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The Hustle Daily Show
Will the Bay Area get a new city?
Aug 28, 2023
Investors plan to build a new city in the Bay Area to address housing shortage, actors find innovative ways to generate income during strikes, and the hosts discuss the evolving role of sales professionals. other topics include Heineken's struggles, Uber and Lyft's response to a bill, Pokemon Sleep's popularity, Rite Aid's bankruptcy preparedness, and the surge in new accounts for Cameo.
13:12
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Quick takeaways
- Instacart's IPO will set the stage for future deals in the gig economy industry.
- The idea of a new city near San Francisco raises concerns about the current housing shortage in California.
Deep dives
Instacart prepares for IPO amid tough market conditions
Instacart, the grocery delivery company, has filed paperwork for its IPO, becoming the largest VC-backed tech firm to go public since the 2021 IPO slowdown. However, the gig economy hasn't been a lucrative space for investors, with only Airbnb currently trading above its IPO price. Instacart's valuation has fluctuated significantly in recent years, dropping from a peak of $39 billion to around $12 billion. This IPO will be closely watched as it sets the stage for future deals in the industry.
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