Elon Musk got a big win in China...
April 30, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [EnergyX]( Good morning. No one is above making fourth-grade jokesânot even the NY Mets. After 97-year-old Seymour Weiner went viral as the teamâs Veteran of the Game on Opening Day, the Mets partnered with Weiner to promote [Dollar Dog Night]( tonight at Citi Field. Ahead of his big night, Weiner told The Athletic that he was teased about his name as a kid. If only the bullies could see him now. Of his newfound celebrity, he said, âI couldnât be more excited. I really canât believe itâs happening. Itâs probably one of the highlights of my life.â Know before you go: Dollar dogs are limited to four per transaction. âMolly Liebergall, Cassandra Cassidy, Sam Klebanov, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 15,983.08 +0.35% S&P 5,116.17 +0.32% Dow 38,386.09 +0.38% 10-Year 4.614% -5.5 bps Bitcoin $62,938.41 -0.26% Apple $173.50 +2.48% *Stock data as of market close, cryptocurrency data as of 3:00am ET. [Here's what these numbers mean.]( - Markets: Stocks [climbed]( yesterday, pushed up by investors hitting the accelerator on Tesla (more on that later in the newsletter). Dominoâs and Apple were also among yesterdayâs winners as investors wait for a Fed interest rate decision and lots of big company earnings this week. Â WORK [Everybodyâs doing long-distance with their boss](
[San Francisco]( Sullivan/Getty Images More workers across the country no longer have to fear bumping into their boss on a night out, but it has nothing to do with their familiarity with the chill neighborhood spotsâitâs because the higher-ups are in a different city. Thereâs been a [rapid increase]( in long-distance direct reporting since the hybrid/remote work transition as managers concentrate in pricey cities and workers migrate to more affordable metros, according to a [new analysis]( of 1.3 million US workers from payroll company ADP. According to ADP: - Thirty-one percent of the people in the study reported to someone living in a different city as of July 2023. That number hovered between 22% and 23% from 2016 to 2020.
- Cities with the highest-value housing markets saw the fastest rise in the number of higher-ups managing nonlocal workers over the past three years.
- Emerging managerial hubs include San Francisco, Boston, Minneapolis, and Philadelphia. Meanwhile, remote workers further down the chain of command have left the expensive cities they donât have to live in anymore and relocated to secondary markets like Las Vegas, San Antonio, and Houston. Not everyoneâs happy about it ADP researcher Issi Romem said the pandemicâs push to remote work expedited the slow-growing phenomenon of â[domestic offshoring]( which is when companies hire for lower-paying jobs in lower-income parts of the country and for higher-paying jobs in higher-income areas. Romem warns that bundled with high housing prices and crawling new construction, this phenomenon could further exacerbate geographic wealth concentration and make some major cities fully inaccessible to anyone who isnât a manager or above. Nearer on the horizonâ¦companies are going to have a heck of a time trying to implement [return-to-office]( now that workers have a taste of zip code freedom, one economist told Fortune.âML PRESENTED BY ENERGYX [The lithium boom](
[EnergyX]( Did you know it takes 10k iPhone batteriesâ worth of lithium to make one EV? With over 350m EVs projected to be sold globally by 2030, demand for lithium will soar. Current extraction methods are too slow and inefficient to keep up. So when [EnergyX]( revealed that their technology could extract 300% more lithium than traditional methods, investors everywhere took note. Theyâve inked deals with top lithium producers like POSCO (whoâs building a 100k ton/year plant), secured [a $50m strategic investment from GM]( and won a $5m DOE grant. Theyâve even acquired a 90k-acre mining asset with ~5.5m tons of lithium. Now, EnergyX is accepting shareholders for a limited time. [Become an EnergyX shareholder here](. WORLD [Tour de headlines](#)
