Good morning. In today’s edition:

• 💰 Campaign Finance 101: A breakdown of money in US elections
• 🤔 Is free TV better than premium TV?
• 🎶 A look at this year’s music trends

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be a ~4.71-minute read (1,261 words).

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"I know now a loss can be a gift. A chance to grow. Losing has taught me to be a better winner and a better person, one who is always looking for opportunities to learn."

–Serena Williams (b.1981)

Elon Musk, the world’s richest man, is planning to commit ~$45 million/month to a new super political-action committee (super PAC) backing former President Trump’s 2024 presidential campaign, according to a new WSJ report.

Breaking down the logistics: Federal law strictly limits how much money each individual can contribute directly to a political campaign. Donations are currently capped at $3,300/candidate for the 2024 election cycle, while corporations and labor organizations are banned from direct campaign contributions entirely.

However, donors are able to sidestep this limit via the use of super PACs – a type of committee that arose from the Supreme Court's 2010 ruling in Citizens United v. Federal Election Commission, which found laws preventing people or corporations from independently spending on politics violate the First Amendment (money = speech).

• Super PACs can raise unlimited sums of money from corporations, unions, associations, and/or individuals, then spend that money in favor – or against – any political candidates, so long as they don’t donate directly to a candidate’s campaign.
• In the past, super PACs were also prohibited from coordinating their spending with the campaigns they benefit. But under a new federal rule issued in March, campaigns are now allowed to work directly with allied super PACs that conduct door-to-door voter canvassing (a group that includes the super PAC Elon Musk is reportedly supporting).

Big picture: The top three presidential candidates this election cycle – President Biden, former President Trump, and Robert F. Kennedy Jr. – have raised a combined $900+ million in campaign funding to date, with roughly half of that figure coming from super PACs, according to data from nonpartisan research group Open Secrets.

• In terms of overall federal election spending this election cycle, the 2,223 groups officially registered as super PACs have doled out a collective $514+ million of the $1.9+ billion they’ve raised so far.

📊 Flash poll: Which of the following best describes your viewpoint regarding campaign financing for US federal elections?

• There should be limits on how much money people and orgs can independently spend
• People and orgs should be able to independently spend as much money as they want
• Unsure/other

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🇯🇵 A Japanese startup is making Her a reality. Loverse, a dating app that only allows interaction with generative artificial intelligence, has amassed over 5,000 Japanese users one year after its creation, per a new Bloomberg report. Loverse’s push into AI dating comes as younger Japanese citizens increasingly shun conventional dating, with government data showing 55+% of residents in their 20s don’t have a partner, and 30+% have never gone on a date.

🇮🇹 Italy plans to reintroduce nuclear energy for the first time in 35 years. Italy shut down its nuclear power stations over three decades ago, following a surge of anti-nuclear sentiment from the 1986 Chernobyl disaster. But in an interview on Saturday, PM Giorgia Meloni announced plans to introduce legislation to develop new reactors, with the aim of making Italy more energy-autonomous. The plan calls for new nuclear reactors to be operational within 10 years, and account for 11+% of Italy’s total electricity consumption by 2050.

🇰🇷 Trader Joe’s Everything But the Bagel seasoning mix is now banned in South Korea. The seasoning blend includes poppy seeds, which are prohibited under South Korea’s strict anti-drug laws for containing an ingredient of the poppy family. The poppy plant is a key source of compounds found in opioids like codeine, morphine, and heroin – though the seeds themselves don’t contain any opiates.

Free ad-supported streaming TV (FAST) platforms are growing furiously – and like Vin Diesel, starting to flex their muscles.

For the second month in a row, Tubi, the Roku Channel, and Pluto TV collectively accounted for a bigger share of television (4.3%) than the combined total of Max, Paramount+, and Peacock (3.7%), according to Nielsen‘s latest edition of The Gauge, a monthly streaming report.

Consumers are increasingly choosing the FAST lane. Given current trends, Goldman Sachs projects the value of the combined FAST universe – which also includes Amazon’s Freevee, Rakuten TV, and the Comcast-owned Xumo – to grow by 15% each year until 2027.

The biggest reason why is simple, per analysts – they’re free. And in today’s world, subscription fatigue is real; a Deloitte survey published earlier this year showed almost half of consumers think they’re paying too much for streaming.

• Viewing experience also matters. FAST platforms, which don’t rely on original content to draw viewership, tend to focus heavily on tech and building a good experience for consumers, Deadline reports.

📺 Big picture: The streaming market – a nascent industry a decade ago – is reaching maturity. When it comes to share of TV viewership, giants like Netflix, Hulu, Amazon, Max, Peacock, Paramount+, and Disney+ have mostly stayed flat or seen a drop over the past 12 months, while YouTube, FAST services, and “other” streaming services like STARZ and AMC+ have been making inroads (from ~17% of viewership to ~20% collectively).

“Say Hello to the World's Most Efficient Car.”

• Yesterday, EV startup Lucid revealed its upcoming 2025 Air Pure electric sedan will feature a “landmark” fuel efficiency of 5 miles per kWh – a figure Lucid says makes it the most energy-efficient vehicle ever produced. This milestone, which represents 5x more fuel efficiency than a gas-powered Honda Civic, means the entry-level Lucid Air Pure can travel a total of 420 miles on a single charge. Additionally, Lucid says the EPA granted its 2025 Air Pure electric sedan the highest MPGe (miles per gallon equivalent) rating ever given to an EV, with 146 MPGe. (Question: If you want one of these cars, would you technically be Lucid dreaming?)

