Tiny houses are more popular than ever, but they’re not the bargain everyone thinks they are

tiny house
The pandemic further fueled the popularity of tiny houses, sending a boom in sales.

In a time when space is the ultimate luxury, tiny living is still going strong.

The tiny house movement burgeoned in the last decade, as mostly young 20- and 30-somethings opted for the minimalist life that came with living in a house smaller than 600 square feet on wheels. The pandemic, as with most things, accelerated the trend.

In 2018, 53% of Americans said they would consider living in a tiny house in a National Association of Homebuilders survey. By late 2020, 56% of Americans said the same in a poll conducted by financial company IPX 1031.

This interest created a boom in tiny house sales last year, Insider’s Frank Olito reported. Experts told Olito that the pandemic created a new market for tiny houses among those looking for space to work remotely or as a way to socially distance.

The tiny house has always been popular as a seemingly budget-friendly alternative to a single-family home, especially among millennials, who’ve had a notoriously hard time saving for a down payment thanks to many an economic challenge. During the pandemic’s housing boom, the generation’s need for more affordable housing became even greater as housing prices reached record-highs. Tiny houses presented an answer.

But they aren’t quite the bargain everyone thinks they are. Just as was the case with the national real-estate market, outsized demand and a serious supply shortage made tiny houses more expensive during the pandemic. It’s even worse when you look at the fine print.

Tiny houses are still way more affordable upfront than the typical home, which sold for $403,000 at the end of the fourth quarter, per Fed data. But that typical home is also 1,900 square feet, according to Porch.com, compared to 225 square feet for the typical tiny house that was sold. That means tiny houses, which typically sell for $52,000, are 62% more expensive per square footage, even though they are eight times smaller.

That trade-off says a lot about America’s housing crisis right now. Americans are so desperate for an affordable house they’re willing to pay a 60% premium.

Here’s how things got so bad.

Tiny houses technically cost more for less space

Tiny houses aren’t always cheap. You might be able to find a do-it-yourself tiny house kit on Amazon for $19,000, but some more complex models can start at $180,000.

They’re also pricier than they used to be. Lindsay Wood, who runs a tiny-house consulting business, told Olito she’s seen prices increase drastically in the past year. She said that one to two years ago, a common 8-by-24-foot tiny house went for about $50,000. In 2021, it’s more like $65,000 to $75,000.

The pandemic hasn’t helped. Exploding demand clashed with limited lumber production, sending lumber prices skyrocketing. It’s affected houses of all shapes and sizes.

tiny cabin
When it comes to space, tiny houses aren’t always a bargain.

Nick Mosley, owner of tiny house building company California Tiny House, told Olito earlier this year he was buying beams that once went for $2.50 each for $7.50 each. It’s not just lumber: His supplier for the trailers, the foundation for tiny houses, increased its costs by 5% in 2021 to compensate for an increase in steel prices from their supplier.

“Materials costs nationwide are increasing, and that’s driving up costs on a lot of tiny-house builders,” Mosley said, adding: “The only way not to lose all the money we are paying out to meet material increases is to increase our prices too.”

A tiny house is still a house, after all, subject to the same cost pressures and problems with demand and inventory. What it means is that the housing crisis has become so bad that it’s pushed some people to pay more for less space, even if the overall cost is more wallet-friendly than paying less for more space. In turn, the demand for the tiny house market is creating the some of the same problems that the national housing market is seeing.

When you add it all up, the tiny house just isn’t much of a bargain.

Millennials can’t afford real houses

Even before the pandemic, the seeming affordability of a tiny house was a big part of the appeal for many millennials.

“People love tiny houses because the McMansion died,” Melissa Juszczak, who helps run Think Big! A Tiny House Resort in New York’s Catskills region, previously told Insider. “Millennials can’t afford mansions.”

Tiny houses, she added, are generally more affordable for millennials. Her mother, Margie Juszczak, who also runs the tiny house resort, seconded her sentiment. She said that while her generation was able to buy houses in the suburbs, millennials don’t quite have the same opportunity, often because they’re shouldering massive student loans.

tiny house
Millennials love tiny houses partly because they seem a more affordable option than regular houses.

Staggering student-loan debt, coupled with a higher cost of living and the lingering fallout of the Great Recession, have proved to be big roadblocks to millennials’ ability to afford a home. At first, 2020 seemed like the year that could all change.

Millennials reached peak age for homeownership and aged into financial stability. Coupled with record-low interest rates, they were ready to buy a home. But such hot millennial demand exacerbated an already shrinking inventory of homes, thanks to years of underbuilding since the Great Recession, the pandemic itself, and a historic lumber shortage.

They soon found themselves facing their second housing crisis in a dozen years, staring down a cutthroat and overpriced housing market. It’s pushed them into more affordable solutions to fastrack their path to homeownership, like buying a fixer-upper or a tiny house. More than three-quarters (86%) of first-time homebuyers – many of whom are millennials – said in the IPX 1031 poll that they would buy a tiny house as their starter home.

Now, finding a shortcut to homeownership isn’t the only explanation for tiny-house popularity. Many tiny house dwellers genuinely prefer a more minimalist lifestyle or the ability to live a nomadic lifestyle while working remotely, so the trade-off isn’t a sacrifice to them. And some tiny house owners also own an actual home, using their tiny house for office-like purposes.

