☕️ Slowing down

2022 is a different beast for startups than 2021... [Advertisement] Together with [Daily Harvest]( [April 10, 2022]( | [View Online]( | [Sign Up]( | [Shop]( [Elon Musk] Richard A Chance IN THIS ISSUE Chatting money with Katie The cooling startup environment Working from home in Scranton   Editor's Note   Good morning. With Elon Musk now on the board at Twitter, momentum is building for an “edit” button its users—and Musk—have long demanded. The company confirmed this week it had been working on such a feature since 2021. It’s easy to see why, in a poll conducted by Musk, 74% of users said they wanted the ability to change their tweets after they’re posted. People make mistakes, and we want to correct them. If someone points out my fly is down at a cocktail party, I’m glad that it’s not frozen there and I can head to a corner to zip it back up. But like any bit of time traveling, an edit button would come with a host of unintended consequences. On a site already rife with misinformation, scammers could have a field day with the ability to continuously change their posts. Imagine commenting on a benign tweet that had later been converted into an offensive rant—now, you’re an accomplice. So, any edit feature on Twitter would need to take these downstream effects into account, and probably introduce some time limit and a way to track the changes that had been made (as other social media sites like Facebook have done). Maybe, in the end, Twitter users would be better served to live with a little regret. As the company itself said last year, “you don’t need an edit button, you just need to forgive yourself.” —Neal Freyman  CULTURE  [Stock watch]( [Stock watch April 10]( � � � mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Stock%20watch%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F04%2F08%2Fstock-watch-april-10%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A  Q&A  [Icebreakers with…personal finance creator Katie Gatti]( [[Katie Gatti with money in her pockets]Gabrielle Freiheit]( Katie Gatti, aka the Katie behind Money with Katie, joined Morning Brew as a creator in January. She crams all of her vast personal finance knowledge into [newsletters](, [podcast episodes](, and [Insta posts]( for #RichGirls around the world. We chatted with Katie (and her cat, who loves Zoom calls) about being young, anxious, and pressured to buy a house. Recently you [tweeted](, “Someone asked me the other week in a podcast interview, ‘So, I get who Money with Katie is. But who’s KATIE?’ I literally sat in stunned silence, unable to answer. It’s hard for me to define myself outside of traditional success metrics. Gave me a lot to think about.” Many young people are going through the same identity crisis. Why do you think that is? I need to preface this by saying that it’s entirely possible that every generation goes through this…but my prevailing theory is it seems that life is more economically precarious for people now. It makes sense that young people are always the ones who have the least amount of money, because we’ve been alive the shortest amount of time. But anytime you have a system where the people who have the least amount of money, aka the young people, feel like they’re living close to the edge, or that financial ruin is one misstep away (get in an ambulance one time, good luck paying for that), I think it breeds anxiety. And look at all these other millennials who are getting rich by trading dogecoin, or building online media empires, and you could be doing that, too. But you’re not. I mean, it’s an anxiety cesspool at this point, and I don’t think it’s sustainable. The more I learn about how life now is different than it was even 30 years ago, the more it makes perfect sense to me that people are having that identity crisis of, “I want to feel like I know who I am.” What’s the biggest personal finance myth right now? Buying a house is a good investment. That was a huge realization for me: realizing how much you end up spending as a homeowner in property taxes, homeowner insurance, mortgage interest, maintenance, capital expenditure, or just needing major repairs. Again, that sounds crazy right now, given what we’ve seen in the housing market over the last 18–24 months. And renting, it’s not inflation-proof in the same way that owning a home is. But I used to think of a big house as a good investment. And now I think that it’s just a big liability. What is one thing you’re always going to splurge on? Saving my own time. Anything that provides convenience to me, I will pay a premium for. This interview has been edited and condensed for clarity. � � � mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Icebreakers%20with%E2%80%A6personal%20finance%20creator%20Katie%20Gatti%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fq-and-a-personal-finance-creator-katie-gatti%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A  