text stringlengths 237 126k | date_download stringdate 2022-01-01 00:32:20 2023-01-01 00:02:37 ⌀ | source_domain stringclasses 60 values | title stringlengths 4 31.5k ⌀ | url stringlengths 24 617 ⌀ | id stringlengths 24 617 ⌀ |
|---|---|---|---|---|---|
Tim "Treadstone" Gionet, aka "Baked Alaska."
Twitter has reinstated the account of an internet troll who pleaded guilty to a Capitol riot charge.
"Baked Alaska"'s account was suspended in 2017 for violating Twitter's hateful conduct policy.
The reinstatement appears to be part of Elon Musk's plan to offer a "general amnesty" to suspended accounts.
Twitter has unsuspended the account of Baked Alaska, the far-right troll also known as Tim Gionet, who pleaded guilty in July to a misdemeanor of parading, demonstrating, or picketing inside a Capitol building on January 6.
Gionet, who live-streamed his participation in the Capitol riot, was permanently banned from Twitter in 2017 for violating the platform's hateful conduct policy.
He had used the social media platform to make antisemitic remarks and to post white nationalist content.
The internet personality, who participated in the deadly Unite the Right white nationalist rally in 2017, appears to have had his account reinstated on Friday night.
Insider contacted the social media platform's new owner Elon Musk for comment as Twitter no longer has a communications department.
The unsuspension of Baked Alaska's account follows Musk's decision to reinstate banned accounts which, according to Platformer, he is referring to as the "Big Bang."
Shortly after reinstating former President Donald Trump's Twitter account, Musk polled users on whether he should offer a "general amnesty" to suspended accounts "provided that they have not broken the law or engaged in egregious spam."
More than 3 million people voted, with 72.4% saying he should let the accounts return, Insider reported.
"The people have spoken," Musk responded. "Amnesty begins next week. Vox Populi, Vox Dei."
Gionet, who faces up to six months in prison for pleading guilty to his Capitol riot charge, has not yet received his jail sentence.
Gionet is also charged with misdemeanor criminal damage and attempted criminal damage over an incident in which he allegedly defaced a Hanukkah display outside the Arizona State Capitol, per Daily Beast.
Baked Alaska is among several controversial accounts that have been reinstated since Musk took over Twitter.
The internet troll celebrated the reinstatement on his Telegram channel, sharing an image purporting to be an email from Twitter informing him that his Twitter was back and that it had accidentally been marked as "spam."
"Love u guys," he wrote in a Telegram post. "We're back."
In another post, he said he has not yet been able to tweet because he is on vacation, and his two-factor authentication is linked to a phone he does not currently have with him.
In an email to Insider, Gionet said: "All glory to God! Thank you Elon Musk and I'm gearing up for my first tweet. 5 years is a long time to spend in Twitter jail so I'm definitely grateful for another chance!"
Baked Alaska twitter ban Elon Musk | 2022-12-10T17:06:10Z | www.businessinsider.com | Elon Musk's Twitter Reinstates Far-Right Troll Baked Alaska's Account | https://www.businessinsider.com/twitter-reinstates-account-far-right-troll-baked-alaska-2022-12 | https://www.businessinsider.com/twitter-reinstates-account-far-right-troll-baked-alaska-2022-12 |
Twitter logo displayed on a cell phone with Elon Musk and the Twitter bird in the background.
Elon Musk has been weighing in more and more on political issues since buying Twitter.
Once positioning himself as neutral, he now shares anti-Democratic conspiracies and endorses the GOP.
"Any argument that he's trying to empower the center is patently bullshit," a researcher on extremism told Insider.
Though he has long touted himself as "somewhere in the middle" on politics, Elon Musk has been sharing increasingly more conservative political views on Twitter since he first showed interest in purchasing the platform, and is now regularly amplifying anti-Democratic conspiracy theories while endorsing Republican candidates across the country.
"In the past I voted Democrat, because they were (mostly) the kindness party," Musk wrote in a tweet this May. He then bashed the Democratic Party, adding: "But they have become the party of division & hate, so I can no longer support them and will vote Republican."
In November, he called on "independent-minded voters" to vote Republican to curb a Democratic majority. While such an endorsement may seem commonplace in today's political landscape, critics warn Musk's widespread influence and increasingly conspiratorial posts appear to be favoring far-right extremism.
"I think he's intentionally empowering right-wing extremists," J.M. Berger, a researcher on extremism on social media like Twitter, told Insider. "Any argument that he's trying to empower the center is patently bullshit and should be treated as such."
Far-right conspiracy theories
Berger — who has written several books about extremist movements and is a fellow with VOX-Pol, a research network focused on violent online political extremism — told Insider it has become more difficult to talk about extremism without discussing mainstream politics, as views shared by Republican candidates have "increasingly overlapped with kind of extremist points of view," such as a Florida GOP candidate who was banned from social media after he said he would legalize shooting federal agents on sight and another who said federal agents would leave his home "in a body bag" if they attempted to execute a search warrant, as they did at Mar-a-Lago.
"So if we're talking about empowering centrist voices...if you look at polling and you look at people's attitudes, a centrist platform would not empower anti-LGBTQ+ activism and violence, because most people support equal rights for LGBTQ+ people," Berger said.
Musk recently amplified a debunked rumor that Nancy Pelosi's husband, Paul, was attacked by a lover in a sexual tryst gone wrong, sharing a link to an article that claimed Pelosi and his attacker met at a gay bar, and saying there "might be more to this story than meets the eye."
The 82-year-old husband of the Speaker of the House was beaten with a hammer in a "politically motivated" attack, according to the San Francisco District Attorney.
"What we've seen since he did this takeover is that he started off positioning himself as super neutral and he's sort of explicitly saying he's politically neutral," Berger said. "And then there are two things that we've seen since then: First is in his interactions on Twitter, he is increasingly palling around with, and apparently paying heed to some of the worst people on the far right."
Lately, Musk's Twitter mentions and replies include promising users like the infamous right-wing account Libs of TikTok — which is known for promoting anti-LGBTQ conspiracy theories — that Twitter will be "much better" than it was prior to his ownership, accusing The New York Times of going "full woke," and replying to MAGA activist Charlie Kirk's musings about Anthony Fauci's daughter working at Twitter with a quip that it's a "small world..."
'Skewed' content moderation
In addition to Musk's ongoing interactions with popular alt-right figures, Berger and other experts are concerned that Twitter's current take on content moderation is encouraging extremism and hate speech on the platform.
"The way that Twitter's content moderation has changed since he's taken over has definitely skewed towards favoring the far-right," Berger said.
Since his acquisition, Musk has reinstated the accounts of Kanye West, Marjorie Taylor Greene, Andrew Tate, and the Babylon Bee — each of which was banned for posting antisemitic, misogynistic, or transphobic content in violation of Twitter's policies. Musk also reinstated the account of Donald Trump after the former president was banned for inciting violence on January 6.
Berger, who began tracking some of the English-speaking reinstated accounts that appeared on the site, said that the bulk of accounts were "abusers and harassers and trolls" empowered by the lack of robust content moderation to mobilize harassment against users. In some cases, he said, this could escalate towards violence.
—𝗝.𝗠. 𝗕𝗘𝗥𝗚𝗘𝗥 #readoptimal (@intelwire) December 4, 2022
"So whatever [Musk's] beliefs were in the beginning, or whether there has been an evolution or whether it's something that was there all along, his tenure at Twitter has been marked by a huge increase in both the presence of far-right accounts on the platform and also in how he personally elevates some of these accounts by seeming to take them seriously and engaging with them on questions of policy," Berger said.
The billionaire owner of Twitter has also recently suggested the now-collapsed crypto exchange FTX was used for laundering billions of dollars to the Democratic party.
"You can kind of see — when you start looking at the stuff over time — you see some public figures who will sort of start dabbling in far-right stuff and then become increasingly oriented in that direction," Berger said. "And it's sort of hard to know whether it's something they were always into, or whether they [are] making a transition in these attitudes that they have."
Musk and the 'mythology of the center'
In 2014, Musk described his political views as "half Democrat, half Republican" in an interview with The Atlantic reporter James Fallows, saying "I'm somewhere in the middle, socially liberal and fiscally conservative." Though he didn't regularly weigh in on politics prior to this year, Musk said in May that he voted for Hillary Clinton and Joe Biden in recent elections — but "unprovoked attacks" against him "by leading Democrats" have caused him to switch parties.
Musk's posts on Twitter appeared to shift to be explicitly political in February, when he shared (and then deleted) a meme comparing Canadian Prime Minister Justin Trudeau to Hitler after a COVID-19 vaccine mandate was implemented among truck drivers. Since then, he has more frequently posted tweets amplifying right-wing accounts and viewpoints.
"So, there's a 'mythology of the center' that the far-right advances and that is the mythological center that Elon Musk is interested in promoting," Berger said. "The idea is that most Americans, or typical Americans, are right-wing, family-values, red state kind of voters — and that's evidently not true."
While Congress is increasingly divided between extreme stances, Insider has found Americans are more united on common issues than the divide would suggest.
Insider's 2017 analysis of partisanship in the country found 71% of Americans believe climate change is real — including a group of Trump-supporting Texans. 92% of Americans agree the government should be able to negotiate with drug companies and 86% of Americans want more infrastructure spending. Insider has also reported four out of five people support having more LGBT members of Congress.
"But by creating that mythology," Berger said. "What they succeed in doing is tilting the entire conversation to the right and then making space for further and further kinds of right far-right views that verge into open extremism."
Musk and representatives for Twitter did not immediately respond to Insider's request for comment.
Elon Musk Twitter Politics | 2022-12-11T05:39:13Z | www.businessinsider.com | Elon Musk Is Empowering Right-Wing Extremists on Twitter: Researcher | https://www.businessinsider.com/elon-musk-right-wing-extremism-twitter-mythology-of-the-center-2022-12 | https://www.businessinsider.com/elon-musk-right-wing-extremism-twitter-mythology-of-the-center-2022-12 |
Brand gifting to influencers has gotten 'excessive and gluttonous.' But reselling products is a big risk for creators.
Austen Tosone, a micro influencer with 13,000 Instagram followers, keeps track of the free products she receives from brands in a spreadsheet.
Austen Tosone.
Reselling items that brands send for free is a widespread practice among influencers.
Some industry insiders say reselling might be vital for creators who struggle to get paid deals.
But others warn that it may ruin a creator's relationship with brands and with their audience.
Many influencers receive so many gifted items from brands that keeping track and making space for all of them can turn into an impossible task.
While creators normally get paid to create sponsored content, some brands pay in products, and it's also common for them to gift clothes, makeup, or other items to be on an influencer's radar and hopefully solicit a post or a mention in their content.
But at some point, it can become overwhelming.
"A lot of it felt excessive and gluttonous," Victoria Paris, who has 1.5 million followers on TikTok, told Insider about gifting. "At one point, packages just started showing up that I didn't even approve because companies will sell your address or use it for brands you don't even know about."
Austen Tosone, a micro influencer with 13,000 Instagram followers, has boxes full of products she receives for free, and keeps track of them in a spreadsheet that she regularly updates. One column describes what she plans to do with them: "Keep" or "Give away."
But other influencers, when they find themselves flooded with gifted products, turn to reselling them online.
"If you're not making any money, or you're not a full-time influencer yet, selling those things and getting a little bit of cash in return could be helpful in covering some of your bills," said Sonia Elyss, founder of influencer-marketing firm RoundTwelve.
But industry insiders warn that while common, it can cause serious problems with brands, and even harm their relationships with fans. And they advise to be careful when reporting income on their tax forms.
"It is frowned upon," said Annelise Campbell, founder and CEO of marketing agency CFG, of reselling gifts. "Brands will stop working with creators."
One particular brand Campbell worked with in the past would even vet influencers by checking if they were reselling gifted products on third-party websites before partnering with them.
Brands and audiences may lose trust in influencers who resell
For many brands, seeing an influencer reselling a gifted product is a definite red flag. But creators should also think about how it could hinder their relationship with their audience, industry experts said.
Selling a product on Poshmark shortly after posting about it on social media could suggest to a creator's audience that they actually didn't like it, which can lead followers to lose trust in them, said Harley Jordan, a micro influencer with 33,000 followers and founder of agency All Influence Collective.
Influencers who consider reselling gifted products should also be careful about their taxes, said Qianna Smith Bruneteau, founder of the American Influencer Council.
These items are intended as a noncommercial exchange between them because the product is not intended to be sold (many are even marked "not for resale"). Brands could include a clause on resale in their terms and conditions, and if creators sell goods for more than $600, they could receive a form 1099-K and have to report their income to the IRS.
Several creators Insider spoke with pointed out that there are other ways to dispose of gifted items: decline them, give them to friends and family, or donate them to charities.
Reselling can be seen as unethical, and for small brands, it can even be hurtful.
"One of my best friends owns a small clothing company and a well-known influencer recently publicly listed, posted, and sold her product after it was gifted," said Liv Schreiber, founder of agency Brand Caffeine and micro influencer herself. "The pain this influencer inadvertently and unknowingly caused will forever stay with me and this small business owner."
But if an influencer resells a product, it may also be a sign that the brand has not chosen them carefully, said Randi Matthews, founder and CEO of marketing agency Multi-Hyphen Media.
"It feels like the brand is not taking the time to target the right type of influencer," Matthews said. "You're sending a product to that influencer so that they can share it with their audience, and if they're reselling it then it's almost the exact opposite."
@austentosone Unboxing some goodies! What should I test first?? #beautybyausten #beautyunboxing #microinfluencer #ForYouPizza ♬ TWINNEM - Coi Leray
Reselling is most common in niches like fashion
The practice of reselling gifted products on second-hand websites like Depop or Poshmark is most common in the fashion space, industry insiders say.
Fashion influencers are expected to always be trying out new clothes and trends, which often leads to overstuffed closets. There's even an entire genre of PR unboxing videos on YouTube, TikTok, and Instagram.
"The algorithms are such that people need to create content all the time," said Thomas Walters, founder and Europe CEO of influencer-marketing agency Billion Dollar Boy. "They need to get very innovative, or they need to use lots of products, if they're a certain type of talent."
Mia Wells, a fashion creator with 64,000 Instagram followers, said while she disagrees with the idea of reselling, she has occasionally done it with clothes that didn't fit her, or duplicates from items she already had in her closet, because she found herself having too many pieces of clothing she didn't need. She doesn't resell at all anymore, however.
To avoid flooding creators, some companies, like German retail website Zalando, have launched initiatives to allow influencers to mail gifted items back to the company. But programs of this kind are few and far between.
Some fashion brands, like the popular designer apparel store Revolve, also sometimes pay creators in gifts instead of cash. This scenario can make reselling seem like a more reasonable option for creators, especially if they are struggling to earn a steady income.
"There's very limited budget across the board," Jordan said. "I feel like there's this weird pull to get more stuff, but you're not getting paid for it. So do you sell it? Do you just have this growing weird closet? It's a weird space."
Gift Gifting | 2022-12-11T12:25:35Z | www.businessinsider.com | Why Reselling Brand Gifts Can Lead to Trouble for Influencers | https://www.businessinsider.com/influencer-reselling-brand-gifts-can-cause-trouble-2022-12 | https://www.businessinsider.com/influencer-reselling-brand-gifts-can-cause-trouble-2022-12 |
Mark Zuckerberg showing off Meta's latest advancements in its metaverse technology.
When signing into the ARound app in the stadium, it asks you to enter your seat number and row to help ensure the best-possible AR from your seat.
Fans can use the app from the stadium, or at home.
A view of SoFi Stadium on the day of the Rams vs. Seahawks game on December 4.
A game found in the ARound app was featured on screen, along with a QR code, to prompt fans to download the app.
Things got busy on the ARound app once users were prompted to download it via QR code.
I found some of the graphics hard to read from my seat. Since it's a shared AR experience, other fans in the stadium might have had a better vantage point.
The Rams lost to the Seahawks 27-23. It was an exciting game.
The ARound game displayed on the Infinity Screen at SoFi seemed to catch the attention of some of the young fans around me.
This is a demo shot of what the "Rampede," which is a gameday tradition meant to bring LA Rams fans together, looks like through the ARound app.
Another demo of the ARound app.
The view from my seat at one point via the ARound app.
Features Los Angeles Rams Rams | 2022-12-11T12:25:53Z | www.businessinsider.com | I Tried a 'Metaverse' App at an NFL Game. Real Life Was Better. | https://www.businessinsider.com/los-angeles-rams-metaverse-at-live-nfl-football-game-photos-2022-12 | https://www.businessinsider.com/los-angeles-rams-metaverse-at-live-nfl-football-game-photos-2022-12 |
RBC: Buy these 23 high-conviction growth stocks for market-beating returns that could top 90%
RBC Capital Markets is updating its quarterly list of its favorite small-cap growth stocks.
The firm's analysts told investors what to buy in spaces including payments and healthcare.
The stocks are "Outperform" rated, and RBC says they have upside of 19% to 98% as of December 8.
Investing pros are generally positive on stocks for the longer term, and they're especially enthusiastic about smaller companies.
That leaves would-be buyers with a lot of options, though. The Dow Jones Industrial Average and S&P 500 are well-known, and for the most part, they're heavily covered by analysts. The components of the small-cap Russell 2000 include far fewer household names.
There are a handful of arguments made in favor of smaller companies at this stage: The stocks are cheap, as bigger companies have been delivering better returns and higher prices for more than a decade, and that they'll benefit as the economy gains strength either after a so-called soft landing or a recession.
For investors who want to get familiar with that large space, RBC's list of top small-cap growth ideas could be one place to start getting ideas. The firm updates that list once a quarter, with the most recent changes coming in early December.
"The list is an opportunity to highlight companies that have either an attractive normalized growth story or strong durable growth characteristics," said the firm's analysts. The stocks break down along a couple of clear thematic lines, as there are several companies each in the fields of payments, biopharma, and healthcare technology and services.
The new additions for this quarter are medical-device maker Axonics, auto-parts retailer Driven Brands, insurance software and technology company Guidewire, drug and vaccine technology company Maravai, and healthcare revenue management service R1 RCM.
They take the place of Avid Bioservices, CarGurus, NuVasive, Pegasystems, and Rapid7.
The companies are ranked from lowest to highest based on how much upside RBC's analysts think they have, as reflected in their price targets. The upside figures were calculated based on Thursday's closing prices.
All of the companies are "Outperform" rated, have market capitalizations of $5 billion or less, and are relatively liquid, with an average of at least $10 million in shares traded daily.
Ticker: FOUR
Price target: $57
Upside to target: 19.4%
Thesis: "The company is tapped into the large and secularly growing payments market in the US, which when combined with its ISV and hospitality focus, provide a backdrop of growth that we forecast to be in the high-single to low-double-digit organic range." — Daniel Perlin
22. Driven Brands Holding
Ticker: DRVN
Thesis: "Even as an industry leader across these segments, DRVN holds just 2% share of maintenance, 5% share of car wash, and 6% share of paint, collision & glass. This, of course, suggests that these industries are very fragmented and ripe for consolidation." — Steven Shemesh
21. Intra-Cellular Therapeutics
Ticker: ICTI
Thesis: "We believe Caplyta could be a highly differentiated schizophrenia and bipolar treatment. Following approval in both indications with what we view as a clean and potentially differentiated label— particularly regarding the safety profile—we model >$450M in out-year WW revenues for Caplyta in schizophrenia and >$700M in bipolar" — Brian Abrahams
20. Magnite
Ticker: MGNI
Thesis: "Magnite is one of the largest independent sell-side advertising platforms (SSP) offering buyers and sellers of digital advertising a single partner for transacting globally across a variety of channels, formats, and auction types." – Matthew Swanson
19. Axonics
Ticker: AXNX
Thesis: "We project AXNX to deliver a 3- and 5-year revenue CAGR of 29% and 24%, respectively, driven by market growth and share capture. We further see a pathway to FCF/EBITDA profitability in 2025. AXNX has no debt and is fully funded to breakeven." — Shagun Singh
18. Jamf Holding
Jamf Holding
Ticker: JAMF
Thesis: "As the standard in Apple enterprise management, we think Jamf is in a strong position to leverage the growing preference for Apple in the enterprise. In addition to a TAM that is likely to expand more quickly than previously expected in a post-COVID world, the company's financial profile is unique given rapid growth and high profitability." — Matthew Hedberg
17. AeroVironment
Ticker: AVAV
Price target: $115
Thesis: "AVAV is a leader in the small and medium unmanned aerial systems (UAS) markets and has recently entered the unmanned ground systems market. The company has benefited from the most recent increase in U.S. defense spending. There has been a surge in upgrade and re- capitalization efforts for unmanned aircraft. The company currently sells its small UAS systems to more than 50 international governments." — Ken Herbert
16. Varonis Systems
Ticker: VRNS
Thesis: "We believe the company is in the early stages of penetrating a $47 billion market that includes fragmented competition. Through a land, expand, and retain strategy, we believe Varonis has the opportunity to generate strong financial growth for several years while continuing to innovate new technologies that leverage its Metadata Framework." —Matthew Hedberg
15. R1 RCM
Ticker: RCM
Thesis: "As R1 continues to add new clients and contracts, it both helps further diversify its base and provides additional proof-points it is able to commercialize its offerings beyond its core customers. Management did recently announce it is expanding its annual new NPR deployment capacity to $9B, from $5B previously, signaling its increasing confidence in both the LT demand environment as well as its relative competitiveness. " — Sean Dodge
14. Ranger Oil
Ranger Oil
Ticker: ROCC
Thesis: "We believe ROCC shares should outperform the peer group over the next 12 months. The company has a combination of a high- quality asset base, experienced management team, and a good balance sheet; however, there remains a value disconnect to peers." — Scott Hanold
13. Agios Pharmaceuticals
Agios Pharma
Ticker: AGIO
Thesis: "We see the approval of Pyrukynd in PKD read-through to potential of the agent in other hemolytic anemias such as sickle cell disease and thalassemia. We see the potential for peak global sales of ~$1.6B in 2031 collectively in PKD, SCD, and thalassemia." — Gregory Renza
Ticker: COUR
Thesis: "We believe the pandemic has created lasting tailwinds across all segments for Coursera, especially in higher education. We believe education has been irreversibly changed and we see room for more degrees (graduate and undergraduate) to be fully online. Rapid growth with room for margin expansion." — Rishi Jaluria
11. Sarepta Therapeutics
Ticker: SRPT
Thesis: "We believe the key value driver for shares going forward will be progress toward the multibillion-dollar opportunity we see for Sarepta's two most advanced muscular dystrophy gene therapy programs." — Brian Abrahams
10. Flywire
Ticker: FLYW
Thesis: "We believe Flywire is uniquely positioned to solve various payment friction points embedded in its key verticals, which include education, healthcare, and travel. Growth in the company's end markets, high retention rates, market share gains, new products, and expansion into additional verticals should support 30%+ revenue CAGR over the next three years." — Daniel Perlin
9. Guidewire Software
Ticker: GWRE
Thesis: "We estimate the market opportunity for Guidewire today is $20B+, but importantly, P&C insurance is a defensive industry and one that is behind on the digital transformation journey, in our view, necessitating solutions like Guidewire. In addition, we see the opportunity for Guidewire to expand its TAM over time by moving out of core P&C insurance and into adjacent areas, including life insurance." — Rishi Jaluria
8. Evolent Health
Evolent Health
Ticker: EVH
Thesis: "Evolent Health (EVH) supplies tech and tech-enabled services to both payers and providers that help transition their business models to one in which they are assuming a more integrated clinical and financial responsibility for their members/patients. Put more simply, its solutions help ease participation and optimize performance in value-based care programs." — Sean Dodge
7. Maravai LifeSciences
Maravai LifeSciences Holdings
Ticker: MRVI
Thesis: "We believe Maravai is a clear winner coming out of the pandemic, as their participation in Pfizer's COVID vaccine program provided financial and strategic benefits that make them a stronger company well after the 'COVID cliff.'" — Conor McNamara
6. Pacira Pharmaceuticals
Pacira Pharmaceuticals
Ticker: PCRX
Thesis: "We think PCRX is well positioned to drive continued growth from its flagship product, EXPAREL, with several expansion opportunities that can maintain momentum. We also expect the company to benefit from several thematic tailwinds including ongoing volume shift to the outpatient/ASC setting. More near-term, we will continue to monitor the broader recovery from COVID-19, where we assume continued normalization throughout 2022." — Gregory Renza
5. Sweetgreen
Ticker: SG
Thesis: "SG total sales represent <1% of the resilient, $62B fast casual segment—which we see continuing to take share within the broader domestic restaurant industry—in our view representing substantial long-term upside as consumers increasingly demand healthier and more sustainable options." — Christopher Carril
4. Goosehead Insurance
Ticker: GSHD
Thesis: "We see a long runway of growth ahead and expect that under normalized conditions the company can sustain revenue growth of +30% for the next three to five years with corresponding earnings growth from leverage and platform expansion. Our Outperform rating reflects its attractive high-cash-flow business model and the long-term growth characteristics of the business model." — Mark Dwelle
3. Surgery Partners
Surgery Partners
Ticker: SGRY
Thesis: "SGRY is one of the largest ASC platforms in the country, representing an attractive value proposition for the U.S. healthcare system, as the low-cost care delivery alternative that will likely become increasingly important for patients and payors. Management has been implementing specific strategies to accelerate SS growth, with a focus on supporting and expanding services in surgical facilities in its existing markets." — Ben Hendrix
2. Sunnova Energy
Sunnova
Thesis: "NOVA is a leading provider of residential rooftop solar services in the United States. We estimate NOVA has ~4-5% market share of the US residential rooftop solar market, but a higher share of the market's growth." — Elvira Scotto
Ticker: PUBM
Thesis: "PubMatic is one of the largest independent sell-side advertising platforms (SSP) offering buyers and sellers of digital advertising a single partner for transacting globally across a variety of channels, formats, and auction types." — Matthew Swanson | 2022-12-11T12:26:11Z | www.businessinsider.com | Stock Picks to Buy, High-Upside Growth Investments for 2023: RBC | https://www.businessinsider.com/stock-picks-to-buy-high-upside-growth-investments-for-2023-rbc-2022-12 | https://www.businessinsider.com/stock-picks-to-buy-high-upside-growth-investments-for-2023-rbc-2022-12 |
Standing Committee member and General Secretary and Chinese President Xi Jinping is seen at a press event with members of the new Standing Committee of the Political Bureau of the Communist Party of China and Chinese and Foreign journalists at The Great Hall of People on October 23, 2022 in Beijing, China.
China finally relaxed its zero-COVID measures after rare protests raged across the country.
But experts on China say it's unlikely the protests will embolden future political movements.
Xi's grip on power — and social media — makes it too difficult for widespread unrest to bubble up, they said.
On Wednesday, China finally gave its residents a breather.
In a national memo, the central government announced it would be rolling out 10 immediate changes to the draconian COVID policies that have disgruntled millions of residents with snap lockdowns and repeated mass testing.
The changes come after protests against COVID measures erupted all across China — rare for a country where dissent is snuffed out quickly. Students rallied on campus to decry the lockdowns. Frustrated residents gathered on Beijing's streets, yelling, "No to COVID tests, yes to freedom."
And after three years of pledging to stick by its zero-case strategy, China's leaders relented in a stunning reversal, telling authorities to stop using temporary blockades and allowing the use of antigen kits instead of mass swab tests.
But the chances of this winter's protests inspiring any eventual, larger movement against the Chinese government — or any unsanctioned political movement — are slim to none, experts on China told Insider.
The protests show mass anger can influence government policy, but not regime change
Alicia García-Herrero, the Hong Kong-based chief economist for Asia Pacific at Natixis, said the best way for the Chinese government to avoid further protests was to stimulate its economy — which it's done by relaxing COVID measures.
"I think a lot will depend on how successful the opening up from zero-COVID might be," she told Insider.
"There is of course a risk that Chinese people will read the government's immediate turnaround as protests being effective, increasing the chance of new protests," she said.
Dylan Loh, an assistant professor of public policy and global affairs at the Nanyang Technological University of Singapore, said it's still unclear how exactly the protests impacted the government's decisions.
The economy had also been floundering under zero-COVID, and Chinese President Xi Jinping earlier this year announced adjustments to coronavirus measures to make life easier for residents.
"By and large, the protests were directed against the COVID restrictions rather than illustrating any sort of mass discontent with Xi or the regime," said Loh.
Baogang He, the chair of international relations at Deakin University in Australia, agreed that the protests show how mass anger can influence government policy, but not regime change.
"Chinese protestors are realists," he told Insider.
The central government, he said, has become particularly adept at managing dissent.
Nothing close to an Arab Spring yet
Xi has long been vigilant about the possibility of China experiencing its own version of the Arab Spring — when social media fueled uprisings and armed rebellions in the Arab world. China's wildly popular social media platforms, the Twitter-like Weibo and superapp WeChat, are heavily moderated to ban anti-government messages.
Still, residents frustrated with the COVID measures found ways to break through robust censorship by holding up blank sheets of paper or sarcastically spamming the Mandarin word for "good" on social media posts.
"More than anything else, I think the protests probably demonstrate that the state's surveillance mechanisms can be overcome. However, that may require a very significant nationwide issue," said Chong Ja Ian, a professor at the National University of Singapore's political science department. "Whether the protests are effective is another issue."
The demonstrations don't amount to anything like the Arab Spring just yet, Chong said, noting that although the protestors echoed similar sympathies throughout China, there weren't any signs of organization or strategy.
Lu Xi, an assistant professor at the Lee Kuan Yew School of Public Policy at the National University of Singapore, said any real challenge to Xi's power would likely also need strong support from opposition parties.
"No one is strong enough to exploit or dare to use these protests to mount a challenge to Xi Jinping," Xi, the professor, told Insider.
The Chinese president showed the true, uncontested extent of his power on October 28, when the party leadership announced who would hold the top seven positions in China over the next five years. All seven were Xi's close allies or confidants, confirming signals that other party factions, like the one which included past leaders Jiang Zemin and Hu Jintao, had lost almost all of their influence.
"The Communist Party has completed a centralized reform of its political structure," Xi, the professor, said. "The old factions have died out."
Chong said that although Xi holds extensive power in China, the protests and subsequent rollback both underscore how he can make major mistakes, too. After all, Xi attached zero-COVID to his personal legacy, he said.
"The bigger, longer term risk for the CCP may be internal," Chong said.
"When Xi gets older and less energetic, and he is about 70, he and his successors may come under more pressure for past slip-ups," he added.
insider news insider asia Xi Jinping | 2022-12-11T14:35:49Z | www.businessinsider.com | China's COVID Protests Show Voices Propel Change, but Are No Threat to Xi | https://www.businessinsider.com/china-covid-protest-xi-jinping-no-threat-zero-case-expert-2022-12 | https://www.businessinsider.com/china-covid-protest-xi-jinping-no-threat-zero-case-expert-2022-12 |
A Spirit Airlines plane.
A flight attendant filed a lawsuit against Spirit Airlines claiming she was wrongfully terminated.
Chelsia Blackmon claimed the airline fired her for being overweight, court documents showed.
The complaint stated another employee was given more time to prove they could "fit" in the jumpseat.
A flight attendant who claims she was wrongfully terminated by Spirit Airlines is taking legal action against her former employer, according to court documents.
Chelsia Blackmon's attorney wrote in the lawsuit that her client was fired for being too overweight to buckle the seat belt on the jumpseat on an Airbus plane operated by Spirit.
Blackmon, who is African-American, accused the airline of discrimination for not being offered the same treatment as a white colleague who could not "fit" in the jump seat.
The complaint, filed on November 16 in the US District Court for the Southern District of Florida, stipulated that when Blackmon was hired she'd completed and passed all training and compliance protocols, including being strapped into a jump seat.
Blackmon was then assigned to Spirit's Airbus 319 aircraft on September 3 but could not strap herself into the seat and was not allowed to get an extender belt. She was asked to leave the plane and was put on administrative leave, per court documents.
Blackmon is accusing Spirit of race discrimination. According to Blackmon's attorneys per the complaint, a Caucasian flight attendant who was also in the early stages of her career at Spirit had the same problem but was given several months before she had to prove she could "fit" into the jump seat.
The complaint claims because of "discriminatory and illegal differential treatment based upon her race," Blackmon has suffered "lost wages, compensatory damages, mental anguish and suffering."
The flight attendant also said that the airline's actions "were in willful and malicious and in reckless disregard of her civil rights."
Spirit Airlines and Blackmon's attorney didn't immediately respond to requests for comment from Insider.
Flight attendant Spirit Airlines race discrimination | 2022-12-11T14:35:51Z | www.businessinsider.com | Flight Attendant Says Spirit Fired Her for Being Overweight, Files Lawsuit | https://www.businessinsider.com/flight-attendant-says-spirit-fired-her-being-overweight-files-lawsuit-2022-12 | https://www.businessinsider.com/flight-attendant-says-spirit-fired-her-being-overweight-files-lawsuit-2022-12 |
Author Jill Robbins.
Although my husband and I have minimal debt, we're trying to build our savings and pare down expenses.
My husband hopes to retire in two years, so we're adjusting our spending habits now.
Instead of a complete shopping ban, we decided to start with smaller spending blackouts.
My husband and I are both retired from the military, so we have a substantial amount of pension income. My husband has a full-time job and I'm a full-time freelance writer and content creator. We have two kids in middle school. In addition to my husband's retirement, our goal is to move within the next three years.
To reduce impulse spending, set realistic budgets for groceries and entertainment, and better plan for purchases instead of spending based on "see it want it" or "I forgot we were going to need that" situations, we did no-spend November, December, and January — with a few agreed-upon ahead-of-time exceptions.
For us, no spending didn't mean not spending anything. There are different approaches to no-spend no-buy periods but for us, it meant no extras and streamlining our grocery budget. For our spending blackouts, it didn't mean no extras ever, but buckling down on our finances for a specified period to work toward our goals.
Purging our closets and unsubscribing from emails helped with impulse buying
Although my husband is occasionally guilty of impulse purchases, most of our family's frivolous spending is on me. I'll spend money on clothes (for myself and my family) and personal care items, such as high-end cosmetics, more often than I should. I looked back at my Amazon purchases alone and spent an average of $400 per month for things I could have done without in 2022.
Some of the inspiration for doing no-spend pockets of time comes from the fact that we seemed to have a lot of excess after a huge closet purge. I'd also caught myself buying things similar to what I already had.
Aside from being disciplined and telling myself no, one of the things that have curbed my spending is removing myself from email lists. Dedicating time to go through my inbox to unsubscribe from store emails has (mostly) removed temptation to buy things that aren't part of my plan.
I've also reassessed the way I respond to things I think I need. Instead of going straight to buy, I think of other solutions. A recent example is discovering I didn't have any cold weather running tops. I purged most of my winter workout gear but cooler temps and renewed interest in running made me regret throwing all my tops out. I found a shirt in my husband's drawer that works for now.
I'm trying to establish new muscle memory that doesn't equate "Wouldn't it be fun to have" with "Buy that immediately."
We're steering clear of restaurants
For now, our weekly grocery spend is about $50 for perishables and essential toiletries. We're currently planning our meals around what's in the freezer and the pantry. This is both a money-saving initiative and an effort to make sure our on-hand food gets rotated and used.
We purchased Walmart+ right before our no-spend period began. We did this strategically to save money on gas and to get a free streaming service network. I spend less when I have my groceries delivered (free with Walmart+) than when I go into the store.
For now, we've decided on no restaurants, including pizza delivery, and no movies, arcades, or other entertainment. We have several streaming services for movies, although a couple might be on the chopping block, and season passes for Six Flags we were gifted last year.
We've started tapping into our community's free events and free museum days. We became familiar with our local outdoor spaces during the early part of the pandemic, so we're far from dealing with "There's nothing to do." The objective isn't permanent deprivation, but more mindfulness about our spending.
We're looking ahead for ways to save money
After years of instant gratification spending, it's a challenge to get into the habit of forecasting smaller purchases. While we're cognizant of college savings and when we need to look at a new car, things like replacing sports equipment or seasonal gear always sneak up on us. We hope more communication about spending will help us in the end.
Here are some additional things we're forecasting to help us save and get us through future no-spend periods:
Looking to thrift stores and yard sale sites more often.
Borrowing versus buying, especially for items you seldom use, like snow pants or a carpet cleaner.
Getting buy-in from everyone. Our kids understand what we're not buying for a specified period. They're old enough to process the reasons behind no-spend and they've become more mindful about what they asked for.
Take a very hard look at subscriptions and autorenewals. We cut out several things we don't need or could do without before we started our no-spend periods, such as a wine club and apps with a monthly fee.
We'll reassess at the end of January, but we're hoping our frugality will be the start of better financial habits to help us reach our goals and live a simpler, less cluttered lifestyle.
Spending Budgeting Personal Finance Insider | 2022-12-11T14:36:12Z | www.businessinsider.com | My Family Is Testing 'Spending Blackouts' to Save More Money in 2023 | https://www.businessinsider.com/personal-finance/spending-blackouts-save-more-money-2022-12 | https://www.businessinsider.com/personal-finance/spending-blackouts-save-more-money-2022-12 |
This courtroom sketch shows the Trump Organization jury forewoman reading the guilty verdict in state Supreme Court in Manhattan on December 6, 2022.
A Manhattan jury convicted Donald Trump's company of all 17 tax-fraud counts on Tuesday.
They cut through 10 days of math-dense testimony to reach what one called a 'common sense' decision.
'I think they did a great job,' said ex-DA Cy Vance, who brought the original case against Trump Org.
They did the math — and there was a lot of math.
Still, "it was common sense," as one juror told Insider afterward, not just hard evidence about dollars and cents, that led to Tuesday's verdict convicting Donald Trump's business empire of 17 tax-fraud charges.
Former Manhattan District Attorney Cy Vance noted that the jury took just 10 hours to cut through a mountain of tax documents and an alternate-reality defense in which nobody named Trump had the slightest notion of any illegality.
"I think that they did a great job," Vance said Friday.
Vance had a very personal reason to cheer these four women and eight men — he is the DA who brought the tax-fraud case before leaving office last year. Here are five reasons they also deserve respect from the public at large.
1) So many spreadsheets
There were 400 exhibits, some of them thousands of pages long, in evidence in the tax fraud case against the two Trump subsidiaries that were on trial for six weeks in state Supreme Court in Manhattan. Those subsidiaries were Trump Corporation, which employs his top executives, and Trump Payroll Corporation, which cuts the paychecks for all of his employees. Both do business as the Trump Organization.
To access these stacks of documents during deliberations, jurors were given a single laptop loaded with trial evidence and nothing else — certainly not internet access.
Company memos, tax forms, and general ledgers could be projected from that laptop onto what the middle-aged defense lawyers at one point referred to as a "television" screen, which was not quite the right word.
Ratings would be low, in any event, as it only showed what to many would seem the most mind-numbing single channel ever. The jurors deserve kudos for not getting lost in that mountain of evidence.
2) Corporate liability law — huh?
Jurors found that the two subsidiaries were criminally liable for the actions of Trump's two longtime top financial executives, ex-CFO Allen Weisselberg and Jeffrey McConney, who handled the payroll and tax reporting.
Finding that Weisselberg and McConney broke the law was the easy part.
The two men admittedly ran a decade-long payroll fraud scheme that saved millions of dollars in taxes for a half-dozen second-tier executives, who took big chunks of their pay in the form of luxury cars, apartments, and big-dollar bonuses. These plums were carefully logged as compensation but never claimed on company W-2 wage and tax statements.
But to convict under New York state's sparely-written corporate liability law, jurors needed to find that the two had more than just their own gain in mind in running the tax-dodge scheme.
They had to have also acted "in behalf of" the corporation, a wonky-sounding but vital component to the law.
With so much resting on those three little words, defense lawyers, prosecutors and the trial judge, state Supreme Court Justice Juan Merchan, debated their meaning for nearly two months, even up to the moment the jurors were instructed on the law.
"It was central to the case," Trump Organization defense lawyer Alan Futerfas told reporters moments after the verdict.
The vagueness of the law, and how the words "in behalf of" were interpreted by the judge to the jury, will be central to an appeal, he said.
"Look, it will be an issue on appeal," Vance told Insider. "But I think the jury didn't have too much trouble with it," he added of the judge's instructions on corporate liability.
"I would have confidence that that is not going to get the verdict reversed on appeal," he said. "But it will be an issue."
3) Almost a slam-dunk case — but not quite
Weisselberg was forced to testify for the prosecution as part of a low-jail plea deal, but he drew a line in the sand during his three days on the witness stand.
He would describe his own wrongdoing 'til the cows came home. But he would not implicate anyone named Trump — not Donald Trump, who he worked for since the 1980s. And not any of Trump's three eldest kids — Donald Trump Jr., Eric Trump, or Ivanka Trump, who have all served as Trump Organization executive vice presidents.
Instead, Weisselberg insisted on the stand that the Trumps were utterly in the dark about the decade-long scheme, despite having personally signed or initialed literally hundreds of its underlying memos, invoices, and bonus checks.
And Weisselberg told jurors some dozen times that he only ever intended to benefit himself in the scheme, denying prosecutors direct evidence of those crucial words, "in behalf of."
So in order to convict, jurors had to rely on the vast amount of indirect, or circumstantial, evidence, showing that Weisselberg acted with his boss's knowledge, if not outright blessing. And that, as prosecutor Josh Steinglass put it in closings, the tax-dodge scheme was an obvious win-win for Weisselberg and Trump.
Had even one juror been a stickler, and insisted on a direct-evidence admission of "I did it to help the corporation, not just myself," the jury would have hung.
4) Donald Trump inspires strong feelings. Jurors put those aside.
Back during jury selection in late October, defense lawyers had the darnedest time finding Manhattan residents who didn't hate Donald Trump.
Prosecutor Susan Hoffinger noted that if they excused every prospect who said they had strong feelings about the former president, "we wouldn't be able to get a jury at all."
Ultimately, three of the chosen jurors —a full one-quarter of the jury — said during jury selection that they did not like Trump or his politics.
Almost all on the panel had said they had strong opinions that they did not characterize. But all of the jurors promised to be unbiased in weighing the evidence, and to keep any bias about Trump out of it.
They kept that promise, one juror told CNN. They even referred to Trump as "Bob Smith" whenever they discussed the company owner.
And while they felt that Trump and his family "most likely" knew about the tax-fraud scheme, they understood that no one named Trump was on trial, just the company, the juror said.
5) The ultimate outsiders looking in
The jurors who convicted the Trump Organization — exposing Trump to a possible $1.6 million fine, the black eye of felony status for his company, and the possibility of a re-invigorated investigation into his business practices — came from a borough where just 12% voted for him in the last election.
But they were hardly coastal elites. At most, two or three had white collar jobs; the rest were middle-class retirees, retail and service industry workers, and at least one who said he was unemployed.
Most were people of color.
They certainly did not look like Donald Trump's C-suite of well-paid, white-collar white men. The jurors looked like New York City. | 2022-12-11T15:19:14Z | www.businessinsider.com | 5 Reasons to Cheer the Trump Organization Tax-Fraud Jury | https://www.businessinsider.com/5-reasons-to-cheer-the-trump-organization-tax-fraud-jury-2022-12 | https://www.businessinsider.com/5-reasons-to-cheer-the-trump-organization-tax-fraud-jury-2022-12 |
35-year-old single mom Clarissa Moore tells other single moms to let go of budgeting strategies that don't work for them.
Budgeting coach Clarissa Moore knows firsthand how hard it is for other single moms to manage their finances.
Moore recommends five simple budgeting tips, starting with creating a budget aligned with your goals.
You should also adjust your budget on a regular basis and start small with savings.
Clarissa Moore, a 35-year-old single mother earning a six-figure income, learned about managing her personal finances the hard way.
A traumatic car accident in 2009 that severely injured her 11-month-old daughter also left her facing money problems that snowballed over the next five years. In 2013, she finally landed a stable job at an electric company where she was earning $14.34 an hour.
From there, she committed to improving her relationship with money. Moore simultaneously paid off her debts, built a healthy emergency fund, and focused on creating multiple income streams on top of her corporate job.
Today, Moore earns six figures from a range of sources, including a financial coaching service, through which she advises others how to do what she did. Paid partnerships through her Instagram page Clarissa Explains Money also help her share personal finance tips with her 127,000 followers every day.
Here are five key pieces of budgeting advice Moore has for other single moms seeking to better manage their finances.
1. Start small with your savings
Moore knows firsthand how many financial hurdles get in the way of single moms building real wealth.
"Daycare is ridiculous," she says. "Start small with savings. I started saving $5 at a time, and there were months where I was saving $2,000 just because I got it."
In theory, says Moore, if you can hold onto $5 at a time, it's easier to create the habit of saving regularly. Then it becomes easier to hold onto windfalls of cash, like a tax refund or annual bonus.
2. Let go of budgeting strategies that don't work for you
"There's a lot of information out there about budgets," Moore says. "Some of it works for some people, but some of it doesn't work for everybody. Then you feel bad because you're like, 'Oh, this person is using this budget and they're so successful, and I'm not getting it."
Resist the urge to compare yourself to others, and instead focus on finding the budgeting strategy that's right for you, she advises.
For example, Moore once tried the cash envelope system but soon realized it caused more headaches than its promised benefits. While getting cash on a regular basis was incredibly inconvenient, Moore understood what made cash envelopes appealing in the first place: the ability to organize your funds into different categories.
"What did work for me was getting multiple bank accounts so I can have multiple buckets to put money into," she says.
3. Create a budget that reflects your goals
There's one common mistake Moore sees among single moms: They believe they don't earn enough to create a budget in the first place.
