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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: The security startup that sold Google 1m dongles. Brought to you by The Hustle together with Noom
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                  January 7, 2021
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                  TOGETHER WITH
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                   Congress certified Joe Biden’s election win early this morning following a tumultuous day in our nation’s capital.
                  </p>
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                   Our ❤️ goes out to all the people whose lives were impacted by the violent events.
                  </p>
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                   Wait, that’s all of us. 😢
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               The Big Idea
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                Southeast Asia’s superapp battle, explained
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                Eleven
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 nations
                </a>
                make up Southeast Asia (SEA): Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Timor-Leste, Thailand, and (this writer’s country of heritage) Vietnam!
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                While this market is not nearly as big as China or India, its relatively young combined population of 650m+ people is nothing to sneeze at.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                And this week, 2 of SEA’s biggest ride hailing and delivery apps -- Grab and Gojek -- made big plays to win the prize.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 The startups are aping the playbook of WeChat
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The Chinese superapp basically combines DoorDash, Uber, Paypal, Cash App, WhatsApp, and Twitter all into one platform.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                As many developing nations lack fully developed services (e.g., communications, finance, transportation) there is white space for a single app to be a one-stop shop.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Take Grab: In 2018, it ended a bitter ride-hailing feud with Uber (now, a minority owner in the startup) and launched a fintech business. Yesterday, that fintech unit raised
                <strong>
                 $300m
                </strong>
                to expand its payments, loans, investments, and insurance products, according to
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 <em>
                  The Information
                 </em>
                </a>
                .
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Grab was in talks to merge with Indonesia-based GoJek…
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                … but the deal ultimately fell through, partially around antitrust concerns of combining the region’s 2 biggest ride hailers.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                GoJek is now in
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 merger
                </a>
                talks with Indonesia’s top ecommerce firm, Tokopedia, per
                <em>
                 Nikkei Asia
                </em>
                . The combined entity would be valued at
                <strong>
                 $17B+
                </strong>
                , more than Grab’s
                <strong>
                 $14B+
                </strong>
                .
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                While both Grab and GoJek operate across the region, Indonesia has the largest population (~268m) in SEA and a GoJek-Tokopedia merger could secure that prize.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Grab and GoJek are going after the biggest fish in the pond
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                SEA’s superapp leader is
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Sea Limited
                </a>
                , a $100B+ consumer internet beast that combines games, ecommerce, and finance.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The region’s only publicly listed superapp, Singapore-based Sea, saw its valuation grow more than
                <strong>
                 4x
                </strong>
                in 2020, giving it a source of cheap capital. To compete, Grab and GoJek will likely have to go public.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Literally and figuratively, keep an eye on
                <em>
                 this
                </em>
                space:
               </p>
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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;">
                Source: WorldAtlas
               </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>
                  Trump banned:
                 </strong>
                 Twitter, Facebook, and Instagram temporarily
                 <a style="color: #d62829; text-decoration: none;">
                  banned
                 </a>
                 the President from posting on their platforms following controversial posts.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Trump app ban:
                 </strong>
                 The President
                 <a style="color: #d62829; text-decoration: none;">
                  signed
                 </a>
                 an order banning transactions with 8 Chinese apps including AliPay and CamScanner. The bans won’t take effect until February, so President-elect Joe Biden will make the final call.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  It’s not just apps, either.
                 </strong>
                 The NYSE is ready to delist 3 Chinese telecom stocks (after previously flip-flopping), and US officials may also
                 <a style="color: #d62829; text-decoration: none;">
                  ban
                 </a>
                 Americans from investing in China’s 2 biggest tech companies (Alibaba, Tencent).
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Literally, the Everything Store:
                 </strong>
                 Amazon -- which typically leases aircrafts -- made its first outright purchase of
                 <a style="color: #d62829; text-decoration: none;">
                  11
                 </a>
                 planes (expanding the fleet to 80+). We wrote about its massive logistics business
                 <a style="color: #d62829; text-decoration: none;">
                  here
                 </a>
                 .
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  House Hunters: Amazon.