[The Pro-Palestinian student protest encampment at Columbia University]Alex Kent/Getty Images Columbia suspends student protesters against the war in Gaza. Protesters defied an afternoon deadline set by Columbia yesterday to break up their encampment and agree to follow school rules through the end of the semester, so the school said it began [suspending]( students involved. However, the school did not call in police to clear the area, as the universityâs leaders appeared to be trying not to repeat the escalation that occurred after protesters were arrested previously. Protests also continued at several other schools inspired by Columbia, including Cornell, which also suspended some participants, and the University of Texas at Austin, where police arrested demonstrators. Paramount is bringing the drama as it tries to get acquired. In potential fodder for a future streaming sensation, the politics are heating up at Paramount Global, which [announced]( yesterday that CEO Bob Bakish was stepping down to be replaced by a trio of execs in the âOffice of the CEOâ as the company weighs a merger with Skydance Media. Bakish had been considered an ally of controlling shareholder Shari Redstone, who is looking to offload the debt-laden company, but broke with her over Skydanceâs offer, which he opposed. Ousting Bakish was seen as a way of trying to move the deal forward. FDA to regulate lab tests. The FDA wants to make sure that if someone is analyzing your blood and urine, itâs worth your time, so the agency [finalized]( regulations yesterday to govern the $10 billion lab test industry. Tests designed by laboratories have long gone without government scrutiny, but the FDA said the time has come to ensure these tests are accurateâthough the new standards will be phased in over several years. There are currently about 80,000 medical tests available from ~1,200 labs, per the FDA, and those will mostly be grandfathered in. Still, the industry has pushed back, saying the regulations will inhibit innovation, and could sue to block the rules from taking effect. AUTO [Elon Musk scores big for Tesla with visit to China](
[Photo of Elon Musk]( Bauer-Griffin/Getty Images Forget anything you heard about business travel being dead: In less than 24 hours, Elon Musk managed to replace talk of Teslaâs recent stumbles with hope for its role as a harbinger of the autonomous vehicle revolution. Thanks to Muskâs surprise visit to China this weekend, thereâs [optimism]( that Teslaâs Full-Self Driving software, or FSD, could finally take off in the companyâs second-largest market. While there, Musk handled two huge roadblocks to Teslaâs expansion in the country, proving that not all meetings could be emails after all. - Musk reached a [groundbreaking deal]( for Tesla with Chinese tech company Baidu, allowing Tesla to use its navigation and mapping services.
- Teslaâs Model 3 and Model Y received data-security clearance, ending restrictions that prevented Teslas from entering certain areas of the country. Teslaâs sales in China have been slipping in the face of fierce competition from domestic EV-makers from which customers have received better self-driving capabilities, but these moves could help level the playing field. Consider this a lifeline. Tesla recently [reported]( its first quarterly revenue decline since 2020 in addition to missing delivery targets, but investors are throwing those worries out the window like an apple core on a road trip: Teslaâs stock soared more than 15% yesterday.âCC TOGETHER WITH WANDER
[Wander]( Never travel the old way again. What makes [Wander.com]( different? They operate 100% of the homes on their platformâso you know youâll enjoy inspiring views, hotel-grade amenities, dreamy beds, top-tier cleaning, and 24/7 concierge service. Take $250 off your booking when you [create an account]( enter to win a free Wander trip. RETAIL [Grocery store hopping is the new national sport](
[90-day fiancé]( Fiancé/TLC via Giphy Shoppers these days increasingly resemble nomadic hunters and gatherers, roaming the land in pursuit of affordable foodstuffs. Inflation is making Americans [hit more stores]( on a typical grocery run, according to the Wall Street Journal. Grocery prices shot up 21% over the past three years, squeezing household budgets and forcing cost-conscious consumers to use Catan-level strategizing to fill their fridge. Industry observers say shoppers trek to stores in less affluent neighborhoods and shop around for deals. - The average American bought food at 20.7 stores in the year leading up to February, up from 16.8 in the same period in 2019 and 2020, per Numerator.
