Athletic United

Hi, today we explore: (1) New Zealand's sheep/people ratio, (2) GameStop's wild trading volume, (3) The Athletic staffers look to unionize. Good morning! The day after OpenAI premiered a [new version]( of ChatGPT, co-founder and chief scientist Ilya Sutskever has announced his [departure]( from the company. Today we’re exploring: - Sheep/People: New Zealand’s famous ratio has fallen again. - Speaking volumes: GameStop’s trading volume in context. - United: The Athletic is increasingly integrated into the NYT. Have feedback for us? Just hit reply — we'd love to hear from you! TOGETHER WITH Ewe-turn On Saturday, the Australian government announced plans to ban its [live sheep export]( trade by 2028, a move praised by animal rights groups but condemned by farmers who were “shocked” at the 4-year timeline, even as the government offered a ~$71M package to help impacted businesses make the transition. Farmers in neighboring New Zealand, renowned for its shearling natives, will have taken notice. Indeed, NZ’s own sheep population continues to dwindle, with new data released by [Stats NZ]( in early May revealing that the nation’s total number of sheep fell by 3% to ~24M for the year ended June 2023. That’s roughly half the figure recorded two decades ago, and 65% less than in 1981, when there were ~22 sheep for every resident. And, as the country’s human population boomed to more than 5.2M in 2023, the country’s sheep-to-people ratio has been sheared to just ~4.6. Bet the farm The decline of the country’s sheep industry — with exports of lamb, mutton, and wool once the country’s largest source of national revenue — [has been relentless]( for decades. That’s partly due to a deterioration in the economics of sheep farming, as the price of wool has plummeted and farmers look to cut costs anywhere they can, including by taking more [risks on their insurance](. Another factor has been the loss of farmland: since 2011, the country has lost more than 940K hectares of [grassland](. Why? Part of the reason, at least recently, is that in 2019, NZ pledged to become carbon neutral by 2050, leading to the introduction of a trading program that allows companies to [offset emissions]( with carbon credits purchased from forest owners. As the price of these credits soared, the math became clear for farmers: cash-in on the credits by converting their agricultural land to forest. [Read this on the web instead]( Here we go again? It’s all feeling very 2021 this week as GameStop — which, until three years ago, was a quietly ailing gaming retailer — has once again regained its status as the meme stock du jour, with shares in the company gaining more than 180% so far this week. Why GameStop is [soaring]( whether its rise was weeks in the making ([options trading suggests maybe yes?]( and [how this saga will end]( for the company and its flurry of new investors, are all fascinating questions. Another is: just how much money is actually changing hands in GME stock? Although we might be numb to meme stock moves at this point, it’s worth reminding ourselves just how extraordinary these phenomena are. Stocks moving 50%+ in a day isn’t completely unheard of, but those kinds of swings are usually reserved for thinly-traded stocks with low liquidity... that’s not what’s happening here. Data from Koyfin reveals the list of the most-traded stocks in the US & Canada yesterday. The table reads: Nvidia, Tesla, GameStop, Apple, and Berkshire Hathaway. Right there, in between some of the biggest companies on Earth which trade billions of dollars everyday, is GameStop. Indeed, for companies of its size (we’ve defined loosely as $5-25 billion, but recognize that it’s something of a moving target), GME’s trading volume — which surpassed $10 billion yesterday — is a serious outlier. The average for that subset of similar companies? Just $94 million. [Read this on the web instead]( [Sponsored by Rocket Mortgage]( Home for the summer There’s no perfect game plan for today’s housing market — but if there’s something prospective buyers can count on, it’s this: the market is about to get a whole lot hotter. Seasonality is a housing market mainstay, as existing home sales data from the [National Association of Realtors]( stand to show. Higher demand means getting ahead of the game — which is where [Rocket Mortgage® is on your side](. Wherever you are on your home-buying journey, [Rocket Mortgage fuels you with confidence](. With 24-hour in-app access to your loan and experts available 7 days a week, you’ll be supported by a dedicated team to get it over the finish line. What could you come home to? Rocket gives you an home budget estimate in just 10 minutes. [Build your budget: Get prequalified with Rocket Mortgage*]( Athletic united Workers at The Athletic, the much-vaunted sports publication that the New York Times Co. picked up for $550M at the start of 2022, are [reportedly in discussions]( to form a union, as the outlet’s position within the Times shifts and expands. Last July, the Gray Lady announced it would be scrapping its sports department and pivoting to using coverage primarily from The Athletic, both [online and in print](. That entrenchment deepened on Monday, when the outlet’s website and social posts — platforms on which the publication built its buzzy renown — were finally changed to redirect to the NYT site. The Athletic staffers’ efforts would be the latest installment in a growing wave of union action at the 170+ year old publication. For example, NYT tech writers, Wirecutter staff, and newsroom workers have all entered negotiations with the company in recent years, with unions staging historic strikes over issues of [pay and benefits]( and [return-to-office mandates](. While high-profile acquisitions like The Athletic and Wordle have been instrumental in the New York Times’ strategic pivot — digital revenues amounted to ~$1.4B in 2023, very nearly double what the company made from print — it’s interesting to note that the sports outlet is still unprofitable, despite adding almost 4 million subscribers since it was acquired (many of which are likely to be through bundled packages). [Read this on the web instead]( More Data • Brad Pitt’s as-yet-untitled [Formula 1]( movie is shaping up to be one of the most expensive ever made, having already racked up a $300M budget following a months-long pitstop due to strikes. • Website-making website Squarespace is being taken off the NYSE after 3 years of [public trading]( in a $6.9B deal with private-equity firm Permira. • Rocket Mortgage are committed to making home more affordable… which is why they’re offering [Chartr readers lender credit of $1,000*]( when they lock in a loan using this link. [Start an application today]( • Sometimes, art imitates life… key [art auction sales]( at institutions like Christie’s are expected to total $1.2B, down 18% from a year ago, amid price disputes and market uncertainty. • The winner of a $1.35B lottery jackpot is being sued by his own family for lying about sharing the [prize money]( with them… Thanksgiving will be fun. **This is sponsored content. Hi-Viz • Visualizing how [online donations]( are supercharging the US election. Off the charts: America has lost 43% of its ____ since the number peaked in 1996. [Answer below.] [Answer here](. Thanks for stopping by! Have some [feedback](mailto:daily@chartr.co?subject=Feedback&body=Hi%2C%0A%0AI%20like%20the%20newsletters%2C%20but%20I%20had%20a%20thought%20for%20you...) or want to [sponsor]( newsletter](mailto:james@sherwoodmedia.com?subject=Chartr%20NL%20Sponsorship%20Enquiry%20)? Not a subscriber? Sign up for free below. [Subscribe]( Advertiser's Disclosure: *Clients will receive a lender credit of $1,000 when they lock a loan on or after October 20th, 2023, utilizing the Chartr Newsletter application link. Offer cannot be retroactively applied to previously closed/locked loans. Offer does not apply to new loans submitted through non-retail loan originators, including brokers. Additional restrictions apply. 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