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Best ways to use AAdvantage miles
Average-value redemption options
Low-value redemptions options
How much are American Airlines miles worth in 2022? Here's how to determine the value you'll get
American Airlines miles can help you save money when visiting your family a state or two away — or you can use them to experience fancy seats that you'd never pay for.
The American Airlines AAdvantage loyalty program sometimes seems like two distinct frequent flyer programs: one that offers a fairly consistent but mediocre return for redeeming miles on American Airlines flights, and another that offers a less predictable but often stellar return for flights on partner airlines.
That upside is what gives AAdvantage miles an average redemption value of 1.4 cents per mile with Insider's rewards valuations. Depending on how you redeem them, you can get huge value for your rewards.
Read on to see which redemption options you should target and avoid to get the most out of your miles.
American Airlines credit cards
Citi® / AAdvantage® Executive World Elite Mastercard®
CitiBusiness® / AAdvantage® Platinum Select® Mastercard®
Citi® / AAdvantage® Platinum Select® World Elite Mastercard®
American Airlines AAdvantage MileUp℠ Mastercard
AAdvantage® Aviator® Red Mastercard®
AAdvantage® Aviator® World Elite Business Mastercard®
80,000 bonus miles after spending $5,500 within the first 3 months of account opening
Earn 2x miles for every $1 spent on eligible American Airlines purchases. Earn 1x mile for every $1 spent on other purchases
65,000 American Airlines AAdvantage® bonus miles after spending $4,000 in purchases within the first 4 months of account opening
Earn 2x miles for every $1 spent on cable and satellite providers. Earn 2x miles for every $1 spent on eligible American Airlines purchases. Earn 2x miles for every $1 spent at gas stations. Earn 2x miles for every $1 spent on select telecommunications merchants. Earn 2x miles for every $1 spent on car rentals. Earn 1x mile for every $1 spent on other purchases.
$99, waived for first 12 months
Earn 2 AAdvantage® miles for every $1 spent at gas stations and restaurants, and on eligible American Airlines purchases. Earn 1x mile for every $1 spent on other purchases.
10,000 American Airlines miles and a $50 statement credit after you spend $500 on purchases in the first three months of account opening
Earn 2x miles for every $1 spent at grocery stores. Earn 2x miles for every $1 spent on eligible American Airlines purchases. Earn 1x mile for every $1 spent on other purchases.
50,000 AAdvantage® bonus miles after making your first purchase and paying the $99 annual fee in full within the first 90 days from account opening
Earn 2X miles for every $1 spent on eligible American Airlines purchases. Earn 1X miles for every $1 spent on all other purchases.
80,000 bonus miles and a $95 statement credit after spending $2,000 on purchases in the first 90 days from account opening
Earn 2X AAdvantage® miles for every one dollar spent on eligible American Airlines purchases. Earn 2X AAdvantage® miles for every one dollar spent at eligible office supply, telecom and car rental merchants. Earn 1X AAdvantage® miles for every one dollar spent on all other purchases.
On Barclays's website
Our editor's ratings are primarily based on 3 things: simplicity, affordability, and value. Our credit card editor takes those factors into account, and comes up with a rating to best reflect how the card performs in that criteria - relative to other products we've reviewed.
Bonus categories help you earn miles on everyday purchases
Fee checked bag on domestic American Airlines flights
$125 American Airlines flight discount is nice, but you need to spend $20,000 in a cardmember year to earn it
Earn 50,000 American Airlines AAdvantage® bonus miles after $2,500 in purchases within the first 3 months of account opening
Earn 2 AAdvantage® miles for every $1 spent at gas stations and restaurants, and on eligible American Airlines purchases
Earn 1 Loyalty Point for every 1 eligible AAdvantage® mile earned from purchases
Earn a $125 American Airlines Flight Discount after you spend $20,000 or more in purchases during your card membership year and renew your card
First checked bag is free on domestic American Airlines itineraries for you and up to four companions traveling with you on the same reservation
Enjoy preferred boarding on American Airlines flights
American Airlines uses dynamic award pricing on its own flights that often (but not always) aligns with cash prices, so there are relatively few opportunities to score an outsized redemption value. Your best bet to get an exceptional deal using AAdvantage miles is to book premium awards on partner airlines.
Partner award flights in first and business class
For example, consider a flight from San Francisco to Tokyo in mid-2023. You could book a one-way first class seat on Japan Airlines for 160,000 AAdvantage miles and $56.68 through American Airlines.
At the time of writing, that same flight has a cash price of $23,627 dollars, yielding an impressive redemption value of 14.75 cents per point. That's more than ten times our average valuation of 1.4 cents apiece for AAdvantage miles.
A redemption value that high is mostly the product of such a stratospheric cash fare — for most people, spending $23,000 on a plane ticket isn't a practical option, so the award and cash prices aren't strictly comparable. However, this award would be a good deal even at one tenth the cash price.
As another example, consider this non-stop flight from Chicago to Amman, Jordan on Royal Jordanian Airlines. You could book a business class award for 70,000 miles and $8.10 in fees.
In contrast, the cash fare is $3,307, yielding an excellent redemption value of 4.72 cents per mile. That's more than 3x the average value of AAdvantage miles, per Insider's valuations.
Partner awards in economy
Economy awards don't yield astronomical returns like the examples above, because the equivalent cash fares are disproportionately cheaper. However, you can still find excellent redemption values in the main cabin, like these nonstop flights in April, 2023 from Hong Kong to Jakarta on Oneworld partner Cathay Pacific:
One-way service in economy costs 17,500 miles plus about $34, compared to a cash price of HKD 3,338 (approximately $427). That's a redemption value of 2.24 cents per point, which is again well above our high valuation for AAdvantage miles. In this example, you could instead opt for business class for just 5,000 miles and about $9 more. With a cash fare of HKD 16,288 (approximately $2,081), the business class award provides a redemption value over 9 cents per mile.
AAdvantage Web Specials
Despite the use of dynamic award pricing, you can still get a high redemption value on American Airlines flights with AAdvantage Web Specials.
These discounted awards aren't available on all flights; the best way to find them is to use the calendar view in the AAdvantage award search. For example, here are search results for a one-way flight from New York to Buenos Aires in May, 2023.
As shown in the calendar view, Web Specials aren't available on all flights; the more flexible your travel plans are, the more chances you'll have to take advantage of these discounted fares.
The flight on May 22 is a Web Special fare, and costs less than half of most other flights for four days in either direction. The non-stop economy award is 22,500 miles and $5.60.
In comparison, the cash price is $985, which yields a redemption value of 4.35 cents per mile. While eleven hours in economy isn't ideal, this award ticket is a bargain.
While high-value awards on American Airlines flights are hard to come by, getting average value is easier — especially in economy. The same goes when you use AAdvantage miles to book economy flights on Oneworld partner Alaska Airlines.
Domestic economy awards
For example, this flight from Seattle to Phoenix costs 23,500 miles. That's pricey for a one-way domestic award, but not bad for flying the day before Thanksgiving when booking only a few days in advance.
In comparison, the cash price is $353, which yields a redemption value of around 1.47 cents per mile. That's just above our average valuation of 1.4 cents.
As another example, here's a one-way flight from Dallas-Fort Worth to Orlando on a Friday night in May 2023. A Main Cabin award costs 13,500 miles and $5.60.
A similar cash fare costs $193, which yields a redemption value of 1.38 cents per mile. That's slightly below average.
As one final example, consider this flight from Portland to Anchorage on Alaska Airlines in August 2023.
A one-way Main Cabin award costs 15,000 miles and $5.60, whereas an equivalent cash fare (purchased through Alaska Airlines) costs $209. That yields a redemption value of around 1.35 cents per mile, which is just below our average valuation.
These examples aren't meant to imply that all domestic economy awards will earn you close to 1.4 cents per mile. In practice, some awards will be more or less lucrative, and you can use our average valuation to help you decide which ones are (or aren't) worth booking.
AAdvantage upgrade awards
American Airlines offers separate upgrade award charts for its own flights and partner flights. The cost depends on:
Route flown
Original fare class (Basic Economy and award tickets are ineligible, and there's an additional cash component when upgrading a discounted fare on American Airlines).
Upgrades can't be processed online, so you have to call the reservations line or visit a ticketing agent in person to request one. Furthermore, there's no guarantee an upgrade request will clear right away (or at all). That uncertainty makes these mileage upgrades a high variance redemption option, but there's enough upside that they're worth looking into if you've booked a cash fare.
Low-value redemption options
The AAdvantage program offers a variety of alternative redemption options, but none of them offer good value.
Hotels, rental cars, and vacation packages
You can use miles to book vacation packages (flights, hotels, and rental cars) through American Airlines Vacations, and to book hotels and rental cars separately through AAdvantage partner Rocket.
Vacation packages consistently yield a redemption value of close to 1 cent, which equals our low valuation for AAdvantage miles. Using miles could make sense if you find a good deal on a vacation package, especially if you have miles to burn and prefer to save your cash.
Using miles for individual hotel and rental car bookings tends to be less fruitful. You can choose between covering 25%, 50%, 75% or 100% of the cost with miles, but regardless of how many miles you use, you can expect to get a redemption rate of under 1 cent per mile.
For example, you could redeem 238,000 miles to cover this 7-night stay in April at the Holiday Inn New Orleans-Downtown Superdome.
The same room (with a similar cancellation policy) booked directly through IHG would cost $1,834.28. That yields a redemption value of just 0.77 cents per mile — well below our average valuation for American Airlines miles.
Admirals Club memberships
An annual Admirals Club lounge membership normally costs $650 for an individual or $1,250 for an individual and spouse. You can cover the cost with miles instead by redeeming 65,000 or 125,000 miles, respectively, for a flat redemption value of 1 cent per mile.
Other valuation factors
Redemption rates aren't the only variable we use to assess the value of points and miles. Here's how the AAdvantage program performs across other facets we take into consideration:
Expiration policy (+) — AAdvantage miles expire if your account is inactive for 24 consecutive months. The clock resets with any qualifying activity, which includes most transactions where you earn, redeem or transfer miles. Keeping miles active under these terms is fairly easy.
Award availability (Neutral) — American Airlines uses dynamic award pricing on its own flights, which means the cost of awards fluctuates along with the cost of cash fares. As a result, you can almost always redeem miles for an open seat, but award rates tend to be exorbitant when demand is high. The AAdvantage program still has a fixed-rate award chart for partner flights, but finding availability in premium cabins can be challenging.
Sharing/pooling (-) — American Airlines does not offer a complimentary way to share miles. You can transfer miles between AAdvantage accounts at a cost of $15 per 1,000 miles, which is only useful in very limited circumstances (for example, if you need a small number of miles right away to book a relatively valuable award).
Ease of accumulation (+) — American Airlines offers middling earning rates for flight activity, but you can earn miles from sign-up bonuses and spending on an assortment of American Airlines credit cards. You can also transfer points instantaneously from Bilt Rewards at 1:1, or within a week from Marriott Bonvoy at 3:1.
Award change and cancellation policy (+) — American Airlines does not charge a fee to change or cancel AAdvantage awards. Most awards can be changed or canceled with miles redeposited to your account; the exception is Web Specials, which can be canceled but not changed.
Surcharges (+) — American Airlines doesn't impose its own fuel surcharges on AAdvantage awards, but it does pass on fuel surcharges added by some partner airlines (namely, British Airways and Iberia). American Airlines also doesn't tack on fees for booking awards close to departure or by phone.
Route network and partners (+) — American Airlines has an extensive route network serving hundreds of destinations in dozens of countries. You can also use AAdvantage miles to book flights on Oneworld alliance partners like Alaska Airlines, Japan Airlines and Cathay Pacific, as well as non-alliance partners like Hawaiian Airlines and JetBlue.
The lack of a free mileage pooling option is the only clear negative among these miscellaneous factors. Unfortunately, dynamic pricing is a feature of the AAdvantage program and not a bug. The high variability of award pricing on American Airlines flights presents an obstacle during times of peak demand, but also presents opportunities to save miles when cash fares are low.
The AAdvantage program continues to offer high upside to award travelers via its partner award charts. Despite the use of dynamic award pricing, there are also ample opportunities to redeem miles at a good rate on American Airlines flights, especially during off-peak travel periods.
The ability to book flights on Alaska Airlines, JetBlue, and Hawaiian Airlines gives AAdvantage miles added utility for domestic travelers. All these factors contribute to our rating of the AAdvantage program as one of the most lucrative options for frequent flyers.
Personal Finance Insider Credit Cards American Airlines | 2022-11-28T21:26:29Z | www.businessinsider.com | How Much Are American Airlines Miles Worth in 2022? | https://www.businessinsider.com/personal-finance/american-airlines-miles-value | https://www.businessinsider.com/personal-finance/american-airlines-miles-value |
Jennifer Lopez at a screening of "Marry Me" on February 8, 2022 in Los Angeles, California.
The Hollywood Reporter released its second annual list of the top 40 celebrity entrepreneurs.
THR surveyed some of the biggest stars about their thoughts on running a business.
J.Lo, Ryan Reynolds, and Seth Rogen talk advice, scale versus quality, and winning versus learning.
It's become commonplace for celebrities to start their own brands and businesses apart from their singing or acting careers, and many have gone far beyond just putting their name and face on a product — like Jennifer Lopez's skincare brand J.Lo Beauty or Seth Rogen's' Houseplant.
The Hollywood Reporter released its second annual list of top celebrity entrepreneurs last week, in which they asked top celebrity entrepreneurs about their best business advice, inspirations, and products they wished they'd come up with themselves. Several A-list stars weighed in, and Insider compiled some of the most interesting answers.
Ryan Reynolds said that resisting the urge to win was one of the biggest lessons he learned as an entrepreneur.
Some of Ryan Reynolds's successful ventures include Mint Mobile and Avian Gin, which he sold to leading alcohol company Diageo in 2020 for $610 million.
The "Deadpool" star said the biggest lesson he's learned as an entrepreneur is to never miss a learning opportunity. "Resist the urge to win in favor of learning. Seeking to learn from someone you disagree with is often more valuable than 'winning.'"
Fellow celebrity surveyors like Gal Gadot and "Breaking Bad" star Aaron Paul named Reynolds as one of the entrepreneurs that inspires them.
The best business advice Jennifer Lopez ever received came from Warren Buffet.
Jennifer Lopez's skincare brand J.Lo Beauty and footwear and handbags line JLO Jennifer Lopez Collection at DSW each have cemented the movie star and two-time Grammy nominee as a successful entrepreneur in the beauty and fashion spaces.
Lopez said that the best business advice she's ever received came from Warren Buffet: "A brand is a promise." Her overall mission with her businesses, which also include film and TV production company, Nuyorican Productions, and her expansion into body care with her Targeted Booty Balm this year, is to see her businesses impact "in the next generation of entrepreneurs that we inspire and help open doors for."
Lopez also mentioned that she wants to increase inclusion in business overall, not just in entertainment, saying that "Creating more seats at the tables of opportunity in a different sector than entertainment" is one way that she is exploring a new side of herself as an entrepreneur.
Rogen said the iPhone is the product he wishes he invented himself.
Rogen's marijuana brand Houseplant had so much website traffic when it launched in March of 2021 that the site crashed from the demand.
After founding the business with his co-founder, Evan Goldberg, Rogen said he's learned how to scale without compromising on product quality. "There is a direct correlation between scale and quality — learning how to maintain the level of quality that is imperative to us while still growing our company has been wildly beneficial."
When asked what product he wished he'd come up with himself, Rogen said, "You seen these fucking iPhones?" but also added that the best business advice he's ever received was to "Be focused."
Correction: An earlier version of this article said Lopez is a two-time Grammy winner. She is a two-time Grammy nominee.
contributor 2022 Ryan Reynolds Jennifer Lopez | 2022-11-28T22:27:24Z | www.businessinsider.com | Celebrities Share the Best Business Lessons They've Learned | https://www.businessinsider.com/business-advice-jlo-ryan-reynolds-celebrity-entrepreneurs-2022-11 | https://www.businessinsider.com/business-advice-jlo-ryan-reynolds-celebrity-entrepreneurs-2022-11 |
Warren Rojas and Nicole Gaudiano
America First Foundation leader and white nationalist Nick Fuentes; former President Donald Trump; Republican Rep. Marjorie Taylor Greene of Georgia; Republican Rep. Paul Gosar of Arizona
White nationalist Nick Fuentes has associated with several MAGA stars who claim they don't know him.
Fuentes has spent time with Donald Trump, Reps. Marjorie Taylor Greene and Paul Gosar, among others.
GOP leaders like Kevin McCarthy and Mitt Romney have urged others to stay away from Fuentes.
Conservative firebrand Nick Fuentes has had dinner with, posed for pictures alongside, and welcomed on stage at least a half dozen Republicans since becoming a star of the white nationalist movement.
Interactions with the America First Foundation leader have also prompted GOP lawmakers to deny knowing who Fuentes is and what he stands for. The Anti-Defamation League describes Fuentes as a white supremacist, anti-semite, and 2020 election-denier "who seeks to forge a white nationalist alternative to the mainstream GOP." Fuentes, who has been similarly decried by the Department of Justice and Simon Weisenthal Center, also founded the far-right America First Political Action Conference in 2020 as an alternative to the Conservative Political Action Conference.
Embattled former President Donald Trump is currently trying to distance himself from Fuentes following a Thanksgiving holiday sit-down at Mar-a-Lago that included rapper Kanye West, now known as "Ye." The meeting blindsided Trump's 2024 campaign staff and rattled GOP leaders.
"I don't think it's a good idea for a leader that's setting an example for the country or the party to meet with [an] avowed racist or antisemite," outgoing Arkansas Gov. Asa Hutchinson told CNN on Sunday.
Here are the elected officials who've taken heat for entering Fuentes' orbit.
"He gets me," Trump reportedly said Tuesday as Fuentes flattered the former president's 2016 campaign and his in-your-face messaging.
A Stop the Steal rally attendee who's been subpoenaed by the House select committee investigating the deadly siege at the US Capitol on January 6, 2021, Fuentes also told Trump that he was part of the otherwise unflappable MAGA base that's disappointed by Trump's inaction on behalf of the insurrectionists charged in the riot.
Trump, who has floated pardoning Capitol rioters if he's elected again, blamed the standoffishness on advisors pushing him to be more "presidential," Axios reported.
Since then, Trump has sought to downplay the radioactive encounter, writing on his social media platform Truth Social that he "didn't know Nick Fuentes."
The attempted damage control hasn't satisfied Republicans who want the party to rid itself of the polarizing former president once and for all.
"It's incumbent upon the Republican establishment, what's left of it, to stamp this kind of element from within the GOP once and for all," former Rep. Charlie Dent told CNN over the weekend.
One-time Trump ally and possible 2024 presidential contender Chris Christie said the Fuentes meeting should be disqualifying. "This is just another example of an awful lack of judgment from Donald Trump, which, combined with his past poor judgments, make him an untenable general election candidate for the Republican Party in 2024," the former governor of New Jersey said on Friday.
Rep. Paul Gosar
Republican Rep. Paul Gosar of Arizona speaks to reporters about his Fire Fauci bill during a news conference in the Capitol Visitor Center on Tuesday, June 15, 2021.
The Arizona Republican has been heavily criticized for mingling with Fuentes.
Gosar spoke at an America First PAC event in 2021, denied being involved in a planned 2021 fundraiser that upset GOP leaders, and then sent a prerecorded message to a 2022 AFPAC event that was later blamed on a "miscommunication" with his congressional staff.
Republican Sen. Mitt Romney of Utah called Gosar and fellow AFPAC participant Rep. Marjorie Taylor Greene of Georgia "morons" for getting involved with Fuentes. "There's no place in either political party for this white nationalism or racism," the 2012 GOP presidential nominee told CNN in February, adding, "It's simply wrong."
House Minority Leader Kevin McCarthy chastised Gosar for the 2022 incident, calling it "appalling and wrong."
"The party should not be associated any time any place with somebody who is anti-Semitic," McCarthy said earlier this year.
Republican Rep. Marjorie Taylor Greene of Georgia speaks during an outdoor news conference on Capitol Hill September 20, 2022 in Washington, DC.
The far-right conspiracy theorist from Georgia claimed she knew nothing about Fuentes or his views when she decided to speak at the AFPAC conference in February 2022.
"I'm not aligned with anything that may be controversial," Greene told CBS News in an interview a day after the conference. She attended the event to "address his very large following," describing them as "very young."
"It's a generation I'm extremely concerned about," she said. "I went to talk to them about America First policies and I talked to them about what's important for our country going forward."
When a reporter said Fuentes is a white nationalist, Greene responded, "I do not endorse those views."
Last week, Greene on Twitter appeared to address Fuentes' concerns about the January 6 defendants, saying anyone who claims Trump is doing nothing for them "is either lying, clueless, or wants to hurt him."
"I've been to a lot of rallies this year and I've heard him say he will pardon J6 defendants multiple times," tweeted Greene, who has visited the accused rioters in jail. "I have not heard any other potential 2024 presidential candidate say that yet."
Republican Rep. Steve King of Iowa testifies during a House Veterans' Affairs Committee hearing on September 26, 2017 in Washington, DC.
The polarizing Iowa Republican had already been punished for espousing white supremacist rhetoric before finding his way to Fuentes.
McCarthy stripped King of his committee assignments in 2019 following a troubling interview with The New York Times.
King, who lost his 2020 reelection bid after years of questionable behavior, said he felt like he was being targeted by a "political lynch mob."
King spoke at AFPAC's 2021 gathering and posed for a picture with Fuentes, Gosar, and other attendees.
Idaho Lt. Gov. Janice McGeachin
Idaho Lt. Gov. Janice McGeachin speaks with a supporter at a campaign event at a grocery store on March 19, 2022 in Idaho Falls, Idaho.
McGeachin made a video appearance at the AFPAC 2022 in February and thanked those in attendance for "joining our efforts."
When later confronted about her appearance by a Boise news reporter, she said she didn't know Fuentes and never met him. She also blamed the media.
"The mainstream media, you do this to conservatives all the time, but you don't do it to yourself," she told a KTVB7 reporter. "That every time, any time there's any kind of affiliation with anybody at any time on any stage, that we are all guilty by association. And it's not, it's not appropriate."
The reporter later asked whether McGeachin would have said "yes" to the group if she had known who Fuentes was.
"Well, again, this movement is so much bigger than one individual. Who cares what Nick Fuentes has to say? Who cares?" she said. "There's thousands and thousands of young conservatives all across the country that are very concerned about what's happening to our country."
In a statement responding to calls for her resignation, McGeachin called "America First" policies "vital," but also said she doesn't support identity politics or other discriminatory views.
McGeachin, Idaho's first female lieutenant governor, was backed by Trump and beaten decisively in her primary challenge against the incumbent Gov. Brad Little. It was the first time since 1938 that a sitting governor had been challenged by a lieutenant governor of the same party, according to the Idaho Press.
McGeachin, who made "election integrity" part of her platform, is now facing scrutiny for issuing partisan messages in her official state office newsletter, at taxpayer expense, ahead of the November elections.
Arizona state Sen. Wendy Rogers
Wendy Rogers in September 2018
Thomas McKinless/CQ Roll Call
Rogers embraced Fuentes during her AFPAC speech as someone she truly respects, calling him the "most persecuted man in America."
"Nick, and the other patriots in attendance at AFPAC: please keep doing what you're doing," she said. "I admire you, and I so appreciate how you never give up. We need more strong Americans like you."
Rogers later posted an image of herself on her Gab and Telegram accounts, pictured with Fuentes and Gab founder Andrew Torba behind a dead rhinoceros branded with the Conservative Political Action Conference logo and a Jewish Star of David.
The Arizona Senate censured her for violent rhetoric, but did not address anti-Semitism or white nationalism in its motion, Insider's Bryan Metzger reported.
Rogers, who was endorsed by Trump, won reelection in November after prevailing against a GOP primary opponent who made Rogers' ties to Fuentes a key issue.
State Sen. Kelly Townsend, an ultra conservative who challenged Rogers, told Insider that she was "horrified" after watching a compilation video about Fuentes and she pleaded with Rogers to denounce him. Townsend also criticized Trump.
"If he's unwilling to speak out against Nick Fuentes, then why would I want an endorsement from somebody who can't do that?" she told Insider.
Features Nick Fuentes Donald Trump | 2022-11-28T22:27:29Z | www.businessinsider.com | Trump, 5 GOP Lawmakers Associated With White Supremacist Nick Fuentes | https://www.businessinsider.com/meet-the-republicans-in-white-nationalist-nick-fuentes-world-2022-11 | https://www.businessinsider.com/meet-the-republicans-in-white-nationalist-nick-fuentes-world-2022-11 |
Brent D. Griffiths, Warren Rojas, and Nicole Gaudiano
Several top Republican officials have condemed Trump for meeting with white nationalist Nick Fuentes.
Trump recently had dinner with Fuentes and Kanye West, who has also made anti-Semitic comments.
Insider is keeping a running tally of top Republicans who condemn the former president.
Several GOP leaders, including some potential 2024 rivals, are explicitly condemning embattled former President Donald Trump for meeting with avowed white supremacist Nick Fuentes. But their scorching statements remain the exception so far for the GOP's reaction to Trump's latest scandal.
Trump has claimed that he has no idea who Fuentes was. He has claimed that he tried to give rapper Kanye West, who was also at the dinner, advice. West, who prefers going by Ye, has made a number of antisemitic comments in recent months, which led multiple companies, including Adidas, to break ties with him. The trio had dinner at Trump's Mar-a-Lago resort last week.
"Ye, formerly known as Kanye West, was asking me for advice concerning some of his difficulties, in particular having to do with his business. We also discussed, to a lesser extent, politics, where I told him he should definitely not run for President ...," Trump wrote on his social media platform, Truth Social. Trump added that West "expressed no anti-Semitism" during the dinner.
Fuentes, a 24-year-old known as a white nationalist, has long history of blatantly racist and anti-Semitic comments. He was also the cause of a previous uproar when far-right Reps. Marjorie Taylor Greene of Georgia and Paul Gosar of Arizona spoke at a conference of a Fuentes-founded organization. House Minority Leader Kevin McCarthy called their attendance "unacceptable."
Here's the list of Republicans who have condemned Trump thus far:
Sen. Bill Cassidy of Louisiana:
"President Trump hosting racist antisemites for dinner encourages other racist antisemites," Cassidy wrote on Twitter. "These attitudes are immoral and should not be entertained. This is not the Republican Party."
Republican National Committee chairwoman Ronna McDaniel:
Republican National Committee chair Ronna McDaniel did not mention Trump specifically while rejecting Fuentes' ideology. "As I had repeatedly said, white supremacy, neo-Nazism, hate speech and bigotry are disgusting and do not have a home in the Republican Party," she said in a prepared statement.
Arkansas Gov. Asa Hutchinson:
"I don't think it's a good idea for a leader that's setting an example for the country or the party to meet with [an] avowed racist or antisemite," Hutchinson told CNN on Sunday. Hutchinson, a two-term governor who will soon be leaving office. He has said he is "very seriously" considering a 2024 presidential campaign.
Former New Jersey Gov. Chris Christie:
"This is just another example of an awful lack of judgment from Donald Trump, which, combined with his past poor judgments, make him an untenable general election candidate for the Republican Party in 2024," the one-time Trump ally and likely 2024 presidential contender told The New York Times.
—Chris Christie (@GovChristie) November 26, 2022
Rep. Liz Cheney of Wyoming:
"First, @RepMTG and now, @realDonaldTrump hanging around with this anti-Semitic, pro-Putin, white supremacist. This isn't complicated. It's indefensible," Cheney, the top Republican on the House January 6 committee, wrote on Twitter.
Rep. Adam Kinzinger of Illinois:
"The brown shirts shouldn't intimidate you," Kinzinger, the only other Republican on the January 6 committee, wrote on Twitter. "They are all incels with no self esteem. Hey @GOPLeader, @RepMTG had spent some time with Nick here, how does that sit with you? You cool with holocaust denial etc? Probably right?" | 2022-11-28T22:27:30Z | www.businessinsider.com | GOP Leaders Decry Trump's Dinner With Antisemite Nick Fuentes | https://www.businessinsider.com/republicans-condemn-trump-dinner-nick-fuentes-kanye-west-2024-2022-11 | https://www.businessinsider.com/republicans-condemn-trump-dinner-nick-fuentes-kanye-west-2024-2022-11 |
The US Transportation Security Administration screened over 2.5 million air travelers on Sunday.
The week's numbers still lag behind 2019 passenger volumes, and high airfares and inflation may be to blame.
Travel analyst Henry Harteveldt applauded airlines for their on-time performance over the Thanksgiving holiday.
The Thanksgiving holiday was a busy week for travel, but crowds were still below pre-pandemic levels.
Before the pandemic reshaped the aviation industry as we know it, Thanksgiving was the US' busiest holiday for air travel. In fact, the US Transportation Security Administration screened over 2.8 million passengers on December 1, 2019 — the Sunday after Thanksgiving — and it was the most the agency had ever seen in its history.
However, 2020 proved to be a risky year for flying due to COVID, and the TSA saw record-low numbers as millions of people opted to stay home. In 2021, travel started to rebound with passenger numbers reaching the millions, and the trend has continued into 2022 as volumes break pandemic records.
TSA spokesperson Lisa Farbstein posted on Twitter Monday that the agency screened 2,560,623 travelers on Sunday, marking "the highest checkpoint volume since the start of the pandemic."
Airlines knew it would be a busy week as travel agency Hopper estimated 25 million seats would be flying over the holiday. United Airlines told Insider that it flew more than 476,000 customers on Sunday, and the Thanksgiving holiday period was the carrier's third-busiest behind 2018 and 2019.
Despite the travel optimism, passenger numbers are still lower than in 2019. Henry Harteveldt, travel analyst and president of Atmosphere Research Group, told Insider that volumes were down 2.4% compared to 2021, and high airfare and the state of the economy may be to blame.
"Some people may have looked at the airfares and decided to drive to their destination because the fares were simply too expensive," he explained. "And we can't ignore the unstable economy and inflation which has sent the cost of everyday goods soaring and has eaten into many people's discretionary budgets, leaving them less money to travel by air."
According to Hopper, the 2022 average airfare from November 20 to November 24 was $350 for roundtrip domestic flights. This is a 43% increase compared to 2021, and 22% higher than in 2019.
Over previous holiday weekends, like Memorial Day and the Fourth of July, carriers canceled or delayed thousands of flights, blaming staffing shortages, weather, and air traffic control for the chaos.
However, according to FlightAware data, United only canceled 47 flights from Monday through Sunday. Meanwhile, Delta Air Lines canceled 31, Southwest Airlines canceled 24, and American Airlines only canceled 13.
Although the historically unreliable holiday flight operations may have scared people away from flying over Thanksgiving, Harteveldt told Insider the successful week is a win for US carriers.
"Airlines have a responsibility to their customers and to their employees to operate the schedules as close to on time as they can in order to help rebuild trust in the air transportation network," he said. "And I think it helps that the Department of Transportation has been so vocal."
Harteveldt noted Transportation Secretary Pete Buttigieg has put pressure on carriers to perform, especially with the agency's newly published airline customer service dashboard.
"They have to continue to operate reliably during the next few weeks, during the Christmas and New Year's period, and throughout 2023 and beyond," Harteveldt told Insider.
Airlines Aviation United Airlines | 2022-11-28T22:27:31Z | www.businessinsider.com | Thanksgiving Numbers Still Below 2019, Air Travel Still Not Normal | https://www.businessinsider.com/thanksgiving-numbers-below-2019-but-not-all-bad-for-airlines-2022-11 | https://www.businessinsider.com/thanksgiving-numbers-below-2019-but-not-all-bad-for-airlines-2022-11 |
Don't let the Amex Platinum's 'lifestyle' benefits distract you from its true value — here's what the card is worth to the average person
The Amex Platinum has expanded its target audience for customers beyond just frequent travelers.
Amex Platinum; Insider
The Platinum Card® from American Express comes with potentially thousands of dollars in annual credits.
Some new card benefits aren't practical or broadly useful for many customers.
There are seven pillar benefits that make this card worth keeping year after year.
Did you know that The Platinum Card® from American Express comes with up to $6,099 in annual statement credits?
American Express has been continually tweaking and adding to the suite of benefits on the Amex Platinum this year. If you manage to use every single credit touted by this card, you'll get more than $6,000 in value. Combine that with other various memberships and programs you'll get with the card, and your value can exceed $7,000 per year. Amex is an Insider partner.
With that knowledge, the card's $695 annual fee doesn't sound so bad.
At least, that's the way the card is marketed. The Amex Platinum has been stuffed with so many obscure benefits and credits that it's technically possible to get many thousands of dollars in value each year from its perks — though, for most of us, it's virtually impossible to do so.
Let's eliminate the distracting benefits that come with this card and look at what the Amex Platinum is worth to the average customer.
Don't let the Amex Platinum's niche credits distract you from its real value
The Amex Platinum has been receiving flack for adding benefits that aren't helpful for many everyday cardholders.
These credits distract would-be cardmembers from the real value inside the card. Consider this list:
Up to $300 annual credits (divided into monthly increments of $25) to Equinox** — a network of luxury gyms that exist only in major cities. Membership can cost more than $3,000 per year. Beginning November 3, 2022, you can use this credit for any type of membership (including Equinox+ via the app). And beginning 2023, the annual $300 credit can be used all at once.
$300 in statement credits when you use your card to buy a SoulCycle at-home bike. You can use this credit for up to 15 bikes annually, meaning you can get a maximum of $4,500 from this perk each year. These bikes retail for $2,500 each.
Up to $155 in annual statement credits toward Walmart+ (divided into monthly increments of $12.95)**. Walmart+ costs $12.95 per month, or $89 per year, plus taxes. If Walmart+ appeals to you, this credit is not worth its face value, as the subscription costs as little as $7.42 per month when paying for a yearly membership.
Up to $100 in annual credits toward Saks Fifth Avenue (divided into $50 increments — the first to be used between January and June, and the second to be used between July and December)**. If you don't shop at Saks Fifth Avenue, you'll find yourself browsing their website twice per year just to keep from forfeiting $100 in value.
Tally these up and you've got more than $5,000 in possible statement credits, all of which are pretty esoteric. Unless you're opening a SoulCycle studio, you likely won't save more than a couple of hundred dollars per year from the above perks.
These 7 Amex Platinum benefits are the real reason to get the card
Let's pretend the above benefits don't even exist. What's left is an elite group of perks that still make the card a keeper. Any other credits you're able to use are a nice bonus. My wife and I both have the Amex Platinum, and we both get enough value from it to continue paying the $695 annual fee.
Here are the benefits that make the Amex Platinum worth keeping.
Up to $200 in Uber Cash annually
This credit is divided into monthly increments of up to $15, and up to $35 in December. Even if you don't use Uber to get around, you can still use this monthly credit toward Uber Eats for up to $15 in free food. You can even choose to pick up your food from the restaurant so you don't have to tip your driver or pay delivery fees.
Amex Fine Hotels and Resorts (with up to $200 in annual hotel credits)
You'll get up to a $200 statement credit when booking a hotel with The Hotel Collection (two-night minimum) or Amex Fine Hotels and Resorts (one night minimum). This credit is nearly as good as cash to many of us with the Amex Platinum, as Amex Fine Hotels and Resorts is a major reason to get the card.
It offers elite-like hotel benefits at luxury hotels. You can expect room upgrades (when available), free breakfast, late checkout, and unique amenities like $100 in dining credits.
Up to $200 in annual airline credits
After you select your preferred airline with American Express, you can receive up to $200 in annual credit toward that airline's incidental fees.** You can use these credits for things like baggage fees, seat selection, etc.
I use these credits organically each year, so this is yet another benefit nearly as good as cash to me.
Up to $100 Global Entry/TSA PreCheck statement credit
You'll receive a credit of $100 toward either a Global Entry or TSA PreCheck application (every 4.5 years). This completely reimburses your application fees.
TSA PreCheck allows you to keep your shoes and belt on and your laptop in your bag when passing through domestic airport security checkpoints. Global Entry lets you skip the long immigration lines when returning to the US from abroad. But because Global Entry also comes with TSA PreCheck privileges, it's the better one to apply for.
Up to $189 annual CLEAR® credit
CLEAR® is a trusted traveler program that lets you skip the line at participating domestic airport security checkpoints (and some stadiums and ports). It normally costs $189 per year, so this Amex Platinum CLEAR credit will completely offset your cost.**
However, there are easy ways to get discounts on CLEAR®, so you probably won't use the full $189 credit for yourself. For example, simply enrolling in United Airlines or Delta's frequent flyer programs lowers the annual cost to $119. Fortunately, you can use the credit to pay for anyone's CLEAR® membership, so this credit will go a long way toward offsetting a couple's membership fees.
The benefits of this program stack with TSA PreCheck to make your TSA experience extremely brief. You'll cut to the front of the line and then speed through without removing shoes, belts, or laptops.
Up to $240 in annual digital entertainment credits
The card offers a maximum of $240 in annual "digital entertainment credits," divided into monthly increments of up to $20**. You can use this credit to offset Hulu, Disney+, and ESPN+ (including the Disney Bundle), Peacock, Audible, SiriusXM, and The New York Times.
Many of these subscriptions are significantly cheaper when you purchase a yearly plan — and some you can get for free with a library card. I don't personally make much use of this benefit — but if you're a family that values Disney or subscribes to Hulu + Live TV, this credit is right up your alley.
Comprehensive airport lounge access
The Amex Platinum comes with the most comprehensive airport lounge membership of any card on the market. You'll get access to:
More than 1,300 Priority Pass airport lounges worldwide (two free guests allowed)
Amex Centurion Lounges, widely regarded to be the highest-quality domestic lounges with hot meals and free mixed drinks (two free guests allowed until February 1, 2023)
Delta Sky Club lounges (you must have a same-day Delta ticket)
Escape Lounges
Plaza Premium lounges
Airspace lounges
Some Lufthansa lounges
It's hard to assign a dollar amount to this benefit, though it personally saves me several hundred dollars per year in airport food and drinks. For reference, a Priority Pass membership comparable to the one you'll get with the Amex Platinum costs $429 per year. And a similar Delta Sky Club membership costs $545 per year.
The Amex Platinum has shifted to taking a coupon-book approach to statement credits, some of which aren't broadly useful or valuable to many cardholders. But the card still has pillar benefits that make the annual fee worth paying, even for the average person.
If you can use annual benefits like up to $200 in Uber Cash, up to $200 in airline incidentals, $200 in hotel credits, CLEAR® membership credit, $240 in digital entertainment credits, and top-tier airport lounge access, this card is worth potentially $1,450+ per year to you.
The other benefits, including the huge welcome offer of 80,000 Membership Rewards® points after spending $6,000 on purchases in the first six months of card membership, are just an extra bonus.
PERSONAL FINANCE Amex Platinum card review: The best card for airport lounge access and premium travel perks, with a 100,000-point welcome bonus offer and tons of valuable new benefits
Personal Finance Insider Credit Cards American Express | 2022-11-28T22:57:55Z | www.businessinsider.com | Don't Let the Amex Platinum's 'Lifestyle' Benefits Distract You | https://www.businessinsider.com/personal-finance/amex-platinum-benefits-value | https://www.businessinsider.com/personal-finance/amex-platinum-benefits-value |
Is Equity Trust right for you?
Equity Trust vs. iTrust Capital
Equity Trust vs. Rocket Dollar
Ways to invest with Equity Trust
Equity Trust review: Invest in alternative assets, stocks, and more
Equity Trust offers SDIRAs, solo 401(k)s, traditional and alternative investments, and more.
Equity Trust; Insider
Equity Trust account
Account setup: $50 online applications or $75 paper applications; $249/year Gold Level Service Membership or $499/year Gold Level Service Prime
Cryptocurrencies, precious metals, real estate, private equity, private lending, forex, mutual funds, stocks, bonds, and ETFs
On Equity Trust's website
No minimum account requirement
Users can schedule one-on-one call with IRA counselor
Investment selection features both alternative investments and traditional investments; SDIRAs and solo 401(k)s available
Several educational resources (e.g., video library, investor education blog, and more)
High crypto transaction fees
Limited crypto selection
Bottom line: Equity Trust's overall investment selection is unbeatable compared to other popular self-directed IRA (SDIRA) custodians, and it offers a wide range of account types for both individuals and institutions. You may want to look elsewhere, though, if you're in search of lower fees. Its crypto transaction fees and account fees are on the higher side.
Established in 1974, Equity Trust is a custodian that offers SDIRAs, solo 401(k)s, and investment services both for individuals and institutions. Its investment selection is quite extensive, consisting of cryptocurrencies, precious metals, real estate, private equity, stocks, bonds, mutual funds, and more.
It also offers access to IRA counselors, and its affiliate, ETC Brokerage Services, lets you invest in a vast suite of other traditional investments. A downside, however, is that it charges 2% for buy crypto transactions, and it doesn't offer mobile access.
Account setup: $50 for online applications or $75 for paper applications; $249/year Gold Level Service Membership or $499/year Gold Level Service Prime
Annual maintenance: $225 to $2,250, depending on account balance
Precious metals: $10/asset (maximum $30) for liquidation, cost plus $10 for coin handling ($50 minimum), and $150 segregated storage and $100 non-segregated storage
Cryptocurrencies: 2% on buy transactions, 1% on sales, and up to 1% liquidity cost
Coverdell Education Savings Account: $50 one-time setup fee and $75 yearly fee for minors; regular account fees for those older than age 18 (or those whose account value exceeds $10,000)
Equity Trust has iTrust Capital beat when it comes to investment offerings. iTrust Capital only offers cryptocurrencies and physical gold and silver, while Equity Trust's investment types feature a vast collection of alternative investments in addition to traditional assets like stocks, ETFs, mutual funds, and more.
But you'll pay less for crypto at iTrustCapital. It only charges 1% per trade. Equity Trust, on the other hand, assesses a 2% fee on buy transactions and a 1% fee on sell transactions.
Overall, Rocket Dollar is the cheaper choice for those looking to park alternative assets in an SDIRA. You'll either pay $180 or $360 per year, depending on the plan you choose. And when it comes to annual fees, both options are cheaper than Equity Trust's two plans. For instance, its most basic plan costs $249 per year, while its premium plan has a $499 annual fee.
But Equity Trust is a better option for investors who want a diverse range of investment choices. Plus, you can avoid hefty setup fees with this provider.
Self-directed accounts
When it comes to its account selection, Equity Trust offers multiple types for individuals. These include traditional self-directed IRAs, Roth self-directed IRAs, Coverdell Education Savings accounts, and health savings accounts. And since most SDIRA custodians limit their account types to IRAs, Equity Trust is a better option for those in search of flexibility.
Its investment selection furthers this, allowing you to buy alternative assets like cryptocurrencies, real estate, precious metals, private equity, and loans.
However, its crypto selection — which includes bitcoin, bitcoin cash, chainlink, ethereum, ethereum classic, litecoin, stellar lumen, and zcash — is limited. Plus, one drawback about these offerings is that you'll pay 2% for buy transactions. However, one way Equity Trust arguably makes up for this is by offering additional access to other crypto providers (these include Coin IRA, BitIRA, BitTrust IRA, BlockMint, and My Digital Money).
If you're looking for more cryptocurrencies, you'll be better off searching elsewhere. For instance, Alto IRA offers more than 200 cryptocurrencies.
Traditional investments
In addition, Equity Trust even allows for investments like stocks, ETFs, bonds, mutual funds, and other public assets. This is uncommon among most SDIRA custodians, so Equity Trust users get the best of both worlds. This is possible thanks to its affiliate, ETC Brokerage Services.
Online mutual fund trades through Equity Trust are free, and ETC lets you invest in other securities. You'll just need to call the brokerage to add those to your portfolio. Account setup seems fairly simple for Equity Trust's traditional offerings, but you can also work with one of its specialized counselors to get your portfolio established.
You can see its complete fee schedule here.
The platform additionally offers institutions custodial options for investments like cryptocurrencies, private equity, precious metals, real estate investment trusts (REITs), and private debt. Plus, businesses can take advantage of its self-directed SEP IRAs and SIMPLE IRAs, along with solo 401(k)s and Roth solo 401(k)s.
It also has an account management technology, called myEQUITY, that helps financial professionals with the account setup and maintenance process for their clients.
As for fees, you'll pay $50 for account setup and $500 for digital asset platform establishment. Equity Trust also has several other fees that vary based on account type, number of accounts, storage, and other factors. You can see its full institutional fee schedule here.
Equity Trust: Is it trustworthy?
The Better Business Bureau gives Equity Trust an A+ rating. BBB ratings reflect its opinion of how well a company interacts with its customers, and this is the highest rating a business can receive.
These ratings don't guarantee that a company will be reliable or perform well, though. It's equally important to do your own due diligence when assessing an investment platform.
But as for its process, the BBB considers an array of factors — including type of business, time in business, licensing and government actions, advertising issues, and customer complaint history — when evaluating companies. The company's record is clear of any lawsuits or scandals over the past couple of years.
Its BBB profile shows Equity Trust has closed 42 complaints in the last 12 months.
Equity Trust — Frequently asked questions (FAQ)
What kind of company is Equity Trust Company? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Equity Trust is a directed custodian and financial services company. It offers brokerage products through ETC Brokerage Services.
How long has Equity Trust been in business? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Equity Trust dates back to 1974, and the company was approved as a self-directed IRA custodian in 1983.
Who owns Equity Trust? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Richard Desich is the owner and founder of Equity Trust.
Cryptocurrency: Created in 2009, cryptocurrencies are digital assets that rely on blockchain technology for decentralized (i.e., cryptocurrency holders can exchange these assets without a centralized institution like a bank) transactions.
Traditional IRA: These accounts are available to those who are at least 18 years of age with taxable income, and they let you contribute up to $6,000 per year (or $7,000 if you're older than 50) in pre-tax dollars. You don't have to pay taxes on the money in your account until you make withdrawals at age 591/2 .
PERSONAL FINANCE How to start investing in gold — and the major benefits and drawbacks to know about
Equity Trust iTrustCapital Rocket Dollar | 2022-11-28T22:57:57Z | www.businessinsider.com | Equity Trust Review: Pros, Cons, and Who Should Set up an Account | https://www.businessinsider.com/personal-finance/equity-trust-investing-review | https://www.businessinsider.com/personal-finance/equity-trust-investing-review |
Snap employees must work in the office at least four days a week next year, ending its 'remote first' policy
Snap CEO Evan Spiegel demos the company's AR glasses.
Snap Inc/Getty Images for Snap Inc
Snap began to allow employees to work from home during the pandemic.
Many tech companies allow remote work, with some reverting to part time in-office work.
Starting next year, in-office work will be required at Snap, employees were told.
Snap employees will be spending most of their working hours in an office by next year.
Starting in February, Snap employees will be required to work in an office at least four days per week, a person familiar with the plans said. This was announced Monday during co-founder and CEO Evan Spiegel's weekly chat and Q&A with employees. The change represents a shift from the company's current policy, which is "remote first" and allows employees to work from home or elsewhere.
"After working remotely for so long we're excited to get everyone back together next year with our new 80/20 hybrid model," a Snap spokesperson said in a statement. "We believe that being together in person, while retaining flexibility for our team members, will enhance our ability to deliver on our strategic priorities of growing our community, driving revenue growth, and leading in AR."
Since the coronavirus pandemic first broke out in 2020, many tech companies have maintained work from home or even work from "anywhere" policies. Facebook is continuing to allow employees to work remotely and plans to close some offices as part of new cost-cutting efforts. Other companies, like Apple, began requiring people to work in office three days per week. Twitter, under its new owner Elon Musk, is demanding full-time in-office work.
Snap enacted mass layoffs in September, culling about 20% of its staff. Although employees had expected layoffs to some extent, the scale of the layoffs came as a shock to many given Spiegel's comments about Snap's declining advertising business and a hiring freeze, as Insider reported.
Since the layoffs, Snap has continued build out its advertising capabilities while cutting costs. The company is closing its office in San Francisco, as Insider reported. A spokesman at the time noted how little the office had been used since the company went to a "flexible work policy" during the pandemic.
Are you a Snap employee or someone else with insight to share? Contact Kali Hays at khays@insider.com, on secure messaging app Signal at 949-280-0267, or through Twitter DM at @hayskali. Reach out using a non-work device.
SNAP Snapchat Evan Spiegel | 2022-11-28T23:59:20Z | www.businessinsider.com | Snap to Implement Return to Office Mandate in 2023 | https://www.businessinsider.com/snap-return-to-office-mandate-2023-2022-11 | https://www.businessinsider.com/snap-return-to-office-mandate-2023-2022-11 |
Georgia Sen. Raphael Warnock speaks during a campaign event in Sandy Springs, Ga., on November 26, 2022.
Early voting has started for the Georgia Senate runoff between Raphael Warnock and Herschel Walker.
Both parties are looking to boost enthusiasm among base voters while also keeping an eye on 2024.
A Warnock victory would usher in a 51-49 Democratic majority, while the GOP hopes for a 50-50 split.
For Georgia voters, the Senate contest between Democratic incumbent Raphael Warnock and Republican nominee Herschel Walker has been on their minds all year.
Millions of dollars in advertisements have flooded the Peach State as the candidates have frenetically crisscrossed the state for months — from the busy streets of Atlanta and its vast suburbs to the coastal city of Brunswick — to connect with as many voters as possible in the recently-minted Southern swing state.
But because neither Warnock nor Walker hit the requisite 50% of the vote to secure an outright victory on November 8, the race will finally reach its dramatic conclusion on December 6.
While Democrats will retain control of the Senate in January 2023 independent of the outcome in Georgia, no one from either party is expected to take it easy.
The robust early voting turnout this past weekend underscores just how imperative this race remains, with Democrats hoping to finally break their 50-50 Senate logjam and reelect the first Black senator to represent the Peach State. Meanwhile, Republicans are looking to Walker — a former University of Georgia football standout with near-universal statewide name identification — to give the party more political leverage in an evenly-split upper chamber, while also giving them a clean sweep of this year's statewide victories should he win next week.
And both parties are looking intently to 2024, with Democrats hoping to replicate President Joe Biden's 2020 victory in Georgia while Republicans are angling to flip the state back into the red column.
Georgia Republican Senate nominee Herschel Walker speaks with supporters during a campaign rally in Milton, Ga., on November 21, 2022.
Both parties want an enthusiasm advantage
In hotly-contested Georgia, a slight shift of just a few thousand voters can be the difference between winning and losing.
The 2018 gubernatorial race saw Republican Brian Kemp defeat Democrat Stacey Abrams by roughly 55,000 votes out of nearly 4 million ballots cast.
In 2020, Biden defeated then-President Donald Trump in the state 49.5%-49.2%, edging out the Republican commander-in-chief by roughly 12,000 votes out of nearly 5 million ballots.
And earlier this month, Warnock came out ahead of Walker 49.4%-48.5%; the Democratic incumbent led by a little over 37,000 votes out of more than 3.9 million ballots.
For Democrats, a key driver of enthusiasm has been early voting — which commenced last week in several counties across the state and is especially popular among Black voters. The Warnock campaign, along with the Democratic Party of Georgia and the Democratic Senatorial Campaign Committee, earlier this month successfully sued to allow localities the option of conducting early voting on November 26, the day after Thanksgiving, after state and national GOP groups sought to block voters from casting ballots that day.
According to the Georgia Secretary of State's office, over 180,000 voters have already cast early ballots. The voter breakdown was 46% Black, 38% white, 11% unknown or other, 3% Asian, and 2% Hispanic.
Statewide early voting across all 159 counties started on Monday and will run through Friday, December 2.
While many Republicans will also take advantage of this week's early voting period, GOP voters are expected to turn out heavily on Election Day.
The United States Capitol in Washington, DC.
50-50 versus 51-49
For nearly two years, the Senate has been operating with 50 Republicans, 48 Democrats, and two independents — Sens. Angus King of Maine and Bernie Sanders of Vermont — who caucus with the Democratic Party, creating an equal split in the upper chamber.
While Democrats have been able to pass major pieces of legislation like the American Rescue Plan and the Inflation Reduction Act, getting those respective bills over the finish line involved lots of negotiations with moderate Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona.
The party has also had to rely on the reconciliation process to move the larger party-line bills through the chamber, and they have needed Vice President Kamala Harris' tiebreaking vote to get the bills to Biden's desk.
Warnock's runoff win, coupled with Sen.-elect John Fetterman's victory over Republican Mehmet Oz, would give the party 51 seats — and some breathing room from having to rely on Manchin and Sinema — as none of the other vulnerable Democratic incumbents lost their respective races this year.
A 51-49 majority would also allow Democrats to move away from a party-sharing agreement, as they would have a majority of seats on committees, which would also make it easier to approve Biden's judicial nominees.
All roads lead to 2024
With Trump already in the presidential race and Biden eyeing a reelection campaign, both parties are looking to ramp up their preparations for 2024.
While the former president remains deeply popular among base Republicans, some GOP lawmakers are frustrated by his endorsement of numerous candidates who were rejected by moderates and independents in key swing states, costing the party critical Senate seats, governorships, and secretary of state races.
Many Republicans are still seething at what they saw as Trump's intrusion in last year's dual runoff elections, which saw the defeats of then-GOP Sens. David Perdue and Kelly Loeffler to Democrats Jon Ossoff and Warnock, respectively, after thousands of base voters stayed at home over concerns about election integrity.
Trump has so far not said whether he will come to Georgia to campaign for Walker — whom he encouraged to run for the seat — before the runoff next week.
However, some Republicans would prefer that Trump remain at Mar-a-Lago, worried that he could cost them another Senate win.
Warnock, for his part, has continued to emphasize his bipartisan credentials on the campaign trail, bringing in Democrats like former President Barack Obama and Sen. Cory Booker of New Jersey instead of Biden — whose job approval rating remains underwater in Georgia.
But Democrats are also seeking to fine-tune their voter engagement strategies in advance of what will be another effort to win Georgia on the presidential level in two years, as the state will surely remain on the minds of both parties for the foreseeable future.
Raphael Warnock Herschel Walker Senate | 2022-11-28T23:59:22Z | www.businessinsider.com | Georgia Runoff Between Warnock, Walker Critical for Senate Buffer and 2024 | https://www.businessinsider.com/warnock-walker-georgia-senate-runoff-critical-early-voting-democrats-gop-2022-11 | https://www.businessinsider.com/warnock-walker-georgia-senate-runoff-critical-early-voting-democrats-gop-2022-11 |
Some Amazon advertisers are fuming after a Black Friday glitch cost them up to hundreds of thousands of dollars while others underspent and missed out on sales goals
Amazon's ad tool inaccurately showed how much advertisers spent on Black Friday campaigns.
