Good Morning! It’s official - Elon Musk’s Twitter takeover is officially the worst buyout for investment banks since the 2008 financial crisis. Starbucks’ new CEO will supercommute 1,000 miles instead of relocating. Instagram is testing out getting rid of its iconic feed squares, and weight loss drugs are tackling prediabetes. A Texas judge struck down a rule banning noncompete agreements. Plus how price gouging bans really work and how to speed up your PowerPoints.

Looking for niche private market opportunities led by a Wall Street veteran with skin in the game? Check out today’s sponsor, 10 East.

_{SQUEEZ OF THE DAY}

Daddy’s New $125M Deal

Alex Cooper, host of the Call Her Daddy podcast, has just ditched Spotify for a massive new deal.

Yesterday, Cooper announced she inked a 9-figure contract with SiriusXM - and her former cohost Sofia Franklyn is still going down as one of the largest bag fumblers of the 21st century.

The multi-year deal is reportedly worth $125 million across three years – more than double her previous deal with Spotify.

Call Her Daddy used to be a Barstool Sports exclusive. Sofia Franklyn and Alex Cooper used to be a dynamic duo - before separating in 2020. The breakup was rumored to be spearheaded by Franklyn’s then-boyfriend Suitman - who Dave Portnoy accused of interfering in the podcast's business and driving a wedge between the two co-hosts. 

Following the breakup, Cooper signed her first mega-million contract with Spotify, worth $60 million back in 2021. Portnoy even chimed in that Franklyn fumbled the bag back then.  

If you're part of her Daddy Gang, don't worry - the podcast will still be available on Spotify, but SiriusXM will take over the advertising rights.  Last year, Call Her Daddy was Spotify's second-biggest podcast, behind only the Joe Rogan Experience. SiriusXM is trying to compete with Spotify and win some of its most popular podcasts.

Takeaway: Alex Cooper’s second, multi-million contract would make most professional athletes envious. While some may question whether her talent warrants such generational wealth, it reflects the power of the creator economy today. Call Her Daddy has toned down a little bit, but Cooper parlayed her NSFW, shock-value podcast into many hundreds of millions of dollars.

_{PRESENTED BY 10 EAST}

Where Sophisticated Investors Access Private Markets

10 East, led by Michael Leffell, allows qualified individuals to invest alongside private market veterans in vetted deals across private credit, real estate, niche venture/private equity, and other one-off investments that aren’t typically available through traditional channels.   

Benefits of 10 East membership include:    

• Flexibility – members have full discretion over whether to invest on an offering-by-offering basis.   

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10 East is where founders, executives, and portfolio managers from industry-leading firms diversify their personal portfolios.  

There are no upfront costs or minimum commitments associated with joining 10 East.

_HEADLINES

Top Reads

• Elon Musk's Twitter takeover is officially worst buyout for banks since 2008 (MW)

• Edgar Bronfman Jr. raises $5.5B to bid for Paramount (Axios)

• Instagram sheds its squares (Verge)

• Judge strikes down FTC rule banning noncompete (Hill)

• Fed confronts up to a million US jobs vanishing in revision (YF)

• Eli Lilly’s weight loss drug slashes the risk of developing diabetes (CNBC)

• Carlyle's credit unit aims to end its long run as a laggard (YF)

• Lowe’s cuts full-year outlook, expecting weaker home improvement sales (CNBC)

• Startup shutdowns are on the rise (Axios)

• Starbucks’ new CEO will supercommute 1,000 miles instead of relocating (CNBC)

• How price gouging bans really work (Axios)

_{CAPITAL PULSE}

Markets Rundown

Stocks snapped an eight-day winning streak as rebound rally pauses.

Movers & Shakers

• (+) Palo Alto Networks ($PANW) +7% after the cybersecurity company posted strong earnings.

• (+) Eli Lilly & Co. ($LLY) +3% because the company’s weight loss drug dramatically cuts the risk of diabetes.

• (–) Boeing ($BA) -4% because tests of the company’s 777X were paused after defective parts were found.

Private Dealmaking

• Quantum Capital Group bought Caerus Oil and Gas for $1.8 billion

• Johnson & Johnson bought V-Ware, a cardiac medical devices maker, for $1.7 billion

• Roper Technologies bought Transact Campus for $1.5 billion

• Kong, an API platform, raised $100 million

• Svante Technologies, a carbon removal developer, raised $100 million

• Fortera, a low-carbon cement maker, raised $85 million

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

_{BOOK OF THE DAY}

The Confidence Game

A compelling investigation into the minds, motives, and methods of con artists—and the people who fall for their cons over and over again.

While cheats and swindlers may be a dime a dozen, true conmen—the Bernie Madoffs, the Jim Bakkers, the Lance Armstrongs—are elegant, outsized personalities, artists of persuasion and exploiters of trust. How do they do it? Why are they successful? And what keeps us falling for it, over and over again? These are the questions that journalist and psychologist Maria Konnikova tackles in her mesmerizing new book.

From multimillion-dollar Ponzi schemes to small-time frauds, Konnikova pulls together a selection of fascinating stories to demonstrate what all cons share in common, drawing on scientific, dramatic, and psychological perspectives. Insightful and gripping, the book brings readers into the world of the con, examining the relationship between artist and victim. The Confidence Game asks not only why we believe con artists, but also examines the very act of believing and how our sense of truth can be manipulated by those around us.

“An excellent study of Con Artists, stories & the human need to believe.”

_{DAILY VISUAL}

Small Business Optimism Rising

_{PRESENTED BY HARVEST RETURNS}

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_{DAILY ACUMEN}

Decisions

The quality of our lives is directly proportional to the quality of our decisions.

Yet we often make decisions based on emotion or habit rather than logic. How can you improve your decision-making process?

Consider Benjamin Franklin's "pros and cons" list or Jeff Bezos's "regret minimization framework."

Develop a decision-making process. Gather information. Consider long-term consequences.

Trust your intuition, but verify with logic. Remember, it is in your moments of decision that your destiny is shaped.

_{ENLIGHTENMENT}

Short Squeez Picks

• 6 ways to speed up your PowerPoint file

• How to decrease stress at work

• 5 habits to adopt to be happier

• Top Olympic tips for mental resilience to enhance success

• How work became toxic in 2024

_{MEME-A-PALOOZA}

Memes of the Day