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           <td align="left" style="color: #000000; font-family: 'Courier New',courier,monospace; font-size: 18px; letter-spacing: -1px; line-height: 120%; padding: 20px 0; text-align: left;">
            Airbnb asks the SEC to allow them to give their hosts equity in the company in anticipation of their 2019 IPO.
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                The Hustle
               </a>
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               Sponsored by
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            <h2 style="font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
             <strong>
              Airbnb wants to rewrite the rules of the gig economy by giving their hosts equity
             </strong>
            </h2>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Airbnb has petitioned the SEC to allow them to give hosts company equity (read the letter
             <a style="color: #ed4d1f; text-decoration: none;">
              here
             </a>
             ). Why can’t they just go for broke and flip the gig game on its head? Well, turns out there’s some red tape involved.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Currently, law prohibits gig economy companies from giving contractors equity. But, if Airbnb succeeds, gig economy platforms could win even more leverage over contractors.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <strong>
              So, what are the rules?
             </strong>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Rule
             <a style="color: #ed4d1f; text-decoration: none;">
              701
             </a>
             of the Securities Act allows private companies to award equity
             <em>
              only
             </em>
             to employees and investors. Airbnb wants to expand eligibility to give hosts  -- who are contractors, not employees -- equity.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Airbnb argues it would be a win-win, giving hosts valuable stake in the $31B company and giving the company a bookings boost.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <strong>
              But, don’t mistake this maneuver for charity
             </strong>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Companies like Airbnb and Uber have been careful
             <em>
              not
             </em>
             to
             <a style="color: #ed4d1f; text-decoration: none;">
              classify
             </a>
             their contractors as employees to avoid paying expensive benefits like overtime, minimum wage protection, and health insurance.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Since this particular perk would conveniently help boost sales before a
             <a style="color: #ed4d1f; text-decoration: none;">
              planned 2019 IPO
             </a>
             , Airbnb now wants to treat contractors like employees. And, while equity may seem like a win for contractors, and would garner more company loyalty from non-employees, basic benefits would likely be far more valuable.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <strong>
              Big Gig vs. the world
             </strong>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Airbnb’s not alone in its quest: Uber
             <a style="color: #ed4d1f; text-decoration: none;">
              met
             </a>
             with the SEC numerous times last year to secure equity for its drivers. And, if one big company scores a contractor victory with the the SEC, it will open the floodgates for the rest of the gig economy.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             But even if Big Gig wins over the SEC, it still will have to pass the new law with the federal government (and the feds would have to rewrite tax law for all the new equity-holders) -- meaning, even if it does move forward, it’s gonna take a long time to get rolling.
            </p>
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            Going to Airbnbattle
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            <h2 style="font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
             <strong>
              Farout: Luxury marketplace Farfetch’s shares surge 53% in its first day as a public company
             </strong>
            </h2>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Shares of London-based luxury marketplace Farfetch skyrocketed more than 53% in their
             <a style="color: #ed4d1f; text-decoration: none;">
              market christening
             </a>
             Friday -- selling 44.2m shares by Thursday night (at $27 a pop).
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             All in all, the impressive debut branded a roughly $6.2B valuation on Farfetch’s fashion-forward behind.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <strong>
              Investors love a good niche market
             </strong>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             And when that niche is luxury?
             <em>
              Fuggetaboutit.
             </em>
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Farfetch got its start in 2008 helping local high-end boutiques reach wider audiences (without dealing with Amazon) and evolved into a direct-to-consumer tool for bougie brands like Gucci.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Now, it helps high-end shoppers get their hands on items (like a reported
             <a style="color: #ed4d1f; text-decoration: none;">
              $8.2k
             </a>
             leopard-print coat) from 700 brands and boutiques internationally, and express ships to more than 190 countries.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <strong>
              For being niche, Farfetch has a lot of competition
             </strong>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             According to
             <em>
              CNBC,
             </em>
             “marketplace” companies often trade at a higher premium than traditional retailers, because they don’t come with the “risk of being stuck with unwanted product” -- AKA, no inventory.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             However, the global market for personal luxury goods is expected to reach $446B by 2025, and Farfetch already faces competition from high-end retailers like Matchesfashion.com and Net-a-Porter.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Farfetch’s edge? Exclusive contracts with over 98% of its retailers.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Though they’ve yet to reach profitability, the firm’s growth continues to track positively. Farfetch reported roughly
             <a style="color: #ed4d1f; text-decoration: none;">
              1.1m active consumers
             </a>
             as of June, and brought in around $385m in fiscal 2017 -- a 59% jump YoY.
