☕️ The halvening

Caitlin Clark’s eight-figure Nike payday… [Advertisement] April 19, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Aura Health]( Good morning. While you were sleeping… - Israel reportedly [struck Iran]( in what appears to be its first military response to Iran’s attack last weekend. The reaction from Iran was subdued. - Indians began voting in the first phase of the biggest election in human history. About 969 million people are eligible to vote. - Taylor Swift released her new album, and Spotify didn’t break. —Matty Merritt, Molly Liebergall, Dave Lozo, Adam Epstein, Neal Freyman MARKETS Nasdaq 15,601.50 -0.52% S&P 5,011.12 -0.22% Dow 37,775.38 +0.06% 10-Year 4.647% +6.2 bps Bitcoin $63,598.28 +3.78% Tesla $149.93 -3.55% *Stock data as of market close, cryptocurrency data as of 9:00am ET. [Here's what these numbers mean.]( - Markets: Stocks had a [shaky]( Thursday, with the S&P 500 acting like your elusive coworker who won’t accept meeting invites and declining for the fifth straight day. Investors are worried that persistent inflation might keep the Fed from cutting interest rates for longer than anticipated. Tesla had an especially rough go, falling to a 52-week low after Deutsche Bank downgraded it.  CRYPTO [The bitcoin halving is here]( [Graphic of bitcoin being cut in half by a saw]( Scialabba Happy “halving” to anyone who’s had to explain crypto to their grandparents. The quadrennial event, [expected]( to take place today or tomorrow, was built into bitcoin’s original code to cut the amount of new coins going into circulation in half every four years. The purpose is to thwart inflation and increase the currency’s value. Bitcoin’s mysterious creator, Satoshi Nakamoto, designed the crypto so that only 21 million bitcoins would ever exist. It will take about a century to hit that number, but as it approaches the cutoff, the crypto hose slowly constricts. No one’s sure what happens next Historically, halvings have coincided with big jumps in price—the coin’s first halving in 2012 saw the price jump from $12.35 to $127 within five months, according to Time. But critics argue that the narrative around halving is much stronger than the actual event. The crypto market is like a group chat planning a weekend getaway: Everyone is down to pay for the Airbnb when they’re scrolling through pool pics, but some get nervous when they find out half of the “beds” are pullout sofas. Even bitcoin experts aren’t sure what will happen with the volatile asset. It already hit a record high of over $73,750 in March, thanks to the spot bitcoin ETF [approval](. And, lest we forget, the whole [FTX thing happened]( since the last halving. One group that will likely feel the squeeze: Bitcoin miners use computers to continuously run through a bunch of complicated number puzzles and “mine” bitcoin. These miners make about 6.3 bitcoins per new transaction, but the halving will cut that down to just over 3 bitcoins, a significant drop that roughly equates to $200k. While big companies might be able to take it, smaller operations likely won’t.—MM PRESENTED BY AURA HEALTH [Brothers solve $100b problem…for their mother]( [Aura Health]( After seeing their mother struggle with depression, these Forbes 30 Under 30 brothers founded [Aura]( to reinvent the $100b mental wellness industry. Aura leverages the marketplace model to aggregate the world’s most extensive library of meditations, sleep tracks, and wellness tracks. And you can [invest as they expand this all-in-one mental wellness marketplace]( across the world. The platform has grown to 8m+ users and 100k+ paying subscribers so far. Plus, Aura has attracted investments from well-known Silicon Valley investors like Cowboy Ventures and Berkeley SkyDeck, as well as executives from Spotify, Facebook, and Apple. The best part? They’ve opened a new round so you can invest alongside 2k+ investors in building the future of mental wellness. [Invest now—less than only 10 days remain before the opportunity closes on April 29](. WORLD [Tour de headlines](#) [Graphic of Congress banning TikTok]Francis Scialabba The odds of Congress banning TikTok are increasing. Republicans in the House attached their proposal to ban or force the sale of TikTok to an aid package for Ukraine, Israel, and Taiwan, likely putting the bill on the [fast track for approval](. The proposal requires TikTok’s Chinese parent company, ByteDance, to sell the app’s US operations within nine months or face a ban. Observers believe its tie-in with emergency funds for allies, including humanitarian aid for Gaza, heightens the chances that the proposal wins bipartisan support. The House is expected to vote on it this weekend ahead of a pivotal Senate vote next week. Trump’s