☕ Second richest

Move over Bezos, there's a new ultra-billionaire in town... [Advertisement] September 17, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Apple Card]( Good morning. It’s the end of an era: The Phantom of the Opera, the longest-running show in Broadway history, is ending its epic NYC run for good in February—after its 35th anniversary. Odds are many of you have seen the legendary chandelier. 19.8 million people have attended Phantom since its opening in 1988, helping it gross $1.3 billion. Still, those numbers are nothing compared to the trillions of high-school sopranos who have attempted “Think of Me” at a talent show. —Matty Merritt, Jamie Wilde, Abby Rubenstein, Max Knoblauch MARKETS Nasdaq 11,448.40 -0.90% S&P 3,873.33 -0.72% Dow 30,822.42 -0.45% 10-Year 3.453% -0.2 bps Bitcoin $19,762.52 -0.23% FedEx $161.02 -21.40% *Stock data as of market close, cryptocurrency data as of 8:00pm ET. [Here's what these numbers mean.]( - Markets: The S&P and Nasdaq closed out their [worst weeks]( since June after FedEx CEO Raj Subramaniam warned that his company’s miserable performance signaled the start of a global recession. FedEx itself had its biggest one-day drop in history. STOCKS [Now you can troll your senator while trading]( [The white house in front of a stock chart](Illustration: Dianna “Mick” McDougall, Source: Berkah/Getty Images Soon, you’ll be able to make the same stock trades as your Congressional representative, thanks to a pair of new ETFs [tracking]( their investments. The creation of the funds comes at a time when everyone from Elizabeth Warren to your Tinder date is beefing over potential conflicts of interest raised by lawmakers trading stocks. How it works: The options flow platform Unusual Whales is planning two ETFs divided along party lines: ticker NANC for Democrats and KRUZ for Republicans. Both will build portfolios based on the 300–600 investments disclosed by lawmakers and their families. It’s like a MasterClass that Nancy Pelosi and her colleagues didn’t want to teach. Unusual Whales told Morning Brew that the goal of the funds is to let people follow Congress’s investments without having to dig through disclosures. “Congress has traded and gained for a long time. It is time for the market to have a product that encapsulates that as well,” a representative of the platform said. Big picture: The ETFs highlight a growing interest (and frustration) with lawmakers’ stacked portfolios. A recent NYT investigation found that about [one in five]( members of Congress purchased stocks that could be affected by the work they do on Capitol Hill. The investigation also found that legislators from both parties made some eyebrow-raising trades: - In 2020, Democratic Rep. Alan Lowenthal’s wife sold Boeing shares one day before Lowenthal’s committee released a damning report faulting the company for its two deadly crashes involving 737 Max jets. The Rep.’s spokesperson said the trades were made without the couple’s involvement by his wife’s stockbroker. - Republican Rep. John Rose sold $100,000–$250,000 worth of Wells Fargo shares in 2019 while sitting on the committee that was investigating the bank for fake accounts. Looking ahead…It will likely be a few months until the ETFs are official due to regulatory processes. And while multiple bills were introduced last winter to address congressional stock trading, we won’t see any big moves on that front until after the [November midterms](.—MM �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Now%20you%20can%20troll%20your%20senator%20while%20trading%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fnew-etfs-tracking-lawmakers-portfolios%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%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%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TOGETHER WITH APPLE CARD [Unrestricted rewards]( [Apple Card]( Other cards can have complicated rewards systems where you’re not sure whether your points add up to a flight or a toaster (or have disappeared altogether). Apple Card is different. You get up to 3% Daily Cash back on *literally everything* you buy. Including the latest products from Apple (wink ~iPhone 14 Pro~ wink). And Daily Cash is [real cash](, so it never expires or loses its value. You also [pay zero fees]( (not even hidden ones). So there’s no need to worry about these types of fees: annual, over the limit, foreign transaction, or late. Because these fees don’t exist with the Apple Card. Ever. Take advantage of the card that requires zero math to figure out. [Apply