Fwd: Rosh Hashanah halts a $47B giant

Hi, Today, Strider helps you find out if your intern is a spy and Wells Fargo joins the list of big banks giving crypto the ol' college try, but first a msg from our sponsor…   Listen to our podcast 🎧 Season 2 of my My 1st $1MM -- My First Million is LIVE. Listen here to learn how John Fiorentino raised $5m on Kickstarter to re-invent the blanket. Teaser: This one's heavy. Did a Jewish Holiday kill the WeWork IPO? WeWork's parent company, the We Company, has postponed its IPO -- which was expected next week -- until October or later. There are a number of reasons for the delay: After losing $1.37B in the first half of the year and coming under fire for shady corporate governance, the company has struggled to convince investors it's really worth its $47B private valuation. But the most immediate reason for WeWork's postponement is also perhaps the most interesting: Rosh Hashanah. Wait, what? That's right -- an inconveniently timed holiday can kill an IPO. As of last weekend, WeWork was set to begin its roadshow on Monday of this week. But minor internal disagreements prevented the company from starting its roadshow on Monday -- and by Tuesday it was too late. Why? Because if WeWork starts its roadshow now, it will conflict with Rosh Hashanah (which begins Sept. 29), and, as Axios' Dan Primack notes, "It's generally considered disrespectful to roadshow during the Jewish high holidays." Then, a week after Rosh Hashanah, it's Yom Kippur -- another IPO no-go. You see, a good IPO is all about the roadshow... And a good roadshow is all about timing.  In WeWork's case, the company chose to postpone its IPO rather than risk a botched roadshow.  Why is the roadshow so important? Because it's a company's biggest chance to advertise itself to investors before hitting the big leagues.  Roadshows are intense -- and often several weeks long, hence the Rosh Hashanah conflict. And they're extra important for embattled businesses like WeWork that still have something to prove to investors.  WeWork's wacky IPO may be a warning WeWork, which was once valued at $47B, has slipped to an estimated valuation of between $10B and $12B.  Earlier this year, the company secured a $6B credit line from big banks to keep the lights on. But a condition of that credit required WeWork to go public this year -- and raise at least $3B in the process.  Based on the company's most recent valuations, though, it wouldn't have raised the necessary $3B -- which could send WeWork spiraling even further downward.  So next time you take your multibillion-dollar company public, make sure to get your ducks in a row -- and check your calendar for Jewish holidays. Oy vey! #Mashugana!   SPONSORED My First Million Podcast by Today's episode of 1st $1MM  -- My First Million is brought to you by Hustle Con, our annual conference that's happening December 2-3, 2019 in Oakland, CA. Grab your tickets here. The best blanket invention since the Snuggie Having trouble sleeping? Feeling stressed out and anxious? Who isn't? John Fiorentino knows how you feel and it inspired him to build a $15m business. Tired of feeling sick and tired, Fiorentino set out to help his depression and along the way he met a sleep scientist that sparked the idea for his multi-million dollar brainchild, the Gravity Blanket. (Don't Laugh Snuggies Made $1MMs) Taking an unsexy product for a niche market, he turned it into a viral sensation, raising over $5m on Kickstarter and now boasts over $15m in sales.  Don't think John has trouble sleeping anymore.  Searching for a cure to what ails ya? Could be a million-dollar idea.  Click below to listen to our podcast, My First Million, and learn about John's journey for free. Strider wants global IP-thieves to know this town ain't big enough for the both of them Strider, a startup that offers a screening tool to help prevent foreign governments from planting intellectual property-stealing moles inside companies, has come out of its stealth mode, Axios reports.  The company plans to root out the spooks by keeping a database of human interactions with governments. But will the new tool really help stabilize trust among domestic and international businesses, or will it further separate them? Hungry, hungry hIPpos If you don't believe corporate spies are real, it's probably because you're a corporate spy. And the corporate spy life has been good because there have been few solutions to suss out individuals with malicious ties to foreign governments -- until now.  Many countries -- *ahem* China -- have been known to send double agents to apply for jobs at foreign companies and steal their IP for their own domestic firms to copy and sell. Sometimes they'll even go as far as forming company partnerships -- allegedly -- before swiping their trade secrets (Remember Huawei? T-Mobile sure does).  