criminal hush money trial has its jury. Twelve jurors and one alternate are [finally seated]( after the court had struggled to impanel enough people who could be impartial. Two jurors who had been seated earlier were dismissed yesterday: One was excused after she said she felt intimidated because personal information about her had been made public, while another was dismissed after prosecutors questioned whether he was honest about his arrest record. Once five more alternate jurors are picked, opening arguments can begin. The former president faces 34 felony charges of falsifying business records to cover up an alleged affair with adult film star Stormy Daniels. The US slapped Iran with new sanctions. The sanctions, in response to Iran’s drone attack on Israel last week, seek to [“degrade and disrupt”]( the Iranian drone program, Treasury Secretary Janet Yellen said yesterday. They also target Iran’s steel production by cutting off companies from banks that use the US dollar. The sanctions appear to be an attempt to punish Iran for its attack without further inflaming tensions in the Middle East. It’s not clear how effective the sanctions will be because Iranian companies do not rely much on Western economies. BIG TECH [Google fires workers who protested Israel contract]( [Front of Google’s NYC office]( Hershorn/Getty Images Tensions are running high at Google, where 28 people were [terminated]( on Wednesday after some employees joined bicoastal protests against labor conditions and the tech company’s billion-dollar cloud services contract with Israel. What’s the contract Googlers protested? Project Nimbus, a $1.2 billion joint deal inked in 2021 in which Google and Amazon provide the Israeli government and military with cloud computing and AI services, according to Bloomberg. On Tuesday, dozens of Google workers participated in hourslong sit-ins—one inside Google Cloud CEO Thomas Kurian’s Sunnyvale, California, office and one in a common area at Google’s NYC headquarters. Police arrested nine Google employees for trespassing. The next day, Google fired 28 employees “found to be involved” in the protests, which the company said violated its code of conduct, according to an internal memo seen by CNBC. The group that led the protests, No Tech for Apartheid, said some laid-off workers didn’t participate directly in the sit-ins. Tensions were high before the protests. Last month, a Google Cloud engineer got fired for [interrupting]( a keynote by Google’s managing director of Israel business by saying, “I refuse to build technology that powers genocide.” Meanwhile…at Columbia University yesterday, the NYPD [arrested]( more than two busloads of camped-out, pro-Palestine student protesters.—ML TOGETHER WITH SOFI [SoFi]( Alternative investments, now for the rest of us. Unlock the potential to build and protect your wealth with alts on SoFi Invest. Now you can utilize investment strategies traditionally enjoyed by the high-net-worth crowd. Pick from funds that include commodities, private credit, and pre-IPO unicorns, all on a user-friendly platform. [Open an account to get started](. SPORTS [Clark’s big payday won’t come from the WNBA]( [Caitlin Clark]( Stier/Getty Images Caitlin Clark is reportedly on the verge of signing an eight-figure contract, a deal that’s commonplace when you’re a sport’s first overall draft pick. But unlike for many star athletes, that contract isn’t her pro salary; it’s from an [endorsement deal]( with Nike, The Athletic reported. Clark will have a ~$76k base rookie salary with the Indiana Fever, a steep drop from the $3.4 million NIL valuation she had in her final collegiate season at Iowa, and a reflection of depressed WNBA salaries—even for once-in-a-generation superstars. Blame the league’s collective bargaining agreement (CBA). WNBA players can receive 50% of league revenue, roughly the same as what NBA players receive, but there’s a catch—it’s 50% of incremental revenue, meaning WNBA revenue must exceed targets that grow by 20% annually. With revenue failing to hit those targets, player salaries accounted for just 9.3% of league revenue in 2022, per [Bloomberg](. Changes could be coming. The players union is expected to opt out of the current CBA after the 2025 season, right as the league will negotiate new TV contracts. Clark helped bring record-setting ratings to college basketball and this year’s draft, and if that trend continues, the current deal worth ~$60 million, per Front Office Sports, is expected to “at least double,” according to WNBA Commissioner Cathy Engelbert, putting the league’s players in a stronger position to negotiate a better deal.