The Messenger Shuts Down & House Approves $78 Billion Tax Bill

Heyo, reader! We hope you’re having a good Friday morning!

2️⃣ This Morning’s Two Reports:

• 🚨 Digital News Startup "The Messenger" Shuts Down

• 🏛️ House Approves $78 Billion Tax Bill with Child Credit Boost

📊 Market Snapshot

• DOW: 🔼 0.97% (38,519.84)

• S&P 500: 🔼 1.25% (4,906.19)

• NASDAQ: 🔼 1.30% (15,361.64)

• BTC: 🔼 0.41% (43,255.40)

• ETH:  🔼 0.52% (2,315.30)

_{*Stock numbers as of market close, cryptocurrency as of 8:15pm EST yesterday.}

First Report

🚨 Digital News Startup "The Messenger" Shuts Down

In a surprising turn of events, "The Messenger," a promising digital news platform that kicked off with a hefty $50 million in startup funds, is officially shutting down. Despite the ambitious vision of its founder and CEO, Jimmy Finkelstein, and near-success in securing more funding to keep the venture alive, the financial reality hit hard. The company, envisioned to redefine digital media with projected revenues of $100 million by 2024, only managed to scrape together about $3 million last year, a stark contrast to its operating losses. This closure marks one of the internet era's notable media collapses, leaving employees without severance and raising questions about the future of digital news startups in an already tumultuous media landscape. The rapid shutdown occurred shortly after the staff was blindsided by the news, highlighting the volatile nature of the media industry and the harsh economic challenges it faces. 📉🔒

TL;DR ⏳: Despite a strong start and ambitious goals, "The Messenger" has ceased operations, underlining the harsh realities of the media business.

Second Report

🏛️ House Approves $78 Billion Tax Bill with Child Credit Boost

The House has passed a $78 billion tax package, striking a rare note of bipartisanship with a 357 to 70 vote. This legislation could change the game for low-income families by expanding the child tax credit and reviving business tax perks. The Center on Budget and Policy Priorities estimates this could significantly reduce child poverty, aiding families of over 16 million children. Though some New York moderates showed dissent due to state tax deduction caps, the bill promises a larger first-year credit for low-income households and is expected to have a minimal impact on the federal budget over the next decade. 💵🏛️

TL;DR ⏳: A bipartisan House vote advances a tax bill that may lift children out of poverty and support businesses.

⚡ Quick Hits

1. 🇪🇺 EU greenlights $54 billion support for Ukraine as Hungary ends holdout

2. ⚖️ US judge suggests Israel may be credibly accused of genocide

3. 👩‍⚖️ Michigan shooter's mom points to husband for gun storage responsibility

4. 🚗 Musk proposes Tesla shareholder vote to relocate to Texas

5. 🚫 Oregon bans most GOP senators from re-election following walkouts

6. 🛡️ DeSantis deploys National Guard to Texas border

7. 💼 Trump's legal expenses over $50M covered by campaign contributions

8. 📜 Biden issues order targeting Israeli settlers' violence in West Bank

9. 🎖️ US strikes back at Iranian-allied forces

10. 📉 Peloton expects continued sales drop, shares fall

Games

Fun Fact: Did you know? Tiny critters called tardigrades are tough enough to survive in space! These micro-animals, also known as water bears, can handle the extreme conditions of the cosmos – from the vacuum of space to deadly radiation. They're practically indestructible, making them the mini superheros of the animal kingdom! 🐻🌌