Email sent from Substack to a Registered user

Substack Registered user

Subscribed 3 years, 8 months ago
<html>
 <head>
  <title>
   Own a piece of Substack
  </title>
  <style>
   @media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
  .typography .markup table.image-wrapper img,
  .typography.editor .markup table.image-wrapper img,
  .typography .markup table.kindle-wrapper img,
  .typography.editor .markup table.kindle-wrapper img {
    max-width: 550px;
  }
}


@media screen and (max-width: 650px) {
  .typography .markup div.youtube-inner div.youtube-screen,
  .typography.editor .markup div.youtube-inner div.youtube-screen,
  .typography .markup div.vimeo-inner div.youtube-screen,
  .typography.editor .markup div.vimeo-inner div.youtube-screen {
    display: none !important;
  }
}


@media screen and (max-width: 370px) {
  .typography .markup div.tiktok-wrap,
  .typography.editor .markup div.tiktok-wrap {
    width: calc(95vw - 32px);
    height: calc((95vw - 32px - 2px) / 0.485714);
  }
}


@media screen and (max-width: 650px) {
  .typography .markup div.embedded-publication-wrap .embedded-publication.show-subscribe,
  .typography.editor .markup div.embedded-publication-wrap .embedded-publication.show-subscribe {
    padding: 24px;
  }
}


@media screen and (max-width: 650px) {
  .typography .markup div.subscription-widget-wrap .subscription-widget.show-subscribe,
  .typography.editor .markup div.subscription-widget-wrap .subscription-widget.show-subscribe,
  .typography .markup div.captioned-button-wrap .subscription-widget.show-subscribe,
  .typography.editor .markup div.captioned-button-wrap .subscription-widget.show-subscribe {
    padding: 24px;
  }
}


@media screen and (max-width: 650px) {
  .typography .markup div.subscription-widget-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.subscription-widget-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button,
  .typography .markup div.captioned-button-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button,
  .typography.editor .markup div.captioned-button-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}


@media (max-width: 650px) {
  .typography .markup .tweet,
  .typography.editor .markup .tweet {
    padding: 12px;
  }
}


@media (max-width: 650px) {
  .typography .markup .tweet .tweet-text,
  .typography.editor .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
  }
}


@media (max-width: 650px) {
  .typography .markup .tweet .tweet-photos-container.two,
  .typography.editor .markup .tweet .tweet-photos-container.two,
  .typography .markup .tweet .tweet-photos-container.three,
  .typography.editor .markup .tweet .tweet-photos-container.three,
  .typography .markup .tweet .tweet-photos-container.four,
  .typography.editor .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}


@media (max-width: 650px) {
  .typography .markup .tweet a.expanded-link .expanded-link-img,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}


@media (max-width: 650px) {
  .typography .markup .tweet a.expanded-link .expanded-link-description,
  .typography.editor .markup .tweet a.expanded-link .expanded-link-description {
    display: none;
  }
}


@media screen and (max-width: 650px) {
  .typography .markup .apple-podcast-container,
  .typography.editor .markup .apple-podcast-container {
    width: unset;
  }
}


@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed img.install-substack-app-embed-img,
  .typography.editor .markup .install-substack-app-embed img.install-substack-app-embed-img {
    margin: 0 auto 16px auto;
  }
}


@media screen and (min-width: 420px) and (max-width: 600px) {
  .typography .markup .install-substack-app-embed .install-substack-app-embed-text,
  .typography.editor .markup .install-substack-app-embed .install-substack-app-embed-text {
    max-width: calc(100% - 100px);
    width: initial;
  }
}


@media (max-width: 420px) {
  .typography .markup .install-substack-app-embed .install-substack-app-embed-text,
  .typography.editor .markup .install-substack-app-embed .install-substack-app-embed-text {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}


@media (max-width: 600px) {
  .typography .markup .install-substack-app-embed .install-substack-app-embed-link,
  .typography.editor .markup .install-substack-app-embed .install-substack-app-embed-link {
    margin-top: 16px;
    width: 100%;
  }
}


@media screen and (min-width: 481px) {
  .share-button-container {
    height: 38px;
  }
}


@media screen and (min-width: 481px) {
  .share-button-container a.comment {
    height: 38px;
    line-height: 38px;
    padding-right: 10px;
  }
}


@media screen and (max-width: 480px) {
  .share-button-container .separator {
    display: block;
    margin: 0;
    height: 8px;
    border-left: none;
  }
}


@media screen and (max-width: 480px) {
  .share-button-container a.share.first img {
    padding-left: 0;
  }
}


@media screen and (min-width: 481px) {
  .share-button-container a.mobile {
    display: none !important;
  }
}


@media screen and (max-width: 650px) {
  .social-media-share-preview__description {
    -webkit-line-clamp: 2;
  }
}


@media screen and (max-width: 1000px) {
  .congrats-box {
    flex-direction: column;
  }
  .congrats-box .congrats-box-right {
    margin-left: 38px;
    margin-top: 16px;
  }
}


@media screen and (max-width: 500px) {
  .congrats-box {
    display: none;
  }
}


@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-container {
    padding: 36px;
    height: 680px;
  }
}


@media screen and (min-width: 541px) {
  .settings-add-pub-modal-wrapper .container .add-recommending-pub-modal-container .footer {
    position: absolute;
    bottom: 36px;
    margin: 0px;
  }
}


@media screen and (max-width: 840px) {
  .header-with-anchor-widget .header-anchor-widget,
  .header-anchor-container .header-anchor-widget {
    display: none;
  }
}


@media screen and (min-width: 768px) {
  .post {
    padding: 32px 0 0 0;
  }
}


@media screen and (max-width: 650px) {
  .post .post-header .post-label {
    margin-top: 8px;
  }
}


@media screen and (max-width: 650px) {
  .post .post-header .meta-author-wrap.alternative-meta .meta-right-column .post-meta {
    margin-top: 6px;
  }
}


@media screen and (max-width: 650px) {
  .post .footer-facepile-container {
    height: 64px;
    padding: 0 16px;
    display: flex;
    align-items: center;
    justify-content: flex-start;
    width: 100%;
  }
}


@media screen and (max-width: 650px) {
  .post .post-footer.use-separators {
    justify-content: center;
    margin: 0 -16px;
    padding: 0;
    gap: 0;
  }
}


@media screen and (max-width: 650px) {
  .post .post-footer.next-prev {
    height: 64px;
    justify-content: space-between;
    box-sizing: border-box;
  }
}


