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TOGETHER WITH
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Good morning. Today
marks one year since George Floyd was murdered by a police officer in
Minneapolis. On Capitol Hill, legislators have failed to deliver a
police reform bill that President Biden requested to be on his desk by
today.
The private
sector has moved slightly faster to address long-standing concerns over
racial injustice in Corporate America. Our headline story today looks at
the surge in hiring of diversity execs as companies try to improve
minority representation within their workforces.
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Nasdaq
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13,661.17
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S&P
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4,197.05
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Dow
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34,393.98
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Bitcoin
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$39,233.97
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10-Year
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1.603%
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Coinbase
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$225.30
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*Stock data as of market close, cryptocurrency data as of 5:00pm ET.
Here's what these numbers mean.
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Markets: Not that you should check your stock portfolio daily, but if you did yesterday you’d probably see a solid upward tick
thanks to a push from Big Tech. Heck, even crypto rebounded from a
brutal weekend and Coinbase was handed a “buy” rating from Goldman
Sachs.
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Covid-19: The seven-day average of new cases (25,300 on Sunday) has fallen 24% week over week, and nine states now have 70% of adults with at least one dose.
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Francis Scialabba
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In the 365
days since George Floyd’s murder, protests have turned a spotlight on
racial inequality in Corporate America. In response, businesses have
scrambled to hire leaders focused on diversity, equity, and inclusion
initiatives, adding to what was already a growing number of diversity
execs in the leadership Slack channel.
In the five
years leading up to September 2020, the number of people with the title
“head of diversity” rose 107%, “director of diversity” 75%, and “chief
diversity officer” 68%, according to LinkedIn.
Good luck holding on
Turnover
among top diversity execs is fairly high. Recruiters estimate that the
average chief diversity officer (CDO) tenure is about three years—less
than one might expect considering the median comp is $600k/year at
companies with $3+ billion in revenue.
While they
may be fielding more offers than their colleagues, CDOs regularly run
into walls at work, including unrealistic expectations and a lack of
resources and support from their company’s top brass, the WSJ reports.
“It requires
an emotional muscle unlike any role I’ve ever worked in,” Eli Lilly’s
top diversity exec Joy Fitzgerald told the WSJ. “You have to be
comfortable knowing that the norm is managing discomfort.”
CDOs have been busy
Diversity and inclusion hiring spiked
last June following global Black Lives Matter protests. And in the last
year, some of the bluest-chip names in biz have tied executive
compensation to diversity targets, including Chipotle, Starbucks,
McDonald’s, Nike, and Apple.
But hiring a CDO isn’t a quick fix. HR experts warn
that a successful diversity strategy needs to tie into business
results, rely on more than one leader, and focus on longer-term changes.
Zoom out: American
companies have been rethinking their responsibility to society for
several years, most notably in 2019 when the influential Business
Roundtable said profits and shareholders aren’t everything. For many
C-suites, George Floyd’s murder elevated diversity and inclusion to the top of the agenda.
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Giphy
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Huge news for younger New Yorkers: You’re going back to school—like back, back. Mayor Bill de Blasio announced
yesterday that the NYC public school system, the nation’s largest, will
fully reopen in September with no remote options. “You can’t have a
full recovery without full strength schools,” he said.
Why’s that? After the abysmal April jobs report, President Biden and some economists argued that greater childcare burdens placed on parents prevented them from getting back to work.
On the other hand, it
might not be a factor at all. Job loss among parents accounted for a
negligible share of total job loss from Q1 2020 to Q1 2021, according to
a recent study
from the Peterson Institute for International Economics. No study has
measured parents’ stress levels while working four feet from a teen with
algebra questions, but we are guessing it’s high.
Looking ahead…the
Pfizer-BioNTech vaccine has been authorized in the US for people as
young as 12, and while some administrators worry there won’t be enough
room for students to social distance, de Blasio expects CDC guidelines
around schools to loosen by the fall.
