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TECH TODAY

Canoo: The struggling EV maker closed its sole manufacturing plant and furloed all of its employees as it searches for emergency funding.

Rocket Man has problems: Elon Musk and his SpaceX have some issue to resolve.

Juicyway: This FinTech startup processed $1B of transactions based on word of mouth. Then it launched.

 🎁 Happy Holidays 🎄

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 🎄 Happy Holidays 🎁🎅🎎🪔🧑‍🎄🤶

HEADLINE NEWS 👀

OpenAI To Allow Employees To Sell $10 Million In Stock

Approximately 400 current and former OpenAI employees are set to become millionaires through a private stock sale arranged by the San Francisco based AI company. The deal, led by Japan’s SoftBank Group, allows eligible shareholders to sell their equity at $210 per share, capitalizing on OpenAI’s meteoric rise to a $157 billion valuation.

SoftBank plans to purchase up to $1.6 billion worth of OpenAI stock, offering current employees priority access to cash out up to $10 million each. Former employees are guaranteed at least $2 million, though their payouts could be limited if the deal is oversubscribed. The offer closes on December 24.

This tender offer underscores SoftBank’s aggressive investment in AI, following a $500 million stake in OpenAI’s recent $6.6 billion funding round and a broader $100 billion commitment to AI infrastructure projects in the U.S. over the next four years.

The sale also reflects a shift in OpenAI’s equity policies, which now include both current and former employees more equitably. Previously criticized for limiting former staff’s participation and penalizing those who joined competitors, OpenAI revised its rules earlier this year, aligning with trends in the tech sector where fewer companies are going public.

Amid this backdrop, questions linger over whether leadership from rival AI firm Anthropic, founded by former OpenAI employees, will take part in the sale. Anthropic recently raised $4 billion from Amazon, further highlighting the competitive dynamics of the AI industry.

For OpenAI employees, the tender offer represents a substantial financial windfall, marking another milestone in the company’s rapid ascent as a dominant player in the AI landscape.

Micron Shares Sink On Quarterly Miss

The memory chip maker reported strong growth in its data center business but pointed to weakness in consumer markets like PCs, reflecting uneven demand across sectors.

The Fed Signals Caution And Market Tanks

The Federal Reserve signaled a more cautious approach to further interest rate cuts on Wednesday, approving a reduction that Chair Jerome Powell described as a "close call." The move marks the third consecutive rate cut, lowering the federal funds rate to a range of 4.25% to 4.5%, a two-year low. However, Powell indicated that the Fed would slow the pace of cuts moving forward, citing heightened uncertainty around inflation and economic conditions.

Markets reacted sharply, with the Dow Jones Industrial Average plunging over 1,100 points, its worst single day loss in months, and the S&P 500 and Nasdaq Composite dropping nearly 3% and 3.6%, respectively. The U.S. dollar surged to a two year high against other currencies.

The Fed's new projections show fewer rate cuts anticipated for 2025, down to two from four in September, amid expectations of stickier inflation. Core inflation is now forecasted to rise 2.5% in 2024, up from earlier predictions of 2.2%. Powell attributed the revised outlook to both recent data and potential policy changes under President elect Donald Trump, including tariffs and immigration measures that could raise domestic prices and wage pressures.

While some officials expressed doubts about the necessity of the latest cut, Powell emphasized the Fed's intent to balance preventing economic slowdown with maintaining progress on inflation. Investors now expect the Fed to hold rates steady in upcoming meetings, signaling a shift from prior expectations of aggressive cuts.

The decision underscores the Fed's challenge in navigating economic uncertainty, with Powell acknowledging, "It’s a difficult time to be making policy." Meanwhile, borrowing costs for consumers and businesses remain mixed, with short term relief for credit card debt contrasting with rising long term rates on mortgages and loans. As the labor market steadies, the Fed's path forward remains unclear, reflecting broader concerns about inflationary risks and economic resilience.

Housing Is Soft And Lennar Corp Feels The Pain

Lennar Corp. reported a decline in revenue and profit for its fiscal fourth quarter, as higher mortgage rates continued to weigh on the housing market. The Miami based homebuilder’s shares dropped sharply in after hours trading, falling 8.9% to $133 after closing the regular session down 3.7% at $145.93. Lennar's stock is now down 2% for the year.

The company posted a quarterly profit of $1.1 billion, or $4.06 per share, for the three months ending November 30, compared to $1.36 billion, or $4.82 per share, in the same period last year. Analysts polled by FactSet had expected earnings of $4.15 per share. Revenue declined 9% to $9.95 billion, missing analyst expectations of $10.06 billion.

Lennar reported a 7% drop in home deliveries, which fell to 22,206 units, while new orders slipped 3% to 16,895 homes. The company ended the quarter with a backlog of 11,633 homes valued at $5.4 billion.

Co-CEO Stuart Miller noted that affordability challenges, driven by elevated mortgage rates, overshadowed strong demand and the ongoing supply shortage in the housing market. “Even while demand remained strong, our results were driven by affordability limitations from higher interest rates,” Miller said.

