The Upside Roundup – 5 Things I Like This Week, October 2
LeBron’s Big Purchase, A Borat Sequel, and Snapchat’s Voting Initiative
We’re now in the fourth quarter of what’s been a trying year, and the best thing about 2020 is that it’s almost over. The train wreck of the year could be accurately summed up through the abomination that was the presidential debate that took place on Tuesday. The ridiculously unorganized event caused organizers to consider much needed structural changes, but their proposal is already encountering resistance. And, if that wasn’t enough, President Trump and the first lady now have COVID-19 after he insisted that wearing masks wasn’t necessary. Quarantining in the stretch run of a presidential race isn’t ideal, but it’s to be expected given how this year has gone. If you’re looking for a comprehensive look at how the third quarter went, check out this recap.
1. California Considers Reparations
· California became the first state to formally consider a route to offering reparations for slavery earlier this week. Governor Gavin Newsom approved Bill AB 3121, which sets in motion a task force that will study the effects of structural racism and how descendants of slaves can be appropriately compensated. The nine members of the task force will look into ways to make reparations possible, and is going to have its first meeting with the Governor at some point before June 2021. They will have a year to come up with recommendations on how reparations would be administered, either through direct compensation or restitution. The United States has a history of providing reparations, settling with Native Americans and Japanese Americans through land grants and billions of dollars of direct aid. The Marshall Plan in 1948 compensated Jewish people for the systematic genocide they experienced during World War II. This leaves African Americans as the primary racial group that has failed to receive anything in return for the racial discrimination administered against them.
· Even while stationed in Orlando chasing his fourth championship, LeBron James is making moves in the city of angels. He closed on his third house in Los Angeles last weekend, paying $36.75 million for a mansion in Beverly Hills that was listed for $39 million. James’ other two houses in LA are both in Brentwood; he bought one for $21 million in 2017 and the other last year for $23 million. The house was built in the 1930’s with four bedrooms, seven bathrooms and a couple of guesthouses. The property sits on 2.5 acres and is 13,000 square feet, but there is speculation that James may tear the place down and build a larger estate. After getting put on the market at the end of April, James officially purchased the home in July. In case you were wondering, the address for the place is 9955 Beverly Grove Drive.
· More and more young people are finding that social media platforms offer a way to get registered to vote. Snapchat has been especially successful, helping over a million of its users register. Of those newly registered voters, it was reported 56% are first-time voters and 65% are between 18 and 24 years old. Users have been able to register to vote on Snapchat since 2018 when the app helped 450,000 users register for the mid-term elections of that year. However, the ultimate success of getting people to register only comes when they actually vote. For the mid-terms in 2018, only 57% actually ended up voting, and the company is working hard to ensure a better showing in the general election come November. They are making heavy investments to encourage voter registration with original election themed content and a PSA from President Obama.
4. Coinbase CEO Clamps Down on Political Activism
· Brian Armstrong, the CEO of the cryptocurrency exchange Coinbase, took a hard stand against the mounting social issues of the country. in a blog post he wrote on the company’s site earlier this week, he said Coinbase was going to focus solely on providing an open financial system to the world. Armstrong said he wants to create a company culture that distances itself from everything unrelated to its goals, including the growing political divide that is shaping the country. His motivation is clear: allowing the social conversation to permeate into Coinbase would be a distraction and cause a divisive work environment that could destroy value. Many companies have come out and voiced passionate support for social justice issues during the pandemic, but Coinbase will not be one of them. In fact, Armstrong doubled down on his controversial position by offering severance packages of up to six months to any employee that “doesn’t feel comfortable with this new direction.”
5. A Preview of the Borat Sequel
· Sacha Baron Cohen didn’t let the pandemic deter him from working on filming the sequel to his 2006 hit, Borat: Cultural Learnings of America for Make Benefit Glorious Nation of Kazakhstan. Rumors began to spread during the summer that Cohen was working on the project, and they were confirmed when he released the trailer for the sequel on Thursday. In light of everything that has happened in the US, there won’t be a shortage of material to dip into. Cohen managed to film the entire project in secret, which is an impressive feat, considering all the attention the original film brought to his character. Amazon has secured the rights titled Borat Subsequent Moviefilm and it will be released on October 23rd. The film’s premise is that Borat has moved to the United States from Kazakhstan and is working on a secret mission that involves an encounter with Vice President Mike Pence.