This CEO paid herself $47.5 Million, SBF is coming home, Binance has $3b of withdrawals, Paul Graham was blocked from Twitter, Chat CPT reached 1M+ users, and the Liver king apologizes for his $12k/mo steroid habit.
But first, the headlines!
> Sam Bankman-Fried agrees to be extradited to the US after initially planning to fight efforts to return to the US. After a week in Nassau’s Fox Hill prison, he appears less interested in pursuing a years-long battle to avoid extradition.
> Elon Musk's Twitter poll results say he should step down as CEO. 57.5%, over 10m users, favored his exit as CEO, with 42.5% indicating he should stay. Elon says, "nobody wants the job."
> Avatar 2: The way of the Water generated $435m in global box office sales ($135m domestically), giving director James Cameron his first $100m opening weekend.
> Binance saw $3b in withdrawals as the FTX implosion degrades confidence in exchanges. Despite Binance's confident position, a Reuters analysis of the company's corporate filing shows that it has processed trades worth over $22 trillion - mostly hidden from public view.
> Aztec Network has raised $100m led by Andreesen Horowitz to build an "encrypted version of Ethereum."
> Donald Trump released 45,000 NFTs at a price of $99 each, generating $4.46m. The collection sold out in less than a day.
> 66% of Americans don't expect their finances to improve in 2023 despite signals of lowering inflation and moderating gas prices.
She Paid Herself $47.5 Million!
Paige Mycoskie just paid herself $47.5 million.
Considering she just bought her 9th home for $15M in Austin, she's been crushing it for a while. Forbes estimates her worth to be ~$350M. Paige quickly countered, saying it's "closer to $600M." (If true...good for her!)
So What's The Business? Paige is the founder of Aviator Nation - A relaxed clothing brand she founded in 2006.
The brand sells through its website, wholesale (e.g. Bloomingdales, Nordstrom, etc), and 17 retail locations - primarily in California, Colorado, Texas, and Florida.
The Numbers: The biz is kicking off some serious revenue.
- 2020: $70,000,000
- 2021: $140,000,000
- 2022: 200,000,000 (forecasted)
- 2023: $280,000,000 (forecasted)
Paige owns 100% of the business - financing it with lines of credit from Wells Fargo & Frost Bank - $8,000 in 2006, $35,000 in 2007, and $100,000 in 2009.
1) Paige moved to Hollywood after competing on the show The Amazing Race at the age of 22. She didn't win but fell in love with the city.
2) She bought a sewing machine while working part-time at a surf shop. The shop opened her eyes to fashion and retail. She created her own designs on shirts she thrifted.
3) In 2006, she invested $500 to rent a booth during a fair on Venice Beach to sell her 1970's inspired, Cali-made, clothing. She grossed $8,000 in sales in 1 day. She decided to commit to Aviator Nation full-time.
4) She never took outside investment. Instead, she turned to the banks and used SMB loans to grow the business.
5) In 2020, COVID hit. The business was primarily brick & mortar. With over 300 employees on payroll, she needed to do something fast. The company offered a 20% off storewide sale via its e-commerce site - generating $1.4M in sales.
This sale triggered an avalanche...
User-Generated Virality - Thousands of orders were delivered at the start of the global pandemic to a customer when everyone was stuck at home. These customers started creating content with it. Aviator Nation has a very distinct style (bright colors, etc.) which created perfect fodder for a viral wave. The Aviator Nation hashtag has over 229 million views on TikTok.
BTW: Her brother Blake Mycoskie, the founder of Toms Shoes
Prefer to watch it? Check out our Tiktok video here.
ON TREND: Here's what entrepreneurs are talking about
Paul Graham - founder of Y Combinator, and someone who was supportive of Elon Musk since the Twitter takeover - announced he’s taking a break from Twitter, and suggested people can find his Mastodon account on his website.
He was banned a few hours later.
I cannot believe it…
— Gergely Orosz (@GergelyOrosz)
Dec 18, 2022
> ChatGPT, the AI chatbot developed by OpenAI, gained 1m users in under a week. The company is expected to generate $1B+ in revenue from the product by 2024. Those that understand how to use the technology can reap the reward.
ChatGPT is changing the game, and I want to share real things you can do with this AI system today.
Please save this thread and start testing this technology NOW so you’re ahead of the curve.
— Allie K. Miller (@alliekmiller)
Dec 13, 2022
WORTH A LISTEN: Pods you'll want to share
> A Beginners Guide To ChatGPT: Tech strategist Ben Thompson explains how it works, why Twitter is Euphoric, and what the next challenge looks like.
> Liver King On Steroids: The Liver King build a large social media following (TikTok: 3.8M, Insta: 1.7M) and an eCommerce empire generating $100M+/yr based on a lie. He comes clean about his steroid use.
> Doxing Debate, Nuclear Fusion Breakthrough, State of the Markets: The All-In podcast breaks down Twitter's new privacy rules, @elonjet suspension, doxxing dynamics, Nuclear fusion breakthroughs & the geopolitical ramifications.