"The amount of money you make doesn't determine whether or not you need a budget," she says. "If you make a penny, you need to budget that penny."
When creating a budget, she recommends starting with your end goals in mind. For Moore, her savings goal was to buy a rental property. Naturally, her monthly budget had a specific savings category for the down payment and closing costs on that home. In the meantime, she listened to real estate investing podcasts nonstop to keep herself motivated while saving more than $23,000.
4. Review your budget regularly
Once you start budgeting and tracking your expenses, Moore says you'll begin to understand your spending patterns more clearly.
"You're not gonna create a budget at 20 and it's gonna be the same at 45," she says. "Make sure that you're making those adjustments and not letting those changes discourage you. Things happen, right? With kids, accidents happen. Over time, it gets expensive."
Single moms need to reward themselves first, Moore says. No matter how much or how little you have, designate a small portion of your earnings to getting your nails done, buying something small, or treating yourself to a meal with friends.
"Give yourself an allowance," she says. "We work really hard for our money. So for us to work all the time, do overtime, then have to let it all go to bills, from a psychology background, it doesn't make sense. When you're doing something and you see no results, you want to quit, right? So you gotta do stuff for yourself, even if it's just $20 a month or $20 a week."
PERSONAL FINANCE A debt expert who paid off $77,000 says refusing to cut 4 expenses made it possible
PERSONAL FINANCE I spend over $400 a month on cleaning, cooking, and yardwork. After doing the math, I'm actually saving money.
PERSONAL FINANCE 5 money habits that helped a 34-year-old entrepreneur earn $2 million in less than a year
Family Saving Saving Strategies | 2022-12-11T15:19:27Z | www.businessinsider.com | 5 Budget Tips From a Single Mom Who Went From $14 an Hour to Six Figures | https://www.businessinsider.com/personal-finance/budgeting-single-moms-clarissa-moore-saving-tips-2022-12 | https://www.businessinsider.com/personal-finance/budgeting-single-moms-clarissa-moore-saving-tips-2022-12 |
Florida GOP Sen. Rick Scott introduces Georgia Republican Senate candidate Herschel Walker at a campaign rally in Athens, Ga., on November 5, 2022.
Sen. Rick Scott said Herschel Walker would "continue to be a leader" in the GOP "for years to come."
Scott made the comments following Walker's runoff defeat to Sen. Raphael Warnock in Georgia.
The Florida lawmaker was a visible presence at many Walker rallies throughout the campaign.
GOP Sen. Rick Scott of Florida believes Herschel Walker will "continue to be a leader in our party for years to come" after the former NFL player was defeated in the Georgia Senate runoff.
Scott, who led the campaign arm to elect GOP senators during the 2022 midterm cycle, stumped with Walker in Georgia throughout the campaign, boosting Walker's candidacy in making the case for the party's need to have greater influence over the legislative agenda on Capitol Hill with President Joe Biden in the White House.
But after a long general election campaign and a four-week runoff, Walker ultimately fell to Democratic Sen. Raphael Warnock, who earned a full six-year term by highlighting his record of bipartisanship on the campaign trail while also repeatedly questioning his opponent's fitness for office — which Republicans struggled to counteract.
Walker, who had been endorsed early on by former President Donald Trump, had near-universal name recognition in the state from his football days at the University of Georgia in the early 1980s.
And Republicans like Sen. Lindsey Graham of South Carolina strongly touted the importance of Walker's candidacy, stating that a victory by the GOP candidate would have inspired more minority conservatives to join the party.
But throughout the course of the campaign, Walker's campaign suffered from a series of scandals.
Two women alleged that Walker, who ran on an anti-abortion platform, had paid for their abortions.
While he firmly denied the allegations, the claims adversely affected his campaign throughout the general election and runoff period.
When it was revealed that Walker had additional children that he had not disclosed to the public, his campaign was also forced to respond to the developments, pushing him off-message when Warnock was barnstorming Georgia touting his ability to work for the state in Washington, DC.
In the November general election, Warnock edged out Walker 49.4%-48.5% statewide, but the results triggered a runoff election as neither candidate hit the requisite 50% threshold needed for victory.
Last week, Warnock defeated Walker 51.4%-48.6%, fueled by his firm standing among base Democrats and Independents, while also earning the support of many suburban Republicans who had backed Gov. Brian Kemp and other down-ballot GOP candidates.
After the runoff loss, Republicans are continuing to do a lot of soul-searching, as every statewide GOP candidate besides Walker was victorious at the ballot box in Georgia this year.
The runoff results are already having major implications for the 2024 presidential race, as Democrats hope to retain the momentum from their successful ground game operation and replicate Biden's 2020 victory in Georgia, while Republicans very much want to flip the longtime GOP stronghold back into their column.
Rick Scott Herschel Walker Republican Party | 2022-12-11T16:42:23Z | www.businessinsider.com | Scott: Herschel Walker Will Be 'a Leader' in GOP 'for Years to Come' | https://www.businessinsider.com/rick-scott-herschel-walker-future-republican-leader-georgia-senate-2022-12 | https://www.businessinsider.com/rick-scott-herschel-walker-future-republican-leader-georgia-senate-2022-12 |
Elon Musk and Dr. Anthony Fauci.
Patrick Pleul/picture alliance via Getty Images, Susan Walsh/AP Photo
Elon Musk suggested that Dr. Anthony Fauci should be prosecuted in a tweet posted on Sunday.
The tweet is the latest in a series of posts supporting right-wing efforts and conspiracies in recent months.
Fauci is stepping down has director of the NIH and top medical adviser to President Biden at the end of the year.
Elon Musk is taking jabs at Dr. Anthony Fauci, suggesting on Sunday in a tweet that nation's top infectious disease expert should be prosecuted — further stoking right-wing disinformation.
"My pronouns are Prosecute/Fauci," Musk wrote on Sunday in a now-viral tweet that has generated significant backlash.
The post came just hours after the publication of a New York Times op-ed penned by Fauci, in which he bestows knowledge to the future generation of scientists before he steps down later this month as the director of the National Institutes of Health director and President Biden's top medical adviser.
Musk's tweet also signaled support for GOP efforts to investigate Fauci's handling of COVID-19 while serving as top medical adviser to former President Donald Trump. Republican leaders including Sen. Rand Paul have criticized Fauci's efforts to contain the virus and made unfounded claims that a lab the NIH funded in Wuhan, China is behind the origin of the coronavirus.
The tweet is the latest of several recent quips from Musk empowering right-wing viewpoints and conspiracies. In May, the billionaire Twitter and Tesla CEO wrote on Twitter that the believes Democrats "have become the party of division & hate" and that he "will vote Republican."
He has since encouraged Independent voters to vote for Republican candidates to prevent a Democratic majority and amplified a debunked conspiracy that Nancy Pelosi's husband was attacked by a lover.
"I think he's intentionally empowering right-wing extremists," J.M. Berger, a researcher on extremism on social media, told Insider. "Any argument that he's trying to empower the center is patently bullshit and should be treated as such."
The tweet also comes after Musk previously drew ire for mocking gender pronouns. In December 2020, the Human Rights Campaign urged Musk to apologize after sharing a series of tweets the organization called "insensitive" for demeaning gender identity and use of pronouns.
"I absolutely support trans, but all these pronouns are an esthetic nightmare," Musk wrote at the time.
Musk's transgender daughter applied to legally change her name in June 2022, stating she no longer wanted to be "related to my biological father in any way, shape or form."
Elon Musk Dr Anthony Fauci News | 2022-12-11T21:09:36Z | www.businessinsider.com | Elon Musk Suggests Dr. Anthony Fauci Should Be Prosecuted in Tweet | https://www.businessinsider.com/elon-musk-suggests-dr-fauci-should-be-prosecuted-in-tweet-2022-12 | https://www.businessinsider.com/elon-musk-suggests-dr-fauci-should-be-prosecuted-in-tweet-2022-12 |
People watch a B-2 taxi on the runaway for its maiden flight in Palmdale, California on July 17, 1989.
Bob Riha Jr./Getty Images
The rollout ceremony for the B-2A at Plant 42 in Palmdale on November 22, 1988.
A US Air Force B-2 stealth bomber.
Mai/Getty Images
A B-21 Raider under cover during a rehearsal for its unveiling ceremony at Plant 42 in Palmdale on December 1.
The B-21 Raider after its unveiling on December 2.
US Air Force B-21 b-21 raider | 2022-12-11T22:56:52Z | www.businessinsider.com | Sneaky B-2 Stealth Bomber Photo May Be Reason for Strict B-21 Reveal | https://www.businessinsider.com/b2-bomber-photo-may-be-reason-for-secretive-b21-reveal-2022-12 | https://www.businessinsider.com/b2-bomber-photo-may-be-reason-for-secretive-b21-reveal-2022-12 |
Fiona Hill, former National Security Council Russia adviser, arrives back from a break in the House Intelligence Committee hearing on the impeachment inquiry of President Trump in Longworth Building on Thursday, November 21, 2019.
Fiona Hill said some US citizens imprisoned in Russia are caught in "political games."
Critics, including Trump, asked why Brittney Griner was freed while Paul Whelan remains jailed.
Hill said Trump wasn't "particularly interested in Paul [Whelan]'s case" while in office.
As critics including Donald Trump question why Brittney Griner was freed in a prisoner swap with Russia while Paul Whelan remains jailed, current and former National Security Council officials say such negotiations aren't so simple.
Griner was released from Russian detainment on Thursday after spending 10 months in custody, charged with the large-scale transportation of drugs after Russian officials said vape cartridges with hash oil were found in her luggage at Moscow's Sheremetyevo Airport.
In exchange, the US released the notorious Russian arms dealer Viktor Bout, often referred to by the nickname "Merchant of Death."
While Whelan's release has been the topic of ongoing negotiations between the Biden administration and Russian officials, he was not included in the prisoner swap. The former US Marine has been jailed in Russia since 2018 after being convicted on espionage charges he vehemently denies.
The Biden administration has promised Whelan "we're coming to get you" and urged him to "keep the faith" after Whelan expressed he was "disappointed" that not enough had been done to secure his freedom.
"The America hating basketball player for the 'Merchant of Death,' especially when the former Marine is not even included, is a one-sided disaster, and a BIG WIN FOR RUSSIA," Trump posted on Truth Social. "If I made that deal the Dems would chant, RUSSIA, RUSSIA, RUSSIA!"
Other Republicans have also criticized the deal, with Rep. Mike Waltz of Florida calling the swap "shameful" and questioning why a "celebrity" is being released over a veteran, and Rep. Tim Walberg of Michigan adding "President Biden has left Paul Whelan behind."
"SO @POTUS just traded an enemy who smuggles guns and helps shoot Americans for an American who smuggles drugs and shoots basketballs, all while a former US Marine, Paul Whelan, rots in a Russian prison," tweeted Rep. Scott Perry, of Pennsylvania. "Let that sink in."
However, National Security Council Communications Chief John Kirby told "Fox News Sunday" that trading Whelan was "never a choice posed by the Russians."
"They treat Paul differently because of these sham espionage charges," Kirby said. "He is put in this special category by the Russians."
In an appearance on Face the Nation, Fiona Hill, who served as president and senior director for European and Russian affairs on the National Security Council from 2017 to 2019, said the prospect of Whelan's release was "raised many times by the Russians," during her time working for the Trump administration, but the deal never went through.
"I also have to say here that President Trump wasn't especially interested in engaging in that swap for Paul Whelan," Hill said. "He was not particularly interested in Paul's case in the way that one would have thought he would be."
Hill added that the negotiations surrounding Whelan, who she said was "set up" on espionage charges, were handled differently than "very minor infractions" as in the case of Griner and former Marine Trevor Reed, who was released in April in a swap for convicted drug smuggler Konstantin Yaroshenko.
However, she added, Whelan, Griner, and Reed were all caught up in what she called "political games" while doing things that "seemed completely ordinary."
"And we have to be mindful of the fact that when governments do this, they're doing it for trading purposes, but they're also doing it to mess about in our politics," Hill said. "And we're falling every single time for this — the more that we fight with each other, the more that we play into their hands. And we also risk other Americans being taken, because it's a way of influencing our domestic politics."
Representatives for Hill and Trump did not immediately respond to Insider's requests for comment.
Fiona Hill national security council Donald Trump | 2022-12-12T00:05:26Z | www.businessinsider.com | Fiona Hill: Trump Wasn't 'Particularly Interested' in Freeing Whelan | https://www.businessinsider.com/fiona-hill-trump-wasnt-particularly-interested-in-freeing-whelan-2022-12 | https://www.businessinsider.com/fiona-hill-trump-wasnt-particularly-interested-in-freeing-whelan-2022-12 |
Anti tank mines are seen in the field near the recently liberated village of Pravdyne, Kherson region, Ukraine, Tuesday, Dec. 6, 2022. Russian invaders left behind all sorts of trickery as they fled this southern city to jubilation across Ukraine a month ago, and they continue to strike it from afar.
Evgeniy Maloletka, File/Associated Press
Russia occupied the Ukrainian city of Kherson for eight months before retreating in November.
But Russian troops left traps behind that Ukrainian demining squads are trying to disarm.
A "Mines Ahead" street sign actually rerouted people away from a safe road to a minefield, AP reported.
Russian forces retreated from the Ukrainian city of Kherson last month, dealing a major blow to President Vladimir Putin's war efforts, but marks of the eight-month occupation remain.
Kherson, a regional capital, was the first major Ukrainian city seized by Russian forces after the invasion in February. The southern port city was occupied from March until November, when Russian officials announced a retreat and Ukrainian forces returned.
Since the retreat, which revealed stories of potential war crimes and Ukrainian resistance, Russian forces have continued shelling the Kherson region. Ukrainian officials have also helped some residents evacuate the liberated city ahead of winter as its power infrastructure has yet to fully recover from the battering.
But residents on the ground are dealing with another consequence of the Russian occupation — booby traps.
According to The Associated Press, the traps included a street sign that read "Mines Ahead" and directed people away from a main road and onto a side road — but it was the side road that contained a minefield. Several Ukrainian service members and police were killed at the location.
"To give you an idea, during the month of our work, we found and removed several tons of mines," a Ukrainian service member on a demining squad told AP, adding that the mines were spread across nearly 4 square miles.
Demining squads are still working to clear the city of traps left by Russians, like explosives left in potholes or buried in soil, but the freezing winter is making the work more difficult.
Traps other than land mines have also been set: At one of two police stations in the city that Ukrainian authorities said Russia used as torture chambers, there were so many booby traps that crews tasked with disarming weapons have not been able to enter, AP reported. And at a civilian residence, a hand grenade had been fastened to a laundry machine so that when the detergent tray was opened, it would explode. | 2022-12-12T00:38:13Z | www.businessinsider.com | Russian Forces Left Booby Traps Behind When Retreating From Kherson | https://www.businessinsider.com/russian-forces-left-booby-traps-behind-when-retreating-from-kherson-2022-12 | https://www.businessinsider.com/russian-forces-left-booby-traps-behind-when-retreating-from-kherson-2022-12 |
Nick Fuentes; Kanye West; Marjorie Taylor Greene
Jacquelyn Martin, File/Associated Press; Evan Vucci, File/Associated Press; Barry Reeger, File/Associated Press
Kanye West and Nick Fuentes' recent antisemitic comments have sparked widespread outrage.
But they also exposed a darker side of Christian nationalism that was always there, experts say.
The shift could hinder the recent resurgence of Christian nationalism in mainstream politics.
Former President Donald Trump's meeting with Kanye West and Nick Fuentes helped shine a spotlight on antisemitism that some on the right have tried to ignore — and could hinder the growing mainstream influence of Christian nationalism.
"The Christian nationalism label was already generating a lot of debate amongst conservative Christians in the United States. Now you throw antisemitism into the mix, and I think that creates yet another set of divisions," Philip Gorski, a sociologist at Yale University and the co-author of "The Flag and the Cross: White Christian Nationalism and the Threat to American Democracy," told Insider.
Trump met with Ye and Fuentes — a white supremacist and Christian nationalist known for sharing racist and antisemitic views — at Mar-a-Lago on November 22. The former president later denied knowing anything about Fuentes, but weeks before the meeting Ye had also received criticism for his own antisemitic comments, including saying he was going to go "death con 3 on JEWISH PEOPLE."
Ye's antisemitism continued, boosted by the notoriety of the meeting with Trump. On December 1, the rapper appeared with Fuentes on Alex Jones' Infowars show, during which he praised Adolf Hitler and downplayed the Holocaust.
Ye working with Fuentes and meeting with Trump — and the way he's previously been embraced by others on the right, from Fox News' Tucker Carlson to GOP members of the House Judiciary Committee — have forced some conservatives and Christian nationalists to reckon with a side of the movement they have preferred to pretend wasn't there.
Christian nationalism and white supremacy
Gorski said he and other scholars of Christian nationalism have been saying for a long time that the ideology was tangled up with white supremacism, but they received a lot of pushback for it. "People saying, 'It's not true. I don't know anybody who's like that. I don't know anybody who thinks that,'" Gorski explained.
The recent scandals with Ye and Fuentes have "just brought some of that deeper, uglier stuff up to the surface and into broad daylight, but it was there the whole time."
Christian nationalism can generally be distilled down to the belief that Christianity and the US are intrinsically linked and that the religion should have a privileged position in American society. Americans who support Christian nationalist ideas may not identify as Christian nationalists. They also might embrace some aspects of the ideology but not others, so there's a wide spectrum of Christians who could be considered part of the movement.
"White Christian nationalism is older than the United States itself and it goes back to really the 17th century," Gorski explained, adding that the concept "in many ways emerged as a way of justifying stealing Native lands and killing Indigenous people, and enslaving kidnapped Africans."
Today there are still many Christian nationalists who, when talking about good Americans, are thinking of people who look and think like them, he said: "That means, first and foremost, conservative white Christians."
Andrew Whitehead, a sociologist at IUPUI and co-author of "Taking America Back for God: Christian Nationalism in the United States," has found similar connections between Christian nationalism and antisemitism.
"In our book, we show that Americans who embrace Christian nationalism more strongly are more likely to agree that 'Jews hold values that are morally inferior to me,' 'Jews want to limit the personal freedoms of people like me,' and 'Jews endanger the physical safety of people like me,'" Whitehead told Insider.
Additional research has also found close connections between Christian nationalism, antisemitism, QAnon followers, and supporters of Trump. And a how-to guide to Christian nationalism published in September by Gab Founder Andrew Torba was rife with antisemitism.
The Christian right divided
Despite the connection, Gorski said Christian nationalists would likely have "pretty complicated reactions" to the Ye and Fuentes situation "because they have a pretty complicated relationship to Israel and Judaism and American Jews."
Gorski said there is much less blatant antisemitism among conservative Christians in the US than there was in the mid-20th century. He said it's hard to quantify, but he believes the average "garden variety Christian nationalists are probably not explicitly or consciously antisemitic," even though there's a "hardcore faction" that is.
The American right has also been closely linked to support of Israel in recent decades, in part due to what Gorski described as an expansion pack for Christian nationalism: Christian Zionism — which refers to a belief among some Christians that the establishment of the state of Israel in 1948 was the fulfillment of a biblical prophecy.
A LifeWay poll conducted in 2017 found that 80 percent of evangelical Christians, a group that is more likely to embrace Christian nationalism, believed the creation of Israel was part of the fulfillment of a prophecy in the Bible that would lead to the return of Christ. The survey respondents were also overwhelmingly politically conservative.
Gorski noted there is also a sentiment among some conservative Christians that differentiates between Jewish people by location, describing the thinking as: "Jews' real homeland is Israel, so a good Jew is in Israel, so an American Jew is not a good Jew." Under this strange logic, a Christian Zionist could be considered a better Jew than a Jew, he explained, noting a comment made in October by the wife of Doug Mastriano, the failed Pennsylvania gubernatorial candidate. When addressing accusations of antisemitism against her husband, Rebecca Mastriano said "we probably love Israel more than a lot of Jews do."
The divide among Christian nationalists when it comes to Jewish people was on display when Rep. Marjorie Taylor Greene of Georgia publicly criticized Fuentes, even though she herself has been accused of antisemitism and even appeared at an event with him earlier this year.
Greene is one of the few prominent Republicans — and only member of Congress — to openly identify as a Christian nationalist. But following the Alex Jones appearance, she publicly denounced Fuentes and his "racist" and "antisemitic" ideology. She also called him "racist" and "immature" on her show and said it "makes no sense" for Ye to align with him.
Fuentes responded by attacking her character: "She wants to be the face of Christian nationalism. She's divorced, and she's actively an adulterer," he said, referencing rumors. "How are you going to be the face of Christian nationalism when you're a divorced woman girlboss?"
Saying the quiet part out loud could hurt the Christian nationalism movement
Greene's rejection of Fuentes was also notable, as it forced her to confront a side of Christian nationalism that she had previously refused to acknowledge.
In addition to self-identifying with the term, she's become a major proponent of its ideals. Greene has said the GOP should be the party of Christian nationalism and even sells merch adorned with the term. She has also tried to dismiss criticism of the movement as coming from the "godless left" who hate both the US and God, and has ignored those who have pointed out the documented connections between Christian nationalism and white supremacy.
But Fuentes and Ye, empowered by a high-profile meeting with the former president, have made those connections much harder to ignore — and could help deter conservative Christians who may otherwise have been intrigued by the movement.
While Christian nationalism as a concept is still on the historical decline, its recent resurgence and influence in mainstream politics could be threatened if more far-right figures continue to shine a light on its ugliest parts.
Christian Nationalism Kanye West Marjorie Taylor Greene | 2022-12-12T04:02:14Z | www.businessinsider.com | Kanye West, Trump, Antisemitism May Pull Christian Nationalists Apart | https://www.businessinsider.com/kanye-west-trump-antisemitism-may-pull-christian-nationalists-apart-2022-12 | https://www.businessinsider.com/kanye-west-trump-antisemitism-may-pull-christian-nationalists-apart-2022-12 |
Here's why a former Meta, Slack, and Google sales director swapped Big Tech for climate tech by joining SoftBank-backed startup Plan A
Meta, Slack, and Google sales director Neil Delaney joins Plan A as its chief revenue officer
A former Meta, Slack, and Google sales director is joining SoftBank-backed carbon accounting startup Plan A.
Neil Delaney, who is joining the startup as chief revenue officer, left Meta in pursuit of "ikigai."
The dad of three said his daughters also helped him make the decision.
Former Google director Neil Delaney describes himself as personable; he enjoys learning and has a natural interest in people.
Case in point: When preparing for a company away day in Zurich, Delaney made and printed off flashcards to learn who's who of his overseas colleagues. He sat down with his then 11-year-old daughter and had her test him on names and faces.
Fast forward six years, to 2022, and Delaney's career is still being shaped by his three children.
Delaney, an Irishman, left Google and went on to work in leadership positions at Slack and Meta. He was working as the interim global sales director at Meta when something else caught his eye: climate tech.
With 15 years in Big Tech under his belt, Delaney has now joined Berlin-based carbon accounting company Plan A as its chief revenue officer.
"Our families are so critical in what we do. My daughters were part and parcel of one of the reasons I moved to Plan A," he said. "I was ready to do something different, with a really strong purpose. There were a couple of companies who reached out to me – Series A, Series B companies, some with a really strong sense of purpose –, but I remember having a conversation with my daughters about a couple of these options."
Delaney's daughters insisted he had to join Plan A and said that tackling climate change was "the most important thing on this planet."
Plan A, which has raised $13 million from investors including SoftBank and HV Capital, is a SaaS-based carbon management startup that helps companies calculate, reduce, and report their carbon emissions.
Delaney referred to the Japanese concept of "ikigai," where a person's skills, passion, and profession overlap with the greater good. It is ikigai that led him to take a new role in climate tech, rather than transition into a sustainability-focused role within Big Tech.
"I wanted to stay in sales," he said. "This area is something I'm passionate about, but I wouldn't be a good carbon engineer. I'm – hopefully – good at helping develop a sales team to help our customers."
Delaney said his expertise lie in establishing sales processes, making them repeatable, predictable, and "boring" to ultimately help them and businesses scale, which is in part what he will be doing at Plan A.
Delaney joined Google's new enterprise department in 2008; he said it felt like a startup in itself thanks to its focus on the then-burgeoning cloud computing sector. After a decade, he joined Slack through its IPO process and then moved to Meta.
No company is doing enough to curb its carbon emissions, Delaney said – including Big Tech. "Up until now, it's been the goodwill of a company to actually do what they want to do," he said.
The changing regulatory environment and awareness of greenwashing are improving the situation, he said, so much so that he thinks businesses will have to decarbonize or pay for emissions via a carbon tax in the future.
"If companies don't make this change, they're actually at a huge competitive disadvantage," he added.
Founded in 2017, Plan A counts N26, BMW, Albion Capital, and the European Union among its customers. The next wave of tech unicorns is expected to be in climate tech, and Delaney sees Plan A as one of them as long as it "executes well."
Startups Tech Insider | 2022-12-12T10:25:41Z | www.businessinsider.com | Why an Ex-Meta and Google Sales Chief Left Big Tech for Climate Tech | https://www.businessinsider.com/meta-slack-google-sales-director-left-big-tech-climate-startup-2022-12 | https://www.businessinsider.com/meta-slack-google-sales-director-left-big-tech-climate-startup-2022-12 |
Today's mortgage and refinance rates: December 12, 2022 | Rates remain low ahead of Fed meeting
Mortgage rates are holding steady as the Federal Reserve gears up for its last meeting of the year. Markets largely expect the central bank to opt for a smaller 50-basis-point hike, after four consecutive 75-basis-point increases.
Rates should remain fairly calm as long as there are no surprises from the Fed.
"If the rate hike is lower than what the market expects, then mortgage rates could go up because the general feeling would be that we are not doing enough to fight inflation," says Sarah Alvarez, vice president of mortgage banking at William Raveis Mortgage. "Alternatively, if the rate hike is higher than expected, it might even push mortgage rates down with the expectation that it will help tame inflation." | 2022-12-12T11:21:59Z | www.businessinsider.com | Today's Mortgage, Refinance Rates: Dec. 12, 2022 | Rates Remain Low Ahead of Fed Meeting | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-monday-december-12-2022-12 | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-monday-december-12-2022-12 |
The cofounder of venture capital firm Target Global left after his Russian oligarch father was sanctioned
Shona Ghosh
Target Global cofounder Alexander Frolov has formally stepped away from the company after the UK imposed sanctions on his oligarch father.
Target Global
Alexander Frolov, the son of a sanctioned Russian oligarch, has left his tech investment firm.
Frolov had been CEO of Target Global, which has backed major European startups including Auto1.
The UK sanctioned Alexander Frolov Senior on November 2.
Alexander Frolov, the son of a sanctioned Russian oligarch, has left the venture capital firm he cofounded and ran, Target Global, amid ongoing concerns about Russian money flowing into European tech startups.
The move was first reported by German publication FinanceFwd and was confirmed to Insider Monday by a spokesman for Target Global.
Frolov stepped down from Target's investment business and all board director roles in May, the spokesman said. He ceased having any role at the company from November 2 — the day his father was sanctioned by the UK government.
Frolov cofounded Target Global in 2012, and the company built up stakes in a number of major European technology firms, with investments including used-car marketplace Auto1, food-delivery platform Delivery Hero, neo-bank Revolut, and ride-hailing firm Gett. The firm is headquartered in Berlin, with outposts in the US, the Cayman Islands, and London, according to its website.
But Frolov's position as an investor in the continent's biggest tech startups became increasingly untenable as Russia's war on Ukraine continued. His father, also called Alexander Frolov, formerly ran Russian steel firm Evraz and had been a major shareholder alongside fellow oligarchs Roman Abramovich and Alexander Abramov. The UK government sanctioned Frolov senior and Abramov on November 2, saying they and other oligarchs had "enabled Putin to mobilize Russian industries to support his military effort." Abramovich was sanctioned in March.
Target's spokesperson said Frolov senior had invested in Target but now "has no affiliation" and that the stake has been sold. The spokesperson said there is no business connection between Evraz and Target Global, adding that the venture capital firm "unequivocally, and in the strongest possible terms, condemns Russia's actions in Ukraine."
The UK sanctioned Russian oligarch Alexander Frolov, formerly CEO of steel-mining firm Evraz, in November 2022.
The presence of Russian money in European tech startups is a source of continued unease within the ecosystem. Privately, peer venture capitalists are anxious about co-investing alongside funds that are or are perceived to be connected to Russian oligarchs or businesses.
UK telecoms business Truphone, also funded by the Evraz oligarch trio, is in the process of being sold off to German entrepreneur Hakan Koc, but the deal has come under additional scrutiny by the government over concerns the bid has connections to Russia, The Telegraph reported.
Insider reported in March that Impulse VC, a venture capital fund backed by Roman Abramovich, had quietly left its board seat at British startup Adludio. Another Russian fund, Redline Capital, likewise quietly vacated its board seat at Signal AI. Both funds have deleted chunks of their websites that refer to their Russian origins and funding.
More recently, startup conference Slush in November revoked its decision to award a cash prize to Immigram, a startup cofounded by two Russian immigrants after industry outcry.
Some founders and investors have dismissed the added scrutiny. Audio startup Endel announced a fresh fundraise in April with backers including both Impulse VC and Target Global.
UK Target Global | 2022-12-12T13:28:15Z | www.businessinsider.com | Alexander Frolov Leaves Target Global After His Father Is Sanctioned | https://www.businessinsider.com/alexander-frolov-leaves-target-global-after-father-is-sanctioned-2022-12 | https://www.businessinsider.com/alexander-frolov-leaves-target-global-after-father-is-sanctioned-2022-12 |
Investors said unicorn valuations could come back as a meaningful metric in 2023.
Making predictions is a rite of passage for many venture capitalists.
We asked investors from firms like Accel, Sequoia, IVP, and Lightspeed to share their forecasts.
Party rounds are out, unicorns are in, and the venture market will get worse before it gets better.
After two years of the private markets spraying money into backing startups like it's champagne, the industry is feeling the hangover.
To help startups prepare for what's next, we surveyed venture capitalists from over a dozen firms, including Accel, Index Ventures, Insight Partners, IVP, Lightspeed, New Enterprise Associates, and Sequoia, to share their predictions for the new year.
We asked them to reveal the hot sectors they're eyeing, the trends that will fizzle, and the new realities of fundraising — for both startups and venture fund managers — in a tech downturn. The bottom line: business won't be returning to normal in 2023.
Additional reporting by April Joyner.
The party round is over
For a decade, early-stage startups trended away from raising money from a few large investors in favor of cobbling together a big roster of small checks — what's known as a "party round." Without a lead investor negotiating, the founder often sets the terms of the deal.
But the party round may soon disappear. "Those rounds are getting more scrutiny these days," Jenny Fielding, a cofounder and general partner at The Fund, said. "All investors are raising an eyebrow on these party rounds, especially where the price is high. In our case, even with a small check, we've been able price a few rounds where we would not have had this opportunity previously."
The change could be good for founders, Trina Van Pelt, the managing director and vice president at Intel Capital, said. "Now more than ever, it's critical that companies are very thoughtful to balance depth in dollars and experience on the cap table," she said.
Superpowered software eats the world
Generative AI tools can be used to create a variety of texts and images like this one, which was produced by OpenAI's DALL-E 2.
Courtesy of OpenAI
Generative AI will continue to be the buzzword on every investor's lips. The term refers to artificial intelligence that can create content, and in recent months, startups have applied this foundational tech to practical-use cases like writing code and editing photos and videos.
"We are now accelerating into the golden age of AI," George Mathew, the managing director of Insight Partners, said. In the near future, more startups will inject deep-learning software into their programs to supercharge the way we work and try to help people be more productive.
"It'll no longer be about who is best at pushing pixels on a screen or writing lines of tedious code," Sonya Huang, a partner at Sequoia Capital, said. "Rather, the lower-level cognitive work will get automated away, and value will accrue to workers who are able to think creatively and prompt these machines cleverly."
As a result, "we will see a new generation of enterprise applications emerge to challenge established vendors in almost all categories of software," Villi Iltchev, partner at Two Sigma Ventures, said.
Creators will birth the next iconic consumer app
"Gen Z social is taking off and the next iconic consumer app after TikTok and Snap is being born right now," Ann Bordetsky, a former Twitter executive and a partner at New Enterprise Associates, said.
She said the conditions are just right for takeoff. Gen Z has rebuked the social networks they grew up on. Incumbents like Meta and Twitter are bleeding talent who may go on to create their own consumer apps. And the surge of artificial intelligence enables the next cohort of consumer companies to get creative with entirely new experiences.
The venture market gets worse before it gets better
Maxim Gustik is a Belarusian freestyle skier
Getty/Tom Pennington
In a punishing macro environment, many startups struggled to raise funding this year as venture capitalists tightened the money spigot.
"The venture market will get worse before it gets better," Bordetsky said.
While VC firms and investors have stashed away $290 billion in dry powder, according to PitchBook, investors will spend that cash more judiciously as market conditions sour, Jeremiah Gordon, a general counsel and the chief compliance officer at CapitalG, said.
Investors will take a closer look at companys' gross margins and capital efficiency before writing a growth-stage check, Mark Fiorentino, a partner at Index Ventures, said. Higher scrutiny means funding deals take longer to close, even at the early stage, Katelin Holloway, a founding partner at Seven Seven Six, added.
"Entrepreneurs will need to answer to new criteria to prove their company's value in a turbulent market, and VCs must ensure their investment will see a return," Mike Carpenter, a seasoned enterprise executive and venture advisor at Lightspeed, said.
The pendulum shifts to in-person work
Elon Musk has told Twitter staff they will no longer be allowed to work remotely, and he won't be the only one making that call. Snap also told employees to expect to work in the office at least four days a week in the New Year.
"I am incredibly bullish on a continued pendulum shift back toward in-person work," Alexa von Tobel, a managing partner and founder at Inspired Capital, said. "Many companies are in survival mode and that often means pulling the team in, setting up a war room, and building together to increase odds of success."
To be sure, few companies will require employees to badge in five days a week, Lauren Illovsky, a talent partner at CapitalG, said. But they will use in-person gatherings to foster creativity and fun.
"While I don't think that everyone will be 100% back in the office," Arif Janmohamed, a partner at Lightspeed, said. "I do believe that we will continue to see increased times where people are together, whether it's two to three days in the office or quarterly get-togethers to build culture, strengthen relationships, and get stuff done."
The pandemic shift to remote work made productivity and collaboration tools essential. But in a tech downturn, many business customers are looking to cut spending, and investors say some tools from smaller, newer companies are likely on the chopping block.
The new reality swings the advantage back to major suites like Microsoft and Google while the challengers scramble to adapt.
"Our work life is going to become a battleground for products that want to own more of our working life than just the one, two things they've been doing for us already," Kyle Harrison, a general partner at Contrary Capital, said. "In the future, more platforms will start to overlap — whether it's Microsoft adding functionality to compete with Canva and Calendly, or it's Notion starting to get more aggressive in the number of things they're trying to do for you."
Derek Zanutto, a general partner at CapitalG, expects full-service apps to win out over software built for specific use cases. "In the past five to 10 years, startups fueled by ample supplies of investment capital rushed to address the pain points that arose from companies' digital transformation and cloud journeys," Zanutto said. "Facing a more challenging budgetary environment in 2023, fewer enterprises will be willing to invest in these sprawling point solutions."
Von Tobel expects businesses supporting remote work, specifically international expansion, to feel the crunch, too. They "will likely see some headwinds as remote work falls out of favor and the current geopolitical climate leads to de-globalization," von Tobel said.
Fewer first-time venture funds launch
Woman puts a closed sign on glass front door of a coffee shop.
For a decade, an abundance of capital has motivated more venture capitalists to split from established firms and raise their own funds. In a downturn, their investors — the ultrawealthy, foundations, and pension funds that front money to venture funds — will be "increasingly reluctant" to back individuals raising a first or second fund, Harrison said. He predicts "dramatically fewer first-time funds" launch next year.
Other emerging fund managers will struggle to close capital for follow-on funds. That could lead some small-check investors to join forces, Lily Lyman, a general partner at Underscore VC, said. "Venture will consolidate. There will be a wave of solo GPs and micro funds that can't raise a next fund and will either merge or go back to operating."
Reaching a unicorn valuation is significant
Unicorns have been going public at a growing pace.
AP / Leo Correa
There was a time in the past decade when a startup reaching a value of $1 billion was so rare it was called a unicorn company. But unicorns got a lot easier to find in a bull market that created 340 new unicorns in 2021 alone.
Venture capitalists said that the $1 billion valuation mark will come back as a meaningful metric next year as funding for more mature startups dries up and investors adjust prices based on real data and not vision.
"We're going to see unicorns become a really big deal again," Latif Peracha, a general partner at M13 who invests at the early stage, said. "It will reemerge as a massive milestone in the VC landscape."
"The past two years have been an anomaly and we will see a return to valuations and multiples that resemble the long-term multiples pre-2020," Cack Wilhelm, a general partner at IVP, said.
Founders will be thankful for the correction in the long run, Huang said. "It's worth taking a step back and making sure you don't get over your skis. Remember that the valuation you raise at today sets the watermark for what revenue progress you need to show on the next raise," she said.
Vertical software enters a golden age
Sal Bademci works on a customer at his barbershop on Main St. in Patchogue, New York.
For a while, investors largely avoided vertical software — software tailored to specific industries — because they felt their markets might be too small to make the economics of vertical software viable, Kyra Durko, a principal partner at Two Sigma Ventures, said. That's now changing in a downturn as investors like Two Sigma and Index Ventures eye companies whose products are mission-critical for their customers.
The golden era of vertical software will "modernize every corner of our economy," from insurance to bodegas to hair salons, Durko said.
The back office is another area ripe for disruption, Ajay Vashee, a general partner at IVP, said.
"Over the past decade, we've seen a wave of innovation transform customer-facing verticals like design, marketing and sales — championed by then-upstarts like Figma, Adobe and Salesforce," he said. "For the first time, I'm seeing a similar concentration of talent and energy focused on disrupting the finance and HR verticals."
Startups gobble up their competition
Ian Spanier/Getty Images
After two years of startups scaling and burning cash at a dizzying rate, "be ready for a phase of consolidation and wind-downs in 2023," Payal Agrawal Divakaran, a partner at .406 Ventures who invests in digital health, said.
John Tough, a managing partner at Energize Ventures and climate-tech investor, said he expects merger and acquisition activity to accelerate.
"With a pending economic slowdown, the leading companies in a given sector will become destinations for struggling startups that still have strong intellectual property or customer contracts to offer," Tough said. "Companies with capital and ambition will be rewarded with opportunities for strategic roll-ups."
The mental-and-behavioral healthtech category may see a lot of dealmaking, Agrawal Divakaran said. The funding frenzy of the past two years pumped money into startups that "don't have substantive value propositions, patient-acquisition strategies, or defensible economic models."
An unlikely tech hotspot emerges
More investors are eyeing a burgeoning tech ecosystem in the Middle East and North Africa. In recent months, venture firms like Lightspeed, Index Ventures, and 500 Global, formerly known as 500 Startups, hired local partners to scour the region for opportunities. And the startup accelerator Y Combinator included 32 companies from Africa across the last two cohorts, a 28% increase compared to 2021.
"While there are many stereotypes to overcome, the region is very forward-looking (trying to figure out post-oil economic engines) and has amazing tech talent, so we expect a lot of innovation from Dubai, Riyadh, and Cairo," SC Moatti, a founding managing partner at Mighty Capital, said.
The first tier-one venture-capital firm goes public
Marc Andreessen.
Some of the largest and most-respected venture firms are starting to look less and less like venture firms. They're investing in crypto, buying stakes in publicly held tech companies, and even managing their own founders' wealth. In 2023, top venture firms will borrow from private equity's playbook and launch an initial public offering.
"We'll see venture firms going public as they look to access other sources of capital," Nigel Morris, a cofounder of Capital One and a managing partner at QED Investors, said.
It's worth noting that SuRo Capital, a venture firm investing in high-growth, privately-held companies that went public in 2011, is trading down by about 70% since the start of the year.
Startups retire a well-worn sales strategy
Employees hand out samples of Evolution Fresh Juice as they arrive at Starbucks' Annual Meeting of Shareholders at McCaw Hall in Seattle, Washington on March 22, 2017.
For years, startups leaned into "product-led growth," a method that refers to companies putting out their products and services for free to drive customer acquisition and retention. That strategy is starting to show its cracks in an economic slowdown, Graham Brooks, a partner at .406 Ventures on the data and cloud team, said.
"True PLG is harder and rarer than most people believe," Brooks said. For it to work, companies must have easy-to-reach users, a hyper-intuitive user experience, and a well-defined "wow" factor that comes early in the product usage. Even when companies meet all of those conditions, Brooks said, they might struggle to convert free users into enterprise customers as businesses look to control costs.
Fintech for businesses explodes
Florida, Orlando, Little Saigon, Sticky Rice Lao Street Food, employee processing Square credit card reader, remote payment
Early in the pandemic, consumer-finance apps were all the rage. Now as publicly held fintech stocks tumble and a recession looms, startups that help other businesses generate revenue faster and more efficiently will pull ahead in usage and venture investment.
"Everyone will realize that B2B fintech is where it's at as consumer-fintech companies take it on the chin," Chris Gardner, a partner at Underscore VC, said.
The economic fear and uncertainty bodes well for companies whose software provides earned-wage access, business-to-business payments, and tools for the finance suite, Morris said.
The payments space will be especially interesting to watch as the Federal Reserve rolls out FedNow, an instant-payment service, in 2023, Charles Birnbaum, a partner at Bessemer Venture Partners, said. "All eyes will be on opportunities around faster payments."
Layoffs reshape the labor market
Layoffs sent thousands of big-tech workers from Amazon and Twitter back to the job market during the tech downturn. In time, early-stage startups will snatch up those jobseekers from incumbent companies, investors said.
"With the bitter also comes the sweet. Layoffs across big tech can be a boon for the early-stage landscape in the long run," Max Gazor, a general partner at CRV, said. "The exodus may burst open a pipeline of determined workers who will infuse seed and Series A companies with the talent they had trouble unlocking during the bull market."
Investors said new startups will bloom from the carnage at Twitter, Meta, and Amazon. "This time next year I really think that instead of reading news of mass layoffs, we'll be hearing about all the cool ideas big-tech alum have introduced into the larger startup ecosystem," Holloway said.
Security budgets soar
The next wave of innovation in cybersecurity will arrive as more enterprises rush to the cloud.
"While most other enterprise budgets are tightening, security spend will largely be resilient to scrutiny, especially for cloud," Erin Price-Wright, a partner at Index Ventures, said.
The economic slowdown and shift to remote work has incentivized more companies to replace their existing tech stacks with modern software, Casey Aylward, a partner at Accel, said. The shift creates opportunities for security-focused startups. "There is more desire to 'buy' versus 'build' when resources are constrained," she said.
Startups put an end to the climate crisis
helt2/Getty Images
It won't happen overnight, but startups figuring out how to reduce emissions today will help mitigate the challenges the climate crisis poses.
"From orchestrating distributed electric grids to applying advancements in AI to optimize green-energy usage and production, startups will play a big part in helping us solve the climate crisis," Vinay Iyengar, a principal partner at Two Sigma Ventures, said.
"Climate-technology focused on reducing greenhouse gasses is imperative," Tess Hatch, a partner at Bessemer Venture Partners, said. "In 2023, we will see an increased focus on methane emissions thanks to regulatory tailwinds like Biden's methane plan." | 2022-12-12T13:28:33Z | www.businessinsider.com | VCs Predict the Biggest Tech Trends to Watch in 2023 | https://www.businessinsider.com/tech-trends-venture-capital-startup-predictions-2023 | https://www.businessinsider.com/tech-trends-venture-capital-startup-predictions-2023 |
Sawdah Bhaimiya and Matthew Loh
Delta flights at Boston Logan International Airport were severely delayed after "improper de-icing," leaving passengers waiting for hours.
Delta flights were severely delayed at Boston Logan International Airport on Sunday night.
Planes were delayed due to "improper de-icing," and staff shortages, passengers said.
Some were left on a plane that had landed for 90 minutes, with no working bathroom.
Delta flights at Boston Logan International Airport were hit by severe delays due to "improper de-icing," of planes leaving passengers waiting over four hours on Sunday night.
Michael Vilches, 32, told Insider that his flight was scheduled to depart Boston at 7 p.m. EST on Sunday but the plane "never took off," and it was "stuck on the tarmac for three hours."
Vilches said passengers were moved from gate to gate as staff "attempted to de-ice the plane," before eventually being deplaned.
"After being told we'd be leaving shortly multiple times, the captain finally announced due to regulations the plane can't sit for three hours without taking off so we unboarded the plane," Vilches said adding that they were told that they would definitely be reloading and taking off in "an hour or two hours tops."
But two hours later, Vilches said that Delta canceled the flight, "due to improper de-icing of the plane and the pilot was tired."
Brandon Truitt, a local reporter at WBZ-TV shared a graphic on Twitter showing rows of incoming and outgoing Delta flights "waiting for gates."
—Brandon Truitt (@BrandonTruittTV) December 12, 2022
One Twitter user blamed the delay on staff shortages saying Delta "needs to shell out the money to hire more grounds crew," as planes waited their turn to be de-iced at Logan airport. She added that flights were being canceled "because pilots are timing out."
—Tweet (@soulphenomenal) December 12, 2022
Another passenger complained on Twitter that they were stuck on a plane for 90 minutes after landing, with no working bathroom.
—Deborah Ford (@dwfzipit) December 12, 2022
Boston 25 reporter, Julianne Lima shared a video on Twitter of people sleeping on cots at the airport after delayed flights.
