Good Morning! SVB Financial Group sold its investment bank back to CEO Jeff Leerink, and the bank will operate as Leerink Partners going forward (name before acquisition). Speaking of SVB, its overseas clients remain on the hook for credit lines and loans sold to First Citizens Bank.

Brits are grappling with a significant mortgage crisis due to surging lending rates. And brands like Nike are refocusing on once-shuttered physical retail stores instead of online sales, driven by escalating online advertising costs and privacy controls limiting access to shoppers' data.

Got a hunch on a global event such as inflation or Biden’s approval rating? Make a trade on it with Kalshi, the federally regulated exchange that turns your insights into investments.

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_{SQUEEZ OF THE DAY}

TikTokonomics

If you’re a TikTok influencer, you gotta be sweating a little bit right now. The looming threat of a national ban has sent shockwaves through the influencer community, leaving content creators on edge. The situation has escalated to such an extent that certain states, like Montana, have already taken the drastic step of outright banning TikTok within their borders. The question on everyone's minds: Will TikTok survive?

In response, content creators are flexing their business acumen. They’re taking matters into their own hands, diversifying their revenue streams and venturing beyond the confines of TikTok to explore platforms like Instagram, Facebook, and Snapchat. It's a smart move, but one that is not without its challenges.

TikTok's competitors are eagerly seizing this opportunity to allure TikTok creators. YouTube Shorts, Instagram Reels, and Snapchat's Spotlight are all vying for attention, rolling out revenue-share programs and other enticing incentives. Instagram's Ad on Reels program, for example, rewards creators based on the number of plays their Reels garner, incentifying influencers to post on Instagram more.

But there's a harsh reality - success on TikTok does not guarantee success on other platforms. It's a double-edged sword that content creators must grapple with. The possibility of a TikTok ban is sending shockwaves through the $100 billion content creator industry, leaving many top creators in a state of uncertainty. Some creators are finding they’re not gaining the same amount of followers or engagement deals outside of TikTok’s realm.

Takeaway: But even if content creators are sweating over a TikTok ban, advertisers refuse to pump the brakes. Digital ad spending on TikTok continues to outpace every other social media platform. Market research predicts that by the end of this year, $6.19 billion will be spent on TikTok ads, representing a 23% increase from the previous year.

_{CAPITAL PULSE}

Markets Rundown

Markets were closed for Juneteenth.

Private Dealmaking

• Bain Capital offered to buy Swiss cloud software firm SoftwareOne for $3.2 billion

• Earthstone Energy will buy Novo Oil & Gas for $1.5 billion

• Lenskart, an omnichannel eyewear retailer, raised $100 million

• Everest Fleet, a fleet management company, raised $20 million led by Uber

• Majority, a mobile banking service for migrants, raised $9.75 million

• BoomFi, a crypto payments startup, raised $3.8 million

_{SPONSORED BY KALSHI}

Trade on the Outcome of Events

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_HEADLINES

Top Reads

• U.S. cities where a 250k salary is worth the least (CNBC)

• Global stocks slip as China stimulus hopes fade (WSJ)

• JPMorgan says stocks face risks from stalling growth (YF)

• Airbnb CEO says AI will make entrepreneurship easier (CNBC)

• Homebuilders are liking today’s housing market (YF)

• Aircraft mega-deals prompt bubble warning from industry veterans (BB)

• Who’s winning the inflation fight? (WSJ)

• EV startups extend blistering rally (YF)

• Credit Suisse faces massive downsizing of investment bank (YT)

• Intel to spend $33 billion in Germany in landmark agreement (YF)

_{BOOK OF THE DAY}

The Leap to Leader

The chasm separating managers from leaders is widening as the skills required to be an effective leader grow in number and complexity. But you're ambitious. You want to cross that chasm. And your organization needs you to cross it in order to join its bench of stars who will lead with empathy and humanity and ground the organization's strategies in a meaningful, mission-driven, and purposeful way.

The Leap to Leader is your trusted playbook for making the biggest jump of your career. You'll learn from more than a hundred successful leaders who share their powerful insights and compelling stories of how to make the leap, along with practical strategies and tactics for building a loyal following, moving up quickly to broaden your impact, and making the subtle but crucial mindset shifts that are required to lead others effectively.

As senior managing director at the ExCo Group, Adam Bryant has worked directly with hundreds of fast-rising executives, sharing the leadership development frameworks, tools, and approaches that are at the heart of this book.

He draws on the collective wisdom of the one hundred mentors at his firm—all former CEOs or global business leaders—who know what it takes to make the leap to leader. As the creator of the iconic Corner Office column in the New York Times, Bryant has spoken with more than a thousand leaders over the years about the challenges and nuances of leadership.

“Get ready to make the biggest jump of your career.”

_{ENLIGHTENMENT}

Short Squeez Picks

• How to tell when you’re getting good advice

• The one minute practice that can help you break up with your phone

• Why NYC suburbs increasingly resent the city

• Matthew McConaughey gives dating advice to Lex Fridman

• 71-year-old father shares 22 most useful life lessons

• 6 books that help you become a better thinker, speaker, and leader

_{DAILY VISUAL}

Manufacturing Construction Spending

_{DAILY ACUMEN}

PRODUCTIVITY HACK

Maximizing your baseline energy levels is crucial for overall productivity and well-being. Incorporating a consistent exercise practice, such as running, at least five days a week is a great way to boost your energy levels. However, there are also less obvious strategies to consider.

Starting your day by accomplishing a task, whether it's a workout, an important work assignment, or writing, can provide a persistent energy boost throughout the day. This initial achievement sets a positive tone and makes subsequent tasks easier to tackle.

Many people have flawed mental models of energy, assuming it depletes like a tank. In reality, productive activities actually increase mental energy and create a positive feedback loop, while time wasted on social media or remaining in bed decreases energy levels, leading to decreased productivity.

Breaking free from negative energy feedback loops can be challenging. The key is to initiate small actions, like completing simple chores or writing a single sentence, and relish the sense of accomplishment.

This small success generates a bit more energy, which can be used to tackle slightly larger tasks, creating a positive cycle of productivity and energy-boosting rewards.

_{MEME-A-PALOOZA}

MEMES OF THE DAY