TOGETHER WITH DAILY HARVEST Deliciously convenient on the daily [Daily Harvest]( Chef-crafted food from [Daily Harvest]( is conveniently delivered right to your door, popped in the freezer, and enjoyed at a moment’s notice. Whether it’s an [Acai + Cherry Smoothie]( or a [Chickpea + Coconut Curry Harvest Bake](, tasty noms from Daily Harvest always come through when time (and nourishment) is of the essence. Food just tastes better when it’s sustainably sourced (who’s with us?!). Daily Harvest works directly with farmers to grow the best produce and freeze it within 24 hours. Then, their chefs and nutritionists work alongside customers to make food nutritious, flavorful and all-around . Their food is built on fruits + veggies—no additives, gums, or fillers to be found. Tummy growling yet? [Take up to $40 off your first box](.  WORK LIFE  [An energetic co-worker is overshadowing me]( [Make it work image ]( Each week, our workplace whisperer Shane Loughnane answers a reader-submitted question about problems at work. Anything nagging at you? [Ask Shane here](. I have a brand new teammate who works weekends, late nights, and goes the extra mile. I can’t compete with their tech skills and abundance of energy, as I am married, have a school-aged child, and have obligations that prevent me from burning the candle at both ends. How do I ensure that my dedication and hard work now and for the past three years does not fall by the wayside?—C from Michigan In 17th century France, candles were expensive, and burning both ends meant depleting them much faster. As such, to burn the candle at both ends represented wastefulness. Taken as a symbol of one’s life force, the phrase came to imply using one’s up too quickly, or working oneself to exhaustion. The takeaway, it seems, is not to overlook the value of a healthy work-life balance (or for that matter, electricity). While the emergence of an energetic new co-worker can certainly be jarring, I wouldn’t torment yourself with the idea that your colleague’s work ethic has any real impact on your own value. I also wouldn’t assume that management needs any reassurance of what you bring to the table. Good leadership puts high emphasis on consistency and dependability. It also supports maintaining appropriate personal/professional boundaries and the critical role that plays in creating a mutually beneficial workplace experience. That being said, why not view this as an opportunity for collaboration, rather than an unwinnable competition? You mentioned your colleague has tech skills you are lacking—perhaps they would be willing to help you become savvier. Almost certainly there are ways your experience would benefit them in return. Positioning yourself as a mentor for new teammates is just one example of how you might continue to demonstrate your value in new ways, rather than worrying that it could suddenly erode. Of course if time travel is on the table, I highly recommend 17th century France, where I imagine it was nearly impossible to extend the workday past dark. That is, unless you were willing to burn your candles at both ends. � � � mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=An%20energetic%20co-worker%20is%20overshadowing%20me%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F04%2F09%2Fmake-it-work-an-energetic-co-worker-is-overshadowing-me%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A  ANALYSIS  [How to lose $120 million in 2 years]( [[Domm Holland, Fast]Fast's Domm Holland. Harry Murphy/Sportsfile for Web Summit via Getty Images.]( The company known for its one-click checkout button, Fast, is checking out permanently. The fintech startup announced on Tuesday that it’s shutting down, relieving its 450 employees of their work and its investors of $120 million. Fast’s burnout comes just two years after payments giant Stripe led the company’s Series A, and 15 months after it closed a mammoth $102 million Series B. Though the announcement was abrupt, it was not all together unexpected. Just [take a peek]( at what Fast’s checkbook looked like last year. - According to The Information, Fast’s entire 2021 revenue was about $600,000. Meanwhile, it was spending as much as $10 million…per month. At the behest of hotshot CEO and co-founder Domm Holland, the company [balled out]( on over-the-top corporate retreats and pricey corporate swag. It teamed up with Nascar for marketing stunts (Holland doing donuts) and agreed to pay electronic music duo The Chainsmokers a reported $1 million to perform at a retail conference and in a promo video (although Fast fully [ghosted]( the group’s agent in February, per NPR). Not to mention Fast’s main product, a one-click checkout button, faced intense competition. PayPal, Apple, Bolt, and Shopify