☕ What is Pink Sauce?

Plus, a California trucker protest... July 23, 2022 [View Online]( | [Sign Up]( | [Shop]( [Morning Brew]( TOGETHER WITH [Facet Wealth]( Good morning. Grateful to have been kept in the group chat with that one high school friend who has a lake house. Stay cool out there this weekend. —Matty Merritt, Jamie Wilde, Neal Freyman, Joe Abrams, Max Knoblauch MARKETS Nasdaq 11,834.11 -1.87% S&P 3,961.63 -0.93% Dow 31,899.29 -0.43% 10-Year 2.759% -12.3 bps Bitcoin $22,720.64 -1.60% Snap $9.96 -39.08% *Stock data as of market close, cryptocurrency data as of 11:00pm ET. [Here's what these numbers mean.]( - Markets: Stocks closed out a [winning week](, despite a bummer day yesterday. That drop had a lot with Snap’s stinker of an earnings report Thursday evening, which warned of a slowdown in digital ad spending. Social media stocks collectively lost more than $130 billion in value yesterday after Snap sounded the siren. LABOR [Protest brings Port of Oakland to a near-standstill]( [Truckers protest AB5 at Oakland Port.](Justin Sullivan/Getty Images Trucker protests: not just for Canadians. Hundreds of truckers have effectively [shut down]( California’s Port of Oakland after a week of protests, which could throw an improving supply chain into reverse. The truckers are planning to keep cutting off access to the third-busiest port on the West Coast until Democratic Governor Gavin Newsom agrees to sit down and hear their qualms with AB5, the controversial gig worker bill that’s expected to go into effect later this year. AB5 refresher AB5 forces large companies to classify more workers as employees instead of independent contractors, giving them access to benefits like health insurance. You probably remember this bill drew a lot of criticism from companies like Uber and Lyft, which publicly fought against it and lobbied for an exemption. But there were other industries besides the gig apps that were angry about AB5. California’s trucking sector filed a lawsuit to also be exempt from reclassifying workers. However, when the Supreme Court declined to hear an appeal of the case last month, California was allowed to move forward with AB5. So truckers are taking a more hands-on-the-steering-wheel approach to being heard. - What the truckers are saying: While the bill is meant to give more protections to workers, truck drivers who work as independent owners and operators in California are worried that AB5 would mean less flexibility, while forcing them to become full-time employees or face higher costs to remain independent. AB5 would affect roughly 70,000 truckers in the state who currently work independently. - But union organizations disagree: The International Brotherhood of Teamsters, which is hoping to unionize truck drivers in California, say trucking companies have misclassified drivers for years, and this law would increase wages and benefits. Looking ahead…Newsom [isn’t budging](, urging truckers to get on board with AB5 and end their protest, which shippers say is already harming their business. The truckers, meanwhile, say they’re in this for the long haul. We’ll see who blinks first.—MM �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Protest%20brings%20Port%20of%20Oakland%20to%20a%20near-standstill%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fcalifornia-truckers-shut-down-california-port-in-protest-of-gig-worker-law%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A TOGETHER WITH FACET WEALTH [Financial advice that works as hard as you do](#) You work hard for your money, so your money should work hard for you. Just ask the fine folks at [Facet Wealth](. Facet Wealth is [redefining financial planning]( by going beyond money management. They provide you with a dedicated CERTIFIED FINANCIAL PLANNER™ professional who will help level-up your entire financial life. Your CFPⓇ professional will help you select benefits at your new job, understand your stock options, and make a decision about adopting a third dog (okay, maybe not that last one). [Sign up now and get 2 months free* off your first year of financial planning](. WORLD [Tour de headlines](#) [Harvesting combines in the fields of Novovodolazhsky district of Kharkiv region, Ukraine.]Pavlo Pakhomenko/NurPhoto/Getty Images Ukraine and Russia make it grain. Ukraine and Russia signed an [agreement]( yesterday that would allow Ukrainian grain exports to start flowing again