Morning Brew Daily - Billionaires Flee Cali Taxes for Miami & Ferrari Reveals EV Interior

Episode Date: February 11, 2026

Episode 777: Neal and Toby talk about an influx of billionaires into Miami from California as the Golden State proposes a “billionaire tax.” Then, Trump is threatening to close an international bridge that connects Canada and Michigan due to trade tensions. Also, Ferrari unveils its new electric car with an eye-catching interior by former Apple designer Jony Ive. Plus, more news coming from the Super Bowl and Bad Bunny’s halftime show.  Learn more about FlavCity at https://go.shopflavcity.com/mbds  Sign up for our monthly trivia! https://mbdtrivianight-feb2026.splashthat.com/  Subscribe to Morning Brew Daily for more of the news you need to start your day. Share the show with a friend, and leave us a review on your favorite podcast app. Listen to Morning Brew Daily Here:⁠ ⁠⁠https://www.swap.fm/l/mbd-note⁠⁠⁠  Watch Morning Brew Daily Here:⁠ ⁠⁠https://www.youtube.com/@MorningBrewDailyShow⁠ Learn more about your ad choices. Visit megaphone.fm/adchoices

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Good morning Brutely Show. I'm Neil Fryman. And I'm Toby Howell. Today, Miami is seeing an influx of billionaires from California. Then let's take a look inside the Ferrari luce, its first all-electric vehicle. It's Wednesday, February 11th. Let's ride. Yesterday brought us the first mega-viral moment of the Winter Olympics when a Norwegian athlete used his post-race interview to win back his girlfriend.

After nabbing the bronze in the men's 20-kilometer biathlon, all in any. think Sterla Home Ligrid wanted to talk about was his depressing personal life. He said, again, this is in a public interview after winning an Olympic medal, that he had cheated on his girlfriend three months ago, fessed up to her last week, and she had left him. He said he, quote,

had a gold medal in life, but had squandered it, wishing he could share this moment with her. But he is not giving up. He said, I hope that committing social suicide like this might show her how much I love her. Toby, a biathalie and a yearner. Dude is making a last minute push to have a

Valentine's Day date, and I don't blame him. But I also want to bring attention to some other athletes. Johannes Clabo is a cross-country skier who also went viral yesterday for winning the men's sprint event. Not only did he win, at one point he gapped the field by reaching sub-six-minute mile pace up a mountain on skis. A Wall Street Journal article said that this is Michael Phelps-level Olympian that we're talking about. He has a very real possibility of winning six gold medals at a Winter Olympics. That has never been done before. Klobo remembered the name. Finally, a quick shout out to our U.S. women's hockey team.

They thumped Canada yesterday, 5-0, and have now outscored opponents 20 to 1 so far. Men's hockey gets underway tomorrow against Latvia. And now word from our sponsor, Flavs City. Toby, it's a new year. What are you doing to adopt healthier habits? Well, I've been fasting for the last five days. How's that going for you? Pretty bad, Neil.

And hey, has anyone told you your head is starting to love? look a little cheeseburger-y. Can't say anyone has. How about instead of depriving yourself to the point of hallucination, you try Flavcities all-in-one protein smoothies? They come in all sorts of flavors like pepper-minty shamrock, banana bread, brownie batter, and more. Okay, sure.

Next you're going to tell me they have real ingredients, 25 grams of protein, 10 grams of collagen, and don't taste like chalk. All of that is true. Well, then, I guess, head to go. Dot shopflavcity.com slash MBDS to try any of their delicious flavors. that is go dot shop, flavavcity.com slash MBDS. I'm so hungry. Billionaires are trading breakfast burritos for fish tacos.

California's wealthiest residents are scrambling to scoop up houses in Miami over concerns of a billionaire's tax getting approved on the November ballot. That tax, which is still being debated by California lawmakers, would impose a one-time 5% tax on Californians with a net worth of over $1 billion, including unrealized gains. Crucially, it would apply retroactively. to January 1st, 26, sparking an all-out rush for South Florida real estate in the past few months. And a bunch of California moguls are already picking out wallpaper for their new Miami digs. On Monday, the Wall Street Journal reported that one, Mark Zuckerberg, is purchasing a house in Indian Creek,

an insanely exclusive man-made island known as Billionaire's Bunker. Once he moves in by April, holy neighbors with Jared Kushner and Ivanka Trump, Jeff Bezos, Carl Eichon, and Tom Brady. We don't know what Zuck paid for it, but local real estate agents said the property would probably sell for $150 to $200 million. Toby, it's pretty funny. Miami brokers were preparing for an influx of billionaires from New York City after Mom Donnie was elected mayor.