—DL GRAB BAG [Key performance indicators](#) [scene from Office Space]Office Space/20th Century Fox Stat: While you’re at Thursday Happy Hour celebrating your three-day weekends this summer, pour one out for the executives at Samsung. The Korean tech giant is reportedly forcing execs across all major units to work [six days a week]( normal Monday through Friday, plus either Saturday or Sunday. Samsung says the new policy is meant to “inject a sense of crisis” after the company failed to meet financial expectations last year and is now faced with economic headwinds. The move comes as companies increasingly go in the opposite direction, opting for four-day workweeks to boost employee productivity and morale. Quote: “Today marks my greatest assist.” Forget winning the World Cup or shattering every record in the book. Everyone knows the biggest moment in Lionel Messi’s storied career is his new partnership with Lowe’s. The Argentinian soccer legend announced [on Instagram]( that he’s teaming up with the home improvement chain that’s not Home Depot Lowe’s for a multiyear deal, joining US athletes like Travis Kelce on the company’s roster. Messi has also parlayed his international stardom into big bucks for the MLS and his club, Inter Miami, which Sportico [estimates]( is worth more than $1 billion. “Fútbol, much like home improvement, is all about teamwork,” Messi said in a statement. Read: “It opens up a whole new world”: New blood tests can detect cancer. ([Washington Post]( QUIZ [Quiz (ft. Post Malone)]( [New Friday quiz image]( Getting a 5/5 on the Brew’s Weekly News Quiz has been compared to receiving a reply from a cold email. It’s that satisfying. [Ace the quiz](. NEWS [What else is brewing](#) - [Netflix]( had another smash quarter, adding a much better-than-expected 9.3 million subscribers in Q1 as the streaming leader cracks down on password sharing and keeps churning out content. - [Meta]( released its latest AI model, Llama 3, and is integrating its AI assistant across all of its apps in its quest to compete with ChatGPT. In other Meta news, [Mark Zuckerberg]( passed Elon Musk as the third-richest person in the world. - [The FDA]( approved rapid concussion blood tests that could be used on the sidelines of NFL games. - [Trader Joe’s]( stopped selling fresh basil in 29 states due to a salmonella outbreak. - [Dickey Betts]( guitarist and co-founder of the Allman Brothers Band, died yesterday at 80. RECS [Friday to-do list] Watch: The real reason [new tolls]( are popping up everywhere. Snack: Starting today, Wendy’s is giving out [free french fries]( every Friday for the rest of the year. Knead: Morning Brew reviews an [AI-powered robot massage](. Appreciate: From fences to Velcro to nail clippers, these are [101 things]( we take for granted. Free Excel workshop: If spending hours wrestling with datasets isn’t your thing, we’ve got you covered. Miss Excel is hosting a [free, 60-minute class]( on pivot tables and data viz. Unlock $500 off flights for $1: Until midnight, [try Dollar Flight Club]( for $1 and save up to 90% on flights! Just sign up, set your airports, and get [flight deals]( like London from $293.* *A message from our sponsor. GAMES [The puzzle section](#) Jigsaw: Relive the solar eclipse with today’s jigsaw puzzle, located completely within the path of totality. [Play it here](. Friday puzzle A supervocalic is a word or phrase that contains every vowel exactly once, in any order. We’ll give you a category, and you have to name the only supervocalic that fits in the category. Example: US Cabinet departments → Education - Countries (hint: It’s in Africa.) - World capital cities (hint: It’s in the Caribbean.) - Mike Myers role - HBO shows - Writing utensils - US national parks SHARE THE BREW [Share Morning Brew]( with your friends, acquire free Brew swag, and then acquire more friends as a result of your fresh Brew swag. We’re saying we’ll give you free stuff and more friends if you share a link. One link. Your referral count: 0 [Click to Share]( Or copy & paste your referral link to others: [morningbrew.com/daily/r/?kid=a905682a]( ANSWER - Mozambique - Port-au-Prince - Austin Powers - Euphoria - Fountain pen - Sequoia Word of the Day Today’s Word of the Day is: parlayed, meaning “exploited successfully.” Thanks to Karl from Dallas, TX, for parlaying the suggestion into an appearance in our newsletter. Submit another [Word of the Day here](. ✢ A Note From Aura Health This is a paid advertisement for Aura Health’s Regulation CF offering. Please read the offering circular at [invest.aurahealth.io](. Written by [Adam Epstein]( [Matty Merritt]( [Molly Liebergall]( Dave Lozo, and [Neal Freyman]( Was this email forwarded to you? Sign up [here](. Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2024 Morning Brew. 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