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🤫 What’s this “quiet quitting” trend?

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Bachelor(ette) parties beware. Airbnb introduced “anti-party” features in the US and Canada. A test of the features in Australia cut partying by 35%.

In today’s email:

  • WFG: Are gyms the future of offices?
  • Quiet quitting: It’s trending.
  • Serena Williams is all-in on VC.
  • Around the Web: Saving woodrats, free books, the history of Google Search, and more cool internet finds.

🎧 On the go? Listen to today’s 10-minute podcast to hear us discuss what would happen if WeWork and Planet Fitness had a baby, plus Amazon trying to be like TikTok, the “quiet quitting” trend, and more.

The big idea
doing squats at a gym

WFH? What about… work from gym?

In 2019, GQ suggested the gym-coworking hybrid as a gig economy trend.

Now, in a work-from-anywhere era with a rising interest in wellness, the growing market has even broader appeal.

We recently spent a day…

… at Heimat, a posh members-only club in Los Angeles. It’s the first of its kind from Berlin-based RSG Group, which acquired Gold’s Gym for $100m in 2020.

For $350/mo., members get:

  • Every training machine imaginable, plus classes
  • Locker rooms with meditation rooms and saunas
  • A spa, juice bar, rooftop pool, restaurant, and bar
  • A coworking space and library

Who’s it for?

The remote worker who prefers working and working out outside the home, and who likes the social aspects of a club.

  • They could certainly find cheaper gyms, but coworking spaces are often similarly priced. Example: WeWork’s memberships start at $299/mo.

Meanwhile, Life Time, Inc. operates several coworking spaces where membership starts at ~$400/mo. and includes access to its 150+ gyms across North America. Its revenue increased 42.7% in Q2, attributed in part to another trend — pickleball.

And both Heimat and Life Time…

… are a steal compared to some other newcomers.

  • New York’s forthcoming Collette requires a $125k initiation fee plus $36k annually for access to a gym, restaurant, bar, private offices, and staff who’ll make copies and fetch coffee.
  • Core in NYC (and coming to San Francisco) asks for a $15k-$100k initiation fee and $15k-$18k annually. It includes a spa, gym, theater, library, and a service that handles “noninvasive, nonsurgical… age-optimization.” So, uh, Botox?

For something completely different: The Green Microgym in Portland, Oregon, is powered by its members via cardio machines that generate electricity.

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Snapped: The Dow Jones Industrial Average fell .5% to end a five-day win streak. The drop has been attributed to notes from the latest Federal Reserve meeting, which hinted at more rate hikes.

Haha: Manchester United stock jumped up 17% after Elon Musk joked that he would buy the soccer club.

Bye debt: The Biden admin wiped $3.9B in debt owed by former students of ITT Technical Institute, a now-defunct for-profit college chain accused of misleading students about its programs.

Amazon employees are internally testing a TikTok-style photo and video feed in the Amazon app nicknamed “Inspire.”

TikTok, speaking of, is rolling out an Election Center with authoritative info in 45 languages as midterms near.

Apple is exploring manufacturing Apple Watches and MacBooks in Vietnam in an effort to diversify production away from China.

Target’s profit dropped 90% in Q2, and a double whammy of deflated demand and excess inventory could persist in Q3.

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


What’s this ‘quiet quitting’ trend?

Normally when you think about someone quitting a job, you envision an explosive scene like this one from Jerry Maguire.

But online chatter around a relatively new trend known as “quiet quitting” is gaining steam.

What’s quiet quitting?

As explained in one viral clip, it involves “not outright quitting your job, but… quitting the idea of going above and beyond.”

Quiet quitting is trending at a time when quitting itself is more relevant than ever.

  • 40% of employees are willing to quit for a 5% raise, and 20% are ready to leave for other jobs with the same pay.

But not everyone’s on board. Shini, a full-time software developer and vegetable farmer, posted a response video. She asked, “If quiet quitting means not going above and beyond and just doing what you’re paid to do… isn’t that just called working?”

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Money moves
Serena Williams

Serena Williams’ next chapter

With a net worth of ~$260m, Serena Williams is the highest-earning female athlete ever.

After officially announcing her retirement from tennis last week, she’s planning to put that money to use in venture capital, per Fortune.

She founded Serena Ventures…

… in 2014, after learning about the unequal distribution of VC money to women and founders of color.

  • 53% of her portfolio companies are women-founded
  • 76% of her founders come from underrepresented groups

So far, she’s proved adept at picking winners. Of the 60+ companies she’s funded, 16 are unicorns, including MasterClass, Impossible Foods, and Daily Harvest.

In March…

… Williams raised $111m to invest in founders from diverse backgrounds across a range of sectors, including fintech, edtech, and health and fitness.

  • While the fund is led by six women, the firm recently hired its first man, prompting Williams to joke that he’s their first “diversity hire.”

With husband Alexis Ohanian leading two VC firms, Initialized Capital and Seven Seven Six, there’s likely no shortage of deal talk at the dinner table.

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On this day: In 1590, Roanoke Island governor John White returned from a supply run to find all ~100 colonists had disappeared. What happened to them remains a mystery to this day.

🐭 That’s interesting: Inside two retired brothers’ attempt to save Florida’s endangered (and very cute) woodrats.

🔍 That’s cool: An interactive history of Google Search.

📚 Useful: Z-Library lets you access and download PDF versions of books and articles.

🐒 Aww: And now, the smallest monkey in the world.

quitting meme

True that. (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 “Anti-Party” Dent.

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