PLUS: How will post-pandemic offices look?. April 7, 2021
[The Hustle]
[The Hustle]( Yahoo is shutting down Yahoo Answers, its Q&A platform that went live in 2005. The platform has drifted from serving as a useful tool to being a sanctuary for memes (which, to be fair, are also useful). The big idea
[Winklevoss twins]( How the billionaire Winklevoss twins are betting on a decentralized future Many of us know Tyler and Cameron Winklevoss as the statuesque Harvard rowing twins who sued Mark Zuckerberg for ownership of Facebook. That image -- along with Justin Timberlakeâs curly hair as Sean Parker (âa billion dollars is coolâ) -- was seared into the public consciousness by the 2010 movie The Social Network. Since then, the Winklevii have cut their own path⦠one that potentially threatens Facebook itself. The Winklevii scored a $65m legal settlement... ⦠against Zuckerberg in 2008. And, as reported by [Forbes](, they have since built a multibillion-dollar fortune with bets on Bitcoin and startups focused on a crypto/decentralized future: - Bitcoin: The twins started investing in the crypto asset in 2012 when it was priced at $8. With the price now hovering at ~$58k, they turned a $10m bet into a $6B fortune.
- Gemini: In 2014, the twins founded cryptocurrency exchange Gemini, which trades 33 crypto assets. While much smaller than Coinbase, Forbes notes that the exchange could raise money at a $5B valuation.
- Nifty Gateway: In November 2019, they acquired Nifty Gateway, a non-fungible token ([NFT]() art marketplace that helped propel digital artist Beeple, who recently sold an NFT for $69m at a Christieâs auction. In March, Nifty Gateway processed 70% of the $188m in art sold across the top 7 NFT marketplaces.
- BlockFi: The twins backed this crypto startup, which lends money against crypto holding and just raised $350m at a $3B valuation.
- Protocol Labs: An open-source project that helps build decentralized services. One example is Filecoin, a decentralized computer storage system where users earn money by renting out their own storage space. Winklevii companies make money from marketplace and trading fees And not the monetization of personal information⦠like, say, Facebook. The twinsâ portfolio doesnât just have a different business model than Zuckerbergâs baby; it has a totally different operating philosophy. âThe idea of a centralized social network is just not going to exist 5 or 10 years in the future,â Tyler Winklevoss tells Forbes. While this prediction sounds extreme, there is momentum towards stripping power away from the Big Tech platforms⦠especially after Donald Trump was wiped off the [internet]( virtually overnight after the Capitol riots. The Winklevoss bets are on a decentralized future, including a social network -- [BitClout]( -- that resides on a blockchain and isnât controlled by a single entity. However it plays out, weâre ready for The Social Network II. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=How+the+billionaire+Winklevoss+twins+are+betting+on+a+decentralized+future%0Ahttps%3A%2F%2Fthehustle.co%2F04072021-Winklevoss%3Futm_campaign%3DWinklevoss%2Btwins%2Bbets%26utm_content%3D04072021-Winklevoss%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( Snippets - API unicorn: Sendbird, which provides text and video API services to 150m+ users across platforms like Reddit, Hinge, and Teladoc, [raised]( $100m at a $1.05B valuation.
- TikTok gets wordy: As part of an [accessibility]( push, users are now able to automatically caption their videos in American English or Japanese, with more languages on the way.
- Carmelo Anthony shoots his shot: The 36-year-old NBA star is [launching]( Creative 7, a production company that plans to collab with Will Packer, Brad Pittâs Plan B, and the teams behind Get Out and BlacKkKlansman.
- Small businesses yell âCharge!â: A national [group]( of hardware stores, office suppliers, booksellers, grocers, and pharmacies is calling for stricter antitrust laws aimed at Amazon.
- Coinbase reported monster Q1 2021 numbers ahead of its direct listing on April 14. Revenue hit $1.8B for the quarter (vs. $191m in Q1 2020) and net income reached $730m+ (vs. $32m).
- The EU vs. Facebook antitrust (again): European regulators may review Zuckâs acquisition of [Kustomer](⦠a, um, customer support platform.
- Canvaâs big presentation: The Australian graphics and template company [announced]( 130% YoY revenue growth that surpassed $500m, along with a $15B valuation.
- Bazooka gum and baseball cards company Topps Co. is planning on going public via a SPAC [merger](, eyeing the NFT space. Â We coming back
[Jim Halpert of The Office]( One person who does not want to go back to the office. (Souce: NBC/Getty Images) How offices are prepping for the return of workers Donât get too comfortable with those hokey Zoom backgrounds. According to the New York Times, 80%+ of companies are planning on a hybrid work arrangement with employees back at the office 3 days per week. How will things look when workers return, though? Here are a number of changes to expect, per the [NYT](: - Expanded gathering spaces: Face-to-face interactions is def one thing Zoom canât replicate⦠so offices will expand meeting spaces to facilitate safe collaboration.
- Tech for hybrid work: With many employees choosing to work remotely full time, expect more large screens, digital whiteboards, 360-degree cameras, top-tier sound equipment, and potentially holograms to make it feel like people are physically present.
