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🍋 RIP Wall Street

🍋 RIP Wall Street

JPMorgan becomes one of the last banks to physically leave Wall Street, plus $TSLA up despite missing earnings.

Short Squeez
April 24, 2024

Together With

“I thought instead of a good rule for survival on Wall Street: Never agree to anything proposed on someone else's boat or you'll regret in in the morning.” — Michael Lewis

Good Morning! Tesla reported its biggest revenue slide since 2012, but the company’s stock still jumped 11% with Musk promising new EVs. Big M&A is back with IBM nearing a $6 billion takeover of software company HashiCorp. And Kim Kardashian’s private equity firm is hitting fundraising hurdles with just $121M in capital committed out of a $1-2B target. The NYSE is considering 24/7 trading to match crypto markets. And the FTC voted to ban non-compete agreements.

Shares are selling out fast for the Harvard-founded startup that’s being called “the Spotify for news.” Invest in Zette for just $250 today.

_{SQUEEZ OF THE DAY}

RIP Wall Street

JPMorgan officially called it quits on the street where American finance was born last week.

Last Friday, JPMorgan closed its branch at 45 Wall Street - officially ending more than a 150-year run on the street.

And it's not just JPMorgan. Many of the banks that once populated the Financial District are gone, accelerated by both 9/11 as well as the pandemic.

It goes to show that being a "Wall Street bank" doesn't have much to actually do where the bank is physically located. The vast majority are now based in Midtown (and even Hudson Yards), with Goldman and Citi being some of the few downtown holdovers.

In 2000, banks occupied over 5 million square feet on Wall Street. And now? The number has shrunk to a few hundred thousand.

Deutsche Bank might have been the last bulge bracket bank with a Wall Street headquarters. The bank left 60 Wall Street (also the former JPMorgan building) in 2021, setting its sights on greener pastures in Columbus Circle.

Takeaway: Why the shift uptown? Midtown is easier for senior bankers to get to if they’re commuting from the suburbs - they can walk to the office from Grand Central or Penn Station rather than have to take the subway. And while Wall Street is one of the oldest areas of New York City - many banks are lured to Midtown for the shiny new offices. Take Citadel, PJT, or even JPMorgan’s new offices on Park Avenue. And it’s not just a ghost town in the Financial District - it’s become home to tons of new residential construction.

_{PRESENTED BY ZETTE}

The “Spotify For News” Grew 5x In 2023 (And You Can Invest)

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With Zette, one subscription unlocks paywalled articles across the web, starting at just $9.99/month.

110 leading publisher deals, from Forbes to Pulitzer-Prize-winning news outlets
50,000+ readers and 5x YoY growth
$1.7mm oversubscribed pre-seed from Afore, Halogen, and more

(P.S. Zette also won 1st place at Harvard’s Alumni Accelerator Demo Day.)

Time is running out: Score a unique bonus when you invest in Zette for just $250 today.

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Markets Rundown

Stocks closed higher as investors digest positive earnings.

Movers & Shakers

(+) Spotify ($SPOT) +12% after the streamer turned a profit, revenue beat estimates.
(+) General Motors ($GM) +4% after the automobile maker raised its 2024 guidance on an earnings beat.
(–) JetBlue ($JBLU) -19% after the airline lowered its revenue outlook.

Private Dealmaking

Rippling, an employee onboarding company, raised $200 million
Lumeris, a care enabler, raised $100 million
Descartes acquired Aerospace Software Developments for $61 million
Givebutter, a fundraising platform, raised $50 million
Profluent, a protein design startup, raised $35 million
Skyflow, a data privacy vault, raised $30 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

_{BOOK OF THE DAY}

A Great Country

Pacific Hills, California: Gated communities, ocean views, well-tended lawns, serene pools, and now the new home of the Shah family. For the Shah parents, who came to America twenty years earlier with little more than an education and their new marriage, this move represents the culmination of years of hard work and dreaming. For their children, born and raised in America, success is not so simple.

For the most part, these differences among the five members of the Shah family are minor irritants, arguments between parents and children, older and younger siblings. But one Saturday night, the twelve-year-old son is arrested.

The fallout from that event will shake each family member’s perception of themselves as individuals, as community members, as Americans, and will lead each to consider: how do we define success? At what cost comes ambition? And what is our role and responsibility in the cultural mosaic of modern America?

For readers of The Vanishing Half by Brit Bennett and Such a Fun Age by Kiley Reid, A Great Country explores themes of immigration, generational conflict, social class and privilege as it reconsiders the myth of the model minority and questions the price of the American dream.

“Timely, honest, and powerful story.”

Two Forbes 30U30 Founders Transforming Mental Wellness

Forbes 30 Under 30 winners founded Aura to solve the $100B problem - mental wellbeing.

Aura has quickly grown to 8 million users & 100k+ paying subscribers, and attracted investments from legendary Silicon Valley VCs & executives from Spotify, Facebook, and Apple.

The best part? You can invest now before the opportunity ends in a few days.

_{DAILY VISUAL}

Starbucks Stored Value by Quarter

Amount pre-loaded in customers’ Starbucks rewards app

Source: Sherwood

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Mental Toughness

Developing mental toughness is a key factor in achieving peak performance and reaching your full potential as an athlete. Mental toughness involves having an unshakable self-belief, the ability to rebound from setbacks, maintaining focus in the face of distractions, and persevering through challenges.

It's a skill that can be trained, just like physical fitness. Some effective strategies to build mental toughness include setting challenging goals, practicing visualization, using positive self-talk, exposing yourself to tough training conditions, counting breaths or strides to maintain focus, celebrating small wins, and viewing setbacks as learning opportunities rather than failures.

Consistency is key - mental toughness is developed through the accumulation of daily habits and a commitment to the process, even when motivation wanes. By dedicating time to mental training alongside physical training, any athlete can cultivate a tougher mindset and unlock their full capabilities.

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_MEME_-A-PALOOZA

Memes of the Day

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