10.28.2022

Musk Takes Twitter, World Series Begins, and British Ghostwatching Everything you need to know for today in five minutes.

Good morning. It's Friday, Oct. 28, and we're covering Musk's move-in day at Twitter, a North-South clash in the World Series, and much more. Have feedback? Let us know at [email protected].

 

First time reading? Sign up here.

NEED TO KNOW

 

Musk's Twitter Takeover

Elon Musk last night closed his $44B deal to buy Twitter at $54.20 per share, averting a trial in November and capping off monthslong speculation of whether the billionaire entrepreneur would abandon the acquisition. Musk, 51, also reportedly fired the company's top executives, including CEO Parag Agrawal, Chief Financial Officer Ned Segal, and general counsel Vijaya Gadde. 

 

The CEO of SpaceX and Tesla, who previously criticized Twitter for restricting free speech, outlined his motivations for buying the company in a message (see here) addressed to advertisers and posted to the social platform earlier yesterday. On Wednesday, Musk visited Twitter's headquarters in San Francisco, carrying a white basin and later tweeting, "Entering Twitter HQ—let that sink in!" He also changed his Twitter profile description to "Chief Twit." 

 

Musk has said he plans to introduce new features to Twitter. See his proposed changes here.

Astros vs. Phillies

Baseball's last teams standing meet tonight in the first game of the 2022 World Series (8 pm ET, Fox), with the Houston Astros hosting the Philadelphia Phillies. For Houston, it marks the fourth World Series appearance in the past six seasons, while Philadelphia returns for the first time since 2009. 

 

The Astros, who notched the second-best regular season record (106-56), enter the series as favorites. Houston hasn't lost in the postseason this year, having swept both the Seattle Mariners and the New York Yankees. Meanwhile, Philadelphia—led by slugger Bryce Harper—finished third in the National League East division with a record of 87-75. Two-time Cy Young award winner Justin Verlander (18-4) will take the mound tonight for Houston, facing off against Phillies starting pitcher Aaron Nola (11-13).

 

This year also marks the 75th anniversary of the first televised World Series (the New York Yankees beat the Brooklyn Dodgers). See some of the most iconic shots across the decades here

GDP Rises

The US economy grew for the first time this year in the third quarter, according to data released yesterday. The country’s gross domestic product (see 101) grew at an annual rate of 2.6%, rebounding from 0.6% and 1.6% decreases in the first two quarters and signaling the end of a technical recession, or two quarters of consecutive decline.

 

The growth was primarily driven by a narrowing trade deficit and increases in consumer and government spending. However, declines in the housing market partially offset some of the growth. Despite the news, experts expect growth to slow again in the fourth quarter and predict a recession could be likely by early next year.

 

In related news, the 30-year fixed-rate mortgage broke 7% yesterday for the first time since April 2002. The rising measure has been a primary driver of the slowing US housing market over the past year. 

In partnership with Hedonova

AN ALTERNATIVE TO ALTERNATIVES

 

With historically high volatility in today's public markets, many accredited investors are turning toward alternative asset classes to invest on their own ... but now face cumbersome specialized platforms with layers of red tape and opaque processes.

 

Hedonova is an elegant alternative. Since 2020, this new-age hedge fund has outperformed the S&P 500 by 15% and is rated 4.8 on Trustpilot, boasting 33% compounded annual growth and low correlation to the stock markets. Their team of investment experts scours the world for opportunities in over 12 asset classes to create a fund that gives you exposure to wine, art, equipment finance, litigation finance, music royalties, and much more.

 

Add some diversity to your portfolio today. From cocoa farms in Africa to data centers in India and the Philippines; from paintings in Japan to wine in France. Hedonova's fund offers it all—check it out today.

Please support our sponsors!

IN THE KNOW

 

Sports, Entertainment, & Culture

In partnership with The Ascent

> Prince Harry's memoir "Spare" to be released Jan. 10; book will detail Prince Harry and Meghan Markle's decision to step back from royal duties (More)

 

> Rock and Roll pioneer Jerry Lee Lewis, 87, remains alive despite Wednesday rumors of his early demise (More)

 

> Portland Thorns and Kansas City Current face off tomorrow (8 pm ET, CBS/Paramount+) in National Women's Soccer League championship (More) | See preview for Sunday's Major League Soccer conference finals (More)

From our partners: If cash back is king, this card wears the crown. Even The Ascent's credit card expert couldn't resist. He signed up for it, and it's an absolute slam-dunk if you're looking for a one-card wallet. Big sign-up bonus, up to 5% cash back, no annual fee, and the list goes on.