The tiny house boom is like the real-estate market in miniature. It’s leaving aspiring homeowners with no option but to get creative, and it’s coming at a big cost.

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A ‘finfluencer’ with millions of followers on social media says Robinhood and other trading apps might do more harm than good to young investors

Tori Dunlap
  • Retail trading apps could cause issues for young investors according to money expert Tori Dunlap.
  • She thinks the apps do not educate their users enough and are not inclusive to minority groups.
  • Robinhood was recently forced to pay $70 million after FINRA accused the app of causing harm to customers.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Young investors, and Gen-Zers in particular, are pouring their spare cash into things like cryptocurrencies and meme stocks, drawn in by the social media communities that have banded together to take on Wall Street giants, and popularized by retail trading apps like Robinhood.

As positive as it is to see young people get involved with their own finances, these apps might be doing more harm than good, seeing as they don’t educate their users enough and aren’t particularly inclusive places, according to ‘finfluencer’ and personal finance expert Tori Dunlap.

Dunlap, who has millions of followers on Instagram, TikTok and Twitter and runs personal finance education and advice brand ‘Her First $100K’, says the problem with these apps is they are appeal to new, young investors that are often unaware of risks, or what a good investing strategy is due to a lack of education on the subject.

“They’re focusing on young people, which is great, but young people who don’t really know what they’re doing. They don’t really know how to invest, don’t really know how to grow their wealth and so I think that that’s a huge risk.” she told Insider in an interview. “Going after this certain population is great, but what are you doing to educate them? What are you doing to make they understand a risk before, you know, the risks involved before they start investing?” she said.

Dunlap knows a thing or two about looking after her finances. She started her first business age 9 and by the time she was 25, she’d built up savings worth $100,000.

Retail trading has soared in popularity over the past 18 months throughout the COVID-19 pandemic, with apps like Robinhood or platforms like eToro seeing booming business. But they’re not without pitfalls.

Just last month Robinhood agreed to pay nearly $70 million to US regulators to settle claims it had misled millions of customers, approved ineligible traders for risky strategies, and didn’t supervise technology that locked millions out of trading. This was the largest fine on record to the Financial Industry Regulatory Authority.

Alongside this, retail trading apps and social media influencers who talk about finance have pushed the idea of democratizing trading, meaning that anyone can do it and they don’t necessarily need financial professionals to help them make money from investing.

Robinhood was not available for comment when contacted by Insider.

Dunlap said apps like Robinhood have done well at making investing more interesting and appealing to young people , which she thinks is key in terms of them starting in growing their wealth early in life, but she also believes they still have a long way to go.

Trading apps often “gamify” activity, rewarding users with little bursts of digital confetti on their screens when they make a trade, or playing little jingles to notify them of updates. There have been well-documented cases of users that have suffered the equivalent of gambling additions as a result, for example.

Another one of her qualms is that the community the trading apps create aren’t especially inclusive. The lack of educational tools is one issue, but Dunlap said she thinks it reaches all the way to these apps are designed, which she describes as ‘bro-y’.

“It’s not really a democratization if it doesn’t involve minority groups, if it doesn’t also involve women, and people of color and other members of other minority groups,” Dunlap said. “Yes, it’s, like, appealing to younger people, but it’s not straight white male hedge fund managers, it’s just straight white male ‘finance bros.'”

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28-year-old Tyra Myricks makes 7 figures and has 5 side hustles. Here’s how she typically spends a day.

Tyra Mavericks
Tyra Myricks

  • Tyra Myricks, 28, makes seven figures a year working a day job and five side hustles.
  • She works for Drake, has a fashion line, a branding company, a website for entrepreneurial resources, a pizza shop, and co-owns a gym.
  • To Insider, she breaks down what a typical day looks like.
  • See more stories on Insider’s business page.

If the Land of Side Hustles had a queen, it would surely be 28-year-old Tyra Myricks, daughter of hip hop legend Jam Master Jay. It all began in 2009 when she launched a fashion label while still in high school that eventually helped pay her way through college. She initially went to university to study pre-med but dropped out after the label saw her earning over double her tuition.

She took the streetwear world by storm with celebrity partnerships, and advertising on Instagram’s TMZ the Shade Room. In 2012, she rebranded the company now known as Wealth as high fashion streetwear.

“It’s not the business you do, it’s what you do differently,” she told Insider.

Aside from owning a fashion label, and branding and merchandising company, she’s also the co-owner of The Method, Los Angeles’ first Black-owned gym. Myricks is also about to launch a pizza shop with T’yanna Wallace, daughter of rapper Biggie Smalls, and she’s co-creating a platform to provide young entrepreneurs with resources to start their own businesses.

“It’s not an easy game,” she said of being an entrepreneur. “Everybody on the internet shows the glorious side, but nobody shows the treacherous side where it’s hard to get up in the morning.”

Her day job, of course, is working as director of design, merchandising, and development for Drake’s OVO lifestyle brand, which earns her six figures a year. In total, she makes about seven figures a year and says a secret to her success is knowing how to constantly be agile with the opportunities life brings.

To Insider, she breaks down how she puts that process to use on a typical day.

