💑Happy Cuffing Season

Welcome to the Thursday Newsletter, where we cover top industry news stories to keep you in the know.

Good morning. "Cuffing season" is upon us, widely recognized as the time of year when people search for a significant other as the holidays begin, temperatures drop, and Netflix-and-chill dates skyrocket. There's never been a better time to search for that special someone. Nearly half of the adults in the US are single, with CNBC reporting that 117.6 million people are unmarried. The odds are stacked in your favor, so get out there and shoot your shot.

Some advice: maybe avoid the "my friend thinks you're cute" line and just introduce yourself.

_{-Bailey Hepler, Mikael Hall}

2024 ELECTION

Presidential Election Day Countdown - 361 Days

Sunday marked one year until the 2024 Presidential Election. While there’s plenty of time for scales to tip in any candidate’s favor, a NYT and Siena College poll found that former President Donald Trump is leading the polls ahead of Biden in 5 of 6 battleground states that typically decide elections.

Biden is behind by margins of four to 10 percentage points in Arizona, Georgia, Michigan, Nevada, and Pennsylvania, only leading in Wisconsin by two points.

The dip in Biden’s popularity is striking among young and nonwhite voters as their confidence dwindles in his ability to handle the economy, foreign policy, and immigration. The two demographics who leaned hard for Biden last election, voters under 30, and nonwhite voters have flipped their opinion:

• Voters under 30: now favor the former President Trump by a margin of 28 percentage points. This isn’t much of a surprise as this demographic has been affected hard by inflation and high interest rates, making mortgages less affordable.

• Nonwhite voters: Biden’s landslide margins in 2020 among Hispanic voters have shrunk drastically, narrowing to single digits.

• Nonwhite voters: Most notably, the support for Trump among Black voters in the battleground states has reached levels that are unprecedented in modern presidential politics for a Republican candidate, with 22 percent indicating their support for him.

BANKRUPTSY FILING

WeWork Demolition: Bankruptcy Filing

WeWork, once a high-flying startup valued at $47 billion, has filed for U.S. bankruptcy protection. This move comes as a result of a massive debt burden and significant losses, exacerbated by reduced demand for office space in a cost-conscious market.

What went wrong?

• Founded in 2010, WeWork aimed to disrupt the office market by leasing large properties and subletting them to smaller businesses on flexible terms. This business model allowed rapid expansion but also led to significant financial losses.

• Co-founded by Adam Neumann, Rebekah Neumann, and Miguel McKelvey, WeWork's brand was closely tied to Adam Neumann's charismatic yet controversial leadership. His pursuit of rapid growth and unconventional behavior contributed to the company's failed IPO in 2019.

• The COVID-19 pandemic further impacted the company, leading to expensive lease commitments and reduced demand for office space. As of June 2023, WeWork's long-term lease obligations stood at $13.3 billion.

What’s next? In its bankruptcy filing, WeWork announced that a majority of its lenders agreed to convert secured debt into equity, reducing its debt by about $3 billion. The company may use U.S. bankruptcy laws to shed burdensome leases. However, the future remains uncertain, with potential impacts on the global commercial property lending market.

HEALTHCARE

Amazon’s $9 per month Healthcare Plan

Amazon has introduced a new healthcare benefit for its Prime members, offering access to One Medical's services for just $9 a month. Amazon's acquisition of One Medical for approximately $3.9 billion, completed in February, marks one of its larger purchases, following the acquisitions of Whole Foods and Hollywood studio MGM.

The plan includes 24/7 on-demand virtual care nationwide and the option for easy-to-schedule office visits at any of One Medical’s numerous locations across the U.S. This new benefit represents a significant saving of $100 on the annual membership fee.

Pros:

• 24/7 Virtual Care: Unlimited access to virtual care, including video chats and a “Treat Me Now” feature for common health issues, at no extra cost.

• In-Person and Remote Care: Option for same-day or next-day appointments at One Medical locations, with a focus on stress-free, comprehensive primary care.

• Affordable Membership: Prime members pay $9 monthly or $99 annually, saving $100 on the standard fee. Additional family memberships are available at reduced costs.

• Comprehensive Services: Includes preventive care, chronic condition management, mental health support, and more, with services for children and families at many locations.

• Insurance and Payment Flexibility: Office visits are billed to insurance or paid out-of-pocket; most insurance plans, including select Medicare plans, are accepted.

Cons:

• One Medical customers have often complained about massive deductibles, poor network coverages, and automated claim denials.