☕ Bank balance

The “Twitter Files” and other news from the bird app... December 05, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [reAlpha]( Good morning and a very happy birthday to Jonathan, the world’s oldest living land animal. The Seychelles giant tortoise is thought to have been born in 1832, meaning he turned 190 years old this weekend. Though Jonathan has lost his sense of sight and taste, don’t be surprised to see him on an upcoming Love Island season. “In spite of his age, Jonathan still has a good libido and is seen frequently to mate with [fellow tortoises] Emma and sometimes Fred—animals are often not particularly gender-sensitive!” Jonathan’s vet, Joe Hollins, told Guinness World Records. —Neal Freyman MARKETS: YEAR-TO-DATE Nasdaq 11,461.50 -26.74% S&P 4,071.70 -14.57% Dow 34,429.88 -5.25% 10-Year 3.494% +198.0 bps Bitcoin $17,090.52 -63.09% Oil $80.34 +6.82% *Stock data as of market close, cryptocurrency data as of 2:00am ET. [Here's what these numbers mean.]( - Markets: Stocks are on a bit of a run near the end of the year, posting their first back-to-back winning weeks since October. Still, recent developments must be a bit disorienting for investors—first, Fed Chair Jerome Powell suggested he’s ready to reduce the size of rate hikes, but then Friday’s jobs report showed that the stubbornly hot labor market isn’t cooperating to help bring down inflation.  ENERGY [The West puts a lid on Russian oil]( [Russian oil tanker]( Loic Venance/AFP via Getty Images While the war in Ukraine grinds on, Western countries have been debating how to curb Russia’s oil revenue without causing massive disruptions to energy markets, in which Russia is a big player. They think they landed on an [innovative solution](: Starting today, the G-7 (a group of major democracies) and Australia will apply a price cap of $60/barrel on Russian oil. How does that accomplish their goals? - It keeps Russian oil flowing to countries that still buy it (India, China, Turkey), which helps stabilize energy markets that have been on a roller coaster this year. - Russia is forced to sell its oil for cheaper than it wants to, which could dent Vladimir Putin’s ability to fund his war in Ukraine. Sales of oil and gas are estimated to account for 42% of Russia’s total revenue this year. But one does not simply put a “price cap” on oil, and Western countries had to get creative to establish a [mechanism for enforcement](. What they decided on: Western countries dominate the maritime industry that Russia relies on to ship its oil. So, the G-7 is telling Western companies that they can’t insure, finance, or ship Russian oil that’s more than $60/barrel. What are the drawbacks to this plan? - Russia’s response. Russia said it would not accept the price cap and pledged to cut off oil exports to countries that comply with it, a threat that could cause energy prices to shoot higher (but hasn’t so far). Russia has also been assembling a “shadow fleet” of more than 100 ships to help it move oil without relying on Western maritime companies. - The price may not be right. One of the sticking points to negotiations was figuring out the sweet spot for the price cap. Ukraine, for one, believes it’s far too high and that it won’t be effective in draining Putin’s war chest. Big picture: Right now, the oil market is more directionless than the Lost writers. Prices are being tugged in both directions by geopolitical forces (slowing global economy, the war in Ukraine, China’s shifting Covid policies), and the general vibe at an OPEC+ meeting this weekend was “Let’s not do anything drastic and see how this thing develops.” �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=The%20West%20puts%20a%20lid%20on%20Russian%20oil%3A%20https%3A%2F%2Fmorningbrew.com%2Fdaily%2Fstories%2F2022%2F12%2F04%2Fwestern-countries-impose-price-cap-on-russian-oil%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%3Da905682a%26utm_source%3Demail_share%0A TOGETHER WITH REALPHA [Everyday investors: 1, VCs: 0]( [reAlpha]( Red card: Venture capitalists and their unlimited resources have slide-tackled retail investors out of this inflation-defying, $1.2 trillion real estate economy for decades. But these offside players are about to meet their match in [reAlpha](. reAlpha is leveling the playing field, using AI to select the most viable vacation properties and allowing their users to buy shares of those properties just like they would stocks. Here comes the hat trick… ️ reAlpha’s proven that vacation rentals are [70%+ more lucrative than long-term rentals](. ️ They’ve secured a $200m financing facility to acquire these high-potential properties. ️ They’re giving you the opportunity to become a shareholder on the ground floor. Score! One-up the VCs––[invest in reAlpha before the opportunity ends on 12/8](. WORLD [Tour de headlines](#) [Protest for Mahsa Amini]Tunahan Turhan/SOPA Images/LightRocket via Getty Images Iran official says morality police