They got their billionaires all right, but from California instead. And it's creating kind of a weird dichotomy in the Miami real estate market right now because Miami's median home price has actually fallen beneath its pandemic peak. Remember, everyone seemed like they were moving down south during the pandemic. But now, if you look at just kind of the middle part of the market, it has settled down, little bit. Metro Miami home prices are still up 60% from 2020 to 2020. But again, that has cooled off a little bit. At the top end of the market, though, things are frothy as heck. 19 homes sold over $30 million last year. That is up from zero in 2019 and nine in 2021. So there is a shortage of the

ultra luxury, the top of the line mansions in Miami right now. And you hear brokers say, these guys are actually settling for properties around $10 million to $25 million. which is just maybe a starter home for them just to establish residency in Florida. And then once they, you know, once the dust settles, that's when they'll go for the bigger mega mansions once those are built because those are a, those are in shortage right now. So who is actually moving besides Zuck? Well, two of the Google co-founders are some of the big names that have established residency in Florida over concerns of this tax.

Larry Page, who is the co-founder of Alphabet, bought a 101 million. mansion as well as a $72 million waterfront estate in Coconut Grove. His Google co-founder, Sergey Brin, also is buying a $50 million waterfront home in Miami Beach. Peter Thiel, David Sachs, and at one point Elon Musk are all other names that I've moved out of California. And you're probably thinking, wow, why is this a story? Well, California's tax revenues are very much reliant on the 1%. There are a lot of billionaires in California than anywhere else.

They get a third of their tax revenues from their one. percent of residence, which is why you see there's this pretty heated debate going on among Democratic circles in California about whether we actually want this tax to pass because Gavin Newsom, the governor said, actually, no, I don't want this and he's fighting against it. And then the other thing that has people railing against this one-time tax is that it could start to hit founders of AI firms because they are on paper very rich because they've raised these gigantic rounds, but they're also very illiquid. None of that money is actually in their bank accounts. It's all tied up in the valuation.

of their company. So if that starts, if you start pushing those founders outside of California, then you're losing, you know, your innovation hubs as well. Is that actually going to happen unlikely because so much talent is still concentrated in the Bay Area? You're not going to set up a AI company in Florida right now because employees aren't there, you know, the brains aren't there. So that part of the market is not going to suddenly come flooding into Miami for their, you know,

beach culture. the very tippy, tippy, tippy top of all humanity on Earth can move there because, you know, they're probably not even running companies anymore or whatever companies they're running are our big behemists at this point. So companies aren't going to follow, but maybe the leaders of them might. So a lot of attention on whether this bill actually comes to the ballot needs 875,000 signatures to appear on the ballot in November. We will see what happens. But either way, it looks like these billionaires are saying, I don't actually want to even test the wall. waters in California anymore. I'm heading to Miami. Moving on, while the U.S. and Canada faced off in

women's hockey at the Milan Olympics, officials on both sides of the border were trying to diffuse tensions after President Trump threatened to block a $4.6 billion Canadian-built bridge that will connect Michigan and Ontario. On Monday night, Trump unleashed a truth social rant where he vowed to block the Gordy Howe Bridge from opening unless Canada turns over at least half of the ownership of the bridge and bows to other unspecified demands. Trump listed a bunch of other grievances. Trump listed a bunch of other grievances he has with Canada, including that the province of Ontario removed American booze from government-owned liquor stores. He also criticized Canada's growing trade ties with China, writing the first thing China will do is terminate all ice hockey being played in Canada and

permanently eliminate the Stanley Cup, which maybe won't be a problem for Canada, given that their teams haven't won a cup since 1993. Anyhow, back to the bridge, the Gordy Howe, named after the Canadian hockey legend who played for the Detroit Red Wendings, will connect Detroit with Windsor, Ontario at North America's busiest commercial land crossing, where it's expected to alleviate congestion on the existing span, the Ambassador Bridge. Construction began in 2018, fully funded by the Canadian government, and it's anticipated to open some time this year. In response to Trump's threat, Michigan's Democratic and business leaders basically said, nope, this bridge is going to open one way or another. It is too important to the economy.

