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- 🍋 Liquidation Day
🍋 Liquidation Day
Plus: Oracle, Blackstone, and a16z nearing TikTok deal, RH CEO curses in earnings call hot mic, and Hershey to buy healthier snacks maker LesserEvil for $750 million.

Together With
“I think it’s going very well.” — President Trump on market crash
Good Morning! Layoffs surged to a record, partly thanks to DOGE slashing the federal labor force. Amazon is coming for Starlink, with plans to launch its own internet satellites on April 9.
Family offices are starting to shift money out of the United States, and RH’s CEO had a hot mic moment, dropping a curse word on the earnings call after watching his stock nosedive.
Plus: Trump says a TikTok deal is within reach, with suitors including Oracle, Blackstone, and Andreessen Horowitz. And Hershey is bulking up its healthy snack game with a $750 million acquisition of organic popcorn giant LesserEvil.
On May 9, 2025, 500+ family office leaders, investors, and founders (including Michael Loeb, Anthony Pompliano, and Ryan Serhant) are coming to the NYC Family Office Summit. Grab your ticket here (25% off with code SS25 for the first 25).
SQUEEZ OF THE DAY
Liquidation Day

What started as “Liberation Day” quickly morphed into something else entirely: Liquidation Day, as markets suffered their worst one-day collapse since the pandemic.
The S&P 500 dropped 4.8%, its worst single-day performance since June 2020, while the Nasdaq cratered 6%. Nearly $3.1 trillion in value was erased, and the world’s 500 richest people lost $208 billion in net worth. Apple alone shed over $300 billion in market cap. Amazon, Nvidia, and Meta all tanked as the carnage spread across tech, retail, and consumer goods.
The trigger? A 10% blanket reciprocal tariff on all foreign imports, plus even steeper rates on 60 major trading partners including China, Japan, and the EU. The announcement was more extreme than anything Wall Street had priced in. Traders and analysts, many who expected Trump’s tariffs to be a bluff, watched in disbelief as he effectively launched a global trade war.
Over 80% of the S&P 500 was in the red by mid-morning. Nike fell 14%, Dollar Tree 13%, Target 11%. Treasuries rallied, oil prices dropped 6%, and even gold, after a brief spike, cooled off. Investors scrambled for safety, and JPMorgan raised the odds of a U.S. recession this year to 60%.
Even seasoned hedge fund managers admitted they were caught off guard. “I should’ve sold more,” said Rob Citrone, who had been shorting global equities ahead of the announcement. Automated trading systems only made things worse, amplifying the selloff as volatility surged.
Trump tried to calm investors by comparing the tariffs to a patient recovering from surgery, insisting that “markets are going to boom.” Vice President Vance echoed the sentiment, saying, “I frankly thought in some ways it could be worse in the markets, because this is a big transition.”
The only stocks in the green? Consumer staples. Philip Morris popped 3.8%, because when markets burn, people light up…
Takeaway: Trump’s tariffs hit harder and faster than anyone expected, and the fallout may only be beginning. Markets are on edge, and comparisons to the 1930s aren’t being thrown around lightly. Whether this is a short-term overreaction or a full-on bear market, investors should brace for more volatility ahead.
PRESENTED BY HERITAGE
NYC Family Office Summit
On May 9th, Heritage is bringing together 500+ family office leaders, investors, and founders in NYC for a high-trust, closed-door summit designed for real conversations and real opportunities.
Why you need to be there:
You’ll hear from leaders like Michael Loeb, Anthony Pompliano, and Ryan Serhant, and connect with peers navigating the same high-stakes decisions
High-impact strategies on capital allocation, succession & governance
Private, curated networking - where trust and access unlock opportunities
Only 25 discounted spots available on a first-come, first-serve basis. Use code SS25 for 25% off your registration.
HEADLINES
Top Reads
Trump tariffs send stocks spiraling to worst day in 5 years (Axios)
Billionaire investor urges world leaders to act ‘immediately’ after Trump imposes tariffs (Fox)
China threatens to retaliate after Trump tariff wave crashes (Fox)
Billionaires lose combined $208 billion in one day from Trump tariffs (YF)
Amazon is coming for Starlink (Verge)
Layoffs surge to near-record high (CNBC)
Citi, BofA lead worst rout since regional bank crisis (BB)
Africa’s first ‘AI factory’ could be a breakthrough for the continent (CNN)
Mortgage rates tumble on tariffs, but housing costs still near record high (CNBC)
Trump's surprisingly simple tariff math (Axios)
RH CEO has a hot mike moment reacting to stock tanking (CNBC)
Trump says TikTok deal within reach, involves multiple investors (YF)
Family offices are moving money out of the U.S. on tariff, economic fears (CNBC)
Cayman Islands builds $74B insurance hub that irks Apollo (BB)
Plaid raises funding at $6B valuation, enabling some employees to cash out (CNBC)
Trump’s tariffs wreak havoc on battered Wall Street (YF)
Trump’s massive 46% Vietnam tariffs pummel Nike, American Eagle and Wayfair (CNBC)
Hershey to buy healthier snacks maker LesserEvil (WSJ)
CAPITAL PULSE
Markets Rundown

