Morning Brew - ☕️ The princess and the shaman

Why X got blocked in Brazil...
August 31, 2024 View Online | Sign Up | Shop

Morning Brew

Monogram

Good morning. Welcome to the three-day Labor Day weekend. Don’t ruin that extra day of sleeping in by forgetting to turn off your M–F alarm.

—Sam Klebanov, Dave Lozo, Matty Merritt, Abby Rubenstein, Neal Freyman

MARKETS

Nasdaq

17,713.63

S&P

5,648.40

Dow

41,563.08

10-Year

3.911%

Bitcoin

$59,041.92

Intel

$22.04

Data is provided by

*Stock data as of market close, cryptocurrency data as of 5:00pm ET. Here's what these numbers mean.

  • Markets: Stocks celebrated the end of summer yesterday, with the Dow closing at another record high and the S&P 500 clinching its fourth straight winning month. The Fed’s favorite inflation gauge came in as expected, providing yet another sign pointing to a September interest rate cut. Intel rose on reports that the beleaguered chipmaker is considering various options, including breaking up the business, to overcome its slump.
 

TECH

X blocked as Musk’s Brazil beef intensifies

Musk Brazil judge Illustration: Francis Scialabba, Photos: Getty Images

Elon Musk will probably get fewer invitations to come to Brazil after his companies received a pummeling from the country’s top judge.

X was blocked in Brazil yesterday after refusing to heed an order from Supreme Court Justice Alexandre de Moraes to appoint a local legal representative that could facilitate judicial requests to block users. This cuts off X’s access to an ultra-online market with 40 million monthly X users, per Emarketer.

  • X claimed it’s getting punished for refusing to comply with Moraes’s “illegal orders to censor his political opponents.”
  • Musk called the judge an “outright criminal of the worst kind, masquerading as a judge” and “Dictator de Voldemort.”

Earlier in the week, Moraes froze the local bank accounts of Musk’s satellite internet company, Starlink, which the company called an unconstitutional attempt to hold it responsible for X’s actions.

Why did X get x-ed?

The Musk–Moraes conflict began in the spring, when the judge ordered X to block dozens of accounts allegedly spreading misinformation.

The court began probing X after the platform initially complied with the order but then reversed course, accusing the government of attempted censorship. Many of the targeted accounts were associated with Brazil’s ex-President Jair Bolsonaro, who used so-called “digital militias” to claim that the election was stolen. Some critics of Moraes and Brazil’s President Lula da Silva, who defeated Bolsonaro, have accused them of weaponizing the legal system to stifle political speech. The topic of online speech is particularly sensitive given Brazil’s upcoming municipal elections in October.

Musk shut down X’s operations in the country earlier this month after saying the government threatened to arrest its legal representative there.

Looking ahead…Brazilians will have to fire up their VPNs for the latest memes, risking an $8,774 daily fine, as local internet providers are expected to start blocking X’s website, and app stores there will remove the app.—SK

   

PRESENTED BY MONOGRAM

Beyond Nasdaq…lies new investment potential

Monogram

Monogram (Nasdaq: MGRM), known for their autonomous robotic surgical systems, completed a crowdfunded public offering and Nasdaq listing last year. What’s next?

They just filed for FDA approval to market and commercialize their patented AI joint replacement tech. By the year 2027, 50% of knee replacement surgeries will be robotic—up from 12% today.

Now, Monogram’s offering a new chance for investors: the opportunity to invest in preferred stock with an 8% dividend (in cash or kind). Their common stock closed as high as $3.44 in the past two weeks, but the unlisted preferred stock (which is convertible into one share of common) is available for $2.25/share.

Monogram currently plans to close the Series D Preferred offering on September 12, 2024.

WORLD

Tour de headlines

Johnny Gaudreau of the Columbus Blue Jackets Jaylynn Nash/Getty Image

NHL star Johnny Gaudreau and his brother killed by suspected drunken driver. The 31-year-old Columbus Blue Jacket known as “Johnny Hockey” and his 29-year-old brother, Matthew, were struck by an SUV while riding bicycles on a rural road in Oldmans Township, NJ, around 8:30pm on Thursday. Police said the driver, Sean M. Higgins, attempted to pass two vehicles and hit the brothers from behind. Higgins was charged with two counts of death by auto, reckless driving, possession of an open container, and consuming alcohol in a motor vehicle. The brothers were scheduled to be groomsmen in their sister’s wedding in Philadelphia yesterday.

