Mailchimp employees react with anger after Intuit announces deal to buy the startup for $12 billion

Welcome back to Insider Weekly. I’m Matt Turner, co-editor in chief of business.

Regular readers might notice a few subtle changes to this newsletter. The goal: To take you inside some of the top stories of the past week, and connect you with the reporters behind them.

This week, you’ll hear from correspondent Ben Bergman. His story breaks down why Mailchimp staffers are furious over its $12 billion sale to Intuit. Since his story published, Ben’s been hearing from employees at other companies who say they’re in the same position as those Mailchimp employees, along with people at different companies who say they’re the “anti-Mailchimp.”

Also in this week’s newsletter:

Let me know what you think of all our stories, and this newsletter, at mturner@insider.com


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Behind the scenes of the turmoil at Mailchimp

mailchimp discrimination toxic work culture 2x1

Financial software giant Intuit recently announced a $12 billion deal to buy Mailchimp, infuriating current and former employees of the email marketing platform.

Mailchimp withheld equity from employees – but the founders had promised they’d never sell. However, as correspondent Ben Bergman reports, the two founders are now walking away with $5 billion each and employees feel jilted.

“I heard from so many employees who were very upset by this and feel that it’s very hypocritical – especially for a company that had an egalitarian, little-guy image – to sell out like this,” Ben said.

“One plus of working at a VC-backed startup is that employees at these startups tend to get equity,” Ben said. “When these companies are acquired or go public, it’s not uncommon for employees – dozens or even hundreds of them – to become overnight millionaires when companies exit. These employees didn’t really see any of the upside.”

Read our full report here: Mailchimp employees are furious after the company’s founders promised to never sell, withheld equity, and then sold it for $12 billion


I’m quitting my job this week without another one lined up’

A young office worker holding a box of his personal belongings standing by a red emergency exit door with a trail of money flowing out behind him on a green background

Tanza Loudenback was Insider’s personal finance correspondent – until she quit without another job lined up. But luckily for anyone else hoping to do the same, Tanza documented all the steps she took to prepare for this moment. Some of her top advice for making the leap:

  • Don’t wing it. Tanza outlined why you need three plans in place before quitting.
  • Figure out how long you can last without a paycheck. (She has a handy chart for you.)
  • Know that the “Great Resignation” doesn’t mean a dream job is waiting for you.

Get Tanza’s full advice for quitting your job here.


Meet Ron Klain, manager of the White House’s summer from hell

White House chief of staff Ron Klain

White House chief of staff Ron Klain has been widely hailed as the most qualified presidential chief of staff in modern history. But he didn’t get to pick this moment – and has found himself mired in a summer of controversy.

Correspondent Adam Wren takes us inside the chaos Klain’s been stuck managing, including floods, droughts, a worsening pandemic, an anemic August jobs report, and Afghanistan. As one expert told Adam: “The chief-of-staff job spares no one. It’s thankless. Dick Cheney blames the job for his first heart attack.”

Go inside Ron Klain’s chaotic summer with our exclusive report.


Uber’s CTO is stepping down amid tensions with product chief

Sukumar Rathnam

Uber Chief Technology Officer Sukumar Rathnam is stepping down as the company’s head of engineering – and according to sources, his departure comes amid increasing friction with the company’s chief product officer.

Uber CEO Dara Khosrowshahi shared a memo with staff explaining the changes. You can read that memo here. Per our reporting, tensions would occasionally trickle down in a disruptive way to the engineering and product teams.

Read our scoop on the latest clash at Uber.


More of this week’s top reads:


Compiled with help from Lisa Ryan and Phil Rosen.

Read the original article on Business Insider

Top Stories this PM: France accuses Biden of acting like Trump; Gabby Petito’s family begs for help in letter

Good afternoon. Here are the top stories so far today.

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What happened today:

That’s all for now. See you tomorrow.

Read the original article on Business Insider

Top stories this AM: Lawmakers double down on their fight against Instagram for Kids; 4 friends were found dead in an SUV in a cornfield and authorities have no leads

Good morning and welcome to your weekday morning roundup of the top stories you need to know.

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What’s going on today:

That’s all for now – see you tomorrow.

Read the original article on Business Insider

Crypto dossiers – Goldman to buy GreenSky – Robinhood’s CMO exits

Welcome to Insider Finance. If this was forwarded to you, sign up here. Plus, download Insider’s app for news on the go – click here for iOS and here for Android.

On the agenda today:

Let’s get started.


