Good Morning! RIP Calibri, which will be stepping down as the official font of Microsoft Office after 16 years. It will be replaced by a font you probably haven't heard of before called Aptos. Also stepping down is the longest tenured member of the Fed, James Bullard, who will become dean of Purdue University's business school.

Disney is considering selling its TV assets like ABC and ESPN as CEO Iger suggests it may not align with the company's core focus. And Amazon’s Prime Day was the largest sales day in the company's history.

If you’d like to join Short Squeez’s growing team, apply for roles here.

_{SQUEEZ OF THE DAY}

Degrees of Deception: The Celsius Crypto Fraud

Remember the crypto winter we thought we left behind in 2022? Well, it seems we were mistaken. Alex Mashinsky, the former CEO of the now-bankrupt Celsius, was arrested in New York City yesterday. And the company agreed to pay a mind-blowing $4.7 billion settlement for defrauding customers.

In hindsight, maybe we should have seen this one coming. Celsius enticed customers with irresistible interest rates, nearing 20%, on their digital-asset deposits. Mashinsky confidently proclaimed that these astronomical rates were not borne out of increased risk but rather a commitment to pass along more earnings to customers. "Somebody is lying," he unabashedly declared, "Either the bank is lying or Celsius is lying."

And it turns out, he was right. Celsius was running not one, but two intricate scams simultaneously. The first scheme involved promising safe yields of up to a staggering 17%. They seduced unsuspecting customers by falsely claiming that their deposited funds would be lent out to reputable crypto hedge funds.

And as if that weren't enough, the second scam revolved around inflating the value of Celsius's very own token, a digital currency that functioned as a quasi-stock in the company, bolstering Celsius's balance sheet. And Celsius sometimes paid interest owed to customers in tokens. So the higher the value of the token, the easier it was for them to fulfill their obligations.

Takeaway: Another day another crypto scam. It is truly astonishing how an industry that claims to be decentralized was dominated by a handful of centralized figures. Crypto CEOs loved to make bombastic statements, accusing mainstream Wall Street execs of being liars and crooks. And it looks like the tables have turned, with the likes of Mashinsky and SBF facing fraud charges.

_{CAPITAL PULSE}

Markets Rundown

Stocks closed at their highest levels in 2023 on encouraging inflation data.

Movers & Shakers

• (+) Shopify ($SHOP) +7% after the company announced an AI tool for entrepreneurs.

• (–) Carvana ($CVNA) -3% after a downgrade by JPMorgan.

• (–) Progressive ($PGR) -13% after the car insurer’s earnings missed estimates.

Private Dealmaking

• Exxon bought Denbury in $4.9 billion deal

• Bobbie, an organic infant formula startup, raised $70 million

• Causaly, an AI platform for pharma testing, raised $60 million

• Nexus PMG, a sustainable infrastructure developer, raised $50 million

• Gardens, a gaming studio, raised $31.3 million

• Dexory, a provider of warehouse inventory management data, raised $19 million

_{SPONSORED BY INVESTORPLACE}

Musk’s “Project Omega” Could Present More Opportunity Than Amazon or Netflix

Eric Fry, a seasoned investor, has guided many Americans through market turbulence with his research. In 2000, he predicted the tech stock collapse, and his foresight again proved valuable in 2005 with the housing market crash.

But Fry's insight also extends to identifying high-growth opportunities. Over his career, he has successfully identified 41 stocks that have produced 10x gains or more.

In his newest video presentation, Fry presents an exciting tech opportunity. Backed by industry leaders like Elon Musk and Peter Thiel, this rapidly-adopting technology is predicted to be a total game-changer. Even Forbes claims it could fuel "the greatest profit engine in history."

Eric Fry hopes to help others leverage this tech revolution. See his presentation for more details.

_HEADLINES

Top Reads

• 11 U.S. cities where rent has fallen the most the past year (CNBC)

• Venture firms face new scrutiny from LPs (Axios)

• The luxury tower for NYC’s elites still sits half empty (WSJ)

• With inflation in retreat, stocks hit 2023 highs (Axios)

• Mortgage rates rise to highest point this year (YF)

• The accounting shortage is showing up in financial statements (WSJ)

• U.S. wholesale prices in June point to inflation easing (YF)

• Working from home could wipe $800 billion from office valuations (CNN)

• 10 U.S. cities where job posts list the highest average salary (CNBC)

• Amazon Prime Day has become single biggest e-commerce day of 2023 (Axios)

_{BOOK OF THE DAY}

Magic Words

Almost everything we do involves words. Words are how we persuade, communicate, and connect. They’re how leaders lead, salespeople sell, and parents parent. They’re how teachers teach, policymakers govern, and doctors explain. Even our private thoughts rely on language.

But certain words are more impactful than others. They’re better at changing minds, engaging audiences, and driving action. What are these magic words, and how can we take advantage of their power?

In Magic Words, internationally bestselling author Jonah Berger gives you an inside look at the new science of language and how you can use it. Technological advances in machine learning, computational linguistics, and natural language processing, combined with the digitization of everything from cover letters to conversations, have yielded unprecedented insights.

Learn how salespeople convince clients, lawyers persuade juries, and storytellers captivate audiences; how teachers get kids to help and service representatives increase customer satisfaction; how startup founders secure funding, musicians make hits, and psychologists identified a Shakespearean manuscript without ever reading a play.

“Jonah Berger’s cutting-edge research reveals how six types of words can increase your impact in every area of life.”

_{ENLIGHTENMENT}

Short Squeez Picks

• How to do great work

• Keeping your spirits up when you really need a win at work

• 3 reasons why this summer is so hot

• How to build credibility as a leader according to Stanford professor

• 5 D’s to overcome negative thoughts and amp up career performance

_{DAILY VISUAL}

Average Hourly Earnings Compared to Inflation

_{SPONSORED BY TAHIIRA}

Mykonos is Calling

On the hunt for that ideal evil eye accessory, but can’t squeeze in that Mykonos vacation this year? Tahiira is a game-changing brand that will take your evil eye game to the next level.

Tahiira offers evil eyes on accessories from windbreakers to yoga mats. Each piece possesses a unique charisma and mystery that is guaranteed to ward off bad vibes.

So look great, feel protected and head over to the virtual Mykonos store.

_{DAILY ACUMEN}

The Empty Pot

A wise woman who was traveling in the mountains found a precious stone in a stream. The next day she met another traveler who was hungry, and the wise woman opened her bag to share her food.

The hungry traveler saw the precious stone and asked the woman to give it to him. She did so without hesitation. The traveler left, rejoicing in his good fortune. He knew the stone was worth enough to give him security for a lifetime.

But a few days later he came back to return the stone to the wise woman. "I've been thinking," he said, "I know how valuable the stone is, but I give it back in the hope that you can give me something even more precious. Give me what you have within you that enabled you to give me the stone."

Let’s not forget about the value of generosity.

_{MEME-A-PALOOZA}

Memes of the Day