☕️ Not so anonymous

Reddit makes its big Wall Street bet... March 21, 2024 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( PRESENTED BY [AT&T In-car Wi-Fi]( Good morning. It’s the start of March Madness, better known as Second Monitor Appreciation Day. If your college didn’t make the tournament, like Abby or Neal’s, get behind the school that produced your favorite Morning Brew writer: Matty (Nebraska), Molly (Wisconsin), or Cassandra (North Carolina). Yes, this newsletter is fueled by corn, dairy, and tobacco. —Molly Liebergall, Cassandra Cassidy, Matty Merritt, Abby Rubenstein, Neal Freyman MARKETS Nasdaq 16,369.41 +1.25% S&P 5,224.62 +0.89% Dow 39,512.13 +1.03% 10-Year 4.273% -2.4 bps Bitcoin $67,532.47 +9.05% Chipotle $2,895.00 +3.48% *Stock data as of market close, cryptocurrency data as of 1:00am ET. [Here's what these numbers mean.]( - Markets: You probably heard the yelps of joy from Wall Street yesterday as all three major averages closed the day at [record highs]( after the Fed held interest rates steady and reaffirmed its plans for rate cuts this year. Chipotle also hit an all-time high on the news that its board approved a rare 50-for-1 [stock split]( to make it more accessible to investors.  FINANCE [The site that fueled memestock mania goes public]( [Reddit logo]( Reddit Today’s the day you can finally own stock in Reddit, the only social media platform where you can both stage a Wall Street coup and join a community for people who love [stapling bread to trees](. The 19-year-old company, listed on the New York Stock Exchange as RDDT as of today, is selling 22 million shares priced at $34 each, valuing Reddit at $6.4 billion. But that’s pretty much the only conventional thing about [this IPO]( which is being bet against by some of the very people who make the site what it is, prompting Reddit to warn of potential volatility. Here’s what’s going on: - In a nod to the platform’s reliance on user-generated content, Reddit set aside 1.76 million shares for certain US-based highly active users and volunteer community moderators. - Many Redditors have not only [passed on the IPO]( getting ready to dance on its grave. The 15-million-member r/wallstreetbets subreddit, which briefly turned GameStop to gold in 2021, is filled with talk of shorting RDDT and watching it “absolutely plummet.” - Any Redditors who did buy before the bell won’t have to wait the typically mandatory six months before selling, so they could cash in on initial surges. Growing pains Last year Reddit CEO Steve Huffman said it was time to “behave like an adult company.” But the untameable beast that is the Reddit community hasn’t always been on board with Huffman’s efforts to make the site profitable…like when thousands of moderators [protest-shuttered]( their communities after Huffman announced that third-party developers would have to pay for site access. Now that it has a fiduciary duty to make its shareholders richer…Reddit has to figure out how to turn a profit without enraging users. But in a move that will probably anger many of them anyway, Reddit is looking to diversify its main revenue stream ([ads]( by letting companies train their AI models on user-generated content. It just signed a $60 million/year data licensing contract with Google, but the FTC is [probing the deal](   PRESENTED BY AT&T IN-CAR WI-FI [Home game on the road]( [AT&T In-car Wi-Fi]( Have to hit the road before the final play? With [AT&T In-car Wi-Fi]( you can track your game on the go…wherever you go. Stream the biggest games of the season (plus music, video, and more) with a full tank of Wi-Fi power. AT&T [covers more roads]( than any other carrier,* so you’re free to explore without missing a single play. And the signal works both in and out of your car, so you can stay connected no matter where the road takes you. Give AT&T In-car Wi-Fi a test drive with a [free four-day trial](. WORLD [Tour de headlines](#) [Jerome Powell]Mandel Ngan/Getty Images The Fed is sticking to the plan. Investors were worried about what Jerome Powell might bring them yesterday, after several indicators that inflation isn’t quite as licked as the Fed hoped it was when it last made projections about rates. But they needn’t have been, because JPow and Co. stuck to the forecasts they laid out in December, predicting three rate cuts before the year is out. Powell [shrugged off]( the recent data on