Good Morning and Happy Friday! Threads might be overtaking Twitter faster than we all expected, with 30 million sign-ups in less than 24 hours after launch. OpenGate shut down all of its operations - just two weeks after the Titanic submarine explosion. A new study found workers are raiding their retirement accounts at record rates. And more and more tech jobs are coming back to the Bay Area thanks to the AI hype.

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_{SQUEEZ OF THE DAY}

RIP Great Resignation

The job market is still looking pretty hot - the private sector added 500k jobs in May. But one thing’s for sure - Americans just aren’t quitting their jobs like they were during the pandemic.

In 2020 and 2021, job-hopping was all the rage. Americans made lots of money. And companies, feeling short-staffed, paid up to secure top talent, wooing them with signing bonuses and pay bumps. 

But yesterday’s data shows voluntary quitting has returned to pre-pandemic levels. Employees are hesitant to make a big move because they don’t think now’s a good time to be jumping around. And companies aren’t hiring as aggressively anymore- they’re not lavishing new hires with big-time raises and signing bonuses.

The job market is still too hot for some investors’ liking, though. Yesterday was one of the worst trading days in months.

Takeaway: It’s natural for the power dynamic in the job market to switch between employers and employees. But the Great Resignation was wild - is yesterday’s data the sign of a larger trend, or are we simply returning to pre-pandemic normals?

_{CAPITAL PULSE}

Markets Rundown

Stocks closed lower because a red-hot job market raises fears of potential future rate hikes.

Movers & Shakers

• (+) Genius Sports ($GENI) +26% after the statistics company agreed to a multi-year extension with the NFL.

• (+) Sweetgreen ($SG) +15% after an upgrade by Bank of America.

• (–) JetBlue ($JBLU) -7% after the airline ended its partnership with American Airlines.

Private Dealmaking

• GTCR bought a majority stake in Worldpay for $11.7 billion 

• ArcLight Capital Partners bought Duke Energy's generation business for $364 million

• EGYM, a connected fitness company, raised $225 million 

• Telexistence, a Japanese robotics startup, raised $170 million

• PM Pediatric Care, a pediatric care provider, raised $50 million

• CalypsoAI, an AI testing and security startup, raised $23 million

_{SPONSORED BY COMPOSER}

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_HEADLINES

Top Reads

• How Tom Brady’s crypto ambitions collided with reality (NYT)

• Tech stocks refuse to listen to the bond market (YF)

• The job market’s pain-free rebalancing (Axios)

• Everything you need to know about Threads (Vox)

• The 420k Rolls Royce is finally here (YF)

• Everyone wants interest on their deposits - that’s bad for Main Street banks (WSJ)

• Service sector strengthens as demand surges (Axios)

• Mortgage rates hit highest point of 2023 (YF)

• Why good WiFi is so hard to get on airplanes (CNBC)

• US banks losing favor with European hedge funds (Reuters)

_{BOOK OF THE DAY}

Lead Like a Marine

In 2006, John Warren and John Thompson led Marines into combat in the world’s most dangerous city: Ramadi, Iraq. But when they got home, employers didn’t understand what they had to offer.

Undeterred, they founded their own specialty mortgage company, growing it from scratch into a national powerhouse over the course of a decade.

When the two decorated veterans applied the values and training of the U.S. Marine Corps to build a thriving business, they defied corporate America’s expectations.

That’s because they realized that, far from producing mindless drones, the Corps trains its warriors in adaptability, initiative, and courage—ideal traits for anyone in leadership.

In Lead Like a Marine, Warren and Thompson lay out the simple, universal rules that helped them succeed, from valuing grit and potential over pedigree, to condensing large groups into resilient “fireteams,” to cross-training team members so that anyone can step up to the plate in a crisis.

“The U.S. Marines Corps is the greatest fighting force on the planet, but it’s so much more than that: it’s a factory for producing first-rate leaders, problem-solvers, and innovators.”

_{ENLIGHTENMENT}

Short Squeez Picks

• 5 times it’s okay not to tip

• Your summer vacation can help your career

• Google isn’t grad school

• How to avoid falling victim to Goldilocks’ career

• The decline of critical thinking skills

_{DAILY VISUAL}

Meta’s Copycat Machine

(Source: Axios)

_{SPONSORED BY BUENA FE}

Investing in Tequilla Isn’t Just for Celebrities

Unless you've been living under a rock for the last two years, it certainly seems as if every celebrity has their own tequila company. Tequila has been on an unstoppable rise in popularity, and the excitement just keeps on flowing.

But that's not all. The other cool kid on the block is spirit-based ready-to-drink (RTD) products. Remember the splash White Claw and Truly made? Well, now folks are getting savvy and swapping these beer-cousins for higher quality spirit-based drinks.

So, here's where Buena Fé comes in, riding this wave with its organic, tequila-based RTDs. But get this - they're not playing around with any second-rate mixto tequila. No sir, Buena Fé's all about the real deal - 100% agave tequila.

These guys hit the scene in 2022 and have already made a splash in 12 states, scoring deals with major chains like Albertsons and Total Wine. Their impressive leadership team includes the former President of Mike's Hard Lemonade.

Buena Fé is inviting you to join the party and be a part of their growth and expansion. They're raising capital through crowdfunding, so you can become a proud owner of a tequila company*, and receive some excellent perks (including their I’m not a celebrity but I do own a Tequila company tee).

Unleash your inner celebrity and own a tequila company today.

_{DAILY ACUMEN}

It’s Harder To Be Kind Than Clever

When he was a young boy, Jeff Bezos was with his grandparents, both of whom were smokers.

Bezos had recently heard an anti-smoking PSA on the radio that explained how many minutes each cigarette takes off a person’s lifespan.

And so, sitting there in the backseat, like a typical precocious kid, he put his math skills and this new knowledge to work and proudly explained to his grandmother, as she puffed away, “You’ve lost nine years of your life, Grandma!”

The typical response to this kind of innocent cheekiness is to pat the child on the head and tell them how smart they are. Bezos’ grandmother didn’t do that. Instead, she quite understandably burst into tears.

It was after this exchange that Bezos’ grandfather took his grandson aside and taught him a lesson that he says has stuck with him for the rest of his life. “Jeff,” his grandfather said, “one day you’ll understand that it’s harder to be kind than clever.”

_{MEME-A-PALOOZA}

Memes of the Day