- Couponing is in again, with roughly two-thirds of those recently surveyed by Advantage Solutions saying they rely on coupons, up from 33% in 2021. The thrifty trend has pushed retailers to specialize in select products and double down on store-brand items, which tend to be cheaper, experts told the WSJ. Who wins? Aldi. Long known as a bargain hunterâs emporium, the German chain beats even Walmartâs prices by prioritizing volume over variety and keeping its overhead low. Aldiâs foot traffic rose 26% in March compared to last year, [faster]( than at Trader Joeâs and grocery giant Kroger, per Placer.ai.âSK GRAB BAG [Key performance indicators](#)
[A close up of a split cocoa bean]Anadolu/Getty Images Stat: Chocolate may not be on its way to becoming a bigger luxury flex than watches or handbags after all, as cocoa prices appear to be coming out of their extra-dark phase. Since hitting a record high on April 19, the [price of cocoa futures]( has slumped more than 20%, per Bloomberg. Prices plunged in both New York and London yesterday, creating the commodityâs biggest intraday price drop since 1960 in New York and settling at its lowest price in a month, Bloomberg reports. Driving the slump are traders pulling out as margin requirements have climbed, but some agriculture watchers caution that the [bean shortage]( that caused the high prices remains ongoing. Quote: âItâs not over until the money is in the bank.â WeWork told a bankruptcy court that it has found a path forwardâone that doesnât include founder and known shoe-skeptic Adam Neumann. The co-working operator has [struck a deal]( that would let it exit bankruptcy with $450 million in financing and give majority ownership to software provider Yardi, spurning a competing offer from Neumann. Neumann could still challenge the deal, which his attorneys say WeWork reached without engaging with his bid. The judge presiding over the case said he wouldnât interfere with WeWorkâs creditorsâ decisions on what negotiations are best for them but that itâs not over until the fat check sings. Read: Insiders say Bill Gates is still pulling the strings at Microsoft. ([Business Insider]( NEWS [What else is brewing](#) - [Three officers]( on a US Marshals Task Force were fatally shot and five other officers were wounded in North Carolina while trying to serve a warrant to a felon for possessing a firearm.
- [US regulators]( are investigating Fordâs hands-free BlueCruise system after fatal crashes.
- [Grocery delivery service Getir]( is exiting the US and EU markets (both literal and figurative), where it struggled to gain traction, and is focusing on Turkey.
- [Peacock]( will raise its prices by $2/month before the Olympics.
- [The Supreme Court]( refused to hear an appeal from Elon Musk, leaving in place a settlement with the SEC that requires him to get approval before blasting out tweets about Tesla.
- [Taylor Swift]( just keeps breaking records: Her songs are now the top 14 of Billboardâs Hot 100, and with The Tortured Poets Department debuting at the top of Billboardâs chart, Swift is now tied with Jay-Z for the second-most No. 1 albums, behind only the Beatles. RECS
[Tuesday To Do List] Bear-y nice to meet you: A first look at the [new pandas]( coming soon to San Diego. Watch: How a cruise ship got bigger by being [chopped in half](. Mystery solved: The sleuths of Reddit have finally found the [NSFW origins]( of a snippet of an â80s song theyâve spent years searching for. Look beyond: NASAâs [best photos]( of the year. Learn: [Join Sectionâs 10-day AI Crash Course]( and cross âmastering AIâ off your to-do list. Nice tush: For pants that keep up with your pace (and look good doing it), [choose Cuts](. Theyâre versatile, comfy, and endlessly functionalâwithout sacrificing fashion. [Use code MORNINGBREW for 20% off]( The lithium supply problem: 350m EVs are projected to be sold worldwide by 2030, and [nearly 2x the current supply of lithium will be required](. EnergyX can increase lithium extraction efficiency by 300% to meet demand. [Learn more about their investment opportunity]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: For those training for the Crossword Olympics (not yet a thingâ¦yet), Nealâs time on todayâs Mini was a flat 30 seconds. Can you beat that? [Try it here](. Best-selling Broadway shows The Tony Award nominations will be released this morning, so hereâs a quiz on your Broadway knowledge. Can you name the top 10 highest-grossing Broadway shows (since 1982)? How to score yourself: 0â2: Understudy 3â5: Ensemble 6â8: Triple threat 9â10: Patti LuPone 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. Weâre saying weâll 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=4904f90a]( ANSWER - The Lion King
- Wicked
- The Phantom of the Opera
- Hamilton
- The Book of Mormon
- Chicago
- Aladdin
- Mamma Mia!
- Jersey Boys
- Les Misérables Word of the Day Todayâs Word of the Day is: harbinger, meaning âsomething that foreshadows a future event or initiates a major change.â Thanks to Chris Evans from Jamestown, NC, and several other forward-thinking readers for the suggestion. Submit another [Word of the Day here](. ⢠A Note From EnergyX This is a paid advertisement for EnergyXâs Regulation A+ offering. Please read the offering circular at [invest.energyx.com/](. Written by [Neal Freyman]( [Abigail Rubenstein]( [Molly Liebergall]( [Cassandra Cassidy]( and Sam Klebanov Was this email forwarded to you? Sign up [here](. Get smarter in just 5 minutes - Money & Career: [Money With Katie](  [Bossy]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](.
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