She wakes up at 5:45 in the morning

Waking up before the break of dawn, Myricks prays, takes a shower, gets dressed, and downs six espresso shots. Her first stop this morning is to The Method to prepare the gym for opening.

Around 6:30 a.m. she leaves the house and puts on gospel music as she drives downtown, trying to beat the morning traffic rush.

At 7 a.m. she opens the gym and gets breakfast

She arrives at the gym and inspects everything to make sure space was cleaned properly before closing the night before. She also folds extra towels and gets the system ready for patrons.

Myricks became co-owner in the gym after investing a substantial amount last year, though she declined to share how much she gave. There are no employees at the gym, though it has 17 independent contractors. It opened in a new location last summer in the middle of the pandemic. Myricks remembers that day clearly because a few days later, the city of Los Angeles shut down again due to COVID-19.

“It was a grand opening, grand closing,” she said.

Tyra Mavericks
Tyra Myricks

During the shutdown, they moved classes outdoors, which helped cover overhead costs (rent is $6,500 a month). Currently, the club has nearly 300 members, giving it a feel of exclusivity, which is something Myricks prizes in all of her entrepreneurial endeavors.

Membership is $99 a month, another reason to ensure service is top-notch. “What’s stopping someone from going to planet fitness for $30 a month?” Myricks said.

After opening the gym she gets breakfast. This day: a green smoothie.

Then, she preps for her day job

Myricks is also the director of design, merchandising, and development for rapper Drake’s OVO lifestyle brand. At 9:30 a.m., still at the gym, she prepares for a Zoom call with the OVO team to discuss upcoming projects. That lasts until about 11 a.m.

Cofounded by Drake in 2011, OVO is known for selling high-end streetwear and has done collaborations with Canada Goose, and the Major League Baseball, as well as having hosted pop-ups at Nordstrom and the once-popular retail store Colette in Paris. “I look at the recipe and formula a lot of successful people use and get little pieces of that to create my own recipe and formula to be successful,” she said.

Tyra Mavericks
Tyra Myricks

Afterward, another business partner meets her at the gym to discuss upcoming projects for the branding agency they own together. Drake offered Myricks a job after seeing some of the branding and merchandising work her agency did for an artist signed to his label. She moved from New York to Los Angeles in 2017 to take the job.

Without giving exact numbers, Myricks said she makes six figures a year from working at OVO, where she leads the design team, approves and denies designs, and deals with manufacturers overseas. “It’s a constant 24-hour job because China and other manufacturers are 12 hours ahead of us,” she said. “When you ask what is a day like – it’s literally a day. It’s a constant revolving door that never stops.”

At 11:28 a.m. she starts working on her fashion side hustle

Next, she heads to the factory she co-owns with a business partner and begins ordering fabric for her Wealth fashion line which she primarily sells online and in one store in downtown LA.

“This isn’t because other stores aren’t interested,” she said. “We like to keep exclusivity.”

She also discusses plans with her business partner on renovating the space next door to expand the factory, makes sure production is on track and approves new patterns for sweaters. There are 16 people currently working for her company, and the brand produces about 2,500 units each week. Each item sells for between $13 and $1,300.

Tyra Mavericks
Tyra Myricks

Finally, it’s lunch time

An assistant brings her lunch around noon, which today is a grilled chicken salad. Before eating it, however, she heads to the screen printer to drop off samples for Wealth’s upcoming fall/winter collection.

When she gets to Wealth headquarters around 2 p.m., she finally eats lunch as she packs all of the orders that arrived the day before, preparing to ship them to customers.

Next, she orders a double shot of espresso from Blue Bottle Cafe. Then, she keeps it moving.

Around 4 p.m. she finally ships off the Wealth packages, then heads to the Inflamed store downtown, the only brick-and-mortar location that sells Wealth. There, she restocks and checks inventory.

On to another side hustle

Next, she heads to a meeting at the pizza shop she’s opening called Juicy Pizza to discuss patio design and merchandise. Myricks said she came up with the idea of Juicy Pizza because, as a New Yorker living in Los Angeles, she felt there was “no good pizza in Los Angeles.”

Tyra Mavericks
Tyra Myricks (L)

“The more I thought about how to bring that New York theme to Los Angeles, I felt, who represents New York more than Biggie Smalls?” she continued. So she called her friend T’yanna Wallace, daughter of the late rapper, and presented her with the idea. “She loved it,” Myricks said.

Myricks also knew the importance of reaching out to Wallace because, being the daughter of the late Jam Master Jay, she knows first hand what it’s like to have people profit from her father’s name and career. “I was like I don’t want you to invest anything,” she recalled telling Wallace. “Let’s just make money together. Let’s make moves.”

The shop is set to open later this year.

Last stop: a dinner reservation downtown

At 7 p.m. she meets two friends at a Latin restaurant called Dama downtown, where she orders a celery salad with pineapple juice, Mexican corn, and an Oxtail Tostada.

She picks up shipping bags from the storage unit before heading home.

Around 9 p.m. she finally arrives home and begins to unwind, if only for a moment. She answers emails before starting her next project, a website for celebrity client merchandise, which is part of the branding agency she co-founded.

Around midnight, she falls asleep. In five hours, she will get up and do it all over again.

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I’m a millennial who bought a Brooklyn apartment this year, and I was only able to because of the pandemic

Moving, milennial home ownership
Moving: It’s no fun at all.