Cindy Barua, president of the Detroit Regional Chamber, called the bridge the most consequential infrastructure project in the state and region of this generation. There is one very interested party in addition to Trump that wants to block this bridge, and it is the owner of the Ambassador Bridge that you mentioned. Matthew Maroon is a Detroit-based trucking billionaire. His family has operated the Ambassador Bridge between Detroit and Winter for decades now, and apparently Maroon met with Howard Lucknick, the Secretary of Commerce, just hours before Trump kind of went on this rant against the Gordy Howlbridge,

because, again, the Gordy Howe Bridge is alleviating traffic, but it's also taking some of that toll revenue. It's taking some of that economic activity that used to only flow through the Ambassador Bridge. So obviously, this private owner of the bridge has a vested interest in making sure this other bridge doesn't come to fruition. So that's just the other wrinkle of this

is that maybe there's something other than just tension with Canada. Maybe there's an interested billionaire who wants to stop. There is certainly a – it has been a lobbying effort for decades to not get another span built. And yeah, the timeline is Maroon goes to the White House, meets with Commerce, Commerce Secretary Howard Lutnik. A few hours later, Donald Trump, posts this truth social rant. So maybe it didn't come out of nowhere. Mark Carney, who is the prime minister of Canada, who was feuded with Trump many times over his tenure,

said he called up Trump. He said, I explained that Canada paid for the construction of the bridge, that the ownership is shared between the state of Michigan and the government of Canada, and that in the construction of the bridge, obviously there's Canadian steel and Canadian workers, but also U.S. Steel, U.S. workers that were involved. It's a great example of cooperation between our countries. This is going to be resolved. So Mark Carney got on the phone with Trump and said, look, like this is going to happen. We're going to make sure this happens.

It's too economically important. $300 million worth of trade goes over this span, the Ambassador Bridge, every single day. You have, especially in the auto manufacturing sector, a car that is built in Canada is going back and forth from Detroit to get parts multiple times before it is finished. So there's just too much economically, there's just too much economic interest in this bridge for it not to get done. And remember, back in his first term, because this bridge has been in the work for a long time, he was in favor of the Gordy Highbridge. Trump was. Yeah, he said that it's a vital economic link between our two countries. So it was singing a much different tune a few years ago.

And I do think you're right. Just it is so important. Like there is so much at stake here that at the very finish line, this is not going to somehow, get shut down because there's just too much riding on the line. The message from Canada is like, this is just self-defeating. Don't we want trade? Don't we want economic activity between our two countries? This bridge helps make that a reality. It's also unclear what Trump could do to actually stop it. He could declare an emergency, which he's done before, or he could perhaps decline to staff the custom checkpoint on the Michigan side. But those are sort of pie in the sky ideas. But we'll

keep an eye on what happens with the Gordie Howe Bridge. The rumble of a Ferrari engine is soon to replace by the whir of an electric motor, a transition the Italian automaker has painstakingly prepared for. This week, we got a sneak peek at Ferrari's first electric vehicle named Luce, which is Italian for light. Only the interior has been revealed for now, but it's an interior that is plenty of newsworthy given Ferrari partnered with the famous Apple designer Johnny Ive and his firm love from. Johnny Ive brought a distinctly Apple feel to things. The car's binnacle, the term that I just learned, that houses a vehicle's instrument cluster is apparently a highlight. Each dial contained in the Lucez binnacle contains

eight layers of computing components housed within a custom glass that eliminates 99% of glare. I've said it would be arrogant to ignore Ferrari's history, and he is scoring points in that regard. The steering wheel, according to Road and Tracks editor Emmett White, is the closest thing to a genuine vintage steering wheel you can find in a new car. In general, everything feels satisfyingly clicky or twisty, wired reviewers wrote, praising the abundance of physical controls available to drivers. Neil, zooming out, this is an important transition for Ferrari to nail. Electric cars are unfamiliar territory for them,

