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Elon Musk decides to buy Twitter, after all... October 05, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Facet Wealth]( Good morning. Are we about to enter an economic crisis? Could be. But don’t look at unemployment, interest rate hikes, or the housing market for clues. A better indicator is whether the Philadelphia Phillies win the World Series. As the baseball historians on the Brew’s social media team found, over the past 100 years the [surest sign]( of an economic downturn has been a Philly-based baseball team winning the World Series. It happened in 1929, 1930, 1980, and 2008. On Monday night, the Phillies clinched a playoff spot for the upcoming postseason. As Phillies fans, it gives us no pleasure to say this, but...they must be stopped. For the sake of the economy. —Neal Freyman, Max Knoblauch, Abby Rubenstein MARKETS Nasdaq 11,176.41 +3.34% S&P 3,790.93 +3.06% Dow 30,316.32 +2.80% 10-Year 3.637% +0.1 bps Bitcoin $20,322.49 +3.85% Twitter $52.00 +22.24% *Stock data as of market close, cryptocurrency data as of 2:00am ET. [Here's what these numbers mean.]( - Markets: Looks like Wall Street isn’t bullish on the Phillies’ World Series chances, because the S&P 500 just pulled off its [biggest two-day gain]( since the pandemic began. Risky assets like meme stocks and high-growth tech companies led the way, but the real star of the show was Twitter (you’ll see why in just a sec). TECH [Musk plays the ‘reverse’ card on Twitter]( [Elon Musk's face on an Uno reverse card]( Illustration: Grant Thomas, Photo: Theo Wargo/Getty Images Elon Musk is [reversing]( his decision to reverse his decision to buy Twitter. After months of trying to wriggle out of his original deal, Musk has once again proposed buying Twitter at $54.20 per share—the same price he agreed to pay back in April. Pour a Dogfish Head IPA out for Delaware. The state was about to grab the world’s attention as the host of the Musk v. Twitter trial on Oct. 17. But that trial likely won’t happen, given Musk’s about-about-face. Bad news for Delaware is good news for Twitter, though. If the two sides shake hands (again), then Twitter will manage to avoid a distracting and expensive trial, all while securing a buyout of $44 billion that many consider to be a generous price tag. Still, like the last 30 minutes of The Return of the King, this saga is [never quite over]( when you think it is. Twitter needs to approve Musk’s new proposal, and it stayed pretty tight-lipped about its next move yesterday. So why did Musk change his mind after changing his mind? One likely reason, according to several reports, is Musk realized that he was probably going to lose his trial. He had to prove that the bot issue presented a material adverse effect to get out of the contract he signed, but his legal team was losing confidence after suffering defeats in pretrial decisions. How we got here Proving that time is indeed a flat circle, a lot has happened since Musk and Twitter first agreed to their deal in April, yet we’ve somehow ended up at the same place we started. A brief timeline: - Musk attempted to back out of the deal in July, arguing that he was misled by Twitter management about the share of bots on the platform. Twitter then sued Musk to make him buy the company. - In August, Twitter’s former head of security came forward with explosive allegations that company leadership willfully ignored massive security issues, which Musk used as ammo for his case. - Last week, [juicy texts]( between Musk and a range of business moguls were released ahead of the trial, revealing the celebs in Musk’s orbit who were egging him on to buy Twitter (Joe Rogan, Jack Dorsey, Gayle King, Larry Ellison, and more). Looking ahead…if Twitter agrees to Musk’s new offer, it means what’s transpired this year is just the prologue to an era in which the world’s richest person owns one of the world’s most influential social networks. Here’s [everything Musk has said about his plans for Twitter](.—NF �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Musk%20plays%20the%20%E2%80%98reverse%E2%80%99%20card%20on%20Twitter%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F10%2F04%2Felon-musk-decides-that-he-wants-to-buy-twitter-after-all%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 FACET WEALTH [How to turn economic insecurity into opportunity]( Inflation is up, interest rates are rising, and so is anxiety! But with the right guidance, not only can you survive turbulent times, you can thrive. In fact, there’s never been a better time to get smart, personalized financial advice you can trust. [Facet pairs]( you with your own dedicated CERTIFIED FINANCIAL PLANNER™ professional. They’ll work with you 1:1 to make sure your finances are ready for whatever life (and the market) throws your way. You’ll gain the