Funders Phantom, Traveling Buck & Second Chances 🧳

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Funders' Twitter Ghosts

Ghostwriting tweets for venture capitalists has become a wealthy side hustle. 

Some VCs will pay as much as $100,000 to write Twitter threads announcing a big funding round. 

This founder of a tech startup who ghostwrites tweets for venture capitalists earns as much as $5,000 to $10,000 to write just 10 original tweets a month. He caters to 25-50 clients at any given time. He was just an average-joe founder looking for funding, when a VC invited him to a side hustle in addition of series funds (image below).

Like him, there are many Twitter ghostwriters out there earning a bomb for their VC tweets. Some of them are...

Why are VCs willing to pay so much?

Funders have to build social relationships with founders. A founder might read a tweet from a VC and say: "Wow, he's a cool guy. I want him on my board.”

Ghostwriters write content to establish the credibility of client VCs and get the attention of young founders.

Why only Twitter?

Earlier VCs met with founders in clubs and business centres in a very Bruce Wayne-esque setting. Today, it all happens on Twitter. Twitter is Silicon Valley's most important social club, and top investors pay ghostwriters big bucks to make them look good in 280 characters.



Second Chances

Second-chance hiring - where companies hire people who were formerly incarcerated - is picking up across several industries, startups and small businesses, per The Wall Street Journal

Reasons:

  • A national labor shortage
  • High salary expectations and attrition rates among general employees.

Why it matters

There are 70m+ Americans with arrest or conviction records, and ~600k people are released from prison each year. These people find it hard to assimilate in general society for some obvious reasons.

More than 90% of employers conduct background checks. And companies are apprehensive to hiring former felons. A 2018 analysis found that the unemployment rate among formerly incarcerated people was over 27%.

Reasons to hire former convicts

  • Finding a stable job can reduce recidivism. If people don’t find a stable job and income stream, they could be tempted to return to crime, which in the end is a burden for taxpayers. It costs billions of dollars of taxpayer money to run prisons.
  • A 2021 report found that 85% of HR pros felt that employees with criminal records performed the same or better than those without.
  • They also have lower turnover rates and command lower salaries, thus saving companies money.

The Spectacular Failure

It has been more than a year since El Salvador became the first country to make bitcoin legal tender under the Bitcoin Law came. 

Here’s the one-year update on how the law fared. 

  • Adoption and use of Bitcoin has remained low as the currency has lost about 60% of its value since the experiment started. 👎
  • Very few businesses accept payment in cryptocurrency — and even fewer Salvadorans wish to pay in the digital token. 👎

A survey by the El Instituto de Opinion Publica found that 76 out of 100 small and medium-size enterprises in El Salvador do not accept bitcoin payments. Another survey published in March by the Chamber of Commerce and Industry of El Salvador found that 86% of businesses have never made a sale in bitcoin, and only 20% of businesses take bitcoin, despite the Law’s mandate that all merchants accept the cryptocurrency. 

In Short: $60 million lost, $375 million spent, and little to show for. The Bitcoin experiment was a spectacular failure.



Accord for Traveling Dollar

The last time the British pound traded at $1, we got the Plaza Accord

It was the early 1980s. The dollar surged by more than 50% against other major currencies. The economic backdrop was comparable to today’s—high inflation, and banks’ reluctance to hike rates. 

Solution: 

The finance ministers of Japan, France, Germany, the UK, and the US decided, at New York City’s Plaza Hotel, to take collaboratively weaken the dollar. 

The operation was such a success that two years later, the same countries had to carve out another agreement, this time to prop up the USD.

Are we heading towards a Plaza 2.0? 

Seems unlikely. 

The US has shown zero interest in such a deal. Back in 1985, US policymakers wanted to help American manufacturers boost exports. Today, that is not the concern.

There is also another strong player at the table now - China. And given US-China tensions, it’s unlikely Beijing would want to join.



Shorts ⏳
Death in the Wild - Wildlife populations have dropped nearly 70% worldwide and 94% in Latin America and the Caribbean in the past 50 years.

Queen's Canon - Queen Elizabeth's public and private life, family secrets and crises, featured in a new comic book called TidalWave Comics. 

Suing Sauce - A man sued Texas Pete after learning hot sauce is not actually made in Texas.

Garbage Income - Argentines turn to garage sales and garbage dumps to survive as inflation crosses 100%. 

Weeded Streets - In New York, there's a weed store on every corner. None of there are legal. 

History in a Levi's Pocket - A "denim archaeologist" found pair of Levi's from the 1880s at an abandoned mineshaft. He auctioned it for $76,000. 

The Cows in the Meadow Go Moo - New Zealand proposes a tax on cow burps to reduce emissions. The cost-per-burp is yet to be decided. 


Stash Recommends: Tools to Explore
🎙️ ForvoAn online pronunciation dictionary that relies on user contributions for its content.

🔌 PowerCalcA web-based system for electrical engineers that provides standardized design procedures.

🥦 MindSnacksA language-building platform to improve your foreign language skills and your ability to recognize and spell new words.

📚 Workfront Library: A project management software that allows you to set repeatable business processes, coordinate with customers, and evaluate output.


 
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