☕️ New meme stock

How Facebook stumbled in its biggest market... October 25, 2021 [View Online]( | [Sign Up]( [Morning Brew]( TOGETHER WITH [HelloFresh]( Good morning. It truly is a Happy Monday, because today you can get your hands on never-before-seen Brew swag. [A GIF showing various Brew merch from our online store] Aren’t they Brewtiful? Today, we’re launching an [all-new store]( filled with more epic merch than your closet can possibly hold. Everything from t-shirts and hoodies to notebooks and totes is available—we hear there may also be a mug or two. It’s never been easier to rep your favorite morning newsletter and look great while doing it. [Shop the store now]( —Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 15,090.20 +17.08% S&P 4,544.90 +21.00% Dow 35,677.02 +16.57% 10-Year 1.649% +73.0 bps Bitcoin $60,884.99 +109.94% Amazon $3,335.55 +2.41% *Stock data as of market close, cryptocurrency data as of 8:00pm ET. [Here's what these numbers mean](. - Markets: The major US stock indexes are riding at or close to [record highs]( as investors face a torrent of Big Tech earnings this week. It’ll be a crucial test for companies like Amazon, which started the pandemic hot but have failed to keep up that momentum. - Economy: President Biden invited two key senators—Chuck Schumer and Joe Manchin—to his Delaware home over the weekend to [hammer out]( the final details of a social spending plan. Democrats are attempting to compromise on a slimmed-down framework of that bill so it and the bipartisan infrastructure bill can move forward before Biden jets off to Europe later this week for two summits. TECH [How Facebook Stumbled In Its Biggest Market]( [Indian Prime Minister Narendra Modi and Facebook CEO Mark Zuckerberg shake hands]( Indian Prime Minister Narendra Modi and Facebook CEO Mark Zuckerberg shake hands (SUSANA BATES/AFP via Getty Images More people use Facebook’s platforms in India than in any other country—over 340 million are on Facebook and almost 400 million use its messaging service, WhatsApp. Leaked [internal research]( shows that the company has struggled to root out misinformation and abusive content in the country, fueling violent ethnic conflicts. One example: In 2019, FB employees set up a dummy account to explore how a new user in India experiences Facebook. - When violence erupted in the disputed region of Kashmir, leading to the death of more than 40 Indian soldiers, the account’s feed was flooded with a “near constant barrage of polarizing nationalist content, misinformation, and violence and gore,” one employee wrote. - “I’ve seen more images of dead people in the past three weeks than I’ve seen in my entire life total,” a researcher said of the experiment. This episode and others like it reveal that for all the criticism directed at Facebook for fomenting polarization in the US...its effects on the political climate in lower-income countries, such as India, is [far worse](, the WaPo writes. One challenge for moderating content in India is the sheer number of languages used there. The country has 22 officially recognized languages, but Facebook’s AI systems are trained on just five, which makes flagging harmful content much more difficult. Facebook told the WaPo it’s increased its investment in moderation over the past two years in countries most vulnerable to conflict and violence. For Facebook, winter is coming If you opened up a newspaper over the weekend, then you probably saw a barrage of stories bashing Facebook. Roughly [two dozen outlets]( have published—or plan to publish—a batch of reports based on documents leaked by whistleblower Frances Haugen. And as it gears up to report its Q3 earnings today, the company is prepping for more blowback. “We need to steel ourselves for more bad headlines in the coming days, I’m afraid,” Facebook VP of Global Affairs Nick Clegg wrote in a Saturday post to staffers obtained by Axios. + For more: [Inside the big Facebook leak](. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=How%20Facebook%20Stumbled%20In%20Its%20Biggest%20Market%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F24%2Fhow-facebook-stumbled-in-india-its-largest-market%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A RETAIL [Clear Eyes, Full Wallets, Can't Lose]( You may be grumbling to your friends about inflation, but higher prices haven’t stopped you from shelling out $11 for a burrito, [reports the WSJ](. Recent statements from companies that have hiked prices show that even in this inflationary environment, many consumers are in a cushy enough position to grin and bear it. A few examples: - The allure of a Chiptole burrito, even if a few nickels more expensive, has never been stronger. Higher menu prices helped the restaurant chain more than double its net income last quarter from a year ago. - P&G, the maker of Tide and Old Spice, will launch its third round of price increases over the next few months...and expects profitably to increase. Perhaps this statement from the CFO of supermarket giant Kroger sums it up best: “We’ve been very comfortable with our ability to pass on the increases that we’ve seen at this point.” Big picture: The resilience of the American consumer has been one of the most surprising outcomes of the pandemic, and its imbalance with available inventory is a primary driver of supply chain bottlenecks. Americans just [won’t stop buying stuff](. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Clear%20Eyes%2C%20Full%20Wallets%2C%20Can%27t%20Lose%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F24%2Fdespite-inflation-consumers-keep-spending%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A SOCIAL MEDIA [Trump's Media Company Is the Latest Meme Stock]( [Former President Trump waving at a rally]( Aaron P. Bernstein/Getty Images Former President Trump announced he was creating a [new media venture]( last Wednesday and since then, the share price of a company that’s taking it public has been on a ride reminiscent of GameStop and AMC in the early days of 2021. Digital World Acquisition Corp., which is a SPAC (special purpose acquisition company), soared from $9.96/share before the announcement to $94.20—a jump of 846%. Even in the wild world of SPACs, that’s an unhinged rally, and it reflects heightened interest among retail traders looking to make a quick buck. - The implied value of the new company is now [more than $8.2 billion](. Since Trump appears to own more than 50% of the enterprise, according to SEC docs, it would make him the richest he’s ever been. Quick reminder: A SPAC is a shell company that’s formed with the goal of acquiring other companies and taking them public. It’s been an increasingly popular way for companies to list their shares on the public market—WeWork just went public via SPAC last week. What is Trump’s new company? It’s a social media platform called “Truth Social” and...[that’s about all we know](. No CEO was mentioned, and neither were any financial metrics. A press release said the company is planning a launch early next year. “This appears to be a shell company buying a shell company,” Axios’s dealmaking reporter Dan Primack wrote. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Trump%27s%20Media%20Company%20Is%20the%20Latest%20Meme%20Stock%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F24%2Ftrump-s-new-media-venture-is-the-newest-meme-stock%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A TOGETHER WITH HELLOFRESH [Solved: All Your Nosh Needs](#) [HelloFresh]( Throughout history, humans have pondered life’s greatest questions. From the obvious, “Is time travel possible?” and “Can fish blink?” to the deeper mysteries like, “What’s for dinner??” and “Do we have any snacks?!” Well, readers. [HelloFresh has answers](. HelloFresh is known for being America’s #1 meal kit service, solving your “What’s for dinner?” conundrum with Quick & Easy meals and Gourmet recipes. But they didn’t stop there—oh no. The solution for always having snacks and other essentials on hand was so close they could taste it. Feast your eyes on [HelloFresh Market](, the one-stop shop where you can add anything from snacks to spice blends, desserts, and quick breakfasts to your orders. With 50 weekly menu and market items to choose from every week, HelloFresh has solutions for every meal occasion. Your nosh needs are solved, and then some. Get 14 free meals (plus free shipping) when you [sign up today](. GRAB BAG [Key Performance Indicators]( [A sign in California reads "standing water, reduce speed" amid deluge]( Justin Sullivan/Getty Images Stat: Last week, Sacramento, CA, recorded its [first 0.01 inches of rain]( since March 19—a record 222 days without precipitation. That changed in a big way yesterday, when a potentially historic “atmospheric river” began to pummel Northern California with rain and snow. Quote: “Hyperinflation is going to change everything. It’s happening.” Jack Dorsey, the CEO of Twitter and Square, tweeted this [semi-apocalyptic take]( around higher prices. Many economists replied that even though prices are rising faster than expected, hyperinflation—which has only occurred dozens of times throughout history and destroys economies—is not happening in the US. Quick read: Four theories of why Hollywood started making sequels in 1999. ([Derek