☕ Truffle shuffle

The fall of another crypto king... November 22, 2023 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [SimpliSafe]( Good morning. After all that commotion, Sam Altman has been [reinstated]( as CEO of OpenAI less than a week after he was fired—but with a new board in place. Ready for Thanksgiving? Same. This is our final newsletter before the holiday, and we want to wish you and your family a wonderful Thanksgiving. We are so grateful that you spend part of your busy morning learning about the world with us. We’re taking the day off tomorrow to explain [what the heck just happened]( at OpenAI to our relatives, but we’ll be back with special editions on Friday and Saturday. Safe travels, and see you then! —Cassandra Cassidy, Matty Merritt, Sam Klebanov, Neal Freyman, Adam Epstein PS: Don’t forget to start brining that turkey by tonight (dry brine, of course). MARKETS Nasdaq 14,199.98 -0.59% S&P 4,538.19 -0.20% Dow 35,088.29 -0.18% 10-Year 4.394% -2.8 bps Bitcoin $36,782.36 -1.83% American Eagle $16.63 -15.80% *Stock data as of market close, cryptocurrency data as of 2:00am ET. [Here's what these numbers mean.]( - Markets: Stocks [ticked down]( on Tuesday after investors pored over every morsel of the Fed’s meeting minutes, finding that officials intend to keep monetary policy “restrictive” (read: no interest rate cuts). That ended five-day win streaks for the S&P 500 and Nasdaq. Meanwhile, shares of American Eagle plummeted 16%, headlining a tough day for retail earnings.  CRYPTO [Another crypto king falls]( [Photo of Binance founder Changpeng Zhao]( Patricia De Melo Moreira/Getty Images Crypto dudes known by their initials are having a rough go of it lately. Changpeng Zhao, CEO of Binance, the world’s largest cryptocurrency trading platform, is [stepping down]( from his role and pleading guilty to money laundering, according to US court documents released to the public yesterday. Binance Coin [fell]( 6% following the news, sparking a wave of drops across crypto. Zhao’s fall is part of a settlement between Binance and the DOJ, which alleges that Binance enabled people in sanctioned countries, like Iran and Russia, to trade on the platform, violating US regulations against money laundering. Binance will reportedly pay a $4.3 billion fine but will stay open for business. The man behind the curtain: Zhao, better known by his initials, “CZ,” founded Binance in 2017 and oversaw the company as it completed a meteoric rise to the top of the crypto world, competing with the other now-infamous crypto guy Sam Bankman-Fried, [often on X](. Karma is a bit-coin If SBF has a burn book, CZ is probably on page one. SBF blamed his rival for the downfall of FTX, since the bank run that triggered FTX’s bankruptcy started because of a tweet from CZ saying he was going to dump all of his FTX token. Binance was a bit like your friend who stays at the party after the cops come and drinks the beer that’s left: The crypto exchange became responsible for two-thirds of crypto trading on global exchanges—making it, in some experts' opinions, too big to fail. CZ probably won’t face jail time, since he’s based in the UAE, with whom the US does not have an extradition agreement. It’s a precarious time to be involved in digital currency trading. Binance is facing a different lawsuit from the SEC that alleges the company artificially inflated its US trading volume and offered crypto futures without registering as a futures commodity merchant. On Monday, the SEC hit Kraken—another one of the world’s largest cryptocurrencies—with a similar lawsuit.—CC   PRESENTED BY SIMPLISAFE [Guard your 🪺]( [SimpliSafe]( Your home is more than just walls and a roof. It’s your sanctuary. Protect your family—and your peace of mind—with a security system that stands guard around the clock, each and every day. And luckily for you, the [best home security system of 2023]( is having a huge sale with their biggest deal of the year this Black Friday. We’re talkin’ about SimpliSafe. Right now, you can [save 60% on a new SimpliSafe system]( and claim a free Wireless Outdoor Security Camera when you enroll in Fast Protect™ monitoring. Backed by 24/7 professional monitoring for fast police and emergency dispatch, SimpliSafe protects your whole home with sensors to detect break-ins, HD cameras for inside and out, and even sensors that defend against fire, floods, and carbon monoxide. [Save big and secure your fort](. WORLD [Tour de headlines](#) [Families and supporters of hostages held by Hamas demonstrate in Tel Aviv]Christopher Furlong/Getty Images Israel approved a hostage deal with Hamas. Israel’s top Cabinet voted on Tuesday to accept a [deal]( that will reportedly see Hamas free about 50 hostages—all women and children, including three Americans—as part of a four-day ceasefire. Israel said it would extend the pause in fighting