Daily Briefing: October 28

The stat, quote and read you need to start the day right.

Stat

California has been an economic land of opportunity since the gold rush era. And now, the state's economy is about to surpass Germany's- making it fourth largest in the world. Of course, there are still some downfalls to living in California such as earthquakes, wildfires and housing prices that make some residents want to leave for cheaper pastures. But if growth projections remain consistent, its GDP will soon only be smaller than US', China's and Japan's.

Quote

“Meta needs to get its mojo back.”

This year, with Meta's share price down more than 60%, investors are becoming frustrated with Mark Zuckerberg's big bet on the metaverse. Altimeter Capital CEO Brad Gerstner, whose firm has over 2 million shares in the company, penned an open letter ​yesterday calling for Meta to cut headcount expenses by 20% and keep metaverse spending under $5 billion per year to become a "more productive and focused company." We'll see how confident Meta is in its own abilities tomorrow when it reports earnings.

Read

Why Restoration Hardware is opening restaurants: It’s not about food. (New York Times).

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