After eight years at JPMorgan, Eric Min was ready to start his own business. He did just that, sold it, and then embarked on his next mission: Zwift. Nearly a decade after its launch, the online fitness platform has captivated millions of cyclists across the globe.
We spoke to co-founder and CEO Min about growing the company, the billionaires who use Zwift, how ’80s music keeps him creative, and much more on the latest episode of My Other Passion.
Check it out now on Apple, Spotify, and YouTube.
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Jeff Hanisch-USA TODAY Sports
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PepsiCo reported a 9% year-over-year increase in third-quarter revenue to $21.97 billion, beating analysts’ estimates of $20.84 billion.
The company, which owns Gatorade, Mountain Dew beverages, and Frito-Lay, posted $2.7 billion in net income, up from $2.22 billion during the same period last year. Organic revenue increased 16% year-over-year.
During the quarter ending Sept. 3, the company expanded its energy and sports drink portfolio.
- In August, PepsiCo acquired a $550 million stake in Celsius Holdings, which offers fitness-focused energy drinks.
- In September, it launched caffeinated energy drink Gatorade FastTwitch
with the NFL. The drink will hit stores in February 2023, but it’s available on NFL sidelines this season.
The company also acquired Rockstar for $3.85 billion in 2020.
PepsiCo will keep its energy drink portfolio due to the highly segmented market, according to CFO Hugh Johnston.
The company expects organic revenue growth of 12% for 2022.
Musk Truck
Elon Musk tweeted last week that Tesla’s Semi electric commercial trucks will make its first deliveries to PepsiCo on Dec. 1. PepsiCo reserved 100 of the trucks in 2017, which are expected to cost $180,000 each. The truck would reportedly qualify for a tax break of up to $40,000.
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Reese Strickland-USA TODAY Sports
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Major League Baseball will be the first major U.S. sports league with an official cannabis product partner.
The league struck a deal with CBD brand Charlotte’s Web, which gained national attention as an epilepsy treatment through Sanjay Gupta’s documentary, “Weed.”
“We applaud MLB for being the first mover in professional sports CBD and are thrilled to welcome their league as a respected strategic partner,” said Charlotte’s Web CEO Jacques Tortoroli.
- Charlotte’s Web is leveraging the heightened attention of the MLB playoffs by promoting its “NSF-Certified for Sport®” product line during the Division Series, which began Tuesday.
- The brand will have a presence at major MLB events next season, including All-Star Week, the postseason, and World Series.
- MLB and Charlotte’s Web estimate that the agreement will provide exposure for the
CBD brand to more than 180 million Americans, helping it grow its presence in the country’s $4.7 billion CBD market.
Changing Times
The arrangement is the latest sign that the sports world is softening its stance on cannabis and related products.
In February, the NFL awarded $1 million to two research teams to study the effects of cannabis and CBD on pain management.
The NBA ceased testing for cannabis in 2020 when the league shut down due to the pandemic and extended that suspension through last season. The NHL tests for cannabis but has no penalty for using it, instead treating players who have abnormally high levels of THC as a mental health case, similar to alcohol abuse.
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Jessica Alcheh-USA TODAY Sports
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The Turkish government will reportedly send an unlimited number of military troops to Qatar — who will serve alongside Pakistani army personnel — to protect the 2022 FIFA World Cup from threats.
The World Cup — which begins Nov. 20 and ends Dec. 18. — is expected to host roughly 1.2 million international visitors for the world’s largest single sporting tournament.
In September, the Qatari government announced that it is requiring “hundreds of civilians” to work checkpoints at stadiums to complement military security.
- A source told Reuters the Qatari government told civilians it is their “patriotic duty.”
- In August, Pakistan’s federal cabinet approved Qatar’s request to send their troops.
- On Oct. 5, the Turkish parliament approved a motion to send its military services.
Turkish and Pakistani troops won’t be the only foreign militaries working to secure the 2022 World Cup. France, the U.K., Italy, and the U.S. will also have a military presence in Qatar.
The French Air and Space Force will send an E-3 Sentry aircraft capable of tracking hundreds of targets.
Race to the Finish
The 2022 World Cup is less than two months away, but Qatar is racing to accommodate its anticipated influx of international soccer fans.
MSC Cruises plans to provide a third ship between Nov. 19 and Dec. 19. to operate as a hotel for the tournament. In June, only 90,000 hotel rooms were available throughout host city Doha.
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- In The Leadoff, Fanatics’ CEO says the company’s sports betting push will start in January, Qatar is still adding accommodations ahead of the 2022 FIFA World Cup, gambling companies are pulling back on their California bet, and Puttshack completes a $150 million growth capital round. Click here to listen.
- Las Vegas Raiders wide receiver Davante Adams was cited for misdemeanor assault for shoving a media member after Monday night’s 30-29 loss to the Kansas City Chiefs.
- EA Sports announced that 10.3 million players played “FIFA 23” within the first week of its release on Sept. 27 — marking the largest launch period in franchise history.
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Real Madrid faces FC Barcelona at Santiago Bernabéu Stadium on Sunday for El Clásico.
Barcelona will enter the match following a UEFA Champions League matchup against Inter Milan on Wednesday night, while Real Madrid is coming off a 1-1 draw against Shakhtar Donetsk on Tuesday.
How to Watch: 10:15 a.m. ET on ESPN+ / Stream El Clásico on ESPN+*
Match availability differs by market, check your local listing.*
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