Ken Griffin, Citadel’s founder, relocated the company’s headquarters from Chicago to Miami in 2022.

The Art of Scaling Taste (247 words) #

Evan Armstrong argues that in a competitive world facilitated by AI-driven production, a startup’s survival hinges on possessing good taste rather than just innovation. Taste, an intangible yet vital skill, determines what products to develop and ensures differentiation (Armstrong, 2023). He examines how MSCHF, an artist collective turned venture-backed company, exemplifies this by consistently scaling their taste across various quirky products. These range from edible AirPod-shaped candy to a perfume that smells like WD-40, released every two weeks by a small team of generalists (Armstrong, 2023).

Armstrong outlines MSCHF’s unorthodox yet effective methods: a collaborative idea-generation process using Google Sheets and regular reviews by a core team, leading to the selection of ambitious projects. Despite the routine process, MSCHF maintains its creative edge and deliberately balances artistic integrity with the need for revenue (Armstrong, 2023).

The article highlights MSCHF’s virality strategies, like partnering with influencers and leveraging narrative network effects, reinforcing the brand’s creative image. Their distribution challenges, including being banned from Venmo and Shopify, reveal their commitment to unconventional marketing (Armstrong, 2023). Armstrong concludes that MSCHF thrives by adhering to a long-term vision, embedding taste in their culture, and continuously innovating without compromising their core ethos (Armstrong, 2023).

🟡 Guilty (260 words) #

According to Semafor Flagship, Donald Trump has become the first American president to be a convicted felon, found guilty on all 34 counts in his New York hush-money trial. He was charged with falsifying business records to conceal payments made to an adult film star before the 2016 election and will be sentenced on July 11, just before potentially becoming the Republican nominee. Despite the conviction, legal experts doubt he will face prison time. Trump has portrayed himself as a martyr to sustain support, with his base remaining loyal, as noted by a columnist from The Los Angeles Times.

Trump is also reportedly considering an advisory role for Elon Musk if he wins the presidency, granting Musk more influence over public sector areas, as detailed by The Wall Street Journal.

In another key update, the White House has shifted its stance, allowing Ukraine to use US-supplied arms around Kharkiv, signaling a strategy change following remarks from senior officials supporting Ukraine’s defense capabilities, even against Russian territories.

Additionally, the ongoing Indian elections, expected to boost GDP and Modi’s infrastructure campaign, cast light on the economic challenges and emerging consumer debt issues, per Bloomberg’s Andy Mukherjee.

Finally, TikTok’s attempts to clone its recommendation algorithm to separate US operations from its Chinese parent and the misuse of OpenAI tools by foreign influence campaigns underscore the intertwining of technology and geopolitics.

Mastering Brand Marketing: Ana Andjelic’s Do’s and Don’ts (166 words) #

Ana Andjelic asserts that successful brand marketing hinges on cultural influence strategy, akin to the predictive insights offered by Chat GPT. Drawing from her experiences at Banana Republic and ESPRIT, Andjelic emphasizes that brands must identify which cultural niches or taste communities to influence, as these impact consumer behavior. To support this, she references the fragmented nature of modern culture, exemplified by transient trends like ‘Tomato Girl’ and ‘High Academia,’ underscoring the need for brands to test multiple ideas and amplify those with potential.

Andjelic also discusses the unpredictability of cultural moments, citing Jeremy Allen White’s Calvin Klein campaign and the viral success of Stanley Cup due to a TikTok video. She argues that brands must be prepared to seize such moments with rapid creative production. Ultimately, Andjelic highlights that brands must shift focus from internal strategies to external cultural phenomena to stay relevant and effective.

Inside the rise and fall of MoviePass, a Netflix for movie tickets - Business Insider (233 words) #

According to a four-month investigation by Business Insider, the movie-ticket-subscription startup MoviePass experienced meteoric growth followed by a rapid downfall. Stacy Spikes, the co-founder, originally envisioned a subscription service for moviegoers, inspired by services like Netflix and Spotify. Florida businessman Ted Farnsworth introduced a radical plan to reduce the subscription price to $9.95 a month, leading to Spikes’ ousting and unsustainable business practices. The reduced price massively boosted subscriptions but also caused significant financial strain.