Adnan Syed’s reinstated murder conviction to stand for now. In the latest twist in the legal saga at the heart of the popular podcast Serial, Maryland’s highest court ruled yesterday that an appeals court got it right when it revived Syed’s conviction for the murder of his high-school ex-girlfriend Hae Min Lee and sent the case back to a lower court for a new hearing. The court found that it was an injustice that Lee’s family didn’t get more notice before the hearing that led to a ruling tossing Syed’s conviction and setting him free. Syed will remain out of prison while the case continues through the courts.

OpenAI considers changing its structure as top tech cos. look to invest. The Financial Times reports that the ChatGPT-maker is discussing changing its corporate structure, which currently has it governed by a nonprofit entity, to make it more attractive to investors as the company works to complete a funding round that values it at $100 billion. Apple, Nvidia, and Microsoft (which is already a big OpenAI backer) are said to be considering participating in the investment round.

SPORTS

Oklahoma State is trying to tip the NIL scales

Oklahoma State University's football helmets with QR codes for NIL donations Oklahoma State University

There’s a tip screen after basically every transaction these days, so it shouldn’t be surprising to see the concept embraced by a college football program.

Oklahoma State opens its season this afternoon, and fans can donate to the school’s name, image, and likeness (NIL) fund for student-athletes through QR codes on the back of their helmets. The initiative is believed to be the first of its kind. Fans at home can scan the codes on their TVs (or in photos that show up on social media) and toss the players a few bucks for the effort.

It’s an innovative way to remain competitive in the cutthroat world of college recruiting:

  • Head coach Mike Gundy said the school spent $2.7 million on NIL deals last season, far below what rivals are dishing out to land top athletes.
  • The money is pooled, so you can’t give directly to a quarterback who helped you win a bet.

Not everyone loves it. LSU head coach Brian Kelly voiced his displeasure with the concept, saying it “doesn’t feel collegiate for me.” LSU raises money for its NIL collective through LSU+, an $8.99-per-month streaming platform, which apparently does feel collegiate.—DL

   

FROM THE CREW

The Crew

Last chance. Just like longer days and Summer Fridays, our summer sale is almost over. Get up to 70% off our best-selling Morning Brew merch. You can snag mugs for $6, the comfiest Brew hoodies for $14, tees for $9, and more. The sale lasts only through this weekend, so don’t miss out—rep the Brew today.

INTERNATIONAL

Clairvoyant princess to marry Insta-famous shaman

Princess Märtha Louise of Norway and Durek Verrett at event. Lise Åserud/GettyImages

The writers at Hallmark couldn’t come up with a stranger royal love story if they were hallucinating from spoiled eggnog. Princess Märtha Louise of Norway and Durek Verrett, an American shaman, are getting married today in Geiranger, Norway, with 350 of their nearest and dearest influencers loved ones in attendance.

Märtha Louise, 52, and Verrett, 49, have both spent most of their adult lives getting side-eyed for saying they can communicate with spirits.

  • The princess used to run a school to teach people to talk to angels.
  • Verrett, a self-proclaimed sixth-generation shaman who heavily embraces social media, has advised celebrities like Selma Blair and has glowing reviews from Gwyneth Paltrow.

Märtha Louise—who put aside royal duties to get involved in her soon-to-be husband’s business but remains fourth in line to the throne—was also in hot water earlier this year for briefly using her title to market commemorative wedding gin despite being told by the king (her dad) not to use her title for profit.

