Cannabis is cash biz (Kamil Krzaczynski/Getty Images)

Cannabiz

Mastercard cracks down on pot purchases, leaving the industry with few payment options

eBay invests in luxury to stand out from rivals like Amazon as usage trends down

The Crypto Catch-Up…

Dow Jones

S&P 500

Nasdaq

Bitcoin

If the Dow had risen yesterday, it would’ve been the index’s longest win streak since 1897

🍃 Mastercard’s canna-biz crackdown

The summer of picket signs (Frederic J. Brown/Getty Images)

Delivered

UPS’s historic deal with the Teamsters shows hot strike summer starting to yield worker wins

TokShop

TikTok could join the "Made in China" online-shopping craze to take on Shein and Temu

DEFI(NE)

Heard on the Block: “cryptojacking”

AI was mentioned 90 times in Google’s Q2 earnings call, and 73 in Microsoft’s

💪 Hot strike summer

How it feels deciding between 18% and 25% (Liz Hafalia/Getty Images)

Guilt-Tip

“Tip fatigue” is spreading as Americans grow frustrated with ubiquitous prompts

When incredibly rare and valuable assets come up for sale, it's typically the 1% of the wealthiest people that end up taking home an amazing investment. But not *always*…

One platform is taking on the billionaires at their own game, buying up and securitizing some of history’s most prized blue-chip artworks for its investors. So, instead of hanging on the walls of a $500 million yacht, these world-class assets are collectively owned by tens of thousands of everyday investors.

It's called [Masterworks](https://www.masterworks.com?utm_source=snacks&utm_medium=newsletter&utm_campaign=7-26-23&utm_term=Snacks+subscriber&utm_content=vangoghmoney_775billionaires_14sales_test_150_skip). Their nearly $1 billion collection includes works by greats like Banksy, Picasso, and Basquiat. You know, the same artists in *their* collections. Then, when Masterworks sells a painting – like the 14 it's already sold – investors reap their portion of the net proceeds.

It's easy to get started but offerings can sell out in minutes. However, as a trusted partner, Snacks readers can [skip the waitlist to join with this exclusive link](https://www.masterworks.com?utm_source=snacks&utm_medium=newsletter&utm_campaign=7-26-23&utm_term=Snacks+subscriber&utm_content=vangoghmoney_775billionaires_14sales_test_150_skip).*

vangogh-rotation-16x9

How 775,000 everyday people are beating billionaires at their own game

Taxnation

IRS stops surprise tax visits as part of a digital makeover to collect big-time debts

👛 Tip anxiety

Come on, Barbie, let’s go franchise (Lia Toby/Getty Images)

Pinktastic

“Barbie” becomes a box-office bombshell as brands cash in on the franchise flywheel

Billing

Streamers including Spotify jump on the price-hiking bandwagon, ending the discount era

BLINK

Eyeball-scanning Worldcoin launches as AI hype converges with crypto

Americans’ personal savings have plunged by $5.5T since April 2020

👙 Barbie’s dream weekend

Soft-landing summer? (Georg Wendt/Getty Images)

Soft

Recession fears ease thanks to promising economic data, in a boost for “soft landing” hopes

Events

Coming up this week

Zoom Out

Stories we’re watching

ICYMI

Last week's highlights

A 10-day UPS strike could cost the US economy $7B

🍦 Soft-landing vibes

JPow in the bank group chat: “FedNow me” (Jim Watson/Getty Images)

Real-time

The FedNow instant-payments network finally launches — but not to replace Venmo

US antitrust watchdogs amp up their corporate crackdown with new merger guidelines

MUSKED

Barbenheimer opening weekend could rake in $200M

💸 FedNow, now live

Tangled (Joe Sohm/Getty Images)

CABLE

AT&T halts removal of lead cables as toxic corporate legacies rear their costly heads

Shaped

Kim K’s Skims notches a $4B valuation by modernizing (and stretching) the shapewear industry

Lead pencils have never really contained lead, except in the paint

🚧 AT&T’s toxic troubles

Grain storm (Yasin Akgul/Getty Images)

Bread

Russia ends a critical grain-shipping deal with Ukraine, threatening global food security

JetSet

Airlines add more long-haul routes as Americans’ FOMO fuels an international vacay boom

Heard on the Block: "XRP"

Just 1.4% of US homes have changed hands so far this year

🍞 Grain gets blocked

__U-turn…__ __[Ford](https://robinhood.com/us/en/stocks/F/)__ debuted its F-150 Lightning two years ago, advertising a modest $40K price tag for the e-pickup. But after supply snags, inflation, and a devastating [fire](https://www.theverge.com/2023/4/20/23691743/ford-f-150-lightning-fire-video-watch) curbed production, it hiked the starting price to $60K, forcing some customers to cancel their orders. Now Ford’s slashing prices as EV competition revs up.

