Plus: Reddit’s IPO, when eavesdropping turns into insider trading, the Oscar for Best Sniveling Dastard, and more.

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The Hustle

This week, aim to be like Lil Jon — the guy’s got range. The rapper with 9 Billboard Top 10 songs to his name has, just this month, put out a 10-song guided meditation album, performed alongside Usher at the Super Bowl, launched a new season of his HGTV home-renovation show, and dropped a new Pizza Hut jingle. The man really wasn’t lying when he declared he wasn’t a fan of turning down things.

In today’s email:

  • Road work: Are autonomous cars the office of the future?
  • Corporate breakups: What happens when mergers are called off.
  • Digits: An eavesdropping scandal, a dog’s lost title, and more newsy numbers.
  • Around the web: A new stock photo site, how to build a $10m+ newsletter, and more.

👇 Listen: Mourning the demise of a virtual Kim Kardashian.

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The Big Idea
Three of the same futuristic black car on a blue and white background.

Is your next coworking space the backseat of a self-driving car?

Next-gen tech could transform our vehicles into new and improved cubicles.
2024-02-26T00:00:00Z
Sara Friedman

In TV shows, high-power executives sit in the back of black Escalades, taking important business calls while their chauffeurs navigate city streets.

Now picture that, but without the chauffeur. Actually, make it no driver at all.

That could be the future as autonomous cars turn time behind the wheel into free time, per The Wall Street Journal.

And major carmakers are already imagining the possibilities through experimental prototypes:

  • Volvo Cars developed the 360c concept car, which is electric and autonomous, with four different layout options: living room, party, sleeping, and office.
  • Audi’s Urbansphere concept vehicle uses self-driving tech and swiveling front seats to serve as a functional space aside from your home or office.
  • Cadillac designed its two-passenger, autonomous InnerSpace concept car complete with lounge seating and a panoramic screen.

And more major auto brands are dabbling with new technology: BMW and Mercedes-Benz have recently leveled up their automation capabilities.

Driving the future

While we might be a ways off from taking naps while our cars do the driving, widespread adoption of EVs is nearer, and no gas-guzzling motor means more room for innovation.

We’ve already seen automakers introduce smartphone integration and ever-growing screens, but next-gen car tech could get even wilder:

  • Holographic tech could one day allow for businesspeople to conduct “in-person” meetings from their cars.
  • Generative AI might power in-vehicle voice assistants to help not only with navigation but with thinking through work dilemmas on the go.
  • AR, VR, and the metaverse could allow for digital twins of your real office inside your car.

While the idea of your boss’s floating head appearing in the middle of a road trip might’ve already spooked you, there are other challenges to consider with the new tech.

Carmakers will need to figure out ways to preserve safety features — like airbags and seatbelts — while reimagining vehicle interiors.

It feels worth it, though: these concept cars are pretty sick.

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Free Resource

Show us your weekly screen time summary?

…That’s what we thought. Mom and dad stopped keeping tabs, and you’ve been slipping into brain fog ever since.

Overcome the ultimate first-world problem. Take the 14-day digital detox challenge to hit the reset button on your brain, and reclaim your work-life balance.

Unplug from tech in 2 weeks:

  • A 14-day planner + ideas for daily growth
  • Tips for journaling, reflecting, and manifesting peace
  • Many links to recommended apps, tools, and blogs

If all else fails, our sources say to stuff your phone in rice.

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TRENDING
eyeball wearing a hat

Reddit will finally go public next month, to the thrill of just about nobody in the Reddit community. In its IPO filing, the social platform listed its reliance on its unpredictable user base as a risk factor limiting its growth, and that’s already proving pretty accurate: A group of Redditors is hatching plans to short the company’s stock.

SNIPPETS

Odysseus, the first US spacecraft on the moon since 1972, arrived safely but not perfectly. While Intuitive Machines has communicated with its lunar lander, the vehicle tipped over, limiting the transfer of information back to earth through its antennas.

Figure AI is raising $675m, bringing its valuation to ~$2B, thanks to investors including Jeff Bezos, Microsoft, and Nvidia. Figure builds robots that can replace humans in dangerous jobs.

AT&T is giving a $5 credit to “potentially impacted” customers after a 12-hour network outage left people without service on Thursday.

Come on, Barbie: HMD, maker of Nokia phones, and Mattel are collaborating on a real-life Barbie flip phone. The phone will go retro with actual buttons and no connection to the internet.

Warner Bros. Discovery turned a $103m profit on its streaming unit last year; the same unit saw $2.1B in losses in 2022. Turns out, price increases and lowered “content expenses” (AKA not paying as many people to make as many things) can really work wonders.

Wow, so shocking: Just days after American Airlines, Alaska Air, and JetBlue all announced they are raising baggage fees, United Airlines said it’s raising baggage fees, too.

Colombia revealed its plans to reach a 300-year-old shipwreck located ~2k miles undersea that could hold $20B in lost treasure. The $4.5m+ mission will start with a survey of surrounding waters.

Weird that this worked: Former Gizmodo writer Tom McKay claims he changed his Slack name to “Slackbot” and remained undetected for months after he left the company.

That’s gonna buy a lot of shoulder pads: The NFL upped its 2024 salary cap by ~$30m, with each of its 32 teams allotted $255.4m to build its roster for next season. The league’s total player spending should reach $10.5B this year.

