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CLOSING BELL
Let Them Eat Tariffs

The market was a flat, still lake before a storm on Monday, if that storm was a ton of Fed Speak this week. Thankfully, the Fed Speak today was as dry and boring as ever, with NY Fed President John Williams telling a conference that they should take the summer off from worrying about rates. One thing is for sure: someone is looking forward to Memorial Day weekend. 👀 

Oh, and Moody’s downgraded the U.S., and Trump called out Walmart for warning they would raise prices because of import tariffs, saying instead they should eat them. Yummy. 🍰 

Today's issue covers: DNA For Sale, Fed Speak Reaches Year Peak, But Moody’s Outlook Bleak, and Home Depot Reports Tomorrow, Bang Or Bust? 📰

With the final numbers for indexes and the ETFs that track them, 8 of 11 sectors closed green, with health care $XLV ( ▼ 0.31% ) leading and energy $XLE ( ▼ 0.3% ) lagging.

COMPANY NEWS
DNA For Sale 🧬 

It seemed like a great idea at the time: take advantage of our futuristic technology in the post-Y2K world to find out where each of us came from in this big, beautiful world.

Less than twenty years later, 23andMe filed for bankruptcy in March, and suddenly the millions of individual DNA samples the firm collected became just another line item on the balance sheet for creditors to sift through. Some argued it would be unconstitutional or, at the very least, gross, but here we are.

$REGN ( ▼ 1.24% ) bid $256M to acquire the DNA data of 15M people on Monday. The firm’s CEO, George Yancopoulos, said his firm can be trusted to safeguard the data, as they have yet to go bankrupt and sell DNA data. 👮 

The firm uses DNA to develop treatments by identifying genes associated with illnesses.

In June, a court-appointed privacy check will present its findings on how that would affect users. Here is a quick rundown of the rise and fall of 23andMe, thanks to Reuters.

• 2006: 23andMe founded by Anne Wojcicki, Linda Avey, and Paul Cusenza.

• 2015: 23andMe re-launches its test kit after meeting FDA requirements.

• 2021: Goes public via Richard Branson’s SPAC, reaching a $6B valuation, under the ticker ME. The Stock Reached a high of $320/share.

• 2023: A major data breach exposed the genetic data of 6.9 million users.

• 2024: Wojcicki attempts to take the company private, but the board rejects her offer.

• 2025: 23andMe files for bankruptcy; Regeneron bids $256M to acquire its assets.

SPONSORED
$30M Q1 ‘25 Revenue: StartEngine’s Biggest Quarter Yet

StartEngine is the platform allowing accredited investors to gain exposure to coveted pre-IPO companies like OpenAI, Perplexity, and Databricks — without paying millions.¹

These offerings helped StartEngine achieve its best quarter yet: 3x revenue YoY to a record $30M and $1.7M GAAP net income ($5.2M adjusted EBITDA), based on unaudited Q1 2025 financials.²

And here’s the kicker: StartEngine is also a smart diversification play. Why? 

StartEngine has 20% carried interest in some of its pre-IPO offerings. That means their success (and potentially yours, too) is tied to the success of these companies.³

Translation: your upside can grow with some of StartEngine’s best offerings.

So how do you get involved? By becoming a shareholder. The window is open (but closing soon) for you to join 45k+ who have invested $84M+ in StartEngine to date. Get in on the action before this round closes on June 26.

^{_{1. The underlying companies held by StartEngine Private Funds LLC, and StartEngine Private LLC (together, “StartEngine Private”) are not participating or involved in the offering. The availability of company information does not indicate that the company has endorsed, supports or otherwise participates with StartEngine Private or any of its affiliates. StartEngine Crowdfunding LLC purchases shares from current and former employees, early investors, and advisors of the companies and sells the shares to StartEngine Private for each offering. When you make an investment in a company on StartEngine Private, you are purchasing an interest in a series of StartEngine Private Funds LLC or StartEngine Private LLC, each a Delaware limited liability company (together the “Series LLCs”), which were created to hold shares of privately held companies. An investor will not directly own or hold shares of the private company but instead will own member interests in a series of the Series LLCs, which either directly or indirectly, will hold shares in the company. There may not be a one-to-one economic parity on the value of the Series LLCs interests and the underlying shares. This is offered only to accredited investors per regulation D rules. 2. Based on our Q1 2025 Form 10-Q. This revenue growth has been driven by StartEngine Private, a new product line that offers funds in late stage companies. This product line has driven over $24.6 million of the $30 million in revenue from Q1 2025. To understand the impact on margins, see financials. 3. StartEngine receives a small percentage of equity in fees from many of our crowdfunding offerings, and 20% carried interest in some of our Private pre-IPO offerings. Fees are subject to change. There is no guarantee that the 20% carried interest or equity received as compensation will have value, that they will generate income for StartEngine, or that StartEngine will be profitable. 4. This Reg A+ offering is made available through StartEngine Crowdfunding, Inc. No broker-dealer or intermediary involved in offering. This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment. For more information, please see the most recent Offering Circular and Supplements and Risks related to this offering. In addition, as described in the Offering Circular, the Company retains the right to continue the offering beyond the Termination Date, in its sole discretion.}}

*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure ^_here.