- __New tag:__ The cuts range from $6K to $10K across the 2023 Lightning lineup. Trucks ordered (but not delivered) will get the difference refunded.

- __New competition:__ On Saturday __Tesla__ finally produced its first Cybertruck, four years after unveiling it (still TBD when it goes on sale). 

__Electric overload…__ Global EV sales have tripled since 2020 as top players like Tesla, Ford, and __[GM](https://robinhood.com/us/en/stocks/GM/)__ spend billions ramping up production. But inventories are starting to outpace EV demand, which this year has slowed. US car dealers have 92K EVs sitting on their lots (up 3X from a year ago). Meanwhile, 90+ new models are set to hit the market by ’26. With more e-options and bloated inventories, carmakers are lowering prices to stay in the fast lane.

“What can I do to get you in this truck?” (Bill Pugliano/Getty Images)

Pickup

__EVs are losing their premium status…__ The EV-exclusivity era is fading as cheaper models are mass-produced. With competition heating up, EV makers can’t lean on premium prices to pad their profits. Tesla reported record deliveries for its latest quarter, after slashing its Model 3 and Model Y prices by as much as 20% in January. And while price cuts fuel demand, they can weigh on profits too. Following its discount announcement yesterday, Ford shares dropped nearly 6%.

Ford’s slashing the price of its electric pickup as EVs lose premium status

__Netflix cheat codes…__ After logging its slowest revenue growth on record last year, __Netflix__ has focused on money-milking strategies like its password-mooching crackdown and the rollout of its ad tier. But on the content side the streamer is [betting](https://www.businessinsider.com/netflix-invests-streaming-video-games-development-next-chapter-growth-slow-2023-7) on an industry that even the biggest of big techies have struggled with: gaming. 

- __Testing:__ Since Netflix introduced mobile games in 2021, its Games division has expanded to a library of 67 titles and 450 employees.

- __Playing:__ Also in ’21, Netflix bought the studio behind narrative adventure game “Oxenfree.” Since then it’s purchased three more gaming studios and created two from scratch.

- __AAA:__ It plans to launch 40 games this year. Last week it released “Oxenfree II” on its mobile app, __PlayStation__, __[Nintendo](https://robinhood.com/us/en/stocks/NTDOY/)__, and __Steam__. Netflix is also working on a high-budget title from former “Halo” and “Overwatch” creators. 

__Big hands, little controllers…__ Despite trying their best to carve out a slice of the $200B/year gaming pie, new-entrant tech giants have had a hard time leveling up. __[Google](https://robinhood.com/us/en/stocks/GOOGL/)__ shuttered its gaming service, Stadia, in January after three years in operation. __[Amazon](https://robinhood.com/us/en/stocks/AMZN/)__ Game Studios’ $500M/year price tag has resulted in several failures and exec departures. Unlike those two, Netflix plans on moving slow and steady till it finds its footing. Its games have been downloaded only 44M times (or about once per every 100 subscribers).

Highscore

__The transmedia train runs both ways…__ As gaming IP (like “The Last of Us” and “Super Mario”) finds onscreen success, Netflix is hoping that the trend can work the other way around: fans downloading their favorite shows’ video-game counterparts. The streamer released “Stranger Things” tie-in games, and “Queen’s Gambit Chess” is expected this month.

Netflix taps gaming as its next growth play in the transmedia gold rush

A cheetah can go from zero to 60 in 3 seconds

🛻 Ford’s electric discount

__Rethread = the new retweet?…__ __[Meta](https://robinhood.com/us/en/stocks/META/)__'s “Twitter killer,” Threads, became the fastest-growing social app *ever* last week, hitting 100M users within five days of launch. FYI: __Twitter__ had 240M daily scrollers a year ago (the last time it shared #s before Elon Musk bought it). Twitter responded to Threads by saying it would sue Meta, while Musk asked Mark Zuckerberg to [up the ante](https://qz.com/mark-zuckerberg-and-elon-musk-promised-a-cage-match-1850620364) from a cage fight to (ahem) an anatomical-measuring contest.

- __Nepo baby:__ Over 3B (yes, billion) users already use Meta’s “family of apps,” and Threads was launched with close links to popular older sibling Instagram.

- __Locked in:__ Not only do users need an Insta account to sign up, but the only way to delete Threads is to… also delete IG.

__Anything you can do…__ Meta thinks it can do better — by using its “copy, acquire, kill” strategy. It snapped up WhatsApp and Insta early, and after failing to buy __Snapchat__ and __TikTok__ (then called Musical.ly), Meta added copycat features like Stories and Reels. But Threads takes mimicry to another level as a standalone app (Zuck even tweeted the “Spider-Man Pointing at Spider-Man” meme last week — his first tweet in over a decade). 

- __More cats, less controversy:__ While Twitter has lost ad $$ over controversial content, an advertiser-friendly approach could clear Threads’ path to $8B in revenue by 2025. IG head Adam Mosseri said Threads won’t encourage news and politics.