                 </strong>
                 The (literally) Everything Store pledged to
                 <a style="color: #d62829; text-decoration: none;">
                  spend
                 </a>
                 $2B+ building affordable housing units in Seattle, Nashville, and Arlington, Virginia.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Ticketmaster is in the hacking business:
                 </strong>
                 <em>
                  Well
                 </em>
                 , out of it now. The company agreed to pay a $10m
                 <a style="color: #d62829; text-decoration: none;">
                  fine
                 </a>
                 -- service fees included -- after admitting to hacking now-defunct rival Songkick.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Net neutrality won big in Georgia.
                 </strong>
                 Democrats' success in Tuesday’s Senate runoff elections
                 <a style="color: #d62829; text-decoration: none;">
                  opens
                 </a>
                 the possibility for legislation that writes net neutrality into law.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  A trilly:
                 </strong>
                 On the strength of Bitcoin and Ether rallies, all cryptocurrencies crossed
                 <a style="color: #d62829; text-decoration: none;">
                  $1T
                 </a>
                 in value for the first time ever.
                </li>
               </ul>
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              <td style="color: #D62829; font-size: 15px; font-weight: bold; letter-spacing: 1.5px; padding: 0px 0px 10px; text-transform: uppercase;">
               Programmatic Ads Gone Bad
              </td>
             </tr>
             <tr>
              <td style="padding: 0 0 6px;">
               <img alt="Uber" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fuber.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1kxUTV:3j9rbGy-y7dz_srGf0hC6ew2i4B5yfVE6T8Dc3mHa7Q" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
              </td>
             </tr>
             <tr>
              <td>
               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                Uber was swindled out of $100m in ad spend and no one is talking about it
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Nandini Jami blew our collective minds when she
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 resurfaced
                </a>
                this story over the weekend.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                In 2017, her internet watchdog organization Sleeping Giants was nipping at Uber’s heels over ads the rideshare company placed on Breitbart.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Uber responded by cutting ~$15m worth of ads
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Surprisingly, the rideshare leader saw no
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 significant
                </a>
                drop in user acquisition.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                On closer inspection, Uber exec Kevin Frisch found all sorts of problems with their ad partners, like:
               </p>
               <ul style="font-size: 15px; 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;">
                 <strong>
                  Impossible numbers
                 </strong>
                 : The number of daily ad clicks reported by some networks were higher than their total active users.
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Slimy practices
                 </strong>
                 like spying on users’ mobile app store usage, then claiming credit for organic sign-ups.
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                In the end, Uber cut ⅔ of their ~$150m ad budget -- with no negative effects -- and launched the first major
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 ad fraud lawsuit
                </a>
                .
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Up to 99% of programmatic ad spend is being wasted…
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                … says digital marketer and independent fraud researcher,
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Dr. Augustine Fou
                </a>
                .
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Click farms generate billions of clicks per minute, and most marketing teams are slow to question what looks like excellent data. When they do, they’re often surprised by the findings:
               </p>
               <ul style="font-size: 15px; 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;">
                 <strong>
                  P&amp;G
                 </strong>
                 cut
                 <a style="color: #d62829; text-decoration: none;">
                  $200m
                 </a>
                 in digital ad spend and
                 <em>
                  increased
                 </em>
                 its reach
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Chase
                 </strong>
                 <a style="color: #d62829; text-decoration: none;">
                  dropped 99%
                 </a>
                 (395k websites) from its display ad network and saw no business change
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Ebay
                 </strong>
                 <a style="color: #d62829; text-decoration: none;">
                  killed
                 </a>
                 paid search after finding that most of its spend went to
                 <a style="color: #d62829; text-decoration: none;">
                  existing users
                 </a>
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                In totally unrelated news,
                <em>
                 The Hustle
                </em>
                just found $200m in ad inventory lying around (👋  P&amp;G marketing team!).
