Two brothers pitched Gatsby Chocolate on Shark Tank, offering a low-calorie, low-sugar chocolate bar. One of them helped create Halo Top, so they had some success in the past. They asked for $500K in exchange for 5% of the company, saying it was worth $10 million.
The Sharks were confused by the brand. The name “Gatsby” didn’t make them think of chocolate, and the packaging looked more like a fancy alcohol brand. They also didn’t love the mixed message of being both indulgent and diet-focused. On top of that, the company lost more money than it made last year.
Despite concerns, Mark Cuban and Lori Greiner offered a deal: $250K in cash and a $250K loan for 20% of the company. They believed in the idea but made it clear the brand needed a serious makeover.
A recent preliminary study from MIT’s Media Lab…“Your Brain on ChatGPT”…suggests that frequent use of ChatGPT might actually be dulling critical thinking and memory. In the experiment, 54 participants wrote several SAT-style essays over four months: one group relied on ChatGPT, another used Google, and the last used no tools. EEG scans revealed that those leaning on ChatGPT exhibited significantly lower brain activity, poorer memory recall, and less linguistic sophistication compared to the other groups.
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