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.

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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. 

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

Ever been slammed with a “You’ve Hit Your Free Article Limit” message?

Zette is creating a paywall-free future where you’ll never be blocked again. 

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.

_HEADLINES

Top Reads

• Tesla reports biggest revenue slide since 2012, stock up 11% (CNBC)

• IBM nearing a $6B buyout for software company HashiCorp (Reuters)

• Kim Kardashian's private equity firm hits fundraising hurdles (Axios)

• NYSE considers 24/7 trading to match crypto markets (YF)

• FTC votes to ban non-compete agreements (Hill)

• TikTok spent $7 million on ads to combat potential ban (CNBC)

• The U.S. economy showed signs of a wobble in April (YF)

• SoftBank to invest nearly $1 billion in AI push (CNBC)

• Tesla's stock is in no-man’s land (YF) 

• Huawei smartphone sales in China are soaring as Apple sinks (CNN)

• Gold falls again after biggest daily slump in 2 years (YF)

• Luxury real estate prices hit an all-time record (CNBC)

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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.

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Starbucks Stored Value by Quarter

Amount pre-loaded in customers’ Starbucks rewards app

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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.

_{ENLIGHTENMENT}

Short Squeez Picks

• 16 steps to finally declutter your home

• What does high-functioning anxiety mean?

• Signs you have a better understanding of the world than most

• How emotions impact your financial decisions

• The indiscipline of overwork

_{MEME-A-PALOOZA}

Memes of the Day