—Julianne Lima (@JulianneLimaTV) December 12, 2022
Vilches said he would catch the next flight departing to Tampa at 6:05 a.m. on Monday morning, but hotel vouchers or accommodation weren't offered. Instead, people were sleeping in the airport overnight, with no pillows or blankets given by staff.
"It's a shit show here," he said. "People all inside laying around not knowing what to do."
Vilches emphasized that the "biggest issue is the miscommunication," as all details were relayed to him verbally and inconsistently. He said he hadn't been contacted by Delta yet about refunds or compensation.
Boston Logan International Airport and Delta Air Lines did not immediately respond to Insider's request for comment.
Trending UK Flight Delay DELTA AIR-FLIGHTS/ | 2022-12-12T15:03:44Z | www.businessinsider.com | Delta Flights Severely Delayed by 'Improper De-Icing' of Planes | https://www.businessinsider.com/delta-flights-severely-delayed-by-improper-de-icing-of-planes-2022-12 | https://www.businessinsider.com/delta-flights-severely-delayed-by-improper-de-icing-of-planes-2022-12 |
Emma Tucker has been named editor-in-chief of The Wall Street Journal in a Murdoch editorial shakeup
News Corp headquarters in New York
Morse Collection/Gado/Getty Images
Tucker will join The Wall Street Journal from The Sunday Times, another Murdoch-operated newspaper.
Journal editor Matt Murray is staying on at a senior role within News Corp, the company said.
Rumors have been swirling for weeks about the potential change, Insider previously reported.
The Wall Street Journal has appointed a new top editor, confirming weeks of speculation within the News Corp empire about a forthcoming editorial shakeup.
Emma Tucker, previously the editor of The Sunday Times, will replace Editor-in-Chief Matt Murray, a Journal veteran who has served atop the Rupert Murdoch-owned paper since 2018.
"Emma is a brilliant, inspiring editor, with digital nous and the highest standards of integrity," News Corp CEO Robert Thomson said in a statement. "Her global vision and experience will be particularly important at a time of immense international opportunity for The Wall Street Journal. Emma has a deep background in business reporting and a thoroughly deserved reputation for the pursuit of principle, and she will never knowingly be beaten to a scoop."
As Insider reported, Murray is a well-liked figure in the newsroom but his tenure has been marked with staff tensions and, as The New York Times previously reported, clashes with the paper's publisher. The installation of Tucker will bring a Brit back to a leadership position at The Journal, the crown jewel in Murdoch's publishing empire.
The company said Tucker will assume her new position on February 1, 2023.
Sources inside News Corp have speculated that the potential change reestablishes a Murdoch lieutenant at the helm ahead of his desired recombination of News Corp and Fox, his two companies which separated in 2013.
Read Insider's full story about what insiders think the leadership shake-up means for Murdoch world
The Wall Street Journal Matt Murray Emma Tucker | 2022-12-12T15:56:08Z | www.businessinsider.com | Emma Tucker Named Editor of the Wall Street Journal | https://www.businessinsider.com/emma-tucker-named-editor-of-the-wall-street-journal-2022-12 | https://www.businessinsider.com/emma-tucker-named-editor-of-the-wall-street-journal-2022-12 |
Sam Bankman-Fried, founder and CEO of crypto exchange FTX.
In November, investors pulled nearly $1.5 billion in bitcoin from crypto exchanges.
The fallout of FTX's collapse has rocked the crypto market, and November's bitcoin outflows were the highest ever.
Bitcoin is down roughly 63% in 2022, tumbling from an all-time high of $69,000 in November 2021.
The implosion of FTX has led to a record amount of bitcoin outflows from cryptocurrency exchanges, as the episode rocks the digital asset sector and weakens confidence in centralized platforms.
According to a Monday Financial Times report citing data from CryptoCompare, investor withdrawals of bitcoin were the highest ever in November, with 91,363 tokens worth nearly $1.5 billion pulled from exchanges including Kraken, Coinbase, and Binance. It's unclear whether those cryptocurrencies were sold or transferred to private wallets, the report said.
Former FTX Group CEO Sam Bankman-Fried's downfall has renewed concerns about the safety of user funds held in centralized exchanges. Global regulators are closing in on Bankman-Fried and FTX, and the once-touted crypto king is set to testify before Congress this week.
John Ray III, who took over FTX and was responsible for taking Enron through bankruptcy after its stunning collapse, said FTX lacked basic risk management and accounting. Commentators have likened the FTX fiasco to crypto's Lehman Brothers.
In a bid to both restore faith in the sector and distinguish themselves from FTX, competing exchanges have turned to so-called proof-of-reserves audits, a tactic meant to increase transparency and show customers their money hasn't been loaned out.
Experts say the problem with proof-of-reserves, however, is that it's more of a moment's snapshot rather than a comprehensive overview of risks, and it can be misleading. The report doesn't reveal in-and-out asset movements, nor does it list liabilities against assets.
"The industry needs to mature before it can recover, whether this comes from enhanced government policies on how to interact with crypto, or more sophisticated asset managers handling the movement of large sums of assets," David Siemer, CEO of Wave Financial, previously told Insider. "It is abundantly clear that companies and platforms can no longer get away with hiding their reserves and keeping not only investors but also consumers in the dark."
Bitcoin cryptocurrency crypto | 2022-12-12T15:56:14Z | www.businessinsider.com | FTX Collapse Sees Crypto Investors Withdraw Most-Ever Bitcoin, $1.5B | https://www.businessinsider.com/ftx-collapse-crypto-investors-withdraw-currency-bitcoin-sam-bankman-fried-2022-12 | https://www.businessinsider.com/ftx-collapse-crypto-investors-withdraw-currency-bitcoin-sam-bankman-fried-2022-12 |
6 valid reasons to miss work — and the excuses your boss won't go for, according to career experts
Career strategists say the worst excuses for missing work are things you could control, like not getting enough sleep.
There are good and bad reasons to miss a workday.
Career strategists say taking time off to care for your health or for a loved one is acceptable.
Using a lack of sleep or a missed train as an excuse not to go to work likely won't fly, they said.
There are about 260 workdays in a year. That means many full-time employees are expected to spend about 70% of their time in the office, literally or figuratively.
But there are inevitably days when we need to miss work — for vacation, for personal or family matters, or for some other reason.
While many companies provide their employees an allotment of sick, personal, and vacation days, it can sometimes be hard to tell what constitutes a reasonable excuse for not showing up for work, particularly if it's a last-minute request.
"It needs to be something that helps your employer see why you wouldn't be productive or that the quality of your work would be degraded and lead to problems," Laura Smith-Proulx, an executive-résumé writer and former job recruiter who's coached thousands of employees through layoffs, relocations, promotions, office politics, and other work scenarios, told Insider.
If you're not sure whether you're justified in skipping out on a workday, here are the best reasons for not showing up — and advice for telling your boss.
Good reasons to miss work
1. You've had a traumatic experience
Perhaps one of the toughest situations to navigate at work is when something unexpected and traumatic happens in your personal life, such as the death of a family member or a friend.
Smith-Proulx said employers most likely wouldn't expect an employee to be at their top performance after such an event, so if you need to request time off, it's best to have a conversation with your boss as soon as possible to allow them to make other plans in your absence.
"You can either share details of the event directly or summarize what happened, depending on what you are comfortable discussing and what actually occurred," she added. "It's possible your boss may quickly understand and you can keep the conversation at a high level with minimal detail.
"No matter what arrangement you set up, make your mental and physical health a priority, while checking in with your team or boss as you are able to do so."
2. You're sick, or you've been around someone who's contagious
Any illness that prevents you from doing your job effectively is a good excuse to stay home.
"If your profession requires you to sit at a desk or stand behind a counter and you're not able to handle these conditions due to flu, a kidney stone, pregnancy complication, broken bone, or other severe incident, most employers would excuse you from work duties until you are able to withstand the requirements," Smith-Proulx said.
Being exposed to something contagious, especially if you work in an office or closely with people in person, can also be a reasonable excuse for missing work.
"Even if you aren't feeling unwell, a positive COVID test means you could infect another worker who is more susceptible to severe effects or even the possibility of death," Smith-Proulx said. "In that case, you should steer clear of the workplace until cleared to return to work."
Smith-Proulx recommended notifying your boss quickly, especially if your workplace will need coverage for the day. Then tend to your needs by monitoring your symptoms.
"If you have a contagious illness such as COVID or the flu, contact your doctor for recommendations on when you can safely return to work — and make sure you're communicating with coworkers and supervisors so they can plan around your absence," Smith-Proulx said.
3. You have no means of getting to the office
Smith-Proulx said that a lack of reliable transportation is an excuse she's heard people use for skipping work.
"If your car or transportation source breaks down or roads are impassable due to ice or snow, you can typically expect an employer to understand the circumstances," Smith-Proulx said.
However, she added, don't expect your boss to give you more than one day off for a reason like this — unless it's an extenuating circumstance you've spoken with your boss about, they'll most likely expect you back the next day.
4. You don't have WiFi, or there are other problems with your work environment
Remote workers who depend on the internet or on childcare to do their job might face instances where these things fall through and they can't show up for work at home.
"Some employers will allow you to delay tasks or deadlines if you cannot access WiFi or are not able to complete tasks away from the office," she said.
However, Smith-Proulx added, companies would probably prefer that you find workarounds that allow you to continue your tasks on an interim basis. For example, she said, if you can't access WiFi at home, you may need to call your boss or use another means of communication to contact them.
"Don't rely on sending a passive email," she said, as your message could sit in your boss' inbox for hours.
If you're dealing with a complication at home — perhaps your daycare has fallen through and you need to take care of your children — it's best to set aside time to convey how you'll deal with this issue if it happens again, Smith-Proulx said.
"Most supervisors understand that life happens and you can't control every factor in your home environment, but may also view repeated episodes in a negative light," she said.
5. You need a mental-health day
There might be times when you just need a day to reset, whether it's because you're burned out or you're dealing with something personal.
"We are working in an unprecedented time, and people are working more than ever before, which can lead to a huge amount of stress," Amy Stoldt, the vice president of people and culture at Snappy, an employee-gifting company, told Insider.
Brooks Scott, an executive coach, recommended adopting a personal strategy for asking for time off for mental-health reasons.
"The best way to communicate with your manager that you'll need to miss work is to focus on your relationship with them by connecting your excuse to something you both share," Scott said.
He suggested using the following script: "Both of us need to have a professional relationship where we can be open and honest with each other. Some personal things have come up, and I need to ask for the day off to focus on my mental health. You know I wouldn't be asking unless it was necessary."
Scott added that it's best to use these types of excuses sparingly, wisely, and truthfully.
6. You're dealing with a family situation
Whether it's a child, a spouse, a parent, or a pet who needs you, it's OK to request a day off to be there for loved ones.
"The best way to communicate a family situation with your manager is to share as much about the situation as you are comfortable with, but of course you are not required to do so," Stoldt said.
She added that it can be good to share how much time you might need to take off so you can help manage job expectations. "You can also offer up that you will work with others on the team to assure your manager that someone is designated as your backup while you are away," Stoldt said.
Bad reasons to miss work
Smith-Proulx said the worst excuses for missing work are the ones your boss expects you to have control over, such as being up late or missing the train.
"When you commit to being on the job, it's expected that you will tend to your own sleep schedule or find alternative means of transportation," Smith-Proulx said. "If you find you are regularly missing work for reasons like these, spend time analyzing how long it takes for you to obtain transportation or ensure you're well rested, which should help avoid routine absences."
She suggested admitting what happened and asking if you can make it up by contributing in some other way.
Many employers understand that time off can't always be planned and should be taken, but they still expect their employees to be productive and regularly available for work. Constantly being absent from work, Smith-Proulx said, "can make it difficult for the employer to continue business, and they may need to replace you with a more reliable employee."
work advice Vacation Time off | 2022-12-12T15:56:20Z | www.businessinsider.com | 6 Good Excuses to Miss Work — and the Worst Reasons to Take Time Off | https://www.businessinsider.com/good-bad-excuses-reasons-miss-work-take-time-off-2022-12 | https://www.businessinsider.com/good-bad-excuses-reasons-miss-work-take-time-off-2022-12 |
Airbnb and Vrbo owners should brace for 2023. There's more competition than ever and hosts will have to work harder to stay booked.
Gatlinburg, Tennessee has seen explosive growth in short-term rental listings since the beginning of the pandemic, according to AirDNA.
wbritten/Getty Images
Short-term rental owners will see a drop in occupancy rates in 2023, one forecast shows.
But demand for travel will remain strong, even in the face of a possible recession.
The occupancy drop will hit hardest for coastal, mountain, and rural destinations.
Economist Jamie Lane says that if Airbnb or Vrbo hosts over the past two years were able "to operate on autopilot," then 2023 is the year they should "turn that off."
The coming year is poised to bring an increasingly competitive landscape, according to a 2023 outlook released today by short-term rental analytics firm AirDNA, and supply is expected to grow faster than demand, Lane, AirDNA's vice president of research, said.
Even as the number of listings is projected to grow by 9%, nights booked by travelers are still expected to grow 5% even in the face of recession fears. While travel is still expected to remain high, travelers will have more listings than ever to choose from.
The interest in short-term stays will still be there, according to the report. Hosts, however, might expect to cut nightly rates to keep the same occupation numbers as last year or see a small drop in revenue compared to 2022, Lane said.
The report's findings are not quite the collapse the #Airbnbust nay-sayers predict, but it is certainly the end of the road for investors who were looking to get-rich-quick in the post-vaccination travel boom.
Large and mid-size cities are expected to see the biggest increase in supply as increased international travel brings visitors back to these destinations.
Coastal, mountain, and rural locations that saw the biggest spike in pandemic numbers are set up to see the biggest drop in revenue and occupancy, though still above pre-pandemic numbers.
Lane says Gatlingburg, Tennessee is a "poster child" for the expected phenomenon — a pandemic hotspot whose blistering growth is expected to cool off.
Over the past two years, it "ticked all the boxes'' of travel trends including drive-to distance from several major metro areas, including Atlanta and Knoxville, and an emphasis on outdoor activity. The nearby Great Smoky Mountains National Park recorded its highest visitation numbers ever in 2021.
In February 2020, there were nearly 10,000 listings in the combined Gatlinburg-Pigeon Forge, Tennessee region. Today there are over 16,000, according to data from AirDNA.
There'll be more listings, especially in cities rebounding from a drop in international visitors
AirDNA data shows an all-time industry high of nearly 1.4 million listings available nationwide.
In September 2022, nationwide available listings hit nearly 1.4 million, an industry-record and 23% jump from the 1.1 million available in September 2021, according to AirDNA data.
Supply is not expected to keep up with that astronomical pace, Lane says, as rising interest rates deter investors from acquiring new properties.
But a 9% growth is expected to partially come from second-home owners not already listing their properties, as recession fears might force owners to look for new sources of income.
Large and midsize cities are also expected to see the biggest jump in available short-term rentals, as pandemic travel trends begin to reverse themselves.
The barriers to international travel that persisted through 2021 and strong U.S. dollar exchange during 2022 kept the number of foreign visitors suppressed, Lane explained, but there are signs they are finally returning.
"In 2020 and '21 the theme was the less dense the area, the more demand," said Lane. Now, that trend is reversing, he added.
Hosts might have to slash prices to compete
Lane says in the face of an economic downturn, consumers are expected to still value travel.
"Even if we go into a mild recession, we don't expect demand for travel to decline next year," he told Insider.
Instead, his team expects consumers to pull back on "goods," like furniture and cars, but still put their money towards "experiences."
But since this demand is spread over an increasing amount of rentals, hosts will need to remain vigilant, Lane says, to protect their business.
In October, the average host saw 6% less bookings compared to October 2021, according to AirDNA data. The hosts that will do best will most likely be those that offer discounted rates, Lane says.
"Those that are actively revenue managing are going to probably keep their overall revenue pretty flat and they're gonna maintain their occupancy," he told Insider.
Those who don't actively manage their prices will "most likely" see a drop in their revenue, Lane said.
Real Estate AirBnB VRBO.com | 2022-12-12T17:27:17Z | www.businessinsider.com | Airbnb and Vrbo Owners Better Brace for 2023 | https://www.businessinsider.com/airbnb-and-vrbo-owners-better-brace-for-2023-2022-12 | https://www.businessinsider.com/airbnb-and-vrbo-owners-better-brace-for-2023-2022-12 |
Rep. Doug Lamborn of Colorado arrives for the House Republican Conference meeting on Wednesday, Sept. 26, 2018.
A Republican congressman from Colorado has violated the federal STOCK Act.
Rep. Doug Lamborn and his wife traded stocks valued at up to $120,000 but was months late disclosing them.
An effort in Congress to ban lawmakers from trading stocks as stalled.
A Republican congressman from Colorado is the latest to violate a federal conflict-of-interest and transparency law, an Insider review of congressional records shows.
Rep. Doug Lamborn, a congressman since 2007, violated the Stop Trading on Congressional Knowledge Act of 2012, which in part requires members of Congress to disclose within 45 days any individual stock trades they've made for themselves, spouses, or dependent children.
In August, Lamborn and his wife traded stock worth between $68,000 and $120,000 in NetApp, a data management company. (Lawmakers are only required to report the value of their trades in broad ranges.)
Lamborn waited, however, until well after the 45-day deadline for congressional members to report the trades — the Office of the Clerk of the US House processed the financial disclosure on December 6.
NetApp has a modest lobbying presence in Washington, DC, typically spending in the five- or low six-figure range on influence efforts, according to nonpartisan research organization OpenSecrets.
In a statement, Lamborn Communications Director Cassandra Sebastian said the tardy disclosure was simply a mistake.
"During the recent political campaign, Congressman Lamborn mistakenly lost track of filing deadlines," Sebastian said. "When recently filing a timely report, he realized the mistake and proactively self-reported and paid the necessary fine. Congressman Lamborn strives to file disclosures accurately and on time and has a history of doing so. All disclosures are currently up to date."
The standard fine for a late disclosure of this sort is $200, per House rules.
In all, 77 members of Congress — Democrats and Republicans, leaders and back-benchers — have violated the STOCK Act since Insider and other publications began tracking instances of violations in 2021.
In January, Lamborn found himself the subject of an unrelated ethics matter: the Office of Congressional Ethics alleged that Lamborn previously misused official resources. The independent office's board said it found "substantial" evidence that Lamborn's staffers were asked to do chores for his family, such as moving furniture for his wife and helping his son with federal job interviews.
Lamborn denied the OCE's allegations, saying they were biased and pushed by a "disgruntled" staffer, and his lawyers said that "no ethical violation has occurred."
The House Committee on Ethics has acknowledged that it is reviewing the matter but has not publicly revealed its findings or made any public ruling.
A Congress in conflict
Since Insider published its "Conflicted Congress" investigative project in late 2021, which revealed several conflicts of interest and violations of federal disclosure laws by numerous members of Congress, lawmakers have begun debating whether they and their immediate family should be able to trade individual stocks at all.
Despite a bipartisan push for a Congressional stock trading ban, Democratic leadership, which introduced its own stock-ban bill among a series of other similar bills from members of Congress, punted a vote on it until after the 2022 midterm elections. Senate Democrats have also put a pause on their efforts as well.
And with Congress now back in session, it appears highly unlikely that any votes will occur on any stock-ban bills before the legislative term ends and Republicans take control of the House in January.
Prior to the midterm elections, House Minority Leader Kevin McCarthy said he was open to the idea of banning members of Congress from trading, however, he's been silent on the topic since it became clear that Republicans will control the House next legislative term.
Doug Lamborn Conflicted Congress Colorado | 2022-12-12T18:06:45Z | www.businessinsider.com | Republican Rep. Doug Lamborn Is the Latest to Violate the Federal STOCK Act | https://www.businessinsider.com/republican-doug-lamborn-stock-act-violation-2022-12 | https://www.businessinsider.com/republican-doug-lamborn-stock-act-violation-2022-12 |
Elon Musk said the booing audience at Dave Chappelle's comedy show was a "first for me in real life."
Last month, an early Twitter investor warned that the billionaire is surrounded by "yes men."
In October, a trove of texts between Musk and big names in tech and media painted a similar picture.
Apparently the richest man in the world isn't used to being booed — at least not in person.
After Elon Musk was booed by the audience at a Dave Chappelle's comedy show on Sunday, the billionaire took to Twitter to make light of the situation, dubbing it a "first for me in real life."
"Technically, it was 90% cheers & 10% boos (except during quiet periods), but, still, that's a lot of boos, which is a first for me in real life (frequent on Twitter)," Musk tweeted. "It's almost as if I've offended SF's unhinged leftists … but nahhh."
The billionaire Tesla CEO made the comment after a Twitter user responded to his thread on Twitter that appeared to mock both the use of pronouns and chief White House medical advisor Dr Anthony Fauci.
"Truth resonates," Musk tweeted on Monday morning.
"So does a crowd full of boos," the Twitter user said.
Videos from the comedy show in San Francisco that were posted on Twitter show people cheering and booing as Chappelle invited Musk onto the stage.
"Cheers and boos, I see," Chappelle said in the videos.
"Weren't expecting this, were you?" Musk responded.
In the videos, the Twitter owner appears chastened by the negative feedback. At one point he asks Chappelle, "Dave, what should I say?"
Musk did not respond to a request for comment from Insider ahead of publication.
Both Musk and Chappelle have faced backlash for anti-LGBTQ+ comments.
Still, it's not surprising that Musk would be taken aback by the audience's displeasure on Sunday night. In many areas in his life, he is surrounded by praise.
Earlier this year, a trove of text messages between Musk and some of the biggest names in tech and media were revealed as part of the discovery process in Twitter's lawsuit against Musk. The texts showed that the billionaire received a slew of praise for his plans to take Twitter private.
They included offers to run the company for him, requests for accounts to be reinstated, requests for meetings, and the names of relatives to be considered for roles. People like billionaire investor Marc Andreessen, Microsoft CEO Satya Nadella, Axel Springer CEO Matthias Döpfner, and media personalities Joe Rogan, Tim Urban, and Gayle King were quick to praise Musk or offer to lend a hand. (Axel Springer is the parent company of Insider.)
Last month, during a trial over Musk's Tesla compensation package, a Tesla shareholder argued that the billionaire has brought some of his closest friends onto the electric carmaker's board of directors — from his brother, Kimbal Musk, to longtime associates like Antonio Gracias and James Murdoch.
At Twitter, Musk has also brought in some of his closest associates to assist in the transition, including PayPal mafia member David Sacks and personal attorney Alex Spiro.
Most recently, early Twitter investor Chris Sacca warned that Musk is surrounded by "yes men" who are "stoking insanity."
"One of the biggest risks of wealth/power is no longer having anyone around you who can push back, give candid feedback, suggest alternatives, or just simply let you know you're wrong," Sacca, founder of Lowercase Capital, wrote on Twitter last month. "He has plenty of 'pals' and is the life of parties and dinners. But the hard truth is that he is straight-up alone right now and winging this," he added.
The tweet thread was later deleted.
Elon Musk Dave Chappelle Axel Springer | 2022-12-12T18:57:44Z | www.businessinsider.com | Musk Says Audience Booing Him Was 'a First for Me in Real Life' | https://www.businessinsider.com/elon-musk-audience-booing-dave-chappelle-comedy-first-for-me-2022-12 | https://www.businessinsider.com/elon-musk-audience-booing-dave-chappelle-comedy-first-for-me-2022-12 |
Benjamin Leung co-manages two top funds of 2022.
Benjamin Leung, Macquarie Asset Management
Fund managers Benjamin Leung and Scot Thompson run two of the top four funds of the past 12 months.
Diversification and risk management kept their funds afloat as the S&P 500 sank.
Here are the five sectors that their quantitative model is targeting heading into 2023.
A pair of fund managers at Macquarie Asset Management have produced extraordinary returns this year despite targeting the same types of companies as many of their competitors.
Benjamin Leung and Scot Thompson, who run the virtually identical Delaware Equity Income Fund (FIUTX) and Delaware Growth and Income Fund (FGINX), aim to deliver strong risk-adjusted returns and a 1% dividend yield by having high-quality, low volatility investments.
While Leung and Thompson's approach seems common, their funds' performance is anything but. The Delaware Equity Income Fund and Delaware Growth and Income Fund were the third- and fourth-best performing large-cap funds, respectively, in the year through November 30, according to Kiplinger. They rose 15.6% in the 12 months while the S&P 500 was down 15.3% in that same span.
The secrets to building a portfolio that rises in downturns
There are two main differences between Leung and Thompson's funds and the rest of the pack: their systematic quantitative strategy and their risk management through portfolio analysis.
First, instead of trying to handpick the next hot stock through a bottom-up or top-down process, Leung and Thompson have developed a quantitative model that does the dirty work for them by finding quality stocks and those with low volatility — all without the influence of human bias.
"Our research process in our fund is designed to detect those behavioral biases, capture them through the use of signals, and then create a portfolio that delivers the financial objective," Leung said in a recent interview with Insider.
By using a model, Leung and Thompson can be objective about their holdings and can prevent favoritism from influencing their purchases and sales. That model is impossible to replicate, but there's more to being a successful fund manager than picking stocks with high returns.
Scot Thompson
Scot Thompson, Macquarie Asset Management
The fund managers' second key to success is their ability to analyze their portfolio and see how stocks shape their funds as a whole instead of simply how they'll perform in a vacuum.
Many investors set out to find companies that will generate strong returns over their desired time horizon but don't manage risk by noting how those stocks are correlated with each other. Loading up on a few similar stocks can work well until the market shifts, like it has this year.
"In terms of diversification, the thing we're thinking about is to ensure that we have exposure to whatever comes our way," Leung said.
To Leung and Thompson, diversification means being sector-agnostic and having exposure across different factors like value and growth as well as having stocks with different strengths.
"As we apply the investment process, what we want is a portfolio that makes sense," Leung said. "What I mean by that is each stock needs to contribute to the end goal in some way. It doesn't have to be ranking high on all our factors. But if it's additive to the goal of the portfolio, then it will make it in."
Not every stock in the portfolio has to have a rock-solid balance sheet, low volatility, and a high dividend yield, Leung said. Stocks with all three qualities may be heavily concentrated in one market sector, so while loading up on those seemingly perfect companies may work in the near term, it could also make the fund less diversified and more risky over a longer time period.
Instead, Leung said that by targeting quality, low volatility, and dividend yield individually, the result is a portfolio that has each of those traits while carrying less risk. In other words, the sum of the parts in Leung and Thompson's funds work is greater than each holdings on its own.
"Sometimes, it just makes more sense to hold a beaten-down name but one that is high-yield relative to the price and there's low risk of them cutting it and then holding some other stocks which is less exposed to that feature," Leung said. "But at the portfolio level, it averages all out and you get the yield and you get the alpha opportunity."
How a top fund manager is investing as 2023 approaches
While Leung and Thompson strive to keep their funds diversified instead of loading up on stocks in their favorite parts of the market, their systematic quantitative model often finds better opportunities in some sectors than others.
As the new year draws near, the Delaware Equity Income Fund and Delaware Growth and Income Fund have the largest positions in the following sectors: healthcare (24%), financials (20%), information technology (12%), energy (12%), and consumer discretionary (11%).
That sector allocation breakdown shows that the funds have cyclical exposure through financials, energy, and consumer discretionary but also prioritize growth with a defensive tilt, given that over a third of the fund's assets are in healthcare and information technology. The setup allows the funds to benefit if the economic expansion continues or if a recession strikes.
Investors can mimic the sector composition of Leung and Thompson's funds through the following exchange-traded funds (ETFs): the Health Care Select Sector SPDR Fund (XLV), the Vanguard Financials Index Fund ETF (VFH), the Invesco QQQ ETF (QQQ), the iShares Global Energy ETF (IXC), and the Consumer Discretionary Select Sector SPDR ETF (XLY). | 2022-12-12T18:57:56Z | www.businessinsider.com | How to Invest in 2023: 3rd-Ranked Fund Manager of 2022 | https://www.businessinsider.com/how-to-invest-2023-stocks-sectors-strategy-top-fund-manager-2022-12 | https://www.businessinsider.com/how-to-invest-2023-stocks-sectors-strategy-top-fund-manager-2022-12 |
The Lamborghini Huracán Tecnica.
The Lamborghini Huracán Tecnica is one of the final variants of the Huracán supercar, which debuted in 2013.
We drove a $323,995 version of the car with Blu Notte paint and honeycomb patters all over.
Driving it was great. But the best part was letting others experience the car.
I walked back into the local donut shop after showing more than a dozen customers my loaner Lamborghini Huracán Tecnica. When I sat down, a man at another table said: "I don't know what made us get donuts today, but I'm so glad we did. My kids will remember this for the rest of their lives."
That, I think, is the magic of driving a Lamborghini: It means the world to the people around you.
The Tecnica is a new derivative of the Lamborghini Huracán, which debuted in 2013 as a replacement for the Gallardo — a car that set sales records for Lamborghini and became a pop-culture staple. The original Huracán came with a 5.2-liter V10 engine, 600 horsepower, and styling that held up so well, it looks mostly the same today.
Nine years later, the Huracán is near the end of its life. The Tecnica is one of its final variants and slots in under the Huracán STO, which starts at $330,000 and acts as a race car for the street: stiff, low, fast, and featuring the bare minimum of creature comforts, because race cars aren't meant to be comfortable.
The Lamborghini Huracán STO (left) and Tecnica (right).
The Tecnica, which starts at $239,000, adds those comforts back in. It shares the STO's 631-horsepower, naturally aspirated V10 engine, but has a smaller rear wing, stylish little flares around its headlights, and an interior that's less "race car" and more "bought an expensive suite at the car race." Its power funnels through a seven-speed dual-clutch transmission.
How it looks and feels
My loaner Tecnica came in a coat of Blu Notte paint — a step between royal and navy, with so much depth that it felt like staring into the world's clearest lake — and totaled $323,995, including fees and optional features. It had honeycomb patterns all over, from its air and engine vents to its 20-inch "Damiso" wheels. (If honeycombs aren't your thing, you can pick other shapes to adorn your car.)
Seven giant honeycombs made up each of the car's rims, almost like a giant rotary phone, and the car's carbon-fiber accents and black roof blended beautifully with its deep-blue paint. It wasn't striking in the stereotypical sense of a Lamborghini — harsh, bright colors — but in a classy, understated way.
Inside, the Tecnica was full of black suede and white accents, from strips of leather to seat stitching. The black-suede roof, rear shelf, and seats had little white honeycombs etched into all of them, while white stitching on the seat bolsters read "TECNICA" in all caps.
The seats are snug and built for a specific body type; my hips and thighs were a little too wide, while my 6-foot-tall husband said he needed more headroom. Both of those complaints are common for supercars, which are kind of like catsuits — hard to get in, but once you do, they hold everything in place comfortably.
The startup screen behind the steering wheel had a giant "Huracán Tecnica" logo underlined by the colors of the Italian flag, both of which appeared atop a deep black-and-white honeycomb pattern. A chrome version of Lamborghini's iconic nameplate — just its name, in cursive — sat on the dashboard, framed by panels of black carbon fiber and white leather.
The Huracán Tecnica has three drive modes: strada, sport, and corsa. ("Strada" means street, and "corsa" means "race." "Sport" is that step in the middle, between the more polite street settings and the harsher, louder ones meant for the racetrack.)
You flick between the modes using a little red button at the bottom of the steering wheel, and each mode changes the color of your digital speedometer and tachometer accordingly: Street is white, strada is orange, and corsa is red.
Strada is a smoother, less aggressive drive mode, and it made my life so easy. I'd fire up the car and it would immediately quiet down, not disturbing all the neighbors around me. I'd flick it into sport as soon as I left the neighborhood, kicking on the car's deeper rumble and angrier personality.
—Alanis King (@alanisnking) November 13, 2022
In sport mode, every stoplight is an event. Each of the car's harsh downshifts feel like the flick of a blender, if blender blades moved forward and backward instead of in a circle. With each vzzzzrrrmm of the transmission shifting into a lower gear, the car lurches and your head bounces off the back of the headrest.
It's dramatic, but that's the point. You buy a Lamborghini for the show.
Driving the Tecnica on the street alone — which is what I did for the weekend I had it — means never feeling what it can really do. It glues itself to the ground, it brakes like it has iron claws for tires, and its steering wheel is hefty but not heavy. The car responds to every twitch and turn you make, but you never struggle to make them.
Drive a Huracán within the speed limit and it won't get out of sorts, because it's too capable for that. You have to take it to the track to really appreciate it.
What a lot of people don't tell you about driving supercars is how tedious it is on the street. The Tecnica is wide and low to the ground, meaning it's easy to scratch the front splitter and bottom of the car on curb stops, speed bumps, rough roads, or driveways.
My Tecnica had an optional $4,100 nose-lift system, which raises and lowers the car's front end a few inches on command to help navigate those situations. It's a must-buy on a supercar like this.
I'll lift the nose five or six times on a 15-minute drive across town, including when I leave the driveway, turn onto a road where the surface changes, and enter a parking lot. Because the lift takes a few seconds, you have to see potential road changes and be proactive — react too late in traffic and you won't have time to raise the car.
Even with a lift, the Tecnica is low. Entering and exiting parking lots and driveways is always careful and slow, but I love that about supercars. To drive them in everyday situations, you have be willing to take care of them (or ignore the expensive damage you cause with each scrape).
Only one aspect of driving the Tecnica regularly gave me pause: the exhaust note. In sport mode with automatic shifting on, the Tecnica got really deep and guttural at around 37 mph and at certain shift points. But the exhaust sound was hit or miss otherwise — and often, it was a lot quieter and less obtrusive than I, a Lamborghini driver, wanted to be.
The easy way to fix this is by manually shifting with the paddles, which lets you terrorize the whole town by riding down a highway feeder road in second gear. I'd like a little more of that attitude with automatic mode on, too.
But for me, Lamborghinis are less about my driving experience and more about others' overall experience. I let dozens of people see and take photos with the car while I had it, even if they were a little too tall to fit sometimes.
Everyone — children, teens, college students, and adults — was shocked to not only see a Lamborghini, but also touch it. One minute, a kid in a parking lot was telling his father not to take photos of the car because the owner might not like it. The next, I was helping him take photos in it.
The Tecnica is something people will always be shocked about — not just because it's a $330,000 car, but because it's a $330,000 Lamborghini. No matter what it says about society that we're all obsessed with things most of us can't afford, Lamborghini made itself into a brand we equate with fashion and success. We want to experience it because we've grown up knowing a Lamborghini means we made it.
When I had the Tecnica, it took 10 minutes to show entire groups of people the car, and they all told me it was one of the coolest things they'd ever done. In 15 years, maybe those kids will return to the donut shop with their dad and say: "Remember that Lamborghini we saw here?" Maybe they'll return in a Lamborghini of their own.
The Tecnica gave so many people dreams and joy that weekend — and to me, that was the best part.
NOW WATCH: How a rust-covered toy Lamborghini is restored
Lamborghini Lamborghini Huracan lamborghini huracan tecnica | 2022-12-12T18:58:02Z | www.businessinsider.com | Lamborghini Huracán Tecnica Review: a $324,000 Land Rocket | https://www.businessinsider.com/lamborghini-huracan-tecnica-supercar-review-2022-12 | https://www.businessinsider.com/lamborghini-huracan-tecnica-supercar-review-2022-12 |
Ukrainian President Volodymyr Zelenskyy said his son knows the names of the weapons being used in the war against Russia.
"Putin stole childhood from our children," Zelenskyy told David Letterman.
Zelenskyy joined Letterman on a special of "My Next Guest Needs No Introduction" from Kyiv.
Ukrainian President Volodymyr Zelenskyy told David Letterman that his nine-year-old son knows the names of the military weapons being used in Russian President Vladimir Putin's war against Ukraine.
"We have no need to explain anything about victory to our children," Zelenskyy told Letterman when asked how he speaks to his family, namely his kids, about the war and the possibility of victory.
"Trust me, they know much more about the war than we do. I'm telling you this very frankly now," Zelenskyy explained during a Netflix special of Letterman's show "My Next Guest Needs No Introduction."
"My son is nine years old. He knows the names of all the weapons. And he didn't learn them from me," Zelenskyy told Letterman.
Zelenskyy said that the children of Ukraine are "deeply immersed in the war."
He acknowledged that sometimes, he thinks it's easier for him to parent through the war than it is for other families because he rarely gets to see his children. When he does see them, he said, "they're happy regardless of what I tell them."
"Sometimes it seems that it does not matter what exactly I tell them," Zelenskyy admitted, explaining how he tries to keep meetings with his kids as "warm moments."
"Putin stole childhood from our children," Zelenskyy told Letterman. While that is true, he said, "each of us should make sacrifices for the sake of our country. Our children sacrificed their childhood."
Zelenskyy and Letterman sat down for an interview in October underneath the city of Kyiv in an active subway station as it was the "safest part of the city." It had been nine months since Russia first invaded Ukraine.
The pair discussed the lengthy war, Ukraine's chances at victory, Putin and the Kremlin, and Zelenskyy's former career as a comedian. | 2022-12-12T18:58:20Z | www.businessinsider.com | Zelenskyy: My Son Knows the Names of Weapons Being Used in Russia War | https://www.businessinsider.com/zelenskyy-son-knows-names-weapons-being-used-russia-war-2022-12 | https://www.businessinsider.com/zelenskyy-son-knows-names-weapons-being-used-russia-war-2022-12 |
Compass CEO Robert Reffkin's memo on how to dump poor performers was good but here's how it could have been better
Compass CEO Robert Reffkin asked his leadership team to help root out underperformers.
The residential brokerage firm is struggling and has conducted two rounds of layoffs this year.
The message is compelling but doesn't tell leaders what employees must do to succeed at the company.
Compass CEO Robert Reffkin knows how to spot laggards at the troubled residential brokerage firm — they don't show up or they turn in work late — but he's less specific about what makes a good worker.
"If you know you have team members who are poor performers," Reffkin wrote in a December 4 memo, "it's on you as their manager to move them out." The memo arrived after two rounds of layoffs, in June and October, at Compass, which is struggling financially.
Asking leaders to manage out underperforming employees in a tough economic environment is relatively common. Meta, Alphabet, and Amazon sent similar messages this year (Meta and Amazon also conducted mass layoffs). But the Compass memo, while giving strong examples of what workers shouldn't be doing, didn't offer as much guidance about what the the company needs from employees right now.
Reffkin should have outlined what employees must do to succeed
Reffkin makes a compelling case for why employees need to step up their performance right now.
In the first paragraph of the memo, he wrote, "We owe it to our 3,000+ fellow employees and their families and our 30,000 agents and their families and clients to get through this."
Adam Galinsky, a professor of leadership and ethics and the vice dean for diversity, equity, and inclusion at Columbia Business School, said this context is encouraging because it emphasizes the broader impact of the firm's work. Galinsky said Reffkin is essentially writing, "We owe it to not just ourselves, but a larger set of stakeholders to be successful."
But the memo lacks details about what exactly employees need to do in order to succeed at Compass right now, Galinsky said.
Reffkin urges managers to meet with their direct reports "to formally have a conversation to ask them to confirm that they are recommitting to bounce back with passion in this next phase with Compass."
Galinsky said Reffkin might have given managers more guidance for these conversations, for example by instructing them to tell their reports, "These are the three things you have to accomplish by May 1 of next year to be successful."
Galinsky added that Reffkin could have clarified whether another round of layoffs is imminent or whether the company still has a chance to right the ship. If it's still possible to avoid additional layoffs, Galinsky said Reffkin might have written something more motivating. For example, he could have instructed managers to let employees know that if everyone stays focused, "we're going to be successful as a company and you're all going to still have a role at the company."
Compass has been flailing financially
As fears of a US recession mount, layoffs have rippled across industries, with employers such as Walmart, Peloton, and Salesforce letting go of staff. The real estate market is especially tumultuous, with home sales down significantly from last year.
Insider's Daniel Geiger reported that Compass lost $443 million in the first three quarters of 2022; by the third quarter, it had a credit line of more than $300 million with Barclays bank. Compass has conducted two rounds of layoffs this year, Geiger reported. First, it cut roughly 450 corporate workers across departments; then it slashed about half of the 1,500 people on its technology team.
Strategy Compass Real Estate | 2022-12-12T19:40:14Z | www.businessinsider.com | Compass CEO Robert Reffkin Told Managers How to Spot Poor Performers | https://www.businessinsider.com/compass-ceo-robert-reffkin-what-to-look-for-poor-workers-2022-12 | https://www.businessinsider.com/compass-ceo-robert-reffkin-what-to-look-for-poor-workers-2022-12 |
Crowd boos Elon Musk at Dave Chappelle's comedy show
Erica Star Domena and Tyler Merkel
The crowd at Dave Chappelle's comedy show booed Elon Musk when he came on stage on Sunday.
Chappelle joked about Twitter's layoffs in response to the jeers.
Musk argued in a tweet that only 10% of the crowd was booing him.
Audiences booed Elon Musk at a comedy show after Dave Chappelle introduced him onstage as "the richest man in the world." | 2022-12-12T20:32:20Z | www.businessinsider.com | Crowd Boos Elon Musk at Dave Chappelle's Comedy Show | https://www.businessinsider.com/crowd-boos-elon-musk-at-dave-chappelles-comedy-show-2022-12 | https://www.businessinsider.com/crowd-boos-elon-musk-at-dave-chappelles-comedy-show-2022-12 |
An SEO consultant transformed her hiring process to attract better talent and improve retention with a few tips from an HR pro
Zhe Scott, founder of The SEO Queen, joined Insider's mentorship program to gain insights on scaling her business and creating a hiring pipeline.
Ryan Young for Insider
When Zhe Scott founded her SEO consulting and marketing firm, The SEO Queen, in 2017, she expected her employees to stick around long-term.
But that hasn't been the case. Over the past five years, she told Insider, her business has evolved, her expectations have changed, and it's become difficult to find and retain the right team.
"I knew I needed to think about hiring differently," she said. In search of a new approach, Scott joined the Insider mentorship program, created in partnership with Indeed, and was paired with Bernard Coleman, the chief diversity and engagement officer at Gusto, a payroll, benefits, and human-resources platform.
The pair met via Zoom once a week for several weeks to discuss solutions to her biggest staffing challenges. Their conversations led Scott to "think about talent acquisition the same way I think about customer acquisition," she said. "I needed to build a pipeline."
Attracting job candidates and hiring individuals best suited to the job can be costly and time-consuming for business owners, especially when an employee doesn't work out, Coleman said. He and Scott shared how they overhauled Scott's hiring process and came up with solutions to improve talent retention.
Creating assets to showcase her company culture
Scott said Coleman encouraged her to develop materials that showcase her company culture, which is becoming increasingly important to prospective employees, and outline in those materials expectations for her team. So she created a testimonial video featuring an employee's perspective on working for The SEO Queen that touched on how the company operates and what Scott's leadership style is like and posted it on her company's website. Scott said she plans to make more videos in the future when she has more time.
Bernard Coleman III, chief diversity and engagement officer at Gusto, helped Scott come up with new ways to find great candidates for her business such as a way to test candidates' skills in real time.
"That was a fun idea we workshopped together," Coleman said. Coleman added he also shared a job-posting template from Gusto with Scott to help her revamp her open roles to include more specific descriptions of job duties and expectations.
Hosting 'hackathons' to find qualified candidates
One of Scott's biggest hiring challenges, she told Coleman, has been finding people with the right skill sets. She said she often hired individuals based on their portfolios, then found when they started they couldn't handle the directions she gave them.
Under Coleman's guidance, Scott came up with "hackathon" events, where prospective employees are paid for an hour of their time and asked to complete specific tasks. Coleman said he helped her create a rubric to score attendees on how they followed directions and met expectations to decide whether to interview the person for a role. "We've been able to see right out the gate who's able to do the work and who's not," Scott said. "That's saved us a lot of time and money."
So far, she said, she's hosted two hackathons and plans to hold them monthly in the future. She also plans to create videos about the program to include on her website.
Coleman said he liked the hackathon idea so much as a way to build relationships with job candidates that he plans to discuss it with colleagues at Gusto and potentially use it in-house or recommend it to other businesses he works with.
Expanding her network to attract new talent
Leveraging alumni connections is another recruiting strategy that came up during the mentorship meetings, Scott, who earned degrees from the University of Michigan and the Massachusetts Institute of Technology, said. Universities often appreciate updates on their alumni's achievements, and networking with them could allow Scott to create opportunities for students and recent graduates, Coleman said. "It'll also lift her brand," he added.
Scott is continuing to work on finding her next great employee using the ideas she and Coleman came up with.
Developing a content calendar and placing thought-leadership content in national media are other ideas the pair came up with to expand her network, Scott said. "It would appeal both to potential clients and potential team members."
Treating talent acquisition as an ongoing task
While she hasn't found any new employees yet using updated new process, Scott said, she's confident about the long term. "It's a win because we didn't extend offers to people who went through the hackathon and weren't able to do the work. That saved me stress."
Working with Coleman, she added, helped her get a clearer picture of her expectations for new hires and the onboarding process — and think about talent acquisition as an ongoing process. "We have created a shift in the culture at The SEO Queen for more excellence and more efficiency to help us grow even further and faster," Scott said.
Coleman said he appreciated the chance to work directly with a small-business owner and generate ideas for solving problems and inspiring growth.
"A small-business owner has so many different hats," he said. "They're experts at what they do, they have to post jobs, interview, and hire folks. It gave me a deeper respect for what a small-business owner goes through — and the multiple balls they're juggling and just can't drop. It made me feel good to help."
