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          <span class="preheader" style="color: transparent; display: none; height: 0; max-height: 0; max-width: 0; opacity: 0; overflow: hidden; mso-hide: all; visibility: hidden; width: 0;">
           PLUS: P&amp;G’s 22 billion-dollar brands. Brought to you by The Hustle together with M1 Finance.
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                  January 22, 2021
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                  TOGETHER WITH
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                   Programming note: we have a special “Small Business Saturday” email coming tomorrow with some major 🔑 for business building.
                  </p>
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                   Keep an eye out for that and have a great weekend!
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               The Big Idea
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                Fly birdy, fly!! (Source: Giphy)
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               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                Twitter’s plan to decentralize social media
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Twitter’s CEO Jack Dorsey is committed to decentralization. How do we know? Well, for one, his Twitter bio only says one thing -- #bitcoin.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Another thing: He started an initiative called Bluesky to create a decentralized web protocol for social networks.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                It would be like the decentralized Internet Message Access Protocol (
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 IMAP
                </a>
                ), which is used by different email providers (e.g., Yahoo, Gmail, Outlook) to let you send and receive emails.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 With a social network protocol in place...
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                ...other industry players can build their own customized version of Twitter and make their own moderation calls.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The decision by Twitter (and other tech players) to take
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 Donald Trump
                </a>
                offline firmly raised the question of who has the right to police speech.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Dorsey
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 says
                </a>
                that he did not “feel pride” in his decision to suspend the former president, but that it had to be done.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                A world in which Bluesky exists -- and Twitter is just one of many services operating on the protocol -- means that people like Dorsey have “less centralized responsibility in deciding” who has a voice on the internet,
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 <em>
                  TechCrunch
                 </em>
                </a>
                reports.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Bluesky was started in late-2019 and has been slow moving
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                It brought in 40-50 researchers from existing decentralized social networks (
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 ActivityPub
                </a>
                ,
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 Mastodon
                </a>
                ,
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 Planetary
                </a>
                ) and announced its first major update only
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 yesterday
                </a>
                -- an overview of decentralized web systems.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                According to
                <em>
                 TechCrunch,
                </em>
                a fully developed Bluesky could allow new social services to:
               </p>
               <ul style="font-size: 16px; line-height: 20px; margin: 0; padding-bottom: 10px; padding-left: 12px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 See, search, and interact with content across the protocol
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 Create applications with different interfaces and curation algorithms
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Twitter can make money from such a decentralized standard by offering access to moderation tools and its social graph, which are all the relationships between various users.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Without centralized moderation, hate speech can run wild
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                A change from the status quo is inevitable, though.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                It’s clear after Trump’s ban, anyone can instantly lose their bullhorn. Just on Wednesday, China’s US Embassy Twitter account was
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 locked
                </a>
                for comments regarding its Uighur population.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Leaders around the world -- like in
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 Turkey
                </a>
                , which just banned social media firms from advertising because they didn’t establish a local rep -- are as committed to freeing their speech from the control of a few US tech companies as Dorsey is to decentralization.
               </p>
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               Snippets
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                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Facebook’s independent oversight board
                 </strong>
                 just got its biggest
                 <a style="color: #d62829; text-decoration: none;" target="_blank">
                  case
                 </a>
                 : what to do with Trump’s banned account.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Patreon may IPO this year,
                 </strong>
                 according to
                 <a style="color: #d62829; text-decoration: none;" target="_blank">
                  <em>
                   The Information
                  </em>
                 </a>
                 . The service that allows fans to support artists is valued at $1.3B and recently crossed $100m in annualized revenue. (Check out our story on one of Patreon’s most-supported creators,
                 <a style="color: #d62829; text-decoration: none;" target="_blank">
                  <em>
                   All Gas No Brakes
                  </em>
                 </a>
                 ).
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Ace, the
                 </strong>
                 <em>
                  <strong>
                   localized marketing
                  </strong>
                 </em>
                 <strong>
                  place?
                 </strong>
                 Soci just raised $80m for its localized marketing platform that helps large chains manage local ads. It brought on Ace -- the hardware giant -- and more than 100 new customers in 2020.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Yellen memes are coming.