Ad buyers said the glitch cost them betweens tens of thousands to hundreds of thousands of dollars.
Ad buyers want that money back from Amazon, but aren't sure if they'll get it.
Amazon sellers frequently rely on ads to drive crucial sales on Black Friday, but a glitch in Amazon's ad tools this year caused them to potentially overspend by up to hundreds of thousands of dollars. Other advertisers underspent on ads, causing them to miss out on holiday sales.
Execs at the agencies Momentum Commerce, Bobsled Marketing, and Envision Horizons said that on Black Friday, Amazon showed that advertisers were spending half of what they actually were. These reporting issues continued through Saturday, and Amazon only acknowledged the problem on Sunday, these agencies said.
"When the dashboard tells you you've only spent a few thousand dollars and in reality you've actually spent tens of thousands of dollars, it can be very misleading," said Laura Meyer, founder and CEO of Amazon-focused agency Envision Horizons.
This data is important because advertisers carefully track their Amazon ad budget during Black Friday and Cyber Monday to make sure that they don't blow through it too quickly.
"Friday was the big day where there's so much more ad spend than Saturday or Sunday," said Ryan Walker, VP of strategy at e-commerce agency Momentum Commerce.
Because the data was inaccurate, some advertisers quickly ramped up ad spend to hit sales goals, these sources said. Incorrect data around ad spend and sales levels could also fool advertisers into thinking Amazon ads performed better than they actually did, causing them to pump more money into their campaigns.
"If the spend number is understated, but the sales number is fully represented, that inflates the apparent efficiency of advertising," said Momentum's Walker.
"We identified a reporting delay for some sponsored ads metrics over the weekend. This is resolved and reporting is now current," an Amazon spokesperson said.
The range of overspending varies wildly from tens of thousands of dollars to hundreds of thousands of dollars, the agencies said.
While some advertisers overspent, other advertisers underspent, which made them miss their sales numbers, the agencies said.
The agencies declined to name specific clients, but said that seasonal and performance-focused advertisers that heavily lean on promotions were most impacted.
The glitch affected some of Amazon's most popular ad products, including Sponsored Products and Sponsored Display, which help advertisers target ads on Amazon's own site. Ad buyers often devote up to 80% to 90% of their Amazon ad budgets to these two formats. The glitch did not impact Amazon's programmatic ads that appear on other publishers' websites, according to two of the agencies.
While advertisers occasionally deal with delays around Amazon's ad data, in this case, they were thrown off that the problem was so widespred and that it happened on Black Friday.
"It undermined a lot of the Turkey Five," said Ross Walker, senior paid media manager at Bobsled Marketing, referring to the five biggest shopping days between Thanksgiving and Cyber Monday.
While ad buyers would like their money back, they aren't optimistic they'll get it, and have not heard either way from Amazon. Some advertisers have asked Amazon for credits for future campaigns.
"We have not heard of any reconciliation process," said Bobsled Marketing's Walker. He added that Amazon is not known for giving advertisers credits.
Another agency source suspects Amazon might decline to give their money back and simply tell advertisers that their overspent ad dollars drove sales.
Amazon E-commerce advertising | 2022-11-29T00:29:24Z | www.businessinsider.com | Amazon's Black Friday Glitch Cost Advertisers up to Hundreds of Thousands of Dollars | https://www.businessinsider.com/amazons-black-friday-glitch-cost-advertisers-up-to-hundreds-of-thousands-of-dollars-2022-11 | https://www.businessinsider.com/amazons-black-friday-glitch-cost-advertisers-up-to-hundreds-of-thousands-of-dollars-2022-11 |
Last chance to save over $100 on gaming monitors before Cyber Monday sales end
Get up to 48% off gaming monitors this Cyber Monday.
DisobeyArt/Getty Images
During Cyber Monday, we're seeing massive discounts on gaming monitors — computer monitors specifically made to help PC games look better.
Maybe you didn't think you needed a gaming monitor, but if you want your PC games to look great it's worth considering one.
And for the next few hours — while Cyber Monday lasts — you can find steep discounts on both curved and flatscreen gaming monitors, saving you upwards of $1oo on top brands including Samsung, Acer, LG, and more.
For even more deals, check out our liveblogs on over 300 of the best Cyber Monday deals still available, as well as the best TV deals, Amazon sales, and discounted products for your home.
The best Cyber Monday deals on curved gaming monitors
Samsung 32-inch Odyssey Curved Gaming Monitor
Odyssey is Samsung's flagship series of gaming monitors. While this specific model only boasts a 165Hz refresh rate — not as high as the premium 240Hz offered by more expensive models — it's still got Full HD resolution, fast response time, and a competitive price. Today it's $80 off, which is a pretty good sale.
LG UltraGear QHD 34-Inch Curved Gaming Monitor
This curved LG gaming monitor offers a massive amount of screen size, full HD resolution, and a fast refresh rate, all for a pretty fantastic price: Only $300 on Cyber Monday.
Samsung 49-inch 4K Curved Gaming Monitor
This is one for the true curved monitor fanatics: Right now, this 4K curved monitor from Samsung is $900 off. It's got a top-tier 240Hz refresh rate and a massive 49-inch size, making this a fantastic deal.
Sceptre 24-inch Curved Gaming Monitor
In a deal lasting through November 20, this premium monitor from HP is down by $30 — a rare discount. Designed with an aluminum build, a frameless view, and precise color accuracy, this 4K monitor offers a minimalist design with no shortage of capabilities.
The best Cyber Monday deals on flat gaming monitors
Sceptre 27-Inch FHD Gaming Monitor
Sceptre makes great budget gaming monitors, and this model is no exception. For barely more than $100, you can snag this 27-inch Full HD gaming monitor with incredibly thin bezels and built-in speakers — great for gamers who need a solid monitor without breaking the bank.
LG UltraGear 24-inch LED FHD FreeSync Monitor
This LG monitor isn't the biggest, but offers Full HD resolution and a fantastic 144Hz refresh rate. And best of all, during Cyber Monday, it's only $120, making it an amazing budget choice.
CORSAIR Xeneon 32-inch 4K Gaming Monitor
It can be hard to find a flat gaming monitor that also offers 4K resolution, but this model from CORSAIR has it. Along with an incredibly thin frame and bezels, it's a great high-end option — especially with today's sale that cuts $100 off the price.
Samsung Odyssey 27-inch Gaming Monitor
This Samsung Odyssey monitor isn't curved like other Odyssey models, but still has a lot of screen real estate and a fantastic 165Hz refresh rate. It's $150 off at Best Buy right now, bringing it down to $250 — a fantastic price for a quality monitor like this.
Alienware 25-inch 240Hz Gaming Monitor
Alienware products are often more expensive than they need to be but still offers a 240Hz refresh rate. If your budget is tight but you need as fast a refresh rate as possible, pick up this monitor.
Sony INZONE 27-inch 4K Gaming Monitor
This Sony monitor is one of the least expensive 4K gaming monitors we've found. You'll get a great 4K screen with ultra-thin bezels and a fast 144Hz refresh rate. If you have the money, it's definitely worth a look.
Acer Nitro 27-inch 240Hz Gaming Monitor
This Acer monitor offers Full HD resolution and a top-tier 240Hz refresh rate — Acer even claims that it can reach 280Hz if you change the settings. Whatever the case, it's a great monitor, and it's $70 off at Best Buy right now.
What are the benefits of a curved gaming monitor?
For years, both computer monitors and TV screens boasted about how flat they are. But recently, the gaming monitor world has started putting more and more emphasis on curved monitors.
Curved monitors, proponents claim, let you see more of the screen at once without having to move your eyes. This can help combat eye strain, and is especially good for fast-paced games that require players to keep track of multiple things at once. Curved monitors also take up less horizontal desk space without sacrificing screen size.
That said, there isn't a tremendous amount of scientific evidence to back up the health benefit claims. Curved monitors can also be more susceptible to glare issues, depending on your lighting setup. And although they take less horizontal space, it's harder to fit curved monitors flat against a wall.
What does 'refresh rate' mean?
Compared to non-gaming monitors, a lot of the options we've recommended put emphasis on their "refresh rate," measured in Hertz (Hz). The industry standard for refresh rate is about 140Hz, although you can find up to 240 or even 360Hz on high-end models.
A monitor's refresh rate is a measure of how many times per second the monitor can display a new image. A refresh rate of 140Hz means that your monitor can "refresh" the screen 140 times in a single second.
For most users, this won't matter much. But if you're playing a video game where reaction time is important — say a precise sports game like Rocket League or a hair trigger FPS like Valorant — then having a higher refresh rate can be a big boost.
If you have a good graphics card, you'll also need a high refresh rate to take advantage of it. Running a game at 200 frames per second won't mean much if your monitor can only display 140 of those frames. | 2022-11-29T03:02:05Z | www.businessinsider.com | Gaming Monitors Cyber Monday Deals: Save up to 48% on 4K, 240Hz, and More | https://www.businessinsider.com/guides/deals/best-gaming-monitors-2022-11 | https://www.businessinsider.com/guides/deals/best-gaming-monitors-2022-11 |
29 foodtech power players of 2022 revolutionizing how restaurants operate and deliver amid a looming recession
From left: Stefania Mallett of ezCater, Minh Le of Checkers & Rally's, Priya Thinagar of Olo, and Sami Siddiqui of Popeyes.
EzCater; Checkers and Rally's; Olo; Popeyes; Rachel Mendelson/Insider
Rising labor and commodity costs put a squeeze on restaurants in 2022.
These headwinds forced restaurants to adopt new technologies to thrive and survive.
Insider's 2022 foodtech power players are helping restaurants elevate their digital business.
The foodtech sector grew at a fast clip in the pandemic's first year as restaurants turned to online-ordering tools, virtual brands, and ghost kitchens to reach consumers. But sunny skies turned stormy in 2022 as the restaurant industry faced headwinds tied to market volatility, a labor shortage, and record inflation.
Ghost kitchens, virtual brands, and online-ordering startups are now morphing to survive and stay relevant post-lockdown. Restaurant operators are looking for tech that improves profits through voice-ordering bots, kitchen automation, and tech that cracks the code of navigating third-party-delivery fees.
"The rising costs of supplies, labor, and rent, have put a squeeze on the foodservice industry's already slim profit margins," CB Insights wrote in a September industry report. "With these challenges, investing in solutions that can boost profit and increase efficiency is more important than ever."
Insider's 2022 list spotlights foodtech leaders who are helping restaurants take their digital business to the next level as they face a looming recession. They are working behind the scenes to help some of the industry's most iconic companies, brands, and hospitality legends — such as José Andrés, Danny Meyer, Chipotle, Popeyes, DoorDash, Wendy's, and Arby's.
Like with last year's inaugural list, Insider's retail team selected winners based on nominations and our deep reporting on the sector. The editorial team focused on new nominees this year, so the list contains no repeats from the inaugural 2021 list, with the exception of two power players – authors Carl Orsbourn and Meredith Sandland. Both are being recognized this year for their roles in leading two separate tech endeavors.
Stefania Mallett, CEO, ezCater
Mallett, who cofounded ezCater in 2007, has shepherded the corporate-catering app through tough times since the onset of the pandemic. Traditional corporate-catering gigs collapsed during coronavirus lockdowns as employees began working remotely.
EzCater lost 85% of its revenue and was forced to let go 400 of its 900 employees, Mallett previously told Insider. Under her leadership, the company has tweaked its business model to provide meal solutions for companies that want to subsidize employee meals amid a growing hybrid-work environment.
That led to record restaurant growth on its app, which exceeded 100,000 restaurants and catering partners in September. Mallett said the company had seen 500% growth in corporate-account bookings year over year. The boost is coming from "organizations across all industries ranging from professional sports teams and national retailers to the world's largest pharmaceutical companies," she said.
"EzCater's business is stronger than ever because food is an essential part of the workplace," Mallett added. "It improves productivity, collaboration, and brings people together."
EzCater received a $100 million investment from SoftBank in December, which allowed Mallett to hire aggressively this year when other foodtech startups were cutting staff. Today, ezCater has 800 employees. The company also plans to go public when market conditions are favorable.
Colin Webb, CEO, Sauce
Colin Webb is an MIT grad and cofounder of Sauce, a dynamic pricing startup.
Raising menu prices to offset delivery fees and increased labor and supply-chain costs are becoming common in the restaurant industry. Chipotle said pricing on delivery orders were up 13% in the third quarter year over year.
But "blanket price increases are no longer the best strategy," Webb, the CEO and a cofounder of the dynamic-pricing startup Sauce, said.
The Los Angeles company uses machine learning to adjust menu prices on delivery orders based on supply and demand. It works similar to surge pricing on Uber. In fact, Kevin Novak, the coder who invented surge pricing for Uber, is a seed investor in Sauce.
Sauce's machine-learning tech gleans volumes of consumer ordering data from a restaurant to train the platform to know when to increase or decrease prices — and by how much. Price adjustments are tailored from store to store.
"Now that you have the data, you have the technology to be able to have a different price for different periods of the day or different days of the week," Webb, an MIT grad, said. "We've seen restaurants during a peak time raise their price 40%."
Webb said Sauce, founded in 2020, was seeing more interest from restaurants willing to try dynamic pricing this year as they faced inflationary pressures and the prospect of a recession. He said the company worked with "hundreds" of restaurants and had "grown over 700% this year."
Curt Garner, chief technology officer, and Logan Hull, director of digital-restaurant experience and managing director of robotics, Chipotle
Garner joined Chipotle from Starbucks in 2015. He's turned Chipotle into a digital powerhouse by investing in technologies that make ordering frictionless for customers and preparing meals easier for employees.
For example, the company recently launched an artificial-intelligence-powered kitchen-management pilot program that alerts employees to how much food to prep when cooking. The system has "alleviated manual tasks for our crew and given restaurant managers the tools they need to make informed, in-the-moment decisions," Garner told Insider.
Garner also oversees Cultivate Next, a $50 million venture fund launched by Chipotle in April to fast-track innovation at the company. Garner said Cultivate Next invested in startups "amplifying technology and innovation" whose missions align with Chipotle's values.
In fall 2021, Garner tapped Hull, a veteran Chipotle tech leader, to manage the chain's push into robotics. For Hull, the role is an extension of her longtime duties overseeing tech improvements in the kitchen, including the kitchen stations dedicated to fulfilling digital orders.
One of her most significant accomplishments this year was launching the first in-restaurant test of Chippy, a tortilla-chip-making robot by Miso Robotics. Hull said Chipotle's first automated kitchen assistant allowed employees to work on more complex culinary and guest-facing tasks in the restaurant.
Hull said she's also excited about new location-based tech in Chipotle's app. Testing in 73 restaurants in Cleveland, the tech engages app-using customers upon arrival to the store by providing tailored messages such as order readiness, wrong pickup-location detection, and reminders to scan the Chipotle Rewards QR code at checkout.
Vishal Agarwal, CEO, ItsaCheckmate
ItsaCheckmate
Agarwal started ItsaCheckmate in 2016 as a check-splitting tool. But Agarwal shifted the company's focus to helping restaurants fed up with third-party delivery tablets used to process orders.
The company allows restaurants to integrate multiple online-ordering platforms into a single point-of-sale system. ItsaCheckmate, whose rivals include Deliverect, Nextbite (formerly Ordermark), and Olo, serves more than 21,000 restaurant locations, including thousands of the Inspire-owned restaurants Arby's, Buffalo Wild Wings, and Sonic Drive-In. Inspire is an investor in the company.
This year, ItsaCheckmate added 6,000 Wendy's restaurants, which boosted the company's ability to compete for the business of large-scale chains, Agarwal said. More importantly, the Wendy's partnership helped make the company profitable for the first time, he said.
ItsaCheckmate also expanded its tech stack to help operators improve the freshness of delivery orders by sending them to the kitchen when a third-party delivery driver gets close to the restaurant.
Julie Zucker, chief marketing officer and partner, Branded Hospitality Ventures
Branded Hospitality Ventures
Zucker is a New York marketing executive and partner at Branded Hospitality Ventures, a venture-capital firm cofounded by Michael Schatzberg and Jimmy Frischling.
This year, Zucker oversaw the launch of the foodtech-insights podcast "Hospitality Hangout" and Boom, an online marketplace that connects operators with best-in-class foodtech companies.
Early in her career, Zucker also helped Branded test tech solutions at the company's string of New York restaurants, including the piloting of GoParrot and Bbot. Bbot, a software company that allows for mobile orders and paying at the table, was bought by DoorDash in March. GoParrot, a digital-ordering and marketing platform for restaurants, was bought by Square in May.
Zucker's role in testing technologies at Branded restaurants led to the company creating its own VC arm to invest in startups that solve problems for restaurants. Since launching in 2018, Branded Hospitality Ventures has invested more than $30 million in about 40 foodtech startups.
"I have built a marketing platform at Branded with the message that technology is medicine for operators and gold for investors," Zucker said. "A tech stack for restaurant operators is no longer a nice-to-have but a need-to-have."
Michael Montagano, CEO, Kitchen United
While other foodtech companies were downsizing and laying off dozens of employees in mid-2022, the ghost-kitchen pioneer Kitchen United was securing investment deals from some of the biggest names in retail.
Kitchen United raised $100 million over the summer. The Series C round included backing from nontraditional investors in the space such as Kroger, Circle K, the mall operator Simon Property Group, and the Burger King owner Restaurant Brands International.
"Over the last two years, we've grown revenue by over 1,000% and expanded our footprint to 18 facilities that tout over 200 kitchens," Montagano said.
The CEO was leading growth at Kitchen United as rivals such as Reef Technology were cutting staff and downsizing operations. Restaurant Brands International ended its partnership with Reef this year and invested in Kitchen United.
"The most noteworthy aspect of this fundraise is all new investors — Kroger, Circle K, Simon, and RBI are commercially synergistic to our business," Montagano said.
Montagano's work with Kroger and Restaurant Brands International has proved lucrative in other ways.
In November, RBI opened a hybrid ghost kitchen in Miami using Kitchen United's software, which allows consumers to bundle items from multiple menus in one order. Kitchen United is also opening multiple delivery-focused digital food halls inside Kroger supermarkets in Los Angeles, Dallas, Indianapolis, Houston, and Columbus, Ohio.
"These outlets provide easy pickup or delivery points, while giving customers a convenient way to pick up groceries for the week, along with a made-to-order dinner for the night," he said.
Chris Baggott, Dan McFadden, and Meredith Sandland, cofounders, Empower Delivery
Empower Delivery
The tech entrepreneurs Baggott and McFadden cofounded the ghost-kitchen startup ClusterTruck in 2016 to improve third-party delivery. The startup is profitable, and its proprietary software allows customers to order from multiple delivery-only brands at once.
More importantly, the system helps ensure that food always arrives hot, as it signals to cooks when delivery drivers are close to the restaurant. This year, Baggott, McFadden, and the restaurant strategist Sandland teamed up to license ClusterTruck's delivery-management software under the company Empower Delivery.
"The technology is too good to be kept to just one brand," Sandland, the CEO of Empower, said.
McFadden, the chief technology officer of the firm, said Empower would teach restaurants that delivery was possible if you had the right tools. Empower Delivery will launch in 2023 with newly signed operators who are licensing the software to manage direct orders, as well as third-party deliveries, Sandland said.
Vinay Shukla, CEO, ConverseNow
ConverseNow
The way diners order food has vastly changed over the past few years, from mobile-order pickup in the drive-thru lane to scanning a QR code at the table. But phone ordering has remained largely unchanged for a large portion of the fast-food industry, especially at pizza chains.
Tech companies like ConverseNow are swiftly reshaping how restaurants take phone orders by automating the order-taking process with AI-powered virtual assistants.
Shukla, who cofounded ConverseNow in 2018, said it's serving restaurants "struggling against an industrywide labor shortage."
"2022 has been a transformative year for scaling our business," Shukla told Insider.
ConverseNow's tech is live in more than 1,250 stores across 43 states. That's a more than 30% store-count increase compared with last year. Its clients include Domino's, Blake's Lotaburger, and Fazoli's, as well as a number of the nation's top 100 fast-food brands, which are under confidentiality agreements, the company said.
"Partnering restaurants have seen up to 25% same-store-sales growth after switching to ConverseNow," Shukla said.
ConverseNow can boost sales because automated bots take limitless orders at once and upsell on every order, according to the company.
Despite VC funding slowing down in the foodtech space, ConverseNow nearly doubled its funding this year, which hovers around $35 million, the company said.
This year, ConverseNow took its voice AI one step further by testing the tech at the drive-thru. Shukla said significant expansion was expected in 2023, which "will be a breakout year for our category."
"We're also leveraging our AI to completely reinvent the modern-day drive-thru and are excited to unveil more details about this project down the road," he said. "With so many brands clamoring for voice to power their drive-thru and phone channels, mainstream consumer adoption is imminent."
Kristen Barnett, CEO, Hungry House
Barnett opened the first Hungry House in Brooklyn, New York, in November 2021. The startup takes advantage of the booming creator economy by working with "digitally native chefs" who are food influencers on social-media platforms like Instagram and TikTok.
"Hungry House is the first direct-to-consumer ghost-kitchen company that works directly with online food creators," Barnett said. "The creator economy is large and growing; we believe there needs to be more solutions for chefs and people in the food industry who are building passionate followings to be able to monetize their audience."
Hungry House offers these influencer recipes under one menu, available for delivery or walk-up ordering via kiosk. A year later, in November, a second Hungry House opened on the Lower East Side of Manhattan.
Before launching Hungry House, Barnett held leadership roles at the ghost-kitchen startup Zuul and the New York-based healthy fast-casual chain Dig.
Carl Orsbourn, chief operating officer, Juicer
Carl Orsbourn
After coauthoring the book "Delivering the Digital Restaurant," Orsbourn has become a go-to foodtech expert for an industry learning how to thrive in a digital economy.
He and his coauthor, Empower's Sandland, also recognized on this list for her work with Empower Delivery, parlayed that fame into a foodtech-news podcast called "'The Monday Minute."
Next year, Orsbourn said he and Sandland are releasing a sequel to their book, where they tackle "the path to digital maturity" and how to rethink business models to accommodate delivery growth.
Orsbourn has spoken at 25 restaurant events this year. But he isn't all talk. He walks the walk when it comes to restaurant innovation. This year, he cofounded the dynamic-pricing startup Juicer, where he is the chief operating officer.
Juicer offers dynamic pricing, meaning it offers a range of prices for certain menu items based on demand. Juicer is beta testing with brands such as Bar Taco, so results are too early to publish, Orsbourn said.
But amid soaring inflation, one thing is clear, he said: "Dynamic pricing is helping restaurants make more informed choices around pricing at a time when prices are only heading one way."
Priya Thinagar, executive vice president of technology, Olo
Thinagar's team is preparing to meet Olo's goal of "digital entirety," or the moment when every restaurant transaction is digital. Olo's digital-ordering tools cover all restaurant transactions, including delivery, drive-thru, table service, and takeout.
Since starting at Olo in October 2021, Thinagar has been expanding Olo's platform to include operator solutions for challenges tied to labor, inflation, and supply chains, she told Insider.
One of those solutions is Olo Pay, a platform that allows customers to save and access their credit-card-payment information without creating an account or remembering a password. Think of it as a mobile wallet that will enable diners to speed through the checkout process, Thinagar said.
"Olo Pay goes beyond basic credit-card-processing functionality to provide restaurants with modern capabilities that improve the payment experience for them and their guests," she said. "Olo Pay drives higher conversion rates, improved authorization rates, and streamlined reporting."
This year, Thinagar's team also introduced a feature that automatically adjusts online-order wait times based on conditions inside a restaurant.
"For example, if more than a certain number of items have been fired to the kitchen in a five-minute period, Olo will detect that activity and push back the promise times provided to guests until the rush subsides," she said.
The tool helps optimize operations and ensure customers are getting fresh food at the time they expect.
Rishi Nigam, CEO, Franklin Junction
Nigam, a food-service veteran, cofounded Franklin Junction in 2020. It was one of the first ghost-kitchen startups to tweak the traditional rent-a-kitchen model, where restaurants rent spaces from ghost-kitchen facilities. The company, instead, matches underused restaurant kitchens, which it calls "host kitchens," with brands looking for rapid expansion through delivery.
A host kitchen makes money using its extra kitchen space to cook food. Franklin Junction owns the revenue from each sale and pays stakeholders their cuts.
"We're paying the brands a royalty or a license fee," he told Insider in an earlier interview. "We're paying the host kitchens a portion to cook the food."
This year, Franklin Junction exceeded 1,000 host kitchens, typically small-to-midsize restaurant chains, hotels, family-entertainment centers, and grocery stores.
It works with about 30 brands seeking to expand their delivery footprint, such as Nathan's Famous, Hooters, and David Chang's Fuku. As an example, Nigam expanded Nathan's Famous to more than 80 delivery locations this year. On average, the startup said it adds about 13% incremental revenue for its host-kitchen partners.
Jamie Marshall, chief operating officer, Snackpass
Snackpass
There's a glut of online-food-ordering solutions in the restaurant industry. But Snackpass adds a social-media twist that is capturing the attention of a slew of celebrities and high-profile tech entrepreneurs, including the Jonas Brothers, Kevin Hart's venture fund HartBeat Ventures, the record producer Steve Aoki, and the Postmates founder Bastian Lehmann.
Snackpass is a Venmo-inspired app that allows customers to order food for takeout. Customers, typically college students, publicly share their favorite meals, gift foods to friends, and earn and share rewards points. Instead of focusing on delivery, it focuses on pickup orders because those native orders return higher profits.
"Our model puts restaurants first," Marshall, a Snackpass cofounder and its chief operating officer, said. She is responsible for sales and market growth across the US.
To date, the company has raised more than $90 million. The Gen Z-focused app can be found in more than 40 college markets, including the University of Michigan, Yale, Brown, and the University of California, Berkeley.
"Every purchase on Snackpass leads to the potential for a new customer," Marshall told Insider.
Looking ahead, Marshall said Snackpass planned to focus on growth in existing markets, while expanding to metropolitan areas, including San Francisco, New York City, and Los Angeles.
Ali Kashani, CEO, Serve Robotics
Kashani has been leading Serve Robotics since it launched in 2017 as a division of Postmates. A year later, Serve's autonomous delivery robots hit the streets of Los Angeles.
After Uber bought Postmates in 2020, Kashani spearheaded the spinoff of Serve as an independent company.
The ride-hailing giant is a minority investor in Serve, which this year expanded its self-driving bots in Los Angeles by partnering with Uber Eats. That expansion is the "holy grail for robotics transportation," as it means "robots can operate without humans in the loop," Kashani said.
Serve's advancements this year have led to pilot programs with Pizza Hut Canada, Walmart, and 7-Eleven. Kashani is pushing for more enterprise partnerships. He recently hired Prahar Shah, who helped DoorDash scale in the early days of the delivery wars, as the company's first chief revenue officer. Shah plans to use the DoorDash growth playbook to make Serve a dominant force in robotic food delivery.
Minh Le, chief information officer, Checkers & Rally's
For more than three years, Le has been the chief information officer at Checkers & Rally's, the parent company of roughly 800 Checkers Drive-In and Rally's restaurants. This year, he took on a considerable challenge: innovating the drive-thru experience, which is a main driver of the company's sales.
He tackled labor shortages by leaping into introducing AI-powered voice bots at the drive-thru. Implementing the tech helped "to streamline work for employees and make their jobs more doable and enjoyable," Le told Insider.
Checkers & Rally's said it became one of the first large restaurant companies to implement widespread use of AI-powered voice assistants. Out of the total 803 Checkers & Rally's restaurants, voice AI is live in 280. Popeyes and Panera Bread also launched testing of drive-thru voice bots this year using tech by OpenCity.
Checkers & Rally's is using two tech providers, Presto and Valyant AI. ConverseNow, whose leader is another power player, is testing voice bots at drive-thru lanes as well.
The drive-thru tech automates multiple drive-thru tasks, including taking customer orders, reciting the ingredients for menu items upon request, repeating back the orders, providing check totals, and alerting customers if a product is unavailable.
"Not only did this alleviate staffing pressures and reduce employee turnover, but it also provided a consistent and friendly customer experience," Le told Insider.
Bhavik Patel, vice president of product and engineering, Andy Schwartz, vice president, and Sam Sharma, general manager, XtraChef by Toast
When the foodtech firm Toast purchased the inventory-management company XtraChef in 2021, the timing couldn't have been better for the restaurants that use the payment-processing platform. A year later, the newly named platform, XtraChef by Toast, is helping Toast operators manage rising commodity prices tied to record-high inflation rates.
XtraChef, founded in 2015 by Schwartz and Patel, is a menu-management tool that helps restaurants analyze food costs. After Toast bought XtraChef, Schwartz, Patel, and Sharma combined Toast's point-of-sale data with XtraChef's inventory data to provide insights on which menu items were more profitable.
"We are able to give restaurants an automated end-to-end view of their financial health that helps them better understand operating expenses and profitability, down to the menu item," Schwartz told Insider. "I'm most proud of how our solution is able to help our restaurant customers in such a meaningful way, given the climate they're operating in right now."
The chef José Andrés' restaurant group, ThinkFoodGroup, Chopt, By Chloe, and Danny Meyer's Union Square Hospitality Group are among several restaurant groups that use XtraChef.
Sami Siddiqui, president, Popeyes
Tim McLaughlin, CEO, GoTab
GoTab
GoTab is one of the more established foodtech companies on our list. Cofounded by McLaughlin in 2016, GoTab was an early disruptor in restaurant mobile payments. The company created the tech long before the pandemic forced restaurants to adopt contactless order-and-pay technologies.
GoTab's QR codes allow diners to order and pay with their phones at restaurants, bars, hotels, and stadiums.
Under McLaughlin, GoTab has expanded its platform to include solutions that help restaurants be even more efficient.
The company now offers a kitchen display system, which allows restaurants to control the flow of orders sent to the kitchen to ensure operations run smoothly.
Meanwhile, another innovation, GoTab Pass, uses radio-frequency identification technology to let customers pay by tapping a key card or wristband.
"An example of using this at a hotel would be guests using a key card to charge dinner at the hotel's restaurant, drinks at the hotel's bar, and coffee from the hotel's coffee shop all to one open tab," GoTab said.
The company's tech also integrates restaurant solutions used by its clients through open application programming interfaces, including the self-pouring tech PourMyBeer, the labor-management platform 7shifts, and the recipe-management tool Meez.
"While the pandemic accelerated QR-code adoption and, as a result, drove sales for our business, it really was a catalyst for reexamining how technology can improve the hospitality experience overall," McLaughlin said.
Frazer Nagy, CEO, Tablz
Tablz
Nagy's year-old startup, Tablz, redefines reservation dining through dynamic pricing.
As Nagy sees it, if airlines upcharge for window seats, why can't restaurants do the same for the most popular tables in a dining room? Nagy is taking a metaverse approach with Tablz, which provides customers with a 3D tour of a restaurant through its website. The platform allows a diner to envision themselves at a precise table before making a booking, he said.
"I think it is the best case use of metaverse technology," he said. "So many people are afraid that the metaverse will cause us to one day be limited in true human interaction. We think it can be used to make real-world experiences even better."
To date, Tablz is logging about 300 bookings a week and has more than 7,000 restaurant partners. Reservations are booked directly on the websites of the restaurants.
"We strategically started with one point of entry because we knew that guests accessing a restaurant website are the ideal clientele," the company told Insider.
Nagy said Tablz, which he refers to as a "digital concierge," also worked with reservation platforms such as Resy and OpenTable.
Bo Davis, CEO, MarginEdge
MarginEdge
Davis, a restaurant operator, cofounded the inventory-management company MarginEdge in 2015. He serves as its CEO.
When Davis owned the conveyor-belt sushi restaurant Wasabi, he came up with the idea for MarginEdge. He said he grew tired of being "stuck doing manual invoice data entry and inventory in a tiny closet in the back of a kitchen."
So he assembled a team of restaurant operators and tech entrepreneurs to develop software that reduces inventory-management time from hours to two to three minutes.
According to the company, MarginEdge's recipe tool lets restaurants know exactly how much each plate costs and tracks changes in ingredient prices. That information gives managers insights to take immediate action on pricing.
"MarginEdge uses technology and a team of real people to identify any handwritten notes or changes on the invoice, even if it's stained with tomato sauce," Davis said. "As former restaurant operators ourselves, we designed the product with an unmatched level of empathy, capturing all the nuances of running a restaurant."
Today, MarginEdge is used by nearly 4,000 restaurants, including Mellow Mushroom, Clyde's, Burger 21, Sunday in Brooklyn, The Honey Baked Ham Co., and the Cracker Barrel-owned Maple Street Biscuit Co.
Jeffrey Kiesel, president and CEO, Restaurant Technologies
Restaurant Technologies
Kiesel runs a restaurant-oil-management company that works with some of the biggest chains in fast food – McDonald's, Burger King, KFC, and Shake Shack, to name a few. Yet fry-loving consumers most likely don't know how Restaurant Technologies is helping their favorite restaurant chain save the planet.
Kiesel, Restaurant Technologies' CEO since 2005, has led the firm into partnerships that turn used cooking oil into biodiesel. The effort, in partnership with Chevron's Renewable Energy Group, helps food-service companies working with Restaurant Technologies to reach their sustainability goals.
"We have partnered with Chevron REG to recycle the cooking oil we collect from our customers to utilize as a feedstock to produce biodiesel and renewable diesel," Kiesel said, adding that the process took 24 hours.
Earlier this year, Kiesel said one of his biggest accomplishments was launching a pilot program at its Des Moines, Iowa, facility, where the biodiesel and renewable diesel are being used to power Restaurant Technologies' commercial fleet of vehicles.
"We now deliver fresh cooking oil to a restaurant, collect the restaurant's used oil, and then recycle it to fuel our trucks," he said. "This is just another step in our sustainability journey for us and our customers."
In 2021, Restaurant Technologies said it recycled 269.9 million pounds of cooking oil from 33,000 restaurant locations.
Steven Simoni, senior director of product management, DoorDash
Simoni is a new product leader at DoorDash, but his power-player status is cemented by how he landed the role at the nation's No. 1 food delivery company.
In 2016, Simoni started Bbot, an overhead ceiling robot designed to deliver drinks behind the bar. In 2018, Bbot shifted its focus to online-ordering solutions for restaurants, such as using QR codes for ordering and paying at the table.
Dozens of contactless-ordering solutions are on the market, but Bbot caught the attention of the industry disruptor DoorDash. In March, the delivery operator bought Bbot, and the company's tools are being bundled with DoorDash products geared toward restaurants.
"We are seeing increased adoption because of the scale of DoorDash and because more and more restaurants are switching to a more tech-forward model," Simoni said.
As senior director of product management in the restaurant-services department at DoorDash, Simoni said he's responsible for creating products and services that help restaurant owners run and grow their businesses.
"The team is working day and night to bring impactful solutions to enable restaurants to run more efficiently," he said.
Clayton Wood, CEO, Picnic Works
Wood, the CEO of Picnic Works, believes most of today's automation focuses on delivery, order management, and kitchen operations.
"Very little tech actually touches food," he told Insider.
That's where Wood hopes to change the narrative, through Picnic. The Seattle startup, founded in 2016, develops automated food-assembly solutions for every sector of the food-service industry, from pizzerias and sports venues to college dining halls.
"With increased labor shortages and high food costs associated with food waste, technology that actually improves food production in a restaurant saves time, money, and labor from day one," Wood said. "Picnic is driving a new way of thinking about food automation that creates predictability and reduces waste while innovating the future of food service."
The company's automated food-assembly solutions are used by indie pizza parlors, food-service-management companies such as Compass and Sodexo Live, and Domino's Pizza Enterprises, the largest franchisee of Domino's.
Picnic's automation equipment can also be found inside venues such as T-Mobile Park, the Las Vegas Convention Center, and on Texas A&M University dining halls.
In August, Picnic scored one of its biggest deals when it announced plans to supply automated pizza stations to Speedy Eats, an automated drive-thru-restaurant concept set to open locations in 2023. Picnic's pizza stations can assemble up to 100 pizzas in an hour.
Picnic is supplying Speedy Eats with 5,000 automated pizza-assembly stations over the next five years in a deal valued at $800 million.
"Speedy Eats is rethinking food production and delivery, and we're thrilled that they chose Picnic to provide the automated pizza equipment that will help them scale, delight customers, and increase profitability," Wood said at the time of the deal.
Robert Morcos, CEO, Social Mobile
When Morcos was 15, he didn't mow lawns to make extra cash. He bought and resold used mobile phones. That was the start of a budding career providing mobile equipment to clients.
Years later, in 2011, he launched Social Mobile inside a friend's garage. Social Mobile offers clients custom-designed mobile devices such as smartphones, tablets, and kiosks. As a result of the pandemic, Social Mobile is seeing greater adoption of mobile devices in the restaurant and healthcare sectors, Morcos said in a recent "The Restless Ones" podcast episode.
DoorDash is one of its biggest restaurant clients. The delivery operator turned to Social Mobile in 2021 as it was rapidly growing. Social Mobile was one of the only mobile-device suppliers to meet DoorDash's demand for tablets amid supply-chain challenges over the past year, the company told Insider.
Morcos said enterprise-grade devices, as opposed to "consumer-grade" tablets, were tailor-made for a business environment, with features that include longer battery life and durability. In the case of DoorDash, the tablets are made to withstand a "rugged" kitchen setting, he said.
"Consumer-grade devices are devices originally made for use by consumers and for consumer-type environments," Morcos said. "They were not originally designed to be rugged and used in harsh kitchen environments to withstand moisture and spills."
The average tablet, made for DoorDash's delivery operation, automatically configures itself and takes less than 10 minutes to set up per restaurant, the company said.
Today, Social Mobile helps DoorDash support about 500,000 restaurants and retailers on its platform. It's a proud accomplishment for Morcos.
"We were able to provide them a more scalable solution that can grow their business during the pandemic," he said on the podcast.
Features BI Graphics | 2022-11-29T10:38:40Z | www.businessinsider.com | Foodtech Power Players Innovating Restaurants, Delivery | https://www.businessinsider.com/foodtech-startups-delivery-restaurants-industry-recession-2022-11 | https://www.businessinsider.com/foodtech-startups-delivery-restaurants-industry-recession-2022-11 |
Fitness influencer Grace Beverley starts her day with the hardest task on her to-do list. Here's the morning routine that helped her found and run 2 companies.
Grace Beverley started her career as a fitness influencer and founded her activewear brand Tala when she was only 21.
Grace Beverley, 25, is the founder and CEO of the activewear brand Tala and workout app Shreddy.
She aims to get eight hours of sleep a night and lists three nonnegotiable things to do each day.
She then writes a to-do list that's made up of "quick ticks," tasks, and projects.
This as-told-to essay is based on a transcribed conversation with Grace Beverley, a 25-year-old founder and CEO, about her morning routine. It has been edited for length and clarity.
I know a lot of people swear by waking up at the same time every morning, but when I wake up is entirely dependent on when I went to sleep.
I am obsessed with sleeping eight hours. That's not to say I'll show up to work three hours late if I've had a late evening, but I try to be flexible with myself.
I usually wake up between 6:45 a.m. and 7:45 a.m., but that can get pushed to 8 a.m. if I'm working from home
I work from the office three to four times a week, usually Tuesday to Friday. On working-from-home days, I try to have a more relaxed morning because it's such a luxury.
Our office dress code is relaxed, so I can get up and out of the house pretty quickly. I usually wear some variation of activewear, which takes me two seconds to get into.
I often listen to podcasts during my commute
I try to listen to a podcast that aligns with whatever my first task of the day is so I'm in the right headspace. I'll listen to something business-y if I need some extra inspiration. Sometimes I need to just decompress and laugh.
The first thing I do is write my daily to-do table. If I feel really overwhelmed and am heading into the office, I'll even sit down and write it before I start my commute. It seems counterintuitive to slow down my morning, but I avoid spending the journey stressing about 101 things on my plate.
I usually write my to-do table once I've sat down in the office or at my desk.
My to-do table has three nonnegotiable things I need to do that day, then the rest of my projects and tasks are split into three categories: quick ticks, tasks, and projects.
Quick ticks take five minutes or less, tasks take around 30 minutes and require more thought, and projects take over 30 minutes and are made up of multiple tasks.
Then I write a daily schedule blocking my day, slotting in these things around my meetings.
I get easily overwhelmed, so it's really important for me to visualize my day and prioritize essential tasks. I always handwrite this on paper.
I try to block whichever nonnegotiable task uses up the most headspace first. I find this is a good stress-management tactic — by 10 a.m., you can feel like you've already accomplished something. It's also important for me to tackle these when I am my most energized.
They might not always be the most time-sensitive or important tasks, but I always block out my mornings for tasks that require the most deep work.
I'll avoid anything too autopilot in the mornings
Some people need the mornings to get warmed up, but if I do admin work straight away, I'll zap my creativity for the rest of the day.
Right now, I am mentoring small-businesses owners as part of a program with Meta. I have to really dive deep into these businesses, and I don't want to come to these sessions zapped. Brainstorming for these is an example of something I'd schedule for my morning.
For me, creating a productive morning routine is about understanding when I work best and when I find it hard to work. I know I need to tackle work that requires more concentration at the start of my day.
If it gets to the afternoon and I still have a concentration-heavy task, I'll often schedule in a 20-minute reading break. I find sitting with my Kindle for a short period takes me completely out of my day and I can get back into a creative mindset.
Understanding that I need that space between deep work and calls or administrative tasks is important to staying productive throughout the day.
Careers CEOs morning routine | 2022-11-29T10:38:41Z | www.businessinsider.com | Fitness Influencer and CEO Grace Beverley Shares Her Morning Routine | https://www.businessinsider.com/grace-beverley-productivity-morning-routine-fitness-brand-tala-shreddy-founder-ceo | https://www.businessinsider.com/grace-beverley-productivity-morning-routine-fitness-brand-tala-shreddy-founder-ceo |
Medly set out to disrupt the pharmacy industry. Instead it burned through money and laid off more than half its staff as its business crumbled, leaving patients in the dark.
Medly, a pharmacy startup that took off in the pandemic, laid off over half its staff in August.
The startup grew faster than it could handle, according to company insiders and documents.
Many patients were left unable to get their medications with no notice from the pharmacy.
Natalia Rzeszutek first started using Medly three years ago, relying on the pharmacy startup to deliver her medications for epilepsy.
At first, Rzeszutek was impressed with Medly's patient experience. Medly had started a few years earlier as an independent pharmacy in Brooklyn, New York, led by a second-generation pharmacy owner named Marg Patel. It enabled same-day delivery of prescriptions, including specialty prescriptions for complex conditions.
Then, starting this spring, something changed.
Medly's Brooklyn pharmacy didn't always have Rzeszutek's medications ready on time and often delivered them late. She said she started calling early to make sure the prescriptions would be ready when she needed them.
By September, the pharmacy stopped answering her calls. When she went in person, she said, the store appeared to be closed down, with no one inside.
Unbeknownst to her, many other patients, and its own employees, Medly had been approaching this collapse for months.
Medly's business took off during the coronavirus pandemic, capturing a wave of interest in getting prescriptions delivered to patients' doors, sparing an in-person visit to a pharmacy. The business grew quickly, boosted by plenty of investor cash. Medly raised $100 million in Series B funding in July 2020, led by Volition Capital and Greycroft, bringing its total funding to $110 million. Representatives for Volition and Greycroft didn't respond to requests for comment.
By June 2022, Medly was serving 32,000 patients in 51 stores across the US and had raked in nearly $270 million in revenue since the start of the year, according to a company presentation obtained by Insider. It planned to have 100 locations in three years.
But behind the scenes, the pharmacy startup was on the brink of imploding. Medly failed to curb its losses as it ran out of money, posting losses of $35 million in the first half of the year even before accounting for expenses like interest and taxes, according to a slide obtained by Insider from a company presentation.
A slide from a Medly presentation obtained by Insider.
Medly slide deck
In total, about 1,100 of Medly's nearly 1,900 full-time employees were let go, according to a lawsuit filed against the company by several laid-off employees that claims Medly didn't provide notice of the mass layoffs in advance as is required by New York law. Its CEO and founder, Patel, quietly left the company the same month.
Patel's replacement as CEO would later say in a companywide meeting that the startup had been on the brink of shutting down.
A document filed in November by the lawyer representing the several laid-off Medly employees claims there's a "strongly likelihood" that Medly will file bankruptcy before the end of the year. The attorney representing Medly in the lawsuit declined to comment for this story. Medly did not respond to requests for comment.
Insider spoke with seven former employees at Medly, six of whom held managerial positions or higher, and obtained internal documents that together show how the startup came close to collapse. The former employees who spoke with Insider for this story requested anonymity out of concerns of retribution from the company.
The former employees described a startup that grew too quickly, with big plans for a national reach and not enough cash to support that vision.
Now, Medly is backtracking, closing about half of its 51 locations, moving away from the strategy that won over investors. It's abandoning many patients without notice, the former employees said. As of November, Medly still hasn't publicly announced the changes made to its business, including the store closings.
It's a grim example of a startup struggling to disrupt the competitive pharmacy market as Medly's vision for transformation and the reality of its financials face off.
Rzeszutek seems to have been one of those patients Medly left in the dark. She was able to get an emergency supply of her medications from a local hospital after Medly failed to refill them in September. She's now getting her medications from a community pharmacy.
She said Medly's radio silence could have posed a significant risk to her health.
"Over the past six months I've been getting better, but if this was beforehand, if I had missed even one dose, I would've landed in the hospital," she said. "I don't know if I would've been alive if I'd missed even a day of medication."
The pharmacy startup's rise and fall
Medly set out to disrupt pharmacy giants like CVS and Walgreens and cement itself in the $348 billion pharmacy industry since its start in 2017 by promising a better experience for people trying to get their medications.
On top of operating brick-and-mortar pharmacies, Medly built an app through which patients can track their prescriptions, arrange deliveries, and find discounts. When the pandemic hit, the startup saw a surge in demand. For Medly's staff, that growth was exhilarating.
"We were really helping people when they needed it the most," a former employee on Medly's sales team told Insider. "We took pride in what we were doing, and we had a strong original leadership team."
With the $100 million the startup raised in 2020, Medly wanted to grow nationally, and in June 2021 it bought the retail pharmacy company Pharmaca to do that. Pharmaca ran 28 pharmacies across the western US in places like Los Angeles and Seattle, complementing Medly's stores in at least 10 metro areas, including New York City, Atlanta, and Miami. Medly offered $58 million for the company, according to an internal document reviewed by Insider.
Pharmaca's CEO, Richard Willis, became Medly's CFO after the acquisition.
But integrating Pharmaca's stores proved challenging for Medly. Pharmaca ran its business like a traditional retail pharmacy, offering over-the-counter products in addition to prescriptions. Three former Medly employees said Pharmaca's locations struggled for months to adapt to Medly's business model and to work with the software that Medly's pharmacies used to handle prescriptions.
"The two did not fit together well," one former employee in Medly's upper management said. "Not just strategically, but philosophically and technically, as well."
Medly had an "aggressive" plan for remodeling Pharmaca's stores into Medly stores, which included not only changing the stores' branding from Pharmaca to Medly but also switching out how Pharmaca handled tasks like compensating employees and collecting patient data, the former employee said. The startup also planned to build new Medly locations.
Medly's pharmacies were already stretched thin, one former employee on Medly's provider-support team said.
"We grew so fast that we were failing to support what we already had," she said.
The startup's plan for growth couldn't stand up to its mounting losses, especially as Medly's existing pharmacies began to struggle, according to another former employee.
By summer 2022, with a recession looming, Medly's leaders knew it was in trouble.
On August 4, Medly let go of 16% of its workforce, or roughly 300 employees. Patel told staff the layoffs were a necessary consequence of the market downturn and said Medly wouldn't be making more cuts in 2022, according to three former employees who remained at the company after the first round of layoffs.
In fact, he said Medly was on track to be profitable next year, those employees said.
"There was now an assurance that we were going to build an even stronger company," one former employee said. "We knew we were going to have to work harder, and we were all mentally prepared to do that."
Patel left Medly at some point in August, leaving Willis as CEO.
When Medly laid off half its remaining staff on August 31, according to the lawsuit filed in New York, it blindsided employees.
"During the call, honestly, I just blacked out," the same former employee said. "Just some time ago, we were told that we were fine. You don't anticipate this happening so fast."
Medly was losing millions of dollars
The company held a staff meeting on September 1, in which Willis explained why Medly had decided to conduct mass layoffs the day before. Insider obtained a video recording of the call.
Medly was burning through cash, he said, losing $10 million to $12 million a month.
The company had secured bank financing to cover half of those losses but "at the very last second," Willis said, the bank pulled out of the deal. Willis didn't identify the bank during the meeting.
Willis said Medly's executive team was left scrambling. Medly's leadership had to make a decision — should they just shutter the business altogether, or attempt to save it?
The company pulled together some money from existing investors and bank partners and came up with a plan to cut Medly's losses and break even, Willis said in the meeting.
That plan involved slashing Medly's workforce in half and closing all of the stores that were losing money. Willis said five Pharmaca locations would be closed, leaving 23 Pharmaca stores standing. Willis said all but four Medly pharmacies would be closed.
Those four Medly stores are in Philadelphia; Brooklyn; Somerville, New Jersey; and Washington, DC. Willis said the Brooklyn location, Medly's original pharmacy, was the only store to remain that had been losing money.
Sonia Rojas, a pharmacy technician, works in the P & P Pharmacy on December 22, 2020 in Miami, Florida.
Willis was also asked during the meeting why Patel was no longer on Medly's organizational chart.
Willis said it was "an issue between Marg and the board."
Medly never publicly announced Patel's departure. Five laid-off employees who weren't in the September 1 meeting said they didn't find out about it until Patel posted about it on LinkedIn the following week.
Patel said in a statement to Insider that his departure had to do with the direction the company was heading.
"I resigned in August because it became apparent that Medly was moving away from the vision that I felt sparked our success," Patel said in the statement. "To that end, we decided a mutual parting of ways was the best path forward."
A rush to plug the holes
As Medly's business suffered, healthcare providers and patients began to complain of prescription delays and unanswered calls to Medly's customer service, according to two former Medly employees who worked directly with healthcare providers.
Medly's cash burn left its pharmacies unable to fill some prescriptions. During the September 1 meeting, Willis said the company "didn't have any money to buy drugs."
The former employee on Medly's provider-support team said that in August, the company's management gave instructions that if a medication was out of stock at a given Medly pharmacy, Medly would no longer be able to restock that medication. The patients taking that medication should be transferred to another pharmacy, the employee said.
"We were losing providers pretty quickly, because they had to find a pharmacy that could fill their needs," the former employee said.
People weighing in on Google Reviews claim they were never notified when Medly closed its stores. Many said they'd repeatedly called their local Medly pharmacy to get their prescriptions filled but never received a response. At least 20 reviews of Medly's Brooklyn pharmacy within the past six months warned others against using Medly, with some accusing the pharmacy of holding their prescriptions hostage. Insider hasn't independently confirmed the information in the Google reviews.
"Just take your prescriptions and run," one reviewer said.
The former employee on Medly's sales team said he continued to field angry calls from healthcare providers Medly had partnered with even after the employee was let go.
"I get calls from providers asking what's going on, and I don't have the answers for them," the former employee said. "To this day, I hear that these providers will never use Medly again because of how they were treated."
To fill staffing gaps that arose after the August layoffs, Medly devised an unorthodox solution: Get its sales team to work behind some of its pharmacy counters, according to three former employees.
Insider reviewed a spreadsheet given to Medly's sales division in September that instructed employees to sign up for the days they'd be working in the pharmacy, with the "expectation" of one to two days a week.
The three former employees said they'd learned that the sales team was told to fill prescriptions when working at the pharmacies. That's usually the job of pharmacists or pharmacy technicians, who are certified to handle medications.
Instructing staff members with no pharmaceutical or medical background to fill scripts could raise patient-safety concerns, said Peter Goldstein, a longtime community pharmacist on Long Island, New York, not affiliated with Medly.
"It's certainly not beneficial for the patient. One mistake could be really bad, and it's just so easy," he said. "Drugs that look alike, sound alike. It gives me goosebumps."
Medly's future is unclear
With nearly half of its pharmacies shuttering and a recession looming, Medly's next steps are uncertain.
Medly has moved away from building the technology it planned to use to disrupt the traditional pharmacy experience, the concept that landed the startup more than $100 million in venture capital. Three former employees said nearly all of the startup's product and engineering teams were included in the layoffs. And Medly's current vice president of patient experience said in a LinkedIn post that Medly's patient-experience-operations division was closing as a result of the cuts.
Given the pharmacy closings, the startup now has about the same number of pharmacies that Pharmaca had when Medly acquired that business for $58 million, a blow to the high-growth mindset on which it once sold investors.
And the competition is fierce. Medly was one of several pharmacy startups that captured investor interest early in the pandemic but are slipping in a competitive market. Many of its rivals, including Truepill, Capsule, and Alto Pharmacy, have also conducted layoffs this year.
"The honeymoon is over now, and they have to scale up and compete, with each other and with all the pharmacies in the world, plus companies like Amazon," said Alexander Shlyankevich, a senior analyst at Forrester.
Overwhelmed with the high costs associated with setting up a prescription-delivery system and drawing customers away from retail pharmacy chains, he said, "it's no wonder they're running out of money."
Medly Pharmacy Dispensed | 2022-11-29T10:38:45Z | www.businessinsider.com | What Happened at Medly, Pharmacy Startup That Crumbled As Cash Ran Out | https://www.businessinsider.com/medly-pharmacy-startup-crumbled-as-it-ran-out-of-cash-2022-11 | https://www.businessinsider.com/medly-pharmacy-startup-crumbled-as-it-ran-out-of-cash-2022-11 |
Today's mortgage and refinance rates: November 29, 2022 | Rates at 2-month low
The average 30-year fixed mortgage rate dropped to 6.58% last week, according to Freddie Mac. Rates remain low today.
This is the lowest rates have been since September. Just two weeks ago, 30-year fixed rates were above 7%.
As inflation comes down and the Federal Reserve is able to slow its pace of hikes to the federal funds rate, mortgage rates will probably also decrease. For the rest of 2022, borrowers can likely expect rates to hold steady near their current levels before trending down in the new year.
The current average 30-year fixed mortgage rate is 6.58%, according to Freddie Mac. This is a small drop from the previous week.