Another peculiar detail: Traditional Norwegian media outlets won’t have any access to photos from the ceremony, an uncommon move in the country, according to the press. Instead, the couple gave Hello! (a British celeb mag) exclusive access to cover their nuptials and sold Netflix the film rights.—MM

   

STAT

Prime number: Big savings

A growing pile of money Emily Parsons

It seems many of America’s millionaires aren’t so much balling out on caviar-topped everything and Swarovski-crusted phones these days as much as they are…saving for retirement. Thanks largely to a stock market that just won’t quit, the number of 401(k) millionaires hit a new record last quarter—rising 2.5% to 497,000, per Fidelity. It was the third quarter in a row of growth for retirement savings, Quartz reports, and the average amount in retirement accounts hit $127,100. But even those who have made it to the $1 million mark haven’t quite hit the figure most Americans think they need to retire comfortably. That’d be $1.46 million, according to the latest survey by Northwestern Mutual.

NEWS

What else is brewing

  • California passed the US’ first ban on red dye No. 40 and five other chemical colorants in foods served in school lunches.
  • Ukrainian President Volodymyr Zelensky fired the head of the air force days after an F-16 warplane crashed and killed the pilot as the country continues to fight off Russia’s invasion.
  • Two NASA astronauts got bumped from the agency’s next SpaceX flight to make room for the craft to pick up the two astronauts stuck in space because of issues with Boeing’s vehicle, which is even worse than getting booted from your flight to Dallas and missing your connection.
  • Police are investigating the death of a Wells Fargo employee who clocked into work and was found dead in her cubicle four days later, though so far they say there are no signs of foul play.

RECS

Saturday To-Do List graphic

Today, ICYMI, we’re bringing you the most-clicked links from the Recs section this month.

Between the bread: Here’s where you can grab the best sandwich in every state.

Variation on the theme: And here’s the place to find the best fried chicken.

Know what to order at the bar: A chart of alcohol preferences from around the world.

Do the dishes: Experts settle the debate over how to load a dishwasher.

Invest: Monogram (Nasdaq: MGRM) stock closed as high as $3.44 over the past two weeks. But they’re selling convertible unlisted preferred shares for $2.25 for a limited time. Get the details here.*

*A message from our sponsor.

GAMES

The puzzle section

Brew crossword: Lots going on in the Brew Crossword world…

  • Play today’s crossword here.
  • Shoutout to the third winner of our Crossword Contest, Christian Neal from Yulee, FL, whom we heard back from yesterday. A t-shirt is coming your way.
  • For anyone wondering about the secret word for the contest, it was “gold.” Here’s how to find it.

Open House

Welcome to Open House, the only newsletter section lost amongst the fjords. We’ll give you a few facts about a listing and you try to guess the price.

Norway apartment in larger building right on water overlooking the fjords.JamesEdition

Today’s waterfront apartment is located in Sandane, Norway, which is conveniently a less-than-three-hour drive from where the royal wedding is taking place today. The building has multiple units (don’t ask how many! It’s shaped weird, which makes it hard to count from pictures). But you’ll still have 1,551 square feet to yourself. Amenities include:

  • 4 beds, 1 bath
  • Deepwater dock
  • Dreamy views from a shared hot tub

How much for the Scandinavian getaway?

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ANSWER

$619k

Word of the Day

Today’s Word of the Day is: clairvoyant, meaning “able to see beyond the range of ordinary perception.” Thanks to Debbie Davidoff from Ponte Vedra Beach, Florida, for the forward-looking suggestion. Submit another Word of the Day here.

✢ A Note From Monogram

This is a paid advertisement for Monogram Technologies’ Series D Preferred Stock offering. A prospectus supplement and accompanying base prospectus have been filed with the SEC. Before making any investment, you are urged to read the prospectus supplement and accompanying base prospectus carefully for a more complete understanding of the issuer and the offering. The securities offered by Monogram are highly speculative. Investing in these securities involves significant risks. The investment is suitable only for persons who can afford to lose their entire investment. Investors must understand that such investment could be illiquid for an indefinite period of time. There is no existing public trading market for the Series D Preferred Stock. Monogram does not intend to apply for listing of the Series D Preferred Stock or the common stock purchase warrants on a national securities exchange or quoted on an over-the-counter market.

DealMaker Securities LLC, a registered broker-dealer and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA’s BrokerCheck.

         
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