  • Late last year, in the middle of the pandemic lockdown, my wife and I bought a Brooklyn apartment.
  • After graduating college into the financial crisis, the odds of homeownership were not in our favor.
  • The pandemic forced banks to offer historically low mortgage interest rates and allowed us to buy an apartment.
  • Visit the Business section of Insider for more stories.

For the last decade, as friends and relatives bought homes, my wife and I paid rent.

More specifically, we paid rent in New York City – which is to say we paid a lot of money in rent. So, so much. I try not to think about it, honestly.

We did it because we love living here, and Brooklyn is home. I considered it a necessary evil of living in the greatest city in the world.

But this January, just after the most uneventful New Year’s Eve in New York City history, we closed on a one bedroom Brooklyn co-op apartment. If you’d asked me in January 2020, “Will you ever buy a home in New York City?” the answer would’ve been simple: “No, not unless we win the lottery.”

Real estate prices in New York are notoriously high, of course, but that’s just one of several issues facing potential buyers. Not only is it expensive, but it’s extremely competitive. Before the pandemic hit, just going to see an available place in Brooklyn meant competing against people with, frankly, a lot more money than me. I am never going to outbid someone who makes $500,000 annually.

So, how did a couple of avocado toast-eating, cold brew-swilling, MacBook-using millennials manage to buy a home in Brooklyn?

Millennial homeowners
The avocado toast tastes so much better when you make it in the kitchen of the home you own.

It boils down to several key factors:

1. We are immensely lucky and privileged.

My wife and I graduated from college directly into the 2008/2009 subprime mortgage-spurred market collapse that led to a massive recession. Unlike so many of our peers, we were both tremendously lucky to get jobs directly out of college doing what we went to college to do: I am a journalist and my wife is an environmental scientist. I consider myself particularly lucky in this respect, as the media business isn’t known for its stability.

We are also both white Americans, which confers a variety of privileges throughout our lives. Literally everything was easier because of these factors, and must be acknowledged up front.

Because we were lucky enough to have steady employment for years after college, we had good credit scores from years of paying bills on time. That steady employment history coupled with good credit scores meant we were easily pre-qualified for home loans at low rates.

Notably, we don’t have kids, and we saved money steadily for several years before beginning this process.

2. The pandemic.

QUEENS, NEW YORK - MARCH 30: Two members of the Fire Department of New York"u2019s Emergency Medical Team wheel in a patient with potentially fatal coronavirus to the Elmhurst Hospital Center in the Queens borough of New York City on March 30, 2020. New York City is the epicenter of the coronavirus pandemic in the United States, putting historic pressure on a world-renowned healthcare system as the number of confirmed cases in the area grows. (Photo by Robert Nickelsberg/Getty Images)
Two members of the Fire Department of New York Emergency Medical Team wheel in a patient with potentially fatal coronavirus to the Elmhurst Hospital Center in Queens, New York City on March 30, 2020. New York City was the epicenter of the American coronavirus outbreak.

Above all else, the global pandemic was the most immediate reason we were able to buy an apartment.

If it weren’t for the coronavirus pandemic, the housing market wouldn’t have been in the gutter. If it weren’t for the coronavirus pandemic, we would’ve had to compete with crowds of interested buyers. If it weren’t for the coronavirus pandemic, mortgage rates would’ve priced us out of the market.

It’s horrifically sad that this is the case, but it’s very much the truth. We locked in a 30-year fixed-rate home loan at a 2.75% interest rate. That is a historically low rate, and enables us to afford the monthly payments. In fact, our monthly payment is just a touch higher than our last rent price.

Unlike rent, though, our mortgage price doesn’t increase over time. If we choose to move, we can sell the place and are likely to earn some money on the sale thanks to Brooklyn’s already rebounding real estate market. The benefits of homeownership over renting, at least in this respect, are so profound that they’re almost comical. In 10 years, when our mortgage is the same but average NYC rent prices have increased dramatically, we’ll really feel the difference.

3. Timing was critical.

In mid-August 2020, about five months into pandemic lockdowns, a really obnoxious piece was published in the New York Post where a former hedge fund manager Manhattanite declared New York City “dead forever” because he saw a video of Black Lives Matter protesters trying to break into his skyscraper. It was part of a gaggle of trend pieces that summer in which panicked rich people speculated that the pandemic would be the end of New York City.

That struck me as the perfect time to start looking for apartments: If the rich are fleeing, and the home loan rate is low, I figured, maybe there would be a chance for us.

It turns out that was more or less accurate: We only saw five, maybe six places, and we saw them at our leisure. Because of the pandemic, all showings were by appointment only, so there was no pressure to outbid other buyers on the spot.

Also because of the pandemic, a lot of people in our situation – married millennials in their mid-30s – were fleeing to the suburbs. It was as close as Brooklyn gets to a buyer’s market for a young-ish couple.

In the end, our offer was accepted for (slightly) below the listing price. For what we paid for a one bedroom apartment, we could own a pretty nice suburban home. But we don’t want a pretty nice suburban home, and we didn’t have to settle for one.

Got a tip? Contact Insider senior correspondent Ben Gilbert via email (bgilbert@insider.com), or Twitter DM (@realbengilbert). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by email only, please.