The average 15-year fixed mortgage rate is 5.9%, a decrease from the prior week, according to Freddie Mac data. | 2022-11-29T11:09:14Z | www.businessinsider.com | Today's Mortgage, Refinance Rates: Nov. 29, 2022 | Rates at 2-Month Low | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-tuesday-november-29-2022-11 | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-tuesday-november-29-2022-11 |
Trump plans to continue his legal fight against Twitter despite being reinstated by Elon Musk, lawyer says
Donald Trump was banned from Twitter two days after the January 6 Capitol riot.
Donald Trump will continue his legal fight against Twitter despite his ban being lifted by Elon Musk.
Trump's attorney, John Coale, said that the former US president has no plans to withdraw his appeal.
Trump was banned from Twitter two days after the Capitol riot on January 6, 2021.
Donald Trump is not backing down from his ongoing legal fight against Twitter despite his ban from the site being lifted by Twitter's new owner Elon Musk.
Trump's attorney, John Coale, said the former US president has no plans to withdraw his appeal against a May ruling that dismissed his lawsuit against Twitter, per Bloomberg.
Earlier this month, Trump asked an appeals court to revive his legal challenge against Twitter for suspending his account after the January 6, 2021 riot at the Capitol.
Trump separately sued Meta's Facebook and Google's YouTube over similar bans they imposed on him after the riot.
Lawyers for Trump argue that the Twitter ban was "contrary to First Amendment principles," and amounted to "overtly partisan censorship," according to court documents.
However, legal experts have said it will be challenging for them to prove that the ban amounted to censorship, per Bloomberg.
Despite Trump's Twitter account being reinstated, Coale said the former president had no intention to drop the case without reaching an agreement on terms to end the dispute, per Bloomberg.
"There's more to it than just letting him back in so we want to talk to see if we can figure something out," Coale said. "You don't just do things on your own, you should talk to the other side or wait."
Coale said there had been no discussions with Twitter since Musk reinstated his account. Trump "told me he had no interest, but that could change," Coale said, per the news outlet.
Trump has repeatedly vowed to stay on Truth Social, a platform he founded, rather than return to Twitter if his ban was lifted by Musk. Trump is yet to tweet since his account was reinstated earlier in November.
Representatives for Trump and Twitter did not immediately respond to Insider's request for comment.
Donald Trump Trump Elon Musk | 2022-11-29T12:10:13Z | www.businessinsider.com | Trump to Continue Legal Fight Against Twitter Despite Reinstatement | https://www.businessinsider.com/donald-trump-twitter-elon-musk-legal-fight-suspended-account-2022-11 | https://www.businessinsider.com/donald-trump-twitter-elon-musk-legal-fight-suspended-account-2022-11 |
Here's the pitch deck that dating app IRLY, cofounded by internet star Cameron Dallas, used to raise its pre-seed round
IRLY
The video-dating app IRLY just brought on the Vine superstar Cameron Dallas as a cofounder.
The company also announced a pre-seed funding round of 475,000 Canadian dollars.
IRLY shared the pitch deck it used to raise the round.
The video-dating app IRLY — short for "I really like you" — has announced a pre-seed round of 475,000 Canadian dollars.
Investors included Chris Kaufman, the cofounder of the sneaker marketplace StockX, and Kevin Edwards, the CEO of the Canadian food-delivery service SkipTheDishes, along with several angel investors.
The app, expected to launch early next year, hopes to create a dating experience catered to Gen Z, with the possibility for users to video chat with their matches, play games with the dates to break the ice, and send each other virtual gifts.
The company also brought on the creator superstar Cameron Dallas as a cofounder.
Dallas, who rose to fame in the early 2010s on the short-form video app Vine and now has almost 25 million Instagram followers, previously cofounded a subscription platform called Fanfix.
SuperOrdinary, a beauty accelerator, acquired Fanfix in July in an eight-figure deal.
Shortly after, Dallas got in touch with the founders of IRLY — the Canada-based university students Connor Rose and Laura Rollock — on LinkedIn.
"It was really crazy — it came out of nowhere," Rose told Insider. "I don't have a personal relationship with him, so it was very confusing."
Dallas was looking for his next venture after exiting with Fanfix, and he was impressed by IRLY's proposition to try to make online dating more personal.
"I was really hungry to do the next thing," he told Insider. "I think the dating scene could use a nice refreshment — it's always the same stuff over and over."
IRLY had raised its pre-seed round before getting in touch with Dallas, at the start of 2022.
Pitching investors as first-time founders while juggling the business with schoolwork was a difficult but fun experience, the cofounders said. They said the process took about two months and they pitched about 50 people.
They refined their presentation and deck as they learned what was working with their pitch.
"One thing that we always got complimented for was how fun our pitch deck was and how it really reflected what we were trying to do at IRLY," Rollock said.
Most of the funds have been used for hiring, particularly on the tech side, while a smaller part has gone toward marketing and legal, hosting, and licensing fees.
An introductory slide shows the company's name and its offer: immersive video dates and games.
Then, the deck presents one of the founders, Laura Rollock, who also serves as a case study to highlight the problems of online dating.
The following slide highlights research the founders conducted to gauge how college students felt about dating apps.
Rose and Rollock joined a startup-incubator program at Rose's school, the University of British Columbia.
As part of the program, they were able to interview hundreds of their peers to understand their frustrations and pain points about online dating.
IRLY shows the problem it's trying to solve: Gen Z is "frustrated" with dating apps.
Then, the deck shows how the company plans to bring "the magic back."
The next slide shows IRLY's solution: video-chat speed dates.
This slide was the "make or break" moment during pitches, Rose said.
After investors had heard about the problem, those who had used dating apps before would understand the solution and its novelty, while others, who had no experience with online dating, would often be confused, he said.
"I guess this is also where we lose them," Rollock said. "Everybody that I know who uses dating apps absolutely hate their experience, so there's a very evident problem. But for some people who have never experienced it, they really don't understand."
This slide shows the size of the dating market.
Another slide describes in more detail what IRLY is offering to counter some common problems of dating apps.
One of the most challenging questions the cofounders were asked while pitching was how their app's video-chat feature was different.
This slide was intended help them explain that IRLY's video chat was the core of the experience, rather just an extra feature.
"Right off the bat you get to talk to somebody," Rollock said, "and then if you hate them, the call ends after two minutes."
The next slide details the company's mission.
One slide answers the question "Why now?"
One slide gives details about the online-dating competitive landscape.
The deck presents how the company plans to generate revenue.
The three revenue sources presented in the deck are tentative, as IRLY plans to launch monetization later in 2023, while focusing on developing its product in the shorter term.
For the premium subscription, the founders are thinking of following the model of other dating apps, like Tinder or Bumble, which charge $10 to $30 a month.
"We've done a lot of test sessions, but once we target thousands and thousands of people, we need to see how they interact with the app," Rollock said. "From there we need to discover what features they like the most and what features they don't like. With the premium model, we don't want to take away features they love."
This slide includes brief descriptions of company employees, as well as of some key investors.
The penultimate slide shows how the company planned to use the proceeds from the fundraise.
The final slide includes a recreation of the Looney Tunes' signature closing sequence, "That's all, folks!" | 2022-11-29T12:10:36Z | www.businessinsider.com | The Pitch Deck That Dating App IRLY Used to Raise Its Pre-Seed Round | https://www.businessinsider.com/pitch-deck-dating-app-irly-pre-seed-cameron-dallas-475000-2022-11 | https://www.businessinsider.com/pitch-deck-dating-app-irly-pre-seed-cameron-dallas-475000-2022-11 |
A town in Italy is going to pay people $31,000 to move there, but there's a catch. You must buy and fix up old abandoned homes to get the cash.
Presicce, Italy’s government is calling on new buyers to buy and build up its abandoned homes.
Miti74/Shutterstock
Presicce, Italy is providing roughly $30,000 to people who move to the historic town.
Anyone who buys a property built before 1991 and commits to restoring it is eligible for the money.
Other villages across Italy have launched incentive programs to lure new homebuyers.
Presicce, Italy is offering homebuyers 30,000 euros, or about $31,000, to purchase its abandoned homes.
Located in the Puglia region in Italy's heel, Presicce has a rich history, but a declining population.
It's just the latest small Italian village to try to lure newcomers by dangling major incentives.
Other Italian towns experiencing population declines and struggling with derelict properties have instituted similar programs. Take Santo Stefano di Sessanio, a hilly village in the southern part of Italy, which offered to pay people up to $52,500 to move there. And on the Italian island of Sicily, towns have auctioned off homes starting at around $1.
Other European cities, like Swiss mountain village Monti Scìaga, have also sold homes for just $1 — although the structures that go for this little are often in desperate need of renovation. American cities, too, are using perks from cash to property-tax breaks to a free bike to attract new residents.
Intrigued by Presicce's $31,000 offer? Buyers must commit to refurbishing an empty residential property in the village of 9,000 people, according to its plan, which was first reported by CNN.
"The total funding will be split in two: it will go partly into buying an old home and partly into restyling it, if needed," Alfredo Palese, a goverment official in Presicce, told CNN.
In order to qualify for the money, buyers must purchase a property built before 1991 and take up residency in Presicce. According to CNN, applications for the Presicce program have yet to launch, but will be made available in upcoming weeks.
"There are many empty homes in the historical center built before 1991 which we would like to see alive again with new residents," Palese said. "It is a pity witnessing how our old districts full of history, wonderful architecture and art are slowly emptying."
Homes in Presicce typically sell for about $691 per square meter.
In 2019, Presicce merged with neighboring town Acquarica to form a new comune — like a county — called Presicce-Acquarica. That merger allowed the region to receive more funding from the Italian government, Palese said, which is being used to revitalize the community.
According to Italian listing site Immobiliare, homes in the Presicce-Acquarica comune normally sell for 669 euros, or about $690, per square meter. A typical home of 46 square meters, or about 500 square feet, would normally cost just over $31,000.
People who have taken advantage of the cash incentives granted by various towns have shared their tales of difficult renovations and great joy.
Frank Cohen took advantage a program called "Your House in Latronico," which helps buyers find old abandoned properties on the cheap the southern Italian province of Potenza. He told CNN in September 2021 that he and he wife bought three homes in Latronico for less than $52,000 and have relished the opportunity to fix them up.
"Latronico has been life-changing," he told CNN. "It's the best of worlds here."
1 Euro Homes Italy Italy Housing | 2022-11-29T12:10:42Z | www.businessinsider.com | An Italian Town Will Pay You $31,000 to Move There, but There's a Catch | https://www.businessinsider.com/presicce-italy-town-offering-money-to-move-there-buy-home-2022-11 | https://www.businessinsider.com/presicce-italy-town-offering-money-to-move-there-buy-home-2022-11 |
Read the 18-slide pitch deck that creator-marketing startup Pearpop used to raise its latest funding round at a $300 million valuation
Pearpop cofounder Cole Mason poses in front of a glowing Pearpop logo.
Pearpop.
Pearpop is a creator-marketing platform that first launched in October 2020.
It just completed a $18 million fundraising round at a $300 million valuation.
Here's the pitch deck it used to woo investors at a tricky moment for the creator industry.
It's been a tough year for the creator economy as companies have cut back on hiring or laid off employees to prepare for a potential economic slowdown.
But influencer-marketing startup Pearpop appears to be bucking the trend. The company announced on Tuesday that it raised $18 million in a fundraising round that valued the company at $300 million, adding to last year's $10 million Series A round. It's raised a total of $34 million since it launched in October 2020.
Pearpop started as a tool for TikTok creators to get paid to post videos for fans, either through duets, stitches, or by including certain sounds in videos. Its business has since evolved to focus on Challenges, a product that enables brands and music marketers to post sponsored-video contests for social-media creators. Those who participate in a challenge are paid on a sliding scale based on the number of views their videos generate. TikTok introduced its own competing product earlier this year.
Pearpop plans to release in the coming months two new features: a first-party audience-marketing tool called Ovation and a data-analytics product called Passport.
Investors who participated in Pearpop's most recent fundraise included Sound Ventures (a firm co-run by Pearpop's other founder Guy Oseary), Seven Seven Six, Avalanche's Blizzard Fund, Blockchange Ventures, and C2 Ventures. Its existing investors include celebrities like Snoop Dogg and Amy Schumer and venture-capital firms Bessemer Venture Partners and Slow Ventures.
"I think great companies are still getting funded in this environment," Pearpop's cofounder Cole Mason told Insider. "The biggest thing I've learned is just investing in the right team. We've been super fortunate from early on to be able to have some of the best talent."
The company plans to spend its new cash pile on engineering resources, product development, and growing its sales operation, Mason said.
Pearpop shared with Insider the 19-page pitch deck it used to raise its $18 million round. The company redacted data from one slide that highlighted its projected 2023 growth. Insider omitted that edited slide in the 18-page version published below:
Pearpop is an influencer-marketing platform centered around branded challenges.
In its first slide, Pearpop described itself as a "creator collaboration platform."
Its business currently centers on its influencer-marketing technology, but paid creator collaborations are in the company's roots.
This slide also highlighted that Pearpop was named one of Fast Company's "Most Innovative Companies" in 2022.
Influencer marketing is a fast-growing advertising category.
Pearpop then included two data points around the growth of influencer marketing.
It cited a Statista report that projected that the influencer-marketing industry would hit $4.5 billion in the US by 2023. And it wrote that 93% of marketers use influencer marketing, a data point pulled from a SocialPubli report.
Pearpop called out a common pain point for marketers that run influencer campaigns.
One criticism of influencer marketing is that it can be a headache to run campaigns that involve a bunch of creators at once. Automated social-ad platforms and programmatic buying on Instagram and TikTok are viewed as easier to scale.
In its pitch, Pearpop posed this challenge to investors. It will later present its platform as a solution.
The company suggested that lower-follower-count creators are hired less frequently than influencers with millions of fans.
The challenges associated with coordinating a campaign with multiple creators has led some brands to focus on working with just the top tier of social-media talent, the company wrote. This approach is leaving the "mid-tier" and "long-tail" creators behind.
"88% of creators earn less than $50,000 per year," the company wrote, citing a report from the link-in-bio upstart Linktree.
It then teed up how it's going to solve those problems for brands.
"What if Influencer Marketing could be tech-enabled, measurable, and virtually instant?" Pearpop wrote.
Like some of its peers, Pearpop is focused on how its tech can streamline the influencer-marketing process.
"The world is still figuring out what's the most effective way to do social marketing," Mason told Insider.
The company then showcased its flagship product, Pearpop Challenges.
Pearpop's lead product, Challenges, has helped the company differentiate itself from other influencer-marketing upstarts.
The format encourages creators with followings of different sizes to participate in a marketing campaign.
One Pearpop challenge from last year, meant to promote Tyga's song "Splash," helped boost the track from 8,500 user videos featuring the sound to more than 100,000, Mason told Insider at the time.
"The initial way influencer marketing would work would be you would go and pay a few people with big followings, but it would be like throwing a few big logs onto a non-existent fire," Mason said. "With challenges, there's a way to actually start the fire."
It outlined the value proposition for Challenges.
In its description of why Pearpop Challenges are superior to other forms of influencer marketing, the company wrote that they were "simpler," "faster," "better," "performance-based," "authentic," and "brand safe."
Simple. Faster. Better.
Influencer marketing used to take a lot of work. So we fixed it. Pearpop is a technology platform allowing brands to instantly collaborate with the most relevant creators across TikTok, Instagram, and Twitter at the click of a button.
Performance-Based.
Predictable and measurable Return on Influence. Stop paying based on follower count and start paying creators for verified views and engagements on a CPM, CPV, or CPA basis.
Authentic & Brand Safe.
All creators are Pearpop Verified and submissions are monitored continuously to ensure brand safety.
It then displayed some of its brand clients, such as Netflix, Apple, and Instagram.
Pearpop included logos for its roster of clients, which included:
4Hunnid
The company touted how many creators use its platform, and what they've been paid.
Pearpop then listed out high-level stats around its user base.
It wrote that it has paid out in 2022 more than $10 million to its user base of 200,000+ creators, and that 71% of compensated creators had fewer than 1 million followers on social media.
It then teased the features it plans to launch in the coming months.
Pearpop plans to launch two new products in the coming months, Ovation and Passport.
"Right now, we've been laser focused on scaling Challenges," Mason told Insider. "Ovation will launch in Q1 and Passport will launch in either Q1 or Q2."
Ovation is a new feature that will enable brands to send Pearpop contests to their own customer lists.
When it does launch, Ovation will let brands launch custom challenges targeted to specific users within their customer base. The feature works through links that brands send to their existing audiences to encourage them to join a contest.
If Netflix wanted to promote the second season of "Squid Game," for example, it could send an Ovation link to its users that watched the first season of the show, asking them to post videos about why they're excited for season two, Mason said.
The company used Starbucks as an example of what an 'Ovation' might look like.
In another possible use case for the Ovation product, Starbucks could ask customers who purchased a Starbucks beverage to "tell your audience about how Starbucks creates a happy moment in your day."
"Brands have multiple subsets of their communities," Mason told Insider. "There just isn't a way to rally them to be your advocates across social. Ovation is a way to do it at scale."
The ability to run contests against specific user groups was a frequent ask among brands, Mason said.
In other example of uses for Ovation, a company like Nike could ask customers who purchased Nike ZoomX Vaporfly shoes to "tell your audience about how the Nike ZoomX Vaporfly shoes have shaved off time from your personal record miles."
The feature would reward participating users whose videos performed well with discounts like 10%, 20%, or 50% off Nike products.
The startup also mocked up examples from acne-treatment brand Proactiv and streamer Netflix.
The company then teased its plans to release more campaign-measurement tools.
While Pearpop's Web3-measurement tool Passport is still in development, the feature is slated to roll out in the first half of 2023.
The company teased the product in its pitch to investors, several of whom, including Blockchange Ventures and Seven Seven Six, have Web3-creator startups in their portfolios.
Passport is a blockchain-based tool that will track and predict audience engagement for creator campaigns.
When it's released, Passport will be a blockchain-based tool that tracks and predicts audience engagement across multiple platforms and sources.
"Passport is an open protocol that gives you the predicted value of social posts," Mason told Insider, noting that the company isn't sharing much more publicly about the feature at this point.
Pearpop's cofounders are Cole Mason and Guy Oseary.
Pearpop's two cofounders are Mason, an entrepreneur and former model, and the talent manager and investor Guy Oseary.
Its leadership team hails from media companies like Tinder, TikTok, Netflix, AXS, and R/GA.
Its leadership team includes:
Alex Morrison, chief marketing officer
Rebecka Marcucci, head of product and operations
Sam Christie, head of sales
Adam Maltais, head of growth
Arik Betesh, general counsel
Will Price, head of engineering
Nate Lu, head of design
Pearpop ended its pitch with a simple 'Thank you.'
The last slide in Pearpop's deck is a straightforward, "Thank you."
Features Pearpop | 2022-11-29T13:41:37Z | www.businessinsider.com | Read the Pitch Deck That Creator Startup Pearpop Used to Raise $18M | https://www.businessinsider.com/pitch-deck-creator-startup-pearpop-used-raise-18-million-2022-11 | https://www.businessinsider.com/pitch-deck-creator-startup-pearpop-used-raise-18-million-2022-11 |
Upollo wants to stop account sharing and repeat free trials. Here's an exclusive look at the pitch deck it used to raise $2.75 million in seed funding from Index Ventures and others.
Upollo CEO Cayden Meyer.
Upollo
Upollo aims to convert account sharers and repeat trial users into paying customers.
The Australian startup recently raised $2.75 million from Index Ventures and other investors.
Here's an exclusive look at the 19-slide pitch deck the startup used to raise its seed round.
There are few founders whose friends and family ask to be exempt from their products. And Cayden Meyer is one of them.
The Australian entrepreneur is the founder and CEO of Upollo, a startup aiming to convert account sharers and repeat trial users into paying customers for consumer- and business-facing subscription services, streaming networks, and other companies. Upollo closed its $2.75 million seed round in September, led by Index Ventures with participation from Macdoch Ventures and angel investors from Stripe, Notion, Google, Canva, and Cohere.
The problem Upollo addresses is a familiar one. Many people admit to mooching off friends' accounts or using multiple emails to score free trials. In fact, 33% of Netflix subscribers share their passwords with someone outside their household, a violation of Netflix policy, a 2022 study from Leichtman Research Group found.
Upollo analyzes customer data like billing information, IP addresses, and device fingerprints, according to the startup. Next, the startup's software extracts patterns of behavior from the data, like a user reusing the same credit card on multiple trial accounts, and identifies account sharers and repeat trial users. Upollo will then nudge these customers to sign up for the product by providing them with information on how to upgrade to family accounts or discounted subscriptions.
The startup's pricing consists of a combination of monthly fees based on active users and a 10% cut of the first year of revenue from converted users, according to the startup. If these users churn during this first year, Upollo no longer collects its percentage of revenue.
While some of the most prominent examples arise from consumer companies, such as streaming services, Meyer told Insider that this issue was just as common in enterprises that sell to other businesses. For example, multiple people within the same organization will often sign up for trial accounts used across the entire company. This often signals just how sticky some of these products are, Meyer said.
"You have a huge user base of people who love the product and are willing to jump through hoops, like creating a new Gmail account or using a different credit card, just to continue using it," Meyer said.
Upollo exited its beta-trial phase in November. It serves both business- and consumer-facing customers across a variety of industries, like OddsJam, a sports-betting company.
In a time of market and economic uncertainty, Meyer said that finding cost-effective ways to acquire customers and revenue was more important than ever.
Most companies attempting to stop account sharers or repeat trial users build their software in-house, Meyer said. A few startups in this space, like Fingerprint and Shield, have had some success, with Fingerprint seeing a 300% increase in annual recurring revenue in 2021. But they focus more on preventing the use of fraudulent credit cards for free trials, rather than stopping account sharers and repeat trial users themselves, Meyer told Insider.
With the seed funding, Upollo plans to invest in further capabilities to help companies convert and retain paying users, like providing real-time insights that can be used to alter user behavior, Meyer said.
Here's an exclusive look at the 19-slide pitch deck that Upollo used to raise $2.75 million in seed funding from Index Ventures: | 2022-11-29T13:41:38Z | www.businessinsider.com | Read the Pitch Deck Upollo Used to Raise a $2.75 Million Seed Round | https://www.businessinsider.com/pitch-deck-upollo-raise-seed-round-index-funding-2022-11 | https://www.businessinsider.com/pitch-deck-upollo-raise-seed-round-index-funding-2022-11 |
Chicken breast and wing prices are decreasing from inflation heights.
Popeyes, Wingstop, Burger King, and Wendy's all recently added new chicken sandwiches to menus.
Executives at Burger King and McDonald's praised sales growth driven by chicken menu items.
Chicken prices are finally falling, and it's good news for fast food chains.
Chicken breast prices in the US are down 70% from their peak in June, The Wall Street Journal reported, while thighs and wings are also down. Despite the recent decrease, chicken was still elevated by about 15% over October 2021, according to BLS data.
In 2021, some experts predicted fast food chains would start using cheaper dark meat, but now white meat is back with a slate of new sandwiches and menu items.
Fast food chains are taking advantage of the pricing relief with new menu items and deals. On November 15, Popeyes released its new Blackened Chicken Sandwich, which is not breaded and is seasoned with Cajun and Creole spices. The sandwich chain is explicitly promoting the new sandwich as "reigniting the chicken sandwich wars," which started with the 2019 release of the Popeyes spicy chicken sandwich. The chain further took advantage of reduced chicken prices with a BOGO chicken sandwich deal over Black Friday weekend.
Popeyes sales exploded during earlier iterations of the sandwich battles, so the chain has good reason to restart the war.
Wingstop got in on the battle with its own chicken sandwich launch in August, where "incredible demand" led to a four-week supply selling out in six days, CEO Michael Skipworth said in an October earnings call. The chain relaunched the sandwich again in October. The chain said its chicken wing costs were down 43% in the third quarter over the same period in 2021.
Chicken value meal investments were up 160% in July through September 2022 over 2021, according to research firm Technomic, and the investment in chicken seems to be paying off. Chicken, including the spicy chicken sandwich and McNuggets, has been a "strong growth driver" for McDonald's, CEO Chris Kempczinski told investors in October.
Burger King's Royal Crispy Chicken has also been "driving strong volumes" with new and returning customers, Restaurant Brands International CEO Jose Cil said in a November earnings call. Later that month, the chain announced a new Italian version of the sandwich with mozzarella and marinara sauce. That same week, Wendy's launched a similar Italian Mozzarella Chicken sandwich.
Chicken prices jumped as demand and supply were pulled in opposite directions in 2020 and 2021. Chicken consumption was up as major winter storms disrupted farms in Texas, and a labor shortage reduced the capacity of those farms to process birds and send them to buyers.
NOW WATCH: Popeyes' famous chicken sandwich is now back 'for good' — so we compared it to 5 other fast-food fried-chicken sandwiches
Retail News Fast Food | 2022-11-29T13:41:48Z | www.businessinsider.com | Popeyes, Burger King, Wendy's, McDonald's: Chicken Sandwich Wars Are Back As Poultry Prices Fall | https://www.businessinsider.com/popeyes-burger-king-wendys-mcdonalds-chicken-sandwich-wars-are-back-as-poultry-prices-fall-2022-11 | https://www.businessinsider.com/popeyes-burger-king-wendys-mcdonalds-chicken-sandwich-wars-are-back-as-poultry-prices-fall-2022-11 |
Startups helping make farmers more efficient and sustainable have raised $1.1 billion in 2022. Here's 10 of the most-promising agritech startups, according to VCs.
Investors are piling into startups set on making farming more sustainable.
Climate change and Russia's war on Ukraine have helped put food supply chains high on the agenda.
European agritech startups tackling challenges in the food system have raised $1.1 billion this year.
Insider asked investors to pick the 10 hottest agritech startups emerging in Europe right now.
Climate change, supply chain chaos, and Russia's war on Ukraine have all helped thrust the global food system into the limelight.
Demand for food is set to intensify with an estimated 10 billion mouths to feed by 2050. These challenges have inspired a wave of startups across Europe, dedicated to meeting demand sustainably.
Venture capital funding has tumbled in 2022 but investment dollars continue to flow into European-headquartered startups helping farmers be more efficient and sustainable while also benefitting from greater yields.
Agritech – agricultural technology – is wide-ranging. It includes hardware plays such as robots that treat individual crops with fertilizers, software tools for buying and selling cattle, and biotech ventures to boost photosynthesis and plant resilience.
The volume of agritech funding deals in 2022 is down on last year but the amount of cash going into the sector is likely to match 2021, according to PitchBook data. Agritech startups raised $1.1 billion across 143 deals in the opening 10 months of 2022, down from the $1.4 billion secured in 224 deals across the entirety of last year.
Insider asked investors which startups were ones to watch right now.
From regenerative agriculture – where farmers switch to environmentally-friendly practices to restore soil health and get paid for the carbon dioxide captured in their fields – to digital supply chain management and tools that assess the quality of crops, investors named one startup inside their portfolio and one outside of it.
Here are the 10 most promising agritech companies to watch, in alphabetical order.
Agreena certifies carbon stored in farming fields
Agreena cofounders Simon Haldrup, Ida Boesen, and Julie Koch Fahler.
Agreena
Recommended by: Giant Ventures' investor Madelene Larsson
Relationship to VCs: Portfolio
Headquarters: Copenhagen, Denmark
What it does: Agreena incentivizes and helps farmers to transition to regenerative agriculture, which is a type of farming that also benefits soil health. Healthy soil can remove carbon from the atmosphere and store it as a carbon sink.
Agreena has developed international soil carbon certification programs so that soil's carbon impact can be verified and quantified. The startup's platform takes data from the farmer, such as their annual harvest plan and regenerative agriculture methods, then uses satellite imagery, remote sensing, and soil sampling to monitor and report what's happening on the field.
Farmers are then issued carbon credits, which they can go on to sell in the voluntary carbon markets.
Why it's poised to take off:
"Farms cover a third of the world's land and today are large carbon emitters," Larsson said. "By adopting regenerative agriculture, farmland has the potential to sequester more carbon than all global emissions. However, few incentives exist for farmers to shift their practices."
The Giant Ventures' investor said Agreena solved "big problems" for both the climate and farmers in need of an economic incentive to shift their practices.
The team has shown "stellar execution," the investor added.
The company, which operates in 13 countries, made its first acquisition this year with data analytics platform Hummingbird Technologies.
Breedr digitizes cattle management
Ian Wheal, cofounder and CEO of Breedr.
Breedr
Recommended by: Remus Brett, partner at LocalGlobe
Headquarters: Itchor, UK
Total raised: $21.9 million, per Crunchbase
What it does: Breedr digitizes the management and trading of livestock. It has an app, which helps farmers optimize the yield, quality, sustainability, and profitability of their cattle, and an online farmer-to-farmer market to streamline the buying and selling of animals.
Why it's poised to take off: "The livestock industry has hardly changed in hundreds of years," Brett said.
"Inefficient supply chains, poor financing options, and manual trading all leading to waste and low profitability. Breedr's technology enables precision farming, digitizing all cattle data, helping identify the optimum time to sell, and has an end-to-end trading platform with locked-in, above-market prices for farmers."
Breedr entered the US market this year.
Constellr helps with crop health management
The Constellr C-level team: Lina Hollender (CCO), Cassi Welling (COO), Max Gulde (CEO), Marius Bierdel (CTO), Christian Mittermaier (CFO).
Relationship to VCs: Non-portfolio
Headquarters: Freiburg, Germany
Total raised: 10 million euros (around $10.38 million)
What it does: Constellr helps farmers with crop health management, yield forecasting, and resource management using thermal infrared microsatellites, which monitor global water use at the plot level from space.
Why it's poised to take off: "Water stress is a major cause for yield losses, early detection can not only enhance yields but save water, reduce operating cost, and enable optimized resource and supply chain management," Larsson said.
Constellr launched its first satellites into space earlier this year. "The data has huge potential to help us understand and use global resources more effectively; unlocking a more innovative, climate-resilient agri-food supply chain for future food security," the investor added.
CrowdFarming is set on revolutionizing the food supply chain
CrowdFarming cofounders: Gonzalo Urculo (CEO), Juliette Simonin (COO), Gabriel Urculo (Advisor) and Moises Calviño (CTO).
CrowdFarming
Recommended by: Pedro Arribas, investor at Seaya Andromeda
Headquarters: Madrid, Spain
Total raised: 15 million euros ($15.57 million)
What it does: CrowdFarming is "democratizing the food supply chain" by connecting farmers directly with consumers and cutting out the middleman.
Its platform allows farmers to sell products, organize logistics to transport packages, and advertise. It also has a customer service function. The company was founded by young farmers who wanted a solution to problems they felt firsthand.
It has an end goal of revolutionizing the food supply chain, the company told Insider. CrowdFarming also wants to improve the commodification of food, agriculture-related pollution and soil degradation, the aging of European farmers, and food waste.
Why it's poised to take off: The cofounders' background as farmers is a big pull for Arribas, who said the company's mission to promote sustainable farming practices and fair prices for farmers is a unique value proposition.
The platform also helps to build a relationship between farmers and consumers, which is a "game-changer," the investor added. It allows consumers to pre-purchase goods by "adopting" plants or fields, meaning farmers essentially grow-to-order and can reduce food waste.
Over 250 farmers use the platform, with more than 3 million of boxes of fresh food sent straight directly to customers across Europe.
Eco Nomad is turning animal waste into fertilizer
EcoNomad cofounders Ilan Adler and Alex Demenko.
EcoNomad
Recommended by: Surakat Kudehinbu, investment executive at Green Angel Syndicate
Headquarters: Hertfordshire, UK
Total raised: Undisclosed
What it does: EcoNomad has developed a system to turn animal waste into biogas and fertilizer.
The anaerobic digestion system, where bacteria break down the waste, is designed for small to medium-sized farms. The gas output can be used to heat and power the farm, while fertilizer can help grow crops.
The company has already sold its first systems, it told Insider.
Why it's poised to take off: "Their product is timely with the current energy crisis – small-scale biogas has to be part of the future in UK agriculture, both for energy and fertilizer production," Kudehinbu said.
"Most biogas plants have been large-scale and complex for the everyday farmer," the investor added. A system that is affordable, simple to install and operate is "optimal," and will allow farmers to have a positive impact on greenhouse gas emissions, he said.
Glaia has developed a system to turn waste into energy and fertilizer
Glaia cofounders Imke Sittel, CSO, and David Benito-Alifonso, CEO.
Glaia
Recommended by: Federico Moro, investment executive, Green Angel Syndicate
Headquarters: Bristol, UK
What it does: University of Bristol spin-out Glaia has developed a technology that enables plants to harvest more light, ultimately boosting growth and crop yields for farmers.
It improves photosynthetic efficiency via "sugar dots," lab-grown bio-stimulants equivalent to naturally-occurring carbon-based material. The sugar dots are applied directly to the soil or leaves of the crop.
The company hopes its technology can also improve food security and reduce agricultural emissions.
Why it's poised to take off: "Glaia's technology has the potential to revolutionize the way we think about agriculture," Moro told Insider. "In recognition of its importance in the fight against climate change, Glaia was featured on the BBC series 39 Ways to Save the Planet."
Intelligent Growth Solutions is accelerating plant growth via vertical farming
Intelligent Growth Solutions' plant scientist Csaba Hornyik in a vertical farm and holding strawberries.
Recommended by: Eric Archambeau, cofounder and partner Astanor Ventures
Headquarters: Edinburgh, UK
Total raised: £51.2 million ($61.5 million)
What it does: Intelligent Growth Solutions (IGS) designs and builds vertical farms to help farmers take advantage of precision-controlled environments to grow crops.
Its technology allows growers to take control of the whole environment, from light and water to nutrition, airflow, and temperature.
"Our systems have a crucial role to play in securing food supply chains for the future and ensuring we can provide an ever-growing global population with nutritious, high-quality, and locally-grown produce," the company told Insider.
Why it's poised to take off: By controlling the entire environment of vertical farms, Intelligent Growth Solutions' technology can also improve the sustainability and resource efficiency of crop growing, Archambeau said.
The company has made "impressive" leaps this year, he added, with new projects announced in the UK, US, and Australia.
Miimosa helps farmers find financing
Eric Archambeau, cofounder and partner Astanor Ventures.
Astanor Ventures
Headquarters: Paris, France
What it does: Miimosa is a crowdfunding and lending platform for farmers and food. Donors can choose rewards in exchange for supporting projects or invest in projects based on their theme, impact and return.
Projects currently featured on Miimosa's site include the takeover of a vineyard, the purchase of a greenhouse, and a natural cosmetics business.
Why it's poised to take off: "Miimosa's financial solutions are tailored to meet the needs of a changing agricultural system," Archambeau said.
"Their innovative new financing solutions – crowdfunding, crowd-lending, and new debt fund – provide support to fuel the transformation of the agri-food sector, where traditional lenders are falling short, and supporting agricultural projects large and small."
This year the company announced a 40 million euro ($41.5 million) debt fund to finance farmers going through the transition to regenerative agriculture.
Rooser is a B2B platform for buying and selling seafood
Remus Brett, partner at LocalGlobe.
LocalGlobe
Headquarters: London, UK
What it does: Rooser is a B2B marketplace for fish trading, designed to eliminate waste in the industry.
Its platform connects seafood suppliers with buyers and includes tools to trade, negotiate prices, and process deliveries. It also helps to streamline paperwork, as invoices are automatically created and shared when an order is placed.
It is currently available across Europe.
Why it's poised to take off: "With parallels to Breedr, Rooser is creating visibility and efficiency in a complex and manual supply chain," Brett said. The company helps to provide value to fishermen whilst significantly reducing waste in the industry, he added.
ZoomAgri is increasing transparency in the food supply chain
ZoomAgri cofounders Matias Micheloud, Fernando Martinez de Ho and Jaap Rommelaar
ZoomAgri
Headquarters: Madrid, Spain, and Argentina
What it does: ZoomAgri assesses the quality of agricultural commodities such as corn, soybeans, wheat, and barley.
It uses image processing, computer vision, and machine learning to analyze the physical specifications of grains. This also increases transparency and sustainability of food supply chains, the company claims.
Why it's poised to take off: "ZoomAgri is facing a massive market opportunity; the food traceability space has strong tailwinds due to the increasing need for automation to resolve supply chain bottlenecks, as well as the growing adoption of ESG reporting," Arribas said.
"The company is riding these tailwinds, and keeps innovating and adding new agricultural commodities to its offering." | 2022-11-29T14:11:56Z | www.businessinsider.com | The 10 Most Promising Agritech Startups of 2022, According to VCs | https://www.businessinsider.com/10-most-promising-agritech-startups-of-2022-according-to-vcs-2022-10 | https://www.businessinsider.com/10-most-promising-agritech-startups-of-2022-according-to-vcs-2022-10 |
Treasury yields saw their most extreme inversion since 1981, back when unemployment soared even higher than it did in the Great Financial Crisis
The 10-year US Treasury yield fell 0.78 percentage point below the two-year yield last week.
That's the largest inversion since 1981, which marked the early stages of a deep recession that saw the unemployment rate reach 10.8%.
Comparatively, during the Great Financial Crisis, unemployment reached 10%.
A portion of the US yield curve recently saw its deepest inversion since 1981, representing a louder warning of an impending recession.
The 10-year US Treasury yield fell 0.78 percentage point below the two-year yield last week, the widest gap in 41 years, the Wall Street Journal pointed out.
The last time the curve was this inverted, then-Fed Chair Paul Volcker was waging war on inflation and the US fell into a deep recession that sent the unemployment rate to 10.8%. Comparatively, during the Great Financial Crisis, unemployment peaked at 10%.
On Tuesday, the the 10-year yield was 0.74 percentage point below the two-year yield. The inversion signals that investors expect the Federal Reserve to slash rates eventually to boost an economy faltering under the weight of an aggressive tightening cycle.
The Fed's hawkish campaign is showing some signs of working, though policymakers have said it will continue. Earlier this month, the Labor Department released better-than-expected CPI data, reinforcing the notion that inflation is beginning to ease.
Meanwhile, stocks have climbed lately. Despite a 17% loss on the year, the S&P 500 gained 6% since the day before the November 10 inflation reading.
On Wednesday, Fed Chair Jerome Powell will speak at an event hosted by the Brookings Institution, ahead of the Fed's next policy meeting on December 13-14, when the central bank is widely expected to lift rates by 50 basis points.
Paul Volcker inverted yield curve treasury yield | 2022-11-29T15:13:24Z | www.businessinsider.com | Treasury Yields Saw Their Most Extreme Inversion Since 1981 | https://www.businessinsider.com/treasury-yields-recession-fed-inversion-inflation-economy-unemployment-1981-2022-11 | https://www.businessinsider.com/treasury-yields-recession-fed-inversion-inflation-economy-unemployment-1981-2022-11 |
Rep. Diana Harshbarger, a Republican who represents Tennessee's 1st Congressional District, is among a growing group of politicians and political actors to experience theft from their federal campaign accounts.
Cyberthieves stole more than $186,000 from Rep. Diana Harshbarger's campaign committee, federal records show.
The Republican from Tennessee recouped the lost funds.
But others haven't been so lucky as a theft epidemic strikes political committees.
Republican Rep. Diana Harshbarger of Tennessee is the latest victim in a string of financial crimes against federal-level political committees that's quickly reaching epidemic levels.
A cyber thief known only as "Vix" stole more than $186,000 from Harshbarger's campaign account in an "unauthorized fraudulent wire transfer" on July 8, according to records filed with the Federal Election Commission.
The Harshbarger campaign told the FEC that the bank in which the stolen funds were deposited "froze the funds and returned all the money in question," meaning the freshman congresswoman didn't lose the money for long — in contrast to other prominent political committees that have together lost millions of dollars in recent years.
"Our internal controls caught a fraudulent invoice, and steps were taken immediately to rectify the situation, and we recovered the full amount," Zac Rutherford, Harshbarger's congressional chief of staff and senior campaign advisor, said in a statement to Insider. "We reported the crime (or matter) to the FBI and consulted the FEC on how to report this unauthorized expenditure."
A report from Rep. Diana Harshbarger's congressional campaign committee to the Federal Election Commission, indicating theft from the committee's account.
Harshbarger's campaign did not elaborate on how, precisely, the money was stolen. But a person familiar with the theft described it as a sophisticated effort with the thief ultimately depositing the Harshbarger campaign's money in a Wells Fargo bank account.
Robert Sumner, spokesperson for Wells Fargo's government relations and public policy team, declined to comment.
In a statement to Insider, the FBI said its "standard practice is to neither confirm nor deny the existence of any investigation, or comment on information we may receive from the public."
FEC spokesperson Judith Ingram said her agency "cannot comment on individual candidates or committees." Ingram noted that the FEC provides detailed guidance to political committees about defending against theft and instructions about what to do if money is stolen from a campaign account.
The 2020 presidential campaign of now-President Joe Biden is among various political committees to experience theft during the past several years.
Mark Makela/Corbis via Getty Images
Dozens of political committees of all kinds and sizes have lost money at the hands of thieves and embezzlers, according to an Insider analysis of federal campaign finance records.
Among them: President Joe Biden's 2020 presidential campaign, the Republican National Committee, and a host of corporate, union, and ideological PACs. Even a bank's PAC has been struck.
More recently, the American Hospital Association's political action committee and Kanye West's 2020 presidential campaign committee have fallen victim to financial fraudsters.
While most of the thefts are relatively small by political campaign standards — in the hundreds or thousands of dollars — others, such as the one that struck Harshbarger's campaign, reach into the five-, six- or seven-figure range.
Cybertheft methods such as phishing are preferred methods among perpetrators. But more old-school techniques, such as stealing or falsifying paper checks, are also common.
Political committees are enticing targets for cybercriminals, said James E. Lee, chief operating officer of the Identity Theft Resource Center, a nonprofit organization that helps consumers, businesses, and government entities avoid and recover from cybercrime.
"Campaigns often lack the training, awareness, and tools to fight against the well-organized, highly skilled, and relentless cybercrime groups that specialize in phishing attacks," Lee told Insider. "Campaigns also have two things that financially motivated identity criminals want — cash and the personal information of donors. Nation/state threat actors may also be interested in the donor information, depending on the candidate and office the candidate is seeking."
Political committees should take several steps to secure their operations against cyber-threats, Lee said, including:
Training staff members, vendors, and key volunteers with access to the campaign's computer systems to "spot phishing and social engineering attacks."
Using a third-party cybersecurity service to "ensure the campaign's network, databases, and applications are secure and kept up-to-date."
Using multi-factor authentication to access campaign accounts.
Requiring campaign vendors to "meet or exceed the same security standards" as the campaign committee itself.
Practicing "good data minimization protocols." In other words: "Don't collect information you don't need. Don't keep informational longer than you need it. Secure information you do keep."
Harshbarger, who easily won a second term in Congress earlier this month, "would be open" to supporting legislation in the next Congress that "helps boost cybersecurity for everyone affected by financial crimes," Rutherford said.
politics enterprise diana harshbarger Politics | 2022-11-29T15:43:41Z | www.businessinsider.com | Cyberthieves Stole $186,000 From Rep. Diana Harshbarger's Political Account | https://www.businessinsider.com/online-fraud-congress-diana-harshbarger-cybertheft-2022-11 | https://www.businessinsider.com/online-fraud-congress-diana-harshbarger-cybertheft-2022-11 |
Sponsor content Home Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Retail
Why a sustainability strategy is critical to sales in 2023
By Jonathan Wright, Managing Partner, IBM Consulting
It's that time of year again: In many parts of the world, we are hitting the holiday season and the demand for everything — from kettlebells to toasters — is going through the roof. While that may be the constant, change is also in the air. Consumers want more insight into the ethics behind the product and the carbon footprint of what they buy. At the same time global supply chains face disruption from all sides, including geo-political uncertainty, supply challenges, inflation, and disruptions from extreme weather. In addition, it remains hard to truly understand and predict consumption habits and buying behaviors.
To meet this change, innovative retailers and manufacturers are bringing fresh ideas, new technology, and data analytics and AI into their supply chains. The global pandemic accelerated the investment to modernize supply chains which are now digitized at an unprecedented rate. With the drive to efficiency and resiliency can come a dual benefit: a reduction in environmental impact coupled with lower costs. What's good for the planet in this case can also be good business. According to a study of Chief Sustainability Officers, surveyed companies that have invested in digitization and sustainability are seeing more than 11% higher revenues and higher profits than their peers.
When it comes to showing the carbon footprint a product goes through — from the sourcing of raw materials to the manufacturing process and distribution to end consumers — tracking all of this is incredibly complex in modern supply chains that transcend businesses and countries. Analyzing this across all three scopes of a supply chain is a sizable data-gathering and processing exercise. Tools such as the IBM Supply Chain Intelligence Suite can help streamline this. Once you have the information, getting this to customers at the point of purchase and in an understandable format requires collaboration across many groups, from marketing to IT and from packaging to reconfiguring of product pages on an e-commerce website.
Beyond displaying this information for consumers, how can you act on this? We have seen that some retailers are experimenting with turning their brick-and-mortar stores into distribution centers for online orders. This helps businesses adapt to shopping behaviors but also solve common supply chain problems like the empty miles a distribution truck typically runs by taking inventory from store to store. In a recent IBM study, 77% of Chief Supply Chain Officers (CSCOs) responding said they are facing increased cost of transportation and logistics, so steps like these address a common pain point. To be effective, this strategy often requires artificial intelligence (AI) for turning data into patterns of consumption that can infuse models with a cutting-edge level of insight.
There is also an increased focus on what happens after the point of purchase. Retailers and manufacturers must now think of the entire lifecycle a product goes through. When you sell a new laptop, how can you take back an old one and recycle it? Offering this level of circularity to consumers can help differentiate your offering in a heavily commoditized market but requires new operations to be factored into your business processes.
Another change impacting global supply chains is the climate, from port disruptions to the need to reroute cargoes. As an example, for major shipping routes crossing the Indian Ocean, extreme weather during monsoons needs to be considered. The monsoon season has appeared to shift in recent years, so using historical trends to predict optimal time for ships crossing the ocean will not be as accurate as they once were. Innovative companies are now incorporating weather and climate data from tools like the IBM Environmental Intelligence Suite into their supply chain operations systems to help adapt the business to the changing climate.
This year's holiday shopping period in many cases represents a turning point: Demand is growing again after the pandemic, but customer demands and environmental concerns are making us rethink how we plan and run our supply chains. Winners will be those that can leverage the data they have to respond to the changing customer demands and complex environment that they operate in.
Find out how IBM's sustainability solutions can help your organization meet evolving consumer demands.
Sponsor Post Studios Enterprise Studios Retail | 2022-11-29T16:44:34Z | www.businessinsider.com | Why a Sustainability Strategy Is Critical to Sales in 2023 | https://www.businessinsider.com/sc/why-a-sustainability-strategy-is-critical-to-sales-in-2023 | https://www.businessinsider.com/sc/why-a-sustainability-strategy-is-critical-to-sales-in-2023 |
See inside a cowboy ranch in the Las Vegas desert, where teepees run $131 a night on Airbnb and guests can throw axes and do cattle drives
Sandy Valley Ranch is a 160-acre ranch just 45 miles outside of Las Vegas.
Rob and Sandi Croft own four Airbnbs — two tiny houses and two teepees — at Sandy Valley Ranch in Nevada.
In addition to those, they manage two wagons that serve as accommodations on the property.
Their goal is for guests to have a "true cowboy experience."
Sandy Valley Ranch is an 160-acre ranch just 45 miles outside of Las Vegas.
On it, Airbnb hosts Rob and Sandi Croft rent out tiny homes, teepees, and a wagon to guests. They manage the accommodations for the ranch.
You can read more about their business here.
Guests get the full cowboy experience — including horseback riding, cattle penning, and cattle driving.
The ranch also has a gun range, and offers cowboy games — from tug-of-war to ax throwing.
Experienced wranglers lead guests on two- or three-hour rides through Mojave Desert, with horses matched to riders based on their experience and skill level.
While the ranch doesn't have a restaurant, there's a cooking staff that provides guests with meals — like barbecue chicken or steak — so long as they order ahead of time.
The ranch team pays attention to small details — even branding the bread with its logo.
The dining area is adorned with eclectic Western-themed decor, like bandana place settings.
Each place setting also has the ranch's logo.
The ranch has a gift shop with T-shirts and bandanas for sale.
The Hummingbird House House is situated next to a Victorian-era red wagon.
The house was built as a passion project by Rob Croft. It took six months to build, including a couple months he took off due to an illness.
Details of the house are all painted and made by hand.
The welcoming heart detail was made with horseshoes.
Guests are encouraged to leave their names and experiences in the guest book.
The house is a reflection of its owners' personalities and style, with many of their personal belongings and gifts from friends decorating the interior.
Nothing in the home was store bought — it was either gifted, custom made, purchased during their travels or something they upcycled.
The table, cupboards, bed, and couch were custom made to fit the space.
Sandi says guests are often surprised by how well they can live in such a small space when the space is used efficiently.
The house is approximately 280 square feet.
The rug was bought while the couple was traveling in Turkey.
The sinks were purchased in Mexico during their travels there.
The owl figure and picture of a Native American chief were both gifts from friends.
The stained glass window by the bed features a hummingbird, which was how the house got its name.
The house has a small, two-person seating area under a Mesquite tree.
Small signs help guests navigate the expansive ranch.
The Peacock Tiny House was the second tiny house Rob Croft built.
Rob Croft worked to improve his first tiny house design, and add more to it — like a more spacious loft for sleeping and a rooftop deck.
The Eagle Feather teepee was Rob and Sandi's third property on the ranch.
Timothy Dahl
The Raven's Nest teepee was their fourth property.
The teepees even have swamp coolers and nearby outdoor showers for guests.
Sandi and Rob also manage the property's two wagons. The vintage wagon was handmade by a family member of the ranch owner, Marilyn Gubler.
The four one-of-a-kind accommodations offer guests a real-life, up-close ranch experience where they can wake up surrounded by desert landscape, eat at the dining hall, ride horses and play traditional cowboy games without having to leave the property.
Features Nevada vegas | 2022-11-29T16:44:36Z | www.businessinsider.com | Tour This Nevada Ranch With Wagons and Teepees As Airbnbs | https://www.businessinsider.com/tiny-house-airbnb-on-cowboy-ranch-near-las-vegas-nevada-2022-10 | https://www.businessinsider.com/tiny-house-airbnb-on-cowboy-ranch-near-las-vegas-nevada-2022-10 |
Former President Donald Trump shake hands with Herschel Walker at a Save America rally at the Georgia National Fairgrounds in Perry, Ga., on September 25, 2021.
Trump won't appear with Herschel Walker in Georgia in advance of the Senate runoff, per the NYT.
Trump will hold a call with GOP supporters and continue his fundraising appeals, per the report.
The ex-president, a longtime friend of Walker, encouraged the ex-NFL player to enter the contest.
Former President Donald Trump won't travel to Georgia to stump for Republican Senate nominee Herschel Walker, according to The New York Times.
Per Republican campaign officials who spoke with The Times, the Trump and Walker camps decided that an in-person visit from the former president might be too politically-risky.
While Trump won't visit the Peach State in the remaining days of the runoff to support Walker, whom he encouraged to enter the Senate race last year, the former president will still chime in on the contest.
Trump has planned a call with supporters in Georgia to continue boosting Walker in the race against incumbent Democratic Sen. Raphael Warnock, and the former president will continue to issue fundraising appeals to Republicans for the contest, according to two individuals with knowledge of the situation who spoke with the newspaper.
Over the past two years, there are fewer states other than Georgia where Trump has had such an oversized impact in state politics.
After winning Georgia in 2016, Trump narrowly lost the state to now-President Joe Biden in 2020, a defeat that he has continued to dispute, despite no evidence of widespread fraud.
Trump sought to overturn Biden's statewide win after the November 2020 contest, pressuring Gov. Brian Kemp and Secretary of State Brad Raffensperger to aid him in his plan, but both men rejected his demands.
Many Republicans continue to blame Trump for his involvement in the dual Senate runoff elections last year, when then-Sens. David Perdue and Kelly Loeffler lost to Democrats Jon Ossoff and Warnock, respectively, after the president questioned the integrity of the state's elections. The results of the January 2021 runoffs revealed sky-high enthusiasm from Democrats, while GOP turnout didn't match the levels needed to overcome the overwhelming vote totals that both Ossoff and Warnock received in the state's population centers, notably in metropolitan Atlanta.
Donald Trump Herschel Walker Georgia | 2022-11-29T16:44:44Z | www.businessinsider.com | Trump Won't Appear With Walker in Georgia Before Senate Runoff: NYT | https://www.businessinsider.com/trump-herschel-walker-georgia-senate-runoff-campaigning-gop-2022-11 | https://www.businessinsider.com/trump-herschel-walker-georgia-senate-runoff-campaigning-gop-2022-11 |
A fake document that circulated on Chinese social media said the country's largest stationery company would halt sales of white paper.
Demonstrators have used blank pieces of paper at mass protests to criticize the Chinese government.
The company quickly said the document was fake and that they would still sell A4 paper.
As a wave of rare protests spread across China this weekend, many demonstrators held up blank, white pieces of paper to symbolize Chinese censorship on social media posts and news articles that have been wiped from the internet.
But now a top Chinese stationery company has gotten caught up in the fervor thanks to an internet hoax.
A document shared online claimed popular chain M&G Stationery would stop selling A4 sheets of paper in order to "maintain national security and stability" and "prevent outlaws from hoarding a large amount of A4 white paper and using it for illegal subversive activities," according to CNN.
The document added that the Shanghai-based company "strongly condemns the recent 'white paper movement,'" the name given to the protests against China's restrictive COVID-19 policies.
The company quickly announced the statement was fake and that it would keep selling white paper — but not before the company's stock price tumbled 3%.
"The company's current production and operation are all normal," the stationery supplier said, according to a filing published on the Shanghai Stock Exchange's website, CNN reported.
The company added that they have notified the police of the hoax.
M&G Stationery boasts 80,000 retail locations across China and serves 50 countries and regions around the globe, according to the company's website.
The stock price has since quickly rebounded and is back up 3.35% as of Tuesday, according to the Shanghai Stock Exchange.
Protests have gripped major Chinese cities as citizens criticize the country's "zero-COVID" rules that have put cities on lockdown. The demonstrations — the largest since the deadly Tiananmen Square protest in 1989 — have since expanded to call for President Xi's ousting from power.
