Good morning. On today’s docket:

• 🏫 Texas is considering a new approach to funding education
• 📝 An update on the Israel-Hamas conflict
• 🤔 How fast is the fastest human-made object in history traveling?

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be about a 4.98-minute read.

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“Every day may not be good, but there's something good in every day.”

–Unknown

On Monday, the Texas Senate unveiled a new bill that would create an “education savings account” of $8,000 for each student who chooses to leave the state’s public school system and pursue a private education.

💰🏫 A deeper dive… Education savings accounts (ESAs) allow parents to withdraw their children from public schools and receive a deposit of per-pupil taxpayer funds, which can be used to cover educational expenses like textbooks, tutoring, transportation, and private school tuition.

Essentially, ESAs are a more flexible version of school vouchers, which can only be used for tuition.

• Texas’ proposed ESA law is seeking $500 million to pay for the program over the next two years, with the bill’s sponsors saying the funding would have no effect on the amount of money allocated towards Texas public schools.

🗣️ The arguments: Texas GOP lawmakers, who largely support the ESA bill, argue opening up more educational options for parents will encourage competition and innovation among Texas schools across the board, and will also ensure each student can find the option that best fits their unique needs.

Democratic lawmakers, who near-unanimously oppose the ESA bill, contend it would essentially subsidize wealthy families’ tuition at the expense of lower-income students, since the latter group doesn’t have as many private school options or the ability to make up financial differences in tuition (ex: if a school costs $15,000/year).

📸 Big picture: If the bill is approved, Texas would become the 15th state to enact at least one education savings account program, joining a group of mostly Republican-led states.

📊 Flash poll: Do you support Texas’ proposed law to establish “education savings accounts” of $8,000 for each student who chooses to leave the public school system?

Yes

No

Unsure/other

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🇮🇱 Israel intensified its airstrikes on Hamas within the Gaza Strip as it prepares for a ground invasion. Israeli tanks and military vehicles gathered near Gaza yesterday, as officials confirmed plans to launch a ground offensive in the coming days. The official death toll from Hamas’ surprise invasion on Saturday rose to more than 1,000 Israeli residents, including 14 US citizens. Gaza’s health ministry said Israel’s retaliatory attacks had killed at least 900 people as of yesterday evening. Despite Hamas’ previous threats to execute civilian hostages if Israeli airstrikes continued without warning, there’s currently no indication they have done so.

🇬🇧🐔 UK scientists are genetically engineering the world’s first avian flu-resistant chickens. Researchers at the University of Edinburgh identified three genes they believe are important for allowing the bird flu virus to reproduce in chickens, then used CRISPR gene-editing technology to make a few small changes to those genes. The scientists found 90% of the genetically-modified chickens showed no signs of infection when exposed to a standard dose of bird flu, and predicted future versions of their novel treatment would expand to 100% coverage within three years – however, further regulatory testing and approvals are necessary before gene-edited chickens can be considered for human consumption (estimated timeline: ~20 years).

🌍🍻 Climate change could be negatively affecting the quality and taste of European beer, per a new study. Beer is typically flavored with hops, a plant that’s sensitive to changes in light, heat, or water. According to a peer-reviewed study published yesterday in Nature Communications, the alpha acid content of hops – which give beer its distinct taste and smell – has fallen across every European region over the past five decades, with researchers attributing the dip to increasingly warmer climates.

Yesterday, the Supreme Court declined to hear a case challenging the FDA’s authority to ban flavored e-cigarettes. So whether you’re a worried parent or a classy bish who just likes a little peach-flavored nicotine with their wine (or even both) – listen up.

Background: The case is related to the FDA’s 2021 decision to reject all of Avail Vapor’s applications for its fruit- and dessert-flavored e-cigarettes.

As the reason for its denial, the agency cited the lack of long-term studies demonstrating that these sweet-flavored vapes were more effective at helping adult smokers quit than tobacco-flavored e-cigarettes – which is important because it would demonstrate the benefits of Avail’s products to adults outweigh their risks to youth. Children, teens and young adults tend to be more attracted to flavored e-cigarettes, per the FDA.

Much like Swift/Kelce, disposable flavored disposable e-cigs are having a moment. The sale of flavored e-cigarette pre-filled pods was banned by the FDA in 2020. Since then, the sale of flavored disposable e-cigarettes – which weren’t covered by the ban – have surged.

• Disposable e-cigs accounted for 41% of the US e-cigarette retail sales market in December 2022, up from 29% in January 2020.

In the know: Most popular brands of disposable e-cigs on the market – including Puff Bar, Elf Bar, and Breeze Smoke – aren’t FDA-approved and are illegal. To date, the agency has only authorized 23 tobacco-flavored e-cigarette products and devices.

The number of people worth $100 million or more has doubled over the past twenty years, according to a new report from Henley & Partners.

• There are now 28,420 so-called centi-millionaires worldwide, up 12% over last year and more than twice the number that existed in 2003.
• Most of today’s centi-millionaires made their fortunes by starting their own companies or helping fund startups, CNBC reports. Which helps explain why the US, a dominant force in entrepreneurship and venture capital, has ~5x the number of centi-millionaires as China, the country with the second-highest concentration of those worth $100 million or more (10,660 vs. 2,358).

👀 Looking ahead… The number of centi-millionaires is similar to a male body entering college – expected to keep growing, but more slowly than the last twenty years. According to the Henley & Partners’ report, the centi-millionaire population will increase 38% over the next decade – from 28,420 people to ~39,000 – in large part due to the era of low interest rates being more in the past than a toxic ex.