today]( to see your credit limit and interest rate offer. Terms apply. �  �  �  WORLD [Tour de headlines](#) [PCK oil refinery]Hannibal Hanschke/Getty Images Germany goes big to protect energy supplies. The German government [took over]( three Russian-owned oil refineries yesterday, saying it had temporarily put itself in charge of Russian oil giant Rosneft’s local entities. The move is an escalation of a standoff with Vladimir Putin that started in response to Russia’s invasion of Ukraine. The country is trying to prepare for the impact of an EU-wide ban on Russian oil that kicks in on Jan. 1—and Europe is still coping with Russia’s shutdown of the Nord Stream 1 gas pipeline. White House teases new crypto regulations. The Biden administration announced a [regulatory framework]( for the crypto industry yesterday, following up on an executive order from March that called for more research on what that should look like. Think of the new framework as the precursor to actual regulations. It focuses on cracking down on illicit activity and making crypto investing safer overall—specifically stablecoins, which haven’t lived up to their name. It also lays out the “significant benefits” of creating a digital US currency. Lunar tech company to go public in SPAC deal. Intuitive Machines, which develops tech for moon exploration, announced [plans]( to list on the Nasdaq through a SPAC deal that values the company at about $1 billion. The planned tie-up with blank check company Inflection Point Acquisition Corp. is anything but Intuitive—it goes against the tide that’s turning away from SPAC deals after many failed to deliver for investors. WEALTH [Meet the new second wealthiest person]( [Meet the new second wealthiest person](Illustration: Francis Scialabba, Photo: Mint/Getty Images Indian entrepreneur Gautam Adani has been [getting richer]( this year, while his fellow always-add-avocado elites continue to lose wealth by the billion-ful. Adani’s added about $70 billion of his $146.9 billion net worth since the beginning of 2022, pushing him from No. 14 on the Bloomberg Billionaires Index to No. 2—snugly between Jeff Bezos (No. 3) and Elon Musk (No. 1). He’s the first Asian person to rank in the top three. The $146.9 billion question: Why is Adani rich? The college dropout and former professional diamond sorter built his fortune largely on coal and ports. But then the industrial tycoon U-turned to set a new goal for his company, the Adani Group: to become the world’s largest green energy producer. Last year, he pledged to invest $70 billion in renewables to get there. Shares of his company’s holdings and his own fortune have surged. - Critics argue Adani is greenwashing his company, since its revenue still depends on fossil fuels. Meanwhile, the world’s 500 richest people have lost about $1.2 trillion collectively since the start of this year. Bezos—whom Adani only narrowly edged out to become the second-wealthiest human this week—lost $9.8 billion on Tuesday alone when stocks were [hit hard]( by higher-than-expected inflation data.—JW �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Meet%20the%20new%20second%20wealthiest%20person%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F09%2F16%2Findian-industrial-tycoon-becomes-the-second-wealthiest-person%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%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%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A STARTUP [‘60 Second Startup’: Healthy noods](#) [Kevin Lee with ramen bowl "reinventing ramen"] In the video series 60 Second Startup, Morning Brew co-founder and Executive Chairman Alex Lieberman asks entrepreneurs rapid-fire questions about their startups. Here’s a snippet of a recent convo with Immi ramen co-founder Kevin Lee. What is the problem that you’re solving? Instant ramen is one of the world’s most popular and beloved foods. But most people stop eating it once they realize how unhealthy it is for them. What is your specific solution to the problem? We make the world’s first low-carb, high-protein, and plant based instant ramen that tastes delicious and is actually healthy for you. How’d you come up with the idea? Our families have been eating instant ramen their entire lives, but now they have diabetes and high blood pressure. We wanted it to reinvent one of the world’s most popular foods so that no one else would have to see their families suffer. What is the worst “oh sh**” moment you’ve had with the business? We shipped five figures worth of inventory to Taiwan thinking that we could manufacture there, and their FDA blocked one of our ingredients so they burned the entire shipment. RIP to all those noodles. Watch the [full interview here]( (it’s still under a minute). GRAB BAG [Key performance indicators](#) [Nurses on strike]Star Tribune/Getty Images Stat: An economy-upending rail strike was averted this week, but the picket lines have still been crowded in 2022. 