@media screen and (max-width: 650px) {
  .post-contributor-footer .post-contributor-bio-table {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-table-row {
    display: flex;
    flex-direction: row;
  }
  .post-contributor-footer .post-contributor-bio-userhead-cell,
  .post-contributor-footer .post-contributor-bio-body-cell {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-body-cell {
    flex-grow: 1;
  }
  .post-contributor-footer .post-contributor-bio-body-table {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-body-table-row {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-copy-cell,
  .post-contributor-footer .post-contributor-bio-controls-cell {
    display: block;
  }
  .post-contributor-footer .post-contributor-bio-copy-cell {
    margin: 0 0 16px 0;
  }
  .post-contributor-footer .post-contributor-bio-controls-cell {
    width: auto;
  }
  .post-contributor-footer .post-contributor-bio-controls {
    margin: auto;
  }
  .post-contributor-footer .post-contributor-bio-controls .button.primary {
    width: 100%;
  }
  .post-contributor-footer .post-contributor-bio-text {
    font-size: 14px;
  }
}


@media screen and (min-width: 768px) {
  .post-silhouette {
    padding: 16px 0;
  }
}


@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-title {
    margin-top: 10.44225025px;
    height: 120px;
  }
}


@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta {
    width: 75%;
  }
}


@media screen and (max-width: 650px) {
  .post-silhouette .post-silhouette-meta.with-byline-image {
    margin: 20px 0;
  }
}


@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    padding-right: 16px;
  }
}


@media screen and (max-width: 370px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item,
  .post-meta.alternative-meta .post-meta-item {
    font-size: 14px;
  }
}


@media screen and (max-width: 650px) {
  .use-theme-bg .post-meta.alternative-meta .post-meta-item.guest-author-publication,
  .post-meta.alternative-meta .post-meta-item.guest-author-publication {
    display: none;
  }
}


@media screen and (max-width: 370px) {
  .post-meta .post-meta-item .post-meta-button {
    height: 36px !important;
  }
  .post-meta .post-meta-item .post-meta-button .meta-button-label {
    display: none;
  }
  .post-meta .post-meta-item .post-meta-button > svg {
    margin-right: 0;
  }
}


@media screen and (max-width: 370px) {
  .post-meta .post-meta-item {
    font-size: 12px;
  }
}


@media screen and (max-width: 650px) {
  .post-preview > .post-preview-content .post-preview-meta {
    margin-top: 12px 0;
  }
}


@media screen and (max-width: 650px) {
  .post-preview > .post-preview-image {
    display: none;
  }
}


@media screen and (max-width: 650px) {
  .post-preview-silhouette .post-preview-silhouette-image {
    display: none;
  }
}


@media screen and (max-width: 650px) {
  .post .floating-subscribe-button {
    bottom: 20px;
    right: 20px;
  }
}


@media all and (-ms-high-contrast: none), (-ms-high-contrast: active) {
  body .markup table.image-wrapper img,
  body .markup table.kindle-wrapper img {
    max-width: 550px;
  }
}


@media screen and (max-width: 650px) {
  body .markup div.youtube-inner div.youtube-screen,
  body .markup div.vimeo-inner div.youtube-screen {
    display: none !important;
  }
}


@media screen and (max-width: 370px) {
  body .markup div.tiktok-wrap {
    width: calc(95vw - 32px);
    height: calc((95vw - 32px - 2px) / 0.485714);
  }
}


@media screen and (max-width: 650px) {
  body .markup div.embedded-publication-wrap .embedded-publication.show-subscribe {
    padding: 24px;
  }
}


@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subscribe,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscribe {
    padding: 24px;
  }
}


@media screen and (max-width: 650px) {
  body .markup div.subscription-widget-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button,
  body .markup div.captioned-button-wrap .subscription-widget.show-subscribe .subscription-widget-subscribe .button {
    padding: 10px 12px;
    min-width: 110px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet {
    padding: 12px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet .tweet-text {
    font-size: 14px;
    line-height: 20px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet .tweet-photos-container.two,
  body .markup .tweet .tweet-photos-container.three,
  body .markup .tweet .tweet-photos-container.four {
    height: 200px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-img {
    max-height: 180px;
  }
}


@media (max-width: 650px) {
  body .markup .tweet a.expanded-link .expanded-link-description {
    display: none;
  }
}


@media screen and (max-width: 650px) {
  body .markup .apple-podcast-container {
    width: unset;
  }
}


@media (max-width: 420px) {
  body .markup .install-substack-app-embed img.install-substack-app-embed-img {
    margin: 0 auto 16px auto;
  }
}


@media screen and (min-width: 420px) and (max-width: 600px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-text {
    max-width: calc(100% - 100px);
    width: initial;
  }
}


@media (max-width: 420px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-text {
    margin: 0 0 12px 0;
    max-width: 100%;
    width: auto;
    text-align: center;
  }
}


@media (max-width: 600px) {
  body .markup .install-substack-app-embed .install-substack-app-embed-link {
    margin-top: 16px;
    width: 100%;
  }
}


@media screen and (min-width: 500px) {
  body .header a.logo {
    width: 42px;
    height: 42px;
    border-radius: 8px;
  }
}


@media screen and (max-width: 420px) {
  body .subscription-receipt table:first-of-type .subscription-amount .subscription-discount {
    width: 72px !important;
  }
}


@media screen and (min-width: 481px) {
  body .share-button-container {
    height: auto;
  }
}


@media screen and (max-width: 480px) {
  body .share-button-container .separator {
    display: block !important;
    margin: 0 !important;
    height: 8px !important;
    border-left: none !important;
  }
}


@media screen and (max-width: 650px) {
  .digest .item .post-meta-item.audience {
    display: none;
  }
}


@media screen and (min-width: 500px) {
  .digest-publication .logo img {
    width: 42px;
    height: 42px;
    border-radius: 4px;
  }
}


@media screen and (max-width: 650px) {
  .comments-page .container .comment-list .collapsed-reply {
    margin-left: 17px;
  }
}


@media screen and (max-width: 650px) {
  .comment > .comment-list {
    padding-left: 25px;
  }
}


@media screen and (max-width: 650px) {
  .finish-magic-login-modal .modal-content .container {
    padding: 24px 0;
  }
}


@media (max-width: 650px) {
  .reader2-text-b3 {
    line-height: 22px;
  }
}


@media screen and (max-width: 650px) {
  .reader2-text-h4 {
    line-height: 22px;
  }
}


@media screen and (min-width: 541px) {
  .user-profile-modal {
    padding-left: 12px;
    padding-right: 12px;
  }
}


@media screen and (max-width: 650px) {
  .subscribe-widget form.form .sideBySideWrap button.rightButton {
    padding: 10px 12px;
  }
}


@media screen and (min-width: 541px) {
  .pub-icon:hover .logo-hover,
  .feed-item-icon:hover .logo-hover {
    display: block;
  }
}


@media screen and (max-width: 650px) {
  .post-ufi.single-full-width-button .post-ufi-button-wrapper {
    width: 100%;
    padding: 0 16px;
  }
  .post-ufi.single-full-width-button .post-ufi-button-wrapper:empty {
    display: none;
  }
  .post-ufi.single-full-width-button .post-ufi-button {
    width: 100%;
    margin: 16px 0;
    justify-content: center;
  }
}


@media screen and (max-width: 768px) {
  .file-embed-wrapper {
    padding: 0;
  }
}


