|
Good morning. 10 years ago today, The Social Network was released—and we certainly have come a long way from Caribbean Night at AEPi. Facebook's now worth nearly $750 billion, and its properties WhatsApp, Instagram, and Messenger each have more than 1 billion active monthly users.
Because we know you're itching to know what Eduardo Saverin is up to these days, we put together a fun "Where are they now?" article you'll find further down the newsletter.
|
|
|
|
|
NASDAQ
|
11,167.51
|
+ 0.74%
|
|
|
|
S&P
|
3,362.91
|
+ 0.82%
|
|
|
|
DJIA
|
27,782.36
|
+ 1.20%
|
|
|
GOLD
|
1,892.50
|
- 0.56%
|
|
|
|
10-YR
|
0.681%
|
+ 2.70 bps
|
|
|
|
OIL
|
40.08
|
+ 2.01%
|
|
|
*As of market close
|
-
Markets: Stocks came up more clutch than Robert Horry yesterday, posting big gains to close out a very solid quarter. The S&P increased 8.5%, the Dow 7.6%, and the Nasdaq 11% in Q3.
-
Economy: GDP fell at a mind-bending 31.4% annualized rate in Q2, according to the government’s final estimates. But as the country reopened in Q3, the economy likely rebounded in similarly historic fashion—estimates put GDP growth at about 30% last quarter.
|
|
Will Varner
|
It’s October 1, the election is 33 days away, and the question of politics in the workplace has reared its Zoom-call-awkwardness-generating head.
First, rewind to last Thursday, when Facebook rolled out new rules for its internal social media system, Workplace. The rules included new restrictions on profile pictures that effectively prohibit workers from using images that advocate for candidates or causes.
- The new rules came just a week after Zuckerberg instituted a “set of principles” around internal debates.
Now fast forward to Sunday, when CEO of major crypto exchange Coinbase, Brian Armstrong, published a blog post in which he took a firm stand against firm stands.
- “We don’t engage here when issues are unrelated to our core mission,” Armstrong wrote. He explained that he wants Coinbase to be “laser focused” on its own work, rather than embracing social and political issues as other businesses have in the era of stakeholder capitalism.
- Then yesterday, Armstrong put his money where his blog post was. He sent a letter informing employees that if they weren’t on board with his no-politics policies, he had separation packages with their name on them.
The backstory: In June, under pressure from employees, Armstrong refused to issue a public statement that Black lives matter. Workers were so frustrated they organized a walkout, and Armstrong eventually posted a Twitter thread affirming the movement. Sunday’s statement was reportedly a delayed response to the walkout.
The response was about as polarized as you’d expect. Some tech figures such as Y Combinator’s Paul Graham applauded the move, while the techerati’s supporters of corporate activism booed.
Looking ahead…“If the past year has seen a surge of employee activism in the workplace, it seems, the next will see managers attempt to swing the pendulum back in the other direction,” predicts tech journalist Casey Newton.
|
|
|
American Airlines is moving ahead with plans to furlough 19,000 workers, CEO Doug Parker said last night. It’s gloomy news, but not exactly surprising.
The backstory: When the pandemic emptied out airports and planes in March, lawmakers gave airlines $25 billion to pay workers who all of a sudden had no passengers to attend to.
- That funding ran out yesterday, which meant U.S. airline execs were preparing to cut tens of thousands of employees who they couldn't afford to pay on their own dime.
There could be a lifeline. Parker said he’d reverse these furloughs if Congress approved a new aid package, which is actually not such a far-fetched idea.
At a CNBC conference yesterday, Treasury Secretary Steve Mnuchin said he and negotiating partner House Speaker Nancy Pelosi would give another stimulus package “one more serious try” and that he’s “hopeful” they can get something done. They couldn’t strike a deal yesterday, but they’ll continue discussions.
|
|
Giphy
|
Surveillance data company Palantir and workplace management software company Asana both went public on the NYSE yesterday.
- Palantir opened at $10/share for a valuation of about $21 billion, higher than the NYSE-issued reference price of $7.25.
- Asana also opened above its reference price at $27 (for a $4.1 billion valuation), then climbed as much as 10% further.
Both companies cannonballed into the public markets via direct listings, which give employees and early investors the opportunity to cash out stock, but the company doesn’t raise fresh funds.
We gave you the rundown on Palantir yesterday, so now it’s Asana’s turn: Founded in 2008 by Facebook cofounder Dustin Moskovitz, the company provides workplace coordination tools that aim to improve on the “Just checking in…” email.
Asana will fit right in with the 2020 IPO cohort—it’s growing lightning-fast, but hasn’t turned a profit. In fiscal 2020, it generated $143 million in revenue, an 86% yearly increase, though losses also ballooned.
|
|
|
IT burnout is real. Whether you’re dealing with security, support, or device issues, it’s stressful when your gizmos don’t giz-go the way they’re supposed to.
Electric is a user-friendly IT interface reinventing how businesses manage their IT. Today—if your company has between 20 and 500 employees, and you can make decisions about IT—Electric wants to chat with you about coming aboard.
