What I read this week...
OpenAI, the Speakership, and the peer review system
What I read this week…
The rise and fall of peer review (Experimental History)
Venture Firms’ Strategy of Holding Stocks for Longer Backfires During Market Rout (WSJ)
Why TikTok’s future has never been so cloudy (Platformer)
DEA Pressed ADHD-Drug Makers About Impact of Telehealth Firms on Surging Demand (WSJ)
Here’s how the Kevin McCarthy speaker debacle could actually end (Vox)
Facebook Wanted Out of Politics. It Was Messier Than Anyone Expected. (WSJ)
How you can take advantage of tax breaks in the Inflation Reduction Act (Vox)
A New Age Dawns for Oil Markets (Barron’s Opinion)
The Fed Has A Shotgun, Not A Sniper Rifle (The Pomp Letter)
On Twitter…
Berber Jin@berber_jin1
sequoia could have turned a $240 million profit on robinhood had it exited shares in december
instead it's down $83 million
another instance of how holding public stocks has backfired for VCs
wsj.com/articles/ventu…
4:17 PM · Jan 5, 2023
5 Reposts · 15 Likes
Trung Phan@TrungTPhan
WSJ reporting that OpenAI is in talks for tender offer at a valuation of $29B. That would make it the 6th most valuable unicorn in the US:
1. SpaceX ($137B)
2. Stripe ($74B)
3. Epic Games ($32B)
4. Databricks ($31B)
5. Fanatics ($31B)
6. OpenAI ($29B) https://t.co/5WIevTIJi3
9:06 PM · Jan 5, 2023
30 Reposts · 156 Likes
Ethan Mollick@emollick
“Entrepreneurship has deep cultural roots”
Second-generation immigrants whose parents come from places where entrepreneurship is common are much more likely to be founders, even controlling for other factors. The paper argues it is culturally transmitted. pubsonline.informs.org/doi/full/10.12…
12:31 PM · Jan 3, 2023
47 Reposts · 154 Likes
GREG ISENBERG@gregisenberg
Creator-based businesses are no joke
Ipsy by Michelle Phan - $500M rev/yr
Kylie Cosmetics by Kylie Jenner - $375M rev/yr
Huda Beauty by Huda Kattan - $250M rev/yr
Mr. Beast Burger by Mr. Beast - $100M rev/yr
Sweat by Kayla Itsines - $100M rev/yr
Wild.
2:00 PM · Dec 30, 2022
70 Reposts · 642 Likes
Bob Elliott@BobEUnlimited
While it may be difficult to predict the public markets in '23, it is pretty easy to figure out that Venture Funds are on track to lose $1 trillion in value from peak.
The vast majority of these losses have yet to be recognized. '23 will bring more realistic marks. A thread.
4:58 PM · Dec 31, 2022
248 Reposts · 1.24K Likes
Keith Rabois@rabois
Good advice on valuations in 2023.
7:45 PM · Jan 1, 2023
69 Reposts · 756 Likes
Paul Graham@paulg
Writing in a mocking tone is too easy. It doesn't stretch you the way writing should.
3:43 PM · Jan 1, 2023
51 Reposts · 812 Likes
This one is interesting https://www.bloomberg.com/news/features/2023-01-04/us-public-pension-plans-run-by-investing-novices-are-on-the-edge-of-a-crisis
What about tweeting in a mocking tone?