Speed desk China | 2022-11-29T17:15:00Z | www.businessinsider.com | Hoax Drags Top China Stationery Chain Into Mass Protests | https://www.businessinsider.com/hoax-top-china-stationery-chain-mass-protests-2022-11 | https://www.businessinsider.com/hoax-top-china-stationery-chain-mass-protests-2022-11 |
Pandemic hotspots like Phoenix and Denver hit their housing market peak earlier this year and there's more evidence than ever that they're descending back to earth
An aerial photo of Denver. The city was one of the hottest places to move in 2021 and early this year, but has seen a major drop-off in home sales recently.
The weather isn't the only thing cooling off — pandemic boomtowns are too.
Popular pandemic moving spots were among cities that have seen the most slowdown since fall of 2021.
It's had an impact on prices. Here's what experts say we can expect before the market hits bottom.
It's official: winter for some of the pandemic's hottest housing markets is going to be chillier than it has been over the past couple of years.
Throughout the last few months, there has been no shortage of anecdotes suggesting that a major cooldown is underway, especially in cities like Denver, Austin, Texas, and Phoenix, where sales have collapsed and prices are down from peaks in the spring. Considering sales alone, these cities were among those that saw the most dramatic declines, according to data technology company Zonda.
More likely than not, the slump is only beginning.
"There are many forces working against the housing market right now," Zonda Chief Economist Ali Wolf said in a report last week.
Plummeting sales and softening prices are a disturbing twist for these popular Sun Belt markets that were the regions-of-choice for everyday homebuyers and deep-pocketed investors alike in 2021. It all changed during the surprising and inexorable surge in mortgage rates above historic averages, from below 4% early in the year to more than 7% by late October. By late spring, the markets were feeling the pain.
"It really has been fast and furious," economist Ivy Zelman said of the market whiplash, in a recent interview with investment advisory firm Oxbow Advisors.
The US housing market has yet to scrape the bottom, Zelman told Oxbow. The decline in home sales could continue through the first half of 2023, with transactions down another 20%, she said.
Homebuyers' favorite markets have fallen the furthest, and the fastest
In 2021, Phoenix was a favorite destination for large single-family home investors looking to cash in on people flocking to the Sun Belt; Austin was the place to go if you were a techie looking to leave the Bay Area; and well-off millennials settled in Denver, after escaping the madness of corporate life for the mountain city's outdoorsy-flair.
A handful of other cities — pandemic hotspots and mostly located in the southern tier of the US — saw a similar influx, and an ensuing jump in home prices.
But skip ahead just a few months, and it was those places that began to cool the most quickly. In fact, half of the 10 cities to see the largest slowdowns this fall were so-called zoomtowns that benefitted from an increase in remote working and a stronger interest in outdoor pursuits.
Would-be homebuyers shut out of the market by high rates and bearish investors fearing a recession have retreated from these markets. Some jaw-dropping numbers can be seen in Phoenix, Denver and Austin, where pending sales in the 12 months through October plummeted by more than 70%, 67% and 53%, respectively, the Zonda report shows.
Asking prices have dropped with demand
With fewer people buying homes in these areas, sellers are adjusting their expectations and dropping asking prices fast, according to a Redfin report on Monday.
In both Austin and Phoenix, home prices are rising at a pace 23% slower than they were last year, the report shows. And while home prices in both cities — like others on Redfin's list — are more expensive than they were last year, they are actually lower than they were at the peak in late spring or early summer.
Since late Spring, home prices in Phoenix have dropped 6.7% and in Austin, prices have dropped by over 10% since the end of May.
pandemic hotspots Denver Phoenix | 2022-11-29T17:15:19Z | www.businessinsider.com | Pandemic Hotspots Like Austin and Denver Are Cooling the Quickest. | https://www.businessinsider.com/pandemic-hotspots-descending-back-to-earth-pheonix-denver-2022-11 | https://www.businessinsider.com/pandemic-hotspots-descending-back-to-earth-pheonix-denver-2022-11 |
Being your own boss comes with some tradeoffs. Here's how Gen Zers are managing the challenges.
Gen Zers starting businesses should be aware of the realities of running a business.
Gen Z will be a major player in entrepreneurship, with 45% very likely to start a venture.
Young people face risks of being your own boss, according to Bloomberg.
Here's how Gen Z founders are managing loneliness, financial stress, and mental health.
Since hundreds of thousands of employees lost their jobs, reduced their hours, or cut out their commute during the pandemic, entrepreneurship has been on the rise. In fact, more than 10 million new businesses have been created since the start of 2020.
The interest in becoming your own boss has only grown, especially among Gen Z.
These young founders are playing a major part in the entrepreneurial movement. In fact, 45% of Gen Zers are very or extremely likely to become founders, according to a 2021 survey of 1,509 Gen Zers by Ernst & Young. But the realities of starting a company aren't always what they seem.
While it can be exhilarating to launch something on your own, a recent Bloomberg article warns Gen Z to keep their day jobs because "being your own boss is hard."
To be sure, difficult aspects of a business – like paying self-employment tax and your own insurance, and lacking a community – are often overlooked. But even with the pitfalls that come with starting your own business, young founders do find success.
Here, three Gen Z founders share how they manage stressors like finding community, lacking experience, and making room to improve their mental health.
Building community helps mitigate loneliness
Nguyen filming social media content.
Courtesy of Alyssa Nguyen
Isolation is a reality for many founders, especially those working solo or remotely.
"Being your own boss can mean long hours and many days of working entirely without real human interaction," Lowry wrote in her article.
While some entrepreneurs do experience that loneliness, others have found solutions. For example, social media can be a great way to connect with customers, potential hires, or fellow founders. Alyssa Nguyen, the founder of graphic design business ATNN design, relies heavily on her online community to feel less isolated as a founder, she said.
"Being good at Instagram is a really underrated tool as a business owner," Nguyen, 23, previously told Insider. "I don't just use it for marketing, it's where my whole creative community is. It's where I've made my friends."
Finding help when needed prevents mistakes
Lauriel Mathis, founder of Lauriel Arkeah Co.
Courtesy Mathis
Investing in growth can be tricky as a young founder, Lowry writes. "Do you have the financial resources, time, patience and managerial skills to outsource and train someone?" she asks.
While imposter syndrome and lack of experience are inevitable for many Gen Zers, there are ways to learn and delegate when necessary. It can be helpful to determine which aspects of running the business are better off in a teammate's or coworker's hands, said Lauriel Mathis, the 23-year-old founder of virtual assistant and coaching business Lauriel Arkeah Co.
That's why she hired an accountant and financial advisor to help her with the area of the business she was least comfortable with: money.
Her advisor has helped her determine her own salary, decide future investments, and with filing taxes.
Focusing on mental health supports the company's success
Michael Yan, cofounder of Simplify.
courtesy of Yan
Despite Gen Z's push for better mental health practices, the role of a founder is still a taxing job, often requiring long and odd hours. Which makes the lack of "emotional and relationship benefits of being
part of a workplace, like mentorship" noted in Lowry's piece especially important to recreate.
Michael Yan, 22-year-old co-founder of job search platform Simplify, has maintained his own balance as a founder by working with an executive coach to manage stress, burnout, and difficult company conversations, he said.
"If you're not prioritizing your own health it's hard to prioritize the success of the company," he said, adding that he's worked with his coach to determine the most beneficial work, fitness, and sleep schedule, and how to manage teams that are older than him.
"Ultimately a lot of it is tied together," Yan said. "It's important to keep that feedback loop rigid by keeping yourself healthy both mentally and physically."
Small Business Entrepreneurialism Entrepreneurship | 2022-11-29T18:16:01Z | www.businessinsider.com | How to Manage Isolation, Finances, and Mental Health As a Gen Z Founder | https://www.businessinsider.com/how-to-manage-isolation-finances-and-mental-health-as-a-gen-z-founder-2022-11 | https://www.businessinsider.com/how-to-manage-isolation-finances-and-mental-health-as-a-gen-z-founder-2022-11 |
How to maximize the impact of your charitable donation this holiday season
Created by Doctors without Borders and Insider Studios
With the end of the year approaching, charitable giving is top-of-mind for many individuals. Did you know that you may have a greater impact when you look beyond your checkbook? Strategically giving the right asset can benefit both you and your charity of choice.
Doctors Without Borders is an independent, international medical humanitarian aid organization. They deliver emergency medical aid to the people impacted by outbreaks of disease, natural disasters, conflicts, and war. Their doctors, nurses, logisticians, sanitation experts, administrators, and epidemiologists respond to crises, adapting to challenges in difficult circumstances to provide the highest quality of medical care to patients.
Give smarter for year-end impact
Your personal portfolio and life events will best determine what a smart giving decision looks like to maximize the impact of your giving. Selling a business, involved in a merger and acquisitions, or offsetting a high-income year? These are some events that may create opportunities to extend impact.
Here are a variety of giving vehicles to explore with your advisor:
Securities giving: You can donate shares of appreciated stock and then rebalance immediately after so your portfolio stays the same. When you do this, you eliminate all the capital gains on your previous shares and reset your "cost basis" to the current price, possibly saving even more in taxes when you sell the new shares in the future. Learn more about stock contributions, including transfer details.
IRA Charitable Rollover: Starting at age 70 1/2, you can make a qualified charitable distribution (QCD) from your IRA account. If you're 72 or older, a QCD can also satisfy your required minimum distribution (RMD), potentially reducing your income tax burden. Learn more about eligibility and start your gift today.
Donor-Advised Funds: DAFs allow donors to bunch their donations and take an immediate tax deduction, particularly in windfall situations. DAFs can also facilitate donating illiquid assets — such as real estate — which may be hard for organizations to accept. If you bunched contributions into a DAF in recent years, remember to grant out this year to put your charitable dollars to work. You can also easily schedule recurring donations so you don't miss out on making a gift every year. Contact your charitable sponsor or learn more about DAFs now.
Seize the moment with workplace giving
Many employers have matching gift programs that will double or even triple the impact of your gift. If you've recently donated to Doctors Without Borders, use our matching gift tool to search and submit for a company match. Employers will sometimes also match donations made by spouses, retirees, and board members.
Leave a lasting legacy
If you're thinking about your legacy, consider including a gift to Doctors Without Borders in your will, trust, or as a beneficiary of a retirement, bank, or brokerage account. You can assign specific dollar amounts or a percentage of assets. Below are some examples of the many kinds of legacy gifts.
Charitable giving through a will or trust: Legacy gifts allow you to have a lasting impact on Doctors Without Border's work.
Naming Doctors Without Borders as a beneficiary: Naming Doctors Without Borders as a beneficiary of a retirement, bank, brokerage, or other financial account supports their work into the future.
Charitable gift annuities: If you're 65 or older and prepared to give $10,000 or more, a charitable gift annuity can provide income for one or two people via fixed payments for their lifetimes. At the end of the contract, any funds left over will be used to continue Doctors Without Borders' lifesaving work.
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The tax information provided is general and educational in nature, and should not be construed as legal or tax advice. Doctors Without Borders/Médecins Sans Frontières and Insider Studios does not provide legal or tax advice. | 2022-11-29T18:16:07Z | www.businessinsider.com | Maximize the Impact of Your Charitable Donation This Holiday | https://www.businessinsider.com/sc/how-to-maximize-the-impact-of-your-charitable-donation | https://www.businessinsider.com/sc/how-to-maximize-the-impact-of-your-charitable-donation |
China accused a BBC journalist of playing "victim" after he was beaten and arrested by police.
The reporter was covering anti-government protests in Shanghai when police arrested him.
Top UK officials and the BBC slammed China for the move, which China has defended.
China accused a BBC journalist on Tuesday of acting "as if he were a victim" after he was beaten and arrested while covering sweeping anti-government demonstrations in the country.
"This BBC journalist refused to cooperate with the police's law enforcement efforts and then acted as if he were a victim," China's Foreign Ministry Spokesperson Zhao Lijian told reporters at a Tuesday press conference.
"The BBC immediately twisted the story and massively propagated the narrative that its journalist had been 'arrested' and 'beaten' by police while he was working, simply to try to paint China as the guilty party," Lijian added. "This deliberate distortion of truth is all too familiar as part of the BBC's distasteful playbook."
BBC journalist Edward Lawrence was covering mass anti-government protests in Shanghai on Sunday when he was arrested and detained for several hours by local police before getting released. In videos published to social media, Lawrence could be heard asking a bystander to call the British consulate as police took him away. Footage also showed him getting knocked down, punched, and kicked by officers.
"The BBC is extremely concerned about the treatment of our journalist Ed Lawrence, who was arrested and handcuffed while covering the protests in Shanghai," the BBC press team said in a statement on Sunday. "He was held for several hours before being released. During his arrest, he was beaten and kicked by the police. This happened while he was working as an accredited journalist."
Additionally, the BBC said Chinese authorities have offered no apology for the arrest. The BBC said in its statement that Chinese officials said the arrest happened to protect Lawrence from getting infected with COVID-19 — a reason the network said is not a "credible explanation."
Lijian said at Tuesday's press conference that police told Lawrence he had to leave the scene of the Shanghai protest but added that he refused to leave or identify himself as a journalist. Lijian said once Lawrence was arrested, police verified his identity and then released him — saying "everything was conducted within legal procedures."
The BBC did not immediately respond to Insider's request for comment. In response to the arrest, the UK government Tuesday summoned China's ambassador in London, according to multiple reports.
"Media freedom and freedom to protest must be respected," UK Foreign Secretary James Cleverly said Monday. "No country is exempt. The arrest of BBC journalist [Edward Lawrence] in China is deeply disturbing. Journalists must be able to do their job without intimidation."
Anti-government protests have swept across China in recent days, as anger boiled over about the country's strict zero-COVID measures.
Mass demonstrations, which are rare in China, have seen people express frustration with Chinese President Xi Jinping and the Communist Party. In a symbol of defiance, many protesters have held blank sheets of paper above their heads.
Speed desk China Protests | 2022-11-29T18:46:17Z | www.businessinsider.com | China Says BBC Reporter Played Victim After Police Arrested Him | https://www.businessinsider.com/china-says-bbc-journalist-played-victim-arrested-covid-protests-2022-11 | https://www.businessinsider.com/china-says-bbc-journalist-played-victim-arrested-covid-protests-2022-11 |
Elon Musk has alleged that Apple has threatened to remove Twitter from its App store.
DeSantis said such a move would be a "huge mistake" and would warrant congressional action.
Musk has said he'd support DeSantis for president in 2024.
Republican Gov. Ron DeSantis of Florida said Tuesday that Congress should intervene if Apple boots Twitter from its App Store.
"That would be a huge, huge mistake, and it would be a really raw exercise of monopolistic power that I think would merit a response from the United States Congress," DeSantis said during a press conference in Jacksonville, Florida.
DeSantis was responding to allegations from Twitter owner Elon Musk. On Monday, Musk accused Apple of considering retaliation against Twitter by threatening to remove the social media company from its App Store. While Musk said Apple didn't cite a reason, he accused the world's largest tech company of being hostile toward "free speech."
DeSantis ran with Musk's comments on free speech during his remarks on Tuesday and praised Musk for his work at Twitter. DeSantis said the billionaire was "actually opening it up for free speech" and was "restoring a lot of accounts that were unfairly and illegitimately suspended for putting out accurate information about COVID."
He also condemned Apple for blocking people in China from using the Airdrop function on iPhones during protests against government-forced COVID-19 lockdowns.
"Don't be a vassal of the CCP on one hand," DeSantis said, referring to the Chinese Communist Party, "and then use your corporate power in the United States on the other to suffocate Americans and try to suppress their right to express themselves."
Musk has on several occasions endorsed DeSantis for president in 2024, including as recently as last week. Musk called DeSantis "sensible and centrist," though he said he voted for Joe Biden for president in 2020.
When asked about Musk's political support, DeSantis has previously said he welcomes "support from African Americans." Musk, who is white, was born in Pretoria, South Africa, and lived there until he was 17 before moving to Canada.
Since taking the helm at Twitter, Musk has reinstated several accounts, including that of former President Donald Trump, who was originally kicked off the platform in 2021 for inciting the violent January 6 riot inside the US Capitol. Critics of Musk's approach are concerned about hate speech and lies proliferating on the platform.
Numerous companies, such as pharmaceutical giant Pfizer and fast-food chain Chipotle, have paused their Twitter advertising.
Apple may be next. Musk on Monday accused Apple of holding a monopoly that uses its power for censorship, and of pulling back its Twitter advertising.
If Apple were to remove Twitter from its App Store, then current users couldn't download Twitter updates and new users wouldn't be able download the Twitter app onto their iPhones or iPads. Apple previously banned the social media app Parler from its store, drawing the ire of conservatives.
Apple did not immediately respond to an emailed request for comment from Insider. Its terms and conditions ban services that "post objectionable, offensive, unlawful, deceptive, inaccurate, or harmful content."
White House press secretary Karine Jean-Pierre said during the media briefing Monday that the White House was "keeping an eye on" how Musk was operating Twitter.
Politics Ron DeSantis Elon Musk | 2022-11-29T18:46:20Z | www.businessinsider.com | DeSantis Says Congress Should Act If Apple Bans Twitter | https://www.businessinsider.com/desantis-says-congress-should-act-if-apple-bans-twitter-2022-11 | https://www.businessinsider.com/desantis-says-congress-should-act-if-apple-bans-twitter-2022-11 |
Doing PR as a small business doesn't need to be hard — or expensive.
Hiring someone to handle your small business' PR can be costly and ineffective.
Doing your own PR starts with setting realistic and clear goals from the start.
Then figure out where your audience is and what expertise you can lend to content creators.
From the outside, it can feel like there's a lot of gatekeeping in the media world. So when small-business owners are thinking about getting press as part of their marketing strategy, it's understandable that many look to hire someone with existing connections in the field.
The bad news is that can be cost prohibitive for many small businesses. The good news is that it's totally doable for founders to manage their own PR until they have bigger budgets.
"I was bootstrapping, I did not have anyone to outsource to, but I was still able to get over 100 different press opportunities," Candice Smith, a serial entrepreneur, said of her former business, an intimacy subscription box, which has since been shut down. That experience ultimately inspired her to start French Press Public Relations in 2020, and shortly after that, the Hustle Accelerator to make PR knowledge more accessible to founders.
When Jessica Spivack Lowenstein, the head of platform at the VC firm K50 Ventures, was looking to get press for both the firm itself and its portfolio companies, she first tried a costly but unsuccessful engagement with a contractor. Then, she told Insider, she went through the Hustle Accelerator and was amazed by how feasible the DIY approach is. "It's not as scary as it seems," she said.
Spivack Lowenstein and Smith shared the steps they took that any small business can use to start getting their name in the press.
Make your goals clear from the get-go and set realistic expectations
The first thing any business owner should do, Smith said, is understand their goals with PR. "Having an understanding of what general direction you'd like to go in and what story you'd like to tell will put you in a really good position from the start," she said.
These goals should be rooted in a realistic understanding of the return on investment of PR — building brand recognition, credibility, and a pipeline of future customers, rather than driving immediate sales — and not be too broad. "Think about it more strategically than 'We want to be in the news,'" Spivack Lowenstein said.
"Success is about more than immediate return — it's about getting your name out there and gaining champions of the brand," Smith added. "Don't get lured in by this idea of wanting a quick win. One of the worst things you can do is go after one publication at a time instead of thinking through a solid visibility strategy. PR is a marathon, not a sprint."
For Spivack Lowenstein, she thought about K50's goal of connecting with founders and potential founders so they'd consider reaching out when seeking funding: "We wanted to meet them where they are, what they're already reading, which is largely tech outlets."
Research the right mediums, timing, types of stories, and publications for your expertise and audience
With a solid goal in mind, you can then spend time researching where your voice will best fit into the media landscape. Smith said to ask yourself: "What story angles are being talked about in media outlets that have to do with your industry?"
Smith also recommended taking a look at how your competitors are being featured: "Are they doing a lot of podcasts? Are they focusing on providing quotes and expertise on particular topics? Are they getting into gift-guide roundups if they have a product?"
When Spivack Lowenstein did this exercise from a VC perspective, she noticed articles about top startups or trends to watch, stories with founders giving opinions on news in the business world, and roundups of new companies in different industries. "It was a really interesting exercise to think about: What's the story we want to tell, what is it bucketed into, and what's the timing when we should pitch that?" she said.
As you're building a list of stories and publications to chase, don't just set your sights on the major names. Smith recommended thinking about media outreach like applying to colleges, with a few reach outlets and plenty of safety options. "Don't forget the niche publications, the local TV stations, and the smaller podcasts that may have really dedicated audiences that will be excited to hear from you," she said.
Focus on being helpful, not your own benefit
When you're ready to start pitching ideas, don't reach out to publications' general inboxes — you should be reaching out to specific journalists and content creators. "When you're doing that media-landscape research, try to figure out who's writing the articles that you want to be in," Smith said. Then, she said, "laser focus in on five to 10 folks that you would love to build a relationship with."
In your outreach, remember that it's not about your company and what the writer or content creator can do for you, but about what you can do for them. "My biggest learning is that you want to be helpful to journalists," Spivack Lowenstein said. She found success in inviting journalists to coffee to talk about how she could support their work with expert sources from K50's portfolio companies.
Instead of sending a generic message about the story behind your business, "personalize it enough that you let the person who you're reaching out know that you are familiar with the type of content they like to write," Smith added. She suggested keeping it short with bullet points describing your specific story ideas and why you're the perfect expert to cover those topics.
You should also consider who you're writing for and why they'd be excited to read your story. "A great way to not add to the noise is to speak to your ideal client avatar," Smith said.
"One of the worst things you can do is send out a blanket email," she added. "A personalized approach is a longer-form approach, but it does work in the long term."
Small Business Marketing for Small Business sp-freelance | 2022-11-29T18:46:23Z | www.businessinsider.com | How to Do Your Own PR As a Small-Business Owner for Cheap | https://www.businessinsider.com/how-to-do-pr-small-business-owner-for-cheap-2022-11 | https://www.businessinsider.com/how-to-do-pr-small-business-owner-for-cheap-2022-11 |
Finance influencers on YouTube are facing anger and skepticism as crypto continues to reel with BlockFi's collapse
The logo of FTX is seen at the entrance of the FTX Arena in Miami, Florida, US.
BlockFi is the latest crypto company to file for Chapter 11 bankruptcy.
The news follows the downfall of FTX, which was promoted by many prominent influencers.
Finance influencers who promoted these companies are being called out by fans and creators.
Finance influencers are facing skepticism and backlash from fans following the downfall of prominent crypto platforms, which some creators took an active role in promoting.
Crypto lender BlockFi filed for Chapter 11 bankruptcy on Monday in the wake of FTX's implosion, which has rocked the sector. These companies worked with dozens of celebrities and influencers on paid partnerships. FTX poured millions of dollars into deals with star athletes like Tom Brady and the MLB.
After FTX's collapse this month, there was a series of apologies from influencers who had been paid to promote the company, as well as criticisms from fans and other creators.
One notable YouTuber who has criticized influencers for peddling crypto and NFTs is Coffeezilla, who has 1.5 million subscribers. A November 11 video from Coffeezilla called out YouTubers like Graham Stephan, Andrei Jikh, and Kevin Paraffin.
"I was really surprised when Graham Stephan started talking about crypto and promoting it," one viewer wrote in a comment on the video that has over 500 likes. "He always seemed like a cautious investor, so it was shocking that he was backing something that has no underlying value and derives its value from hype. Made me question a lot of his other advice."
Stephan has addressed FTX in several videos and is talking about the ongoing situation with his fans as new details unfold. In a November 28 video, titled "My response to FTX," Stephan reflected on the mistakes he'd made.
"To start, I made the mistake of working with a platform who operates within an industry that does not already have proper consumer protections in place," he said in the video. "Second, on the most basic level, I made the mistake of assuming that Sam Bankman-Fried's image had anything to do with his credibility. This came from a comment that I made where I said that I trusted Sam more because he was worth billions of dollars and yet he drove a Toyota Corolla and lived this minimalistic lifestyle, and I fell into his trap of effective altruism."
Stephan did not respond to a request for comment for this story, but gave this statement shortly after FTX's collapse: "I canceled with FTX US, prior to our agreement ending. The situation is extremely disappointing for everyone. I'm taking a step back to reevaluate how I can improve moving forward, because my audience deserves that."
Influencers like Stephan have built loyal followings on YouTube by sharing financial advice, but the parasocial relationships they have developed with fans complicates the role of endorser. Promoting a company like FTX could be a greater reputational risk to an influencer than to a traditional celeb. That's why some have steered away from crypto sponsorships entirely.
"While I own a small amount myself as purely a speculative 'gambling' investment, I don't advise my audience to invest in things like that until they have a firm financial footing and can afford to potentially lose that money," Sarah Wilson, who runs the YouTube channel Budget Girl, previously wrote to Insider. "That's hard to convey in an ad, and is generally a dealbreaker for sponsors."
Fans want the crypto chaos to be addressed — quickly
Some finance influencers have been called out for not addressing topics fast enough as the crypto market continues to spiral.
Crypto influencer Andrei Jikh frequently promoted BlockFi to his 2 million YouTube subscribers, and his viewers are waiting for him to address the recent news.
Jikh published a video on November 28 about the stock market flipping, but he didn't address the announcement from BlockFi. The response from his fans has been overwhelmingly negative, and the YouTube video has more dislikes than likes (it has over 8,000 dislikes).
"Bro this is literally the opposite of the content we want from you," one viewer commented under the video. "Just make the video we want you to make man."
Jikh responded to the comment, and he said that fans could expect a video about BlockFi to be out on Friday.
But many of his viewers are demanding more accountability. Jikh's followers have also left dozens of comments under his most recent Instagram post, some calling him a "scammer."
One fan wrote: "Followed you for years and thought of you as the most trustworthy finance YouTuber. Luckily I did not take your advice on the subject but I feel for all the people here that did."
'I will only promote companies I personally own or control,' one creator said
During the recent crypto turmoil, some creators have pledged to rework their operations.
"As far as how I'm improving my sponsorship process going forward, I'll be ensuring that any companies that I work with have the proper consumer protections already in place," Stephan said in his November 28 video.
Kevin Paraffin, who has 1.8 million YouTube subscribers, told Insider that he lost money from BockFi's collapse.
"I've canceled all external sponsorship and affiliate contracts," Paraffin wrote to Insider. "I will only promote companies I personally own or control. I'm so jaded now — all of Wall Street was fooled, and now my reputation has a scar on it as well. I will never put my reputation on the line like this again. I'm out."
BlockFi, FTX, and Jikh did not respond to Insider's request for comment.
analysis Creator economy Influencers | 2022-11-29T19:47:22Z | www.businessinsider.com | Finance YouTubers Face Backlash for Videos on Crypto, BlockFi | https://www.businessinsider.com/finance-influencers-face-backlash-for-youtube-videos-about-crypto-2022-11 | https://www.businessinsider.com/finance-influencers-face-backlash-for-youtube-videos-about-crypto-2022-11 |
This week's student loan refinancing rates: November 29, 2022 | Rates mixed across the board
Average interest rates on refinanced student loans are mixed from two weeks ago, according to Credible. Rates on 5-year graduate loans and 10-year undergraduate loans are down. Rates on 5-year undergraduate loans and 10-year graduate loans are up overall.
Federal student loan rates for the upcoming school year have risen by the most in nearly two decades. Private student loan rates aren't directly affected by federal rates, but private rates may go up as they don't have to stay as low to remain competitive with federal ones. Consumer borrowing costs across the board have risen sharply this year as the Federal Reserve aggressively moved to raise base rates to slow inflation.
Important: The repayment pause on federal loans was recently extended through the end of August 2023. If you refinance your federal loans into private loans, you won't qualify. You may also pay higher interest rates, making federal loans the best choice in most cases.
Rates on 5-year undergraduate loans have gone up by 50 basis points from last week and are almost 2% higher than they were six months ago. Graduate rates have fallen by 27 basis points from last week.
Compared to one year ago, both undergraduate and graduate rates are up significantly.
Rates on 10-year undergraduate loans dropped a bit from two weeks ago. They're 76 basis points higher than they were six months ago, and up 2.36% compared with last year.
On the other hand, graduate rates have ticked up this past week.
A higher credit score often leads to a better interest rate. However, other parts of your financial situation also impact your rate. The table below shows the 10-year fixed student loan rates by credit score:
Example: Suppose you're repaying $20,000 undergraduate loan over a 10 years with the interest rates listed below. If you are a borrower with a score below 680, the lifetime cost of your loan would be $28,916 with this past week's rate of 7.84%. For borrowers with a score over 780, paying an average rate of 5.37%, the same loan would have cost $25,892, or $3,024 less.
Should I make student loan payments during the repayment pause? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Repaying your student loans during the repayment pause may help you save hundreds or even thousands on interest. This is because any payment you make on your student loans goes directly toward your balance. Usually when you make a payment, a portion of it goes toward paying down interest.
Do I need a cosigner to get a private student loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
For most younger students, it's unlikely you'll be approved without a cosigner. It is possible, but mainly for students who have an established credit history and an income. We have a guide for the best student loans without a cosigner.
Once you have some credit established, however, you may be able to remove your cosigner by refinancing. Some lenders also allow borrowers to remove cosigners after several years of consecutive payments.
Unfortunately, no. Private student loans are not eligible for any federal forgiveness programs, including the widescale forgiveness currently being challenged in court.
Should I pay student loans while I'm still in school? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
This depends on your financial situation. Interest will still accrue while you're in school, so it may be beneficial to make your interest payments each month or set aside a certain amount of money for monthly payments.
Paying either the principal of your student loans or the interest could be a good idea because when your loan goes into repayment, any unpaid interest will capitalize. This means it will become part of the principal balance of your loan, which ups the loan. Interest is then determined using this new, higher loan balance. | 2022-11-29T19:47:47Z | www.businessinsider.com | Student Loan Refinancing Rates: November 29, 2022 | Rates Mixed Across the Board | https://www.businessinsider.com/personal-finance/student-loan-refinancing-rates-today-tuesday-november-29-2022-11 | https://www.businessinsider.com/personal-finance/student-loan-refinancing-rates-today-tuesday-november-29-2022-11 |
Types of revolving credit
Pros and cons of revolving credit
How does revolving credit affect your credit score?
How to use revolving credit
Revolving credit can help boost your credit score, but it can also create a spending trap
Anna Baluch and Paul Kim
Revolving credit is any type of account that allows you to borrow money, pay it back, then borrow it again.
The term "revolving credit" refers to things like credit cards and lines of credit — it's money you can borrow, pay back, then borrow again.
Compared to installment loans, such as mortgages or auto loans, revolving credit accounts typically come with higher interest rates.
It can be easy to spend more than you can afford with a revolving credit account, so managing your spending and paying off your debt in full every month is key.
There are three types of credit: open credit, installment loans, and revolving credit.
Installment loans are often large sums of money borrowed at once that you pay off over a period of time in relatively small quantities. These are often used for milestone purchases such as a house or a car. Open credit allows you to borrow up to a certain limit, but the entire amount must be paid off at the end of a billing period. These are often used for reoccurring bills, like utility bills or phone bills.
But for everything in the middle, you have revolving credit. Revolving credit lets you make purchases when you don't have the cash on hand. Here's how it works:
Revolving credit lets you borrow money up to a certain limit whenever you want. Every time you make a purchase, the amount is subtracted from your total credit limit. As you make payments, your credit limit goes back up, so you can turn around and borrow more.
The most common example of revolving credit is a credit card. If you have a credit card with a $10,000 credit limit and you make a $2,000 purchase, you only have $8,000 left to spend. Once you pay back the $2,000, though, your limit will be back up to $10,000.
Lines of credit are another example of revolving credit. Personal and home-equity lines of credit (HELOC) are common choices for those who need to borrow large amounts of money on a flexible schedule.
Revolving credit offers greater flexibility than other types of credit. They don't come with fixed monthly payments or pay-off dates like loans, though you will have minimum monthly payments. While you can repay your entire balance at once, you don't have to. However, keep in mind that if you choose not to, you'll be charged interest.
Revolving credit comes in two types: unsecured and secured credit.
Secured credit is credit backed by collateral, such as a security deposit or property like a car or a house. Your borrowing limit in secured revolving credit is proportional to whatever you put up for collateral.
This is less of a risk for lenders since they will be compensated if you can't pay back your debts. Because there's less risk, your interest rate under secured credit will typically be lower. A common example of secured revolving credit is a secured credit card.
On the other hand, unsecured revolving credit isn't backed by anything. While you as a borrower won't be at risk of losing anything if you don't pay your debts, your interest rates will be higher. Most traditional credit cards are forms of unsecured revolving credit.
Just like all financial products, revolving credit accounts come with their benefits and its drawbacks.
Pros of revolving credit
The ability to spend what you need: If you have a credit card with a $10,000 credit limit, you don't have to spend that entire $10,000 if you don't want to. You can spend as little or as much as you need.
Control how you repay your account: You can choose to pay off your account in full every month, or you can pay only the minimum balance or any amount in between (though you'll pay interest).
A long-lasting source of credit: With a credit card or another revolving credit account, you won't have to apply for a new amount every time you need money like you would with a loan.
Cons of revolving credit
Higher interest rates: Revolving credit accounts typically come with higher interest rates than loans. Interest can become very problematic if you don't pay your account in full every month.
Fees: Some revolving credit accounts require you to pay annual fees, origination fees, or other fees.
Debt and a damaged credit score: If you don't repay your accounts on time and in full and spend more than you can afford, you could end up in debt with a damaged credit score.
When calculating your credit scoring from your credit report, both FICO and VantageScore, the two most popular credit scoring models, factor types of credit into your overall score. Your mix of credit accounts makes up 10% of your FICO score while VantageScore groups types of credit and length of credit under one category, making up 21% of scores.
What this means is that lenders like to see that you can keep multiple types of credit in check, similar to how colleges like students who can balance academics and a sport or other extracurriculars. For example, you may have student loans and an auto loan that you're already on top of. If you can add a credit card to this mix and pay it off regularly, that may improve your credit score. In a lender's eyes, you become a safer bet when they let you borrow money.
Revolving credit also comes into play when you look at credit utilization, which makes up 30% of FICO scores and 21% of VantageScore calculations. Credit utilization is the ratio of the credit you are currently using to your total available credit. This should stay under 30%, though the lower you can get your utilization ratio, the better.
The latest models of both VantageScore and FICO, 4.0 and 10T respectively, account for trended credit data. Trended data is a method of predicting future behavior by looking at past data. In the case of credit, this means looking at balances on your revolving credit accounts for the past 24 months to predict how you'll make future payments.
Revolving credit can be a useful financial tool to build your credit history, if you use it properly. To avoid getting into trouble with revolving credit, follow these tips.
Control your spending
If you have access to a large credit limit, it can be tempting to live life to the fullest and spend more than you can afford — but avoid that impulse.
Use revolving credit responsibly by only charging what you can pay in full every month. That allows you to take advantage of rewards and points on credit cards and boost your credit score without going into debt.
Pay more than your minimum payments
Getting into the habit of only making minimum payments can lead to a cycle of debt, since you'll have to pay a great deal of money in interest. Make an effort to pay your balance off in full every month. If you can't afford to pay the full balance, paying more than the minimum can at least help you save on interest.
Depending on how you use it, revolving credit can be your best friend or your worst enemy. To stay out of debt and keep your credit score in tip-top shape, be extra careful any time you use a credit card, retail card, line of credit, or another form of revolving credit.
Anna Baluch is a freelance writer from sunny Cleveland, Ohio. She enjoys writing about mortgages, debt relief, retirement, and more. Connect with her on LinkedIn.
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Personal Finance Insider Credit Credit Cards | 2022-11-29T19:47:53Z | www.businessinsider.com | Revolving Credit: Definition, Types, How It Affects Credit Score | https://www.businessinsider.com/personal-finance/what-is-revolving-credit | https://www.businessinsider.com/personal-finance/what-is-revolving-credit |
Public-cloud providers are reimagining themselves as consultants. Here's how AWS, Azure and Google Cloud are helping finance firms use the tech to rethink their business.
Financial firms shift to the public cloud is proving to be a chance to reset.
Finance firms are using the cloud as an opportunity to reset parts of their business.
In turn, public-cloud providers are reimagining themselves as business consultants.
Wall Street firms are embracing the cloud for everything from research to risk and marketing.
If you thought Wall Street's cloud journey was all about technology, think again.
As firms mature their cloud strategies, the questions are becoming less about software and applications, and more about strategy and advice, according to Adam Selipsky, the CEO of the public-cloud powerhouse Amazon Web Services.
"The biggest thing that I've seen in the past year and a half is that most often CEOs and CIOs want to speak with me on topics around transformation, not around technology," Selipsky said in a recent interview with SiliconANGLE.
"Digital transformation is moving to the cloud, which is driving organizational change and people are saying, 'Hey, how should I organize my company? And I can see my culture changing, how do I proactively shape that?" Selipsky said. "But the business transformation potential of the cloud is to make organizations faster, more risk-taking, more innovative."
Cloud providers are building teams to interface with execs
Financial firms making the jump to the cloud are thinking beyond their IT divisions. Some of the largest Wall Street shops are taking the opportunity to rethink how they run their businesses entirely.
As the war for market share on Wall Street heats up among public-cloud providers, some cloud giants are leaning into the trend by building out business-consulting teams to help clients' c-suites make sweeping changes.
Google Cloud has spun up a team of ex-CTOs who help tackle clients' biggest technology issues impacting business. Most members started their careers as engineers, working their way up to executive positions, enabling them to communicate with CEOs and software developers alike, John Abel, the group's technical director, previously told Insider.
There's a similar team at Microsoft Azure, which has inked deals with Wells Fargo and UBS. The company has organized "a specific industry team for financial services" made up of individuals from the finance industry to help the cloud giant think about which products and services to build as it co-develops tech with its strategic partners, Bill Borden, Microsoft's corporate VP of worldwide financial services said during an October virtual media event.
Cloud providers, who built their multi-billion dollar businesses by catering to developers at large enterprises, are learning a new dialect to communicate with business executives, who have different priorities and lingo than engineers.
"We made our mark because we sold to the developer community, who then went upward", an executive at a public-cloud provider told Insider. "That's changing," the person said, adding that there's a growing focus within their company to cater conversations to the c-suite.
Wall Street uses cloud to hit the reset button
Selipsky's comments ring true on Wall Street, where cloud projects can have firm-wide ripple effects.
At Steve Cohen's Point72, moving to the cloud involved a roughly two-year process of analyzing the hedge fund's entire application catalog, the interconnectivity of those apps, and the data shared between all of them, CTO Mark Brubaker previously told Insider. The index would be used as a blueprint and timeline to decide which parts of Point72's tech stack would migrate to the cloud and when.
"This is about fundamentally changing what we're doing and how we enhance and build out our dev ops function," Brubaker said of the firm's cloud journey, which involves "shifting our culture to a cloud-first development culture."
Morgan Stanley, meanwhile, is building a new research portal from scratch on Microsoft Azure's public cloud that will transform how the bank shares data with its institutional and wealth management clients.
One of the largest owners of commercial real-estate in the world, Blackstone, built its own cloud-based data tool on AWS that changed the way the private-equity giant manages its pipeline of property deals and existing portfolio. The tool is just one part of Blackstone's "firm-wide initiative" to migrate to the cloud, which has impacted everything from talent acquisition to investment decisions, CTO John Stecher previously told Insider.
The cloud has also sparked cultural transformations, like at Goldman Sachs where Chief Information Officer Marco Argenti is helping drum up change from within the 153-year-old bank to more closely resemble his former employer, AWS.
Public cloud Amazon Web Services | 2022-11-29T19:48:05Z | www.businessinsider.com | How Public-Cloud Providers Are Becoming Business Consultants | https://www.businessinsider.com/public-cloud-providers-are-becoming-business-consultants-for-finance-firms-2022-11 | https://www.businessinsider.com/public-cloud-providers-are-becoming-business-consultants-for-finance-firms-2022-11 |
Biden's administration recently asked the Supreme Court to revive its student-debt relief plan.
It followed a decision from the 8th Circuit that ruled the relief will remain paused.
Dozens of advocates and experts filed briefs supporting the administration's request.
Millions of student-loan borrowers continue to wait for the nation's highest court to decide if President Joe Biden's debt relief can move forward.
Dozens of of legal experts, economists, and advocates laid out why it can — and should.
At the end of August, Biden announced a plan to forgive up to $20,000 in student debt for federal borrowers making under $125,000 a year, but since then, its rollout has been far from seamless. A number of conservative-backed lawsuits arose seeking to block the policy, and on November 14, the 8th Circuit Court of Appeals ruled that the temporary pause it placed on the relief in October will remain in place indefinitely. The decision was in response to a lawsuit filed by six Republican-led states who argued the relief would hurt their states' tax revenues.
Biden's Justice Department quickly appealed the 8th Circuit's decision and took the issue to the Supreme Court, asking it on November 18 to revive the student-loan forgiveness plan. It's unclear when, or what, the highest court will ultimately decide, but 44 advocates, economists, legal experts, and scholars joined the Biden administration's fight by filing amicus curiae briefs before Thanksgiving supporting the revival of debt relief.
"As this country works its way out of the COVID-19 pandemic, working and middle-class Americans are counting on the President to deliver on his promise of student debt relief," Persis Yu, deputy executive director and managing counsel at advocacy group Student Borrower Protection Center, which filed one of the briefs, said in a statement. "The collective Amici are on the front lines helping borrowers survive financial havoc wrought by the double whammy of the broken student loan system and COVID-19 pandemic."
And White House Press Secretary Karine Jean-Pierre expressed confidence that administration will prevail during a briefing on Monday. "We are confident in our legal standing, if you will. As you know, it's up to the Supreme Court, and we're going to continue to fight. That will not end," she said.
Here are the main arguments the experts and advocates used as to why the Supreme Court should reinstate Biden's student-debt cancellation plan.
Relief is authorized under the HEROES Act
Biden's administration used the HEROES Act of 2003 to authorize the broad student-debt relief. That law gives the Education Secretary the ability to waive or modify student-loan balances in connection with a national emergency, like COVID-19. But all of the conservative lawsuits seeking to block the relief have argued that the loan forgiveness is an overreach of the authority and should require Congressional approval.
Eleven legal scholars wrote in their brief that the Act appropriately justifies the waiver of student-loan balances — and the COVID-19 national emergency has already been used as a reason to provide student-debt relief in the form of the continued extension of the student-loan payment pause.
The Republicans' "apparent intuition that temporary emergencies only justify temporary relief would be a curious and unheard-of constraint on government action; after all, the federal government does not ask disaster victims to return other forms of financial assistance provided to assist with post-disaster recovery, such as funds for housing and home repair, energy subsidies, or funeral expenses," the brief wrote.
Additionally, Insider previously reported that former Rep. George Miller — an architect of the HEROES Act — also filed a brief to the Supreme Court explaining why the debt relief falls "exactly" under the Education Secretary's authority.
Borrowers continue to feel the impact of the pandemic
While many Republican lawmakers have argued that Biden cannot continue using the pandemic as a reason to provide continued debt relief, 11 economists, sociologists, and public policy and higher education scholars wrote in their brief that the pandemic alone is reason to carry out loan forgiveness.
"The COVID-19 pandemic was a severe national disaster, unprecedented in this century, that has negatively affected recent college graduates, and its effects on those graduates are likely to persist for many years," the brief said.
It added that borrowers would have more difficulty paying off their loans than if the pandemic had never happened. A separate brief filed by American Federation of Teachers (AFT) President Randi Weingarten also noted that many teachers and healthcare workers have left their fields during the pandemic, and debt "cancellation will help ensure that the millions of student borrowers and their families who are served by AFT are not made worse off with respect to their loan payments due to the devastating COVID-19 pandemic."
Relief helps those who need it the most
As 21 advocacy organizations wrote in their brief, Biden's debt relief plan is specifically targeted to borrowers who need it most — only Pell Grant recipients are eligible to receive the full $20,000 in relief, and the income cap on any relief stands at $125,000 per year.
"By providing an additional $10,000 in cancellation for borrowers who received a Pell Grant, the Department ensured that borrowers from the lowest income backgrounds – and who are historically at the highest risk of default – obtain the greatest benefit," the brief said.
The brief from legal scholars also emphasized how targeting the debt relief to low-income borrowers was reasonable and within the law's realm, saying that "low-income borrowers are likely to continue suffering the most negative effects" of student debt and are most at-risk of falling behind on payments. | 2022-11-29T19:48:11Z | www.businessinsider.com | Why Biden's Student-Loan Forgiveness Should Be Revived: Economists, Experts | https://www.businessinsider.com/why-is-bidens-student-loan-debt-relief-legal-economists-experts-2022-11 | https://www.businessinsider.com/why-is-bidens-student-loan-debt-relief-legal-economists-experts-2022-11 |
Ulta Beauty's stores saw gains in foot traffic on Black Friday 2022 even as it was lower at other retailers, including Walmart, Target, and TJ Maxx.
Beauty retailer Ulta saw its foot traffic from shoppers increase on Black Friday over last year.
Most chains, including Walmart and Target, saw fewer shoppers visit their stores, per Placer.ai.
Demand for beauty and wellness products has been reliable despite inflation and COVID.
Most stores saw fewer visits from shoppers this Black Friday. One cosmetics retail was the exception.
Foot traffic at Ulta Beauty was up 16.5% over Black Friday 2021, according to data provider Placer.ai. Visits to Ulta were also up 31% over Black Friday 2019, before the pandemic began.
By contrast, most retailers saw their foot traffic remain the same or decrease slightly over last year's Black Friday, according to Placer.ai. Traffic decreased by 5.3% at Walmart and 2% at Target. At TJ Maxx, one of the largest off-price retailers, traffic was even with Black Friday 2021.
Stagnant or declining Black Friday foot traffic suggests that it is losing importance as a shopping event as retailers start holiday sales earlier in the season, said Ethan Chernofsky, vice president of marketing at Placer.ai. But beauty, health, and wellness products like those sold at Ulta are among the items that can still draw customers to physical stores, Chernofsky said.
Like other retailers, Ulta started offering discounts online and in-store early in the week instead of waiting until Black Friday or Cyber Monday, Piper Sandler analyst Korinne Wolfmeyer wrote in a Monday research note.
Yet the chain's stores, including the fragrance section, still attracted Black Friday shoppers, she added.
"Despite nearly identical deals offered online and all week, people still wanted to be there physically on Black Friday," Wolfmeyer wrote.
Unfortunately for the brand, shopping in person on Black Friday was consumers' only choice for much of the day. According to Crain's Chicago Business, Ulta's website was down at the start of the Black Friday holiday.
A customer looks at products from Pattern, a hair care brand founded by actress Tracee Ellis Ross, at an Ulta store.
Beauty retailers have thrived in 2022, even as COVID, inflation, and a degrading economy have challenged others
Several factors likely helped drive customers to Ulta and other beauty retailers last Friday, Chernofsky said.
After roughly two years of COVID restrictions, many people are returning to offices, conferences, and other in-person occasions where wearing makeup makes sense, he told Insider.
Many consumers are still interested in health and wellness products, he added. For instance, Ulta, Sephora, and other beauty retailers have become destinations for new skincare products.
A worsening economy might have also contributed. Shoppers have historically turned to cosmetics as an affordable luxury when they need to cut back on spending, a phenomenon known as the lipstick index.
But Chernofsky said that Ulta's Black Friday performance is just the latest example of how the company, and beauty sales as a whole, has become resilient no matter the economic backdrop.
At the start of 2022, consumers were challenged by a winter surge in COVID cases, he said. Then, as COVID restrictions eased later in the year, persistent inflation spurred some consumers to cut back on nonessential spending.
All the while, Ulta and Sephora were "among the best performers in all of retail," Chernofsky said.
Ulta beat analysts' expectations for its earnings. The company's stock also hit a record high of $461 a share during intra-day trading on Monday, Crain's Chicago Business reported. Ulta's stock is up roughly 8% so far in 2022.
"I don't know that there's been a more volatile environment than what we've seen in the last year," Chernofsky said. "If anyone's strengths have enabled them to succeed, even in this difficult environment, health and beauty has become one of the prime examples."
NOW WATCH: How 'The Target Effect' gets customers to spend more money than they were expecting
Ulta Ulta Beauty Black Friday | 2022-11-29T20:17:47Z | www.businessinsider.com | How Ulta Beauty Won Black Friday Despite Its Site Crashing | https://www.businessinsider.com/how-ulta-beauty-won-black-friday-help-lipstick-index-2022-11 | https://www.businessinsider.com/how-ulta-beauty-won-black-friday-help-lipstick-index-2022-11 |
McCarthy said Republicans could cede control of the House in January if they aren't unified.
While on Newsmax, the Californian warned against the GOP playing "games" on the House floor.
McCarthy is working to round up votes among GOP members that he'll need to lead the lower chamber.
House Minority Leader Kevin McCarthy on Monday warned fellow Republicans opposed to his potential speakership that Democrats could select the next speaker if the party doesn't stick together, as the California lawmaker continues his effort to round up the requisite votes needed to lead the lower chamber in January.
During an interview on the Newsmax program "Spicer & Co." featuring former White House press secretary Sean Spicer and journalist Lyndsay Keith, McCarthy said Republicans would have to be unified in setting their legislative agenda in order to successfully counter the policies of President Joe Biden.
"We have to speak as one voice. We will only be successful if we work together, or we'll lose individually. This is very fragile — that we are the only stopgap for this Biden administration. And if we don't do this right, the Democrats can take the majority. If we play games on the floor, the Democrats could end up picking who the speaker is," he said.
In the 2022 midterm elections, Republicans vastly underperformed most expectations, with the party flipping the House from Democrats but poised to hold a razor-thin 222-213 majority next year, with nearly every race called. While Republicans had expected to potentially pick up dozens of seats, their candidates sputtered in many swing districts and the control of the House wasn't officially decided until days after the November 8 general election.
While McCarthy earlier this month won a vote against conservative Rep. Andy Biggs of Arizona (188-31) to lead the House Republican Conference, the GOP leader must also win majority support on the House floor when the new Congress reconvenes in January.
Republicans only have a handful of votes over the 218-vote threshold needed to control the House, and at the moment, there are five Republicans who said they will not back his speakership. That group includes Biggs, Reps. Matt Gaetz of Florida, Bob Good of Virginia, Ralph Norman of South Carolina, and Matt Rosendale of Montana. All of the potential floor holdouts are a part of the conservative Freedom Caucus, whose members sometimes gave major headaches to the last two GOP speakers — former Reps. John Boehner of Ohio and Paul Ryan of Wisconsin.
Democrats, on the other hand, are poised to bring on a new slate of leaders, with Rep. Hakeem Jeffries of New York set to succeed Speaker Nancy Pelosi of California as House Democratic leader. Rep. Katherine Clark of Massachusetts and Pete Aguilar of California are likely to round up the top House Democratic leadership posts within the party.
Over the past few weeks, several conservatives have said that backing McCarthy is imperative. Rep. Marjorie Taylor Greene of Georgia cautioned against a handful of Republicans potentially joining Democrats in selecting a more moderate speaker.
McCarthy, during the Newsmax interview, emphasized that addressing the concerns of every member of the House Republican Conference would be critical with such a thin majority.
"You have to listen to everybody in the conference, because five people on any side can stop anything when you're in the majority. When you look at the past history, when Paul Ryan ran, he had more people vote against him in the conference and then they voted for him on the floor," he said.
"We've got five more weeks. We're working through our conference rules today. We want to make sure that everybody has input. I think at the end of the day, calmer heads will prevail. We'll work together to find the best path forward," McCarthy added.
While 218 votes are required to control the House, a speaker can be elected with fewer votes, as "present" votes and vacancies can also lower the threshold needed to secure the position.
In a recent interview with The Bulwark, GOP Rep. Adam Kinzinger of Illinois, who's retiring at the end of the current congressional session, predicted that the party would have "a totally nonfunctional majority" in January.
"When there's a 15, 20 person majority, it takes a lot of people to deny the future Speaker his votes. But when it's just like three, four, five you can find it," Kinzinger said.
Kevin McCarthy House Republican Conference GOP | 2022-11-29T20:17:47Z | www.businessinsider.com | McCarthy: Dems Could Pick Speaker If Republicans 'Play Games' on House Floor | https://www.businessinsider.com/mccarthy-warns-democrats-could-pick-house-speaker-gop-games-floor-2022-11 | https://www.businessinsider.com/mccarthy-warns-democrats-could-pick-house-speaker-gop-games-floor-2022-11 |
What credit score do I need for a personal loan?
What can I use a personal loan for?
What are the alternatives to a personal loan?
This week's average personal loan rates: November 29, 2022 | Rates rise slightly
The average overall personal loan rate this week has gone up slightly. It is at 19.99%, a seven basis-point increase from last week.
The rates on personal loans have been climbing steadily. The Federal Reserve has increased the federal funds rate six times in 2022 to combat high inflation. The higher base rates ultimately increase borrowing costs for consumers on everything from personal loans and credit cards to mortgages and auto financing.
Today's personal loan rates
We've compiled a database of 28 personal loan products and averaged their rates so you know the current landscape. The higher your credit score, the more likely you'll qualify for a better rate. Rates ticked up a bit from last week and are high in general.
You won't necessarily receive the average rate shown above. The rate you'll get depends on your creditworthiness and other aspects of your financial situation. Check your rates with any lenders you are interested in to see what you're eligible for.
These loan purposes are based on data from 155 borrowers who applied for loans and received rates. One borrower used loan funds to pay for auto refinancing this week.
Education refinancing
What credit score do I need for a personal loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Many lenders don't disclose a minimum credit score, but they may be able to give you a general sense of your approval chances when you offer them your financial information. If your score is too low to qualify, take steps to improve it by reviewing your credit report and lowering your credit utilization ratio (the percentage of your credit limit you're currently using).
Personal loans can be used for many purposes, depending on the lender, including:
You won't find every reason listed here, and you should reach out to your individual lender to ask about what it offers.
What are the alternatives to a personal loan? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
For small amounts, you might find that a 0% APR credit card would be a better fit. Such cards can be especially useful for consolidating credit card debt or making purchases that you'd like to pay off over time. Generally, they have 0% APRs for the first 12 to 16 months from opening. Pay off the card in full before the introductory period is up, and you won't pay interest on your purchase.