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Yesterday, Airbnb announced 100+ new features, including more flexibility for guests to search dates, destinations, and listings.
But many of the biggest upgrades were saved for hosts:
- Listing a new property was simplified from dozens of steps to 10.
- 2x the number of support agents
- Artificial intelligence
systems will recommend names, descriptions, and the best photos to use.
(Pro tip: Guests want to see the bed, not artsy shots of the credenza.)
Many of
these features will take a few months to implement, but Airbnb is
running short on time. And hosts. Although it has 5.4 million active
listings, that will not be enough for what CEO Brian Chesky describes as
a “once-in-a-century travel rebound.”
- In Q1, Airbnb reported 64+ million booked nights and experiences, up 13% annually.
- A quarter of trips were long-term stays (28 days or more).
Zoom out: Chesky
admitted that Airbnb hasn’t been doing enough to help hosts, many of
whom the company angered at the start of the pandemic when it allowed
guests to cancel bookings and receive a full refund.
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We might
have made the term up, but you’ve likely experienced Investment
Whiplash. It’s what happens when you’re trying to keep up with market
volatility on your investments. With new investing trends popping up on
the reg, it can be stressful to take on the risks.
But if you’re looking for something to help ease the pain of all that market volatility, Fundrise can help.
They make it easy to invest in private market real estate, an excellent alternative to the stock market. This asset class used to be the playground of the ultra-wealthy, but Fundrise was like, "Nah, we’re changing that.”
Now, with just a $500 minimum investment, you can access real estate’s historically strong, consistent, and reliable returns.
Stop letting yourself get Investment Whiplash. Start diversifying with Fundrise today.
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Getty Images
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Stat: San Francisco has a major shoplifting problem. Walgreens says that thefts at its locations in SF were 4x the chain’s national average; it’s had to close 17 stores in the area mainly because of the shoplifting epidemic.
Quote: “This was a case of state-sponsored hijacking, state-sponsored piracy.”
In an interview with Ireland’s Newstalk radio, Michael O’Leary, the CEO of Ryanair, blasted the Belarusian government
for forcing his company’s plane to land in Minsk so that a dissident
journalist could be arrested. The gambit was heavily criticized by
Western leaders, and yesterday European officials agreed to slap more sanctions on Belarus, including banning Belarusian airlines from accessing EU airports.
Watch: A history of the NRA and its outsized influence on national politics. (Vimeo)
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Wolf of Wall Street/Matty Merritt
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Your mom was right, no one calls anymore. Bank of America’s Merrill Lynch Wealth Management’s advisor training program is banning cold calls and pushing its 3k trainees to use internal referrals or LinkedIn DMs to attract potential clients, reports the WSJ.
If you’re
mourning the image of crowded rooms of salesmen in wide ties wooing rich
people into buying stocks, that environment has been gone for a while
thanks to the disappearance of landlines and the rise of spam calls.
Plus, Merrill’s been in and out of hot water over reports of calling people on the national do-not-call registry.
- Merrill executives said fewer than 2% of people even answer a cold call.
Zoom out: The
brokerage has made big changes to its hiring strategy in recent years,
moving away from recruiting established advisors from other firms and
favoring homegrown talent through its “Build-a-Broker” program.
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Startup formation during the pandemic was strongest in Black communities, a new study found.
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SoftBank CEO Masayoshi Son voiced concerns about Japan hosting the Olympics with less than 5% of its population vaccinated. The US State Department also issued a “do not travel” advisory for Japan yesterday.
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The Late Show with Stephen Colbert is returning to The Ed Sullivan Theater on June 14 to tape in front of a live, fully vaccinated studio audience.
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Peloton
is investing $400 million into its first US manufacturing facility in
Ohio, which is projected to churn out bikes and treads by 2023.
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The “Charlie bit my finger” YouTube video was sold as an NFT for more than $760,000, and it’s leaving the video platform sometime soon.