@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor {
    padding: 0;
  }
}


@media screen and (max-width: 768px) {
  .file-embed-wrapper-editor:active {
    padding: 0;
  }
}


@media only screen and (max-width: 650px) {
  .file-embed-button.wide,
  .file-embed-error-button.wide {
    display: none;
  }
}


@media only screen and (min-width: 630px) {
  .file-embed-button.narrow,
  .file-embed-error-button.narrow {
    display: none;
  }
}


@media screen and (min-width: 541px) {
  .audio-player-wrapper .audio-player {
    min-width: 500px;
  }
}


@media screen and (max-width: 650px) {
  .audio-player-wrapper .audio-player .audio-player-progress {
    border-left-width: 16px;
    border-right-width: 16px;
  }
}


@media screen and (max-width: 650px) {
  .audio-player-wrapper .audio-player .audio-player-progress .audio-player-progress-bar .audio-player-progress-bar-popup {
    top: -54px;
  }
}


@media screen and (max-width: 650px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-progress {
    border-left-width: 16px;
    border-right-width: 16px;
  }
}


@media screen and (max-width: 650px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-progress .audio-player-progress-bar .audio-player-progress-bar-popup {
    top: -54px;
  }
}


@media (min-width: 250px) {
  .audio-player-wrapper-fancy .audio-player {
    padding: 32px;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: flex;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:last-of-type {
    display: block;
  }
}


@media (min-width: 300px) {
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type {
    display: block;
  }
}


@media (min-width: 350px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-title {
    margin-top: 16px;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container {
    padding-top: 15%;
    width: 15%;
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type {
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .audio-player-substack-logo {
    display: block;
  }
}


@media (min-width: 350px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container {
    padding-top: 25%;
    width: 25%;
    display: block;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group {
    display: flex;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button:first-of-type {
    display: block;
  }
}


@media (min-width: 400px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container {
    padding-top: 40%;
    width: 40%;
  }
}


@media (max-width: 400px) {
  .audio-player-wrapper-fancy .audio-player .btn-group {
    margin-top: 12px;
  }
  .audio-player-wrapper-fancy .audio-player .btn-group .button {
    font-size: 13px;
    padding: 6px 12px;
    height: auto;
    margin-top: 10px;
  }
}


@media (min-width: 600px) {
  .audio-player-wrapper-fancy .audio-player .audio-player-hero-image-container {
    padding-top: 55%;
    width: 55%;
  }
}


@media (max-width: 650px) {
  .poll-editor-modal {
    min-width: calc(100% - 20px);
  }
}


@media (max-width: 750px) {
  .poll-embed .poll-anchor-target .poll-anchor-copy-button {
    left: 8px;
    top: 45px;
  }
}


@media screen and (min-width: 541px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .modal-content > .container {
    width: 552px;
    padding: 26px 24px;
  }
}


@media screen and (max-width: 650px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-table .modal-row .modal-content > .container {
    padding: 40px 0;
  }
}


