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   Daily Brew // Morning Brew // Update
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     Companies are on a bitcoin buying spree...
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             May 29, 2025
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               Good morning.
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              This is interesting…Texas lawmakers are considering a
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               bill
              </a>
              , championed by natives Taylor Sheridan, Woody Harrelson, and Matthew McConaughey, that would offer $1.5 billion in incentives to attract TV, film, and video game production to the state. But there are strings attached—any work that’s made in Texas under the incentive scheme wouldn’t be able to portray Texas negatively.
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              “There’s a murderer on the loose in Texas [looks at camera], where violent crime rates have been falling since 1991.”
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               —Mollly Liebergall, Dave Lozo, Matty Merritt, Abby Rubenstein, Neal Freyman
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               MARKETS
              </h3>
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            <!-- Nasdaq -->
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               <tr>
                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDQ4MTM4Mn0:1uKZyy:Ddebi1v88OwlKoYNQFD3MsZdLr5UqhTmAgAGHdNJZ4I" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  Nasdaq
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  19,100.94
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
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                   <td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     -0.51%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Nasdaq -->
            <!-- S&P -->
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             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
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                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDQ4Mzc0fQ:1uKZyy:kXCnhxyA5Op-HLZVNHwqJSzBT4D0D5e0cERyD0BG0pA" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  S&amp;P
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  5,888.55
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     -0.56%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END S&P -->
            <!-- Dow -->
            <tr>
             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
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               <tr>
                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDQ4NDk0NH0:1uKZyy:tFW8cQps2211yiA6memvcqZdiO4E8bWfUUwO00Oj3NA" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  Dow
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  42,098.70
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     -0.58%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Dow -->
            <!-- 10-Year -->
            <tr>
             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
               <tr>
                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDQ4NjAwM30:1uKZyy:GbVRx0uWN4-DnsXLM-5HAuM1SHlbv9HqK4dNtIBNLGo" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  10-Year
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  4.477%
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#28d31a4d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     +4.0 bps
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END 10-Year -->
            <!-- Bitcoin -->
            <tr>
             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
               <tr>
                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDQ4NzE0fQ:1uKZyy:xdXe2UMPfDzoiQpQXsUYntdSHsyTp2xVhccOIzChsFE" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  Bitcoin
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  $107,333.81
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#ff03034d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     -1.66%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Bitcoin -->
            <!-- Abercrombie -->
            <tr>
             <td class="pads10 pads6m lastline" style="text-align:center;mso-padding-alt:0 20px 0 20px;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-collapse:collapse" width="100%">
               <tr>
                <td align="center" class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                 <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDQ4ODMwNn0:1uKZyy:ZGWkcuq47gb5s-2QHKh0j9upJWr0K1kDmcl9WHCWy0E" style="width:22%" width="20"/>
                </td>
                <td class="markets-ticker-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  Abercrombie
                 </p>
                </td>
                <td class="markets-value-cell" style="width:34%" valign="middle">
                 <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:left;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                  $88.47
                 </p>
                </td>
                <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                 <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;border-collapse:collapse;width:70%;margin:0 auto">
                  <tr>
                   <td style="background-color:#28d31a4d;border-radius:8px;padding:10px 8px" valign="middle">
                    <p class="pad0 mar0 markets-table-text" style="white-space:nowrap;vertical-align:middle;text-align:center;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                     +14.67%
                    </p>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <!-- END Abercrombie -->
            <!-- START REGULAR TEXT -->
            <tr>
             <td style="padding:3px 15px 10px">
              <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse;border-collapse:collapse;font-size:13px">
               <tr>
                <td style="padding-right:4px">
                 Data is provided by
                </td>
                <td style="margin:0;padding-right:5px">
                 <a style="display:block" target="_blank">
                  <img height="16px" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F61a0dac0b53d6766459afdca784ae8fe604f17ed-720x102.png%253Fh%253D32%2526q%253D100%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDQ4OTM5Nn0:1uKZyy:OYZVhhBOEzQwAoNuej35cQEWK3qeW4-iOUfZKCpJW1U" style="vertical-align:middle;height:16px;display:inline"/>
                 </a>
                </td>
               </tr>
              </table>
              <p style="text-align:left;margin:0;padding:0;font-size:13px;line-height:22px">
               *Stock data as of market close, cryptocurrency data as of 6:00pm ET.
