Good Morning. A $500 million bailout, 90% government stake, and bondholders said no thanks. We break down Spirit's shutdown.
We also cover GameStop's eBay bid, Derby history, and a self-talk inflammation hack (forwarded this email? Join 523k readers).
TOP STORY TODAY
Spirit Shuts Down
Spirit Airlines is shutting down operations after a $500 million government bailout collapsed (WSJ). Bondholders balked at terms that would have given the administration warrants for up to a 90% stake in the discount carrier.
The budget airline spent the past 18 months in Chapter 11 and held roughly 3.9% of domestic air travel as of February, down from 5.1% a year earlier. Doubling jet fuel prices from the U.S.-Iran war crushed its restructuring plan.
American Airlines is capping economy fares on overlapping nonstop routes, and United is preparing to absorb stranded passengers and employees. Spirit pioneered the ultra-low-cost model in 2006 and continued selling deeply discounted tickets in its final days. See original ads for Spirit.
GameStop's Bid
GameStop CEO Ryan Cohen made an unsolicited $56 billion offer to buy eBay yesterday, pitching $125 per share in a 50/50 cash and stock deal. The bid represents a 20% premium over eBay's Friday close and follows a quietly built 5% stake.
GameStop carries a roughly $12 billion market cap and $9 billion in cash, making the math unusual since the buyer is far smaller than the target. TD Bank provided a commitment letter for up to $20 billion in debt financing, with possible Middle Eastern sovereign wealth backing.
Cohen says he wants to turn eBay into a real Amazon competitor and would serve as CEO without salary. If eBay's board resists, he is prepared to launch a proxy fight, though the director nomination window for June's annual meeting has already closed.
Making Derby History
Golden Tempo charged from last place to win the 152nd Kentucky Derby on Saturday at Churchill Downs, paying out $48.24 at 23-1 odds. Trainer Cherie DeVaux became the first woman to ever saddle a Derby winner in the race's history (see video).
The colt edged co-favorite Renegade by a neck before a crowd of 150,415, with longshot Ocelli finishing third at 70-1. Brothers Jose and Irad Ortiz rode the top two finishers, marking the first sibling 1-2 finish in Derby history.
Jose Ortiz captured his first Derby win in 11 tries, one day after taking the Kentucky Oaks. DeVaux has not committed Golden Tempo to the May 16 Preakness Stakes, saying the decision depends on how the colt recovers.
TOGETHER WITH GRANOLA
The AI notepad for people in back-to-back meetings
Looking for an AI notetaker for your meetings?
Most AI note-takers just transcribe what was said and send you a summary after the call. Granola is an AI notepad. And that difference matters.
You start with a clean, simple notepad. You jot down what matters to you and, in the background, Granola transcribes the meeting.
When the meeting ends, Granola uses your notes to generate clearer summaries, action items, and next steps, all from your point of view.
Then comes the powerful part: you can chat with your notes. Use Recipes (pre-made prompts) to write follow-up emails, pull out decisions, prep for your next meeting, or turn conversations into real work in seconds.
Think of it as a super-smart notes app that actually understands your meetings. Download Granola and try it for your next meeting.
Please support our sponsors!
TODAY’S LIFE ADVICE
How Self-Talk Shapes Your Inflammation
Your immune system isn't just for fighting colds. Dr. Jenna Macciochi calls it your wellness system, and it's listening to how you talk to yourself.
Negative self-talk signals danger to your body. Your immune system responds with inflammation, even when no real threat exists.
Tactical shifts that reduce inflammation:
Swap self-criticism for self-compassion (research shows measurable drops)
Manage stress like it's a daily input, not an occasional event
Reconnect with nature's rhythms through outdoor time and consistent sleep
What if your harshest critic is the one keeping you sick? The full conversation goes deeper.
Stuck in the “Tired-but-Wired” Loop?
When you're stuck in the sympathetic spiral of doom — chronically stressed, tired but wired, unable to recover — traditional relaxation techniques often backfire. The real solution isn't more meditation or breath work. It's addressing both top-down stressors (trauma, sleep, relationships) and bottom-up insults (toxins, infections, nutrient depletion) while strategically supporting your mitochondria.
Start by identifying which pathway is driving your stress response, then systematically remove triggers while replenishing the specific nutrients your cells need to shift out of survival mode.
TRENDING
5 Stories
▲ Sam Altman faces mounting pressure as Musk lawsuit, missed revenue targets, and home attack threaten OpenAI's $852B IPO
▲ Kimi Antonelli wins F1 Miami Grand Prix, extending championship lead amid Apple TV deal and Cadillac team debut | Race highlights
▲ Job switchers moving abroad doubled to 6% in 2025 as U.S. tech workers chase European AI opportunities
▲ Rudy Giuliani hospitalized in critical but stable condition at age 81, spokesman confirms after recent voice troubles
▲ Foreclosure filings rise 28% year-over-year as Trump rollback of FHA mortgage subsidy threatens 250,000 homeowners
TOGETHER WITH HEAR
Meet the device ushering in a new era of hearing clarity
Discover unparalleled speech clarity with this advanced, state-of-the-art hearing aid.
With crystal-clear sound delivered to your ears and a sleek, discreet design powered by German technology, you can now enjoy clear speech with minimum background distractions, even in the noisiest environments.
Take comfort in our commitment to your hearing and try our 45-day no-risk trial today.
Please support our sponsors!
Fun Links
How Jeff Bezos broke into fashion [Blog]
Cool movie explosions (before AI) [Video]
How to set up an AI Notepad [Gear*]
Why do parrots talk like humans? [Blog]
How a master chef makes frites at home [Recipe]
50 micro habits that build millionaires [Video]
Creating The Devil Wears Prada 2 [Podcast]
Grow your audience and revenue: Join brands like AG1, Hims, BetterHelp. Reach +500K ambitious professionals who open 1% Better every morning. Apply here.