Google loses major anti-trust lawsuit; RFK Jr, Peter Luger, and a dead bear cub in Central Park

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Good morning,

Two boxers are at the center of a culture-war, gender controversy at the Olympics. Algeria’s Imane Khelif and Taiwan’s Lin Yu-ting were disqualified by the Russian-led International Boxing Association (IBA) from last year’s Women’s World Boxing Championship over allegations of failing unspecified “gender tests” that accused the two boxers of having XY chromosomes.

International Olympic Committee spokesperson Mark Adams called the International Boxing Association’s eligibility tests “flawed” and ”not legitimate.” The tests have never been made public, it is unclear what tests were even administered, and the IBA (which is close to the Russian government) is rife with corruption and little transparency. Khelif previously called her 2023 disqualification a “conspiracy” that only took place after she beat Russia’s only boxer in the competition.
- Adams and the entire IOC have been steadfast that the two women have been women since birth and are qualified to compete as women.
Khelif says the wave of scrutiny she has faced over her gender “harms human dignity.” She said the attacks “destroy people, it can kill people’s thoughts, spirit and mind. It can divide people.”
Lin and Khelif both secured Olympic medals over the weekend and have upcoming fights — Khelif today. We’ll see if it will be bronze, silver, or gold.

We’ll keep you posted!

Mosheh, Jill, & Lauren

PS: Don’t forget to refer friends & family to subscribe to the Mo Newsletter… you could get free Mo News merch — DETAILS at the bottom of this newsletter!

📉 STOCKS PLUNGE: WHAT’S GOING ON?

Global markets had one of their worst days in years Monday as investors fear the US economy could slide into recession. The three major US indexes fell more than 2.5%, the biggest single-day drop since 2022. The sell-off started with a rise in the unemployment rate Friday, and the Fed’s recent decision to hold-off on cutting interest rates.

Overseas, Japan’s Nikkei sank 12% for its worst day since 1987. Across Europe, stock markets dropped about 2%, while South Korea’s Kospi index dropped nearly 9%.

At the same time, economists caution that the stock market is not the best way to see if US and global economies are headed for a downturn. The New York Times’ Ron Lieber advised those of us not in finance to “Go fly a kite or wander among beautiful buildings and check in with the market again tomorrow.”

THE GOOD & BAD
Washington Post’s Heather Long says “A recession is NOT inevitable. The economy is slowing, but still chugging along.” So what does the sell-off mean?

The market has recently seen all-time highs, and been “artificially boosted.” Yesterday was a recalibration.
- Billionaire investor Warren Buffett’s decision to sell a large portion of Berkshire Hathaway's stake in Apple stock also contributed to the panic.
The Federal Reserve has tried to walk a fine line with the economy: keeping interest rates high to bring down inflation, but not too high for too long that it sends the US into a recession.
- Some investors are concerned the Fed is waiting too long to cut rates again; and some are even calling for an emergency rate cut before their next meeting in September. (Technically, the Fed COULD do that— but only in extenuating circumstances.)
Job growth in the US has always been a bright spot in the economy since the pandemic, despite high inflation. But it slowed more than expected during July and the unemployment rate also ticked higher.

*Jobs are still being added, but at a slower rate than recent years.*

LONG TERM
The bottom line is that stock markets go up and down. But, over time, it goes up. Look at all the green years on the chart below.

And, as we mentioned when the market was reaching historic peaks a few months ago — Wall Street and Main Street are two vastly different landscapes in America.

📲 GOOGLE’S SEARCH ENGINE MONOPOLY COULD COME TO AN END

A huge court decision Monday could impact one of the largest tech companies in the world, Google, and how we use it. A federal judge ruled that Google’s search engine has been illegally exploiting its dominance to squash competition and stifle innovation.

The once-in-a-generation antitrust ruling could potentially lead to Google facing new rules to allow competition or even being forced to sell off parts of the company. In the meantime, its parent company, Alphabet, plans to appeal.

THE RULING
US District Judge Amit Mehta concluded in the 277-page ruling that “Google is a monopolist, and it has acted as one to maintain its monopoly.”

The evidence: Google has over 90% of the market share for online search results.
- Google’s search engine currently processes an estimated 8.5 billion queries per day worldwide, nearly doubling its daily volume from 12 years ago.
Prosecutors depicted Google as a bully that thwarted competition to protect the search engine. It helped generate $240 billion in revenue in 2023.
- The company did this by paying web browsers and phone manufacturers to make Google the default search engine.
- They say advertisers were charged artificially high prices to get their products up top. Alone at the top, Google is accused of not investing time or money into improving the quality of its search engine. Therefore, consumers suffered.
The company argued its products’ strengths are why the search engine is so popular and that users could easily change the default search option on phones. But the judge said the evidence showed most consumers don’t.

