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Good morning. The initial results from the 2020 Census are in, and *drumroll please*...the US population grew 7.4% in the 2010s to 331,449,281 people—the second-slowest growth rate in history.
The new tally will cause some minor shake-ups in the House of Representatives, where each state receives a number of seats proportional to its population. Some highlights:
- Texas is gaining two new representatives as political power shifts away from the North.
- California will lose a seat for the first time in its 170-year history as a state.
- New York lost a seat, but it wouldn't have if it had just 89 more residents.
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MARKETS 1-DAY PERFORMANCE
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*Stock data as of market close, cryptocurrency data as of 5:00pm ET.
Here's what these numbers mean.
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Markets: The S&P and Nasdaq hit record highs, but the real drama can be found in crop prices. Wheat, corn, and soybeans have been surging to eight-year highs due in part to bad weather in producer nations. It's raised concerns that your grocery bill could get more expensive.
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Covid: The Biden administration could relax guidance on wearing masks outside as soon as today, according to NBC News. Health experts say that the likelihood of the coronavirus spreading outdoors is very low.
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Francis Scialabba
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In between practicing his opening monologue for SNL and firing off dogecoin memes, Tesla CEO Elon Musk manages to do his day job pretty well. Tesla posted a record profit of $438 million and grew revenue 74% annually last quarter.
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The car biz is going strong: The company previously reported record Q1 deliveries of 184,800, more than doubling that number from last year.
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The bitcoin biz is also going strong: The company bought $1.5 billion in bitcoin in February before the cryptocurrency climbed to all-time highs in April. It sold about 10% of its bitcoin holdings for a $101 million "positive impact" on profits.
But if there's one thing we know about Tesla...
Things are never totally stress-free. Here are two of the many challenges facing the company right now:
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China: The company is playing defense over its response to customer complaints. Last week, a woman jumped on the roof of a Tesla at the Shanghai Auto Show to protest the company's handling of a crash that injured her parents. The incident was plastered across Chinese social media, embarrassing Tesla in this crucial market for EVs.
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Crashes: Tesla is facing more than two dozen investigations from federal safety officials into whether its advanced driver-assist system, Autopilot, played a role in recent crashes. Earlier this month, two men died in Texas after their Tesla smashed into a tree—and no one was believed to have been in the driver’s seat. Musk said that Autopilot wasn't enabled during the crash, but many advocates think Tesla doesn't provide enough education around the risks of its self-driving features.
What's next?
Growth, growth, and more growth. This year, Tesla will open gigafactories near Austin, TX, and Berlin, Germany, and later on introduce a pickup and semi-truck.
Zoom out: Tesla's rise to become the world's most valuable auto company has put a target on its bumper. Tesla's market share for all-electric vehicles decreased from 82% to 70% over the last year, per Cox Automotive.
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Francis Scialabba
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In the coming months, the White House will share up to 60 million doses of AstraZeneca's Covid-19 vaccine with foreign countries, the AP reported yesterday. Once the vaccines clear a regulatory safety review, they could head to areas in need, like India.
While other countries have been using AstraZeneca's shots for months, the company still hasn't filed for US authorization. And the Biden administration feels confident enough about current vaccine progress with Pfizer, Moderna, and Johnson & Johnson to give up that potential fourth option:
- As of Monday, 29% of Americans are fully vaccinated and almost 43% have gotten at least one shot.
- Even with all adults now eligible to receive a shot, vaccine supplies are starting to outstrip demand in some areas.
Zoom out: The US initially took the path of "vaccine nationalism"—focusing all efforts on immunizing its own citizens. Now that it has millions of shots to spare, the US is getting back to being a geopolitical busybody, which includes countering China's and Russia's growing influence in lower-income countries from their own vaccine diplomacy efforts.
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Giphy
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OnlyFans revenue popped 553% to ~$390 million in the year to November, after lockdowns left consumers looking for entertainment and out-of-work performers looking for a place to provide it, reports the FT. The London-based platform offers sex workers, fitness influencers, and celebrities like rapper Cardi B an avenue to connect directly with fans and get paid via subscription services plus tips.
By the numbers: In addition to massive revenue growth during the pandemic...
- The total value of transactions increased 7x.
- Its user base grew from less than 20 million to more than 120 million.
- Over 300 creators earned more than $1 million in 2020.
But does NSFW mean not safe in general? Earlier this month, subscribers faced backlash after rapper Bhad Bhabie broke the OnlyFans record by making $1 million in under six hours, after turning 18 only the week before.