@media screen and (max-width: 650px) {
  .poll-embed .poll-wrapper.poll-web .poll-dialog .modal-row .modal-cell .modal-exit-btn {
    margin-right: -20px;
  }
}
  </style>
 </head>
 <body class="email-body" style="font-kerning: auto;">
  <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fmailgun.substack.com%252Fapi%252Fv1%252Femail%252Fopen%253Ftoken%253DeyJtIjoiPDIwMjMwMzI4MTUwMTM5LjMuMDk3ZDRiYjk4YmExOGQ0MkBtZy1kMS5zdWJzdGFjay5jb20-IiwidSI6MTU2NTY1OTMsInIiOiJhM2VjOTJiZUB1aWZlZWQuY29tIiwiZCI6Im1nLWQxLnN1YnN0YWNrLmNvbSIsInAiOjEwOTgzMjY3NywidCI6Im5ld3NsZXR0ZXIiLCJhIjoiZXZlcnlvbmUiLCJzIjoxLCJjIjoicG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoidG9wIiwiaWF0IjoxNjgwMDE2MDEyLCJleHAiOjE2ODI2MDgwMTIsImlzcyI6InB1Yi0wIiwic3ViIjoiZW8ifQ.Q84sAIt0_iCG4NK3_qUwixW9mDC_y-KwuvUi7XLOU3c/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtYWlsZ3VuLnN1YiJ9:1phAug:UT_-kDZDrt75o_jjPfnu9mfPiLagu4YWDXHR_p4c6XQ" style="height:1px !important;width:1px !important;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;" width="1"/>
  <div class="preview" style="display:none;font-size:1px;color:#333333;line-height:1px;max-height:0px;max-width:0px;opacity:0;overflow:hidden;">
   Help build a new economic engine for culture  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌
  </div>
  <table border="0" cellpadding="0" cellspacing="0" class="email-body-container" role="presentation" width="100%">
   <tr>
    <td>
    </td>
    <td class="content" width="550">
    </td>
    <td>
    </td>
   </tr>
   <tr>
    <td>
    </td>
    <td align="left" class="content" width="550">
     <div style="font-size: 16px; line-height: 26px; margin: 0 auto; max-width: 550px; overflow-wrap: break-word; width: 100%;">
      <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
       <tr>
        <td align="right" style="height: 20px;">
         <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
          <tr>
           <td style="vertical-align: middle;">
            <span class="tw-font-body tw-text-ssm tw-text-substack-secondary" style="color: #808080 !important; font-family: SF Pro Text, -apple-system, BlinkMacSystemFont, Inter, Segoe UI, Roboto, Helvetica, Arial, sans-serif, Apple Color Emoji, Segoe UI Emoji, Segoe UI Symbol !important; font-size: 13px !important;">
             <a class="tw-text-substack-secondary tw-underline" style="-webkit-text-decoration-line: underline !important; color: #808080 !important; text-decoration-line: underline !important;">
              Open in app
             </a>
             or
             <a class="tw-text-substack-secondary tw-underline" style="-webkit-text-decoration-line: underline !important; color: #808080 !important; text-decoration-line: underline !important;">
              online
             </a>
            </span>
           </td>
          </tr>
         </table>
        </td>
       </tr>
      </table>
      <div class="post typography" dir="auto" style="font-size: 16px; line-height: 26px; padding: 16px 0 0 0;">
       <div class="post-header" style="font-size: 16px; line-height: 26px;">
        <h1 class="post-title published" style="-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; font-family: Lora,sans-serif; font-size: 32px; font-weight: 600; line-height: 36px; margin: 0;">
         <a style="color: #404040; text-decoration: none;">
          Own a piece of Substack
         </a>
        </h1>
        <h3 class="subtitle" style="-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #808080; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 18px; font-weight: normal; line-height: 24px; margin: 4px 0 0; margin-top: 12px;">
         Help build a new economic engine for culture
        </h3>
        <table border="0" cellpadding="0" cellspacing="0" class="post-meta" role="presentation" style="align-items: center; height: 20px; margin: 1em 0;" width="100%">
         <tr>
          <td>
           <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
            <tr>
             <td>
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
               <tr>
                <td style="vertical-align: middle;">
                 <div class="frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-module__size-12--2onFT frontend-pencraft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-sF frontend-pencraft-Text-module__meta--3RRSj custom-css-email-post-author" style="color: #404040; font-family: 'SF Compact Text','SF Pro Text',-apple-system,BlinkMacSystemFont,'Inter','Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset; text-transform: uppercase;">
                  <a class="frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-module__size-12--2onFT frontend-pencraft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-sF frontend-pencraft-Text-module__meta--3RRSj" style="color: #404040; font-family: 'SF Compact Text','SF Pro Text',-apple-system,BlinkMacSystemFont,'Inter','Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: none; text-transform: uppercase;">
                   Jairaj Sethi
                  </a>
                  ,
                  <a class="frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-module__size-12--2onFT frontend-pencraft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-sF frontend-pencraft-Text-module__meta--3RRSj" style="color: #404040; font-family: 'SF Compact Text','SF Pro Text',-apple-system,BlinkMacSystemFont,'Inter','Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: none; text-transform: uppercase;">
                   Chris Best
                  </a>
                  , and
                  <a class="frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-module__size-12--2onFT frontend-pencraft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-primary--2I-sF frontend-pencraft-Text-module__meta--3RRSj" style="color: #404040; font-family: 'SF Compact Text','SF Pro Text',-apple-system,BlinkMacSystemFont,'Inter','Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: none; text-transform: uppercase;">
                   Hamish McKenzie
                  </a>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
            <tr>
             <td>
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
               <tr>
                <td style="vertical-align: middle;">
                 <div class="frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-module__size-12--2onFT frontend-pencraft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-module__weight-medium--aTbx5 frontend-pencraft-Text-module__font-meta--2i-cR frontend-pencraft-Text-module__color-secondary--XjVGl frontend-pencraft-Text-module__meta--3RRSj" style="color: #808080; font-family: 'SF Compact Text','SF Pro Text',-apple-system,BlinkMacSystemFont,'Inter','Segoe UI',Roboto,Helvetica,Arial,sans-serif,'Apple Color Emoji','Segoe UI Emoji','Segoe UI Symbol'; font-size: 12px; font-weight: 500; letter-spacing: .2px; line-height: 20px; margin: 0; text-decoration: unset; text-transform: uppercase;">
                  <time datetime="2023-03-28T15:05:50.523Z">
                   Mar 28
                  </time>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </table>
          </td>
          <td align="right">
           <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
            <tr>
             <td style="vertical-align: middle;">
              <a>
               <img class="custom-css-email-avatar frontend-email-system-basics-module__avatar--1sRIo" height="32" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Ff_auto%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack-post-media.s3.amazonaws.com%252Fpublic%252Fimages%252F87119f6d-1d06-4102-a690-42b3fd49ea25_1461x2046.jpeg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; border-radius: 500000px; box-sizing: border-box; height: 32px; max-width: 550px; min-height: 32px; min-width: 32px; object-fit: cover; vertical-align: middle; width: 32px;" width="32"/>
              </a>
             </td>
             <td style="min-width: 4px" width="4">
             </td>
             <td style="vertical-align: middle;">
              <a>
               <img class="custom-css-email-avatar frontend-email-system-basics-module__avatar--1sRIo" height="32" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Ff_auto%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%252Fpublic%252Fimages%252F00a00f9d-bc29-4dd6-b7c7-f557639c1eea_2602x2612.jpeg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; border-radius: 500000px; box-sizing: border-box; height: 32px; max-width: 550px; min-height: 32px; min-width: 32px; object-fit: cover; vertical-align: middle; width: 32px;" width="32"/>
              </a>
             </td>
             <td style="min-width: 4px" width="4">
             </td>
             <td style="vertical-align: middle;">
              <a>
