Axios Closer: Super year for superyachts

Plus: One movie's heroic debut | Friday, December 17, 2021

Open in app View in browser   Presented By Goldman Sachs One Million Black Women   Axios Closer By Courtenay Brown ·Dec 17, 2021 😎 Today's Closer — the last edition of the year! — is 631 words, a 2-minute read. Keep reading for some news about this newsletter. 🔔 The dashboard: The S&P 500 fell 1%. Biggest S&P gainer? Medical records company Cerner (+13%) amid reports it could be acquired by Oracle. Biggest decliner? Furniture part maker Leggett & Platt (-8%). ¯\_(ツ)_/¯     1 big thing: Boat boom won't let up Source: Boat International; Chart: Axios Visuals Superyacht builders are entering the new year with more boats on order than ever before. The mega-rich (whose wealth ballooned during the pandemic) sought out giant yachts at record rates for a private refuge from the virus — and there are fresh signs it isn't letting up, per Boat International's annual report out this week. "The lack of travel and the desire to isolate has been universally good for the boat industry," Princess Yachts' Will Green says in the report. The intrigue: Companies have all but stopped building yachts on "spec" because of the wild demand. The number of boats built without owners hit the lowest level on record. Those with the means will be hard-pressed to find a semi-custom yacht available for purchase before 2024 — a historic wait time as demand soars and component shortages bite. Between the lines: The "Octopus" — one of the world's biggest yachts, first commissioned by Microsoft co-founder Paul Allen — was the priciest yacht sale of the year: about $260 million. The new yacht hurdle: dwindling places to park them. What they're saying: "We have lost sales because people could not find anywhere to keep the boat," Issy Pereira, a Florida-based yacht dealer, told Miami Today this week.     2. Mapped: America's job shortfalls Data: Federal Reserve Bank of New York; Chart: Dani Alberti, Jacque Schrag and Baidi Wang/Axios 88 of the largest 100 metro areas had fewer jobs in October than before the pandemic, according to data out today from the New York Fed. Why it matters: City economics are lagging the nation's labor market recovery, Axios data viz gurus Dani Alberti, Jacque Schrag and Baidi Wang report. Bright spot: Round Rock, Texas — part of the Austin metro area — led cities that gained jobs. Full report.     3. What's happening 😷 The NFL will postpone three games this weekend due to a surge in COVID-19 cases. (Axios) 🛻 Shares of Rivian fell 10% to a record low after the EV startup slashed its vehicle production target. (MarketWatch)     A message from Goldman Sachs One Million Black Women How investing in Black women can help transform the economy     Reducing the earnings gap for Black women could generate up to 1.7 million US jobs and 2.1% annual GDP growth. Through One Million Black Women, Goldman Sachs is deploying $10 billion of investment capital in ideas, institutions and organizations aimed at doing just that. Learn more.     4. Why your next gift could be crypto Illustration: Aïda Amer/Axios   Retail trading apps are using the holidays to recruit more crypto adopters, Axios' Hope King writes. Robinhood said this week it would launch a crypto gifting feature just ahead of Christmas. Cash App, owned by Block (formerly Square), also launched a similar feature this week. Why it matters: Crypto trading makes up a big part of their business. Gifting crypto could lure newcomers, as TechCrunch notes. How it works: Robinhood users "can send as little as $1 worth of one of seven cryptocurrencies." Recipients have 14 days to accept gifts through their own account on the app. Cash App lets users send bitcoin using their balance or debit card now.    Share Axios and earn rewards If you like this newsletter, your friends may, too! Refer your friends and get free Axios swag when they sign up. Be a good friend and share   5. Spider-Man to the (box office) rescue Photo: Sony Pictures   "Spider-Man: No Way Home" is on pace to become the highest-grossing box office opener of the pandemic era by far, Axios' Sara Fischer reports. AMC today said the film broke its box office records, making it "the single highest-grossing movie title on its opening night in AMC's history," in December. It was the second highest-grossing movie title on its opening night of all time, behind 2019's "Avengers: Endgame." Go deeper.     6. What they're saying This spot is usually reserved for a quote that caught our attention. Today, it's news about me. This is the final Closer of 2021 — and the last ever from me. I am leaving Axios for my next adventure: sleep, a lot of sleep. Exciting, I know! My name appears in your inbox, but there are others you don't see who make Closer possible — including Aja-Whitaker Moore, Kate Marino and Sheryl Miller. Thanks to Axios reporters who contribute to Closer. And to Nick Johnston, Sara Goo, Mike Allen, and Jim VandeHei for their endless support. It's been a blast bringing you the business stories that matter each day. Thanks for reading. 🗓 Closer returns Jan. 3 — with Hope King and Nathan Bomey at the helm!     A message from Goldman Sachs One Million Black Women Black women receive less than .3% of VC funding     Black women start businesses faster than any other demographic, yet they receive only 0.27% of VC funding. Goldman Sachs' One Million Black Women initiative aims to narrow this and other opportunity gaps through $10 billion in capital investment. Get more details.   Happy holidays! Keep up with me on Twitter — @Courtenay_Brown. Like this email style and format? 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