The podcast discusses Diamondback Energy's $26 billion deal to buy Endeavor Energy Resources, creating the largest explorer focused on the western hemisphere's busiest oil field. It also covers the private credit market, Pat McAfee as the NFL's brand ambassador, and GoFundMe hitting the milestone of raising $30B in donations.
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Quick takeaways
GoFundMe and its nonprofit fundraising platform, Classy, have collectively raised $30 billion in donations for various causes.
The success of GoFundMe is attributed to its ability to connect people with others who want to help and its focus on fundraising from people who know each other rather than relying on large crowds.
Deep dives
GoFundMe and Classy raise $30 billion in donations
GoFundMe and its nonprofit fundraising platform, Classy, have collectively raised $30 billion in donations for various causes. The platforms enable individuals and organizations to raise funds for a wide range of needs, from medical expenses to supporting small businesses. The success of GoFundMe is attributed to its ability to connect people with others who want to help and its focus on fundraising from people who know each other rather than relying on large crowds. The platform saw increased activity during the COVID-19 pandemic, with new categories of campaigns emerging to support businesses and employees affected by the lockdowns.
GoFundMe's primary use case
GoFundMe is primarily used by people to raise funds for a variety of needs and causes, including medical expenses, small business support, education-related expenses, and more. The platform provides an avenue for individuals to seek help from their friends, family, and community, allowing for a personalized and targeted approach to fundraising. While medical expenses and small businesses are important categories on GoFundMe, there is a wide range of causes that people seek assistance for, reflecting the platform's versatility and the diverse needs of its users.
GoFundMe's revenue model
GoFundMe primarily generates revenue through transaction fees and voluntary tips from donors. The transaction fee is set at 2.9% of each donation, and GoFundMe passes a significant portion of this fee to payment processors and banks that handle the funds. The platform also allows donors to choose to tip GoFundMe, which serves as a crucial source of revenue for the company. By keeping the transaction fee relatively low and providing an option for donors to support the platform, GoFundMe aims to maximize the amount of money that goes directly to the individual or cause being supported.
The impact of COVID-19 on GoFundMe
The COVID-19 pandemic led to a surge in activity on GoFundMe, with an increase in both the number and categories of campaigns. The platform witnessed a rise in fundraisers to support individuals and businesses affected by the pandemic, including helping with medical expenses, supporting furloughed employees, and aiding struggling small businesses. GoFundMe played a vital role in enabling people to receive support during a challenging time, and the diverse range of campaigns reflected the profound impact of the pandemic on communities and individuals.
Watch Carol and Tim LIVE every day on YouTube: http://bit.ly/3vTiACF. Bloomberg News US Oil Reporter Mitchell Ferman discusses Diamondback Energy agreeing to buy fellow Permian Basin driller Endeavor Energy Resources in a $26 billion deal that’ll create the largest explorer focused exclusively on the western hemisphere’s busiest oil field. Bill Cox, Global Head of Ratings at Kroll Bond Rating Agency, shares his thoughts on the private credit market. Bloomberg Businessweek Media & Entertainment Editor Felix Gillette provides the details of his Businessweek story Pat McAfee Is Exactly Who the NFL Wants as Brand Ambassador. GoFundMe CEO Tim Cadogan talks about hitting the milestone of raising $30B in donations. Hosts: Carol Massar and Tim Stenovec. Producer: Paul Brennan.