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Plus: Why Venture Capitalists Gave Two 27-Year-Olds $1 Billion To Build The Ultimate Online Convenience Store

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Top Take-Aways

On Warren Buffett’s 90th birthday, private wisdom from The Oracle—delivered in 90 seconds flat.

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Chadwick Boseman’s death at age 43 amplifies how colorectal cancer rates are rising in under 50s. “It is urgent that we understand why colorectal cancer is happening in young people so we can develop new prevention and treatment strategies.” 
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Amid fears of re-lockdowns in Europe, and roller-coasting travel restrictions within the continent, Covid infection rates in the U.S. still rule out immediate hopes of lifting an EU travel ban on Americans. 

Can anyone or anything stop Novak Djokovic from winning his 18th Grand Slam title at the U.S. Open? The only thing that might impede the world No. 1 from closing the historical gap on rivals Roger Federer and Rafael Nadal is Djokovic’s own health.

In Photos: The Metropolitan Museum of Art—America’s most-visited museum—reopens after five months. For the past three years, the Met has ushered in some 7 million visitors annually.

Today's Must-Read

GoPuff has hardly been idled by the pandemic. The real action is unfolding at more than 200 mini fulfillment centers across the country where some 3,500 employees work around the clock shifts to grab, pack and send out the overpriced impulse buys that customers are punching into their iPhones.

Founded in 2013 as a late-night service for college students to order junk food, rolling papers and condoms, GoPuff has gone mainstream, and now offers 3,000 items ranging from over-the-counter medicine and laundry detergent to pet food and midnight calls for diapers.

“We started this business because the convenience store was anything but convenient,” says Rafael Ilishayev. His co-founder and co-CEO Yakir Gola adds, “The immediacy we offer is unmatched.”

With its flat $2 fee for 30-minute deliveries, business has been booming. Sales reached an estimated $250 million in 2019, and orders are up four-fold. It generates revenue not so much from the delivery fee but from a hefty markup on the stuff and selling placement on its app.

But hypergrowth comes with problems, reports retail staff writer Lauren Debter: high costs, low margins—and thousands of unreliable drivers. Ilishayev and Gola are burning through the $750 million they raised last August, mostly from SoftBank, that valued the business at $2.8 billion. Much of the money is being spent on technology to help them efficiently pack and deliver orders. 

“We want to be the world’s go-to solution for everyday needs, not just the U.S.,” says Ilishayev. It is not a new idea—and not necessarily a good one. See the full story here.

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