Good morning readers. Ronna McDaniel might have just broken the record for shortest time on the job. The two-day NBC News political correspondent was shown the door after an unprecedented amount of backlash by the network’s top television anchors over her role in subverting the 2020 presidential elections and attacks on the press. As head of the RNC, McDaniel’s was caught making a phone call to Michigan County officials in 2020 telling them not to certify votes in the Detroit area. “Do not sign it. We will get you attorneys.” Cesar Conde, NBCUniversal News Group President, apologized to staff and took full responsibility following the incident. Several employees, including high level executives, did not object to the decision.

Let’s jump into today’s storylines.

In today’s digest:

• Trump’s latest venture, Truth Social, lights up Wall Street

• Headline Hustle: Port of Baltimore shuts down after bridge collapses, FTC is investigating TikTok over privacy concerns, SCOTUS appears unlikely to upend abortion-pill access

• Canada is struggling with productivity, and it’s showing

• Pulse Points: What’s Trending

BUSINESS

Trump’s Truth Social takes Wall Street by storm

For the first time in almost three decades, Donald Trump has taken part of his business empire public. And it seemed like everybody from Wall Street to your local Starbucks was loving it.

At least to start the day.

A shaky opening

Donald Trump's foray into the stock market with his media venture, Trump Media & Technology Group, marks a significant shift in his business landscape. The company, which owns Truth Social, a social media platform, made its much-anticipated public debut after nearly 30 years, trading under the symbol "DJT."

The initial trading frenzy saw Trump Media's stock price surge by an impressive 56%, hitting $78 per share, prompting a brief halt due to volatility. But the excitement waned throughout the day, with shares settling at $57.99 by the closing bell, still representing a notable 16% increase.

Despite the optimistic market sentiment, financial analysts are raising red flags regarding Trump Media's valuation, which currently stands at a staggering $11 billion.

• Experts say the valuation seems disproportionate to the company's financial performance, with Truth Social generating just $3.4 million in revenue over the first nine months of the previous year and its declining user base.

• Despite its promising start on the stock market, Truth Social's monthly active users have dwindled, facing a 51% decrease year-over-year in February.

Is this a GameStop repeat? Experts draw comparisons between Trump Media's stock surge and the phenomenon of meme stocks like GameStop and AMC, driven more by speculative trading than fundamental business metrics. They raise concerns about the sustainability of such valuations, with warnings that the stock could eventually plummet, reflecting its true underlying value.

Looking ahead…while some speculate that Truth Social could become a primary communication channel for Trump in the event of a return to the White House, others caution against the inherent risks associated with investing in a company with such strong ties to one individual.

IN THE KNOW

Headline Hustle

🌉 Port of Baltimore shuts down after bridge collapses. The Port of Baltimore was forced to shut down after a container ship collided with the Francis Scott Key Bridge and caused it to collapse. The 1.6-mile-long bridge is a major port for the city with city officials calling the collapse “a dire emergency.” Initially, eight workers were involved, with two rescued and six presumed dead. The Coast Guard's search transitioned to recovery as the day progressed. You can see the latest updates here.

🔎 FTC investigates TikTok over privacy concerns. TikTok's woes deepen as the Federal Trade Commission (FTC) launches an investigation into its data and security practices. Sources reveal concerns over potential violations of children's privacy laws and deceptive business practices, particularly regarding user data access in China. The FTC may take legal action against TikTok in the coming weeks. Meanwhile, amidst bipartisan pressure in Congress for a TikTok sale, the platform defends itself against allegations of national security threats. With TikTok's fate uncertain, the scrutiny intensifies on its operations and assurances.

💊 SCOTUS appears unlikely to upend abortion-pill access. The Supreme Court is leaning toward safeguarding access to the abortion pill mifepristone, signaling skepticism towards rolling back its availability. Justices question the legitimacy of the case's plaintiffs and scrutinize potential nationwide implications. The dispute, driven by concerns over safety and legal standing, points to the ongoing battles over reproductive rights post-Roe v. Wade. As the court deliberates, the fate of medication abortion and the broader abortion debate hang in the balance, awaiting a verdict by early July.

CANADA

Canada has a productivity problem. And it’s only getting worse

In the Great White North, the phrase "work smarter, not harder" has taken on a new level of urgency, according to the nation's financial watchdogs. As the Bank of Canada sounds the alarm on labor productivity—or the lack thereof—it's clear the maple leaf is wilting under economic pressure.

The need to act now

It seems Canada's productivity isn't just sleeping; it's in a seven-year snooze, and it's time for a wake-up call.

That’s what the Bank of Canada’s senior deputy governor, Carolyn Rogers, eluded to on Tuesday when asked about ways the country can protect itself against future bouts with inflation. “It’s become a national emergency.”

Canada's labor productivity, a measure of the economic output per hour worked, is painting a grim picture of stagnation, signaling an alarm that's hard to ignore.

• With a recent report revealing a mere 1.7% gain in productivity after a worrying six quarters of decline, the nation finds itself treading water economically, with productivity levels stuck in a seven-year time warp.

• The implications of this trend are far-reaching, impacting everything from living standards to the ability to fend off inflation without resorting to interest rate hikes.

At the heart of this productivity predicament, according to Rogers, lies a mix of weak capital investment and a stifling lack of competition in key sectors. This "emergency" situation, as she puts it, calls for a break from the status quo, urging businesses to embrace a more aggressive investment strategy in innovation and technology.

This call to arms comes at an important time for the country, as global economic winds shift, threatening to worsen inflationary pressures through challenges like an aging population, climate change, and trade tensions. Canada's conservative business culture, characterized by a reluctance to take risks and a tendency to play it safe, is under scrutiny. Coupled with protective policies that may have backfired, stifling competition and innovation, the nation's economic strategy seems ripe for a reboot.

SNIPPETS

Pulse Points

• Donald Trump, in partnership with Lee Greenwood, started selling "God Bless the U.S.A. Bibles" for $59.99 each, citing the need to bring back religion and Christianity to America.

• McDonald's plans to sell Krispy Kreme doughnuts at its U.S. restaurants by the end of 2026, doubling Krispy Kreme's distribution and leading to a 39% surge in its stock, with McDonald's becoming its exclusive fast-food partner in the U.S.

• Visa and Mastercard, along with their issuing banks, have settled a longstanding antitrust lawsuit, agreeing to reduce merchants' swipe fees by $30 billion over five years.

• Apple announced that its WWDC developers conference will be held from June 10 to June 14, with a livestream on its website and an in-person celebration for some developers on the first day.

• Facebook spied on users’ Snapchat traffic in a secret project, as revealed by court documents unsealed in a lawsuit between consumers and Facebook's parent company, Meta.

• A Russian court has extended the detention of Wall Street Journal reporter Evan Gershkovich by three months, marking nearly a year since his arrest on espionage charges,

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