Looking ahead, Lennar projects home deliveries of 17,000 to 17,500 in the current quarter, with new home orders expected to range between 17,500 and 18,000.

Elf On The Shelf 'Twas the Toy They Said Would Fail’

Not all toys begin their journey to stardom wrapped in shiny paper and bow topped. Some toys, like this holiday underdog, are written off as misfits,

destined for the damaged goods bin, naysayers declared. Yet, like Rudolph finding his glow, this creation defied expectations and soared straight into the hearts of families.

It’s a tale as magical as Santa’s sleigh ride. Once dismissed as a flop, the toy's creators tinkered like Christmas elves, fine-tuning every detail. With a sprinkle of innovation, a dash of resilience, and perhaps a bit of holiday luck, their product transformed into a phenomenon as beloved as a roaring yule log. Brandy and eggnog flowed in celebration.

Now, shelves are emptied faster than Santa's sack on Christmas Eve, and the toy is the season's must have gift. Proof even underdogs can shine brighter than the North Star.

💰️ Smart Money Matters 💰️ 

Culture Corner

🎸 Lainey Wilson From Montana Ranch to Nashville Glory 🎶

WELL, WELL, WELL, FOLKS, LET ME TELL YA Yellowstone may have ended, but one of its characters is just getting started.

Lainey Wilson, already strumming her way into the hearts of Nashville, strolled onto the Yellowstone set in Montana back in 2022. A soulful country singer turned actress (sorta), she brought to life Abby, a friend of the Dutton family with a guitar in hand and a twinkle of real world country girl grit. Creator Taylor Sheridan saw something in Lainey before she even did, and created the character (Abby) just for her from the jump.

Now, if you’re countin’ her acting credits, she admits her first role was impersonating Hannah Montana at kids’ birthday parties. But fast-forward a few years, and Wilson’s doing concerts on Montana ranches and winning Entertainer of the Year at the CMAs. Putting her in league with Taylor Swift. Oh, and let’s not forget Reba McEntire just invited her to the Grand Ole Opry alongside Dolly, Vince, and the legends. That’s the kind of pinch me country magic dreams are made of, yeehaw!

Lainey’s part of a new Nashville wave, kids born in the early ‘90s, who blend old school honky tonk with outlaw flair, a ‘70s vibe, and a dash of modern rock. She’s got pipes, and adds a true sense of twang to her verses. “Country’s cool again,” she says, pointing out that cowboy hats, Wranglers, and horse riding videos are taking over TikTok. (City slickers, we see you.) Sheridan’s Yellowstone world, she reckons, lit a fire under country culture, makin’ folks crave authenticity like a home cooked meal.

But this gal’s rise to the top wasn’t overnight, she fought for it one bell bottom flare and big cowgirl hat at a time, sayin’, “If I’m gonna stand out, I’m gonna go all in.” Nashville didn’t always think her sound was “cool,” but she trusted her gut, trucked along, and found her people. Now, now she’s got a whirlwind of a career, a happy heart with Duck Hodges at her side, and a fresh new chapter brewin’.

Lainey Wilson ain’t slowin’ down, y’all. She’s ridin’ high, staying true, and remindin’ us all why country music’s got soul. If you don’t know her yet, you will. Listen in…

SMALL BUSINESS OWNERS NEWS

Corporate Transparency Act (CTA)

12/11/24 Update: U.S. Businesses May Face $10K Fines for Missing Ownership Reporting Deadline Under New Law

Small businesses must comply with the Corporate Transparency Act (CTA) by reporting beneficial ownership information (BOI) to the Treasury's Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025. The CTA, passed in 2021, targets illicit finance by requiring transparency around who owns or controls companies operating in the U.S.

An estimated 32.6 million businesses, including corporations and LLCs, are subject to the new rules. Noncompliance could result in fines of $10,000 or more, plus possible jail time for "willful" violations.

Despite the looming deadline, many businesses remain unaware or unprepared. The Treasury has not disclosed how many BOI reports have been filed so far. A federal court in Texas has temporarily halted enforcement of the law, but the mandate is still in place.

The law seeks to prevent crimes like money laundering, terrorism, and corruption by eliminating the anonymity often enabled by shell companies. As Treasury Secretary Janet Yellen emphasized during FinCEN's BOI portal launch in January, "Corporate anonymity enables money laundering, drug trafficking, terrorism, and corruption."

For more details, visit FinCEN’s Corporate Transparency Act page or learn about beneficial ownership reporting here.

12/4/24 Update: A federal court has halted the implementation of the Corporate Transparency Act’s beneficial ownership reporting requirements. This will remain in effect until the conclusion of legal proceedings. As of this update, businesses are not required to comply with the reporting requirements.

ECONOMY

U.S. Industrial Production Continues Its Slide

U.S. industrial production declined for the third consecutive month declining by 0.1% in November, according to the Federal Reserve. Economists had expected a 0.3% increase.

Manufacturing output rose by 0.2%, driven by gains in car production, which grew 3.5%, and machinery, up 2.1%.

Business equipment production increased by 1.2%, but consumer goods production remained flat.

Utilities output fell 1.3%, while mining dropped 0.9%.