through the Black Sea—a major diplomatic breakthrough that could help lower-income countries avoid a hunger crisis. Right now, about 20 million metric tons of grain have piled up at Black Sea ports due to a Russian blockade. But with that blockade lifted, 5 million could get shipped out per month, about equivalent to prewar levels. “Today, there is a beacon on the Black Sea,” UN Secretary General Antonio Guterres said. Bannon found guilty. Steve Bannon, former political advisor to President Trump and right-wing media personality, was [convicted]( on contempt charges for refusing to comply with subpoenas issued by the House committee investigating the Jan. 6 attack on the Capitol. He’ll be sentenced on October 21, and the minimum sentence is 30 days in jail for each count. It’s unclear how the conviction will affect Bannon’s podcasting career. His pod, Bannon’s War Room, is among the top 10 news podcasts on Apple’s platform. Vince McMahon taps out. The longtime CEO and face of WWE announced his [retirement]( yesterday. While McMahon said the retirement had to do with his age, the move comes following a WSJ report that he paid more than $12 million to four women affiliated with the company to cover up allegations of sexual misconduct and infidelity. McMahon still owns 32% of the company’s stock, making him WWE’s biggest shareholder. SOCIAL MEDIA [The internet is very angry about…a condiment]( [A collage of Pink Sauce](Illustration: Francis Scialabba, Photo: Cheff Pii via TikTok/The Pink Sauce This weekend, there’s a chance you’ll be asked one question: “What’s your opinion on Pink Sauce?” Videos about Pink Sauce have racked up hundreds of millions of views on social media after a TikToker started selling $20 bottles of the mysterious condiment this month. And whether the product tastes good or is even [safe to eat]( is being debated with a fervor we haven’t seen since the great white dress/blue dress controversy of 2015. Negative reviews have flooded social media Pink Sauce’s creator, who goes by Chef Pii on TikTok, legitimized some of the concerns, admitting that “about 50” packages were damaged in the first shipment and the ingredients label incorrectly stated there were 444 servings per bottle (it should’ve said grams). But Chef Pii has dismissed the rest of the bad reviewers as “clear blatant trolls.” She says her ingredients list—which includes pitaya aka dragonfruit (what makes it pink), sunflower seed oil, garlic, honey, milk, and distilled “vinger”—is accurate, despite TikTokers claiming it must secretly include mayo or another binding agent. Chef Pii also claims Pink Sauce abides by FDA standards, but some have raised eyebrows over the combo of milk and zero preservatives packed into unrefrigerated boxes in the summer. Let’s just say it could have [the opposite effect]( on consumers than the Pepto Bismol it resembles. Parting shot: Heinz—this is your sign to bring back EZ Squirt.—JW �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=The%20internet%20is%20very%20angry%20about%E2%80%A6a%20condiment%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fnegative-pink-sauce-reviews-flood-tiktok%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A SPORTS [Let’s look at people biking in beautiful scenery](#) The Tour de France riders have overcome hamstring-crushing hills, searing heat, and unfathomable butt soreness over the past several weeks—but it all ends tomorrow. Barring a stunning collapse, Danish cyclist Jonas Vingegaard will be the final bearer of the yellow jersey. Here’s a quick photo tour of the Tour de France, which always provides us with gorgeous scenes. Good spot for a selfie [Two cyclists against the backdrop of a mountain]Tim de Waele/Getty Images Fans provide Halloween inspo [Fans cheer on the Tour de France cyclists]Marco Bertorello/AFP via Getty Images No thanks [Cyclists in Tour de France]Climbing the Lacets de Montvernier on July 13. Alex Broadway/Getty Images. Looking ahead…on the same day the Tour de France finishes, another one will begin: The [Tour de France Femmes](. It’s the first time in 33 years that women will compete in an official Tour de France stage race. GRAB BAG [Key performance indicators](#) [Lake Mead over time]NASA Earth Observatory Stat: NASA released three new images of Lake Mead taken in 2000 (left), 2021 (middle), and 2022 (right). Due to an ongoing drought, water levels at the country’s largest reservoir