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May 5th, 2021

OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Subscribe below for weekly updates on the absurdity of the business and financial world. We spend all day on social media so you don't have to.

Happy Cinco De Mayo!

Dear Readers,

It's my all-time favorite holiday today. Contrary to popular belief, Cinco De Mayo is not Mexican Independence Day. Instead, it was thought up by the Mexican alcohol industry to trick Americans into buying more tequila. The idea closely resembles the Irish whiskey industry's creation of St. Patrick's Day.

I'm kidding... but it sounds almost true, and I encourage you to tell your co-workers a similar story while sipping margaritas over Zoom this evening. Let's get into it!

This week's top stories include:

  • Bill & Melinda split the bill
  • Ethereum explained
  • Menthol cigarettes get banned
  • Basecamp explained exposed
  • Mother's Day is on Sunday
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

The 2nd great divorce

Bill and Melinda Gates announced on Monday that they were separating after nearly 27 years of marriage. The announcement was made on Twitter by Bill. I would've hoped he saved the news for LinkedIn, given that Microsoft purchased the corporate dating app for $26B in 2016.

Talking Points:

It remains to be seen how the couple will split up their vast fortune, but it's without a doubt that Melinda Gates will become 1 of the top 5 richest women in the world.

Though separated, the two will play nice and stay on as co-chairs of the Bill and Melinda Gates Foundation, pledging to continue their mission together.

The Gates Foundation has more than 1,600 employees worldwide, $50B in assets, and gives away almost $5B a year to support important causes such as global health.

The Gates duo are also the largest owners of farmland in the United States.

Read more >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

First BTC, then DOGE, now ETH

Another day another cryptocurrency in the news for reaching all-time highs... this time it's a coin call Ethereum. Ethereum is notable because, unlike Bitcoin and Dogecoin, which are essentially useless, Ethereum is actually an incredible piece of technology.

Talking Points:

Ethereum coin refers to the reward given to miners who "work" (use computers to solve mathematical equations) to verify transactions on the Ethereum blockchain. Simply put, the more transactions = more work = higher value of the Ethereum coin.

The technology is used specifically to build decentralized financial applications. It enables Smart Contracts and Distributed Applications (ĐApps) to be built and run without any downtime, fraud, control, or interference from a third party.

Ethereum is the most actively used blockchain. It's the technology behind NFTs. This is partly why the price of the coin has increased so much in the last few months.

Ethereum is up more than 1,500% this year, reaching a high of $3,450 on Tuesday, giving it a market cap of more than $385B. Wait a minute... that's more valuable than Disney.

Learn more about Ethereum >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Thank you for NOT smoking

Earlier this week, the FDA said it would ban menthol cigarettes and other flavored cigars. The idea is that flavored tobacco is more appealing to minors and more prevalent in predominantly African American communities, so banning it can help prevent young Black Americans from starting in the first place.

Talking Points:

Historically, menthol cigarettes have been marketed aggressively to Black people in the United States.

About 85% of Black smokers use menthol cigarettes, according to the Food and Drug Administration.

According to Matthew L. Myers, president of Campaign for Tobacco-Free Kids, menthol cigarettes are the number one cause of youth smoking.

The ban is likely to take years to be enforced and will face aggressive resistance from Big Tobacco.

Learn more >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Why are we talking about Basecamp?

If you're on Twitter, you may've seen people reference Basecamp over the last week. For a bit of context, Basecamp is an enterprise management software company that has come under immense criticism after banning political conversations at work.

It really shouldn't be national news... it's a small company with only 50 employees, of which about a third left within the last week. However, it's gained national headlines because the founders are two of the most outspoken leaders in the tech industry on company culture, remote work, and collaboration.

Talking Points:

This all started because of a list created by some customer service employees in 2009 that included customers with "funny" names. Many employees saw the list as highly inappropriate.

The rising awareness of the list was happening while Basecamp was making efforts to improve diversity within the company.

Rather than addressing the list directly, the two founders Jason Fried and David Heinemeier Hansson released an internal memo describing cultural changes - most notably banning political and societal discussions.

Other major changes include:

- No more paternalistic benefits, which include gym memberships, wellness credits, and farmers market stipends.

- No more committees. According to employees, this referred to the only committee in the company that was formed to further diversity.

- No more 360 reviews. In other words, no more two-sided performance reviews AKA telling management to get with the times.

Read the full memo >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Call your mother!

If you're anything like me, you've forgotten Mother's Day more than a few times... well, this is the year that you finally remember. IT'S ON SUNDAY!!

After some brainstorming on how to promote Mother's Day this year, I decided the best course of action was to just ask Slater and Jack's moms what they thought about their sons' sweater venture. Here's what they said...

From Slater's Mom: I was hoping for a doctor or a lawyer... you better sell a lot of these sweaters! - Amy M. ⭐⭐⭐⭐⭐

From Jack's Mom: I paid for four years of college for you to make sweaters? Thank god your sister is an engineer. - Nancy P. ⭐⭐⭐⭐⭐

Help make their moms proud, and get your mom the only thing better than a handmade ceramic bowl... a gift card for a sweater.

That's my update for the week. I hope you've enjoyed this week's installment of The New Yak Times.

Until next time, keep building 💪.

Best, Tobias
CMO @ Oliver Charles
Connect with me on Linkedin

--

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