- Flexible furniture: Larger common areas will require movable tables, carts, and partitions for different arrangements.
- Touchless everything: Moving through buildings will be a hands-free experience with turnstiles, doors, and elevators operated by sensors, voice, and apps.
- Hot desks: Hybrid work arrangements also mean fewer people in the office and the need for fewer individual workstations. Desks will be up for grabs and have to be reserved in advance. Frankly, weâre cool with all of these changes as long as Friday Beer Pong returns. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=How+offices+are+prepping+for+the+return+of+workers%0Ahttps%3A%2F%2Fthehustle.co%2F04072021-return-to-work%3Futm_campaign%3DWinklevoss%2Btwins%2Bbets%26utm_content%3D04072021-return-to-work%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( small business feature
[JJ Suspenders founders]( Jackson Cummingham (L) and Josh Bluman (R) These founders spend just 4 hours a week on their $500k suspenders brand When entrepreneurs Jackson Cunningham and Josh Bluman were invited to a wedding in 2014, they knew they couldnât show up without suspenders. Problem was, the only suspenders that met their standards came from an old shop out of England, along with equally old designs and high shipping costs. After some research, the duo discovered they werenât the only ones facing this struggle. Thus the idea for [JJ Suspenders]( -- a simple, high-quality suspenders brand with modern designs. Cunningham and Bluman are ânicheâ experts Prior to JJâs inception, the duo tried their hand at kimonos, wigs, top hats, and a masquerade mask brand that hit $30k in monthly revenue in just 6 months. The duo found success in suspenders through organic SEO, outreach with bloggers, giveaways, and Instagram. The best part: It only takes them a few hours each week âWeâve always optimized for time,â Cunningham told The Hustle. âWe might not squeeze out every drop of value, but we only spend about 4 hours per week managing everything.â In that allotted time, the duo has grown the operation into a $500k revenue machine. Though 2020 decimated the brandâs No. 1 driver, weddings, Cunningham and Bluman cut expenses and have plans to expand. Between scaling up and holding up pants, things are looking up for JJ Suspenders. Founders: Jackson Cunningham and Josh Bluman Year of launch: 2014 Cost to launch: $5k Funding methods: bootstrapped 1st year revenue: $50k Current annual revenue: $500k Want your company featured? Fill out our SMB [survey](. See financials on hundreds of companies by [subscribing]( to Trends. [Share on Facebook]( [Share on Twitter]( [Send as email to a friend](mailto:?subject=The%20Hustle%20wrote%20something%20I%20think%20you%27ll%20like...%0A&body=These+founders+spend+just+4+hours+a+week+on+their+%24500k+suspenders+brand%0Ahttps%3A%2F%2Fthehustle.co%2F04072021-JJ-Suspenders%3Futm_campaign%3DWinklevoss%2Btwins%2Bbets%26utm_content%3D04072021-JJ-Suspenders%26utm_medium%3Demail%26utm_source%3Ddaily%0A%0AYou%20can%20subscribe%20with%20my%20link%20here%20to%20get%20the%20latest%20in%20tech%20and%20business%20daily:%0A [View on our website]( TRENDS
The summer side hustle with 60% profit margins⦠With summer approaching, our analysts dove deep into a business opportunity that anyone can get ready to launch for the warmer months: Pool service. The home pool and spa industry skyrocketed in 2020, and similar growth is forecasted for the next 2-3 years. The margins on pool chemical & service businesses are crazy - often 50-60%. And the best part is - There are a ton of niche opportunities (within both service and supply sectors) that anyone can capitalize on in time for the summer. And to get you started, our team put together [a report]( outlining those opportunities with specific recommendations on how to execute. When you read through, youâll learn: - Simple strategies to generate $270K+ in your first year of business
- Easy ways to set yourself apart from the competition
- How one Trends memberâs pool service business increased revenue by 46% last year
- And much more If youâre not already a member of Trends, [sign up today for a $1 trial]( to get access to the full report. [Get Access â]( Stock chart of the day
[share price performance] That looks⦠not great (Source: FactSet / Wall Street Journal) Credit Suisse is having a very bad 2021. Somehow, the Swiss bank is deeply involved with 2 of the biggest non-GameStop financial scandals of the year: - Greensill Capital: A supply-chain financing startup (which raised $2B+ from Softbank) that extended bad loads and filed for bankruptcy in early March (more [here]().
- Archegos Capital: A $10B+ family office run by trader Bill Hwang that blew up at the end of March (more [here](). Credit Suisse ran a supply-chain fund connected to Greensill while it was one of Archegosâ prime broker lenders. It just announced it will take a $4.7B loss from the Archegos fiasco, and its stock is down ~20% in recent weeks. Per the [Wall Street Journal](, the bankâs chief risk officer (Lara Warner) and head of investment banking (Brian Chin) will leave the firm. These embarrassing incidents come after a tough 2020: Credit Suisseâs former CEO Tidjane Thiam was ousted last February. Why? He was involved in a [corporate]( spat that included espionage, a car chase, and spying. Just wow⦠meanwhile, hereâs Credit Suisseâs risk management department: Source: (Twitter / [@TrungTPhan]() SHARE THE HUSTLE
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