Good Morning and Happy MLK Day! It’s Inauguration Day, with ceremonies moved indoors due to the extreme cold. Over the weekend, Trump became a crypto billionaire after his memecoin, TRUMP, hit a $70B market cap, adding $50B to his fortune. Melania joined in, launching her own coin, MELANIA.

TikTok’s ban was short-lived, with the app back online after Trump said, “we have to save it.” Goldman Sachs’ David Solomon is urging startups to delay IPOs, JPMorgan is slowing hiring, and Citi is cutting jobs, despite solid earnings.

Plus, bonuses are up, though fewer are getting them. Google aims to catch up to ChatGPT by 2025, while nearly half of remote workers may quit if forced back to the office.

ICYMI: Buysiders year-end deal awards were published on Friday. Find the winners of the M&A, LBO, IPO of the year here.

Seize the opportunity to participate in the data boom and invest in Mode Mobile today. Earn up to 100% bonus shares with your investment.

_{SQUEEZ OF THE DAY}

Goldman CEO & CEO-in-Waiting Get $80M

Goldman Sachs may have stumbled in recent years, with a failed consumer banking venture and CEO David Solomon’s DJing side hustle raising eyebrows. But the firm is making big moves to secure its leadership: Solomon, 63, and his presumed successor, John Waldron, 55, are being rewarded with $80 million retention bonuses each.

These awards, announced Friday, also include a cut of the carried interest from Goldman’s private equity funds.

For Waldron, who’s been president for over six years and seen as Solomon’s heir apparent, this is a clear incentive to stay put amid poaching attempts from firms like Apollo and Carlyle. Waldron’s decades-long partnership with Solomon, which dates back to their days at Bear Stearns, has made him a critical player in Goldman’s leadership team.

The timing of these bonuses isn’t random. Goldman’s Q4 profits doubled, signaling a rebound from earlier missteps, and the firm is betting on alternative investments to compete with private equity powerhouses like Blackstone and Apollo.

Unlike Solomon’s 2021 retention award, which included performance metrics, the new awards are unrestricted and fully cashable by 2030. On top of that, Solomon’s 2024 pay will rise 26% to $39 million.

Goldman is pulling out all the stops to keep its top brass as it leans into alternative assets. With alumni thriving at competing firms, the stakes are high in the fight to retain talent and leadership.

Takeaway: Goldman’s $160 million bet on Solomon and Waldron highlights the firm’s commitment to its current leadership. With no strings attached to their bonuses, the message is clear: talent wars require big payouts. And who knows - it might only be a matter of time before you see Solomon DJ-ing at the Surf Lodge to celebrate the news.

_{PRESENTED BY MODE MOBILE}

Pulling an Uber in the $500 Billion Smartphone Industry

What if you invested in Uber before they went public? 

Marc Cuban turned them down at a valuation of $10 million and missed out on a 919,900% return when they went public at over $80 billion!

And by the time we hear about industry-changing disruptions like this, it's usually too late… but right now there’s a tech-startup making waves behind the scenes. Like Uber turned vehicles into income-generating assets, they’re turning smartphones into the easiest passive income source imaginable.

They were named the #1 fastest growing software company by Deloitte in 2023 and have already earned over +$325M for their customers.

This tech startup is Mode Mobile, and unlike Uber you have a chance to invest in their company at just $0.26/share before they go public.

Here’s how you can invest and even earn 100% bonus shares for a limited time.

_HEADLINES

Top Reads

• President Trump will issue executive order delaying U.S. TikTok ban (NBC)

• Trump became a crypto billionaire overnight thanks to meme coin (Axios)

• Melania Trump launches cryptocurrency on eve of inauguration (BBC)

• Goldman’s Solomon tells startups to reconsider going public (TC)

• Trump teases major US investment by world's most valuable company (Fox)

• JPMorgan says it’s backing off on hiring new employees (WSJ) 

• Citi is cutting more jobs to meet CEOs’ expense goals (NYP)

• Year-end bonuses rise, but fewer workers are getting them (CNBC)

• Bill Gates details dinner that left him 'impressed' by Trump (Fox)

• Google’s 2025 resolution is catching up to ChatGPT (WSJ)

• US mid-sized banks ride industry upswing on robust fee income (YF)

• Bumble founder to return as CEO (CNBC)

• Many remote workers say they’d be likely to leave their job if they could no longer work from home (PR)

_{CAPITAL PULSE}

Markets Rundown

Nasdaq Leads Stocks Higher

Equity markets rose on Friday, with the S&P 500 posting its largest weekly gain since the election. Consumer discretionary and technology stocks led the gains, reflecting a risk-on tone.

The 10-year Treasury yield ticked up to 4.61%, while global markets saw mixed performance. China's Q4 GDP growth beat estimates, but U.S. tariff concerns weighed on the outlook.

