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- đżNetflixâs Egyptian Reboot
đżNetflixâs Egyptian Reboot
And robotaxis got recalled
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This is Nick. This is Jack. And thereâs drama on the high seas. Off the coast of Colombia is a 300-year-old Spanish shipwreck with an estimated $20B worth of sunken treasure. The American company is calling âfinderâs keepers,â but the Colombian government is claiming âhome turf.â This might need to be resolved in Jack Sparrow-style.
đşđ˛ To all the veterans: We want to extend our sincere gratitude and appreciation on this Veterans Day. Thank you for your bravery and service.
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When you open your phone to a slew of messages from the bestie at 30K feet
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1) Netflix Is Streaming At The Egyptian Theater
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Netflix reopened one of the nationâs most famous movie theaters yesterday. Itâs a great week for HollywoodâŚ
The Egyptian Theater in Hollywood is one of the most historically important in America â Itâs the Yankee Stadium of screens:
đŹ Its 1st movie: Robin Hood premiered under the jeweled ceiling in 1922.
đŹ More 1sts: It was first to roll out a red carpet for a movie premiere, giving actors a pedestal to pose for pictures.
After earthquake damage in 1994, The Egyptian needed repair. But its nonprofit ownership didn't make $ easy to come by. So in 2020, Netflix saw an opportunity and bought it: $70M in restoration and 3 years later, the Egyptian is showing movies again. Hereâs how Netflix is feeding 2 birds with 1 scone:
On weekdays: Netflix will premier its original shows and movies like Murder Mystery in Netflixâs theater, giving the actors and producers the debut they crave.
And on weekends: The nonprofit shows the public classic films like My Fair Lady.
The Takeaway â
Thereâs corporate philanthropy and thereâs corporate heroism. Corporations donating money to noble causes is great to see, but donations don't buy attention. This move makes Netflix look like a Hollywood superhero â it's getting a payout in PR. Restoring La La Landâs iconic theater gets major brownie points from customers, actors, and producersâŚconveniently some of the same people and institutions that may not have loved Netflix due to its streaming disruption.
2) Cruise Recalls All Robotaxis
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Cruise, the self-driving robotaxi startup, just pulled back its entire fleet after new developments from a horrific accident last month.
Hitting reverse: In 2016 General Motors bought a majority stake in the self-driving San Francisco tech company for $1B. By 2021, its valuation had grown to $30B. FYI, weâve taken rides in these robo-taxis in SF and, frankly, theyâre a thrill (and always felt safe to us â they drive super cautiously).
Cruise-equipped robotaxis were driving 35 mph (max) until an accident on October 2nd.
The Details: A pedestrian was hit by a car on the streets of San Francisco â the human driver sped away in a hit-and-run crime. After being struck, the pedestrian flew into the path of a Cruise car, which stopped immediately.
But then the car got confused⌠it was programmed to pull over, not knowing it was slowly dragging the woman 20 feet. The woman is alive and in the hospital, but the self-driving carâs moves likely made her injuries worse.
The Update: Cruise confirmed that the cars still need help: Every 4-5 miles, remote human operators are needed to intervene with the robotaxis in tricky traffic situations.
The Takeaway â
Itâs not about the mistake, itâs about how you handle it. After the crash, Cruise shared video footage with the authorities⌠but only part of it, according to the Washington Post. They left out the part with the woman being dragged 20 feet. As the whole truth came out, it appeared that Cruise wasnât being forthcoming, so it lost trust. And the penalty is heavy:
đ Regulators suspended Cruiseâs permit to self-drive in California,
đ GM paused production of robotaxis,
đ And Cruise recalled all 950 of its self-driving cars.
Even if self-driving cars became 99% safer than human-driven ones, an accident was bound to happen. Cruise isnât facing a crisis because of what the car did, but for how the people at the company handled it afterward.
On the pod todayâŚ
𧴠Gwyneth Paltrow and her startup Goop are making their riskiest bet yet â Goop products will now be sold at Target. To hear more about the âAspiration-to-Accessibility Spectrum,â listen to todayâs pod.
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đť The stock marketâs 8-day winning streak is over. A 9th day wouldâve been the longest winning streak since 2004.
âď¸ United Airlines just updated its loyalty program for frequent flyers. Just like Delta, theyâre going to reward how much you spend, not how many miles you fly.
đ Bitcoin just hit $37K. Its price has more than doubled this year thanks to anticipation of approval for a Bitcoin ETF.
đŤ $250K worth of rare-flavored KitKats were stolen by freight hijackers. In Japan, sought-after flavors like melon, matcha latte, and daifuku mochi are collectorâs items.
đ¤ President Xi is visiting the US next week to chat about the climate and nuclear weapons with tech execs in San Francisco. Heâll meet with President Biden, too. And the 3 pandas China had lent to our National Zoo in DC just arrived safely back in China. Awkward.
đŻ Dupe travel is trending now. Taipei is a dupe for Seoul (searches +2,786% globally) and Pattaya, Thailand is like an alt-milk to Bangkok (searches +249% globally).
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Veterans Day was originally called Armistice Day and it is also observed by Canada, Australia, and the UK.
And one more thing. Whoâs the best pirate in the game?
âNick & Jack
FYI, the writers of this newsletter own stock of Netflix, shares of S&P 500 index funds, and 1 bitcoin each (we call him âBenâ).
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