Good morning! Colleges repurpose office spaces, Uber launches package return service, and the Powerball jackpot hits $1.2 billion.

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Masterworks Art Investing Platform - The first platform to let you invest in multi-million dollar works of art by artists like Basquiat, Picasso, Banksy, and more.

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BUSINESS

Colleges Buy Up Office Space

Colleges across the U.S. are acquiring unused office spaces, capitalizing on the slumping office market. Sacred Heart University, for instance, transformed General Electric's former headquarters into its new West Campus, showcasing a broader trend of educational institutions repurposing office buildings for academic use.

Here's the breakdown:

• Sacred Heart University converted General Electric's old headquarters into its new West Campus.

• Since 2018, numerous higher education institutions have purchased office buildings, with notable acquisitions by institutions like the University of California, Los Angeles.

• The slump in the office market offers colleges bargain prices on buildings, making renovations more cost-effective than new constructions.

• Repurposing office buildings for academic use doesn't fully address the country's empty-office issue, which arose from the pandemic-induced shift to remote work.

• Some colleges are also acquiring hotels to address dormitory shortages, but office buildings remain attractive due to their lower prices.

MASTERWORKS

54,578 Investors Lucked Out

54,578 investors have already profited, during a year where many markets are continuing a historic slump. How? When incredibly valuable assets come up for sale, it's typically the ultra-rich that take home an amazing investment…

But now, one platform is taking on billionaires at their own game, allowing everyday people to invest in the same legendary artworks billionaires have been collecting for centuries. Users have already seen annualized net returns of +17.8%, +21.5%, +35.0% and more, with Masterworks. Their $800m+ collection includes works by greats like Banksy and Picasso. When Masterworks sells a painting (16 already sold) investors reap their portion of the net proceeds.

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*Past performance is not indicative of future returns. Investing involves risk. Important Regulation A disclosures at masterworks.com/cd.

TECH

Uber Offers Return Service

Uber has introduced a new feature allowing users to request rides specifically for returning e-commerce packages to local post offices or shipping outlets. This service aims to simplify the often-dreaded process of returning online purchases.

Here's the breakdown:

• Uber's update facilitates the return of e-commerce packages to post offices, FedEx, or UPS locations.

• The feature addresses the inconvenience felt by many online shoppers regarding mail returns.

• Part of Uber Connect, this tool lets users send items for same-day local delivery.

• Users can track couriers live, ensuring transparency in their package's journey.

• Packages must be valued under $100 and weigh less than 30 pounds, with a flat return fee of $5.

FINANCE

Powerball Hits a Billion

The Powerball jackpot has reached an estimated $1.2 billion for Wednesday night's drawing, marking the second time the prize has surpassed a billion dollars in consecutive jackpot cycles.

Here's the breakdown:

• Powerball's jackpot has crossed the billion-dollar threshold in back-to-back cycles.

• The grand prize is estimated at $1.2 billion, with a cash value option of $551.7 million.

• The odds of winning the jackpot are 1 in 292.2 million.

• This jackpot isn't the largest in Powerball's history, with previous records at $2.04 billion and $1.586 billion.

APPENDIX

• Net returns of +17.8%, +21.5%, +35.0% and more, with Masterworks’ art investing platform. Readers skip the waitlist

• U.S. new car sales experience significant shifts.

• Spotify offers audiobooks to free subscribers, expanding its content range.

• U.S. 30-year mortgage rate surpasses 7.5%, the highest since 2000.

• Scientists receive the Chemistry Nobel Prize for their groundbreaking work on quantum dots nanoparticles.

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