This is Nick. This is Jack. And a revolutionary software just launched: Crunch Cancellation — A.I. that will mute the sound of your Doritos chewing. Researchers at Pepsi have created a software that cancels the noise of chip crunching (heroes). The sound of Cool Ranch chomping during a Zoom presentation — gone. Might as well finish the bag…

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1) No One is Quitting

The Wall Street Journal just found the new normal across America — not quitting your job.

Rewind the clock: In 2020, the Great Resignation began — more people voluntarily left their jobs than at any other time in US history. By 2022, Quiet Quitting crept in and workers decided doing the bare minimum is easier than giving a two-week notice (#4PMsauna). That brings us to the latest office trend…

Not quitting your job. The “Quit Rate” is officially down by a third in the past year. In 2022, 3% of workers quit, and this year just 2% broke up with their boss. A 1% difference spread across the entire economy? That’s millions of workers — They would’ve quit in 2022 but didn’t in 2023. They’re thinking, “Ya know, this analyst training program is actually pretty good.”

The Takeaway →

Quiet Quitting has become Loud Lingering. Over the past couple of years, reality hit for some who quit. 

• You appreciated the paycheck & benefits you used to have. 

• Meanwhile unemployment is up to 3.9% from 3.4%, so you might be nervous about your job. 

• And we all remember those big tech layoffs of the Hoodie Recession last year. 

I can do anything career optimism has been replaced with I just want to keep my job. That’s why the pendulum of employment has swung from quitting to staying. Quiet Quitting has become Loud Lingering.

2) WeWork Declares WeBankrupt

WeWork has officially declared bankruptcy. The once $47B unicorn startup is worth $0 today. Less than zero actually…it owes more than it owns.

The jargon-y Monday night announcement: “WeWork Takes Strategic Action to Significantly Strengthen Balance Sheet and Further Streamline Real Estate Footprint.” Translation: Bankruptcy. The reason: WeWork has a pile of debt it can’t repay. 

The end? Not quite, bankruptcy can actually mean a new beginning (thanks, JG Wentworth). Here’s what comes next for WeWork: 

• 💺 Continue operations: 750 glassy office buildings remain open. Some may close eventually, but for now, kombucha is still on tap. 

• 💺 Who loses some $?  Landlords. Since WeWork leases spaces from landlords, those landlords can either evict WW or renegotiate the lease. 

• 💺 Who loses more $$? Lenders. To lease those sparkly office spaces, WeWork had to borrow billions of $$$. Lenders already forgave $3B, now they'll lose more. 

• 💺 Who loses the most $$$? Stockholders. In a bankruptcy, the shareholders (the equity) get paid last. And in this case, it’s likely zero. That’s why WeWork stock is close to $0 right now.

The Takeaway →

Adam Neumann injured WeWork, but the office market killed it. The flexible co-working space has always been a viable business model. (We both go to co-working spaces too 💁🏼💁🏻). But the horribly overpriced 10-20-year leases Neumann signed at the start hurt WeWork’s future. 4 years after Adam was replaced as CEO, the final straw was the rise of flexible work-from-home, which hit office space demand. Now the hot desk is down.

On the pod…

👗 Shein, the ultra-fast fashion app, reportedly wants to IPO at $90B in 2024 — That’d value Shein at more than 2 Lululemons, 3 Adidas, or 20 Gaps. To hear more about Shein’s “Real-Time Fashion Cycles,” listen to today’s pod.

Here’s what else you need to know today —

🇺🇸 Tuesday was election day: Ohio enshrined the right to abortion into the state constitution, Kentucky re-elected Democratic governor Andy Beshear, and Philadelphia elected its first female mayor. 

🦕 Tyson, America’s largest chicken producer, recalled 30K pounds of dino chicken nuggets. Check your nugs.

🎤 LiveNation just announced a record year — Next Year is expected to be huge too: Taylor Swift is going international, Coldplay, Metallica, Pink, Bruno Mars, Aerosmith, Foo Fighters, Ed Sheeran, and the Rolling Stones are all hitting the road. 

💸 Mint, the pioneer of budgeting apps, is getting shut down. Its owner (Intuit) wants you to use their other budgeting app instead.

🍿 Netflix will reward binge-watchers in their ad-tier version — Watch 3 episodes in 1 sitting, and get the 4th episode ad-free. Give us a real challenge. 

👟 Nike sues New Balance for patent infringement of "Flyknit" technology. This adds to the slew of competitors sued by Nike for the same thing (Adidas, Puma, Lululemon, and Skechers got sued too)

🍸 Espresso martini lovers: Kahlua just launched a perfume, “Blend No. 83.” (for $105)

YOUR QUESTION →

What are your hair care routines? 

OUR ANSWER →

Nick's routine: I go full-on mix-tape: Shampoo, then conditioner, then condition again (that's right twice). Then after the shower, I blob in some Aesop product. And if my big hair needs more support later in the day, one drop of conditioner does the trick (sans shower).

Jack’s routine: I shampoo/condition about every other day. If I have time, I let it air dry. If not, blow dry. Once mostly dry, I use waxxxx to give my hair texture. Part with a comb, and hold it in place with another waxy hair balm.

Do you have The Almost Best Question Yet? Submit yours here.

And one more thing. What sound should AI cancel out next?

—Nick & Jack