🍋 New Remote Work Spot

It seems Tulsa, Oklahoma is the new hot spot for remote workers looking to stretch their paychecks further. The city's 'Tulsa Remote' program is offering $10,000 to those willing to pack their laptops and head to the Sooner State. And it looks like the offer is too good for some to pass up - reports show that over 2,000 people have already taken advantage of the program and are now living the good life in Tulsa.

January 26, 2023

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"In God we trust; all others bring data." — Jamie Dimon

Good Morning! A new report found that 60,000 remote workers have gotten laid off since January 1st. Many of them are finding out through email or Slack messages. But cyber workers are still in high demand, with job postings rising 25% over 2022.

Smartphone shipments plunged to the lowest level since 2013 due to significantly dampened consumer demand, inflation, and economic uncertainties.

The major banks are seeing an exodus of wealthy clients amidst paltry interest rates - Bank of America’s wealth unit fell 17% last year. And Tesla reported record profit despite slashing the cost of cars.

For those looking for an afternoon pick-me-up, check out today's sponsor Verb Energy, a plant-based snack with as much caffeine as an espresso (from green tea).

If you are interested in getting in front of a smart, young audience of business leaders, bankers, investment professionals, policy influencers of over 500,000 people, then fill out this form, we’ll be in touch (booking into June 2023).

1. Story of the Day: New Remote Work Spot

It seems Tulsa, Oklahoma is the new hot spot for remote workers looking to stretch their paychecks further. The city's 'Tulsa Remote' program is offering $10,000 to those willing to pack their laptops and head to the Sooner State. And it looks like the offer is too good for some to pass up - reports show that over 2,000 people have already taken advantage of the program and are now living the good life in Tulsa.

Tulsa Remote is targeting top talent from the finance, law, and tech industries with the goal of luring them to work remotely from the city. Tulsa boasts a much lower cost of living than many knowledge sector hubs like New York, Washington DC, or the Bay Area. In fact, a $100,000 salary in New York would be the equivalent to $285,000 in Tulsa.

Researchers were curious to see if the substantially lower cost of living would result in more disposable income for workers to spend in the community, without raising the cost of living for everyone else. And so far, it looks like the gamble is paying off. Tulsa is seeing a full-time job created for every two remote workers who move to the city. And every dollar invested in the Tulsa Remote program is generating a whopping $13 in economic activity.

Takeaway: Remote work may have settled in for the long haul, but the jury's still out on whether the Tulsa model is a sustainable solution. While participants in the Tulsa Remote program may be singing the praises of the city, let's hope they don't just sing and run.

2. Markets Rundown

If you want access to Wall Street insider interviews, industry deep-dives, premium research/resources and weekly Knowledge Drop newsletter, check out our Insiders membership.

Markets closed slightly lower as more companies report earnings.

Movers & Shakers

  • (+) Capital One ($COF) +9% because the company announced cost-cutting measures including layoffs.

  • (+) News Corp ($NWSA) +6% because the company announced it wouldn't go through with its merger with Fox.

  • (–) Enphase Energy ($ENPH) -4% after a downgrade by Piper Sandler, uncertain solar outlook in the U.S.

Private Dealmaking

  • QuickNode, a blockchain development platform, raised $60 million

  • CYGNVS, a cyber crisis response platform, raised $55 million

  • Atomic AI, an RNA drug discovery startup, raised $35 million

  • Anyfin, a Swedish fintech startup, raised $32.5 million

  • Noon Energy, a developer of carbon-oxygen batteries, raised $28 million

  • Dreamscape Learn, a virtual reality edtech startup, raised $20 million

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3. Top Reads

  • Some economists foresee a rolling recession - what that means (CNBC)

  • One clear theme dominated Microsoft’s earnings call (YF)

  • The pandemic surge in entrepreneurship is still going strong (Axios)

  • Google’s bad year is getting worse (Vox)

  • Layoffs in corporate America spread from tech to conglomerates (YF)

  • Goldman says even a near-default on US debt could spark a recession market mayhem (CNN)

  • Elon Musk considers raising up to $3 billion to pay off Twitter debt (MW)

  • For Elon Musk, fraud isn’t just about false statements (Axios)

  • How JetBlue is trying to fix its flying (Fox)

  • Americans plan to increase Valentine’s Day spending despite squeezed budgets (Fox)

4. Book of the Day: The Science of Storytelling

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Storytelling is an essential part of what makes us human. So, how do master storytellers compel us?

In The Science of Storytelling, award-winning writer and acclaimed teacher of creative writing Will Storr applies dazzling psychological research and cutting-edge neuroscience to our myths and archetypes.

Revealing, among other things, how storytellers—and also our brains—create worlds by being attuned to moments of unexpected change.

“The world we experience as ‘out there’ is actually a reconstruction of reality that is built inside our heads. It’s an act of creation by the storytelling brain.”

5. Short Squeez Picks

What Else to Read

The GIST Sports Business is a free, 3x weekly newsletter that covers the business side of sports. It’s female founded and written by women, offering a refreshing perspective on sports’ biggest headlines.

The GIST’s traction, now reaching appx 500K readers across their publications, is reflective of a larger, global trend. According to Neilsen sports, 84% percent of general sports fans are interested in women’s sports, 49% of those are women and 51% are men.

Aside from that, a growing number of women are interested in men’s sports as well. Check with your girlfriends – we’d bet that more than a few can beat you in fantasy football.

6. Daily Visual: Average Hourly Earnings of Retail Trade Employees

Source: Axios

7. Daily Acumen

"As a general rule, crises leave an unpredictable mark on history.

It didn’t seem obvious that the Great Chicago Fire of 1871 would lead to a revolution in architecture.

And yet, without a doubt, it contributed directly to the invention of the skyscraper in Chicago."

8. Job Board

9. Memes of the Day

 

 

 

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