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The return of Ebony magazine: After a $14 million buyout, its new millennial owner talks a historic relaunch

Eden Bridgeman
Eden Bridgeman.

In the early 1990s, Eden Bridgeman sat underneath a hairdryer in a Louisville beauty shop. She was just a child then and wanted to look pristine for Easter Sunday.

Next to the hairdryer stood a rack of magazines. Among them, a beautiful Black woman graced a glossy cover. She picked it up and flipped through its pages. This was one of her first encounters with Ebony magazine. 

As a pastime, Bridgeman studied Ebony, as so many Black girls did in hair salons, in their grandmother’s living room, and on their auntie’s kitchen counter.  

With glamorous celebrities and public figures like Mary J. Blige, Queen Latifah, and Michelle Obama on the covers, Ebony portrayed Black women at their finest. “These were our superstars,” Bridgeman, 34, said. “The people driving the culture.”

Now, after a tumultuous 75-year history, which has seen a decline in the appetite for print products and the bankruptcy of Ebony Media Corporation, Bridgeman is the magazine’s latest owner, as well as the mastermind behind its rebranding.

On March 1st, Ebony relaunched. 

Ebony was founded in 1945 by publisher John Johnson and during the 1960s, the publication earned acclaim for its coverage of the civil rights movement. Ebony’s diminutive, sister magazine, Jet, was founded in 1951 by Johnson. For nearly six decades, the two publications defined Black culture with their in-depth profiles of such figures as civil rights activist Stokely Carmichael, Diana Ross, and its insightful coverage of the AIDS epidemic. In the 1980s, their circulation topped an impressive 1 million.

Ebony Magazine
Martin Luther King Jr. on the cover of Ebony Magazine in 1968.

Then came the 21st century, and financial woes struck the lorded publications. Both magazines suffered years of declining subscriptions and ad revenue. In 2016, Ebony and Jet were sold to private equity firm CV Media, and in 2019, both publications stopped printing physical copies. In July, Willard Jackson, the magazine’s CEO, was removed after an internal investigation of unauthorized use of company funds. 

Shortly after Jackson’s leave, Bridgeman’s father presented the family with an idea: he wanted to buy Ebony and Jet. Bridgeman was interested immediately.

To start planning, Bridgeman was introduced to former CNN and BET executive Michele Ghee through mutual friends. They spoke about what the future of Ebony and Jet could look like. A few days later, Ebony Media Operations filed for bankruptcy. 

In December, the Bridgeman family won the bid to buy Ebony and Jet for $14 million. Soon after the deal was closed, Ghee was officially appointed CEO and planned a relaunch for March. This gave them a month to organize Ebony’s rebirth. 

Jet is scheduled to relaunch in June. 

‘We’re a 75-year-old startup’

The new Ebony, Bridgeman said, has three core values: to be bold, brilliant, and beloved.

The magazine has at least a dozen people on staff. Both Ebony and Jet will be entirely digital endeavors, and there are no plans for either to return to print. Bridgeman’s day-to-day is ever-changing. She’s on calls, meeting with advertisers, and assisting in finding partners and contributors for the magazine. 

Ebony cover
The new Ebony cover, released March 1, featuring artwork by Jon Moody.

She tells Insider that throughout her years as a business professional, she’s come to appreciate the idea of servant leadership – the notion that she, as the leader, is not bigger than any entity. A title is just a title. 

“You have to understand every aspect within the business,” she said. “You [have to] show up in a way that people feel they can approach you. They [must] feel that they can work with you, not only just for you.” 

Purchasing the assets out of bankruptcy meant Bridgeman had an obligation to make sure her business strategies could sustain themselves, she said. And she’s been emphasizing the power of the Black dollar to advertisers, which was valued at over $1 trillion in 2019

“You are going to want to tap into that power,” she said. 

Rather than go back to print, Ebony will funnel money into the magazine’s technological expansion. “We’re a 75-year-old startup,” Bridgeman joked.”There’s plenty of room across the media space for all of us to live. We want to lift each other up.” 

Ebony’s first digital cover features a painting by artist Jon Moody, which portrays a woman with her locs flowing in the air. Tanisha Ford, historian and author of “Dressed in Dreams: A Black Girl’s Love Letter to the Power of Fashion” is excited for the relaunch. 

Growing up, it seemed every Black family in Ford’s life had a subscription to Ebony and Jet. Often spread out on coffee tables, the magazines became a collector’s item – a generational touchstone. 

That was then, however, and Ford is curious to see how the magazine will establish brand loyalty in the modern age.

Jet Magazine
Eartha Kitt on the cover of Jet Magazine in 1955.

“I think about folks who are finishing high school and on the verge of college,” Ford told Insider. “It doesn’t mean the same thing for them – they don’t have the same kind of nostalgia of having an aunt pass down old Ebony magazines in the same ways that I do.”

The next 75 years

Bridgeman was born in Los Angeles and raised in Louisville. Since 2009, she’s been working for her family’s company, Manna Inc., which owns hundreds of restaurants throughout the United States, including 130 Wendy’s locations. In 2013, she completed her MBA at Loyola University Chicago-Quinlan School of Business. She was named chief marketing officer of Manna Inc. in 2017, a position she will retain as she oversees the relaunch of Ebony and Jet.