Strider's twin co-founders Eric and Greg Levesque (if those are their real names) have quietly provided similar screening technology to US intelligence agencies and large firms -- now they're just announcing their business publicly. And it feels pretty necessary... Strider believes its new tool enables companies to recruit from nations like China or Russia while minimizing the risk and worry in the current global IP war. "The reality is that we live in a day and age where companies operate globally," Eric Levesque told Axios. "We assess the risk of espionage, to allow them to do it safely." Sneaky sneaky The Hustle says... If you're a freebie fanatic, have we got the conference for you. Teachable Live 2019 is 3 days, has 20+ speakers, and (most importantly) is 100% free. Save your seat for September 24th-26th here. If your bra drawer is in need of a total refresh, check out LIVELY. This female-founded brand sells bras that look (and support) as amazing as they feel. Get one for $35, two for $60, or treat yourself and buy one of everything.* If you want to be more productive than an Amazon assembly line, you need to get on Skillshare. With classes dedicated specifically to ramp up your productivity, you can go from To-Do to To-Done.*  There's now a Peloton for your mind: BrainStation, the digital learning company. Their online classes in data, design, marketing, and more are led virtually by expert instructors and will help you level up for the job you've always wanted.* *This is a sponsored post. Wells Fargo makes it official: Big banks are getting in on cryptocurrency  Wells Fargo just announced it will launch a US dollar-linked stablecoin, making it the latest financial titan to get in on cryptocurrency.  Now, a cyberpunk concept has really gone corporate  Wells Fargo Digital Cash -- the very creative name for Old Man Fargo's tokenized dollars -- will launch next year. Wells Fargo's proprietary digital ledger tech (DLT) will allow users to move money internally across the firm's global network in "near real-time."  Wells Fargo isn't the only big bank digging the digidollar. JPMorgan launched JPM Coin earlier this year... and it's likely other banks will follow suit with tokens and networks of their own.  So… why go crypto? In its early days, the unregulated nature of cryptocurrency networks created concerns that it would enable tax evasion, money laundering, and other darknet activities (talk about naughty bits). But banks are discovering that blockchain-based technologies allow instantaneous payment transfers.  And in an increasingly global economy, this is especially attractive because businesses can move funds outside of normal operating hours while cutting the time and costs associated with such transactions and eliminating the need for middlemen. Once Bitcoined twice shy Ohh sheet: Casper aims to make your dreams a bit sweeter with CBD gummy bears Millennial-focused mattress startup Casper has partnered with hemp company Plus to release a line of CBD sleep gummies. It's the latest in Casper's series of sleep-centric offerings (including dog beds, bedside tables, and Glow lamps) aimed at helping the brand become the "Nike of Sleep."  Casper has been a leader among direct-to-consumer startups --  one of several brands to transform traditionally yawn-inducing staples (think: razors, meds, luggage and feminine products) into must-haves for millennials dreaming of attaining a certain branded lifestyle ideal.  The snooze market has potential since, well, everyone does it By offering science-backed slumber services in addition to its mattresses, Casper has secured new revenue streams while appealing to the rising value that sleep-deprived consumers place on holistic health and wellness.... also on weed.  However, emerging competitors such as Avocado and Lull are in hot pursuit. We'll see if entering the thriving CBD space helps Casper differentiate itself and turn a profit… In the meantime, if you need us we'll be poppin' gummies at The Dreamery. There's a nap for that SPONSORED Can you really call yourself a "bleeding-edge" company if you're still cutting paper checks?  Technically, yes.  But if you're actually more modern than the autopilot on a Tesla Model X, you should know there's a better way to pay bills and invoices.  Something that's seamless, free, and doesn't lead to paper cuts. Something like Divvy Bill Pay -- the newest way Divvy is saving you time and money.   DBP (not to be confused with DMB or DMT) is one of the many features that come standard with Divvy's powerful expense management platform. Because all your data is stored in Divvy already, you can handle the bills with no extra hassle. We like the sound of that.  TL;DR: It doesn't take skills to pay your bills. Just use Divvy Bill Pay. See ya later, paper Share The Hustle Refer coworkers, get free stuff Step 1: Peek our sweet, sweet rewards Step 2: Click "Share The Hustle" below Step 3: Share The Hustle. Step 4: Collect rewards, rinse & repeat. How did you like today's email? love it meh hate it Now Playing: Bad Man, (Sandy) Alex G. 0 Share the Hustle REFERRALS http://ambassadors.thehustle.co/?ref=7ebb1e045f YOUR UNIQUE URL Wes Schlagenhauf STAFF WRITER Conor Grant MANAGING EDITOR Bobby Durben AD WRITER Meg Furey-Marquess MEDIA STRATEGIST Brad "Ain't no spy" Wolverton HEAD OF CONTENT Ivan Offalitch VP of Dermatology SUBSCRIBE JOBS ADVERTISE EVENTS SHOP You opted in by signing up, attending an event, or through divine intervention. 251 KEARNY ST. STE 300, SAN FRANCISCO, CA 94108, UNITED STATES • 415.506.7210 ---------- Forwarded message --------- From: The Hustle <news@thehustle.co> Date: Wed, Sep 18, 2019 at 8:53 AM Subject: Rosh Hashanah halts a $47B giant To: <joaoa.desilva2018@gmail.com> Never want to hear from us again? Break our hearts and unsubscribe