Good morning. It's Tuesday, May 20, and we're covering the purchase of a genetic testing company, a UK-EU trade deal, and much more. First time reading? Join over 4 million intellectually curious readers. Sign up here.
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Venezuelans' Status Revoked |
The Supreme Court approved the Trump administration’s emergency request to revoke Venezuelans' temporary protected status yesterday. The decision clears the way for the Department of Homeland Security to begin deporting nearly 350,000 people, pending individual appeals.
Since 1990, the TPS program has allowed the federal government to extend legal status and work permits to people from countries experiencing war, natural disaster, or other crises. The protections are intended to end when conditions improve. The Biden administration first granted Venezuelans TPS in 2021, when over 5 million people fled President Nicolás Maduro’s regime and inflation approached 3,000%. Roughly 3 million people have since continued to flee; inflation cooled to double digits last year. A US travel advisory to Venezuela remains in effect.
Yesterday’s decision applies to those who received TPS in 2023 when the Biden administration extended the program. The 2021 cohort is expected to see protections expire later this year. |
American biotech firm Regeneron will buy genetic testing company 23andMe out of bankruptcy, the company announced yesterday, at a reported price of $256M. The figure represents a more than 95% drop from 23andMe's peak value of $6B just four years ago.
A first mover in the emerging industry of personal genomics, 23andMe was founded in 2006 and gained popularity offering at-home saliva tests, named Time's "Invention of the Year" in 2008, for customers to determine their ancestry and genetic profiles. The company sold over 12 million DNA tests but failed to find a sustainable business model—most notably, many customers only needed their product a single time.
Because the company had amassed millions of DNA data tied to identifiable profiles, observers had raised numerous privacy concerns over the sale (the data is not covered by typical health disclosure rules known as HIPAA). Regeneron said it would continue 23andMe's testing business in-house and comply with a mediator-approved review of its privacy policy.
Listen to an overview of 23andMe's rise and fall. |
The UK and European Union announced a trade and security deal yesterday, marking a reset in relations nearly a decade after the UK voted to leave the 27-member bloc. Unveiled by Prime Minister Keir Starmer and European Commission President Ursula von der Leyen, the deal aims to ease trade barriers and address security concerns amid Russia’s war in Ukraine and a shifting US role in Europe. It marks the UK’s third trade deal this month, after agreements with the US and India.
The EU remains the UK’s largest trading partner, but UK exports to the bloc have fallen 21% since Brexit. The agreement, projected to add nearly $12B to the UK economy by 2040, includes reduced border checks on food and agricultural products, expanded e-gate access for British travelers at EU airports, a 12-year extension of EU fishing rights in UK waters, and UK participation in a $170B EU defense procurement initiative.
Separately, President Donald Trump announced that Russia and Ukraine will start ceasefire negotiations following a call with Russian President Vladimir Putin yesterday. |
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In partnership with BOXABL |
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The Father-Son Duo Rethinking Homebuilding |
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Home construction has been slow, costly, and inefficient for centuries. So in 2017, Paolo and Galiano Tiramani founded BOXABL to change that.
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Invest in BOXABL for just $0.80/share today.* |
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Sports, Entertainment, & Culture |
> NBA playoffs conference finals kick off tonight with the Minnesota Timberwolves taking on the Oklahoma City Thunder (8:30 pm ET, ESPN); see complete conference finals preview (More) | ... and see preview of NHL Stanley Cup playoffs conference finals (More) |
> Werenoi, France's bestselling musical artist for the past two years, dies at age 31 in Paris (More) | Yuri Grigorovich, Russian ballet legend, dies at age 98 (More) |
> "Sesame Street" signs streaming deal with Netflix just months after Discovery decided not to renew the show for Max; new episodes will release on PBS and Netflix on the same day (More) |
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In partnership with NativePath |
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> AI-powered model helps assess the risk of postpartum depression using clinical and demographic data; condition affects about 15% of new mothers but can be difficult to assess and treat (More) |
> Engineers design battery with the consistency of toothpaste, ability to stretch to twice its length without losing power; technology may have applications in wearable electronics (More) |
> Researchers capture footage of capuchin monkeys kidnapping infant howler monkeys on the Panamanian island of Jicarón; findings suggest primates may engage in social fads, similar to humans (More) |
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> US stock markets close higher (S&P 500 +0.1%, Dow +0.3%, Nasdaq +0.0%) as Wall Street digests last week's Moody's downgrade; 30-year Treasury yield briefly hits 5%, dollar slides in early morning trading (More) | See previous write-up (More) |
> CBS News CEO steps down amid disagreements over how to handle $20B lawsuit from President Donald Trump, $8B Paramount-Skydance merger (More) | Bath & Body Works CEO resigns, to be replaced by former Nike executive (More) |
> Spain blocks more than 65,000 Airbnb rental listings as the country seeks to alleviate its housing crisis, among the worst in Europe (More) |
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> President Donald Trump signs bill criminalizing revenge porn and explicit deepfake images, including AI-generated content; bill requires social media companies to remove content within 48 hours of notice from victim (More) | Trump administration agrees in principle to pay nearly $5M to settle wrongful death lawsuit from the family of Ashli Babbitt, killed by police in the Jan. 6 Capitol attack (More) |
> Federal judge rules to end Department of Government Efficiency's takeover of the US Institute of Peace, deeming the nonprofit's March takeover unlawful; decision reinstates previous board members, nullifies DOGE reorganization (More) |
> Five aid trucks enter Gaza from Israel, ending three months of blockade on food, medicine, other supplies amid international pressure; the UK, Canada, and France threaten sanctions if additional aid is not allowed (More) | See war updates (More) |
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> The Truth About Sarah
Deep Cover | Jake Halpern. Sarah was a young, decorated Marine veteran fighting cancer—or was she? This podcast focuses on a six-year deception that upended countless lives. (Listen)
> Dinosaur Mass Grave
BBC | Rebecca Morelle and Alison Francis. The bones of thousands of Pachyrhinosauruses are tightly packed in a dig in Alberta, Canada. Paleontologists are trying to figure out: What caused them to suddenly die? (Read) |
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In partnership with BOXABL |
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Building a new home today can take 210+ days. No wonder there’s a housing shortage of ~4M homes. That’s why BOXABL’s solution is so intriguing.
New homes can roll off BOXABL’s assembly lines in ~4 hours, equipped with plumbing, electrical, and HVAC. That gained the attention of one of America’s top homebuilders, who loved the innovation so much they invested. Now, BOXABL’s prepping for Phase 2 – combining future modules into larger homes, and apartments. And you can invest for just $0.80/share.* |
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"All of us invent ourselves. Some of us just have more imagination than others." |
- Cherilyn "Cher" Sarkisian |
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*Disclosure: This is a paid advertisement for Boxabl’s Regulation A offering. Please read the offering circular at https://invest.boxabl.com/. |
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