The digital-asset dossiers

From left: David Solomon, CEO of Goldman Sachs, James Gorman, CEO of Morgan Stanley, Jane Fraser, CEO of Citigroup, and Jamie Dimon, CEO of JPMorgan Chase with Bitcoins scattered behind them on a faint translucent grid on a purple to blue gradient background

Amid surging customer interest in cryptocurrency, some of Wall Street’s biggest banks have unveiled plans to implement crypto, while others have held off. To help you navigate the twists and turns of the crypto boom, we’ve compiled a list of 10 of the biggest banks’ crypto offerings (or lack thereof), executives, and public statements. Read the digital-asset dossiers.


Goldman Sachs to buy home-improvement lender GreenSky

Stephanie Cohen

Goldman Sachs has agreed to buy GreenSky, which provides installment loans and lines of credit for home-improvement projects, in an all-stock deal valued at $2.24 billion. We spoke with Stephanie Cohen, co-head of Goldman’s consumer-banking division, who explained why they inked the deal.


Robinhood’s CMO is leaving the company

Christina Smedley Robinhood

Christina Smedley, Robinhood’s chief marketing and communications officer, is leaving the company after just a year, and declined to say where she’s heading next. Here’s a look at her tenure at Robinhood.


Massive wealth managers are creating new roles to reach diverse clients

Hispanic couple with baby talking to financial advisor.

UBS, Wells Fargo, and Bank of America have all created new executive roles and teams aimed at reaching diverse clients in an overwhelmingly white, male industry. Get the latest on the wealth managers’ newest hires – and how they’re working to better serve diverse consumers.


This $500 million hedge fund is ramping up its SPAC bets

Kori Estrada

Even though the SPAC market is cooling off, hedge fund manager Axon Capital is just getting started in the space. The hedge fund just launched its first SPAC last month, and is planning on rolling out two more focused on health care and energy. Axon’s co-CIO shares why the fund is all-in on SPACs.


TomoCredit used this 17-page pitch deck to raise $10 million

A photo of the TomoCredit team

TomoCredit, a fintech lender that offers credit to people with thin- and no-credit histories, just raised $10 million for its Series A. Check out the pitch deck the fintech used to secure funding.

And take a look at our entire library of pitch decks used by fintechs to raise millions.


Mike Novogratz wasn’t quick enough to short litecoin

GettyImages 1036973538

Novogratz, Galaxy Digital CEO, said he wasn’t quick enough to short litecoin during its brief surge this week. The coin spiked after a quickly debunked press release claimed Walmart would accept litecoin for payments – but the crypto billionaire was too slow to short the coin. Here’s what else he said about the debacle.


On our radar:

Read the original article on Business Insider

Top stories this AM: Biden stumps for Newsom ahead of recall election; so many kids in the US are getting COVID-19; Japan has a new richest person

Good morning and welcome to your weekday morning roundup of the top stories you need to know.

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What’s going on today:

That’s all for now – see you tomorrow.

Read the original article on Business Insider

Top stories this AM: Leaked tax plan draft shows how Democrats want to raise $2.9 trillion; a new big boat sets sail; the latest in China’s stadium diplomacy

Good morning and welcome to your weekday morning roundup of the top stories you need to know.

For more daily and weekly briefings, sign up for our newsletters here.

What’s going on today:

That’s all for now – see you tomorrow.

Read the original article on Business Insider

Teen marijuana use stays flat

cannabis
Welcome to Insider Cannabis.

Welcome to Insider Cannabis, our weekly newsletter where we’re bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global cannabis boom.

Sign up here to get it in your inbox every week.

Hello everyone,

It was a short week this week and dealmaking in the industry slowed to a crawl after a head-spinning August – but we’re not expecting the quiet to last long.

We’ve got a ton of good stories for you in the works. Until then, enjoy your weekends!

– Jeremy Berke (@jfberke) & Yeji Jesse Lee (@jesse_yeji)

If you like what you read, share this newsletter with your colleagues, friends, boss, spouse, strangers on the internet, or whomever else would like a weekly dose of cannabis news.

Deals, launches, and IPOs

  • Psychedelics company CaaMTech announced on Wednesday that it had raised a $22 million Series A funding round, led by the Noetic Fund, to advance its compounds into clinical trials.
  • Psychedelics company Journey Colab said on Tuesday that it had raised a $12 million Series A funding round.
  • Canadian cannabis company The Green Organic Dutchman said on Friday that it had received approval to list on the Canadian Securities Exchange.

