Good Morning! WeWork might be on the brink of collapse - but it’s turning into a meme stock, with shares soaring as high as 90% during intraday trading yesterday. And with the company claiming 6.8 million square feet of Manhattan office space alone, ceasing operations could be devastating for NYC’s commercial real estate market.

Inflation held steady last month, marking the tiniest back-to-back increase in two years. And the median rent in the US missed breaking August 2022's all-time record by a mere $16. The heat is on in Morgan Stanley's CEO succession race, with the firm planning on announcing the winner before the year's end.

_{SQUEEZ OF THE DAY}

Silicon Alley Split

Over the past few decades, technology companies have been a bright spot in New York’s economy. They’ve added thousands of high-paying jobs and occupy millions of square feet of office space. NYC was even on track to become a rival to the Bay Area.

But now the industry is pulling back hard - they say NYC real estate is too expensive. Meta laid off around 25% of its NYC workforce and plans on unloading most of its real estate. And Twitter, Microsoft, and Spotify are trying to jettison unwanted office space, too.

Big Tech was there for NYC after the Financial Crisis - banks were in retreat, and tech firms filled the void. But now they’re starting to undercut almost every commercial landlord in NYC as they sublease unwanted offices.

It all started in 2019 when Amazon pulled out of plans to build an HQ2 in Queens. But there is a glimmer of hope - Google wants to open a new, bigger NYC office in Hudson Square next year.

Takeaway: NYC is still a great place to be for any company - you’re paying for access to the top talent. It’s likely Big Tech is just downsizing - but don’t count on NYC giving California a run for tech supremacy anytime soon.

_{CAPITAL PULSE}

Markets Rundown

Stocks edged slightly higher after the release of CPI data.

Movers & Shakers

• (+) AppLovin ($APP) +26% after the gaming company posted strong Q2 results.

• (+) Disney ($DIS) +5% after hiking Disney+ prices.

• (–) Penn ($PENN) -7% after a downgrade by Truist.

Private Dealmaking

• Tapestry agreed to buy Capri, the owner of Versace and Michael Kors, for $8.5 billion

• Symphony Technology Group bought Avid Technology, a media editing software maker, for $1.4 billion 

• Novo Nordisk bought Inversago Pharma, an anti-obesity drug developer, for $1.1 billion

• Alltrna, a transfer RNA startup, raised $109 million

• Resilience Cyber Insurance Solutions, an AI insurance underwriting startup, raised $100 million

• One Model, an HR analytics software provider, raised $41 million

Get access to private deal flow here.

_{SPONSORED BY MODE MOBILE}

The First Disruption to Smartphones in 15 Years

Flip the script: Turn your phone from a cost to an income source. Intriguing idea, isn't it? Which is why, this week, we have our eyes on the launch of Mode Mobile’s Public Equity Offering. It’s the latest in a series of impressive raises among smartphone innovators, likely spurred by Apple’s recent $3+ trillion valuation.

Mode saw 150x revenue growth from 2019 to 2022, a leap that has made them one of America’s fastest growing companies. Mode is on a mission to disrupt the entire industry with their "EarnPhone," a budget smartphone that’s helped consumers earn and save $150M+ for activities like listening to music, playing games, and ... even charging their devices?!

Early backers are getting up to 60% bonus stock, and in the first month alone, 9,900+ investors acquired shares — leaving only ~10% of the bonus allocation up for grabs.

📈 Claim Exclusive 60% Bonus: $0.08/share

_HEADLINES

Top Reads

• Manhattan rent just hit new record of $5,588 a month (CNBC)

• US stocks try and outrun the gloom (Reuters)

• A week of 1% moves on the S&P 500 could trigger forced selling (BB)

• Virgin Galactic launches first tourist flights to space (CNBC)

• Car prices keep falling, but insurance is rising (YF)

• Healthcare PE fundraising stays strong (Axios)

• Even Barbie might not be able to rescue AMC’s problems (CNN)

• Obesity drugs take brakes off Big Pharma’s growth (Reuters)

• Blackstone raised record $7 billion to finance clean energy push (BB)

• Biotech M&A rebound bodes well for venture investors (WSJ)

_{BOOK OF THE DAY}

Words That Work

In Words That Work, Luntz offers a behind-the-scenes look at how the tactical use of words and phrases affects what we buy, who we vote for, and even what we believe in.

With chapters like "The Ten Rules of Successful Communication" and "The 21 Words and Phrases for the 21st Century," he examines how choosing the right words is essential.

Nobody is in a better position to explain than Frank Luntz: He has used his knowledge of words to help more than two dozen Fortune 500 companies grow.

Hell tell us why Rupert Murdoch's six-billion-dollar decision to buy DirectTV was smart because satellite was more cutting edge than "digital cable," and why pharmaceutical companies transitioned their message from "treatment" to "prevention" and "wellness."

“If you ever wanted to learn how to talk your way out of a traffic ticket or talk your way into a raise, this book's for you.”

_{ENLIGHTENMENT}

Short Squeez Picks

• Why the best leaders think and act like elite athletes

• 4 takeaways from The Now Habit

• The most expensive boarding school in the world

• Why motivational intelligence is behavior’s engine

• 4 ways to resist resentment when your productivity exceeds coworkers

_{DAILY VISUAL}

Annual Change in CPI

_{SPONSORED BY BUENA FE}

The Tequila You Did Not Ask For But Need

Pure Brands Company, known for the popular Buena Fé RTD line, is shaking up the alcohol industry with their latest offering - "Not A Celebrity Tequila." This brand emerged in response to the increasing trend of celebrity-backed tequila brands, offering an additive-free, 100% agave blanco alternative.

Many celebrity alcohol brands use mass-produced, artificially flavored tequila, which doesn't reflect traditional tequila's distinct taste. Pure Brands aims to challenge this trend, offering a product that embraces the notes of cooked agave and pepper, not masked with artificial sweetness.

Pure Brands insists on the importance of staying true to tequila's roots, celebrating traditional practices and consistent quality.

With an investment as low as $153, you can become a part-owner of “Not A Celebrity Tequila” through Pure Brands Company's crowdfunding campaign on StartEngine.

Invest in tequila today.

_{DAILY ACUMEN}

Passion’s Payoff

Ever notice when you're jamming on what you love, everything just feels...right? So many of us get caught in the "should" and "must" traps. But the real magic?

That happens when you're in the "want to" zone. Dive into stuff you're passionate about, and suddenly Monday mornings don't feel so Monday-ish.

That genuine passion? It's like a rechargeable battery during the tough times. Being in sync with what we love is like hitting life's sweet spot.

Trust me, when you're riding that wave of joy and fulfillment, success just kinda follows. Dive into what you love. The rest will sort itself out.

_{MEME-A-PALOOZA}

Memes of the Day