will be disbanded. In what would be a major concession to protesters, Iran’s attorney general signaled the country will [abolish]( its morality police, a unit that enforces a strict Islamic dress code in public spaces (although no other government entity confirmed the plan to abolish the morality police). That unit and the government more broadly have been the target of widespread protests after a young woman died while in the custody of the morality police. The US was eliminated from the World Cup. The Netherlands took advantage of their goal-scoring opportunities and the US did not, which resulted in the Dutch [booting the young Americans]( from the World Cup on Saturday by a score of 3–1. In the other knockout round games, Argentina got past Australia, France defeated Poland, and England easily handled Senegal. Attack leads to power outages in North Carolina. Tens of thousands of people in NC lost power this weekend due to an “[intentional](” attack on the grid, officials said. Two electrical substations were damaged by gunfire, causing 95% of Duke Energy customers in Moore County to be left without power. County officials declared a curfew overnight on Sunday, telling residents to avoid going out in the below-freezing, extremely dark streets. TECH [The ‘Twitter Files,’ and other news from the bird app]( [The Twitter logo under a microscope]( Francis Scialabba On Friday night, Substack writer Matt Taibbi posted a [thread]( showing former Twitter employees debating the decision to restrict sharing of a NY Post story about Hunter Biden’s laptop in the lead-up to the 2020 presidential election. Twitter CEO Elon Musk hyped the release of the so-called “Twitter Files,” saying they would expose how the company, under its previous leadership, engaged in “free speech suppression.” The screenshots of internal communications reveal that Twitter employees were worried that the Post article could be the result of a Russian hacking operation. Their ultimate decision to suppress the story drew outcry from conservatives, and former CEO Jack Dorsey has said it was a mistake, noting that the company changed its policy on hacked materials as a result. But Taibbi’s thread did not provide any direct support for Musk’s suggestions that Democrats conspired with Twitter to block the article. Taibbi wrote, “There’s no evidence — that I’ve seen — of any government involvement in the laptop story.” Furthermore, the thread exposed the names of ex-Twitter employees and the apparent email addresses of Dorsey and Democratic Rep. Ro Khanna (who criticized Twitter’s decision on the Hunter Biden story). On Saturday, Musk acknowledged that posting some emails was a mistake. Elsewhere in the Twitter-verse… - While Musk banned Ye’s account for tweeting a swastika on a Star of David, he [allowed]( neo-Nazi Andrew Anglin, who created the white supremacist website The Daily Stormer, back on the platform. - Musk seems to have dropped his feud with Tim Cook over App Store rules, and said that Apple has “fully resumed” advertising on Twitter. - Twitter is still hurting financially, though. Its US ad revenue was reportedly 80% below expectations during the first week of the World Cup. �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=The%20%E2%80%98Twitter%20Files%2C%E2%80%99%20and%20other%20news%20from%20the%20bird%20app%3A%20https%3A%2F%2Fmorningbrew.com%2Fdaily%2Fstories%2F2022%2F12%2F04%2Fthe-twitter-files-and-other-news-from-the-bird-app%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%3Da905682a%26utm_source%3Demail_share%0A CALENDAR [The week ahead](#) [Georgia Senate candidates Raphael Warnock and Herschel Walker]Source: Getty Images Georgia runoff: Georgia residents have had to endure more weeks of political ads than the rest of us, but that’ll end on Tuesday when a runoff election is held between Democratic Sen. Raphael Warnock and Republican Herschel Walker. If Warnock holds, he’ll give the Democrats 51 seats in the Senate. World Cup: Round of 16 matches will continue through tomorrow, until the final eight teams are determined and the quarterfinals kick off Friday. Time to figure out who you’re going to root for now that the US isn’t in it anymore. SCOTUS takes on consequential cases: Today, the Supreme Court will hear a case about a Colorado web designer who refused to provide services to a same-sex couple on religious grounds. Then on Wednesday, the court will hear a pivotal case concerning the power state lawmakers have in elections. Everything else: - More than 1,000 members of the New York Times union are threatening a walkout on Thursday. - The 81st anniversary of the Pearl Harbor attack is on Wednesday. - Trevor Noah will end his seven-year run as host of The Daily Show on Thursday. GRAB BAG [Key performance indicators](#) [ATM at Art Basel]MSCHF Stat: The music producer Diplo has [about $3 million]( in his bank account—but how we know that is more interesting than the number itself. At