78,000 workers have [staged 180 strikes]( in the first six months of this year. That’s up from 102 strikes by 26,000 workers in the first half of 2021, according to the Cornell University School of Industrial and Labor Relations. Lots of tense contract negotiations remain ongoing as workers push for better conditions and higher salaries to keep pace with inflation. Quote: “Sorry to be a stick in the mud, but I think IT would appreciate less memes while they handle the breach.” A hack is serious business, but when a hacker [breached]( Uber’s systems on Thursday and announced it on the company’s own Slack, many workers thought it was a joke. They responded with jokes of their own even after real company representatives told them to log off. Despite the confusion, the ride-hailing company said yesterday that its systems were up and running and that sensitive user data had not been accessed. Read: The strange tale of Queen Elizabeth II and the golden Nintendo Wii. ([Ars Technica]() CARTOON [Saturday sketch](#) [A chicken gala]Max Knoblauch WHAT ELSE IS BREWING - [Ukraine]( now has the grisly job of digging up mass graves in territory it’s won back from Russia, and officials claim they’ve found evidence of war crimes. - [PayPal]( will nix its sponsorship of the Phoenix Suns if the team’s owner, who was recently suspended for using racist language and discriminating against women, remains in control of the franchise. - [The jersey]( Michael Jordan wore for the first game of the 1998 NBA finals, which the Bulls won in Jordan’s “Last Dance,” sold for a record $10.1 million at auction. - [The queue]( to pay respects to Queen Elizabeth II has stretched into a 30-hour wait, and celebrities like David Beckham have joined. BREW'S BETS Weekend conversation starters: - What [words]( in a job posting make you decide not to apply? - What is a [black box]( and how does it work? - Which [Disney]( movie do you most want to see as a live-action film? - If you had to name your baby after a [toy](, which one would you choose? Web 1…Web 2…Here’s [everything you need to know about Web3](—part of our Crypto Crash Course that helps you learn about the next phase of the internet. Save up to $2k on your next vacay: [Do you want round-trip flights]( to Paris from $329? What about Hawaii from $197? If you answered, “Of course!” then Dollar Flight Club is for you. [Try it for just $1 now](. Offer ends in 12 hours.* Achieve thicker, fuller hair: Meet [Revela](, the only non-Rx brand that helps you tackle hair loss at the root. It shows results up to 4x faster than traditional solutions. [Learn more](.* *This is sponsored advertising content. GAMES [The puzzle section](#) Brew crossword: “Tabloid twosome” isn’t just satisfying to say–it’s also a clue in today’s crossword. [Play it here](. Open House Welcome to Open House, the only newsletter section that believes one house is not enough. We’ll give you a few facts about a listing, and you try to guess the price. [9 home village in Upstate New York]Corcoran Today’s [listing]( is more of a village. Known as Emmons Farm in Oneonta, NY, it encompasses nine homes and 270+ acres—perfect if you’ve got a Cheaper by the Dozen situation going on. The family that built all those 46 bedrooms and 27.5 bathrooms has owned the property since 1835. Amenities include: - Farmhouse Restaurant—move over, Cracker Barrel - Main house named “Woodchuck Knoll” with 11 bedrooms - Frog pond - Fenced-in tennis court (to keep out the frogs) How much to be the pretend mayor of your own little town? [Our best-selling Excel mugs are back in stock!]( [Our best-selling Excel mugs are back in stock!]( Perfect your grid game with our best-selling Excel Mug in one hand and Excel Mouse Pads under the other. [Shop now to promote your spreadsheet skills to expert status](. What else is going on at the Brew: Comin’ in hot: The Brew’s newest course, Strategy for Creators, begins October 17—but spots are limited. [Reserve your spot today](. ANSWER $4.2 million � � � � � Written by [Matty Merritt](, [Jamie Wilde](, [Max Knoblauch](, and [Abigail Rubenstein]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? 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