Thompson]() �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Key%20Performance%20Indicators%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F24%2Fkey-performance-indicators-october-25%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A CALENDAR [The Week Ahead]( [Artists paint a mural ahead of the COP26 summit in Glasgow ]( Artists paint a mural ahead of the COP26 summit in Glasgow (Jeff J Mitchell/Getty Images) Climate summit: The COP26 climate summit hosted by the UN will kick off in Glasgow, Scotland, on Sunday. COP26’s president, Alok Sharma, has called it a “make or break” moment in the battle to confront climate change. Earnings: The motherload of earnings reports is dropping this week—30% of all S&P 500 companies will tell investors how they fared in Q3, including Amazon, Alphabet, Microsoft, Apple, Coca-Cola, Boeing, McDonald’s, and many more. Analysts expect these reports to test the stock market’s latest rally. Vaccines, but rated G: An FDA panel will debate on Tuesday whether to recommend authorizing Pfizer’s vaccine for kids age 5–11. Kids could start receiving shots in the first two weeks of November, Dr. Fauci said. Everything else… - Speaking of Halloween, it’s happening on Sunday. - Facebook could announce its new name at its Connect Conference on Thursday. - The World Series, pitting the Houston Astros against the Atlanta Braves, starts Tuesday. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=The%20Week%20Ahead%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2021%2F10%2F24%2Fthe-week-ahead%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A WHAT ELSE IS BREWING - [Saudi Arabia]( pledged to achieve net-zero emissions by 2060, but made no plans to wind down fossil fuel production, which forms the backbone of its economy. - [Colombia]( captured its most wanted drug trafficker, Dairo Antonio Úsuga, in a jungle raid. - [Evergrande](, the Chinese real estate giant that’s saddled with more than $300 billion in debt, has restarted work on more than 10 projects in an attempt to shore up investor confidence. - [Shiba Inu](, which has been called a “decentralized meme token” by its creator, has soared to become the 11th-biggest cryptocurrency by market value. BREW'S BETS A real joint venture. In this case, it’s you and Monogram—the people combining robotics with patient optimized implants. With $26M raised and eight patents under their belt, Monogram is taking on the future of knee replacement (and a $19.6 billion market). [Invest today](.* A new era of pharma cannabusiness. [Flora Pharma]( finds the scientific gaps in the budding cannabis industry, then helps create pharmaceutical cannabis products which are actually backed by data. To learn about how Flora is bringing a scientific approach and diversity to the cannabis industry, [read more here](.* Nourish your brain: Farnam Street’s Sunday Brain Food newsletter is exactly what it sounds like—actionable ideas and insights to help you become the best version of yourself. [Check it out](. Dive back into the week: - Shallow dive: [Sheet pan chow mein]( - Medium dive: A thread of [simple habits]( that changed people’s lives - Deep dive: An [analysis]( of James Bond’s exposure to infectious agents - Cannonball: How hidden technology [transformed bowling]( - Bonus: Reminder that our HR Brew event all about the state of the workforce is happening tomorrow. [Register here](. *This is sponsored advertising content GAMES [The Puzzle Section](#) New game alert: You're gonna love this new puzzle, which asks you to pluck words from a jumble of letters. We're calling it...drumroll please...Turntable. [Play Turntable now](. Judge a Book by Its Cover Below is a set of famous book covers with the titles and authors removed. Can you identify them? [null] SHARE THE BREW [We’re Giving Away Headphones and a Hilton Stay](#) [An illustration of travel luggage to promote our giveaway]( Want a pair of Morning Brew headphones and the opp to win a 5-night stay at Hilton? It could be yours when you [share the Brew]( this week. Here are the deets: - The first 1,000 people to refer 5 friends to the newsletter will receive a limited edition pair of Morning Brew headphones. - Of those referrers, one reader will be randomly selected to win a 5-night stay at a Hilton. Bottom line: Get going on referring your fave newsletter to your friends and family, and swag (and maybe a stay!) could be on its way. [Share to win]( *See terms and conditions [here]( ANSWER 1. Twilight 2. The Da Vinci Code 3. The Hunger Games 4. The Great Gatsby 5. A Series of Unfortunate Events: The Bad Beginning 6. Dune HOW WAS TODAY'S NEWSLETTER? [GREAT]( [GOOD]( [BAD]( � � � � � Written by [Neal Freyman]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? 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