               </p>
              </td>
             </tr>
             <tr>
              <td>
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                   </a>
                  </td>
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                </tbody>
               </table>
              </td>
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            </table>
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           </td>
          </tr>
          <tr>
           <td style="padding-bottom: 5px;">
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          <tr>
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            <table style="width: 100%;">
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               SPONSORED
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              <td class="h2020 ignore-defaults" style="padding: 0px 3px;">
               <center>
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                 <img src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fnoom_native.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1kxUTV:3j9rbGy-y7dz_srGf0hC6ew2i4B5yfVE6T8Dc3mHa7Q" style="height: auto; max-width: 600px; padding: 15px 0 0; width: 100%;" width="600"/>
                </a>
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               <h2 style="font-size: 20px; font-weight: 800; letter-spacing: 0px; line-height: 24px; margin: 20px 0 0px;">
                <strong>
                 We’re entering crisis mode: Our copywriter keeps losing weight and gaining confidence
                </strong>
               </h2>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                As of this week, he’s down 13 lbs and up one heaping dose of swagger. And frankly… it’s a problem:
               </p>
               <ul style="font-size: 15px; 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;">
                 He signed off our all-hands Zoom meeting on Monday by doing the double-finger-guns and winking at Sam
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 He said he’s getting into the “
                 <em>
                  riverboat gambling business
                 </em>
                 ” but won’t elaborate (he thinks it’ll “
                 <em>
                  spoil the surprise”
                 </em>
                 )
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 He just started rocking an earring
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                But hey, that’s just what happens when you feel good about yourself.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 And it’s all thanks to Noom.
                </a>
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Noom year, Noom me
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Noom’s approach to changing your eating habits works by
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 focusing on 3 common (and underutilized) areas
                </a>
                .
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Knowledge:
                </strong>
                Learn what to eat, why you make the choices you do, and how to build new habits that last -- all on your own terms and pace.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Flexibility:
                </strong>
                Noom accommodates your favorite foods, existing schedule, and lifestyle, so making a change doesn’t feel overwhelming.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Support
                </strong>
                : Your
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 one-on-one coach plus the Noom community
                </a>
                support -- not pressure -- you on your way to success.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                That means unlike traditional New Year’s Resolutions, you can stick with it for the long haul.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Want to try Noom for yourself? Get a 7 day trial of for $0.50:
                </strong>
               </p>
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              <td align="center" style="padding: 10px 0px 15px; text-align: center;">
               <a style="-webkit-text-fill-color: #ffffff; background: #D62829; border-radius: 15px; color: #ffffff; font-size: 15px; font-weight: bold; padding: 6px 20px; text-decoration: none;" target="_blank">
                Start your trial →
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              <td style="color: #D62829; font-size: 15px; font-weight: bold; letter-spacing: 1.5px; padding: 0px 0px 10px; text-transform: uppercase;">
               In Hand
              </td>
             </tr>
             <tr>
              <td style="padding: 0 0 6px;">
               <img alt="dongles" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fdongles.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1kxUTV:3j9rbGy-y7dz_srGf0hC6ew2i4B5yfVE6T8Dc3mHa7Q" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
              </td>
             </tr>
             <tr>
              <td>
               <h2 style="font-size: 22px; font-weight: bold; line-height: 26px; margin: 10px 0px 5px;">
                The security startup that sold 1m 2FA dongles to Google
               </h2>
              </td>
             </tr>
             <tr>
              <td class="h2020 ignore-defaults" style="padding: 5px 0px 0px;">
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                “What if [insert Big Tech firm] competes against us?” It’s a question every startup asks itself.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                There’s the flip side too, though: What if a Big Tech firm becomes your startup’s biggest customer?
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                This is exactly the case for
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Yubico
                </a>
                , the hardware maker of the popular
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                security dongle called Yubikey.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Yubico was founded in 2007 in Sweden…
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                … and for years was an “obscure security firm” with only 5 full-time employees, according to
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 <em>
                  The Information
                 </em>
                </a>
                .
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                The company was trying to solve a problem with the ubiquitous two-factor authentication (2FA) process:
               </p>
               <ol style="font-size: 15px;">
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  First factor:
                 </strong>
                 username + password
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Second factor:
                 </strong>
                 one-time password via text, email, or authenticator
                </li>
               </ol>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                There are actually a number of
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 ways
                </a>
                to bypass 2FA, from phishing to intercepting tokens. Yubikey partially solves the problem by requiring a user to plug its dongle into a USB port as another layer of security.