Bridgeman wants Jet to produce fast-paced news targeted toward millennials, and there are plans to bring back its beloved Beauty of the Week section, which highlights beautiful, successful Black women. 

That section was an early memory for entrepreneur Maori Karmael Holmes, founder and artistic director of BlackStar Film Festival, who also recalls seeing Ebony and Jet magazines scattered throughout the homes of both her grandmothers. Last year, Holmes launched her own print journal, Seen, which focuses on filmmaking.

She is also hopeful for the relaunch, pointing out that Ebony was essential to opening the doors of Black writers, and gave Black entrepreneurs a chance to advertise their businesses. “I hope for the next seventy-five years, it can be a relevant chronicler of Black culture,” Holmes said.

There’s a chance for that – Ebony already has a million followers on Instagram. “We want to make sure this is successful,” Bridgeman said. “We’re sitting on 75 years of history. If we aren’t able to maintain the business, then what good are we going to be for our community?”

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SIGN UP HERE FOR OUR LIVE EVENT ON THURSDAY: Next-Gen founders on racial equity and inclusion in tech

insider events racial equity in tech 2x1
(L-R) Urenna Okonkwo, Jordan Walker, Vernon Coleman

The Black Lives Matter protests last summer helped fuel a new drive for diversity and inclusion in the workplace. But how far have we come 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 taking a deep dive into tech to talk to Next-Gen founders about racial equity and inclusion in this industry. 

On Thursday, February 25th at 12 PM ET, Insider’s entrepreneur reporter Dominic-Madori Davis will moderate a panel featuring Vernon Coleman, CEO and cofounder of the video networking app Realtime, Jordan Walker cofounder of the audio messaging app Yac, and Urenna Okonkwo, founder of the finance app Cashmere.

They’ll talk about their journeys in Silicon Valley and tech, the importance of mentorship, access to capital, and opportunities for Black founders looking to launch businesses.

They will also take questions from the audience. 

You can sign up here to watch. 

Read the original article on Business Insider

SIGN UP HERE FOR OUR LIVE EVENT ON FEB. 25: Next-Gen founders on racial equity and inclusion in tech

insider events racial equity in tech 2x1
(L-R) Urenna Okonkwo, Jordan Walker, Vernon Coleman

The Black Lives Matter protests last summer helped fuel a new drive for diversity and inclusion in the workplace. But how far have we come 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 taking a deep dive into tech to talk to Next-Gen founders about racial equity and inclusion in this industry. 

On Thursday, February 25th at 12 PM ET, Insider’s entrepreneur reporter Dominic-Madori Davis will moderate a panel featuring Vernon Coleman, CEO and cofounder of the video networking app Realtime, Jordan Walker cofounder of the audio messaging app Yac, and Urenna Okonkwo, founder of the finance app Cashmere.

They’ll talk about their journeys in Silicon Valley and tech, the importance of mentorship, access to capital, and opportunities for Black founders looking to launch businesses.

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Meet Whitney Wolfe Herd, the 31-year-old CEO of the female-led dating app Bumble that just publicly filed for an IPO

Whitney Wolfe Bumble
Bumble CEO Whitney Wolfe Herd.

  • Once a victim of online harassment, Whitney Wolfe Herd is working to make the internet a kinder place for women with female-led dating app Bumble.
  • Before Bumble, Wolfe Herd cofounded rival dating app Tinder, but left the company two years later and filed a sexual harassment and discrimination lawsuit that was later settled.
  • Bumble publicly filed a form S-1 for an IPO with the Securities and Exchange Commission on Friday for an offering size of up to $100 million.
  • Wolfe Herd has an estimated net worth of $575 million, is married to a Texas oil heir, and splits her time between two homes in Texas.
  • Visit Business Insider’s homepage for more stories.

Whitney Wolfe Herd is used to making bold moves. 

Perhaps that’s why on the dating app she cofounded, women make the first move in heterosexual relationships. And Wolfe Herd’s next move may be among her boldest – Bumble publicly filed for an IPO on Friday.

The dating company filed a form S-1 for its IPO with the Securities and Exchange Commission (SEC) for an offering size of up to $100 million. But that figure is likely a placeholder: Bumble could seek a valuation as high as $8 billion, Bloomberg reported.

The company is looking to trade under the symbol “BMBL” on the Nasdaq. Bumble confidentially filed IPO paperwork with the SEC in 2020, and Bloomberg reported it planned on going public in February, possibly around Valentine’s Day, of this year.

A representative for Wolfe Herd at Bumble did not respond to Business Insider’s request for comment on Wolfe Herd’s career, net worth, or personal life.

Keep reading to learn more about Bumble CEO Whitney Wolfe Herd.

Whitney Wolfe Herd, 31, is a Utah native.

Whitney Wolfe Bumble
Whitney Wolfe Herd.

Wolfe Herd was born and raised in Salt Lake City, Utah, The Times of London reported. Her father is a property developer and her mother is a homemaker, per The Times.

The CEO has been a feminist from an early age, telling The Times that she disliked how Utah’s dating culture was dominated by men — women were expected to wait for them to make the first move.

Wolfe Herd went on to attend Southern Methodist University in Texas, and was a member of Kappa Kappa Gamma, per Fast Company. She’s still close with many of her sorority sisters and even employs a few at Bumble.