               <a class="link-sm" rel="noopener" style="color:#333;border-bottom:1px solid #1c7ff2;text-decoration:none" target="_blank">
                Here's what these numbers mean.
               </a>
              </p>
             </td>
            </tr>
            <!-- END REGULAR TEXT -->
            <tr>
             <td style="mso-padding-alt:0px 15px 15px 15px;padding:0 15px">
              <p style="margin-top:0;margin-bottom:15px;line-height:22px">
               <strong style="color:#000">
                Markets:
               </strong>
               Sometimes it’s all about the after-party: Stocks
               <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                slid
               </a>
               yesterday as investors anxiously awaited Nvidia’s earnings after the bell (the chipmaker delivered strong results). Meanwhile, Abercrombie &amp; Fitch retained its coolest-kid-at-the-mall status as investors sent its stock soaring after it reported better-than-expected earnings, looking past the $50 million hit the clothing chain expects from tariffs.
              </p>
              <div style="display:none">
              </div>
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             <td style="mso-padding-alt:0px 20px 15px 20px;padding:0 20px">
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               <p style="margin-top:0;margin-bottom:0;line-height:22px">
                <strong style="color:#1c7ff2;font-size:16px">
                 Markets Sponsored by Pacaso
                </strong>
               </p>
               <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                <strong style="color:#000">
                 Get $2.80/share before midnight:
                </strong>
                The Nasdaq ticker PCSO is reserved. Now, Pacaso is scaling fast after 41% gross profit growth last year.
                <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                 Invest for $2.80/share by midnight
                </a>
                .
               </p>
              </div>
             </td>
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           </table>
          </th>
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        </table>
        <!--[if !mso ]><! -- -->
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      <!-- END MARKETS -->
      <!-- STORY ARTICLE -->
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           <h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
            CRYPTO
           </h3>
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                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 Businesses are on a bitcoin buying spree
                </a>
               </h1>
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              <a style="border:none;text-decoration:none" target="_blank">
               <img alt="Bitcoin in a shopping cart" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F1dd9cb384c28ce82f8a5934072e586d2eedaf3bc-1500x1000.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDQ5MDcxNn0:1uKZyy:zm2_8fDSU4b9dg8Z08Ky9LbfwXWtIRk1Er_96ZTgJTk" style="width:100%;max-width:670px;display:block" width="670"/>
              </a>
              <p style="margin:0;padding:0;line-height:22px">
               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
                <small>
                 <em>
                  Anna Kim
                 </em>
                </small>
               </span>
              </p>
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                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Publicly traded companies are stockpiling bitcoin as if it’s toilet paper in the year 2020, except they’re betting big money that the digital asset
                 <em>
                  won’t
                 </em>
                 go down the drain.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 The latest businesses to go for it are GameStop, which announced its first bitcoin purchase, worth ~$500 million, yesterday, and Truth Social’s parent company, Trump Media ($DJT), which said on Tuesday that it’s raising $2.5 billion to create its own bitcoin treasury.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Corporate crypto ownership has risen alongside bitcoin’s price recently:
                 </strong>
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   There are now 114 publicly listed companies that own bitcoin, up from 89 at the beginning of April, according to
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    BitcoinTreasuries.net
                   </a>
                  </span>
                  <span>
                   .
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Bitcoin’s price jumped nearly 50% from a low of ~$75,000 to an all-time high of nearly $112,000 over roughly the same period.
                  </span>
                 </li>
                </ul>
                <h2 style="color:#000;margin:0 0 15px;font-family:Helvetica,Arial,sans-serif;font-size:19px;font-weight:700">
                 Follow the leader
                </h2>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Public companies are trying to copy bitcoin’s largest corporate holder, a company aptly named Strategy (previously MicroStrategy).
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Strategy bought up 580,000+ bitcoins (current value $62+ billion) over the past few years, transforming itself from a software business with Bitcoin holdings into a
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  bitcoin holding company
                 </a>
                 with a side of software.
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Strategy has made itself an attractive investment for traders who want a stake in bitcoin but may not want to buy crypto directly.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   So far, this tactic has done wonders for investors—Strategy’s stock
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    skyrocketed
                   </a>
                  </span>
                  <span>
                   500% last year as bitcoin jumped 130%.
