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🛏️ Bed Bath & Beyond… bad

The Hustle

Traffic from NYC to the Hamptons is getting so bad that wealthy New Yorkers are getting surgery to avoid “Hamptons bladder” on the 100-mile trip. Better than peeing in a bottle, I guess?

In today’s email:

  • Book report: How to make work more inclusive.
  • Chart: Bed Bath & Beyond’s tumble.
  • Morgan Housel: Independence is the highest form of wealth.
  • Around the web: Drawing with AI, a clever seagull, free animations for your website, and more cool internet finds.

🎧 On the go? Listen to today’s podcast to hear our discussion about one man’s quest for a TikTok ban, Bed Bath & Beyond’s cleanup on aisle five, Snapchat Plus’ savvy psychology, and the people paying to pee less.

The big idea
inclusivity

The ‘little things’ that impede inclusivity

Ever been told to smile more at work? Then you’re probably a woman.

You Should Smile More: How to Dismantle Gender Bias in the Workplace is a new book by The Band of Sisters, six C-suite women who met while working at PepsiCo.

It discusses how to make work inclusive for women, from offering flexibility to being aware of the “little things” — or, as the book describes them, “the moments that slow-build until the unwelcome environment takes hold and women disengage.”

What kind of moments?

Angelique Bellmer Krembs, one of the book’s authors, says many little things involve language or assumptions, such as:

  • Calling a woman a “girl”
  • Saying a woman is “too emotional” or that she should smile more — things rarely said about men
  • Assuming a woman with kids will be too busy to take on a big project
  • Asking a woman to take notes or clean up, even when that’s not her job

“These things reflect the narrow window that women are given to be who they are at work,” she told The Hustle.

The book also distinguishes between mentorship and sponsorship:

  • Mentors nurture
  • Sponsors help junior employees move up

While women often have mentors, studies have found men are more likely to get sponsors.

How do we fix it?

Each chapter offers tips for employees, bosses, and witnesses who want to be allies. But companies can always do more, Krembs says, starting with listening and finding new ways to listen.

They might include talking to outsiders, developing ways for employees to submit honest feedback without fear of repercussions, and looking at exit interviews or Glassdoor reviews.

“Some companies say, ‘Hey, we’ve got all these DEI initiatives, we’re in good shape.’ To me, that’s a red flag,” Krembs says. “A company [that says] we know we need to do more… That’s where I actually think more progress is happening.”

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SNIPPETS

No partying: Airbnb announced a permanent ban on parties across all of its global properties. The company previously put a temporary ban in place two years ago.

Brendan Carr, the Commissioner of the Federal Communications Commission (FCC), asked Apple and Google to remove TikTok from their app stores citing data privacy concerns stemming from China’s ownership of ByteDance.

Game grab: Blizzard Entertainment acquired Boston-based Proletariat, its first gaming studio purchase in 15 years. As a result, Proletariat’s “Spellbreak,” a battle royale game where players cast spells at each other, will be shut down.

Autopilot exodus: Tesla laid off 200 Autopilot workers in the course of shutting down its San Mateo office. The cuts mainly affected hourly employees; CEO Elon Musk previously said ~10% of salaried employees would be let go.

The breakup business has unfortunately broken out. Fortunately, our Trends team broke down ethical services to cater, pamper, and serve the brokenhearted.

Happy birthday, Atari: For its 50th anniversary, Atari will release a collection of 90+ games, plus six new titles inspired by classic games. #ecommerce-retail

A new report shows that jobs in the renewable energy sector grew in 2021, including a 30.9% rise in jobs concerning plug-in hybrid vehicles. Fossil fuel jobs in the same period fell. #clean-energy

Hey, space fans! NASA will reveal the “deepest image” ever taken of the universe on July 12. It’s part of a collection of high-res color images from the James Webb Space Telescope. #emerging-tech

The New York Times asks a hypothetical (for now) question: Will payment companies turn over data about customers who may have paid for an abortion in states where the procedure is now illegal? #privacy

Yuga Labs, owner of Bored Ape Yacht Club, is suing artist Ryder Ripps for allegedly trying to devalue its NFTs by flooding the market with copycats. #fintech-crypto

Huh: Netflix is still the most in-demand streamer, per a new report, with 31% of respondents saying they’d keep it if they could only have one. Yet, it also ranked last for perceived value, while HBO Max ranked first. #big-tech

Chart
Bed Bath & Beyond market cap over time

Singdhi Sokpo

Bed Bath & Beyond… bad

Nothing better than a good ol’ 20%-off coupon from Bed Bath & Beyond. Unless you are Bed Bath & Beyond.

