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May 12th, 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.

It's May 12th, 2021.

Dear Readers,

Happy Wednesday, or as I like to call it, "humpday". I was stung by a bee this weekend, more on that in my update.

Let's get into it!

This week's top stories include:

  • A shortage of workers
  • Elon did SNL
  • The iOS 14 update
  • The Darkside cyber attack
  • Oliver Charles update
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Restaurants are waiting for waiters

As the country begins to open up, people are dying to go out again, and restaurants are preparing for a big summer. The only problem is that no one seems to want to work in restaurants anymore.

Talking Points:

During the pandemic, the restaurant sector lost 2.5 million workers according to the National Restaurant Association, otherwise known as the non-bankrupt NRA.

Federal labor data shows that as of March, food-service unemployment rates were nearly double that of the national average.

Some businesses blame extended unemployment benefits.

Most businesses see a deeper problem. Low wages and intense working environments have driven people away and into greener pastures.

The federal minimum wage for tipped workers is $2.13/hr.

There are only 8 states where tipped workers are paid the state's minimum wage, rather than the oftentimes reduced federal minimum wage.

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

Elon Musk hosts SNL

Like pretty much everything else Elon Musk does, hosting SNL was surrounded by controversy. The controversy stemmed from cast members that were upset about several things Elon had said in the past, a general love/hate relationship with the 1%, and the fact that he's a CEO rather than an entertainer. Although, he is pretty entertaining...

Talking Points:

Elon brought out his mother during his monologue and told everyone he was diagnosed with Asperger Syndrome.

He called DOGE Coin, a cryptocurrency he’s tweeted about frequently, a “hustle”, which caused the value of the coin to come crashing down.

My personal favorite line of the episode...

“I reinvented electric cars, and I’m sending people to Mars on a rocket ship,” Musk said. “Did you think I was going to be a chill, normal dude?”

Watch his monologue >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Mark will never eat another Apple again

If you're a responsible person and update your phone when you're supposed to, you may've noticed something new this time around. That shiny new thing is a prompt from Apple (assuming you have an iPhone) asking if you want to opt-out of being tracked by advertisers.

Talking Points:

This is essentially the mobile version of the message you get on websites asking if you want to share cookies.

This seemingly small update has big implications for Facebook and other social media companies. So much so that Facebook launched a massive PR campaign saying that the update will hurt small businesses.

Apple believes that users should have a say in whether big companies can profit from their personal information.

According to Statista.com, 79.9% of users on Facebook only use the application on their mobile phones.

Will you opt-in or opt-out? Reply and let me know!

Facebook v. Apple >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

Who is Darkside?

If you happen to live on the East Coast, then, unfortunately, you may see your gas prices start to increase this week. Over the weekend Colonial Pipeline was hit by a ransomware cyber-attack. The attack came from a criminal organization that seems to be out of a movie. The organization goes by the name of Darkside and is infamous for ransomware attacks.

In a crazy turn of events, the group actually ended up apologizing for the attack saying, " Our goal is to make money, not creating problems for society." 

Talking Points:

The Colonial Pipeline transports 2.5 million barrels of oil a day - 45% of the East Coast's diesel, petrol, and jet fuel supply.

71% of gas stations in Charlotte, North Carolina, and 60% of stations in Atlanta, Georgia were without fuel this morning.

More than 5,500 miles of pipeline have been shut down due to the cyber attack, and it's unclear when they'll be operational again. All this commotion has turned smart investors to hedge their bets and panic buy all the gas they can get their hands on at their local Wawa.

Darkside operates very much like a Mckinsey managed business, they even provide press releases when they launch new ransomware products.

Darkside seems to be based somewhere in Russia, but there are no obvious links between them and the Russian government.

See how they orchestrate attacks >>
OLIVER CHARLES - The New Yak Times - Business And Financial News Using Memes

When was the last time you got stung by a bee?

For me, it was this weekend, and let me tell you what an exhilarating experience it was. No wonder Dave Portnoy always brags about being stung three times.

After a preemptive EpiPen injection (I truly can't remember if I'm allergic but you can never be too safe), I started to think about the bee and what it represents. Bees are the serial founders of the animal kingdom. They work all day and all night building and building just to have someone in a suit come by and take 90% of their hard-earned honey for no other reason than that they own the hive.

Maybe it was the epinephrine, or maybe it wasn't - the point is, founders are like bees, and I'm sticking to it.

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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