Episode · 2026-08-06
Shopify Q2 Domination
Shopify Q2 Domination | P&G Buys Thorne for $3.8B | MySpace Wants a Comeback?
Rundown
Chris and Colin react to Shopify's blowout Q2 earnings and Toby's cash-flow bragging, then dig into P&G's $3.8B acquisition of supplement brand Thorne and MySpace's third attempt at a comeback under its Vanderhook/JT ownership group. The back half features a founder-led interview about scaling a copywriting-turned-marketing agency and building a personal brand, before introducing Blend Commerce co-founder and CEO Adam Pierce.
Takes from this episode
Shopify's Q2 results are especially impressive because of the free cash flow generated at an 18% operating margin, not just the GMV headline.
they're over it's over $600 million of free cash flow. They're operating on an 18% margin right now. That's so tasty.
P&G's $3.8B acquisition of Thorne at a huge premium over Catterton's buyout is a bullish signal that big capital is returning to acquire subscription/supplement brands.
It's very positive for everybody inside of our... you know, brands getting their investment groans with the big acquisition
TrueMed is an underappreciated discovery platform because it lets consumers use HSA/FSA money to buy e-commerce supplements like Thorne.
they sneakily have been one of the most interesting discovery platforms to leverage your uh FSA and HSA money.
MySpace's planned relaunch is unlikely to succeed given its prior $150M failed revamp and the exodus of advertisers to Facebook.
already try to do this once and I think they burned about $150 million.
Founder-led and personal-led brands are currently outperforming corporate brands because post-COVID trust in small businesses has grown.
founderled and personalled brands just really are absolutely ripping right now.
A founder's energy directly sets the cultural standard and performance ceiling for their whole team.
everybody rises to the standards of the CEO and the founder and what you accept and what you let slip