#3 Edition of Daily Grind

In today’s newsletter:

• Meta’s Threads is in shambles: Threads usage down by 80%

• Zepto to a billion: Zepto becomes India’s first unicorn of 2023

• Affirm shares rocket 28%

• Check out Donald Trump’s mugshot and a ton more….

Threads down by 80%

Is anyone still using Threads? I don't think so. You're referring to Twitter (or 'X'), right? Yes, the exact replica. Threads, well, no one seems to be on it anymore. Usage has plummeted by 80%, and time spent on the app is down by 85%. However, let's not forget that Threads had the most successful launch of a social media platform ever. So, what happened?

Lets get into some numbers and facts here:

• Meta's Threads rapidly gained one million users in hours, surpassing ChatGPT's 5 days and Twitter's year-long efforts.

• Instagram's Threads achieved 100 million sign-ups in 5 days, setting a next-gen app record.

• Recent Similarweb report highlights user retention struggles for Threads.

• Similar Web analyzed July 7 and August 7 data for daily active users and average time spent.

• Threads' Android app had 49.3 million daily active users on July 7, dropping to 576k by August 7.

• Average time spent decreased from 21 minutes to 3 minutes.

• In comparison, X platform has 100 million daily active users on Android, spending 25 minutes.

Threads launched on July 5 in over 100 countries, available on iOS and Android with a web version in progress. Similarweb report acknowledges potential future success for Threads but notes the decline.

Zepto becomes India’s first unicorn of 2023

Zepto, a quick-commerce startup, raised $200 million at a valuation of $1.4 billion, ending India's 11-month unicorn drought.

The Series E round was led by the StepStone Group, a US asset management firm, and included Goodwater Capital and some existing investors. Zepto’s valuation jumped from $900 million in May 2022.

The funding is of particular importance because Zepto is the first unicorn, or startup valued at over $1 billion, to be minted in India this year. Molbio Diagnostics was the last to achieve unicorn status in September 2022.

Most of the capital from the previous round still sits in Zepto's bank but the startup has raised more money to build its balance sheet ahead of going public in the first half of 2025, co-founder Aadit Palicha has said.

At the height of the funding boom in 2021, the country added a unicorn almost every week. As many as 44 startups entered the unicorn club in 2021 and 23 were added last year. Since then, investors tightened their purse strings and have been cherry-picking the startups they’re backing.

SNIPPETS

• Affirm shares rocket 28% after better than expected results, and even tops apple. Here’s how the company did:

  1.Loss per share: 69 cents vs. 85 cents as expected by analysts, according to Refinitiv.

  2.Revenue: $446 million vs. $406 million as expected by analysts, according to Refinitiv.

• Roark Capital Buys Subway For $9.6 billion.

• WeWork is planning for bankruptcy. Once valued at $47 billion, WeWork is now worth nearly zero

• DeFi's total value is now down to $38 billion, its lowest level since the first quarter of 2021.

  People are choosing T-bills over DeFi as the former now offers 5.5% risk-free, more than double when compared to DeFi. Plus, there's no risk of smart contracts or exploits.

  But, it’s not over for DeFi just yet because T-bills will not always continue to offer such a high return. Plus, some crypto platforms are working to match the rate.

COOL SHIT

• The podcast of the day features Legendary Investor Bill Gurley, discussing Investing Rules, Insights from Jeff Bezos, Must-Read Books, and more on "The Tim Ferriss Show."

• More than one-third of desks globally sit empty all week long.

• Check out this Reddit: r/fatFIRE. In this subreddit, they discuss wealth, finance, and strategies for retiring early.

• A blog to figure out if entrepreneurship is right for you.

• Check Donald Trump’s mugshot out: