Amazon's next CEO — Knotel's meltdown — Generation Robinhood

 
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Andy Jassy Jeff Bezos

Hello!

The migration to Miami shows no signs of slowing down. 

Tech and Wall Street firms continue to show interest in making the move to South Florida, with home prices jumping 25% in the past year, according to recent data.

"The demand is something we've never experienced before," leading Miami real-estate broker Chad Carroll told Natasha Solo-Lyons. Read the full story here:


Amazon's next CEO

From Eugene Kim and Ashley Stewart:

When Andy Jassy has a big decision to make, it usually comes at the Chop.

Originally the name of a physical conference room next to his office at Amazon's Seattle headquarters — short for "Charterhouse of Parma," a book Jassy read in college — the Chop has also come into use as a catchall term for the meetings where Jassy holds his most important brainstorming and planning sessions.

The Chop is also where big ideas, and sometimes employees, go to get chopped down to size, according to people familiar with the company.

"If you go to a Chop meeting with Andy, you better be ready," one former senior-level employee told Insider. "He has a tremendous amount of trust in his team, but you have to be at the highest levels of diligence and preparation for any meeting with him. He's a shark who will smell a drop of blood from 100 miles away if you're not ready."

Read the full story here:

Also read:


Coworking collapse

Knotel cofounders

From Dan Geiger, Meghan Morris, and Alex Nicoll:

On Friday, January 29, the flexible-workspace company Knotel sent a bluntly worded letter to tenants in its 2 million square feet of New York City offices. Within just a few hours, the letters said, they would have to vacate.

The hectic and unusual order presaged Knotel's filing for bankruptcy under chapter 11 in the US Bankruptcy Court for the District of Delaware over the weekend.

The coworking company, once valued at over $1 billion and seen as a WeWork rival with a global footprint of nearly 5 million square feet, said it would abandon much of its US space. The dissolution of so much of the firm's portfolio jolted tenants — or members — in the normally slow-moving world of commercial real estate, where relocations are planned months or years ahead.

The bankruptcy filing, and the chaos it triggered, was an outcome that several former executives, landlords, and observers said they foresaw for the fast-rising company, whose grand ambitions had begun to falter well before the pandemic accelerated its decline.

Read the full story here:


Generation Robinhood

robinhood gamification trading app 2x1

From Vicky Ge Huang and Carter Johnson:

James Orellana was waiting tables during the pandemic when he decided to give Robinhood a try.

The 26-year-old Rutgers University grad wanted to learn how to invest in the stock market but had no idea where to start. Then someone he knew recommended Robinhood as an easy-to-use app that was good for beginner investors. 

Orellana deposited $100 into his account on April 29 and bought his first stock — a single share of Exxon Mobil — for $45.80 on May 1.

"When I first started, I was looking at all these numbers and terminology I didn't understand," he said. "And I remember telling myself that one day, if I just keep looking at this app for hours and days, I'll eventually learn what I don't know. That's exactly what has happened."

Along the way, Orellana learned something else. Robinhood isn't just informative — it's also incredibly addictive. Like many apps, it was specifically designed to keep users hooked on an endless feedback loop of action and reward.

Read the full story here:

Also read:


ICYMI: Gaming the system to get COVID-19 vaccines

rich people steal covid vaccine 2x1

From Julia Naftulin and Allana Akhtar:

In Florida, nursing-home board members flocked to West Palm Beach for a jab of the COVID-19 vaccine meant for their residents.

In Philadelphia, a 22-year-old pandemic-response startup CEO quietly snatched vaccine-filled syringes and injected them into his friends' arms.

In Los Angeles, concierge doctors fielded frantic calls from wealthy clients offering up hefty donations in exchange for a shot.

The sense of hope that came when the Food and Drug Administration granted emergency authorization for the Pfizer and Moderna COVID-19 vaccines soon curdled when Americans discovered congressional lawmakers, billionaire nursing-home benefactors, and hospital executives were getting the vaccine more quickly than the average person.

Read the full story here:


INVITE: Healthcare's biggest VCs on the future of healthcare

Join us on Wednesday, February 10, at 3 p.m. ET / 12 p.m. PT as Megan Hernbroth hosts a live panel discussion with prominent healthcare venture capitalists on the future of healthcare.

In this webinar, we will talk to some of healthcare's most notable investors including CRV's Kristin Baker Spohn, Menlo Ventures partner Greg Yap, Oak HC/FT's Andrew Adams, and Venrock partner Racquel Bracken.

Sign up here.

Here are some headlines from the past week that you might have missed.

— Matt


Microsoft still hasn't told retail employees where they'll be required to work and some are panicking, leaked discussion shows

Inside McDonald's reckoning on race, amid billion-dollar lawsuits and unprecedented new efforts

Criteo is preparing a major restructure affecting 10% of staff as it looks to shift away from retargeting

Meet the top 14 psychedelics startups raising the most cash to develop new ways of treating depression, addiction, and more

Jeff Zucker is leaving CNN — meet 14 execs who could succeed him or run other TV networks as massive turnover looms

An interactive database of the top influencer mansions and who lives in them

A hopeful millennial bought a house during the pandemic and regrets everything. Here's what she learned so you can avoid her mistakes.

AppHarvest grew from seed to $1 billion public company in just 3 years because of 'desperation from investors,' CEO says

 
 
 
 
 
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