Europe closed higher, led by materials and auto stocks. The U.S. dollar advanced, while WTI oil and gold declined.

Corporate Earnings Season Off to a Solid Start

Fourth-quarter earnings season began strongly, with 77% of reporting companies beating estimates, delivering an average upside surprise of 9.3%. Earnings growth is expected across seven of 11 sectors, with consumer staples, energy, industrials, and materials forecasted to decline.

These sectors represent just 19% of the S&P 500's market cap. A rotation in leadership is evident, with consumer discretionary, financials, utilities, and industrials outperforming technology stocks over the past six months.

Broadening leadership highlights the case for portfolio diversification, favoring sectors with domestic exposure and earnings growth potential.

Housing Starts Rise More Than Expected

December housing starts rose to a seasonally adjusted annual rate of 1.5 million, exceeding expectations of 1.3 million. Building permits also surpassed forecasts at an annual rate of 1.5 million.

These numbers reflect homebuilder confidence despite high mortgage rates.

Over time, increasing housing supply should help reduce shelter price inflation as supply and demand come into better balance.

Movers & Shakers

• (+) Intel ($INTC) +9% after a new report says Intel is an acquisition target.

• (+) MicroStrategy ($MSTR) +8% after the crypto market had a strong day.

• (–) Novo Norodisk ($NVO) -5% after Medicare may negotiate prices of Ozempic.

Private Dealmaking

• CVC Capital Partners in advance talks to buy OLENS for $343 million

• Harvey, a legal AI startup, is raising $300 million

• Shield AI, a military drone tech maker, raised $200 million

• Neura Robotics, a robot developer, raised $123 million

• Umoja Biopharma, a cancer biotech, raised $100 million

• Coave Therapeutics, a genetic medicines developer, raised $34 million

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

_{BOOK OF THE DAY}

What’s Our Problem?

Between 2013 and 2016, Tim Urban became one of the world's most popular bloggers, writing dozens of viral, long-form articles about everything from AI to colonizing Mars to procrastination.

Then, he turned his attention to a new topic: the society around him. Why was everything such a mess? Why was everyone acting like such a baby? When did things get so tribal? Why do humans do this stuff? 

This massive topic sent Tim tumbling down his deepest rabbit hole yet, through mountains of history, evolutionary psychology, political theory, neuroscience, and modern-day political movements, as he tried to figure out the answer to a simple question: What's our problem?

Six years later, he emerged from the hole holding this book. What's Our Problem? is a deep and expansive analysis of our modern times, in the classic style of Wait But Why, packed with original concepts, sticky metaphors, and 300 drawings.

The book provides an entirely new framework and language for thinking and talking about today's complex world.

Instead of focusing on the usual left-center-right horizontal political axis, which is all about what we think, the book introduces a vertical axis that explores how we think, as individuals and as groups.

Readers will find themselves on a delightful and fascinating journey that will ultimately change the way they see the world around them.

“A deep dive into what's wrong with modern society, exploring the vertical axis of how we think as individuals and groups, rather than the usual horizontal political axis.”

_{DAILY VISUAL}

Where Do Undocumented Immigrants Work?

_{BUYSIDERS AWARDS}

Wall Street Oscars

In the latest edition of Buysiders, we recap the best deals of 2024 across all major categories. This was no small feat, with 58 deals exceeding $5 billion in value.

Think of this as Wall Street's version of the Oscars. Whether you nod in agreement or shake your head in dissent, we unveil our picks for the 2024 Wall Street Oscars across these major categories:

• M&A deal of the year

• PE deal of the year

• IPO of the year

• Honorable mentions

Access the full Wall Street Oscars here.

_{DAILY ACUMEN}

Stress vs Burnout

In today’s fast-paced world, the line between stress and burnout can often blur, but understanding the distinction is crucial for maintaining mental and physical well-being.

Stress, while challenging, is typically tied to specific situations and tends to ease once the pressure subsides.

Burnout, however, is a deeper, more chronic state of exhaustion that stems from prolonged, unmanaged stress—often related to work.

It manifests as detachment, cynicism, and a sense of hopelessness, making even once-enjoyable activities feel like burdens.

Recognizing the signs early—such as persistent fatigue, declining performance, and emotional numbness—can help you take proactive steps to address the root causes.

Whether it’s setting boundaries, seeking support, or reevaluating your career path, prioritizing self-care and systemic change is essential to prevent burnout from taking hold.

Remember, your well-being is not a luxury—it’s a necessity.

_{ENLIGHTENMENT}

Short Squeez Picks

• 5 massive books that are worth your time

• Effort = reward equation must evolve over time

• Why stress is good for you

• How to hit on someone in real life

• Why consistency is the most important skill for leaders

_{MEME-A-PALOOZA}

Memes of the Day