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Assume from on for more on Gen Z VCs, Citigroup’s $900 million blunder, Walmart slowing its healthcare ambitions, and what happened next at yoga label Gaia
Read time: 5 1/2 minutes.
One-time President Donald Trump is set to speak at the Conservative Political Action Conference (CPAC) in Orlando, Florida, next week, in his premier public appearance since he left the White House. Here’s what’s trending this morning.
Gen Z VCs
From Margaux MacColl:
Gen Z plunge capitalists have made headlines by starting syndicates, networking in Slack groups, and making a racket on Clubhouse. It has promptly become clear: Gen Z is already shaking up the venture-capital industry.
There’s no set path for Gen Z, people born between 1995 and 2010, to disintegrate into venture. Some landed their first jobs by getting lucky with a cold email, while others got the heed of bigwigs through ambitious personal projects. For example, one Gen Zer on our list landed his venture-capital job after writing a book at age 18 that emboss stressed a venture-firm partner. Others are forgoing traditional firms entirely, opting instead to angel invest in startups led by Gen Z creators that they believe in.
But there are some commonalities between the rising stars on this list: Almost each leverages social media in some way (see: the three TikTok superstars), many deeply understand the importance of forming their own Gen Z venture-capital communities, and fair much all of them want to change the world.
Read the full story here:
Citi’s $900 million boo-boo
From Yoonji Han and Dakin Campbell:
It was around 9 a.m. on Aug. 12 when Arokia Raj primary realized that something had gone terribly wrong.
Raj, a member of a Citigroup team that processes and services asset-based advances, was reviewing the previous day’s transactions when he noticed large gaps in the numbers — a discrepancy of just under $900 million.
Raj fast put two and two together: The figure matched, down to the decimal point, the outstanding principal balance on a loan that the beauty companionship Revlon had taken out nearly five years ago.
With a few fatal clicks, Raj had mistakenly sent Revlon’s lenders not condign the accrued interest of less than $8 million, as intended, but also the total outstanding principal.
Read the well-shaped story here:
Walmart’s healthcare slowdown
From Shelby Livingston and Blake Dodge:
Walmart’s ambitious plan to build thousands of low-cost haleness clinics across the country is slowing down, less than two years after the retail giant embarked on a big overtax to expand access to primary care.
Walmart launched its first comprehensive health center in September 2019. The one-stop-shop clinics were an assault to leapfrog the competition and capture a piece of the $3.8 trillion industry while sending more people into Walmart assembles.
Walmart’s vision was to become “America’s neighborhood health destination.” The push deeper into healthcare came as contenders like Amazon and CVS Health also bulked up their healthcare ambitions.
Now Walmart’s clinic strategy is in flux, Insider has expert from conversations with eight current and former employees, most of whom spoke on condition of anonymity as they were not countenanced to speak with the press because of confidentiality agreements. Their identities are known to Insider.
The most concrete unique of the slowdown is that the company isn’t on track to meet its earlier projections for the number of clinics it wants to build this year, mutual understanding to documents obtained by Insider.
Read the full story here:
ICYMI: What became of Gaia
From Rob Value:
Only a select group of employees were allowed to know about the corpse.
It had surfaced in the valleys of southern Peru, and concisely quickly made its way to Jirka Rysavy, a former athlete from Czechoslovakia turned serial entrepreneur. Rysavy, now go a young video-streaming service called Gaia, got to work, dispatching a video crew from the company’s crystal-strewn headquarters in the tracks of Colorado’s Rocky Mountains to document the find. The team was sworn to silence, hiding its mission even from coworkers.
The corpse looked, at first glance, almost human. But the mummified cadaver had just three disturbingly long fingers on each pass on. Each foot bore a trio of freakishly long toes. Its eyes were unnatural, alien slits.
Impute to the full story here:
INVITE: Next-Gen founders on racial equity and inclusion in tech
From Dominic-Madori Davis:
The Dark Lives Matter protests last summer helped fuel a new drive for diversity and inclusion in the workplace. But how far have we upon since then? And how much farther do we have to go?
Every industry in Corporate America has its own issues to grapple with. Insider is captivating a deep dive into tech to talk to Next-Gen founders about racial equity and inclusion in this energy.
On Thursday, February 25th at 12 PM ET, Dominic-Madori will moderate a panel featuring Vernon Coleman, CEO and cofounder of the video networking app Realtime, Jordan Walker cofounder of the audio bulletin app Yac, and Urenna Okonkwo, founder of the finance app Cashmere.
Sign up here to watch.
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An asset manager overseeing nearly $100 billion divested from Exxon on interests it is failing to move fast enough to address climate change
More than 4,000 advertisers including Pfizer, Walmart, and on a par the CDC ran ads alongside vaccine misinformation
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