               <img class="custom-css-email-avatar frontend-email-system-basics-module__avatar--1sRIo" height="32" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Ff_auto%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fbucketeer-e05bbc84-baa3-437e-9518-adb32be77984.s3.amazonaws.com%252Fpublic%252Fimages%252F4b374f38-9648-4fcc-835f-84465804db34_5184x2912.jpeg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; border-radius: 500000px; box-sizing: border-box; height: 32px; max-width: 550px; min-height: 32px; min-width: 32px; object-fit: cover; vertical-align: middle; width: 32px;" width="32"/>
              </a>
             </td>
            </tr>
           </table>
          </td>
         </tr>
        </table>
        <table border="0" cellpadding="0" cellspacing="0" class="email-ufi-2-top" role="presentation" style="border-bottom: 1px solid #e0e0e0; border-top: 1px solid #e0e0e0; min-width: 100%;" width="100%">
         <tr height="16">
          <td height="16" style="font-size: 0px; line-height: 0;">
          </td>
         </tr>
         <tr>
          <td>
           <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
            <tr>
             <td>
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
               <tr>
                <td style="vertical-align: middle;">
                 <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="38">
                  <tr>
                   <td align="center">
                    <a class="email-icon-button" style="border: 1px solid #e0e0e0; border-radius: 100000px; box-sizing: border-box; color: #808080; display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 1; min-width: 38px; padding: 9px 0; text-decoration: none; text-transform: uppercase; width: 38px;">
                     <img alt="" class="icon" height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_36%252Cc_scale%252Cf_png%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack.com%252Ficon%252FLucideHeart%253Fv%253D4%2526height%253D36%2526fill%253Dnone%2526stroke%253D%252523808080%2526strokeWidth%253D2/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; max-width: 18px; vertical-align: middle;" width="18"/>
                    </a>
                   </td>
                  </tr>
                 </table>
                </td>
                <td style="min-width: 8px" width="8">
                </td>
                <td style="vertical-align: middle;">
                 <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="38">
                  <tr>
                   <td align="center">
                    <a class="email-icon-button" style="border: 1px solid #e0e0e0; border-radius: 100000px; box-sizing: border-box; color: #808080; display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 1; min-width: 38px; padding: 9px 0; text-decoration: none; text-transform: uppercase; width: 38px;">
                     <img alt="" class="icon" height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_36%252Cc_scale%252Cf_png%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack.com%252Ficon%252FLucideComments%253Fv%253D4%2526height%253D36%2526fill%253Dnone%2526stroke%253D%252523808080%2526strokeWidth%253D2/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; max-width: 18px; vertical-align: middle;" width="18"/>
                    </a>
                   </td>
                  </tr>
                 </table>
                </td>
                <td style="min-width: 8px" width="8">
                </td>
                <td style="vertical-align: middle;">
                 <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="38">
                  <tr>
                   <td align="center">
                    <a class="email-icon-button" style="border: 1px solid #e0e0e0; border-radius: 100000px; box-sizing: border-box; color: #808080; display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 1; min-width: 38px; padding: 9px 0; text-decoration: none; text-transform: uppercase; width: 38px;">
                     <img alt="" class="icon" height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_36%252Cc_scale%252Cf_png%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack.com%252Ficon%252FLucideShare%253Fv%253D4%2526height%253D36%2526fill%253Dnone%2526stroke%253D%252523808080%2526strokeWidth%253D2/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; max-width: 18px; vertical-align: middle;" width="18"/>
                    </a>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
             <td align="right">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
               <tr>
                <td style="vertical-align: middle;">
                 <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
                  <tr>
                   <td align="center">
                    <a class="email-button-outline" style="border: 1px solid #e0e0e0; border-radius: 100000px; color: #808080; display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; padding: 9px 14px; text-decoration: none; text-transform: uppercase;">
                     <div class="email-button-spacer" style="display: inline-block; font-size: 16px; line-height: 26px; max-width: 0; min-height: 18px; vertical-align: middle;">
                     </div>
                     <span class="email-button-text" style="vertical-align: middle;">
                      Save
                     </span>
                    </a>
                   </td>
                  </tr>
                 </table>
                </td>
                <td style="min-width: 8px" width="8">
                </td>
                <td style="vertical-align: middle;">
                 <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
                  <tr>
                   <td align="center">
                    <a class="email-button-outline" style="border: 1px solid #e0e0e0; border-radius: 100000px; color: #808080; display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; padding: 9px 14px; text-decoration: none; text-transform: uppercase;">
                     <div class="email-button-spacer" style="display: inline-block; font-size: 16px; line-height: 26px; max-width: 0; min-height: 18px; vertical-align: middle;">
                     </div>
                     <span class="email-button-text" style="vertical-align: middle;">
                      ▷  Listen
                     </span>
                    </a>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </table>
          </td>
         </tr>
         <tr height="16">
          <td height="16" style="font-size: 0px; line-height: 0;">
          </td>
         </tr>
        </table>
       </div>
      </div>
      <div class="post typography" dir="auto" style="font-size: 16px; line-height: 26px; padding: 16px 0 0 0;">
       <div class="body markup" dir="auto" style="font-family: Lora,sans-serif; font-size: 16px; font-weight: 400; line-height: 26px; margin-bottom: 16px; text-align: initial; width: 100%; word-break: break-word;">
        <div class="captioned-image-container-static" style="font-size: 16px; line-height: 26px; margin: 32px auto; margin-top: 0;">
         <figure style="margin: 0 auto; width: 100%;">
          <table border="0" cellpadding="0" cellspacing="0" class="image-wrapper" style="mso-padding-alt: 1em 0 1.6em;" width="100%">
           <tbody>
            <tr>
             <td style="text-align: center;">
             </td>
             <td align="left" class="content" style="text-align: center;" width="1456">
              <a class="image-link" rel="" style="align-items: center; border: none; display: block; flex-direction: column; height: auto; margin: 0; margin-bottom: 0; margin-top: 0; padding: 0; position: relative; text-decoration: none; width: auto;" target="_blank">
               <img alt="" class="wide-image" data-attrs='{"src":"https://substack-post-media.s3.amazonaws.com/public/images/713e34e9-48a2-4535-8079-429a266aa3f4_1920x1080.png","fullscreen":null,"imageSize":null,"height":819,"width":1456,"resizeWidth":null,"bytes":933615,"alt":null,"title":null,"type":"image/png","href":null,"belowTheFold":false,"internalRedirect":"https://on.substack.com/i/109832677?img=https%3A%2F%2Fsubstack-post-media.s3.amazonaws.com%2Fpublic%2Fimages%2F713e34e9-48a2-4535-8079-429a266aa3f4_1920x1080.png"}' height="309.375" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_2912%252Cc_limit%252Cf_auto%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack-post-media.s3.amazonaws.com%252Fpublic%252Fimages%252F713e34e9-48a2-4535-8079-429a266aa3f4_1920x1080.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="-ms-interpolation-mode: bicubic; border: none !important; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; width: auto !important;" width="550"/>
              </a>
             </td>
             <td style="text-align: center;">
             </td>
            </tr>
           </tbody>
          </table>
         </figure>
        </div>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         Today we’re starting a process that will let writers invest in Substack and own a piece of the company.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         <span>
          You can find the full details of this community round, which will also be open to non-writers if there is room, and make an investment via
         </span>
         <a rel="" style="color: #404040; text-decoration: underline;">