Aerospace production declined by 2.6%, despite the resolution of the Boeing strike, due to weaker aircraft parts output. Capacity utilization ticked down to 76.8% from 77% in October.

FINANCE

Affirm Affirms Sale Of Buy Now Pay Later Loans

Affirm has secured its largest capital commitment to date, agreeing to sell up to $4 billion of its buy now pay later loans to private credit firm Sixth Street over the next three years. This move taps into growing demand from private credit markets and aims to diversify Affirm's funding sources as it scales its operations.

The San Francisco company, which facilitates short term loans for online purchases, reported a 35% increase in gross merchandise volume in the quarter ending Sept. 30, reaching $7.6 billion. Affirm funds its business through a combination of loan sales, asset backed securitizations, and warehouse funding. As of Sept. 30, its total funding capacity stood at $16.8 billion, up from $13.1 billion a year prior.

Under the new agreement, Affirm will sell loans to Sixth Street through a joint venture, emphasizing a collaborative, long term capital approach. Affirm’s leadership highlighted the deal as a strategic step to secure durable funding and position the company for future growth amid rising private credit trends.

This partnership reflects Affirm’s broader strategy to expand its funding capacity as it targets $50 billion in gross merchandise volume. The company plans to continue pursuing additional deals while maintaining its presence in the asset backed securities market and other funding avenues.

POLITICS

Trump Demands Spending Bill Killed

The stopgap spending bill, crafted by Republicans and Democrats to avert a government shutdown, faces uncertainty after President elect Donald Trump criticized it on Wednesday, just days before the midnight funding deadline.

Speaker Mike Johnson has defended the 1,500 page measure, but dissatisfaction among House Republicans has surfaced, complicating its prospects. Mr. Trump’s opposition highlights the challenges Republican leaders are likely to face next year as they navigate a divided Congress and an unpredictable president known for upending delicate political agreements.

THE GRIND FACTORY ⚙️

UNIQUELY INTERESTING

💡 Epiphany Moments

The Salesforce origination story began In March 1999 when Marc Benioff and his trio of collaborators—Parker Harris, Dave Moellenhoff, and Frank Dominguez set out to revolutionize software delivery. Working out of a one bedroom cozy apartment in San Francisco's Telegraph Hill they envisioned a groundbreaking new concept. Software delivered over the internet rather than installed on physical servers or hard drives. This bold idea became the foundation of Software-as-a-Service (SaaS).

The startup was unconventional from day one. Their mantra was simplicity and speed, and even Benioff’s dog, Koa, pitched in holding court as the “Chief Love Officer.” When Salesforce officially launched on February 7, 2000 its tagline, “The End of Software,” declared war on traditional computer industry methods.

Salesforce weathered the dot com crash and saw explosive growth during this tumultuous period. By 2003 they had hit 10,000 customers. A year later, they made history by going public and cementing their place as a SaaS pioneer. Today, Salesforce is a cloud computing juggernaut, shaping the software world it once sought to disrupt.

 🍎 One Smart Apple

When marrying right is right. Stan Kroenke is a billionaire whose wealth stems from both his entrepreneurial ventures and his connection to the Walton family, heirs to the Walmart fortune.

Kroenke's self-made success began with the Kroenke Group, a real estate development firm he founded in 1983. Kroenke Group specializes in shopping centers and apartment complexes. He expanded his empire by acquiring major sports franchises through Kroenke Sports & Entertainment owns the Los Angeles Rams, Denver Nuggets, Colorado Avalanche, and Arsenal F.C.

However, his marriage to Ann Walton in 1974, a Walmart heiress, significantly bolstered his financial foundation. This connection to one of the world's wealthiest families provided access to additional resources and opportunities that have shaped his rise 🍏 

 HEALTH & LONGEVITY •ᴗ•

The Surprising Perks Of Aging

Turns out the old adage “with age comes wisdom” is more than just a cliché. According to Laura Carstensen, director of Stanford’s Center on Longevity, aging brings emotional clarity. With fewer “what ifs” clouding their minds, older adults embrace the present and feel better for it.

Contrary to popular belief, getting older doesn’t necessarily mean becoming lonelier or more anxious. Research shows that older people tend to handle life’s challenges like grief, health issues, and ageism better than their younger counterparts. Why? They’ve learned to focus on the positives, leaving the stresses of constant future planning behind.

With life expectancies rising and centenarians expected to quadruple by 2055, Carstensen says it’s time to rethink how we live those extra years. Her “New Map of Life” proposes bold ideas: longer childhoods, gap years during high school for internships or community service, and flexible work schedules that reflect life’s changing demands. Retirement, she suggests, shouldn’t happen at 65 by default but whenever it makes sense.

As we age, Carstensen notes, we see our place in the world more clearly. "People figure out what they’re good at and what they’re not and learn to be OK with it,” she says.

With advances in health and technology, longer lives are a gift, but only if society evolves alongside them. Carstensen’s advice? Embrace aging as an opportunity to live more fully, not just longer. After all, the best years might still be ahead.

🎁 Happy Holiday’s  🎄

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