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Good morning readers. It’s been a wild few days to say the least. An attempted assassination, a security crisis at the Secret Service, a call to protect independent candidate RFK Jr (who’s father and uncle were assassinated less then five years apart), Trump picks his VP, and the markets (surprisingly positive) reaction to all of this unfolding. To give you an idea:

• Trump Media shares jumped by more then 30% on news of the former President’s assassination attempt

• The Dow Jones closed at a record high on Monday, its first since May

• The S&P and Nasdaq both saw gains as well, rising 0.3% and 0.4% respectively

• Bitcoin jumped back above $64K (and the rest of crypto followed)

Oh, and Elon Musk is reportedly committing $45 million a month to a pro-Trump Super Pac.

Let’s jump into today’s storylines.

In today’s digest:

• Trump picks his VP

• Headline Hustle: Internal Disney communications leaked online after hack, Trump’s classified documents case gets dropped by Supreme Court, Appeals Court halts the return of net neutrality

• Match Groups investors are pushing the company to make some changes or force going private

• Pulse Points: What’s Trending

POLITICS

Trump picks JD Vance as his running mate

If your enthusiasm for political drama surpasses that of a soap opera fan, you may want to sit down. Former President Donald Trump named Sen. J.D. Vance of Ohio as his running mate, ending months of theatrical buildup and settling on a much younger partner who could help appeal to working-class voters in critical Midwest battleground states.

If Trump is elected, Vance, who turns 40 in August, would be one of the youngest vice presidents in history and one with just two years of elected experience. Closely associated with Trump’s conservative, populist movement, Vance brings both youth and a strong ideological alignment to the ticket.

The announcement

Trump made the announcement on his social-media platform on the first day of the Republican National Convention, stating that Vance would “be strongly focused on the people he fought so brilliantly for, the American Workers and Farmers in Pennsylvania, Michigan, Wisconsin, Ohio, Minnesota, and far beyond.”

• The selection of Vance raises questions about his electoral advantage, given his close alignment with Trump might alienate independents and moderate Republicans.

• Concerns also surfaced about the future of aid for Ukraine, with Vance viewed as even more hard-line than Trump.

But many in Milwaukee praised the choice. “Trump needs a vice president with innovative ideas and the ability to articulate them to every single American voter, and Senator J.D. Vance fits that mold perfectly,” said House Speaker Mike Johnson. “It is time to unite our nation.”

Trump, bandaged on his right ear, made his first public appearance since the shooting, entering Milwaukee’s Fiserv arena to Lee Greenwood’s “God Bless the USA.” Trump and Vance shook hands and took VIP seats as “USA” chants filled the arena.

Trump valued Vance’s back story: Marine service, Yale Law degree, and Silicon Valley ties. With Vance, Trump gains a loyalist and effective messenger, aligned with America First populism.

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IN THE KNOW

Headline Hustle

🎥 Disney gets hacked and has sensitive documents released to the public, including unreleased projects. An activist hacking group, Nullbulge, claimed responsibility for leaking around 1.2 terabytes of Disney's internal data from Slack, including information about unreleased projects, raw images, computer codes, and logins. The group, reportedly based in Russia, said it accessed the data through a person with Slack access who had cookies. Nullbulge cited Disney's handling of artist contracts, its approach to AI, and disregard for consumers as reasons for the hack. The group had apparently hinted at the release on social media.

🧑‍⚖️ Trump gets classified documents case dropped; special council plans to appeal the decision. A federal judge dismissed the classified documents case against Donald Trump, removing a significant legal challenge for the former president. Judge Aileen Cannon ruled that the appointment of special counsel Jack Smith violated the Constitution. Trump hailed the dismissal on Truth Social, calling for other cases against him to be dropped as well. The Justice Department plans to appeal the ruling. Cannon, appointed by Trump in 2020, argued that the special counsel's appointment usurped Congress' authority, creating a significant separation-of-powers issue.

🖥️ Appeals court halts the return of net neutrality. A federal appeals court has paused the reinstatement of net neutrality rules until August 5th, as it considers whether a more permanent action is justified. This decision marks another twist in the ongoing debate over net neutrality, the principle that ISPs should not block or throttle internet traffic. The FCC, under Democratic leadership, voted 3-2 in April to reintroduce net neutrality, which was previously repealed during the Trump administration. Broadband providers have challenged this move, especially following the Supreme Court's recent rejection of Chevron deference, which previously gave agencies like the FCC greater regulatory authority.

DEALS

Activist investors are pushing Match Group to clean up its act

For a company that pairs people up, Match Group might need some relationship counseling of its own. Starboard Value, an activist hedge fund, has taken a big stake in the online-dating company and is pushing for a possible sale if a turnaround isn’t successful, according to insiders.

Starboard joins a chorus of other activists, including Elliott Investment Management, who are eyeing changes at Match.

The details

Starboard holds more than 6.5% of Match and has been in discussions with the company about boosting growth, profitability, and curbing spending. Match shares have dropped about 12% this year, shrinking the company’s market cap to $8.5 billion.

Starboard’s strategy? Focus on Tinder, which generates more than half of Match’s revenue. The hedge fund is pushing for more product innovation and cost cuts for Tinder and sees potential in Hinge and other emerging apps. Aggressive share buybacks are also on their agenda. If these changes don’t pan out publicly, Starboard thinks going private might be the next step.

The context

In 2021, amid the pandemic and a boom in internet stocks, Match’s market cap soared above $40 billion. Recently, declining active users and rising costs have weighed on shares. The company’s portfolio includes Tinder, Hinge, OkCupid, and Plenty of Fish.

But despite its struggles, Match dwarfs publicly traded rivals like Bumble and Grindr. In May, Match reported first-quarter revenue growth of 9% year-over-year, but paying users dropped by 6%, partly due to weaker consumer spending.

Big picture: Starboard, led by Jeff Smith, is particularly active in the tech sector, with recent efforts at GoDaddy and Splunk before it was sold to Cisco.

SNIPPETS

Pulse Points

• Apple released the beta version of its iOS 18 update to the public.

• Powerful record labels, including UMG Recordings, Warner Music, and Sony Music, filed a lawsuit Friday accusing Verizon of intentionally ignoring customer copyright violations for profit, reports Music Business Worldwide.

• Macy’s management has ended talks with private investors seeking to take over the company and will instead pursue its own turnaround strategy to revitalize the chain.

• Actor James B. Sikking, best known for his roles in "Hill Street Blues" and "Doogie Howser, M.D.," has died at age 90.

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