A lot’s happened with the company the last few years, and especially this week. Here’s a quick rundown:

In 2019: Mark Tritton, a Target veteran, took over as CEO. His primary focus was reducing product counts, cutting back coupons, and shifting toward private-label brands — something Target’s historically done well.

In 2021: The company reached a $6.4B market cap as it got caught up with GameStop and AMC in meme stock mania, but sales fell significantly by year’s end.

  • During the holidays, Bed Bath & Beyond experienced the retail giant equivalent of “Wipeout.” The company lost out on ~$175m in sales due to out-of-stocks.

This week: The company reported same-store sales dropped 24% from a year earlier, online sales fell 21%, and Tritton stepped down.

  • What’s more? A report from Bank of America found the company cut air conditioning in stores to lower costs, though the company denied directing stores to do so.

In the coming months, the company is expected to find a new leader, potentially a buyer for Buy Buy Baby, and ideally a future beyond its current state.

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Free Resource

A beginner’s guide to cryptocurrency

We recently asked what y’all wanted to learn about crypto…

… and over 57% of readers who responded to our survey said they wanted more information on keeping up with crypto trends and currencies.

But with the current (constant?) market uncertainty and bottomless sea of Twittersphere jibber-jabber, there’s a lot of noise out there.

We’re proud to present A Beginner’s Guide to Cryptocurrency, thanks to the quick hands at HubSpot. It’s complete with detailed chapters on understanding, starting, and managing a portfolio at your own pace.

To the moon, as dudes somewhere still say. Invest wisely.

Inside the full intro to crypto:

  • Getting started with crypto (checklist)
  • How crypto and blockchain work
  • Popular currencies and use cases
  • The ROI of crypto
  • The environmental impact
  • Risks and safety concerns
  • Three ways to start investing
  • News and trends resources

If you want to break into the hottest alternative investment, don’t miss that checklist.

Crypto decoded →
Opinion
Morgan's Musings

Independence is the highest form of wealth

I value independence more than anything else in finance.

  • More than I value a big paycheck.
  • More than I value big returns.
  • More than I value any amount of money.

Doing what you want, when you want, with whom you want, is the most incredible thing money offers that too often goes overlooked.

It takes a shift in perspective

Derek Sivers is a successful entrepreneur who founded CD Baby. When a friend asked him to tell the story of how he got rich, this is how he responded:

I had a day job in midtown Manhattan paying $20k per year — about minimum wage … I never ate out, and never took a taxi. My cost of living was about $1000/month, and I was earning $1800/month. I did this for two years, and saved up $12,000. I was 22 years old.

Once I had $12,000 I could quit my job and become a full-time musician. I knew I could get a few gigs per month to pay my cost of living. So I was free. I quit my job a month later, and never had a job again.

When I finished telling my friend this story, he asked for more. I said no, that was it. He said, “No, what about when you sold your company?”

I said no, that didn’t make a big difference in my life. That was just more money in the bank. The difference happened when I was 22.

Incredible.

Viewing every additional dollar of wealth as “a little bit more independence and a part of my future I now own” is a fun way to think about it.

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AROUND THE WEB

👭 On this day: In 1966, the National Organization for Women (NOW) was founded. The Feminine Mystique author Betty Friedan served as its first president.

Useful: A collection of free animated loaders and spinners for your website, app, or other projects.

✏️ Cure boredom: Magic Sketchpad is an AI tool that tries to finish your drawings for you.

🌊 Haha: Balenciaga… of the sea.

🐦 Aww: And now, a seagull heist.

Meme
Bed Bath & Beyond meme

Has never failed us. (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: Mark “Port Aransas Bladder” Dent.

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How'd Bezos build a billion dollar empire?

In 1994, Jeff Bezos discovered a shocking stat: Internet usage grew 2,300% per year.

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