                  </span>
                 </li>
                </ul>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  But…
                 </strong>
                 Strategy now trades at ~1.6x the value of its bitcoin holdings, stoking concerns that the whole operation could come crashing down if the winds change. Still, enthusiasts say the cryptocurrency’s limited supply means bitcoin will become more valuable once it’s all been mined.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Crypto has friends in high places.
                 </strong>
                 “The White House embrace of crypto is alive,” Fox Business reported yesterday from the Bitcoin Conference 2025 in Las Vegas. Addressing the crowd, Vice President JD Vance said the administration is intent on stripping federal crypto regulations and passing laws allowing
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  stablecoin-trading
                 </a>
                 , which has made some lawmakers uneasy, because the Trump family majority-
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  owns a stablecoin
                 </a>
                 called USD1.
                 <em>
                  —ML
                 </em>
                </p>
               </td>
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            Presented By Pacaso
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              Spencer Rascoff co-founded Zillow, scaling it into a $16b real estate giant. But everyday investors couldn’t invest until after the IPO, missing early gains.
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              “I wish we had done a round accessible to retail investors prior to Zillow's IPO,” Spencer later said.
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               Now he’s doing just that
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              . Spencer teamed up with fellow Zillow exec Austin Allison to launch Pacaso. Pacaso’s co-ownership marketplace is
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               disrupting the $1.3t vacation home market
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              . They’ve already surpassed $110m in gross profit and $1b in transactions.
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              They also recently reserved their Nasdaq ticker PCSO. But unlike Zillow, you can invest in Pacaso as a private company.
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              .
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            WORLD
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                  Chip Somodevilla/Getty Images
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                  A federal trade court blocked Trump’s tariffs.
                 </strong>
                 You may not have heard of the Court of International Trade before, but you’re about to hear about it a lot: A three-judge panel
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  knocked down
                 </a>
                 most of President Trump’s tariffs yesterday, saying the emergency law he invoked to impose them (the International Emergency Economic Powers Act of 1977) didn’t give him the power to do so. The panel said Congress couldn’t delegate “unbounded tariff power” to the president and that the US trade deficit didn’t meet the law’s definition of an extraordinary threat. The president used the law to impose the so-called reciprocal tariffs on almost all trading partners, as well as additional tariffs on Mexico, Canada, and China. The Trump administration filed a notice saying it plans to appeal, and final say is likely to rest with the Supreme Court.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fdesktop-computer_1f5a5.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDg1MTI1MjguNDUwMDQxfQ:1uKZyy:eaQpr-vcElDYcOIP26nCQCPlM6kr9oFFTbIi28Pe-nw" style="max-width:18px" width="18"/>
                  Nvidia’s sales still ripping despite lack of access to China market.
                 </strong>
                 Looks like CEO Jensen Huang isn’t going to regret his logo tattoo after all, since
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  business is good
                 </a>
                 at Nvidia. Yesterday, the chipmaker reported a profit of $18.8 billion, a 26% YoY increase, and $44.1 billion in revenue, a 69% jump. And it expects to keep the good times rolling next quarter, forecasting $45 billion in revenue, despite US restrictions that keep it from sending chips to China, one of the world’s biggest markets. Noting that “half of the world’s AI researchers” are based there, Huang told analysts that “shielding Chinese chip makers from US competition only strengthens them abroad.”
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fpage-with-curl_1f4c3.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDg1MTI1MjguNDUwMTQ0OH0:1uKZyy:YcGIlPY4Qdxam5pYxDkIZCl2MDuJLA36mvc0yUUiQqc" style="max-width:18px" width="18"/>
                  Elon Musk is “disappointed” by the Republican tax bill.
                 </strong>
                 Though President Trump has championed the megabill laying out taxes and spending that’s being considered by the Senate after passing the House, his confidant Musk isn’t sold on it because it
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  adds
                 </a>
                 to the deficit and “undermines the work that the DOGE team is doing.” Musk added in an interview clip released by CBS on Tuesday that he thinks “a bill can be big or it could be beautiful, but I don’t know if it could be both.” Then yesterday, Musk
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  announced
                 </a>
                 he was leaving his government role. When asked about Musk’s criticism of the bill, the president noted that negotiations are ongoing, and that compromises had to be made given the lack of support from Democrats and the GOP’s narrow House majority.
