Good morning readers. We hope everyone had a relaxing fourth of July celebration yesterday. For those that took the day off today, well played. Enjoy your extended long weekend. For those that didn’t, don’t worry. No one’s really “working” today anyways.

Happy Friday.

Let’s jump into today’s storylines.

In today’s digest:

• The social app rekindling the magic of social networking

• Headline Hustle: The UK has a new leader, Saks Fifth parent company HBC acquires Neiman Marcus for $2.65 billion, Bitcoin continues to sink (along with the rest of crypto)

• NWSL opens their doors to private equity firms

• Pulse Points: What’s Trending

SOCIAL

The social media app reviving the art of being social

Just when you thought social media had morphed into an endless parade of perfectly polished posts, here comes noplace—shaking up the scene by channeling the spirit of the early internet days. Launched out of invite-only mode this Wednesday, noplace quickly climbed the App Store ranks to number 1, proving its mettle in the competitive world of social media.

The retro social media revival

Designed for a generation that missed the Myspace era, noplace is rekindling the magic of colorful, customizable profiles where users can share everything from their current jams to the latest book they can’t put down.

But the app's appeal lies in its simplicity and nostalgia.

• Unlike today’s highly curated feeds, noplace allows users to express their personalities through vibrant profile customizations—a feature that went viral even before the public launch.

• It’s a nod to the days when personalizing your digital space was as much a form of self-expression as the content you posted.

With a feature set that includes “stars”—tags that allow users to showcase their interests and connect with like-minded individuals—noplace is more than just a throwback. It’s a modern take on what social media was meant to be: a tool for bringing people together. The app also provides two feeds: one for friends and another global one, both presented in reverse chronological order to keep things fresh and immediate.

As for how the company started? In an interview, CEO Tiffany Zhong, said “I’ve always loved social,” but added the reason for starting the company was because social media didn’t feel social anymore. “Everything is just media. It feels very disconnected."

Looking ahead…as noplace rolls out globally, it offers a refreshing alternative to the algorithm-driven platforms that dominate today's social media landscape. By integrating AI to enhance user interaction rather than curate feeds, noplace keeps the focus on fostering connections.

IN THE KNOW

Headline Hustle

🇬🇧 The U.K.’s opposition Labour Party wins landslide election, unseating the Conservative Party after 14 years. The U.K.’s Labour Party wins a substantial parliamentary majority in the general election, ousting the Conservatives after 14 years. The Labour's majority is their second-largest ever, following Tony Blair’s 179-seat win in 1997. Keir Starmer, the party’s leader, now becomes the next prime minister. "Tonight people here and around the country have spoken. And they’re ready for change," Starmer said. Millions voted across the U.K., with final results tallied early Friday morning.

🛍️ Saks Fifth Avenue parent HBC buys Neiman Marcus for $2.65 billion. Saks Fifth Avenue parent HBC announced Thursday it will acquire Neiman Marcus Group in a $2.65 billion deal, merging the two iconic luxury retailers. The new entity, Saks Global, will include Saks Fifth Avenue, Saks OFF 5TH, Neiman Marcus, and Bergdorf Goodman. HBC CEO Richard Baker expressed excitement about the merger, highlighting the potential benefits for customers, partners, and employees. Saks.com CEO Marc Metrick will lead Saks Global, and Ian Putnam will head its property and investments division.

📉 Bitcoin (and the rest of crypto) continue to take a big beating. Bitcoin dropped to a four-month low on Friday, marking its worst weekly performance in a year due to uncertainty over Joe Biden's status as the Democrats' presidential candidate and worries about increased crypto supply. Bitcoin fell 5% to $55,366, its lowest since February, and was down 10% for the week. Ether also slid 8% to $2,891. The decline follows Bitcoin’s record high in mid-March, but it has since lost over 21%. Concerns about Biden being replaced by a less pro-crypto candidate and Mt. Gox creditors potentially offloading tokens added to the pressure.

SPORTS

Private Equity scores big in Women’s Soccer

Women’s soccer is not just breaking records on the field but also setting new precedents in the boardroom. In a play that diverges significantly from other major U.S. sports leagues, the National Women’s Soccer League (NWSL) is welcoming private equity with open arms, allowing these firms to take majority stakes in teams—an unprecedented move in American sports.

While leagues like the NBA and MLB cap private equity investment at 30%, the NWSL is charting a different course, seeing it as a golden opportunity to boost the sport’s growth through substantial financial injections.

The trend was set rolling by Sixth Street:

• The investment firm established the San Francisco Bay FC team with a record $54 million deal, underscoring the league's lucrative potential.

• This was recently followed by Carlyle's partnership with Seattle Sounders FC to acquire the NWSL's Reign FC for $58 million, marking a staggering growth from its $3.5 million valuation just five years ago.

The investment is timely. NWSL attendance has soared by over 40% this year, signaling growing fan engagement and commercial viability. With women’s sports revenue expected to surpass the billion-dollar mark for the first time this year—half of which is attributed to soccer—the league’s commercial strategy appears to be on the right track.

Big picture: The NWSL’s progressive approach is already drawing broader attention, with potential high-profile deals like Disney CEO Bob Iger’s anticipated purchase of Angel City FC, hinting at a valuation that could set new records for women’s sports franchises.

SNIPPETS

Pulse Points

• President Joe Biden is facing backlash from wealthy donors within his own party, including a Disney heiress, who are withholding funding for the Democratic Party until he withdraws from the presidential race after his poor debate performance.

• Canada authorized a digital-services tax, potentially provoking trade retaliation from Congress and the Biden administration. As a result, a 3% levy will apply to revenue from companies that provide digital services to Canadian users.

• Patrick Bertoletti wins Nathan’s Famous International Hot Dog Eating Contest after Joey Chestnut drops out.

• Former adult film actor Adria English, who worked for Sean "Diddy" Combs from 2004 to 2009, has accused the music mogul of sex trafficking and sexual assault, according to a lawsuit filed Wednesday.

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