What we’re reading (8/4)
“DoorDash Stock Pops 18% After Company Posts Record Number Of Orders” (CNBC). “DoorDash said the total number of orders it delivered grew 23% year over year to 426 million, an all-time high. Revenue grew 30% year over year, which the company attributed to increased order frequency and more monthly active users.”
“Goldman Sachs Credit-Card Business Investigated By Consumer Watchdog” (Wall Street Journal). “The bank said in a securities filing that the Consumer Financial Protection Bureau is looking into several areas, including how the bank handles customer refunds and resolves billing disputes. The regulator is also looking into Goldman’s advertisements and how it reports consumer information to credit bureaus, the bank said.”
“The New Deciders On Corporate Taxes” (DealBook). “The Senate could vote as soon as this week on a climate and tax bill that, if passed, would hand a good deal of power to an obscure group of accountants in Norwalk, Conn. Yesterday a bipartisan group of former Treasury secretaries, including Hank Paulson and Timothy Geithner, endorsed the bill, the Inflation Reduction Act, saying it would fight inflation and address climate issues. The group also said the legislation was ‘financed by a prudent tax policy.’”
“Startup Founders’ Mental Health Is Crumbling Under The Stress Of A Turbulent Economic Year And Uncertain Funding. Yet Many Suffer In Silence.” (Insider). “The economic fear and uncertainty of the past six months has piled stress on founders who are already trying to do the impossible: build iconic tech companies. Founders are trying to save face for employees and investors while knotted up with the anxiety of a tech crash that has sapped funding for startups. Startups like Fast and Airlift have folded in the bust. Layoffs are rampant. And in an otherwise turbulent year, founders are also reeling from a global war, mass shootings, and a lingering pandemic.”
“Bonus Watch ’23: Your Bonus Is Keeping Your Job” (Dealbreaker). “Even with the job market tightening a bit and a recession looming, some employers remain wary of cutting staff. Those employers do not boast Wall Street addresses…Those who still have jobs in February won’t be enjoying themselves, either, longing for the days when they thought their bonuses would only drop 17% this year, or even 35%.”