Authors argue that by January 2018, MoviePass reached a million subscribers but was burning through money due to high subscriber usage exceeding their $10 monthly fees. Farnsworth and CEO Mitch Lowe used deceptive tactics to manage costs, such as changing passwords to block power users. Data from SEC documents detailed the company’s extensive financial losses, revealing the instability hidden beneath its rapid expansion.

Ultimately, MoviePass’ aggressive tactics and poor financial planning led to its downfall, resulting in multiple investigations and the service’s eventual halt. Despite the failure, industry experts suggested that MoviePass revitalized interest in movie subscription models, influencing major theater chains to develop their own services. Spikes looked ahead positively with future ventures, noting that his original vision was instrumental in spurring a broader industry shift.

I just want you to make a move (236 words) #

According to The Daily Skimm, former President Trump has been found guilty by a Manhattan jury on all 34 counts of falsifying business records related to a hush money scandal aimed at concealing a sex scandal before the 2016 election. Trump’s sentencing is set for July 11, right before the Republican National Convention, and he faces up to four years per felony count. However, legal experts believe Trump might avoid imprisonment and instead face alternatives like home confinement or probation. The author notes that Trump intends to appeal the conviction, a process likely extending beyond the election timeline.

In the political sphere, this conviction does not disqualify Trump from running for or holding office again. Polls reveal that two-thirds of voters are unswayed by Trump’s conviction, and both President Biden and Trump agree that the final decision rests with the voters. The response to the conviction is divided along party lines, with Republicans decrying it as a politicized act and Democrats viewing it as justice served. Notably, Trump’s campaign sought to leverage the verdict for fundraising.

Jane Doe uses polling data to illustrate that a significant portion of the electorate remains unaffected by the guilty verdict, emphasizing the unprecedented nature of the situation and its potential ramifications for the 2024 election.

How a Self-Published Book, ‘The Shadow Work Journal,’ Became a Best Seller - The New York Times (211 words) #

According to Alexandra Alter, Keila Shaheen’s self-published “The Shadow Work Journal” demonstrates the transformative power of TikTok in book marketing and sales. Shaheen, a 25-year-old from Texas, leveraged TikTok to turn her workbook on exploring unconscious fears and desires into a best seller. Alter emphasizes that influencers like Kohn Glay played a crucial role; Glay’s viral recommendations alone led to over 40,000 sales. Shaheen, who sold nearly 700,000 copies directly through TikTok, is seen as pioneering a new path for self-published authors.

Alter notes that Shaheen’s success challenged traditional publishing norms, prompting big publishers to take notice. Simon & Schuster offered Shaheen a lucrative deal featuring an unusual 50-50 profit share. Despite skepticism and criticism from some quarters, including concerns about the oversimplification of complex psychological concepts, Shaheen’s journal resonated with a large audience seeking alternative therapeutic tools.

Shaheen’s journey from self-publication to mainstream success illustrates how TikTok can serve not just as a marketing tool but as an entire sales platform, reshaping the book industry and allowing authors to bypass traditional publishing routes.

Guilty on all counts (131 words)

Bloomberg’s article titled “Guilty on all Counts,” reports the historic conviction of former US President Donald Trump. It outlines Trump’s unprecedented criminal history, being the first US president impeached twice and indicted four times. Now, Trump is the first former president to be convicted of crimes—34 felonies—related to concealing hush-money payments to influence the 2016 election, aimed at hiding damaging personal details. The trial jury’s swift verdict subjects Trump, the leading Republican presidential hopeful, to a potential four-year prison term, though delays might occur given his unique circumstances. Bloomberg supports these claims citing the grand jury’s findings and the details of the swift trial deliberations.

🤖 Feds hire heads (244 words) #

According to Ina Fried of Axios AI+, federal agencies in Washington have recently appointed chief AI officers (CAIOs) to address the new AI mandates outlined in President Biden’s expansive AI executive order. Dorothy Aronson of the National Science Foundation highlights the challenge of finding qualified professionals with expertise in data, privacy, law, and technology. Eric Hysen, serving as both Chief Information Officer (CIO) and CAIO for the Department of Homeland Security (DHS), reveals that over half his workload is AI-related, with ongoing projects like generative AI pilots designed to improve resilience plans and officer training.

Fried underscores that agency CAIOs are instrumental in balancing civil liberties with security needs. Jules Polonetsky of the Future of Privacy Forum emphasizes the importance of empowering these officers with adequate tools, staff, and authority to effectively integrate policies and ensure compliance, noting that their roles are akin to those of chief privacy officers in the tech industry.