📌 RFK JR. ADMITS TO DUMPING DEAD BEAR IN CENTRAL PARK & OTHER 🤔 STORIES

In one of the more bizarre headlines of this election season, Independent presidential candidate Robert F. Kennedy Jr. admitted to dumping a dead bear cub carcass in Manhattan’s Central Park in 2014. (Yep, you read that right.)

In a video posted to his social media page over the weekend, RFK Jr. told comedian Roseanne Barr (yep, you also read THAT right) that after a full day of falconry— hunting falcons— in upstate New York, he came across a young dead bear cub on the side of a road a decade ago.

Kennedy decided to take the bear so he could skin it and eat the meat. So he picked up the dead bar and put it in his car. But, as it turns out, he ended up at Peter Luger steakhouse in NYC, and then needed to catch a flight.

So, what to do? He and his friends decided to dump the bear in Central Park, along with an old bike he happened to have in his car that a friend had asked him to dump. He staged its death to look like a bicyclist hit it, watched the police investigate it, but didn’t admit to it until this weekend. (Yep, he admitted to all of that.)

JUST THE LATEST
RFK Jr. has weathered a series of increasingly improbable-sounding scandals in recent months, from his admission that a worm ate part of his brain (something he now says could have started when he dumped the bear in Central Park) to his denial of reports that he once ate barbecued dog (he says it was goat).

He recently apologized to his kids’ former babysitter who accused him of sexual assault, but added that he has no memory of an incident.
- Kennedy told a podcast after the reports came out that he has “skeletons in [his] closet” and that “we’ll see what happens” if more stories could come out.
A book on RFK Jr’s life from 2015 claimed that he was a serial cheater who “repeatedly told [his second wife] that she would be ‘better off dead,’ and that it would be ‘so much easier’ if she killed herself.” Months later, the mother of three of his children, Mary Richardson committed suicide.

THE POLITICS OF IT ALL: Despite these scandals and stories, Kennedy is still making a full court press for the presidency, trying to get on more state ballots for November. His campaign claims to have enough signatures to qualify in 42 states so far. But officially, he is currently on 15 ballots.

While he’s only polling at a couple percentage points nationally, that could be enough in swing states to make a difference for the top two contenders.

⏳ SPEED READ

🚨NATION

📌 Harris to announce her VP pick today ahead of their Philadelphia rally (NBC NEWS)

📌 Several US service members wounded during attack on base in Iraq; Iran-connected groups may be involved (FOX NEWS)

📌 Justice Thomas accepted previously undisclosed private jet flight to New Zealand, Senate Democrat says (CNN)

📌 Usha Vance defends husband’s ‘childless cat ladies’ comment as a ‘quip’ in first solo interview (AXIOS)

📌 Ex-Trump attorney Jenna Ellis agrees to cooperate in Arizona 'fake elector' case (ABC NEWS)

🌎 AROUND THE WORLD

📌 Bangladeshi Prime Minister Sheikh Hasina resigns, flees country as deadly anti-government rallies grip nation and loot PM residence (CNN)

📌 Two possible scenarios for an Iran attack against Israel (POLITICO)

📌 UK riots plunge country into worst unrest in years, prime minister vows to apply 'full force of law' (MO NEWS)

📌 Evan Gershkovich, freed Americans now face IRS fines, fees for time they were Russia’s hostages (FOX BUSINESS)

📱BUSINESS, SCIENCE & TECH

📌 Bloomberg reporter fired over breaking embargo on Evan Gershkovich's release (HUFF POST)

📌 Tropical Storm Debby threatens Southeast with potentially catastrophic flooding, record-setting rain (AP)

📌 CrowdStrike is sued by fliers after massive outage disrupts air travel (REUTERS)

📌 Elon Musk PAC being investigated by Michigan secretary of state for potential violations (CNBC)

🎬 SPORTS & ENTERTAINMENT

📌 Dolce & Gabbana launches perfume for dogs (DAILY BEAST)

📌 Belgium drops out race, and Switzerland shuffles line-up after athletes fall ill following race in Seine River (CNN)

📌 Simone Biles, Suni Lee on silent Olympic beam final: 'It was really weird and awkward' (USA TODAY)

📌 Tom Hanks and Rita Wilson's home burglarized, police say (ABC NEWS)

📌 Kehlani's ex claims singer is in a 'cult,' files for full custody of 5-year-old daughter (PEOPLE)

🗓 ON THIS DAY: AUGUST 6

1945: During World War II, the US dropped an atomic bomb named "Little Boy" on Hiroshima, Japan, resulting in an estimated 140,000 deaths.
1965: President Lyndon B. Johnson signed the Voting Rights Act, prohibiting racial discrimination in voting.
1990: Garth Brooks released ‘Friends in Low Places.’
2003: ‘Freaky Friday’ starring Jamie Lee Curtis and Lindsay Lohan opened in theaters. Filming for the sequel began this summer and is set to be released in 2025!