            </p>
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                 »
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               <td style="border-color: #000; border-radius: 0 3px 3px 0; border-style: solid; border-width: 2px 2px 2px 0; padding: 0 8px; vertical-align: top;" valign="top">
                <a style="color: #000000; font-size: 12px; font-weight: bold; line-height: 21px; text-decoration: none;">
                 The Amazon of  luxury
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
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          <!-- END BRIEF -->
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          <tr id="news1">
           <td>
            <h2 style="font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
             <strong>
              Everyone can finally relax: Comcast beats out Fox to acquire Sky
             </strong>
            </h2>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             The months-long battle for Sky nears a close as Comcast officially topped 21st Century Fox in a weekend auction for the British broadcaster with a
             <a style="color: #ed4d1f; text-decoration: none;">
              $38B bid
             </a>
             .
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             While this is a mere consolation prize after the media giant
             <a style="color: #ed4d1f; text-decoration: none;">
              lost big
             </a>
             to Disney in the battle for 21st Century Fox in July, Comcast execs say acquiring Sky -- Europe’s biggest pay-TV company -- will reduce Comcast’s reliance on its mature US market.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <strong>
              Netflix on the brain
             </strong>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Some
             <a style="color: #ed4d1f; text-decoration: none;">
              analysts believe
             </a>
             Comcast’s gargantuan bid is driven by the desperate need for legacy companies to build scale to defend against the looming threat of streaming services like Netflix.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             And they’re not wrong: Sky gives Comcast some footing in online video streaming with its Now TV business, which has close to 2m customers across the globe -- an absolute necessity to compete with Netflix.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <strong>
              Reinforcing the walls before winter hits
             </strong>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             The acquisition of Sky’s wide product range of media production, phone, TV, and internet services will automatically add 23m European customers to Comcast’s list.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             It also lifts Comcast’s non-US revenue to about 20% (up from 9% in 2017)  and makes them the world’s largest pay-TV operator with 52m subscribers -- and that’s nothing to shake your Apple TV remote at.
            </p>
           </td>
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                 »
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                <a style="color: #000000; font-size: 12px; font-weight: bold; line-height: 21px; text-decoration: none;">
                 If you ain’t streamin’ yer dreamin’
                </a>
               </td>
              </tr>
             </tbody>
            </table>
           </td>
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          <!-- END LINK -->
          <!-- END BRIEF -->
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          <tr id="news1">
           <td>
            <h2 style="font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
             <strong>
              The podcast biz in China is 23x more valuable than in the US thanks to paid subscriptions
             </strong>
            </h2>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             The podcast industry in China is on track to exceed last year’s mark of
             <a style="color: #ed4d1f; text-decoration: none;">
              $7.3B
             </a>
             thanks to growth in popular educational podcasts. The US podcast market, by comparison, is only worth about
             <a style="color: #ed4d1f; text-decoration: none;">
              $314m
             </a>
             annually.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             China’s podcasting industry is 23x larger than America’s for one primary reason: Podcasts in China are predominantly paid subscriptions, while podcasts in America are almost all free and ad supported.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <strong>
              The ‘pay for knowledge’ economy
             </strong>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             While American producers position their podcasts as entertainment, many Chinese podcasters sell their podcasts as self-improvement tools. Since American podcasters can only make money once they’ve amassed a huge audience, the industry has grown slowly.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             But, even by charging as little as $3 for subscriptions, many amateur Chinese podcasters with audiences as low as 7k still generate significant revenue by selling directly to listeners.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Individual podcasters in China can make
             <a style="color: #ed4d1f; text-decoration: none;">
              $8m
             </a>
             a year with 250k listeners. Serial, America’s most popular podcast ever, made about
             <a style="color: #ed4d1f; text-decoration: none;">
              $500k
             </a>
             in its first year -- after 19m downloads.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <strong>
              You probably
             </strong>
             <em>
              <strong>
               should
              </strong>
             </em>
             <strong>
              quit your day job
             </strong>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Because the industry is geared toward education and not entertainment, the stars of the pod in China aren’t comedians or celebrities -- they’re professors and consultants.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Professionals who offer their expertise in podcast form make good money -- enough to encourage at least one professor to quit his day job at Peking University after making $8m off his economics podcast.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             And, it’s not just econ professors having all the fun: More than 218k Chinese consumers paid for a podcast called “How to Make Your Voice More Attractive.”
