Daily Skimm: A beauty tech company has Wall Street blushing.

Oddity

The Story

A beauty tech company has Wall Street blushing.

Don’t conceal the details.

Yesterday, Oddity Tech’s shares jumped nearly 40% after hitting the stock market. The company — which owns Il Makiage — initially priced its shares at $35 during its IPO, but opened at over $49 as investors rushed to swatch a piece. The beauty company has sold at least 12 million shares and reached an estimated market valuation of $2.7 billion. Now, Oddity Tech could be the next big player in the beauty industry and a welcome change to Wall Street, which has seen a struggling IPO market.

Let’s get into the foundation of it.

Oddity is reportedly one of the few direct-to-consumer companies that’s been able to grow and turn a profit. The company has reportedly said its gross sales have doubled each year since 2018. It uses data and AI technology to give its customers online shade-matching and wellness recommendations. Oddity has said it plans to use the funds from its IPO to further its research and launch more brands in the near future. Co-founder and CEO Oran Holtzman said he took the company public because he wants “to build something huge.”

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The beauty industry is worth over $570 billion and many of the players in the game are legacy brands. Oddity is looking to use AI and data to disrupt the beauty scene and seems to be heading toward the right palette.

Who’s handing in a resignation letter…

Stanford University's president. Yesterday, Marc Tessier-Lavigne announced he's resigning. It comes after an independent panel of scientists looked into Tessier-Lavigne’s research and found significant flaws in studies he oversaw going back more than a decade. The most serious claim involves his 2009 Alzheimer’s study that the panel says contains “multiple problems” and “fall below customary standards of scientific rigor and process.” Now, Tessier-Lavigne says he's going to retract three papers and correct two others. He'll step down as president in late August but will remain a professor at Stanford.

…Oh and speaking of higher education, yesterday, Wesleyan University announced it's ending its legacy admissions policy. That means no more bump in admissions for those with historic or family ties to the university. It comes amid an ongoing debate over fairness and diversity in higher education after SCOTUS struck down affirmative action.

Who people have questions for…

Carlee Russell. Yesterday, police said they couldn’t corroborate the 25-year-old’s claims about her disappearance. Russell, a nursing student, went missing in Alabama over the weekend but turned up at her house 49 hours later. Her family reported her missing after she called police to report a toddler walking on the interstate. Now, officials say Russell’s search history leading up to her disappearance included the film “Taken” and whether you can pay for Amber Alerts. Authorities continue to investigate and hope to speak with Russell, who hasn’t been able to answer additional questions.

Where people are on high alert…

New Zealand. Yesterday, police said a gunman opened fire in Auckland, killing two people and hurting six others. Police said they found the gunman dead. The shooting happened hours before the opening match of the Women’s World Cup. Authorities said the games will proceed as planned with a higher police presence.

What’s got people down in the dumps…

Chronic constipation. Yesterday, a new study found that pooping only every three or more days could lead to a higher risk of cognitive decline. The study looked at over 112,000 people and found that compared to those who go at least once a day, constipated people had a 73% higher risk of subjective cognitive decline.

While Netflix secretly hit cancel on its cheaper plan…

The NYC subway is going full steam ahead with a price increase.

What is as clear as day…

Harry Styles’ new music video.