                 </strong>
                 Biden’s Treasury Secretary nominee Janet Yellen wants to curtail the use of cryptocurrencies. The former Fed Chair believes these
                 <a style="color: #d62829; text-decoration: none;" target="_blank">
                  assets
                 </a>
                 are primarily used for “illicit financing.”
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Jay-Z launches a $10m cannabis fund
                 </strong>
                 … to help minority-owned
                 <a style="color: #d62829; text-decoration: none;" target="_blank">
                  businesses
                 </a>
                 , which have mostly missed out on the booming weed industry.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Some cheap Raspberry Pi:
                 </strong>
                 The makers of the popular microcontroller
                 <a style="color: #d62829; text-decoration: none;" target="_blank">
                  launched
                 </a>
                 a new model with their own affordable RP2040 chip, meaning kids can now become computer engineers for just $4.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  A popular tech joke
                 </strong>
                 is that Andreessen Horowitz is a “media company that monetizes through VC.” Well, the venture firm -- which has a big podcast and publishing arm -- is now looking to add an
                 <a style="color: #d62829; text-decoration: none;" target="_blank">
                  opinion
                 </a>
                 section that will be “unapologetically” pro-tech.
                </li>
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               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                An MIT lab managed to grow wood. Wait until you see how.
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                To make a table, you typically need to grow a tree and chop it down -- among other things -- before you can sell it in a store.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                But researcher Luis Fernando Velásquez-García and his team at MIT have another
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 idea
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                :
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 ‘If you want a table, then you should just grow a table.’
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Recently, the researchers developed a way to grow wood-like fibers in a lab, without soil or sunlight.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The team’s method works by extracting cells from the zinnia plant and culturing them “in a liquid growth medium” to “metabolize and proliferate.”
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                We’re not gonna pretend we know what that means -- but it's supposedly similar to 3D printing. Only here, the plant cells “print” themselves into molds.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Growing indoors has major implications for forestry and agriculture
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                If the researchers find a way to
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 scale
                </a>
                production at the right price -- and they’re a long way off -- then the potential to save trees globally is endless.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Currently, an area where indoor planting does make sense is vertical farming, a budding industry that raised
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 $945m
                </a>
                in 2019 VC funding.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Vertical farms layer plants on massive shelves and use solar power, infrared cameras, and other sensors to adjust environmental conditions. These systems support 24/7 growth, generating
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 350x
                </a>
                the produce with &lt; 5% of the
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                 water
                </a>
                needed for outdoor farms.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Unfortunately, growing a table from scratch is still a ways away. But once it’s available, we’ll be the first in line.
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                 M1 Finance’s road to victory at the 2020 Investopedia Awards
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               Big Tech
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             <tr>
              <td style="padding: 0 0 6px;">
               <img alt="old school facial recognition" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ffacial_recognition.gif/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1l2vaR:hL9Mq5I1eJSOhcmliPYKJubOv9TxS3YdhBMai8oZbeA" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
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               <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 10px;">
                Facial recognition before tech (Source: Good Mythical Morning, YouTube)
               </p>
              </td>
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               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                The FTC’s punishment of a facial recognition app could be the future of AI regulation
               </h2>
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             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                When Google trains its search engine algorithms, it does so on
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 billions
                </a>
                of queries a day.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                If a facial recognition startup wants to train its algorithm, it needs… faces. One such company is called Paravision (formerly Everalbum), which created an app called Ever to let users upload and modify photos.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Paravision used these images to create a facial recognition product it then sold to law enforcement and the military, according to
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 <em>
                  One Zero
                 </em>
                </a>
                .
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 It turns out the company never had permission to do that…
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                … which constitutes “illegal deception,” according to a statement from the Federal Trade Commission (FTC).
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The FTC ultimately forced Paravision to delete its algorithm. Per the
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 statement
                </a>
                , this is a “course correction” from previous FTC decisions that allowed “data protection violators” to retain the value from ill-gotten data.