Markets Tank on Trump’s Tariff Bombshell
Trump’s new tariffs, announced Wednesday, slapped a 10% baseline on all U.S. imports starting April 5, with higher reciprocal rates—34% on China (plus existing 20%), 24% on Japan, 46% on Vietnam, 20% on the EU—effective April 9.
USMCA-compliant goods from Canada and Mexico are exempt, but steel, aluminum, and auto tariffs remain.
The effective import rate jumps from 2.3% to 25%, a century-high, sparking a global sell-off.
The S&P 500 cratered 4.8%—its worst day since 2020—led by energy and tech.
The 10-year Treasury yield hit a six-month low at 4.05% as investors fled to bonds.
A trade war threatens growth more than inflation.
A 2018 Fed model estimates a 2.4% GDP hit and a 1.4% price rise, risking stagflation and profit cuts—though pro-growth policies like tax cuts could offset this.
Consumer confidence is already down, and tariffs, acting as a consumer tax, may further dent spending and investment.
The Fed might cut rates more than the two times planned in March, viewing tariffs as a one-time price spike, not sustained inflation, since goods inflation weighs less in the CPI than services.
Uncertainty will keep markets volatile, but negotiations could ease the pain—tariffs stay until trade deficits are “mitigated,” hinting at possible deals.
Long-term, lower global trade barriers could help, but short-term chaos rules.
Diversification is key: international and mid-cap stocks are up, bonds rallied, and sectors like financials and utilities are less exposed than tech and industrials.
Stick to long-term strategies—unemployment’s low, the Fed’s cutting rates, and profits should still grow, though maybe not the expected 10%. Time in the market beats timing the market.
Movers & Shakers
(+) Kroger ($KR) +5% after Guggenheim raised its price target for the grocery chain.
(–) Wayfair ($W) -26% because tariffs are poised to significantly impact the retailer’s business model.
(–) RH ($RH) -40% after poor earnings; heavy reliance on China and subsequent tariff fallout.
Private Dealmaking
Plaid completed a $575 million secondary sale
Runway, an AI video startup, raised $300 million
Unframe, an enterprise AI platform, raised $50 million
Aetherflux, a solar energy startup, raised $50 million
Merama, an e-commerce acceleration company, raised $45 million
Gradyent, a digital twin startup, raised $30 million
For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.
BOOK OF THE DAY
Sir Lewis

Formula One driver Lewis Hamilton’s journey from remote-controlled car hobbyist to seven-time world champion, knight of the realm, and global superstar is the stuff of sporting legend.
This authoritative biography follows Hamilton’s path from his early days karting on local tracks to the glitz and pressure of the Formula One circuit.
Along the way, we witness Hamilton’s single-minded determination to reach the top, even as he challenged racial barriers and opposition at every turn.
His triumph over adversity is all the more inspiring, given Hamilton’s pioneering role in making motorsports accessible to marginalized communities.
Beyond his unparalleled on-track exploits—leveling the record books held by the legendary Michael Schumacher—Hamilton has used his platform to advocate for social justice, environmental sustainability, and diversity.
Hamilton has leveraged his fame to push Formula One and global sports to be a force for positive influence while inspiring a new generation of athletes and artists to pursue their dreams.
As Hamilton nears the twilight of his racing career, this thoroughly researched book examines his lasting legacy.
His impact extends far beyond just his championship trophies.
Sir Lewis culminates with Hamilton’s potential final act—chasing a record-setting 8th world title at the wheel of the iconic Ferrari team, the ultimate validation of his greatness.
“An inspiring biography of Formula One driver Lewis Hamilton's epic rise to glory, from his racing career and beyond.”
DAILY VISUAL
Market Bloodbath

Source: Axios
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DAILY ACUMEN
Dimmer Switch Mentality
The old On-Off Switch Mentality says pick one or two life areas—work, family, friends, health—to succeed in, and ditch the rest.
Focus on work to win big?
Great, but your health and relationships atrophy. Ignore them too long, and they’re near impossible to revive—negative compounding means a 50% loss needs a 100% gain to recover, and time’s not on your side.
“Later” is a trap: your kids won’t be young, your parents won’t be around, and your health won’t wait.
The Dimmer Switch Mentality fixes this.
Turn your focus area up—say, career—but keep others on low with small, high-return actions: a daily text to a friend (relationships), 2-3 minutes of journaling (mental health), 15-minute walks (physical health), and automated investments (financial).
Low beats off—anything above zero compounds, keeping you in the game across life’s seasons.
Don’t wait for later; it’s a myth. Build balance now, or regret it when “later” becomes “never.”
ENLIGHTENMENT
Short Squeez Picks
Why it’s better to run fast than far
How long $1.5M lasts for retirement in every state
6 soft skills that make you unstoppable
3 ways to manage up and get along better with your boss
Why tomorrow seems so far away until it arrives
MEME-A-PALOOZA
Memes of the Day




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