Happy belated Thanksgiving (and a special happy bday to my Dad) to you all! I hope you buy as many stupid things as I will today so I don’t feel as bad about myself. Have fun reading this special edition for half price (this round is on me).

International

Crypto kings just can’t stay afloat

Crypto lovers look away. CEO of Binance, Changpeng Zhaothe, is stepping down from his role at the world’s largest cryptocurrency trading platform and pleading guilty to money laundering, according to US court documents released to the public yesterday.

Zhao, who typically goes by his initials, “CZ”, rose to fame quickly after he founded Binance in 2017, rising to the peak of the crypto space along with the ascension of his platform.

What did they actually do? A settlement between the DOJ and Binance alleges that the crypto trading platform allowed users in sanctioned countries (like Iran and Russia) to trade crypto. This violates US regulations against money laundering and will result in Binance paying a $4.8 billion fine, however, they will be able to keep the platform running.

What’s next?

Binance is also facing another lawsuit from the SEC that claims the company artificially blew up its US trading volume and offered crypto futures without registering as a futures commodity merchant. Basically, they tried to skirt yet another regulation after lying about how much people wanted to own a piece of their company.

The exchange is responsible for two-thirds of all crypto trading on global exchanges, making it too big to fail according to some experts. However, the coin did fall 6% after the news broke.

CZ is based in the United Arab Emirates, a country which the US doesn’t have an extradition agreement with. This means Zhao will probably face little to no consequences, at least when it comes to jail time. It’s a nice time to be the head of a money laundering global crypto exchange these days… unless your name is Sam Bankman-Fried.

Israel and Hamas agree to hostage deal

After six weeks of brutal war, there will finally be a gap in the fighting. Israel’s top Cabinet voted on Tuesday to accept a deal that will reportedly see Hamas free about 50 hostages (all women and children, including three Americans) as part of a four-day ceasefire.

Here are some other terms of the deal:

• Israel said it would extend its ceasefire by a day for every 10 additional hostages that are released.

• In exchange, Israel will reportedly release some Palestinian prisoners held in Israeli jails (which will include more women and children).

• Israel will also allow 300 aid trucks per day to enter Gaza from Egypt.

Israeli Prime Minister Benjamin Netanyahu had urged the government to accept the deal while simultaneously vowing that the war would continue after the hostages were secured. The negotiations between the two parties spanned weeks and were led by Qatar, where Hamas leader Ismail Haniyeh lives.

So far over 11,000 Palestinians have been killed in the war, according to the Health Industry in Hamas-run territory. The count does not differentiate between civilians and militants, but around two-thirds of the dead have been identified as women and minors. Israel says thousands of Hamas militants have been killed.

Around 1.7 million have been displaced in Northern Gaza amid the vast plane of destruction the airstrikes have left in Gaza City. The humanitarian crisis simultaneously rages on as shortages of food, water, medicine, fuel, and other key supplies plague the region.

“We are at war, and we will continue the war,” Netanyahu said regarding Israel’s actions when the truce expires. “We will continue until we achieve all our goals.”

Argentina’s new president is throwing a Hail Mary… and the ball is the dollar bill

You might not need to exchange your dollars for pesos before your next trip to Argentina. The country’s newly elected president and chainsaw enthusiast Javier Milei is heavy on dollarization (switching out the local currency for the US dollar). With the election behind him, Milei is eager to ditch pesos and make it rain, dollar style.

How would they accomplish dollarization?

Argentina’s central bank would purchase all pesos in circulation and exchange them for dollars. In theory, this would:

1. Reduce the country’s historic inflation (which is sitting around 140%) and is one of the main reasons Milei was elected).

2. Eliminate the main reason why inflation is so bad, by removing a large portion of power from the central bank, preventing it from printing more money.

In addition to the currency switch, Milei wants to open up the country’s largely closed-off economy and cut spending.

Could it work? Accomplishing this would require Argentina’s central bank to have enough dollars to buy all the pesos in circulation. However, experts estimate that they are roughly $50 billion short… which is an issue. But that isn’t the only problem, Argentina’s divided Congress could also make Milei’s plan all the more complex.

There may still be hope

The economist appointed by Milei, Emilio Ocampo, who will oversee the dollarization process, has high hopes. He argues that Argentinians could have over $200 billion in circulation that the central bank isn’t accounting for. He also considers the economy primed for dollarization.

To put it in meathead terms, dollarization is the economic equivalent of a Hail Mary or a full-court shot. There’s no guarantee it’ll succeed, but with over 140% inflation, the country is running out of options.

Business

Build-A-Bear is a late contender for Business of the Year

This isn’t the stuffing I thought I’d be writing about for Thanksgiving week, but here we are. Build-A-Bear (known to most as a mall staple where families create custom stuffed animals) has commanded the attention of a group other than the kids who want a plush bear: its investors.

The company has emerged from a rough stretch during the pandemic and is hitting new highs:

• Build-A-Bear is coming off its most profitable year ever, registering $468m in revenue.

• It now has around 500 global locations and every single one was profitable last year.

• Those shops drew over 50 million visitors last year… and not by accident either (~80% of visits were planned with Build-A-Bear as the destination).

Build-A-Bear is winning all around

Post-pandemic, Build-A-Bear was struggling and looking to increase its online presence as lackluster sales put its future into doubt. The plush-making shop is all about the tangible experience, so how could they recreate it online?

The company redesigned its website, driving 135% digital growth since covid began.

