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🏎️ The Porsche IPO, explained

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A 24-year-old Belgian teacher has become one of the world’s most successful “Tamagotchi breeders,” successfully procreating 65 generations in a row.

In today’s email:

  • Water crisis: Jackson businesses are struggling.
  • Chart: Porsche’s IPO.
  • MrBeast goes brick-and-mortar.
  • Around the Web: Weird cover songs, keyboard shortcuts, tiny desk advice, and more cool internet finds.
The Hustle Daily Show

🎧 On the go? Listen to today’s 10-minute podcast to hear about Porsche’s IPO, Juul’s torment, and how Jackson’s businesses have fared without water for 40 days.

The big idea
bottled water delivery

How businesses in Jackson are getting by without water

In early August, restaurateurs in Jackson, Mississippi, wrote a letter to politicians warning of disaster if they didn’t fix the local water system.

The worst case scenario unfolded last week: Jackson ran out of water for its ~153k residents, and businesses are coping with the aftermath.

Jackson’s water supply failed businesses

Tanya Burns was supposed to host an event at her Italian restaurant last Monday.

Then, she told ABC News, her water pressure halted. Without a working dishwasher or flushable toilets, Burns shut her restaurant for the week.

Burns’ restaurant is one of many that have closed. Others have seen sales fall by ~30%, and hairdressers have canceled appointments, unable to wash hair.

At the same time, costs have increased.

  • Without dependable tap water, some restaurants have been spending $500-$700 a day on ice and bottled water.
  • Businesses have rented portable toilets for up to $5k a week.

Problems with water are nothing new

Torrential rain and flooding has led to this extreme disruption of Jackson’s water supply. But water problems have been chronic because of longtime financial issues:

  • Water infrastructure funding from the EPA has declined since the ‘70s. Last year, Jackson said it needed $1B to repair pipes and treatment facilities; the EPA spent $2.7B for the entire country in 2021.
  • Jackson’s tax base has suffered from white flight for generations, and the ~80% Black population has been neglected by state and regional leaders, according to the Brookings Institution. The population fell by ~20k just in the last decade.

Water pressure was restored to most of Jackson on Sunday. But, as of Tuesday, the city remained under a boil water notice — for the 40th consecutive day — forcing businesses to keep footing higher bills to stay open.

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SNIPPETS

White House health officials released new messaging that suggests covid shots will move to an annual cadence, like flu shots.

Juul agreed to pay $438.5m to settle claims with 30+ states that argue the company marketed e-cigarettes to underage users.

CVS bought in-home health care company Signify Health for ~$8B, outbidding Amazon.

A bigger boat: Thanks to National Cinema Day’s cheap tickets and its release in 3D and IMAX, Jaws raked in $2.6m last weekend despite debuting in 1975.

The FTC fined Credit Karma $3m, accusing the company of telling customers they were “pre-approved” for offers they weren’t eligible for.

Binance announced it will stop supporting USDC, the second-largest stablecoin, on its platform, and automatically convert customers’ funds to its own stablecoin, BUSD.

Yahoo acquired The Factual, a company that rates the credibility of news sources using algorithms. Yahoo plans to incorporate the ratings into the Yahoo News product.

Self-storage’s hotter cousin: Now more than ever, handymen, contractors, and ecommerce outfits need small bay warehouses. Access the Trends report on the lucrative real estate trend.

chart
Porsche IPO

Singdhi Sokpo

Porsche plans to go public

Soon you’ll be able to own stock in the car driven by the jerk who just whizzed past you going 30 mph over the speed limit.

Volkswagen Group, which owns brands like Volkswagen, Audi, Lamborghini, Bentley, and Porsche, is planning to take Porsche public in a listing that could value the brand between ~$60B and $85B.

Why take Porsche public?

  • Volkswagen plans to spend $88B+ over the next five years on EV development, with the ambitious goal of having EVs represent a quarter of sales by the end of 2026.
  • The listing could raise $10B+, capital Porsche could use to amp up its electrification efforts.

Last year, Porsche’s Taycan EV actually surpassed its landmark 911 model in sales.

Fun fact: Tesla’s market cap is almost 10x as large as the Volkswagen Group’s, despite selling around a tenth of the cars in 2021.

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Free Resource

How to set SMART marketing goals

You think this is some two-bit exercise for boomer businesses.

Stop that. It’s a classic, shipshape blueprint with universal utility — finance, dieting, music, you name it.

SMART = Specific, Measurable, Attainable, Relevant, and Time-bound. Thank George T. Doran for coining the OG abbreviation in a 1981 issue of Management Review

… and us for reapplying it to businesses. Take the free SMART marketing goals templates for sharper campaigns.

Download all three worksheets:

  • Defining goals
  • Tracking targets
  • Evaluating success

Available on both Excel and Sheets. You do it for the team.

SMART Marketing →
Burger Boost
MrBeast Burger mall opening

Dave Kotinsky / Getty Images

Can celebrity burgers save a mall?

YouTuber and philanthropist MrBeast opened the first in-person MrBeast Burger at the American Dream megamall in New Jersey on Sunday.

It began as a delivery-only concept in 2020. Other celebs — Wiz Khalifa, Tyga, Steve Aoki — opened ghost kitchens, too.

But MrBeast’s, of course, came with spectacle:

  • At a pop-up in North Carolina, he gave away food, cash, iPads, and a car. It was so popular, cops had to intervene due to traffic.
  • The chain opened with a whopping 300 virtual locations, and now has 1k+ across North America and Europe.

Its new restaurant was no exception. Thousands of fans flocked to the mall, some of whom drove or waited hours for burgers, fries, and a photo op with MrBeast.

It could be a boon for the mall

A Deloitte analysis found malls must expand food and experiential offerings to bring shoppers back in an increasingly digital world.

Despite its unique attractions — including theme parks, an aquarium, and an ice skating rink — American Dream isn’t doing so hot.

It faced years of financial, legal, and construction issues before opening in 2019, just in time for covid. In 2021, it reported $60m in losses and suffered a fire at its indoor ski slope.

Perhaps some viral smash burgers is just the boost it needs.

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AROUND THE WEB

👶 On this day: In 1888, an incubator was used to treat a premature infant for the first time in the US.

⌨️ Useful: A database of keyboard shortcuts for websites, apps, and more.

🖥️ How to: Stuck with a small desk? Here are some tips to increase its functionality.

🎵 Cure boredom: A website devoted to cover songs, some of which are very weird.

🐾 Aww: And now, a baby snow leopard.

Meme
mall meme

The eighth wonder of the world. (Source: imgflip.com)

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Today’s email was brought to you by Jacob Cohen, Juliet Bennett Rylah, and Rob Litterst.
Editing by: Jennifer “Tamagotchi Whisperer” Wang.

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