          our page at Wefunder
         </a>
         <span>
          . We will accept investments from $100 up.
         </span>
        </p>
        <p class="button-wrapper" data-attrs='{"url":"https://wefunder.com/substack","text":"Invest in Substack","action":null,"class":null}' style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-align: center;">
         <a class="button primary" rel="" style="background-color: #FF7731; border: none; border-radius: 4px; box-sizing: border-box; color: #ffffff !important; cursor: pointer; display: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; line-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; text-align: center; text-decoration: none !important; white-space: nowrap;">
          <span style="color: #ffffff; text-decoration: none;">
           Invest in Substack
          </span>
         </a>
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         When we raised our last round of funding, in March 2021, we explored how we might make it possible for a large group of writers to invest alongside the traditional investors, but it ultimately proved too complex. Most importantly, it was difficult to include people who were not already accredited investors—a qualification determined largely by wealth. But the idea never left our minds.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         <span>
          We are serious about building Substack
         </span>
         <em>
          with
         </em>
         <span>
          writers, and this community round is one way to concretize that ideal. We’re doing this because the dynamics of a platform like Substack change if the people who are building their businesses on it are owners of it too. And we’re doing it because it not only provides something good for our company but also presents an opportunity for the people who use Substack to participate in the benefits that come from building this network—including the financial upside.
         </span>
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         In recent years, doing a community round like this one has become more viable, in part because of a 2021 regulatory change that increased the limit for how much money could be raised in such a round, and in part because nascent companies like Wefunder make the process simple.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         <span>
          We want to make it clear, however, that just because you
         </span>
         <em>
          can
         </em>
         <span>
          invest in Substack, it doesn’t mean you should. Investments are risky. There’s no guarantee you’ll make your money back, even if you’re investing in well-known companies and well-established industries. The risks are much greater when it comes to investing in startups, which have a habit of dying, pivoting, or simply not making enough money. Startups are high-risk, high-reward all the way through: for founders, employees, their family members, and for investors large and small.
         </span>
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         Substack is a startup on an extremely ambitious mission, and success is far from guaranteed. You should not invest any funds in this community round unless you can afford to lose your entire investment.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         However, for those who are interested in joining in this mission and perhaps owning a piece of it, we want to share how we think about Substack’s future.
        </p>
        <h4 class="header-with-anchor-widget" style="-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">
         <strong>
          Building a new economic engine for culture
         </strong>
        </h4>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         The past couple decades of the internet have created a media system in which writing has been economically devalued and advertisers have been served above all others. These dynamics have led to an attention economy that coarsens public discourse, reduces trust, and strips readers of agency and writers of financial dignity. But while this internet-driven revolution has created a crisis for the media system, it has also brought opportunity.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         <span>
          We believe that the internet’s powers, married to the right business model, can be harnessed to create a much better media economy that gives more control to writers and readers, protects free speech and a free press, and promotes the creation of amazing works that wouldn’t have been possible in other systems. This is the work we have been doing at Substack in our effort to build
         </span>
         <a rel="" style="color: #404040; text-decoration: underline;">
          a new economic engine for culture
         </a>
         <span>
          .
         </span>
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         To realize this mission, we have to do much more than build good software. We have to build a new kind of network: one that unlocks the scale and democratizing power of the internet but is based on principles that give control to writers and readers. In such a network, the whole is greater than the sum of the parts. Each new person who joins Substack makes the network more valuable for everyone else.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         <span>
          Today, more than 40% of all subscriptions and 15% of paid subscriptions on the platform come directly from the Substack network. This is happening because there are tens of millions of people active on Substack every week who understand what it means to subscribe to a writer, and they are open to discovering new voices and work. Industry observers have called Susbtack’s network effect an “
         </span>
         <a rel="" style="color: #404040; text-decoration: underline;">
          unfair advantage
         </a>
         <span>
          .”
         </span>
        </p>
        <h4 class="header-with-anchor-widget" style="-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">
         <strong>
          Networks win on the internet
         </strong>
        </h4>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         When it comes to media platforms on the internet, there tend to be winner-takes-all effects. In its heyday, everyone was on Facebook because everyone was on Facebook. MySpace couldn’t compete. YouTube has become the dominant platform for user-generated video because it doesn’t make much sense to publish video anywhere else—the other platforms can’t match its reach. Instagram wasn’t the only photo-sharing app around in 2010, but it’s the only one that grew to a billion users. As the network scales, so do the platform’s capabilities, opportunities, and impact. And the larger the networks get, the greater their advantage grows.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         Substack is a new type of network. We have been called a media company, a newsletter platform, and a social network, but none of those really fit.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         <span>
          Substack is a
         </span>
         <em>
          <strong>
           subscription network
          </strong>
         </em>
         <span>
          . We think subscription networks will play a major role in the internet’s next chapter. They represent a step forward from social networks.
         </span>
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         While social networks are associated with advertising and attention, subscription networks are about direct payments and trust. While social networks facilitate shallow connections, subscription networks foster deep relationships. While social networks are about lock-in and platform ownership, subscription networks are about freedom to move and creator ownership.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         In the space of five years, we have built a network around writing and podcasting that now encompasses more than 35 million active subscriptions, including 2 million paid subscriptions (keep in mind that most Substacks don’t have paid subscriptions activated). As Substack grows to accommodate more writers, podcasters, videomakers, musicians, scientists, and culture makers of all kinds, we see a path to hundreds of millions of subscriptions and a significant cultural impact.
        </p>
        <h4 class="header-with-anchor-widget" style="-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 1.125em; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; position: relative;">
         <strong>
          Join the ride
         </strong>
        </h4>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         So, should you invest in Substack?