Talent Insider Talent Acquisitions Hiring | 2022-12-12T20:32:32Z | www.businessinsider.com | How an HR Expert Helped a Small-Business Owner Hire Top Talent | https://www.businessinsider.com/how-hr-expert-helped-small-business-owner-hire-top-talent-2022-12 | https://www.businessinsider.com/how-hr-expert-helped-small-business-owner-hire-top-talent-2022-12 |
House Minority Leader Kevin McCarthy (top); Republican Rep. Lauren Boebert of Colorado (bottom left); Republican Rep. Marjorie Taylor Greene of Georgia (bottom right)
House Minority Leader Kevin McCarthy has teed up a slew of investigations for the 118th Congress.
Reps. Marjorie Taylor Greene and Lauren Boebert want in on the GOP oversight blitz.
Neither of them "has demonstrated a capacity for leading an investigation," a GOP strategist said.
Passing out plum committee assignments may get House Minority Leader Kevin McCarthy the votes he needs to realize his dream of becoming speaker, but some Republicans are worried about it backfiring on the party if the California lawmaker puts loose cannons like Reps. Marjorie Taylor Greene and Lauren Boebert in charge of his planned oversight blitz.
Jason C. Roe, a former House aide and now GOP strategist, said placing Greene, of Georgia, or Boebert, of Colorado, on the House Oversight Committee in the 118th Congress — something Oversight Committee ranking member James Comer has said is already under discussion — would be "a disaster."
—Lauren Boebert (@laurenboebert) November 17, 2022
"It might feed the MAGA crowd's political bloodthirst. But it will be a recurring skit on SNL and continue to poison Republicans with independents," Roe told Insider of the likely political blowback of assigning avid conspiracy theorists to work through the laundry list of investigations McCarthy has compiled over the past two years.
A unnamed GOP lawmaker currently assigned to the oversight panel sounded similarly alarmed, telling The Washington Post that "if you want to be taken seriously, you have to treat the issue seriously."
"The question is: Can Comer control some of the potential new members — like the woman from Georgia — that care less about substance and more about their Twitter profile?" the Oversight Committee member said of the need to keep congressional probes above board.
Boebert and Greene did not immediately respond to requests for comment about their preferred committee assignments or their investigatory priorities for the coming year. McCarthy's office has repeatedly told Insider that the House GOP steering committee, which McCarthy leads, will handle assignments for the next Congress "at the appropriate time."
Once House Republicans officially take control of the chamber on January 3, McCarthy and Comer plan to unleash the majority power's investigative powers on President Joe Biden, his scandal-plagued son Hunter Biden, outgoing Speaker Nancy Pelosi, Attorney General Merrick Garland, FBI director Chris Wray, and other perceived political enemies.
Aaron Cutler, a former House GOP leadership aide and now partner at Hogan Lovells, urged House Republicans to avoid "focusing on the wrong things," and to cut bait if needed.
That entails "knowing when to let something go or let it sort of peter out, as opposed to devoting lots of time and resources" to lost causes, Cutler said.
Proving that Republicans are serious
Liz Mair, a former Republican National Committee aide and now public relations consultant, said picking the right investigative targets could help House Republicans spur interest in the other chamber.
Mair estimates that Minority Leader Mitch McConnell and Sen. Ron Johnson would be the likeliest allies — assuming things are handled properly. Johnson serves as ranking member on the Senate Homeland Security and Governmental Affairs Committee Permanent Subcommittee on Investigations.
"I think Mitch would be supportive of looking at what happened with the Afghanistan withdrawal, some of the wasteful spending, some energy production stuff, and IRS politicization," she wrote in an email. She added that if rabid partisanship leads to good governance, even if by accident, that might still be worth it.
"It is possible for people who want to do this stuff mainly for political reasons to actually put some genuine points on the board that aren't related to administration gigs or launchpads for bigger, better campaigns themselves," Mair told Insider.
Cutler, for his part, said he saw the potential for bipartisan and cross-chamber collaboration on China-related issues like supply chain problems, Uyghur labor abuse, and national security concerns. He said he could see a promised COVID-19 origins probe, which is expected to skewer retiring White House medical advisor Dr. Anthony Fauci, being a House-only project.
Dr. Anthony Fauci, director of the National Institute of Allergy and Infectious Diseases, speaks during a press briefing at the White House, Tuesday, November 22, 2022, in Washington.
Whether they catch on in the Democratic-controlled Senate or not, Cutler said House GOP leaders need to produce more than a slew of investigations if they hope to remain in power past 2024.
"Leader McCarthy will also need to chart a policy path that sends a strong message to the American people that Republicans are serious about governing and leading," Cutler told Insider.
Some of the legislative wins Cutler said he'd like to see the GOP notch in the new year include dealing with the debt ceiling, fully funding the government, reauthorizing the expiring Federal Aviation Administration and Farm Bill agreements, putting some guardrails in place for cryptocurrency, and "maybe some housing finance reform."
Dedicating the next election cycle to just beating up Hunter Biden rather than fulfilling campaign promises to fix the economy, southern border, and crime would ultimately doom the party, Roe warned.
"There needs to be a focus on issues that matter to Americans on a daily basis, not the pursuit of past injustices," he said, adding that "Republicans run the risk of alienating independents if they are merely defined by their investigations in the 2024 election."
Keeping everyone busy
Cutler predicted that House leaders would ensure that any oversight efforts are conducted in a "serious and thoughtful" manner.
"That said, there is the real prospect for overreach — both by virtue of the topics involved and some of the lawmakers that may want to become involved," he said.
Tossing Greene and Boebert into the mix might seem automatically disqualifying, Mair said — unless distracting them with unfettered Biden bashing frees up McCarthy elsewhere.
"I don't think either of those members has demonstrated a capacity for leading an investigation," Mair said. "But it could be a great way to bog them down with something that gets them the headlines they want on a single issue and keeps them from causing problems in other areas."
Rep. Lauren Boebert (R-CO), Rep. Matt Gaetz (R-FL) and Rep. Marjorie Taylor Greene (R-GA) attend a House Judiciary Committee hearing with testimony from U.S. Attorney General Merrick Garland at the U.S. Capitol on October 21, 2021 in Washington, DC.
Given that some sort of spectacle is probably unavoidable at this point, Roe urged House Republicans to tread carefully.
"Any high-profile hearings will become a clickbait platform, so we can expect plenty of performative questioning," Roe said of the allure of controlling the spotlight. He added that putting in the time and effort to conduct a rock-solid investigation "could be a launching pad for lots of political ambitions."
Producing an unimpeachable report might help others climb the ladder, Mair said. But she's fairly certain it won't do much for McCarthy's future.
"Kevin McCarthy has about the worst job in America right now. And I wouldn't put any money on him surviving until 2024 — no matter what he does," Mair said.
Kevin McCarthy James Comer Marjorie Taylor Greene | 2022-12-12T20:32:50Z | www.businessinsider.com | McCarthy Risks Nuking His Oversight Blitz to Secure Speaker Votes | https://www.businessinsider.com/mccarthy-marjorie-taylor-greene-lauren-boebert-oversight-blitz-speaker-votes-2022-12 | https://www.businessinsider.com/mccarthy-marjorie-taylor-greene-lauren-boebert-oversight-blitz-speaker-votes-2022-12 |
Bill Nelson said he asked SpaceX President Gwynne Shotwell if Twitter would distract from SpaceX.
The NASA administrator said Shotwell reassured him there was "nothing to worry about."
Since buying Twitter in October, Elon Musk has spent much of his time at the company's headquarters.
Even NASA has expressed concern over Elon Musk's chaotic Twitter takeover.
NASA administrator Bill Nelson said on Sunday that he had asked SpaceX President Gwynne Shotwell whether Musk's Twitter acquisition would impact SpaceX or the commitments the company has made to NASA.
"Tell me that the distraction that Elon might have on Twitter is not going to affect SpaceX," Nelson said he asked Shotwell earlier in December, per NBC.
Nelson said that the SpaceX president assured him he has "nothing to worry about," NBC reported.
"I hugged her with a smile on my face, because I know she is running that thing," Nelson said, per NBC. "She's running SpaceX."
A spokesperson for SpaceX did not respond to a request for comment from Insider ahead of publication.
SpaceX is working with NASA on its Artemis program, which aims to put boots back on the moon by the end of 2025. The agency has given Musk's company billions of dollars in funding.
The NASA administrator is not the first to express concern in Musk's preoccupation with Twitter. Last week, Bloomberg reported that Tesla investors were concerned that the billionaire had "abandoned" the electric-car maker in favor of the social media company.
Over the past few months, Musk has spent much of his time at Twitter's headquarters in San Francisco — even sleeping in the office. The Tesla CEO has also reportedly brought in engineers from his other companies to help out with Twitter.
"I continue to oversee both Tesla & SpaceX, but the teams there are so good that often little is needed from me," Musk tweeted on Thursday.
Musk's current focus on Twitter can be seen via his tweets, which have been heavily focused on product updates, the release of the so-called "Twitter files," and calls to fight "the woke mind virus."
Last month, the billionaire said he's looking for someone else to run Twitter and plans to eventually reduce his time at the company. S
Do you work for SpaceX or one of Musk's companies? Reach out to the reporter from a non-work email at gkay@insider.com
NOW WATCH: Watch SpaceX launch a Tesla Roadster to Mars on the Falcon Heavy rocket — and why it matters
Elon Musk SpaceX Twitter | 2022-12-12T20:33:00Z | www.businessinsider.com | NASA Chief Asks SpaceX Exec If Musk Is Too Distracted by Twitter | https://www.businessinsider.com/nasa-chief-asks-spacex-exec-elon-musk-distracted-with-twitter-2022-12 | https://www.businessinsider.com/nasa-chief-asks-spacex-exec-elon-musk-distracted-with-twitter-2022-12 |
2023 could be the year of Skechers, Crocs, and Hey Dude, not Nike
A Skechers store
Liu Junfeng/Getty Images
Skechers and Steve Madden are "best positioned" for next year, according to analyst Sam Poser.
Nike "needs more compelling product" for the spring, Poser wrote.
Crocs and its Hey Dude brand have appealing products coming out soon, he added.
Skechers and Steve Madden are among the shoe companies "best positioned" to have strong years in 2023, according to analyst Sam Poser, who said industry giant Nike "needs more compelling product" for the spring.
In a note to investors after attending the New York Shoe Show and meeting with several management teams, Poser recently offered an outlook for 2023, including predictions for several top brands.
Although fears of a recession linger, Poser said consumers "have money" and are "willing to spend." He said Cyber Monday sales were stronger than most expected, but weekend sales after Thanksgiving relied heavily on promotions.
Poser, an analyst for Williams Trading, is bullish on Skechers, whose new technology includes a slip-on shoe that Poser said a large retailer described as "stupid good."
"Skechers has always known its customers well, but has often been overaggressive in pushing its goods to market," he wrote. "This year, Skechers' inventory on hand is spoken for, new product and technologies across categories are being well-received by customers, and Skechers management said Skechers had record sales from Black Friday through Cyber Monday."
Poser was less optimistic about Nike, which like Lululemon, is sitting on excess inventory.
"Nike's footwear offerings for spring '23 are underwhelming, according to both better and moderate retailers," Poser wrote.
In January, Nike insiders said the company's loss of experienced designers and managers, both through layoffs and attrition, would ultimately be visible on store shelves.
"You'll start to see it probably around fall or holiday of this year," a former designer told Insider. "You'll definitely see it next year in spring and summer '23."
Poser said it's unlikely Nike will "be positioned to provide a rosy outlook" when it next reports quarterly earnings on December 22.
Deckers, whose brands include Hoka, "remains in great shape," Poser wrote, while Hey Dude, a Crocs brand which remains wildly popular with teens, is a brand to watch in 2023 and beyond.
Poser said Hey Dude could hit $1 billion in fiscal year 2022 sales.
"We came away from our meetings confident that the Crocs brand will realize its 2026, $5 billion revenue target, and that Hey Dude, if managed well, which we expect, has sales opportunities that exceed that of Crocs."
sneaker Retail Sportswear | 2022-12-12T21:11:28Z | www.businessinsider.com | 2023 Could Be the Year of Skechers, Crocs, and Hey Dude, Not Nike | https://www.businessinsider.com/2023-could-be-year-skechers-crocs-hey-dude-not-nike-2022-12 | https://www.businessinsider.com/2023-could-be-year-skechers-crocs-hey-dude-not-nike-2022-12 |
In a leaked all-hands recording, Salesforce CEO Marc Benioff discussed executive departures and vowed again to try and win them back
Salesforce is experiencing an executive exodus as co-CEO Bret Taylor and others resign.
Marc Benioff addressed the exits in the company's latest all-hands, vowing to recruit them back.
Insiders say the exits are related to Benioff exerting more control and dialing up the pressure.
Salesforce cofounder and CEO Marc Benioff addressed the company's recent executive exodus during a company all-hands last week, according to a recording viewed by Insider.
During the call Benioff said that he feels "deeply connected" to departing co-CEO Bret Taylor and that he'll try to recruit back Taylor and the other executives who have announced their exits over the past couple of weeks.
"Some people come in, some people leave, it's sad when they go, and it's great when they come in — it's a bigger story of life itself," Benioff said. "I will support them when they are leaving and I will recruit them back."
Taylor's plans to leave the company became public Nov. 30 — exactly one year after taking over as co-CEO alongside Benioff. Five top executives followed from Salesforce and its subsidiaries, including Slack CEO Stewart Butterfield, Tableau CEO Mark Nelson, and Steven Tamm, a chief technology officer who spent nearly two decades with the company.
In a funny moment that lightened the tense mood, Benioff thanked Tamm during the meeting for setting the foundations of the company. "A lot of late nights with Steve Tamm, with a lot of pizzas, and a lot of coke," Benioff said, before smiling and raising a finger to clarify, "a-cola."
As Insider recently reported, company insiders attribute these departures to how Benioff is exerting increasing control as the company faces post-pandemic headwinds and the involvement of activist investor Starboard Value. That control is driving away his closest lieutenants while he dials up performance pressure on employees, especially the sales team, several insiders say.
Sales employees have lately received new mandates like required daily in-person meetings throughout the holiday season and returning to working in the office despite Benioff's public statements saying workers were just as productive at home.
At the all-hands, Benioff put a cheerful spin on the exodus, emphasizing yet again plans to pursue those who have left. Sources say that he was genuinely surprised and dismayed at Taylor's resignation. Salesforce declined to comment.
"Everyone deserves to be able to manifest and achieve their own self-actualization to live the life they want and do what makes you happiest, to do what makes you healthiest, to do what is necessary for you to have loving relationships with your family, your friends, to be successful with your work and have impact on the world," Benioff said to employees. "If you can do that at Salesforce, we're going to do everything we can to make that for you, and if you have to leave, we will support you, but we will recruit you back." | 2022-12-12T21:11:40Z | www.businessinsider.com | Marc Benioff Explains Departing Salesforce Execs in Leaked All-Hands | https://www.businessinsider.com/marc-benioff-addresses-salesforce-executive-departures-leaked-all-hands-2022-12 | https://www.businessinsider.com/marc-benioff-addresses-salesforce-executive-departures-leaked-all-hands-2022-12 |
The solution to low productivity and quiet quitting is simpler than most managers realize: It's about making people feel that they matter.
Workers who don't feel valued are more likely to be stressed, disengaged, or even defiant.
America's workforce is lonely, disengaged, and relatively unproductive.
To boost morale and productivity, leaders need to provide workers with a sense of meaning.
That's according to the US surgeon general, Babson College professors, and leadership researchers.
America's workforce is lonely, disengaged, and relatively unproductive. CEOs and managers have a vested interest in figuring out why: Their bottom lines are suffering.
Productivity of the average American worker plunged earlier this year by the sharpest rate since 1947, according to government data. It's since inched upward, but economists remain worried.
Meanwhile, more than half of the workforce and "probably more" engaged in quiet quitting this year, according to a June Gallup poll.
The solution is simple, but it requires work on the part of leaders to make workers feel like they matter. Workers who have that sense perform better, according to research from management consultancy McKinsey & Co. And that feeling of mattering to a business boosts the company's bottom line.
Managers who don't give their employees a sense of meaning risk higher turnover, increased rates of quiet quitting, and lower productivity. Ways to make workers feel valued include fostering collaboration and teamwork, expressing gratitude and appreciation, and taking time to check in on workers' personal lives, according to management professors at Babson College.
Managers who don't give their employees a sense of meaning risk higher turnover, rates of quiet quitting, and lower productivity.
"People want purpose in their lives — and that includes at work," Jackie Wiles, content manager at technology research firm Gartner wrote in a January report based on a survey of more than 3,500 workers. "I would argue that ignoring it is, at the very least, shortsighted"
CEOs who aren't hands-on, visible, and genuine about mental health will lose talent
Workers with a sense of meaning at their company are more loyal and productive, according to research.
IHG Crowne Plaza & Resorts
America's workforce has become so disengaged that the US Surgeon General Vivek Murthy, the country's highest voice on health and wellness, recently wrote about it in an October report.
"People want to know that they matter to those around them and that their work matters," Murthy wrote. "Knowing you matter has been shown to lower stress, while feeling like you do not can increase the risk for depression."
Mattering is a double-edged sword, Gordon Flett, psychology professor at York University, told The Wall Street Journal. Feeling like you matter boosts morale, while feeling insignificant can cause employees to act out in destructive ways like being hyper-competitive, angry, or defiant.
People want purpose in their lives — and that includes at work.
CEOs are being called on to not only boost profits, but to shepherd their employees. Here are three hands-on steps leaders can take to develop workers' sense of purpose:
Dedicate time to checking in your employees
In a January 2020 Harvard Business Review article, three professors at Babson College who study organizational psychology discussed their findings on how to increase a worker's sense of purpose. Workers told them that simply hearing "Good morning" and "How are you?" from their manager made them feel good about the professional relationship. Workers also enjoyed the ability to share stories about their lives.
"These interactions are actually valuable points of connection for your employees (and for you). They prevent your staff from feeling invisible," Gibson and her coauthors wrote.
Give positive feedback and be clear on areas for improvement
Workers are more likely to feel like they have a purpose at work when they know where they are doing well and where they can improve, according to the Harvard Business Review article.
An employee who only gets compliments will begin to wonder whether her manager is being sincere, the Babson professors wrote. Similarly, if a worker only gets criticism, he is likely to give up.
Create a sense of connection among your team
In his October report, the surgeon general underscored the importance of creating a sense of culture at work. Encouraging collaboration and teamwork is one way to do that, he wrote. Expressing gratitude to your workers is another. There is one important note for leaders interested in boosting their team's sense of meaning: It has to be genuine.
"Purpose is not just 'another corporate initiative,'" the McKinsey report stated. "You can't mandate this. And if you approach your people with inconsistency, hypocrisy, or arrogance, you will likely do the organization — and your reputation — more harm than good."
NOW WATCH: Mental health experts debunk 10 stress myths
Leadership Strategy Diversity Equity and Inclusion | 2022-12-12T21:11:46Z | www.businessinsider.com | Workers Are Quiet Quitting Because They Don't Feel Like They Matter | https://www.businessinsider.com/workers-quiet-quitting-dont-feel-like-they-matter-purpose-belonging-2022-12 | https://www.businessinsider.com/workers-quiet-quitting-dont-feel-like-they-matter-purpose-belonging-2022-12 |
Sam Bankman-Fried previously talked to lawmakers before the collapse of FTX.
Sam Bankman-Fried plans to appear remotely before the House Financial Services Committee on Tuesday.
The committee has the power to conduct investigations and make referrals to prosecutors.
The hearing could show how lawmakers might want to regulate crypto overall, legal experts said.
When Sam Bankman-Fried faces a House panel on Tuesday to explain how his crypto lending company FTX unraveled, he may expect a familiar line of questioning around his companies' finances and accounting protocols.
Lawmakers may press Bankman-Fried on public documents and his own recent statements to the media — such as saying he didn't "knowingly commingle" FTX funds with Alameda Research — which could offer fertile ground for inquiry. An early filing by FTX's current CEO, John J. Ray III, in Delaware bankruptcy court referred to "missing or stolen" assets, and to the company outsourcing its accounting.
The high-profile hearing may offer a window into the kind of rules that lawmakers think the industry should be subject to, attorneys told Insider. The FTX fallout also comes during the so-called crypto winter, a time when other major players like Celsius and Voyager have filed for bankruptcy as customers scramble for recoveries in an unregulated industry.
"What we're starting to see is very inexperienced people leading companies with very little oversight and management," said Greg Rinckey, a former federal prosecutor in Norfolk, Virginia, and partner at the law firm Tully Rinckey PLLC. "Congress is going to be interested in, 'Should there be regulation?'"
The House Financial Services committee has its own investigative mandate, outlined by its role in inquiring into financial failures, and in helping to craft legislation to prevent similar episodes in the future.
The committee's notable hearings on high-profile financial scandals include its inquiries in recent years into practices within Wells Fargo of opening unwanted customer accounts, the Bernie Madoff Ponzi scheme in 2009, and the subprime mortgage crisis a year earlier.
Members of the committee have advanced bills to strengthen protections against insider trading, to restrain banks from imposing excessive overdraft fees, and to support banks in underserved communities, in keeping with a mission to guard the interests of investors and customers.
Participating could expose Bankman-Fried to more legal risks
Testimony provided to House lawmakers would usually be under oath, thought not necessarily so. Regardless, making false or misleading statements to lawmakers in this context could bear legal consequences under laws governing statements made to federal officers, attorneys said.
"Basically, any time you make a false statement to a federal agent or people working for the federal government, you could be prosecuted," said Chris Tracy, partner at Warner Norcross + Judd LLP, who also used to be a federal prosecutor in Chicago.
Although the House committee can't prosecute or sanction potential targets, it can make referrals to enforcement agencies that do, such as the US Department of Justice and its offices in Manhattan that focus on financial crimes.
The committee's referrals following public hearings can carry weight and encourage other witnesses to step forward, said Kevin O'Brien, partner at Ford O'Brien Landy LLP, and a former federal prosecutor in Brooklyn, New York.
House lawmakers' criminal referrals can sometimes be controversial and the subject of extensive deliberations — for instance, the House committee on the Jan. 6 Capitol insurrection has signaled it could potentially bring criminal referrals to federal prosecutors.
"It does lend an imprimatur on the investigation, and it has some force publicly and symbolically," O'Brien said.
The House Financial Services committee, chaired by Democratic Representative Maxine Waters of California, comprises progressive political stars like Alexandria Ocasio-Cortez of New York and Rashida Tlaib of Michigan. Members also include trained lawyers like Gregory Meeks of New York, a former assistant district attorney in Queens, New York.
The legal and political firepower on the committee can lead to more adversarial, investigative lines of questioning than potentially even the media interviews Bankman-Fried has participated in over the past month, attorneys said.
"They know how to ask probing questions, and they have competent staff people working with them, and going through documents very quickly," said Tracy of Warner Norcross + Judd LLP.
Representatives for FTX and Bankman-Fried's last known legal counsel didn't respond to Insider's request for comment. Mr. Bankman-Fried did not respond to a Twitter DM seeking comment.
The House Financial Services committee hearing is scheduled to kick off at 10 a.m. Eastern on Tuesday.
Sam Bankman-Fried House Financial Services Committee ftx | 2022-12-12T22:04:03Z | www.businessinsider.com | SBF's Testimony to Congress May Expose Him to Legal Risks | https://www.businessinsider.com/sam-bankman-fried-congress-testimony-ftx-poses-legal-risks-regulation-2022-12 | https://www.businessinsider.com/sam-bankman-fried-congress-testimony-ftx-poses-legal-risks-regulation-2022-12 |
Salesforce asked some managers to rank their lowest 10% of employees, insider says, as Benioff tells employees to expect 'changes' in a leaked all-hands meeting
Salesforce employees are bracing for another round of layoffs.
Some managers were asked to rank their bottom 10% of employees, one person familiar told Insider.
Marc Benioff in an all-hands said Salesforce grew quickly during the pandemic and must 'evolve' as the economy turns.
Some Salesforce managers were asked as recently as last week to rank employees to identify their bottom 10%, one person familiar with the instructions told Insider.
This is adding fuel to employee fears that more layoffs are coming, and soon.
In an all-hands meeting last week, employees asked CEO Marc Benioff point blank if more cuts were planned. His answer did not reassure them.
"This is the part about running a big company, which is you have to be ready to take action when the market changes," he said in a recording of the meeting viewed by Insider. "There's always an unfortunate time when we have to say goodbye to people and then we work to bring them back."
Benioff was responding to a question about the possibility of future layoffs and how the company plans to balance cost-saving with employee morale. He noted that the workforce has grown to 80,000 from 50,000 at the beginning of the pandemic, and said it must "evolve."
Over the past two weeks, several of Benioff's key executives announced that they were departing including co-CEO Bret Taylor and Slack founder and CEO Stewart Butterfield.
Some employees who spoke to Insider described rising internal pressure to increase sales in the wake of economic headwinds and the interest of activist investor Starboard Value, which disclosed a significant stake in Salesforce in October. Starboard has pushed for cost-cutting measures since first approaching the company this summer, a person familiar with the matter told Insider. Salesforce declined to comment on additional layoffs, cost cutting and directives to managers to rank employees.
Benioff tried to downplay the question, saying in the all-hands that questions about personnel changes come up on every meeting with employees.
"The reality is, we're always going to make changes," Benioff said. "We will always do it with all of the trust and transparency we always have over 24 years. This is the most important thing to maintain and live our values."
Yet, the workforce is clearly nervous. Employees recently told Insider about what they see as a shift in how the company treats them. Where once Salesforce was rated as one of the best firms to work for, they said, its welcoming "Ohana" culture is being replaced by a ruthless prioritization of metrics and sales targets. | 2022-12-12T22:43:01Z | www.businessinsider.com | Salesforce Managers Asked to Rank Lowest 10%, Benioff Talks 'Changes' | https://www.businessinsider.com/salesforce-rank-employees-more-layoffs-marc-benioff-2022-12 | https://www.businessinsider.com/salesforce-rank-employees-more-layoffs-marc-benioff-2022-12 |
Meta ends $200-a-month Lyft rides perk for its 76,000 employees as cost-cutting continues
Meta last month laid off 11,000 employees in an effort to rein in costs.
The company continues to look for ways to "operate more efficiently" and is cutting some perks.
Employees will no longer get free Lyft rides, a move that likely means less revenue for Lyft.
Meta employees are losing another perk.
The company, previously called Facebook, recently did away with a benefit that gave workers up to $200 a month for Lyft rides to and from any work office, two employees told Insider. The benefit was for Lyft specifically, and worked essentially like a coupon for the ridesharing service.
"We have adjusted some of our transportation offerings," a spokesperson for Facebook said. While employees can still be reimbursed for some office transportation costs, it is now more dependent on location, the spokesperson added.
The company is in the midst of a restructuring and cost-cutting effort, looking to reduce total expenditures this year by $1 billion, according to an outlook shared in its third-quarter earnings forecast. "We are making significant changes across the board to operate more efficiently," CFO David Wehner said.
Facebook laid off 11,000 workers last month, reducing its workforce to 76,000 from just over 87,000. And while other tech companies like Twitter and Apple are demanding workers return to offices, Facebook still supports remote work. The company has plans to shrink its office footprint, so much so that it's moving to a desk sharing model.
If all of Facebook's 76,000 employees used the full $200 benefit each month, that would amount to more than $182 million a year in bookings for Lyft. The ridesharing company collects a percentage of those bookings as fees from drivers and reports that as revenue. So losing the Meta perk could knock millions of dollars off Lyft's annual revenue. Lyft is already struggling with fewer riders than it had before the pandemic. Its stock is down 74% this year, roughly double that of rival Uber.
Facebook employees have already lost certain other perks, such as on-site laundry at headquarters. The time of a daily free dinner provided to workers has also been moved to after a company-provided shuttle takes workers home for the day, saving Facebook money on food costs by preventing those employees taking food home for dinner, previously a common practice.
Such perks may seem outlandish to a typical employee, but Big Tech has for years been trying to lure and keep engineers and other skilled workers in a competitive job market. As layoffs sweep through the industry, companies like Facebook are less eager to pamper staff. | 2022-12-12T23:35:06Z | www.businessinsider.com | Meta Ends Lyft Ride Perk for Workers in Latest Cost Cutting Move | https://www.businessinsider.com/meta-facebook-ends-lyft-ride-perk-employees-cost-cutting-uber-2022-12 | https://www.businessinsider.com/meta-facebook-ends-lyft-ride-perk-employees-cost-cutting-uber-2022-12 |
Why earn cash back with credit cards?
The credit card 'cashback trifecta'
Amex Blue Cash Everyday
Capital One SavorOne
Wells Fargo Active Cash
Carry the credit card 'cashback trifecta' in your wallet to get the biggest cash return from every dollar you spend
By maximizing these bonus categories, you can easily earn hundreds of dollars per year for everyday spending.
If you use credit cards, think of yourself as a business owner. You are the boss, and your credit cards are your employees. If a card isn't working hard enough for you and yielding acceptable results, call it into your office, pull down the blinds, and fire it.
There are plenty of credit cards out there with skills and talents that better align with your spending habits. You just have to find the best crew for the job. If earning cash back is your main goal (instead of travel rewards), you've got dozens of options that give you large bonuses — even up to 10% — for spending you'd make anyway.
As long as you remember which card to use for which purchases, you could easily earn hundreds of dollars in back each year.
Let's take a look at the cashback trifecta — an easy way to earn the most cash back on all your monthly purchases by holding three specific cash-back credit cards.
The motive behind earning cash back is obvious. If you can recoup money on your everyday spending simply by using the correct plastic rectangle at checkout, you're effectively getting an unpublished discount — several hundred dollars annually, if you're strategic.
Cash is the king of flexibility. You can pay rent with it, you can get your oil changed with it, or you can pay your credit card bill with it. It's extremely easy to use, as well — you don't need to study hours and hours to figure out the best way to redeem it (as is required with many travel points). Its only downfall is that you can't get an outsized value from it. One cent will always equal one cent — whereas the value of travel rewards can vary greatly depending on what they're used for.
Personal Finance Insider often promotes the value of travel rewards above cash back. Flexible rewards like Chase Ultimate Rewards® points and Amex Membership Rewards points can be used for free flights, hotel stays, rental cars, and more at an average rate of 1.8 cents per point (per Insider's valuations). But if you're not interested in travel, and you only want cash, you should fill your wallet with cash-back cards.
The below three cards aren't optimized for everyone, but they are a great fit for anyone, as they cover the most common monthly expenses, namely:
Also included is a card that gives you a healthy earning rate on all spending, which is great for purchases that don't fall into the above six categories. No matter what you're paying for, you're getting an above-average return.
$100 statement credit after you spend $2,000 in purchases on your new card in the first 6 months of card membership and up to $150 back by earning 20% back as a statement credit on purchases when you shop with PayPal in the first 6 months
Earn 3% cash back at U.S. supermarkets, online retail purchases, and at U.S. gas stations (on up to $6,000 in each category per year in purchases, then 1% cash back). Earn 1% cash back on all other purchases.
0% intro APR on purchases and balance transfers for 15 months from account opening
Good bonus cash-back rate at US supermarkets
If you spend more than $6,000 at US supermarkets in a year, you should use another card to earn bonus rewards once you hit that cap
Balance Transfer is back! Enjoy 0% intro APR on purchases and balance transfers for 15 months from the date of account opening. After that, 17.74% - 28.74% variable APR.
3% Cash Back at U.S. supermarkets on up to $6,000 per year in purchases, then 1%.
3% Cash Back on U.S. online retail purchases, on up to $6,000 per year, then 1%.
3% Cash Back at U.S. gas stations, on up to $6,000 per year, then 1%.
Get $7 back each month after using your Blue Cash Everyday Card to spend $13.99 or more each month on an eligible subscription to The Disney Bundle, which includes Disney+, Hulu, and ESPN+. Enrollment required.
The Blue Cash Everyday® Card from American Express offers $100 statement credit after you spend $2,000 in purchases on your new card in the first 6 months of card membership and up to $150 back by earning 20% back as a statement credit on purchases when you shop with PayPal in the first 6 months.
This card provides some of the most useful bonus categories of any card on the market. You'll get:
As you can see, some of the biggest monthly expenses earn an excellent 3% return.
Online retail purchases is a particularly interesting category. Any purchases made on a website or through an app from a US retail merchant that sells physical goods or merchandise directly to consumers (including major retailers like Amazon.com and Walmart.com) will qualify for this 3% bonus.
You can read our Amex Blue Cash Everyday card review to see a full list of online purchases that won't qualify for this bonus.
Other notable card benefits include:
Disney Bundle statement credit** — When you use your card to pay at least $13.99 monthly for the Disney Bundle, you'll get a $7 statement credit each month (up to $84 in value per year).
Home Chef statement credit** — When you use your card to spend with Home Chef, you'll get up to $15 in statement credits each month (up to $180 in value per year).
If you'll use them, these statement credits alone provide $364 in value per year. That's incredible for a no-annual-fee credit card.
Alternative: If you want an even higher earning rate and don't mind paying an annual fee, the Blue Cash Preferred® Card from American Express earns a whopping 6% back at U.S. supermarkets (on up to $6,000 in spending annually, then 1%), 6% back on select U.S. streaming services, and 3% back at U.S. gas stations and on transit.
The card charges an annual fee of $0 intro for the first year, then $95.
The Capital One SavorOne Cash Rewards Credit Card comes with a great welcome offer: Earn a one-time $200 cash bonus once you spend $500 on purchases within the first 3 months from account opening.
You'll be hard-pressed to find a cash-back credit card that offers such a high return on select spending. This card comes with:
The ability to get 10% cash back with a no-annual-fee card is fantastic. Uber isn't useful for everyone, but if you are in the habit of ordering food delivery, the fact that you'll now get 10% back via Uber Eats is extremely generous.
To boot, you can activate a complimentary Uber One membership which lasts through November 14, 2024. It'll give you benefits like unlimited $0 delivery fees and up to 10% off with eligible orders. Uber One otherwise costs $9.99 per month.
Alternative: If the above bonus categories don't tickle you, the Citi Custom Cash℠ Card has a wider variety of categories to choose from. You'll get 5% back on up to $500 each billing cycle for your top spending category (then 1%). The eligible categories are restaurants, gas stations, grocery stores, select travel, select transit, select streaming services, drugstores, home improvement stores, fitness clubs, and live entertainment.
Just note that only one of the above categories will be bonused.
The Wells Fargo Active Cash® Card offers a $200 cash rewards bonus after spending $1,000 in purchases in the first 3 months from account opening.
This card is what you should use for all purchases that don't fall into the bonus categories of the above two cards, so everything except dining, food delivery, supermarkets, gas stations, online retail, hotels, rental cars, streaming, and entertainment. It earns 2% cash rewards on all purchases, with no spending caps.
In other words, this should be used for things like car repairs, utilities, medical expenses, etc. It's a catch-all for purchases that would otherwise earn just 1% on other cards. Earning 2% should be the absolute worst credit card return.
This card also comes with a couple of handy ongoing benefits, including:
Cell phone protection — When you pay your phone bill with this card, you'll automatically receive cell phone protection worth up to $600 per claim against damage or theft. You're eligible for two claims per 12-month period. Each time you make a claim, you'll have to pay a $25 deductible.
Intro APR offer — This card comes with 0% intro APR on purchases and qualifying balance transfers for 15 months from account opening (followed by 18.74%, 23.74%, or 28.74% variable). This is great if you know you've got a large purchase coming up that you won't be able to pay off by the end of the month.
Alternative: The Citi® Double Cash Card is another wildly popular credit card for all your non-bonused spending. The card earns 1% back when you make a purchase and 1% back when you pay your credit card — giving you effectively 2% back for all your spending.
Depending on your spending habits, there are many permutations to the cashback trifecta that might serve you better. For example, the U.S. Bank Cash+® Visa Signature® Card offers up to 5% back on utilities — and the Chase Freedom Flex℠ comes with useful 5% rotating bonus categories such as internet/cable/phone services, home improvement stores, and Amazon after you activate (on up to $1,500 in spending each quarter, then 1% back).
You can figure out the perfectly-tailored cashback trifecta for your situation by reading our guide to the best cash back credit cards of 2022.
Personal Finance Insider Credit Card roundup Credit Cards | 2022-12-12T23:35:18Z | www.businessinsider.com | The Cashback Trifecta: Earn Maximum Cashback With 3 No-Annual-Fee Credit Cards | https://www.businessinsider.com/personal-finance/cashback-trifecta-credit-cards-earn-maximum-cash-back | https://www.businessinsider.com/personal-finance/cashback-trifecta-credit-cards-earn-maximum-cash-back |
Warren Rojas and Nicole Gaudiano
Democratic Sen. Kyrsten Sinema of Arizona and one of her staffers arrive at the US Capitol for a vote on August 1, 2022 in Washington, DC.
Kyrsten Sinema's staff have had a tough time on Capitol Hill, with complaints of a "demoralizing" workplace.
Last week, the Arizona lawmaker left the Democratic Party.
It's unlikely her team will now be "the highlight of any Democratic happy hours," said a spokesperson for former Sen. Joe Lieberman.
Sen. Kyrsten Sinema's staff have had a rough go of it on Capitol Hill, with some junior aides to the Arizona lawmaker previously complaining to Insider about having to navigate a "demoralizing" workplace that was routinely flooded with hateful phone calls.
And that's before their boss ditched the Democratic Party last week to become an independent. Democratic lawmakers and colleagues are irked by Sinema's latest rebellion, which is likely to trigger snubs, hostility and awkward encounters for those who work for her, a former Hill staffer told Insider.
"I doubt many Sinema staffers are going to be the highlight of any Democratic happy hours," said Scott Overland, a former spokesperson for then-Sen. Joe Lieberman, who pulled a similar switcheroo in 2006.
The one-time Connecticut Democrat and 2000 vice presidential nominee jumped ship after losing his party's primary. Lieberman registered as an independent, ran for his same seat and won, and spent the latter part of his career rubbing Democratic colleagues the wrong way by palling around with then-Republican Sen. John McCain of Arizona and bad mouthing then-Democratic Sen. Barack Obama of Illinois.
Lieberman's stunning break from the party was too much for Sinema to bear a decade ago. Newly resurfaced video shows her lashing out at Lieberman for disloyalty after Democrats lost their filibuster-proof, 60-vote majority in 2010.
"So what that means is that the Democrats can stop kowtowing to Joe Lieberman and instead seek other avenues," Sinema said in her attempt to relegate Lieberman to political irrelevance.
While Lieberman's decision raised eyebrows, Overland said the by-then 18-year Senate veteran and his staff were probably better suited to handle the repercussions than a freshman lawmaker.
"He (and his staff) built a lot of good relationships with other senators and their staff," Overland wrote of the goodwill Lieberman had earned during his career. "Sen. Sinema has been in office less than one term and has been causing headaches for the party pretty much the entire time."
Still, Overland said he suspects Democratic lawmakers won't go too hard on Sinema to avoid pushing her into the GOP camp. "Given the slim majority, most Dems are going to feign tolerance until we get closer to '24," he told Insider.
A Sinema spokesperson declined to comment for this story.
John LaBombard, Sinema's former communications director, said on Friday that Sinema told her staff about her decision in advance and he had not heard any negative reaction so far. "The folks I talked to feel pretty positive about this," he said.
But Sacha Haworth, Sinema's former campaign communications director, tweeted that her former boss' move is "a slap in the face to everyone who broke their backs to get her elected in 2018."
She's advising the Replace Sinema PAC to hold Sinema accountable and help elect a "true Democrat" to that seat, Haworth told Insider.
"She likes to say that she does everything for Arizonans but it's pretty clear that she does everything for herself and to retain her own relevance, including this latest political calculation of becoming an independent," Haworth said.
Kyrsten Sinema Joe Lieberman Senate | 2022-12-12T23:35:24Z | www.businessinsider.com | Sinema Staff Should Expect Some Defection-Related Grief: Lieberman Vet | https://www.businessinsider.com/sinema-staff-should-expect-some-defection-related-grief-lieberman-vet-2022-12 | https://www.businessinsider.com/sinema-staff-should-expect-some-defection-related-grief-lieberman-vet-2022-12 |
9 ways to fix Disney Plus when it's not working properly
You can check for several potential issues when your Disney Plus app is malfunctioning.
To fix Disney Plus when it's not working, try clearing the app or your web browser cache.
You can try updating your app or checking if your Wi-Fi connection or Disney Plus is down.
You can also check if there are content restrictions on your network or error codes.
Disney Plus is one of the leading streaming services, with a gargantuan video library that includes most of Disney's films and TV shows, such as tentpole franchises like Star Wars and Marvel.
But if you can't get the Disney Plus app to work properly on your mobile device, computer, or TV, there are a number of potential fixes.
Here are the troubleshooting steps you should try to get back up and running.
Close Disney Plus and restart it
You can resolve a lot of glitchy behavior with the Disney Plus app by closing the app and restarting it.If you need a reminder, here are instructions to close an app on Android and close an app on iOS. After you close the app, launch it again and see if that solved the problem.
The first thing to try is to close and restart the Disney Plus app.
If the problem is on a streaming player or smart TV, you can close and restart the app there as well, though the instructions to close the app will vary depending on your device.
Check your Wi-Fi connection
This might seem obvious, but if you are having trouble with the Disney Plus app, be sure you have a working internet connection. There are a lot of ways to test this — for starters, check for Wi-Fi and cellular signal strength icons at the top of your phone or tablet. You can also try watching a video on another site, such as YouTube.
You will have trouble watching Disney Plus if you don't have a strong Wi-Fi or cellular signal.
If there's a problem with your connection, reboot your Wi-Fi router and cable modem by turning both off for at least two minutes, then turning them back on and waiting about 10 minutes for your connection to reestablish.
Check to see if Disney Plus is offline
While Disney Plus should be operational almost all the time,, it's worth checking to see if the service is offline. DownDetector tracks the status of websites and services, so you can go to the Disney Plus network status page at DownDetector to see what it reports.
Check the status at DownDetector.
Resolve common Disney Plus error codes
It's also possible that Disney Plus might give you a hint on what is wrong by displaying an error message to help you troubleshoot the issue. Many of these errors are cryptic, but they're often better than nothing. Here's a brief guide to resolving Disney Plus's most common error codes.
Error code 24 or 43: This error usually means you have a very unstable internet connection. The fix is generally to improve your signal, such as resetting your WiFi router and modem, switching to a wired Ethernet connection instead of WiFi, or moving to a different part of the house to get better WiFi reception.
Error code 73: This error often indicates that you're trying to access content from another country or region, which Disney does not allow. If you're not intentionally trying to access content from another region, reboot your router and modem. A VPN could also be the culprit; if you're using one, shut it down.
Error code 83: This may indicate that the service believes there's a compatibility issue with your device. Make sure the device is compatible with Disney Plus, and if it is, restart it. Check for driver and system updates, and if all else fails, reinstall the app. If possible, try using Disney Plus on another device.
Quick tip: You can also read our guide on fixing Disney Plus error codes for more troubleshooting steps.
Make sure Disney Plus is available in your location
If you're traveling and Disney Plus is not working, it could be that the streaming service is not available in the region you're in. You can easily check if Disney Plus works in that country.
If not, you can try setting up a VPN and setting it to your current region so you can have access, or you can wait until you're back home to stream.
Determine if a network administrator is blocking Disney Plus
Sometimes, people and organizations put content restrictions on their Wi-Fi. For instance, network administrators at a school, library, or workplace can block your device from accessing Disney Plus when using the internet.
In this scenario, the best way around this problem is to switch to mobile data if you're on a phone. You can also create a personal hotspot on your iPhone or Android for your computer to connect to. If not, just wait until you get home to use your own Wi-Fi for streaming on Disney Plus.
Update the Disney Plus app
If you're using the Disney Plus app on Android or iOS, make sure you're using the latest version. Sometimes, bugs can cause it not to work properly, and updating it can fix the problem.
If you need a refresher on how to do that, you can check out our guide on updating Android apps and updating iOS apps.
Clear the app's cache
If you tried all the fixes above and the Disney Plus app on iOS or Android is still not working, you might have a corrupted application cache.
If you're using Android, you can clear the cache with a few taps. The process may vary depending on which version of Android you're using, but this is the general procedure:
3. Tap See all apps and then tap Disney Plus.
Unfortunately, iOS doesn't give you a fast way to clear the app's cache, so if you're using an iPhone or iPad, you need to uninstall the app and reinstall Disney Plus from the App Store.
Note: You should also uninstall and reinstall the Disney Plus app on Android if clearing the cache didn't work.
Clear the browser's cache
If you are watching Disney Plus on a browser, a faulty cache can also cause it to misbehave. Clearing the cache is a quick and easy process that can solve the problem. To that end, we have a guide that you can read on clearing Google Chrome's cache, clearing Firefox's cache, and clearing Microsoft Edge's cache.
STREAMING How to get Disney Plus on your TV no matter what kind of TV or streaming device you have
STREAMING How to get Disney Plus on your Apple TV by subscribing to the streaming service and downloading the app
STREAMING How to download shows and movies on Disney Plus for offline viewing
STREAMING How to start a Disney Plus GroupWatch and invite your friends and family to watch together
Disney Plus Troubleshooting Streaming | 2022-12-13T00:14:09Z | www.businessinsider.com | Disney Plus Not Working? 9 Ways to Fix It | https://www.businessinsider.com/guides/streaming/disney-plus-not-working | https://www.businessinsider.com/guides/streaming/disney-plus-not-working |
Stepped-up threats of violence against former Twitter exec Yoel Roth have forced him to flee his home, CNN reported.