               </p>
               <h4 style="font-size: 17px; height: 100%; letter-spacing: 0px; line-height: 22px; margin: 0px; padding-top: 8px;">
                <strong>
                 Yubico’s first big client, Google (which has bought 1m+ dongles)
                </strong>
               </h4>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                While the ~$45 dongle is not a silver bullet (it could not have prevented the
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 SolarWinds
                </a>
                hack), organizations are snapping them up.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Today, 9 out of 10 of the biggest tech companies as well as world leaders (e.g., Angela Merkel) use Yubikey. Banks have rolled them out to high net-worth individuals (
                <del>
                 not me
                </del>
                ) and it could be coming to your office next.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                With 300 employees now, Yubico expects revenue to rise 70% this year (from $200m in 2020) and may be prepping another key startup question: “When’s the IPO?”
               </p>
              </td>
             </tr>
             <tr>
              <td>
               <table cellpadding="0" style="padding: 10px 10px 0px; width: 100%;">
                <tbody style="text-align: right;">
                 <tr>
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                   <a data-tags="share facebook" style="color: #d62829; padding: 0 8px; text-decoration: none; white-space: nowrap;">
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               SPONSORED
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                <strong>
                 Which market is 10X bigger than the entire online streaming industry (including Netflix, Amazon Prime, &amp; Hulu)?
                </strong>
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
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                  Advertising
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                 The Office
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                -- the advertising market’s value dwarfs that of streaming.
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                 Potential.
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               <img alt="Sea Limited logo" src="https://inboxflows.com/_/image/https%253A%252F%252Fsailthru-media.s3.amazonaws.com%252Fcomposer%252Fimages%252Fsailthru-prod-6ks%252Fcompany_of_the_day.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzYWlsdGhydS1tZSJ9:1kxUTV:3j9rbGy-y7dz_srGf0hC6ew2i4B5yfVE6T8Dc3mHa7Q" style="height: auto; max-width: 600px; width: 100%;" width="600"/>
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                Source: Seeking Alpha
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               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                <strong>
                 Sea Limited is a fascinating company.
                </strong>
                Founded in 2009, the Singapore-based internet company recorded sales of
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 $3B+
                </a>
                last year and is worth $100B+ after seeing its stock ($SEA) more than quadruple since the end of 2019.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Strategy and UX consultant
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 Julie Young
                </a>
                has a great breakdown of Sea’s 3 main business
                <a style="-webkit-text-fill-color: #d62829; color: #d62829; text-decoration: none;">
                 arms
                </a>
                :
               </p>
               <ul style="font-size: 15px; 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;">
                 <strong>
                  Garena
                 </strong>
                 is a leader in digital entertainment. Its big coup was securing the exclusive gaming rights (in SEA and Taiwan) for uber-popular
                 <em>
                  League of Legends
                 </em>
                 from Riot Games. The deal also formed a relationship with China tech giant Tencent, which owns Riot.
                 <br/>
                 <br/>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  Shopee
                 </strong>
                 is described as the “Amazon of Southeast Asia.” Per Young, the Shopee app ranks first across most of the region by downloads, MAUs, and time spent.
                 <br/>
                 <br/>
                </li>
                <li style="font-size: 15px; line-height: 140%; margin: 0 0 0 15px; padding: 0px;">
                 <strong>
                  SeaMoney
                 </strong>
                 offers various financial services for a region that is extremely under banked (only ~27% of the population has a bank account and even fewer have a credit card).
                </li>
               </ul>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                Young is particularly impressed by the company’s long-term vision.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                “Look at the basic food groups of life: entertainment, retail/consumption, payments/financial services… and food… That’s a big chunk of GDP right there,” says Sea’s President Nick Nash.
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                “The human needs are there for technology to be applied to solve basic problems. As long as that’s there, we’ll be working hard to try and solve those problems for people.”
               </p>
               <p style="font-size: 15px; line-height: 140%; margin: 5px 0px 10px;">
                We
                <em>
                 sea
                </em>
                you, Nick!
               </p>
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