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         Remember, you shouldn’t just because you can. If you don’t have money to spare or you’re uncomfortable with risk, don’t spend your money on this.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         Similarly, if you’re thinking of investing just because you might get a solid return, then you can probably find less-risky bets.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         If, however, you share our belief that Substack can grow its financial impact with its cultural impact, and you want to be a part of what we are building, then it might be worth a shot. We are at the dawn of the era of the subscription network. We’re all going to be figuring this out together. The work will be ambitious and exciting, and it will be meaningful. We’d love to have you join us in building this new economic engine for culture.
        </p>
        <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0;">
         Thank you, as ever, for helping make Substack what it is today. We look forward to working with you to make something amazing for tomorrow.
        </p>
        <p class="button-wrapper" data-attrs='{"url":"https://wefunder.com/substack","text":"Invest in Substack","action":null,"class":null}' style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; text-align: center;">
         <a class="button primary" rel="" style="background-color: #FF7731; border: none; border-radius: 4px; box-sizing: border-box; color: #ffffff !important; cursor: pointer; display: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; line-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; text-align: center; text-decoration: none !important; white-space: nowrap;">
          <span style="color: #ffffff; text-decoration: none;">
           Invest in Substack
          </span>
         </a>
        </p>
        <div class="captioned-image-container-static" style="font-size: 16px; line-height: 26px; margin: 32px auto;">
         <figure style="margin: 0 auto; width: 100%;">
          <table border="0" cellpadding="0" cellspacing="0" class="image-wrapper" style="mso-padding-alt: 1em 0 1.6em;" width="100%">
           <tbody>
            <tr>
             <td style="text-align: center;">
             </td>
             <td align="left" class="content" style="text-align: center;" width="1200">
              <a class="image-link" rel="" style="align-items: center; border: none; display: block; flex-direction: column; height: auto; margin: 0; padding: 0; position: relative; text-decoration: none; width: auto;" target="_blank">
               <img alt="" class="wide-image" data-attrs='{"src":"https://substack-post-media.s3.amazonaws.com/public/images/a3af1988-4148-48a0-9b93-0073a617ca64_1200x105.png","fullscreen":null,"imageSize":null,"height":105,"width":1200,"resizeWidth":null,"bytes":null,"alt":null,"title":null,"type":null,"href":null,"belowTheFold":true,"internalRedirect":null}' height="48.125" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_2400%252Cc_limit%252Cf_auto%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack-post-media.s3.amazonaws.com%252Fpublic%252Fimages%252Fa3af1988-4148-48a0-9b93-0073a617ca64_1200x105.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="-ms-interpolation-mode: bicubic; border: none !important; display: block; height: auto; margin: 0 auto; margin-bottom: 0; max-width: 100% !important; vertical-align: middle; width: auto !important;" width="550"/>
              </a>
             </td>
             <td style="text-align: center;">
             </td>
            </tr>
           </tbody>
          </table>
         </figure>
        </div>
        <h6 style="-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0;">
         MANDATORY BOILERPLATE FOR REGULATORY COMPLIANCE FOLLOWS:
        </h6>
        <h6 style="-moz-osx-font-smoothing: subpixel-antialiased; -webkit-font-smoothing: subpixel-antialiased; color: #404040; font-family: 'SF Compact Display', -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-weight: bold; line-height: 1.16em; margin: 1em 0 0.625em 0; margin-bottom: 0;">
         <em>
          We are “testing the waters” to gauge investor interest in an offering under Regulation Crowdfunding. No money or other consideration is being solicited. If sent, it will not be accepted. No offer to buy securities will be accepted. No part of the purchase price will be received until a Form C is filed and only through Wefunder’s platform. Any indication of interest involves no obligation or commitment of any kind.
         </em>
        </h6>
       </div>
      </div>
      <div class="container-border" style="border-top: 1px solid #e0e0e0; box-sizing: border-box; font-size: 16px; line-height: 26px; margin: 32px 0 0; width: 100%;">
      </div>
      <div class="typography" style="font-size: 16px; line-height: 26px;">
       <div class="postscript" style="font-size: 16px; line-height: 26px; margin: 32px 0;">
        <div class="body markup" dir="auto" style="font-size: 16px; line-height: 26px; margin-bottom: 16px; text-align: initial; width: 100%; word-break: break-word;">
         <p style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-top: 0;">
          <em>
           Thanks for subscribing to
          </em>
          <a rel="" style="color: #404040; text-decoration: underline;">
           On Substack
          </a>
          <em>
           . This post is public, so feel free to share it.
          </em>
         </p>
         <p class="button-wrapper" data-attrs='{"url":"https://substack.com/app-link/post?publication_id=1&amp;post_id=109832677&amp;utm_source=substack&amp;utm_medium=email&amp;utm_content=share&amp;action=share&amp;triggerShare=true&amp;isFreemail=true&amp;token=eyJ1c2VyX2lkIjoxNTY1NjU5MywicG9zdF9pZCI6MTA5ODMyNjc3LCJpYXQiOjE2ODAwMTYwMTIsImV4cCI6MTY4MjYwODAxMiwiaXNzIjoicHViLTEiLCJzdWIiOiJwb3N0LXJlYWN0aW9uIn0.1ORGJyY04F67I_wfRUDn6_2a6WP8OkKX7vpWuqnDZbA","text":"Share","action":null,"class":null}' style="color: #404040; font-size: 16px; line-height: 26px; margin: 0 0 20px 0; margin-bottom: 0; text-align: center;">
          <a class="button primary" rel="" style="background-color: #FF7731; border: none; border-radius: 4px; box-sizing: border-box; color: #ffffff !important; cursor: pointer; display: inline-block; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 600; height: auto; line-height: 20px; margin: 0; opacity: 1; outline: none; padding: 12px 20px; text-align: center; text-decoration: none !important; white-space: nowrap;">
           <span style="color: #ffffff; text-decoration: none;">
            Share
           </span>
          </a>
         </p>
        </div>
       </div>
      </div>
      <table border="0" cellpadding="0" cellspacing="0" class="email-ufi-2-bottom" role="presentation" style="border-bottom: 1px solid #e0e0e0; border-top: 1px solid #e0e0e0; min-width: 100%;" width="100%">
       <tr height="16">
        <td height="16" style="font-size: 0px; line-height: 0;">
        </td>
       </tr>
       <tr>
        <td>
         <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
          <tr>
           <td>
            <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="margin: 0 auto;" width="auto">
             <tr>
              <td style="vertical-align: middle;">
               <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
                <tr>
                 <td align="center">
                  <a class="email-button-outline" style="border: 1px solid #e0e0e0; border-radius: 100000px; color: #808080; display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; padding: 9px 14px; text-decoration: none; text-transform: uppercase;">
                   <img alt="" class="icon" height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_36%252Cc_scale%252Cf_png%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack.com%252Ficon%252FLucideHeart%253Fv%253D4%2526height%253D36%2526fill%253Dnone%2526stroke%253D%252523808080%2526strokeWidth%253D2/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; margin-right: 8px; max-width: 18px; min-height: 18px; min-width: 18px; vertical-align: middle;" width="18"/>
                   <span class="email-button-text" style="vertical-align: middle;">
                    Like
                   </span>
                  </a>
                 </td>
                </tr>
               </table>
              </td>
              <td style="min-width: 8px" width="8">
              </td>
              <td style="vertical-align: middle;">
               <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
                <tr>
                 <td align="center">
                  <a class="email-button-outline" style="border: 1px solid #e0e0e0; border-radius: 100000px; color: #808080; display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; padding: 9px 14px; text-decoration: none; text-transform: uppercase;">
                   <img alt="" class="icon" height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_36%252Cc_scale%252Cf_png%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack.com%252Ficon%252FLucideComments%253Fv%253D4%2526height%253D36%2526fill%253Dnone%2526stroke%253D%252523808080%2526strokeWidth%253D2/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; margin-right: 8px; max-width: 18px; min-height: 18px; min-width: 18px; vertical-align: middle;" width="18"/>