have all constructed their own versions of the tech after Amazon’s exclusive patent on it expired five years ago. Fast fought for more funds ’til the bitter end: The company reportedly asked its investors for new funding last month at a $1+ billion valuation. And when its sharks said “I’m out,” Fast cut its ask in half and offered to lay off 50% of its workforce. Investors still didn’t budge. But then again… Investors aren’t feeling 2022 at all Global venture funding [dropped]( 19% from Q4 2021 to the first quarter of this year—the steepest drop in at least four years, according to CB Insights. And the number of companies that nabbed “unicorn” status (a valuation of at least $1 billion) fell to a five-quarter low. What’s going on? After smashing records in 2021, the private market sees brake lights everywhere, such as the war in Ukraine, soaring inflation, and a public stock market that’s been particularly brutal to tech companies. Even legendary investor Masayoshi Son told his team to chill with the tech investments after their current holdings got walloped. Bottom line: Fast may be the first of many startups to [burn out]( in the cooling investor environment that is 2022.—JW � � � mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=How%20to%20lose%20%24120%20million%20in%202%20years%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2F2022%2F04%2F08%2Ffast-shuts-down-after-2-years-but-reckoning-for-other-startups-also-loom%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A  TOGETHER WITH TAXACT Experience tax season without the expletives. Filing this year can be easy-peasy with [TaxAct](. They offer unlimited assistance from CPAs and other tax experts, tax calculators, and a $100K accuracy guarantee, all at the best price. Plus, you get your max refund, guaranteed. [Get started with TaxAct here](.  REAL ESTATE  [Open house]( Welcome to Open House, the only newsletter section with a wicked short commute. We’ll give you a few facts about a listing and you try to guess the price. [Home and auto shop for sale in Scranton, PA] Today’s [home]( is in Scranton, Pennsylvania. And while we think Kevin dropping a giant pot of chili is as funny as the next guy, we’re not highlighting this house–office hybrid because our personalities are defined by The Office; it’s because Scranton was deemed the most challenging place to live with seasonal allergies in the US. So if you’re down to sneeze and snot your way through spring, here’s your dream house. Features include: - 5,600 square feet - 3 beds, 3 baths - Attached mechanic shop (tough luck if you have any other job) - Ample parking How much to make your own workplace comedy? � � � mailto:?subject=Check%20out%20this%20story%20from%20Morning%20Brew%21&body=Open%20house%3A%20https%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fstories%2Fa-space-to-live-and-work-in-scranton-pa%3Futm_campaign%3Dmb%26utm_medium%3Dnewsletter%26utm_source%3Dmorning_brew%0A%0AWant%20more%20great%20content%3F%20Subscribe%20to%20Daily%20Brew%20%E2%80%94%20Delivering%20the%20latest%20business%20news%20from%20Wall%20St.%20to%20Silicon%20Valley%2C%20daily.%0Ahttps%3A%2F%2Fwww.morningbrew.com%2Fdaily%2Fr%2F%3Fkid%3Da905682a%26utm_source%3Demail_share%0A  RECS  [Just click it](#) - Why so many Covid predictions were wrong. ([The Atlantic]() - The story of climate change right now in 9 charts. ([CNBC]() - How stocks performed in Q1 2022. ([Reddit]() - Breaking down the mansions in Bridgerton. ([Architectural Digest]() - Windows 3.1 turns 30: Here’s how it made Windows essential. ([How-To Geek]() - How one FoodToker is making a career as a content creator. ([Morning Brew]() - What to do when the rent is too high. ([Kiplinger]() - 9.2% and the Master of Twitter. ([Margins]() - The hidden world of octopus cities and culture shows why it’s wrong to farm them. ([The Conversation]() - Welcome to the girlbossification of crypto. ([Washington Post]() Spring for a fresh silhouette. Come for the minimalist design and free 45-day trial, stay for the lifetime guarantee. More than 2 million people have refreshed their pockets with a wallet that comes in 30+ colors and styles! [Grab 10% off your order here.](* *This is sponsored advertising content  CONTEST  [Meme competition](#) Welcome back to Morning Brew’s Meme Competition, where we crown a single memelord every Sunday. Today’s winner: Elizabeth in LA [SpongeBob meme of him throwing flowers at Squidward] This week’s challenge: You can find the [new template here]( for next Sunday. Once you’re done making your meme, [submit it at this link]( for consideration.  ANSWER  # $407,700 � � � � � Written by [Max Knoblauch](, [Neal Freyman](, Shane Loughnane, [Jamie Wilde](, and [Matty Merritt]( Was this email forwarded to you? Sign up [here]( WANT MORE BREW? 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