clarity and confidence you need now, plus ongoing guidance so your financial plans can evolve as your life does. [Sign up now + get 2 months free](* off your first year of financial planning with Facet Wealth. WORLD [Tour de headlines](#) [Apple store in Europe]Mike Kemp/Getty Images Europe brings the thunder to Apple’s Lightning. iPhones will have to use a [USB-C connector](in the EU in 2024, after the European Parliament approved a law that requires a single charging port for mobile phones, tablets, cameras, and other electronic devices. This legislation, the first of its kind in the world, is intended to reduce e-waste and save consumers money. Apple’s iPhones currently use its proprietary Lightning port, while most Android models use USB-Cs. Green texters win this round. Judge breaks the AL home run record. NY Yankees outfielder Aaron Judge hit his [62nd home run]( of the season last night, breaking Roger Maris’s single-season HR record in the American League. Judge’s performance is all the more impressive considering that in the spring he turned down a $213.5 million extension with the Yankees in a bet that he could up his value this season…and he did, likely by more than $100 million, per the NYT. Judge also made others rich in the process—the fan who caught his 62nd home run, Cory Youmans, could sell it for at least $2 million. MBA programs report steep drops in applications. A hot labor market, the ever-increasing cost of degrees, and the lack of any fun mascots are all conspiring to cause a shocking [decline]( in the desire to go to business school, the WSJ reports. Applications are down more than 15% at Harvard, more than 13% at Wharton, and at least 10% at other top-tier US programs like Yale and NYU. Two-year full-time programs at elite business schools can cost up to $200,000—a scary check to write even if you have the next Scrub Daddy in your back pocket. POLITICS [Influencer Christian Walker is ‘done’ with his dad’s Senate campaign]( [Herschel Walker and his son, influencer Christian Walker]( Illustration: Francis Scialabba, Photos: Megan Varner/Getty Images, @ChristianWalk1r via Twitter Christian Walker, a conservative social media star, [denounced]( his father Herschel Walker, the Republican candidate for the Senate in Georgia, as a violent liar. Why? The Daily Beast published an article Monday claiming the anti-abortion candidate paid for his then-girlfriend’s abortion in 2009. Herschel Walker denied the story and threatened to sue, prompting Christian to tweet that his father was lying, and “I’m done.” But Christian—who had publicly supported his dad early in the campaign and stayed silent as other scandals broke (including claims Herschel abused Christian’s mother and the revelation of another three kids from different women)—didn’t stop there. He dropped a pair of [video]( [monologues]( yesterday referencing those earlier reports and calling Herschel out for “atrocious” behavior. Big picture: This online family drama isn’t taking place in just any Senate race—it’s happening in one that could determine control of the chamber. GOP leader Mitch McConnell recently flagged Georgia and Nevada as the party’s best possibilities for picking up the seat needed for a majority. The race against Democratic incumbent Raphael Warnock is close, and one Republican official told The Atlanta Journal Constitution that Christian will be “solely to blame if Herschel loses the race.” But unlike his son, Herschel still has the support of powerful GOP leaders.—AR �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Influencer%20Christian%20Walker%20is%20%E2%80%98done%E2%80%99%20with%20his%20dad%E2%80%99s%20Senate%20campaign%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F10%2F04%2Fchristian-walker-herschel-senate-campaign%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 RETAIL [Goodwill is giving the world wide web a go]( [Goodwill art]( Francis Scialabba Huge news for vintage resellers and your Uncle Dan who collects weird ceramic salt and pepper shakers: Yesterday, the 120-year-old nonprofit Goodwill [launched]( GoodwillFinds, its first centralized online business. Late to the game but sure to shake things up on name recognition alone, GoodwillFinds is the organization’s answer to the likes of Poshmark and ThredUp. The $28 billion thrifting industry has ballooned in recent years thanks to its popularity with Gen Z, inflation, and consumer appetite for sustainable clothing. Even in the era of fast fashion juggernauts like Shein, the secondhand clothing market is expected to grow 16x faster than the broader clothing market in the next four years. Currently, products on GoodwillFinds are being contributed by just a handful of Goodwill regional groups, primarily across the Midwest and West, though more groups will be added in the coming months. Zoom out: The secondhand market, once seen mostly as a side hustle opportunity, is heating up. Levi’s, Patagonia, and Lululemon all have their own secondhand shops, while online hubs are getting scooped up for big money: Poshmark was acquired by Naver for $1.2 billion yesterday, and last year, Etsy bought Depop for $1.6 billion.