Good morning and welcome to Tuesday. Thinking of trying out a new style this summer? Consider wearing a crow on your shoulder.🐦 

Now, wait, listen. It’s a unique look, gender-neutral, crows never go out of style, they match everything, and people will definitely think you're a pirate. Definitely more pros than cons here.

Some things you’ll know after reading this email:

•  🐻📉 The definition of a bear market
• 🌿💨 Which European country is hopping on the legalization bandwagon 
• 🤔💰 How much wealth the US holds in collective net worth (hint: the last word starts with a "t")

… and more.

🚀⏰ Ready, Set, Go: Today’s news takes 4.22 minutes to read.

"Don't explain your philosophy. Embody it."

–Epictetus (50 A.D. – 135 A.D.)

All three major US indexes fell significantly yesterday, with the S&P entering a bear market for the first time since the early days of the pandemic. (Dow: -2.8% | S&P: -3.9% | Nasdaq: -4.7%)

• A bear market is defined as a 20% loss from a recent high, which occurred on January 4 for the S&P.

🪙📉 Speaking of bear markets… A weekend rout in crypto accelerated on Monday, pulling the price of bitcoin below $23,000 for the first time since December 2020.

• As of midday, more than $200 billion had been wiped off the entire crypto market since Friday. The world’s two largest tokens, bitcoin and ether, lost a respective 20+% and 30+%.
• On Sunday night, Celsius Network – one of the largest US crypto lenders overseeing ~$12 billion in assets – announced that it’s pausing all withdrawals, swaps, and transfers between accounts for its 1.7 million users due to “extreme market conditions.”

👀 Looking ahead… Futures bets placed yesterday showed traders assigned an ~81% probability that the Fed will raise interest rates by 2.5% by the end of this year, which would equate to a half percentage-point increase at each of their five remaining meetings (including one that concludes tomorrow).

🇺🇦 Russia/Ukraine update: The war in Ukraine has turned into a grinding artillery contest where Russia is steadily gaining ground thanks to an advantage in firepower, the WSJ reports. Russian forces are now firing about 70,000 projectiles per day in combat in the eastern region known as Donbas, Ukrainian presidential adviser Mykhailo Podolyak said, about 10 times as much as Ukrainian artillery teams can fire.

☢️ While we’re on that topic… Nukes are on the rise for the first time in decades. All nine nuclear-armed nations are in the process of increasing or upgrading their arsenals, according to an annual report from the Stockholm International Peace Research Institute. The Swedish arms watchdog said that while global nuclear stockpiles declined slightly in 2021, they’re projected to rise this year for the first time since the Cold War ended.

🇪🇺🥊🇬🇧 The UK and EU are beefing… again. The British government unveiled legislation yesterday that would allow it to rewrite parts of its 2019 Brexit agreement with the EU. The move drew immediate condemnation from the trade bloc, which said it wouldn’t renegotiate the deal and plans to sue the UK government over the decision.

Disney won the television broadcast rights to Indian Premier League cricket matches for the next five years in a deal worth ~$3 billion, sources told the Financial Times. 

• But the entertainment giant also lost out on its bid for IPL's exclusive streaming rights, which sold to a joint venture between Paramount and India’s Reliance Industries for ~$2.6 billion.
• Disney is currently the sole owner of IPL's TV and streaming rights under a 2017 deal signed with Fox for $2.5 billion.

🤔💰🏏 Why are we covering this?... Because more than 50 million of Disney+'s 138 million subscribers are signed up for the entertainment company's Indian version, called Hotstar, with local cricket rights being a major draw.

• Losing exclusive IPL streaming rights could slow Disney’s quest to reach 230-260 million Disney+ subs globally by 2024. 

✋ Yes, but... CEO Bob Chapek has previously said the cricket matches are “not critical” to achieving its targets; the average Disney+ Hotstar sub pays just 83 cents per month compared to $8/month in the US.

🧠 In the know: With a combined value of $13.4 million per match, the IPL’s new broadcast deal carries a higher average value than English Premier League soccer ($11 million/match), and is second only to the NFL ($17 million/game).

🤯 Did you know?... Black women are more likely to start a business than white men and women? 17% of Black women are currently running or in the process of starting a business.

However, only 3% of Black women run a mature business, meaning Black women often struggle more to sustain their businesses.

So why does this dropoff occur?🤔

There are several reasons, but most notably Black women on average have less access to capital and the key resources required to run a business.👎

🙌 Making a difference… if you want to support Black women entrepreneurs this Juneteenth, you can do so by shopping Black Women-Owned Brands at TheWMarketplace. It features a wide range of Black Women-owned products including:

• Apparel and accessories
• Food & beverage
• Beauty & skincare
• Home decor and lots more

Every product and service on TheWMarketplace is women-owned, and every dollar spent supports them and their dreams.🙌

There’s no minimum order amount, no membership fees, and shipping is included in every price. (We’re looking at you, Prime…)

Support Black Women Entrepreneurs At TheWMarketplace!

