11.10.2022

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Good morning. It's Thursday, Nov. 10, and we're covering Russia's withdrawal from a key port city in Ukraine, massive layoffs at Meta (Facebook), and much more. First time reading? Sign up here.

 

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Need To Know
 

Election Day Fallout

A number of key races from Tuesday's midterm elections were called yesterday, though who will control each chamber of Congress—and by how much—will take weeks to decide. 

 

Republicans appear on track to retake control of the House in the upcoming Congressional session, though the outcome has not been officially called. With 218 seats needed for a majority, the GOP has won 207, with 15 others projected as either likely or leaning Republican pickups (along with 10 remaining toss-up races). 

 

In one of the most surprising results of the cycle, Rep. Sean Patrick Maloney (D, NY-18) lost to state Rep. Michael Lawler (R). Maloney is currently the head of the Democratic Congressional Campaign Committee, a party leadership position. Separately, Rep. Lauren Boebert (R, CO-3) trails challenger Adam Frisch (D) by 64 votes, with 99% of the vote counted in an unexpected tight race. 

 

In the Senate, three key races remain undecided. In Arizona, incumbent Mark Kelly (D) leads challenger Blake Masters (R) by 5%, with 30% of the vote remaining as of early this morning. In Nevada, challenger Adam Laxalt (R) leads incumbent Catherine Cortez Masto (D) by 2.2% with 21% of the vote remaining. State officials have signaled the results may be delayed for days as mail-in ballots are processed.

 

If either party wins both Arizona and Nevada, they will control the Senate. If they split the pair, Senate control will be decided by an extended contest in Georgia, where incumbent Raphael Warnock (D) topped Herschel Walker (R) by almost 1% but fell short of the 50% threshold needed to avoid a runoff. The runoff election will be held Dec. 6. 

 

Separately, voters in Kentucky rejected a measure that restricted the right to abortion under the state constitution, while Maryland and Missouri voted to legalize marijuana. See more state ballot measures here

 

Russia Retreats 

Russian troops reportedly began pulling out from Ukraine's southern port city of Kherson yesterday. Kherson was the only regional capital Moscow had seized since its invasion of Ukraine in February. The region provides access to the Black Sea, a vital passageway for incoming arms and exports (see map). Ukrainian officials say they are cautious of the news. 

 

Russian forces withdrew to the eastern bank of the Dnipro River and are reportedly ceding all territory on the western bank. News of the withdrawal came after Russian state media reported a Moscow-installed official in Kherson died in a car crash.

 

Separately, WNBA star Brittney Griner has been sent to a Russian penal colony to serve her nine-year sentence for drug possession. The eight-time all-star center with the WNBA’s Phoenix Mercury and a two-time Olympic gold medalist was convicted in August after police said they found cannabis oil in her luggage. 

 

See updates on the war here.

 

Meta Layoffs

Meta (Facebook) CEO Mark Zuckerberg announced yesterday the tech company is cutting 11,000 jobs this week, a 13% cut amid a broader digital advertising downturn and skepticism of the company's bet on the metaverse. Meta also announced it is extending a hiring freeze through the first quarter of 2023. Read Zuckerberg's letter to employees here

 

The major layoffs are the company's first after 18 years of growth ended this summer with its first quarterly decline in revenue. The social media giant's market capitalization peaked last year at $1T (see chart) but has since lost almost 80% of its value as the pandemic-induced tech boom fizzled and video-centric competitor TikTok makes inroads into the market.

 

Meta is not alone in cutting jobs of late; other tech companies include Lyft, payment processor Stripe, and Twitter, whose workforce was halved last week. Shares of Meta jumped as high as 8% on the layoff news.

In partnership with Miso Robotics

Kitchen Bots Go Global

 

 

You’ve probably heard of ghost kitchens. But what about ghost town kitchens? With expected employee shortfalls by 3.7M over the next 10 years, fast food kitchens are in danger of seeing less speed and more tumbleweed. 

 

Not with Miso Robotics. This startup has developed AI-driven robotic kitchen assistants that use machine learning and data analytics to fill labor gaps and boost low margins faced by fast food restaurants. Miso’s tech has the potential to boost profit margins by 3x. It is no wonder major US-based fast food chains like Jack in The Box and White Castle are already working with Miso.

 

Building on their domestic success, Miso is now expanding into international markets—a 17x bigger opportunity. And you have a chance to join them just as this planned expansion unfolds. Check out the Miso investment opportunity before it ends on 11/18.