—MK For more retail news, make sure to subscribe to [Retail Brew](. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Goodwill%20is%20giving%20the%20world%20wide%20web%20a%20go%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fgoodwill-online-store%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 GRAB BAG [Key performance indicators](#) [GIF from South Park of customers rushing a store]South Park/Paramount Global via Giphy Stat: Spirit Halloween might have a tough time finding zombie storefronts to occupy this fall. US retail vacancies hit their [lowest leve](l in 15 years in Q2 (6.1%), and, for the first time since 1995, more retail stores opened than closed, the WSJ reports. Brick and mortar sales are now growing at a faster pace than e-commerce sales, per Brookfield. Quote: “As the globe’s premier parodists, The Onion’s writers also have a self-serving interest in preventing political authorities from imprisoning humorists.” The Onion submitted a brief with the Supreme Court [expressing support]( for a man who was arrested after parodying an Ohio police force on social media in 2016. The brief is itself a parody (the outlet claims it’s read by 4.3 trillion people), but also strikes a serious tone in defending the right of people to make fun of their government. Read: Paul McCartney has a freakish memory. ([The Ruffian]() WHAT ELSE IS BREWING - [Ray Dalio]( is giving up control of Bridgewater Associates, the hedge fund he started nearly 50 years ago that grew to become the largest of its kind in the world. - [Loretta Lynn](, country music icon, died at 90. - [Micron]( said it will invest up to $100 billion in the next two decades in a chip factory complex in upstate NY. - [That Northeastern University]( exploding package from last month turned out to be a hoax, police said. - It’s Yom Kippur. Wishing our Jewish readers an easy fast. BREW'S BETS Chill out: 30 minutes of [relaxing visuals]( from Studio Ghibli. Book recs: The [finalists for the National Book Awards]( have been released—plenty of good reads here. Tech tools: This [new class of apps]( uses the concept of “infinite canvas” to help you design, code, and work. Don’t worry, HENRY. Drop that high-earner-not-rich-yet moniker with [Motley Fool Stock Advisor](’s help. Their free “5 Stocks Under $49” report boasts previous picks such as Amazon in ’97 and Netflix in ’04. [Get their latest recs here](.* HR you ready: to grow your team, achieve your mission, and create a lasting culture with a dedicated, professional HR manager for $99/mo? Bambee has the tools your biz needs. [Get a free HR audit from Bambee today](.* *This is sponsored advertising content. GAMES [The puzzle section](#) Word Search: In today’s puzzle, you can look for words...but do not look down. [Play Word Search here](. Name the cable Now that Apple will have to use USB-C connectors for iPhones in the EU, let’s see how well you know your cables. Can you identify the six cables below? [Cables for cable quiz]Amazon.com FROM THE CREW [What does it take to create a successful startup?]( [What does it take to create a successful startup?]( Alex Lieberman, Jesse Pujji, and Sophia Amoruso know what it’s like to be founders. In this show, the three friends dole out unfiltered advice on how to build successful startups. [Listen]( or [watch]( the trailer here. ️ Our Strategy for Creators course begins Oct. 17 and will help you build a brand online. [Reserve your spot](. 🛍 Want expert insights about the future of retail? The SKU: A Retail Brew Summit is where you’ll find them. [Learn more](. 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=4904f90a]( ANSWER 1. Ethernet 2. VGA 3. USB-C 4. HDMI 5. USB 2.0 to Mini USB 6. Coaxial cable ✢ A Note From Facet Wealth Disclosure: Facet Wealth is an SEC Registered Investment Advisor headquartered in Baltimore, Maryland. This is not an offer to sell securities or the solicitation of an offer to purchase securities. This is not investment, financial, legal, or tax advice. *Two months free offer is only valid for an annual fee paid at the time of signing. � � � � � Written by [Neal Freyman](, [Max Knoblauch](, and [Abigail Rubenstein]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? Tips for smarter living → - [Incrypto](: Finally, crypto news you can understand - [Money Scoop](: your personal finance upgrade - [Money With Katie](: manifest your financial freedom - [Sidekick](: lifestyle recs from every corner of the internet [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2022 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011