Plus, if you take this short meeting with them, they’ll give you a free Hatch Restore Alarm Clock.
Don’t you feel your IT stress levels going down already, especially when you picture a free, restorative alarm clock on your bedside table and a lightning-fast IT infrastructure backing your biz?
And how calm do you feel when you read Electric can reduce your IT cost by 70%?
In fact, we bet that Electric’s chat-based, real-time support feels like a hot cup of chamomile tea on a chilly winter morning.
Let the IT relaxation wash over you and take a meeting with Electric.
|
|
|
...and debuted whozits and whatzits galore at yesterday’s hardware event. The star of the show was its new Pixel 5 phone, but like Glee, the supporting cast was surprisingly strong.
The rundown
-
Pixel phones: While the $699 flagship Pixel 5 won’t break any processing speed records, it does come equipped with all-important 5G capabilities (as does the more affordable $499 Pixel 4a). These new phones show that Google is committed to undercutting Apple's and Samsung’s premium models in the ~$1,000 range.
-
Google Duo: In big news for anyone who’s tried to walk their grandparents through printing out the Brew crossword puzzle, Google’s new Duo feature enables remote screen sharing while on a mobile video call.
-
Google TV and Chromecast: The new Google TV software that runs on Chromecast supports other streaming services, like Netflix. And The Verge gives it kudos for the emphasis it places on content discovery and helping you find something to watch.
Looking ahead...next on the busy hardware release calendar is Apple, which will likely unveil four new iPhones later in October.
|
|
Apptopia
|
When you think of hockey-stick growth during the pandemic, names like Tesla, TikTok, and Tyler Herro come to mind. But add a new name to the list—Discord. The Slack-like messaging platform that caters to videogamers has hit a new high for mobile app downloads every day since September 5, according to Apptopia.
- Discord’s user base has grown by about 50% since February and experienced its first daily downloads spike back in March.
What’s different now
Recent growth has been propelled in part by the mobile videogame Among Us!, a collaborative multiplayer that’s the perfect use case for Discord’s platform. Among Us! has been downloaded 74 million times since the beginning of August.
-
For context: Fortnite was downloaded 22 million times in the first two months after its launch.
Bottom line: The twin surges of Discord and Among Us! show that players are eagerly leaning into the social elements of videogames. We can expect messaging platforms like Discord to continue their upward trend as gamers and other digital communities build more expansive ecosystems around their passions.
+ Want to learn more about Discord? Dive in here.
|
|
Giphy
|
It’s been 16 years since Facebook was founded by Mark Zuckerberg in his Harvard dorm room. And it’s been exactly 10 years since David Fincher's epic movie about the company's early days, The Social Network, hit theaters.
The world has changed in 10 years. There are a lot of hard seltzer brands. Email newsletters are big business. And most of the major characters in the movie have moved past their Facebook days.
So what are those people, from the Winklevoss twins to Sean Parker, up to now?
Read here to find out.
|
|
|
Have you ever wanted to invest in real estate? Between the eye-opening historical returns and the opportunity to invest in something other than stocks and bonds...it seems like a no-brainer. Getting in the game can be hard, because private real estate was historically only available to institutional investors. Fundrise is opening up this asset class and making it more accessible than ever. Diversify your portfolio with real estate quickly and easily. Check out Fundrise today.
(Here's all the legal jargon we know you love reading).
|
|
|
Correlate: These charts put two unrelated trends on X and Y axes to show bizarre correlations. Example: “Crude oil imports” + “Chicken consumed.”
Create: Use this site to compare stocks and quickly turn your findings into charts. Koyfin is also another excellent resource for markets info.
Percolate: Calculate the perfect bean-to-water ratio for brewing coffee in a French press.
|
|
Giphy
|
This week, the Business Casual team is celebrating our 1 year anniversary and 5 million listens, and we couldn’t have gotten here without you.
In our first ever episode, Professor Scott Galloway argued that Facebook, Amazon, Google, and Apple are “invasive species” robbing the everyday consumer of everything from a functioning democracy to their mental health.
Since then, the conversation around Big Tech has changed drastically. On this week’s episode, former Google CEO Eric Schmidt said we need Big Tech in order to compete with China. Listen here, then read why host Kinsey Grant believes no single country “owns” the future of tech.
- Also, be sure to check out Eric’s own podcast, "Reimagine," where he sits down with thought leaders to explore how we can build a brighter future.
Want to keep up with Business Casual? Subscribe to the podcast here and sign up for the weekly email here.
|
|
|
Here's a graph from Chartr that shows one tech company's annual revenues. Can you guess the company?
Chartr
|
|
|
Written by
Eliza Carter, Toby Howell, and Neal Freyman
Was this email forwarded to you? Sign up here.
|
ADVERTISE // CAREERS // SHOP
Update your email preferences or unsubscribe here.
View our privacy policy here.
Copyright ©2020 Morning Brew. All rights reserved.
40 Exchange Pl., Suite #300, New York, NY 10005
|
|
Business podcast →