Roth has been subject to criticism amid new revelations in the "Twitter Files," along with personal attacks from Musk.
Musk's attacks come just weeks after the billionaire defended Roth, tweeting that he had "high integrity."
Ramped-up attacks on Twitter against a former company executive are reportedly beginning to have real-world consequences.
Yoel Roth, Twitter's former head of trust & safety, has been forced to flee his home due to intensifying threats of violence, according to a report from CNN, which cites a person familiar with the matter.
Roth has been subject to a flurry of attacks for decisions he was involved in making at Twitter following the release of the "Twitter Files," which showed internal company communications, including deliberations about whether or not to suspend then-President Donald Trump from Twitter in 2021. The company ultimately decided to suspend Trump, though Musk has reinstated his account since taking over Twitter.
The attacks against Roth from Musk turned more personal over the weekend. Embracing a technique often used by the QAnon conspiracy movement, Musk baselessly implied in more than one tweet that Roth had a permissive view of pedophilia, according to the Washington Post.
Musk's claims against Roth come just a few weeks after Musk publicly defended Roth from accusations of left-wing bias based on old tweets, including one from 2016 where Roth called former President Donald Trump a "racist tangerine."
"We've all made some questionable tweets, me more than most, but I want to be clear that I support Yoel. My sense is that he has high integrity, and we are all entitled to our political beliefs," Musk tweeted in late October.
Neither Roth nor Twitter immediately responded to requests for comment.
Roth stayed in his role as Twitter's head of trust & safety for two weeks after Musk officially took ownership of the social media platform. However, he resigned from the position in mid-November.
Twitter Elon Musk Yoel Roth | 2022-12-13T01:06:20Z | www.businessinsider.com | Former Twitter Exec Yoel Roth Fled Home Due to Growing Threats: Report | https://www.businessinsider.com/twitter-trust-safety-yoel-roth-fled-home-elon-musk-report-2022-12 | https://www.businessinsider.com/twitter-trust-safety-yoel-roth-fled-home-elon-musk-report-2022-12 |
Jake Swearingen
In 2015, Elon Musk got applause for Tesla. In 2022, he gets booed for appearing on stage.
Being booed at a Dave Chappelle show capped a long weekend of Elon tweeting inflammatory things.
His tweets, and the strong reaction from the crowd, highlight just how divisive Musk has become.
In 2015, Elon Musk appeared on The Late Show with Stephen Colbert. After Colbert called Musk "the real Tony Stark," and Musk got a round of applause for the Tesla, Colbert asked Musk whether he was "sincerely trying to save the world."
Musk demurred, saying he was trying to "do useful things."
"You're trying to do useful things," Colbert said, "and you're a billionaire. That seems a little like either superhero or supervillain. You have to pick one."
Back then, Musk's trajectory seemed to be headed towards the former: Tesla had already made great strides towards making electric cars cool, and SpaceX was bringing a sense of excitement and possibility back to the space race.
Fast forward seven years, and Musk received an altogether different reception at another comedy legend's show.
On Sunday night, Elon made a surprise appearance at a Dave Chappelle show at San Francisco's Chase Center. "Make some noise for the richest man in the world," Chapelle said. Musk was quickly showered with boos from the estimated 18,000 people in attendance.
"You weren't expecting this, were you?" Musk asked Chapelle as the boos continued.
"It sounds like some of those people you fired are in the audience," Chapelle joked, referring to the deep, sweeping job cuts at Twitter over the month or so since Musk took control of the company.
—Chris Stokel-Walker ~ @stokel@infosec.exchange (@stokel) December 12, 2022
Twitter and Elon's 'dark comedy'
Musk is a huge comedy nerd. His love of shows like "Rick and Morty" is well known. He hosted Saturday Night Live, something that's impossible to imagine any other tech CEO doing.
And it's hard to imagine any crowd in San Francisco in 2022 reacting with anything but boos when being asked to "make some noise for the richest man in the world."
Still, the footage is difficult to watch. Musk's discomfort on stage create the odd sensation of feeling sorry for the world's richest man.
The booing came at the end of a weekend that saw Musk take a lot of flack, even by recent standards: On Saturday, he was tweeting insinuations that Yoel Roth, his former head of Twitter's Trust & Safety division, approved of "children being able to access adult Internet services in his PhD thesis." It was an extremely bad-faith reading of Roth's 2016 dissertation and one that quickly made Roth the target of death threats.
Then, on Sunday, Musk posted: "My pronouns are Prosecute/Fauci." It's a groaner designed to troll transgender people, reiterate his long-running opposition to anti-COVID measures like the lockdowns of 2020, and give red meat to the "anti-woke" users Musk seems to see as his true fan base. (Dave Chapelle, of course, also has a history of antagonizing the transgender community.)
After his tweet got 1 million likes, he followed it up with another post: "Truth resonates …"
When one person with under 700 followers replied with "So does a crowd full of boos," Musk was quick to react on Twitter, blaming the booing on angering "SF's unhinged leftists."
It's dangerous to extrapolate the overall public sentiment towards Musk from a single comedy crowd at one event in San Francisco. Musk still has plenty of fans and admirers, including and especially at the highest levels of power in Silicon Valley. And yet, it remains an extraordinary turn of events given that Tesla's cars are one of San Francisco's most ubiqiuitous status symbols — making it likely that some significant percentage of the audience in attendance had, in not-so-distant memory, contributed directly to Musk's wealth and power.
On that subject, the shifting perceptions around Musk may be cause for alarm at Tesla. California is one of Tesla's largest and historically strongest markets, with electric vehicles accounting for almost 18% of new car sales in the state, per official data. The company was founded and originally headquartered in the San Francisco Bay Area, too. As Musk becomes less of a hometown hero, that could in turn alienate some of Tesla's biggest and most dedicated customers.
On November 10, Wedbush analyst Dan Ives wrote: "In what has been a dark comedy show with Twitter, Musk has essentially tarnished the Tesla story/stock and is starting to potentially impact the Tesla brand with this ongoing Twitter train wreck disaster.
Ives announced that Wedbush was taking Tesla off Wedbush's "Best Ideas" list. "From selling Tesla stock again and again, to the PR nightmare that Twitter has become, cutting 50% of employees and then needing to bring some back, Musk's attention focus from Tesla to Twitter, and ultimately the fear that this Twitter lightening rod of controversy on a daily (almost hourly) basis starts to negatively change the Tesla brand globally," Ives wrote.
As Ives put it: "Tesla is Musk." And it's less clear by the day what, exactly, Elon Musk is. | 2022-12-13T01:45:28Z | www.businessinsider.com | Elon Musk's Transformation From Hero to Movie Supervillain | https://www.businessinsider.com/elon-musk-dave-chapelle-boo-yoel-roth-tweets-2022-12 | https://www.businessinsider.com/elon-musk-dave-chapelle-boo-yoel-roth-tweets-2022-12 |
Meta slashes health and wellness benefit for employees, following other companies like Twitter in pulling back on perks
The company formerly known as Facebook last month cut 13% of its workforce.
It continues to find places to reduce annual expenses by millions of dollars.
An employee benefit covering things like mental health needs is being cut by $1,000.
Meta is taking a large chunk out of an employee benefit that covers things like mental health costs and work-life balance needs.
The Life@ benefit funds things that help employees and their families reach "personal and well-being goals," according to a description on its careers page. The company recently told employees the benefit will be cut next year to $2,000, versus $3,000 this year, two employees told Insider.
A spokesperson for Meta said the Life@ benefit has been "adjusted" for 2023, adding that, in 2019, the benefit was only $750 per year. "It's still a significant increase even with the reduction," the spokesperson added.
This is one of several benefits and perks Meta has taken away or pulled back on over the last few months as it reorganizes and looks to cut costs in the face of slowing revenue growth, higher interest rates and a possible recession. The company last month laid off 13% of its workforce and has canceled on-site laundry services, ended a Lyft subsidy, and cut back on free food. More headcount reductions may come after stricter performance reviews are completed next month.
Cutting $1,000 in costs per employee would save Meta as much as $76 million a year. After last month's layoffs, the company formerly known as Facebook has roughly 76,000 workers.
Other companies in tech are also looking to reduce costs, like Twitter, which has changed drastically in six weeks of ownership under Elon Musk. The billionaire has taken an approach of austerity at the platform, going so far as to turn unused office space into sleeping quarters for out-of-town employees and his business associates to save on hotel costs.
Musk last month rolled out a number of changes to benefits that Twitter employees had received for years, citing a "challenging economic climate" and the need for "cost management." Any benefit or perk associated with "wellness" and "productivity" was taken away, as Insider reported, along with benefits related to group or team activities and continued learning.
Are you a Facebook employee or someone else with insight to share? Contact Kali Hays at khays@insider.com, through the secure-messaging app Signal at 949-280-0267, or on Twitter DM at @hayskali. Reach out using a nonwork device.
Contact Ashley Stewart via email at astewart@insider.com or send a secure message from a nonwork device via Signal +1-425-344-8242. | 2022-12-13T01:45:34Z | www.businessinsider.com | Facebook Cuts Employee Benefit to Reduce Costs After Layoffs | https://www.businessinsider.com/facebook-cuts-employee-benefits-to-reduce-costs-after-layoffs-2022-12 | https://www.businessinsider.com/facebook-cuts-employee-benefits-to-reduce-costs-after-layoffs-2022-12 |
JPMorgan is continuing its push into fintech with a deal to partner with buzzy treasury startup Trovata
Trovata CEO Brett Turner.
Trovata, a cash management fintech startup, has partnered with JPMorgan Asset Management.
The Californian firm, founded in 2016, will host Morgan Money on its platform.
Trovata already works with the likes of Square, Etsy, and Krispy Kreme.
JPMorgan has continued its push into fintech with a partnership with US cash management startup Trovata.
California-based Trovata, which was founded in 2016, has been repeatedly backed by JPMorgan and has raised $57.6 million from investors to date. The startup offers cash management services to companies through an API.
Finance and treasury personnel at companies can connect to Trovata's platform to manage forecasting, reporting, and analysis amid a boom in interest in startups providing treasury management and FinOps services in Europe and the US.
The tie-up will see Trovata host Morgan Money, JPMorgan's trading and risk management infrastructure, on its platform. In essence, companies have better oversight of their cash on hand at any given time and can then put this to use elsewhere to earn higher yields, with Trovata touting 3% to 4% returns on "idle cash from operations."
The San Diego-based startup works with international corporates like Square, Etsy, and Krispy Kreme who use the platform to transact across global portfolios in different currencies with multiple settlement times. JPMorgan has been increasing its focus on fintech in the past two years and hired former PayPal executive Peggy Mangot as its head of fintech partnerships in May 2022.
Among the banking giant's moves to date have been deals to buy UK wealth management startup Nutmeg and payments company Renovite while Insider previously reported that JPMorgan was on the lookout for other fintech acquisitions amid a slump in valuations for consumer-facing financial services companies in spaces like trading and savings.
In addition, JPMorgan partnered with Colombian fintech OmniLatam in June 2022, after the SME lending startup bought itself back from now-bankrupt acquirer Greensill, and bought a 49% stake in Greek fintech Viva Wallet.
More recently, the bank had been in talks about a potential strategic investment in UK open banking fintech Yapily, but subsequently decided against the deal, Insider exclusively reported.
"Now more than ever, corporate treasury investors need a fully integrated trading solution for their liquidity needs," said Paul Przybylski, head of product strategy and Morgan Money at JPMorgan Asset Management in a statement.
"Bringing two of the newest and fastest-growing experiences in corporate finance and treasury together makes for a powerful combination for our customers."
NOW WATCH: WATCH: Executives from JPMorgan and BNY Mellon tell fintech founders the best ways to partner with large banks | 2022-12-13T07:07:15Z | www.businessinsider.com | JPMorgan Is Partnering With Treasury Fintech Startup Trovata | https://www.businessinsider.com/jpmorgan-is-partnering-with-treasury-fintech-startup-trovata-2022-12 | https://www.businessinsider.com/jpmorgan-is-partnering-with-treasury-fintech-startup-trovata-2022-12 |
This startup enables companies to host video content on their own platforms. Check out the 15-slide pitch deck api.video used to raise $12 million.
The api.video team.
Bordeaux-based api.video enables developers to incorporate videos on companies' own platforms.
It raised a $12 million Series A from MMC Ventures, with backing from Blossom Capital.
A French startup that provides developers with the tools to embed video content on companies' native apps and websites has raised $12 million.
Short-form video content has burgeoned with the rise of TikTok and Instagram Reels, but building in-house infrastructure for video features is often expensive and time-consuming. Api.video has created a cloud-based platform that allows developers to integrate video content on companies' platforms.
Founder and CEO Cédric Montet said the startup provides companies with the infrastructure to embed videos via a single API, so developers can "bring this capability inside their operations" and effectively cut costs. "We ensure the video files work on any screen, from smartphones to smart TVs," he added.
Api.video also operates the servers that power the videos that are played every day, through data centers. It has over 500 clients in Europe, including the likes of BNP Paribas and Bauer Media Group, and averages a delivery of over 100,000 minutes of video play per day.
Video consumption is also a significant driver of large carbon footprints, as video files playing on external browser tabs take up a lot of energy — which adds up over a period of time. By allowing developers to create in-house video features, api.video's clients can help reduce the carbon output otherwise created by streaming hours of video on external platforms.
The startup makes its money "based on customers' usage of the platform," Montet told Insider. Api.video builds the transcoding and delivery tools, and based on what customers choose to do with these features, it generates an invoice based on these metrics.
While the company secured $5.5 million in seed funding in 2020, raising the Series A was much more challenging, Montet said.
"It has been quite a moment. I was expecting to close the round in three months, and it took six," he added. "Investors are really focused on whether there's a market fit, and they wanted to speak with customers and partners."
The Series A was led by London-based venture capital firm MMC Ventures, which has previously backed flower subscription platform Bloom & Wild, and menopause app Vira Health. Additional participation came from existing backers Blossom Capital, Open Ocean, and Financiere Saint James.
Tony Nysten, principal at OpenOcean, said that the rise of video as a preferred method for consumers to gain information has meant that "video infrastructure has become a critical part of modern data infrastructure."
With the fresh funds, which aim to give the startup an additional two years of runway, api.video will double its team by the end of next year, and grow its portfolio of clients.
Check out the 15-slide deck used to raise the Series A. | 2022-12-13T07:07:21Z | www.businessinsider.com | Series a Pitch Deck: French Startup Api.video Raises $12 Million | https://www.businessinsider.com/series-a-pitch-deck-french-startup-apivideo-raises-12-million-2022-12 | https://www.businessinsider.com/series-a-pitch-deck-french-startup-apivideo-raises-12-million-2022-12 |
"I never film things with my phone. But in a moment of lucidity, I knew I had to capture this or my friends wouldn't believe me," Matt Little, the man behind the viral "Pizza Rat" video, said.
Skye Gould/Tech Insider
Matt Little is a creative director from New York whose "Pizza Rat" video went viral in 2015.
He shares how he fielded inquiries from the media in the aftermath and found an agent.
He says going viral didn't change his financial situation completely, but it makes him money today.
This as-told-to essay is based on a conversation with Matt Little, a 41-year-old creative director who lived in New York for many years and recently moved to Los Angeles.
I've worked various gigs in and around the entertainment industry since graduating from Penn State University in 2003.
In 2015, I was 34 and two of my regular gigs were with the Upright Citizens Brigade Theatre's now-closed East Village location, commonly known as "The Beast." I bartended a few nights a week at the connected bar, The Hot Chicks Room. I also regularly performed comedy, including cohosting Sunday night's open-mic for sketch and improv acts, Bring Your Own Team (BYOT).
Around 1 a.m., I was walking home after hosting BYOT and having a few drinks with my buddy, Pat Baer. We left before closing time and began heading for the Brooklyn-bound L train, as I lived in Bushwick at the time. Dead tired, we didn't say much to each other. That is, until I looked over and saw something.
It was a rat dragging a slice of pizza.
A clip of "Pizza Rat" on the move, from Little's 2015 YouTube video.
Matt Little/YouTube Screenshot
I never film things with my phone. But in a moment of lucidity, I knew I had to capture this or my friends wouldn't believe me. I filmed it, then forgot about it until the following day. After coming up with a "Teenage Mutant Ninja Turtles"-inspired joke, I posted the video to Instagram, which pushed it to my Facebook page. About an hour later, Facebook friends started requesting to share my private video. I changed the settings, and soon Pizza Rat swirled out to become a viral hit.
My roommate, Sebastian Gladstone, made a critical suggestion that afternoon. After goofing about the video for a bit, he turned dead serious and urged me to post it on YouTube. The video now has more than 12 million views.
I also shared the clip with two popular New York-focused media outlets, Gawker and Gothamist. I'd previously sent both leads about my shows and often didn't get responses. I knew something was different this time when I got a reply from Gothamist within two minutes of me sending the email.
Requests started coming in not long after
Day one felt like a blur. I'd click one email, and my inbox would swell by 40 or so new messages. Waves of intense attention followed. I spoke with numerous media outlets, including GQ, Inside Edition, and CBS News. The media spots were unpaid but provided me with ample exposure.
I fielded plenty of inquiries from licensing agencies wanting to work with Pizza Rat. These firms help secure third-party-usage rights and payment. If you've seen Pizza Rat on late-night TV, ads, or events, it's likely been legally signed off by a licensing firm and me.
I researched which agency was the best choice
I was lost. Thankfully, my friend Charlie Todd, the founder of Improv Everywhere, had experience going viral with events like Frozen Grand Central Station and the No Pants Subway rides.
He told me to ask about the companies' relationships with influential media contacts. You want to be repped by a firm that has a good rapport with top media agencies so you can make connections and close business. And don't give in to early temptation. Licensing agencies will start reaching out when you have just a few thousand views. These firms didn't seem to have the same quality connections as the groups reaching out when the video reached higher view counts.
I chose Jukin Media that first day and have worked with them ever since. Jukin helps find requests I get for the Pizza Rat video and brand, handles unlicensed usage, and helps ensure essential negotiation specifics are in deals. A big one for me was ensuring that my watermark is included in every licensed video.
Going viral didn't necessarily change my financial situation, but it's helped
There were times in my life when I was grateful to have the money when times were tight. At other moments, it's been a great source of secondary income. My goal is to take this money and continue putting it aside. I hope to one day use it for a down payment on a house. That way I can say that a rat paid for my home.
I've also found myself in rooms with some big-name people I don't think I would have found myself near had I not been the Pizza Rat guy.
It even comes up during job interviews
During a 2019 interview for a copywriter gig with the social-media agency Movement Strategy, the hiring manager and I talked about Pizza Rat before our meeting. I got the job and now work there full time as a creative director, where I get to oversee numerous entertainment properties, conceiving, writing, producing, and overseeing the production of various TV and entertainment properties.
I also continue to find opportunities for Pizza Rat. I'm looking into merchandising and other opportunities that come with having a copyright on the name — be sure you do the same if your video takes off.
Now it's on to a new adventure. After 17 years of living in New York City, my fiancée and fellow comedian, Becky Chicoine, and I moved to Los Angeles. The move is for work opportunities and personal growth. I transferred to my company's LA office, and we'll both be pursuing entertainment opportunities.
Are you a YouTube creator with a story to tell? Email senior editor Alyse Kalish at akalish@insider.com.
Pizza Rat YouTube Creator | 2022-12-13T10:14:21Z | www.businessinsider.com | I Made the 'Pizza Rat' Viral Video. It's Still Making Me Money. | https://www.businessinsider.com/made-pizza-rat-viral-youtube-video-still-making-money-2022-12 | https://www.businessinsider.com/made-pizza-rat-viral-youtube-video-still-making-money-2022-12 |
FedEx is the latest in a line of logistics players emphasizing this kind of "no-box, no-label" return.
CHRIS HELGREN/Reuters/
FedEx is launching its own 'no-box, no-label' returns service in 2023, the company announced Monday.
UPS and Amazon already offer versions of this service for some returns.
"This is the bar now," a returns expert told Insider.
Starting next year, retailers will be able to partner with FedEx to allow consumers to bring their unwanted e-commerce orders to FedEx Office stores without a box or a shipping label.
Instead of printing a label, putting the unwanted item back in the box, taping it all up, and arranging a pickup or dropping it off, consumers will simply walk into a FedEx Office location, hand over the item, show a QR code provided by the seller, and walk away empty-handed.
FedEx is just the latest logistics player emphasizing the "no-box, no-label" return. UPS offers it for eligible items from participating retailers, and has been a drop-off option for Amazon returns for years. Amazon also lets consumers return items without packaging at Whole Foods, Kohl's stores, and some Staples locations.
The service is becoming table stakes in e-commerce, Tony Sciarrotta, president of the Reverse Logistics Association, told Insider. For one thing, printing labels — even free ones — at home is becoming less convenient as fewer people own printers, or go to offices that have one.
"You have to be at that bar or above. It's not just free returns — it's free returns without a box. Just drop it off without packaging," Sciarrotta said. "There's no doubt that consumers will love this simplicity."
FedEx launched a similar service in 2020 with returns startup Happy Returns, but today's announcement is its first self-built offering and an expansion of the program, according to the company. Happy Returns, a startup founded in 2015 and acquired by Paypal in 2021, pioneered this strategy with its "return bars" in malls and retail stores and offers "no-box, no-label" returns for dozens of brands like Levi's and Everlane.
No printer, no problem
Dropping the label and box requirements does necessitate some changes from logistics companies and retailers, but it can also offer new efficiencies.
Accepting items without a box allows returns to be consolidated at the dropoff point. At Whole Foods stores, for example, where Amazon returns can be dropped off, consumers may see an employee scan the item's barcode and a QR code from the consumer's phone, then drop the item into a large cardboard box containing other customer returns.
The big box of consolidated returns is often sent to a dedicated returns warehouse, where the lack of packaging for each item cuts down processing time.
FedEx's announcement indicates that this consolidation strategy makes returns service cheaper for retailers — a major concern since ever-growing returns take a growing bite out of retailers' bottom lines.
It's still up to retailers
Even though UPS and FedEx both offer a no-box, no-label returns option, retailers still have to sign on — so not all returns will be eligible for this service.
And though this simpler model is evolving into the industry standard, it's hardly universal, and it does have downsides.
First, Sciarrotta said, the more hassle-free returns become, the less likely it is that the reason for the return is being captured and actively considered. In a store, he said, employees can find out why an item is bring returned and direct the customer to another product that could mitigate the issue. A 30-second interaction at a counter is incredible efficient, but doesn't make an exchange or up-sale likely.
Second, easier returns can easily boost fraud without the proper controls in place, according to Sciarrotta. "Fraudulent returns are on the rise," he said. "There's no way for a Kohl's clerk, a UPS agent, or a FedEx agent to scan a QR code and know that what they're about to get is the right thing. You make it easier for people and they're going to take advantage of it."
BITranspo Logistics eCommerce | 2022-12-13T10:14:27Z | www.businessinsider.com | 'No-Box, No-Label' Returns Becoming the E-Commerce Norm | https://www.businessinsider.com/no-box-no-label-returns-ecommerce-fedex-ups-amazon-2022-12 | https://www.businessinsider.com/no-box-no-label-returns-ecommerce-fedex-ups-amazon-2022-12 |
EY is not giving holiday bonuses to US staff this year.
Jack Taylor/Stringer/Getty Images
Big 4 accounting firm EY told US staff they will not be receiving holiday bonuses this year, per the FT.
The accounting giant said this was due to "the changing economic environment."
Companies across the board are rethinking their strategies amid fears of a recession.
Accounting giant EY told staff in the US they will not be receiving holiday bonuses this year due to a challenging economic outlook, the Financial Times reported, citing people on a Friday all-hands call.
For the past two years, EY, a 'Big 4' accounting firm, paid merit bonuses to top performers around this time of the year, in addition to the main bonuses at the end of the July-to-June fiscal year. But this year there will be no money for the mid-year bonuses, per the FT.
"While EY continues to experience strong revenue growth, we have elected at this time not to fund our additional, discretionary mid-year program given the changing economic environment," the accounting giant told the FT in a statement.
EY scrapping its holiday bonuses due to economic uncertainties stands in stark contrast to its euphoria in the fiscal year ended-2022, which the firm's global leaders called "one of the most successful years in the history of the organisation," the FT reported.
The belt-tightening is also jarring: EY is planning to split its accounting and consulting businesses into two separate companies — a move that could see most of the firm's 13,000 partners receiving up to $8 million worth of shares.
And it's not just EY that's cutting back — companies across the board are shifting their strategies amid fears of an impending recession.
There have been high-profile layoffs at numerous tech giants including Meta and Salesforce, and even banks and financial firms have come under pressure — Goldman Sachs and Morgan Stanley have also made cuts in recent months.
EY did not immediately respond to a request from Insider sent outside regular business hours.
EY big 4 Accountant | 2022-12-13T10:14:39Z | www.businessinsider.com | EY Axes Holiday Bonuses for US Staff Over Uncertain Economic Outlook | https://www.businessinsider.com/us-uncertain-economy-ey-holiday-bonuses-staff-accounting-2022-12 | https://www.businessinsider.com/us-uncertain-economy-ey-holiday-bonuses-staff-accounting-2022-12 |
I compared Whole Foods and Wegmans, and the smaller chain is the clear winner due to thoughtful design and private label grocery staples
I visited Wegmans and Whole Foods locations in Western New York.
Both chains have cheese shops, bakeries, and other specialty shops.
Both stores are fun to walk through, but Wegmans is bigger and much better for getting grocery staples.
Wegmans and Whole Foods are both relatively high-end grocery stores with passionate fans, so I visited both to see how they compare.
Mary Meisenzahl/Insider Getty
There are always fresh bagels available, and the bakery also takes custom cake orders.
Wegmans also caters its offerings to the local market, like selling Josh's Jaqs cereal in Rochester to Buffalo Bills fans, and locally brewed Genesee beer.
Unfortunately, all the things that make Wegmans different from other grocery stores are also the most expensive, so I can't usually justify that for a regular grocery trip.
I don't do my regular grocery shopping at Wegmans because I can find lower prices elsewhere, but I still consider the gold standard and my favorite place to shop for food.
Next up I visited Whole Foods. the Amazon-owned supermarket known for its organic food.
The chain has just over 500 locations, making it about five times as large as Wegmans, and did $16 billion in sales in 2017, the last year for which data is available.
The entryway has an Amazon pickup locker and signs about how to use your Amazon Prime membership to get better deals in the store.
The produce section was impressive for the store's size, though not as large as Wegmans'.
Whole Foods definitely beats Wegmans in the breadth of organic options, though.
Whole Foods had Italian food-themed displays posted around the store similar to end caps at Wegmans, although the ones at Whole Foods seemed to be placed less thoughtfully, like cheese and olive oil next to produce.
Whole Foods has the same type of specialty shops inside as Wegmans does, but they take up a larger proportion of the store because it has a smaller overall footprint than Wegmans.
Mary Meisenzahl/Insider.com
The seafood counter was really impressive, with a variety of fish, clams, and octopus that Wegmans doesn't carry.
The smoked fish selection, though, was on par with Wegmans.
A freezer next to the counter had less expensive fish and mussels in the private label 365 brands, making seafood one area where Whole Foods beats Wegmans on selection.
The butcher counter was also large and impressive, even bigger than the one at Wegmans.
There was a significant variety of pre-packaged meats too, including bison and lamb in addition to standard items like chicken, beef, and sausage, which was more varied than at Wegmans.
Whole Foods is clearly catering to customers looking for alternatives to meat, dairy, and other popular mainstream products with large displays of plant milk and alternative meats.
The chain has been criticized by analysts for not differentiating itself enough from other grocery stores, but at least in this location Whole Foods is positioning itself as "America's healthiest grocery store" with a neon sign.
Source: Grocery Dive
Whole Foods had the most robust plant-based protein section I've seen in a grocery store, with multiple types of tofu plus meat substitutes.
Mary Meisenzah/Insider
"We believe in real food" is painted on the wall above another refrigerated section, which reminded me of Wegmans' slogan for its private label brand: "food you feel good about."
The last section of the store you walk through has containers of handmade pasta for sale, much more prominently displayed than at Wegmans.
The cheese counter was bigger than the one at Wegmans, though it didn't necessarily seem to have a larger selection, so the space could maybe have been used better for something else.
Next to the cheese counter, there was a bakery with breads, bagels, and cakes.
The bakery seemed on par with Wegmans'.
Both stores had hot food bars near checkout that looked and smelled delicious, with mostly the same types of soups, salads, and side dishes.
Both stores also sell sushi platters, although I thought the one at Whole Foods looked more appealing.
To get to the checkout at Whole Foods, you have to walk past a coffee and juice bar, while Wegmans' coffee shop is located at the entrance.
While I can see the appeal of both grocery stores, Wegmans was the clear winner on several fronts.
Freezers at Wegmans.
Both stores seem to position themselves as elevated above a regular grocery store, implying that they sell healthier or more "real" foods that you can get from a deli, cheese shop, and bakery while staying inside a single store.
Whole Foods prioritizes these shops and displays to the point where it's difficult to shop for actual grocery staples like canned goods, pasta sauce, or baking supplies, especially on the lower end of the price range.
However, Wegmans' layout and larger footprint are much more conducive to buying grocery necessities, with more affordable private label brands and more space dedicated to non-specialty groceries.
My first look at the inside of Wegmans.
I might go to Whole Foods to pick buy octopus or kombucha, but I could never see it being a primary shopping destination.
Inside of Wegmans located in Brooklyn, New York. | 2022-12-13T10:14:51Z | www.businessinsider.com | Comparing Whole Foods and Wegmans Grocery Stores | https://www.businessinsider.com/whole-foods-vs-wegmans-store-tour-2022-12 | https://www.businessinsider.com/whole-foods-vs-wegmans-store-tour-2022-12 |
Top of the morning, Opening Bell crew. I'm senior reporter Phil Rosen, rounding out my last few days in Manhattan before heading west for the holidays.
If you pick one thing to watch today besides the World Cup (go Argentina), make it this morning's inflation report, due at 8:30 AM ET.
Economists broadly expect this year's final Consumer Price Index reading to show inflation easing, but nonetheless running at triple what it was before the pandemic, about 7.3% year-over-year.
Remember, inflation accelerated to a four-decade high of 9.1% back in June, and most recently clocked in at 7.7% in October.
That said, policymakers are expected to announce a 50-basis-point rate hike Wednesday, regardless of the reading, which would be the fifth outsized hike in a row.
Stay tuned for our coverage of Fed day and the market reaction tomorrow.
By the way: Bahamian authorities arrested ex-FTX CEO Sam Bankman-Fried last night, at the request of the US government. Hours after his arrest, the SEC announced it will file seperate charges against SBF relating to violations of securities law. This is a developing story.
Now let's talk China and oil.
President Xi Jinping Of China attends a State Welcome at Government House on November 20, 2014 in Wellington, New Zealand.
Diego Opatowski/Getty Images
1. President Xi Jinping is pushing to buy oil using yuan, a move that threatens to rattle global energy trade and hit at the long-standing dominance of the US dollar.
At a summit with Arab leaders on Friday, Xi said China will continue to import large volumes of energy supplies from Gulf states, and settle payments using its own currency.
"The Shanghai Petroleum and Natural Gas Exchange platform will be fully utilized for RMB settlement in oil and gas trade," Xi said, according to a transcript of his speech published by the state-run China Daily.
While the president didn't specify when the change would go into effect, and whether Gulf nations will take up the proposal, it's been reported that Saudi Arabia — the world's top oil exporter — has already been in talks for months to trade oil in yuan with China.
As things stand, roughly 80% of global oil sales are done in dollars, and Saudi Arabia has inked deals exclusively in the greenback since 1974.
Should a Saudi-yuan deal crystallize, it would bolster China's currency at the expense of the dollar, as well as reinforce Beijing's status as a critical player in global financial markets.
But it's hard to talk about China's role in oil markets without nodding to their extensive zero-COVID policies, which have crimped global oil demand since 2020.
Currently, the international benchmark for crude is hovering around $77 a barrel, but a fully re-opened China could push prices above $100 a barrel next year, according to UBS.
Easing pandemic measures in China combined with a Europe's ban on Russian oil imports, which came into effect last week, will stoke demand and stifle supply — meaning prices will go up.
"Chinese oil demand has been bottled up for three years now, and China has a huge multiplier effect on the region," Energy Aspects' analyst Amrita Sen said Monday.
"China reopening will be very very bullish for oil markets," she added. "Now, again, not expecting that to be overnight, but over the course of next year, this is going to be probably the single biggest driver of oil prices."
What do you think about China's oil moves and global crude markets? Tweet me (@philrosenn) or email me (prosen@insider.com) to let me know.
2. US stock futures rise early Tuesday, as investors await the latest inflation data from the Bureau of Labor Statistics. Meanwhile, crypto exchange Binance has paused withdrawals of the stablecoin USDC, Reuters reports. Here are the latest market moves.
3. Earnings on deck: Microsoft, Westpac Banking, and Orica, all reporting.
4. RBC recommended this group of high-conviction growth stocks. These 23 companies are analyst-favorites, as they can bring market-beating returns that top 90%. See the full list here.
5. Next year's recession is likely to be mild, but investors should still brace for market volatility. CFRA's chief investment strategist is expecting markets to stabilize in the second half of 2023, and for the Fed to conclude tightening by the third quarter. Plus, he said he's watching the energy sector for outperformance in the new year.
6. Oppenheimer said the S&P 500 is set to surge 12% in 2023 thanks to cooling inflation and China's reopening. The benchmark index could hit 4,400, analysts predicted, which would mark an improvement over this year's performance but still short of an all-time high. Ultimately, stocks could find upside from easing CPI data and the smoothing out of supply chains.
7. The bear market in stocks is entering its final phase. And according to Morgan Stanley analysts, the next chapter has nothing to do with Fed or inflation. Find out why.
8. This 26-year-old makes up to $107,000 in revenue a month selling products on Amazon. Trevin Peterson explained the key differences between those who make six figures on the platform and those who make a few hundred bucks. These are his top five tips that help his products rank on the first page and sell.
9. Five early retirees and entrepreneurs explained how to earn more money and increase your income with side hustles. Insider rounded up a range of ideas from people who have found creative ways to diversify their income and move toward financial freedom. Read their money-making recommendations here.
10. Cathie Wood's ARK Invest scooped up $3.2 million of Coinbase stock. That dip-buying bullishness comes as crypto exchanges just saw their biggest bitcoin outflows ever last month. So far through 2022's crypto winter, shares of Coinbase are down roughly 83%.
Newsletter China 10 things | 2022-12-13T11:19:29Z | www.businessinsider.com | Here's How China Could Shake up Global Oil Prices and the Petrodollar | https://www.businessinsider.com/china-reopening-economy-crude-markets-global-energy-oil-prices-xi-2022-12 | https://www.businessinsider.com/china-reopening-economy-crude-markets-global-energy-oil-prices-xi-2022-12 |
Some Twitter staff were cut off because they didn't see Elon Musk's NDA pledge in time, per Platformer.
The report said the deadline was Saturday, but some staff didn't check their emails at the weekend.
More than 100 Twitter employees were deactivated from Slack by Sunday afternoon, per Platformer.
Some Twitter employees lost access to work systems after they failed to sign Elon Musk's anti-leaking pledge on Saturday because they didn't check their emails over the weekend, Platformer reported on Monday.
Musk on Friday sent an email to Twitter staff, saying the company could sue workers who leak confidential information, a source told Insider.
Employees had until 5 p.m. PT on Saturday to sign a pledge agreeing not to leak and to abide by non-disclosure agreements they signed when they joined the company, according to the email which Platformer's Zoë Schiffer obtained and cited in a Twitter thread on Saturday morning.
However, some staff didn't respond to the pledge because they weren't looking at their emails over the weekend, per Platformer's recent report. These employees discovered on Sunday they had been cut off because they were unable to access company systems, the report said.
Twitter then sent another email about the pledge to its workforce, Platformer reported. The company requested staff to send an email to a certain team, confirming their decision to remain loyal to their non-disclosure agreements, the report said. The email said employees had until December 15 to respond, per Platformer.
More than 100 Twitter employees were deactivated from Slack by Sunday afternoon, according to Platformer's report. It was unclear whether all of the 100 staff failed to check their emails at the weekend, or whether some simply refused to sign the pledge.
Musk wrote in his Friday email: "As evidenced by the many detailed leaks of confidential Twitter information, a few people at our company continue to act in a manner contrary to the company's interests and in violation of their NDA," according to Schiffer. | 2022-12-13T11:19:35Z | www.businessinsider.com | Some Twitter Staff Cut Off, Didn't See Musk's Email at Weekend: Report | https://www.businessinsider.com/elon-musk-twitter-staff-cut-off-sign-pledge-emails-weekend-2022-12 | https://www.businessinsider.com/elon-musk-twitter-staff-cut-off-sign-pledge-emails-weekend-2022-12 |
Mortgage rates have remained relatively flat as the market awaits the last Federal Reserve rate hike of the year.
The Fed is expected to announce a 50-basis-point hike to the federal funds rate on Wednesday, but any surprises from this morning's release of the latest Consumer Price Index data could push the Fed to change paths. If inflation comes in higher than expected, the Fed could opt for a larger hike or signal more aggressive tightening to come in the new year.
More hikes to the federal funds rate could push mortgage rates back up near 7%. But if inflation continues to show signs of coming down and the Fed is able to start to slow its pace of hikes, rates should remain near their current levels and start trending down somewhat in 2023. | 2022-12-13T11:19:53Z | www.businessinsider.com | Today's Mortgage, Refinance Rates: Dec. 13, 2022 | Rates Hold Steady | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-tuesday-december-13-2022-12 | https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-tuesday-december-13-2022-12 |
Hello, tech fans. Back in action today, I'm your host, Jordan Parker Erb. A huge thank you to Matt Weinberger, Insider's deputy editor of tech analysis, for filling in yesterday.
The biggest news today is the arrest of Sam Bankman-Fried, the former CEO of crypto exchange FTX. SBF was arrested in the Bahamas, at the request of the US government. This is a developing story, so we'll be keeping you updated as the week goes on.
We've got that, and more, to get to today, so let's get started.
1. Inside the lavish, secretive, post-Google lives of Sergey Brin and Larry Page. Since stepping back from Google in 2019, the company's cofounders have poured their time and hundreds of millions of dollars into new businesses, personal interests, and mega-toys. We have an inside look at how they've been spending their time — and money.
Brin is a philanthropist who maintains a bustling social calendar — earlier this year, he swung by Burning Man — and has drawn tabloid attention for his recent divorce.
Page, on the other hand, has shunned the spotlight as a virtual recluse, spending much of the pandemic on his private island. He secretly runs a California farm that provides vegetables and herbs to a Michelin-starred restaurant.
Meet the party animal and the island-hopping hermit.
2. An owner of the Ford F-150 Lightning describes what it took to get his pickup delivered. The EV is incredible to drive, the author writes. But the process of getting the truck — which included a yearlong wait, calls to the dealership, and an angry tweet at Ford's CEO — proved that the road to an electrified American auto industry will be bumpy. Read his experience here.
3. Former FTX CEO Sam Bankman-Fried was arrested. Bahamian authorities arrested Bankman-Fried on Monday, the US Attorney's Office Southern District of New York confirmed on social media. Hours after his arrest, the SEC announced it will file seperate charges against SBF relating to violations of securities law. What we know so far.
4. Meta is ending one of its iconic perks. As cost-cutting continues, the company will no longer offer employees $200 a month for Lyft rides to and from any work office, two employees told Insider. Meta is also said to be cutting an employee benefit by $1,000 that covers things like mental health and wellness. Here's the full story.
5. The Twitter user who tracks Elon Musk's private jet says the account has been shadowbanned. Jack Sweeney, the person behind the @ElonJet profile, took to Twitter in a thread dubbed "My Twitter Files," to accuse the social media platform of suppressing the automated account. Here's what Sweeney said.
6. Staying with Musk, his chaotic Twitter takeover has eroded support among some of his biggest fans, Insider's Jake Swearingen writes. On Sunday, Musk made a surprise appearance at a Dave Chappelle show – and was quickly showered with boos from an estimated 18,000 people. The strong reaction highlights just how divisive Musk has become.
7. Once-hot pharmacy startup Medly has filed for bankruptcy. The decision comes after mounting losses caught up to the company, which once sought to disrupt pharmacy giants like CVS and Walgreens. Get the full rundown here.
8. Inside a leaked all-hands meeting at Salesforce. In a recording viewed by Insider, CEO Marc Benioff addressed the company's recent executive exodus, again vowing to win back Bret Taylor and other execs who've left. Here's what else happened in the meeting.
9. These are the 10 coolest EVs that you can't buy in the US. From a retro-themed Honda to an EV you can get for $4,000, we rounded up some of the most exciting electric cars from around the world. Take a look at the cars here.
10. People are paying for VR tours of places like Costa Rica and India. We're introducing you to a couple that work as virtual guides, taking customers on tours to see turtles nesting, the Holi festival in India, or popular destinations like Santorini. See how virtual tourism works.
Palo Alto Networks' Ignite continues this week in Las Vegas.
Sam Bankman-Fried is set to testify before Congress. Here's what you should know. | 2022-12-13T11:20:11Z | www.businessinsider.com | Here's What Sergey Brin and Larry Page Are Doing Since Leaving Google | https://www.businessinsider.com/what-sergey-brin-and-larry-page-doing-since-leaving-google-2022-12 | https://www.businessinsider.com/what-sergey-brin-and-larry-page-doing-since-leaving-google-2022-12 |
The M&A market just went out with a bang after a terrible year, and it could be a sign of good times to come
Hi! Dan DeFrancesco checking in from NYC. Turns out I might have touted my World Cup picks a bit too soon.
Sam Bankman-Fried was supposed to testify before Congress today, but it's not clear if that will still take place as he was arrested Monday by Bahamian authorities. Hours after his arrest, the SEC announced it will file seperate charges against SBF relating to violations of securities law. This is a developing story.
Also today, we've got more job cuts on Wall Street, why small banks feel like they're getting a raw deal with Zelle, and where you can find the best company culture. (Hint: it's not on Wall Street.)
But first, let's make a deal.
Production company A24 was behind the movie "Midsommar."
1. Return of the M&A.
Let's not sugarcoat it: This year has been awful for M&A.
Blame it on rising interest rates. Blame it on a inflation and a looming recession. Blame it on VCs who propped up startups with valuations they would never be able to materialize.
There are plenty of places to point the finger, but the end result is the same: Dealmaking ground to a halt by the middle of the 2022.
Even transactions that did get announced this year have been a mess.
The most high-profile one — Elon Musk's acquisition of Twitter — became more circus act than deal, and has left banks scrambling to try and get the debt off their books.
Meanwhile, the largest deal of the year — Microsoft's $68.7 billion bid for Activision — might not even happen, thanks to regulators.
But it's always darkest before dawn.
Investment bankers showed a sign of life on Monday, as a string of deals were announced: Amgen's $27.8 billion deal for Horizon Therapeutics, which is set to make one Wall Street veteran very happy; Microsoft buying nearly a 4% stake in the London Stock Exchange Group; PE firm Thoma Bravo's $8 billion bid for Coupa Software; and BDT Capital Partners' $3.7 billion deal for Weber.
Was it a last push to wrap up deals before the holidays kick off? Or perhaps a final attempt by some bankers to salvage what is likely to be a disappointing year-end bonus?
Or maybe it was a taste of what's to come in 2023?
As Insider reporters chat with sources about the biggest themes to keep an eye on for next year, one constant across industries has emerged: the return of M&A.
We've talked before about how streamers will be at a critical juncture in 2023. Insider's Lucia Moses, Elaine Low, and Claire Atkinson mapped out the 21 production companies that could be acquisition targets as a result.
And it's not just the likes of Apple and Netflix that will be on the hunt for deals, as Hollywood has become a favorite of private-equity firms.
Venture capitalists are also predicting a big year of M&A, according to reporting from Insider's Melia Russell. From a consolidation among healthcare startups to a top-tier VC going public, 2023 is sure to be active, if nothing else.
Agree? Disagree? Let me know.
In the meantime, read these so you can stay ahead of the curve:
U-boat Worx
2. More layoffs are coming to Goldman Sachs. The bank is planning on cut at least 400 roles in its struggling consumer division, Bloomberg reports. Here's where else the firm is looking to trim.
3. Sam Bankman-Fried has been arrested. The disgraced founder of FTX was arrested Monday by Bahamian authorities based on a "sealed indictment" from US authorities. More on the arrest here.
4. Small banks might want out of Zelle. In the wake of regulatory pressure, the payment app, which is owned by a handful of large banks, is trying to standardize how scammed customers get refunded. But credit unions and community banks aren't happy with the new terms, The Wall Street Journal reports. Here's why.
5. Ray Dalio invested in a submarine company for the ultra-rich. The Bridgewater founder now has a stake in Triton Submarines, according to the Financial Times. More on why Dalio, along with another high-profile name, is obsessed with going under the sea.
6. It's the end of our employment (but we all feel fine). Layoffs are happening everywhere you turn, but workers aren't as concerned about losing their jobs as they have been in the past, according to a recent survey. Here's why everyone is so chill.
7. Big tech nabs from Wall Street. Goldman Sachs MD Cameron Brien and Morgan Stanley executive director Srinivas Nakka have joined Meta and Amazon, respectively, eFinancialCareer reports. More on their new roles here.
8. Company culture on Wall Street: not great! A list of the top-rated company cultures at large firms didn't have a financial firm anywhere near the top 25. But you probably already figured as much. Besides, who cares if you hate where you work, as long as the checks clear. Right? Right?! Check out the full list here.
