☕️ Blastoff

Why college admissions are extra stressful this year... March 15, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [Masterworks]( Good morning. Today is the Ides of March and to celebrate, Matty will betray Neal around 2pm ET. Who will you be betraying today? —Matty Merritt, Molly Liebergall, Cassandra Cassidy, Adam Epstein, Neal Freyman MARKETS Nasdaq 16,128.53 -0.30% S&P 5,150.48 -0.29% Dow 38,905.66 -0.35% 10-Year 4.298% +10.6 bps Bitcoin $69,971.60 -4.28% Dick’s $216.90 +15.52% *Stock data as of market close, cryptocurrency data as of 11:00pm ET. [Here's what these numbers mean.]( - Markets: Stocks [fell]( yesterday after another round of hotter-than-expected inflation data spooked investors. But it was a tremendous Thursday for everyone’s favorite phallic sporting goods store, as Dick’s soared 15% after posting its largest sales quarter in history in Q4, thanks in part to consumers buying more expensive items.  EDUCATION [Bungled FAFSA rollout stressed out a lot of HS seniors]( [College diplomas graphic]( Annissa Flores There are a lot of things that lead to a high schooler crying at a kitchen table: algebra problems, decoding Richard III, and getting stuck in the Bye Bye Birdie ensemble. But this year, the Education Department’s [botched rollout]( of its new financial aid application had seniors, their parents, college administrators, and lawmakers all feeling like they couldn’t solve for “X.” Four years ago, US lawmakers voted to update the cumbersome 108-question financial aid application to fewer than 50 questions. The FAFSA, or Free Application for Federal Student Aid, helps the government and colleges determine what kind of financial aid package incoming students can receive to pay for school. But even with a two-month delay from the old form’s usual October opening, the updated one was almost unusable when it soft-launched in December. Users reported getting stuck on questions or logged out of the site. - Only 5.7 million FAFSAs have been submitted, according to an Education Department spokesperson, far from the 17 million expected annually. Students have until June 30 to submit. There’s a lot of finger-pointing The fumbled debut of a $336+ million overhaul has Republicans blaming the Biden administration for letting the FAFSA revamp fall through the cracks while the president was laser-focused on loan forgiveness. The admin and some higher ed advocates said it’s Republicans’ fault for not approving a bigger budget for the project. But it was most likely a combination of both—plus the Department of Education’s [lack of communication]( around issues, experts said. The state of financial aid: The Biden administration said this week that after months of quiescence, the department had finally sent its first group of student financial records to schools over the weekend. A number of colleges and universities, already nervous about sharp enrollment declines since the pandemic, proactively extended the May 1 deadline for students to commit to their schools.—MM   PRESENTED BY MASTERWORKS [The data-powered art investment platform dunking on billionaires]( [Masterworks]( For centuries, the moneyed elite have used their wealth and influence to dominate the art market. Not anymore. Thanks to data sources driven by artificial intelligence, index construction, and machine learning models, [Masterworks]( is giving everyday people the opportunity to compete with the fat cats at their own game. These models help identify potential growth opportunities by artists like Banksy, Picasso, and Basquiat before making shares available to Masterworks members. So far, [each of their 21 exits have delivered a profit]( with Masterworks investors realizing median net annualized returns of 14.6%, 16.4%, 17.8%, and more. Morning Brew readers can [skip the waitlist to join with this exclusive link](. WORLD [Tour de headlines](#) [Chuck Schumer]Aaron Schwartz/NurPhoto via Getty Images Schumer calls for election in Israel to replace Netanyahu. In a [speech]( on the Senate floor yesterday, Majority Leader Chuck Schumer said Israeli Prime Minister Benjamin Netanyahu “no longer fits the needs of Israel after October 7,” arguing that the Israeli leader cares more about his political survival than the country’s best interests. Schumer, the highest-ranking Jewish elected official in the US, also implied that Netanyahu’s right-wing coalition is threatening to turn Israel into a global “pariah.” The speech came as frustration mounts in the Biden administration over the civilian toll in Gaza. Steve Mnuchin wants to buy TikTok. Former Treasury Secretary Steven Mnuchin told CNBC that he’s assembling the Avengers putting together a team of investors [to acquire TikTok]( just a day after the House passed a bill that would ban the app if its Chinese owner ByteDance doesn’t divest. Mnuchin, who headed up the Treasury Department under Donald Trump from 2017 to 2021, now runs the investment fund Liberty Strategic Capital. He did not specify who else might be part of his financial supersquad. Experts believe China is likely to block any sale of TikTok to a US company. 