Good morning. It's Thursday, March 19, and welcome to this week's Business & Finance newsletter. Today, we're doing a deep dive on the hot topic of prediction markets, as news broke Tuesday that the state of Arizona filed criminal charges against popular prediction market Kalshi, accusing it of being a de facto illegal gambling operation. We're also covering Meta CEO Mark Zuckerberg and Wall Street.
Have questions, comments, or feedback for us? Feel free to hit the "reply" button on this email to share your thoughts! As always, thank you for being a reader.
—Phoebe Bain, 1440 Business & Finance Section Editor
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What are prediction markets?
Prediction markets are platforms where people can trade bets that pay out depending on certain event outcomes. On many modern online prediction markets—which are often powered by blockchain technology—users can bet on almost any future event, from who will win the Super Bowl to the contents of a public company's earnings report. These platforms have experienced a surge in popularity in recent years, with global trading volumes more than quadrupling from $15.8B in 2024 to roughly $63.5B in 2025.
People have been betting on the outcome of events like elections since at least the 1500s. However, three economists in Iowa—who were seeking an alternative, market-based solution to the shortcomings of political polls—are credited with creating the first modern prediction market in 1988. Today, the two most popular prediction markets in the US are the online platforms Kalshi and Polymarket.
Legislation around prediction markets is still nascent—legal battles over these platforms are ongoing. Some have suggested that insider trading—which is explicitly forbidden on the stock market—should be similarly prohibited on prediction markets.
Explore everything else we've found on Prediction Markets.
Also, check out ...
> Prediction market Kalshi's cofounders are former Wall Street traders. (Watch)
> A prediction market was more accurate than most polls about the 2024 US presidential election. (Listen)
> What is insider trading? (Read)
> The FBI once raided Polymarket CEO Shayne Coplan's home. (Read) |
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Out With The Old, In With The Apple |
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It’s 2026. Our cars are driving themselves, our computers are making their own videos, and our dogs have finally mastered the art of the self-service water bowl (okay, that one’s a stretch). So why do you still have a credit card that feels like it belongs in 1995?
Unlike other credit cards, Apple Card estimates how much interest you’ll owe with a payment wheel and suggests an amount to help you pay off your balance faster. Add to that no fees whatsoever (annual, foreign transaction, late, or otherwise), the ability to earn unlimited Daily Cash back on every purchase, and a high-yield Savings account available through Apple Card, and you have a credit card that supports your financial health. Imagine that.
See your Apple Card credit limit offer right now.
Terms apply. Savings provided by Goldman Sachs Bank USA. Member FDIC. |
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Mark Zuckerberg, explained
Mark Zuckerberg is an American entrepreneur and the CEO, chairman, and controlling stakeholder of Meta. As of early 2026, Zuckerberg was among the world's top six richest people, with an estimated net worth of roughly $215.2B.
In 2004, Zuckerberg created the social network Facebook in his dorm at Harvard University, dropping out of Harvard to run the company in California in 2005. Today, Facebook (now Meta) is a company valued at more than $1T that owns Instagram and WhatsApp and is heavily invested in artificial intelligence.
Zuckerberg has faced significant criticism for Facebook's role in perpetuating what some say is a toxic social media environment for children. In 2018, Zuckerberg testified before Congress over the Cambridge Analytica scandal, in which a consulting firm with Russian and conservative ties compromised the private data of more than 80 million Facebook users.
In many ways, Zuckerberg's vision for new technologies has been a defining feature of Meta's growth. Since founding the company, Zuckerberg has retained control of Meta (then Facebook) and has repeatedly said he doesn't intend to sell it.
Explore everything else we've found on Mark Zuckerberg.
Also, check out ...
> A rare, in-depth podcast interview with Mark Zuckerberg. (Listen)
> Zuckerberg built a messaging platform for his family at age 12. (Watch)
> What did Mark Zuckerberg think about "The Social Network" film? (Read)
> Mark Zuckerberg owns a cattle ranch in Hawaii. (Read) |
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Wall Street 101
On Google Maps, Wall Street is an eight-block-long street in New York City’s Financial District. But over the years, the term “Wall Street” has evolved to mean much more than that.
“Wall Street” became shorthand for all things finance after it cemented itself as the financial center of the US. The mythos of the district—and the high-level finance professionals working there (aka “Wall Streeters”)—has evolved into a cultural phenomenon, giving rise to a multitude of popular movies and books inspired by Wall Street’s energy.
While some financial institutions—such as the New York Stock Exchange—are still located on Wall Street, these days you’re more likely to find a luxury gym or apartment complex on those eight blocks than a major bank’s headquarters. Technological evolutions and the Sept. 11 terrorist attacks hitting the Financial District in 2001 may have led to the Wall Street exodus.
Explore everything else we've found on Wall Street.
Also, check out ...
> The story of Wall Street's Charging Bull statue. (Listen)
> Wall Street's architecture, explained. (Watch)
> A Wall Street historical timeline. (Read)
> What was Black Wall Street? (Watch) |
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One Story We're Taking Stock In |
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As anyone who has ever dealt with a cockroach infestation knows, if you see one, that means there are likely many more hiding somewhere nearby. Apparently, the same goes for issues in the private credit market: Two companies backed by private credit collapsed in September, and industry experts like JPMorgan Chase CEO Jamie Dimon are growing suspicious, using the cockroach metaphor to signal their concerns. (For those curious, private credit is an industry that gives businesses, particularly midmarket companies, access to nonbank loans.)
The article below not only delves into experts' fears about the current state of private credit, but it's also helpful for those looking to better understand private credit's role in the economy at large. If you're still curious about private credit after reading this, stay tuned—we'll be writing about it in the April 2 edition of this newsletter. |
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> Fears of "cockroaches" in the private credit market. (Read) |
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> The difference between private credit and private equity. (1440 Topics) |
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Your Credit Card Has Competition |
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It may feel dramatic, but if you’re still holding onto the same credit card from a decade ago with less-than-stellar perks (and large fees), it’s time to think about upgrading to the Apple Card.
Apple Card is all about helping you lead a healthier financial life – that means intuitive tools, no fees of any kind, great perks like Daily Cash back, and even a high-yield Savings account available through Apple Card so your money can make you more money. When you put it that way, it’s a wonder we didn’t ditch our current card years ago. Apply for Apple Card here to see your credit limit offer upfront.
Terms apply. Savings provided by Goldman Sachs Bank USA. Member FDIC. |
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"Experience is what you get when you didn't get what you wanted." |
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