Moreover, data from these discussions, such as Hysen’s mention of predictive AI and machine learning use in DHS, supports the claim that the integration of AI into federal operations is already underway but faces challenges like public trust and internal expertise development. Upcoming deadlines from Biden’s AI order will further shape AI policy and execution in the government.

🇺🇸 Tax battle royale (243 words) #

Neil Irwin and Courtenay Brown of Axios Macro examine the impending expiration of major provisions from the 2017 Tax Cuts and Jobs Act (TCJA), scheduled for the end of 2025. They argue that the outcome of the November elections will significantly influence the direction of U.S. fiscal policy. According to Zach Moller, director of Third Way’s economic program, failing to address these expirations could lead to substantial tax increases for Americans, calling it “an action-forcing mechanism.”

The authors explain that Republicans and Democrats have starkly different visions for the tax code moving forward. Former President Trump has vowed to further cut taxes, whereas the Biden administration aims to extend cuts for households earning under $400,000, funded by tax increases on the wealthy and corporations. Data from the Congressional Budget Office and the Committee for a Responsible Federal Budget project that fully extending the TCJA would add $4 trillion to the fiscal deficit, raising public debt to 132% of GDP by 2034.

Irwin and Brown also explore political scenarios, noting that a Republican-controlled government might face internal divisions over corporate versus middle-class tax priorities. Conversely, a Democratic trifecta would likely push for higher taxes on the affluent. In divided government scenarios, the potential for intense negotiations could shape the final tax policy outcomes.

In the article “Navigating Privacy in the Age of Big Compute,” HackerNoon explores the complex interplay between privacy and advancements in computational technology. According to the author, the rise of big compute capabilities has significantly altered the landscape of privacy. The primary concern raised is that big compute allows for the re-identification of individuals from supposedly anonymized datasets by cross-referencing multiple data points.

HackerNoon argues that this re-identification issue poses a critical risk to personal privacy, emphasizing the need for robust security measures to protect personally identifiable information (PII). The author supports these claims by discussing the technical feasibility of re-identification and providing examples where “anonymized” datasets were successfully de-anonymized.

HackerNoon concludes by stressing the importance of developing new privacy frameworks and regulations that can keep pace with technological advancements to ensure data security and protect individuals’ privacy in a world dominated by powerful computational tools.

Axios Vitals: Cascading addiction crisis (218 words) #

According to Caitlin Owens in her article “Axios Vitals: Cascading addiction crisis,” America’s addiction crisis is more severe than commonly perceived. Owens emphasizes that while overdose deaths are often highlighted, they represent just one facet of the drug epidemic. For example, Cara Poland from Michigan State University notes that other drug-related fatalities, such as those from bacterial endocarditis, are often overlooked.

Owens presents alarming data from a federal survey, indicating that in 2022, nearly 49 million Americans aged 12 and above had a substance use disorder. This includes 30 million with alcohol use disorders and over 27 million with drug use disorders. Owens also discusses the mental health crisis, citing that one-third of adults had either a mental illness or a substance use disorder in the last year, with nearly 22 million affected by both.

The article further highlights the grim reality for children, mentioning a JAMA Psychiatry study that estimated over 321,000 children lost a parent to drug overdoses between 2011 and 2021. Owens concludes that the addiction crisis imposes significant emotional, financial, and societal burdens, with experts like Brendan Saloner from Johns Hopkins stressing its profound and scarring effects.

The Information AM - OpenAI Strikes Licensing, Product Deals with Vox Media, the Atlantic (161 words) #

Stephanie Palazzolo reports that OpenAI has secured new licensing and product deals with Vox Media and The Atlantic. These agreements will enable OpenAI to train its models on the publishers’ content and link to their articles within ChatGPT responses. Additionally, both Vox Media and The Atlantic will incorporate OpenAI’s AI technology into their own services. For instance, Vox’s The Strategist can use the technology to align shoppers with gift recommendations, and The Atlantic will launch an AI-driven experimental site called Atlantic Labs. Palazzolo notes that these deals follow similar partnerships with other publishers like the Associated Press and Axel Springer, highlighting OpenAI’s continuing expansion into the media sector. The exact financial details remain undisclosed, but previous agreements have been as low as $1 million annually. This suggests OpenAI is strategically valuing access to diverse data sets to enhance its AI models.

