This is Nick. This is Jack. And this is the first TBOY in text form. Welcome to the party.

What this is: Our new 3x weekly newsletter giving you the full rundown on the biggest and best stories in pop-biz. You’ll hear from us every Monday, Wednesday, and Friday from here on out.

What this is not: One of the 900+ companies that have trademarks on the name “X,” including Meta, Microsoft, and a chainsaw company.

Was this newsletter forwarded to you? Subscribe here to get TBOY 3x/week every week.

1) Birkenstock’s Fairy-Tale IPO

Birkenstock, the shoe of choice for cork lovers, it girls, and art teachers alike, is reportedly set to IPO as early as September at an $8 billion valuation. That price tag would mean Birkenstock has doubled in value in the two years since private equity firm L Catterton (with an assist by luxury fashion conglomerate LVMH) bought a majority stake in the company.

It’s been a 249-year journey: This IPO would be a long time coming for the German company founded in 1774, which is older than *checks notes* electricity. The TL;DR →

• In 1896, the founder’s great-great-grandson invented the cork “footbed.”

• In the 1960s, California’s free spirits wanted an alternative to free their toes along with their minds, so Birks were exported to the U.S.

• By 2017, Birkenstock’s leather-upholstered beds made their way to Paris Fashion Week.

• More recently, the pandemic brought the rise of the “comfort economy,” and any Birk fanatic knows that the only thing comfier is going shoeless (maybe).

• And last week’s cameo in the Barbie movie? That sent “Birkenstock” searches up 346%.

The Takeaway →

Birkenstock is a Cinderella brand, literally. It’s the rare business case of going from downmarket to upmarket, from frugal to fashion. Cinderella went royal with a glass slipper, Birkenstock is doing it with cork.

2) The Next Big Thing: Space Binging

The newest streaming service isn’t coming from the stuffy boardroom of a mega-corporation that thinks a plus sign is all it takes. It’s coming from the most popular government agency with 95 million Instagram followers: NASA.

NASA is launching NASA+ (we’ll let that plus sign fly), an “ad-free, no cost, and family-friendly” streamer beaming out live coverage of future launches, documentaries, live-looks from the International Space Station, and original series all about the great unknown. Cue the Real Housewives of Pluto.

The Takeaway →

Before you win wallets and dimes, you must win hearts and minds. The space economy is getting crowded by startups offering space tourism and giants like Amazon and Virgin Galactic racing to plant their flag on Mars (FYI, the most valuable startup in the U.S.? SpaceX). To have a say, NASA will need to pay—and nothing wins us taxpayers over like a free 24/7 peek into space.

3) Big Oil’s Big Pivot

Big Oil companies announced earnings last week, and there’s very little fist bumping to go with the oil pumping today. So? It’s time to do the electric slide.

The why: Last year, high gas prices meant record profits for Big Oil. This year, oil prices tanked 25% and profits followed. Oh, and all those electric cars on your street don’t help—the Western world has soured on black gold. Case in point: General Motors hopes to sell only EVs by 2035.

So a pivot is in order: Big Oil is following the leader (you 👀) by quietly investing in EVs.

• ExxonMobil has started drilling for lithium, a key ingredient for EV batteries. It’s “an extension of the current capabilities we have,” according to Exxon’s CEO.

• The plan? Today: Make money when you buy gas. Tomorrow: Make money when you buy a battery.

The Takeaway →

Your industry isn’t your product, it’s your purpose. If Big Oil limited itself to its product (oil), it would go extinct as cars go electric. But Big Oil’s purpose is energy. The oil companies that survive will be the ones that broaden their identity from their product to their purpose.

Take us as an example. Are we a podcast company? Nah. We’re a news, information, and entertainment company. That’s why we launched a newsletter…today. 😉

🧑‍⚖️ Former President Donald Trump was charged with four counts in connection to efforts to overturn the 2020 election.

📉 Fitch lowered the U.S.’s long-term debt rating from AAA to AA+ due to “steady deterioration” in standards of governance and debt levels.

🤖 Meta is launching AI-powered chatbots with “personas.” One of the “characters” is Abe Lincoln, and another gives travel recommendations for surfers.

⚽ Adidas extended its partnership with Manchester United in a $1.2 billion, decade-long deal.

💸 Tupperware and Yellow are the latest meme stocks—apparently potential bankruptcy is good news.

🚗 Uber scored its first-ever operating profit thanks to ads. Ride volumes are back to pre-pandemic levels in the U.S. and Canada.

And one more thing. Instead of the name “X” for Twitter, we like the name “Vandelay Industries” (if ya know, ya know). What would you rename it? Reply with your idea. We’re keeping track.

—Nick & Jack