                 <em>
                  —AR
                 </em>
                </p>
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            M&amp;A
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                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 How a ‘golden share’ may push through a steel deal
                </a>
               </h1>
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               <img alt="US Steel factory with a US flag" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6c8ff9f4dedd4ee59b1d2bc154226d55bd85f759-1500x1000.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDUwMjk2OX0:1uKZyy:3Fezj4YuWXb05v3DGk3UZ6gpj2BotXnlBTUVXgeqG5c" style="width:100%;max-width:670px;display:block" width="670"/>
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                  NurPhoto/Getty Images
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                 Less than a week after President Trump suggested he was endorsing a deal to resolve the saga of Nippon Steel’s $14.1 billion takeover of US Steel (previously blocked as a security risk by President Biden’s administration), Nikkei
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  reported
                 </a>
                 that the US government could receive a “golden share” as a condition for approving the “partnership.”
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 What is a golden share, other than a play a coach might call in an
                 <em>
                  Air Bud
                 </em>
                 movie?
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   It’s a class of stock with special voting rights that would essentially give the US government veto power over big decisions for the company, although Bloomberg
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    reports
                   </a>
                  </span>
                  <span>
                   the specifics aren’t public yet.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   This exceeds what’s typically needed to get approval from the Committee on Foreign Investment in the United States, which reviews deals for potential national security risks. It’s rare for the US to hold a golden share in public companies, except when they require bailouts, like GM and Chrysler did in 2008.
                  </span>
                 </li>
                </ul>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Other conditions:
                 </strong>
                 Pennsylvania Sen. Dave McCormick
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  told CNBC
                 </a>
                 that the agreement would give Pittsburgh-based US Steel an American CEO along with a majority US board.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Potential drawbacks:
                 </strong>
                 Other countries could reciprocate by imposing similar measures on American companies within their borders. And, as the New York Times
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  notes
                 </a>
                 , there’s potential for a highly ideological administration to push politically driven decisions that go against shareholder interests.
                 <em>
                  —DL
                 </em>
                </p>
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            Together With Pacaso
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             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
              <strong style="color:#000">
               The stock ticker top investors are holding.
              </strong>
              They’re not trading on the Nasdaq yet, but Pacaso just reserved the ticker
              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               PCSO
              </a>
              . Founded by the leader behind Zillow’s IPO, it’s no wonder top firms like SoftBank are already holding shares. Pacaso’s earned $110m+ in gross profits to date, and they’re scaling fast after 41% gross profit growth last year.
              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               Until midnight, you can join for $2.80/share
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              .
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            WORK
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                 Job cuts come for the consultants
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                  SOPA Images/Getty Images
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                 Don’t call them layoffs, just call them a strategic decrease in everyday attendance. McKinsey &amp; Company’s headcount has
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  dropped
                 </a>
                 by more than 10% in the past 18 months—the largest in the consulting firm’s history. Following mass layoffs at Deloitte and Booz Allen Hamilton, the job eliminations at McKinsey are the latest upheaval in an industry that raced to hire during the pandemic.
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 At the end of 2023, McKinsey had about 45,100 employees, up from 34,000 in 2020. Now, that number has reportedly dropped to about 40,000. The company says the decrease is due to normal attrition and performance review firings, but:
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   McKinsey is still navigating its $1.6 billion worth of legal challenges over its work with opioid manufacturers.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Indian tech entrepreneur Vijay Shekhar Sharma
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    suggested
                   </a>
                  </span>
                  <span>
                   that the rise of AI and ChatGPT is to blame for the headcount reduction.
                  </span>
                 </li>
                </ul>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Big picture:
                 </strong>
                 McKinsey has been relatively unscathed by federal budget cuts—largely because it was already pushed out of government contracts due to the aforementioned opioid lawsuits—and has said it would still hire thousands more staff this year. But its peers haven’t been so lucky: As a result of DOGE’s crackdown on government spending (including ending contracts with consulting firms), Deloitte said last month it would have to cut its workforce, while last week Booz Allen announced it was cutting 2,500 consulting jobs, or 7% of its workforce.