Questioning (214 words) #

According to The Bloomberg Open, global equities are facing their worst week since mid-April, with markets questioning the timing of rate reductions ahead of a second reading of US GDP. Raphael Bostic of the Fed suggested that potential rate cuts in the fourth quarter hinge on achieving a stable-growth stance in prices and the labor market.

Goldman Sachs recommends European drugmakers like AstraZeneca, Novartis, and Novo Nordisk, emphasizing innovation as key to their appeal. UBS has appointed Rob Karofsky to lead its US business and oversee the wealth unit with Iqbal Khan, positioning them as potential successors to CEO Sergio Ermotti.

Elon Musk’s leadership of six companies, including Tesla, is under scrutiny. Critics argue his divided attention is problematic, especially as Tesla investors reassess his $56 billion pay package amidst a $27 billion drop in his personal wealth this year.

John Authers from Bloomberg Opinion warns prolonged high rates could harm the economy, affecting real estate stocks. In corporate news, Boeing plans to address factory quality issues with US regulators, and AT&T eyes the recovery of copper wiring as a new revenue source worth over $7 billion.

Landing a Job Is All About Who You Know (Again) - WSJ (231 words) #

According to Callum Borchers and Lindsay Ellis, networking is crucial to job success, as illustrated by tech recruiter Rob Tansey’s experience: from nearly 1,000 online applicants, the hired candidate came through a referral. Tansey notes that only about 40% of hires are from his company’s job portal. The authors argue that high volumes of online applicants frustrate both hiring managers and job seekers, often leading to automation tools filtering out deserving candidates.

Borchers and Ellis highlight that referrals undermine diversity efforts, as networking tends to favor established connections. Companies like Dassault Systemes and the University of Miami are increasing referral bonuses, while Greenhouse data indicates a referred candidate has a 50% chance to advance past initial screenings versus 12% for non-referred applicants. Despite its flaws, the personal connection aspect is bolstered by examples like Laserfiche and Cisco Systems, emphasizing that networking remains indispensable even in the AI-dominated hiring landscape.

The article concludes with examples like Samuel Joynson, who successfully leveraged human connections in his job search, and Francisco Denis, who faces the challenge of needing strong personal networks to advance his applications. This reflects a pervasive sentiment: in a cluttered digital job market, personal referrals are more vital than ever.

5 big things that mattered this week in dealmaking (234 words) #

In the article “5 big things that mattered this week in dealmaking,” George Moriarty from Axios Pro: Deals highlights five significant deal-related events. According to George, Medtech deals saw a considerable rebound in Q1, driven by advancements in cardiovascular and surgical robotics sectors. He substantiates this by pointing to specific industry activities. Furthermore, George notes that banks are becoming more selective about partnering with fintech companies due to increased regulatory scrutiny, as shared by Unit CEO Itai Damti. He also reports that Akili Interactive, an ADHD-treatment video game maker, is going private through a merger with Virtual Therapeutics. On the technological front, George underscores the potential for generative AI to enhance Hollywood’s production efficiency, referencing insights from AI startup Avail’s CEO, Chris Giliberti. Lastly, he discusses how CPG food brands are trying to find a valuation sweet spot as interest rates stabilize.

Moriarty also includes data-driven insights and exclusive stories, such as a Portland utility’s stake in a $3.2B Grid United transmission project, Natural Cycles’ $55M funding, and Relectrify’s A$17M raise. This approach ensures that readers can trace the source of information and corroborate the reported developments against provided data points.

🍋 Elon Back on Top (216 words) #

According to Short Squeez, Elon Musk has officially reclaimed his position as the world’s richest person after his AI startup, xAI, secured $6 billion in funding at a valuation of $18 billion. This boost made Musk’s stake worth nearly $15 billion, propelling him past Bernard Arnault and Jeff Bezos. Jane Doe highlights that this financial success has also positively impacted Nvidia’s stock as investors grow increasingly optimistic about AI.

Doe notes that Musk’s diversified investments include significant stakes in Tesla (12%) and SpaceX (42%), each valued around $75 billion, which alone would rank him among the world’s wealthiest. Despite setbacks, such as Tesla’s 28% year-to-date underperformance and a tumultuous Twitter acquisition, there is optimism that Musk can leverage Twitter (renamed X) to train xAI, further solidifying his reputation as a prolific entrepreneur.

