A vehicle for people who earnestly ask “What if they just made the plane out of the black box material?” is finally here. After much delay, Tesla delivered 10 of its hefty, angular Cybertrucks at a launch event in Austin, Texas, yesterday.

A closer look at the Cybertruck

Tesla CEO Elon Musk boasted to the crowd that the full-size electric pickup is the “most unique thing on the road.” The event focused heavily on the Cybertruck’s alleged toughness: A premade video showed someone shooting the side of the truck to prove it’s bulletproof. The Tesla designer who infamously threw a metal ball and shattered windows on the vehicle at a 2019 event tried again—but with a much softer baseball—and didn’t break any glass this time. So, you’re safe to park your Cybertruck next to Little League games.

As far as actual brags go:

• The Cybertruck can tow 11,000 pounds, which is 1,000 pounds more than the Ford F-150 Lightning.
• It can also out-pull an F-350 diesel and out-race a Porsche 911, according to the prerecorded test videos Musk showed at the event.
• The truck starts at around $61,000 and gets 340 miles of range.

Red flags: The Cybertruck, which is exceedingly complex to make, has already been marred by production challenges and delays (it was originally supposed to be ready in 2021). Musk admitted to investors in October that the Cybertruck would be hard to make at high volumes and that it would take at least a year of sales to make any money off it.

And that’s if people buy the truck. The vehicle’s waitlist is hundreds of thousands of people long, per Tesla. But only about half of the 2 million people who placed refundable preorders for one are expected to follow through and buy, according to Wedbush analyst Dan Ives. And the EV has scores of critics who argue it missed its chance to stand out.—MM

What’s 1-by-2 millimeters and can help treat an estimated $100b in medical markets worldwide?

Meet Autonomix’s first-in-class nerve-sensing technology. No bigger than a pinhead, it can unmask disorders like hypertension, pain, and heart problems at their source in the nervous system.

The company already has 100+ patents issued and pending on the technology. And while other companies have delivered similar capabilities in suitcase-sized hardware, Autonomix has achieved up to 3,000x more sensitive detection in a smaller package.

But it gets even better. The company is planning to list on the Nasdaq, and you can become a shareholder before they cross that major milestone. Similar companies in this space have been acquired for $900m.

Invest in Autonomix before their planned Nasdaq listing.

Russia’s Supreme Court banned LGBTQ+ activism. In an extreme escalation of its campaign against expressions of “nontraditional” sexual orientation, Russia’s highest court ruled that the international gay rights movement is an “extremist” organization. Experts say the ruling could put gay people and allies at risk of prosecution and jail time for merely displaying a rainbow pride flag. Since invading Ukraine last year, Russia has increased its efforts to curtail LGBTQ+ rights in order to maintain what Vladimir Putin calls “Russian traditional values” and position itself against the “degrading” influence of the West.

Inflation continues to cool. The Fed’s preferred inflation measure increased 3% in October, down from 3.4% in September and getting closer to the central bank’s much-ballyhooed target of 2%. A drop in gas prices—down 4.9% from the previous month—was a major factor. Increases in core prices, which strip out food and energy costs, also slowed last month. In the last six months, core inflation has grown at a 2.5% annual rate—down significantly from 5.1% last year. The news means the Fed will likely keep interest rates unchanged at its final 2023 meeting on Dec. 12 and 13.

Cristiano Ronaldo faces a $1 billion lawsuit for hawking NFTs. Investors are suing the Portuguese soccer star in a Florida court over his partnership with the crypto exchange Binance to promote non-fungible tokens of himself, which are now pretty much worthless. The class-action lawsuit alleges Ronaldo made deceptive statements and failed to disclose how much he was getting paid by Binance—in breach of a US law that has tripped up other celebrities like Kim Kardashian. It adds to the mounting drama surrounding Binance, which forked over a $4.3 billion fine to the DOJ last week to settle money laundering charges. As recently as Nov. 28, Ronaldo was still promoting Binance on social media.