for an extra day for every 10 additional hostages released. In exchange, Israel will reportedly release some Palestinian prisoners held in Israeli jails. Israel will also allow 300 aid trucks per day to enter Gaza from Egypt. Israeli Prime Minister Benjamin Netanyahu had urged the government to accept the deal while vowing that the war would continue after the hostages are secured. The talks were brokered by mediators in Qatar, where Hamas leader Ismail Haniyeh lives. Nvidia smashed revenue expectations. The good times keep rolling for the chipmaker. Q3 revenue [increased]( 206% year over year to $18.1 million, topping Wall Street’s estimates of about $16.2 billion. The company’s stock has more than tripled amid the AI boom this year, accounting for a big part of the S&P 500’s tech-fueled rise. And yet, shares ticked down from record highs in after-hours trading on Tuesday after Nvidia tempered expectations for Q4 due to new restrictions on chip exports to China. Prepare for messy Thanksgiving travel. A “wave of inclement weather through the eastern two-thirds of the country” could throw travel [into chaos]( this week, according to the Weather Prediction Center. TSA predicts 30 million people will fly over the holiday, an 11.5% increase from last year, putting a strain on a US aviation system struggling to keep up with demand. One positive? Thanksgiving gas prices could be the cheapest they’ve been since 2020. Whether you’re flying, driving, taking the train, or awaiting the arrival of those who are, here are some [tips]( to get through the next few days with minimal stress. FOOD & BEV [Kim K invests in expensive condiment maker Truff]( [Kim Kardashian smiling on stage.]( David Livingston/Getty Images If Kim Kardashian is going to invest in anything, it’s going to be a way more expensive version of something that already exists. Her investment firm Skky Partners, which she co-founded last year with private equity veteran Jay Sammons, has made its [first deal]( acquiring a minority stake in bougie condiment maker Truff. Details weren’t disclosed, but it’s kind of a match made in heaven for the sauce company, which makes truffle-based mayo, hot sauce, and pasta sauce. - Truff, like so much of Kardashian’s business endeavors (and life tbh), has ridden its direct-to-consumer, viral marketing campaigns to stardom. - The brand is now available in Whole Foods, Target, and Publix and has partnered with big names like Hidden Valley, Popeyes, and Taco Bell. The deal will add Skky managing director David Brisske to Truff’s board, as well as Mark Ramadan, who knows how the sauce-age is made as the former CEO of condiment king Sir Kensington’s, which sold to Unilever in 2017 for $140 million. Skky must really believe in the longevity of truffle oil hype. Axios editor Dan Primack [noted]( that Skky’s fund hasn’t raised money for its first buyout fund yet, so the investment was likely personally funded by Kardashian and Sammons.—MM   TOGETHER WITH SIMPLISAFE [SimpliSafe]( Lock it down. Want an award-winning security system at half price? Good news: [SimpliSafe is holding their Black Friday sale](. You can save 60% on a new SimpliSafe system and claim a free Wireless Outdoor Security Camera when you enroll in Fast Protect™ monitoring. [Level up your abode](. ENTERTAINMENT [What to watch over Thanksgiving break]( [Joaxin Phoenix as Napoleon]( Sony Pictures Hollywood hopes you’ll remember that the holiday is just as much about the circus as it is about the bread. This year’s Thanksgiving is an even bigger deal for the industry than usual, as it needs big box-office returns to help it recover from the devastating writers and actors strikes. Today’s premieres Maestro: Bradley Cooper directs and stars as the Jewish American conductor Leonard Bernstein in a much-awaited chronicle of the maestro’s tumultuous marriage to Costa Rican Broadway actress Felicia Montealegre, played by Carey Mulligan. Napoleon: The sweeping biopic, directed by Ridley Scott, stars Joaquin Phoenix as the French statesman/megalomaniac. The epic battle scenes, which required hundreds of extras, put the total cost at $200 million—making the movie something of a historical event itself. Wish: The Disney animation behemoth wishes to rake in $45–$50 million by the end of the weekend with this musical fantasy about a young girl who must save the day with the help of a wishing star that so frequently appears in the Disney cinematic universe. Good Burger 2: Nickelodeon is releasing a sequel to the original cult buddy comedy that won the hearts of millennial kids 26 years ago. The now-grownup slacker duo Dexter and Ed (played by Kenan Thompson and Kel Mitchell) are again working at the same burger joint and pulling shenanigans, like the good old times. Amazon’s Black Friday NFL debut: For the first time in US history, you can stream live football instead of tackling people at the mall the day after Thanksgiving. The Miami Dolphins vs. New York Jets will stream on Amazon Prime Video on Black Friday—[prepare to see ads]( with QR codes for Amazon products.