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There’s a meltdown at 23andMe... September 20, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Invesco QQQ]( Good morning. Ahead of this MLB season, the Los Angeles Dodgers signed superstar Shohei Ohtani to a record-setting $700 million contract. They might have underpaid. Last night, Ohtani became the first MLB player to record 50 home runs and 50 stolen bases in a single season—no other player had posted more than 42 homers and 42 steals. The milestone was part of a mind-boggling 6–6, three-homer, two-steal, 10-RBI game for Ohtani that amounted to one of the greatest nights in sports history. Luckily for MLB fans, we’ll finally get to see Ohtani in the postseason. With yesterday’s win, the Dodgers clinched a playoff berth, marking the first time Ohtani will play October baseball. —Cassandra Cassidy, Matty Merritt, Molly Liebergall, Adam Epstein, Neal Freyman MARKETS Nasdaq 18,013.98 +2.51% S&P 5,713.64 +1.70% Dow 42,025.19 +1.26% 10-Year 3.740% +6.0 bps Bitcoin $62,943.85 +4.48% Nvidia $117.87 +3.97% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. [Here's what these numbers mean.]( - Markets: Somebody get Zendaya on the line because investors were experiencing [euphoria]( yesterday in response to the Fed cutting interest rates for the first time in four years. The Dow and S&P 500 hit record highs, while the tech-centric Nasdaq climbed ~2.5%. Nvidia led the way, gaining back some of its recent losses.  TECH [Panic! at the DNA testing company]( [23andMe logo]( Sullivan/Getty Images Talk about a spit-take: Seven people on the board of saliva-testing company 23andMe resigned this week, leaving CEO and co-founder Anne Wojcicki alone at the helm of a company that’s floundering. Wojcicki, who wrote in a [memo]( to employees that the board’s decision left her “surprised and disappointed,” had been splitting hairs with board members over her desire to take the public company private. She owns 49% of 23andMe and in July offered to buy all remaining shares for $0.40 each, a proposal that the board rejected. In their [resignation]( letter, board members said they were leaving due to her failure to come up with a “fully financed, fully diligenced, actionable proposal” and cited a difference in “strategic direction.” A fall from grace It’s been a long time since 23andMe was just a Christmas gift your aunt got for all the cousins and not a company that surprises people by still existing. When it went public in 2021, it was valued at $3.5 billion, but now it’s worth less than $200 million. What happened? It’s more about what didn’t happen: 23andMe never turned a profit. Its plans to launch a subscription service didn’t pan out, and its current strategy, focused on developing new drugs using its cache of DNA data, isn’t working. With a $0.33 share price, it could soon get kicked off the Nasdaq, which requires a stock price of at least $1. The future is in the hands of one. Wojcicki said she’s “committed” to taking 23andMe private now that the board is gone. The company said it has enough cash to continue operations for another year. It’s also contending with a class-action [lawsuit]( that will require it to pay out $30 million to victims of a data breach.—CC PRESENTED BY INVESCO QQQ [Innovation can help investors deal with uncertainty]( [Invesco QQQ]( In today’s unpredictable markets, navigating volatility can be challenging. [Invesco QQQ ETF]( offers a way to potentially manage these ups and downs by providing access to 100 of the Nasdaq’s most innovative companies. With a focus on disruptors and world-class brands, Invesco QQQ provides exposure to companies leading the way in AI, digitization, and other key trends. The [ETF]( which tracks the Nasdaq-100® Index, also holds sectors outside of technology, like health care and consumer discretionary, offering a more diversified approach. Learn more about how Invesco QQQ can help you stay ahead of market shifts with a portfolio of [highly innovative companies in a single investment](. WORLD [Tour de headlines](#) [The site of an Israeli airstrike in southern Lebanon]AFP/Getty Images Israel and Hezbollah trade strikes as the possibility of a wider war increases. Shortly after 37 people in Lebanon were killed and thousands of others injured by exploding pagers and walkie-talkies in attacks attributed to Israel, Hezbollah leader Hassan Nasrallah vowed retribution and said the aggression amounted to a “declaration of war.” While Nasrallah spoke, two sonic booms [echoed across Beirut]( in an apparent show of force by Israel. Nasrallah said that Hezbollah, which has repeatedly fired rockets into northern Israel in support of Hamas, will continue attacking until the war in Gaza ends. Experts are worried that the escalating exchanges