Got a master’s in scamming

From FU. [The Hustle]( Wed, Aug 2 “Mind if we call your references?” Arduino’s CEO may have “fudged” a few things… Arduino AG, the holding company for open source circuit board project Arduino, announced that its CEO, Federico Musto, has [stepped down](. The move comes after Arduino’s devout users, pointed out some discrepancies in Musto’s educational claims. See, “Dr.” Musto claims to hold both a PhD from MIT and an MBA from NYU… Unfortunately, neither university has any record of his attendance. And the real nerds are pissed For years, Arduino has been the golden child of open source hardware. Like a modern day erector set, its [simple circuit board]( and built-in “microcontroller” (basic computer brain) made DIY electronic projects -- be it a simple thermostat, or [automatic spray gun]( to keep your cats off the counter -- accessible to the masses. But, like many open source projects, Arduino lives and dies by its users: a diehard group of tech-focused DIYers called the “[maker community]( The wheels started coming off when Musto failed to answer some questions from high-profile makers Limor Fried and Phil Torrone regarding his MIT credentials. He’s since removed the education section from his LinkedIn and personal pages… save for a [Montessori Kindergarten]( in Italy. When CEO drama overshadows tech Arduino has 5 founders: Massimo Banzi, David Cuartielles, Tom Igoe, David Mellis, and Gianluca Martino. As if that wasn’t already a recipe for disaster, back in ‘08, Martino registered Arduino’s trademark under his own name in Italy -- unbeknownst to the other 4 in the group (led by Banzi), who had registered the name in the US. [Infighting and court battles]( between the rival Arduinos ensued over rights to the international trademark. Then, in 2014, Martino struck up a partnership and sold his 20% stake in the company to an outsider -- Italian tech entrepreneur Federico Musto. But, in fall of 2016, the Martino and Banzi called a truce and agreed to form a new holding company: Arduino AG, with the US Arduino-contingent as a subsidiary. Which is not so “subsidiary” anymore Amidst Musto’s resume scandal, Dr. Fabio Violante will replace him as CEO… And none other than Massimo Banzi will step in as Chairman and CTO. Bazi heralds a “new era for Arduino,” but the question remains whether or not they truly have a handle on what’s going on in their own company. Because frankly, [as Fried put it]( a little bit insane that this guy has gotten this far without ever being questioned.” [Fake it ‘til you make it]( “We’re not dead yet!” -- Theranos Oh, you’re still here? Embattled biotech company Theranos has reached a [confidential settlement]( with Walgreens for failing to fulfill the terms of their contract after their blood testing technology was exposed as fraudulent. While Theranos has wriggled out of its legal liability, [WSJ reports]( (paywall) that the settlement cost more than $25m -- in June, they told investors that they had about $54m on hand, at a $10m/month burn rate. Based on our number-crunching, that sticks them with less than $20m in the bank (if they pay the settlement out of pocket)… and a 2-month runway. And the light at the end of the runway’s looking preeetty dim They’re hot off a settlement with hedge fund management firm Partner Fund Management, over whether the company “[tricked them]( into investing” over false claims (re: lies) and factual “omissions” (re: lies). Although Theranos says some of these settlement and legal costs will be covered by insurance policies and claim to be pivoting to new “innovative technologies,” they’ll still need to go through the FDA approval process (which can take years) before they can sell a single thing. In the meantime, they still face an investigation by the SEC and a criminal probe by the Justice Department. So, technically the Walgreen’s stuff is good news… But “good news” is relative these days. [Can we get some lights on this runway?]