Notification: you just got Zucked (Thilina Kaluthotage/Getty Images)

Re-thread

__Imitation works only when it’s done better…__ Lookalike features have been a win for Meta as users opt for the convenience of its all-in-one social ecosystem. This year, Zuck said Insta usage had grown 24% since adding Reels. Still, it hasn't killed rivals like TikTok and Snap. Plus, some folks are concerned about giving all their social-networking time (and data) to one mega corp. As Threads adds new features, it’s too early to call whether it’ll go the way of Insta or the way of defunct Google+ (which was called a “Facebook killer”).

The success of Meta’s Twitter dupe hinges on one-upping the original (Zuck style)

When incredibly rare and valuable assets come up for sale, it's typically the wealthiest people that end up taking home an amazing investment. But not always…

One platform is taking on the billionaires at their own game, buying up and securitizing some of history’s most prized blue-chip artworks for its investors. Now you can build a portfolio of iconic art, curated by industry-leading research and acquisition teams – without having to fork over tens of millions to get in the game. 

It's called Masterworks. Their nearly $1 billion collection includes works by greats like Banksy, Picasso, and Basquiat, all of which are collectively owned by everyday investors. When Masterworks sells a painting – like the 14 it's already sold – investors reap their portion of the  net proceeds.

It's easy to get started but offerings can sell out in minutes. However, as a trusted partner, Snacks readers can skip the waitlist to [join with this exclusive link](https://www.masterworks.com/?utm_source=snacks&utm_medium=newsletter&utm_campaign=7-17-23&utm_term=Snacks+subscriber&utm_content=starrynightmoney_billionaires54578_3returns_pp_150_skip).*

Billionaires wanted it, but 54,578 everyday investors got it first…

__What banking crisis?…__ Big banks kicked off Q2 earnings season on Friday, with __JPMorgan Chase__, __Citi__, and __Wells Fargo__ beating estimates. It could be a taste of what __Bank of America__, __Charles Schwab__, and __Morgan Stanley__ might report this week. Chase and WF saw profits soar by over 50% as they raked in more interest income on loans thanks to steeper rates (__Citi__ also got a rate boost, but its profit fell). IOU defaults ticked up but are historically low. While “too big to fail” banks are looking solid, results might not be as sunny for smaller players. 

__Rewatching “Wednesday”...__ while waiting for __Netflix__ to report Wednesday. Now that Hollywood writers *and* actors are on strike, the US content-churning machine is on pause. But while Netflix’s Q1 subscriber growth underwhelmed, analysts expect more action from Q2. Netflix’s cheaper ad-based tier has seen 5M+ global sign-ups since November, and the password-mooching crackdown seems to be paying off: since Netflix restricted US account sharing in May, it reportedly notched its four biggest sign-up days on record (thanks, exes).

__Captcha-ing fire…__ NYC recently began enforcing a first-of-its-kind AI law, centered on the use of AI in hiring. The law says that employers using the tech must inform candidates and submit to audits showing that their systems are unbiased. From résumé screening to initial chatbot interviews, automation has made its way into virtually every part of hiring, and four in five companies use the tech. AI hiring laws are in the works in several states, though experts say federal guidelines will likely be needed. 

__Ripple effects…__ In what experts called a blow to the SEC’s crypto crackdown, a judge ruled that __Ripple__'s __XRP__ token was a security when sold to investors in 2013 but *not* a security when it was offered for sale to the public. (FYI: the SEC has said most cryptos are securities.) XRP’s market cap soared from $25B to $45B+ after the news last week, and crypto broadly rallied. Exchanges like __Coinbase__ celebrated it as a win, but they risk getting ahead of themselves — the case was about Ripple, not all crypto, and the SEC may appeal.

Zoom out

- __[Youth](https://sherwoodmedia.com/snacks/longevity-clinics-promising-to-lengthen-lifespans-are-attracting-venture/):__ “Longevity clinics” promising to lengthen lifespans of wealthy clients are attracting millions in venture investments. Some charge up to $100K/year to provide treatments like plasma transfusions.

- __[Sweat](https://sherwoodmedia.com/snacks/extreme-heat-bakes-the-us-and-boosts-ac-highlighting-the-need-for/):__ This year could be one of the Earth’s hottest ever as dangerous temps bake the Southwestern US. As demand for AC spikes, companies are searching for more energy-efficient cooling solutions.

- __[Copywrong](https://sherwoodmedia.com/snacks/sarah-silverman-sues-meta-and-openai-alleging-their-language-models-ripped/):__ Comedian Sarah Silverman sued __Meta__ and __OpenAI__, saying her book was used in training their AI large language models. The copyright-infringement suit says thousands of other scribes could also be plaintiffs.

The Olympics used to include an art competition