Homeowners sometimes find that home equity lines of credit are better to fund major repairs or renovations with lower interest rates. | 2022-11-29T20:17:51Z | www.businessinsider.com | Average Personal Loan Rates: Nov. 29, 2022 | Rates Rise Slightly | https://www.businessinsider.com/personal-finance/personal-loan-rates-today-tuesday-november-29-2022-11 | https://www.businessinsider.com/personal-finance/personal-loan-rates-today-tuesday-november-29-2022-11 |
Elon Musk is the head of 5 companies that need strong leadership. Instead, he's starting Twitter wars.
Elon Musk has said how busy he is since taking over Twitter. Yet he still finds time to tweet jokes.
Elon Musk has made headlines for his recent tweets, which include posts about guns and Apple.
Critics say the Twitter CEO's use of the platform could further endanger the struggling company.
Despite his fame and wealth, Musk is still answerable to lenders, advertisers, and employees.
In business, optics matter — especially when you're a new CEO.
That's a reality Elon Musk might benefit from understanding, especially on the heels of his aggressive takeover of Twitter and the layoffs he ordered, growing competition facing Tesla, and setbacks at Boring Co., Musk's company that's hoping to dig traffic-busting tunnels. There's also been discord at SpaceX, the rocket company Musk operates.
The Swiss Army knife of CEOs has said how limited his time is since taking the helm at Twitter. "I have too much work on my plate that is for sure," Musk said in a video conference on the sidelines of the G20 summit in November.
Yet the top of the org chart at five companies still finds time to tweet about how he keeps two guns by his bedside, the flavors of Thanksgiving food, and how Apple CEO Tim Cook "hates" free speech. Musk even tweeted an image featuring Pepe the frog, an all-purpose hate meme and symbol of anti-Semitism.
Even busy CEOs need downtime but Musk's musings in 280 characters further risk Twitter's future, putting employees and advertisers on edge. Despite his cult following, Musk is still answerable to lenders, advertisers, and even employees. Many workers and shareholders are demanding business leaders speak out on social issues, not push memes. If Musk wants to rekindle morale among those remaining Twitter employees who agree with his "hardcore" approach — and repair advertiser relations at a company with paltry revenue — he might be wise to take a break from some of the tweeting.
But don't bet on it.
Nick Bilton, author of "Hatching Twitter: A True Story of Money, Power, Friendship, and Betrayal," told Vox that Musk's social media celebrity is "one thousand percent" hurting his ability to run Twitter.
"His biggest problem right now is not necessarily what he's doing to the company," Bilton said. "His personal biggest problem is his Twitter account."
Compare Musk's recent tweets and actions with those of other top CEOs: Disney's Bob Iger is back in the top job after several years away. He's deep in town-hall meetings or talking about company values on calls. Apple's Tim Cook is expressing gratitude for his employees and grappling with iPhone shortages and he recently called out Transgender Day of Remembrance. Mary Barra, who runs General Motors, is sharing her insights on electric vehicles as she seeks to retool the 114-year-old company by shifting away from gas-powered cars and trucks.
In an article titled "Good Luck Getting Elon Musk to Stop Tweeting," Wired journalist Steven Levy wrote that Musk's apparent "addiction" to Twitter, which includes insulting people on the platform, endangers his own turnaround plan for the company.
"Let's put aside whether or not Musk is doing a good job at fixing Twitter," Levy wrote. "What possible justification could there be to incite powerful people with stupid drive-by insults? It's not like Musk is making salient points, exposing flawed reasoning, or providing valid information. He's just wisecracking unwisely, with total disregard for the consequences."
In a story for New York Magazine, Kevin Dugan wrote Musk isn't likely to soon change his ways.
"Spend enough time getting sucked into the micro-dramas of Twitter and someone will eventually tell you to go touch grass — log off," Dugan wrote after Musk took Twitter private. "It's now been a week since Elon Musk has taken over Twitter, and one thing that's clear about his reign is that he will never, ever touch grass." | 2022-11-29T21:18:40Z | www.businessinsider.com | Instead of Tweeting, Shouldn't Elon Musk Be Working? | https://www.businessinsider.com/elon-musk-tweet-twitter-ceo-apple-guns-leadership-2022-11 | https://www.businessinsider.com/elon-musk-tweet-twitter-ceo-apple-guns-leadership-2022-11 |
For the better part of a decade, Elon Musk has been taking digs at Apple and its CEO Tim Cook.
On Monday, Musk accused Apple of monopolizing the market and opposing free speech.
Here's a history of the beef between the Tesla CEO and the tech giant.
Elon Musk seemingly declared "war" on Apple in a since-deleted tweet.
Elon Musk tweeted a meme seemingly declaring "war" on Apple. He has since deleted it.
The billionaire accused Apple of monopolizing the market and opposing free speech in a series of tweets.
"Apple has mostly stopped advertising on Twitter," Musk tweeted on Monday. "Do they hate free speech in America?"
In a series of tweets, Musk accused Apple of being politically biased, called for Apple to publish all actions it has taken toward censorship, and asked his followers for support in his fight against the largest tech company in the world.
The Tesla CEO and "Chief Twit" later added that Apple had "threatened" to take Twitter off its App Store and "won't tell us why."
A spokesperson for Apple did not respond to a request for comment from Insider ahead of publication.
The story of Musk's beef with Apple dates back several years.
The first signs of Musk's one-sided beef with Apple came in 2015 when he joked that Apple employed Tesla's rejects.
"They have hired people we've fired," Musk told German newspaper Handelsblatt. "We always jokingly call Apple the 'Tesla Graveyard'. If you don't make it at Tesla, you go work at Apple. I'm not kidding."
In the interview with the news outlet, the Tesla CEO shrugged off reports that Apple was looking into making its own electric car and took a dig at some of Apple's latest products.
"Did you ever take a look at the Apple Watch?" Musk said. "No, seriously: It's good that Apple is moving and investing in this direction. But cars are very complex compared to phones or smartwatches. You can't just go to a supplier like Foxconn and say: Build me a car."
In 2016, Musk reportedly tried to take CEO Tim Cook's job.
According to Tim Higgins' book "Power Play: Tesla, Elon Musk, and the Bet of the Century," Tim Cook had suggested that Apple acquire Tesla in 2016.
At the time, Musk reportedly said he wanted to be CEO and Cook allegedly agreed, until Musk clarified that he wanted to be CEO of Apple — not just Tesla.
According to the book, which cited a source who had heard Musk's retelling of the exchange, Cook said "Fuck you" before hanging up the phone on Musk.
Both Musk and Apple have denied the reports, saying the two CEOs have never spoken.
"There was a point where I requested to meet with Cook to talk about Apple buying Tesla," Musk said on Twitter when the book came out last year. "There were no conditions of acquisition proposed whatsoever. He refused to meet. Tesla was worth about 6% of today's value."
Four years ago, Musk said Apple's devices don't "blow people's minds" like they used to.
Tim Cook visits an Apple store in New York City on September 16.
In a 2018 interview with Recode's Kara Swisher, Musk said Apple's products have grown stale.
"There's not many products you can buy that really make you happier," he said. "I still think, obviously, that Apple makes great phones. ... I still use an iPhone and everything. But Apple used to really bring out products that would blow people's minds, you know? And still make great products, but there's less of that."
Musk compared Apple to Tesla, saying Tesla planned to avoid Apple's pitfalls when it comes to consumer interest.
"I don't think people are necessarily running to the store for the iPhone 11," Musk said. "But I think with Tesla, we really want to make products that people just love, that are heart-stopping."
He doubled down his criticisms of Apple's technology in 2020.
In 2020, Musk criticized the iPhone's software while speaking at the Satellite 2020 conference.
"Technology does not automatically improve," Musk said. "People are used to the phone being better every year. I'm an iPhone user, but I think some of the recent software updates have been not great."
He continued to say that the software seemingly "broke" his email system.
A key Apple executive deleted his Twitter account this month.
Phil Schiller, former head of Apple marketing
Phil Schiller, the senior Apple executive who runs the company's App Store, deactivated his Twitter account in November, shortly after Musk reinstated Donald Trump's account, per Bloomberg.
Schiller had hundreds of thousands of followers on the site and had formerly served as the company's head of marketing, The Independent reported. His decision to delete his account spawned headlines and raised eyebrows across the industry.
Most recently, Musk has slammed the tech company for its App Store fees.
Some Apple workers in Australia went on strike on Tuesday.
"Did you know Apple puts a secret 30% tax on everything you buy through the App Store?" Musk tweeted on Monday.
It was one of many times the billionaire has criticized Apple for its App Store fees.
In 2021, he called the fees a "de facto global tax on the Internet," and earlier this month, he tagged the Department of Justice's antitrust division in a criticism of the fees.
Now that he owns Twitter, Apple's fees could have an impact on Musk's business and his plans to generate revenue by charging users $8 per month for verification on the social media site.
The tech company controls app distribution for the iPhone and iPad, and takes between 15% and 30% of most in-app purchases made on iOS apps. The company typically requires that developers use in-app payment systems, though it has slightly softened that requirement for certain apps like Netflix and Spotify.
Twitter and Apple have a longstanding relationship that Musk has seemingly torpedoed.
Cook has yet to respond to Musk on Twitter, even though the Tesla CEO called out the Apple CEO directly on the social media site.
"What's going on here @tim_cook?" Musk tweeted on Monday, after saying Apple had stopped spending ad money on Twitter.
In the first quarter of this year, Apple was the top advertiser on Twitter, accounting for 4% of the social media company's revenue, according to The Washington Post.
Up until Musk's takeover, Twitter and Apple appeared to enjoy a symbiotic relationship. Apple has frequently used the site for product announcements, and Apple even integrated tweets in its iOS operating system in 2011.
But Musk's recent actions might sour the relationship between the two companies. Ultimately Apple could decide to oust Twitter from its App Store over content moderation concerns.
In a op-ed with The New York Times, Yoel Roth, Twitter's former head of trust and safety, said that "the calls from the app review teams had already begun" when Musk's roll out of paid verification badges led to chaos, with users impersonating public figures and major companies.
But Musk doesn't seem afraid of the consequences of beefing with Apple.
Last week, Musk said he'd create his own smartphone if Apple booted Twitter of the App Store.
"I certainly hope it does not come to that, but, yes, if there is no other choice, I will make an alternative phone," Musk said on Twitter last week.
Tesla and Apple could also go head-to-head in the auto industry. For years, Apple has been said to be exploring the possibility of creating its own fully-autonomous electric car. The initiative, which is code-named Project Titan, appears to still be in its early phases.
In the past, Musk has said he doesn't see Apple as a threat to Tesla.
Apple is just one of many targets at which Musk has taken aim.
The billionaire has been known to start his fair share of feuds on Twitter, and he's never appeared hesitant to speak his mind.
Most recently, Musk has publicly argued with Rep. Alexandria Ocasio-Cortez and Stephen King on Twitter.
Meanwhile, Musk has personally called up CEOs of companies that have pulled ads from Twitter to complain, Financial Times reported on Sunday.
While Apple's business could be key to Twitter's success, Musk has shown he isn't afraid to ruffle a few feathers.
Features Elon Musk Apple | 2022-11-29T21:18:41Z | www.businessinsider.com | Musk Is Going to 'War' With Apple: the History of His Beef With the Tech Giant | https://www.businessinsider.com/elon-musk-twitter-war-with-apple-history-of-criticism-2022-11 | https://www.businessinsider.com/elon-musk-twitter-war-with-apple-history-of-criticism-2022-11 |
The best extended Cyber Monday TV deals you can still get right now, including big savings on 4K OLED and QLED displays
Several TVs are still on sale after Cyber Monday.
Cyber Monday has come to a close, but we're still seeing great discounts on TVs from LG, Sony, Samsung, TCL, Hisense, Vizio, and more.
High-end 4K OLEDs, like the LG G2, and premium 4K QLEDs, like the Samsung QN90B, are all marked down to fantastic prices. Some budget-friendly sets from Insignia and Toshiba are also still on sale.
Below, we've rounded up all of the best Cyber Monday TV deals still available right now, along with discounts on popular streaming boxes and sticks from Roku, Apple, Amazon, and Google.
Top Cyber Monday TV deals still available right now
Hisense 65-inch U7H 4K QLED TV: $700 ($500 off)
Apple TV 4K: $105 ($75 off)
$500 off Hisense 65-inch U7H 4K QLED TV
Hisense's U7H is one of the best bang-for-your-buck TVs. This midrange model delivers HDR picture quality that's on par with sets that cost a lot more. It's still on sale now for an all-time low of $700.
$550 off Samsung 65-inch The Frame 4K QLED TV
Samsung's Frame TV is a favorite among buyers who want a display that can double as a subtle design piece in their living room. As its name implies, the TV is built to look like a frame hanging on your wall. A special Art Mode lets you show off paintings and other images on the TV when it's off. $1,600 is close to an all-time low price for the 65-inch model.
The 55-inch LG B2 4K TV can display deep blacks and has Dolby Vision, G-Sync for gaming, and both Alexa and Google Assistant. Consistently priced between $1,100 and $1,380, this deal lets you get a great-quality OLED TV for $1,000.
$25 off Nvidia Shield TV Pro
The Shield TV Pro is one of the most powerful streaming boxes you can buy. The device uses Google's Android TV platform to offer access to tons of popular apps, and delivers advanced HDR and 4K upscaling performance. This $175 deal price is just $5 more than the all-time low we saw over the summer.
$340 off LG 55-inch G2 OLED 4K TV
LG's flagship G2 is one of the brightest OLED TVs you can buy. It delivers exceptional picture quality and it has a thin design that looks fantastic when hanging on a wall. This $1,660 deal price for the 55-inch model is just $30 more than the all-time low.
$200 off 75-inch Vizio P-Series QLED 4K TV
Vizio's extra-large P-Series TV is an excellent home theater display. It boasts advanced image features like quantum dots and local dimming for better contrast and color than an average LCD set. This $1,500 deal price for the 75-inch model doesn't quite match the all-time low, but it's still a great price for a TV in this class.
33% off Samsung Freestyle Portable Projector
This portable Samsung projector can produce a 1080p image ranging in size from 30 to 100 inches. It also features 360-degree audio and HDR contrast. As an added bonus, it supports Alexa, Google Assistant and Bixby. This deal matches the lowest price we've seen so far.
$70 off Hisense 43-Inch R6 Roku 4K TV
This entry-level 4K TV uses Roku's operating system to access streaming apps and other online content. The TV doesn't pack a ton of extra picture quality features, but it does boast basic high dynamic range capabilities and support for the Dolby Vision format. The Cyber Monday price is the lowest we've seen all year.
$170 off Toshiba 55-inch Fire TV Edition TV
This affordable Toshiba Fire TV boasts a 4K resolution, support for HDR, and more, plus it has Amazon's Alexa built in. Best Buy is including a free Echo Dot smart speaker, a four month trial for Amazon Music Unlimited, and three free months of Apple TV Plus as a part of its deal — a total value of $40.
The Chromecast is Google's home streaming solution, adding Android TV apps and the ability to cast your phone to any TV or display with an HDMI port. The included remote supports voice-controlled search with Google Assistant. The 20% discount matches deals we've seen in the past.
With $230 off, this is a good deal for such a large TV. This model doesn't offer fancy picture performance, but it does deliver access to 300+ free LG channels, as well as WebOS compatibility with all the top streaming services like Netflix, Hulu, Disney Plus, and more.
Save $195 on LG 75-inch NANO75 Series Smart TV
The LG Nano 75 features LG's proprietary NanoCell display to offer rich colors and deep blacks. If you're shopping for a large TV, the 75-inch model is down to only $900 — the lowest price it's seen yet.
Walmart has an exclusive deal on the Roku Premiere streaming player, offering 50% off the usual price. While we generally prefer the Roku 4K Streaming Stick thanks to its portability and small form factor, the Roku Premiere is good for people who prefer a traditional set-top box near their TV.
Save 35% on TCL 3-Series 32-inch HDTV
If you're looking for an affordable and compact TV for casual viewing, the TC 3-Series is an excellent option. It comes with built-in Android TV access for easy streaming. Down to only $150, this is close to the all-time low and an absolute steal. Just keep in mind, this is an HDTV rather than a 4K model.
$100 off TCL 50-inch 4-Series Roku 4K TV
$600 off Sony 75-inch X95K Mini LED 4K TV
31% off Roku Ultra
The Roku Ultra is our favorite 4K streaming device. It delivers simple access to popular services and supports advanced features like Dolby Vision high dynamic range. This $69 deal price is an all-time low.
$400 off LG 55-inch A2 OLED 4K TV
LG's entry-level OLED TV can't get as bright as its more expensive models and it's missing some advanced gaming features, but it still delivers incredible contrast for the money. This 55-inch model is down to $900, close to the all-time low of $800.
$80 off Insignia 24-inch HD Fire TV
Though we don't recommend TVs with HD resolution in larger sizes, this 24-inch Insignia 720p TV is a nice fit for buyers who want a tiny smart TV for casual viewing in a smaller space, like a kitchen countertop. It's often discounted throughout the year, but $90 is close to an all-time low for this budget model.
LG's C2 OLED is considered one of the best TVs on the market, and this on the 77-inch model should make it a top choice for those who need an extra-large screen for their living room. The LG C2 boasts incredible picture quality thanks to its OLED technology and is one of the best TVs for gaming thanks to its high refresh rate and low input delay.
32% off Amazon 43-inch 4-Series Fire TV
The Amazon Fire TV 4-series is a very basic but affordable smart TV that's good for casual viewing. It supports 4K resolution and offers entry-level HDR performance. Now, even cheaper than before, you can get the smart TV for 32% off.
50% off Amazon Fire TV Stick Lite
The Fire TV Stick Lite is Amazon's most affordable Fire TV device. Simply plug it into an HDMI port and connect to the internet to bring your favorite services to your TV in HD. Now only $15, this is a new all-time low and an especially great deal for an entry-level streaming device.
27% off LG 65-inch G2 OLED 4K TV
25% off Sony 65-inch A95K OLED 4K TV
The Q90B is one of the best QLED 4K TVs you can buy right now. The high-end display offers excellent contrast and better viewing angles than most QLEDs. This $1,700 deal price is close to an all-time low for the 65-inch model.
$70 off Insignia 43-inch F30 4K Fire TV
This Insignia 4K display is a standard entry-level smart TV. It's no frills when it comes to picture quality, but it features the Fire TV OS built-in for easy access to popular streaming apps. This isn't a set you'll want to build a home theater around, but it gets the job done for casual viewing, especially in a bedroom. This $230 deal price is just $10 more than an all-time low.
While it lacks 4K resolution or other advanced features, the TCL 40S355 is one of the most affordable 40-inch Roku TVs you can buy. The price is typically between $220 and $260, so you can save a bit of cash right now with this deal.
$25 off Roku Streaming Stick 4K | 2022-11-29T21:18:42Z | www.businessinsider.com | Best Extended Cyber Monday TV Deals Still Available: 4K, OLED | https://www.businessinsider.com/guides/deals/best-extended-cyber-monday-tv-deals-still-available-2022-11 | https://www.businessinsider.com/guides/deals/best-extended-cyber-monday-tv-deals-still-available-2022-11 |
The best extended Cyber Monday gaming laptop deals you can still snag right now
Several popular gaming laptops are still on sale after Cyber Monday.
Though we thought the deal festivities ended with Cyber Monday, tech retailers like Dell, Best Buy, and HP are still going strong with gaming laptop discounts.
Here are the best Cyber Monday deals on gaming laptops still kicking after the event.
Cyber Monday gaming laptop deals: Top discounts still available
This Razer Blade 14 has some of the most powerful specs you can find in a laptop. Combined with a QHD screen instead of a 4K panel, it's designed to balance high-end graphics with smooth gameplay. At $2,100 with a $700 discount, it's still expensive, but it's among the best balanced gaming laptops in the high-end range.
Best Cyber Monday gaming laptop deals still available
Designed for gamers, the G15 has a large 15.6-inch screen for a more immersive on-the-go experience, and it's $350 off from Dell. A larger-size keyboard makes it more comfortable to use, while a built-in heat-management system ensures it stays cool during intense gaming sessions.
Acer 2021 Nitro 5 15-inch with Core i5, GeForce RTX 3050, 8GB RAM, 256GB SSD
This Acer Nitro 5 model is an affordable gaming laptop running on decent specs that are best suited for less graphically demanding games, especially if you want to make use of its 1080p 144Hz display. $749 is a pretty good deal for the specs you're getting.
Razer Blade Stealth 13
With a stunning and svelte design, the Razer Blade Stealth 13 is as portable as laptops get. But there are some compromises under the hood. Currently down to $1,400, this matches the lowest price we've seen for it yet.
Alienware M17 R5 Gaming Laptop
Built to withstand even the heaviest of games, the Alienware M17 R5 uses powerful hardware including Ryzen 6000 series CPUs, Radeon GPUs, and Smart Technologies. For a limited time, it's discounted by $450 in a rare deal from Dell.
Dell G15 Gaming Laptop AMD® Ryzen Core Processor
Dell’s G15 is proof that PC gaming can be accessible in price by focusing on the essential features, such as a decently sharp screen and enough graphics power to drive it. It's now more affordable than ever with a sweet $300 discount directly from Dell.
$649.99 from Dell
Asus ROG Zephyrus M16 Gaming Laptop
Complete with a 14-core Intel Core i7-12700H CPU and NVIDIA GeForce RTX 3060 GPU, the Asus Zephyrus M16 is a powerful gaming experience packed in a thin laptop. Right now you can get one for only $1,200, an excellent low price.
Gaming Chromebooks are real, and they are an affordable and a great way to get into cloud gaming. The Acer 516 GE comes with an Intel Core i5-1240P, 8GB RAM, 256GB SSD, and an RGB keyboard. Down to only $549, this is a rare discount.
$649.00 from Acer | 2022-11-29T21:18:43Z | www.businessinsider.com | Best Extended Cyber Monday Gaming Laptop Deals 2022: Dell, Razer | https://www.businessinsider.com/guides/deals/extended-cyber-monday-gaming-laptop-deals-2022-11 | https://www.businessinsider.com/guides/deals/extended-cyber-monday-gaming-laptop-deals-2022-11 |
Divorce is often messy, both emotionally and financially.
If you're unable to decide how to divide your assets during a divorce, the courts will do it for you.
Most US states observe equitable distribution, meaning all property acquired during the marriage is divided fairly at a judge's discretion.
Nine US states observe community property law, where marital assets are split 50-50.
Estimates of divorce rates in America vary, but the reality is many marriages reach this unfortunate conclusion, and the aftermath is frequently messy, both emotionally and financially.
When a couple joins as one, their assets typically combine to form a marital estate, and anything they acquire thereafter becomes joint property. Upon divorce, those assets — including real estate, dependent children, income, cars, furniture, investments, and retirement accounts — get divided between the former spouses.
If you and your spouse can't agree on how to divide all or part of your assets when you get divorced, there are two ways they could be divided, depending where you live.
Which states are community property states in a divorce?
In community property states, marital assets — and debts incurred by either spouse during the marriage — are divided 50-50. Separate property is considered anything held in only one spouse's name, including property owned before marriage, given as a gift, or inherited.
The states that observe this law are Arizona, California, Idaho, Louisiana, Nevada, New Mexico, Texas, Washington, and Wisconsin. Residents of Alaska can opt in to a community property agreement.
A court may also deem marital assets "quasi-community property" if, at the time they were acquired, the couple lived in a non-community property state but later moved to and filed for divorce in a community property state.
Skye Gould/Business Insider
All non-community property states divide assets 'fairly'
If you live in a state that doesn't observe community property law and you and your spouse can't agree on how to divide your marital assets, then it's subject to equitable distribution. This means everything (except for gifts or inheritances) is divided "fairly" at a judge's discretion, taking into account each person's earning potential or income, financial needs, and personal assets.
It's possible that a judge in one of the 41 equitable distribution states will decide to split the assets 50/50 anyway after taking a variety of factors into account, but it's not a given. And even so, couples are generally encouraged to arrive at a settlement agreement before a judge has to weigh in. Aside from dividing property, there are also alimony and child support payments to consider.
To protect personal assets regardless of where you live, couples can set up a prenuptial agreement, which establishes terms for a division of assets or continued financial support in the event of a divorce.
A financial planner can help you organize your money during and after a divorce. SmartAsset's free tool can find a planner near you »
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Which states are community property states Community property Divorce | 2022-11-29T21:19:10Z | www.businessinsider.com | Which States Are Community Property States in Divorce? | https://www.businessinsider.com/personal-finance/which-states-are-community-property-states-in-divorce | https://www.businessinsider.com/personal-finance/which-states-are-community-property-states-in-divorce |
Caroline Ellison texted FTX execs earlier this month, worrying that 'everyone is gonna quit/take time off.'
It's one of many exchanges reviewed by the NY Times that reflects the internal collapse of FTX.
FTX and Alameda Research filed for Chapter 11 bankruptcy three days after Ellison's text.
Caroline Ellison, the then-chief executive of hedge fund Alameda Research, sent a text earlier this month saying that she was "kinda worried that everyone is gonna quit/take time off" with a sweating-face emoji amid the collapse of its corporate sibling, crypto exchange FTX, according to documents reviewed by the New York Times.
Ellison reportedly sent the text to a group chat with Ryne Miller, a top lawyer at FTX, around November 8, after FTX faced a run on customer deposits in the wake of a report that Alameda Research, the hedge fund led by FTX founder and former CEO Sam Bankman-Fried, held an unusually large share of FTX's FTT tokens, which quickly lost value.
Alameda Research didn't respond to Insider's request for comment on time before publication.
Ellison's text is just one of many exchanges seen by the Times that reflects the day-to-day chaos that brewed inside FTX as its executives scrambled to salvage the exchange.
The day Ellison sent the text, fellow crypto company Binance announced that it signed a non-binding agreement to bail out FTX by acquiring the company, according to Insider. But Binance walked away from the deal the next day, citing government investigations and news reports on the misuse of customer funds in a statement on November 9.
"Sam, I'm sorry," Binance's founder Changpeng Zhao texted Bankman-Fried in an exchange that was reviewed by Times. "But we won't be able to continue this deal. Way too many issues. CZ."
On the day the deal fell apart, Miller responded to Ellison's "sweating-face" text by saying that FTX is in need of "a professional manager vested with decision-making authority," per the Times.
FTX filed for Chapter 11 bankruptcy days later. The company's newly appointed CEO, John J. Ray III, wrote in filings that FTX faced a "complete failure of corporate controls." He wrote that has never seen a company in such poor shape in his 40 years of handling bankruptcies.
Alameda Research and around 130 companies affiliated with FTX also filed for bankruptcy, Insider reported.
Caroline Ellison ftx Alameda research | 2022-11-29T22:50:02Z | www.businessinsider.com | Alameda CEO Caroline Ellison Sent Anxious Text During Collapse: NYT | https://www.businessinsider.com/alameda-research-ceo-caroline-ellison-sent-text-expressing-anxiety-ftx-2022-11 | https://www.businessinsider.com/alameda-research-ceo-caroline-ellison-sent-text-expressing-anxiety-ftx-2022-11 |
President Donald Trump speaks as White House Chief of Staff Mark Meadows (R) listens prior to Trump's Marine One departure from the South Lawn of the White House July 29, 2020 in Washington, DC.
Mark Meadows must testify before a Georgia grand jury investigating 2020 election meddling.
Meadows served as Trump's chief of staff and participated in the campaign to overturn the election.
Mark Meadows, former President Donald Trump's one-time chief of staff and right-hand man during the effort to overturn the 2020 election, must testify before a Georgia grand jury looking into his ex-boss's campaign to remain in power following his loss, the South Carolina Supreme Court ruled Tuesday.
Last month, CNN reported that a former Meadows aide, Cassidy Hutchinson — whose testimony before the January 6 congressional committee electrified Washington — was cooperating with Fulton County District Attorney Fani Willis' investigation into efforts by former President Donald Trump and his allies to overturn the 2020 election.
In an infamous phone call following his 2020 loss, Trump — joined on the line by Meadows — pleaded with Georgia Secretary of State Brad Raffensperger, days before the January 6 insurrection, to "find" the votes he needed to overcome President Joe Biden's margin of victory. "Fellas, I need 11,000 votes. Give me a break," Trump said, according to a recording of the call (Biden's ultimately won the state by 11,780 votes).
Meadows, who at the time was sharing conspiracy theories about the 2020 vote with election officials, also texted Raffensperger, who ignored the message, according to CNN.
In October, a lower court in South Carolina ruled that he must testify about the post-election meddling as he was a "necessary and material" witness to potential crimes, a decision that Meadows appealed.
In its ruling on Tuesday, South Carolina's highest court said Meadows' argument — that as a former White House staffer he was shielded by "executive privilege"— was "without merit," Politico reported.
Mark Meadows Georgia Fulton County | 2022-11-29T22:50:17Z | www.businessinsider.com | Mark Meadows Ordered to Testify in Georgia Over 2020 Election Plot | https://www.businessinsider.com/mark-meadows-ordered-to-testify-in-georgia-over-2020-election-plot-2022-11 | https://www.businessinsider.com/mark-meadows-ordered-to-testify-in-georgia-over-2020-election-plot-2022-11 |
Nike has a year's worth of 'Off-White' products ready to sell as Virgil Abloh estate plans what comes next
Shannon Abloh, Virgil Abloh's widow, spoke with the New York Times about plans for his estate.
The plans include a joint venture with Nike called Architecture.
Nike's creative director said there's at least a year of Off-White products in the pipeline.
Virgil Abloh's impact on the world's biggest sneaker brand didn't end with the designer's untimely death a year ago from a rare form of heart cancer.
His widow, Shannon Abloh, has partnered with Nike on the creation of Architecture. The entity is part of Virgil Abloh Securities, the vehicle to continue his creative work.
Starting Thursday, Nike and Virgil Abloh Securities will host a four-day exhibit in Miami called "Virgil Abloh: The Codes c/o Architecture" at the Rubell Museum.
The exhibition will showcase Abloh's creative principles, or Codes.
As part of the exhibit, Nike will unveil the Off-White Nike Terra Forma, the first sneaker Abloh designed from scratch for the brand. It's expected to release, along with some apparel, later in December.
And there's more to come.
In a story published Tuesday in the New York Times, Nike creative director John Hoke said there's at least a year of Off-White Nike products in the works and the company is working with Architecture on what comes next.
"Virgil and Nike thrived together because he understood the brand's role as a cornerstone of culture while Nike understood the importance of truly supporting creatives and their visions," Shannon Abloh said in a news release.
Virgil Abloh at work on "The Ten"
In 2017, Nike released "The Ten," a collection of 10 iconic Nike models that Abloh rethought and reconstructed.
Shoes from the collection remain prized by sneaker collectors, with the Air Jordan 1 from the collection last selling for more than $6,300 on StockX.
The Air Jordan 1 Off-White Chicago
"The depth of Nike's partnership with Virgil materialized far beyond our iconic collaborations," said Leo Sandino-Taylor, a Nike vice president of global catalyst brand management, in the news release. "His transparent design approach influenced our teams and inspired a new generation of young design talent to find their creative voice and share it with the world."
Apparel Sneakers Nike | 2022-11-29T22:50:18Z | www.businessinsider.com | Nike Has a Year's Worth of 'Off-White' Products Ready to Sell | https://www.businessinsider.com/nike-has-year-worth-off-white-products-ready-to-sell-2022-11 | https://www.businessinsider.com/nike-has-year-worth-off-white-products-ready-to-sell-2022-11 |
Elon Musk has fired so many Twitter workers by mistake that HR created an 'accidental termination' category to re-onboard employees
CEO Elon Musk wants Twitter employees to work at least 40 hours a week in the office.
CEO Elon Musk's time leading Twitter continues to be "chaos," as an employee put it.
Employees are continually getting caught up in layoffs and firings by mistake.
The problem led Twitter's HR to make changes to get accidentally fired people re-onboarded quicker.
Twitter workers are being mistakenly fired so often under CEO Elon Musk's leadership that human resources created a new internal category to identify and rehire them quickly.
Twitter's internal management system, running on Workday software, now allows managers and other leaders with hiring permissions to select an "accidental termination" label when re-adding employees to the system, a person familiar with the company said.
This new option was created because of the frequency with which employees are getting unintentionally caught up in layoffs, resignations, and sudden firings that have become frequent since Musk took over Twitter a month ago, according to another person familiar with the company. His most recent bout of firings came late on the night before Thanksgiving. At least two people were mistakenly fired then and had to be re-onboarded on Monday.
"It's still just chaos," one person said of company operations under Musk.
So far, chaos is the hallmark of Musk's reign as Twitter's new owner and CEO. Having whittled headcount to an estimated 2,300 people from about 7,500, Musk has taken to sending emails and directives at all hours of the day and night, firing any perceived critics and occasionally hiring inexperienced but enthusiastic people, including a hoaxer who pretended to be a laid off Twitter employee.
Musk's cuts to Twitter's staff have been so extensive that the company told remaining employees to try and recruit some laid off colleagues. Meanwhile, Musk has continued to post and comment frequently on the app he now owns, and changes to moderation capabilities are putting the company at risk of being kicked out of Apple's powerful App Store.
Even before Thanksgiving, several employees had mistakenly lost access to their work badges that serve as passes into and around Twitter buildings, the people familiar said. Some lost access to the internal Slack or got locked out of their computers altogether, similar to how people who actually were laid off or fired initially found out they no longer work at Twitter.
Although people who Musk laid off or fired typically received an email confirming their termination, those notes often came several hours after employees lost access to work tools.
As a result, people who experienced badge or computer issues would have to text managers or teammates to see if they were actually fired, the people familiar said. Some full-time and contract employees had to be re-onboarded to company systems from scratch as if they were new hires in order to regain access to tools, the people familiar added. | 2022-11-30T00:51:55Z | www.businessinsider.com | Elon Musk Keeps Firing Twitter Workers by Mistake, Impacting HR System | https://www.businessinsider.com/elon-musk-twitter-firing-workers-accident-hr-2022-11 | https://www.businessinsider.com/elon-musk-twitter-firing-workers-accident-hr-2022-11 |
This startup comes up with cash offers for homeowners in 24 hours. Check out the pitch deck Rive used to raise a $24 million Series A to make buying and selling real estate easier.
Kalle Salmi, CEO of Rive.
Finnish proptech Rive has just closed a 23 million euros (around $24 million) Series A funding round.
It's one of a tranche of startups aiming to help home buyers and sellers transact quickly.
We got an exclusive look at the 14-slide pitch deck Rive used to raise the cash.
A Finnish property startup that aims to help people buy and sell homes quickly and conveniently has raised 23 million euros (around $24 million) as it looks to "streamline operations" and focus on profitability.
Helsinki-based proptech startup Rive, formerly iBuyer Kodit.io, has built a real-estate platform for agents, buyers and sellers. It offers a real estate brokerage service, instant cash offers to sellers, rent-to-buy schemes, and renovates properties so they are ready-to-go for buyers.
Founded in 2017, the company has built tech to underwrite properties, price, and market them accurately. While listing some properties on the market, Rive also has a portfolio of its own. It buys properties to renovate and sell on so prospective homeowners don't have to fix up their new home themselves, removing unknown costs and timeframes. Some of these properties will be rented out in its rent-to-buy scheme, where tenants pay "below market rent" to Rive while putting money aside for the house deposit. When they have saved enough, they can go down the traditional route to secure a mortgage.
Rive aims to improve on the real-estate industry's current "bad" and uncertain processes, founder and CEO Kalle Salmi told Insider. For example, sellers currently don't know how much their property will sell for, when the sale will happen, and when they have to move out. Rive gives sellers cash offers with time frames that suit their moving plans.
Salmi expects the housing market to dip in the next six to 12 months as the economy falters. There will be a decrease in pricing and fewer transactions but not a huge correction, he said.
Rive takes a commission on each transaction. "We need to grow faster if there are less transactions; we need to grow even faster to keep the top line growing," Salmi said.
"There is clearly an increasing demand for the product. We offer liquidity; last year there was a lot of liquidity in the market so the product was less needed. Right now, we are seeing an increasing demand for the cash software product."
The Series A is a whole equity round, led by IDC Ventures. Salmi would not disclose how much debt financing, which is often taken advantage of by asset-heavy businesses, the company has raised. The cash will be used to scale the platform and double down on existing markets of Finland, Poland and Spain, while Salmi also has his eye on profitability.
Rive's raise, which was closed in two tranches and took nearly a year to finalize after a lengthy relationship building process, follows widespread layoffs across the tech ecosystem. Competitor Opendoor announced layoffs earlier this month, cutting 18% of its headcount.
Salmi said the firm would need to streamline. "We are not going to do any kind of huge layoffs, but, definitely, profitability is something we focus on and we have been focused on historically," he said. "Regardless of the raise, as the cost of capital increases, you want to you want to start making profits sooner than later."
The tough economic environment also means traditional real-estate agents may look to platforms like Rive to keep their productivity high, Salmi said. "I think a slowing market definitely has a silver lining for companies who are more efficient, more productive, than the traditional businesses in the space."
Rive's headcount stands at around 300, including its real-estate agents. It expects to grow the number of agents in the next six to 12 months while keeping business development and tech teams stable.
The company has so far acquired four real estate agencies and two rent-to-buy platforms, and will continue to invest in its M&A strategy. The fresh cash brings its total raised to 35 million euros.
Check out the 14-slide pitch deck the company used to raise the cash below. | 2022-11-30T06:27:04Z | www.businessinsider.com | Pitch Deck: Proptech Rive Raises $24 Million Series a | https://www.businessinsider.com/pitch-deck-proptech-rive-raises-24-million-series-a-2022-11 | https://www.businessinsider.com/pitch-deck-proptech-rive-raises-24-million-series-a-2022-11 |
Nesta's VC arm just launched a $60 million fund to back social and climate impact startups. We got an exclusive look at the 13-slide pitch deck it used to sway its board.
The Nesta Impact Investments team.
Nesta Impact Investments
The VC arm of the UK's social innovation agency Nesta just launched a £50 million ($60 million) fund.
The fund will invest in social and climate startups tackling equality, health, and sustainability.
We got an exclusive look at the 13-slide pitch deck used to convince Nesta's board to launch the fund.
The venture capital arm of the UK's social innovation agency Nesta has launched a £50 million (around $60 million) fund to back early-stage companies working on equality, health, and climate impact.
Nesta Impact Investments, founded in 2012, will spend £25 million backing startups working to ensure every child has a fair start, to help tackle obesity, and create a sustainable future. The wide-ranging topics include everything from childcare software solutions to healthcare-focused biotech, and climate hardware aimed at decarbonizing households.
"They are three of the knottiest challenges that are facing us at this time, it [the focus] helps us to radically improve life chances, health, and the environment," Lisa Barclay, the firm's executive director of investments, told Insider.
It will write checks of up to £1 million to between five and 10 seed to Series A-stage startups, with the ability to invest up to £4 million over multiple rounds. While UK-focused, Nesta Impact Investments can invest in any geography as long as the company could have a positive impact on the UK market.
The fund, which is Nesta's fourth, lines up with the wider company's goals to make the world a healthier, fairer, and more sustainable place. Its current deal flow is heavily weighted towards climate tech, Barclay said. She wants to hear from founders across each of the three categories and is interested in food reformulation, calorie reduction in foods, and early years development.
The remaining £25 million will be used in a joint venture with Brent Hoberman's Founders Factory, with the two organizations launching a venture builder called Mission Studio. They will be "laser-focused" on the three impact goals and come up with new ideas for companies from scratch, then "hire founders in."
The fund represents 10% of Nesta's private endowment, a permanent pool of cash that originally came from the National Lottery.
The team has made several investments from the new fund so far, with the first three being female-founded startups. This includes childcare platform Koru Kids, diabetes management startup Habitual Health, and weight loss company Oxford Medical Products.
"We set ourselves a goal last year to have 25% of our portfolio led by people from minoritized or disadvantaged groups by 2025," Barclay said.
"We've made a very conscious effort on EDI on a number of fronts, but in particular around our portfolio, because we knew that historically, it just wasn't good enough on the diversity front. We're thrilled that we've found really dynamic, strong female founders.
"Obviously that's not the only criteria that we will be looking at – we want to back really exciting high growth potential companies – but we found that we can that really strong female founders."
In this portfolio, Nesta Impact Investments is running at 71% from minoritized or disadvantaged groups, according to Barclay.
The firm has been accredited by a diversity in VC standard and works with Nesta's offices in Scotland and Wales to find startups outside of London.
Nesta Impact Investments is on the lookout for founders with credibility in their respective market, who are authentic about their impact and mission, and who are committed to impact and commercial success equally, Barclay said. The team also wants to see businesses with proven proof points, some traction, and the ability to scale.
We got an exclusive look at the 13-slide pitch deck Nesta Impact Investments used to sell Nesta's board on the new fund. Read it below: | 2022-11-30T08:28:53Z | www.businessinsider.com | Nesta: VC Arm of Innovation Agency Launches $60 Million Fund | https://www.businessinsider.com/nesta-impact-investments60-million-social-climate-impact-startups-pitch-deck-2022-11 | https://www.businessinsider.com/nesta-impact-investments60-million-social-climate-impact-startups-pitch-deck-2022-11 |
Here are the 5 things you should do when you get a bad performance review and your boss isn't in your corner
Panic, mixed with a smattering of anger and disbelief, is a natural response to a bad performance review. But it's not productive.
Insider spoke with career experts about the steps you should take after you get a bad review.
Some hard reflection is in order. Ask yourself: Is there credibility to what my boss said?
If you feel that the review is flawed or contains incorrect information, don't be afraid to say so.
It's never good to be on the receiving end of a negative performance review. But when your boss appears indifferent — or worse, seems to have it out for you — the situation can feel downright alarming.
"Getting a bad review might not be so troubling in and of itself," Allison Elias, an assistant professor at the University of Virginia's Darden School of Business, said. "But if your manager isn't in your corner — isn't aligned with you and isn't trying to help you advance — it can be really stressful and deflating."
The current economic landscape, complete with skyrocketing inflation, a slumping stock market, and mass layoffs, does your cortisol levels no favors. You might wonder, "Should I look for a new job?"
While panic, mixed with a smattering of anger and disbelief, is natural, it's not productive. Insider spoke with Elias and other career experts about the five steps you should take after you get a bad review.
Do some hard self-reflection
For starters, don't be defensive. And don't say anything you'll later regret, Allison Task, a career coach in New Jersey, said. Instead, ask your manager for a copy of the review so you can read the feedback carefully before responding. Then do some hard self-reflection. Ask yourself: Is there credibility to this review? Does my boss (maybe even sorta kinda) have a point?
Get second and third opinions, Task advised. Ask trusted mentors, colleagues, and others willing to shine light on your blind spots what they see.
"Show genuine curiosity," she said. "You're not looking for reassurance or a hug — you're looking for honesty."
Look for signals within the wider context
If you've had a series of great reviews and this is the first bad one, perhaps something has changed about your job or the organization. If your boss seems inclined to work with you to improve, maybe there's hope.
But if this isn't the first one, or you've had consistent negative feedback, Task said, "You need to consider that this job might not be a good fit."
Tristan Layfield, a career coach and résumé consultant in Detroit, said there's a distinct possibility that you're being managed out of the organization, especially if your boss suggested putting you on a formal performance-improvement plan. Or it could be that you're being targeted by a boss who's stack-ranking employees for layoffs.
Politely disagree if the feedback is inaccurate
Find out the specific behaviors and actions your boss wants from you, Tristan Layfield, a career coach, advised.
Tristan Layfield
Next, formulate a response — and put it in writing, as documentation might prove useful later on.
If you believe the review is flawed or contains incorrect information, don't be afraid to say so. A line-by-line rebuttal isn't wise, but Layfield said that some well-reasoned (and polite) counterarguments that debunk or weaken your boss' assessment might be warranted. Include objective measures of your performance that bolster your case and point out achievements that your superiors might have overlooked.
Then, have a conversation with your boss. Test the waters, and find out whether your manager is receptive to seeing your interpretation, Layfield said.
Ask questions and gain clarity, he added. Say, for instance, your boss said you didn't take initiative.
"Ask: 'Can you tell me a time when you wanted me to take initiative and I didn't?'" Layfield said. "'What does taking initiative look like to you?'"
Figure out whether the situation can be resolved
Watch for signals during the conversation that your boss is willing to help you to improve. This includes things like open body language, an encouraging tone of voice, and a plan to forge ahead with your employment intact.
Find out the specific behaviors and actions your boss wants from you, Layfield said. Ask how your progress will be measured, he advised, and develop a system that keeps your boss in the loop about what you're doing to improve.
"Make sure your boss is invested in helping you figure out solutions," he said.
Know when it's time to leave
"An unsupportive boss is presenting you with a record of what you've done wrong with no plan," Allison Elias of the University of Virginia said.
Otherwise, it might be time to cut your losses, Elias of UVA said.
"A supportive boss wants you to move forward with valid criticism," she added. "An unsupportive one is presenting you with a record of what you've done wrong with no plan."
It's a lot easier to find a new job when you already have one, so depending on the size of your organization, see whether you can navigate to another job or team. In the meantime, activate your network and start looking for roles elsewhere.
Elias also suggested uncovering external opportunities to establish your expertise. Offer to speak at an industry conference, for example.
"Look for things that are within your control that your boss can't take away from you," she said.
Performance Reviews Boss Colleague | 2022-11-30T11:01:12Z | www.businessinsider.com | How to Handle a Bad Performance Review When Your Boss Is Against You | https://www.businessinsider.com/bad-annual-performance-review-boss-against-you | https://www.businessinsider.com/bad-annual-performance-review-boss-against-you |
Tochi Osuji began working at Shopify in February this year.
Tochi Osuj
[Editor's note: A Shopify representative told Insider in a statement that the company's turnover in Shopify Support is "lower than typical contact centers," though they did not disclose the rate.]
Our schedules were fixed at eight hours, but sometimes I worked later trying to resolve tickets. In my first week, I worked about 15 minutes extra. The more emails and phone calls you take, the more tickets you have to resolve at the end of the day, and as time went on, I stayed an hour later, then an hour and a half or two hours extra. I felt like I was drowning in tickets.
Editor's note: A Shopify representative told Insider in a statement: "As a high-performing organization, when employees are not meeting expectations, we either help them to improve their performance or support them in leaving Shopify. While these decisions are never taken lightly, they are necessary to help ensure Shopify and our merchants are best supported to grow over the long term." | 2022-11-30T11:01:13Z | www.businessinsider.com | Shopify Employee Fired During Layoffs Says He Hated Working There | https://www.businessinsider.com/shopify-layoffs-employee-i-worked-overtime-without-compensation-2022-11 | https://www.businessinsider.com/shopify-layoffs-employee-i-worked-overtime-without-compensation-2022-11 |
6 Disney executives Bob Iger will trust to drive his new strategy as he radically remakes the business structure implemented by former CEO Bob Chapek
Lucia Moses and Alison Brower
Bob Iger returns to lead Disney as it faces significant pressures on its businesses.
The returning CEO will have to unwind the business structure implemented by Bob Chapek while finding a successor.
Insider identified the top Disney insiders who'll help Iger tackle those challenges.
Disney CEO Bob Iger returns to a company facing significant pressures on its linear and streaming businesses. On top of jumpstarting growth while cutting losses in streaming, he's tasked with finding and developing his successor.
He'll also need to unwind the business structure implemented in 2020 by his short-lived predecessor, Bob Chapek — which separated budgeting and distribution decisions from creative content development.
Insider talked to a number of senior company insiders and advisors to identify the key people Iger will lean on as he tackles those challenges.
While Iger during his previous 15-year run as Disney's CEO sought advice from the likes of Steve Lipin of Gladstone Place Partners and branding and political consultant Scott Miller, he's said to lean mainly on company insiders he's cultivated during his decades with Disney, including 15 years as CEO.
Chief among those people are the four he's tapped to work on "a new structure that puts more decision-making back in the hands of our creative teams and rationalizes costs," as Iger wrote in a note to employees last week: Dana Walden, Alan Bergman, Jimmy Pitaro, and Christine McCarthy. In that same note, Iger announced the departure of Kareem Daniel, the exec who led DMED, the distribution division under Chapek's structure.
With the exception of CFO McCarthy, all of these insiders have strong ties to content, which speaks to Iger's desire to restore power to the creative side that was eroded under Chapek. And with the exception of Walden — who led DGE, the creative hub under Chapek's structure — each of them boasts at least a decade at Disney, a company that places a high value on tenure.
These six names, listed alphabetically, came up the most in Insider's reporting as confidants and people whose star could rise now that Iger is back, and insiders also are betting that he'll lean on and perhaps even bring back Zenia Mucha, the company's former powerful and fierce PR chief, who retired in early 2022 alongside Iger. Nancy Lee, who was his chief of staff, has returned to that role.
Alan Bergman, chairman, Disney Studios Content
Alan Bergman.
While not a creative himself, Bergman leads all aspects of the vaunted Studios division, whose vast array of output includes such recent hits as Walt Disney Animation Studios' "Frozen" films, Pixar's "Toy Story 4," and Lucasfilm's "The Mandalorian." He also led the integration of key Iger acquisitions — Pixar Animation Studios, Marvel Studios, Lucasfilm, and the Fox film studios — and supported Disney's push into streaming.
Joining Disney in 1996, Bergman rose up through the business side and served as Studios president from 2005 to 2019, when he became co-chairman alongside Alan Horn, then sole chairman in December 2020. Horn — another close Iger confidant — stayed on through October 2021 as the Studios' chief creative officer and is now in a consulting role at Warner Bros. Discovery.
Rebecca Campbell, chairman, International Content and Operations
Rebecca Campbell.
Campbell's career soared during Iger's previous reign, with leadership roles spanning a variety of business segments including theme parks, streaming, and international. Starting at Disney 25 years ago on the TV side, she served seven years as president of the ABC-owned station group. In 2020, Iger gave her a big vote of confidence when he named her chairman of the Direct-to-Consumer & International unit that's key to Disney's growth as it looks abroad to fuel its streaming business and compete with Netflix.
She added more responsibility under Chapek, in January taking on oversight of a new international content group charged with developing local and regional content for Disney's streaming services Disney+, Hulu, and Star, its general entertainment streaming brand outside the US.
"She's definitely one of his people; she came out of the local station group, he plucked her, made her head of international, the head of Disneyland. Once you get to a certain level and the CEO likes you, they're going to find something for you to do," said a senior Disney executive. "Rebecca's been that person."
Justin Connolly, president, Platform Distribution for Disney Media and Entertainment Distribution
Justin Connolly.
Another longtime exec who's considered positioned for success, Connolly significantly expanded his role in 2019 when he gained responsibility for all the company's media sales and TV channel distribution operations under Kevin Mayer, then chief strategy officer.
Connolly, who came up the ESPN side, was also among Chapek's trusted circle, according to a 2021 Insider report. He's very well-liked and "really bright" when it comes to distribution, said a second Disney insider; as the exec overseeing Disney's content sales agreements and distribution strategy and affiliate marketing operations for the direct-to-consumer services and traditional media networks, his negotiating skills are crucial to helping Disney reach new audiences and new streaming subscribers.
Christine McCarthy, senior EVP, CFO
Christine McCarthy.
McCarthy attracted unusual attention for a CFO when, according to a Wall Street Journal report, she raised concerns about Chapek to Disney's board weeks before the company's disastrous earnings call and the CEO's subsequent ouster. She has respect on Wall Street, which will make her instrumental to regaining investor confidence in Disney.
McCarthy, who joined Disney in 2000 and served as treasurer before becoming CFO in 2015, has also long had Iger's confidence. According to a high-level source, she played an unusually significant role in deciding Disney's multibillion-dollar 2019 global media review, where the company picked ad agencies to handle its $2.2 billion in annual advertising spending.
Jimmy Pitaro, chairman, ESPN and Sports Content
Jimmy Pitaro.
Disney Interactive/Reuters/Jonathan Alcorn
Pitaro is close to Iger, has a long tenure at Disney, and has a foot in both creative and business sides. His domain, sports, is a key to driving the company's streaming bundle, and he's known as a team player who also operated successfully under Chapek.
Before joining ESPN in 2018, Pitaro was chairman of Disney Consumer Products and Interactive Media, where he led the creation of digital games and branded Disney, Pixar, Star Wars, and Marvel products.
Dana Walden, chairman, Disney General Entertainment Content
Dana Walden.
One of the top female execs in all of Hollywood, Walden has oversight for a huge array of content and boasts deep respect in the creative community — she'll be instrumental to helping Iger figure out a new structure that'll tilt the balance back to the creative side.
After stepping up as chairman of DGE in the wake of Chapek's unceremonious firing of Peter Rice, Walden is also speculated as a potential CEO, though at a company that values tenure, she is a relative newbie. She joined Disney in 2019 with its acquisition of 21st Century Fox and lacks experience running its other businesses. It'll be telling if Iger gives her a different role at the company, one that could add to her résumé for the top role, in the months ahead. | 2022-11-30T11:01:15Z | www.businessinsider.com | 6 Key Execs in Disney CEO Bob Iger's Inner Circle As He Restructures | https://www.businessinsider.com/top-execs-disney-ceo-bob-iger-inner-circle-restructures-chapek-2022-11 | https://www.businessinsider.com/top-execs-disney-ceo-bob-iger-inner-circle-restructures-chapek-2022-11 |
Did you believe falling home prices would make buying a house more affordable in 2023? You're wrong.
Home prices are falling at the fastest rate in the last 15 years, according to financial database Black Knight.
Home prices are falling at the fastest rate in 15 years, according to data firm Black Knight.
But most mortgage borrowers are now paying double than what they would have in 2021.
Higher mortgage rates offset any affordability that might be gained from slowing price appreciation.
US home prices are dropping at the fastest rate since the Great Recession — but it won't make homeownership anymore affordable in 2023.
It all comes down to the Federal Reserve's aggressive battle against surging inflation. As the Fed raises interest rates in an attempt to bring the economy into equilibrium, mortgage rates have reached levels — peaking at more than 7% — not seen since the mid-2000s.
Indeed, data from Realtor.com shows that the typical monthly mortgage payment is expected to climb by 28% in 2023. That means the average homebuyer will spend $2,430 a month for shelter — a sizable uptick from the 2022 rate of $1,750.
Those increased monthly payments are poised to offset any advantage that homebuyers may have hoped they could win as a result of home prices in many areas nationwide declining over the last few months.
As the Fed is poised to raise interest rates higher next year, which it is expected to do in January, prospective buyers will have to dig even deeper to afford homeownership.
Predictions that home prices will fall further in 2023 may not help much. Higher borrowing costs coupled with still-high prices — despite sellers cutting their asking prices in markets across the country, especially in popular pandemic Zoom towns like Austin and Phoenix — will pull housing affordability down even lower.