Looking ahead...CEO Tim Stokely, who founded the website in 2016 with his father, told the FT he has no plans to crack down on adult content creators or take the company, which is one of the UK's leading tech startups, public.
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SPONSORED BY BRIGHT CELLARS
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At first, your wine whining was cute. “Haha, you always pick something fruit-forward when you really want something more floral."
But watching you pinch your nose as you choke down some Pinot No Way is just old.
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You’ll be an expert amongst friends with the wine knowledge you gain, and have access to member’s only discounts on their premium offerings, including sustainable and sparkling wines.
So no more wine whining. Just wine winning.
Get 50% off your first Bright Cellars box today.
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MindMed
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They’re nearer than ever. Psychedelic drug developer MindMed will be listed on the Nasdaq today, becoming the second company of its kind to go public in the US. Compass Pathways is already trading publicly, and Peter Thiel-backed ATAI Life Sciences could make it three: It just filed for an IPO last week.
According to MindMed CEO JR Rahn, the growth of psychedelics companies is tied to increased awareness of mental health challenges during the pandemic. MindMed’s therapeutics try to improve mental health with treatments that utilize ingredients including MDMA, LSD, and psilocybin of shrooms fame.
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But don’t compare it to cannabis. “Our company’s objective is not to make your Burning Man experience more pleasurable, our objective is to treat mental health,” Rahn told us.
Efforts to remove red tape from the industry are gaining steam. In November, Oregon became the first state to legalize the medical use of psilocybin, and other jurisdictions are moving in that direction.
Bottom line: Don’t expect to cure your anxiety by taking MindMed’s meds in the woods with friends. “Therapists are going to be a key component of making this whole new approach work,” Rahn said.
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Stat: Last month, the cheapest rental car on Maui was a Toyota Camry that cost $722 a day, according to Hawaii News Now. Rental cars are getting so outrageously expensive in the state that tourists are renting U-Hauls just to get around.
Quote: "When S&S chose to sign Mike Pence, we broke the public's trust in our editorial process, and blatantly contradicted previous public claims in support of Black and other lives made vulnerable by structural oppression."
—216 employees of Simon & Schuster, representing about 14% of its workforce, sent a letter demanding that it stop publishing books from authors associated with the Trump administration, according to the WSJ. CEO Jonathan Karp has already pushed back against employee objections to publishing a book by former VP Mike Pence, saying, "We come to work each day to publish, not cancel."
Read: How Mark Zuckerberg and Tim Cook became foes. (NYT)
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Morning Brew Twitter
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Ratings for the Academy Awards have been dipping since 2014, but the pandemic did a number on this year's audience—only 9.85 million viewers tuned in Sunday night, a 58% plunge from the year before and a new record low.
The good news is that only 3x more people watched the Oscars this weekend than are subscribed to Morning Brew. We'll get there.
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Apple said it's opening a new hub in North Carolina and investing $80 billion across the US.
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The US Supreme Court will hear a major gun rights case over Americans' ability to carry concealed firearms.
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Yeezy sneakers worn by Kanye West during his 2008 Grammy performance sold for $1.8 million—a new record and the first time a pair of sneakers hit seven figures.
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Basecamp joined Coinbase in banning political talk at work.
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A White House official said that the recently proposed capital gains tax hike would affect 0.3% of US taxpayers.
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The New York Times is retiring the term "Op-Ed." And Epicurious cut out beef.
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What if your supplement could update like your operating system? That’s how Athletic Greens approaches their all-in-one tasty nutritional beverage—they’ve done 52 iterations over the last decade and they promise to constantly make it better. Get the fruits of 52 iterations here.*
Moms do it all, from chasing kids around the playground to marathon Zoom calls. Get your spouse the gift of daily comfort—aka Vuori’s Performance Joggers. Order today to get ‘em before Mother’s Day and get 20% off your first order here.*
Tech Tip Tuesday: Everything new in Apple’s iOS 14.5, which was released to the public yesterday.
Short nonfiction books: Need we say more? Check out the list.
*This is sponsored advertising content
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Graduating in 2021 will be different. For one, moms will be handing out more diplomas than deans. But one thing that hasn’t changed is the need to get the grad in your life an awesome gift. So our in-the-Internet-know friends at Sidekick have done the homework for you and created a gift guide that’s sure to get you high marks from the grad in your life.
Check out Sidekick’s Graduation Gift Guide here.
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When discussing the current earnings season, Bank of America wrote this: “The number of mentions of ‘_______’ during earnings calls also rose sharply, more than tripling YoY per company so far, the biggest jump in our history since 2004."
What word goes in the blank?
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