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Soundtrack: This week’s newsletter is specially designed to be used while listening to Michael McDonald’s’ I keep forgetting ”
This Week: Goodbye Bezos, Hello Armstrong – The Billionaire Life Cycle
Steven Ferdman / Getty; Skye Gould / Business Insider
Thursday, Jeff Bezos, founder of Amazon wrote his final letter as CEO of the retail giant he introduced 27 years ago. Bezos’ letters are an annual tradition, and his farewell speech is full of insight into his views on business and current events, with warnings about threats to democracy and the environment, and the need for us all to act proactively.
Even as Bezos drives to the sunset, new tech billionaires are being beaten. This week, the world was introduced to Brian Armstrong, the founder and CEO of Coinbase, a cryptocurrency company whose stock rose like a rocket in its immediate listing.
But Armstrong’s success is also celebrated by some as an I-told-you-moment for another reason.
In September, Armstrong caused a firestorm by declaring that Coinbase was an ‘apolitical’ company and that Coinbase banned employees from talking politics at work – more than 60 employees acted in response (with Armstrong’s buyout offer) . Now, with Coinbase worth $ 100 billion, Silicon Valley’s libertarian faction demands justification against the “awake mob.”
It is worth noting two short points:
- Stocktaking – whether on the first day of IPOs or direct listings – is not forever.
- Certainly, no one wants to work in an office where employees are distracted and bullied by cable TV-like biased shouting matches. But that does not mean that businesses are entitled to investigate important issues that affect the lives of their customers.
On the same day of Coinbase’s Nasdaq debut, 100 other companies made headlines over efforts to restrict voting rights. Among the signatories: Google, Goldman Sachs, Target and Amazon – businesses that have done quite well over the years.
If Armstrong doubts, there is a letter from someone named Jeff Bezos that is worth reading.
Quote of the week:
“This is the most uncomfortable experience you can have as a man. You may have five, ten minutes to ‘produce what they call’ the monster. ‘
Legacy
– Khaled Kteily, also known as “The Sperm King”, discusses his experience at a fertility clinic that inspired him to start the sperm testing company Legacy at home. The company recently raised $ 10 million in Series A venture capital financing.
Screenshot: Time for a nuclear-powered yacht
It’s just a design, but if the Earth 300 ever makes it into open waters, it could change the way we think about boat trips.
The 300-meter-long yacht will be powered by nuclear power using a salted salt reactor based on technology from the TerraPower company funded by Bill Gates. The giant, 13-story dark glass sphere near the ship’s gate will apparently house a “science city” where a crew of researchers will work. But the ship also has room for VIPs and tourists (given the projected fare of $ 3 million per ticket, maybe even a few getaways).
Earth 300 Facebook Page
The construction of this ship is expected to cost between $ 500 million and $ 700 million, with a target date of 2025 (although it may take a few more years before the atomic engine gets regulatory approval). It gives you plenty of time to compile your ‘yacht rock’ playlist, atomic edition.
Recommended readings:
Snapchat has become a on-demand delivery app for teens to record illegal drugs. Some children die after taking one pill.
Leaked internal Microsoft poll results show 132,000 employees feel about it
Uber sits on $ 18 billion in global investment, with a stake in Grab’s record SPAC deal worth more than $ 5 billion alone
In his spare time, this Stripe engineer created an indie newsletter service that was a ‘shameless technical’ competitor of $ 650 million Substack. That’s why more than 10,000 people signed up
Big Tech turned to Nicholas Bloom for help navigating their return to the office. This is what the Stanford economist recommends.
Leaked documents show that Amazon’s new wireless headsets target low-income shoppers who are aware of AirPods but not technically proficient
Not necessarily in technology:
America’s best home-from-home expert is in turmoil
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– Alexei