🦄 SVN: Execs Indicted for $100M Adderall Scheme

Morning everyone!

Just got back from Los Angeles where I celebrated my GamGam’s 90th birthday. It was pretty low key. Went to a Dodger game, dirty-danced at Avalon, got home around 5am and ordered an Erewhon smoothie delivery. Sorry if my words are a bit muddled. GamGam rages like it’s 1953.

This Week’s Piping 🔥⛺️ (Hot ‘Tent)

• $100M Fraud in Adderall Scheme

• Flying Taxis Coming To The Bay Area

• Wells Fargo Loses $10M a Month Thanks to Bilt Credit Card

• Higher Vet Bills Thanks to Private Equity

• Camera-Off Means Employees Are Bout to Quit?

• More brain boosters for you well-read beauties…

The Silly Valley

💊 Done Global Executives Accused of $100M Fraud in Adderall Scheme. Tens of thousands of salespeople customers might not be able to get their adderall thanks to CEO Ruthia He and Clinical President David Brody. By taking advantage of reduced restrictions enacted during the pandemic, He and Brody were able to dole out unqualified prescriptions over the internet and billed insurers to the tune of $100M. Despite the federal indictments and ongoing shortages of Adderall and Vyvanse, Done Global says they’ll continue operations as usual. In that case I’m finna fill out this survey right quick…

🌍 Nvidia Passes Microsoft & Apple to Become Largest Public Company in the World. For the entire fiscal year of 2022, Nvidia generated ~$26B. This year Nvidia has generated $26B in revenue in the first quarter alone. Since 2022, the company has grown 9X and ended a 13 year run by Microsoft and Apple as the largest company in the world. In fact, the company has grown so much that most employees with 5 years or more tenure can now call themselves millionaires. Ahh the Silly Valley dream. Nvidia is currently worth over $3T, which isn’t too bad for a company that started out making graphics for video games and (bitcoin mines).

🚁 The Future Is Finally Here: San Francisco Is Getting Flying Taxis. Archer Aviation is planning to launch an air taxi network at the end of 2025 connecting 5 cities in the Bay Area: South San Francisco, Napa, San Jose, Oakland, and Livermore. Customers will be able to order a ride like an Uber or Lyft, but unfortunately they can’t just pick you up from the bar when you’re wasted. Archer partnered with Kilroy Realty to build mini airport locations across the bay area. Flight prices haven’t been released yet, but it could be a great way to reduce traffic and energy emissions as all of the vehicles are electric and quieter than regular helicopters. TBH, I’m still going to let you all try it first.

Sales Tip of the Week

Outside the Bubble

🏦 Bilt Is So Good For Customers It’s Losing Wells Fargo $10M Per Month. Fintech startup Bilt Technologies has a $3.1B valuation and a card that seems too good to be true. Because it is. Wells Fargo partnered with Bilt to expand their credit card business with a card that gives customers the ability to earn points on rent payments while landlords pay no fees. Unfortunately for Wells Fargo, they assumed 65% of purchases on the card would be towards non-rent purchases generating interchange-fee revenue. Instead, the vast majority of purchases are on rent. They’re also paying .8% to Bilt on each rent payment and are losing $10M per month. The partnership doesn’t expire until 2029. That means Wells Fargo is on pace to lose nearly half a billion dollars while renters earn 1% back on their rent over the next 4.5 years. You really hate to see something like this happen to such a reputable company.

🐶 Private Equity Is Making Vet Bills Higher. Veterinary prices have risen over 60% in the past decade due to high-tech care and corporate acquisitions. Private equity firms and large corporations have bought hundreds of veterinary facilities, pushing for higher efficiency and profits. Vets are often incentivized to see more pets, order more tests, and sell additional services. The rising cost of veterinary care is unsustainable for many pet owners, most of whom don't have pet insurance. Veterinarians face challenges such as high costs of drugs, vaccines, and labor, as well as debt from education. Many veterinarians offer specialty credit cards to help pet owners pay for care, but these can lead to significant debt. And for those with pet insurance, you’re likely seeing a steep increase in your rate as a result. So I guess it’s time for my dog to get a job…

🧑‍💻 Going Camera-Off Directly Correlates With Employee Attrition. According to new research from the Harvard Business Review and analytics firm Vyopta, workers who wound up leaving their companies within a year had their cameras on during Zoom meetings just 18.4% of the time. Those who remained at their company longer had their cameras on just 32.5%. The number of workers who stayed muted for an entire meeting also rose from 4.8% in 2022 to 7.4% last year. Before employers try mandating camera-on, maybe they should pay us more so we don’t have to WFH with 25 roommates who constantly interrupt our calls because we can’t afford rent.

Last Week’s Piping 🔥⛺️ (Hot ‘Tent)

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