But before we get to that, let’s turn our attention to San Francisco, a place a certain tech billionaire says “can’t survive” without more people working there.

What’s on deck:

• An Amazon exec said he didn’t have data to back up a return-to-office mandate.
• The surplus of real-estate agents isn’t helping the housing market.
• Trump’s 45-page indictment has been unsealed.

If you’re going to San Francisco…

In reality, the song was produced by people from Los Angeles looking to promote a concert they were planning in the area. But that didn’t stop it from being a hit and serving as a defining song of the Summer of Love.

Nearly 60 years later, Elon Musk is also looking to woo young people to Northern California, albeit without a melody.

The billionaire tweeted on Monday that it’s “important for more people to come to work in San Francisco or the rest of the city can’t survive.”

Musk’s comments come just a day after he tweeted that he planned to keep the headquarters for the company formerly known as Twitter in San Francisco (plans he announced in spite of a sign drama that prompted London Breed, the city’s mayor, to say Musk couldn’t be “above the rules”).

The City by the Bay has had a tough go of it these past few years. Homelessness remains a major problem, and commercial real estate has taken a massive blow in the wake of the coronavirus pandemic. Even the city’s biggest mall can’t make ends meet.

But the biggest threat to the city is simply how expensive it’s become to live in. The median rent for a one-bedroom property in San Francisco is $3,000, according to Zillow, which is 84% higher than the national median.

And while that might seem like a drop in the bucket for senior tech employees, making that type of rent payment is no easy task for entry-level employees.

That’s why Alistair Barr, Insider’s global tech editor and a Bay Area resident for nearly two decades, believes the San Francisco ecosystem that’s been a breeding ground for countless tech companies is at risk.

For decades, new grads headed to the Bay Area in search of jobs at startups or in Big Tech with dreams of hitting it big. And while only a fraction of them would achieve massive success, those who did would typically stay in the area to seed the next generation with angel investments. And on it goes.

But with the cost of living so high in the region, Alistair said the cycle is at risk of being broken.

Instead, less cost-prohibitive cities are becoming more attractive. Take Raleigh, North Carolina, which is part of the so-called Research Triangle. Tech giants like Google and Apple have come to the region, where the median rent for a one-bedroom property is $1,437.

Who wouldn’t take that deal? Let us know what you think.

3 things in markets

1. Fitch downgrades US’s long-term credit rating. The agency cited “a steady deterioration in standards of governance.” Fitch added: “The repeated debt-limit political standoffs and last-minute resolutions have eroded confidence in fiscal management.”
2. Uber didn’t impress investors despite posting its first operating profit in company history. The ride-hailing and delivery company saw its stock drop more than 6% after missing analysts’ revenue expectations by roughly $100 million.
3. The future of the S&P 500 is in the Fed’s hands. The benchmark index is close to an all-time high, but another interest-rate hike by the Fed could squash those dreams.

1. Leaked recording: Amazon exec had “no data” to support company’s return-to-office policy. The company has historically relied on data to fuel its decisions. So his meeting remarks prompted criticism from frustrated employees. “What embarrassingly poor leadership,” an employee wrote in an internal Slack channel.
2. Uber CEO was shocked at the cost of his 2.9-mile Uber ride. “Oh my God. Wow,” Dara Khosrowshahi said when he learned the trip cost $51.69 (including tip). The CEO had guessed that the ride cost $20.
3. “Here’s exactly how much I made at Google, Snap, and Cisco.” Jonathan Javier worked as a former product-operations analyst at each of these companies. Javier revealed his salary journey from making $40,000 at Snap to six figures at Cisco.

1. Real estate has too many agents — it’s screwing over homebuyers. The low barrier to entry, along with the possibility of eye-popping commission, is a major draw to the job. But a new report found that this had led to a surplus of agents — a disservice to good agents and homebuyers.
2. Goldman Sachs partner exodus continues. On Friday, two partners left the company. Then on Tuesday, two more left. That totals to 90 partner departures since David Solomon took over as CEO.
3. LinkedIn appears to be planning an “AI coach” feature. It would help with job searching, applications, and other aspects of the job-hunting process, according to a screenshot of the unreleased tool.

Trump, Zuck diet, & more

• The Justice Department brought four charges against Trump over January 6. Read the full text of the indictment. Plus, here’s what each charge means.
• Tesla owner’s 9-day rural road trip. There were no EV chargers within 50 miles. So she trickle-charged at an abandoned gas station.
• The top Prime Day products that influencers helped sell. The list includes teeth whiteners, lip masks, and clothes.
• Working remotely from a Caribbean island. Shelby Smith shared the pros and cons of relocating and broke down some of her monthly expenses.
• Mark Zuckerberg’s 4,000-calories-a-day diet. Shredded Zuck’s McDonald’s staples include the Quarter Pounder, fries, and the McFlurry.
• Balcony for sale (apartment not included). The South Kensington spot is listed for $63,700.
• Lizzo was sued by three former backup dancers. They allege Lizzo body-shamed them and took them to sexually explicit shows.

Movies, NASA, & Paul Pelosi

• Cowabunga: The “Teenage Mutant Ninja Turtles” reboot is released in theaters. Leonardo, Michelangelo, Donatello, and Raphael are back in action and are trying to be accepted as normal teenagers. Voiceovers include the celebrities Jackie Chan, John Cena, and Ice Cube.
• NASA will reveal its test version of the recovery craft for astronauts on the Artemis II mission. The 10-day flight around the moon could happen as soon as November 2024 — the first crewed trip since the Apollo era. And the four astronauts include a woman, a Black astronaut, and a Canadian.
• The man charged with attacking Paul Pelosi with a hammer is due to appear in court. David DePape is accused of breaking into the San Francisco house of then-House Speaker Nancy Pelosi and attacking her husband on October 28, 2022.

Luxury Boeing