This is issue #019 of the Talk Money Weekly. To get your mind moving on the topic of money every week, I curate and share trending conversations around money, business, current events, and pop culture from Twitter, my favorite podcasts, and other platforms.
In one month we launch Season 3 and it's best season we've ever done. I will share the complete list of episode themes and interview guests after Christmas. For now, I leave you with my favorite episode: A Table for Two, Please
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📈Markets & Business:
Cheap At Home Tests Available, But There’s a Catch!
Of course, there's a catch. The US healthcare system wants their hand in everything. What we need is convenient cheap testing. Unfortunately, that's not going to happen. Right now in NYC, it takes 3 hours to wait in line to get both a rapid and/or PCR test. PCR tests take 3-5 days for results. Totally pointless.
If you want something quicker, you can go to NYU Health and get a 12-hour test. The catch? A $123 Virtual appointment with a healthcare professional to put it into the system. This takes literally 2 mins. It seems like this at home test works on the same structure.
By the time they figure affordable mass testing out, we'll all be vaccinated and we can put this behind us.
Miami Mayor is Winning the City Wars
NYC and SF have been losing residents to Austin and Miami. These are two cities that are benefitting from big job producers like finance and the tech industry. COVID has accelerated many things, and moving is one of them. People are getting tired of politics, and high taxes. What happens when the city of SF tells Elon Musk to "F*ck Off?" He moves to Austin.
So what does the Mayor of Miami do? He welcomes everybody. The power of social media. Mayor Francis Suarez is on a mission to meet with investors and entrepreneurs who wants to reside in Miami. His goal is to bring high-paying jobs to his city which will have an incredible economic benefit.
Shopatainment is the Future of Retail
Investor Connie Chan frequently writes about trends in China. Shopatainment is the latest one, and it makes a ton of sense. Imagine watching an entertaining video and then being able to buy the product right then and there. We're slowly seeing it happen in the US.
1. Imagine watching a mukbang and being able to order the food right there. Have ever watched someone eat a lot of unnecessary food? That's a mukbang. I watch them. All the time. It's weird, but I can't stop.
2. What about watching a home improvement Tik Tok video and being able to purchase the items being used? I love this example.
I imagine this is the social media version of QVC. Where anyone, can sell anything. You don't have to be "picked" to be on QVC to gain access to an audience. This is a great thread and Connie Chan is an amazing follow.
Airbnb Goes Public at $100B, But It Was A LONG Journey
The Airbnb story is truly an amazing one. NO ONE thought this was a good idea. Some of the best investors in the world passed on it. They didn't get it. It's now worth over $100B ten years later. This team really built something incredible.
Did you know that during the 2008 Presidential campaign, the founders made Obama and McCain cereal boxes to raise money? And it worked!
Check out the Acquired podcast's episode on Airbnb for the full story. It's a must-listen.
Airbnb IPO Shows That the Traditional IPO Process is Broken
Even though the company is worth over $100B, that's not what their IPO price was. Airbnb's IPO price was set at $68, which was more than half of the $100B valuation. The bank running the IPO process sold shares from the founders, early investors, and employees to institutions at that price. When the stock opened for public trading, retail investors (you, me, and everyone else) were allowed to buy it. There was so much demand that the stock opened at DOUBLE the price.
This means that a lot of money was left on the table. Investor Bill Gurley has been saying that the IPO process is broken and that investment banks running the process aren't doing a great job and it's not good for anyone. One solution? Doing a direct listing. This is when a company skips past an investment bank and lists their company on their own. This is what Spotify did.
I plan to do an entire season on the stock market in 2021. There's a lot to unpack.
They're Already After Billionaire Brian Chesky
I agree with Kristen's take here. Brian Chesky and the Airbnb team sacrificed a lot to make this work. What they achieved was incredible and extremely hard. Not only did they create a new category in travel, but they also empowered people to be able to make money off their homes.
This journalist is saying that now that Brian Chesky is worth $11B he needs to spread the wealth. First of all, the guy has been empowering people to build their own wealth for a long time. Second, we have no idea what charitable causes he's supporting or has supported in the past, or how many businesses he supports, or people. Third, he doesn't have a liquid $11B! It doesn't work like that. Let the guy enjoy the moment.
That's all for this week! I hope you enjoyed the NINETEENTH issue of Talk Money Weekly.
If you haven't already subscribed to my podcast, Talk Money, do so here. Stay tuned for our trailer for Season 3 which is going to be pretty amazing. More on that soon.
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