                 <em>
                  —MM
                 </em>
                </p>
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            STAT
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               <h1 class="story-title" style="color:#000;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 Prime number: Less congested
                </a>
               </h1>
              </div>
             </table>
             <div class="header-image-container" style="padding-top:15px">
              <img alt="A sign announcing tolls because of New York City's congestion pricing" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F062a379e4dcae01745a80d39e1172ae62a85fa07-1500x1000.jpg%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDUxODI1Nn0:1uKZyy:CXnNBDdG2XuJUTndHV2uvKqmUSuZ0zbztHACWrofVzA" style="width:100%;max-width:670px;display:block" width="670"/>
              <p style="margin:0;padding:0;line-height:22px">
               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
                <small>
                 <em>
                  UCG/Getty Images
                 </em>
                </small>
               </span>
              </p>
             </div>
             <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
              <tr>
               <td class="content-container" style="padding:15px">
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 It’s unclear whether other US cities will follow New York’s lead and ape its first-in-the-nation
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  congestion pricing
                 </a>
                 , but other locales watching with interest might consider that if it can make it here, it’ll make it anywhere. And so far, it looks like the controversial fees introduced in January to curb traffic are making it. According to Bloomberg, the Metropolitan Transportation Authority (MTA), which runs the program, reports:
                </p>
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   The toll raised $215.7 million through April, putting it nearly at the $217 million that was estimated for those first four months and positioning it to rake in $500 million for the year after expenses.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Over that same period, the city’s central business district had ~8.1 million fewer vehicles drive through it compared to the historical average—an average daily decline of 11%.
                  </span>
                 </li>
                </ul>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 But, like the question of whether NYC’s best lox comes from Russ &amp; Daughters or Barney Greengrass, the congestion pricing policy is divisive. President Trump has vowed to kill it, and Transportation Secretary Sean Duffy revoked the federal government’s approval of it, saying the toll harms small businesses and working-class families. However, this week, the federal judge overseeing the MTA’s lawsuit challenging Duffy’s move temporarily blocked the federal government from cutting off funds if NYC didn’t end the program.
                 <em>
                  —AR
                 </em>
                </p>
               </td>
              </tr>
             </table>
            </td>
           </tr>
          </table>
         </td>
        </tr>
       </table>
       <!--[if !mso ]><! -- -->
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      <!-- STORY ARTICLE -->
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       <!-- <![endif]-->
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          <div class="tag-container" style="padding:15px 15px 0">
           <h3 style="color:#1c7ff2;text-transform:uppercase;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
            Together With Golf Digest+
           </h3>
          </div>
          <a style="border:none;text-decoration:none" target="_blank">
           <img alt="Golf Digest+" class="sponsored-header-image" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fcfe0e2f30680d44315b939ab3342e138ce772663-1000x750.png%253Fw%253D668%2526q%253D90%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDUxOTM2Mn0:1uKZyy:F-w9gedxMk3l-u6747M8m4PuSK7k2HDGNQkz6cIEUP4" style="width:100%;max-width:670px;padding-top:15px;display:block" width="670"/>
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             <p style="margin-top:0;margin-bottom:15px;line-height:22px">
              <strong style="color:#000">
               Bucket list golf courses.
              </strong>
              Golf Digest’s course rankings are the oldest and most respected, considered the gold standard since 1966. And their new 2025–26 rankings,
              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               <em>
                America’s 100 Greatest Courses
               </em>
              </a>
              , is now live. These rankings are based on nearly 90,000 ratings from more than 1,700 course raters.
              <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
               Discover the latest list
              </a>
              .
             </p>
            </td>
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           <h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
            NEWS
           </h3>
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            <td class="card-content">
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               <h1 class="story-title" style="color:#000;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 What else is brewing
                </a>
               </h1>
              </div>
             </table>
             <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
              <tr>
               <td class="content-container" style="padding:15px">
                <ul style="margin-top:0;padding-left:30px">
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    President Trump
                   </a>
                  </span>
                  <span>
                   denied that he was “chickening out” by announcing high tariffs and then lowering them, after a reporter asked for his reaction to the so-called “TACO” trade (for Trump Always Chickens Out).