Faced with such daunting costs, prospective homebuyers are likely to shrink back — or give up entirely.
"With mortgage rate hikes projected to continue through March, the spring season will likely be less busy than in a typical year as buyers and sellers recalibrate their expectations around smaller budgets," Realtor.com researchers wrote in a 2023 housing forecast released Wednesday.
There's a glimmer of hope: If home-buying activity continues to slow next year, larger price cuts could be on the horizon. People with enough income or savings to stomach the higher borrowing costs could be in for some discounts — and definitely fewer bidding wars than in 2020 or 2021.
However, with builders still needing to construct at least 1 million new residential homes to meet the pace of demand, prices are unlikely to drop to pre-pandemic levels.
"Compared to the wild ride of the past two years, 2023 will be a slower-paced housing market, which means drastic shifts like price declines may not happen as quickly as some have anticipated," said Danielle Hale, Realtor.com's chief economist.
This could set the stage for next year's housing ecosystem. Buyers will have to contend with the still-high prices and higher borrowing costs. Sellers will not get as much money for their homes as they hoped — plus, they still have to pay to live somewhere else after they sell, which is a deterrent to putting a home on the market in the first place.
"It will," Hale confirmed, "be a challenging year for both buyers and sellers."
Home sales Realtor.com Federal Reserve | 2022-11-30T11:31:42Z | www.businessinsider.com | Buying a Home in 2023 Will Still Suck | https://www.businessinsider.com/buying-a-home-in-2023-home-prices-mortgage-rates-affordability-2022-11 | https://www.businessinsider.com/buying-a-home-in-2023-home-prices-mortgage-rates-affordability-2022-11 |
Tom Williams/CQ-Roll Call Inc via Getty Images; Carina Johansen/Getty Images
Sam Bankman-Fried told Axios he doesn't know what happened to his $100 million stake in Twitter.
He said he thought Alameda planned to rollover at least $20 million to a new holding company.
Last week Elon Musk said SBF "certainly does not own shares in Twitter as a private company."
Sam Bankman-Fried, the co-founder and former CEO of collapsed crypto exchange FTX, says he isn't sure what happened to his $100 million stake in Twitter.
"I believe that that it was intended for Alameda to rollover at least $20 million or more," Bankman-Fried told Axios on Monday, referring to Alameda Research, the trading firm he also co-founded. "I don't know for sure whether that ultimately happened."
Bankman-Fried added that some of the stake may have been sold before Twitter went private in late October but couldn't confirm this.
In a text message viewed by Axios, Bankman-Fried told new Twitter owner Elon Musk that the stake Alameda owned was worth around $100 million. The report doesn't say when the message was sent.
Axios' interview with the crypto mogul came just days after Musk claimed that Bankman-Fried hadn't invested in the social-media company since it went private. Musk's comments came in response to an article by Semafor which said that Musk had invited him to roll over his public Twitter shares into a stake in Musk's privately-held company, shortly after he offered to buy Twitter.
The Financial Times reported that an FTX balance sheet dated November 10 listed that it had shares in Twitter, which it described as an "illiquid" asset.
"As I said, neither I nor Twitter have taken any investment from SBF/FTX," Musk tweeted last Wednesday in response to the Semafor article.
In another tweet, he said: "He may have owned shares in Twitter as a public company, but he certainly does not own shares in Twitter as a private company."
Text messages released as part of a lawsuit Twitter filed against Musk showed that Bankman-Fried had considered purchasing the social-media giant, too, and was open to potentially working with Musk. But shortly after FTX collapsed, Musk told his Twitter followers that the pair had once had a meeting to discuss a potential investment in Twitter and that he had got a bad impression from Bankman-Fried.
During his interview with Axios on Monday, Bankman-Fried said that he had "no idea" about the status of his personal finances and that he had $100,000 in his bank account the last time he checked.
Earlier this month his net worth dropped from $15.6 billion to $1 billion in a single day, according to estimates by Bloomberg, after FTX failed to secure a bailout and filed for bankruptcy.
Bankman-Fried's fortune once peaked at an estimated $26 billion. The poster child for the effective altruism movement, he had said that he was building up his fortune with the plan to give almost all of it away.
Sam Bankman-Fried ftx Elon Musk | 2022-11-30T11:31:44Z | www.businessinsider.com | SBF Isn't Sure What Happened to His $100M Stake in Elon Musk's Twitter | https://www.businessinsider.com/sbf-sam-bankman-fried-elon-musk-twitter-stake-money-investment-2022-11 | https://www.businessinsider.com/sbf-sam-bankman-fried-elon-musk-twitter-stake-money-investment-2022-11 |
Wall Street's most important consultant might be its cloud provider
Happy hump day! It's Dan DeFrancesco checking in from the proud owners of second place of Group B in the World Cup!
Today we've got stories on a former top Wall Street executive's new gig, how a VC established itself as a key player in NYC, and why FTX might be full of Parrot Heads.
But first, let's talk about some synergies.
Noah Berger/Getty Images for Amazon Web Services
1. The new-age consultant.
Management consultants, you're on notice. There are some new kids on the block.
Public-cloud providers are quickly establishing teams focused on helping executives rethink how different parts of their businesses can be organized via the cloud.
Insider's Bianca Chan explored this trend with a piece on how cloud providers like AWS, Microsoft Azure, and Google Cloud are reimagining themselves as business consultants.
The inspiration for Bianca's piece was a recent comment from AWS CEO Adam Selipsky about how executives are more interested in speaking about transformation than technology.
"Digital transformation is moving to the cloud, which is driving organizational change and people are saying, 'Hey, how should I organize my company? And I can see my culture changing, how do I proactively shape that?'" Selipsky said in a recent interview with SiliconANGLE.
Many of the biggest cloud providers have stood up teams focused on interfacing with the C-suite to advise them on how a move to the cloud can be an opportunity to overhaul things.
It's not hard to see how this could end up being big business for the cloud providers. If a firm is committed to migrating to the cloud, why wouldn't they use that as an opportunity to reevaluate how they do business?
These days, most companies don't opt for a lift-and-shift approach whereby they simply move stuff that was on physical servers into the cloud. Instead, migrations are viewed as a chance to reset, as Bianca explains in her piece.
And if they wanted to make changes, who better than the people who know the tech best?
Cloud providers still have a long way to go to be a real threat to consultants, but there is potential there. Let's not forget that AWS started off as a small side business.
Click here to read more about how cloud providers are becoming the new-age consultants for Wall Street.
2. Well, well, well if it isn't the consequences of my actions. Finance influencers are taking heat from their fans for promoting companies that ended up getting caught up in the FTX debacle. This is how some are responding.
3. FTX had too many cheeseburgers in paradise. New documents from FTX's bankruptcy case, which is the gift that keeps on giving, shows the company owes $55,000 to Jimmy Buffett's Bahamas Margaritaville beach resort. Here's how FTX got wasted away again in Margaritaville.
4. Tom Montag is back in the game. The former Bank of America COO was picked to run TPG's new carbon-credit business alongside fellow BofA vet Anne Finucane, who was the bank's vice chair, Axios reports. Read more here.
5. A top Wall Street trading firm is suing its regulator. Virtu is suing the US Securities and Exchange Commission to get details about its process for rewriting equity-trading rules, Bloomberg reports. More on Virtu's suit here.
6. What started as an idea over beers between college friends turned into a key VC player in NYC. Inside the rise of Eniac Ventures, which was an early investor in Airbnb, SoundCloud, and Hinge. Click here to read our profile.
7. Meet the PR folks getting attention for ultraluxury real estate. These publicists play a key role in grabbing the uberwealthy's attention for high-end homes. Check out our list of 13 PR experts.
8. Fantasy football for film buffs. This startup production company is crowdsourcing funding from everyday investors and giving them the power to vote on the movies it pursues. Here's its pitch deck.
9. A lawyer who was charged with helping Robert F. Smith evade taxes died right before he was set to go on trial. Carlos Kepke, who was 83, was facing federal charges of conspiring to defraud the IRS, Bloomberg reports.
10. So you wanna be a cowboy? For $131 a night on Airbnb, this ranch outside Las Vegas offers horseback riding, ax throwing, and cattle driving. Check out photos of Sandy Valley Ranch here. | 2022-11-30T13:03:04Z | www.businessinsider.com | Cloud Providers Spinning up Consulting Arms to Aid Transformations | https://www.businessinsider.com/cloud-providers-consulting-plans-help-financial-firms-transform-business | https://www.businessinsider.com/cloud-providers-consulting-plans-help-financial-firms-transform-business |
Elon Musk is on track to become Twitter's most-followed account. From Barack Obama to Katy Perry, here's how his rivals rank.
Elon Musk is the new owner of Twitter.
Elon Musk is expected to overtake Barack Obama as Twitter's top influencer in January, per BBC News.
Musk has gained nearly 270,000 Twitter followers a day in the past year, per the report.
Here are the top 10 most-followed accounts on Twitter.
Elon Musk is expected to become Twitter's top influencer in January
Musk, who acquired Twitter in late October, has the second most-followed account on the platform with 119.5 million followers.
Social Blade, an analytics website, told BBC News it predicts that Musk would have the most Twitter followers by January 17.
Musk has gained an average of 268,303 Twitter followers a day over the past year, Social Blade told the BBC.
When Twitter fired contractors on November 12, Musk lost almost 200,000 followers in a day, according to Social Blade.
Since he took over Twitter, Musk has posted 84% more often and hit his tweet record on November 22 with 75 tweets, Social Blade told the BBC.
Former President Barack Obama has the most Twitter followers
Nathan Congleton/Getty Images
Obama has 133.2 million followers, making him the biggest influencer on Twitter.
However, Social Blade told the BBC this could soon change as it predicts Musk's follower count will overtake the former president in January.
Obama's Twitter account appeared to have been hacked in July 2020 as part of a cryptocurrency scam which also hit Musk, President Joe Biden, and Bill Gates.
Musk has 5.9 million more Twitter followers than Justin Bieber, who ranks third
The singer and musician has 113.6 million Twitter followers.
In April Musk criticized Bieber's Twitter account as well as other celebrities and high-profile figures for rarely tweeting and posting "very little content."
"Justin Bieber only posted once this entire year," Musk tweeted.
At that time, Musk was ranked the eight most-followed Twitter account with more than 81 million followers.
Katy Perry has 108.7 million followers, ranking her fourth and making her the most-followed woman on Twitter
Perry frequently tweets written posts, videos, and reshares content on her Twitter account.
Following closely behind Perry is Rihanna with 107.2 million Twitter followers
Most of Rihanna's content includes pictures and videos of her Savage X Fenty lingerie brand – and her music.
Cristiano Ronaldo, who ranks sixth, has 105.4 million followers on Twitter
Matthew Ashton/Getty Images
Musk tweeted in August that he was buying Manchester United, the football team that Ronaldo has just left, but then said it was a joke.
Taylor Swift sits at seventh place with 91.9 million Twitter followers
When Musk criticized the top 10 Twitter accounts for rarely posting, he called out Swift in a separate tweet.
"For example, Taylor Swift hasn't posted anything in 3 months," Musk said.
Former President Donald Trump, who recently had his Twitter account reinstated, has 87.7 million followers
Trump was locked out of his Twitter account following his tweets during the US Capitol riots in January 2021.
Musk restored Trump's account on November 19 after he tweeted a poll with a simple yes or no response to the statement "reinstate Trump."
Shortly after, Reuters reported that Trump said he saw no reason to rejoin Twitter. He still is yet to tweet for the first time after his account was reinstated. Instead of Twitter, he posts content on Truth Social, a social media platform he founded.
Despite not tweeting since January 2021, the former president still ranks in the top 10 most-followed Twitter accounts.
Lady Gaga ranks ninth with 84.9 million users following her
Lady Gaga also follows a lot of Twitter accounts: about 116,700 at the time of writing.
In 10th place with 84.7 million Twitter followers is Narendra Modi, the prime minister of India
Modi is one of the three politicians who sit in the 10 most-followed accounts on Twitter. | 2022-11-30T14:04:03Z | www.businessinsider.com | Elon Musk on Track to Overtake Obama As Twitter's Most-Followed Account | https://www.businessinsider.com/elon-musk-twitter-biggest-influencer-followers-rivals-rank-overtake-obama-2022-11 | https://www.businessinsider.com/elon-musk-twitter-biggest-influencer-followers-rivals-rank-overtake-obama-2022-11 |
We got an exclusive look at the 10-slide pitch deck crypto market making startup Keyrock used to raise $72 million in a round backed by Ripple
Keyrock's CIO Eric Beckwith, CEO and cofounder Kevin de Patoul, CSO Juan David Mendieta, and Jeremy de Groodt, CTO.
Keyrock
Brussels-based crypto market maker Keyrock has raised $72 million in new funding.
The startup, founded in 2017, has brought in funding from crypto settlement platform Ripple.
Keyrock wants to double the size of its team despite the downturn in the wider crypto market.
Belgian crypto startup Keyrock has raised $72 million in fresh funding in a Series B round backed by settlement platform Ripple.
The Brussels-based company, founded in 2017, offers market-making infrastructure to 85 crypto exchanges across the world. Keyrock offers two sides of a trade – in this case digital assets – and acts as an intermediary between the bid (purchase) price and the ask (sale price).
Market-making companies are compensated through the difference between these two prices in exchange for the liquidity they provide, alongside the risk of holding a security that could change in price between the purchase and sale.
Keyrock has focused on spot markets to date but has been making moves into over-the-counter – a form of private market trading –, derivatives, and futures, according to CEO Kevin de Patoul.
Part of Keyrock's offering has been to provide better access to nascent cryptocurrency markets to institutional clients, something that has been growing as a sector despite the downfall of a number of cryptocurrency exchanges in 2022, such as FTX.
"The trend has been towards more and more institutional involvement in this space, particularly on the digital asset side investing in the asset themselves but also investing in companies so there is no putting the genie back in the bottle now," de Patoul told Insider.
"Instruments are becoming better, there's now a developing options market, regulation is increasing and institutions see the benefit of tokenizing assets."
The FTX debacle and an expectation that regulation will become more stringent are not likely to dampen institutional adoption, de Patoul said.
"Our ambition is to build one of the biggest financial institutions so we are going about doing that with the right corporate governance to build a long-term organization," he said.
The Belgian startup hasn't raised a funding round since its 4.3 million euros ($4.45 million) raise in 2020 which "feels like a lifetime ago," according to de Patoul. He said raising money was a "means to an end" and that it was "like fuel" that would enable the business to grow a lot faster.
The funding comes from crypto settlement platform Ripple, SIX Fintech Ventures, and Middlegame Ventures. Keyrock aims to double its 100-strong headcount in the next 12 months with the new funding, as well as opening new offices in Switzerland and Singapore.
Funding will go towards expanding Keyrock's product, trading teams, and scaling its options offering into 2023, de Patoul said.
Check out Keyrock's Series B pitch deck below: | 2022-11-30T14:04:05Z | www.businessinsider.com | Keyrock: Crypto Liquidity Provision Startup Raises $72m From Ripple | https://www.businessinsider.com/keyrock-crypto-liquidity-provision-startup-raises-72m-from-ripple-2022-11 | https://www.businessinsider.com/keyrock-crypto-liquidity-provision-startup-raises-72m-from-ripple-2022-11 |
I asked a financial advisor to review my portfolio and share 6 ways I can recession-proof my finances before it's too late
Jen Glantz.
I shared my finances with an advisor to get his advice for preparing for a recession.
He said to make sure my cash is earning money, get proper insurance, revisit my investment strategy, and consider a Roth IRA.
He also advised spending less than I make and planning ahead for a potential side-hustle.
After spending most of my 20s making a variety of money mistakes, from going into debt to not having any investments, I've spent my 30s being hyper-focused on properly managing my finances.
But with talk of a looming recession hitting the US economy in 2023, I've found myself nervous that all my financial planning and goals might go to waste if I'm not doing the right things now to protect my money in the future.
To make sure I'm doing all that I can to recession-proof my money, I showed my financial portfolio to certified financial planner Jeremy Keil, who shared six ways I can switch up my strategy now to protect myself as much as possible from a recession.
1. Make sure your cash is making money
Because I don't feel confident with my investment strategy and knowledge, a large part of my financial portfolio consists of cash sitting in my savings account.
While Keil doesn't think being so cash-heavy is a mistake, since during a recession that money can supplement my income if needed, he did say there are missed opportunities with just letting the money sit in any kind of savings account.
Action step: Keil recommends making sure I'm keeping the cash in a high-yield savings account that's earning at least 3% interest, and paying attention to higher interest rates offered in the future at other banks.
He also says I should explore more CD options that are offering a high interest, with term lengths I'm comfortable with. Another option he recommended, which I haven't explored, is buying Treasury bills. Currently, you can buy these bills for 4.4% interest rate for a six-month term.
2. Get proper insurance policies
Something that might not be so obvious when it comes to recession-proofing your finances is to make sure you have the right insurance policies.
"A recession means there's less money around you," says Keil. "Things that you'd normally be able to go through, and even pay for, might create even bigger problems."
For example, Keil says, if you were sick or injured and out of work for a few months, you might be able to weather that financially if the stock market was up or if your company was willing to work with you. But during a recession, everyone's money is tighter, so an illness or injury might be more costly without the right insurance in place.
Action step: As an entrepreneur and freelancer, Keil recommends that I take out disability insurance in case something happens to me that would impact my ability to work. Also, because I am married and planning to have kids in the near future, Keil also recommends that my husband and I consider a life insurance plan.
In addition to having a solid health insurance plan, Keil suggests looking into a plan that includes a health savings account.
"If you can, max out your HSA," says Keil. "Not only does this help you cover the cost of a health emergency later on, but the money you put inside this account won't be taxed, and can roll over every year if you don't use it."
Another strategy Keil mentioned is that if you have an HSA but can cover a health expense out of pocket, do that and save the receipt. Later on, if you need cash from your HSA, you can get reimbursed for that health bill and pull that tax-free money out of your HSA to put back into your savings account.
3. Spend less than you make
When it comes to planning for a recession, Keil says your spending and income are the biggest drivers of whether you're ready for a recession. "If you have a big financial commitment, like a mortgage or rent payment, those costs aren't going to change in a recession," says Keil. "But if your income drops, your fixed expenses will stay the same."
That's why he says it's so important to control what you can control, which is your spending, especially your fixed costs.
Right now, I'm saving between 20 and 30% of my income every month. However, I fear that a recession could cost me clients and opportunities as an entrepreneur and freelancer.
Action step: Keil said to take inventory of any fixed costs that I have and see if there are any I can cut, adjust, or prepare to change if I have to during a recession. For example, some of my fixed costs include my rent payment, health insurance monthly premium, and utility bills (electricity, cable bills, etc.).
I started brainstorming ways I can consciously lower my electric bill every month (by not leaving lights or the air conditioning on when I'm not home) and called my cable and internet provider to see if there's a lower-tier package I can switch to.
Since I can't get my current rent payment lowered, I've found options to turn to in case my income gets drastically cut and I can't afford to pay my current rate, such as scoping out less expensive areas to move to once my lease is up in six months and creating profiles on subletting websites, just in case I need to use these platforms to find someone to take over my lease.
4. Diversify income sources
As an entrepreneur and freelancer, the amount of money I make every month varies based on projects, clients, and overall business sales. Because a recession could impact the amount of work I'm getting, Keil suggested preparing now to launch additional income sources later on if needed.
"The quickest way a person can increase their income is to have a side hustle," says Keil.
Even if you don't have one now, he recommends starting to prepare to take one on if necessary.
Action step: "Invest in yourself," says Keil. "Update your LinkedIn profile and your resume, plus start adding up costs of a potential side hustle and saving that money now."
For example, Keil says if you needed to earn extra money and decided to become an Uber driver, you might need to invest in leasing a car (if you don't have one), plus car insurance that covers you as a business. Setting aside or planning for these expenses now can help you when you're in a pinch and need a new income source during a recession.
5. Revisit my investment strategy
Finally, when I showed Keil my investment portfolio, I mentioned I was unsure what to do with all of the individual stocks I invested in during the pandemic, without doing any research or having a strategy. Now that most of these stocks are down, I feared making any changes would cost me even more money.
Keil says that a down market gives people an opportunity to fix these investments, especially if your current strategy is making you feel anxious or isn't one that you're comfortable with.
Action step: "If you're not going to beat the market, you might as well join the market and buy an index fund instead," suggests Keil.
Because many of my individual stocks are down 15 to 20%, Keil shares that I probably won't pay any taxes when I sell off most of these stocks (since they will be sold at a loss) and instead put the money into an index fund, like one that tracks the S&P 500.
If I change my investment plan and instead put the money in index funds, Keil says, it can take the emotion out of holding individual stocks."When you have an index fund, you have a couple hundred or thousand stocks, so you don't feel as married to that index fund, like you would with the performance of individual stocks, especially if they go down even lower during a recession."
6. Consider a Roth IRA
When it comes to retirement investing and saving, I currently only do that through my SEP IRA, which Keil says is a good strategy, especially during the years when my income is high, since the money put into this account reduces my taxable income for the year.
Action step: Keil also recommends opening a Roth IRA since withdrawals of both contributions and earnings are tax-free once you turn 59 1/2. While the money you put into this account doesn't lower your taxable income, you can take out any contributions you put into this account, at any time, tax free. (Note that you must leave any earnings until 59 1/2 to withdraw tax and penalty-free.)
"Consider this another version of an emergency fund," Keil says.
PERSONAL FINANCE 4 drastic — but painless — changes I've made to my financial plan to prepare for a recession
Recession Personal Finance Insider PFI Storytelling | 2022-11-30T14:04:06Z | www.businessinsider.com | 6 Ways I Can Recession-Proof My Finances, From a Financial Advisor | https://www.businessinsider.com/personal-finance/recession-proof-my-finances-advice-financial-advisor-2022-11 | https://www.businessinsider.com/personal-finance/recession-proof-my-finances-advice-financial-advisor-2022-11 |
South Dakota Gov. Kristi Noem during the Conservative Political Action Conference in Dallas, Texas, on July 11, 2021.
US officials have raised security concerns about TikTok, which is owned by a Chinese company.
On Tuesday, South Dakota Gov. Kristi Noem signed an executive order restricting the app for officials.
The ban will prohibit state officials from using TikTok on government devices, Noem said.
South Dakota Gov. Kristi Noem banned the use of TikTok on government devices on Tuesday, saying China uses the social media platform to manipulate Americans.
"South Dakota will have no part in the intelligence gathering operations of nations who hate us," Noem said in a press release.
"The Chinese Communist Party uses information that it gathers on TikTok to manipulate the American people, and they gather data off the devices that access the platform," she added.
The order, which Noem signed on Tuesday, takes effect immediately. It is unclear how many South Dakota state employees were actively using TikTok on government-owned devices.
US officials have, for years, raised security concerns about TikTok, which is owned by Chinese company ByteDance.
Earlier this year Buzzfeed reported that ByteDance had repeatedly accessed non-public data about US TikTok users.
After the Buzzfeed report was published, TikTok CEO Shou Zi Chew told Republican Senators in a letter that the company was working with Oracle to protect the data of its US users "with robust, independent oversight."
But last month a report by Forbes found that an internal team at the company was planning to use location information gathered from US users for surveillance purposes.
A representative for TikTok did not immediately respond to Insider's request for comment.
Noem is not the only US politician making moves to ban the app in some form.
Wisconsin GOP Representative Mike Gallagher on Sunday renewed his calls for a nationwide ban on TikTok, calling the platform "digital fentanyl" that is "addicting our kids."
"Tiktok is owned by ByteDance, ByteDance is controlled by the CCP [Chinese Communist Party], that means the CCP can track your location, it can track your keystrokes, it can censor your news — why would we give our foremost adversary that amount of power?" Gallagher said.
The Trump administration proposed a total ban of the app in 2020, while the Biden administration promised a security review of foreign-owned apps last year, although it has yet to publish its results.
US's Cybersecurity and Infrastructure Security Agency (CISA) views China as a top cyber threat.
News UK Kristi Noem TikTok | 2022-11-30T14:04:07Z | www.businessinsider.com | South Dakota's Kristi Noem Bans the Use of TikTok on Official Devices | https://www.businessinsider.com/south-dakotas-kristi-noem-bans-use-of-tiktok-official-devices-2022-11 | https://www.businessinsider.com/south-dakotas-kristi-noem-bans-use-of-tiktok-official-devices-2022-11 |
Bank of America says the US economy is hurtling toward a recession. Their stock chief shares her 5-part investing playbook for thriving during the downturn.
Bank of America economists say a mild recession is coming in 1H 2023.
For investors, this means a difficult landscape to navigate ahead.
In a webinar on Monday, the bank's stock chief Savita Subramanian shared her playbook.
Economists at Bank of America see trouble coming.
According to Michael Gapen, the bank's head of US economics, a mild recession will occur sometime in the first half of next year as policy tightening from the Federal Reserve will lead to a slowdown in consumer spending. Consumer spending plays a crucial role in the US economy, as it accounts for two-thirds of GDP.
The high risk of a downturn ahead makes the current investing environment a difficult one. Savita Subramanian — the bank's head of US equity, quantitative, and ESG strategy — said in a Bank of America webinar on Monday that she sees the market having a rocky start to next year before going into "recovery mode" in the second half of 2023.
That's not ideal for investors looking to put their money to work now (though Subramanian said the S&P 500 is in a good position to deliver attractive long-term returns). But for the year ahead, she shared her five-part playbook for thriving during a downturn.
First, Subramanian said she likes sectors of the market that offer free-cash-flow yields, growing income streams, and protection from inflation. Right now, the energy and financials sectors meet these requirements, she said, even though the typically cyclical sectors aren't usually considered recession-proof.
Though energy has had a big run in 2022 — year-to-date, energy sector funds are up almost 60% — Subramanian thinks it has further to climb as supply levels will remain suppressed going forward.
"I think the bull-case for energy is really the idea that as we transition from where we are today to the sort of cleaner, greener world, the role of oil is going to be an important one," she said. "And the likelihood of supply coming online in an environment where companies are being dissuaded from producing fossil fuels, and banks are being dissuaded from lending to companies that produce fossil fuels, that supply-demand story is, to me, a really interesting long-term bull-case for energy."
She added: "Eventually we will get to net-zero, but I think it's going to be a lot longer than what is priced into WTI and into the energy stocks today."
As for financials, Subramanian says the sector is well-positioned because it's become higher quality in terms of firms' balance sheets, and is less sensitive to credit conditions than it was during the 2008 downturn.
"I actually think it can weather a downturn better than investors anticipate, and even during COVID we saw financials suffer a pretty limited earnings recession relative to other cyclical sectors," she said.
Next, Subramanian likes two sectors that are more traditional recession plays: consumer staples and utilities.
"Depending on the length of the recession, to me, consumer staples and utilities look like very good places to park capital, clip a coupon from a dividend, and avoid some of the not just economic risk, but also geopolitical risk, that we're facing," she said.
Longer-term, Subramanian said the utilities sector could continue to benefit from high levels of capital spending into green energy. For consumer staples, she said she would start moving out of the sector once the economy shows clear signs of a recovery.
Exposure to the above areas of the market can be found in exchange-traded funds like the Vanguard Financials ETF (VFH); the Energy Select Sector SPDR Fund (XLE); the Fidelity MSCI Utilities Index ETF (FUTY); and the Consumer Staples Select Sector SPDR Fund (XLP).
Finally, Subramanian listed areas of the market she thinks investors should avoid in the coming months, including information technology, communication services, consumer discretionary, and materials sectors. This is because they're cyclical sectors, which tend to suffer when the economy slows. | 2022-11-30T14:04:22Z | www.businessinsider.com | Stock Market Outlook, Bank of America Playbook for Recession Investing | https://www.businessinsider.com/stock-market-outlook-bank-of-america-playbook-for-recession-investing-2022-11 | https://www.businessinsider.com/stock-market-outlook-bank-of-america-playbook-for-recession-investing-2022-11 |
9 strategies creators are using to diversify their incomes as they prepare for a potential recession
Marta Biino, Amanda Perelli, Sydney Bradley, and Tanya Chen
Aisha Beau Frisbey is a lifestyle content creator on Instagram and YouTube.
Aisha Beau Frisbey
With a shaky economy, some brands have reduced or cut sponsored content deals with creators.
Heading into 2023, influencers are preparing to weather a potential prolonged downturn.
Creators shared nine ways they are diversifying their income to not rely only on sponsored content.
Preparing for a prolonged economic downturn has been top of mind for many creators in recent months.
As many brands began tightening up advertising budgets in the summer, some creators faced delayed payments on their brand partnerships, smaller deals, or cancellations.
Florence Williams, a micro influencer with 14,000 Instagram followers, said the wake-up call for her came when a brand called off a six-month partnership worth $25,000.
"That was definitely a bummer," Williams told Insider. "But the word of the year for me is pivot. So I had to pivot and do something differently. It was a huge lesson: You can't put all your eggs in one basket."
The downturn has continued through the winter for some creators.
"I was anticipating the holiday season to be really big for me," said full-time influencer Austen Tosone, who has about 13,000 Instagram followers. "But I found that the offers weren't coming in to the degree that I expected them to."
Insider Intelligence still expects influencer marketing to grow next year, rising to $6.16 billion from 5 billion this year. But many creators have seen the unpredictability of 2022 as an opportunity to diversify their income streams instead of relying solely on advertising budgets.
Here are 9 strategies creators are using to diversify their income streams:
1. Launching products
Aisha Beau Frisbey, a full-time lifestyle content creator with 36,000 Instagram followers and 30,000 YouTube subscribers, told Insider earlier this year she was expanding her income by launching her own direct-to-consumer products. Her first product was a deck of affirmation cards, which she started selling in August.
Emma Downer, a DIY creator with 340,000 TikTok followers, is also working on a line of products that relate to her content niche, to release next year.
Finding brands that are willing to sign long-term partnerships can be valuable for both companies and influencers, creators and managers pointed out.
Brands can receive regular deliverables and cheaper rates from creators, and creators can rely on a predictable payout.
"We turned to a lot of brands that work with our clients on a semi-recurring basis and tried to formalize those as long-term ongoing partnerships," said Byron Ashley, the CEO of talent management firm Settebello Entertainment. "Even if there was a bit of discount we wanted to lock in rates and know that our clients would be working through the winter."
3. Negotiating smaller, or content-only deals with brands
Finding ways to compromise with brands can be important when advertising budgets are tight.
"There's always ways to make your offering fit whatever budget someone's working to," Emma Downer said.
Downer and Florence Williams said a successful strategy for them has been negotiating smaller deals, or deals that only require making content instead of posting it on their own social channels — also known as creating UGC, short for user-generated content. Creators usually charge smaller amounts of money for these types of contracts.
"It's a win-win in certain circumstances because you don't have to flood your audience with a ton of ads every single week, but you're still getting paid and compensated for your work," Williams said. "And in some cases, the brands are getting a little bit of a discount."
"People who have multi-year podcast deals where they get paid every month, book deals, and longer-term partnerships with larger companies, are much more stable in this time," Ashley said.
Tosone has been including affiliate links for software companies that relate to her videos about tips for becoming a creator, she said.
With affiliate links, creators receive a percentage from product sales when a customer purchases a product through the creator's personalized link.
Software companies give out a higher pay per sign-up, compared to other programs for fashion and beauty products, Tosone added.
Affiliate marketing can be lucrative, but it's not without risk. For example, crypto exchange website Coinbase shut down its affiliate-marketing program for influencers in the summer, and some other platforms reduced their payouts to creators during the pandemic.
Tosone built a membership program on subscription platform Patreon, and she offers coaching to other influencers about social-media strategy. She is also planning to launch a course for aspiring influencers in 2023.
"I think the big thing about them, too, is when they get to a point where they become predictable monthly income," she previously told Insider. "I know how many Patrons I have, so I know how much I am going to make from that community each month."
ASMR creator Julia McNamee, who has 54,000 YouTube subscribers, said she has slowly built her subscription offering to become the bulk of her income, and has recently switched over from Patreon to a different service that offers a custom domain and custom branding, to make the experience more personal.
7. Offering fans better deals on their existing digital products
Florence Williams sells a bundle of email templates to reach out to brands for collaborations. She recently offered a Black Friday sale that lasted a week, and made her $1,500.
"It was pretty crazy," she said. "$1,500 is my brand partnership rate, and I made that in seven days as opposed to talking to a brand for two months, getting content live, doing all the things."
Natasha Samuel, a video marketing coach and creator with about 40,000 Instagram followers, brought a more affordable digital product back to her store, a collection of digital content templates she had stopped selling in favor of her long-term group coaching program. She is currently updating it to relaunch an extended version in Q1 2023.
"I think people are wanting to try things before they go all in with larger investments," Samuel told Insider.
Samuel is also offering longer-term payment plans for her coaching program, so that clients can pay in smaller installments.
8. Focusing on their own companies
Max Reisinger, a YouTuber with 564,000 subscribers, said YouTube has taken more of a backseat for him this year, as he focuses on building a company with fellow creators.
The project, called Creator Camp, is a three-day camping experience for select creators to meet, build friendships, and engage in group activities.
After doing a trial run earlier in 2022, Reisinger has been focusing on looking for investors and scaling the company ahead of the next event in early 2023.
9. Taking on speaking engagements
Three creators told Insider that speaking engagements, in-person and virtual, have been a growing income stream for them.
Downer said she has been talking about how DIY can improve people's ability to problem-solve and build a sense of personal autonomy, as well as how to use TikTok effectively, both for paid and unpaid opportunities.
Experts also advise creators to understand overhead and try to reduce spending
Talent-management firms are also advising creators to really understand their cash flows: Where their revenue comes from, and how variable their revenue streams are.
"You need to understand where you're spending money," Reed Duchscher, CEO of management company Night, previously told Insider. "How much does it cost you to employ people? Where are you spending all your other money? And how much is it costing you to post a single video?"
Tejas Hullur, a creator with almost 600,000 TikTok followers, said he had to slow down his plans to hire a team.
"I was looking to build a team to help me create more and better content, but now I am keeping a more lean mindset," he told Insider. | 2022-11-30T14:04:28Z | www.businessinsider.com | 9 Strategies to Diversify Income That Creators Are Using | https://www.businessinsider.com/strategies-to-diversify-income-creators-are-using-2022-11 | https://www.businessinsider.com/strategies-to-diversify-income-creators-are-using-2022-11 |
An Air New Zealand plane at Wellington airport.
An Air New Zealand plane was struck by lightning mid-flight on Wednesday, forcing it to turn back.
Another aircraft on the same route had to be canceled after it was struck by birds.
Victoria Carter waited for hours in Wellington airport and missed out on festive drinks in Auckland.
It seems the universe really didn't want Victoria Carter to get to a Christmas drinks on Wednesday.
She was trying to fly from Wellington, New Zealand's capital, back home to Auckland, its biggest city, when the plane operating her flight got struck by lightning, forcing it to turn back.
Then another Air New Zealand plane was struck by birds, taking that aircraft out of service as well.
The incidents meant a total of four flights between the two cities were canceled, with Carter missing out on her first party of the festive season.
She told local news site Stuff: "I got an alert telling me I had been cancelled, and then staff told me the rebooked plane was cancelled again, because it had been struck by birds."
Carter ended up spending a long afternoon waiting at Wellington airport. She tweeted: "2 flights now cancelled and no seats... getting wee bit anxious!"
She eventually made it home late Wednesday evening, but missed out on the planned Christmas celebration.
—Victoria Carter😊🐶🎧🌏🌳 (@vcarternz) November 30, 2022
A spokesperson for Air New Zealand told Insider: "All aircraft are being inspected by engineers before being returned to service. These [situations] are not uncommon and our pilots train for these scenarios."
Passengers were put on later flights, the spokesperson added.
Carter did not immediately respond to a request for comment from Insider.
Lightning Strike Air New Zealand Flight Delays | 2022-11-30T14:04:34Z | www.businessinsider.com | Woman's Plane Was Struck by Lightning and the Replacement Was Hit by Birds | https://www.businessinsider.com/womans-plane-struck-lightning-replacement-was-hit-by-birds-2022-11 | https://www.businessinsider.com/womans-plane-struck-lightning-replacement-was-hit-by-birds-2022-11 |
Elon Musk has urged the Federal Reserve to cut interest rates immediately.
The Tesla and Twitter CEO said the central bank's hikes have hugely increased the risk of a recession.
Musk recently predicted a severe US recession that will last a year or two.
Elon Musk has called on the Federal Reserve to slash interest rates as soon as possible, warning its rapid hikes this year have dramatically increased the risk of a deep and painful economic downturn in the US.
"Trend is concerning," the Tesla, SpaceX, and Twitter CEO replied on Wednesday to another Twitter user's prediction of a recession next year.
"Fed needs to cut interest rates immediately," Musk continued. "They are massively amplifying the probability of a severe recession."
Inflation has surged to 40-year highs this year, spurring the Fed to hike rates from almost zero in March to around 4% today, and signal rates could peak above 5% next year. Higher interest rates discourage spending, borrowing, and hiring, which alleviates upward pressure on prices but can also sap growth and increase unemployment.
Musk has previously warned the US economy is poised to shrink. "There's going to be probably a year or two of serious recession," he said during his first meeting with Twitter employees earlier this month.
He described the economic backdrop as "dire," and said Twitter faces a "challenging economic climate," in an email to Twitter staff.
The billionaire technology executive bemoaned excessive rate hikes during Tesla's third-quarter earnings call in October.
"The Fed is not listening, because they're looking at the rearview mirror instead of looking out the front windshield," he said, meaning that the central bank is too focused on lagging economic data instead of current conditions.
Musk is one of several corporate bosses to sound the recession alarm in recent weeks. Amazon founder Jeff Bezos, JPMorgan CEO Jamie Dimon, and Goldman Sachs CEO David Solomon have all issued grim economic outlooks. | 2022-11-30T14:34:30Z | www.businessinsider.com | Elon Musk Urges Fed to Cut Interest Rates or Risk Severe US Recession | https://www.businessinsider.com/elon-musk-tesla-twitter-economy-federal-reserve-recession-interest-rates-2022-11 | https://www.businessinsider.com/elon-musk-tesla-twitter-economy-federal-reserve-recession-interest-rates-2022-11 |
More about the Crescent Bank CD
How Crescent Bank works
The best 12-month CD rates
The offers on this page have updated or changed since the time of publication. See our best credit cards page for a list of current offers.
Crescent Bank is offering a 12-month online CD paying 4.90% APY for a limited time. Here's how to qualify.
The minimum opening deposit for a Crescent Bank Online CD is $1,000.
From November 30 to December 1, 2022, you can open a 12-month Crescent Bank Online CD and earn 4.90% APY.
To open an online CD at Crescent Bank, you'll need to deposit $1,000 or more in new money.
In comparison, the average 12-month CD pays 0.90% APY, according to the FDIC.
Crescent Bank is offering the highest-paying 1-year CD right now through a promotional offer available from November 30 to December 1, 2022. You'll be able to lock in a rate of 4.90% annual percentage yield (APY) for 12 months if you open a CD during these days.
Note: This promotion begins at 9:05 CT on November 30th and will expire on December 1, 2022.
You may open an online Crescent Bank CD from anywhere in the US as long as you're a US citizen and age 18 or older. When you're filling out the online application, you'll need a social security number, a US ID, and your bank account information for an ACH transfer.
To open the 12-month Crescent Bank CD with the promotional rate, you'll need to deposit at least $1,000 in new money into a CD. New money means funds that haven't already been deposited into a Crescent Bank account.
You'll also need to maintain money in the account for the full term. If you withdraw money from a CD before the end of a term, you might have to pay an early withdrawal penalty. At Crescent Bank, the early withdrawal penalty for a 12-month online CD is 90 days of interest.
You might like a Crescent Bank CD if you're searching for a competitive interest rate on online CD terms from one to six years. Crescent Bank offers a higher interest rate on its CDs than most brick-and-mortar and online banks.
The minimum opening deposit and early withdrawal penalties for most CD terms are on par with other financial institutions. However, if you would like a CD with easier requirements, there are online banks that let you open a CD with $0 or offer no-penalty CDs.
Crescent Bank is a financial institution with branches in New Orleans, Metairie, and Mandeville, Louisiana. You can also open online CDs nationwide.
Crescent Bank may not be the best choice if you frequently use mobile banking. It doesn't have a mobile app on the Google Play store or Apple store.
Banking customer service is available by phone from 8 a.m. to 4 p.m. CT Monday through Friday.
Your deposits are FDIC insured for up to $250,000 per depositor in a bank account.
The average 12-month CD in November 2022 pays 0.90% APY, according to the FDIC. However, there are online banks that offer much higher interest rates on CDs. We've compared Crescent Bank to two other financial institutions featured in our best 1-year CD guide: CFG Bank and Bread Savings.
Compare certificate of deposit rates
CFG Bank CDs vs. Crescent Bank CDs
With its promotional rate, you'll earn a higher interest rate on a 12-month Crescent Bank CD than a CFG Bank 12-month CD.
If you're looking for a financial institution that offers lower minimum opening deposits on CDs, you might still consider CFG Bank. The minimum opening deposit for a CFG Bank Certificate of Deposit is only $500.
Bread Savings CDs vs. Crescent Bank CDs
While Bread Savings High-Yield CD pays 4.50% APY on a 12-month CD, you'll earn 4.90% APY with a 12-month Crescent Bank if you get a CD during the promotional rate offer.
Bread Savings also has a higher minimum opening deposit for its CD than Crescent Bank. You still might like Bread Savings if you're an avid mobile app user. Bread Savings has a mobile app in the Google Play and Apple stores.
PERSONAL FINANCE The best 1-year CD rates of November 2022
PERSONAL FINANCE A CD early withdrawal penalty will occur if you take out money from your account early— here's how avoid it
PERSONAL FINANCE What is a CD? How a certificate of deposit can help you earn more over time
Crescent Bank Crescent Bank CD pfi | 2022-11-30T14:34:32Z | www.businessinsider.com | Crescent Bank Has a Limited Time 12-Month Online CD Paying 4.90% APY | https://www.businessinsider.com/personal-finance/crescent-bank-12-month-cd-2022-11 | https://www.businessinsider.com/personal-finance/crescent-bank-12-month-cd-2022-11 |
The US dollar has soared this year but is on pace for its largest monthly loss since 2010.
In November, it has fallen 4.2% against a basket of currencies, according to the WSJ Dollar Index.
Still, the greenback remains up more than 10% on the year after hawkish Fed policy powered a steep climb.
After hawkish Federal Reserve policy spurred a banner year for the US dollar, the currency is now on pace for its largest monthly decline since September 2010, Dow Jones Market Data shows.
As November winds down, the greenback has shed 4.2% in the month against a basket of other currencies, according to the WSJ Dollar Index. Elsewhere, the British pound has jumped more than 4% in November, the euro has climbed roughly 4.2%, and the Japanese yen's surged more than 5.9%.
Since central bankers have embarked on an aggressive monetary policy tightening path over the last year, the dollar has soared. In late September, the currency was up more than 16% on the year. After this month's sharp decline, the dollar is up more than 10% in 2022.
The recent selloff signals a sea change among investors, who until recently had flocked to the greenback, a traditional safe haven.
That shift gained momentum after the October CPI report earlier this month showed inflation cooled faster than expected, raising hopes the Fed would start easing the pace of rate hikes and dragging on the dollar's strength.
Meanwhile, Fed Chair Jerome Powell is scheduled to speak Wednesday afternoon, which could provide further clues for the December 13-14 policy meeting.
The Fed is widely expected to raise rates by 50 basis points next month, after four consecutive hikes of 75 basis points.
Dollar Currency Federal Reserve | 2022-11-30T14:34:35Z | www.businessinsider.com | US Dollar Is on Pace for Largest Monthly Loss Since 2010 | https://www.businessinsider.com/us-dollar-november-monthly-loss-fed-interest-rate-powell-2010-2022-11 | https://www.businessinsider.com/us-dollar-november-monthly-loss-fed-interest-rate-powell-2010-2022-11 |
Spanish police stand outside of the Ukrainian embassy after a blast at the building injured one employee who was handling a letter in Madrid, Spain.
An apparent bomb concealed inside an envelope exploded at the Ukrainian Embassy in Madrid.
The Wednesday blast injured a staffer who had been handling the letter, officials said.
Ukraine's foreign affairs minister ordered security to be beefed up at all Ukrainian embassies.
An apparent bomb concealed inside an envelope exploded at the Ukrainian Embassy in Madrid, Spain, on Wednesday, injuring a worker handling the letter, according to reports and Spanish and Ukrainian officials.
The employee was not seriously injured in the blast but was hospitalized, Reuters reported, citing Spanish police.
Reuters reported the worker was hurt while opening the letter, though CNN reported that it was unclear if the employee was moving the envelope or opening it at the time of the explosion.
In the aftermath of the incident, Ukraine's Foreign Affairs Minister Dmytro Kuleba ordered security to be beefed up at all Ukrainian embassies.
Kuleba also called on Spanish authorities to "urgently" investigate what Ukrainian officials described as an "attack."
Ukraine's foreign affairs ministry spokesperson Oleg Nikolenko said in a tweet: "An explosive device hidden in an envelop [sic] detonated inside the embassy of Ukraine in Madrid. One staff member injured."
Nikolenko told the Associated Press that the letter came as part of a mail delivery.
"During a check, the envelope exploded in the hands of the embassy's manager," Nikolenko told the news outlet, adding, "The manager received light injuries, he was hospitalized and is receiving the necessary medical assistance. His life isn't in danger."
Meanwhile, Nikolenko said, "Whoever stands behind staging this explosion, they won't succeed in scaring Ukrainian diplomats or halting their daily efforts to strengthen Ukraine and counter the Russian aggression," according to the AP.
Ukraine has been at war with Russian for nine months since Russian President Vladimir Putin ordered an unprovoked invasion of the Eastern European country. | 2022-11-30T15:35:38Z | www.businessinsider.com | Envelope Blast at Ukrainian Embassy in Madrid Injures Worker | https://www.businessinsider.com/envelope-blast-ukrainian-embassy-spain-madrid-injures-worker-2022-11 | https://www.businessinsider.com/envelope-blast-ukrainian-embassy-spain-madrid-injures-worker-2022-11 |
An exiled billionaire has given Chinese protesters 7 tips for stonewalling police if they get arrested
Gun Wengui has been living in exile in the US since 2014.
Exiled Chinese billionaire Guo Wengui shared tips for how protesters can deal with police questioning.
Guo posted his tips on Gettr, the social media site relaunched by a former Donald Trump aide.
He suggested telling police that pictures of protests are "too blurry" to confirm identities.
An exiled Chinese billionaire has told protesters in China how they can hinder interrogation by police in a post on the social media platform Gettr.
Guo Wengui, who is also a political activist, shared the tips in a post on Tuesday.
He first reminded followers that police needed evidence to prosecute them, but that was not the case if they made confessions. He told people they had the right to ask the police to record their entire interviews.
Guo, also known by the names Miles Guo and Miles Kwok, told people to say that photographs or videos of protests were "too blurry" to confidently identify individuals.
"When answering questions, try not to involve irrelevant others. Answers like 'I don't know', 'I can't remember clearly', and 'I have no impression' are the best answers for you and others," Guo said in the post.
Protests erupted against the Chinese government in opposition to its zero-COVID policies in recent days and have since spread to cities including Shanghai and Beijing over the weekend. Some protesters clashed with local police.
At least one protester has been arrested and some people have been questioned by police in phone calls, The Guardian reported.
Guo encouraged people to not sign an interview transcript if it was "inconsistent" with what the person said. He went on to list tricks he said police commonly used, such as partially recording an interview, threatening arrestees with prison terms, and torture or beatings.
The final tip he shared included telling protest participants that the likelihood of getting sentenced to prison "is very small" and that the maximum detention period was limited to 15 days.
Gettr is a social media app that was previously in Chinese and used by dissidents to oppose the Chinese Communist Party, according to Politico. A year after the Guo-linked site was launched, it was revamped by Donald Trump's former aide Jason Miller, per the report.
Guo was accused of corruption and fled to the US in 2014 as the Chinese government initiated a campaign to discredit him. The CCP asked Interpol to issue a red notice and label him as a criminal suspect.
Guo did not immediately respond to a request for comment from Insider.
Guo Wengui China protests China police | 2022-11-30T15:35:44Z | www.businessinsider.com | Exiled Billionaire Gives Chinese Protesters 7 Tips to Stonewall Police | https://www.businessinsider.com/exiled-billionaire-gives-chinese-protesters-7-tips-to-stonewall-police-2022-11 | https://www.businessinsider.com/exiled-billionaire-gives-chinese-protesters-7-tips-to-stonewall-police-2022-11 |
Take a full photo tour of the new electric Hummer, which costs $113,000, weighs 4.5 tons, and can drive sideways
The 2022 GMC Hummer EV is a whole new kind of electric vehicle.
Much like the old gas-guzzling Hummer it's based on, it's big, brash, expensive, and flashy.
I drove the $113,000 electric pickup and saw all of its bold styling and interesting features firsthand.
Electric cars now come in all shapes and sizes — and you don't need to buy a slinky Tesla or an egg-shaped Nissan if you want to go green.
One new model exemplifies this new world better than any other: The 2022 GMC Hummer EV.
The new pickup truck may run on clean electricity, but it's far from a rational, zero-emission choice like a Chevy Bolt or a Nissan Leaf.
It eats those cars for breakfast.
Instead, the new Hummer EV — like the old one — is huge, expensive, in-your-face, and not particularly efficient.
It's less about going green — and more about feeling like a badass while doing so.
I got to drive the hulking new EV and am here to give you a full tour.
GMC loaned me a Hummer EV Edition 1, the first model available. It costs $113,000 and comes loaded up with every imaginable option.
Read more: I've driven all 3 electric pickup trucks on the market — here's why I'd buy the Rivian R1T over the F-150 Lightning or Hummer EV
GMC says some slightly cheaper options are coming. Someday, an $80,000 base model will hit dealerships.
Let's talk looks.
The Hummer is an intimidating collection of right angles that harkens back to the original, military-inspired model that became an icon in the 1990s and early 2000s.
It's tall, impossibly wide, and super chunky — almost like it's made of Legos.
It says "HUMMER" across its LED light bar. At each end, there's an "H."
It rides on huge, knobby tires and comes with off-road features like underbody armor and recovery hooks.
The Hummer's stats put some of the finest Ferraris and Lamborghinis to shame.
The truck claims to crank out 1,000 horsepower from three motors. Most EVs have one or two.
Pin your right foot to the floor and the massive Hummer takes off way quicker than anyone would expect from a 9,000-pound tank.
According to GMC, the Hummer can hit 60 mph in an astonishing three seconds when switched into "Watts to Freedom" (WTF) mode.
And it feels big on the road, too. Visibility out of the Hummer isn't great, and the roofs of any regular-sized cars barely graze the bottom of the truck's windows.
Fortunately, the Edition 1 comes with an extensive system of cameras.
Read more: Inside the frightening, thrilling experience of driving the world's quickest car, the $2 million Pininfarina Battista
The truck provides a birds-eye view (which is great for parking lots) and a whole bunch of other live feeds, including of what's under the truck.
Once you get past the fear of crushing everything in sight, you notice that the ride quality is remarkably smooth and pleasant.
Climb inside — emphasis on climb, because the Hummer is about one story off the ground — and you'll note an interior that's just as loud and bold as the truck's exterior.
Read more: REVIEW: The $113,000 Hummer EV is totally outrageous in every way — and that's what makes it such a good time
The Edition 1 has designs that reference the Moon's surface, a nod to GM's work on the Apollo 15 lunar rover.
It also boasts a big touchscreen with colorful graphics that remind you more of a flashy video game than a regular infotainment system.
Inside, the Hummer features gold-colored accents scattered throughout …
… a row of serious-looking switches …
… and a big back seat.
The back seats have hidden storage.
Read more: I drove a $2 million electric car and a $200,000 one. See the biggest differences — and similarities — between the two.
You can also toss things in the Hummer's five-foot bed, which in my test vehicle was largely taken up by two full-sized spare tires.
And then there's the front trunk, a cavernous bonus area perfect for anything you don't want to get rained on.
In my truck, the frunk came outfitted with foam trays meant to hold the Hummer's removable roof sections on a sunny day.
Dropping the Hummer's top is as easy as undoing four latches to unlock four glass panels.
Along with the so-called "Infinity Roof," the Hummer EV's other big, standout feature is "Crab Walk."
In that mode, the rear wheels swivel the same direction as the front ones, allowing you to drive diagonally in off-road situations.
But since this is a six-figure, luxury vehicle that most owners won't take off the pavement, don't be surprised if you see a Hummer EV zig-zagging down Rodeo Drive in the near future.
Transportation Electric Cars Electric Vehicles | 2022-11-30T15:36:03Z | www.businessinsider.com | Hummer EV Photos: Take a Tour of the Stunning Electric Truck | https://www.businessinsider.com/hummer-ev-photos-electric-pickup-truck-review-gmc-edition-1-2022-11 | https://www.businessinsider.com/hummer-ev-photos-electric-pickup-truck-review-gmc-edition-1-2022-11 |
Sam Bankman-Fried dismissed employees' ideas for more rigorous internal controls, WSJ reported.
A group of employees left Alameda Research in 2018 amid concerns over Bankman-Fried's cavalier leadership style, per the report.
Bankman-Fried told the Journal that employees left the firm due to personal disputes and their lack of productivity.
Former employees of Alameda Research had concerns early on about Sam Bankman-Fried's cavalier leadership style and say that he dismissed their ideas for setting up more internal safeguards, according to a Wednesday Wall Street Journal report.
Before founding Alameda, Bankman-Fried had worked at Jane Street Capital, a tightly controlled quantitative trading firm. However, ex-staffers told the Journal that he failed to bring the same level of internal controls to his own company, and shrugged off proposals for setting up more rigorous systems for compliance and accounting.
"He didn't want to feel constrained," Naia Bouscal, a former Alameda software engineer, told the Journal. "But as a result we ended up not really knowing how much money we even had."
A group of employees left Alameda in April 2018 after sharing their concerns about Bankman-Fried to investors and interested parties, though they never told regulators. At one point, they offered Bankman-Fried a $1 million buyout, which he turned down.
"We looked at Sam and his actions, his decisions, the way he treated people and the way he ran the company and came to the conclusion he's not a person we wanted to be in business with or associate with," Bouscal said.
