🍋 Call of Duty Holds the Line

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Good Morning! SPACs are struggling - but a new study has unveiled just how bad. According to the Wall Street Journal, SPACs that launched after 2020 have left investors reeling with a $100 billion loss, yet SPAC insiders have pocketed a $22 billion profit from stock sales. The Fed plans to skip a June hike, but still wants to raise rates down the road.

Delta is entangled in a greenwashing lawsuit. And things are looking good for New York City, with Lazard’s Ray McGuire saying the city’s best days are still ahead.

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1. Story of the Day: Controller Clash

Microsoft has been trying to buy Activision Blizzard, a video game maker, since January 2022. But since then, the $75 billion bid has been held up by an unlikely obstacle - the video game, Call of Duty.

Even if you’re not a gamer, you’ve probably heard of Call of Duty. It’s arguably the most successful video game franchise ever, with over $30 billion in lifetime value. And with Microsoft trying to expand its cloud gaming capabilities, Call of Duty is a household name that could take Microsoft’s gaming empire to the next level.

But that’s precisely the reason the company has regulators worried. Microsoft is hoping its Xbox Game Pass can become like Netflix for gamers - and it would become a cheaper and more accessible gaming experience.

British regulators are concerned that, if Microsoft cements its dominance with the Activision acquisition, the gaming industry could cross the point of no return.

Takeaway: Microsoft hoped the Activision Blizzard deal could spark explosive growth for the company’s gaming business. But the deal is now in peril. Regulators are worried Microsoft could become excessively dominant, and both sides are preparing for a showdown.

2. Markets Rundown

Stocks closed lower as the debt ceiling deal awaits approval.

Movers & Shakers

• (+) Twilio ($TWLO) +11% after an activist investor urged board changes and divestitures.

• (+) Intel ($INTC) +5% after the chipmaker issued an upbeat sales forecast.

• (–) Nvidia ($NVDA) -6% as the company’s stock pulls back after the recent surge.

Private Dealmaking

• Hostaway, a vacation rental and management software provider, raised $175 million

• Strive Health, a kidney care provider, raised $166 million 

• Altigreen Propulsion Lab, an electric cargo vehicle manufacturer, raised $85 million

• Magic, a web3 onboarding startup, raised $52 million

• Alloy Enterprises, an aluminum printing startup, raised $26 million 

• Prognos Health, a health data marketplace, raised $23 million 

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3. Top Reads

• What prison life will look like for Elizabeth Holmes (YF)

• SBF prepares to blame law firm for FTX fraud (Fortune)

• AI boom extends into domain names (Axios)

• The era of over-the-top weddings (Axios)

• A new generation of startup founders (EH)

• Hundreds of Credit Suisse bankers are leaving by the week (Reuters)

• We want to feel sorry for FTX nerd Caroline Ellison but can’t (YF)

• Amazon’s workers plan to walk out over lack of trust in leadership (CNBC)

• The world’s biggest ad agency is going all in on AI (CNN)

• The generative AI hype bubble runs through Nvidia (YF)

• JPMorgan builds unit for world’s richest families in wealth bet (BB)

4. Book of the Day: The Pink Tax

Women don’t build wealth in the same way that men do - and it’s not because they shop too much. Younger generations are struggling to match the financial successes that generations before them experienced, and this is even more true for women, who continue to earn less for doing the same work as men.

As a result of this wage gap, women have less to save, less to invest and, ultimately, accumulate less wealth over a lifetime.

In The Pink Tax, award-winning CPA, Janine Rogan, draws from multiple studies, researched statistics, and her own experiences to shine a spotlight on the gender wage gap and the state of female wealth. The pink tax extends far beyond the insulting costs of pink branded products and extends into the very fabric of our society.

By dismantling the current systems at play, Janine explores how the financial inequities between men and women are perpetuated, and how those inequities negatively affect not only women but the entire economy.

From whether your lattes are really sabotaging your financial goals, to how supporting new mothers and improving childcare is for the benefit of all society, Rogan offers small- and large-scale solutions for both personal and societal change.

“The Pink Light shines a light on the obstacles women face when it comes to managing their money.”

5. Short Squeez Picks

• Daloopa is giving Short Squeez readers access to ten financial models (any public company) if you sign up for a free account on their website

• 5 public speaking tips to get your point across effectively

• 1,000 CEOs on the best job interview question candidates should ask

• Non-stressful productivity hacks to mitigate burnout and fuel your career

• The not-so secret bar at Grand Central

6. Daily Visual: UK Annual Inflation Rate for Food and Non-Alcoholic Beverages

_{Source: Axios}

7. Daily Acumen

Don't let the fear of failure hold you back from pursuing your dreams and aspirations.

Every mistake is an opportunity to learn, grow, and refine your path.

Embrace setbacks as stepping stones to success, knowing that each hurdle you overcome brings you closer to your goals and empowers you with valuable wisdom and resilience.

Have the courage to take risks, explore uncharted territories, and learn from both the successes and the failures that shape your journey.

8. Job Board

Looking to switch jobs? Check out our Job Board, that includes curated jobs from Wall Street to Silicon Valley.

9. Memes of the Day

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