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    Israel’s Benjamin Netanyahu
                   </a>
                  </span>
                  <span>
                   said Israeli forces have killed Hamas leader Mohammed Sinwar. The prime minister’s remarks came a day after the
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    chaotic opening
                   </a>
                  </span>
                  <span>
                   of an aid distribution center in Gaza run by a controversial new group backed by Israel and the US, during which the UN Human Rights Office believes 47 people were injured, mostly due to gunshots from Israel’s army.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    E.l.f. Beauty
                   </a>
                  </span>
                  <span>
                   is acquiring Hailey Bieber’s skincare brand, Rhode, for $1 billion.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    A federal judge
                   </a>
                  </span>
                  <span>
                   rejected President Trump’s executive order targeting Robert Mueller’s former law firm WilmerHale, deeming it unconstitutional. That puts the orders targeting law firms 3–0 in court, although some firms struck deals with the president to avoid getting hit with them.
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    President Trump
                   </a>
                  </span>
                  <span>
                   pardoned reality TV stars Julie and Todd Chrisley, who were serving federal prison sentences after being convicted of bank fraud and tax evasion.
                  </span>
                 </li>
                </ul>
               </td>
              </tr>
             </table>
            </td>
           </tr>
          </table>
         </td>
        </tr>
       </table>
       <!--[if !mso ]><! -- -->
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      <!-- END STORY ARTICLE -->
      <!-- STORY ARTICLE -->
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       <!-- <![endif]-->
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          <div class="tag-container" style="padding:15px 15px 0">
           <h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
            RECS
           </h3>
          </div>
          <table border="0" cellpadding="0" cellspacing="0" class="story-content-container" style="border-collapse:collapse" width="100%">
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            <td class="story-content">
             <div class="header-image-container" style="padding-top:15px">
              <img alt="To-do list banner" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F762cbc4c673b8613a0de1bf6711a4fc25276f7a4-1350x330.png%253Fw%253D668%2526q%253D70%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3NDg1MTI1MjguNDUyMDQzfQ:1uKZyy:_kkmvUT-x_UPmmPRyo05BSnakQOSL_iFnxyCa_oWiVw" style="width:100%;max-width:670px;display:block" width="670"/>
              <p style="margin:0;padding:0;line-height:22px">
               <span class="source" style="margin-top:5px;margin-bottom:0;padding-left:10px;line-height:14px;display:inline-block">
                <small>
                 <em>
                 </em>
                </small>
               </span>
              </p>
             </div>
             <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
              <tr>
               <td class="content-container" style="padding:15px">
                <div>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDg1MTI1MjguNDUyMTc2M30:1uKZyy:KGhfi2fvb7xHia0qEdt8eWqM7OhIg6LVK1HWE_abR9w" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Illuminate:
                  </strong>
                  A motion-detecting
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   night light
                  </a>
                  that's perfect for hallways and bathrooms.**
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDg1MTI1MjguNDUyMzU4NX0:1uKZyy:p09jECJU3iZSbeYENTNeWbsm4VmqAPDxeb1em9sH9PM" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Watch:
                  </strong>
                  What if you literally had
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   all the money in the world
                  </a>
                  ?
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDg1MTI1MjguNDUyNTQ0fQ:1uKZyy:QFevL8S_3nk1are9dy6GsOR498CgthM68COCms95olE" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Say “aw”:
                  </strong>
                  Pictures of
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   owls in towels
                  </a>
                  .
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDg1MTI1MjguNDUyNzE5NH0:1uKZyy:B-mLzwIJvY5fBDGigw7-wowXct19VIEf1QlPjkBmVB4" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   Start saving:
                  </strong>
                  How much money you need
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   to buy a home
                  </a>
                  .
                 </p>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <img alt="" src="https://inboxflows.com/_/image/https%253A%252F%252Fem-content.zobj.net%252Fthumbs%252F120%252Fapple%252F237%252Fwhite-heavy-check-mark_2705.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbS1jb250ZW50LiIsInRpbWUiOjE3NDg1MTI1MjguNDUyODcwOH0:1uKZyy:o0lq2xCohelPoxBj_gEK4rcdYhRUpH5vorAyPERjDmA" style="max-width:18px" width="18"/>
                  <strong style="color:#000">
                   HR hack:
                  </strong>
                  Need the right HR software, but have a full plate? SSR’s advisors will match you with your
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   best-fit tool
                  </a>
                  after a 15-min call. It’s fast, free—and Brew readers
                  <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                   get a $50 gift card
                  </a>
                  .*
                 </p>
                 <placementslot data-id="8ff8915d50db">
                 </placementslot>
                 <placementslot data-id="510754b15e52">
                 </placementslot>
                 <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                  <sup>
                   <em>
                    *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission.