Bankman-Fried, for his part, told the Journal that those staffers left the company due to personal disputes and a lack of productivity, and that his company did address their concerns over trading risks.
Sources familiar told the Journal that Bankman-Fried believed extensive risk controls would limit activity and slow down the speed with which Alameda could place trades.
The firm built a trading algorithm that could make fast, automated trades, though the Journal reports that staffers were worried Alameda couldn't track all of those moves, and that it needed to track gains and losses more closely. That idea, too, Bankman-Fried rejected.
In 2018 documents viewed by the Journal, Bankman-Fried does acknowledge Alameda's shortfalls, and how they led to trading losses.
"No one was ultimately making sure that our trading and accounting were OK," Bankman-Fried wrote. "We did a lot of sloppy trades, many of which some people were at the time worried about."
Those documents add that Alameda built up a more robust accounting system in March 2018, which led to more trading gains.
Alameda and FTX collapsed this month, with the exchange filing for chapter 11 and Bankman-Fried stepping down as CEO.
John J. Ray III, the new CEO of FTX Group, wrote in a court filing that he had never seen "such a complete failure of corporate controls," even in his time cleaning up failed energy firm, Enron.
cryptocurrency Sam Bankman-Fried ftx | 2022-11-30T15:36:21Z | www.businessinsider.com | Sam Bankman-Fried Dismissed Ex-Alameda Staffers' Risk Concerns: Report | https://www.businessinsider.com/sam-bankman-fried-dismissed-alameda-research-ftx-risks-bankruptcy-2022-11 | https://www.businessinsider.com/sam-bankman-fried-dismissed-alameda-research-ftx-risks-bankruptcy-2022-11 |
13 behind-the-scenes executives leading Apple's $5 billion advertising division
The Cumberland Mall Apple Store in Atlanta, Georgia.
REUTERS/Alyssa Pointer
Analysts estimate Apple will make $5 billion in ad revenue in 2022 — and up to $30 billion by 2026.
The division is growing in importance within Apple, but the unit's execs keep a low profile.
Ad industry sources helped Insider identify 13 key Apple ads execs for marketers to know.
Apple is quietly expanding its advertising empire.
Right now its roughly $5 billion-in-revenue ads business largely consists of search ads sold within the App Store. But analysts at Evercore ISI predict Apple will extend advertising to more of its services — such as Maps and Apple TV — and could potentially generate $30 billion in revenue in the next four years.
It's been a big year for Apple's ad division. It promoted key executives, embarked on a hiring spree, created new App Store ad formats, and began selling ad packages for Major League Soccer, which begins broadcasting on Apple TV next season.
Much like other divisions at Apple, its advertising team keeps a low profile. We asked more than a dozen advertising industry insiders and former Apple advertising staffers to identify the most important executives building Apple's advertising business.
Did we miss anyone important? Let us know by emailing Insider Senior Correspondent Lara O'Reilly at loreilly@insider.com
Todd Teresi - VP Ads
As Insider first reported, Teresi was promoted earlier this year to lead Apple's advertising division and now reports directly to longtime Apple veteran and services chief Eddy Cue. Teresi took on advertising responsibilities previously held by his former boss, vice president of services Peter Stern, whose role was refocused.
Teresi's ascent coincides with the explosive growth of Apple's ad business in recent years. Last year, under Teresi's direction, Apple brought its search ads to the huge market of mainland China for the first time. And this year, Teresi has been leading Apple's pitch to sell ads packages and other sponsorships within its forthcoming broadcast of the MLS on Apple TV for the 2023 season. Bloomberg has reported that Teresi has been pushing for the ad unit to generate more than $10 billion in revenue, though the title didn't specify a target date.
A digital advertising veteran — having held senior roles at Yahoo, Quantcast, and Adobe — Teresi joined Apple in 2012 as vice president for its iAd division. The mobile ad network was launched by the late Apple cofounder Steve Jobs in 2010 but shuttered six years later.
Vishal Gurbuxani - Demand lead
A typically under-the-radar hire, Gurbuxani joined Apple last year to help build what two sources described as a demand-side platform. A DSP is software that helps marketers automate and optimize their ad-buying. Digiday reported in August that Apple was building a DSP.
Our sources had few details on exactly how the DSP would work or when it might launch, but they suggested that it would likely be used to buy ads across Apple's own apps and services, rather than on third-party apps or sites.
Based in the Bay Area, Gurbuxani is just beginning to build out his team in areas including data, creative optimization, and campaign management, a source familiar with the matter said.
Gurbuxani was an early pioneer in mobile advertising, as a cofounder of the supply-side platform Mobclix, which sold to the publicly traded ad company Velti in 2010. Gurbuxani and other members of the early Mobclix team went on to start the branded content and influencer-marketing software platform Captiv8.
Winston Crawford - Global senior director of business development management for ad platforms
Crawford is known by ad industry insiders as the "deal guy," who arranges its ad partnerships and agreements with partners.
FC Dallas forward Alan Velasco, No. 20, winds up for a shot during the MLS soccer game between FC Dallas and Nashville SC on March 12, 2022, at Toyota Stadium in Frisco, Texas.
Crawford has joined Teresi in leading Apple's MLS ad sales pitch, with the most expensive tier of packages starting at $4 million for the largest number of prominent placements and integrations, as Insider previously reported. Crawford also states on his LinkedIn page that Friday Night Baseball also falls under his advertising purview. A person familiar with the matter said MLB currently sells the ads for these broadcasts itself and is expected to do so again next season.
A former Yahoo and Quantcast staffer, Crawford first joined Apple in 2011 to work on global operations for iAd. Sources said he was also crucial in Teresi's move to Apple in 2012.
Crawford left Apple for a three-year period to work for the adtech company Drawbridge and to advise and invest in the tech startup Armory.io. He returned to Apple in 2018.
Erik Kirk - Business operations, ad platforms
Kirk joined Apple in 2010 as an operations leader for iAd, and shifted to a similar role for Apple's Ad Platforms group in the year that iAd shut down.
His responsibilities cover the operational delivery of ads and making sure everything works from a technical standpoint, sources said. That includes the management of onboarding new partners, optimizing data integrations, and ensuring ads are served correctly and follow the correct policies.
Prior to joining Apple, Kirk held ad operations and corporate development roles at the advertising companies VideoEgg, TACODA, and the advertising agency McCann Worldgroup.
Vinny McEntee - Global senior director of partner development, ad platforms
Like many of his colleagues, McEntee is another former Quantcast and Yahoo staffer, who has worked at Apple since its iAd days.
McEntee largely works with app companies to help drive volume sales, a source familiar with his role told Insider.
Ron Pitluk - Global customer success lead, search ads
Another Apple iAd veteran, Pitluk switched to focus on search ads in 2016.
One source described him as "one of those super-knowledgeable tech guys working in the background." Pitluk works closely with advertisers to help them manage their accounts and grow their apps through search ads.
Jorge Gutierrez - Head of channel partnerships, search ads
Gutierrez is the lead executive who liaises with the top agency holding companies on their search ad spending in the App Store.
Prior to joining Apple in 2017, Gutierrez held sales roles at Microsoft for more than a decade, most recently as a regional vice president for Bing ad sales.
Key members of his team include Katelyn Cabibbo, channel partnerships lead, a veteran of the ad agency MEC, who deals with agency teams on a more daily basis, sources said. Another important point of agency liaison is Anne Gumino, who is listed on LinkedIn as working on global partnerships. She joined Apple in 2014 and had previously held agency relations roles at Salesforce and Adobe.
A search tab ad for MTV Play.
Insider Screenshot
Carrie Frolich - Director, growth operations
Frolich is another Apple advertising veteran who worked on the original iAd business. She joined the company in 2011 from the ad agency MEC, where she was its longtime managing director of digital for North America.
One person familiar with Frolich's role said she is now an important point of liaison between the Apple ad unit and other divisions within the company — getting everyone reading from the same page on new ad formats and go-to-market approaches.
Sanjay Mathur - Director of ad platform product and insights
Mathur joined Apple in 2017 when it acquired the consulting firm he founded and led, Silicon Valley Data Science.
He's now responsible for leading product management and data insights — which includes predictions, forecasting, and "market-facing analytics research" — across App Store search ads and Apple News ads, according to his LinkedIn profile.
Daniel Gildengorin - Global head of Apple advertising platforms data, analytics, science, research, and pricing
Gildengorin works on the business intelligence function within the ads team. Among his responsibilities, according to his LinkedIn profile, are areas such as data science, fraud mitigation, and pricing management for App Store search and Apple News ads.
Gildengorin joined Apple in 2010 from the adtech firm VideoEgg, now known as Say Media, where he was a business analyst.
Sean Bell - Global sales operations lead advertising platforms at Apple
Bell began his Apple career in a finance and analytics role, responsible for chasing down clients for payments, contracts, and approvals — as well as revenue forecasting.
In 2018 he moved into a global sales operations role, responsible for activities like lead prioritization, pipeline analysis, and headcount planning.
Leslie Harrison - Business program management, ad platforms
Harrison has a long career in account management, taking leadership over how big clients are being managed and running those teams. Before joining Apple in 2017, she previously worked at the TV adtech company Simulmedia and at measurement firm Comscore before that.
Apple MLS | 2022-11-30T16:05:55Z | www.businessinsider.com | 13 Key Apple Advertising Executives for Marketers to Know | https://www.businessinsider.com/13-key-apple-advertising-executives-for-marketers-to-know-2022-11 | https://www.businessinsider.com/13-key-apple-advertising-executives-for-marketers-to-know-2022-11 |
CNN is notifying staff of layoffs as Warner Bros. Discovery seeks further cost reductions. Read CEO Chris Licht's memo to staff about the cuts.
CNN is executing a huge layoff plan starting today, according to a company memo sent out by CEO Chris Licht.
Paid on-air contributors who are being cut will be the first notified.
Full-time employees are expected to find out their fate on Thursday.
CNN CEO Chris Licht notified employees today that the news organization will begin lay-offs as part of a cost reduction effort implemented by parent company Warner Bros. Discovery.
Licht sent a memo to staff, obtained by Insider, explaining that paid contributors, including on-air personalities, would be first to find out that they are no longer needed. On Thursday, CNN employees will learn if they are impacted. Licht said he would explain the changes later in the day tomorrow. The company has been combining TV and digital newsgathering operations into a single force.
A company spokesman confirmed the news but declined to share numbers. CNN, which currently has 3,000 US employees, has already laid off hundreds of staff — most as part of the closure of its shuttered CNN+ streaming service. The network has been quietly shedding people over the course of months, with small numbers of executives taking severance packages, according to people close to the company.
Licht's memo described the process of the job losses as "gut punch." Staff have been waiting to find out their fate since his arrival and particularly over the past two weeks after he confirmed more layoffs would be coming in early December. Licht had initially pledged no layoffs when he stepped into the CEO role but then had to change tack.
Warner Bros. Discovery has pledged to create $3.5 billion in cost synergies as a result of the merger between Discovery and WarnerMedia earlier this year.
Read Licht's full memo below:
Let's take care of each other this week.
CNN Warner TV News | 2022-11-30T17:06:52Z | www.businessinsider.com | CNN Layoffs: Read CEO Chris Licht's Internal Memo Announcing Cuts | https://www.businessinsider.com/cnn-layoffs-ceo-chris-licht-paid-contributors-employees-2022-11 | https://www.businessinsider.com/cnn-layoffs-ceo-chris-licht-paid-contributors-employees-2022-11 |
As BlockFi becomes the latest victim in crypto contagion, experts share 4 tips to safely gain exposure to the market
KanawatTH/Getty Images
Bradley Duke says the shocking collapse of crypto firms is part of growing pains.
Investors need to be sure exchanges have adequate liquidity and clearly segregated funds.
Simeon Hyman says investors can also gain exposure to bitcoin through the regulated futures market.
BlockFi has become the latest victim caught up in the crypto market's contagion.
The digital-asset lender filed for Chapter 11 bankruptcy on Monday, within three weeks of FTX's filing, after it faced a liquidity crunch. BlockFi had heavy exposure to the collapsed trading exchange through $680 million of collateralized loan obligations that the crypto hedge fund Alameda defaulted on.
As shocking as these events are, they are part of the process that the industry needs to go through to mature into a transparent and regulated industry, says Bradley Duke, the founder and co-CEO at ETC Group, a firm that issues crypto exchange-traded products (ETPs) on regulated exchanges.
"I don't want to take away the magic or kill the magic of crypto: the whole decentralized nature of it, the fact that so much is possible, and so much growth and innovation is being unlocked through this marvelous technology," Duke said. "But at the same time, there's a reason why all this regulation came into being in traditional financial services, and it's for exactly the same reasons that it's now needed in certain aspects of the world of crypto."
Until then, crypto investors will be exposed to platforms that engage in risky practices where the lines between bank and broker are blurred and customer funds are mingled. Duke, who is positioned between the world of unregulated digital assets and the heavily regulated traditional financial system, has a clear view of where it all goes sour.
"I don't think you can call FTX an exchange in the same way that you would call the New York Stock Exchange or the NASDAQ an exchange because what they really are is they are acting as brokers," Duke said. "They are taking deposits from clients and then offering a service where trading can happen. So it's like an effective broker platform."
Crypto platforms that are managing and holding client deposits really need to be run with the same rigor and transparency as traditional financial institutions, he noted. A traditional exchange just executes transactions and matches the buyers and sellers, he added.
Duke believes we've probably seen the most significant fallout that will happen during this downturn. The next phase will be about restoring investor confidence, he said.
Tips to investors
In the meantime, investors can educate themselves about what to look out for when trusting a platform with their digital assets.
One of the most important things any crypto platform needs to have is capital adequacy to ensure liquidity, Duke said. They need to be transparent and guarantee that they have an appropriate amount of capital to back customer deposits.
Second, those deposits need to be clearly segregated from the company's money or any funds that are meant to be used in investments or any other risky activity that could result in a loss, he added. In some instances, crypto platforms that mimic broker activity in exchange for providing their customers yield must fully disclose their practices.
Third, investors and customers shouldn't be in a situation where they have to solely trust the platform's own guarantees. Platforms should have external auditors regularly review the books to ensure that there's adequate segregation of funds and liquidity. These are all factors that are required in traditional financial services, Duke added.
"What we are seeing with some crypto companies is a wake-up call where they are behaving in the same way as a lot of financial services, regulated brokers, and other market participants, but without any checks and balances in place," Duke said.
However, until there's clear regulation and oversight, there might be no sure way to guarantee your funds are safe on a centralized exchange, says Simeon Hyman, ProShares' global investment strategist.
ProShares has two futures-based bitcoin ETFs that are accessible through a traditional brokerage account. The first is BITO, which takes a long position, and the second is BITI, which is short bitcoin.
Hyman says another option for investors is to gain exposure to crypto through the heavily regulated futures market.
"You have guaranteed settlement" because there's a central clearinghouse that manages counterparty risk, Hyman said. "There are lots of benefits of being in the futures space. And then when you combine that with a 1940 Security Act-regulated ETF as the 'wrapper', which covers the safekeeping of assets, prohibition of affiliated transactions, prohibition of commingling fund assets, you put those two things together and that's a very robust way to get bitcoin exposure.
However, if investors insist on holding actual bitcoin then there's always the option of using a cold storage wallet. Duke noted that exchanges were meant to enable investors to execute buy and sell orders, not hold crypto long-term. Users should transfer their assets to their own wallet once a transaction is complete, he added. The problem is, you become fully responsible for maintaining your access code and security. | 2022-11-30T17:06:54Z | www.businessinsider.com | 4 Tips to Safely Invest in Crypto Amidst BlockFi Collapse: Experts | https://www.businessinsider.com/crypto-news-investing-tips-safety-blockfi-collapse-contagion-experts-advice-2022-11 | https://www.businessinsider.com/crypto-news-investing-tips-safety-blockfi-collapse-contagion-experts-advice-2022-11 |
Elon Musk's Starlink satellite internet is reportedly raising prices in Ukraine
SpaceX founder Elon Musk speaking about Starlink.
SpaceX is increasing its prices for Starlink, according to a Financial Times report.
The cost of Starlink terminals in Ukraine has nearly doubled over the past year, per FT.
It is unclear whether the price hikes will impact the Ukrainian government.
SpaceX is hiking prices for its Starlink satellite internet service in Ukraine, according to a recent report from Financial Times.
The monthly subscription cost for Starlink is set to increase from $60 to $75, per FT. Similarly, the cost for the Starlink terminals will rise about $200 per device, from $500 to $700, FT reported.
Starlink prices in Ukraine have fluctuated over the course of the year amid a spike in demand for the service in the war-torn country. The cost of the service has risen to be as high as $100 per month earlier this year — it dropped to $60 per month in August — with SpaceX claiming the impact of "local market conditions" has caused the fluctuations, per customer emails reviewed by the FT.
Meanwhile, the price for Starlink terminals has nearly doubled over the course of the year, up from $385 earlier in 2022, the publication said. In the US, Starlink costs about $110 per month, while the satellite dish costs $599, according to SpaceX's website.
A spokesperson for SpaceX did not respond to a request for comment from Insider.
On Tuesday, several Twitter users who claim to be Ukrainian Starlink customers posted screenshots of notices from SpaceX that detailed the price increases. SpaceX plans on instituting the higher fee starting on December 29, according to the emails.
"The financial situation is not good here," @KyryliukRoma tweeted. "@elonmusk could you explain why, and what reasons impacted it?"
—Roman Kyryliuk🇺🇦 (@KyryliukRoma) November 29, 2022
It is unclear whether the price increases will impact the Ukrainian government, which has relied on the satellite internet service for military communications.
SpaceX CEO Elon Musk first sent Starlink terminals to Ukraine in February, within days of Russia's attack on the nation. Starlink's high-speed connection has allowed Ukrainian soldiers and some civilians to stay online amid Russian strikes on infrastructure.
Since, the country has relied on a mix of donated terminals from SpaceX and NATO allies. In October, SpaceX told the Pentagon it could not continue to pay for Starlink in Ukraine, according to a report from CNN. Musk later said SpaceX had withdrawn a request for funding from the Pentagon and the company would keep funding the Ukrainian government "for free."
The billionaire has previously said on Twitter that he expected SpaceX's costs for sending Starlink to Ukraine to reach over $100 million by the end of 2022. 85% of the 20,000 Starlink terminals that SpaceX has delivered to Ukraine were fully or partially paid for by the US, Poland, and other countries, per CNN.
Do you use Starlink or have insight to share? Reach out to the reporter from a non-work email at gkay@insider.com
Elon Musk SpaceX Starlink | 2022-11-30T17:06:57Z | www.businessinsider.com | Elon Musk's Starlink Internet Is Reportedly Raising Prices in Ukraine | https://www.businessinsider.com/elon-musk-spacex-starlink-internet-raising-prices-in-ukraine-2022-11 | https://www.businessinsider.com/elon-musk-spacex-starlink-internet-raising-prices-in-ukraine-2022-11 |
Home prices are falling at the fastest rate in 15 years. 7 real estate analysts and economists break down how bad they think it's going to get.
Exterior view of house with for sale sign.
As demand fades in the housing market, price cuts have become widespread.
Insider asked several experts about how far they think prices will fall in 2023.
Most say that larger cuts are on the way but that they do not fear a severe downturn.
Throughout much of the pandemic, an unusually high demand for housing had pushed US home prices soaring. But as a combination of surging inflation and higher mortgage interest rates put a strain on budgets, home-buying activity has been increasingly cooling off — and it's translated to fewer home sales and the largest wave of price cuts since the Great Recession.
Indeed, prospective buyers are seeing more discounts. According to the S&P CoreLogic Case-Shiller National Home Price Index, home prices fell by 1% in September — the most recent month for home price data — marking the third consecutive month of declines. However, despite more sellers cutting asking prices, home prices have still increased by 10.6% year-over-year.
"As the Federal Reserve continues to move interest rates higher, mortgage financing continues to be more expensive and housing becomes less affordable," S&P analysts wrote. "Given the continuing prospects for a challenging macroeconomic environment, home prices may well continue to weaken."
While experts have maintained that home prices are unlikely to plummet in a similar fashion to the housing boom of the mid-aughts, evidence is mounting that the current housing downturn is growing more severe by the day.
To get a sense of how far US home prices could fall, Insider compiled commentary and forecasts from experts in the worlds of investing and housing. Here's where they think prices will land in 2023:
Global investment firm Goldman Sachs downgraded its forecast for US home prices in a note from October and now projects them to fall between 5% to 10% from the peak prices seen earlier this year. The firm had previously predicted a less severe drop in housing prices but says that it had updated its projection due to increased interest rates. The Goldman note also adds that further declines will be attributed to higher housing costs as "unsustainable levels of housing affordability" will continue to weigh on housing demand.
"Housing is a risk to economic growth in all G-10 countries," Goldman's researchers wrote. "The model's forecasts are slightly more negative than in September because actual and forecasted interest rates have increased, their estimates for economic growth in North American have fallen and home prices have missed expectations."
Lawrence Yun, chief economist at National Association of Realtors
Lawrence Yun of the National Association of Realtors anticipates widespread home price declines in 2023, but does not believe they will be severe. It's a sentiment he shares with colleague Nadia Evangelu, senior economist with the NAR.
According to Yun, insufficient inventory levels are likely to keep home prices elevated in about half of the country, while the other half sees declines as large as 10%. Overall, he forecasts home price growth will stagnate next year.
"Inventory levels are still tight, which is why some homes for sale are still receiving multiple offers," Yun said in a November housing report. "In October, 24% of homes received over the asking price. Conversely, homes sitting on the market for more than 120 days saw prices reduced by an average of 15.8%."
Ivy Zelman, CEO of Zelman & Associates
As long as mortgage rates remain elevated, Ivy Zelman, who has long had a more sober perspective on the housing market, believes that demand will continue to shrink in the US housing market — ultimately resulting in steeper price cuts. For 2023, Zelman predicts that prices could fall as much as 20%.
However, in markets without supply constraints — like the midwestern and northeastern states — she says that declines could be "in the mid singles."
"If we don't see any type of improvement in the economy and rates are stubbornly higher than 6%, I think you are going to see pricing continue to decline," Zelman said in a recent interview with Ted Oakley of Oxbow Advisors.
Doug Duncan, vice president and senior economist at Fannie Mae
Fannie Mae has revised its 2023 home price growth forecast due to slower home sales. Instead of prices growing 4.4% like they predicted back in July, the organization now expects them to fall 1.5% year-over-year. On an annual basis, Fannie Mae says house price growth will turn negative beginning in the second-quarter of 2023.
"The HPSI reached an all-time survey low this month, in line with expectations that the housing market will continue to cool in the months ahead," Duncan said in an October housing report. "Consumers are increasingly pessimistic about both homebuying and home-selling conditions."
Sam Khater, senior economist at Freddie Mac
Freddie Mac's quarterly forecast indicates that rates will play the largest role in determining the trajectory of home prices in 2023. It all comes down to the fact that many homebuyers are facing borrowing costs that have more than doubled in the past year.
According to Freddie Mac's Sam Khater, house price growth will average 6.7% in 2022 and then decline by 0.2% in 2023.
"Mortgage rates have increased at the fastest rate in four decades, quickly taking the wind out of the sails of the housing market," Khater said in the report, adding that as buyer activity continues to contract, the organization expects "the combination of much lower demand and higher supply will cause home prices to decrease during the next year."
Orphe Divounguy, senior economist at Zillow
Data from real estate brokerage Zillow shows that housing demand in the US has likely fallen by more than 30% in the past year. Zillow's Orphe Divounguy says the shift is likely to pull prices down even lower next year — especially in markets like Phoenix and Denver where builders and developers have introduced an abundance of inventory.
However, he says that buyers won't see any dramatic price cuts in 2023. "The price adjustment is going to be very slow," Divounguy told Insider. "The reason why is because existing homeowners have pulled back. New listings are down."
"You're not going to see that huge price adjustment that everybody is hoping to see," he added.
Jose Torres, senior economist at Interactive Brokers
Jose Torres of Interactive Brokers has a bleak outlook for the US real estate market. With inventory levels at all-time lows, he believes supply and demand dynamics will give way to significant price declines nationwide.
On a July call, Torres told Insider he believes that US home prices could drop by as much as 25% by the second half of 2023. His bearish outlook is attributed to the nation's housing affordability crisis which he says has created a housing ecosystem where there are "no buyers in sight."
"In a similar fashion to the months leading up to the 2008 real estate market debacle, the percentage of average monthly payments to household income and personal income have been at record high levels throughout this year, which is creating demand for rental units among Americans who can't afford homes," Torres said.
Home Prices S&P CoreLogic Case-Shiller index us home prices | 2022-11-30T17:06:57Z | www.businessinsider.com | Housing Outlook: This Is How Far US Home Prices Could Fall — and When | https://www.businessinsider.com/housing-outlook-this-is-how-far-us-home-prices-could-fall-and-when-2022-11 | https://www.businessinsider.com/housing-outlook-this-is-how-far-us-home-prices-could-fall-and-when-2022-11 |
How the founder of SiriusXM wants to tackle an organ shortage with 3D-printed hearts and lungs
Martine Rothblatt, CEO of United Therapeutics, previously founded the satellite-radio pioneer SiriusXM.
Martine Rothblatt is hoping to eventually 3D-print organs that could be used in humans.
She is the CEO of the $12 billion biotech United Therapeutics and founder of SiriusXM.
Rothblatt was named one of Insider's 100 People Transforming Business in 2022.
After creating the satellite-radio industry and developing a drug for her daughter's serious disease, Martine Rothblatt is leading her biotech to test another boundary of what's possible.
The 68-year-old entrepreneur's newest mission is to create an endless supply of organs. Her company, the $12 billion Maryland-based biotech United Therapeutics, has already put gene-edited pig hearts, lungs, and kidneys into humans in clinical studies. Rothblatt now hopes to start making organs with 3D printing to solve the organ-supply crisis, with over 100,000 Americans on waiting lists for transplants.
"At the end of this century, people will be astonished that just because their kidney, or their lung, or their heart gave out, it's game over," Rothblatt said in a 2019 interview. "If you lose a tire on your car, you're not going to trash your car. You're going to buy another tire."
Rothblatt's team at United Therapeutics has transplanted genetically edited organs from pigs into humans. In September 2021, the first pig-kidney transplant functioned in a brain-dead human. This January, a 59-year-old man survived two months after receiving a pig-heart transplant.
"This is a watershed event," Dr. David Klassen, chief medical officer of the United Network for Organ Sharing, which isn't involved with United's research, told The New York Times at the time of the heart transplant. "Doors are starting to open that will lead, I believe, to major changes in how we treat organ failure."
Earlier research is underway to 3D-print scaffolds of organs like lungs, hearts, and kidneys. These scaffolds could then be filled with a patient's own stem cells and transplanted into their body. Rothblatt unveiled a lung scaffold earlier this year, calling it the world's most complex 3D-printed object.
"I believe this past year we have proven that genetically modified xenografts and lab-cellularized organ scaffolds are practically doable," Rothblatt said on a November 2 earnings call with Wall Street analysts.
To be sure, this ambitious research is early and far from being widely used, if successful. United Therapeutics executives have said to expect to see more activity by the mid-2020s, as they are building a clinical facility expected to be ready in early 2024 to support more pig-heart studies study.
Rothblatt's pioneering work on organ transplants led her to be named one of Insider's 100 People Transforming Business in 2022.
Rothblatt previously founded SiriusXM before starting United Therapeutics
The organ research is far from the first moonshot in Rothblatt's career. She founded SiriusXM in the 1990s, fascinated by the idea of using satellite signals to broadcast music anywhere.
Her was world was soon upended, when her daughter Jenesis had trouble breathing on family ski trips. At 10 years old, she needed oxygen support and was diagnosed with pulmonary hypertension, also called PAH, a serious rare lung disease. Rothblatt was told there were no treatments, but she refused to accept that prognosis.
Rothblatt left SiriusXM to research the disease herself. Despite having no background in biomedical research, she spent days and nights at the library, reading over research papers. Ultimately, she found a potential drug that may work. After that compound's owner, the pharma giant GSK, declined to test it against PAH, Rothblatt founded United Therapeutics in 1996 and bought the rights to the molecule.
That drug helped save Jenesis, and United Therapeutics now sells a suite of PAH treatments that have helped over 12,000 patients. Instead of stopping there, Rothblatt is now plowing those revenues, which were nearly $1.7 billion in 2021, into xenotransplantation research.
By the time revenues plateau from the PAH drugs, United plans to be shipping thousands of engineered organs each year, Rothblatt said on the company's third-quarter earnings call.
Healthcare Dispensed United Therapeutics | 2022-11-30T17:06:58Z | www.businessinsider.com | United Therapeutics CEO Martine Rothblatt Aims to Print Organs | https://www.businessinsider.com/united-therapeutics-ceo-martine-rothblatt-aims-to-print-organs-2022-11 | https://www.businessinsider.com/united-therapeutics-ceo-martine-rothblatt-aims-to-print-organs-2022-11 |
Bitcoin rocket crash flying down graphic
Bitcoin was heading for a dead-end even before the collapse of Sam Bankman-Fried's FTX, ECB officials wrote Wednesday.
Bitcoin's technological shortcomings make it a questionable means of payment, they wrote, and transactions are slow.
The recent price spike is likely an "artificial last gasp before the road to irrelevance," officials noted.
Bitcoin is headed for a dead-end, which was already on the horizon even before the collapse of Sam Bankman-Fried's FTX crypto exchange, according to European Central Bank officials.
In a Wednesday blog post titled "Bitcoin's last stand," they noted that the price of bitcoin has hovered around $20,000 recently after plunging earlier this year to $17,000 from a year-ago high of $69,000.
"For bitcoin proponents, the seeming stabilization signals a breather on the way to new heights," wrote Ulrich Bindseil and Jürgen Schaff, who both serve in the ECB's market infrastructure and payments division. "More likely, however, it is an artificially induced last gasp before the road to irrelevance – and this was already foreseeable before FTX went bust and sent the bitcoin price to well below $16,000."
They added that using bitcoin for transactions is cumbersome, and while the underlying tech has high upside potential, the cryptocurrency isn't used to any significant degree for legal real-world purposes.
Additionally, it's not suitable as an investment, the blog said, noting it doesn't generate cash flow or dividends, can't be used productively like commodities, and has no social benefits like gold.
Instead, bitcoin's value is based purely on speculation, largely moving on hype from big investors and lobbyists, they said.
"Big Bitcoin investors have the strongest incentives to keep the euphoria going," the authors wrote. "At the end of 2020, isolated companies began to promote Bitcoin at corporate expense. Some venture capital (VC) firms are also still investing heavily. Despite the ongoing 'crypto winter', VC investments in the crypto and blockchain industry totalled $17.9 billion as of mid-July."
The officials also said the world's largest crypto by market cap poses a risk to the reputations of banks. There remains long-term dangers of promoting the token, despite the potential for short-term profits.
And while the crypto industry faces growing calls for oversight, the ECB officials cautioned that regulation can be misunderstood as approval.
"Since Bitcoin appears to be neither suitable as a payment system nor as a form of investment, it should be treated as neither in regulatory terms and thus should not be legitimized," the ECB report said.
cryptocurrency Bitcoin Currency | 2022-11-30T17:37:20Z | www.businessinsider.com | Bitcoin Is on 'Road to Irrelevance' and on Last Gasp: ECB Officials | https://www.businessinsider.com/bitcoin-crypto-irrelevance-european-central-bank-ftx-bankman-fried-currency-2022-11 | https://www.businessinsider.com/bitcoin-crypto-irrelevance-european-central-bank-ftx-bankman-fried-currency-2022-11 |
Apple quietly hired a mobile advertising pioneer to build a new ad-buying platform, the latest sign of its growing advertising ambitions
Vishal Gurbuxani joined Apple last year as its demand lead, sources said.
He is tasked with building a demand-side platform for advertisers to automate their buying of Apple ads.
It could be a key driver of growth for Apple's high-margin advertising unit.
Apple quietly hired mobile advertising veteran Vishal Gurbuxani last year to build what two sources familiar with the matter described as a demand-side platform.
A DSP is software that helps marketers automate and optimize their ad-buying. Digiday reported in August that Apple was building a DSP.
Insider reported Gurbuxani's hire earlier on Wednesday, as part of a list compiling the 13 key executives driving Apple's advertising business. It's the latest sign of the iPhone maker's growing advertising ambitions.
After a failed attempt the build its mobile ad network iAd, which it shut down in 2016, Apple's advertising unit has recently grown in importance at the company.
Right now its roughly $5 billion-in-revenue and high-margin ads business largely consists of search ads sold within the App Store, as well as ads sold in its News and Stocks apps. Its search ads business received a shot in the arm as a result of its recent move into China. Apple's recent privacy changes, which require app developers to explicitly receive permission from users before tracking them, also compelled some advertisers to move budgets from platforms like Meta to App Store ads.
Analysts at Evercore ISI predict Apple will extend advertising to more of its services — such as Maps and Apple TV — and could potentially generate $30 billion in revenue in the next four years.
A DSP could be a linchpin for that growth, acting as a one-stop entry point for advertisers to purchase ads across its range of apps and services.
The sources said there were few details on exactly how the DSP would work or when it might launch but suggested it would most likely be used to buy ads across Apple's owned inventory rather than on third-party apps or sites.
Based in the Bay Area, Gurbuxani — whose job title at Apple is "demand lead"— is just beginning to build out his team in areas including data, creative optimization, and campaign management, a source familiar with the matter said.
Gurbuxani was an early pioneer in mobile advertising as a cofounder of the supply-side platform Mobclix, which sold to the publicly traded ad company Velti in 2010. Gurbuxani and other members of the early Mobclix team went on to start the branded content and influencer-marketing software platform Captiv8.
Apple declined to comment on Gurbuxani's appointment. Gurbuxani didn't respond to a request for comment made on LinkedIn.
Check out Insider's list of 13 key behind-the-scenes executives building Apple's advertising business.
Apple DSPs | 2022-11-30T18:38:15Z | www.businessinsider.com | Apple Hired Vishal Gurbuxani to Build a DSP for Its Ads Business | https://www.businessinsider.com/apple-hired-vishal-gurbuxani-to-build-a-dsp-for-ads-2022-11 | https://www.businessinsider.com/apple-hired-vishal-gurbuxani-to-build-a-dsp-for-ads-2022-11 |
DoorDash is laying off 6% of its staff, and it's a warning for the entire food delivery business
Jordan Hart and Nancy Luna
DoorDash laid off 6% of its workforce.
CEO Tony Xu said DoorDash is laying off 1,250 people in a Wednesday memo, Bloomberg reports.
The company is firing 6% of its workforce in an effort to cut back on operating expenses.
In the third quarter, DoorDash logged a $308 million loss from operations.
DoorDash CEO Tony Xu says the company is cutting costs by laying off 1,250 people.
In a Wednesday memo first viewed by Bloomberg, Xu wrote the company was making an effort to cut back its operating expenses — coming in at $2 billion in the third quarter — and would lay off around 6% of its workforce.
The layoffs impacted talent recruiters and sales trainers, as well as workers at Wolt and Bbot, two startups DoorDash recently acquired, according to DoorDash and various LinkedIn posts.
"While our business continues to grow fast, given how quickly we hired, our operating expenses — if left unabated — would continue to outgrow our revenue," Xu said in the memo. "We must keep this level of discipline moving forward and act with the hunger, efficiency, and creativity of the younger startup we once were while leading with the responsibility of the market leader we've become."
The Covid-19 pandemic served as a big boost for DoorDash and food delivery services like it. Restaurant deliveries were up 95% in September compared to the same month in 2019. DoorDash joins a bevy of restaurant disruptors and food tech companies that have been forced to lay off workers after growing at a rapid pace during the pandemic.
Layoffs are sweeping all tech sectors, from Amazon to Gopuff. The foodtech sector, in particular, has been spiraling as diners' buying habits continue to shift amid record inflation. Hundreds of workers have lost their jobs at restaurant tech startups like Nextbite, Sunday, ChowNow, Lunchbox, Gopuff, and Reef.
In his memo, Xu said the company must continue its money-saving efforts to close the gap between its $1.7 billion in revenue and $2 billion in operating costs.
The food delivery giant "will continue to reduce our non-headcount operating expenses, but that alone wouldn't close the gap. This hard reality ultimately led me to make this painful decision to reduce our team size," Xu said.
The layoffs come in a year when the company made two strategic acquisitions to expand outside the US and boost its services to restaurants.
In March, DoorDash bought Bbot, a software company that allows customers to make mobile orders and pay at the table. Now part of DoorDash, the company's tools, such as QR code ordering, are being bundled with DoorDash products geared for restaurants. In June, DoorDash closed its acquisition of the Finnish food-delivery company Wolt.
VC investment in restaurant and foodservice tech firms, from ghost kitchens to delivery robots, slowed for the fourth consecutive quarter this year, according to PitchBook. Food tech startups raised $2.7 billion in the third quarter, down 63% from last year, and down from $5.6 billion in the previous quarter.
The publicly traded DoorDash is not immune to market volatility. In its latest quarter, the company reported a $295 million loss, up from $101 million loss for the same quarter last year.
The company has been pouring its resources into expanding outside of traditional restaurant delivery over the past year by striking delivery partnerships with supermarkets, convenience stores, and retailers. In September, DoorDash hit a milestone when its non-restaurant partnerships exceeded 75,000 stores representing a wide range of retailers such as Sephora, Big Lots, PetSmart, Dick's Sporting Goods, Target, Total Wine & More, and Office Depot.
Shares in the company have jumped an estimated 2.5% since the layoffs were announced.
A DoorDash spokesperson said "no service shutdowns" are tied to the layoff announcement. As stated by Xu, the goal of today's layoffs are to achieve "more efficient growth," the spokesperson said.
Are you a DoorDash insider with insight to share? Got a tip? Contact this reporter via email at nluna@insider.com or via Signal encrypted number 714-875-6218.
DoorDash food delivery DoorDash food delivery | 2022-11-30T18:38:17Z | www.businessinsider.com | DoorDash Cuts Over 1,000 Workers Amid Costly Expenses, Memo Says | https://www.businessinsider.com/doordash-cuts-1000-workers-costly-expenses-memo-2022-11 | https://www.businessinsider.com/doordash-cuts-1000-workers-costly-expenses-memo-2022-11 |
How to find your 2022 Spotify Wrapped story and playlists
How to find your old Spotify Wrapped playlists
How to find your Spotify Wrapped 2022 and see all the music you loved this year
You can now see your Spotify Wrapped for 2022.
Spotify Wrapped — the feature that shows your favorite songs, artists, and genres of the year — is back.
Your Spotify Wrapped gets updated every year and comes with a playlist of your top 100 songs.
You can find your Spotify Wrapped story and playlists in the mobile app.
In 2022, it's never been easier to find and listen to songs you love, whether it's a new chart-topper or a classic jam. And music lovers know that there are few things more fun than gushing to someone about your new musical obsessions.
That's what makes Spotify Wrapped so great. Wrapped is a feature that shows you a slideshow (or "story") of the songs and artists you've listened to the most over the past year, what new music you've discovered, and an exact count of how many minutes you spent listening to music. You also get a playlist with your 100 most listened to songs, along with some other goodies depending on the year.
Your Spotify Wrapped updates every year, and is easy to share on social media or with friends. Here's how to find this year's Spotify Wrapped story and playlist, as well as how to find your playlists from the past.
How to find your Spotify Wrapped 2022 story and playlists
Whenever a new Spotify Wrapped update drops, there's a good chance that you'll see a notification about it as soon as you open the app. But if you don't see it, here's how to find your Wrapped.
1. Open the Spotify app and tap the Your Wrapped is here box.
Tap the Wrapped pop-up when it appears.
Spotify; Elena Matarazzo/Insider
2. Your Wrapped story will open. Wrapped 2022 is 12 parts long and includes your top genres, your Audio Day, how many minutes you spent streaming, your top song, and more. Tap the Share this story option at any point along the way to send the slide you're on to friends or social media.
Spotify Wrapped is pretty comprehensive.
3. When you get to the slide about the Your Top Songs 2022 playlist, tap Add to Your Library. This will save a playlist with your top 100 songs of the year (plus one extra), so you can open and listen to it at any time.
Your "Top Songs" are the ones you listened to the most.
4. You'll also get to meet your listening personality. You will learn which of 16 different Spotify-created personality types you are based on your listening habits.
"Your Listening Personality" is a new feature that dives deeper into your music taste and what you listen to.
5. At the end of the Wrapped story, Spotify will give you a handy card with all of your most important musical info. Tap Share to save it as a picture, text it, post it on social media, and more.
You can share on Instagram, TikTok, and more.
Quick tip: Once you've gone through your Wrapped story, you can find the Your Top Songs 2022 playlist in Your Library. It'll hold the 100 songs you listened to most this year.
You'll find the playlist in Your Library, with the rest of your playlists.
If you want to find your old Wrapped stories, you're out of luck — they're only available to view for a limited time. But you can see your old Wrapped playlists via the Spotify website.
Every Wrapped playlist gets saved to a specific URL, and opening that URL while you're logged into your Spotify account will show you your Wrapped playlists.
Important: Spotify doesn't create your Wrapped playlists automatically — it waits for you to go through the process we outlined above. If you can't find your Wrapped playlist for a specific year, it probably means that you didn't do it that year.
Head to the Spotify website and log into your account. Then open one of these links:
You can find your personal Wrapped playlists on Spotify's website.
Weirdly, you can't find your Wrapped 2016 playlist at its own link — instead, you'll find it at the Wrapped 2019 link. Unfortunately, Wrapped 2015 doesn't seem to be around anymore.
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Tech How To Spotify Spotify Wrapped | 2022-11-30T18:38:19Z | www.businessinsider.com | How to Find Your Spotify Wrapped 2022 | https://www.businessinsider.com/guides/streaming/how-to-find-spotify-wrapped | https://www.businessinsider.com/guides/streaming/how-to-find-spotify-wrapped |
How to fix blacked-out Instagram messages
You may have encountered a glitch that leaves your Instagram direct messages blacked out.
Instagram; Insider
Thanks to a bug in a recent Instagram app update, your direct messages might appear blacked out.
Update your Instagram app to a newer version to see if that resolves the problem.
If the problem persists, you may be able to turn on your phone's dark mode to eliminate the blacked-out messages.
It's not unusual for glitches to pop up from time to time in mobile apps, and Instagram seems to have its own bug as a result of a recent update. Many users have reported finding that some or all of their instant messages are "blacked out," appearing as a black box in the app.
Obviously, this makes it impossible to read the messages, a very frustrating development. If you're afflicted by this development, there's good news: It's very easy to fix all on your own.
Because this problem was caused by a recent update to the Instagram app, the permanent remedy is to update to the latest version of Instagram, as a newer version of the app will have addressed the glitch.
Generally, your phone should install updates as they become available, but you can force an update if it's available but hasn't been installed on your phone yet. Here is how to update an app on your iPhone or on your Android phone.
If there's no update, or the latest update hasn't solved your problem, there's also a very simple workaround that can eliminate the blacked out messages: Just turn on dark mode on your phone.
If you have an iPhone, start the Settings app and then tap Display & Brightness. Tap Dark, and then return to Instagram to read your messages.
To read blacked out messages in Instagram, set your iPhone to dark mode.
On Android, the way to enable dark mode varies depending on which OS and handset you have, but for most phones you can start the Settings app and tap Display. In the Appearance section, turn on Dark theme by swiping the button to the right. You should now see the messages in Instagram.
Most Android phones have a dark mode control in the Settings app.
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Instagram Messages Blacked out | 2022-11-30T18:38:21Z | www.businessinsider.com | How to Fix Blacked-Out Instagram Messages | https://www.businessinsider.com/guides/tech/instagram-messages-blacked-out | https://www.businessinsider.com/guides/tech/instagram-messages-blacked-out |
An interior designer to New York City's elite shares the 3 fresh trends that are all the rage and 2 that are out of style
New York City interior designer Bennett Leifer said statement headboards are in and overusing white is out.
Bjorn Wallander (left), Getty Images
NYC interior designer Bennett Leifer outlined what's in and what's out right now.
Textured walls, hand-painted wallpaper, and bold headboards create subtle luxury that people want.
But the all-white look and overdressed windows have fallen out of favor.
People across New York City, the Hamptons, the Hudson Valley, and Connecticut seeking whimsical yet sophisticated interiors call on Bennett Leifer.
Leifer, who founded his New York City-based interior design firm nearly a decade ago, has his finger on the pulse of the design whims and wants of his clients, and those waning in popularity.
He spoke with Insider about what his clients are seeking in their homes now, and the tired trends they're ready to leave behind.
In: Handmade and unexpected touches
Handmade details are in. Just look at these two rooms with hand-painted wallpaper designed by Leifer.
Bennett Leifer Interiors (left), Josh McHugh
The minimalist white box aesthetic that was so popular five years ago has given way to an appreciation for textures and techniques that embrace an Old World style of craftsmanship.
"I think people are wanting their spaces to feel rich and unique to them," Leifer said. "They don't necessarily want to add a bold print to the wall, they don't necessarily want to paint a wild color. But they do want to have this subtle luxury — we're calling it personal richness."
He's used hand-painted wallpaper that features imagery personal to his clients and handmade Italian tiles laid in a pattern to reflect the roof of an adjacent New York City building that can be seen through a window.
Lower-lift projects include adding Venetian plaster to walls rather than the standard paint job and adding velvet trim around the baseboard and door of a room to add in that "personal richness."
In: Statement-making headboards
Leifer has created bespoke, oversized headboards for two clients recently.
Leifer's clients are more interested in big, bold headboards than ever before.
He sees it as a response to the rise in catalog and online shopping and the pandemic's effect on the supply chain.
"There was this whole wave towards getting the look for less, but then I think people started seeing a lot of the same thing," he said, adding that supply-chain issues inflated the "emotional frustration" of decorating a home.
"That's where I personally think a lot of the interest in making these unique, personal moments came about," he said.
Leifer has crafted an oversized arched headboard that mirrored a shape featured in the room's wallpaper. The oversized headboard is an opportunity to be playful.
"You can bring levity into the design in a way that isn't like turning it into a kid's room," he said.
In: Functional pieces
Functional pieces, like ergonomic chairs, are winning out over just design-minded pieces.
In this era of the Instagram-perfect home, it's tempting to eschew functional furniture for something that's more aesthetically pleasing.
But Leifer said his clients are becoming more practical than that. Case in point: The ergonomic chair, which isn't really known for its good looks.
"I'm seeing more demand for things being what they should be and more conscious decisions in terms of health choices," he said. "For example, we're doing a study and we're buying the prettiest ergonomic chairs we can find, because it's important to have good back support. Whereas in the past, it may have been a club chair style on a swivel caster base."
Herman Miller's Aeron chair is the gold standard for ergonomic chairs, and is about as streamlined-looking as they come. They start around $1,200. Branch Furniture's less costly options start around $330.
Out: All-white everything
Defaulting to white is out. Instead, Leifer said it's become a more intentional choice to use white.
Leifer said his clients aren't using white as a fallback anymore, but rather an intentional decision. It boils down to people, after spending a few years at home, really wanting to have a personalized space that speaks to their own aesthetic.
"If you're using it, it's an intentional decision," he said. While clients are still interested in white kitchen cabinetry and white bathrooms, for instance, it's because "they want it to feel crisp," and not just because it's an old standby.
Out: Overdone curtains
Overdone window treatments are out, Leifer said.
jimkruger/Getty Images
Be gone tassels and reams of drapes: Simplicity and intention are the name of the game when it comes to dressing up windows now.
"It has to finish a space to a certain degree," Leifer said, but clients aren't falling back on the old rulebook.
Instead they're curious to experiment with new touches, like the project where Leifer's using bronze casings around windows. It's not dressing windows for the sake of dressing them — it's all about intention.
Interior Design Trends Design | 2022-11-30T18:38:35Z | www.businessinsider.com | A New York Interior Designer Shares 3 Hot and 2 Dated Home Trends | https://www.businessinsider.com/interior-design-whats-in-and-whats-out-trendy-for-winter-2022-11 | https://www.businessinsider.com/interior-design-whats-in-and-whats-out-trendy-for-winter-2022-11 |
What is tax-loss harvesting?
How does tax-loss harvesting work?
Tax-loss harvesting example
Pros and cons of tax-loss harvesting
When to use tax-loss harvesting
Tax-loss harvesting can turn your investment losses into tax breaks. Here's how it works
Tax-loss harvesting can help you rebalance your portfolio or cut your losses on an investment that has underperformed.
RichVintage/Getty
Tax-loss harvesting can help reduce your taxable income, particularly if you're in a high tax bracket.
It requires selling a stock at a loss in order to offset realized capital gains.
Investors must follow specific timing rules and use a non-retirement account to get the tax benefits.
See Personal Finance Insider's picks for the best tax software »
According to legendary investor Warren Buffett, the No. 1 rule in investing is to never lose money.
While the stock market typically rises over the long term, it is common to experience losses from time to time. A strategy called tax-loss harvesting is one way to use those losses to your advantage.
Tax-loss harvesting is the process of selling securities such as stocks, exchange-traded funds (ETFs), and mutual funds at a loss in order to offset capital gains elsewhere in your portfolio.
A capital gain is a profit you make from selling an investment. "The benefit of loss harvesting is it allows for the reduction of capital gains taxes created by the sale of other investments," says Brandon Brake, an accountant and senior tax manager at Rosen, Sapperstein & Friedlander. "This is potentially a great tax planning tool if you have capital gains in your portfolio," he says.
Quick tip: Tax-loss harvesting is used in taxable investment accounts. It's not a strategy you can apply to tax-deferred accounts, like a 401(k) or IRA, because the advantages of it are negated by the other tax rules within these accounts.
In short, when you sell an investment for a loss, you can use that loss to offset any capital gains. If you have some losses left over, you can offset up to $3,000 in ordinary income. If there are still losses left, you may be able to carry them forward to future tax years.
Generally, the process for tax-loss harvesting follows these steps.
1. Sell an investment that has lost money
First, sell an investment in your portfolio at a loss by the end of the calendar year. Most investing apps have a display setting to sort each of your investments by year-to-date gains to help quickly identify possible candidates to sell.
Keep in mind that you're not required to sell all of your holdings in any particular security. For example, if you have $10,000 in a stock that you wish to sell for tax-loss harvesting purposes, you are not required to sell 100% of that stock. Consult an investment or tax professional to determine what makes sense for your situation.
2. Reinvest the money
With the proceeds from the sale, choose another investment to buy. Unless you can wait 31 days from the date of sale, this new investment must be different from the one that was recently sold to avoid the wash-sale rule.
"You have to purchase another security that is not 'substantially identical' and if it's too different from the security you just sold, it may disrupt your investing strategy and cause you to lose out on the recovery," says Rachael Camp, a CFP® professional with Camp Wealth Management.
For example, you can sell shares of a tech stock and buy a tech-based ETF to help you stay aligned with your diversification goals. But selling a tech-based ETF tracking the Nasdaq 100 to buy another tech ETF tracking the Nasdaq that's just under a different fund manager may be considered a wash sale.
"Ensuring compliance with the wash-sale rules should be evaluated closely with a qualified investment advisor. Short-term tax reduction goals should not take priority over sound, long-term investment strategy," says Brake.
3. Offset capital gains
You can use the amount of the loss to offset any capital gains you have realized during the calendar year by reporting the transaction on your income tax return.
If your capital gains are wiped out and you still have losses left over, you can reduce your ordinary income by up to $3,000.
When looking at your portfolio you notice that you realized a gain of $5,000 by selling Stock A earlier in the year. Without tax-loss harvesting you may have to pay taxes on the full amount of that gain.
However, you notice that you lost $10,000 on Stock B. If you sell Stock B by December 31, you can offset the gain from Stock A. Now you have $5,000 in losses left over — $3,000 of that can be used to offset your ordinary income for the current tax year, and $2,000 can be carried forward to next year to offset future capital gains.
As with any financial strategy, there are pros and cons to consider that will determine whether it's right for you.
Reduce tax liability by lowering capital gains and, potentially, ordinary income
Ability to carry over losses into future tax years
Selling an asset to harvest a loss may cause an imbalance in your portfolio
Can be complicated and time-consuming without the aid of a financial or tax professional
Restrictions on reinvesting into the same asset within a certain timeframe
Tax-loss harvesting should be considered a part of an overall financial plan and used when it aligns with your financial goals.
"Tax-loss harvesting is not for everyone," says Camp. "If your income is low enough, you may be in the 0% capital gains bracket and therefore, generating losses and resetting your basis lower may not benefit you."
Tax-loss harvesting may be appropriate when:
You have experienced significant capital gains. If you have experienced a significant capital gain or loss in the current year, you may want to consider tax-loss harvesting to reduce a large tax bill.
Rebalancing your portfolio. If you're looking to maintain a specific asset allocation, but your current portfolio has drifted away from that target, tax-loss harvesting could be a useful strategy. Selling investments at a loss can help offset any realized gains and bring your portfolio back in line with your desired allocation.
Quick tip: Many robo-advisors offer automatic tax-loss harvesting. This can help take the chore and potential mistakes out of the process.
What's the difference between short-term gains and long-term gains? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Short-term gains are those realized on investments held for a year or less, while long-term gains are those realized on investments held longer than one year. Short-term capital gains are taxed as ordinary income according to your tax rate, while long-term capital gains have their own set of tax brackets and rates, which are typically lower than ordinary income tax rates.
What's the last day I can sell stock for a loss? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
The last day you can sell an asset to use a tax-loss harvesting strategy is December 31.
What's the wash-sale rule? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
The wash-sale rule prohibits individuals from claiming a capital loss on the sale of a security if they purchase the same or a "substantially identical" security within 30 days before or after the sale. If you violate this rule, your losses will be disallowed and added to the cost basis of your newly purchased security.
Who benefits from tax-loss harvesting? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Tax-loss harvesting may be beneficial to anyone with significant capital gains, particularly those in higher tax brackets. It can also be a great tool for investors looking to reduce their overall taxable income and reinvest the proceeds into investments that could offer greater potential growth in the future.
PERSONAL FINANCE Understanding buy-and-hold investing — a long-term strategy that Warren Buffett swears by
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PERSONAL FINANCE Capital gains tax rates: How to calculate them and tips on how to reduce what you owe | 2022-11-30T18:38:47Z | www.businessinsider.com | How Tax-Loss Harvesting Turns Investment Losses Into Tax Breaks | https://www.businessinsider.com/personal-finance/tax-loss-harvesting | https://www.businessinsider.com/personal-finance/tax-loss-harvesting |
Sen. Mike Braun filing to run for governor of Indiana kicks off the GOP's first open Senate seat race of 2024
Warren Rojas and Bryan Metzger
Republican Sen. Mike Braun of Indiana speaks during a Senate Appropriations subcommittee hearing on the fiscal year 2023 budget for the FBI at the US Capitol on May 25, 2022 in Washington, DC.