Art Basel in Miami, one of the most talked-about installations was an ATM that ranked the bank balances of everyone who used it (Diplo came in at No. 1). The ATM was the brainchild of mischievous Brooklyn art collective MSCHF, whose co-founder called it an “extremely literal distillation of wealth-flaunting impulses.” Quote: “He made millions of people happy. What a run.” Jonathan Graziano, the owner of Noodle the pug, revealed on Saturday that the [dog died]( at 14 years old. Noodle provided much-needed entertainment during the pandemic by predicting whether it would be a “Bones Day” or a “No Bones Day.” Read: TikTok’s viral challenges keep luring young kids to their deaths. ([Bloomberg Businessweek]() WHAT ELSE IS BREWING - [Former President Trump]( was criticized by both Republicans and Democrats for urging for the “termination” of parts of the Constitution. - [Barry Bonds]( and Roger Clemens were once again passed up to be elected to the Baseball Hall of Fame. Fred McGriff will enter the HOF. - [Georgia](, Michigan, TCU, and Ohio State were selected to compete for the national title in the College Football Playoff. - [The espresso martini]( made the top 10 list of most-ordered cocktails at US bars this year, displacing the Manhattan. FROM THE CREW [Become an expert data storyteller]( [Charlie Day meme]( It’s Always Sunny in Philadelphia/20th Television Drowning in valuable data and unsure how to make use of it? Our newest course, Data Storytelling, launches in February and will give you the tools you need to create data dashboards that tell the complete story of your team, your business, or even yourself. [Secure your spot while they last](. BREW'S BETS Dive back into the week. - Shallow dive: I wanna be [friends with them](. - Medium dive: A chatbot explains that [Santa isn’t real]( (sorry for the spoiler). - Deep dive: The guy who [invented fondue](. - Cannonball: Tom Whitwell’s “[52 things I learned in 2022](.” Gifts for the chefs in your life. Here’s the [perfect list of gifts]( for that person who got really into cooking during the pandemic and has now made it a part of their identity. Mascara that’s a BIG deal right now: For a fraction of the cost of salon extensions, [this mascara]( beautifully lengthens lashes to mimic the look of extensions. [Brew readers get 15% off](.* A super gift for you : Treat yourself to this female-founded brand’s delicious, dark chocolate-flavored [Metabolism Super Powder](. Ease bloat, curb sugar cravings, and fire up your metabolism during the holidays. [Take 20% off today](.* *This is sponsored advertising content. GAMES [The puzzle section](#) Turntable: We got a “q” in the jumble today if you’re looking for a challenge . [Play Turntable here](. Name that show This chart shows the IMDb ratings of a comedy TV show over its five-season run. Can you name the show? [Chart of IMDb ratings for a particular TV show][SeriesHeat]( AROUND THE BREW [Elevate your leadership skills]( [Elevate your leadership skills]( Parks and Recreation/NBCUniversal Are you ready to take charge in 2023? The Brew’s eight-week Leadership Accelerator will give you tools to build a dream team and drive change at your company. [Apply now while spots last](. It’s the holidays and [Money with Katie]( will help you recover from all that Black Friday shopping. Her newsletter has everything you need to keep your budget in check. Want expert insights about the future of retail? Yes? Then stream [The SKU: A Retail Brew Summit](. 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 Arrested Development ✢ A Note From reAlpha MA, MD, and Hawaii Residents reAlpha’s Regulation A offering is not being made in MA, MD, and Hawaii, and reAlpha’s common stock is not available for purchase by MA, MD, and Hawaii residents. *The +70% was calculated using Zillow’s listed monthly rents for specific properties in various popular cities (available at [zillow.com]( on 7/19/2022) as compared to the specific properties’ respective annual rental revenue divided by 12 (to be on a per-month basis) from AirDNA’s Rentalizer tool. Information utilized for calculations from AirDNA (available at [( on 7/19/2022). � � � � � Written by [Neal Freyman]( Was this email forwarded to you? Sign up [here](. WANT MORE BREW? Industry news, with a sense of humor → - [CFO Brew](: your go-to source for global finance insights - [Emerging Tech Brew](: AI, crypto, space, autonomous vehicles, and more - [Healthcare Brew](: the comprehensive industry guide for administrators, medical professionals, and more - [IT Brew](: moving business forward; innovation analysis for the CTO, CIO & every IT pro in-between - [Marketing Brew](: the buzziest happenings in marketing and advertising - [Retail Brew](: retail trends from DTC to "buy now, pay later" Tips for smarter living → - [Money Scoop](: your personal finance upgrade - [Money With Katie](: manifest your financial freedom [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