( Netflix is on the hook for $20B The streaming company is on a crazy growth bonanza: they now boast 104m subscribers worldwide -- up 25% from last year and 4x from 5 years ago. And it’s largely thanks to its massive push into original programming: the company has [20 original shows]( and movies slated to come out in August alone, and they've spent $6B this year on new content. But pumping out in-house stuff comes at an astonishingly high cost: the company is now [$20.54B in debt](. Here are a few stats to put that number into perspective… Yet, investors don’t seem to mind -- Netflix stock is up 50% since January. And as CEO Reed Hastings has said, you gotta put “a lot of capital up front, and then you get a payout over many years.” [Good luck, Reed]( The White House gets trolled According to a CNN report, an unnamed “[email prankster]( based in the UK has spent the past several months punking various White House officials by posing as their colleagues. His victims -- including ousted communications director Anthony Scaramucci, Homeland Security Adviser Tom Bossert, and Eric Trump -- had some pretty assuming responses. A “little soirée” In one [instance]( the prankster, posing as senior advisor Jared Kushner, invited Bossert to dinner, promising food like he “ate in Iraq.” “Thanks, Jared,” replied (the real) Bossert, “with a promise like that, I can't refuse.” Scaramucci was [catfished]( multiple times by a fake Reince Priebus. “At no stage have you acted in a way that's even remotely classy,” wrote fake Priebus, to which Scaramucci retorted: “Read Shakespeare. Particularly Othello. You are right there.” Eric Trump was a bit more skeptical. After receiving a message from the prankster (under his brother, Donald Trump Jr.’s email), he shot back: "I have sent this to law enforcement who will handle from here." The man behind the email The prankster’s still anonymous -- the only thing we know for sure is he enjoys a sensible chuckle. "I try and keep it on the humorous side of things," he [told CNN](. "I'm not trying to get the keys to the vault or anything like that." [Classic goof]( from our toolbox Stanley Coffee Mug, [$25]( If there are 2 things that people know about me, it’s that I’ve never seen The Sandlot, and I drink far below the recommended amount of water. And I’m talking FAR below -- like 2 to 3 glasses a week. Kamran even wrote a Hint water ad about it. But in lieu of ol’ fashioned H20, one thing I drink plenty of is coffee. Straight black. Ideally from one of those donut places that have the pots just sitting out for a while. You’re killin’ me, Smalls! How am I alive? It’s all thanks to my [Stanley Coffee Mug]( I got like 2 years ago while on the hunt for the best travel mug. Being a sucker for all things retro, I saw the “Since 1913” label and decided to give it a shot. And let me tell you… best mug ever. The thing’s a tank, keeps coffee hot for hours, fits perfectly into my backpack’s drink holder, and gets more badass the more dings and scratches it gets. If you have a hankering for warm liquids in the morning and aren’t satisfied with your current container, check out the [Stanley](. Old school cool. -- John, Writer at The Hustle Disclaimer: This is a fully unpaid endorsement. We just wanted to do a feature highlighting the tools we, as a company, use and love on a daily basis. No joke, it’s not even an affiliate link. Check it. This edition of The Hustle was brought to you by Live life how you want Easier said than done, when you consider that you have to pay for said “free lifestyle”. Except it doesn’t have to be. Let [Wealthfront’s automated advisors]( develop personalized investment goals, so you don’t have to constantly check on say, your retirement account. Their financial planning product, [Path]( harnesses time-tested investment strategies, and combines them with modern world-class technology, delivering you one of the smartest and easiest investment plans out there. So make your money work for you with [Wealthfront's]( automated financial advisor. 0 REFERRALS BECOME AN AMBASSADOR WHEN PEOPLE SIGN UP USING YOUR LINK Lindsey Quinn WRITER Kamran Rosen WRITER Zack Crockett WRITER John "Hydration is overrated" Havel BACKSEAT EDITOR Tonya Blinkeroff SENIOR CITIZEN DRIVING INSTRUCTOR [SUBSCRIBE]( [JOBS]( [ADVERTISE]( [EVENTS]( You opted in by signing up, attending an event, or through divine intervention. [771 CLEMENTINA STREET, SAN FRANCISCO, CA 94103, UNITED STATES]( • 415.506.7210 Never wanna hear from us again? Break our hearts and [unsubscribe](