Today’s topics

• No more IRS or Elon’s plan for government efficiency

• Tokyo government is rolling out a four-day workweek

• Satellites designed to create artificial solar eclipses

• Europe’s top business schools

• The clock is ticking for TikTok

  and more…

The S&P 500 and Nasdaq hit fresh record highs on Friday after November jobs data came in slightly better than expected, fueling hopes for a Fed rate cut later this month. The S&P rose 0.25% to 6,090.27, and the Nasdaq gained 0.81% to 19,859.77, with Tesla, Meta, and Amazon leading the charge. Meanwhile, the Dow dipped 0.28% to 44,642.52, missing the memo about hitting new highs.

Elon Musk Wants to Delete the IRS

Elon Musk is coming for the IRS—literally. Fresh off his appointment by President-elect Trump to lead the Department of Government Efficiency (DOGE—yes, really), Musk asked users on X if the IRS should be “deleted.” This comes after the agency requested $20 billion to keep running.

Job market bounces back. The U.S. added 227,000 jobs in November, bouncing back from October’s dismal 36,000 as Hurricane Milton and a Boeing strike stopped messing things up. Health care (+54,000) and leisure and hospitality (+53,000) carried the team again, while retail trade somehow lost 28,000 jobs—right before the holidays. Unemployment crept up to 4.2%, but wages climbed 0.4% for the month, keeping workers slightly happier (for now). The Federal Reserve is probably smiling too, as this report gives them an excuse to cut rates in December. Wall Street gave a half-hearted thumbs-up, with stocks ticking higher and Treasury yields falling. The labor market’s alive and kicking—just don’t ask about retail.

Remember the Guy Who Spent 10,000 BTC on Pizza? As Bitcoin hits $100,000, let’s revisit the story of Laszlo Hanyecz. Back in 2010, Laszlo made history—and maybe the worst financial decision ever—by spending 10,000 bitcoins on two Papa John’s pizzas. Worth $25 then, those bitcoins would be nearly $1 billion today.His story, now celebrated as “Pizza Day” every May 22nd, is a crypto cautionary tale. Hanyecz taught the world the value of patience—and how expensive pizza can really get.

TikTok’s days in the US are numbered. The clock is ticking for TikTok. A federal appeals court rejected the app’s bid to overturn the sell-or-ban law signed by President Biden earlier this year. Lawmakers claim the app’s Chinese parent, ByteDance, poses a national security threat by potentially sharing data on its 170 million US users with Beijing. If TikTok doesn’t sell to a US company by January 19, 2025—coincidentally, one day before Trump’s expected inauguration—it faces a nationwide ban. Trump, who tried banning TikTok during his first term, now says he’d fight to protect it, mostly to block Meta from cashing in. 

TikTok has two not-so-great choices:

1. Sell. Beijing likely won’t allow it, plus any US buyer rich enough to pay the $200+ billion price tag would face antitrust headaches.

2. Fight. TikTok plans to appeal to the Supreme Court, banking on free speech protections. But even SCOTUS might hand the final decision to the next president.

Meanwhile, Instagram Reels is lurking, ready to soak up the attention. Enjoy your scroll while you can.

AI Superfans Rejoice (and Pay Up): ChatGPT Pro Is Here

OpenAI just dropped ChatGPT Pro, a $200-a-month subscription for those who can’t get enough AI. Along with all the perks of the $20 plan, Pro users get nearly unlimited access to GPT-4’s turbocharged models and an exclusive new “o1 pro mode” for faster, more powerful responses. CEO Sam Altman says this tier is for “power users” who need more computing power than the standard plan can handle. At $2,400 a year, it’s not cheap—but if you’re obsessed with AI or running complex research, OpenAI is happy to take your money.

NASA's 'stuck' astronauts mark 6 months in space. Astronauts Butch Wilmore and Suni Williams just hit six months aboard the ISS—on what was supposed to be a one-week mission. Their ride, Boeing's Starliner capsule, failed spectacularly with thruster issues and helium leaks, leaving NASA no choice but to extend their stay until February.

Satellites launched to fake solar eclipses. The European Space Agency just launched two satellites designed to create artificial solar eclipses. Starting next year, these satellites will fly hundreds of feet apart in orbit, blocking the sun to let scientists study its corona for up to six hours at a time—way longer than Earth’s brief natural eclipses.

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The Pope Goes Green in Electric G-Wagon Popemobile

The Vatican just unveiled Pope Francis’s new all-electric Mercedes G-Wagon popemobile. Delivered by Mercedes execs, the custom ride comes with a heated, elevated seat to keep him cozy while waving to the faithful. Mercedes has been supplying popemobiles for nearly a century, but this eco-friendly upgrade aligns with Francis’s green agenda. 

Tokyo is fighting low fertility with long weekends. The Tokyo government is rolling out a four-day workweek for employees starting in April, hoping to ease the grind for working parents and tackle Japan’s record-low fertility rates. Under the new plan, government workers can enjoy a three-day weekend every week. Additionally, parents with kids in early elementary school can trade a bit of their salary to leave work early—because apparently, fewer hours at the office might mean more babies.

NYC says 'yes' to 80,000 new homes. The New York City Council approved the “City of Yes” plan, paving the way for 80,000 new homes over the next 15 years. Pushed by Mayor Eric Adams, the plan aims to tackle soaring rents and record-low vacancies through zoning changes. The vote was tight—31 out of 51 council members backed it—highlighting months of heated debate.

Stolen Wizard of Oz ruby slippers sell for $32.5M. Judy Garland’s ruby slippers from The Wizard of Oz, stolen 20 years ago, just clicked their way to $32.5 million at auction, including fees. Originally estimated at $3 million, they blew past that in seconds during a heated 15-minute bidding war.

Europe’s top business schools ranked for 2024. The 2024 European Business School Rankings are here. Rankings are based on performance across five FT global lists, including Masters in Management, MBA, Executive MBA, and executive education. 

Aurora photos that put your phone pics to shame. The 2024 Capture the Atlas contest showed off amazing Northern Lights photos, thanks to extra solar activity this year. Photographers like Tom Rae and Marc Adamus captured colorful skies that are out of this world.

TikTok of the day: watch here