9. This British billionaire doesn't want you working from home. Sir James Dyson, who founded Dyson, wrote a scathing takedown of a new UK policy intended to make flexible working the default in the country. Here's why Dyson thinks that's a terrible idea.
10. It's that time of year when you realize how bad you are at wrapping presents. Here are some wrapping hacks that'll help you save some time and avoid frustration. Check these out, because no one wants their present in a gift bag. | 2022-12-13T11:45:36Z | www.businessinsider.com | Dealmaking Set to Make a Big Comeback in 2023, According to Experts | https://www.businessinsider.com/dealmaking-mergers-increase-in-2023-in-media-tech-2022-12 | https://www.businessinsider.com/dealmaking-mergers-increase-in-2023-in-media-tech-2022-12 |
The US is "likely" to request Sam Bankman-Fried be extradited to the US, the Bahamas attorney general said.
The attorney general indicated the Bahamas intended to extradite Bankman-Fried if requested.
The disgraced crypto founder was arrested in the Bahamas on Monday, according to US authorities.
US authorities are "likely" to request the extradition of Sam Bankman-Fried, the Bahamas attorney general, Sen. Ryan Pinder KC, said in a statement shared online on Monday, shortly after the FTX cofounder's arrest.
The disgraced crypto founder was arrested in the Bahamas on Monday based on a "sealed indictment" from US authorities, the US Attorney's Office Southern District of New York said on social media. Bankman-Fried is also facing separate charges from the US Securities and Exchange Commission.
The Bahamas attorney general said in the statement that the US had filed criminal charges against Bankman-Fried and was "likely to request his extradition."
Pinder indicated the Bahamas intended to extradite the FTX cofounder if requested, per the statement.
"At such time as a formal request for extradition is made. The Bahamas intends to process it promptly, pursuant to Bahamian law and its treaty obligations with the United States," Pinder said.
The US government has an extradition treaty with the Bahamas that allows for the extradition of defendants for charges that would be considered a crime in both countries and could result in a jail sentence of longer than a year.
Bankman-Fried's arrest comes after the crypto exchange platform, FTX, and its affiliates collapsed in mid-November.
Bankman-Fried is facing allegations that he misused FTX customer funds to prop up Alameda Research, another company he owned, resulting in billions of dollars in losses.
Representatives for the Bahamas attorney general office did not immediately respond to Insider's request for comment made outside normal working hours.
Sam Bankman-Fried ftx The Bahamas | 2022-12-13T11:45:42Z | www.businessinsider.com | US 'Likely' to Request SBF's Extradition, Bahamas Attorney General | https://www.businessinsider.com/sam-bankman-fried-extradition-bahamas-attorney-general-ftx-2022-12 | https://www.businessinsider.com/sam-bankman-fried-extradition-bahamas-attorney-general-ftx-2022-12 |
Twitter owner Elon Musk has criticized the way in which the company gave out blue verified ticks to users.
Elon Musk says Twitter gave out verified blue ticks to users in a "corrupt and nonsensical" manner.
Musk also said Twitter is expected to remove all legacy blue checks in a few months.
The comment came as Twitter launched its new Blue verification subscription after weeks of delays.
Elon Musk on Monday slammed how Twitter used to hand out verified blue ticks to users on the platform.
"The way in which they were given out was corrupt and nonsensical," Musk wrote in a tweet.
Before Musk acquired Twitter in late October, the company gave out blue ticks to celebrities, government officials, journalists, and other high-profile users on the platform for free. However, this is set to change after the new Twitter Blue was relaunched on Monday.
"In a few months, we will remove all legacy blue checks," Musk also said in the post.
Musk was responding to a screenshot shared on Twitter of a "Verified account" tab which pops up when users click the blue checkmark next to an account's name. The tab says: "This is a legacy verified account. It may or may not be notable."
Musk posted another reply to the photo, saying: "The wording is mine lol."
Musk has previously criticized the company's former verification policy through which users received blue checkmarks as a "lords & peasants system."
He has also said that "far too many corrupt Blue 'verification' checkmarks exist" so there was no choice but to remove legacy ticks.
Musk has argued that the updated Twitter Blue subscription, which will charge for verification, is expected to "destroy the bots" because a paid account will be suspended if it engages in spam or scams. The billionaire has laid out plans to charge Twitter Blue users $8 per month if they pay via the website or $11 a month if they pay on their iPhone.
Twitter has faced some hiccups with the rollout of its Blue service. The company had to suspend Blue after it was launched in November because of a surge in impersonations on the site.
Blue was put on hold again in late November while Musk attempted to avoid the 30% charge that Apple's App Store takes from most in-app transactions. | 2022-12-13T14:48:31Z | www.businessinsider.com | Elon Musk Says Twitter Gave Out Blue Ticks in Corrupt, Nonsensical Way | https://www.businessinsider.com/elon-musk-twitter-verified-blue-ticks-corrupt-nonsensical-way-2022-12 | https://www.businessinsider.com/elon-musk-twitter-verified-blue-ticks-corrupt-nonsensical-way-2022-12 |
A shopper looks at Black Friday displays at a Walmart store in Wilmington, Delaware, on November 25, 2022.
The Consumer Price Index rose 7.1% in November from the same time last year.
That's below the 7.3% economists estimated and was the lowest rate since December 2021.
November's increase signals that inflation is still cooling.
Inflation continues to cool from its sky-high rates seen throughout 2022.
Inflation as measured by the Consumer Price Index soared 7.1% year-over-year in November, lower than the year-over-year increase of 7.7% in October. That's according to new data out from the Bureau of Labor Statistics. November's increase comes in below the 7.3% increase economists surveyed by Bloomberg forecasted, and is the lowest year-over-year rate since December 2021.
Over the month, CPI increased by a seasonally adjusted 0.1% in November, below the 0.3% expected to be seen this month by economists. November's increase is less than October's increase of 0.4%. BLS noted in Tuesday's release that shelter was the biggest contributor to the month-over-month rise.
Looking at just core CPI, which strips out volatile food and energy prices, this measure rose 6.0% year-over-year. That's just shy of the 6.1% forecasted. Core CPI increased 6.3% in October from the same time a year ago.
Additionally, economists surveyed by Bloomberg expected a month-over-month increase of 0.3% in November for this measure, unchanged from the month before. Core CPI rose 0.2%, the lowest gain since August 2021.
Energy fell in November by 1.6% after its 1.8% increase in October. This index soared 13.1% year-over-year when looking at unadjusted figures, a slower increase than October's year-over-year increase. Energy prices have been falling for months.
Food and shelter saw smaller increases over the month in November — with seasonally adjusted monthly gains of 0.5% and 0.6% respectively. The unadjusted shelter index is still high with the index up 7.1% from the same time a year ago. The food index is also still sky high based on year-over-year increases — although this measure has been falling. The food index climbed 10.6% year-over-year.
Stocks soared after Tuesday's CPI release, such as for Dow Jones Futures.
This week's CPI report comes in just ahead of the Fed's last meeting of 2022 where the central bank could potentially raise interest rates at a slower pace than the outsize hikes from earlier this year per a speech from Fed Chair Jerome Powell.
Looking forward, inflation may be cooler next year. US Treasury Secretary Janet Yellen recently said on "60 Minutes" that she thinks "inflation will be lower."
"I am very hopeful that the labor market will remain quite healthy so that people can feel good about their finances and their personal economic situation," Yellen said.
While Americans have faced rising prices, there has been some recent good news, such as at the gas pump.
"Some relief has been seen from the peaks of inflation, particularly with hugely consequential gasoline prices," Mark Hamrick, senior economic analyst at Bankrate, stated before the release. "The national average has recently been just pennies a gallon away from year-ago levels. Bargain conscious holiday gift shoppers are finding compelling values on the likes of clothing and consumer electronics."
However, rising prices are still affecting what shoppers can buy. Hamrick said that "with the costs of necessities so high, consumers are having to forego a good number of discretionary purchases."
Economy Inflation Inflation Report | 2022-12-13T14:48:43Z | www.businessinsider.com | US CPI Climbed 7.1% in November, Lower Than Estimated | https://www.businessinsider.com/inflation-cpi-report-november-price-growth-2022-12 | https://www.businessinsider.com/inflation-cpi-report-november-price-growth-2022-12 |
A still from an instructional video issued by the Armed Forces of Ukraine on December 12, 2022, showing Russian soldiers how to surrender to a drone.
General Staff of the Armed Forces of Ukraine/Facebook
Ukraine has released an instruction video for Russian soldiers on surrendering to a drone.
It's part of the "I Want to Live" hotline, which entices Russians to stop fighting in Ukraine.
The video suggests that surrendering via drone may become increasingly common.
russia ukraine surrender Drones | 2022-12-13T14:48:59Z | www.businessinsider.com | Watch: Ukraine Army Video Tells Russians How to Surrender to a Drone | https://www.businessinsider.com/ukraine-army-video-tells-russians-how-to-surrender-to-drone-2022-12 | https://www.businessinsider.com/ukraine-army-video-tells-russians-how-to-surrender-to-drone-2022-12 |
Classic Vans sneakers.
Vans is working to return to the double-digit sales it had reached before the pandemic.
Key to that strategy is growing interest in its sneaker collaborations and classic silhouettes.
Vans' owner has shifted talent, including execs from The North Face, to expedite a comeback.
Vans, a retailer synonymous with teenagers and skaters of the '90s, is in the middle of a brand reset.
Key to bringing sales back to prepandemic levels is reigniting consumer interest in its sneaker collaborations and classic silhouettes. That would involve winning Gen X and millennial customers who might have aged out of buying Vans in favor of more comfortable shoes.
Kristin Harrer, Vans' chief marketing officer, said that returning Vans to double-digit sales growth starts with better communicating how Vans has updated its shoes, including ways it's made them more cushioned and weather-resistant.
"People love Vans. There's no urgency to buy Vans right now," Harrer told Insider in a recent sit-down interview. "I think we have won classic space for lots of consumers, especially in North America. But I don't think consumers know enough about the newness that we have in the line."
A display with Vans' MTE shoes in a company store in New York.
While the original canvas Vans offered little comfort and arch support, Vans' ComfyCush line, released in 2019, added cushioning to classic sneakers like the Authentic and the Sk8-Hi.
"I think part of the problem is that they, especially an older consumer, doesn't know or understand that there are other offerings for them now that are maybe a better fit than that skate shoe that actually doesn't offer great support for what they need at their age," she said.
But Harrer, who joined Vans from Dollar Shave Club in April 2021, noted that Vans wasn't reminding people about those classic shoes. Vans stopped marketing its classic sneakers for some time before resuming earlier this year with the "Classic Since Forever" campaign.
In October, Vans' parent company, VF Corporation, reported that the brand's sales had declined by 6% halfway through fiscal 2023. It attributed this to wholesale partners in North America canceling orders because of high inventory levels and to lower traffic in company stores. Comparably priced shoes such as Nike Dunks and Crocs have also become more popular.
Vans slip on checkerboard sneakers
VF Corporation announced last week that Benno Dorer would replace Steve Rendle, Vans' longtime chief executive.
It also revised down its outlook for the second half of fiscal 2023 to reflect weaker-than-anticipated consumer demand in North America, saying it now expects revenue growth of 3% to 4%.
In a note reacting to the CEO change, Tom Nikic, a senior analyst at Wedbush, said Rendle's tenure "started out strong, as the company was riding the wave of the Vans mega-trend," referring to a period in 2018 and 2019 when Vans was growing by double digits, uncommon for multibillion-dollar brands.
"But between the COVID disruption in 2020 and a slower-than-expected recovery from the pandemic (particularly at Vans), the last few years have been far more challenging," he added.
VF sends in the cavalry for Vans
VF Corporation, which also owns The North Face, Supreme, Timberland, and Dickies, has been moving talent to help speed up Vans' comeback. Marissa Pardini and Sarah Kleinman joined Vans this fall from The North Face, to head up merchandising and digital commerce among other responsiblities.
This spring, Kevin Bailey, Vans' former brand president, returned to the retailer in the same role after spending nearly two years leading VF Corporation's Asia-Pacific region, according to his LinkedIn profile.
A shoe from Bianca Chandôn's Vans collab.
Gloria Dawson
Bailey told analysts in May that Vans had not emerged from the pandemic with as much velocity as expected because of a slowdown in "brand heat" and in its classics business.
"Our top-tier limited-distribution footwear, which you may know as Vans Vault, has previously met the needs of influential footwear-trend accounts in the past," he said. "As Vans has grown, our approach to this aspirational product and channel needed to evolve more quickly."
With Vans Vault, the company takes classic shoes and collaborates with popular designers and boutiques on new colorways. It often releases fewer shoes, generating more demand.
A recent collection in partnership with Bianca Chandôn, a brand started by the skateboarder Alex Olson, features sneakers with aged or distressed midsoles, a trend in the sneakers industry. Vans Vault releases compete with Nike, Adidas, Converse, and others for the general sneaker lover.
While new lines like its more rugged MTE line and the collabs coming out of Vans Vault are part of the company's future, promoting them has come at the expense of the classic shoes that make up about two-thirds of the Vans' global footwear business, Bailey has said.
"Consumers choose classics for specific reasons because they're casual, they're stylistically versatile and trendy," he said during an investor day in September. "That's really important to what this consumer wants, but they have gaps. The gaps are around comfort and functional versatility. Also, classics tend to age younger. We haven't done enough in product creation and communication about what classics can mean in your life."
Retail Vans Sneakers | 2022-12-13T15:01:41Z | www.businessinsider.com | Vans Targeting Gen X and Millennials With New Releases and Insoles | https://www.businessinsider.com/vans-targeting-genx-millennials-new-releases-insoles-2022-12 | https://www.businessinsider.com/vans-targeting-genx-millennials-new-releases-insoles-2022-12 |
The SEC is bringing charges against Sam Bankman-Fried – here are the key takeaways from the filing
Sam Bankman-Fried was arrested in the Bahamas on Monday evening.
The SEC has filed charges against FTX founder Sam Bankman-Fried.
It alleges that he was "orchestrating a massive, years-long fraud" by misusing customer funds.
These are the top 5 takeaways from the SEC's filing, which was released Monday.
Following Sam Bankman-Fried's arrest on Monday evening, the SEC filed charges against him in a New York court on Tuesday.
It alleges that the FTX founder violated the Securities Act by misusing customer funds for his own benefit, and hiding debts from investors.
In summary, the SEC says Bankman-Fried was "orchestrating a massive, years-long fraud, diverting billions of dollars of the trading platform's customer funds for his own personal benefit and to help grow his crypto empire."
These are the top 5 takeaways from the SEC's court filing.
Funds were mixed between FTX and Alameda thanks to a bank account under a different name
In an interview at the New York Times' DealBook Summit on November 30, Bankman-Fried said that he "didn't knowingly commingle funds." But the SEC refutes that, alleging that he purposefully diverted customers' money to Alameda Research, the high-risk trading firm linked to FTX.
Bankman-Fried previously admitted that FTX customers made deposits directly to Alameda's bank account, but the SEC says the hedge fund also had a "virtually limitless" line of credit with the crypto exchange which meant it could draw on customers' assets.
And when customers were told to send their money to Alameda, they didn't know where it was actually going, according to the filing. That's because the bank accounts were in the name of North Dimension, an Alameda subsidiary. Its website doesn't disclose any links between the two.
"Bankman-Fried directed FTX to have customers send funds to North Dimension in an effort to hide the fact that the funds were being sent to an account controlled by Alameda," the SEC says.
Sam Bankman-Fried used customer funds for luxury purchases and political donations
Bankman-Fried's penchant for luxury isn't new, with bankruptcy filings showing that FTX spent $256 million on real estate – including 15 condos in the same ocean side building.
He was also one of the top political donors, giving $40 million to Democrats, and using "dark money" to become the Republicans' third-biggest donor.
The SEC now says that that was all thanks to those close ties between FTX and Alameda. It alleges Bankman-Fried "used Alameda as his personal piggy bank to buy luxury condominiums, support political campaigns, and make private investments, among other uses."
Bankman-Fried is accused of using the commingled funds to purchase property for himself, other FTX executives, and his parents – who were listed as signatories on a $16.4 million vacation home.
Alameda's debt was hidden and its FTX account had special treatment
The commingling of funds all happened thanks to special treatment given to Alameda's funds behind the scenes. The SEC lays out how the "multi-billion-dollar liability" was kept under an account with no ties to Alameda, but instead named "fiat@ftx.com"
This means that the customer funds sent to Alameda looked like an internal FTX account, hiding the debt. Alameda then told third-party lenders that this was a loan, but didn't reveal it was actually from FTX. Bankman-Fried later had the funds moved to another account which didn't charge any interest on the loan.
Beyond that, Alameda's account with the crypto exchange had special treatment, because it was the only one allowed to have a negative balance and was exempted from automatic liquidation.
The SEC says that "Bankman-Fried directed software code to be written in or around August 2019, and updated in or around May 2020" which allowed this to happen.
Bankman-Fried misled investors by saying "assets are fine"
On November 7 – just four days before FTX filed for bankruptcy – Bankman-Fried tweeted "FTX is fine. Assets are fine … FTX has enough to cover all client holdings. We don't invest client assets (even in treasuries)."
He later deleted that post, but the SEC says that this was a "false and misleading" attempt to maintain public confidence.
The court filing adds: "Bankman-Fried knew that FTX, at his direction, allowed Alameda to invest 'client assets' and that Alameda had in fact done so, using FTX customer funds to make investments far riskier than 'treasuries.'"
It alleges that Bankman-Fried continued to mislead investors because he needed to money "to plug a multi-billion-dollar hole."
Caroline Ellison knew customer funds were used for Alameda, and other execs borrowed millions
Caroline Ellison was the CEO of Alameda, who previously dated Bankman-Fried and lived in his $30 million penthouse, according to CoinDesk.
In a meeting with employees on November 9, she admitted that she knew FTX customer funds were being used to prop up the trading firm, the SEC says. It adds that Gary Wang and Nishad Singh – who co-founded FTX with Bankman-Fried – were also aware of this.
Wang and Singh are also alleged by the SEC to have borrowed $224.7 million and $554 million, respectively, from Alameda in 2021 and 2022.
Trending UK Sam Bankman-Fried SBF | 2022-12-13T16:19:49Z | www.businessinsider.com | 5 Key Takeaways From the SEC's Case Against Sam Bankman-Fried | https://www.businessinsider.com/5-key-takeaways-from-sec-case-against-sam-bankman-fried-2022-12 | https://www.businessinsider.com/5-key-takeaways-from-sec-case-against-sam-bankman-fried-2022-12 |
A view of the US Capitol before a news conference to discuss student-debt cancellation on September 29, 2022.
The CFPB accused five student-debt relief companies of charging consumers unnecessary fees.
As a result, 23,000 impacted borrowers may soon receive checks compensating them in the mail.
The total distribution amount is approximately $19 million.
Thousands of student-loan borrowers might soon be getting some extra money in the mail.
On Monday, the Consumer Financial Protection Bureau (CFPB) announced that over 23,000 people who were charged "unlawful advance fees" by five student debt relief companies will receive a check in the mail from Epiq Systems — a contractor with the CFPB — starting on December 12. The total distribution amount is approximately $19 million.
The CFPB accused the five companies — Docu Prep Center, Certified Doc Prep Services, Assure Direct Services, Direct Document Solutions, and Secure Preparation Services — in a lawsuit that between 2015 and 2017, they violated the Consumer Financial Protection Act and the Telemarketing Sales Rule by deceiving borrowers about the services they offer, including misrepresenting interest rates and collecting advance fees for help getting debt relief.
It also said that Monster Loans and Lend Tech Loans, two associated mortgage companies, violated the Fair Credit Reporting Act by marketing debt relief to consumers using credit information "illegally obtained" from a credit reporting company.
—consumerfinance.gov (@CFPB) December 12, 2022
Borrowers who believe they were impacted by this action and have questions about payments can contact Epiq Systems by calling 877-899-2926 or emailing info@cfpb-monsterloans.org.
Student-debt relief companies often offer borrowers help with lowering their monthly payments or enrolling in a targeted loan forgiveness program, but that's not without a fee that may or may not be disclosed upfront. While the company might tell the borrower that they are affiliated with the government and can assist with quick relief, it can be fraudulent — especially because any related service directly affiliated with the Education Department never has a cost, and enrolling for any relief is free through the federal government.
Since President Joe Biden announced up to $20,000 in broad student-loan forgiveness at the end of August, his administration has taken a number of steps to protect borrowers from scams and fraudulent behavior in the process. The White House and Education Department released a "Do's and Don'ts" list to outline what actions borrowers should and should not take as they applied for debt relief, and last week, the Federal Communications Commission announced enforcement actions against a robocall campaign that was using Biden's debt relief as a way to get borrowers' personal information.
Still, the broad debt relief is paused at this time following two lawsuits that have blocked its implementation. While 26 million borrowers submitted their applications for loan forgiveness when the form was still available, the Education Department cannot actually discharge any student loans until the Supreme Court makes a final decision on the legality of the relief. The nation's highest court will hear arguments on the cases in February. | 2022-12-13T16:20:25Z | www.businessinsider.com | 23,000 Student-Loan Borrowers to Receive Check in the Mail After Fraud: CFPB | https://www.businessinsider.com/student-loan-borrowers-receiving-check-fraudulent-debt-relief-companies-cfpb-2022-12 | https://www.businessinsider.com/student-loan-borrowers-receiving-check-fraudulent-debt-relief-companies-cfpb-2022-12 |
The Lightning is a massive deal both for Ford and the wider transition toward clean vehicles. A zero-emission version of America's most popular truck (the Ford F-Series), it's seen by many as a crucial stepping stone toward mass acceptance of EVs. (Electric cars make up some 5% of US car sales today.)
MotorTrend said the Lightning excels across six criteria: safety, efficiency, value, advancement in design, and performance of intended function.
As opposed to other new electric trucks like the GMC Hummer EV and Rivian R1T (which won last year's award), the Lightning targets existing truck owners with its familiar, traditional styling and feel. From the outside, it looks nearly identical to a gas-powered F-150. | 2022-12-13T16:45:55Z | www.businessinsider.com | Electric F-150 Lightning Is Ford's Best Truck Ever, MotorTrend Says | https://www.businessinsider.com/f150-lightning-motortrend-electric-truck-of-the-year-2022-12 | https://www.businessinsider.com/f150-lightning-motortrend-electric-truck-of-the-year-2022-12 |
"Westworld" season 3
"Westworld" is being pulled from HBO Max.
It's the latest cost-saving effort by Warner Bros. Discovery.
The show was unexpectedly canceled after four seasons last month.
If you haven't caught up on HBO's "Westworld," you might want to make it a priority.
Warner Bros. Discovery is planning to pull the sci-fi series from its streaming service HBO Max.
The news follow the show's surprise cancellation after four seasons last month. Joss Whedon's "The Nevers," which aired for half a season, will also be pulled.
Warner Bros. Discovery has been making cost-cutting moves since the company formed earlier this year with the WarnerMedia and Discovery merger.
The company has cancelled the release of the "Batgirl" movie, which was being made for HBO Max, and removed other HBO titles, as well as Warner Bros. movies, from HBO Max.
Pulling titles from the service saves Warner Bros. Discovery money on residuals paid to cast and crew.
"Westworld" and "The Nevers" could move to a free, ad-supported service, a space Warner Bros. Discovery has been exploring, according to Deadline.
The company is planning to combine HBO Max and Discovery+ into one streaming platform in 2023.
Westworld HBO Max HBO | 2022-12-13T16:46:19Z | www.businessinsider.com | 'Westworld' Leaving HBO Max After Getting Canceled | https://www.businessinsider.com/westworld-leaving-hbo-max-after-getting-canceled-reports-2022-12 | https://www.businessinsider.com/westworld-leaving-hbo-max-after-getting-canceled-reports-2022-12 |
Apple's latest AirPods Pro come with considerably better sound and noise cancelling over the original AirPods Pro.
The second-generation AirPods Pro are easily Apple's best-sounding earbuds to date.
Upgrades include better overall sound and active noise cancellation.
Apple's AirPods Pro are now competitive with other premium wireless earbuds from the likes of Sony and Bose.
Apple's second-generation AirPods Pro come three years after the originals were released, and they're a massive improvement on all the fronts that matter.
The new AirPods Pro look identical to their predecessors, but the meaningful upgrades come with how they perform. You can thank Apple's all-new H2 chip for significantly improved sound quality, noise cancellation, and battery life, plus advanced features like "adaptive" transparency mode.
The original AirPods Pro are an excellent choice for Apple fans. But I'd argue the upgrades make the second-gen AirPods Pro the most logical one. While there are plenty of alternatives out there, Apple's flagship wireless earbuds are now among the best-in-class, and hard to beat if you own an iPhone.
The second-generation AirPods Pro are Apple's best premium earbuds yet, with much improved sound quality and noise cancellation. Deals on newly released Apple products are rare, but the second-gen AirPods Pro are already on sale for $20 off their regular price.
Improved sound and active noise cancellation
Onboard volume controls
Adaptive Transparency mode
Redesigned charging case
Nearly identical with original AirPods Pro
Lack of custom EQ controls
A familiar fit with a charging case that's easier to to find
The earbuds and charging case have a nearly identical design as the original AirPods Pro.
Aside from a few subtle tweaks to the positioning of the microphones and vents, the new AirPods Pro are nearly identical to their predecessor. If the fit of the original Pros treat you right, these will do the same.
In an effort to cater to more ears, Apple includes four eartips in the box instead of three. The added extra-small silicone eartip should please anyone who found the fit of first-gen AirPods Pro too cramped in the ear.
When it comes to design, the bigger headline is in the charging case. The case's new U1 chip enables "Precision Finding" with the Find My app, which gives you visual direction and distance indications to where it is. The charging case also features a speaker that plays a sound, so you get an aural indication, too. And as a little bonus, there's a new lanyard loop on the left edge of the case.
The charging case speaker also gives you audio notifications for low battery, and it chimes when you start charging or when pairing is complete. It's now water- and sweat-resistant, and as expected, it's also compatible with MagSafe.
Apple claims the second-gen AirPods Pro earbuds themselves have six hours battery life, and the MagSafe charging case can hold up to 30 hours of charge. That's an improvement over the original AirPods Pro, but about the same as other premium wireless earbuds.
Impressive active noise cancelling and all-around better sound
Improved sound quality and noise cancelling puts the AirPods Pro in the same league as premium wireless earbuds from Sony and Bose.
The second-generation AirPods Pro is the first pair of Apple earbuds powered by the H2 chip, which brings improved sound and active noise cancellation, adaptive transparency mode, and the aforementioned longer battery life.
Compared to other premium wireless earbuds, the original AirPods Pro always sat at the bottom of the noise-cancellation performance chart. That's all changed with the second-gen Pros. Apple claims the second-gen AirPods Pro have up to twice the noise-cancelling performance as the originals, and I'm inclined to believe them — the world is much quieter when you want it to be, from the low hum of a commuter train and people chattering, to higher pitches from cars driving in the rain.
While the sound is a big improvement from the original Pros, it's worth noting the active noise cancellation is not as top-tier as Sony's XM4 earbuds or Bose's QuietComfort Earbuds II. I'd also argue that even Jabra's midrange Elite 85Ts offer a better overall sound experience because it allows you to customize the sound to your liking with equalizer adjustments, while the AirPods don't.
Rather, the second-gen AirPods Pro include Apple's Adaptive EQ that automatically adjusts the sound they produce based on the shape of your ears. It's a useful feature, but I'd like to see an option that lets users adjust their own EQ settings.
The new AirPods Pro also come with Apple's personalized Spatial Audio (similar to Sony's 360 Reality Audio), a 360-degree surround sound format that results in an "immersive" listening experience. I can't say that I notice much of a difference whether I have the feature on or off, even with songs from Apple's "Made for Spatial Audio" playlist.
But perhaps the best new feature powered by Apple's H2 chip is "adaptive" transparency feature, which automatically reduces the volume of loud noises when using transparency mode. It does an amazing job of letting sound in, but also blocking out loud noises, like a car horn. It's so good that the second-gen AirPods Pro are the only pair of earbuds where I actually use the transparency mode in earnest.
Onboard volume controls are a welcome addition
The second-gen AirPods Pro feature touch volume controls.
The original AirPods Pro came with pressure-sensitive controls for media playback controls and switching between noise cancellation or transparency modes, but they were notably lacking volume controls.
Apple fixed that with the second-gen AirPods Pro by adding touch sensors that let you swipe up or down the stems to adjust volume. No more having to reach for your phone to adjust the volume.
Despite the short stems, it's surprisingly easy and intuitive to swipe up or down: Act like you're pinching the stems with your thumb and index finger, and simply swipe with your index finger.
The second-gen AirPods Pro come highly recommended for iPhone users.
The second-gen AirPods Pro absolutely come recommended for the proverbial "most people," at least those willing to spend over $200 for premium wireless earbuds, and especially those entrenched in the Apple ecosystem with multiple Apple devices.
Alongside the seamless pairing and switching between iOS devices, the second-gen AirPods Pro are a no-brainer for Apple loyalists with features like Precision Finding, as well as finer controls and options in the AirPods settings, which aren't available on other platforms. Even if you own a pair of the original AirPods Pro, you'll notice a big difference.
However, the AirPods Pro aren't necessarily the only option out there. If you don't own an iPhone, I'd still recommend looking into Sony's WF-1000XM4, Jabra's Elite 85T, or the Bose QC Earbuds II.
AirPods Apple AirPods Pro | 2022-12-13T17:51:30Z | www.businessinsider.com | AirPods Pro 2 Review: Apple's Best Wireless Earbuds to Date | https://www.businessinsider.com/guides/tech/apple-airpods-2nd-generation-review | https://www.businessinsider.com/guides/tech/apple-airpods-2nd-generation-review |
How long can a Twitter video be? What you need to know
A Twitter Blue subscription significantly increases the length limit for video uploads.
For most users, Twitter limits videos to 140 seconds in length.
Even if your video is less than 140 seconds, be sure it's less than 512 MB in size.
Twitter Blue subscribers can tweet videos up to 10 minutes in length.
As the world's most well-known microblogging site, Twitter is all about broadcasting short, pithy messages. Tweets are limited to 280 characters, so it stands to reason that videos have a similarly restrictive limit on overall length. In fact, videos on Twitter are limited to 140 seconds (with an important exception).
How long can a Twitter video be?
For most users, Twitter limits videos to 140 seconds (two minutes and 20 seconds). There's also a file size limit: videos can't exceed 512 MB in size.
Users who subscribe to the new Twitter Blue paid service, though, can publish longer videos. Twitter Blue supports videos up to 10 minutes in length. To take advantage of this, though, you need to sign up for Twitter Blue, which currently costs $8 per month for Android users and $11 per month for iOS users.
In both cases, you can upload longer files, but Twitter requires you to trim the video to length before including it in a Tweet. When you select a video to include in a Tweet, Twitter automatically opens the video in a video editor, which you can use to trim it down to an acceptable length by dragging the edit bars at the start and end of the video.
If your video is too long for a tweet, you can trim the start and end in Twitter's video editor.
Quick tip: To post longer videos to Twitter, you can upload your video to YouTube and then include a link to the YouTube video in your tweet.
TECH How to post videos on Twitter, or embed videos in tweets
TECH 7 hidden Twitter features every user should know
TECH How to download your Twitter archive and get a full record of all your tweets, followers, and more
TECH How to set a Twitter Status, a new feature that lets you add a short note and emoji to the top of your tweets
Twitter Twitter Blue Social Media | 2022-12-13T17:51:36Z | www.businessinsider.com | How Long Can a Twitter Video Be? What You Need to Know | https://www.businessinsider.com/guides/tech/how-long-can-a-twitter-video-be | https://www.businessinsider.com/guides/tech/how-long-can-a-twitter-video-be |
Taco Bell's latest plan to take on McDonald's includes keeping fries on the menu forever and committing to breakfast
Taco Bell's fries
Yum Brands, the parent of Taco Bell, KFC, and Pizza Hut, hosted an investor day conference Tuesday.
Taco Bell CEO Mark King spoke about competing with McDonald's at breakfast and lunch.
His playbook: make fries a forever menu item, and "commit" to breakfast.
When Taco Bell debuted french fries in 2018, it became the chain's most popular new menu item – ousting Doritos Locos Tacos.
It sold more than 53 million orders in the first five weeks. The seasoned fries, served with a side of nacho cheese, have rotated on and off the menu ever since, becoming Taco Bell's version of the McDonald's McRib.
Now, Taco Bell wants to use the fan favorite to take on McDonald's at lunch.
During a Tuesday investor day presentation held by Yum Brands, the owner of Taco Bell, KFC, and Pizza Hut, Taco Bell CEO Mark King said the brand is looking to make Nacho Fries a year-round menu item to compete with McDonald's at lunch.
"We're looking at bringing fries permanently to the menu," Mark King told investors on Tuesday.
Taco Bell CEO Mark King
King called breakfast and lunch a $1 billion sales opportunity, pointing to a slide showing McDonald's as its main competitor.
The chain has dabbled with breakfast for several years, he said. But "we have to commit" to breakfast to beat rivals like McDonald's, he added.
"There's a big opportunity" for Taco Bell in breakfast and lunch, he said.
McDonald's has dominated the fast-food breakfast wars despite competition from Wendy's, Burger King, and Taco Bell in recent years. During the pandemic, Taco Bell lost momentum at breakfast when it temporarily paused the morning meal offering as offices shut down.
Taco Bell launched its first breakfast program, then dubbed FirstMeal, in 2012 after years of testing. Six years later, the Southern California-based chain, known for its Millennials and Gen Z appeal, added Nacho Fries to its menu.
NOW WATCH: The healthiest things you can get at McDonald's
Fast Food Restaurants Menu | 2022-12-13T17:52:12Z | www.businessinsider.com | Taco Bell to Compete With McDonald's With Fries and Breakfast | https://www.businessinsider.com/taco-bell-to-compete-with-mcdonalds-with-fries-and-breakfast-2022-12 | https://www.businessinsider.com/taco-bell-to-compete-with-mcdonalds-with-fries-and-breakfast-2022-12 |
Russian President Vladimir Putin seen during the plenary session at the Eurasian Economic Summit, November,9,2022, in Bishkek, Kyrgyzstan.
The Kremlin rejected Zelenskyy's call for Russian troops to withdraw from Ukraine.
Peskov said Ukraine needed to accept "the realities" that have developed over the course of the war.
He was referencing Moscow's claims over Ukrainian territory, which Russian forces don't even fully control.
The Kremlin rejected Ukrainian President Volodymyr Zelenskyy's call for Russian troops to be pulled from Ukraine, urging Kyiv to accept Moscow's claims over Ukrainian lands that Russia's forces don't fully occupy before peace can be considered.
"The Ukrainian side needs to take into account the realities that have developed during this time," Kremlin spokesperson Dmitry Peskov said on Tuesday, per Reuters.
"And these realities indicate that new subjects have appeared in the Russian Federation. They appeared as a result of referendums that took place in these territories. Without taking these new realities into account, no kind of progress is possible," Peskov added, referencing votes that have been decried around the world as a sham.
The referendums occurred in Ukrainian territories that Russian President Vladimir Putin illegally annexed in September. Russian forces did not fully control these regions when Putin announced the illegal annexations, and they have continued to lose ground to Ukraine's military ever since. In November, Russian troops retreated from Kherson, the first major city Russia's military seized after the invasion.
In short, Russia is calling on Ukraine to accept "realities" even as Moscow's rhetoric on the war is consistently at odds with the situation on the ground.
Peskov's comments came after Zelenskyy on Monday said in an address to G7 leaders that "the occupier must leave," adding, "It will certainly happen. I see no reason why Russia should not do it now – at Christmas."
"The answer from Moscow will show what they really want — further confrontation with the world or finally cessation of the aggression. The one who brought the war upon us has to take it away," the Ukrainian leader argued.
The war in Ukraine has not gone well for Russia, which is estimated to have suffered approximately 100,000 casualties since invading in late February.
The West has responded to the invasion by moving to isolate Moscow economically and politically, slapping Russia with crippling sanctions. As the situation in Ukraine looks increasingly grim for Russia, the Kremlin on Monday announced that Putin would not to hold his annual year-end press conference, a prevailing theory being that perhaps he hopes to avoid uncomfortable questions on the war. | 2022-12-13T18:26:01Z | www.businessinsider.com | Kremlin Rejects Zelenskyy's Call for Troop Withdrawal Over Christmas | https://www.businessinsider.com/kremlin-rejects-zelenskyys-call-for-troop-withdrawal-over-christmas-2022-12 | https://www.businessinsider.com/kremlin-rejects-zelenskyys-call-for-troop-withdrawal-over-christmas-2022-12 |
I run a multimillion-dollar specialty-coffee business that I started 5 years ago. Here are our 3 main marketing channels and how we measure success.
Sahra Nguyen is the founder and CEO of Nguyen Coffee Supply.
Erics Kun
Sahra Nguyen is the founder and CEO of Nguyen Coffee Supply, which sells Vietnamese coffee.
She started out with organic social and public-relations marketing and leaned into storytelling.
Nguyen now also does paid advertising, but success is measured by all channels working together.
This as-told-to essay is based on a conversation with Sahra Nguyen, the 36-year-old founder and CEO of Nguyen Coffee Supply, about the marketing strategies that have helped grow her business. Insider has verified her business' revenue with documentation. The following has been edited for length and clarity.
When people see the speed at which I've grown my direct-to-consumer coffee company over the past five years, they're often surprised to learn we didn't do any paid advertising for about the first 1 ½ years.
Like many small businesses, we simply didn't have the money to spend. So we relied on growing our audience more organically for as long as we could. Even though we eventually layered in ad spend, I think this diversified marketing mix has really benefited us by allowing us to meet different types of customers where they are and creating multiple touchpoints to ultimately inspire a prospective customer to buy.
Here are the three marketing channels we rely on most, the unique opportunity each has given us for connecting with consumers, and how all three have worked together to help us gain traction and build a multimillion-dollar company.
We used social media to tell our story and build relationships
Nguyen brewing in Brooklyn, New York.
The core of our marketing efforts has always been about education, storytelling, and building community around our mission: To elevate Vietnamese coffee, especially the robusta bean. Social media has always been such a good place to do that because it gives me and my team direct access to our customer base.
On social media, I can share ideas for ways to enjoy our beans and insights into how to use our specialty-coffee equipment. I can show behind-the-scenes shots of the Vietnamese coffee farmers we work with directly and explain why Vietnamese coffee is so special. I can dig into my journey as a Vietnamese American founder and discuss the change I want to see in the industry.
What started as friends and family following us quickly grew to affinity groups who cared about the same things I did: The Asian American community, the immigrant community, and the specialty-coffee community. Finding our people and speaking our truth via social media have not only grown our social following but also influenced our word-of-mouth marketing, I believe, which is the No. 3 way people find out about us, a survey we conducted this year found. Because of our deep commitment to storytelling on social media, followers love to share the brand and have the talking points to do so.
We used PR to educate consumers and shift the narrative
Courtesy of Sahra Nguyen
Much of the success of our company relies on a massive narrative shift around the perception of the robusta bean and of Vietnam as a coffee producer. As such, public relations have been an important channel to layer on top of social media to deepen our education efforts and legitimize our message and product.
For starters, traditional media allows for deeper and more nuanced education. While on social media we often have mere seconds to get to the point, longer articles or TV spots give us more space to share context or tie our mission to issues facing the world.
It's also helped widen our audience to people who cared about issues tangential to our mission. We targeted major news organizations to discuss the ethics of visibility in the coffee industry and how the perception of Vietnamese coffee is related to anti-racism activism. We sought out food publications to discuss why Vietnamese coffee deserved a rebrand and what it could offer serious coffee lovers.
In the beginning, we'd measure the success of our PR by how many of our pitches were turning into published stories, which helped us evaluate the efficacy of our pitch, hook, storytelling, and macro-cultural relevance. Now that we've got the ball rolling, we cross-analyze press pieces, site traffic, and Google Analytics to estimate impressions and site traffic coming from a particular article.
We added paid advertising to push our efforts further
Nguyen visiting a coffee farm in Vietnam.
At some point, I found that the audience we were able to reach using organic marketing and word of mouth got kind of tapped out — especially on social media, the algorithm limits how many people you can reach organically, and it's tough to control.
So we eventually started to add in paid advertising on Instagram, Facebook, and Google to scale our message to newer audiences. In doing so, we had to shift our messaging to appeal to an audience that may be colder, as they call it in marketing speak. Instead of sharing what mattered to me as a founder, I had to think about what mattered to the consumers: They want coffee that gives them energy and tastes good.
Nguyen says success is about all of her marketing channels working together to drive consumers to purchase.
Erics Kun/Nguyen Coffee Supply
I also had to do a lot of experimentation and incremental tests to figure out which paid-advertising channels worked for us. For instance, early on I had a founder friend who had success with YouTube advertising, so I immediately threw a lot of money into it — and it ended up being a total flop for us because the customer-acquisition cost was far too high considering our average-order value.
There are so many channels for reaching your target market, and they won't all work for every brand, so incremental tests are important.
When it comes to measuring the success of our paid advertising, we've found it most helpful to think about how these channels work together. Consumers often interact with multiple touchpoints before they make a purchase. For instance, they may see an ad on Facebook and then read an article about us later and then Google us to click through and purchase. While Google Ads may get the attribution in that case, multiple platforms played a role.
That's why instead of paying attention only to the return on advertising spend of any given advertising channel, we also look at the blended return on advertising spend (also called the marketing-efficiency ratio) across all channels: How much money are we spending on ads across platforms, and how much revenue are we gaining from e-commerce? That helps us get a full-picture view of how our marketing efforts are working together.
Marketing for Small Business Coffee Small Business | 2022-12-13T20:53:59Z | www.businessinsider.com | 3 Marketing Channels I Use for My Multimillion-Dollar Coffee Company | https://www.businessinsider.com/main-marketing-channels-social-media-pr-nguyen-coffee-supply-2022-12 | https://www.businessinsider.com/main-marketing-channels-social-media-pr-nguyen-coffee-supply-2022-12 |
Amex Offer: Eligible cardholders can get $100 off an Aura credit monitoring subscription
A new Amex Offer can cover almost the entire cost of an annual Aura subscription, which comes with ID theft monitoring and other security features.
serpeblu/Getty
If you're an American Express cardholder, check your Amex Offers** to see if you're targeted for a lucrative offer from Aura.
Until April 15, 2023, eligible cardholders can get $100 back when they enroll in the offer and use their card to make an Aura purchase of $100 or more.
Aura provides comprehensive credit monitoring and additional identity protection services for individuals, couples, and families.
Read Insider's guide to the best American Express cards.
Monitoring credit is a good idea to protect yourself from identity theft, whether you employ a credit monitoring service or monitor manually by reviewing your credit reports from the major credit bureaus each year. In 2021, the Federal Trade Commission recorded 1.4 million identity theft reports, up from 370,000 in 2017.
If you're an American Express cardholder who has been shopping around for a credit monitoring service, now might be the time to look at Aura. Until April 15, 2023, there's a targeted Amex Offer** to get $100 back when you make a purchase of $100 or more on Aura's online shop using your enrolled card.
Get a year of Aura protection for nearly free with Amex Offer
$9 to $25 per month for individuals and families.
Solid range of protections including parental controls
Includes antivirus, VPN, and password manager features
Reasonable pricing for couples and families
All plans come with 24/7 customer support
Every adult member on your plan is backed by $1,000,000 insurance policy to cover eligible losses and fees due to identity theft.
Enjoy a 60-day money-back guarantee on annual plans.
60-day money back guarantee is only available for annual plans purchased through Aura’s websites (excludes Amazon) or via the Customer Support team.
In a new targeted Amex Offer, when cardholders enroll and spend $100 or more at Aura.com in a single purchase, they get $100 back in statement credit. The offer will end on April 15, 2023.
An annual Aura membership for an individual is just over $100, so this deal will cover almost an entire year of identity protection under Aura. That said, Aura offers couples and family plans which provide the same protection at discounted rates per person.
In addition to credit monitoring and other financial account monitoring, Aura also offers several safety tools including a VPN service and ad blockers. Aura also provides $1 million in identity theft insurance per adult member.
Some additional terms for this promotion apply:
A new customer receiving a free trial must be enrolled in the free trial prior to the campaign end date to qualify
You may not receive credit until the free trial has lapsed
Offer is non-transferable
Valid only on purchases made in US dollars
Limit of one statement credit per card member
Note: Unless you explicitly notify Aura, your subscription will auto-renew when your term ends without notifying you unless required to by applicable laws.
What is credit monitoring?
Credit monitoring is the process of keeping tabs on changes to your credit report, which influence fluctuations in your credit score. When you're constantly on top of developments on your credit report, it's easier to notice errors or inaccurate information on your credit report, which can be a sign of identity theft. For example, if you suddenly see a new credit card on your report that you didn't open, you should probably take action.
While you're able to request a free credit report weekly from each of the major three bureaus —TransUnion, Experian, and Equifax — until the end of 2023, you're normally only able to request those reports once per year. Even when you budget your reports so you can check on your credit every four months, for the space between each free report, it's useful to employ a credit monitoring service.
The basic function of credit monitoring services, like Aura, is to notify you when there are any changes in your credit report, such as a new line of credit. The immediacy of these notifications allows you to act quickly when something doesn't look right, so you can minimize the damage to your credit.
While free credit monitoring services offer little else, paid services come with a whole host of additional services to protect your identity such as additional financial account security and password protection. Some credit monitoring also monitors suspicious activity on your social media. These can provide holistic identity protection and peace of mind.
