Good morning readers. Remember when we celebrated our big brains as the hallmark of human evolution? Recent revelations suggest that after the last Ice Age, our brains have actually shrunk, roughly by the volume of a zesty lime. Experts speculate that this downsizing might be due to our collective intelligence—turns out, teamwork does make the dream work. Just as ants thrive in "ultrasocial" systems, humans, too, might be optimizing. But don’t fret—size isn’t everything. Brain quality over quantity, right? After all, Einstein's brain was tinier than average.

There’s hope for us yet.

Let’s jump into today’s storylines.

In today’s digest:

• Ontario’s Greenbelt U-Turn

• Headline Hustle: Rupert Murdoch steps down, Saudi prince leans into “sportswashing” tag, 3M gets fined again

• The new dynamics of tech IPOs

• Pulse Points: What’s Trending

ONTARIO

Doug Ford backpaddles amid scandal

For every confusing moment, there’s a hair out of place. The Greenbelt – Ontario’s pristine stretch of land – found itself in the middle of a political whirlwind, only to be pulled back by Premier Doug Ford in a surprising act of contrition.

Dancing with the developer

Last month, Bonnie Lysyk, Ontario's ever-watchful Auditor General, dropped a bombshell report, revealing some not-so-green dealings. A staggering 92% of the 7,400 acres yanked out of the Greenbelt’s protective embrace had ties to a trifecta of developers, who seemed a little too cozy with the housing ministry for comfort. Scandal ensued, leading MPP Kaleed Rasheed and Housing Minister Steve Clark to tender their resignations, amid accusations of jet-setting rendezvous and ethics violations.

The government’s initial justification? The housing crisis. The solution? More homes. But public trust waned as irregularities came to light, painting a picture of potential preferential treatment. In a recent announcement, Premier Ford backpedaled, admitting the Greenbelt decision was a slip-up and vowing it was off limits indefinitely. “Mistakes were made,” Ford conceded, emphasizing the uphill battle to regain public faith.

Looking forward…a lot of questions still need to be answered: Who foots the bill? And what about those promises made to developers? Ford remained tight-lipped about specifics but promised transparency in due time. As Ontario navigates the aftershocks of this Greenbelt saga, the quest for trust and transparency takes center stage.

Headline Hustle

👑 Rupert Murdoch steps down as chair. Rupert Murdoch, the 92-year-old kingpin behind a sprawling media dynasty, is passing the crown to his son, Lachlan. After over 70 glorious (and controversial) years, Rupert's taking a step back from Fox Corp. and News Corp., but don’t expect him to disappear. He vows to remain a vital voice, critiquing shows and scanning headlines. Meanwhile, Lachlan's got some big shoes to fill, and potentially some sibling rivalry ahead. I’m getting some serious Succession vibes with this.

⚽ Sportswashing or smart business? Saudi Crown Prince Mohammed bin Salman is leaning into "sportswashing" like it's the latest trend. Sure, critics say Saudi's sports splurge is about polishing a not-so-shiny rep, but the prince? He's eyeing that GDP boost. Recruiting football icons like Ronaldo and scoring deals with golf giants isn't just about the games – there's a bigger play here. With a whopping $700B fund backing sports ventures, the lines between sports, politics, and influence have never been blurrier.

💰 3M gets fined again. Between 2016 and 2018, 3M's Swiss subsidiary seemingly played fast and loose, sending reflective sheeting to an Iranian group on the U.S. black list. The Treasury caught wind, investigating 54 alleged sanction slip-ups. The verdict? A cool $9.6 million settlement. But 3M's trying to patch things up. They've given the boot to certain employees, cut ties with a sneaky German middleman, and promised to keep their noses clean. Just a note: last month, 3M coughed up $6.5 million over a separate issue with secretive sightseeing trips and $6 billion in August to settle lawsuits over U.S. military earplugs.

TECH

Tech IPOs: A chill in the air or just a breeze?

After a whopping 21-month tech IPO hiatus, big names like Arm, Instacart, and Klaviyo have finally stepped into the public arena. Yet, the confetti moment was fleeting. Although all three experienced a surge in their share prices post-IPO, they quickly simmered down to near their offering rates. A snapshot:

• Arm's stocks soared 25% immediately, but cooled down quickly to hover just above its IPO value.

• Instacart, after a flashy 40% uptick, ended its debut with a meager 12% climb, which further dwindled on day two.

• Klaviyo basked in a 23% initial rise, only to wrap up at a modest 9% over its IPO rate.

Gone are the 2020-2021 days of spectacular first-day IPO fireworks. So, what’s shifted? Zoom in on Instacart and you might find out.

Once riding high at a valuation of $39 billion in 2021, it encountered successive valuation cuts amidst market turmoil. It's not alone—Stripe slashed its valuation by half to $50 billion while Canva lowered it’s valuation by 36% in a secondary transaction. The narrative is clear: from rampant growth, the focus has pivoted to profits. Instacart's recalibration and Klaviyo's matured valuation growth underscore this.

Zoom out: the tech IPO scene may be more measured now, but there's a brewing mix of caution and hope. While valuations and dynamics spark concerns, the drive for public transition, fueled by a need for profitability, persists.

SNIPPETS

Pulse Points

Cisco Systems has agreed to purchase the analytics and security-software firm Splunk for $28 billion.

Several sponsors have cut ties with British comedian and actor Russell Brand following allegations of sexual assault.

TikTok is experimenting with a feature that incorporates Google Search within its in-app search results.

Here’s everything Microsoft announced at its Surface and Copilot event in New York.

WWE's "Friday Night SmackDown" is set to return to USA Network in October 2024.

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