Wolfe Herd also launched her first business at 19 while still in college, per Money Inc. After the Deepwater Horizon oil spill pumped crude oil into the Gulf of Mexico for five months in 2010, Wolfe Herd enlisted celebrity stylist Patrick Aufdenkamp to design tote bags that could be sold to help fund relief efforts. The resulting nonprofit, called the Help Us Get Cleaned Up Project, became nationally known after Nicole Richie and Rachel Zoe were spotted with Wolfe Herd’s bags.

After earning a degree in International Studies, Wolfe Herd did a brief stint in Southeast Asia.

whitney wolfe bumble
Whitney Wolfe Herd.

Wolfe Herd spent her time in Asia volunteering at local orphanages, per Money Inc.

While Wolfe Herd is currently at the head of Bumble, it isn’t the first dating app she cofounded.

tinder headquarters
Tinder Headquarters on the Sunset Strip on August 28, 2020 in West Hollywood, California.

At 22, Wolfe Herd was hired to work at startup incubator Hatch Labs in Los Angeles, according to The Times of London. After hours, she starting collaborating with a group that was looking to build a dating app.

That app, which is now known as Tinder, quickly grew into a global phenomenon with Wolfe Herd’s help. She even came up with the name Tinder, per The Telegraph. She is credited as a cofounder and spent two years as the company’s vice president of marketing, per The Times.

Wolfe Herd didn’t leave Tinder on good terms.

justin mateen sean rad tinder
Wolfe Herd’s fellow Tinder cofounders, Justin Mateen and Sean Rad.

During her tenure at Tinder, Wolfe Herd dated fellow cofounder and her then-boss Justin Mateen, per The Times of London. She left the company shortly after they split, and filed a lawsuit alleging that she had experienced sexual harassment and discrimination.

The legal dispute was settled privately outside of court, with neither party admitting to wrongdoing.

Following the legal battle, Wolfe Herd also faced online harassment.

“I was inundated with hatred online, lots of aggressive behavior, people calling me names, really painful things that I’d never experienced,” Wolfe Herd told The Times in 2018. “I felt like my entire self-worth, any confidence that I had, had been sucked away. There were dark times when I thought, ‘Well, this is it. I won’t have a career ever again. I’m 24, coming out of one of the world’s hottest tech companies, but the internet hates me.’ It was a horrible time. Then I woke up one morning and thought, ‘I’m going to rebuild myself.'”

Wolfe Herd launched Bumble in 2014, originally planning to build a female-focused social network instead of a dating app.

Whitney Wolfe Bumble
Whitney Wolfe Herd.

Wolfe Herd was persuaded to forgo her original plan for the app by former business partner and Russian billionaire Andrey Andreev, according to CNN Business.

The app’s women-led model was initially inspired by Sadie Hawkins school dances, where women ask men to be their date, Wolfe Herd told Business Insider in 2015.

“We’re definitely not trying to be sexist, that’s not the goal,” Wolfe Herd said. “I know guys get sick of making the first move all the time. Why does a girl feel like she should sit and wait around? Why is there this standard that, as a woman, you can get your dream job but you can’t talk to a guy first? Let’s make dating feel more modern.”

Wolfe Herd has since expanded the app with additional services to help women meet new friends and expand their professional networks, called Bumble BFF and Bumble Bizz respectively. Bumble has also invested in other apps, including gay dating app Chappy, TechCrunch reported.

Bumble now says it has 75 million users in 150 countries, making it second only to Tinder in popularity.

Wolfe Herd also reorganized and took the helm of Bumble’s former parent company, Magic Lab, after its owner was ousted amid accusations of racism and sexism.

Andrey Andreev whitney wolfe herd
Andrey Andreev and Whitney Wolfe Herd.

In addition to being Wolfe Herd’s close friend and business partner who she said she was “incredibly in sync” with and called “two to five times a day,” Andreev owned a 79% stake in Bumble, according to Fast Company.

After the allegations of racism and sexism against Andreev were published by Forbes in 2019, Wolfe Herd released a statement saying she had had “nothing but positive and respectful” experiences with Andreev but “would never challenge someone’s feelings or experiences.”

“All of us at Bumble are mortified by the allegations about Badoo (Bumble’s majority owner) from the years before Bumble was born, as chronicled in the Forbes story,” Wolfe Herd said in the statement. “I am saddened and sickened to hear that anyone, of any gender, would ever be made to feel marginalized or mistreated in any capacity at their workplace.”

Even before she took on her expanded role, Wolfe Herd was already a workaholic.

Whitney Wolfe Herd
Whitney Wolfe Herd.

Wolfe Herd typically wakes up every morning at 5:15 a.m. and immediately starts responding to emails, she told The Times of London.

She has even been known to wake up every two hours during the night to check her inbox. “I’m trying to stop that,” Wolfe Herd told The Times in 2017. “I get no downtime. I don’t get a weekend, I haven’t lived like a twenty-something since I started Bumble in 2014.”

Wolfe Herd is also politically active, helping outlaw digital sexual harassment in Texas.

whitney wolfe
Whitney Wolfe Herd.

Sending unsolicited nude photos — a phenomenon that has plagued dating apps and even AirDrop — is punishable under a new law championed by Wolfe Herd, Inc. reported. She is now advocating for a similar law in California and hopes it will soon be federal law, too.