PERSONAL FINANCE 16 best Amex credit cards of December 2022: Earn cash back, flexible points, or airline and hotel rewards | 2022-12-13T20:54:11Z | www.businessinsider.com | Amex Offer: Get $100 Back on $100 Aura Credit Monitoring Purchase | https://www.businessinsider.com/personal-finance/amex-offer-aura-credit-monitoring-2022-12 | https://www.businessinsider.com/personal-finance/amex-offer-aura-credit-monitoring-2022-12 |
B2B fintech startup BondAval, founded by an ex-professional rugby player, just raised $15 million using this 13-slide pitch deck
Tom Powell, BondAval CEO.
BondAval
London-based fintech BondAval has raised $15 million in Series A funding.
The startup provides credit insurance through its proprietary "MicroBonds."
The company wants to expand its presence in Europe and the US with the new capital.
A British fintech startup founded by a former professional rugby player has raised $15 million in Series A funding.
London-based BondAval, set up in 2020, provides credit security for companies like Shell and BP through a digital platform. The startup offers "MicroBonds" which replace bank guarantees and other traditional collateral instruments. MicroBonds are backed by insurers with high credit ratings and serve as non-cancellable credit instruments for corporates looking for increased payment security.
In short, the company offers an alternative to expensive options for supply chain and B2B financing like trade credit insurance, which often have negative balance sheet implications for customers.
"We decided to raise our Series A with 27 months of runway remaining, which is an unusual step," Tom Powell, BondAval cofounder and CEO told Insider. "But the fact that we had achieved both our seed aims and product-market fit earlier than expected, combined with our view that the market will be more uncertain in the coming years, validated our decision to go to market early."
The Series A round was led by Talis Capital, which was joined by new and existing investors including Octopus Ventures, Insurtech Gateway, TrueSight and Expa, FJ Labs, and Broadhaven Ventures. Funding will go towards growing the company's credit risk decision engine as well as expanding BondAval's presence in both Europe and the US from its Austin office.
The current macroeconomic climate may cause traditional credit insurers to pull cover from their clients, Powell said.
"While this will be protective for the insurers in some cases, in others, they may end up punishing excellent credit teams for a macro environment beyond their control," he said.
"For these high-performing teams, BondAval's non-cancellable security and advanced counterparty-level underwriting holds extra appeal. Of course, our commercial approach must always be matched by prudent underwriting; being well-capitalized allows us to keep making the right decisions."
BondAval declined to share its new valuation but claimed it was a "step up" from the company's seed round. The business has now raised more than $25 million to date.
Check out the 13-slide pitch deck BondAval used below:
Features fintechs | 2022-12-14T08:38:40Z | www.businessinsider.com | BondAval: B2B Fintech Startup Raises $15 Million From Talis Capital | https://www.businessinsider.com/bondaval-b2b-fintech-startup-raises-15-million-from-talis-capital-2022-12 | https://www.businessinsider.com/bondaval-b2b-fintech-startup-raises-15-million-from-talis-capital-2022-12 |
Hey there. Dan DeFrancesco checking in from a NYC that just keeps getting colder.
The House Financial Services committee's hearing on the blowup of crypto exchange FTX was Tuesday, but it just wasn't the same without the guest of honor — FTX founder Sam Bankman-Fried — who was arrested Monday in the Bahamas.
Still, that's not to say we didn't learn anything at the hearing. FTX's new CEO said it could take months to track down the company's assets, adding that the crypto exchange used QuickBooks, (probably not the type of promotion the accounting tool was looking for).
And the fun isn't over yet! The Senate's Committee on Banking, Housing, and Urban Affairs holds its hearing today, which will include FTX backer and Shark Tank judge Kevin O'Leary and actor-turned-crypto-author Ben McKenzie.
In the meantime we've got stories on 71 VCs that are poised to make some noise in 2023, how one financial firm is axing holiday bonuses altogether, and a step-by-step plan for how to know when it's time to go all-in on your side gig.
But first, I think it's time for a change.
REUTERS/Jeff Zelevansky
1. Activist investing ain't easy.
You'd think most companies' shareholders would be open to change to boost sagging stock prices.
But even with a market downturn, activist investors' campaigns haven't been the cakewalk some might expect.
Insider's Daniel Geiger, Rebecca Ungarino, and Casey Sullivan spoke to industry insiders — including famed activist investor Carl Icahn — about why the current landscape isn't as accepting as some might think to activist campaigns.
One issue activists face might seem obvious — the M&A market, a common lever campaigns rely on, is basically dormant — but there are plenty of other factors at play, which are covered in the story.
But when the going gets tough, the tough get going, and a difficult market environment doesn't mean we'll see the number of campaigns decrease. In fact, some insiders expect 2023 to be another big year for activists.
Click here to read more about why top activist investors like Carl Icahn say this line of work is riskier than ever.
Ritika Pai is an investor at ICONIQ and one of our VC rising stars.
Ritika Pai
2. VCs to watch in 2023. We asked readers, industry insiders, and last year's rising stars to identify the top up-and-coming venture investors. Here's our list of 71 rising-star VCs.
3. Ken Griffin vs the IRS. The billionaire founder of hedge fund Citadel is suing the IRS and Treasury Department after his tax records were obtained and published by news website ProPublica, The Wall Street Journal reports. Click here for more on the suit.
4. JPMorgan partners with a fintech helping companies manage cash. Trovata, whose clientele includes Square, Etsy, and Krispy Kreme, will work with the bank's asset management division to help companies get higher yields on their idle cash. More on the deal here.
5. EY employees are getting coal this year. As per the FT, the Big 4 accounting firm will not be offering holiday bonuses to its US staff this year. Here's why.
6. Laid-off tech workers might not be unemployed for long. A new report shows job postings for tech-focused roles are on the rise. Read more on why tech workers can rest easy.
7. Those private-market valuations are about to have a real-world realization. The end of the year means VC firms will have their portfolios audited, which will lead to tough discussions about the value of some startups. More on the looming so-called "audit cliff."
8. How to go all-in on that side hustle. Here's a five-step plan to help you decide when that side gig you have should be the only gig you have. What are you waiting for?
9. Elliott Management doubles down on Nielsen deal. The activist hedge fund purchased the debt it needed to takeover the television ratings company, the FT reports. Here's why.
10. The guy who filmed the NYC's famous "Pizza Rat" is still making money off the viral video. Matt Little explained how the seven-year-old video could eventually help him buy a house. Why the "Pizza Rat" still lives on today. | 2022-12-14T13:12:39Z | www.businessinsider.com | Activist Investing Still Uphill Battle Despite Poor Stock Performance | https://www.businessinsider.com/activist-investing-challenges-amid-market-downturn-2022-12 | https://www.businessinsider.com/activist-investing-challenges-amid-market-downturn-2022-12 |
The Chevrolet Bolt EUV isn't the quickest or the coolest EV around, but it is one of the cheapest.
I drove the Chevrolet Bolt EUV, now the cheapest electric SUV in America after a price cut.
The Bolt EUV costs just over $28,000 and provides 247 miles of driving range, making it one of the best values on the market.
Chevy lent me a 2022 Bolt EUV Premier, which would cost around $37,000 after this year's price cut.
Electric cars have mostly shed their stigma as toys for rich people and quirky conveyances for tree-huggers. But there's still one significant barrier to entry keeping would-be converts from taking the plunge: They're just too darn expensive.
In a time when more people than ever are eager to kick fossil fuels to the curb, the average electric vehicle is still far out of reach for the average American. Last month, the price for a new battery-powered car was a whopping $65,000, roughly a year's income for the median US household.
But there's a bright spot among all the prohibitively pricey Teslas and Audis: The Chevrolet Bolt EUV.
The 2022 Chevrolet Bolt EUV.
It's not some theoretical affordable EV that might get made eventually. (Looking at you, Tesla.) It's available right now for $28,195, and I got to drive it. It's the cheap electric car that America has been missing.
An EPA-rated 247 miles of range gives the EUV — America's cheapest e-SUV after a recent $6,300 price cut — some of the best bang for your buck in the entire EV market. If you break down value into a range-per-dollar ratio, the EUV is beat out only by the Bolt EV hatchback, which costs slightly less and returns 259 miles of range.
Consider the other low-priced EVs out there. An electric Mini Cooper will run you around $34,000, but it only provides 114 miles of range in return. Likewise, the Nissan Leaf starts at $28,000, but it's rated for a paltry 150 miles. The latest generation of electric SUVs from Ford, Hyundai, and Kia all start at well over $40,000.
In a world where charging stations still aren't widespread, range and price are two of the top concerns for EV buyers. And the EUV gets high marks on both.
Crucially, all that range and value comes wrapped up in the SUV package that Americans love. Historically, the cheapest, mass-market EVs were always hatchbacks, which Americans have rejected in favor of SUVs of various sizes.
Driving the Bolt EUV isn't a revelation, but it's a totally pleasant experience. The EUV cruises comfortably and quietly. It doesn't provide the same jolt of acceleration as, say, a Ford Mustang Mach-E, but it darts away from a stoplight quick enough thanks to a 200-horsepower motor. And you can pay extra for Super Cruise, an excellent driver-assist feature that pilots the car hands-free on highways.
The cheapest of anything is bound to have a few shortcomings. The EUV can't charge as quickly as pricier rivals (it can add 95 miles of range in 30 minutes, Chevy says), and all-wheel drive isn't an option. It's not particularly quick, and its styling looks pretty pedestrian alongside head-turning models from Hyundai and Kia.
There's clear appetite for cheaper EVs. Surveys consistently cite high prices among the top factors keeping buyers out of the EV market. And according to a new study from S&P Global Mobility, Tesla is losing market share to EVs on the more affordable (sub $50,000) end of the spectrum, where Musk's brand doesn't compete.
But the Bolt EUV isn't trying to be a spaceship, speed demon, or smartphone on wheels. What it brings to the table is arguably more important amid a warming climate: Electrification for the masses. | 2022-12-14T13:12:52Z | www.businessinsider.com | Driving America's Cheapest Electric SUV, the Chevy Bolt EUV | https://www.businessinsider.com/chevy-bolt-euv-cheap-electric-car-suv-price-2022-12 | https://www.businessinsider.com/chevy-bolt-euv-cheap-electric-car-suv-price-2022-12 |
Twitter blocked around 30 mobile carriers due to Elon Musk's bot fears, per Platformer.
But this meant many real users were also denied access to the app on Sunday.
Staff rushed to reverse the ban after top telecom companies passed on customer complaints.
Elon Musk accidentally blocked real Twitter users as the platform denied access to hundreds of thousands of accounts in an attempt to reduce bot numbers, Platformer reported.
Around midnight Saturday, the world's second-richest person tweeted: "The bots are in for a surprise tomorrow."
Hours later, the main telecom providers in India and Russia – plus the second-biggest in Indonesia – were all blocked from Twitter.
Roughly 30 mobile carriers, primarily in eastern Asia, were all cut off from the app as part of Musk's attempt to limit spam.
Instead of identifying individual accounts, Twitter identified mobile networks which were associated with large bots networks, Platformer reported.
It first blocked SMS messages used for two-factor authentication, before preventing access to Twitter completely.
Musk's concern about bots was a prime issue as he tried to pull out of the deal to acquire Twitter over the summer. His lawyers also argued that Twitter was hiding staff responsible for calculating how many accounts were bots.
He had claimed that 20% of users were fake or spam, but Musk's own data scientists found the number to be around 5% to 11%.
Sunday's ban only lasted for a bit more than an hour, before the telecom companies passed their customers' complaints onto the social network.
On the company's Slack, a Twitter engineer shared an email from one of the companies, Platformer reported. One employee said: "I expect more emails like this to hit our peering queue tomorrow."
Another replied: "We blocked a fair few huge carriers, so I would expect so."
The telecom companies were told the issue was due to "routing configuration changes" as Twitter staff quickly undid the block.
Musk had also demanded employees explain why a specific account had been able to impersonate him, per Platformer. The hacked account had been able to share crypto scams because it was verified.
One employee said that Twitter's content moderation tool used to identify spam "has been unstable for at least a week now."
Twitter did not immediately reply to Insider's request for comment. | 2022-12-14T13:38:45Z | www.businessinsider.com | Elon Musk Accidentally Blocked Thousands of Twitter Users in Bot Cull | https://www.businessinsider.com/elon-musk-accidentally-blocked-thousands-of-twitter-users-bot-cull-2022-12 | https://www.businessinsider.com/elon-musk-accidentally-blocked-thousands-of-twitter-users-bot-cull-2022-12 |
Jack Dorsey, cofounder of Twitter.
Twitter cofounder Jack Dorsey appeared to criticize the way the "Twitter Files" were released.
In a Tuesday blog post, Dorsey suggested the files should have been released "Wikileaks-style."
The documents were leaked by independent journalists including Matt Taibbi and Bari Weiss.
Former Twitter boss Jack Dorsey appeared to criticize the way documents known as the "Twitter Files" were leaked to specific journalists.
In a Tuesday blog post, Dorsey took aim at the way the files had been distributed. He did not directly mention the platform's new owner, Elon Musk.
He said: "As for the files, I wish they were released Wikileaks-style, with many more eyes and interpretations to consider."
WikiLeaks is a website set up by Julian Assange to help whistleblowers publish documents and leaked data, the documents published are accessible to anyone.
The documents, which cover events such as the suspension of Donald Trump's account, have been released on Twitter by independent journalists, including Matt Taibbi and Bari Weiss.
News outlets have reported on the files from the screenshots and details presented by the journalists.
In his blog post, Dorsey also condemned the threats that had been leveled at Twitter employees after the release of some internal Twitter communications.
The company's former head of trust and safety, Yoel Roth, has reportedly fled his home due to intensifying threats of violence spurred by the "Twitter Files" and criticism from Elon Musk.
Dorsey did not mention Musk specifically in the blog. Instead, he tried to redirect the blame onto himself.
He wrote: "The current attacks on my former colleagues could be dangerous and doesn't solve anything. If you want to blame, direct it at me and my actions, or lack thereof."
Reflecting on the Twitter Files, Dorsey said that under his leadership the platform had done the "wrong thing for the internet and society."
Representatives for Musk and Twitter did not immediately respond to Insider's request for comment. Dorsey could not immediately be reached.
Jack Dorsey Twitter twitter files | 2022-12-14T13:38:57Z | www.businessinsider.com | Dorsey Say He Wishes 'Twitter Files' Were Released 'WikiLeaks-Style' | https://www.businessinsider.com/jack-dorsey-twitter-files-wikileaks-style-elon-musk-2022-12 | https://www.businessinsider.com/jack-dorsey-twitter-files-wikileaks-style-elon-musk-2022-12 |
More rate hikes and a recession are still ahead despite slowing inflation, experts warn. Here are 3 places they say to put your money right now as the economy slows.
November's CPI reading came in at 7.1%, down from 7.7% in October.
Falling inflation is fueling investor hopes of a Fed pivot in 2023.
But those hopes are misguided, Wall Street experts say.
When the Bureau of Labor Statistics reported on Tuesday that consumer prices had risen 7.1% year-over-year in November, down from 7.7% in October, investors rejoiced.
By 10:00 a.m. on the East Coast, a half-hour after the market opened, the S&P 500 had risen more than 2.5% above where it closed on Monday.
But the momentum quickly sputtered, and the benchmark index closed on Tuesday up a less-emphatic 0.73%.
Investors jumped out of their boots briefly on Tuesday morning.
The retreat to a more cautious outlook was the correct move from investors, Wall Street experts told Insider on Tuesday. The Federal Reserve isn't ready to relinquish its hawkish stance.
"The markets were off to the races" on Tuesday morning, said Michael Arone, chief investment strategist of State Street Global Advisors' US SPDR business. "But I think as investors digested the report and what it means for the Fed tomorrow and going forward, they concluded that there's still a lot of work to be done."
The Federal Reserve has been forcefully tightening monetary policy in order to bring down soaring inflation to their long-term target of 2%. Doing so, however, is causing stress for the economy and financial markets.
So the more inflation comes down, the higher the chance that the Fed quits its tightening regime, and the better the outlook for stocks.
Investors are betting that the Fed will pivot to more dovish policy by around the middle of 2023, as shown in the below chart from State Street Global Advisors. Investors expect the Fed will hike the fed funds rate to 4.75-5% by the second quarter next year before pivoting in in the third quarter. The fed funds rate sat at 3.75-4% before the Fed's December meeting.
But investors shouldn't be too optimistic that a pivot will come in 2023, said Lauren Goodwin, economist and portfolio strategist at New York Life Investments. Instead, rates will remain high throughout the duration of next year, she said.
"We expect that in the next couple of months we're likely to see head-fakes like this where the market looks for a Fed pivot, where what I really expect is a Fed pause," Goodwin said.
One reason a pivot is unlikely to come is because certain drivers of inflation aren't showing signs of slowing, Arone said.
"Services and wages remained sticky," he said. "So that is likely to keep the Fed raising rates, and that could be a challenge going forward for markets."
Josh Jamner, an investment strategy analyst at ClearBridge Investments, agreed that rates are likely to stay high with inflation still above 7%, even though the slowing pace of price increases is "encouraging."
"It's still way too high," Jamner said.
Both Jamner and Goodwin expect the US economy to enter a recession in the second half of 2023. Arone is also wary of a slowdown.
Recession indicators like the inversion of 2-year and 10-year Treasury yields and The Conference Board's Leading Economic Index are flashing warning signs of a downturn ahead.
Economists at banks like UBS, Bank of America, and Deutsche Bank also expect a downturn in 2023.
3 places to invest
Given the high risk of recession, Arone, Goodwin, and Jamner all highlighted dividend stocks as an attractive place to park money right now. This is because they provide a source of steady income in a volatile, high-inflation environment.
Arone pointed out that high-dividend stocks have historically outperformed when inflation is above 3.5%.
"Dividend strategies can serve as a bridge to move portfolios smoothly from a defensive stance to a more hopeful environment."
They also tend to perform better than the broader market during bear markets.
Arone also said dividend stocks typically have some overlap with value stocks — stocks believed to be undervalued by the market — which Goodwin likes in the current environment, given that the easy monetary policy that benefits growth stocks isn't in place anymore.
"We believe value equity is moving into a period of structural outperformance," Goodwin said. "If last cycle was the decade of growth equity, we expect that this cycle will be the decade of value equity."
Quality stocks — or stocks with healthy balance sheets — are also more attractive heading into a slowdown, Jamner and Goodwin said.
The Vanguard High Dividend Yield ETF (VYM) offers exposure to dividend stocks, while the iShares Core S&P US Value ETF (IUSV) and the iShares MSCI USA Quality Factor Index ETF (QUAL) provide exposure to value and quality stocks, respectively.
Investing where to invest now | 2022-12-14T13:39:09Z | www.businessinsider.com | 3 Places to Invest After Fed Rate Hike, November's Inflation Reading | https://www.businessinsider.com/where-to-invest-now-fomc-november-inflation-reading-fed-policy-2022-12 | https://www.businessinsider.com/where-to-invest-now-fomc-november-inflation-reading-fed-policy-2022-12 |
This VC launched a top-performing fund during the last crypto winter. Here's why he's hopeful even after the downfall of FTX.
Matthew Le Merle launched his first outside fund during wintry market conditions, but it has produced outsize returns.
Matthew Le Merle, a founder of Blockchain Coinvestors, raised a fund in the crypto winter of 2018.
It's now a top performer, with positions in venture-capital firms such as Pantera and 1Confirmation.
Le Merle's firm had exposure to FTX, but he says its impact is limited and won't slow Web3 adoption.
As an investor in more than 40 crypto-focused funds, Matthew Le Merle has a front-row seat into the industry's performance. Despite this year's string of crypto catastrophes — Three Arrows Capital, Voyager, Celsius, FTX, and BlockFi — he's optimistic.
That optimism stems in part from the numbers at his own firm, Blockchain Coinvestors, a fund of funds that has backed venture-capital firms such as Haun Ventures, Variant, Dragonfly Capital, and Pantera Capital. Its first fund, from 2019, has racked up returns that place it in the top 10% for fund performance, according to data from PitchBook and Preqin.
The firm focuses on backing early-stage crypto-fund managers in the US, though it has also made some direct investments in industry companies, including Coinbase. It stays away from public tokens and crypto hedge funds, which Le Merle said has helped shield it from much of the tumult in crypto markets this year.
Le Merle, a managing partner of the early-stage investing firm Keiretsu Forum and a former consultant, cofounded Blockchain Coinvestors in 2014 alongside Alison Davis, his wife, who previously was a partner at the private-equity firm Belvedere Capital and the CFO of Barclays Global Investors. They started off investing in crypto- and Web3-related businesses with their personal funds. In 2018, they began raising their first fund from outside investors.
The timing — just as a crypto winter had begun to set in — was inauspicious. But Le Merle and Davis were undeterred, taking solace in the adage that investment returns are often bountiful after a sharp downturn.
"A lot of the fluffiness, the irrational exuberance exits the scene," Le Merle said. "There are less distractions and more opportunities for those that are left."
They ended up raising $8 million for their first fund in 2019. Its portfolio includes funds from Pantera as well as the VC firms 1Confirmation and Volt Capital. At the end of the third quarter of 2022, Blockchain Coinvestors' first fund had a net total value to paid-in, or TVPI, of 4.82x, meaning its investors had gotten back nearly $5 for every dollar they'd put in.
Le Merle and Davis have since raised two more funds and launched a special-purpose acquisition company, or SPAC. Their firm now has $450 million in assets under management.
Blockchain Coinvestors hasn't totally avoided this year's crypto onslaught. Pantera, one of the VC firms whose funds are in its portfolio, was an investor in FTX, the bankrupt cryptocurrency exchange whose founder, Sam Bankman-Fried, now faces criminal charges of fraud and conspiracy. Le Merle told Insider he expected FTX's collapse to have a limited impact on Pantera.
"Given their broad and diversified portfolio, we don't expect this will meaningfully impact their performance over the medium and long term," he said.
As this crypto winter has raged on, several investors have told Insider that the distinction between startups that built buzz largely through speculative tokens and those building potentially transformative blockchain technologies will become much more meaningful.
While this year's market crash has dulled some investors' excitement about cryptocurrencies, others remain optimistic about applications of Web3 in areas such as finance, gaming, and retail.
For instance, companies such as Starbucks, Nike, and Mastercard are pushing forward with Web3 initiatives. Goldman Sachs CEO David Solomon recently extolled the virtues of blockchain in an op-ed article for The Wall Street Journal.
Le Merle echoed that sentiment. "The real story for us is that digital monies and assets are inevitable," he said. "And now everyone agrees with us." | 2022-12-14T14:44:13Z | www.businessinsider.com | How Crypto Winter Brought Big VC Returns for Blockchain Coinvestors | https://www.businessinsider.com/blockchain-coinvestors-vc-returns-crypto-winter-ftx-pantera-web3-2022-12 | https://www.businessinsider.com/blockchain-coinvestors-vc-returns-crypto-winter-ftx-pantera-web3-2022-12 |
SpaceX CEO and Twitter owner Elon Musk beside a Falcon 9 launch.
Elon Musk has brought in more than six SpaceX lawyers to work at Twitter, the NYT reports.
Twitter's legal department is depleted after recent layoffs and resignations, per the NYT.
Musk has reportedly enlisted executives and engineers from his other ventures.
Elon Musk has enlisted more than six lawyers from his rocket company SpaceX to help fill the gaps in Twitter's workforce, The New York Times reported on Tuesday.
After Musk acquired the platform in late October, thousands of Twitter employees were laid off, fired, or resigned from their jobs. This has left entire departments at Twitter without many — or any — staff remaining.
More than six SpaceX lawyers were authorized to access Twitter's internal systems, per The Times, citing documents and two people familiar with the matter. The Times reported that Chris Cardaci, SpaceX's vice president of legal, and Tim Hughes, the senior vice president, global business and government affairs, were recruited to work at Twitter.
SpaceX, Twitter, and Cardaci didn't immediately respond to Insider's request for comment. Hughes couldn't be reached for comment.
The move comes as former employees have filed lawsuits against Twitter, accusing it of unfair practices.
The SpaceX lawyers aren't the only workers at a Musk-led company reportedly being brought into Twitter. The billionaire has enlisted cousins, interns, fans, and around 150 staff from his other ventures to work at Twitter, Insider's Kali Hays reported.
At least 17 top executives from Tesla, SpaceX, and The Boring Company were authorized to work at Twitter, per CNBC. The publication also reported Musk brought more than 50 employees at Tesla over to Twitter who were expected to learn source code, data-privacy rules, and content moderation.
Elon Musk Trending UK SpaceX | 2022-12-14T14:44:25Z | www.businessinsider.com | Musk Enlists SpaceX Lawyers to Boost Twitter's Depleted Workforce | https://www.businessinsider.com/elon-musk-spacex-lawyers-twitter-fill-depleted-workforce-2022-12 | https://www.businessinsider.com/elon-musk-spacex-lawyers-twitter-fill-depleted-workforce-2022-12 |
Twitter account tracking Elon Musk's private jet has been suspended from the platform.
The Twitter account tracking Elon Musk's private jet was suspended from the platform on Wednesday.
Musk had previously said he wouldn't shut the account down, even though he disliked it.
A Twitter account that tracked Elon Musk's private jet has been suspended from the platform despite Musk saying he wouldn't because of his "commitment to free speech."
The account @elonjet has been suspended today with a message on its profile saying: "Twitter suspends accounts that violate the Twitter Rules."
The billionaire CEO tweeted in November that he wouldn't remove the account for "free speech" reasons saying: "My commitment to free speech extends even to not banning the account following my plane, even though that is a direct personal safety risk."
Jack Sweeney, owner of the jet tracking account, posted a thread on Twitter on Sunday titled "My Twitter Files" saying that he learned from an anonymous Twitter employee that his account had been shadowbanned. Sweeney shared a screenshot of internal messages from Twitter's head of trust and safety Ella Irwin asking her team to apply heavy visibility filtering on the ElonJet account.
Sweeney told Insider's Beatrice Nolan that he suspected "for quite a while" that the account was "definitely search banned/ search suggestion banned."
Twitter and Sweeney did not immediately respond to a request for comment from Insider regarding the suspension.
Sweeney has over 30 accounts tracking politicians and billionaires including Donald Trump, Meta CEO Mark Zuckerberg, and Amazon founder, Jeff Bezos.
Elon originally offered Sweeney $5,000 to take down the tracking account saying it's a "security risk" and he doesn't "love the idea of being shot by a nutcase."
Sweeney countered the offer by asking for $50,000 which he said would help him go to college and get a car, but Musk later said it "doesn't feel right to pay to shut this down."
"I've done a lot of work on this and 5k is not enough," Sweeney said in an interview with Insider previously. He said that $5,000 wasn't enough to replace "the fun I have in this, working on it."
Musk has claimed to be a "free speech absolutist," and recently published his Twitter Files which aims to expose free speech suppression on the platform prior to his takeover. Twitter dissolved its Trust and Safety Council, which advocated for safety on the site, on Monday.
Elon Musk Elon Musk Twitter takeover Elon Musk twitter | 2022-12-14T14:44:31Z | www.businessinsider.com | Twitter Account Tracking Elon Musk's Private Jet Has Been Suspended | https://www.businessinsider.com/twitter-account-tracking-elon-musks-private-jet-has-been-suspended-2022-12 | https://www.businessinsider.com/twitter-account-tracking-elon-musks-private-jet-has-been-suspended-2022-12 |
SomeMeans/Getty Images
Experts recommend keeping cash on hand heading into a possible recession.
To make that cash go further, start by putting any extra toward debt payments.
Then, pick a high-yield savings account, and consider a CD ladder for cash you can store safely away.
With the constant talk of a looming recession in 2023, finding ways to optimize and protect your money now could be a benefit as we head into a new year facing economic unknowns.
If you're taking inventory of your finances this month and notice that you have an excess of cash sitting still in your savings account, here are three money moves financial experts say to consider, to help that money grow before and during a recession.
1. Use the cash to reduce debt payments
If you're not quite sure where to start with the cash that you have, certified financial planner Kendall Meade recommends taking inventory of your overall financial foundation.
Meade says that if you have existing debt or don't have an emergency fund, you might want to use the cash to take care of those two things first, before investing it. "Paying down high-interest rate debt should be a top priority, regardless of where we are in an economic cycle, but very important in times of high inflation and potential economic downturns," Meade says.
If a recession happens, being able to stay on top of bills and budget might be even more important. That's why Meade recommends starting out by eliminating these debts so that you can free up cash flow. After that, she suggests looking to see if you can beef up your emergency fund so you're saving enough to be able to pay at least three to six months' worth of expenses.
"This can help you get through tough times without having to rack up high interest rate debt," she says.
2. Choose an account that pays more
If you're the most comfortable keeping your cash liquid, certified financial planner Charles Thoman III says that's fine, but consider a savings account that's offering a high interest rate.
"Not all savings accounts are created the same," says Thoman. "Find one that has a high interest rate, FDIC insurance, and low or no fees."
3. Set up a CD ladder
If you're looking to take more of a conservative strategy, chartered financial analyst Jenifer Aronson suggests creating a CD ladder, which means creating a portfolio of bonds or CDs with staggered maturity dates.
Aronson recommends this because not only is it a great way to maximize cash yields whole taking advantage of rising interest rates, but you can also create passive income that comes in throughout the new year.
Plus, Aronson says that if you don't need the cash immediately, as the CD matures, you can always reinvest the balance, and interest, into a new CD, especially if rates continue to be attractive. However, she does recommend always shopping carefully and reading the fine print to understand terms, penalties, and FDIC coverage of a CD you're considering buying. | 2022-12-14T15:10:28Z | www.businessinsider.com | 3 Ways to Get More From Your Cash Savings During a Recession | https://www.businessinsider.com/personal-finance/cash-savings-recession-earn-more-2022-12 | https://www.businessinsider.com/personal-finance/cash-savings-recession-earn-more-2022-12 |
Redwood Materials employees taking a battery module apart.
The EV battery recycling giant just announced a new plant in South Carolina.
The plant will help carmakers get the materials they need to make EV batteries.
The news is also critical as car companies race to respond to this summer's climate law.
Electric vehicle battery recycling giant Redwood Materials is spending $3.5 billion on a new factory, and its location near the heart of the American "battery belt" is crucial to auto companies for a few reasons.
Run by Elon Musk's former right-hand man at Tesla, JB Straubel, Redwood recycles and refines the many precious materials — like lithium, nickel, and cobalt — found in used lithium-ion batteries from electric cars and consumer electronics, then sends them back into the supply chain.
The company's new plant, its second, will sit near Charleston, South Carolina. Redwood says it will break ground in the first quarter of 2023, have it up-and-running by the end of the year, and soon have it supply 1 million EVs annually.
While Redwood's flagship plant is near its Carson City, Nevada headquarters, this one's in the "battery belt": A stretch across the country, particularly in the Southeast, where car companies, battery makers, and more are setting up new EV development shops.
Redwood recycles and refines the many precious materials — like lithium, nickel, and cobalt — found in used lithium-ion batteries from electric cars and consumer electronics
Ford established its BlueOval City campus in Tennessee and two battery plants in Kentucky. GM, through its Ultium Cells joint venture with LG Energy Solution, is also investing in battery-making in Tennessee. Panasonic is building a new battery factory in Kansas. Hyundai is investing in EVs and battery production in Georgia.
Redwood's ramp-up is also crucial as the auto industry races to comply with this summer's massive climate law, which requires that car companies source and build certain percentages of their EVs domestically if they want their vehicles to qualify for tax credits.
But even without federal encouragement, the industry has worked to bring the various parts of the all-new EV battery supply chain to the US in order to drive down materials costs, and cut the sticker price for buyers.
With more and more demand for the materials to make these things, taking advantage of recycling can ease a supply crunch and eventually drive down costs. The more materials the industry can put back into the supply chain, the better.
Redwood takes the work a step further than many recyclers by next, remanufacturing the materials.
"The goal is to make the most sustainable battery materials," said Jackson Switzer, Redwood senior director of business development and one of Insider's 100 People Transforming Business. "To make the most sustainable battery materials, we need to get as much recycled nickel, cobalt, and lithium as we can into the front end of the system. You've got to scale the front end of the system, which is effectively, recycling."
Transportation Auto Industry Electric Vehicles | 2022-12-14T16:15:33Z | www.businessinsider.com | Battery Recycler Redwood Expands With a $3.5B Plant in SC | https://www.businessinsider.com/redwood-materials-electric-vehicle-battery-recycling-expands-2022-12 | https://www.businessinsider.com/redwood-materials-electric-vehicle-battery-recycling-expands-2022-12 |
12 of the VC firms most active in funding e-commerce startups told us what they're looking for in an investment — and shared the biggest bets they're making for the future
From left to right: Aaron Epstein, George Damouny, Andrea Hippeau, and Anton Simunovic
Y Combinator; Plug and Play Tech Center; Lerer Hippeau; Alumni Ventures; Marianne Ayala/Insider
The e-commerce sector hit some bumps in the road this year.
But venture capitalists remain optimistic about the long-term future of the industry.
We reached out to the firms who made the most deals in e-commerce in 2022 to see where they're placing bets next.
It's been a challenging year for e-commerce.
Large e-commerce companies like Shopify and Etsy have seen their growth flatten or stagnate following boom times during the earlier days of the pandemic. Direct-to-consumer brands are finding it more difficult and expensive to acquire new customers as Apple's 2021 changes to iOS have made Facebook advertising less effective. Inflation is also leading to higher supply-chain costs for retailers and threatening consumer confidence.
But despite the uncertainty, venture capitalists continued to invest in e-commerce startups this year. And they expect to continue to do so, even while predicting that next year's macro outlook could be even more challenging.
Insider reached out to the top VC firms investing in e-commerce to get their take on where the sector is headed. We emailed the top 26 firms that have made the most deals in e-commerce in 2021, based on data from PitchBook, and 12 responded with their thoughts.
Many said they have moved away from investing in DTC brands unless they have a clear omnichannel strategy. They also said they remain interested in funding startups building the tech that makes running an online business easier, from logistics and analytics to marketing.
The investors told us where they've placed bets this year, what they look for in an investment, and what they're excited to invest in next year:
Aaron Epstein, group partner at Y Combinator, said the accelerator prioritizes a strong founding team.
Aaron Epstein.
Location: Mountain View, California
E-commerce deals in 2022: 10, according to PitchBook
Y Combinator invests $500,000 each in a batch of companies twice a year. Those startups then participate in a three-month program culminating in Demo Day, when founders present their businesses to investors and the press.
Epstein said that a strong founding team with at least one technical founder is critical when evaluating a potential investment.
"When startup trends show up in a batch, it's because the founders we backed have pursued those areas — not that we were looking for specific trends or categories to fund," Epstein said. "At times, we do fund just ideas — but if a founder is trying to distinguish themselves, it's good to show they can produce and ship a product."
Still, Epstein said that there were several notable trends in the e-commerce companies that Y Combinator funded in 2022. The accelerator funded several startups working on operations — supply chain, logistics, and shipping — for other e-commerce companies. Another trend was live commerce, using video and social media to sell products.
Y Combinator also funded companies making tools to automate marketing and copy for online sellers.
"We believe one-to-one ecommerce is largely played-out in the developed world. In the developing world, that's less the case," Alumni Ventures' chief investment officer Anton Simunovic said.
Anton Simunovic.
Alumni Ventures
Location: Manchester, New Hampshire
E-commerce deals in 2022: 9, according to PitchBook
In 2022, Alumni Ventures invested in a "super app" called Yassir that operates in North Africa and the Indian e-commerce startup LoveLocal.
It also invested in startups solving problems for e-commerce brands. Those investments included bets on last-mile delivery startup OneRail, fulfillment-tech company Flexe, and automation-focused businesses Dextrous Robotics and Humatics.
"All of these investments represent the 'picks and shovels' of enabling and supporting the growth of e-commerce," he said.
Simunovic said that rising customer acquisition costs have made the firm wary of investing in niche DTC brands unless the company has a robust multi-channel business model.
Alumni Ventures also remains interested in investing in Web3 commerce companies.
"We've invested in companies that leverage NFT infrastructure to provide consumers with branded digital goods: GigLabs is working with the NFL and UFC, and Mint NFT is working with Mattel," Simunovic said. "We are also leaning into Web3 e-commerce, where we believe there can be strong civic engagement."
Springdale Ventures cofounder and general partner Genevieve Gilbreath said the firm likes to invest in startups that are "maniacal" about the consumer experience and use data effectively.
Genevieve Gilbreath.
Springdale Ventures
Gilbreath said Springdale also wants to invest in genuinely omnichannel brands, selling their products on their own e-commerce storefront, online marketplaces, and brick-and-mortar stores. She said this has grown more important as consumers have embraced online and in-store shopping.
Springdale's portfolio includes the mac-and-cheese brand Goodles, comfortable-shoe brand Gales, and office-furniture brand Branch.
A strong founding team is also paramount, Gilbreath said.
"We look first for founders that have passion, skill, drive, and ability to build and attract top talent," she said. "On the product side, we are looking for a product that is differentiated in its offering, a strong brand, clear positioning, appealing design, clear focus, strong target market to start, and then we are focused on brands that have good unit economics and potential to expand the product lines."
"Enabling sellers and creators of all types to have all the superpowers of an Amazon while controlling their own destiny is something we're very excited about," Lightspeed Ventures partner Sydney Sykes said.
Sydney Sykes.
Location: Menlo Park, California
Sykes said that many of Lightspeed's 2022 e-commerce investments were in tech infrastructure that powers online selling. That included bets on Trendsi, a B2B marketplace where online sellers can stock up on apparel without investing in inventory.
Like many other VC firms, Lightspeed has moved away from funding individual DTC brands as it's grown more expensive to acquire new customers.
But Sykes added that Lightspeed remains interested in platforms that can aggregate services so that small businesses can access them without the large scale.
"Our portfolio company Faire, for example, aggregates the buying power of its hundreds of thousands of retailers to secure cheaper shipping rates on behalf of its customers and uses its proprietary data to better merchandise brands for their stores," she said. "We like the idea of platforms that help aggregated small businesses punch in the same weight class as Amazon in these dimensions."
Lerer Hippeau partner Andrea Hippeau said the firm is excited to see what the next round of e-commerce companies looks like.
Andrea Hippeau.
Lerer Hippeau
In 2022, Lerer Hippeau did several deals in home services, like an investment in the home-maintenance platform Wreno, and in Web3, including Gary Vaynerchuk's NFT project VeeFriends.
Lerer Hippeau typically invests in startups at an early stage, often before they even have a product on the market.
Hippeau said the firm continues to have a strong interest in companies that enable e-commerce sellers, especially in a recession. Lerer Hippeau's portfolio already includes e-commerce data analytics platform Peel, headless commerce startup Nacelle, and returns platform Loop, which works with Shopify merchants.
"Brands are going to be looking for some low-hanging fruit to grow their market without having to spend a lot of marketing dollars," Hippeau said. "A lot of that can be accomplished by efficiencies in shipping and expanding your reach of where you can get your product."
Hippeau added that Lerer Hippeau has pulled back on investing in DTC brands as customer-acquisition costs have grown.
"The market's too crowded now to support thousands of brands, so you really have to be differentiated," she said.
"We're taking technology from Asia and driving it into the US and western Europe," SOSV general partner William Bao Bean said.
William Bao Bean.
SOSV
Location: Princeton, New Jersey
SOSV's new Orbit Startups program funds and supports startups in emerging and frontier markets. It partners with corporations to form a network that lowers customer-acquisition costs for new startups.
"We've just started to get our leading startups (by users) to start cross-promoting other companies in the portfolio," Bean said. "For us, this investment strategy is starting to really bear fruit as the number of unique users in our ecosystem have scaled from 50 million monthly active users in 2020 to 102 million monthly active users at the end of last year."
In 2022, Orbit Startups invested in several companies helping smaller online businesses sell online effectively. Next year, it wants to expand the model around the world.
SOSV is particularly excited about India-based social commerce app Coutloot, and Voila, which enables influencers on TikTok and Instagram to build an e-commerce store via a link in their profile.
"We love technologies that solve an acute pain point for the consumer while helping the retailer increase revenue and customer conversion," Plug and Play Ventures partner George Damouny said.
George Damouny.
Plug and Play Tech Center
Location: Sunnyvale, California
Damouny said that Plug and Play is "heavily invested" in companies that enable e-commerce. That includes startups like Gr4vy, a payment orchestration platform that helps retailers adopt the latest in payments technology, and Flavorcloud, a cross-border shipping platform.
"We look for companies that have a unique value-add for the e-commerce customer," Damouny said.
He added that as e-commerce growth has normalized since the beginning of the pandemic, consumers have been looking for unique in-person shopping experiences, creating opportunities for startups. He said startups building pre- and post-purchase e-commerce experiences are also gaining traction.
Since Plug and Play typically invests in startups at the pre-seed and seed stage, it looks for "diverse teams that can empathize with the end consumer and can portray their visions with infectious energy."
Platinum Mile Ventures' Brandon Shainfield founder and managing partner says he looks to fund companies that "will forever change industries."
Brandon Shainfield.
Brandon Shainfield
Location: West Hollywood, California
Shainfield said he's particularly interested in companies aiming to make a positive impact, from food tech and pharmaceuticals to sustainability and personal care.
One of his earliest investments was in Genexa, a startup making "clean" pain relievers and other medicines. Platinum Mile's portfolio includes convenience-store startup Foxtrot and produce company Bowery Farming.
Shainfield said that recent changes to iOS and their effects on brands' customer-acquisition costs have led to a shift in his investment strategy. For one, any potential investment must include a true omnichannel business.
"I've been very clear with my founders that there will no longer be a singular focus on DTC," he said. "It's just not a sustainable business."
And he suspects he's not the only investor who plans to be more cautious in 2023 than in the past.
"We've been through the last eight or nine years of just incredible growth," Shainfield said. "For me, still focusing on businesses that have real IP, businesses that are disrupting the industry and effectuating change are going to give me the best possible outcomes."
Eric Feng, general partner and cofounder at Gold House Ventures, said the firm is "excited by specialty businesses that focus on specific, underserved audiences."
Eric Feng.
Gold House Ventures
"We see big opportunities in what others might consider niche markets," Feng said.
Gold House has invested in Weee!, a delivery service for Asian and Hispanic groceries, and Mercaso, a wholesale consumer-goods marketplace.
Feng said the team also looks for businesses with many repeat purchases when evaluating a potential investment.
"Companies can market their way to a first sale, but the second sale (and third, fourth, etc.) usually requires a product that truly resonates with buyers," Feng said.
Feng added that he sees the e-commerce sector entering a new phase, moving on from its early days when the top goal was to get sellers, buyers, manufacturers, and distributors online. He said the firm is eager to back companies with a clear vision of what could come next in e-commerce.
"We're excited to see startups push the envelope of e-commerce from selling digital goods to fractional ownership to entire new shopping experiences and more," he said.
"All of our portfolio companies share an underlying theme: they provide thoughtfully designed, better-functioning products while also being mindful of providing a positive impact on the world," Willow Growth Partners cofounder and general partner Amanda Schutzbank said.
Amanda Schutzbank.
Willow Growth Partners
When evaluating a potential investment, leading with values is vital to Willow. It typically invests in brands with $1 to 5 million in annual revenue, strong unit economics, and high margins. Those brands can operate in various categories, from health and wellness to food, beverage, and home.
Schutzbank added that brands whose products have a "strong ingredients story" and "elevated brand experience" are appealing investment targets.
Willow's portfolio includes Bubble, a "clean" skincare line with accessible prices, and diaper brand Coterie and baby-products brand Lalo.
Schutzbank said that she has seen DTC brands grow more omnichannel than ever before amid a difficult environment for customer acquisition.
"Successful brands have diversified their acquisition channels, moving away from any reliance on paid media to scale," she said. "We are seeing successful brands being built on the back of healthy organic growth driven by strong word-of-mouth and engaged embedded communities."
Partner David McCormick said Siddhi Capital looks to fund "companies with passionate founders with products that solve a real need."
David McCormick.
Siddhi Capital
Location: Cherry Hill, New Jersey
Siddhi Capital's portfolio includes food tech companies like Black Sheep Foods, food and beverage brands like Magic Spoon, and supply-chain-focused startups like Jumbotail.
McCormick said it's especially interested in funding companies with "compelling data stories" and an enthusiastic customer base.
"The companies we targeted had a clear product advantage that made for a healthy and viable online business while also being transferable and relevant in other channels and markets — companies with well-thought-out plans for navigating higher costs and channel expansion initiatives," he said.
It's been a difficult time for e-commerce companies, which have had to adjust to inflationary impacts to their supply chain, changes to customer-privacy policies, and an "oversaturated ad market," McCormick said.
"At a time when funding is being redirected to companies with realistic growth prospects that deliver actual profitability, we'll continue to target companies that can remain digitally savvy while maximizing opportunities offline," he said.
Bain Capital Ventures partner Scott Friend said the firm is excited to fund companies working on re-commerce, AI, and the creator economy.
When it came to funding e-commerce in 2022, Friend said that BCV made bets on re-commerce companies like Archive Resale, which builds technology to help brands launch their secondhand marketplaces.
It also continued to invest in companies using AI for different commerce applications.
"We've seen the tremendous implications of the power of these new models in everything from image generation as a complement to the amazing photography done by Soona to the natural language interface to the business intelligence capabilities of Zenlytic," Friend said.
Large e-commerce companies like Shopify saw their growth normalize this year following their pandemic highs, leading many to conduct layoffs and adjust their strategies. But Friend said that BCV still sees plenty of opportunity in building technology that appeals to online sellers of all sizes.