of rockets and gunfire between Israel and Hezbollah could pull in their respective allies, the US and Iran. The UAW is threatening to strike at Ford and Stellantis again. A year after the United Auto Workers went on strike against Ford, Stellantis, and GM over stagnant wages, [the union warned]( two of those automakers that it could stop work again over local contracts. The UAW announced a strike deadline of Sept. 25 at a Ford plant near Detroit and said it plans to hold strike authorization votes at some local unions that cover US Stellantis plants. The group did not announce any plans to strike against General Motors. Last year’s strikes, which won UAW members record wage increases, cost the Big Three automakers billions in lost labor. ⚕️ Overdose deaths in the US are plummeting. According to new public health data, drug-related deaths fell [more than 10%]( in the 12 months ending in April, a massive improvement from double-digit increases seen in recent years, NPR reported. Researchers say that in states with rapid data collection systems, the declines might be even steeper, up to 30%. They attribute the turnaround to the prevalence of naloxone, which can reverse opioid overdoses, as well as other advancements in treatments for fentanyl addiction. There are still 100,000 drug deaths in the US each year.—AE FOOD & BEV [Uber delivering your Olive Garden order:]( [Semi truck with a load of giant Olive Garden breadsticks.]( Anna Kim, Photo: Getty Images Olive Garden’s parent company is finally catching on that the best place to enjoy a steaming plate of fettuccine Alfredo is from the comfort of your bed. Darden [announced]( yesterday it is entering an exclusive partnership with Uber for the next two years to deliver its lasagna to customers. After long resisting third-party delivery apps, Darden said that by May of 2025, diners around the US will be able to order their zuppa through Olive Garden’s app or website and have Uber deliver it. Some locations will pilot the program this year. The announcement came as Darden reported lackluster quarterly earnings for the restaurant many 12-year-olds consider the height of luxury: - Same-store sales at Olive Garden fell 2.9% last quarter, more than analyst estimates of 1.8%. - CEO Rick Cardenas said July was much slower than the company expected, but restaurant traffic did pick up in August thanks to an early start to its Never Ending Pasta Bowl promotion (it usually starts in September). Big picture: Darden reported revenue of $2.76 billion, missing Wall Street estimates of $2.8 billion, but its stock still jumped more than 8% thanks to the Uber collab.—MM TOGETHER WITH ENERGYX [EnergyX]( General Motors bets big on this lithium stock. 414,469 tons. That’s how much lithium GM needs per year to meet its 2035 EV target—the reason they led a $50m investment round in [EnergyX](. Their tech extracts lithium 300% better than conventional methods. Plus, those methods take 12+ months, while EnergyX takes two days. That’s earned 100k+ acres of lithium-rich Chilean land and a $5m DOE grant toward a recently announced US lithium plant. [Invest in EnergyX before their raise closes on Oct. 3](. SPACE [Musk’s satellites are hindering study of black holes]( [Starlink satellite constellation]( Images In the astronomy version of being tall at a concert, radio waves from Elon Musk’s constellation of internet metal are increasingly [blocking]( Earth’s “view” of the universe, researchers reported this week. According to the Netherlands Institute for Radio Astronomy (ASTRON), which operates one of the world’s most powerful radio telescopes: - Starlink’s thousands of low-orbit satellites produce 10 million times more electromagnetic waves than the weakest signal ASTRON’s telescope can detect, effectively blinding some observations. - Interference has gotten worse since February 2023, when second-generation Starlink satellites ascended. - The newer model emits 32x more radiation than its predecessor…even though Starlink owner SpaceX [made an agreement]( with the National Science Foundation to limit the second-gen satellites’ maleffects. This could pose “an existential threat” to Earth-based astronomy, ASTRON’s director [told]( BBC News, especially when it comes to galactic mysteries like black holes, which aren’t visible to the naked eye. Looking ahead…astronomers say SpaceX has the opportunity to set an industry example by tamping down emissions. Musk is ultimately aiming to get 42,000 of his satellites in orbit. There are already an estimated 6,400 up there, with dozens more second-gens launching every week.