Good morning, Quartz readers!
Here’s what you need to know:
Rupert Murdoch Retires from Media Empire
Rupert Murdoch has retired from his media empire, with his son Lachlan taking over News Corp. and Fox Corp. This comes at a difficult time for Fox News (more on this below).
Investing in Big Tech: Is it Worth it?
As an investor, should you keep putting your money into big tech companies? Consider the pros and cons before deciding.
California Proposes New Rules for House Insurance Pricing
California regulators have proposed new rules that allow insurance companies to consider climate change when pricing house insurance. The goal is to prevent insurers from leaving the state.
Office of Gun Violence Prevention Established by Biden Administration
The Biden administration has created the Office of Gun Violence Prevention, led by Vice President Kamala Harris. One of its objectives is to support the passing of state-level regulations on firearms.
Cisco Acquires Cybersecurity Firm Splunk
Cisco has purchased the cybersecurity firm Splunk for $28 billion. With the increasing use of AI, cybersecurity threats are on the rise, and Cisco wants to ensure its security measures are top-notch.
High-Speed Rail Service Launches Between Miami and Orlando
High-speed rail service Brightline is launching a new route today, connecting Miami and Orlando. Trains on this route will reach speeds of up to 125 mph (200 kph), making it a convenient option for travelers between Florida’s biggest tourist destinations.
However, the US lags far behind other countries like China, Japan, and Spain in terms of high-speed train networks. Private funders, such as Fortress Investment Group, are playing a crucial role in financing these projects. Brightline’s $5 billion price tag is supported by Fortress Investment Group, which aims to attract 8 billion users annually.
Public funding is also necessary for these projects to succeed in the US. Read more about this in Quartz’s article by Julia Malleck.
Rupert Murdoch’s Departure and Anti-Elite Rhetoric
In his departure memo from the boards of Fox Corp. and News Corp., Rupert Murdoch expressed his thoughts, focusing on anti-liberal and anti-elite themes that have been recurrent throughout his career:
My father firmly believed in freedom, and Lachlan is absolutely committed to the cause. Self-serving bureaucracies are seeking to silence those who would question their provenance and purpose. Elites have open contempt for those who are not members of their rarefied class. Most of the media is in cahoots with those elites, peddling political narratives rather than pursuing the truth.
Quartz provides annotations on Murdoch’s memo, highlighting that while he portrays himself as a champion of freedom, he fails to acknowledge his own status as a wealthy and powerful elite. Read the full memo and Scott Nover’s annotations on Quartz’s website.
The Luddites and the Machine Age
The term “Luddite” originally referred to industrial-era clothworkers who resisted the introduction of machines. Today, it is used to describe individuals who reject or prefer to be detached from modern technology. Gabriela Riccardi explores the origin story of the Luddites and how it can guide us in navigating the machine age.
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Surprising Discoveries
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- There are puffer jackets designed for summer that cool you down when you place cold beer cans in their pockets. Will they become a status symbol?
Wishing you a productive day! Feel free to send any news, comments, remixes of “Se Pone Caliente,” or summer puffer jackets to [email protected]. Become a member to support Quartz and help keep our content accessible to all. Today’s Daily Brief was brought to you by Morgan Haefner and Julia Malleck.
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