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CHART
cost of breaking up a planned merger
Olivia Heller

Corporate alimony payments can get awfully steep

Terminating a planned merger can be a ten-digit heartbreaker.
2024-02-26T00:00:00Z
Ben Berkley

Incompatibility. Infidelity. Insistence of federal regulators that your union constitutes anticompetitive behavior.

Every breakup has its reasons, and most of them bring pain. Not to discount the hole your high school sweetheart tore in your soul, but corporate breakups often carry an extra sting — one felt in the wallet.

  • Breakup fees are a standard piece of mergers and acquisitions, meant to discourage parties from backing out of a deal.

Last week’s business headlines were dominated by the latest proposed mega deal, Capital One’s $35B bid for Discover. Coming along with it: a potential $1.38B breakup fee.

What happens if the deal goes awry?

While Capital One publicly projects confidence that it’ll cross the finish line and create the nation’s largest credit card company, its breakup fee provisions tell a different story, per Axios.

  • Capital One will not pay Discover if regulators block the merger, revealing execs’ nerves that feds won’t approve the deal.

Expect that regulatory drama to consume both companies over the second half of 2024, but if the relationship is nixed sooner, the party that calls it off will likely be writing a big check.

History has seen plenty of those checks

For instance, Dish paid DirecTV a $600m breakup fee after the pair’s 2002 satellite team-up was denied, and Staples paid Office Depot $250m for its judge-jettisoned 2016 flirtation.

But none sting quite as much as AT&T’s failed 2011 takeover of T-Mobile — it wound up paying its rival $4B+, financing improvements that helped T-Mobile better compete with AT&T.

Still, money doesn’t heal all wounds

Like any breakup you’ve experienced, the average corporate split brings emotional pain, too.

Design platform Figma recently netted $1B in breakup fees when Adobe’s proposed $20B purchase fell apart, but the cash has only been so helpful after its “rug got pulled out,” per The New York Times.

Figma’s previous IPO plans now delayed for nothing, internal morale has been dented — Figma employees spent a year in limbo, putting in extra work to seal a financial windfall that’s no longer certain.

The only thing colder is, of course, your high school sweetheart’s icy, icy heart.

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Fit The Bill

There are thousands of companies valued at $1B+. How many clues do you need to identify today’s billion-dollar brand?

Clue 1: Its gift cards start at €25, which tells you a lot about its discount pricing model. That amount wouldn’t get customers too far with many of its competitors.

Clue 2: What started with a 15-seat aircraft out of a small Irish airport expanded to serve 82k passengers in its first year of operation; it served 12.2m customers last month alone.

Clue 3: Impressively, it’s Europe’s largest airline group, despite not operating through almost any of the continent’s busiest airports. You won’t find them at London’s Heathrow, Paris’s Charles de Gaulle, or Amsterdam’s Schiphol.

👇 Scroll to the bottom for the answer 👇

By the Numbers
Tyler Perry, an acai bowl overtop a crossword puzzle outline, a bag of money and a red phone receiver, and a dog on a gray background.

Digits: A popular crossword fruit, a dog debacle, and more numbers

A not-so-old dog, how one man wound up single and in big trouble, and more wild numbers from around the web.
2024-02-26T00:00:00Z
Juliet Bennett Rylah

19: How many times the word “acai” appeared as an answer to a New York Times crossword clue in 2021. That’s a lot, given that the average word appears 1.86x per year. You can learn more about the rise and fall of various crossword answers in this delightful read.

31 years and 165 days: Perhaps not the age of the world’s oldest dog. Guinness World Records previously bestowed the honor upon Bobi, a Rafeiro do Alentejo from Portugal who purportedly died at that age in October 2023. However, a review found no conclusive evidence showing Bobi — whose breed typically lives 12-14 years — was really that old. Microchipping did not become mandatory for dogs in Portugal until 2008.

$800m: Cost of the Atlanta, Georgia, studio expansion filmmaker Tyler Perry put on hold after seeing OpenAI’s text-to-video generator, Sora. Perry told The Hollywood Reporter that the tool’s capabilities shocked him, and made him worry for those currently employed in film and TV production: “There’s got to be some sort of regulations in order to protect us. If not, I just don’t see how we survive.” Grim news for an industry already reeling from a pandemic, strikes, and layoffs.

~$1.8m: How much the estranged husband of a BP manager made off insider trading. Tyler Loudon pleaded guilty to eavesdropping on his wife’s phone calls as they both worked from home, then using what he overheard to strategically buy shares in TravelCenters of America, a truck stop service BP planned to acquire. When news of the acquisition dropped, shares shot up a whopping 71%. He now faces a $250k fine and five years in prison — and his wife divorced him.

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AROUND THE WEB

🏇 On this day: In 1839, the first Grand Liverpool Steeplechase was held. Today, the annual event is known as the Grand National.

📸 Useful: A new site for free stock photos.

🎧 My First Million: In this week's episode, Sam and Shaan share the three-step writing framework that helped them build $10m+ newsletters.

🎥 Haha: The Oscars don’t have awards for things like Best Sniveling Dastard or Best Theft of a Movie. But what if they did?

🐱 Aww: A micro-manager.

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happy hour oversharing meme

When the margaritas start tasting like trauma dumping on your boss. (Link)

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Today’s Fit the Bill answer is Ryanair (market cap: $32.3B)

Today's email was brought to you by Juliet Bennett Rylah and Sara Friedman.
Editing by: Ben “Take a deep breath, let the sound of ‘wHut!? Pizza wHut!? wHut!? Pizza wHut!? wHut!?’ soothe you… and release” Berkley.

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