Modern Families

Good morning. We’re doing Shrek 5. Mike Myers and co. will return in 2026 for another [installment]( in the movie series, 25 years after the first film. Today we’re exploring: - Home sweet home: The changing living arrangements of America’s youth. - Wheels Up: Renting out private jets is a tricky business. Have feedback for us? Just hit reply - we'd love to hear from you! TOGETHER WITH [Sponsor Logo](   As we enter the peak summer months, many students and newly-minted college graduates are taking their first steps into the big bad world of work. In decades gone by, a wave of weddings often followed and young newlyweds shacked up to leave a huge cohort of “empty nesters” behind. That is no longer the case. In the late 1960s, nearly 40% of 18-24 year-olds lived with their spouse. Last year, just 6% did. Indeed, data plotted from the Census Bureau (and inspired by reddit user u/theimpossiblesalad) reveals how dramatically the living arrangements of America’s youngest adults have changed in the last 50+ years. 71% reported living with either their parents (56%) or other relatives (15%), making it the most common living arrangement by far. Parent trap For both cultural and financial reasons, young people are waiting longer to take those big traditional steps in life: the average age of a first marriage is [rising](, and the median [homebuyer age]( has risen by a decade, to 49, in the last 20 years. If the current trend continues, more 18-24 year-olds will soon live alone than live with a spouse. And, of course, a growing group of young adults continue to live with parents and other relatives well into their 20s and 30s. Indeed, some 28% of America’s 25-34 year-olds also reported living with parents or other relatives in 2023. Part of the reason, of course, is the crisis in housing affordability, as home-price-to-income ratios [have increased in almost every single Metropolitan area in America]( since 1990. [Read this on the web instead](   [Sponsored by Timeline]( Age on your timeline We all expect to feel the decline as we age — and the reason is cell-deep. Our cells’ energy centers are tied to 2 key hallmarks of aging: mitochondrial dysfunction and the decline of mitophagy, the cellular recycling process.* Their impact begins as early as age 30, as decreased energy production wears down physical strength and endurance. [Mitopure® from Timeline]( helps you push back against that cell-by date. How it works: [Mitopure is clinically proven to renew mitochondria]( for increased cellular energy. That means double-digit increases in muscle strength and endurance without any change in exercise, helping you fight age-related decline. Add Mitopure to your mornings and re-energize for years to come. You can [sign up to unlock Timeline’s biggest deal ever]( when it drops on Prime Day (July 16-17)... while stocks last! *Source: López-Otín C, Blasco MA, Partridge L, Serrano M, Kroemer G. Hallmarks of aging: An expanding universe. Cell. 2023 Jan 19;186(2):243-278. doi: 10.1016/j.cell.2022.11.001. Epub 2023 Jan 3. PMID: 36599349. [Get on the list for Mitopure’s biggest deal ever]( [Get on the list for Mitopure’s biggest deal ever](   In the last month, the second most volatile US stock worth more than $2 billion has been the headline-hogging meme stock GameStop. The most volatile, per data from FinViz, is "on-demand" private aviation company Wheels Up, which has seen its share price move: +36%, +7%, +23%, -24%, and +11% in the last 5 days alone, with the stock having doubled since June 21st. Part of the reason for that volatility is that only a small portion of its shares are available for public trading (what’s known as a low float). Another is that the company’s business model remains unproven at scale. The 30,000 foot view The first rule of business is that you usually shouldn’t sell a product for less than it costs to produce. Restaurants, for example, make healthy profits — or specifically gross profits — on their sales. Salad chain Sweetgreen only spends about $4.15 out of a [$15 salad]( on the ingredients and packaging of the food. Nike makes a ~45% gross margin, leaving itself a healthy buffer to cover marketing, admin expenses, and other overheads. Now, the premise gets a little bit more complicated when you’re trying to be “[Uber for the sky](”, as you juggle planes, pilots, software, and fuel, but the fundamental rule remains: try not to lose money on each flight. Wheels Up, which opens up access to private jets not just to the super-wealthy but to the moderately super-wealthy, doesn’t make the math work. Last year, the company reported $1,253 million in revenue. However, just delivering on its service cost it almost its entire takings, with aircraft leases, fuel, maintenance, fees, cabin crew labor, plane parking, and more setting it back $1,233 million. Once other overheads were accounted for, that left the company deeply in the red. Turbulent times Wheels Up landed on the public markets in 2021 as part of a wave of SPACs during the pandemic. It’s time as a public company has not been smooth — despite the recent uptick, the stock is down more than 96% from its peak. Last year, Delta and a group of investors stepped in with a [$500 million]( lifeline for the company, but UP’s woes have continued. Revenue dropped 44% year-on-year in Q1, and the company reportedly laid off around 11% of its [pilots]( as it moves to reduce its fleet size. [Read this on the web instead](   More Data - Johns Hopkins students whose families earn less than $300,000 a year will have their tuition fees covered in full, thanks to a $1 billion donation from alumnus [Mike Bloomberg](. - You’re gonna need a bigger box: LEGO is releasing a 1,500-piece [JAWS set]( to get you in the summer spirit. - The Enhanced Games, a Peter Thiel-backed Olympics alternative where doping is permitted, is looking to raise another [$300 million](. - Wegovy and Ozempic maker Novo Nordisk’s shares shed almost 2% yesterday after a [new study]( found that rival Eli Lilly’s Mounjaro is better at helping users shift the pounds. Taken daily, Mitopure® by Timeline fights aging on the most fundamental level: your cells. Clinical studies have shown that Mitopure increases endurance and muscle strength, and you can [sign up to access Timeline’s biggest ever sale (July 16-17)]( and bag Mitopure at the lowest price to date. 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