🍋 Patagonia Saving the Planet
Good Morning! Starbucks may want to take a page out of the US Open's book, because the tennis tournament sold a record 398,702 of their popular Honey Deuce drinks in 2 short weeks, bringing in $8.7 million in revenue. Meanwhile, Amtrak has canceled long-distance trains as the rail-strike deadline nears. Things aren't looking good for Terra co-founder, Do Kwon, who faces an arrest warrant in South Korea. Markets aren't looking good as crypto bears have stepped up bets against Ether ahead of "The Merge" today. Ray Dalio thinks stocks will have a tough time too, and that if rates hit 4.5%, stocks would fall by 20%.
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1. Story of the Day: Patagonia Saving the Planet
Billionaire and founder of Patagonia, Yvon Chouinard, and his family are planning on leaving the 50-year-old company to a trust and non-profit, rather than selling or going public.
You may have heard of Patagonia's side gig. Aside from making great vests for sitting at your desk, they dabble in some outdoorsy stuff. The trust and non-profit that the company will be given to are devoted to fighting the environmental crisis.
When talking about those potential exits, Chouinard said, "What a disaster that would have been. Even public companies with good intentions are under too much pressure to create short-term gain at the expense of long-term vitality and responsibility."
Patagonia already has a long history of giving back to take on global warming. Each year the company gives away 1% of its sales to fight the cause. They also became a certified B Corp and a California benefit corporation.
Stacy Palmer, editor of the Chronicle of Philanthropy, said, "As far as I know this is extraordinarily different than what others have done because of Patagonia's size and profitability."
Patagonia had annual revenue of $1 billion from 2017-20.
In a statement, Patagonia said it expects to pay out about $100 million a year to Holdfast Collective, the nonprofit organization, as long as the business remains healthy.
Short Squeez Takeaway: As the world's priorities change and consumers think about the environment more, maybe Patagonia's business, and impact, will grow even larger. It's nice to see CEOs not just focused on money, even when they're not profitable *Silicon Valley cough cough...* Let's hope this inspires other companies to take similar actions. Plus, all of y'all can feel better about your next vest purchase too!
2. Markets Rundown
Stocks were barely up, rebounding from yesterdays inflation driven steep sell off. Bitcoin and Ethereum were mixed as people are trying to figure out "The Merge."
Movers & Shakers
- (+) Starbucks ($SBUX) +6% after raising its long-term financial forecast Tuesday.
- (+) Twilio ($TWLO) +10% because the company said it is laying off 11% of its workforce.
- (–) Nucor ($NUE) -11% on disappointing guidance for the third quarter.
- Acelyrin, a biotech focused on inflammatory diseases, raised $300 million
- Tremor bought advertising platform Amboee for $239 million
- Nile, an enterprise networking startup, raised $125 million
- Xeneta, a shipping logistics firm, raised $80 million
- Fazz, a digital financial services group, raised $100 million
- Redesign Health, a company that builds healthcare startups, raises $65 million
3. Top Reads
- Why young investors should focus on passive funds (CNBC)
- Wholesale prices fell 0.1% in August amidst inflation fears (CNBC)
- Twitter whistleblower testimony reclaims ESG (Axios)
- Tuesday was worst day for stocks in over two years (Axios)
- Major brands may be forced to change logo after Queen’s death (Fox)
- Walmart-backed fintech to test banking services (Reuters)
- Biggest Fed rate hike in 40 years may come next week (MW)
- Private debt market keeping folks in the game (YF)
- Economists warn ongoing rate hikes could crash housing market (CNN)
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4. Book of the Day: Build For Tomorrow
We experience change in four phases. The first is panic. Then we adapt. Then we find a new normal. And then, finally, we reach the phase we could not have imagined in the beginning, the moment when we realize that we wouldn’t go back.
Build for Tomorrow is designed to accelerate that process—to help you lessen your panic, adapt faster, define the new normal, and thrive going forward. And it arrives as we all, in some way, have felt a shift in our lives.
The pandemic forced a moment of collective change, and we are still being forced to make new plans and adjustments to our lives, families, and careers. Many of us will never go back, continuing to work from home, demanding higher wages, or starting new businesses.
To help people along this journey, Entrepreneur magazine editor in chief Jason Feifer offers stories, lessons, and concrete exercises from the most potent sources of change in our world.
“The Only Constant in Life Is Change.”
5. Short Squeez Picks
A Message from Porkbun
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At Porkbun, you’ll save around 50% on your domain names versus other Big Name registrars, and even more with free WHOIS privacy and free SSL certificates.
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6. Daily Visual: CEO Optimism Down, Not Gone
Business roundtable CEO economic outlook index
7. Daily Acumen: Run Your Own Race
“Run your own race, as in: you set certain standards for yourself, and you focus on meeting them.
When you meet them, you’re proud of yourself. When you don’t, you urge yourself to try harder.
You don’t question your standards based on what anyone else is doing.
You don’t look over at someone else’s race and think, I’m doing a bad job because you’re going faster.
You just focus on your own pace."
Source: Bookbear Express
8. Crypto Corner
- Ethereum is merging
- South Korea issues arrest warrant for Luna developer Do Kwon
- Crypto’s market cap drops below $1 trillion after disappointing inflation data
- Bankruptcy auction begins for crypto lender Voyager
- Wall Street titan’s new crypto exchange aims to cut costs for investors
- Afghanistan’s crypto lifeline
9. Memes of the Day
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