sticky high prices, saying, “I think they haven’t really changed the overall story, which is that of inflation moving down gradually on a sometimes bumpy road toward 2%.” Intel got an $8.5b government grant to build chip factories. It’s the [largest grant]( awarded so far under the CHIPS Act to spur US semiconductor production, and Intel plans to use it to build and expand facilities in Arizona, Ohio, New Mexico, and Oregon. Intel could also be eligible for another $11 billion in loans under the same legislation, a signature piece of the president’s economic agenda that Congress passed in 2022. The push comes amid growing concern about sourcing chips from Asia, but it’ll be a long time before construction is completed on the projects being funded. Things are not all gucci at Gucci. Kering, the French luxury brand that owns Gucci, said it expects the brand’s [sales to fall]( 20% in the first quarter compared to last year because its products aren’t moving as well as anticipated in Asia. Though a slowdown in spending in China—where Gucci does ~30% of its sales—has impacted many luxury brands, they’re not all suffering as much as Gucci (and Kering, whose other brands include Yves Saint Laurent, Balenciaga, and Bottega Veneta). Rivals for the high-end space LVMH and Hermès have both fared better. AUTO [New auto rules are Biden’s biggest climate move yet]( [Illustration of a car’s exhaust pipe with smoke in the shape of a lightning bolt]( Francis Scialabba You have approximately three years left to roast your friend who drives a Prius. The Biden administration rolled out new rules yesterday that aim to put more butts in electric car seats, marking one of the federal government’s [strongest moves]( toward tackling climate change since the introduction of Smokey Bear. It is not a ban on gas-powered cars. The Environmental Protection Agency’s regulations, which go into effect starting in 2027, increasingly [limit pollution]( permitted from tailpipes, which in turn will push automakers toward making more models that comply with those limits—aka EVs and hybrids. The policy tightens emissions limits more slowly than the EPA’s original proposal [last year]( signaling a concession by the Biden admin to automakers and autoworkers. But it’s still expected to have [serious impacts]( - Analysts predict the regulations will lead to more EV models [at lower prices](. - The EPA boasts that the new policy will generate $37 billion in [improved public health]( and prevent seven billion tons of CO2 emissions. Potential roadblocks lay ahead…the policy will likely be met with legal challenges from fossil fuel lobbyists that could end up before the Supreme Court, whose 6–3 conservative majority has previously voted to limit the EPA’s power.—CC   TOGETHER WITH INTUIT TURBOTAX [Intuit TurboTax ]( Your refund awaits. When it comes to tax prep (and managing side hustles, crypto, + more), one size doesn’t fit all. [Intuit TurboTax®]( is up for the challenge. They leave no stone unturned, from ever-changing government credits to self-employment tax breaks—so you can get the outcome you deserve. [Brew readers: Get up to 20% off](. PRIVACY [Glassdoor may not be so anonymous anymore]( [Shadow of person behind blurred glass door.]( Francis Scialabba It’s official: The safest place to gripe about your job is a padlocked diary actively sinking to the bottom of the ocean. Users of Glassdoor, the site that touted anonymous employee reviews of companies, are [reporting]( that their names and job titles are being added to their accounts without their consent. You can still post anonymously and hide your private info, but last July the site officially integrated with the networking app Fishbowl, which requires users to verify their identity with their full name, title, and the company they work for. Previously, you only had to have an email attached to the account. Now, anyone who tries to log back in has to [update]( that info before they can access the site, and people are freaking out about it on social media. What does this mean for Glassdoor’s whole “thing”? Since it’s the only place on the internet where you can anonymously clown on your CEO’s management style, users are concerned that even if they chose to keep their personal information private, it could now be more easily subpoenaed or leaked... ...which employers have tried in the past: Glassdoor said it has successfully objected to and resisted 100+ subpoenas for users’ identities.