🥸 Craig Wright is NOT the father (of bitcoin). After a six-week trial, a [UK court ruled]( that Australian computer scientist Craig Wright is not Satoshi Nakamoto, the mysterious inventor of bitcoin. Wright has long claimed that he adopted the pseudonym and authored a white paper on bitcoin in 2008, laying the groundwork for the cryptocurrency. Since then, he’s sued several developers for allegedly violating his intellectual property rights. But the evidence that he is not Satoshi, the judge said, is “overwhelming.” While [crypto’s biggest mystery]( remains unsolved, at least one suspect can be ruled out. SPACE [SpaceX’s Starship made it to space without exploding]( [SpaceX Starship launch on March 13]( SpaceX The company looking to colonize Mars rang in its 22nd birthday yesterday with the third test launch of its large and in-charge Starship rocket, and unlike your 22nd birthday, this one didn’t end in a spontaneous blowup. Starship, the rocket that future NASA missions and Musk’s satellite biz are counting on, [blasted off]( from the Texas Gulf Coast yesterday morning and completed most of its ~hourlong test mission—detaching from the Super Heavy booster and [cruising]( about halfway around the world—before losing contact on reentry and likely breaking up over the Indian Ocean. This is major progress. The rocket’s first two orbital launches [last April]( and [November]( ended in explosions just minutes after takeoff. SpaceX engineers had to make 80 FAA-commissioned fixes after those launches. But there’s still a ways to go. Starship is designed to be reusable, and while yesterday’s failed reentry shows it’s not yet there, it’ll have to be by the end of 2026 when Starship is contracted to help NASA shuttle astronauts to the moon (though some aerospace experts think the mission will be pushed back). Musk said Starship should successfully complete hundreds of uncrewed missions before then. Meanwhile…Jeff Bezos might get to the big cheese in the sky first. Blue Origin announced plans this month to send a cargo lander to the moon by the end of 2025.—ML   TOGETHER WITH AURA HEALTH [Aura Health]( Brothers solve a $100b problem…for their mother. These Forbes 30 Under 30–winning [Aura founders]( propelled their mental wellness company to reach 8m users with 100k+ subscribers. They’re backed by top Silicon Valley VCs and executives from Spotify, Facebook, and Masterclass. But they’re far from finished—today is the final day to [invest in Aura and receive 10% bonus shares with your investment](. HOUSING [Vancouver Indigenous development sparks squabble]( [Photo rendering of the planned development on Squamish land in Vancouver]( Revery Architecture Vancouver, the city known for having idyllic beaches, being the filming location of Riverdale, and giving us Ryan Reynolds, is embroiled in controversy over a new housing development. The planned community, [Sen̓áḵw]( will consist of 11 towers and 6,000 apartments. It’s being built on 10 acres of prime real estate owned by the Squamish Nation, one of Canada’s Indigenous groups, and will be the densest neighborhood in Canada when finished. Sen̓áḵw has drawn the ire of residents of Kitsilano Point—a trendy, beachfront neighborhood filled with athleisure-donning software engineers that borders the development. - Neighbors are concerned that proposed futuristic skyscrapers will [block their mountain view]( and erode the neighborhood’s character. - They’re also worried about potential issues caused by the density, which is only allowed because it’s being built on First Nations land and thus doesn’t fall under Vancouver’s strict zoning laws. But…some members of the Indigenous community see a [subtext]( Vancouverites’ opposition: “Canadians aren’t used to seeing Indigenous people occupy places that are socially, economically or geographically valuable, like Sen̓áḵw,” said one Canadian journalist. Zoom out: Elsewhere in the city, a coalition including the Squamish is planning a 13,000-unit housing development. Neighbors have come [forward in opposition]( expressing concerns about the site’s lack of a hydrogeological study.