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Gm. This morning, we're taking you to the Bahamas and Europe. Keep all arms and legs inside the ride. ✈️✈️✈️
FRESH POWDER
Looking at three funds that recently topped up their coffers.
CRYPTO
SBF Gets Cuffed
It’s cuffing season for SBF!
Unfortunately for SBF, this is not the kind of cuffing that leads to cuddling and cute Christmas photos. It’s the kind of cuffing that lands him in a jail cell somewhere, eating horrendous vegan prison food.
That is because SBF was arrested yesterday in the Bahamas, setting the stage for the extradition and trial of the poster boy for crypto fraud and dumbass-ery.
A Laundry List
The arrest brings a bit of conclusion to a month-long ordeal that is best shown through the laundry list of charges against SBF:
Wire fraud
Securities fraud
Money laundering
Campaign finance violations
Related conspiracy charges
For many in crypto, a collective sigh of relief can be exhaled now that SBF is behind bars. There was much skepticism over whether this day would ever come for SBF, considering his connections to powerful media outlets and political figures.
Even SBF thought he would get away with it, saying, “I don’t think I will be arrested”...
Hours before he was arrested. The plot couldn't be better if Tarantino directed it.
Looking Ahead
From the penthouse to prison.
Even though SBF was denied bail and will be staying in prison, the story of FTX still has many chapters to go.
The FTX bankruptcy will be a doozy, and it is still in the early innings. If the books are as messy as new FTX CEO John Ray says they are, it will take years to sort everything out.
— Steve Flanders (@SteveFlanders22)
APPLE
Europe Breaking Free From Apple
Apple announced it will be allowing rival app stores on their products in the EU.
In an attempt to keep their 30% commission on every dollar that flowed through it Apple fought tooth and nail to keep their App Store as the one and only app store on Apple products. The EU's Digital Markets Act was the final nail in the coffin.
As Paresh Dave at Reuters highlighted, this means that other apps like Meta and Amazon that are reliant on Apple's App Store (and thus pay their 30% tax) could see increases in revenue.
History of the Battle
The App Store was released in June 2008 with 500 apps initially available.
With over 1.8 million apps on the App Store as of 2021 and over $155 billion paid out to developers, the App Store has been one of the biggest marketplaces of our generation. That being said, it's received its share of criticism.
Many have called the 30% tax the "tax on the internet" because everyone including customers must pay a higher rate for developers to account for Apple's tax.
With this move, new app stores are going to start popping up in Europe. Perhaps even some famous European companies will build their own app stores?
Next Generation of European App Stores
What's coming next?
Ikea App Store: Apps to buy furniture, apps for finding friends to go to Ikea with, and a marketplace app to hire people to build the furniture for you because it's so confusing
Unilever App Store: Apps to figure out which shampoo will make me cry and a party game called "Does Unilever own this brand? Probably!"
Rolex App Store: Apps that turn your phone into a Rolex screen, dating apps for Rolex fans, and a FindMyRolex app
Accenture App Store: Apps for on-demand consulting and games for consultants to play while bored because there's no work to do
The future is bright people. It's European vacation time.
— Jason Levin (@iamjasonlevin)
QUICK HITS
Seed Round
Stat: $27.8 billion: The amount that Amgen agreed to purchase rare disease drugmaker Horizon Therapeutics for. It’s the year’s largest pharma merger.
Startup: Inflation clocked in at 7.1% for November, which was lower than expected. Stocks are roaring on the news. Could this mean we’ve turned a corner on the inflation fight? If the answer is yes, and the Fed starts chilling out on the interest rate hikes, our bags might finally go up again.
Rabbithole: Guide to Sending Cold DMs and Emails (Jason Levin)
WHAT ELSE IS GOING ON
The world’s largest crypto exchange Binance is temporarily pausing withdrawals. CEO CZ says it’s no big deal. Please let him be right.
Researchers took a big step toward clean nuclear energy, as they were able to create a fusion reaction that produced a net energy gain for the first time.
Zappi, an AI-powered market research platform, raised a whopping $170 million. AI VC world stronk.
The top 3 apps on the App Store are all AI photo editing apps.
THREE LIES AND A HEADLINE
News is so weird these days. Three of these headline are fake stories from The Onion while one is actually true. Can you spot the truth amongst the fakes?
A. Students Uncover Under-Desk Surveillance Devices Designed to Track Them
B. Winter Clothing Drive Puts Out Urgent Request For More Giant Foam Fingers
C. Nation Can’t Agree Upon Rules of ‘Uno’
D. MLB Owners Hold Separate Meeting For Non-Tanking Teams
FOUNDERS CORNER
The best resources we came across that will help you become a better founder, builder, or investor.
🏴☠️ Category Pirates founder Nicolas Cole gives his 9 rules to live by.
🤑 Investor Codie Sanchez explains her $1,000/hr rule
👀 The customer whisperer Katelyn Bourgoin drops 12 tips on product pricing
THREE HEADLINES ANSWER
A