PRESENTED BY:

Good morning readers. Yesterday was probably the worst way to start our week. Due to some technical difficulties, we weren’t able to ship the edition out to you on time. We were able to fix everything on our end but unfortunately it took a lot longer then expected. We hope to never miss out on a newsletter again.

On another note, a Texas man faces insider trading charges for eavesdropping on his wife's work calls, profiting $1.76 million from BP’s merger with truck stop operator TravelCenters. Exploiting his wife's position at BP, he bought shares of TravelCenters ahead of the merger, later profiting as shares surged 71%. Tyler Loudon, who confessed to his actions, pleads guilty to securities fraud, facing possible jail time. His wife, who had filed for divorce after learning her husband listened in on her calls without her knowing, reported his trading, leading to her termination.

OK so maybe our day wasn’t all that bad.

Let’s jump into today’s storylines.

In today’s digest:

• How the U.S. Supreme Court could reshape our online conversations

• Headline Hustle: The FTC sues to block Kroger & Albertsons merger, Norfolk Southern CEO sees 37% raise despite train derailment in Ohio, U.S. Air Force member sets himself on fire

• Reddit’s unique gameplan to IPO

• Pulse Points: What’s Trending

BUSINESS

A Supreme Court debate that could change everything

In an era where every tweet, post, and meme can spark a wildfire of public discourse, the U.S. Supreme Court finds itself at the crossroads of a heated debate that could reshape the landscape of online speech.

At the heart of the matter are contentious state laws from Texas and Florida, aimed squarely at the titans of social media, challenging their right to moderate content in a way that some conservatives claim stifles political viewpoints.

The question on everyone's mind: Does regulating these social media giants trample on the First Amendment, or is it a necessary step to ensure a fair digital public square?

What’s the big deal?

The Court is really digging into whether these state rules are fair or if they mess with the Constitution. The heart of the debate is about free speech and whether these laws force social media companies to share messages they don't agree with. It's a sticky situation because it's about protecting our rights to speak freely but also about how much control these big companies have over what gets said online.

Why does it matter?

Everyone's watching this closely because it's not just about who gets to say what online. It's about who decides what's okay to share and what's not. If these rules stand, it could mean big changes for how social media works. We could see a lot more information that's misleading or hateful, or we might see companies being super cautious and not letting much of anything through.

And then there's a big question mark over what even counts as a social media platform. Could these rules end up affecting more than just the big names like Twitter or Facebook? It's a concern that's got everyone guessing.

Lawmakers also want to address a law titled Section 230 that keeps social media companies from getting in trouble for what people post. How the Court decides could shake this up, making a big difference in how the internet runs moving forward.

Looking ahead…this is more than just what happens in the US. It could set a precedent that affects the whole world's internet rules. What the Supreme Court decides could change how we all share and talk online, making it a landmark case for digital free speech and platform power.

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IN THE KNOW

Headline Hustle

🛒 FTC takes on Kroger, Albertsons merger. The U.S. Federal Trade Commission is suing to halt the Kroger-Albertsons merger, citing concerns over consumer price hikes and worker wage cuts. Despite Kroger's claims of benefiting shoppers and employees, the FTC argues the combined entity would stifle competition, potentially leading to higher prices and reduced quality. Amidst a backdrop of rising inflation, the merger faces staunch opposition, with regulatory scrutiny intensifying as the Biden administration prioritizes consumer protection. The outcome remains uncertain as the grocery giants and regulators engage in a legal battle.

🚂 Norfolk Southern’s CEO sees 37% raise despite train derailment in Ohio. Norfolk Southern's CEO, Alan Shaw, saw a substantial 37% increase in compensation last year, soaring to $13.4 million despite a disastrous derailment in Ohio. The incident cost the company $1.1 billion and led to a 44% decline in net income. Despite this, Shaw's leadership changes gained support from the Brotherhood of Locomotive Engineers. But an investor group led by Ancora Holdings aims to oust Shaw, criticizing the board's decision to reward him amidst poor performance. The battle intensifies as Norfolk Southern prepares to defend its strategy and board composition against the opposition's push for change.

🇮🇱 US Air Force member's bold protest stuns nation. Aaron Bushnell, a 25-year-old active-duty member of the US Air Force, set himself on fire outside of the Israel embassy in Washington, D.C. His act, caught on video, protested what he saw as contributing to Palestinian suffering. Despite rescue efforts, Bushnell didn't survive. The event, similar to one in Atlanta, reflects growing tensions between Israel and Hamas in Gaza.

TECH

Reddit rolls out the IPO red carpet for its most engaged users

Imagine your online clout turning into a front row ticket to the stock market.

That's exactly what's happening as Reddit gears up for its Initial Public Offering (IPO), rolling out the red carpet for its most engaged users to invest. This move is not just about expanding Reddit's financial horizons; it's redefining the bond between a social media platform and its community.

Stepping into the IPO spotlight

At its core, Reddit's IPO strategy is unprecedented. By offering shares to 75,000 of its most engaged users, Reddit is not just rewarding its community but embedding them into the fabric of its corporate identity. This method, prioritizing users based on their karma score or contributions as subreddit moderators, mirrors Reddit's community-first ethos. It's a strategic nod to its power users, especially during times when the platform has faced scrutiny over API changes.

The meme stock phenomenon. The buzz around Reddit's IPO has inevitably led to speculation about its potential as the next big meme stock. Forums like r/WallStreetBets, instrumental in previous market shakeups, are starting debates on the IPO's prospects. While some users are optimistic about lucrative returns, others caution against the inherent risks of meme stock volatility.

While Reddit is the most visited site in the U.S., the company hasn’t turned a profit since its inception in ‘05. Despite the platform's impressive engagement metrics, its financial health remains a concern, with a history of losses compared to its recent sales growth.

But they’re making strides. The social media platform is working towards becoming profitable and believes there's still room to grow its advertising revenue. Reddit struck a deal with Google, earning $60 million annually by allowing its content to be used for developing AI models. Despite a 27% increase in global daily users last quarter, reaching 73.1 million, this figure is significantly lower than X (formerly Twitter), having less than half of its user base.

SNIPPETS

Pulse Points

• The Albert Einstein College of Medicine is now tuition-free due to a $1 billion donation from Ruth Gottesman, a former faculty member who developed tools for screening learning problems and initiated an adult literacy program.

• Chevron's $58 billion bid for a stake in a Guyana oil project is at risk due to pre-emption claims by Exxon Mobil and China's Cnooc, potentially derailing its megadeal for Hess.

• Canada has proposed new regulations requiring digital platforms to remove content showing child sexual exploitation or non-consensual intimate images.

• Google, after withdrawing its AI image generation tool amid controversies, intends to relaunch it soon, as stated by DeepMind CEO Demis Hassabis.

• Intuitive Machines' cargo lander, Odysseus, has sent back its first images from the moon as it begins its mission at the lunar surface.

• The FAA released a report criticizing Boeing's safety culture, highlighting a discrepancy between the company's claims and the actual commitment to safety, especially after two fatal crashes and ongoing issues.

• By 2030, the U.S. aims to produce 20% of the world's leading-edge chips for technology and AI, a significant increase from its current production of none, according to Commerce Secretary Gina Raimondo.

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