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In The Know
 

Sports, Entertainment, & Culture

In partnership with The Ascent

> US Men's National Team announces 26-player roster for 2022 World Cup; The US opens group play against Wales (Nov. 21) before taking on England (Nov. 26) and Iran (Nov. 29) (More)

> Warren Beatty sued for allegedly coercing a minor into having sex in 1973 (More) | Jennifer Aniston reveals pregnancy struggles and failed IVF treatment (More)

> Luke Combs wins top prize of Entertainer of the Year at Country Music Association Awards; see full list of CMA winners (More)

From our partners: Don't let high inflation make you low. Experts at The Ascent say to consider these six moves to grow your wealth in 2022 and beyond. And they've got a track record, because they've been helping people like you since 1993. Learn more today.

 

Science & Technology

> Neuroscientists identify nerve cells responsible for helping paralyzed patients regain movement in their legs; electrical stimulation delivered to the spinal cord paired with physical therapy helped nine patients walk again in new study (More)

> Researchers observe octopuses deliberately throwing objects and silt at nearby animals, including each other; marks the first time such behavior has been seen in cephalopods (More, w/video)

> Paleontologists discover a new species of pterosaur, uncovered in sub-Saharan Africa; specimen had an estimated 16-foot wingspan and dates to more than 70 million years ago (More)

Every day we come across dozens of fascinating podcasts, videos, visualizations, and more, which don't make it into the daily digest. Get a wrap-up of our favorites every week, delivered to your inbox every Sunday. Sign up for the Knowledge Hub email here.

 

🦕 In the meantime, ever wondered where in the world your favorite dinosaur lived? Use this interactive map to find out.

 

Business & Markets

> US stock markets close lower (S&P 500 -2.1%, Dow -2.0%, Nasdaq -2.5%) as investors await midterm election results (More)

> Average US credit card interest rate at 30-year high of over 19% (More)

> Cryptocurrency trading giant Binance backs out of letter of intent to acquire rival FTX amid a liquidity crisis; bitcoin and crypto markets continue to fall (More)

🚀 Kind of know about crypto, but kind of don't? Check out 1440's best resources to explain the world of cryptocurrency

 

Politics & World Affairs

> Nicole makes landfall overnight in eastern Florida as a Category 1 hurricane and later weakens to a tropical storm after striking the northwest Bahamas yesterday; strong winds, flooding rains, and tornadoes are expected along the southeast coast (More) | See trajectory (More)  

> Surge in COVID-19 cases spurs lockdowns in southern Chinese manufacturing hub of Guangzhou after more than 2,500 new cases were reported within 24 hours; stay-at-home orders are in effect through at least Sunday (More) | See data (More)

> At least six people killed after a 6.6-magnitude earthquake hit Nepal and triggered tremors in nearby Indian capital of New Delhi (More) | A 5.5-magnitude earthquake shakes Italy's northeastern coast; no casualties reported as of this writing (More)

 

In-Depth

> Salvation

Truly*Adventurous | Nick Davidson. An escape from a war-torn country takes a group of refugees on a harrowing journey—out of water and time, and with hundreds of miles to go. (Read)

 

> 'Hard Knocks' 

The Ringer | Jake Kring-Schreifels. An oral history of the first season of HBO's "Hard Knocks," which blended the worlds of reality TV and professional football, and how it might not have panned out without the 2001 Baltimore Ravens. (Read)

Robot Chef World Tour

 

In partnership with Miso Robotics

 

With 500,000 new unfilled positions in the US fast food industry every month, American brands like White Castle and Jack in the Box have turned to Miso’s robotic assistants to staff their kitchens

 

But as much as the US needs affordable automation solutions, it’s in great demand overseas where labor is 50% more costly. That’s why Miso is bringing its food-frying, drink-filling robots to help the $675B international market. Learn more about investing in Miso Robotics before the opportunity ends Nov. 18.

Please support our sponsors!

Etcetera
 

Seller of winning Powerball ticket receives $1M bonus.

 

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Meet Pumuckel, possibly the world’s smallest pony.

 

Breaking down the divisive sweet potato casserole.

 

Using visual data to explore world flag elements.

 

Oldest known alphabetic sentence found on ancient comb.

 

Watch nature's tiniest gymnasts in action.

 

Clickbait: Which came first, the chicken or the gun?

 

Historybook: Protestant Reformation leader Martin Luther born (1483); US Marine Corps is founded (1775); Singer and actress Jane Froman born (1907); "Sesame Street" debuts (1969); Bill Gates introduces Windows 1.0 to public (1983).

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