have dropped to their [lowest point]( since 1937…when Lake Mead was first being filled. Quote: “Hard seltzer’s lost its novelty.” The CEO of Boston Beer Co., which makes Truly hard seltzer, has concluded the seltzer fad that began during the pandemic [is over]( as millennials return to the cold embrace of light beer. Truly sales declined 17% annually last quarter, while total hard seltzer sales at retail stores fell 18% last month, per Bump Williams Consulting. (Side note: Seems like seltzer is still very popular in our circles…anyone seeing this shift actually play out?) Read: Retirement House is on a mission to change people’s ideas about aging through TikTok. ([BuzzFeed News]() CARTOON [Saturday sketch]( [A guy browsing on his phone while stranded on a desert island](Max Knoblauch �  �  �  mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Saturday%20sketch%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F07%2F22%2Fsaturday-sketch-desert-island%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3D4904f90a%26utm_source%3Demail_share%0A BREW'S BETS Weekend conversation starters: - How many pounds [can you squat](? - Kirby just swallowed you. [What ability did he get](? - The [rhythm of sports]( - How well can you identify [hard seltzers](? The Museum of Failure: It’s a real place, and here are [10 objects]( in it you may have forgotten about. Plants in your pants. Through the sustainable power of plants, DUER makes the world’s most comfortable pants—keeping your legs and the environment happy. [Get 15% off with code MorningBrew](.* Rental income, reinvented: With Arrived, anyone can easily buy shares in rental homes, just like stocks and crypto. Watch your wealth grow through property value appreciation and rental income. [Get started today](.* *This is sponsored advertising content. WHAT ELSE IS BREWING - [Twitter]( said it spent $33 million between April and June 2022 dealing with Elon Musk’s chaotic bid to buy the company. - [Volkswagen]( CEO Herbert Diess was forced out of the company in a surprise move. - [Jay Carney](, Amazon’s top spokesperson and former WH press secretary under President Obama, is joining Airbnb as its head of policy and communications. - [Speaking of Airbnb](, it’s jacking up its maximum fee for hosts who make late-stage cancellations on their guests from $100 to $1,000. GAMES [The puzzle section](#) Brew Crossword: Netflix released The Gray Man yesterday, so if you spent your Friday night watching the film with your face in the A/C, you might have an advantage in today’s 15x15 Crossword. [Play it here](. Open house Welcome to Open House, the only newsletter section that’s feeling a little bloated. We’ll give you a few facts about a listing and you try to guess the price. [South Carolina home that is extremely round, like a bulb.]Zillow Today’s [bulbus home]( is located in Inman, South Carolina, a small town at the very tip-top of the state. This 1,960 square foot lake house is a fixer-upper with an original builder who wanted a more realistic James and the Giant Peach. Amenities include: - 3 beds, 3 baths - Jealous neighbors - Your own private dock - No sharp corners How much to renovate the round house? [Why Alexis Ohanian left Reddit to build an impact-focused VC firm]( [Why Alexis Ohanian left Reddit to build an impact-focused VC firm]( On Imposters, we dig into why the Reddit co-founder left his own company to start Seven Seven Six, and how his baby daughter influenced him to become an impact-focused investor. [Listen]( or [watch]( now. For more from the Brew: [Shop to see how even a laptop sleeve can rework how you work](, one Excel function at a time. Upgrade your leadership skills, business analysis, or innovative thinking with Morning Brew Accelerators. [Apply now](. 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 $650,000 ✢ A Note From Facet Wealth Disclosure: Facet Wealth is an SEC Registered Investment Advisor headquartered in Baltimore, Maryland. This is not an offer to sell securities or the solicitation of an offer to purchase securities. This is not investment, financial, legal, or tax advice. *Two months free offer is only valid for an annual fee paid at the time of signing. � � � � � Written by [Neal Freyman](, [Matty Merritt](, [Jamie Wilde](, [Max Knoblauch](, and Joseph Abrams Was this email forwarded to you? Sign up [here](. WANT MORE BREW? 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