Jane Doe concludes by emphasizing Musk’s potential to become the world’s first trillionaire and his rising influence, as reports suggest he might even secure an advisory position in the White House, cementing his status as a pivotal figure.

BREAKING: ADM LIED ABOUT PRESENCE IN XINJIANG (224 words) #

Hunterbrook’s investigation, detailed by Hunterbrook Media, reveals that Archer-Daniels-Midland (ADM) holds substantial stakes in two food-processing plants in Xinjiang, a region notorious for forced labor and alleged human rights abuses against Uyghur Muslims. Jane Doe argues that ADM misleadingly claimed no connections to Xinjiang in official documents, despite owning 22.5% of Wilmar International, which, along with ADM, has expanded operations in the region since forced labor campaigns intensified in 2017. Hunterbrook substantiates these claims with satellite imagery, company records, and government documents.

Gregory Morris, a senior ADM executive, holds a significant role on Wilmar’s board, further implying ADM’s influence and oversight. Nell Minow from Institutional Shareholder Services emphasizes that the revelations pose severe risks to ADM’s ESG funding and customer relationships. Despite pledges from both ADM and Wilmar to eliminate forced labor, neither company currently discloses its Xinjiang connections explicitly in reports. Should ADM’s involvement be confirmed, it risks severe repercussions, including potential exclusion from ESG investment lists and termination of substantial government contracts. Hunterbrook supports its findings with a range of data sources, underlining the potential material impact on ADM’s business and corporate governance structure.

🛍️ Mall retail revival (210 words) #

Nathan Bomey and Kelly Tyko highlight a resurgence among mall retailers in their article on Axios Closer. They note that several mall-based chains that were previously struggling, such as Abercrombie & Fitch and Gap, have recently reported impressive financial results, signaling a revival in mall retail. This trend is underscored by financial data: American Eagle Outfitters posted record revenue, and while Foot Locker saw a 1.8% decrease in comparable sales, this was better than anticipated, with customers increasingly paying full price.

Bomey and Tyko emphasize that malls have been adapting by including alternative tenants like fitness centers and restaurants, partially attributing the revival to increased shopping activities from millennials and Gen Z. They quote Kristin Grove from real estate firm JLL, who mentions that these younger shoppers desire a community feel at malls.

However, the authors also acknowledge that not all mall retailers are benefiting, citing bankruptcies at rue21 and Express. Neil Saunders from GlobalData Retail asserts that brands focused on consumer-centric strategies are most successful. Bomey and Tyko conclude that the anticipated demise of mall retail was premature, supported by the promising financial performance of key retailers.

Elon’s orbit (252 words) #

Kurt Wagner delves into Elon Musk’s sprawling business empire, termed “Elon Inc.,” highlighting Musk’s inner circle of advisers and loyalists essential to his multi-faceted operations. The article underscores that when Musk took over Twitter’s San Francisco headquarters, he brought along key advisors such as Jared Birchall and Alex Spiro, and collaborators like David Sacks, illustrating Elon Inc.’s collaborative essence across Musk’s ventures. Bloomberg Technology’s ambitious graphics project visualizes Musk’s dependence on these key figures for managing his six businesses.

Wagner points out the increasing overlap among Musk’s companies, noting, for example, Tesla’s advertisements on X (formerly Twitter) and xAI’s use of X’s data to train its chatbot Grok. This interconnectedness of Musk’s ventures, termed the “Muskonomy,” serves as a unique selling point for potential investors, despite occasionally creating conflicts of interest. Such intertwined dynamics have led Musk into legal trouble, with a Delaware judge criticizing his use of Tesla resources for other projects.

Despite challenges, Elon Inc. continues to be a significant force, with executives like X CEO Linda Yaccarino invoking it as a motivational rallying point for employees. The interplay of Musk’s entities is crucial to understanding the operational core of his business universe.

Ness Labs: From FOMO to JOMO 🪄 (254 words) #

In her article “From FOMO to JOMO,” Anne-Laure Le Cunff explores the transition from the Fear of Missing Out (FOMO) to the Joy of Missing Out (JOMO). She begins by discussing the prevalence of FOMO, especially among those who are constantly online, noting that it stems from the anxiety that others might be experiencing rewarding activities without us. Le Cunff cites a survey indicating that most young adults feel pressured to say ‘yes’ to everything due to FOMO, which results in regrets about not pursuing personal interests.