            </p>
           </td>
          </tr>
          <!-- START LINK -->
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                 »
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                 A tale of two business models
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          <!-- END BRIEF -->
          <!-- START NATIVE -->
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               SPONSORED
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            <h2 style="font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
             <strong>
              Can you earn a paycheck sitting on your couch?
             </strong>
            </h2>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             <em>
              Yes, yes you can.
             </em>
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             There’s even a special name for that sort of couch-bound cashflow: “passive income.” And the time-tested, billionaire-approved way to generate passive income? Investing in commercial real estate.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <strong>
              *Inserts monocle, lights vintage pipe*
             </strong>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Commercial real estate investments can create potentially reliable income streams thanks to expected rental payments from tenants or interest paid on loans. If you own shares of a real estate investment fund, those payments could come back to you in the form of dividends -- like income.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Sound complicated? It’s not, especially with
             <a style="color: #ed4d1f; text-decoration: none;">
              Fundrise
             </a>
             .
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             With their online platform, it’s so simple to invest in commercial real estate you can literally do it from your couch.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             <a style="color: #ed4d1f; text-decoration: none;">
              Fundrise
             </a>
             gives
             <em>
              everyone
             </em>
             access to premium real estate investments. Just set up your account, choose the portfolio that’s right for you, and fund it -- then sit back and watch the potential dividends stack.
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Gain access to the types of portfolios wealthy investors drool over. Open an account with
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              Fundrise
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             today for as little as $500.
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            <a style="background: #ffffff; border: 2px solid #000000; border-radius: 3px; color: #000000; font-family: 'Courier New',courier,monospace; font-weight: bold; letter-spacing: -0.5px; padding: 10px 15px; text-decoration: none;">
             Get into it here →
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              <strong>
               FINE-ISH PRINT:
              </strong>
              If you wanna read up on legal details, click right
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               here.
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             </em>
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          <!-- START REVIEW -->
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            monday morning review
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            <h2 style="font-size: 26px; font-weight: bold; line-height: 120%; margin-bottom: 16px; margin-top: 36px;">
             <strong>
              Feedback makes the heart grow fonder
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             And we already love each and every one of you. Here are our favorite reader notes from the past month:
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             <em>
              <strong>
               “A week in review section would be neat” -- Margaret
              </strong>
             </em>
            </h4>
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             Great thinking, Marge! As of a couple of weeks ago, we started including a Weekly Rundown at the bottom of our Sunday emails. Read it for a recap of need to know headlines, fan favorites, fast facts, and more. Think of them like superlatives for news stories.
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            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <em>
              <strong>
               “Stop doubting yourselves.” -- Anonymous
              </strong>
             </em>
            </h4>
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             Dad?? Is that you??
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <em>
              <strong>
               “Host more East Coast events :)” -- Leslie
              </strong>
             </em>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             It’s your lucky day, Les. We’re hosting our first
             <a style="color: #ed4d1f; text-decoration: none;">
              Hustle Con East in NYC
             </a>
             on December 6. Can’t wait that long? We’re hosting our 2X storytelling event
             <a style="color: #ed4d1f; text-decoration: none;">
              in NYC in 2 DAYS
             </a>
             .
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <em>
              <strong>
               “Label the parts of your emails you get paid for. Just seems like the right thing to do.” -- Ken
              </strong>
             </em>
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            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Couldn’t agree more. All of our advertisements are marked with a ‘sponsored’ tag above the content and our advertisers never influence the news stories we cover in our email. Sometimes we write about stuff we like, but if it’s not marked, it’s not an ad.
            </p>
            <h4 style="font-size: 18px; font-weight: bold; margin-bottom: 8px; margin-top: 16px;">
             <em>
              <strong>
               “It lacks that pizzaz that late 90s maxim mag had… it's just boring.” -- Brandon
              </strong>
             </em>
            </h4>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             *Prays harder to office shrine of 90s
             <em>
              Maxim
             </em>
             magazine clippings*
            </p>
            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             Just kidding, Brandon. We don’t have one of those.