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• ☝️ Former Citicorp CEO John S. Reed and his wife Cindy are listing their oceanfront compound in Massachusetts for $40 million; the 25-acre compound, which includes a 14,000-square-foot main house and a dock house, is the most expensive property for sale in the state.

BUSINESS & MARKETS

in partnership with 120/Life

• 💰 US markets rose across the board yesterday (S&P: +0.6%; Dow: +1.9%; Nasdaq: +0.2%); the Dow closed at a record high for the second straight day. | 🏷 US retail sales were flat in June; economists had expected a 0.3% drop in spending. | 🚘 Car repossessions in the US are up 23% year-over-year, per a new report.
• 🏭 Zyn-maker Phillip Morris is investing $600 million to build a new factory in Colorado dedicated to making the popular nicotine pouches. (More: Why Zyn is getting harder to find in America) | ✌️ Elon Musk said yesterday that he will be moving both X and SpaceX’s headquarters out of California.
• 🏦 Morgan Stanley, Bank of America, and Goldman Sachs all reported quarterly earnings over the past two days. See three major takeaways.

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SPORTS, MEDIA & ENTERTAINMENT

• ⚾ MLB All Star Game: The American League defeated the National League 5-3 to win their 10th contest in 11 years; Red Sox outfielder Jarren Duran was named All Star Game MVP. | 🎤 Country star Ingrid Andress issued a public apology for Monday’s national anthem performance at the Home Run Derby, saying she was “drunk” and plans to check into rehab.
• 👟🏀 New Balance announced a multiyear deal to become an official partner of the WNBA; the agreement also includes broadcast, digital, and retail content featuring Sparks rookie forward Cameron Brink.
• ⚖️ The judge presiding over the federal racketeering trial of rapper Young Thug and his associates was recused from the case this week after multiple defendants filed complaints over his “improper meetings” with a prosecution witness. | ⚖️ Ozy Media cofounder/CEO Carlos Watson was found guilty of defrauding investors.

SCIENCE, SPACE & EMERGING TECH

in partnership with Commons

• 🍎 Apple released a beta version of iOS 18; the company also released public betas for the next operating systems for Mac, iPad, and Apple Watch.
• 🤖 The Energy Department unveiled its roadmap for a new agency-wide effort to harness and advance AI for the public's benefit.
• 🪙 A London judge referred Australian computer scientist Craig Wright to prosecutors for potential perjury charges after concluding he repeatedly lied about being bitcoin’s mysterious creator Satoshi Nakamoto.

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MISCELLANEOUS

• 👀 A Visual Timeline of How the Trump Assassination Attempt Unfolded.
• 🏢 The Biden administration announced a plan to remove tax benefits from landlords who raise their tenants’ rent more than 5% per year; the rule would apply to landlords with 50+ units, covering roughly half of all US rentals. (Read more)
• 🏛️⚖️ Sen. Bob Menendez (D-NJ) was convicted on all 16 counts in his federal bribery trial; his conviction includes a charge of acting as a foreign agent, making Menendez the first US senator found guilty of such a crime; yesterday’s outcome led several top congressional Democrats to call on Menendez to resign. (From the Left | From the Center | From the Right)

CLICKBAIT

• 🛒 I’ve covered every single Prime Day — here’s the 79 Amazon deals I’d buy with my own money.

🎶 Stat(s) of the Day: The world has apparently been heeding Rihanna’s pleas to not stop the music. We’re just over halfway through 2024 – and according to Luminate’s newly published 2024 Midyear Report, a few major music trends have become apparent:

1. Global music streams are up 15+% year-over-year, with the industry surpassing 1 trillion streams at its fastest pace ever this year
2. Latin music is the fastest-growing genre in the US, with a 15% increase in streams so far in 2024
3. Physical album variants are on the rise in the US, with sales increasing 4% compared to last year

🤔 Did You Know? Legendary slugger Hank Aaron was selected to a record 25 MLB All-Star Games during his 23-year career – a discrepancy made possible by the league opting to host two All-Star Games per season from 1959-1962.

📰 Worth a Read: In Las Vegas, a Violent Sport Sparks Controversy → (New York Times)

Eamonn Keaveney just earned his second Guinness World Records title by riding a unicycle the length of Ireland – 308 miles – in 5 days, 5 hours and 23 minutes.

If you can dream it... The Irishman said he wanted to go for this title because it "seemed like a perfect mix of daunting and ridiculous." He had never ridden a unicycle before training for this record. 

• He rode for 12 hours a day for five days straight to claim the record. 

💬 What he's saying: “It took sweat and blood to achieve it, and it's amazing to be able to say to myself that I actually managed to do it. It's very important not to put yourself into a box and decide before you've tried something that you would never be able to do it." 

Can you name the movie associated with each of the following poorly-explained plots?

1. Bureaucrat gets innocent people killed on a holiday weekend
2. Boy meets girl, loves girl, joins military to follow girl, kills bugs
3. Girl has choice between man and bear and chooses the bear

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1. Jaws (1975)
2. Starship Troopers (1997)
3. Beauty and the Beast (1991)