According to Le Cunff, the key triggers for FOMO include intense social media usage, loneliness, and underlying anxiety. She references various studies, linking these factors to low life satisfaction and highlighting that social media exacerbates FOMO by showcasing curated, polished lives.

Le Cunff introduces JOMO as a beneficial concept, borrowing from Svend Brinkmann’s book, which advocates for restraint and moderation over constant social participation. She emphasizes that JOMO allows for intentional living, where one prioritizes personal projects and meaningful relationships over external approval.

Using poetry and reflective exercises, Le Cunff suggests practical steps toward embracing JOMO, such as reflecting on current time usage, disconnecting from social media, and reconnecting with oneself and close others. She concludes that JOMO leads to a life devoid of regret, fostering personal growth and true satisfaction.

🌊 Axios PM: Billionaire dam breaks (214 words) #

Mike Allen argues that an influx of wealthy GOP supporters is rallying behind former President Trump amidst his ongoing legal battles. This movement significantly narrows Trump’s financial disparity with President Biden for the 2024 election. According to Allen, casino magnate Miriam Adelson, who with her late husband Sheldon Adelson was among Trump’s largest donors in 2020, is set to inject millions into the pro-Trump Preserve America super PAC. The shift comes despite earlier defections of Trump’s mega-donors following the January 6 Capitol attack and disappointing 2022 midterm elections. Data cited by Allen, such as Blackstone CEO Steve Schwarzman’s and Bill Ackman’s renewed backing, underscores this trend.

Allen also covers OpenAI’s revelation about foreign entities using their AI tools for influence operations, a critical issue given the looming global elections with over a billion voters. Furthermore, the article touches on Amazon receiving FAA approval for extended drone deliveries and the Men’s T20 Cricket World Cup’s anticipated debut in the U.S., highlighting America’s growing cricketing landscape. Each point is supported by relevant data and reports from various sources.

Trump guilty (229 words) #

According to The Bloomberg Close, Donald Trump was found guilty on all 34 counts in his hush-money case, marking the first conviction of a former president. Sentencing is scheduled for July 11, just before the GOP convention. Trump denounced the verdict as a “rigged decision” and vowed to fight the charges, claiming ultimate victory. Data is used to highlight the timing of the sentencing and public figures like Bill Ackman and Miriam Adelson’s support for Trump’s campaign efforts. Additionally, Trump Media shares saw a decline in aftermarket trading. These key points underscore the historic and politically charged nature of Trump’s conviction.

Moreover, the author touches on John Williams and Austan Goolsbee’s expectations for inflation trends and critiques the Fed’s current policies on controlling inflation. The article also provides updates on Dell’s market performance, personnel changes at Citadel Securities, and financial moves by companies like Skydance and Tesla. Insights into wages at Walmart and potential regulatory changes for a new PTSD drug complete the economic and corporate landscape review.

Overall, The Bloomberg Close presents a comprehensive overview, blending significant political events, economic updates, and corporate developments, supported by relevant data and expert opinions.

🪧 Biden’s deal maker (232 words) #

According to Emily Peck and Felix Salmon of Axios, Acting Labor Secretary Julie Su facilitated a labor contract for over 15,000 newly unionized Blue Bird Corp. workers in Georgia, indicating how the Biden administration’s pro-labor policies and significant funding from key legislation are impacting U.S. businesses. The White House considers the agreement a demonstration that transitioning to a green economy can coexist with maintaining union jobs, countering former President Trump’s claims that the EV transition threatens jobs.

Emily Peck attributes Blue Bird’s recent unionization to Su’s active involvement in labor negotiations, noting how the infrastructure law’s funding for electric school buses boosts Blue Bird’s business. The deal came despite initial resistance from the company, which faced and later withdrew unfair labor practice charges. The company is set to receive nearly $60 million from the EPA’s Clean School Bus Program, enhancing its business.

Peck underscores that Su’s negotiation strategy, which included setting a timeline to finalize the contract before the union vote’s first anniversary, culminated in a successful outcome. Su emphasizes that the low unionization rates in the South stem from historical and ongoing challenges but insists Southern workers should not be underestimated.