💰 While we’re on the topic of wealth: Recent data from the Federal Reserve shows the top 1% of households by income held roughly 26.5% of household net worth at the end of June, up from about 25% in 2019.

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💬 Quoted… "Sheer evil.”

In a national address yesterday, President Biden condemned the Palestinian militant group Hamas for its attack on Israel over the weekend, expressing his horror about “sickening” reports of torture inflicted on civilians and outlining actions he and other allies have taken to support Israel.

• Biden also confirmed “20 or more” Americans are currently missing and an undisclosed number of US citizens have been taken hostage by Hamas, saying his main priority is their safe release.
• Hamas responded to Biden’s remarks with a statement defending its actions, saying they were fighting against Israeli occupation and asserting Palestinians’ right to defend themselves.

📊 Stat of the Day: Nike was the No. 1 brand in apparel and footwear across all US teens for the 12th straight year, according to Piper Sandler’s semi-annual teen survey released yesterday. Other notable findings:

• US teens’ self-reported annual spending fell 1% from last fall to $2,316.
• Chick-fil-A is the highest-ranked restaurant, followed by Starbucks and McDonald’s.
• 87% of US teens own an iPhone, and 88% expect their next mobile device will be an iPhone.

🤔 Did You Know?... Nearly one-third of Japan’s entire population lives within the Tokyo Metropolitan Area, which ranks as the largest in the world with ~37.4 million residents.

📰 Worth a Read: Maybe in your lifetime, people will live on the Moon and then Mars → (NY Times)

• ☝️ You’re looking at a sunset on Mars that was recently captured by NASA’s Perseverance rover; due to Mars’ thinner atmosphere compared to Earth, the Sun turns from red to blue before setting each day.

BUSINESS & MARKETS

in partnership with Tenikle

• 💰 US markets closed up across the board (S&P: +0.5%; Dow: +0.4%; Nasdaq: +0.6%).
• 🩴 Birkenstock, the longtime German shoe brand loved by high-class granola girls and boys everywhere, will begin trading on the NYSE today. | 📈 Yale University’s endowment recorded a 1.8% investment gain in the year ended in June, its 14th straight annual increase.
• ⚖️ Update on the SBF trial: Former Alameda Research CEO Caroline Ellison took the stand yesterday; the jury also heard from FTX co-founder Gary Wang over its past three days in session.

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SPORTS, MEDIA & ENTERTAINMENT

• 🎶⚖️ ​​Coldplay is countersuing their former manager for $17 million over allegations he mismanaged their recently-concluded Music of the Spheres tour; it comes after the manager sued Coldplay in August seeking $12 million in allegedly unpaid commission.
• 🎭 Actors guild leadership will resume negotiations with Hollywood studios and streamers later today; the two sides last met on Monday. | 🗳️ The Hollywood writers guild overwhelmingly voted to approve the contract agreement reached with studios late last month. (Background)
• 🏀 WNBA Finals: The Las Vegas Aces jumped out to a 1-0 series lead over the NY Liberty on Monday in a game that set a record for ESPN viewership; Game 2 is scheduled for 9 pm ET tonight. | 🏒 The NHL season officially kicked off yesterday with a slate of three games.

SCIENCE, SPACE & EMERGING TECH

in partnership with EnerHealth

• 🚀 NASA's Parker Solar Probe is currently traveling through the Solar System at 394,736 mph, setting a new record for the fastest human-made object in history (though it’s only 0.06% the speed of light😱).
• ☀️🐦 Solar storms can interfere with the internal magnetic compass that birds use to navigate long distances during their seasonal migrations, per a new peer-reviewed study published in PNAS.
• 🛰️ The International Space Station experienced a coolant leak on a Russian module, though NASA said astronauts were “never in any danger”; it marks the third coolant leak from the Russian side in under a year.

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MISCELLANEOUS

• 🚫 California became the first US state to ban four food additives linked to cancer, including red dye No. 3 (used in Skittles). | 📝 The Golden State also approved a new law requiring VC firms to file an annual report on the diversity demographics of the companies in their portfolios.
• 🏫🗣️ Harvard President Claudine Gay said a statement originated by the Harvard Undergraduate Palestine Solidarity Committee and signed by 33 other student groups – which claimed Israel is “entirely responsible for all unfolding violence” in the ongoing conflict with Hamas – doesn’t reflect the views of Harvard itself or university leadership.
• 🏛️ Rep. George Santos (R-NY) was charged with 10 new criminal counts yesterday over allegations that he inflated campaign finance reports and charged donors’ credit cards without authorization.

CLICKBAIT

• 🤔👖 How often should you wash your jeans? The Levi’s CEO settles the debate.

A small species of holly tree that was thought to be extinct for 186 years was just rediscovered in Brazil. 

🌴 The little tree that could...The tree, "Ilex sapiiformis," also known as the Pernambuco holly, was listed as one of the top 25 most wanted lost species by the conservation group Re:wild.

• The tree was found in the urban city of Igarassu, in Pernambuco state, by an expedition that spent six days exploring the region in the hope of locating the species.

💬 What they're saying: “Nature surprises us," said one conservationist. "Finding a species that hasn't been heard of in nearly two centuries doesn't happen every day. It was an incredible moment.”

❓ Trivia: Which newspaper was founded in 1889 by Charles H. Dow and Edward Jones?

🚨 True or False?... It was once illegal to eat cherry pie with ice cream in Kansas.

🤔 Riddle Me This: When does 11+3=2?

(keep scrolling for the answers)

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❓ Trivia: The Wall Street Journal

🚨 T/F: True

🤔 Riddle: On a clock

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