                   </em>
                  </sup>
                 </p>
                </div>
               </td>
              </tr>
             </table>
            </td>
           </tr>
          </table>
         </td>
        </tr>
       </table>
       <!--[if !mso ]><! -- -->
      </div>
      <!-- <![endif]-->
      <!-- END STORY ARTICLE -->
      <!-- STORY ARTICLE -->
      <!--[if !mso ]><! -- -->
      <div class="c6" style="margin-bottom:7px">
       <!-- <![endif]-->
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         <td class="card" style="color:#333;border-collapse:collapse;box-shadow:none;background-color:#fff;border:1px solid #e6e6e6;border-radius:15px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;display:block">
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           <h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
            GAMES
           </h3>
          </div>
          <table border="0" cellpadding="0" cellspacing="0" class="story-content-container" style="border-collapse:collapse" width="100%">
           <tr>
            <td class="card-content">
             <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
              <div class="title-container" style="padding:0 15px">
               <h1 class="story-title" style="color:#000;margin-top:8px;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:24px;font-weight:700;line-height:26px">
                <a style="color:#000;border-bottom:none;text-decoration:none" target="_blank">
                 The puzzle section
                </a>
               </h1>
              </div>
             </table>
             <table border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse" width="100%">
              <tr>
               <td class="content-container" style="padding:15px">
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 <strong style="color:#000">
                  Brew Mini:
                 </strong>
                 You will certainly learn a new word in today’s puzzle.
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                  See what it is here
                 </a>
                 .
                </p>
                <h2 style="color:#000;margin:0 0 15px;font-family:Helvetica,Arial,sans-serif;font-size:19px;font-weight:700">
                 Three Headlines and a Lie
                </h2>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Three of these headlines are real and one is faker than your chances of finding someone to move your couch for free. Can you spot the odd one out?
                </p>
                <ol>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Brazilian nuns go viral after
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    beatboxing
                   </a>
                  </span>
                  <span>
                   on Catholic TV
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Delta flight
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    erupts
                   </a>
                  </span>
                  <span>
                   into chaos as pigeons fly around main cabin
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   A non-alcoholic takeover night at a minor league baseball stadium ends in 4
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    arrests
                   </a>
                  </span>
                 </li>
                 <li style="margin-bottom:10px;line-height:22px">
                  <span>
                   Heathrow chief out of reach during shutdown as phone was on
                  </span>
                  <span>
                   <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
                    silent
                   </a>
                  </span>
                  <span>
                   , says report
                  </span>
                 </li>
                </ol>
               </td>
              </tr>
             </table>
            </td>
           </tr>
          </table>
         </td>
        </tr>
       </table>
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      <!-- STORY ARTICLE -->
      <!--[if !mso ]><! -- -->
      <div class="c6 core_hidden" style="margin-bottom:7px">
       <!-- <![endif]-->
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          <div class="tag-container" style="padding:15px 15px 0">
           <h3 style="color:#1c7ff2;margin-top:0;margin-bottom:0;font-family:Helvetica,Arial,sans-serif;font-size:16px;font-weight:700">
            SHARE THE BREW
           </h3>
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                  Share Morning Brew
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                 We’re saying we’ll give you free stuff and more friends if you share a link. One link.
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                 Click to Share
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                 Or copy &amp; paste your referral link to others:
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            ANSWER
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                 We made up the one about the minor league game.
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                  Word of the Day
                 </span>
                </p>
                <p style="margin-top:0;margin-bottom:15px;line-height:22px">
                 Today’s Word of the Day is: confidant, meaning “one to whom secrets are entrusted.” Thanks to Marcia from Chicago for the friendly suggestion. Submit another Word of the Day
                 <a class="link" style="color:#333;border-bottom:2px solid #1c7ff2;text-decoration:none" target="_blank">
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                 .
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               ✳︎ A Note From Pacaso
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             <span style="font-size:10px">
              <p style="margin-top:0;margin-bottom:15px;line-height:22px">
               This is a paid advertisement for Pacaso’s Regulation A offering. Please read the offering circular at
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                invest.pacaso.com
               </a>
               . Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.
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