                   <span class="email-button-text" style="vertical-align: middle;">
                    Comment
                   </span>
                  </a>
                 </td>
                </tr>
               </table>
              </td>
              <td style="min-width: 8px" width="8">
              </td>
              <td style="vertical-align: middle;">
               <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
                <tr>
                 <td align="center">
                  <a class="email-button-outline" style="border: 1px solid #e0e0e0; border-radius: 100000px; color: #808080; display: inline-block; font-family: 'SF Pro Text', -apple-system, ui-sans-serif, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; font-weight: 500; line-height: 12px; padding: 9px 14px; text-decoration: none; text-transform: uppercase;">
                   <img alt="" class="icon" height="18" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_36%252Cc_scale%252Cf_png%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack.com%252Ficon%252FLucideShare%253Fv%253D4%2526height%253D36%2526fill%253Dnone%2526stroke%253D%252523808080%2526strokeWidth%253D2/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; margin-right: 8px; max-width: 18px; min-height: 18px; min-width: 18px; vertical-align: middle;" width="18"/>
                   <span class="email-button-text" style="vertical-align: middle;">
                    Share
                   </span>
                  </a>
                 </td>
                </tr>
               </table>
              </td>
             </tr>
            </table>
           </td>
           <td align="right">
            <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="auto">
             <tr>
             </tr>
            </table>
           </td>
          </tr>
         </table>
        </td>
       </tr>
       <tr height="16">
        <td height="16" style="font-size: 0px; line-height: 0;">
        </td>
       </tr>
      </table>
      <div class="footer frontend-email-shared-typed-module__footer--WmMp1" style="color: #808080; font-size: 16px; line-height: 26px; padding: 24px 0; text-align: center;">
       <div class="frontend-email-shared-typed-module__footerSection--9vwqp" style="font-size: 16px; line-height: 26px; padding: 0 24px;">
        <div class="frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-module__size-16--yeezN frontend-pencraft-Text-module__line-height-20--1soeQ frontend-pencraft-Text-module__weight-bold--VnIZR frontend-pencraft-Text-module__font-display--v0e_A frontend-pencraft-Text-module__color-primary--2I-sF" style="color: #404040; font-family: 'SF Pro Display', -apple-system-headline, -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 16px; font-weight: 700; letter-spacing: -.31px; line-height: 20px; margin: 0; margin-bottom: 4px; text-decoration: unset;">
         Join On Substack in the app
        </div>
        <div class="frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-module__size-14--1PYz8 frontend-pencraft-Text-module__weight-normal--mEmBf frontend-pencraft-Text-module__font-text--hJYwu frontend-pencraft-Text-module__color-secondary--XjVGl frontend-pencraft-Text-module__body4--flxpT" style="color: #808080; font-family: -apple-system, -system-ui, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 14px; font-weight: 400; letter-spacing: -.15px; line-height: 20px; margin: 0; margin-bottom: 16px; text-decoration: unset;">
         Chat with the community, interact with Jairaj Sethi, Chris Best, and Hamish McKenzie, and never miss a post.
        </div>
        <div style="font-size: 16px; line-height: 26px;">
         <a class="email-footer-button" style="border-radius: 8px; display: inline-block; margin: 0 4px; overflow: hidden; text-decoration: none;">
          <img alt="Get the iOS app" height="40" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_246%252Cc_limit%252Cf_auto%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack.com%252Fimg%252Fapp_page%252Fapp-store.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; max-width: 550px; vertical-align: middle;" width="123"/>
         </a>
         <a class="email-footer-button" style="border-radius: 8px; display: inline-block; margin: 0 4px; overflow: hidden; text-decoration: none;">
          <img alt="Get the Android app" height="40" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_270%252Cc_limit%252Cf_auto%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack.com%252Fimg%252Fapp_page%252Fgoogle-play.png%253Fv%253D1/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" style="border: none !important; max-width: 550px; vertical-align: middle;" width="135"/>
         </a>
        </div>
       </div>
       <div class="frontend-email-shared-typed-module__divider--1oKOZ" style="border-top: 1px solid #e0e0e0; font-size: 16px; line-height: 26px; margin: 24px 0;">
       </div>
       <div style="font-size: 16px; line-height: 26px; padding-bottom: 24px;">
        <p class="frontend-pencraft-Text-module__reset--20JLV frontend-pencraft-Text-module__size-12--2onFT frontend-pencraft-Text-module__color-secondary--XjVGl small frontend-email-shared-typed-module__meta--AAyPr" style="color: #808080; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; letter-spacing: 0; line-height: 16px; margin: 0; padding-bottom: 0; text-decoration: unset;">
         © 2023
         <span>
          Substack
         </span>
         <br/>
         548 Market Street PMB 72296, San Francisco, CA 94104
         <br/>
         <a style="color: #808080; text-decoration: underline;">
          <span style="color: #808080; text-decoration: underline;">
           Unsubscribe
          </span>
         </a>
        </p>
       </div>
       <p class="frontend-email-shared-typed-module__footerSection--9vwqp small powered-by-substack" style="color: #808080; font-family: -apple-system, BlinkMacSystemFont, 'Segoe UI', Roboto, Helvetica, Arial, sans-serif, 'Apple Color Emoji', 'Segoe UI Emoji', 'Segoe UI Symbol'; font-size: 12px; line-height: 20px; margin: 0; margin-top: 0; padding: 0 24px; padding-bottom: 0;">
        <a style="color: #808080; display: inline-block; margin: 0 4px; text-decoration: none;">
         <img alt="Start writing" height="40" src="https://inboxflows.com/_/image/https%253A%252F%252Fsubstackcdn.com%252Fimage%252Ffetch%252Fw_270%252Cc_limit%252Cf_auto%252Cq_auto%253Agood%252Cfl_progressive%253Asteep%252Fhttps%253A%252F%252Fsubstack.com%252Fimg%252Femail%252Fpublish-button%25402x.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdWJzdGFja2NkbiJ9:1phAug:4OU7DWcKSzjq1o1l4Lidjngwe8zmwCR3oHt4ChHqsFk" srcset="https://substackcdn.com/image/fetch/w_135,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button.png, https://substackcdn.com/image/fetch/w_270,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%402x.png 2x, https://substackcdn.com/image/fetch/w_405,c_limit,f_auto,q_auto:good,fl_progressive:steep/https%3A%2F%2Fsubstack.com%2Fimg%2Femail%2Fpublish-button%403x.png 3x" style="border: none !important; max-width: 550px; vertical-align: middle;" width="135"/>
        </a>
       </p>
      </div>
     </div>
    </td>
    <td>
    </td>
   </tr>
  </table>
  <img alt="" border="0" height="1" src="https://inboxflows.com/_/image/https%253A%252F%252Fmailgun.substack.com%252Fapi%252Fv1%252Femail%252Fopen%253Ftoken%253DeyJtIjoiPDIwMjMwMzI4MTUwMTM5LjMuMDk3ZDRiYjk4YmExOGQ0MkBtZy1kMS5zdWJzdGFjay5jb20-IiwidSI6MTU2NTY1OTMsInIiOiJhM2VjOTJiZUB1aWZlZWQuY29tIiwiZCI6Im1nLWQxLnN1YnN0YWNrLmNvbSIsInAiOjEwOTgzMjY3NywidCI6Im5ld3NsZXR0ZXIiLCJhIjoiZXZlcnlvbmUiLCJzIjoxLCJjIjoicG9zdCIsImYiOnRydWUsInBvc2l0aW9uIjoiYm90dG9tIiwiaWF0IjoxNjgwMDE2MDEyLCJleHAiOjE2ODI2MDgwMTIsImlzcyI6InB1Yi0wIiwic3ViIjoiZW8ifQ.sNR9ORZX89YHfAicVYLoVrXiJ9umzBL5W6EZJW-g9PM/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtYWlsZ3VuLnN1YiJ9:1phAug:UT_-kDZDrt75o_jjPfnu9mfPiLagu4YWDXHR_p4c6XQ" style="height:1px !important;width:1px !important;border-width:0 !important;margin-top:0 !important;margin-bottom:0 !important;margin-right:0 !important;margin-left:0 !important;padding-top:0 !important;padding-bottom:0 !important;padding-right:0 !important;padding-left:0 !important;" width="1"/>
  <img alt="" height="1px" src="https://inboxflows.com/_/image/https%253A%252F%252Femail.mg-d1.substack.com%252Fo%252FeJxFUEtuxCAMPU3ZNTKQMLDgLMiAZ4qawIhAq9y-JFlU3j3b7xew0avUw77L3hhtmFb3okx14NFhs1xpAK6AC8U5i1YaDzoolnb3rHQ92FY7sXf3awrYUskuRcvZl41aUiQhDSiPAHGRywzLjOg9Ko6KnaIOe0yUA1n6oXqUTCyUbaPcTpr75OQDo6VQjwdLVoCQIIXmC3BpJjmBecTZe6M9ch1n8THD9vqMfNq73xuG72lQsmpRUjDC09j39CSKFz6cu1Oy59QORxn9SvEO1e5e-k71MrGoMUbertrxJpvpd1-pNapsiMUyCsm2ZEb_zS1_VzZ17A/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZlbWFpbC5tZy1kMSJ9:1phAug:1HaNkgLOZIWB0ECLg5I-T_OBMBgK15E4TLxHL-cc37M" width="1px"/>
 </body>
</html>
1 year, 1 month ago - on+news@substack.com
Own a piece of Substack
Help build a new economic engine for culture ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ...
Inboxes

Substack Registered user
