Freshly Baked News

After serving four years, Martin Shkreli is out of prison and quickly back on social media.

Once dubbed “America’s most hated man” for inflating AIDS drug prices from $17.50 to $750 per pill, Shkreli has garnered a surprisingly loyal following. Known for his trolling and entertainment skills, he even attracted a romantic interest who left her husband for him while he was incarcerated.

Despite his ethical controversies, Shkreli is quite intelligent, having graduated high school in just two years. He’s resurfaced with a keen interest in cryptocurrency, recently hosting a Twitter Spaces session that even Elon Musk attended. Some of his predictions include:

• Ethereum may surpass Bitcoin due to its wider applications.
• While he sees potential for Bitcoin to hit $500K, he's cautious about its long-term viability.
• He anticipates decentralized finance will dominate by 2050, with many major companies issuing their own cryptocurrencies.
• He’s optimistic about DAOs potentially replacing traditional governments in the future.
• He’s also moving away from NFTs, which seems to be a trend lately.

It appears we might be seeing more of him in Miami soon.

Adam Neumann: A Climate Advocate?

Adam Neumann, the founder of WeWork, has recently secured $70 million for a blockchain-based carbon credit trading platform. Half of this funding comes from notable investors like a16z and General Catalyst, while the other half is from selling their "Goddess Nature Token."

His new venture, Flowcarbon, facilitates the buying and selling of tokenized carbon credits. For those unfamiliar, here’s a quick overview of how carbon credits function:

If you engage in a project that benefits the environment (such as planting trees), the government may grant you credits for the carbon your project removes from the atmosphere. Each credit represents permission to emit a certain amount of carbon, which can then be sold to corporations needing to offset their emissions to comply with environmental laws.

Flowcarbon aims to address three key issues: 1. Accessibility: Currently, there’s no unified marketplace for carbon credits. 2. Transaction Fees: Flowcarbon charges a 2% fee compared to up to 30% elsewhere. 3. Transparency: Carbon credits on the blockchain are verified by governing bodies, ensuring everyone can see the transactions.

While the concept is promising, successful execution remains to be seen. Neumann and his wife have cleverly appointed a seasoned CEO to lead this initiative.

Cookie Crumbs

In a heartwarming tale, Pear VC has locked in a fourth fund aiming for $410 million in commitments. The founder, Pejman Nozad, transitioned from being a homeless immigrant to a prominent seed investor. Here’s how he did it:

1. He fled war-torn Iran, eventually settling in the U.S. as a rug salesman in Palo Alto.
2. His high-end Persian rugs caught the attention of tech industry insiders, allowing him to network.
3. A chance meeting with Doug Leone, a legendary VC, led to collaboration and networking events at Nozad's rug shop, where crucial connections were made.

Eventually, Nozad's network helped him launch his own fund, investing in notable companies like Lending Club and DoorDash. Truly an inspiring journey!

Market Shifts and Innovations

Snap Inc. saw its stock plummet over 40% in one day after forecasting lower-than-expected Q2 revenue, sparking discussions about market reactions. Meanwhile, Amazon has opened its first physical store, Amazon Style, in LA, allowing shoppers to scan items with an app—a move that could challenge traditional retailers like Nordstrom.

And for those dreaming of a European getaway, the Euro is nearly at parity with the USD, making travel more appealing than ever!

The Big Pizookie

Coinbase has begun testing Ray Dalio's dot collector, a real-time feedback tool that allows employees to rate each other continually. While some criticize it as a dystopian approach, Dalio argues it has transformed culture at Bridgewater, the world’s largest hedge fund.

In essence, employees receive ratings based on their performance and alignment with company values—think of it as Yelp for workplace interactions.

Your ratings are influenced more by colleagues who excel in specific traits, creating a layered feedback system. However, this transparency may lead to distractions and potential collusion on ratings.

Both Bridgewater and Coinbase are known for their strong cultural stances, even at the cost of losing employees. Coinbase staff may soon find themselves navigating this new feedback landscape.

Snickerdoodles

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