—SK   GRAB BAG [Key performance indicators](#) [Sotheby's employees pose with 'Love is in the Bin' by British artist Banksy]Jack Taylor/Getty Images Quote: “It’s Robbie.” That’s Banksy’s first name, according to, well, Banksy, in a [recently unearthed]( BBC interview from 2003. The mysterious British street artist’s name has long been rumored to be some variation of Robert or Robin, but has never been confirmed until now. The interview—one of the earliest known recordings of Banksy’s voice—also includes a discussion of the philosophy behind his subversive graffiti. “I’m not here to apologize for it,” he said. “It’s a quicker way of making your point, right?” Stat: We have bad news for purveyors of whale sounds—Spotify is making it harder for you to make money. The music streaming company [announced]( that it will drive an additional $1 billion to artists on its platform by reining in attempts to game its royalty system with fraudulent streams and “noise content” like static and animal calls. As part of the new policy, Spotify will also stop payments to songs with fewer than 1,000 streams. Those only account for 0.5% of all songs on the service, but Spotify says that, in aggregate, they generate tens of millions of dollars in annual royalty payments that’ll now be redirected to hardworking artists who do more than just exploit the majesty of [whale song](. Read: How Green Wednesday became the Black Friday of cannabis. ([Retail Brew]( NEWS [What else is brewing](#) - [Abercrombie]( bested [American Eagle]( in a battle of earnings of clothing brands that the cool kids wore in 2003. - [Tiger Woods’s]( indoor golf league, TGL, will delay the start of its inaugural season by a full year, to 2025, after the roof of a new arena collapsed, the league announced. - [UK officials]( announced they are raising the country’s minimum wage by nearly 10%, to £11.44 ($14.26). - [Ken Griffin]( the billionaire hedge fund manager, is reportedly in talks to buy a minority stake in the Miami Dolphins. - [North Korea]( claimed it successfully launched a spy satellite into orbit on its third attempt. FROM THE CREW [Master your money in 2024]( [Money with Katie]( Money with Katie’s new 2024 Wealth Planner makes you a rich girl math whiz. Plan ahead for all your spending, pay off your debts, and get more in savings than you thought possible. Don’t miss your last few days to join the waitlist ahead of the release and get 10% off on launch day. [Join now](. RECS [Wednesday to-do list] Read: Rejoice, for NPR’s annual [Books We Love]( list is out. Communicate: This [quiz]( will tell you if you talk most like a zoomer, millennial, Gen Xer, or boomer at work. Stream: Inform your friends who still haven’t watched The Bear that Hulu is only [$1 per month]( if you sign up between now and Nov. 28. Organize: How to feng shui [your fridge]( to waste less food. Security sale: Right now, you can [save 60% on a new SimpliSafe system]( and claim a free Wireless Outdoor Security Camera when you enroll in Fast Protect™ monitoring. [Upgrade your home]( *A message from our sponsor. GAMES [The puzzle section](#) Word Search: Get hype for tomorrow’s Macy’s Thanksgiving Day Parade with this Word Search about famous artists who’ve performed at the event. [Play it here](. Nutritional facts We’ll give you the ingredient list for a popular packaged food product, and you have to name the product. Ingredient list: Enriched Wheat Flour (Wheat Flour, Niacin, Reduced Iron, Thiamin Mononitrate (Vitamin B1), Riboflavin (Vitamin B2), Folic Acid), High Fructose Corn Syrup, Onions (Dried), Salt, Contains Less than 2% of Cooked Chicken (Dried), Carrots (Dried), Interesterified Soybean Oil, Hydrolyzed Soy Protein, Celery (Dried), Parsley (Dried), Yeast, Spice, Sage (Dried), Yeast Extract, Turmeric (Color), Natural Flavor, Sugar, Chicken Fat, Disodium Guanylate, Disodium Inosinate, Artificial Flavor, with BHA, BHT and Rosemary Extract as Preservatives. 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 Stove Top Stuffing Mix (Traditional Sage), of course! Word of the Day Today’s Word of the Day is: megalomaniac, meaning “a person who is obsessed with their own power.” Thanks to Jackson from Georgia for the suggestion—but don’t let it get to your head. Submit another [Word of the Day here](. Written by [Neal Freyman]( [Adam Epstein]( [Cassandra Cassidy]( [Matty Merritt]( and Sam Klebanov Was this email forwarded to you? Sign up [here](. Business education without the BS - Programs in [Business Essentials]( [Analytics]( and [Leadership]( Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2023 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011