⚖️ SBF’s day in court

…and digital nomads overwhelm Europe   SBF before his courtroom haircut (Angela Weiss/Getty Images)   [Sponsored by]( Yesterday’s Market Moves   Dow Jones 33,002 (-1.29%) S&P 500 4,229 (-1.37%) Nasdaq 13,059 (-1.87%) Bitcoin $27,403 (-0.37%) Dow Jones 33,002 (-1.29%) S&P 500 4,229 (-1.37%) Nasdaq 13,059 (-1.87%) Bitcoin $27,403 (-0.37%) Hey Snackers, The bathroom-code crackdown has gotten so bad it’s created a new industry: toilets on demand. Restspace lets users in need [rent]( private bathrooms for 15 minutes for $15. Call it AirPnP. The S&P 500 dropped to a four-month low yesterday as the yield (aka: interest) on the 10-year US Treasury note hit 4.8%, a 16-year high. The VIX — Wall Street’s “fear gauge” — hit a four-month high as investors worried rates would stay elevated. In a US first, the House [ousted]( Kevin McCarthy as its speaker. SBFTX Sam Bankman-Fried goes on trial as crypto struggles to move past its FTX hangover When your FT-ex keeps hangin’ around… Jury selection in Sam Bankman-Fried’s trial kicked off yesterday, eliciting a sigh of relief from an industry desperate to put the FTX scandal behind it. Prosecutors have accused SBF of defrauding his exchange’s customers out of billions of dollars, charging him with fraud and money laundering. SBF has pleaded not guilty. Opening arguments are set to kick off today, and the jury could return a verdict as early as next month. - Cellblock-chain: If found guilty, the onetime billionaire could spend the rest of his life in prison. FYI: some experts think 10 to 20 years is more likely. - Character, witnessed: SBF’s former coworkers are expected to testify against him. On the list: Caroline Ellison, who was CEO of FTX’s sister company, Alameda Research (she also used to be SBF’s girlfriend). The crypto world’s #Scandoval… involves lots of jilted lovers. As recently as last fall, the crypto world embraced SBF as a “White Knight” who showered the industry with investments and attention. At its peak, FTX was valued at $32B. Now many in the industry hope to see SBF convicted as a first step toward finally moving on. And there’s much to move on from… - Mount up: The SEC cranked up its scrutiny of crypto after FTX’s collapse, going after companies including [Coinbase]( Binance, and Bittrex. - Once bitten: Retail and institutional investors alike said they felt burned by FTX and that they’d pull back on crypto. A Pew survey this year found that 75% of Americans who’d heard of crypto weren’t sure the ways to invest in it were safe. THE TAKEAWAY Clean slates take time… FTX’s outsized presence (picture: Super Bowl ads, stadium-naming deals, celeb endorsements) meant that for many crypto newbies, FTX represented crypto as a whole. Its collapse knocked an industry already struggling to pick itself up from Terra’s $40B implosion. Whatever the outcome, SBF’s trial could help the crypto industry distance itself from its troubled past. Sponsored by Mode Mobile The Biggest Disruption To $martphones in 15 Years 🤳🏼 Tech Startup With Traction: Turn your phone from a cost to an income source. Intriguing idea, isn't it? Which is why all eyes are on the launch of[Mode’s Pre-IPO Offering](. It’s the latest in a series of impressive raises among smartphone innovators, likely spurred by Apple’s recent $3T valuation. Mode saw 150x revenue growth from 2019 to 2022, a leap that has made them one of America’s fastest growing companies. Mode is on a mission to disrupt the industry with ["EarnPhone," a budget smartphone that’s helped consumers earn & save $150M+]( for activities like listening to music, playing games, and ... even charging their devices?! Early backers are getting up to 80% bonus stock, and 12,197 shareholders already participated in previously sold-out allocations. [Don't wait, claim an exclusive 80% bonus: $0.16/share before it’s sold out, too.]( 📈[Claim Exclusive 80% Bonus: $0.16/share]( DigitalNomore Portugal ends a tax break for foreigners as digital nomads overwhelm Europe Tchau, tax breaks… Portugal’s prime minister is fed up with digital nomads crowding cafés with their laptops and espressos. Next year he plans to [end]( a tax break for foreign residents that, as of July, benefited 89K foreigners who spent at least 183 days/year in Portugal. The program includes a preferential 20% tax rate on “high value” work (think: doctors, authors, IT specialists). As locals face a cost-of-living crisis, the PM called the program a “fiscal injustice.” - Cold shoulder: Earlier this year, Portugal decided to end its citizenship-by-investment program (aka: “golden visa”), which gave foreigners a path to EU residency by investing a set amount of $$ (usually $520K+) into the country. Picture: a second home. - US influx: Last year Americans received the most Portuguese golden visas — and have been quick to snatch up digital-nomad visas, a newer permit that requires applicants to earn 4X the Portuguese minimum wage and live in the country most of the year. Work-from-Rome… After the ’08 financial crisis, European countries introduced tax and investment incentives to attract deep-pocketed foreigners (and their $$). During the pandemic, those programs surged in popularity as newly remote employees set up desks overlooking Mediterranean beaches. - Problem: Wealthy foreigners are causing property prices to soar, especially in Lisbon, Barcelona, and Athens. Rent in Lisbon jumped 43% last year to a record high. - Solution: Now European lawmakers are calling on countries to eliminate golden visas, and residents are protesting the digital nomads who are pricing them out. THE TAKEAWAY Too much of a good thing can turn sour… Foreigners have invested some $26B over the past decade in European countries through golden-visa programs. Plus, digital nomads willing to spend $6 for a pastry can boost those economies. But a lot of countries have reached a tipping point, and the locals can no longer afford to keep up with the Joneses filling up their block. What else we're Snackin' - [Pill]( The pharma giants behind the 10 drugs chosen for President Biden’s Medicare price negotiation program agreed to participate, with [Merck]( and [Bristol Myers]( saying they had no choice in the face of pricey penalties. - [Clinic]( 75K+ Kaiser Permanente workers could strike today after their contract expired on Saturday. The strike would be the largest in US healthcare history, possibly delaying care for Kaiser’s 13M patients. - [Block]( [Meta]( reportedly wants to test a $14/month ad-free subscription for European IG and Facebook users. The plan could help it comply with new EU privacy laws requiring consent for targeted ads. - [VIP]( Designers like Gucci and Chanel have doubled their US footprint in the past year as affluent Americans keep splurging at luxe retailers, where the in-store experience is key (picture: prosecco-sipping at Prada). - [UpStream]( [Netflix]( plans to hike the cost of its ad-free subscription tier once the actors’ strike ends, adding to recent price-pumping moves like nixing the $10 basic plan and cracking down on password-mooching. 🍪 Thanks for Snacking with us! Want to share the Snacks? Invite your friends to sign up [here](. Snack Fact Of the Day Malls with a Cheesecake Factory are significantly more likely to be financially healthy [Read more]( Wednesday - Earnings expected from Tilray and Helen of Troy *Advertiser's disclosure: This is a paid advertisement for RYSE’s Regulation A+ Offering. Please read the [offering circular]( at invest.helloryse.com and [risks]( prior to investing. Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... [See more]( [Sherwood Terms and Conditions]( • [Our Editorial Principles]( • [Contact Us](mailto:hellosnacks@sherwoodmedia.com) • [Privacy Policy]( • [Advertise with us](mailto:advertising@sherwoodmedia.com) [Unsubscribe](