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You won’t want to take them off, but please do. Vuori’s Ponto Shorts are so buttery smooth, there’s no reason to remove them. Except, you know, to wash them after all the yoga and hiking. Get 20% off your first order here.*
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Tech Tip Tuesday: You can stream movies and watch courses all for free at Kanopy with either your library card or a university login.
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Brew mini: The secret is out—we’re going to bring you more puzzles more days of the week. Gear up for Saturday by solving this mini crossword.
*This is sponsored advertising content
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To celebrate National Wine Day, can you name the top 10 wine-exporting countries in 2019?
Raise the stakes: Play with your work team, and the person with the least amount of correct answers buys the first bottle at happy hour.
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Enjoying the Brew? Consider sharing it with a friend.
When you reach 3 referrals, you'll be invited to Monthly Exclusive Events with our co-founder Alex and the biggest names in business.
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- France: $11 billion (30.4% of total wine exports)
- Italy: $7.3 billion (20.3%)
- Spain: $3.1 billion (8.7%)
- Australia: $2.1 billion (5.8%)
- Chile: $1.9 billion (5.3%)
- United States: $1.4 billion (3.8%)
- New Zealand: $1.2 billion (3.4%)
- Germany: $1.2 billion (3.2%)
- Portugal: $919.7 million (2.5%)
- United Kingdom: $836.6 million (2.3%)
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| |  | | DOJ Seizes $90,000 From Capitol Riot Leftwing Activist Who Sold Footage to Media | | The Department of Justice has seized roughly $90,000 from leftist activist John Sullivan’s accounts. Sullivan filmed the [...] | | | | |
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| | | Hot Today | | Previously Undisclosed Intel Report Shows Wuhan Researchers Sought Hospital Care Nov. 2019 | | Read More | | | | | | The Brief Podcast: The Abusive Prosecution of President Trump | | Read More | | | | | | NY’s AG Letitia James’ behavior is an affront to justice. She is neither fair nor impartial | | Read More | | | |
Obama-Appointed Judge: Christian College Must Let Biological Men Shower With Women
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Nancy Pelosi is in big trouble after what this video footage showed her doing
One judge’s ruling left Kamala Harris grinning from ear to ear
[POLL] Do you think America is a racist country, cochise7787@gmail.com?
Alexandria Ocasio-Cortez revealed one ugly truth that could destroy her
One group of Republicans just did something terrible to the memory of Rush Limbaugh
Breaking News: Biden Tried to Stop Donald Trump from Exposing the Truth
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Politicians And Sponsors Are Shocked
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May 25
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| FEATURED BIOGRAPHY
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| Ian McKellen
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| FEATURED EVENT
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| 1787
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| U.S. Constitutional Convention opened in Philadelphia
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SEE ALL BIOS ON THIS DAY
| MORE EVENTS ON THIS DAY
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2011: The last episode of The Oprah Winfrey Show aired; the long-running TV program had helped make Winfrey
one of the richest and most influential women in the United States.
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Democrats Threaten Court Packing If Supreme Court Overturns Roe v. Wade
U.S. Corona Cases Lowest Seen In A Year
Judicial Watch Sues DC over Death of Ashli Babbitt in the Capitol on Jan. 6
WATCH: DeSantis gets EPIC standing ovation when answering question about Trump
May 25, 2021
NBA
Hems and Haws over LeBron's Special Treatment
Arab
Gets Kidney from Jew Stoned to Death During Hamas Attack
SPECIAL: Guess
Who Could Be Going Bankrupt Next
Arizona
Audit Success Fuels Push for New 2020 Reviews in 3 States
Texas
AG Claims Big Win in Suit over Biden’s Deportation Freeze
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TREANDING HEADLINES TODAY |
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Guess
Who Could Be Going Bankrupt Next
If you thought the store
closures and bankruptcies in 2020 were surprising… you haven’t seen anything
yet. Something much bigger is just around the corner. See it HERE.
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