—CC   GRAB BAG [Key performance indicators](#) [Refund fraud]Francis Scialabba Stat: Amazon might not notice if you forget to ship a toaster back after requesting a refund. But when millions of people do that with malicious intent, it makes a dent. Fraud groups, often with the help of conspiring retail employees, are [tricking companies]( into issuing refunds without the products being returned, CNBC reported. Per the National Retail Federation, return fraud accounted for $101 billion in losses for retailers last year. And for every $100 in returned merch, shops lose almost $14 to return fraud. These groups operate like sophisticated businesses, marketing their services on platforms like TikTok and Reddit. Amazon said it’s now using machine learning tools to detect the fraud. Quote: “I love that my bite is better, that my teeth are a better shape, that they feel better in my mouth.” If you had “South Dakota governor travels to Texas for dental work, posts a testimonial video about it, and then gets sued for failing to disclose a financial relationship with the dentist” on your bingo card, then come collect your prize. Kristi Noem was [sued]( by a consumer advocacy group yesterday after she gushed about her treatment at Smile Texas in a strange, five-minute [infomercial-like video](. The suit alleges that she was acting as an undisclosed influencer. Noem and her brand-new smile are rumored to be on Donald Trump’s shortlist of potential running mates. Read: Can Reddit survive its IPO? ([Wired]( QUIZ [Et tu, quiz?]( [New Friday quiz image]( The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to not being assassinated by your friends. It’s that satisfying. [Ace the quiz](. NEWS [What else is brewing](#) - [President Biden]( came out against the planned sale of US Steel to Japan’s Nippon Steel, saying it’s “vital for it to remain an American steel company that is domestically owned and operated.” - [Retail sales]( rose 0.6% last month, rebounding from a 1.1% drop in January. - [Outdoor Voices]( is reportedly closing all of its stores this week as the athleisure company transitions to an exclusively online business. - [Under Armour]( announced that founder Kevin Plank is returning to the company as CEO, sending shares plummeting. - [Amazon]( is hosting its first “Big Spring Sale,” which is open to all shoppers (not just Prime members), from March 20 to March 25. - [Aaron Rodgers]( denied a CNN report that he floated conspiracy theories about the 2012 Sandy Hook massacre. RECS [Friday to-do list] Clear your calendar: Film score GOAT Hans Zimmer will [tour the US]( for the first time in seven years this fall. Watch: A visual timeline of the [largest cities]( throughout history. Laugh: 22 of the [funniest novels]( since Catch-22 was released in 1961. Boost your mental health: Why [decluttering]( is medicine for the mind. Mental health revolution: [Aura]( mental wellness marketplace is now 8m+ users and 100k+ subscribers strong. [Invest as Aura transforms the $5.6t global wellness industry]( *A message from our sponsor. GAMES [The puzzle section](#) Picdoku: The dinosaurs have been de-extincted for today’s Picdoku. [Play it here](. Friday puzzle Today’s puzzle will quiz you about “verbjectives,” words that can be used as both a verb and an adjective, depending on the context. The first clue is for the verb form of the word, denoted by (v), and the second clue is for the adjective form of the word, denoted by (a). Your job is to find the word that satisfies both. Here’s an example: aim (v), honest (a) Answer: direct 1) authorize (v), acceptable (a) 2) unfasten (v), receptive (a) 3) obscure (v), slow (a) 4) abstain (v), speedy (a) 5) release (v), complimentary (a) 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. Okay 2. Open 3. Dim 4. Fast 5. Free [Source]( Word of the Day Today’s Word of the Day is: quiescence, meaning “inactivity or dormancy.” Thanks to Carrie from Virginia for the dynamic suggestion. Submit another [Word of the Day here](. ✢ A Note From Masterworks “Net annualized return” refers to the annualized internal rate of return (IRR), net of all fees and costs, to holders of Class A shares from the primary offering, calculated from the final closing date of such offering to the date the sale is consummated. A more detailed breakdown of the net annualized return calculation for each issuer can be found in the respective Form 1-U for each exit. The three (3) median returns above represent the ones closest in percentage to the median of the 12 exits with holding periods over one (1) year. Past performance is not indicative of future returns. Investing involves risk. See important disclosures at [www.masterworks.com/cd](. ✳︎ A Note From Aura Health This is a paid advertisement for Aura Health’s Regulation CF offering. Please read the offering circular at [invest.aurahealth.io](. Written by [Adam Epstein]( [Matty Merritt]( [Molly Liebergall]( [Cassandra Cassidy]( and [Neal Freyman]( Was this email forwarded to you? Sign up [here](. Interested in podcasts? - Check out ours [here]( [ADVERTISE]( // [CAREERS]( // [SHOP]( // [FAQ]( Update your email preferences or unsubscribe [here](. View our privacy policy [here](. Copyright © 2024 Morning Brew. All rights reserved. 22 W 19th St, 4th Floor, New York, NY 10011