Science & Technology

> Seismic activity on Mars suggests the planet holds subsurface magma reservoirs; data were collected by NASA's stationary InSight probe, which arrived on Mars in 2018 (More)

 

> Newly discovered bacteria in the gut may be responsible for rheumatoid arthritis; study suggests bacterial species activates immune system T cells, triggering an inflammatory response at the joints (More)

 

> Study finds elephants have between 54,000 and 63,000 neurons controlling facial expression, more than any animal except dolphins; nerve network allows for the extreme dexterity of an elephant's trunk (More)

Business & Markets

> US stock markets close mixed (S&P 500 -0.6%, Dow +0.6%, Nasdaq -1.6%), futures fall after tech earnings (More)

 

> European Central Bank increases interest rates by 0.75%, signals additional rate hikes in the future (More)

 

> Amazon misses Q3 revenue and earnings expectations, lowers Q4 revenue guidance; shares fall double digits in after-hours trading (More) | Apple beats revenue and earnings expectations, posts record quarterly revenue (More)

Politics & World Affairs

> Ukraine pushes counteroffensive to retake the southern city of Kherson, reportedly targeting Russian positions along the banks of the strategic Dnieper River (More) | See updates here (More)

 

> Former Brazilian President Luiz Inácio Lula da Silva leads incumbent President Jair Bolsonaro by three points in polling heading into Sunday's tightly contested runoff election (More) | See overview of race (More)

 

> Three more people killed in Iran protests as weekslong demonstrations continue following the death of 22-year-old Mahsa Amini (More) | Footage shows mountaintop fire in the name of "Mahsa" (Watch, via Twitter)

IN-DEPTH

 

A Primer on Spider-Watching

Outside | Adam Roy. Before squashing the next spider that comes crawling along on your floor, consider this: Spiders likely dream—and they're globally in decline. (Read)

Daniel Radcliffe Plays Weird Al

GQ | Jeremy Gordon. The boy who lived his teens as Harry Potter has since embraced more esoteric roles, including next month's fictional biopic of parody artist Weird Al Yankovic. (Read)

'Ghostwatch,' A Pseudo-Documentary

Criminal | Phoebe Judge. (Podcast) A prerecorded 1992 BBC broadcast investigating a haunted house seemed so real the studio received over a million calls from nervous watchers. (Listen)

 

... and see why so many fell for the prank with this video breakdown of the show.

INSTITUTION MEETS RETAIL

 

In partnership with Hedonova

 

What do Lawsuit Funding, SpaceX, real estate, and Basquiat's art have in common? They're all part of the Hedonova portfolio.

 

Add exposure to 12+ asset classes—like wine, art, equipment finance, litigation finance, real estate, and more—in a fund that has boasted 33% compounded annual growth and low market correlation since 2020. Hedonova brings often-cumbersome and opaque investments in alternatives into a sleek and intuitive platform to help you diversify your portfolio away from the stock markets. Learn more today.

Please support our sponsors!

ETCETERA

 

New York City's costumed dogs go on parade (w/photos).

 

Neuroscience explains why you're afraid of the dark.

 

Reddit users recount their creepiest experiences.

 

When Halloween was actually dangerous.

 

Maps that overturn geographic conceptions.

 

Fascinating slow-motion footage of moths taking flight.

 

Rare nickel sells for $4.2M at auction.

 

Colorado couple trapped in home by tumbleweeds.

 

Clickbait: Kanye West escorted out of Skechers HQ

 

Historybook: English philosopher John Locke dies (1704); "Gulliver’s Travels" is first published (1726); Polio vaccine developer Jonas Salk born (1914); Bill Gates born (1955); Julia Roberts born (1967).

 

"Your most unhappy customers are your greatest source of learning."

- Bill Gates

Why 1440? The printing press was invented in the year 1440, spreading knowledge to the masses and changing the course of history. Guess what else? There are 1,440 minutes in a day and every one is precious. That’s why we scour hundreds of sources every day to provide a concise, comprehensive, and objective view of what's happening in the world. Reader feedback is a gift—shoot us a note at [email protected].

Interested in advertising to smart readers like you? Apply here!

Join a community of over 3.6 million intellectually curious individuals.

100% free. Unsubscribe anytime.

Don't miss out on the daily email read by over 3.7 million intellectually curious readers.