Business
Citigroup considers deep job cuts for CEO Jane Fraser’s overhaul, called ‘Project Bora Bora’. Citigroup is planning to lay off hundreds of employees and forcing consumers to go paperless to cut mail costs. They are going nuclear to lower expenses, at any means necessary. You’d think that the bank is in dire financial health. In reality, it is not the case. The bank is in good health. They just need to please investors and the Street. And who names a project to cut off the livelihood of hundreds of people “Bora Bora”?
A Fed survey involving financial institutions in the country showed tightening lending criteria amid challenging macro conditions. For instance, none of the surveyed banks said they would be more likely to underwrite those less than 620 in FICO.
Meta lets Amazon shoppers buy products on Facebook and Instagram without leaving the apps. Here is how I think this partnership started out: someone on either side noticed that a lot of traffic to Amazon came from sponsored posts on Facebook and Instagram. They reached out to the other side and said: why don’t we work together? Amazon makes it easier for shoppers to shop on the website and for merchants to generate more sales. Facebook can keep users on their platforms longer and hope to use higher engagement to attract advertisers.
WeWork’s Bankruptcy Tests Claims Of A Co-Working Revolution. I believe there is money to be made in this industry, but companies will not have crazy growth prospects. As a result, they should be valued appropriately, so that there won’t be a repeat of WeWork.
Inside an OnlyFans empire: Sex, influence and the new American Dream. You’d be surprised by how big an OnlyFans account can be and how it is run like a sizeable business. “In the mornings, the workers of Bryce Adams’s OnlyFans empire buzz in through a camera-wired security gate, roll up the winding driveway that cost $120,000 to pave and park outside Adams’s $2.5 million home-office-studio complex. A large American flag waves from a pole above their office door. So does a banner depicting Adams, in tight shorts, from behind. Since sending her first photo in 2021, Adams’s OnlyFans accounts have earned $16.5 million in sales, more than 1.4 million fans and more than 11 million “likes.” She now makes about $30,000 a day — more than most American small businesses — from subscriptions, video sales, messages and tips, half of which is pure profit.“
Other Stuff I Find Interesting
Tim Ferriss’ latest podcast with Morgan Housel. If you are looking for a good podcast episode while working out that can offer nuggets of wisom on life, this is worth a listen.
Thinking of Buying an Electric Car? The Tax Credits and Benefits to Know. A neat change in the regulation is that you can get the tax credit off the purchase price right at the time of the transaction, instead of waiting till the tax season.
In This Country, Most People Rent for Life. Is That Really What They Want? I am perfectly fine with people buying a house as an investment. It’s their money and a house IS an investment. What irks me is that people treat buying a house as THE way to live in America or the rite of passage. I mean, if you want to maximize investment return, buy an index fund and hold for 30 years. Historical data shows that real estate has nothing on buying an index fund when it comes to return on investment. Truth is that buying a house is a personal decision. It works for some, but doesn’t for others. Like in Switzerland, most people rent their whole life and you know which country is happier between Switzerland and the US?
The Sleep Habit That’s More Important Than Getting 8 Hours. “A recent study looking at sleep and longevity found that sleep “regularity”—going to bed and waking up at consistent times with few mid-slumber interruptions—matters more than how long you sleep. Sleeping six hours every night on a consistent schedule was associated with a lower risk of early death than sleeping eight hours with very irregular habits.”
“The Diary Of A CEO” podcast interview with Morgan Housel. I think what Morgan has to offer is not really groundbreaking or sth that has never been said before. His gift is to tell really good stories, make the lessons relatable and have the humility to say that: ok, I am sharing with you the blueprint, how you apply it to your life is up to you. I like that.
Stats
Half of all cognac in the US is drunk by African Americans
In 2022, 35% of women aged 25 to 44 did not give birth, up from 18% in 1976
Minh Quang Duong 
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