A team of researchers from Harvard, Missouri, and Georgia Tech has created a new Type 1 diabetes treatment that was proven successful in a large-scale animal model, per a new peer-reviewed study published in Science Advances.

🤿 A deeper dive... Type 1 diabetes is estimated to affect around 1.6 million Americans, a nearly 30% increase since 2017, and cost the economy over $15 billion in medical fees and lost income each year. 

• It can lead to serious health problems like heart disease, kidney damage and vision loss if left untreated, and has no known cure.

🔬 How the treatment works: According to the study’s authors, “Type 1 diabetes develops when the immune system misidentifies the insulin-producing cells in the pancreas as infections and destroys them.”

• This new method, which took two decades to fully develop, involves replacing a patient’s insulin-producing pancreas cells with special donor cells that won’t be misidentified and destroyed.
• The new donor cells are also constructed specifically to ensure they won’t be rejected by the patient’s body. This eliminates the need for long-term immunosuppressive meds that typically come with transplants, which often have severe side effects like high instances of developing cancer.

👀 Looking ahead… The scientists’ method has already been patented and licensed by an early-stage startup called iTolerance, which raised $17 million in March and plans to pursue FDA approval for human testing.

• ☝️ Yellowstone National Park was forced to close all entrances yesterday due to “unprecedented” rainfall; flooding swept away at least one bridge, washed away roads, and set off mudslides.

BUSINESS & MARKETS

• 🚘🔌 EV start-up Electric Last Mile Solutions plans to declare bankruptcy less than a year after going public.
• 📦 Warehouse giant Prologis, a major landlord for Amazon, Home Depot and FedEx, agreed to buy rival Duke Realty in an all-stock deal valued at $26 billion.
• 📉 GM’s stock closed below its post-bankrupt IPO for the first time since October 2020 yesterday; the automaker's shares are down 45% this year.

SPORTS, MEDIA & ENTERTAINMENT

• 🏆 At Sunday night's Tony Awards, Jennifer Hudson became the 17th person in history to win an EGOT (Emmy, Grammy, Oscar, and Tony).
• 🪙 Seth Green paid $260,000 to recover his stolen Bored Ape Yacht Club NFT that was taken in a phishing attack; the NFT is slated to star in Green’s upcoming TV show “White Horse Tavern.”
• 🏀 NBA finals: The Golden State Warriors defeated the Boston Celtics 104-94 last night to take a 3-2 series lead.

SCIENCE, SPACE & EMERGING TECH

• 🚁 Amazon announced plans to make its first-ever deliveries by drone in Lockeford, CA, later this year.
• 🏛️🪖 A UK museum believes a D-Day ration pack held in its collection is the only complete one of its kind in the world.

EVERYTHING ELSE

• 🇩🇪🌿 Germany set in motion plans to allow the legal sale of marijuana for recreational use sometime later this year.
• 🏃🐎 A human runner named Ricky Lightfoot beat an equine in the annual Man V. Horse race in Wales on Sunday; Lightfoot, who works as a firefighter, is the third person to win the race since it began in 1980 – and said he’d been awake for 29 hours straight in order to arrive on-time.
• 💻 Wonder Tools helps you discover the most useful sites and apps. Get this concise free weekly email written by a former Time Magazine reporter; a well-known reader recently tweeted it's “one of the most useful weekly newsletters I get.” Sign up for free.*

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💬 Quoted… “Detached from reality.”

• At yesterday’s second public hearing, the Jan. 6 House committee showed video testimony from former AG William Barr, who said he repeatedly told former President Trump there wasn’t any evidence of widespread fraud in the 2020 election but the president refused to listen.

+Dig deeper: From the Left | From the Right | See the 360° view from public hearing #1

💰📉 Stat of the Day: US household net worth decreased by $540 billion last quarter, the first dip in two years, per the Federal Reserve; it now stands at a collective $149.3 trillion.

🤯 Did You Know?... A bonsai isn’t a specific type of tree, but rather a style of cultivation aiming to create the image of a large tree in miniature; most tree species can be grown into a bonsai.

📖 Worth a Read: The Most Fun You Can Have at a Ballpark? What MLB Could Learn From the Savannah Bananas → (ESPN)

An overwhelming amount of employers have started improving their workspaces by the simple addition of one thing: plants.🌿

🌱 💻 🪴🌳 Welcome Mother Nature to the team... One research study reported that 41% of workers put outdoor spaces in their top-three expectations of a wellbeing-oriented workplace... and companies are listening.

• With Google and Amazon recently hopping on the bandwagon, indoor work spaces could soon start to look a little more like the great outdoors, improving the work environment – and people's moods – in the process.  

❓ Trivia: Which Mediterranean island was Napoleon from?

⚖️ True or False?… The majority of your brain is fat.

🤔 Riddle Me This: What kind of coat is always wet when you put it on?

(keep scrolling for the answers)

👆 Check out the referral prizes you can get just for introducing people you know to little old us. 

What to do: Copy your unique link below, then send it to anyone you think would like the DONUT.

❓ Trivia: Corsica

⚖️ T/F: True

🤔 Riddle: A coat of paint