and the luce represents a break from its growling gas tradition. We do don't know what the exterior of this car looks like, but dang, the inside looks pretty cool. Yeah, it is pretty cool. And it's a bit of a pivot for Ferrari in terms of who they work with for design. For more than 60 years, they had worked with this design term called Peninferina. That contract ended in 2013. They moved all of their design in house then. But now in 2026, they're coming out with their first new electric vehicle. They said,

we want to make a splash. Who did they look for? Well, the guy who invented the iPhone and a bunch of other. Not invented per se, but design. Yes, yes. The guy who designed the iPhone, hey, maybe he should design our car as well. So this is a big thing for Ferrari to not design something in house for the first time in more than a decade. A lot of people are saying that this is what an Apple car an Apple car could have looked like, because remember, there was this very secret project within Apple for years that maybe they were going to unveil a car themselves. They ended up shuttering that project, but you can see the design influence or the design direction that perhaps would have gone on because you have the same, you know, brushed aluminum inside. You have the

same curvature that the iPhones under Johnny I've started to adopt. So that was kind of like the the wish of people is like, man, this is what could have been if Apple continued down this road. But also at the same time, Johnny I've said that designing a car is really, really hard. He said he was unfamiliar with the safety and regulatory requirements, he told Engadgett. I've never worked in an arena that's so regulated. Some of it's great because you understand why and people's safety is certainly important, but some of it drives you nuts. So maybe he'll go back to designing things that you don't have to crash test going forward.

And you hope this brings about a new era of analog dials and buttons and knobs because we know that cars have been moving in the direction of digital interfaces and massive screens and infotainment systems. And while that's all cool, there has been a big consumer pushback against that. And some say that it leads to more distracted driving. And Johnny Ive is pushing back against this. He said one of the founding assumptions I've never understood was why if the power source was electric, does it follow that the interface must be digital? So this thing, if you look in the car itself, looks like an airplane cockpit,

with the amount of switches that it has. So hopefully this, you know, it is a Ferrari and you can't compare it to a Toyota or a Honda or Ford, but hopefully it brings out a new era where car manufacturers are turning back the dial to go with dials. By the way, Ferrari reported earnings yesterday. It's doing great. They say both revenue and earnings are expected to rise this year, and their order book extends through the end of 2020. Can't say I contributed to that.

I know. There's something to be said about the billionaires moving to Miami and Ferrari doing our right. We've talked about the case-shaped economy. The top is doing just fine. All right, we're going to take a quick break and come back with a story about the Super Bowl right after this. The Super Bowl is but a distant memory at this point. While your psycho friends are probably getting their fantasy football draft boards together already, we're about to enter a long stretch without football.

But before we let the gridiron go, here's one last retrospective of the big game. Despite the game, stinking, it was the most watched event in US TV history, peaking at 137.8 million viewers, tuning in to wonder how Drake May finish second. in MVP voting. If you count the average viewers, though, Super Bowl 60 actually fell 2% compared to last year's game, but was still the second highest ever. As for Bad Bunny's performance, that also drew less viewers than last year, $128 million down from Kendrick Lamar's record sending $133 million last year. Though Bad Bunny did set a record on Telemundo. Neil, a lot of people still care about football. They do, but the game matters. And I think that's what these ratings show. There wasn't a

touchdown scored for the first three quarters of the game. And for years and years, the past five years, Super Bowl, viewership has broken records year after year. This time, there was a 2% dip. And that probably was because Patriots fans have been here before and they weren't necessarily turning in in droves. What an arrogant thing to say. Oh, yeah, yeah. But it's true. And I think this game was so bad that people, a lot of people tuned in, but it definitely warded off a lot of people from not tuning. And that's two games stinkers in a row. It wasn't surprised that Bad Bunny actually was the fourth most watch halftime show after Usher, Michael Jackson, and Kendrick Lamar. Maybe we just forgot how big

the Kendrick Drake beef was last year, because that is a monster number, 133.5 million people. We should also mention that there was a change in methodology for Nielsen that is perhaps inflating numbers here. So we said this was maybe the second most watched Super Bowl ever, but it most likely wasn't because six months ago, Nielsen said, we haven't been really tracking every single time somebody watches a game like things at bars and restaurants. So they increase their tally for out of what is known as out of home viewing, which perhaps is inflating its numbers in recent months. So yeah, it's a good number.

