🪃 We-turn of the founder

We-turn of the king… WeWork founder Adam Neumann stepped down as CEO in 2019 after being accused of unethical practices like pregnancy discrimination, excessive drug use, and misuse of company cash (see: private-jet parties). But he didn’t walk away empty-handed: Softbank reportedly paid Neumann $1.7B to ditch his coworking empire. Now he’s reportedly returning to the real-estate game:

• Neumann, WeLoaded: He’s invested $1B in 4K+ apartments, WSJ reports. He’s said to be building a company to shake up the rental biz (no concrete deets yet).
• Neumann’s new digs focus on Southern cities like Miami, Atlanta, and Nashville, where real estate has boomed as workers flock to warmer, cheaper, and tax-friendlier locales.

Kicked out of their companies… and into the news cycle. Neumann isn’t the only disgraced founder who’s been very visible lately. Elizabeth Holmes, founder of blood-testing biz Theranos, has been dominating headlines during her criminal trial — and was just found guilty of fraud. Meanwhile, Uber founder Travis Kalanick, who was ousted on allegations of fostering workplace harassment, has made headlines for his new ventures.

Sold out: Rachel Ray cooking set… Bed Bath & Beyond was a draw during the holidays as shoppers wrapped up Ring doorbells and weighted blankets. Despite that, BBB’s sales fell 28% last quarter, and its loss quadrupled to $280M as it tackled supply and labor bottlenecks. BBB closed 170 stores, and even temporarily axed its iconic discount catalog (tragic).

Chateau wedding < Maldives honeymoon… BBB is famous for fitted dorm sheets, but it’s also a wedding-gift destination. For years BBB dominated the registry biz, as guests splurged on crystal wine glasses and Dysons. To make up for Covid postponements, a record 2M+ couples plan to get married in the US this year. But the timing couldn’t be worse for BBB:

• 30%: The share of gifts registered to BBB — the lowest in six years. In 2017 it was #1 with 44% of US listings.
• New #1: Amazon is now the go-to for wedding registries, accounting for nearly half. Target also entered the top three as couples opt for cheaper, broader retailers.
• BTW: A quarter of millennials expect to never tie the knot, while others are choosing smaller (or no) wedding venues to fund lavish honeymoons.

• Test: Walgreens raised its annual forecast on expectation-beating sales and $3.6B in quarterly profit, as shoppers rushed to its stores for at-home and on-site Covid tests, plus millions of booster shots.
• Yuan: China launched an app to expand use of its state-run digital currency (#DigiYuan) ahead of a nationwide rollout. Meanwhile, Tencent-owned WeChat, which has 1B+ users, will begin supporting the digi-yuan.
• LeFine: Google and Facebook were slapped with $238M fines by France’s data-protection regulator for not providing an easy way for users to disable tracking, as regulatory scrutiny of American tech giants goes on.
• Bubbly: Coke is teaming up with booze giant Constellation Brands to create alcoholic Fresca cocktails, adding buzz to the growing market for ready-to-drink cocktails. FYI: Fresca is Coke’s fastest-growing soft drink.
• Down: ARK Innovation, the flagship fund of Cathie Wood’s Ark Investment Management, reached a low point yesterday as the tech selloff continued. The innovation-focused ETF was down 48% from its February high.

• Earnings expected from: PriceSmart

Authors of this Snacks own shares of: Tesla, Google, Amazon, Uber, Netflix, New York Times

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