Good Morning. Five tech giants owe $1.65 trillion that never shows up on their books. The trick? Enron invented it. Plus, Apple’s leasing options, ESPN layoffs, and books for better systems (forwarded this email? Join 523k readers).
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TOP STORY TODAY
The $1.6T Enron Trick
Five tech giants (Alphabet, Microsoft, Amazon, Meta, Oracle) are carrying $1.65 trillion in debt that never appears on their balance sheets, a new analysis found this week. That's more than the $1.35 trillion they officially report.
Companies park debt for chips and power inside separate entities so it never hits their books. Meta's Louisiana data center holds $27 billion this way. It's the same structure Enron used, now legal under tighter disclosure rules (Enron’s 2001 collapse).
Four of the five report earnings within two weeks, and the footnote debt won't make headlines. S&P already cut Oracle's rating over stretched leverage. Meta's off-book pile alone: roughly $420 billion, nearly triple what it reports.
Pan Am Ghost Found
Explorers announced yesterday they found the wreck of the Pan Am Clipper Endeavor off Puerto Rico, 74 years after it crashed. The 1952 water landing killed 52 of the 69 people aboard.
Everyone survived the initial ditching after two engines failed minutes out of San Juan. But panic, a language barrier, and shark fears kept passengers buckled in as the tail broke off and the fuselage sank.
A torpedo-shaped underwater drone spotted the Pan Am logo 2,000 feet down on its first attempt, aluminum still gleaming. The legacy: this crash is the reason every flight now opens with a safety briefing.
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Ella Ties Whitney, Mariah
Ella Langley's "Choosin' Texas" logged its 14th week at No. 1 on the Billboard Hot 100 this week, tying Whitney Houston and Mariah Carey for the longest run by a solo female artist.
The song now matches Houston's "I Will Always Love You" and Carey's "We Belong Together" (holiday songs excluded). It pulled 24 million streams, 51 million radio airplay impressions, and 7,000 US sales last week alone.
One more week puts Langley alone in the record books. Meanwhile, Stella Lefty grabbed her first top 10 with "Boston" at No. 6, and Olivia Dean claimed the Radio Songs crown.
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Lesser-known books we’re obsessed about
We love books like Atomic Habits, The Obstacle is the Way and The 4-Hour Workweek, but here are some lesser known non-fiction books that are equally life-changing:
If you need better systems:
If you love stories of obsession:
If you want variety in your workouts:
If you need a daily sense of urgency:
If you're raising kids:
Two questions to free your thinking
What assumptions am I making, that I’m not aware I’m making, that gives me what I see?
What might I now invent, that I haven’t yet invented, that would give me other choices?
TRENDING
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▲ ESPN layoffs claim Karl Ravech, Cam Newton, and Ryan Clark as NFL Network merger eliminates duplicate jobs
▲ Miami living costs top NYC for first time ever as home prices soar 79% since pandemic
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