It's a 128 million people. NBC is obviously very happy. It's almost at a record, but it is a slight dip and shows that the quality of the game, the competitiveness of the game actually matters. Speaking of records, I do just want to call this out. According to Sherwood News, Google searches for Roman numerals hit a new peak this Super Bowl, which was weird because last year's Super Bowl was L-I-X, and the previous was a very gross-looking Super Bowl L-V-I-I-I.

Why did Super Bowl L-X, Super Bowl 60, prompt monthly search volume for Roman numerals in the U.S. to be the highest ever over the past two decades? I don't know, because I feel like the other two are much more difficult to comprehend than L-X, but people just clearly aren't brushing up on their Roman numerals. One other note about Bad Bunny's halftime performance, the fit he wore came courtesy of Zara, which also hooked up his cast of dancers and musicians, but Zara also gifted some employees at its parent company with the limited edition shirts. And those employees have decided to make a quick buck.

According to Bloomberg, t-shirts accompanied by a thank you note from the artist have appeared on resale platforms with some sellers asking as much as $35,673. So Zara isn't even selling these t-shirts, but its employees are. in making a bank. $35,000. We'll see it that actually sells for that, but it's all about Zara going up market. It's been partnering with designers, cultural figures. Remember, this is a fast fashion company from Spain, but they are trying to increase their prices and establish themselves as a more premium brand. And I guess outfitting Bad Bunny at the Super Bowl is part of that strategy. They're opening large format stores in cities like New York, Los Angeles, Miami, and sort of using

those as tent pole openings to sort of announce their arrival on the premium stage, and Bad Bunny was certainly part of that. And then the other main storyline from Sunday was prediction markets who were taking a bite out of Vegas's golden apple. As Colchie and Polymarket dive deeper into sports gambling, the total amount of money bet legally in Las Vegas fell to $133 million. That is a 10-year low. Meanwhile, volume on Cal she reached a billion during the Super Bowl. Things get even weirder when you drill down into what people were actually betting on. $113 million was wagered on what the first song performed by Bad Bunny would be $24 million on whether actor Mark Wahlberg would attend the game, which was more than what was traded

on 31 other celebrities combined. In total, Colise Street trading volume during the game is up 2,700% year over year. This felt like the year where prediction markets became mainstream. They did, and the controversy has still not died away. It's only escalated. This one was about Cardi B. and whether she actually, quote unquote, performed at the Super Bowl,

both Kalshi and Pollymark are facing a lot of backlash from their users and people who bet on this particular wager about whether she actually performed or not because she was kind of next to Carol G. Mouthing the words and dancing during Bad Bunny's performance, but whether she performed is a matter of syntax. She didn't sing, yeah, she didn't sing or do anything of that regard, which is why the controversy is.

Anyway, it sounds so silly when I, I say it, but over $4 million was wagered on this particular thing. There are literally millions of dollars at stake. And these platforms are facing a lot of backlash over insider trading accusations. What if a guy who was a tree at Bad Bunny's performance and was, you know, in rehearsals could wager on the first, the first song. He or she obviously knew what it was and stood to make a lot of money. So these issues are not going away, even as more people bet money on Cali and Polymarket at the expense of perhaps established sports books like Draft Kings and Fandul.

And the Mark Wahlberg bet, that arose because it started as a rumor within a sorority that apparently some girl knew Mark Wahlberg's daughter and said that Mark Wahlberg would be going to the game. That spread across a lot of sororities and fraternities. $24 million was wagered. Guess what? He didn't go to the game. And actually, as of last night when I checked, the market still hasn't resolved because,

again, there's some controversy around if he was there or not, but crazy how a single rumor that kind of spread through social media can lead to this amount of money being wagered on prediction markets. And perhaps being lost. Right. And final note, the wedding that took place during Bad Bunny's halftime performance, it's a pretty cool story. This couple in California, they overprinted wedding invitations. They had 15 extra ones. So they sent them to local businesses to try to get some free stuff. But they also were just like, why don't we set it to Bad Bunny, see what he says. They get a call from bad bunnies people saying, do you want to come on a Zoom call? And on that Zoom call, they said, we want you to get married at the halftime performance.