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               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 This ruling may set a precedent for Big Tech
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                With data undergirding basically every major AI-powered service we use -- from recommendation engines to driver routing to credit applications -- the surface area for abuse is huge.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <em>
                 One Zero
                </em>
                notes that Google was fined $170m in 2019 for deceptive data collection from children without parental consent. The search giant was forced to delete the data but kept the algorithms and insights.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The Paravision case -- and Biden’s appointment of Big Tech critic Rebecca Kelly Slaughter to head the
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 FTC
                </a>
                -- draws a clear (and new) red line.
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               <img alt="P&amp;G Brands" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252FPnG_Billion_Dollar_Brands.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1l2vaR:hL9Mq5I1eJSOhcmliPYKJubOv9TxS3YdhBMai8oZbeA" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
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               <p style="color: #5f696c; font-family: Helvetica, sans-serif; font-size: 12px; font-style: italic; line-height: 20px; margin: 0px; padding: 8px 5px 10px;">
                P&amp;G has 22 billion-dollar brands and 19 half-billion dollar brands (Source: P&amp;G)
               </p>
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               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                P&amp;G’s premium brands are selling well during the pandemic. Why?
               </h2>
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Valued at $320B+, the Cincinnati-based consumer goods giant boasts
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                 22
                </a>
                “billion-dollar brands” (annual sales $1B+) including Charmin, Crest, Bounty, Gillette, Pringles, and Pampers.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                These well-known household products typically sell for more than their counterparts.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 In past recessions, this higher price point has hurt sales…
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                … but spending on premium household products was up last year, the
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;" target="_blank">
                 <em>
                  Wall Street Journal
                 </em>
                </a>
                reports.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                P&amp;G benefited from this consumer shift, with Q4 2020 sales rising 8% YoY to $19.8B.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Why are consumers favoring premium products?
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Per
                <em>
                 WSJ,
                </em>
                one reason is the nature of the pandemic, pushing customers to prioritize cleaning products and hygiene.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                P&amp;G’s fabric and home-care vertical saw the strongest growth; brands under this category include Tide, Cascade, and -- literally the bald head created for this exact moment -- Mr. Clean.
               </p>
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                Want to learn to develop your assets in 2021?
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                What you probably
                <em>
                 shouldn’t
                </em>
                do is read /r/wallstreetbets (unless you’re prepared to lose tens of thousands of dollars on Tesla options).
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                What we think you
                <em>
                 should
                </em>
                do is check out
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 these affordable Stock Advisor picks
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                .
               </p>
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                At less than $49/share each, they’re an easy way to start building a
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 diverse portfolio
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                focused on growth.
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               <img alt="Jack Dorsey's Twitter" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Ftwitter.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1l2vaR:hL9Mq5I1eJSOhcmliPYKJubOv9TxS3YdhBMai8oZbeA" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
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              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 This is the first tweet ever…
                </strong>
                from Jack Dorsey, on March 21, 2006. The service -- originally called twttr (because the domain name “Twitter” was taken) -- was an internal messaging service used by employees of a podcast startup called Odeo.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                At the time, Dorsey was still an undergraduate student at NYU.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Dorsey has since said that Twitter was the perfect name since “the definition was ‘a short burst of inconsequential information,’ and ‘chirps from birds.’ And that's exactly what the product was.”
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Simpler times.
               </p>
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                 <a style="color: #d62829; text-decoration: none;" target="_blank">
                  If people stranded on deserted islands don’t clean up their ‘HELP’ signs before they leave rescuers would spend hours looking for someone who isn’t there
                 </a>
                 .
                </li>
                <li style="font-size: 16px; line-height: 20px; padding: 4px 0;">
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                  It’s unlikely that all the technology in Star Wars is standardized between planets, so cord compatibility must be a nightmare
                 </a>
                 .
                </li>
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                  Even though Uber drivers drive a car all day, they walk to work.
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                  Having a dead animal in your fridge is disturbing and disgusting. Having cut pieces of a dead animal is fine.
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                  It’s not your money, it’s just your turn to play with it
                 </a>
                 .
                </li>
               </ol>
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