—ML STAT [Prime number: $2.2b for theaters](#) [AMC Theatres]Joe Hendrickson/Getty Images If you have ever felt an urge to zipline into your matinee showing of Meg 2: The Trench, boy do we have the story for you. The National Association of Theatre Owners (NATO), the group that represents major US movie theater chains like AMC and Regal, announced yesterday that the companies will invest more than $2.2 billion over the next three years [to spruce up]( the nation’s cinemas with better screens, seating, and other upgrades. But they’re not stopping at leather recliners: NATO head Michael O’Leary said they plan to add attractions like pickleball courts, bowling alleys, and ziplines (?) to your moviegoing experience. While many US theaters are in dire need of a makeover, erecting the Aggro Crag from Guts at your local AMC would mark the industry’s most desperate attempt yet to boost ticket sales after it was rocked by the pandemic.—AE QUIZ [The Perfect Quizple]( [New Friday quiz image]( The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to when the store actually does have one in your size in the back. It’s that satisfying. [Ace the quiz](. NEWS [What else is brewing](#) - [Nike CEO]( John Donahoe will retire on Oct. 13 and be replaced by longtime executive Elliott Hill, the company announced yesterday. [Here’s how]( the troubled sneaker giant got to this point. - [Amazon]( is launching a Shark Tank-style entrepreneur competition show with a panel of celebrity judges, including Goop’s very own Gwyneth Paltrow. - [JetBlue]( will open its first airport lounges (in Boston and NYC) alongside a new “premium” credit card in an effort to attract big spenders to the low-cost airline. - [Tucker Carlson]( plans to start his own brand of nicotine pouches to compete with Zyn, which the former Fox News personality claimed is for women and liberals, the WSJ reported. - [Mohamed Al Fayed]( the late Egyptian billionaire and former owner of Harrods, was accused of rape by five women, according to a new documentary. - [Moo Deng]( the Thai pygmy hippo that has taken the internet by storm, might have her name and likeness patented by the zoo where she’s kept to prevent anyone else from commercializing her. RECS [Friday to-do list] Live large: A Bangkok spot tops this list of the [50 best hotels]( in the world for 2024. Test yourself: [Seven questions]( to see if you’re keeping up with the latest on the global economy. Go green: The best [salad spinners]( money can buy. We have to go back: Celebrate the 20th anniversary of the premiere of Lost with this new [companion book](. Intensify intimacy: Meet the [Crescendo 2]( the doctor-recommended, FDA-registered vibrator from MysteryVibe. It’s clinically proven to improve arousal and alleviate dryness. [Here’s 25% off]( Not another shortage: Healthcare employers are alarmingly short-staffed…and the vacancies are on track to increase. [Check out this video]( to learn how we got here (plus potential solutions).* *A message from our sponsor. GAMES [The puzzle section](#) Decipher: In today’s puzzle, you’ll have to do your best NSA impression and break the code. When you do, you’ll discover an eye-opening quote from OpenAI CEO Sam Altman. [Play it here](. Friday puzzle Here’s a clever riddle: If you throw me out the window, you’ll leave a grieving wife. If you leave me in the middle of the door, you might just save a life. What is the answer? 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 The letter “n.” If you remove “n” from window, you get widow. If you add “n” to the middle of door, you get donor. Word of the Day Today’s Word of the Day is: cache, meaning “a collection of things kept available for future use or need.” Thanks to Juliet from Miami, FL, for the suggestion. Submit another [Word of the Day here](. ✢ A Note From Invesco QQQ Disclaimer: Not a Deposit | Not FDIC Insured | Not Guaranteed by the Bank | May Lose Value | Not Insured by any Federal Government Agency There are risks involved with investing in ETFs, including possible loss of money. ETFs are subject to risks similar to those of stocks. Investments focused in a particular sector, such as technology, are subject to greater risks and are more greatly impacted by market volatility than more diversified investments. The Nasdaq-100 Index® includes the 100 largest non-financial companies listed on the Nasdaq. An investment cannot be made directly into an index. Before investing, consider the Fund’s investment objectives, risks, charges, and expenses. Visit invesco.com for a prospectus with this information. Read it carefully before investing. Invesco Distributors, Inc. ✳︎ A Note From EnergyX This is a paid advertisement for EnergyX’s Regulation A+ offering. Please read the offering circular at [invest.energyx.com/](. Written by [Adam Epstein]( [Cassandra Cassidy]( [Matty Merritt]( [Molly Liebergall]( 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. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011