So just the fact that they overprinted their invitations, shoot your shot. It's a very, very cool story. Okay, let's sprint to the finish with some final headlines. Another day, another industry getting pummeled in the stock market over fears artificial intelligence could upend their business models. Yesterday, shares of wealth managers tumbled after the tech startup altruist released an AI tool. that promises to do complicated tax planning in mere minutes. Investors sprinted for the exits from finance companies like Raymond James, which posted its worst day since March 2020 with a nearly 9% drop.

Charles Schwab down 7.4% and LPL financial down 8.3%. We saw something similar play out last week with software stocks after Anthropic released legal tools in Claude Co-work. Investors are hyper-anxious about AI automating away entire industries and are selling first and asking questions later. Toby, AI has become Wall Street's. Grim Reaper. Yeah, but maybe all of these reactions are overblown because software stocks that were the original ones that were wiped out by AI fears have been recovering of a late. Data Dog was up

13% yesterday. Oracle was up 2% service now up 3%. Meanwhile, a lot of the biggest winners of the AI boom have been falling of late. Micron, Sandus, Seagate, Western Digital, those are all falling. So maybe people overreacted to these things. We are seeing it play out. We're seeing the market kind of come to terms with, is this a real threat or is it not? Across various industries, I guess only time will tell. Moving on, the Vatican is diversifying into equities beyond the body of Christ and the bread of heaven. The Vatican Bank launched two new indexes chosen on the basis of Catholic principles. And wouldn't you know it, Catholic principles include a lot of tech companies.

The top holdings in their new U.S. index are meta and Amazon, while the top weightings in the Eurozone index are ASML and Deutsche Telecom. In general, thematic investing is seeing an upturn. The global ETF market increased nearly 30% in 2024 and could hit $30 trillion by 29, according to PWC. Though ESG funds saw $84 billion in outflows last year, the first time those types of funds saw money leave per Morning Star data. Neil of the Vatican invented banking and now it's sniffing around ETFs.

I have to say, I was surprised to find that for an index of companies deemed to be consistent with Catholic ethical criteria, including prioritizing human bonds and social justice that Meadow was in there, the owner of Facebook. So that was surprising. But I guess this is just another example of how of the Vatican's financial prowess, one of their favorite stats of the past year, is that the Vatican, Vatican City has the most Bloomberg terminals per capita of any country in the world. Finally, filed this headline under the Hell yeah category. A major new study found cognitive benefits from drinking caffeinated coffee and coffee. and tea. In a paper published Monday, researchers found that drinking two to three cups of coffee per day, or one to two cups of tea, is associated with a lower chance of developing dementia.

Following nearly 132,000 participants for up to 433 years, the study revealed that people who drank moderate amounts of coffee per day had about 20% less dementia risk than people who consumed basically no caffeine at all, and tea was linked to a 15% lower dementia risk. You know what's coming next. Correlation does not mean causation, and the study doesn't prove that caffeine causes these cognitive benefits. But given how robust and long-term this research is, not to mention it controlled for many confounding variables, independent experts say, yeah, there probably is a link.

And then one thing to call out here, more isn't necessarily better in this study. So two to three is the sweet spot there. Beyond that, the benefits kind of plateau a little bit. So don't go thinking that suddenly you can just start drinking five cups of coffee a day, 10 cups of coffee a day, and your brain will be healthier because of it. And that just felt important to mention

because too much of a good thing doesn't always mean it's a good thing for you. Okay, that is all the time we have. Thanks so much for starting your morning with us and have a wonderful Wednesday. But before we go, an announcement, our monthly trivia night is coming back a week from today on February 18th. Round up your smartest friends and join us for six rounds of brain busting trivia plus a whole lot of fun. It's in Midtown Manhattan and you can find the sign up link in the podcast description. I encourage you to bring your friends or come solo. It's only a few days after Valentine's Day so perhaps people will be in the mood for love or

really, really sad. It doesn't really matter, though, because all you need them is for their brain. Sign up at the link in the show description. If you want to get in touch with us, send an email to Morning Brew Daily at Morningbrew.com or DM us on Instagram at MB Daily Show. Let's roll the credits. Emily Milliron is our executive producer. Raymond Lute is our producer.

Our associate producers are Olivia Graham and Olivia Lake. Hair makeup is grabbing us coffee. Devin Emery is our president and our show is a production of Morning Brew. Great show to Daniel. Let's run it back tomorrow.