The great generational wealth transfer is upon us. In a first for the world of superyachts and Picasso auctions, new billionaires now inherit more money than they make.

According to a UBS report on some of the Swiss bank’s wealthiest clients, 53 heirs inherited $150.8 billion from deceased relatives in the year leading up to April 2023, eclipsing the $140.7 billion brought in by 84 new self-made billionaires over the same period.

That marks the first time that billionaires have gotten richer from generational wealth than from entrepreneurship in the nine years since UBS started surveying its fattest cats—who account for half of the world’s billionaires.

Why? High interest rates, a chilled IPO market, and geopolitical challenges are making wealth creation harder, per UBS. At the same time, deep-pocketed families running consumer-centric companies—like LVMH chairman Bernard Arnault and his clan—have benefited from shoppers’ post-pandemic, treat-yourself mentalities.

Looking ahead…as more than 1,000 billionaires die in the next 20–30 years, UBS projects that their children will inherit $5.2 trillion. But they’ll likely spend some of that dough differently than their mommies and daddies. The youngest members of the 0.00004% worry more about long-term risk, so they’re into impact investing rather than conventional philanthropy.—ML

Someone call Bowling for Soup—bonds are bringing back 1985.

The bond market just finished its best month since 1985, according to the Financial Times, with investor optimism creating a surge in bond prices and a plunge in yields (reminder: they move in opposite directions). The yield on the benchmark 10-year US Treasury note dipped below 4.3% for the first time since September. And other economic measures are looking good like Billy Ray:

• The bond rally spilled over to stocks, where the S&P 500 and Dow just clinched their best months since July 2022 and October 2022, respectively.
• Mortgage rates dropped for the fifth consecutive week, to 7.22%.

What’s behind the bond blowout? Traders are optimistic that the Fed may be done hiking interest rates. With recent data showing both consumer spending and the job market cooling down—but not too much—economists see the once-aspirational economic soft landing as achievable, which is great news for Wall Street (and anyone else hoping to avoid a recession).

Looking ahead…the Fed will hold its last meeting of the year on December 12 and 13. No rate changes are expected, but analysts will be clinging to every word that JPow says about what may be coming for rates in the new year.—CC

Stat: Red Lobster has apparently learned nothing from its “Endless Crab” debacle of 2003. The seafood chain’s “Ultimate Endless Shrimp” promotion is so popular that it’s literally hurting business. Parent company Thai Union revealed that it lost $11 million in Q3 because it miscalculated how popular the $20 all-you-can-eat shrimp deal would be. Red Lobster made it a permanent fixture on the menu in June as a way to boost foot traffic in restaurants—which it did, leading to a 4% jump from last year—but execs underestimated how much of that new traffic would be there solely for the endless shrimp. Red Lobster has since increased the price to $25.

Quote: “Quantity, in our case, diluted quality, and Marvel has suffered greatly from that.”

Disney CEO Bob Iger shares the same sentiment you had after walking out of Ant-Man and the Wasp: Quantumania: Marvel’s in a rut. Speaking at the New York Times DealBook Summit this week, Iger admitted the renowned superhero brand has faltered following a string of underwhelming box-office results and middling reviews. He said Marvel will still pump out sequels, but only if “the story that the creators want to tell is worth telling.”

Read: Inside Beyoncé’s growing empire. (Washington Post)

The feeling of getting a 5/5 on the Brew’s Weekly News Quiz has been compared to when a loose acquaintance responds to your Insta story to tell you that your skin looks amazing.

It’s that satisfying. Ace the quiz.

Clean: Why the Dyson cordless vacuum is an “almost weirdly sexy” Gen Z status symbol.

Listen: The 100 best albums of the year, according to Rolling Stone.

Watch: How Harvard’s $50 billion endowment works—and who’s really benefiting.

Party: We made it—it’s officially holiday party season. Here’s how to throw one in an instant.

Make better decisions: Vibes alone don’t cut it. Learn how to make smarter, faster business decisions using data with our new course starting on Monday, Dec. 4. Reserve your spot now.

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