Good Morning and Happy Friday! It was an eventful day for CEOs. Elon Musk finally got his $56 billion pay package reinstated but still couldn’t get a text back. Meanwhile, Tyson Foods’ CEO got suspended after his second arrest. U.S. wholesale prices dropped in May, signaling inflation is falling. Goldman wants to double its lending to wealthy private banking clients. The Big 12 sports conference is considering a private equity investment of up to $1 billion. Plus how people-pleasing can derail your career.

_{SQUEEZ OF THE DAY}

WFH To Unemployed Pipeline

Wells Fargo gave more than a dozen employees the ax for pretending to work. Now if you’re thinking - my MBA associate does that literally every day - it seems like Wells Fargo was able to crack down on a more elaborate scheme.

These employees, all from the wealth and investment management unit, were caught "faking keyboard activity" to look busy, according to filings with FINRA.

And it’s our guess they were probably working from home. The pandemic-era work-from-home boom saw a rise in tools like "mouse movers" or "mouse jigglers" – little devices that make it seem like you're working. People shared tips on using them on Reddit and TikTok, and you can snag one on Amazon for under $20.

FINRA disclosures didn't specify if these fired employees were faking it from home. But would you really be faking keyboard activity when your boss is sitting a few rows down?

And it’s not the first time Wells Fargo employees have gotten in some hot water. In 2018, Wells Fargo fired bankers over SeamlessGate, where employees expensed meals and faked receipts.

Takeaway: Some banks are suddenly demanding workers back in the office, and they’re blaming it on FINRA. But in all seriousness, it seems since the pandemic, workers have been finding ways to fake their online activity status – and Wells Fargo has cracked down hard on this. If you're faking your activity while working from home, now might be a good time to stop. And remember, even your cat walking across the keyboard won't save you.

_{PRESENTED BY RYSE}

Last Chance to Invest Before This Company Becomes a Household Name

What if you had the opportunity to invest in the biggest electronics products as they launched into big-box retail, would you?

Ring changed doorbells and Nest changed thermostats. Early investors in these smart-home companies earned massive returns, but the opportunity to invest was limited to a select, wealthy few. 

Not anymore. RYSE has just launched in 100+ Best Buy stores, and you're in luck — you can still invest at only $1.50/share before their name becomes known nationwide. But hurry, their share price has already grown 20% from their last round!

They have patented the only mass market shade automation device, and their exclusive deal with Best Buy resembles that which led Ring and Nest to their billion-dollar buyouts.

The window to invest closes tomorrow - don’t miss it.

_HEADLINES

Top Reads

• Tyson Foods suspends CEO after second arrest (CNBC)

• U.S. wholesale prices dropped in May (YF)

• Tesla shareholders vote to reinstate Elon Musk’s $56 billion pay package (CNBC)

• Equinox offering $40k/year gym membership with a personalized wellness program (Fox) 

• Roaring Kitty’s predictions for GameStop are mostly unfulfilled (YF)

• 3 risks to global economic growth (CNN)

• What Trump told CEOs in their private meeting (CNBC)

• How Apple used Google’s to help train its AI models (Reuters)

• Goldman wants to double lending to wealthy private banking clients (YF)

• Big 12 considering private equity investment of up to $1 billion (CBS)

_{CAPITAL PULSE}

Markets Rundown

Tech leads S&P 500, Nasdaq to fresh highs.

Movers & Shakers

• (+) Broadcom ($AVGO) +12% after announcing a 10-to-1 stock split.

• (+) Tesla ($TSLA) +3% after the company approved Elon Musk’s pay package.

• (–) Dave & Busters ($PLAY) -11% after missing on earnings.

Private Dealmaking

• Alzheon, an Alzheimer-focused drugmaker, raised $100 million 

• Cognigy, a customer service automation startup, raised $100 million

• Apex, a satellite bus maker, raised $95 million

• Cyberhaven, a data security startup, raised $88 million 

• Battery Smart, an EV battery-swapping network, raised $65 million

• M^o, a stablecoin mining protocol, raised $35 million

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

_{BOOK OF THE DAY}

Glossy

Called “one of the most disruptive brands in beauty” by Forbes, Glossier revolutionized the beauty industry with its sophisticated branding and unique approach to influencer marketing, almost instantly making the company a juggernaut with rabid fans. It also taught a generation of business leaders how to talk to Millennial and Gen Z customers and build a cult following online.

At the center of the story lies Emily Weiss, the elusive former Teen Vogue “superintern” on the reality show The Hills turned Into the Gloss beauty blogger who had the vision, guts, and searing ambition needed to launch Glossier. She cannily turned every experience, every meeting into an opportunity to fuel her own personal success.

Together with her expensive, signature style and singular vision for the future of consumerism, she could not be stopped. Just how did a girl from suburban Connecticut with no real job experience work her way into the bathrooms and boudoirs of the most influential names in the world and build that access into a 1.9-billion-dollar business? Is she solely responsible for its success? And why, eight years later, at the height of Glossier mania, did she step down?

In Glossy, journalist and author Marisa Meltzer combines in-depth interviews with former Glossier employees, investors, and Weiss herself to bring you inside the walls of this fascinating and secretive company. From fundraising to product launches and unconventional hiring practices, Meltzer exposes the inner workings of Glossier’s culture, culminating in the story of Weiss herself.

The Devil Wears Prada for the Bad Blood generation, Glossy is not just a gripping portrait of one of the most important business leaders of her generation, but also a chronicle of an era. 

The “compulsively readable narrative of beauty, business, privilege, and mogul-dom.”

_{DAILY VISUAL}

Big Difference Between Small-Cap and Large-Cap Valuations in the S&P 500

Large-cap stocks are much more expensive than small-cap stocks

_{PRESENTED BY PORTLESS}

DTC: Ship faster and boost margins by 30% (No boat required)

The only thing that should be floating on the water this summer is you–not your inventory.

With Portless, you can ”ship” orders directly from China in just 6 days, 3x-ing your cash flow and improving lead time by 10x.

Forget the lengthy 45-90 day wait for restocks; Portless allows you to replenish best-selling items in just 3-5 days. 

…which means no more wasted inventory or missed opportunities.

Ready to skip the ship and go Portless? Mention Short Squeez to score 20% off pick-and-pack fees during your first three months.

_{DAILY ACUMEN}

Hatred

In the modern age, the public display of hatred has become a prevalent and concerning phenomenon, driven by the ease of expressing dislike on social media platforms.

This shift has transformed daily interactions, turning them into battlegrounds where hate is wielded as a tool for power, popularity, and influence.

Unlike our ancestors, who often masked their animosities, today's technology enables instant and far-reaching expressions of disdain.

This cultural change not only fuels a mental health crisis, especially among younger generations, but also erodes empathy, fostering an environment where cruelty is normalized and even celebrated.

As a result, individuals live in constant anxiety, bracing for virtual attacks that can significantly impact their sense of well-being and societal cohesion.

_{ENLIGHTENMENT}

Short Squeez Picks

• The biggest misconception about negative self-talk

• How people-pleasing can derail your career

• 6 strategies for a minimalist and productive day

• 4 leadership principles that drive company culture

• Cheap upgrades to make your house look fancier

_{ENLIGHTENMENT}

Short Squeez Picks

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