—MM   GRAB BAG [Key performance indicators](#) [A map of the US with a frown across it]Francis Scialabba Stat: Disneyland may still be the happiest place on Earth, but the rest of the US is [falling behind]( in the happiness department—especially for people under 30. In this year’s [list]( of the world’s happiest countries, the US dropped to No. 23 from No. 15 last year, marking the first time it hasn’t cracked the top 20 since the ranking began in 2012. Much of the dip stems from young Americans feeling worse about their lives, according to Gallup, which compiles the list. So, if you’re looking for a happy place to hunker down, [Finland]( maintained its status as No. 1. Quote: “In case there ever is a real alien invasion, I think I should probably save myself for that crisis.” Netflix’s 3 Body Problem, a show debuting on the streamer today, has a lot going for it, including the story from a bestselling Chinese sci-fi novel and the team that ruined brought you Game of Thrones. But one thing it doesn’t have: [a cameo]( from former President Barack Obama. Though Obama is a fan of the source material, he turned down a part in the show. But according to executive producer David Benioff, he couched the rejection in a funny note that suggested he needed to stay fresh in the event that extraterrestrial visitors arrive for real. Read: Amazon says its plastic packaging can be recycled. An investigation finds it usually isn’t. ([Grist]( NEWS [What else is brewing](#) - [The Los Angeles Dodgers]( fired Shohei Ohtani’s interpreter, accusing him of stealing millions from the baseball star. - [Neuralink]( Elon Musk’s brain implant company, posted a video on X of its first human user showing off what he can do with the device. - [Private equity firm Apollo Global Management]( has offered $11 billion for Hollywood studio Paramount Pictures, though Paramount Global is reportedly also considering other takeover offers. - [Boeing]( warned investors it’s looking at a big loss for Q1 as it struggles with the continued fallout from a door plug coming off a plane midflight in January. - [Ireland’s Prime Minister]( Leo Varadkar, unexpectedly said he will step down, calling his reasons for resigning “personal and political, but mainly political.” - [The UK’s privacy watchdog]( is investigating reports that hospital staff tried to improperly access Kate Middleton’s hospital records, as rumors regarding the princess continue to swirl. RECS [To do list Thursday] Watch: Why we need [space lasers](. Try something new: Scientists have found [the flavor profiles]( of different types of edible ants. Perfect your morning brew: A [food scientist explains]( how to make the best coffee. Say “aw”: A [letter to the editor]( that will restore your faith in book reviews (and maybe humanity). Zip it: Boring is back, and you always need another Morning Brew [zip-up hoodie](. Shoot + score: Watch your fave teams play at home and away with [AT&T In-car Wi-Fi](. Stream music, video, games, and more from just about anywhere. [Get a free four-day trial]( *A message from our sponsor. GAMES [The puzzle section](#) Brew Mini: Thaw out from winter with today’s seasonal Mini. [Play it here](. Three Headlines and a Lie Three of these headlines are real, and one is faker than photos in your Facebook newsfeed. Can you spot the odd one out? - Blowhole the sled dog became a social media star—but was he a [criminal]( first? - Cambodia [cracks down]( on musical car horns to avoid ‘anarchy in the streets’ - 1,800-year-old Roman statue [discovered]( in parking lot - World’s smallest coffee shop doesn’t sell [iced coffee]( because ‘ice takes up too much space‘ 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 We made up the one about the tiny coffee shop. Word of the Day Today’s Word of the Day is: subpoenaed, meaning “summoned by a writ of subpoena, which requires a person to appear in court.” Thanks to Alyssa from San Diego for responding to our summons for a suggestion. Submit another [Word of the Day here](. ✢ A Note From AT&T In-car Wi-Fi Based on independent third-party data. Requires eligible car and wireless service plan. Additional restrictions apply. Written by [Neal Freyman]( [Abigail Rubenstein]( [Molly Liebergall]( [Matty Merritt]( and [Cassandra Cassidy]( 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