10.25.2023

 

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Good morning. It's Wednesday, Oct. 25, and we're covering another speaker race in the House, a lawsuit against social media giant Meta, and much more. First time reading? Sign up here.

 

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Need To Know
 

Speaker Saga Continues

House Republicans yesterday evening selected House GOP Vice Chair Mike Johnson (R, LA-4) as the latest speaker nominee—the fourth since Rep. Kevin McCarthy (R, CA-20) was ousted as speaker three weeks ago. The full House is set to vote on a speaker this afternoon; Johnson will need 217 votes to take the gavel. House Democrats unanimously support Minority Leader Hakeem Jeffries (D, NY-8).

 

Johnson secured the speaker nomination after winning 128 votes in closed-door balloting. Johnson's late night nomination came after Majority Whip Tom Emmer (R, MN-6) beat him in a previous internal caucus vote earlier in the day by a vote of 117 to 97. Hours later, Emmer withdrew from the race after a subsequent private roll call showed not enough Republicans would back Emmer had his nomination proceeded to a full House floor vote. Former President Donald Trump also had objected to Emmer's nomination. 

 

Emmer was the third Republican speaker nominee to fall short, following Judiciary Committee Chair Jim Jordan (R, OH-4) and House Majority Leader Steve Scalise (R, LA-1). See timeline of events here.

 

States Sue Meta

Attorneys general from 41 states and the District of Columbia filed lawsuits

yesterday alleging Meta, owner of Facebook and Instagram, built addictive product features geared toward children despite knowing their negative impact on mental health. The filing specifically calls out the platforms' recommendation algorithms, use of social comparison, collection of young users' data without consent, and more (read here). 

 

Surveys have revealed an increasingly dire outlook for teenage mental health in the US (see page 58 of the report). Forty-two percent of high schoolers say they experience persistent hopelessness, while almost one in five says they've made a suicide plan at some point. The problem is particularly acute among girls—30% report having seriously considered suicide. At the same time, more than half of teens say they spend roughly five hours per day on average across all social media platforms. 

 

Some researchers have argued studies show correlation, not causation, between the trend and social media use. See arguments here and here.

 

Superfog Strikes Louisiana

At least eight people have been killed and at least 63 others injured after a wall of dense fog, known as a "superfog," reduced visibility to near zero on an interstate in southeastern Louisiana Monday, causing a 168-car pileup. The rescue operations, which continued through yesterday, were complicated by multiple vehicles catching fire and a truck transporting an undisclosed "hazardous liquid."

 

Superfog forms when cool, saturated air mixes with smoke and moisture from wildfires—especially burning damp materials like brush, leaves, and trees—intensifying the fog's density and coverage. Louisiana has been grappling with severe weather conditions this year, including wildfires, extreme heat, and exceptional drought. The city of New Orleans said it is currently monitoring an underground fire blazing in forested wetlands.

 

The rare weather phenomenon can reduce visibility to less than 10 feet and is often found in the southern US near creek beds, drainage ditches, or swampy areas. It can be particularly dangerous on highways and has caused several large pileups, including one in central Florida last year.

In partnership with Masterworks

Painting Sold for $8M, Its Investors Profited

 

When the painting by master Claude Monet (you may have heard of him) was bought for $6.8 million and sold for a cool $8 million just 631 days later, investors in the offering received their share of the net proceeds. 

 

All thanks to Masterworks, the award-winning platform for investing in blue-chip art. To date, every one of Masterworks’ 16 sales out of its portfolio has returned a profit to investors. With 3 recent sales, investors realized net annualized returns of 17.6%, 21.5% and 35%.

 

With over 840,000 people already signed up, shares of every offering can sell quickly. But 1440 readers can skip the waitlist with this exclusive link.*

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In The Know
 

Sports, Entertainment, & Culture

In partnership with Thesis

> Arizona Diamondbacks advance to the World Series after beating the Philadelphia Phillies in the NL Championship Series; Arizona will face off against the Texas Rangers in Game 1 Friday (8 pm ET, Fox) (More)

> Thelma Golden, chief curator at New York's Studio Museum in Harlem, wins prestigious $250K Dorothy and Lillian Gish Prize, which recognizes significant contributions to the arts (More)

> Britney Spears' memoir "The Woman in Me" released yesterday; see some of the book's biggest revelations (More)

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Science & Technology

> Researchers release tool that adds "poison" pixels to images that can corrupt AI models, which use the images to train; tool can trick models into producing photos of cows after training on images of cars (More)

> California suspends permits for General Motors' autonomous vehicle subsidiary Cruise to operate self-driving cars in San Francisco, citing public safety concerns (More)

> Radio-echo survey reveals an ancient patch of land untouched by erosion underneath ice sheets in East Antarctica; landscape believed to have been formed between 14 million and 34 million years ago (More)

 

Business & Markets

> US stock markets close higher (S&P 500 +0.7%, Dow +0.6%, Nasdaq +0.9%) on strong corporate earnings (More)

> Alphabet (Google) reports Q3 revenue grew to $77B, up 11% year-over-year; Microsoft reports Q3 revenue grew to $57B, up 13% year-over-year (More) | Verizon sees best trading day in 15 years, shares up 9% after beating expectations (More)

> General Motors beats Q3 expectations, but removes full-year guidance as UAW strike has cost the automaker over $800M in pretax earnings to date (More)

 

Politics & World Affairs

> Israel continues airstrikes in Gaza, carries out a reported 400 strikes yesterday (More) | Reports suggest US and Israeli officials are considering delaying ground invasion to work on the release of hostages (More)

> Michael Cohen, ex-personal lawyer to former President Donald Trump, testifies in New York civil fraud trial against Trump (More) | Former Trump legal adviser Jenna Ellis accepts plea deal in Georgia election interference case (More) | Former Chief of Staff Mark Meadows granted immunity in federal election interference probe (More)

> Off-duty pilot arrested after attempting to cut the engines on an Alaska Airlines flight may have taken psychedelic mushrooms before flight, according to court filing; Joseph Emerson has pleaded not guilty to 83 counts of attempted murder (More)

In partnership with Masterworks

A Banksy Got Everyday Investors 32% Returns

 

It may sound too good to be true, but thousands of investors are smiling all the way to the bank, thanks to the fine-art investing platform Masterworks. These results aren’t cherry-picking, either. This is the whole bushel. 

 

Masterworks has a track record of 16 successful exits, realizing +10.4%, +27.3%, and +35.0% net returns, even while financial markets dropped. Skip the waitlist to join.*

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Etcetera
 

Explore Time's 200 best inventions of 2023

 

America's top young scientist crowned for skin cancer-treating soap.

 

Nearly a quarter of adults worldwide feel lonely

 

Gazing Royal Bengal tigress tops mangrove photo awards.

 

Find your next read with this map of over 100,000 books.

 

One-eyed terrier mix pup named cutest rescue dog

 

Park City, Utah, breaks world record for longest shot ski

 

Own a share of Micky Mantle's childhood home for $7

 

Clickbait: Lil Wayne's response to his new wax figure: "You tried tho.

 

Historybook: Artist Pablo Picasso born (1881); Benjamin O. Davis Sr. becomes first Black general in US Army (1940); Katy Perry born (1984); Hall of Fame golfer Payne Stewart dies in plane crash (1999).

"The purpose of art is washing the dust of daily life off our souls."

- Pablo Picasso

Why 1440? The printing press was invented around the year 1440, spreading knowledge to the masses and changing the course of history. More facts: In every day, there are 1,440 minutes. We’re here to make each one count.

 

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*Past performance is not indicative of future returns, investing involves risk. See disclosures masterworks.com/cd

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