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            <p style="font-family: arial, sans-serif; font-size: 15px; line-height: 120%; margin: 0; padding-bottom: 12px;">
             -- LQ, Managing Editor of The Hustle &amp; Chief Shrine Supervisor
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              PS. Wanna tell us how you really feel? Reply to any of our emails to give our inbox a piece of your mind.
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                 It’s Been A Long Time, Lady Wray
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               . Jackson 5 vibes from Nicole Wray, who’s been holding it down since the ’90s with Mos Def, Missy Elliott, The Black Keys and more.
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          <!-- END SONG -->
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                SHARE THE HUSTLE
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               REFERRALS
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                    <img alt="Zack Crockett" src="https://inboxflows.com/_/image/https%253A%252F%252Fs3-us-west-1.amazonaws.com%252Fthdaily%252Ffooter_zack.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzMy11cy13ZXN0LSJ9:1kXP8b:kwJfS9NOAjewOmGuPhLb--K4RI7Rmm18C3a_iioZO1A" style="padding-bottom: 10px; width: 60px;"/>
                   </a>
                   <br/>
                   Zack Crockett
                   <br/>
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                    NEWS WRITER
                   </span>
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                    <img alt="Wes Schlagenhauf" src="https://inboxflows.com/_/image/https%253A%252F%252Fs3-us-west-1.amazonaws.com%252Fthdaily%252Ffooter_wes.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzMy11cy13ZXN0LSJ9:1kXP8b:kwJfS9NOAjewOmGuPhLb--K4RI7Rmm18C3a_iioZO1A" style="padding-bottom: 10px; width: 60px;"/>
                   </a>
                   <br/>
                   Wes Schlagenhauf
                   <br/>
                   <span style="font-family: 'Arial',sans-serif; font-size: 8px; font-weight: normal; letter-spacing: 1px;">
                    NEWS WRITER
                   </span>
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                  <td align="center" style="display: inline-block; font-family: 'Courier New',courier,monospace; font-size: 13px; font-weight: bold; line-height: 120%; min-width: 130px; padding: 5px; text-align: center;">
                   <img alt="Conor Grant" src="https://inboxflows.com/_/image/https%253A%252F%252Fs3-us-west-1.amazonaws.com%252Fthdaily%252Fconor_grant.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzMy11cy13ZXN0LSJ9:1kXP8b:kwJfS9NOAjewOmGuPhLb--K4RI7Rmm18C3a_iioZO1A" style="padding-bottom: 10px; width: 60px;"/>
                   <br/>
                   Conor Grant
                   <br/>
                   <span style="font-family: 'Arial',sans-serif; font-size: 8px; font-weight: normal; letter-spacing: 1px;">
                    NEWS WRITER
                   </span>
                  </td>
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                    <img alt="Kolby Hatch" src="https://inboxflows.com/_/image/https%253A%252F%252Fs3-us-west-1.amazonaws.com%252Fthdaily%252Fkolby_footer.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzMy11cy13ZXN0LSJ9:1kXP8b:kwJfS9NOAjewOmGuPhLb--K4RI7Rmm18C3a_iioZO1A" style="padding-bottom: 10px; width: 60px;"/>
                   </a>
                   <br/>
                   Kolby Hatch
                   <br/>
                   <span style="font-family: 'Arial',sans-serif; font-size: 8px; font-weight: normal; letter-spacing: 1px;">
                    AD WRITER
                   </span>
                  </td>
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                </table>
               </td>
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                 Lindsey “Living in the shadow of ’90s Maxim” Quinn
                </a>
                <br/>
                <span style="font-family: 'Arial',sans-serif; font-size: 8px; font-weight: normal; letter-spacing: 1px;">
                 MANAGING EDITOR
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               <td align="center" style="font-family: 'Courier New',courier,monospace; font-size: 16px; font-weight: bold; line-height: 100%; padding: 20px 0; text-align: center; width: 50%;">
                Myra Chunkle
                <br/>
                <span style="font-family: 'Arial',sans-serif; font-size: 8px; font-weight: normal; letter-spacing: 1px; text-transform: uppercase;">
                 Chief Benefactor
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