• Web sales now comprise 15% of Build-A-Bear’s sales, generating $65m in 2022.

Online sales have helped the company reach older audiences that wanted in on the fun but without the potential embarrassment of being spotted playing with teddy bears at the mall. Teens and adults now make up 40% of their sales.

But that isn’t all. Now, in the days of constant crossovers and collabs, Build-A-Bear is working with other IPs like Marvel, Star Wars, the NBA and NFL, Disney, plus many more, to create an unbearably (lol) appealing roster.

CEO’s have chosen a new favorite word

CEOs are hopping on a new trend… saying the same word that no one else uses. The word on every CEO’s lips during this year’s earnings calls is “choiceful.” For whatever reason, a good portion of chief executives have been, well, choiceful, in their diction. Especially when it comes to describing the current state of consumers.

While not every CEO has been saying it, more than just a few have hopped on the trend. The chief executives at Walmart, McDonald’s, and Starbucks were among the 15 who have used it so far… up from nine last year and only two in 2021, per a CNBC analysis.

According to the Oxford English Dictionary, the word has been used since the 16th century but usually appears .002 times per million words, placing it outside of your typical conversation. But execs are now embracing the adjective (which means having many choices) to describe consumers and the economy.

That was McDonald’s CEO Chris Kempszinski describing how the fast food giant plans to approach rising menu prices, as customers are beginning to push back over price hikes at restaurants. Record credit card debt is rising, in part due to loftier food prices at chains like McDonalds.

While 2023 is wrapping up soon, economists are uncertain whether 2024 holds a recession looming in the near future, which would prove to be another challenge CEOs are going to have to try and maneuver… choicefully.

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Grab Bag

The marketing stunt that fooled the world

Hear about the biggest pothead in the world “going smokeless”? Turns out it was a cash grab. It seems reports that Snoop Dogg (the same guy who owns a cannabis company and has a 24/7 personal blunt roller) was giving up weed were just a big marketing stunt.

Last week, Snoop Dogg posted on multiple social media that he was “giving up the smoke” causing many to panic and think the world was ending, because what’s a world with a smokeless Snoop?

However, on Monday, he followed up by saying he was going “smokeless” with a Solo Stove smokeless fire pit, and the company announced him as its new “smokesman.” The post from his account on X has garnered over 60 million views, showing just how big of a deal this was.

The marketing effort, which is Solo Stove’s first large-scale national marketing push, includes a 30-second broadcast spot alongside social, podcast, out-of-home, and digital elements, according to AdAge.

As one writer put it, “He is the only person on the planet who has that level of charisma, brand ambassadorship, and, most importantly, a smoke-related public persona.” I would find it hard to believe many others would disagree with that statement. Now I just wanna know how much he got paid.

Grab some popcorn and kick your feet up… you deserve it

We know you aren’t doing anything over Thanksgiving break, so here’s some entertainment to keep you busy. This year’s Thanksgiving break is an even bigger deal for the industry than usual, as it needs big box-office returns to help it recover from the devastating writers and actors strikes. So, here’s my contribution.

Maestro: Bradley Cooper directs and stars as the Jewish American conductor Leonard Bernstein in a much-awaited chronicle of the maestro’s problematic marriage to Costa Rican Broadway actress Felicia Montealegre, played by Carey Mulligan. The movie is showing in select theatres in NY and CA early but will expand to more theatres on the first of next month. Otherwise, the movie will be released on Netflix on December 20th.

Napoleon: The critically acclaimed biopic, directed by Ridley Scott, stars Joaquin Phoenix as the French military leader. The vast battle scenes, which required hundreds of extras, put the total cost at $200 million—making the movie something of a historical event itself. I’ve personally been waiting a while for this one.

Wish: The Disney animation behemoth wishes to rake in $45–$50 million by the end of the weekend with this musical fantasy about a young girl who must save the day with the help of a wishing star that seems to frequently appear in the Disney cinematic universe.

Good Burger 2: Nickelodeon is releasing a sequel to the original cult comedy that won the hearts of kids over two decades ago. The now-grownup slacker duo Dexter and Ed (played by Kenan Thompson and Kel Mitchell) are again working at the same burger joint and pulling shenanigans, just like they used to. Good ole’ nostalgia.

We can’t forget about football (on Amazon): For the first time in US history, you can stream live football instead of watching it on your local network. The Miami Dolphins vs. New York Jets will stream on Amazon Prime Video today… prepare to see ads with QR codes for Amazon products.

I’m not sure if anyone has ever capitalized on Black Friday deals to go to the movies, but, here we are. You’re welcome for the idea, I guess.

Snippets

Football Fabricator: Just in time for Amazon to host the first NFL game to be streamed, Amazon Prime Video and Fox News Sports anchor Charissa Thompson admitted she completely made up sideline reports during NFL games.

Pricey Purchase: Dior has begun selling $230 scented water, made specifically for babies. The petite perfume is part of Baby Dior’s skincare line, yes, you read that right. Good Black Friday deal if you’re asking me.

Golfer Groan: Tiger Woods’s indoor golf league, TGL, will delay the start of its inaugural season by a full year, to 2025, after the roof of a new arena collapsed, the league announced.

Exponential Employment: Looking for a promising career? These 15 jobs are expected to be the biggest growers in the next decade.

Professional Partier: Canada’s capital city, Ottowa, is hiring a nightlife czar to help spice up its bureaucratic feel. Around 25% of the city’s metro population work in the public sector.

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