Republican Sen. Mike Braun has filed to run for governor of Indiana in 2024.
GOP Reps. Jim Banks and Victoria Spartz have previously expressed interest in joining the Senate.
Braun noted that he hasn't officially declared in the race but said an announcement was days away.
Though he's submitted the paperwork to run for governor of Indiana, Republican Sen. Mike Braun assured reporters Wednesday that he's not leaving Capitol Hill just yet.
"I'm going to robustly finish out the two years as a senator," the freshman lawmaker said of his commitment to serving out the remainder of his first term. He added that he'd likely make an official announcement about his career plans shortly. "I'd say here in 10 days to a couple of weeks," Braun told congressional reporters of his current timetable.
—Daniel Strauss (@DanielStrauss4) November 30, 2022
Imminent or not, Braun's likely departure creates an opening for any 2024 hopeful to jump into the fray.
Local news site IndyPolitics previously reported that GOP Reps. and Republican Study Committee members Jim Banks and Victoria Spartz were considering mounting Senate bids if Braun elected to move on.
Braun is one of 10 GOP seats newly elected National Republican Senatorial Committee chair Steve Daines will have to defend in the next cycle. Other possible defectors in that cohort include anticipated 2024 presidential contenders Sens. Ted Cruz of Texas, Josh Hawley of Missouri, and Rick Scott of Florida.
Daines declined to name any candidates he'd like to see jump into the race, but said "there's interest already."
"I'm very confident Indiana will stay in Republican hands," Daines told Insider between votes at the US Capitol. Braun claimed 51% of the vote in 2018.
Delegation mate Todd Young, who ran the Senate's campaign reelection arm in 2020, was similarly tight-lipped about tapping a replacement.
"I think it'll be a crowded primary. And fortunately for the Hoosier State, we have a lot of talented people who might run for that seat," Young told Insider at the US Capitol.
Braun, who characterized the Senate as a place "that needs a lot of reform," said he didn't have an immediate successor in mind.
"I'm sure there'll be plenty to fill that vacuum," Braun said on his way to a vote on the Senate floor.
The Banks and Spartz campaigns did not immediately respond to requests for comment about prospective Senate runs in 2024.
Mike Braun Jim Banks Victoria Spartz | 2022-11-30T18:38:53Z | www.businessinsider.com | GOP Sen. Mike Braun's Likely Gubernatorial Bid Opens up a Senate Seat | https://www.businessinsider.com/republican-mike-braun-running-for-governor-of-indiana-in-2024-2022-11 | https://www.businessinsider.com/republican-mike-braun-running-for-governor-of-indiana-in-2024-2022-11 |
The House passes an agreement that would stop a rail strike — and give workers 7 days of sick leave
Juliana Kaplan and Bryan Metzger
A worker drives near freight trains and shipping containers in a Union Pacific Intermodal Terminal rail yard on November 21, 2022 in Los Angeles, California.
The House took the first step towards averting a rail strike, passing legislation to impose an agreement.
But members also voted to pass a measure that would give workers 7 paid sick days.
Both measures now have to pass the Senate, where sick days might encounter resistance.
Congress has taken the first step towards heading off a rail strike and pushing through a new contract for union rail workers — and, through legislative maneuvering, passed a measure that would give workers seven days of sick leave.
A vote to push through a tentative agreement — and thus avert a potentially economy-rattling strike — passed with substantial bipartisan support. 79 Republicans joined 211 Democrats in voting to pass the measure.
The additional measure that would tack on more sick days for workers had much closer margins, with 3 Republicans joining 218 Democrats to pass the resolution.
Paid sick leave, or lack thereof, has emerged as one of the biggest issues among rail workers. Currently, workers have no paid sick days. In the lead up to contract negotiations, workers pushed for 15 paid sick days to be added; they ended up with just one additional personal day, leading many to vote against that agreement.
On Monday, President Joe Biden asked Congress to step in and help avert a strike. Unlike other industries, Congress can step in to help resolve disputes in the railway bargaining process, or even vote to enact an agreement that not all rail unions have voted in favor of.
After four out of the twelve rail unions voted not to ratify a tentative agreement mediated by the White House, and with a strike looming as soon as early December, Biden asked Congress to do just that.
"As a proud pro-labor President, I am reluctant to override the ratification procedures and the views of those who voted against the agreement," Biden said in his statement.
He asked Congress to pass the tentative agreement "without any modifications or delay," although he said he shares "workers' concern about the inability to take leave to recover from illness or care for a sick family member."
"But at this critical moment for our economy, in the holiday season, we cannot let our strongly held conviction for better outcomes for workers deny workers the benefits of the bargain they reached, and hurl this nation into a devastating rail freight shutdown," Biden said.
Some members of Congress responded by pushing for the additional sick day resolution, insisting that legislation on the deal could not move forward without provisions for workers.
"It's no secret that his announcement and calling on Congress to intervene was disappointing to some of these unions — they've stated as much publicly — but I also think that we can turn this into a win, actually," Representative Alexandria Ocasio-Cortez told Insider. She said that they're "fighting tooth and nail" to include the sick day amendment.
Sen. Bernie Sanders earlier told reporters that he was "cautiously optimistic" that the House would pass both the tentative agreement and the paid sick leave measure. He later joined Democratic senators including Elizabeth Warren, Cory Booker, and Kirsten Gillibrand in a statement commending the House for the passage of the paid sick day measure, and urging the Senate to "quickly take up the House-passed language for a roll call vote."
Ross Grooters, a locomotive engineer in Iowa and co-chair of Railroad Workers United, told Insider that "it's good to see the support that's been building and the recognition that paid sick time is important for railroad workers. It's important for all workers."
But both the tentative agreement and the paid sick leave resolution still need to pass the Senate. If the agreement passed without paid sick leave, "it's going to make life hard for railroad workers," Grooters said.
"Without paid time off under what the railroads are trying to do, it just becomes very difficult — and near impossible — to manage your life and exist outside of the railroads." | 2022-11-30T20:09:45Z | www.businessinsider.com | House Passes Agreement to Stop Rail Strike, Give Workers Sick Leave | https://www.businessinsider.com/house-passes-agreement-stop-rail-strike-give-workers-sick-leave-2022-11 | https://www.businessinsider.com/house-passes-agreement-stop-rail-strike-give-workers-sick-leave-2022-11 |
Sponsor content Home Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options. Travel
Blended travel lets people switch from work to leisure with ease. Here's how hospitality and travel companies are accommodating this experience.
Created by Insider Studios with Crowne Plaza Hotels & Resorts
Crowne Plaza Phu Quoc Starbay.
Crowne Plaza Hotels & Resorts
Studies show a growing number of employees feel more productive when they have flexible work schedules.
For business travelers, this means combining work with leisure or blended travel.
Crowne Plaza Hotels & Resorts reimagined its hotel spaces, amenities, and service culture to help travelers flex between work and leisure.
The impacts of social change and work-from-anywhere technology have shifted how people view their careers and leisure time in a post-pandemic world. According to a collaborative survey conducted by Crowne Plaza Hotels & Resorts and Stylus — a global trends and business insight service — 75% of respondents said remote work has finally made work-life balance achievable.
With this, a newfound freedom to explore new destinations while on the job has emerged, and 66% of people even said this flexibility makes them more productive.
This new outlook relative to the advantages of combined work and leisure travel has set new expectations among modern travelers who increasingly seek hybrid accommodations and flexible amenities. And no business or enterprise has seen more of a need to meet these new standards than those in the global hotels and resorts industry.
"Our guests are looking for more flexibility to rebalance their lives, and we're continuing to evolve and invest in the blended travel space to provide the lives that they now want to live as they travel," said Ginger Taggart, vice president of brand management at Crowne Plaza Hotels & Resorts.
Crowne Plaza Atlanta Perimeter at Ravinia.
The rise of blended travel
Blended travel is the result of how the global pandemic changed people's lifestyles and methods of conducting work.
But now that the majority of the global workforce is hitting the road again, people and businesses realize the flexibility of working, connecting, and exploring in unison is an exciting opportunity to elevate productivity and enhance business relationships. This flexibility also lends itself to better lifestyle satisfaction, improved self-care, and reduced burnout. And the statistics back up this trending sentiment.
Seventy-two percent of the 3,000 respondents from the Crowne Plaza Hotels & Resorts and Stylus survey said they enjoy working from different locations, and 60% of US respondents plan to add leisure days to upcoming business trips. In addition, 80% of current business travelers worry their professional careers and personal lives will suffer if they don't travel more.
A workforce-led trend
Crowne Plaza Hotels & Resorts has acted on the wants and expectations of today's travelers by introducing flexible new spaces and upgraded amenities to fulfill specific guest needs, such as fostering in-person connections with clients and colleagues, increasing on-the-road productivity, and supporting the addition of personal leisure days to business trips.
Crowne Plaza Utrecht.
Crowne Plaza's exclusive hybrid solutions include Plaza Workspaces that allow travelers to flex between solo projects and collaborative networking and team-building meetings while offering customized nooks, pods, and workstations for focused productivity.
And whether this new era of travel means a guest is tacking on a few personal days to a business trip in London, meeting a prospective client while on a personal bucket-list excursion in Budapest, or making Washington DC their new home-away-from-home for weeks or months at a time — what's ultimately important is combining work and leisure into an organic, seamless and empowering travel experience.
"A new, agile generation doesn't want two opposing ideas — work and leisure — awkwardly put together: They want flexible, fit-for-the-future spaces and services from a brand that understands them," Taggart said. "Many other hospitality brands put the blend into bleisure, but at Crowne Plaza Hotels & Resorts, we know the future is about flexibility."
What blended travel looks like
Businesses in the travel and hospitality industry must incorporate inter-connected features and amenities that help guests achieve a stress-free balance between professional commitments and personal activities.
For example, Crowne Plaza Hotels & Resorts' WorkLife Rooms, exclusively outfitted with distraction-less desk workspaces, provide all the resources needed for laser-focused productivity, plus the comforts of cozy sofa nooks and Sleep Advantage® kits that help travelers of all types relax and recharge.
Crowne Plaza Warsaw — The Hub.
"It's vital to provide these transitional moments for the new breed of connected traveler," Taggart said. "That's why we've created fresh, convivial, and flexible spaces that empower you to craft your own experience and make the most of your journey."
That is the crux of what makes blended travel a transformational trend, especially with more than half of workers agreeing that working from anywhere makes them happier and more productive. It provides empowerment to every traveler who can flip from work to leisure mode and back at a moment's notice.
Blended travel is not the future of travel. It is here today. Among travelers of all types and around the globe, there is now a keen expectation that travel and hospitality providers understand — and offer — what guests need to be truly productive and satisfied on the road. That goes for seniors working a retirement side hustle to Gen-Zers who are committed to accelerating their careers without sacrificing their quality of life — and every flex-minded traveler in between.
"For us, developing an ever-evolving blended traveler strategy has been part of our DNA for years," Taggert said, "And consequently, we have developed an offer that allows our guests to switch between business and leisure modes at will.
Crowne Plaza's commitment to guest-centered spaces, technology, amenities and services is a hallmark of its brand – and one it will continue to pioneer as the blended travel leader.
Book your blended travel experience at Crowne Plaza Hotels & Resorts.
This post was created by Insider Studios with Crowne Plaza Hotels & Resorts. | 2022-11-30T20:09:51Z | www.businessinsider.com | How to Blend Work and Leisure on Your Next Business Trip | https://www.businessinsider.com/sc/how-to-blend-work-and-leisure-on-your-next-business-trip | https://www.businessinsider.com/sc/how-to-blend-work-and-leisure-on-your-next-business-trip |
Zelenskyy invites Elon Musk to visit Ukraine: 'After that, you will tell us how to end this war'
Charles R. Davis and Britney Nguyen
Ukrainian President Volodymyr Zelenskyy speaks with Andrew Ross Sorkin during The New York Times DealBook Summit in the on November 30, 2022 in New York City.
Ukrainian President Volodymyr Zelenskyy said Elon Musk should visit his country to understand the war.
"If you want to understand what Russia has done here, come to Ukraine and you will see this with your own eyes," he said.
The comments came after Musk earlier proposed a peace agreement criticized for favoring Russia.
Early on, Elon Musk played an important role in helping Ukraine resist Russia's full-scale invasion of the country, President Volodymyr Zelenskyy said Wednesday. With the help of the US government, Musk provided Starlink satellite internet receivers that ensured troops could communicate in the face the Kremlin's electronic and conventional warfare.
"And this is very important," Zelenskyy, speaking through a video link, told people attending a conference hosted by The New York Times, "because at some point... it seems Elon began to change his opinion and we began to hear all kinds of appeals."
In October, Musk, the billionaire CEO of Tesla, SpaceX, and Twitter, posted a tweet outlining what he described as a plan for "Ukraine-Russia Peace." Under the proposal, areas of Ukraine illegally annexed by Russia would take part in internationally monitored elections on their future status; Crimea, which Moscow occupied in 2014, would become "formally part of Russia" (Musk described its ever being part of Ukraine as a "mistake"); and Ukraine would agree to remain politically "neutral" going forward.
Critics, including Ukrainian officials, panned the proposal as favoring Russian interests at at time when the Kremlin was actually losing the war that it started. It also came, according to political analyst Ian Bremmer, after Musk confided that he had recently spoken with Russian President Vladimir Putin — a claim Musk later denied, asserting that he had "spoken to Putin only once" in the last 18 months and that the subject matter was "space."
Musk has also angered Ukrainian officials by suggesting he would no longer pay for their Starlink service, which has suffered "catastrophic" outages in some occupied parts of the country in an apparent effort to limit offensive operations that some argue could escalate the conflict, such as an attempt to retake the Crimean peninsula.
The US government has paid SpaceX for at least 1,330 Starlink terminals and covered costs to deliver them to Ukraine, according to the Washington Post. Starlink is hiking the cost of its terminals and monthly internet service fees in Ukraine.
Speaking on Wednesday, Zelenskyy said he did not know why the billionaire had shifted from steadfast to erratic support for Ukraine.
"I don't know if somebody is making an influence on him or if he is making those choices himself," Zelenskky said. The Ukrainian president added that he would invite Musk and others to see the war firsthand before opining on how to end it.
"I always say very openly, if you want to understand what Russia has done here, come to Ukraine and you will see this with your own eyes without any extra words. And after that, you will tell us how to end this war, who started it, and when we can end it," Zelenskky said.
Ukraine Russia Elon Musk | 2022-11-30T20:10:09Z | www.businessinsider.com | Zelenksyy Says Elon Musk Should Visit Ukraine to Better Understand War | https://www.businessinsider.com/zelenksyy-says-elon-musk-should-visit-ukraine-to-understand-war-2022-11 | https://www.businessinsider.com/zelenksyy-says-elon-musk-should-visit-ukraine-to-understand-war-2022-11 |
A finance and lifestyle YouTuber with about 20K followers explains how she built 7 income streams and how much she's earned each month this year
Reni Odetoyinbo is a full-time YouTuber based in Ontario, Canada.
Reni Odetoyinbo worked at a bank after college, but felt she was just helping the rich get richer.
She started in May 2020 posting finance tips on YouTube, and now has 19,3000 subscribers.
Odetoyinbo shares her seven streams of income, including AdSense, consulting, and follower tips.
When Reni Odetoyinbo posted an Instagram story in May 2020 about buying her first house at the age of 23, her DMs exploded. She had 2,000 followers at the time, and received 30 messages with questions about how she was able to afford real estate two years out of college.
At the time, Odetoyinbo was working full-time at The Bank of Montreal (BMO) in Canada and occasionally posted financial tips for friends and family on Instagram. After the post about her house, her followers asked her to create a dedicated platform about building wealth.
She polled her audience through Instagram about whether she should create a podcast, YouTube channel, or keep posting stories on Instagram. The majority voted for YouTube, and on May 18, 2020, XOReni was born.
Now, Odetoyinbo is a full-time YouTuber based in Ontario, Canada with 19,300 subscribers. Her content focuses on personal finance and career advice, where she posts videos about how she bought her first house at age 23, how to revamp a LinkedIn profile, and explaining concepts like financial abuse. She's also expanded to lifestyle content, such as what skincare products she uses.
"Finance is a white-male dominated space," she told Insider. "A lot of my followers have told me they didn't know creating wealth was something they could do because they wouldn't see someone who looked like them, so that's why I think my business has grown the way it has."
The 26-year-old also posts personal finance and lifestyle content on Instagram, where she now has 14,000 followers, and on TikTok, where she has 23,800 followers. Since January, she's made 105,654 Canadian dollars, or about $78,600, from seven streams of income, according to documentation verified by Insider.
Here's a breakdown of her earnings:
Google's AdSense program — Odetoyinbo's first stream of income was through this platform that lets creators monetize their YouTube channels through placed ads. She earned her first CA$100 in September 2020.
Brand partnerships — This is one of Odetoyinbo's main streams of income, where brands like the insurance company Lemonade and Canadian investment firm Wealthsimple pay her to create content on social media.
Affiliate marketing — This is another one of her biggest income sources, where companies like EQ Bank pay her to have people sign up for their service. She puts the affiliate link in her bio on social media, and if a follower signs up, then Odetoyinbo gets a portion of the proceeds. For example, the bank paid her CA$80 for each person who used her specialized link to sign up.
Speaking engagements — Organizations like her alma mater, York University, and the Toronto Public Library pay Odetoyinbo a flat fee to discuss topics like investing in front of a live audience or through a virtual meet-up.
Professional consulting — Odetoyinbo charges a minimum of CA$350 to revamp a client's LinkedIn profile or provide recommendations to a small business on how it can optimize its social-media profiles.
Buy Me A Coffee — Sometimes, her followers give her tips through this app based on the advice she gives, such as someone who obtained a CA$25,000 raise in their job based on her advice.
Grants — Funding from creator programs, like the CA$32,263 she earned in June from #YouTubeBlack Voices, has helped Odetoyinbo invest in growing her platform, especially since the money is tax-free.
In addition to using the income to fund her lifestyle and build wealth, Odetoyinbo has also been able to help her grandparents in Nigeria access healthcare through a collaboration with IHS Medical Inc, whose ad was placed in one of her YouTube videos earlier this month.
"Being able to financially help my family back home is something that's really close to my heart," she said.
Finance advice from her parents and a banking career helped grow her YouTube channel
Odetoyinbo's experience with building wealth began when she was four years old, when her parents opened an investment account for her at TD Bank and said that she would have to put 50% of the money she received as gifts into it. Throughout her childhood, her parents would discuss topics like budgeting and mortgages with her, and she regularly mentions their involvement in her YouTube videos.
"I'm very well aware of my privilege, because most people don't have guidance like that from such a young age, " she said. "I never want my audience to think I learned all this on my own."
She also learned about building wealth from her job at BMO, where she most recently worked as a strategic marketing manager creating marketing plans that attracted people who had more than $1 million in investable assets. However, she wanted to break down financial concepts for the "average" person, which is what she focused her YouTube channel on.
"I felt like I was just helping the rich get richer, and wasn't actually adding any value," she said.
Odetoyinbo left her job at the bank in October 2021, after earning CA$3,000 the previous month from AdSense, one brand deal, and affiliate income from the performance-marketing platform Fintel Connect.
Below is a breakdown of how much money Odetoyinbo has earned in each month in 2022 so far. Insider verified these earnings with documentation she provided.
January CA$6,790
February CA$2,502
March CA$9,550
April CA$4,459
May CA$16,087
June CA$34,352
July CA$3,891
August CA$15,753
September CA$6,138
October CA$2,718
November CA$3,414
YouTube Creator economy | 2022-11-30T21:41:07Z | www.businessinsider.com | How Much a YouTuber Makes From 7 Income Streams With 20K Subscribers | https://www.businessinsider.com/how-much-youtuber-makes-7-income-streams-monthly-earnings-2022-11 | https://www.businessinsider.com/how-much-youtuber-makes-7-income-streams-monthly-earnings-2022-11 |
Mark Zuckerberg and Elon Musk appear to agree on one thing: Apple's control over apps is 'problematic'
Grace Kay and Britney Nguyen
AP; Francois Mori/AP
Mark Zuckerberg called Apple's control over the App Store "problematic" during an interview Wednesday.
The Facebook founder said Apple's control of iOS has made it difficult for Meta.
Zuckerberg's comments echo Elon Musk, who called the App Store "a serious problem" on Tuesday.
Mark Zuckerberg took a jab at Apple and appeared to side with Elon Musk over the iPhone company's control over the App Store during an interview on Wednesday.
"I do think Apple has sort of singled themselves out as the only company that is trying to control like unilaterally what what apps get on a device, and I don't think that's a sustainable or good place to be," Zuckerberg said during an interview at The New York Times' DealBook Summit. "I do think it is problematic for one company to be able to control what kind of app experiences get on the device," he added.
Spokespeople for Apple and Meta did not respond to a request for comment from Insider ahead of publication.
New York Times reporter Andrew Ross Sorkin had asked Zuckerberg for his thoughts on Musk's recent battle with Apple. On Tuesday, Musk called Apple's control over the App Store "a serious problem" and appeared to declare a "war" on Apple. The billionaire and "Chief Twit" said the tech giant had threatened to boot Twitter of its App Store, without providing a reason why.
While Zuckerberg did not comment on Musk's battle with Apple directly, the Meta CEO said he believes Apple "stands out as the only one where one company can control what apps get on the device." He noted that even though the Google Play Store has booted apps of its store, there are other app stores available to Android users and the ability to side-load apps too.
Zuckerberg has been critical of Apple's policies for several years. In 2020, he accused the company of charging "monopoly rents" in the form of App Store fees and blocking competition. Musk has also criticized Apple's App Store fee. The tech company controls app distribution for the iPhone and iPad, and takes between 15% and 30% of most in-app purchases made on iOS apps.
On Wednesday, Zuckerberg said Apple's policies pose a risk to Meta as he sees them as one of the company's "big competitors."
"There is a conflict of interest there and it makes them not just a kind of governor that is looking out for the best of, of people's interests," Zuckerberg said. "I think they also have a lot of their own strategic interests, which makes it very challenging."
The Facebook founder also said Apple's new privacy policies have "been hard" on the company. Earlier this year, Meta said that Apple's App Tracking Transparency feature would decrease the company's 2022 sales by about $10 billion.
Mark Zuckerberg Elon Musk Tim Cook | 2022-11-30T21:41:07Z | www.businessinsider.com | Zuckerberg, Musk Agree: Apple's App Store Is 'Problematic' | https://www.businessinsider.com/mark-zuckerberg-apple-app-store-conflict-interest-elon-musk-question-2022-11 | https://www.businessinsider.com/mark-zuckerberg-apple-app-store-conflict-interest-elon-musk-question-2022-11 |
'Selling Sunset' broker Jason Oppenheim says 'Compass basically destroyed the brokerage model for the entire industry'
The "Selling Sunset" broker Jason Oppenheim told Insider "there are other brokerages out there offering 90/10 and 85/15 splits" to compete with Compass' generous commission policy.
Amy Sussman/Staff/Getty Images
Jason Oppenheim, who runs The Oppenheim Group, said the rival brokerage Compass is "unfixable."
He said that Compass allowing brokers to keep too much of their commissions is "unsustainable."
Compass told Insider its current cost-cutting plan includes "no change in our split policy."
The superstar real-estate broker Jason Oppenheim railed against an embattled rival firm, Compass, saying the company "destroyed the brokerage model for the entire industry" and faces a "grim reality."
"There's no fixing Compass," Oppenheim, best known from the Netflix reality show "Selling Sunset," told the real-estate news outlet Inman.
Oppenheim closed over $429 million in sales last year as the head of his own brokerage, The Oppenheim Group, a Los Angeles-based firm that his great-great-grandfather founded in 1889.
Oppenheim's critique centers on "splits," the slice that a brokerage takes from an agent's commission each time they buy or sell a house on a client's behalf. Brokerages use that money for everything from shared office space to marketing resources.
Splits can range from 50-50 all the way up to 90-10, with agents keeping 90% of a commission — which is usually 3% of a home's sale price — and giving their firm 10%.
Oppenheim said the splits at Compass are unsustainably generous, in the ballpark of 90-10, generating too little revenue for the brokerage to function profitably.
Former Compass agents confirmed in a lawsuit they were offered 90-10 splits, and The Wall Street Journal reported that some offer letters allowed brokers to keep 100% of their commissions on the first eight deals.
"If you have a broken business model, it doesn't matter how many agents you have. It's irrelevant. If you are making televisions for $100 a piece, and you're selling them for $99 a piece, it doesn't matter that you're making more televisions, it doesn't fix your business model," Oppenheimer told Inman.
Compass, meanwhile, told Insider it doesn't anticipate changing its split policies.
"We are planning our cost structure to be profitable in 2023, even with a 25 percent decline in the market, with no change in our split policy. The market responded very favorably and multiple Wall Street analysts project Compass will be profitable without any change to split policies," a Compass spokesperson said in an emailed statement to Insider.
In a call with Insider, Oppenheim broke down what he considers a more "sustainable and successful" split.
"The most successful agents at 80-20, and the newer agents at 60-40. Then most of the agents will be at 70-30," he told Insider. He declined to share the range of splits for his agents at The Oppenheim Group.
Oppenheim also believes that Compass has dragged down the rest of the industry.
"There are other brokerages out there offering 90-10 and 85-15 splits because they had to in order to compete with Compass," Oppenheim told Insider.
Compass is on a mission to cut costs by $320 million after a shaky year
Compass was founded in 2012 by Robert Reffkin, who had never worked in real estate before, and two other entrepreneurs, Ori Allon and Avi Dorfman. The firm rose to become the top brokerage in the US in sales volume, selling $251 billion in real estate in 2021. But after interest rates went up earlier this year, the real-estate market slowed down dramatically, leaving many agents — and by extention, their brokerages — earning fewer commissions.
Compass, which went public in April 2021, has never turned a profit. It reported a $154 million loss in the third quarter. Its stock price has steadily plunged from $18 the day of the IPO to $2.69 on November 29. Since June, Compass has laid off more than 1,000 people, and executives announced $320 million in cost-cutting.
A few superagents have fled the brokerage, though Compass touted a 15% increase in its number of agents in the third quarter, saying it employs more than 13,000 agents in total.
Oppeheim told Insider he currently employs "about 40" agents.
Oppenheim said in his Inman interview that at one point he hoped Compass would "buy me up," but the brokerage said it never responded to his inquiry.
"Compass doesn't focus on other companies or reality TV, we focus on making our agents more successful," a Compass spokesperson said in an email. "Compass did not respond to Jason's inquiries because he would not have been a culture fit and therefore we did not want to waste his time."
Oppenheim told Insider he's not rooting for the downfall of Compass. "I hope they succeed, but time will tell," he said in a phone interview.
Real Estate Compass Selling Sunset | 2022-11-30T21:41:48Z | www.businessinsider.com | 'Selling Sunset' Broker Says Compass Faces a 'Grim Reality' | https://www.businessinsider.com/selling-sunset-broker-says-compass-faces-a-grim-reality-2022-11 | https://www.businessinsider.com/selling-sunset-broker-says-compass-faces-a-grim-reality-2022-11 |
How to get Instagram support through the Help Center
How to report hate speech, violence, and more to Instagram
How to report bugs and glitches to Instagram
How to contact Instagram support for help with your account
By Abigail Abesamis Demarest and William Antonelli
You can contact Instagram support via their online Help Center, or by reporting a post directly.
If you shake your phone while using Instagram, a pop-up will appear that lets you report bugs.
Instagram has a phone number, but you won't be able to talk to anyone there.
With more than one billion active users every month, it's easy to see how Instagram's customer service team might get overwhelmed.
Unfortunately for users, this makes it so there's no way to speak with a live customer service representative from Instagram –– even if the issue is urgent, like your account getting hacked. Instead, you'll have to use one of the automated methods.
You can open Instagram's Help Center to read troubleshooting guides that might help with your issue. And if you're trying to report a problem, you can shake your phone or open a post's options.
Quick tip: Check out our guide on how to report posts, profiles, and comments on Instagram.
Instagram's Help Center is a robust support tool that offers step-by-step guides and troubleshooting tips for most common Instagram problems. There's nobody to talk to there, but the guides are written by real people.
Access help on desktop
You can find the Help Center on your computer by heading directly to their website. Here, you can click on one of the suggested topics or use the search bar to locate articles relating to your issue.
Alternatively, you can follow the steps below.
1. Go to Instagram's website. Click the Help button underneath account recommendations on the right side.
This is a simple way to access the Help page when you don't have the exact URL handy.
Quick tip: If you want to report an issue on Instagram, go to your profile page, then click Settings > Report a problem.
Access help on mobile
1. Open the Instagram app on your iPhone or Android device and tap your profile picture in the bottom-right corner.
2. Tap the three stacked lines in the top-right corner, then select Settings.
You can also access the Help Center via the Instagram app.
3. Tap Help near the bottom of the page, then tap Help Center.
Clicking Help Center will take you to Instagram's Help Center page.
You'll be brought to Instagram's Help Center page, which is filled with hundreds of different support topics. Pick one of the suggested articles, or use the search bar to find what you're looking for.
Instagram lets you report individual posts, specific users, and comments. Just go to any post, account, or comment, tap the three horizontal dots on it, and select Report from the drop-down menu.
You can report any post, account, or comment that you feel violates Instagram's community guidelines.
If you're not sure whether your issue can be reported or if someone has committed a reportable offense, review Instagram's community guidelines.
Here's some of what Instagram sees as legitimate issues:
Intellectual property: Issues that follow under this grievance include users infringing on copyright — which generally protects original expression like images and words but not facts and ideas — and trademarks, defined as a word, slogan, symbol, or design made to distinguish products or services from an individual, group or company.
Nudity: Broadly defined as "appropriate" imagery, this more controversial guideline prevents nudity of any kind on the site, with a handful of exceptions — including post-mastectomy scarring photos, individuals breastfeeding, and nudity in paintings and sculptures.
Hate speech: The platform will remove any content from its site that encourages violence or includes hate speech — based on race, ethnicity, national origin, sex, gender, gender identity, sexual orientation, religion, disability, or disease — as well as bullying and harassment that target private individuals.
Illegal activities: Instagram will remove posts that offer specific services around sex, firearms, and drugs, in addition to removing posts or comments that "support or praise of terrorism, organized crime, or hate groups."
Self-injury: Any content posted to the platform that appears to glorify or encourage any type of physical self-injury, including eating disorders, will be taken down — with the exception of posts that reference these issues in the name of increasing awareness or signposting support.
Graphic violence: Any videos or images featuring intense, graphic violence that isn't shared in relation to newsworthy events or to condemn or educate on a larger issue, will be removed for inappropriateness.
After you report a post, you might get an email or Instagram notification telling you what decision Instagram's moderators made about it.
Instagram also accepts reports about issues with the app itself, like if a graphic isn't displaying correctly, or a menu won't open.
To quickly report a bug, shake your phone while Instagram is open. A pop-up should appear asking you to report the problem. You'll also be able to submit screenshots and other files.
You can also turn off this feature from this menu.
TECH How to delete a comment on Instagram, or hide and restrict comments | 2022-11-30T22:11:51Z | www.businessinsider.com | How to Contact Instagram Support and Helpline Number | https://www.businessinsider.com/guides/tech/how-to-contact-instagram | https://www.businessinsider.com/guides/tech/how-to-contact-instagram |
Netflix co-CEO calls Elon Musk the 'bravest, most creative person on the planet,' says people should 'give the guy a break'
Elon Musk; Reed Hastings
Carina Johansen/Getty Images; Manu Fernandez/AP
Netflix co-CEO Reed Hastings called Elon Musk "the bravest, most creative person on the planet."
He added that their styles are different, but that Musk is "trying to help the world" by buying Twitter.
"He just spent all this money to try to make [Twitter] much better for democracy and society."
Netflix cofounder and co-CEO Reed Hastings seems to be a fan of Elon Musk, the world's richest man who recently bought Twitter.
During Wednesday's DealBook Summit, Hastings noted he and Musk have different styles: He is trying to be a "steady, respectable leader," while Musk is "out there," he said.
While Hastings isn't quite as active in the public eye, and he certainly tweets less often than Musk, he said that he was "excited" about Musk's Twitter takeover.
He added that Musk "the bravest, most creative person on the planet." To which Musk responded, "Wow, thank you for the kind words."
Musk, on the other hand, had less-than-kind words for Netflix earlier this year. After the streaming giant reported it lost subscribers in the first quarter of the year, Musk tweeted: "The woke mind virus is making Netflix unwatchable."
If he saw the tweet, it doesn't seem that Hastings took Musk's comment to heart.
Hastings said he is "100% convinced that he is trying to help the world in all of his endeavors," including buying Twitter.
"He's trying to help the world on that front because he believes in free speech and its power for democracy," Hastings said, but added "how he goes about it is not how I would do it."
Still, Hastings said that people are being too "nit picky" about the changes Musk is making to Twitter, urging people to "give the guy a break."
"He just spent all this money to try to make [Twitter] much better for democracy and society, to have a more open platform, and I am sympathetic to that agenda," Hastings said.
Musk has caused a stir with his changes since buying Twitter. Earlier this month, he rolled back Twitter's Covid misinformation policy.
He's also started to implement an $8 subscription fee for users to get blue checkmarks, which have, in the past, typically designated the accounts of public figures or institutions.
Critics say putting a price on the verification, essentially allowing anyone to have the check as long as they pay the monthly charge, could lead to the spread of misinformation.
The monthly fee is part of the new Twitter Blue subscription, which Musk has delayed multiple times to address impersonation issues.
Musk, who styles himself as a "free speech absolutist," has called the new blue-check system "the great leveler."
Elon Musk Reed Hastings Netflix | 2022-11-30T22:12:11Z | www.businessinsider.com | Netflix Co-CEO Calls Elon Musk 'Bravest, Most Creative Person' | https://www.businessinsider.com/netflix-ceo-reed-hastings-elon-musk-bravest-most-creative-person-2022-11 | https://www.businessinsider.com/netflix-ceo-reed-hastings-elon-musk-bravest-most-creative-person-2022-11 |
Delta is making big changes to who can access its popular Sky Club airport lounges
Delta Air Lines aircraft.
On The Run Photo/Shutterstock
Delta Air Lines is changing who can access its Sky Clubs after complaints of long lines and crowds from customers.
Club membership and guest pass fees have increased and they can no longer be purchased by just anyone.
Some Medallion members can no longer access the lounge when traveling internationally in select cabins.
Accessing Delta's popular Sky Club lounge just got a little harder for some frequent fliers of the airline.
On Wednesday, the Atlanta-based carrier announced sweeping changes to its Sky Club, including increasing fees, removing access from some travelers, and only allowing Medallion members to purchase a membership.
According to Delta, starting January 1, only Diamond, Platinum, Gold, and Silver Medallion members can buy annual memberships to the Sky Club. The fees will also increase, as outlined below:
Individual: The former price was $545 or 54,500 miles, but will increase to $695 or 69,500 miles.
Executive, which includes guests: The former price was $845 or 84,500 miles, but will increase to $1495 or 149,500 miles.
Effective February 2, those buying an executive membership will also see a higher fee for each guest, increasing from $39 per person per location to $50 (3,900 to 5,000 miles for Club members paying with miles), according to Delta.
Another significant change is restricting those that can access the lounge. Sky Club members flying on a basic economy ticket, as well as Diamond, Platinum, and Gold Medallion Members flying internationally in Delta's Main Cabin or Comfort+ can no longer access the Sky Club, effective February 2.
Access can be granted through other means, like having an eligible American Express credit card or a Club membership, according to Delta. The fee for eligible American Express cardholders to bring a guest has also increased from $39 to $50.
Meanwhile, Diamond Medallion members who reach status for 2024 will have to spend three Choice Benefit selections for executive Sky Club membership instead of two, while individual memberships will no longer be available via Choice Benefits, per Delta.
These are huge changes for the airline, especially since anyone can currently purchase a Sky Club membership. However, long lines and a lack of empty seats inside the lounges created frustration for travelers, prompting Delta to make the changes.
"While we're thrilled to see so many customers enjoy the fruits of our teams' hard work, our goal now is to balance the popularity of the Clubs with the premium service and atmosphere for which they were designed – and that our guests deserve," Dwight James, SVP of customer engagement & loyalty, and CEO of Delta Vacations, said in a press release.
According to CNBC, the airline has already made efforts to reduce crowds, like adding VIP lines to certain Clubs, limiting access to only three hours before departure, and reporting lounge busyness to travelers in Atlanta and Detroit as "not busy" to "extremely busy."
Since April, Delta has opened four new Sky Clubs across its network, including at New York's LaGuardia Airport, Los Angeles International Airport, Chicago's O'Hare International Airport, and Tokyo's Haneda Airport.
Delta Air lines Delta sky club | 2022-11-30T23:12:33Z | www.businessinsider.com | Delta Is Restricting Who Can Access Its Sky Club Airport Lounges | https://www.businessinsider.com/delta-restricting-who-can-access-its-sky-club-airport-lounges-2022-11 | https://www.businessinsider.com/delta-restricting-who-can-access-its-sky-club-airport-lounges-2022-11 |
8 ways to fix iMessage if it's not working on your iPhone
There are many common fixes if iMessage isn't working.
iMessages are texts, photos, and videos sent between Apple devices using Wi-Fi or cellular data.
When iMessages are working properly, texts appear in a blue bubble.
You can troubleshoot iMessage issues by toggling your Wi-Fi, cellular, and iMessage on and off.
Color means a lot, especially when it comes to the text messages on your iPhone. When you send a text using iMessage, it appears in a blue bubble.
If all of your texts are in green bubbles, that either means you are only texting with Android users — as Android doesn't support iMessage — or your phone's iMessage feature simply isn't working.
Here's how to troubleshoot iMessage and get it working.
What is iMessage?
iMessages are texts, photos, and video messages that are sent between iPhones, iPads, iPod touches, or Macs using Wi-Fi or a cellular network. iMessages are encrypted and have a signature blue color.
What to do if iMessage is not working
If iMessage isn't working properly for you, you're losing out on a couple of key advantages that iMessage has over ordinary SMS text messaging.
iMessages are sent and received as ordinary internet data, so they don't count against your cellular text plan. They're also encrypted from end to end, synchronize across all your Apple devices, and let you see when the other person is typing.
All of these features only work with other iPhone users. But if that's not working — and your messages appear in green bubbles with other Apple users — it's time to troubleshoot.
Quick tip: Check out our guide on how to fix iMessage if your messages aren't being delivered.
Check if iMessage is down
There's a chance that iMessage is down on Apple's end. To check this, visit Apple's System Status page. Here, you can check to see if services like iMessage, FaceTime, and more are having known technical issues.
If you're having trouble with iMessage or other Apple apps, check this site.
Make sure you have a working internet connection
Anytime you're not sure if an internet service is working properly, it's a good idea to double-check your connection. In principle, iMessage should default to cellular if your Wi-Fi isn't working, but it's always possible something went awry.
Quick tip: Check out our guide on how to fix an iPhone that keeps disconnecting from WiFi.
1. Start the Settings app and tap Wi-Fi.
2. Turn Wi-Fi off by swiping the button to the left, wait a moment, and turn it back on with a swipe to the right.
Turning your Wi-Fi off and on might help with connectivity issues.
3. Go back to the main Settings page, then tap Cellular.
4. Turn your cellular data off by swiping the button to the left, wait a moment, and turn it back on with a swipe to the right.
Quick tip: You can see how much cellular data you've used on this page. Make sure that you have sufficient data to send iMessages when Wi-Fi is turned off.
5. Make sure you see both Wi-Fi and cellular symbols at the top of your iPhone screen.
You need a Wi-Fi connection or cellular data to send and receive iMessages.
Figure out whether the problem is on your end or someone else's
Keep in mind that an iMessage failure can be caused by a problem with your iPhone — or with the person you're exchanging messages with.
Is iMessage failing with only one iPhone user or with every iPhone user you text with? If necessary, send a short text message to several people and see whether the problem is limited to one person or to everyone.
Make sure iMessage is set up for your iPhone
It's possible that iMessage is misconfigured, and your phone is not on the list of devices that can use iMessage.
1. Start the Settings app and tap Messages.
2. Tap Send & Receive.
You can send and receive iMessages from your phone number and email addresses.
3. Make sure your iPhone's phone number is selected in both sections of the page, but especially Start New Conversations From.
Quick tip: You should also make sure iMessage is enabled on all your other Apple devices.
Restart iMessage
If all your settings are correct, toggling the entire iMessage service off and back on again might solve the problem.
2. Turn iMessage off by swiping the button to the left.
Similar to Wi-Fi and Cellular, restarting iMessage may resolve your issue.
3. Restart your iPhone, then turn it on again.
4. Go back to the Settings app, tap Messages, and turn iMessage back on by swiping the button to the right.
5. If that doesn't fix your issue, sign out of your Apple ID, then sign back in.
Quick tip: To keep your phone from getting too cluttered, delete old iPhone messages.
Make sure your software is up to date
Whether it's iMessages or your phone is acting up in some other way, it's a good idea to ensure your iPhone is running the most up-to-date version of iOS.
Software updates can be a pain when you need to use your phone, but they often come with bug fixes.
Reset your network settings
On rare occasions, your phone's network settings can get scrambled, which can interfere with iMessage and potentially other online services.
As a last resort, you can toggle network settings off and back on again, beware this will erase your saved Wi-Fi networks and passwords, so you'll need to enter them again.
1. Open the Settings app and tap General.
2. Tap Transfer or Reset iPhone.
3. Tap Reset.
If you decide to go this route, make sure to back up your iPhone before the reset.
4. In the pop-up window, tap Reset Network Settings and confirm you want to do this.
When all else fails, it's time to check in with the geniuses. Check out our help article for more information on how to contact Apple Support.
TECH How to block text messages on your iPhone and filter out messages from unknown senders
iMessage Tech How To Reference Library | 2022-11-30T23:12:39Z | www.businessinsider.com | IMessage Not Working? 8 Ways to Fix It | https://www.businessinsider.com/guides/tech/imessage-not-working | https://www.businessinsider.com/guides/tech/imessage-not-working |
McDonald's CEO takes a "saucy" bite of the messy McRib during a video review of iconic sandwich before it leaves the menu for good
Chris Kempczinski, CEO of McDonald's, reviews the McRib.
McDonald's/LinkedIn
McDonald's brought back the McRib nationally for a farewell tour on October 31.
Today, CEO Chris Kempczinski hinted it was exiting the menu soon during a video review of the item.
"Oh, the sauciness is incredible," he said. It was his mother's favorite McDonald's item.
For 40 years, the iconic McRib sandwich has been popping up randomly on the McDonald's menu, including this fall – billed by the brand as the McRib's final farewell tour.
To mark the sandwich's purported final exit, McDonald's CEO Chris Kempczinski released a video review Wednesday of his mother's favorite McDonald's menu item.
It debuted nationally in 1982. The sandwich is made with seasoned boneless pork slathered in barbecue sauce and served on a hoagie-style bun layered with dill pickles and slivered white onions.
"For me, this taste has also some sentimental value as well," he said in a video posted to his LinkedIn page on Wednesday. "Oh, the sauciness is incredible, and it is the signature part of the McRib. It also makes it incredibly difficult to eat McRib without making an entire mess of yourself, but it's also worth it."
Bookended by a soda and a classic red box filled with french fries, Kempczinski proceeded to take a two-handed bite of the McRib.
As a sliver of onion fell from the hoagie-style sandwich, he said: "So good. So saucy. Definitely in the Hall of Fame. I love the GOAT. I love the McRib. I hope it comes back." (GOAT is the acronym for "greatest of all time.")
But is it a farewell tour? Over the years, McDonald's keeps taking the McRib away and bringing it back, often only returning it to certain regions in the US. The sandwich's whearabouts are so mysterious at times, fans have created a self-reporting "McRib Locator" website.
This year, the sandwich returned to menus on October 31 for a limited time. At the time, McDonald's said, "this could be your last chance to taste it."
McDonald's did not return an immediate request for comment when asked if the McRib would leave menus for good this year.
Previously, when asked, Kempczinski said: "Like the GOATs of Michael Jordan, Tom Brady & others, you're never sure if they're fully retired or not."
NOW WATCH: 9 bizarre foods that disappeared from the McDonald's menu
McRib McDonald's Fast Food | 2022-11-30T23:12:57Z | www.businessinsider.com | McDonald's CEO Reviews McRib Before It Leaves the Menu | https://www.businessinsider.com/mcdonalds-ceo-reviews-mcrib-before-it-leaves-the-menu-2022-11 | https://www.businessinsider.com/mcdonalds-ceo-reviews-mcrib-before-it-leaves-the-menu-2022-11 |
Practical (and effective) ways to meet credit card minimum spending
1. Use your credit card for everything
2. Prepay (or overpay) your utilities
3. Pay for dinner or bar tabs with friends, and have them reimburse you
4. Wait until you've got a big upcoming expense
5. Buy gift cards for stores you frequent
6. Pay your rent or mortgage
7. Pay taxes
8. Pay friends and family with Venmo
8 easy ways to meet the minimum spending requirement so you can earn a credit card's sign-up bonus
Joseph Hostetler, CEPF and David E. Slotnick
The holiday season is an excellent time to open a new credit card, as you're likely to do more spending than usual.
Earning credit card sign-up bonuses is the fastest way to earn rewards for (nearly) free travel.
Typically, cards have a minimum spending requirement you need to meet in order to get the bonus.
If you don't think you can meet the spending requirement to earn a card bonus, there are tricks to help you get there (without overspending).
Read Insider's guide to the best credit card reviews.
Opening a credit card and earning the sign-up bonus is one of the easiest and quickest ways to amass a ton of rewards points, cash back, airline miles, or hotel points.
To earn these valuable bonuses, you'll usually need to spend a specific amount within a certain initial timeframe. For example, the Chase Sapphire Preferred® Card offers a bonus of 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening. That's worth around $1,080 in travel, based on Insider's points and miles valuations.
One of the best times to open a new rewards credit card is during the holiday season, when you've probably got significantly more expenses than usual.
Once you open a credit card, you only have one shot to get the welcome bonus. If you don't meet the requirement, you'll miss out on the bonus — and in some cases, you won't ever be eligible to earn the bonus again (even if you close and reopen the card). You should never go after a bonus that you're not certain you can achieve.
That said, there are a handful of practical strategies you can use to meet higher spending requirements than you might first think. Let's take a look at a few powerful ways to meet credit card minimum spending requirements.
This might seem like an obvious one, but all the same: It's often possible to use a credit card for purchases that you usually pay for with cash, check, or bank transfer. Concentrating all of your daily, weekly, and monthly spending on your new credit card — even small purchases like a cup of coffee — can help you hit the minimum spend by adding up, or pushing you over the edge if you're getting close.
Funnel all your spending through your new card — even if it means ignoring bonus categories from other cards. The most important card to spend on is the one with which you're trying to earn a welcome bonus.
Many utility companies let you pay just about any amount, even if you're paying more than your current bill. While you may not be able to get any overpayments refunded, those funds contribute to your next statement.
If you can comfortably float the money, you can pay for a few months' worth of utilities early in order to meet your minimum spend requirement if you're getting close to the deadline.
When you're out to dinner with a group, instead of splitting the bill, see if your friends would mind letting you put the whole bill on your new card, and paying you for their share.
You can take advantage of times that you're planning to spend more than normal to open a credit card and put your big purchases toward the minimum spending requirement. For instance, consider opening a new card before you book a vacation, do your holiday shopping, or make a down payment for a new car.
Similar to overpaying your utility bills, if you can float a small loan to yourself, consider buying a gift card or two for stores you know you're going to shop at later. Then, after you've hit the minimum spending requirement, use those gift cards for purchases. For example, if you have a Starbucks habit, you can load $100 onto a Starbucks gift card to cover your drinks later on. Or, if you know that you have a home improvement project coming up or are planning to buy a new appliance, buy a Lowe's gift card.
You could also load money onto an Amazon gift card. Amazon's got just about everything, so it should be as good as cash to most of us.
Keep in mind that some issuers may not count "cash equivalents" like gift cards toward the spending requirement. Make sure to check your new card's terms and conditions.
There are a few services that let you pay your rent or mortgage by credit card. The way they work is by charging your card, then printing and mailing a check to the recipient (your landlord, management company, or the bank that holds your mortgage). Plastiq is the most popular option.
While these services charge fees, usually between 2% and 3%, paying that can be worthwhile if it helps you meet the minimum spending requirement. For example, if your rent is $2,000 a month, and you use your card for one month, the fee at 2% would only be $40. That's a small price to pay for a 50,000-point sign-up bonus if it makes the difference between meeting the spending requirement or missing out.
If you're a small business owner — even someone with a low-earning side gig like DoorDash delivery or dog sitting — you can bang out a significant chunk of minimum spending by using your new credit card to pay your quarterly taxes. Just note that, similar to paying rent with a card, you'll encounter some service fees (usually at least 1.87%). Because of this, it's not a good option to use unless you really don't think you can meet your spending any other way.
Your back is against the wall. You've got a week left to meet the spending requirement and you know you can't do it organically.
Peer-to-peer payment apps like Venmo are treated by many (but not all) credit cards as transactions. When you send money to someone, it's as though you've just swiped the card at the store. For this reason, you can send your family member the $1,000 you've been meaning to give them and simultaneously complete your minimum spending.
There's a 3% fee associated with this practice, meaning it's for nothing less than an emergency.
The first rule of credit card rewards is to never spend more than you can afford in the pursuit of earning points and miles. But if you come up just a bit short of hitting the minimum spending requirement for a sign-up bonus, these tips can help you get the rest of the way there. | 2022-11-30T23:42:54Z | www.businessinsider.com | How to Meet Credit Card Minimum Spend Requirement to Earn Sign-up Bonus | https://www.businessinsider.com/personal-finance/how-to-meet-credit-card-minimum-spending-requirements | https://www.businessinsider.com/personal-finance/how-to-meet-credit-card-minimum-spending-requirements |
Summations are Thursday and Friday in the Manhattan tax-fraud trial of the Trump Organization.
The defense will say Trump and top execs were too trusting or distracted to knowingly commit fraud.
Trump's real-estate empire faces $1.6 million in penalties — and 'felon' status — if convicted.
Donald Trump may have once referred to himself as "a very stable genius," but that's not at all how Trump Organization lawyers hope a Manhattan tax-fraud jury sees him or his top executives.
Instead, in day-long closing arguments Thursday, company lawyers are set to argue that Trump and his company's two key money men were too trusting, too distracted, or just too plain dumb to knowingly commit fraud.
Call it the "ignorance defense," where Trump knew nothing of a C-suite-wide, decade-long tax-dodge scheme, and his top finance executives had only the foggiest idea they were breaking rudimentary tax laws — until they got caught.
It won't take much for such a defense to tip the scales. If it confuses or convinces even a single juror, the ignorance defense could deadlock deliberations and stave off a possible $1.6 million in penalties and the black eye of a felony conviction for Trump's namesake real-estate and golf-resort company.
The strategy has taken shape since Halloween, when jurors heard opening statements in the New York Supreme Court case, inside a cavernous courtroom on the 15th floor of an Art Deco-style courthouse in lower Manhattan.
Trump was a big-picture guy who was totally in the dark, jurors were told in openings, about the payroll-tax funny business that ran rampant under his nose for years just down the hall from his desk at Trump Tower, his Fifth Avenue skyscraper.
Trump had no idea, jurors heard, that a handful of his top executives were saving hundreds of thousands of dollars a year in taxes through the scheme, which let the executives receive large chunks of their pay as cars, Trump-branded apartments, flat-screen televisions, and even tuition payments.
These "perks" were studiously tracked as executive compensation in internal Trump Organization records but systematically kept off the company's W-2 forms, jurors were told by former CFO Allen Weisselberg and top payroll man Jeffrey McConney.
Star prosecution witnesses with arguably mixed loyalties, the two told jurors they never let anyone named Trump in on the scheme.
Jurors may well wonder how Donald Trump, or Eric Trump, or Donald Trump, Jr., could truly have been ignorant of the scheme when the three of them personally signed off on so many of the perks. But the defense has been laying the groundwork for a ready answer: Trump was just being generous.
"Donald Trump didn't know that Allen Weisselberg was cheating on Allen Weisselberg's taxes," as defense lawyer Susan Necheles told jurors in openings.
Weisselberg even teared up on the witness stand as he described "betraying" the Trump family by keeping them ignorant of the tax shenanigans for more than a decade. It's testimony that may stick with jurors — a display of apparent emotion in a trial otherwise packed with Excel spreadsheets and accounting ledger entries.
Ignorance has been a hallmark Trump defense through the years, floated as a hedge against fraud for his bogus claims of having "won" the 2020 election, and when there's been blowback for the company he's kept, including, most recently, white supremacist Nick Fuente.
In this trial, though, the ignorance defense goes into overdrive, and doesn't stop with a supposedly clueless Trump.
The defense has said it also plans to argue that Weisselberg and McConney themselves had little idea — at the time — that their tax-dodging was illegal or that it benefitted anyone but themselves, two key elements to proving corporate liability.
The pair told jurors they had relied on Donald Bender, the Trump Organization's longtime outside accountant from the Mazars, USA, accounting firm, to keep them honest, and they've implied that where Donald Trump knew nothing of the scheme, Donald Bender knew — or should have known— everything.
Weisselberg and McConney, the defense will argue, thought they had a green light as they schemed, conspired and cheated —even though both later acknowledged on the stand that they now realize they committed tax fraud.
And they only had little idea that their scheme helped anyone beyond themselves.
"My intention was to save pre-tax dollars," Weisselberg testified on November 17.
"That was your sole focus, for you to get this pre-taxed dollars, correct?" Necheles asked him.
"Yes," Weisselberg answered.
Defense closings are expected to last through Thursday, with prosecution closings set for Friday. | 2022-12-01T00:44:00Z | www.businessinsider.com | The 'Ignorance' Defense: How Trump Org Hopes to Win Its Tax-Fraud Trial | https://www.businessinsider.com/how-trump-organization-hopes-to-win-its-tax-fraud-trial-2022-11 | https://www.businessinsider.com/how-trump-organization-hopes-to-win-its-tax-fraud-trial-2022-11 |
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