Policy moves

  • New York Senate Majority Leader Andrea Stewart-Cousins on Thursday named former senator Jen Metzger as her pick to sit on the Cannabis Control Board, the regulatory body responsible for shaping New York’s adult-use program. On Wednesday, Assembly Speaker Carl Heastie tapped attorney Adam Perry as his choice, according to the Times Herald-Record.
  • Rodney Hood, the former chairman of the National Credit Union Administration, said federal legalization is inevitable and criticized Congress’s lack of action on cannabis banking reform, reports Marijuana Moment.
  • Italy is set to decriminalize marijuana for personal use, with the rules allowing for the cultivation of up to four marijuana plants at home, reports The Independent.

Research and data

  • A study in the Journal of the American Medical Association found little evidence that the legalization of either recreational or medical marijuana encourages teen use.
  • However, a report from the National Institute on Drug Abuse found that marijuana use among college students hit record highs during the pandemic, the highest mark since 1983. The report found that binge drinking declined among college students as well.

What we’re reading (and watching)

The cannabis industry is booming, but for many Black Americans the price of entry is steep (The Guardian)

Minorities struggle for headway in the legal weed business (PBS News Hour)

In the weeds: How cannabis businesses get around a web of online advertising barriers (Morning Brew)

Growers in the Emerald Triangle are Facing a Potential Extinction Event (High Times)

Cannabis researchers seek to unlock the healing power of pot (Wall Street Journal)

Legal woes of CEO’s spouse bring marijuana MSO Trulieve unwanted attention (MJ Biz Daily)

Read the original article on Business Insider

Biden just unveiled a new set of vaccine rules

Hello,

Welcome to Insider Healthcare. I’m Lydia Ramsey Pflanzer, and this week in healthcare news:

If you’re new to this newsletter, sign up here. Tips, comments? Email me at lramsey@insider.com or tweet @lydiaramsey125. Let’s get to it…


First: on Thursday night, President Joe Biden unveiled new measures to combat the Delta variant.

The six-part plan includes new vaccine mandates for many workers, new vaccine requirements for some schools, and improving COVID-19 treatment access.

Of note, the new rules requires vaccine mandates at any health facility receiving federal funding through Medicare and Medicaid.

That’s virtually all of them.

Here’s what you need to know>>


Amazon Care can do home visits and virtual primary care.
Amazon Care can do home visits and virtual primary care.

What’s ahead for Amazon Care

Kicking off the week, Blake Dodge had the scoop on Amazon’s expansion plans for its medical-care service over the next year.

It plans to bring in-person Amazon Care services to 20 more cities: four more in 2021 and 16 more in 2022.

Get the full scoop>>

Exclusive: Amazon has ambitious plans to bring in-person medical care to 20 more US cities


abortion pill
The abortion pill is legal in all fifty states.

Investors are betting on online abortion care

On the heels of Texas’ abortion ban, Mohana Ravindranath took a closer look at some of the online abortion care companies that have been popping up in recent years.

The approach is similar to other virtual care companies: medical providers prescribe early-stage abortion medication, with a total cost of about $240-$350. People tend to pay themselves, rather than using insurance.

Investors and founders Mohana spoke with see it as a way to ideally expand access to reproductive care more broadly.

Here are the startups tapping into the space>>

Startup founders and VCs are stepping up as states like Texas restrict abortion access


Jim Momtazee, Henry Kravis, and George Roberts on a bright purple background.

Meet Patient Square Capital and the man behind it

This week, Allison DeAngelis took a closer look at a key healthcare dealmaker, Jim Momtazee.

He left private equity giant KKR in 2019, and last year launched his own firm Patient Square Capital, which is looking to raise $3 billion.

Here’s how Momtazee plans to make a name for Patient Square Capital in the red-hot healthcare sector.

Read the full profile>>

Jim Momtazee walked away from private equity giant KKR to strike out on his own. Now the legendary healthcare dealmaker is poised to break records with his new firm.


More stories that kept us busy this week:


– Lydia

Read the original article on Business Insider

Top stories this AM: LA approves vaccine mandate for students ages 12 and up; Biden rips into governors who are ordering mobile morgues instead of encouraging vaccination

Good morning and welcome to your weekday morning roundup of the top stories you need to know.

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What’s going on today:

That’s all for now – see you on Monday.

Read the original article on Business Insider

Top Stories this PM: Biden’s expected moves to combat COVID; DOJ sues Texas

Good afternoon. Here are the top stories so far today.

For more daily and weekly briefings, sign up for our newsletters here.

What happened today:

That’s all for now. See you tomorrow.

Read the original article on Business Insider