“It is time that our laws mirror this way we lead double lives, in the physical and the digital,” Wolfe Herd told Inc. shortly after the Texas law was passed in August 2019. “You look at government right now, it only protects the physical world. But our youth are spending a lot more time in the digital world than they are in the physical.”

 

The CEO says she doesn’t have political aspirations of her own, however. “I could never run for [office],” Wolfe Herd told The Times of London, saying that she is frequently asked if she’s considered it. “There are people so much smarter than me.”

Wolfe Herd is also a mom.

Whitney Wolfe Herd and husband Michael Herd
Whitney Wolfe Herd and husband Michael Herd in 2018.

Wolfe Herd married Texas oil heir Michael Herd in an elegant three-day ceremony on Italy’s Amalfi Coast in 2017, per Vogue.

The couple first met while skiing in Aspen in 2013, but Wolfe Herd first saw him on a dating app. “He has the kind of face you remember,” she told The Telegraph.

He is now the president of the oil and gas field operator founded by his late grandfather, Herd Producing Company, and also owns a high-end farm to table restaurant called the Grove Kitchen + Gardens.

✨👰🤵✨

A post shared by Whitney Wolfe Herd (@whitney) on Sep 8, 2017 at 12:09pm PDT

 

The pair have a nine-month-old son named Bobby after Michael’s late grandfather, and he makes frequent appearances on Wolfe Herd’s Instagram account.

Happiness 🌼

A post shared by Whitney Wolfe Herd (@whitney) on Jul 16, 2020 at 10:29am PDT

 

The couple also has a Great Dane named Duke and a yellow lab named Jett, per The New York Times.

“[Duke] is a kind animal but does not understand how big he is,” Wolfe Herd told The Times in 2019, while describing her daily after work routine. “At 175 pounds, he could quite literally kill me. I have to lock myself in the car while I wait for my husband to come home and get him away from me.”

Wolfe Herd has been open about her struggles with anxiety.

whitney wolfe herd 2018
Whitney Wolfe Herd in 2018.

“I haven’t gone through the testing, but I should,” Wolfe Herd told The Times of London. “It’s anxiety about everything. I worry about awful things happening to people I love. They say phones are a strong catalyst for making anxiety worse, so I have this interesting balance — how do I make sure I’m on top of everything, but also preserve my mental health?”

The Herd family splits time between their two Texas houses.

Austin Texas Capitol Congress Ave Skyline
Austin, Texas.

The Herds have one home along the Colorado River in Austin near Bumble’s headquarters and another further north in Tyler, near Michael Herd’s office, per The New York Times. They also own a vacation home in Aspen, Bumble’s chief brand officer Alex Williamson told Aspen Magazine.

The couple also owns Michael’s 6.5-acre family estate on Lake Austin, according to Mansion Global. The waterfront compound boasts a movie theater, helipad, putting green, 10 garages, multiple boat docks, and a guest house, as well as a 5,000 square foot cabana designed for entertaining. That property is currently listed for sale for $28.5 million.

They also travel a lot.

Whitney Wolfe Herd
Bumble CEO Whitney Wolfe Herd.

Wolfe Herd takes frequent trips for both work and pleasure. Wolfe Herd told Travel +Leisure in 2017 that her all-time favorite trips include a sailing expedition through Myanmar and Thailand and a family trip to India.

For their honeymoon, Wolfe Herd and her husband stayed at Four Seasons resorts in both Bora Bora and Maui after leaving the site of their destination wedding in Italy, according to a blog post by the Indagare, the group that planned the trip.

Wolfe Herd told Indagare that she wanted a beach-heavy honeymoon because she and Herd were “looking for the ideal place to unwind, where we could take in the sun and swim. Our favorite moments were just relaxing and appreciating each other in such beautiful locations.”

In July 2019, she celebrated her 30th birthday with a multi-day party on a yacht off the coast of Capri, Italy, per Guest of a Guest.

This is 30 🤰🍝🎈

A post shared by Whitney Wolfe Herd (@whitney) on Jul 5, 2019 at 3:07am PDT

 

Wolfe Herd has an estimated net worth of $575 million, but she may soon be much richer.

bumble whitney wolfe herd
Bumble CEO Whitney Wolfe Herd is seen outside Good Morning America on January 31, 2019 in New York City.

Wolfe Herd’s multimillion-dollar fortune landed her at No. 39 on Forbes’ list of the wealthiest self-made women in America in 2020. If Bumble’s IPO performs well, her fortune could grow exponentially thanks to her 19% stake in the company.

Bumble’s public filing with the SEC revealed the company generated $488.9 million in revenue in 2019, representing 35.8% year-over-year growth. The firm generated $376.6 million in revenue between January 29, 2020, and September 30, 2020. Bumble has 42 million monthly average users and 2.4 million paying users, per the filing.

The company could appear on public markets as soon as 2021, Insider previously reported.

“I feel like what I’m doing is quite important,” Wolfe Herd told The Times of London in 2018. “A lot of people are, like, ‘What do you mean it’s important? It’s a dating app.’ But it’s important because connections are at the root everything we do. Human connection defines our happiness and our health. This company feels like a piece of me. I know this sounds cheesy and weird, but I really feel like it’s my mission.”

Read the original article on Business Insider