"I'm still pretty excited about the sheer number of online sellers who need tools to run their businesses better," Friend said. "And with creators and influencers beginning to participate in commerce as well, that number will only grow from here."
Features eCommerce | 2022-12-14T16:15:45Z | www.businessinsider.com | VC Firms Investing in Ecommerce Share Investment Criteria | https://www.businessinsider.com/vc-firms-investing-in-ecommerce-share-investment-criteria-2022-11 | https://www.businessinsider.com/vc-firms-investing-in-ecommerce-share-investment-criteria-2022-11 |
Because 5G can process more data more quickly through larger radio frequency channels and targeted cell towers, it can help first responders stream video and communicate with each other faster, offer internet and telephone connectivity during power outages, and enable new technology that will help first responders do their jobs more efficiently. Video and two-way communications are especially meaningful 5G applications, said Scott Agnew, assistant vice president of public safety policy and strategy with AT&T's FirstNet program, an emergency-response network.
5G's higher speeds and lower latency mean videos can stream faster, downloads are quicker, and communication is practically instantaneous, according to the Federal Communications Commission. This can be useful for emergency responders who survey disaster areas and need to communicate with each other as quickly as possible. In an active shooter event, for example, 5G could allow the body camera of each responder to be transmitted to a central location and could map the location of each responder.
Toronto-based startup Enerza is also utilizing 5G to improve disaster detection and response. The company created a robot named Boa that uses 5G to detect power-line issues and respond more quickly.
How 5G Is Changing Everything 5G Technology | 2022-12-14T17:47:00Z | www.businessinsider.com | Emergency-Response Tech With a 5G Upgrade Is Impacting Places Like Hurricane-Battered Florida | https://www.businessinsider.com/emergency-response-tech-with-a-5g-upgrade-is-impacting-places-like-hurricane-battered-florida-2022-12 | https://www.businessinsider.com/emergency-response-tech-with-a-5g-upgrade-is-impacting-places-like-hurricane-battered-florida-2022-12 |
GoStudent, a $3 billion education startup backed by Coatue and SoftBank, has started a fresh wave of layoffs that could hit over 100 jobs, sources say
Tasmin Lockwood and Riddhi Kanetkar
Cofounder and CEO of GoStudent Felix Ohswald.
SoftBank-backed education startup GoStudent is cutting jobs for the second time in three months.
The Austrian startup has already cut roles in Italy, Germany, and Vienna, Insider understands.
GoStudent has raised $686 million to date and is also backed by Coatue and Prosus.
GoStudent, a $3 billion edtech startup backed by some of the world's biggest tech investors, has started laying off staff for the second time in three months, Insider understands.
The Vienna-based company, which counts Japan's SoftBank and US hedge fund Coatue among its backers, has already cut roles in Italy, Germany, and Austria with further reductions expected elsewhere, three sources familiar with the matter said.
It is unclear how many roles will be affected but two sources based in the DACH region said over 100 people could be laid off as part of the cuts. A global all-hands meeting has been scheduled for 4pm CET on Thursday where full details of the job cuts are expected to be revealed.
Screenshots of an all-hands Slack channel obtained by Insider show the number of employees in the channel dropped from 1,690 on Tuesday, to 1,430 on Wednesday. Employees who were laid off immediately had their accounts deactivated, one of the sources said.
GoStudent, which employs around 1,600 people according to its own estimates, is an online learning company offering one-to-one classes in over 30 subjects for students up to college age over video chat.
The job cuts come after GoStudent announced in September it had slashed a tenth of its global workforce – around 200 staffers. They also follow GoStudent's acquisition of Germany center-based tutoring company Studienkreis earlier in the month as it shifts towards a hybrid model of teaching.
The startup, which was founded in 2016, doubled its valuation to 3 billion euros ($3.19 billion) in a 300 million euro Series D round in January that was led by Dutch investor Prosus. As it grew rapidly, the company also continued a slew of acquisitions, including UK-based revision platform Seneca and Spanish tutoring marketplace Tus.
A rocky macroeconomic environment has seen many growth-stage startups pivot from rapid, expensive expansion fuelled by easy venture capital cash to efficiency and profitability. As they find it tougher to raise cash from more cautious investors that, in practice, has meant cost-cutting and layoffs.
A GoStudent spokesperson told Insider in September that it had "made some adjustments to its business plan" to ensure the company "remains sufficiently funded throughout these unpredictable times."
Startups Venture Capital Tech Insider | 2022-12-14T17:47:12Z | www.businessinsider.com | GoStudent: $3 Billion Edtech Startup Begins Fresh Round of Layoffs | https://www.businessinsider.com/gostudent-3-billion-edtech-startup-begins-fresh-round-of-layoffs-2022-12 | https://www.businessinsider.com/gostudent-3-billion-edtech-startup-begins-fresh-round-of-layoffs-2022-12 |
Moderna CEO Stéphane Bancel wants the COVID-19 vaccine developer to bring its mRNA technology to cancer.
Personalized cancer vaccines could provide a new way to fight early cancer cases.
The COVID-19 vaccine developer Moderna just announced positive results for a skin-cancer vaccine.
Moderna CEO Stéphane Bancel told Insider he thinks cancer vaccines can upend cancer care.
A lack of confidence has never been an issue for Moderna and its CEO.
An unwavering belief in messenger RNA, or mRNA, the genetic technology at the core of its technology platform, helped Moderna develop a coronavirus vaccine in record time in 2020. Now, Moderna CEO Stéphane Bancel is outlining another audacious goal: upending how cancer is treated, including the idea of finding and treating cancer in seemingly healthy people at their annual physicals.
On Tuesday, the Cambridge, Massachusetts-based biotech said a midstage study in skin cancer succeeded, as its vaccine reduced the likelihood that people would die from the cancer returning. The $77 billion biotech saw its stock price jump 20% Tuesday after the results were announced.
In an interview, Bancel shared his vision on how these personalized cancer vaccines could transform cancer care. Similar to how Bancel talked about the need to spend billions on manufacturing capacity or how Moderna planned to price its COVID-19 vaccine in the early months of 2020, he is now talking about the future for these cancer programs well before they are commercially approved.
Moderna will launch more cancer-vaccine studies in 2023
A University of lab tech processes blood samples from study participants in Moderna's COVID-19 vaccine trial.
Taimy Alvarez/AP
In addition to launching a flurry of late-stage studies for its cancer vaccine in 2023, Bancel said his team is also interested in taking advantage of the emerging field of blood-cancer tests called liquid biopsies.
Companies like Illumina's Grail, Exact Sciences, and Freenome are now developing these cancer-screening tests, which could be a $50 billion-plus market, according to analysts at the investment bank SVB Securities.
"Maybe, potentially, as liquid biopsy improves as a technology, you could see a world, maybe in a few years, where you do your blood work for your physical, a liquid biopsy is run on your blood, it sees an early sign of cancer, we make a cancer vaccine for you, and you get the vaccine," Bancel said.
The goal would be to kill cancer in its infancy, before it even grows into a tumor that can be seen by typical imaging techniques like PET scans. Based off the blood work, Moderna would design vaccines that target the genetic mutations in cancerous cells that stand out from healthy cells. Like the COVID-19 vaccine, these shots use mRNA to get inside immune cells and instruct those cells to produce particular proteins that help fight that person's cancer.
Bancel didn't specify exactly how Moderna could work with liquid biopsies, such as partnering with diagnostic companies.
Bancel says mRNA could be 'a big change in cancer care'
If this works out — a big if that will likely take years to play out — liquid biopsies and cancer vaccines could change the way cancer is detected and treated. The blood tests could find cancer before it grows too much, and mRNA vaccines could squash it.
Bancel acknowledges a lot of work still has to be done to realize that vision. The blood tests still face questions about their usefulness in the real world, particularly their accuracy in detecting cancer. And the skin-cancer results for Moderna's vaccine are preliminary, as the data has yet to be published in a journal or presented at a medical conference. Moderna will likely have to run a larger study to confirm that result as well before seeking approval.
Still, Bancel said he will invest aggressively in cancer research with Moderna's $17 billion balance sheet. He compared the potential impact on cancer to the checkpoint inhibitors, a class of best-selling immunotherapies that have revolutionized treatment of many cancer types like skin, lung, and head and neck.
"We have to explore, we have to demonstrate, but when you think about where this could lead to, this could lead to immunotherapy 2.0," Bancel said. "A big change in cancer care, as big or bigger than the checkpoints were to cancer treatment."
Healthcare Pharmaceutical Moderna | 2022-12-14T17:47:18Z | www.businessinsider.com | Moderna CEO Interview on MRNA's Future in Cancer Care | https://www.businessinsider.com/moderna-ceo-interview-on-mrnas-future-in-cancer-care-2022-12 | https://www.businessinsider.com/moderna-ceo-interview-on-mrnas-future-in-cancer-care-2022-12 |
Although physical gifts for teachers at the holidays are nice gestures, they can be cumbersome.
Gift cards might feel impersonal, but I assure you: They are welcome.
Consider gift cards for restaurants, groceries, tech services, subscriptions, or nights out.
I've been a second-grade teacher in the Northeast US for the past 12 years, and family and friends often ask me which gifts teachers are most excited to receive during the holidays.
Gifts like mugs, paperweights, and potted plants can be a lovely thought. However, these types of gifts can be cumbersome to travel with, especially during the crowded holiday season, and teachers don't always have space at home to accommodate larger gifts.
People often worry that gift cards appear impersonal, thoughtless, or unexciting. If you don't know what your child's teacher likes, purchasing a gift can feel daunting. I can assure you that gift cards are both useful and appreciated gifts for teachers. Gift cards can offset the rising costs of goods and services and allow families to stay within their budgets, and you can even buy them with credit card points.
Parents want to find gift cards their child's teacher will find useful. Here are some practical gift cards that teachers will appreciate this holiday season.
Restaurants, take out, and grocery stores
Prices for food have been rising due to inflation, so teachers always appreciate gift cards for food. It's a good idea to scope out local restaurants and takeout places near your child's school to see if they offer gift cards. This is a great way to stimulate the local economy. It's helpful for teachers who are looking for affordable, convenient places to purchase food during their lunch breaks.
A gift card to a grocery store can help your child's teacher offset weekly food costs. Grocery store gift cards may vary depending on areas. Some merchants, like Whole Foods and Trader Joe's, have locations across the United States.
Gift cards for online food ordering and delivery services like DoorDash, GrubHub, and Seamless can give your child's teacher a restful evening, without having to prepare, cook, and clean up dinner for their families.
Transportation and travel
Many teachers rely on public transportation to get to and from school each day. Transportation gift cards could help offset the costs of their daily commutes. Gas and fuel prices have been unsteady in recent months, so teachers appreciate gas gift cards.
Teachers often take trips during the holidays to spend time with relatives. Teachers also enjoy traveling during school breaks. Travel gift cards from merchants like Airbnb, Delta Airlines, and Hotels.com can give your child's teacher an advantage when booking their next trip.
Technology and entertainment
You can also give your child's teacher a gift card they can use for entertainment. With a growing number of streaming services to choose from, it's not cost effective to subscribe to all of them. Gift cards to streaming services like Netflix, Hulu, or Disney+ can give teachers the gift of relaxing. If your child's teacher already has one of these subscriptions, they can put the gift card toward their account balance.
Many teachers enjoy going to shows and concerts in their spare time. A gift card to Ticketmaster will give your child's teacher the opportunity to put money toward a live show of their choice. In addition, gift cards from your local movie theater or Fandango will give your child's teacher a fun movie night, popcorn and soda included!
Today's educators use technology in their classroom for lesson planning and communicating with parents. Technology is constantly evolving and can be unreliable at times. Gift cards that cater to technology support, like Apple or Best Buy, are great options.
Educational and subscriptions
Teachers care deeply about education and often look for mediums to keep learning about new things to bring into their classroom. News and magazine gift cards can help teachers pay for subscriptions to publications like the New York Times or The Wall Street Journal. Gift cards from merchants like Audible or Bookshop.org will give your child's teacher an engaging way to pass their commute.
My school generously covers the cost of classroom materials. However, many teachers in the United States pay for classroom resources themselves. Gift cards from educational retailers like Lakeshore and Teachers Pay Teachers will help your child's teacher offset classroom costs.
Gift Cards PFI Storytelling PFI Freelance | 2022-12-14T17:47:24Z | www.businessinsider.com | Yes, Your Kid's Teachers Do Want Gift Cards for the Holidays | https://www.businessinsider.com/personal-finance/teachers-want-gift-cards-for-holidays-2022-12 | https://www.businessinsider.com/personal-finance/teachers-want-gift-cards-for-holidays-2022-12 |
Grace Kay, Taylor Rains, and Sawdah Bhaimiya
Twitter suspended an account that tracks Elon Musk's jet, but left dozens of accounts tracking other celebrities.
@ElonJet was suspended on Wednesday, but more than 30 accounts were still up and running.
The man who runs the account has expressed concern in the past that Musk would ban the account.
Elon Musk's Twitter suspended the account that track's the billionaire's private jet on Wednesday but failed to address other accounts that follow the travel of dozens of celebrities.
Twenty-year-old Jack Sweeney has over 30 jet-tracking accounts on Twitter that track numerous public figures, including Donald Trump and Mark Zuckerberg, as well as celebrities like Taylor Swift and Kim Kardashian.
On Wednesday, Sweeney's @elonjet account on Twitter had a notice on it saying it had been suspended because "Twitter suspends accounts that violate the Twitter Rules." But, as of Wednesday afternoon, @ZuccJet and @CelebJets, as well as his other jet-tracking accounts were still posting travel updates.
Sweeney, Musk, and a Twitter spokesperson did not respond to a request for comment ahead of publication.
The suspension could be a part of Musk's attempts to boot bot accounts off the platform, as Sweeney's accounts use bots to post travel data from the ADS-B Exchange, which is an independent jet-tracking website that uses publicly available data to display an aircraft's location.
Musk has been very vocal on Twitter this week about his plans to eliminate bots, saying on Saturday that "bots are in for a real surprise." On Tuesday, Platformer reported that Twitter accidentally blocked dozens of real Twitter users from accessing the site while trying to eliminate spam accounts.
Earlier this week, Sweeney said in a Twitter thread that he learned from an anonymous Twitter employee that his account had been shadowbanned, or partially blocked without his knowledge, which was later confirmed by Insider.
Sweeney shared a screenshot of internal messages from Twitter's head of trust and safety Ella Irwin asking her team to apply heavy visibility filtering on the ElonJet account, which would limit its reach.
Musk has expressed concern regarding how Jack Sweeney's jet-tracking account, @elonjet, could impact his personal safety in the past but said in November that he wouldn't remove the account.
"My commitment to free speech extends even to not banning the account following my plane, even though that is a direct personal safety risk," the billionaire tweeted about a week after he bought Twitter.
Before Musk took control of the jet-tracking accounts, the Federal Aviation Administration had already implemented two free programs that could help the planes fly incognito — but they aren't foolproof.
The first is Limiting Aircraft Data Displayed, also known as LADD, which allows private aircraft owners to dodge plane-tracking software that uses FAA data, like FlightAware or Flightradar24. This means when searched, those tail numbers will be blocked from public view.
The second program is called the "privacy ICAO aircraft address", or PIA, which allows aircraft owners to substitute their tail number for a temporary one not used by any other plane, allowing them to fly incognito.
According to the FAA, over 300 PIAs have been issued since December 2019 but told Insider they, as well as LADD, still "do not guarantee absolute privacy."
This is because ADS-B Exchange does not use FAA data but instead uses data from ADS-B-equipped aircraft that broadcast information like speed and GPS location. Therefore, the website displays LADD and PIA planes, but it will not show the tail number of the latter, though it will note if the aircraft is part of either agency program.
Elon Musk's private jet flight with PIA flag, tracked by Jack Sweeney.
Jack Sweeney via ADS-B Exchange
Moreover, Sweeney's bot still uploads PIA flights to Twitter, with the FAA telling Insider that Freedom of Information Act requests and commonly used airports are other ways to track PIA planes.
"Elon Musk, for example, has a Gulfstream and there's only so many people that fly that particular plane out of Brownsville, Texas, and fly to the same airports," Sweeney told Insider.
Planes Jack Sweeney Elon Musk | 2022-12-14T18:13:06Z | www.businessinsider.com | Twitter Booted Musk Tracking Account, but Left Zuckerberg's | https://www.businessinsider.com/twitter-booted-elon-musk-jet-tracking-account-left-mark-zuckerberg-2022-12 | https://www.businessinsider.com/twitter-booted-elon-musk-jet-tracking-account-left-mark-zuckerberg-2022-12 |
Georgia Secretary of State Brad Raffensperger called for an end to general election runoffs.
Raffensperger cited the strain on elections officials and the tough deadlines for offices.
Last week, Sen. Raphael Warnock defeated challenger Herschel Walker in the state's latest runoff.
Georgia Secretary of State Brad Raffensperger on Wednesday called for an end to the state's runoff system for general election contests, which, if successful, would curb a decades-long practice that in the past two years has drawn enormous political attention to the state.
"Georgia is one of the only states in the country with a General Election Runoff. We're also one of the only states that always seems to have a runoff. I'm calling on the General Assembly to visit the topic of the General Election Runoff and consider reforms," Raffensperger said in a statement.
"No one wants to be dealing with politics in the middle of their family holiday," he continued to say. "It's even tougher on the counties who had a difficult time completing all of their deadlines, an election audit and executing a runoff in a four-week time period."
Raffensperger — a Republican who serves as the top elections official in the state and was easily reelected to a second term last month — announced his position a week after Democratic Sen. Raphael Warnock won a full six-year term by defeating Republican Herschel Walker in a runoff on December 6.
In the November general election, Warnock edged out Walker 49.4%-48.5%, but since neither candidate met the 50 percent threshold, the race was extended for an additional four weeks.
In January 2021, both Warnock and now-Democratic Sen. Jon Ossoff found themselves in dual runoffs with Republicans Kelly Loeffler and David Perdue, respectively, after neither of the four candidates cleared the 50% mark in the November 2020 general election. Warnock and Ossoff won their respective races, which gave Democrats a majority in the US Senate just days before President Joe Biden entered the Oval Office.
After those two contests, the GOP-controlled Georgia legislature overhauled the state's voting laws through SB 202, which cut the time between the general election and the runoff from nine weeks to four weeks.
When asked about additional reasoning for Raffensperger's decision, a spokesman for the his office told NBC News that Georgia election workers were "burned out" after the prolonged election season, pointing to a growing level of discontent with the system among campaigns and voters alike.
Last month, the Warnock campaign, along with the Democratic Party of Georgia and the Democratic Senatorial Campaign Committee, filed a lawsuit to permit November 26, 2022 — the Saturday after Thanksgiving — to be an early voting day. Raffensperger wanted to block voters from heading to the polls that day, arguing that it would be illegal to hold early voting one day after a state holiday.
The Democratic-led suit made the case that the law didn't apply to runoff contests, which were conducted in a more condensed timeframe.
State courts sided with the plaintiffs and voting took place on November 26 in select jurisdictions across the state.
While Republicans had historically performed well in Georgia runoffs, Democrats in recent years have put into place a highly effective get-out-the-vote operation. During the state's early voting period, Democrats turned out strongly, erasing the Republican edge and once again sending Warnock to the Senate.
Brad Raffensperger Georgia Georgia runoffs | 2022-12-14T19:18:16Z | www.businessinsider.com | Georgia Secretary of State Brad Raffensperger Calls for End of Runoffs | https://www.businessinsider.com/georgia-brad-raffensperger-end-general-election-runoffs-2022-12 | https://www.businessinsider.com/georgia-brad-raffensperger-end-general-election-runoffs-2022-12 |
Google executives reportedly told employees they don't think chatbots are ready to replace search.
Employees asked execs if failing to launch a chatbot like OpenAI's ChatGPT is a "missed opportunity," CNBC reported.
Alphabet's CEO and Google's head of AI said the company has a greater "reputational risk" than startups like OpenAI.
Google executives reportedly told employees that the company does not plan to launch a chatbot to compete with OpenAI's buzzy ChatGPT because it's a "reputational risk."
Speaking during a recent all-hands meeting, Google's Head of AI Jeff Dean said despite having artificial intelligence technology products and capabilities, the company has to make decisions "more conservatively than a small startup," CNBC reported.
His remarks came in response to a question from an employee about whether failing to make a rival chatbot would be a "missed opportunity," particularly given that Google has its own conversation technology such as LaMDA, or Language Model for Dialogue Applications.
Dean, who was joined in the meeting alongside Alphabet CEO Sundar Pichai, said that while Google's technology is just as capable as the trending chatbot, the company is more vulnerable to chatbot-related issues like bias and false information because over a billion people use and depend on Google to search for information.
"We are absolutely looking to get these things out into real products and into things that are more prominently featuring the language model rather than under the covers, which is where we've been using them to date," Dean said about Google's AI. "But, it's super important we get this right."
Other concerns include the limitations of bots like ChatGPT listed in a Nov. 30 OpenAI blog post, including "plausible-sounding but incorrect or nonsensical answers," "harmful instructions," and "biased behavior" in some of its answers.
OpenAI CEO Sam Altman has also acknowledged ChatGPT's limitations, tweeting on Dec. 10: "ChatGPT is incredibly limited, but good enough at some things to create a misleading impression of greatness. it's a mistake to be relying on it for anything important right now. it's a preview of progress; we have lots of work to do on robustness and truthfulness."
ChatGPT reached over one million users within five days of its launch, and is backed by Google's rival, Microsoft. OpenAI was co-founded by Sam Altman and Elon Musk in 2015. Musk resigned from the company's board of directors three years later.
Google did not immediately respond to Insider's request for comment.
In addition to LaMDA, Google's BERT and MUM AI language models, which are used to improve its search engine, are competitive with ChatGPT. MUM, which stands for Multitask Unified Model, can understand information from different mediums, like from a webpage and from a photo, at the same time, to give users an answer.
A former Google executive told Bloomberg that ChatGPT could "disrupt" Google's ad business by stopping users from clicking links that have ads. Sridhar Ramaswamy, who was the head of Google's ad team from 2013 and 2018, told Bloomberg that ChatGPT was "a better experience" for searches.
But a Morgan Stanley report published on Monday said the firm thinks ChatGPT will not be a large threat to Google's position as it continues improving its search engine and language models.
In the all-hands meeting, Pichai reportedly said Google has "a lot" of plans for AI in 2023.
AI Google OpenAI | 2022-12-14T19:18:22Z | www.businessinsider.com | Google Isn't Launching a ChatGPT Competitor Due to 'Reputational Risk' | https://www.businessinsider.com/google-isnt-launching-chatgpt-competitor-due-to-reputational-risk-2022-12 | https://www.businessinsider.com/google-isnt-launching-chatgpt-competitor-due-to-reputational-risk-2022-12 |
Photo Illustration by Drew Angerer/Getty Images
One-stop super apps are a dream ambition for Silicon Valley CEOs.
Apps that offer ride-hailing, e-commerce, and payments have found success outside the US.
But a version fit for the West could be a pipe dream given the regulatory and regional challenges.
Silicon Valley's tech chiefs are talking more about chasing a dream that no company has accomplished in the West: building a super app.
Imagine an app that lets you pay your rent, call a cab, share pictures and video, text friends, and shop for groceries or a new TV. A Frankenstein's monster that combines Amazon, Uber, Instagram, Whatsapp, and Venmo, and whatever banking app you currently use.
These do-it-all apps exist outside the US: WeChat is the super app supreme in China, while Careem aspires to that status in the Middle East, Rappi in Latin America, and Grab in Southeast Asia.
Tech CEOs want to replicate the model in the West, with the loudest voice on super apps in recent months being Twitter's new boss. Weeks before finalizing his $44 billion Twitter deal, Elon Musk tweeted that "buying Twitter is an accelerant to creating X, the everything app", and has since talked up the idea in a town hall.
Mark Zuckerberg and Evan Spiegel harbor super app ambitions; Microsoft reportedly wants to build its take on a super app that would rival Google.
The ambition makes sense. Although China's WeChat is overall smaller than the big US tech firms by users, it commands something they all crave: attention. Up-to-date stats are difficult to come by, but a 2017 statistic from investor Mary Meeker pegged the time Chinese users spend across WeChat and QQ, a messaging app, at 1.9 billion hours every day — more than all other apps combined at the time.
But attempts to create a super app in the US could be the place where billionaire dreams die, because the hurdles are just too great.
What Silicon Valley CEOs want
What an "everything app" looks like seems to differ slightly tech billionaire by billionaire. Earlier this year, Musk spoke highly of WeChat as "Twitter, plus PayPal, plus a whole bunch of other things, all rolled into one."
At Facebook's parent company Meta, "super app" is a taboo word precisely because it's too abstract, Insider's Kali Hays reported last month. But it's clear CEO Mark Zuckerberg wants something like a super app. The firm's attempts to build out standalone payment capabilities through the Libra/Diem blockchain project failed, but other apps in its family such as Instagram and WhatsApp are bolting on payment and e-commerce functionality.
As Zuckerberg and his team seem to have noticed, payments are critical to any would-be super app.
Fintech is "part of most super apps' operations or aspirations." Paying for things is central to WeChat's success, according to research published in October in the journal Media, Culture & Society.
But payments are a tough nut for Silicon Valley to solve. It's still relatively uncommon to pay for things using your phone in the US, compared with Europe and other territories. Half of US smartphone users are expected to adopt mobile payments as late as 2025, according to eMarketer research. By contrast, 64% of China's population had made a payment on their phone by the end of 2021, according to a report from China UnionPay, the state-owned financial services firm.
Well-developed payments apps exist in the form of Venmo or Cash App, but a reverse attempt to build non-payment services into those apps may be a lengthier process: competition to lead the market they're already in is fierce, and American users have become accustomed to a diverse choice of apps.
Companies will struggle to generate the stickiness needed to make a super app work the way WeChat does, which has ratcheted up more than 1 billion users thanks to its mix of services and payments that ensures people don't have to look elsewhere.
America isn't China, Africa, or India
Feng Li/Getty
Super apps in Europe and North America are "expected to evolve differently" from places like Asia and Latin America, where there are "serious infrastructure gaps", according to a white paper published in 2020 by CPP Investments, a Canadian asset management firm.
These gaps mean that "electronic payment penetration is minimal" in many developing economies. In India, for instance, almost a quarter of adults don't have bank accounts, making these markets ripe for a super app that meets those needs, the paper suggests. In China, smartphones were first entry point to the internet for large swathes of its population.
But banking and e-commerce are already well-developed in the US and Europe, where consumers have plenty of choice. A newcomer super app has a tougher sell accessing this sophisticated, less trusting type of user.
There's another clear reason why the most successful super app has emerged in China. The regulatory strong arm of Beijing has shut out foreign competitors from offering Chinese consumers any alternative.
Silicon Valley's gatekeepers stand in the way of the super app dream
US tech firms harboring super app ambitions will need to fend off their own regulators, overseas regulators, and Apple's App Store.
Under Lina Khan, the FTC is becoming more sharply focused on competition and user privacy. Creating super apps would almost certainly require aggressive consolidation through acquisitions — a surefire way of attracting scrutiny. As it stands, American regulators are tending towards a more European approach to data privacy, which favors competition and fragmentation.
Khan is likely to be a particularly painful thorn in the side of Amazon if it ever decided to join the super app race, with the FTC chair soaring to fame for her research paper on the way Amazon has wielded its power.
There's also the challenge of Apple.
With iOS the most popular smartphone operating system in the US, Apple's App Store can make or break an app's success. As the CPP Investments white paper notes, super apps "can be thought of as operating platforms for mobile devices." Apple simply doesn't permit most apps the kind of device-level access they would likely need to act as a super app.
It is clear that the obstacles on the road to a Silicon Valley-made super app are many. But the opportunity a super app presents is so enticing – despite all the hurdles – that it's a dream many tech CEOs are going to find difficult to let die.
Super Apps WeChat Apple | 2022-12-14T19:18:34Z | www.businessinsider.com | Why Musk, Zuckerberg, and Silicon Valley Can't Make a Super App | https://www.businessinsider.com/why-musk-zuckerberg-and-silicon-valley-cant-make-a-super-app-2022-12 | https://www.businessinsider.com/why-musk-zuckerberg-and-silicon-valley-cant-make-a-super-app-2022-12 |
Jack Sweeney at a conference in Orlando earlier this year; he says he'll keep posting the whereabouts of Elon Musk's jet.
Twitter banned the personal account of the college student who tracks Elon Musk's jet.
Jack Sweeney told Insider he plans to continue to promote the trackers on other social media sites.
Sweeney has more than 30 jet-tracking accounts on Twitter that were all banned on Wednesday.
The college student who tracks Elon Musk's private jet was apparently permanently banned by Twitter on Wednesday, according to an email he shared with Insider.
Jack Sweeney told Insider on Wednesday that he was notified his personal account had been banned by Twitter several hours after the social media company took down his account that tracks Musk's jet, @ElonJet. His more than 30 other accounts that track celebrities' private jet travel — including Mark Zuckerberg, Donald Trump, and Kim Kardashian — also were suspended several hours after @ElonJet.
"I really didn't think he'd suspend my personal account," Sweeney told Insider, speaking about Twitter honcho Elon Musk. "I didn't think he'd do anything because of all the media attention he'd get."
Sweeney said he was not notified prior to his jet-tracking account suspensions, but received an email from Twitter on Wednesday afternoon regarding his personal account. He shared the email with Insider. The social media site said his personal account had been suspended for violating its rules against "platform manipulation and spam."
Jack Sweeney was notified via email that his personal account had been permanently banned by Twitter, according to a screenshot of the email he shared with Insider.
Hours before he was banned, Sweeney had tweeted that he wanted the $8 back that he'd paid for Twitter Blue on his @ElonJet account. Sweeney said he hasn't decided what he'll do next, he said, and said he was mostly in disbelief. He said he plans to continue to promote the accounts and had already appealed the @ElonJet suspension with Twitter.
Sweeney said he's more motivated than ever to keep sharing the whereabouts of Musk's jet on other platforms, including Instagram, Discord, and Mastodon — a Twitter competitor that he signed up for within hours of learning of his Twitter suspension.
"I mean, fuck this guy," Sweeney said of Musk. "This is ridiculous. My personal account doesn't even track the planes. I'm going full-blast."
Neither Twitter nor Musk immediately responded to Insider's request for comment on this story.
Earlier this week, Sweeney said in a Twitter thread that he learned from an anonymous Twitter employee his account had been shadow-banned, or partially blocked without his knowledge. Sources familiar with the matter confirmed this to Insider.
Musk had expressed concern in the past regarding how Sweeney's jet-tracking account, @elonjet, could affect his personal safety, but said in November that he wouldn't remove the account.
"My commitment to free speech extends even to not banning the account following my plane, even though that is a direct personal safety risk," the billionaire tweeted a week or so after he bought Twitter. | 2022-12-14T20:50:05Z | www.businessinsider.com | Student Who Tracks Musk's Jet Is Banned. He Says He'll Keep Posting. | https://www.businessinsider.com/man-who-tracks-elon-musk-private-jet-permanently-banned-twitter-2022-12 | https://www.businessinsider.com/man-who-tracks-elon-musk-private-jet-permanently-banned-twitter-2022-12 |
Walmart hopes to streamline shopping by allowing customers to text items they'd like to purchase.
The new service was beta tested previously and grew out of Store No. 8, Walmart's incubator arm.
The company shut down a previous text-based experiment, dubbed Jet Black, in 2020 after just two years.
Walmart has rolled out a new tool for customers to text the retailer the names of products they want to purchase. That feature, Walmart Text to Shop, is coming online roughly two years after Walmart shut down a limited text-to-shop experiment.
Launched as a beta test in October 2021 to select markets, Walmart Text to Shop "is seamlessly connected" to users' Walmart accounts, Dominique Essig, vice president of conversational commerce for Store No. 8, Walmart's secretive incubator arm, wrote in a blog post Wednesday.
"Simply text the items you need, and they get added to your cart," Essig wrote. "Choose from the full selection of Walmart's products, including items from your local store and from Walmart.com. Text 'reorder' to quickly review and add your frequently ordered items to your cart."
At any given time, Store No. 8 houses five to eight "portfolio" companies — or startups that help Walmart get a jump on new shopping trends, said Scott Eckert, Walmart's senior vice president of next generation retail. The text-to-shop feature was one of those portfolio companies.
Eckert told Insider last month that Walmart is looking to "rapidly sign up customers" for text-to-shop.
"That type of convenience and inserting digital tools into your main shopping stream of activity is the type of thing that we're working on here," Eckert said.
This isn't the first time Walmart has tried its hand at text-to-shop services.
In 2018, the company rolled out Jet Black, a $50-per-month service where customers could access personal shoppers through text message. The service, also first incubated in Store No. 8, initially launched in New York City and had plans to expand.
But Walmart lost a ton of money on the service — reportedly hemorrhaging $15,000 annually per member as of 2019. And in February 2020, Walmart shut down the service and laid off nearly 300 people in the process.
"As we said in the beginning when we launched Jet black in 2018, part of the initiative was to start testing and building the technology with the intent that it could be used in other ways, including applying it to other parts of our business in the future," a Walmart spokesperson said at the time. "We've learned a lot over the past two years, including how customers respond to the ability of ordering by text as well as the type of items they purchase through texting."
Walmart AI Shopping | 2022-12-14T20:50:24Z | www.businessinsider.com | Walmart Tries Another Shop-by-Text Plan, 2 Years After Costly Failure | https://www.businessinsider.com/walmart-revives-shopping-by-text-after-a-similar-experiment-failed-2022-12 | https://www.businessinsider.com/walmart-revives-shopping-by-text-after-a-similar-experiment-failed-2022-12 |
Samsung is offering last-minute deals on tech gifts just in time for Christmas, including the Z Flip 4 phone and Frame TV
Samsung phones, TVs, and more are on sale just in time for Christmas.
Samsung's Discover Event is delivering some excellent deals before the year ends.
The limited-time sale includes savings on tablets, earbuds, smartphones, TVs, and more.
The deals last through December 15 and if you order now, most items will get delivered by Christmas.
In case you missed out on the major savings of Black Friday and Cyber Monday, Samsung is holding a big sale to help out last-minute shoppers. The Samsung Discover Event lasts through December 15 and features an array of discounts, including low prices on the brand's earbuds, smartphones, TVs, and appliances.
The sale also spotlights daily flash deals, with certain items dropping to even lower prices for a limited time. Keep an eye on the Samsung deals page to catch these short-lived discounts.
Samsung's special sale offers the opportunity to save on big-ticket gifts before shipping deadlines arrive for Christmas. Samsung is also offering enhanced trade-in credit for many devices, meaning you can score even bigger discounts if you have an old device to swap. We've gathered the best deals below, including the Z Flip 4 and Galaxy Watch 5.
Best Samsung holiday gift deals
The Samsung Galaxy Z Flip 4 has improved cameras and faster performance than its predecessor. It's the best foldable phone on the market, and right now it’s down to only $900 with a free memory upgrade to 256GB through December 15. It’s a rare discount, but not the lowest the device has been.
$899.99 from Samsung
$1,059.99 $959.99 from Amazon
These true wireless earbuds feature a unique bean-shaped design geared toward comfort. Currently down to $100 from both Samsung and Amazon, now is a nice time to save on your own pair.
$99.99 from Samsung
$149.99 $99.99 from Best Buy
The new model's longer battery life, more durable display, and more accurate health tracking could make the Galaxy Watch 5 a solid step up from the Watch 4. Currently down to $269, this deal is only $10 more than the previous all-time low.
$329.99 from AT&T
Samsung's Galaxy Tab S8 is the best Android tablet you can buy with a beautiful 11-inch screen, and it runs on the most powerful mobile processor of 2022, the Qualcomm Snapdragon 8 Gen 1. This $600 deal price doesn't match the all-time low of $540 we saw in October, but it's still a good discount.
Samsung 50-inch 4K QLED Frame TV
Samsung's The Frame QLED is designed with a matte display and thin build, making it look like a piece of art in your home. The 50-inch model is on sale for $900, which matches the best price we've seen.
Samsung 65-inch S95B OLED 4K TV
Samsung's first 4K OLED is also one of the very first OLED TVs to feature quantum dots. This technology allows the display to produce a wider range of colors than typical OLEDs. The high-end TV is one of the best on the market, and it's back down to an all-time low of $1,800. Note: This model is expected to ship after Christmas.
$3,499.99 $1,797.99 from Walmart
$2,997.99 $1,797.99 from Amazon | 2022-12-14T21:15:54Z | www.businessinsider.com | Samsung Tech Gift Deals: Galaxy Z Flip 4, Frame TV, Galaxy Watch 5 | https://www.businessinsider.com/guides/deals/samsung-tech-gift-deals-phones-tvs-smartwatches-2022-12 | https://www.businessinsider.com/guides/deals/samsung-tech-gift-deals-phones-tvs-smartwatches-2022-12 |
Starbucks and Amazon's PR nightmare is coming true as one of their combined stores pushes to unionize
Alex Bitter and Nancy Luna
Howard Schultz, the founder of Starbucks.
Workers at a café jointly operated by Starbucks and Amazon are voting on a union this week.
About 30 Starbucks employees at the New York store will participate in the vote, Bloomberg reported.
It's the latest way both companies' images as progressive employers are being tested.
The new Starbucks Amazon Go stores that opened last year in New York City were supposed to be a dream collaboration, serving frappuccinos and grab-and-go food in stores that utilize Amazon's Just Walk Out technology and Starbucks' mobile ordering.
But for some workers, the high-tech, high-profile store has created more work, not less.
Some workers say the cobranded location has "doubled their workload with no additional pay," according to a story first reported by Bloomberg. One of the Starbucks Amazon Go stores is considering unionizing this week. Roughly 30 Starbucks employees at the Times Square location will decide on December 15 whether to join Starbucks Workers United.
Despite the automation of ordering and paying, the workers say that they now have to inform customers how the store works when they enter, Bloomberg reported. They also risk getting burns while preparing Amazon's hot-food items, according to the report.
The union drive is the latest example of the contrast between how Starbucks and Amazon view themselves as employers and how their workers feel. Under CEO Howard Schultz, Starbucks has tried to be a "model employer," according to a story on Schultz and unions at the coffee chain in The New York Times this month. Amazon's former CEO Jeff Bezos, meanwhile, told employees last year that he wanted Amazon to be "Earth's Best Employer" as well as "Earth's Safest Place to Work."
"We are listening and learning from the partners in these stores as we always do across the country. From the beginning, we've been clear in our belief that we are better together as partners, without a union between us, and that conviction has not changed. We remain committed to our partners and will continue to work together, side-by-side, to make Starbucks a company that works for everyone," a Starbucks spokesperson told Insider.
The union that would represent the employees at the Times Square store did not respond to Insider's requests for comment.
Amazon workers at the LDJ5 Amazon Sort Center rally in support of the union on April 24, 2022, in Staten Island, New York.
The union drive at the joint store is the lastest for both Amazon and Starbucks
Starbucks cafés and Amazon warehouses across the country have been on a unionization spree over the past two years.
If the Starbucks Amazon Go workers voted to unionize, they would join about 7,000 workers who have organized at roughly 260 Starbucks cafés in the US since last year. About 330 Starbucks have held votes to unionize, according to NPR. Earlier this month, some workers at about 100 stores went on strike during Red Cup Day, when Starbucks gives customers free reusable cups for eligible holiday drink orders. The workers were protesting "short staffing and the company's failure to bargain with union stores," Starbucks Workers United said in a press release.
Amazon's JFK8 warehouse on Staten Island, meanwhile, is the only warehouse that has unionized. Workers there held a vote earlier this year after similar warehouses in Bessemer, Alabama, and another on Long Island voted against a union.
Starbucks workers have pointed to issues including low pay and rigid work schedules in their union campaigns. Amazon warehouse workers have said the controversial practice of tracking "idle time" has led workers to skip bathroom breaks and that repeated movements tied to warehouse work lead to injury.
A Starbucks Amazon Go cafe
Both Amazon and Starbucks have cultivated reputations as progressive employers and pushed back against unions
Both companies have painted themselves as forward-thinking on worker treatment and benefits.
In October, Amazon raised average starting pay for its front-line workers to $19 from $18 and announced a program to train workers to take jobs within Amazon Web Services.
As early as 1988, Starbucks extended healthcare coverage to part-time employees and ensured that it included domestic partnerships. Other industry-leading benefits have come in its wake, such as college-tuition coverage, 401k plans, and parental leave. Many of these benefits are rare for workers at retailers or restaurants.
The unionization movement at Starbucks locations has shaken Schultz, who stepped in as interim CEO earlier this year. He has publicly stated he would not embrace union efforts at a company where he is known as the architect of creating progressive employee benefits.
"What's happening in America is much bigger than Starbucks," Schultz told The New York Times in June. "Starbucks, unfortunately, happens to be the proxy of what is happening. We're right in the middle of it. If a company is as progressive as Starbucks, that's done so much and at the 100th percentile, can be threatened by a third party, then anyone can."
Amazon AmazonGo Unions | 2022-12-14T21:16:06Z | www.businessinsider.com | Union Drive at Amazon, Starbucks NYC Store Highlights Labor Challenges | https://www.businessinsider.com/union-drive-at-amazon-starbucks-nyc-store-highlights-labor-challenges-2022-12 | https://www.businessinsider.com/union-drive-at-amazon-starbucks-nyc-store-highlights-labor-challenges-2022-12 |
A brutally honest internal study about Amazon's 'Earth's Best Employer' project slammed the company for creating 'stress, burnout, churn, and a cut-throat atmosphere'
The Amazon Spheres at its headquarters in Seattle.
Amazon has made becoming "Earth's best employer" one of the company's top priorities.
An internal study found Amazon's culture is associated with "stress, burnout, churn, and a cut-throat atmosphere."
The study identified six focus areas for Amazon to work on to become Earth's best employer.
An official Amazon study run as part of the company's "Earth's Best Employer" initiative showed mounting employee frustration and other challenges around the time the crucial project was getting off the ground.
To fix those issues, the company identified six improvement areas, according to a copy of the "Earth's Best Employer Discussion" study seen by Insider.
The 11-page document, created in October 2021 for Amazon's most senior leaders, gives a brutally honest assessment of employee sentiment, suggesting one big motivation behind the Earth's Best Employer initiative, which was launched last year and is internally dubbed "EBE." When Andy Jassy became CEO in July 2021, Amazon added EBE to the company's vaunted leadership principles, making it one of the top priorities.
The project took a hit this year when Amazon investigated one of the key executives involved in EBE, as Insider previously reported. The study also notably has no mention of overhauling Amazon's performance improvement process, which has long been a contentious issue among employees.
"We learned we are not seen as distinctively innovative and that our innovation culture is not fun. Innovation at Amazon is associated with stress, burnout, churn, and a cut-throat atmosphere," the document said.
In an email to Insider, an Amazon spokesperson said the company has been "rated one of the top employers for many years."
"One of the reasons we believe we are a good employer is that we ask employees for their feedback and listen to what they think we could do better. We always look at the most critical areas, even if the ideas or comments don't represent the sentiment or views of most or even many employees," the spokesperson said.
Tech talent shortage
A competitive labor market was one of the main drivers for change, according to the report. Amazon anticipated a "tech talent shortage" of 6 million to 8 million workers in the US by 2030. The Amazon Web Services cloud business alone was projected to need 210,000 to 336,000 tech employees by 2031, or at least 123,000 additional workers.
Yet, Amazon is not perceived as a particularly attractive workplace even by its own employees, the report found. Corporate employees said they were subject to long hours and exhausting workloads. Sometimes, even finding answers to trivial HR policies led to confusion. For frontline workers, Amazon wants to provide more behavioral health support and reduce injuries like musculoskeletal disorders, which are more common at its warehouses than other similar facilities.
"Neither corporate nor front-line employees feel Amazon is a place they can clearly grow their careers and achieve personal success," the report stated.
Here's a look at each of the six topics Amazon identified as key EBE factors in the study:
1) Competitive Compensation and Benefits
The report said total compensation had "increasingly become an issue in 2021 with competitors making aggressive offers for Amazonian talent," a trend that Insider previously wrote about.
Amazon thought some of those offers were "irrational," but it acknowledged the "need to make significant adjustments in compensation ranges, especially for tech roles." Amazon made some changes to its compensation structure earlier this year, though many employees remained upset about their lack of increases.
The study also found that compensation was the second most important factor for software developers leaving Amazon.
"Great compensation and generous benefits are at the top of the list of what employees want from their employer. This is true in external surveys for the overall US corporate and front-line workforce, and in internal Amazon surveys," the document said.
2) Work-Life Balance (WLB)
Amazon lags far behind competitors when it comes to work-life balance, the document stated. When tech employees at Amazon and other companies were asked to describe their work culture, Amazon employees used positive phrases only 12% of the time, while Google and Microsoft employees used them 80% and 97% of the time, respectively.
"Across all surveys, corporate employees list improving WLB as the most or one of the most important things Amazon can do to be EBE," the document said.
The same applied to frontline workers. They expressed the need for better schedule flexibility and shorter shifts, and less physically grueling work. Internal data showed 62% of Amazon's frontline managers felt worn out and weary after work.
3) Personal Advancement Opportunities
More than half of Amazon's internal tech survey respondents picked "career advancement, the promotion process, or learning and development" as one of the top five things Amazon could do to be Earth's Best Employer, according to the study. Among departing employees, 20% listed career growth opportunities as the "primary reason" for leaving.
Amazon's frontline employees expressed similar sentiments, choosing "career advancement" as the second biggest challenge they would like Amazon to solve. "In interviews, associates expressed lack of communication and transparent information on career advancement and promotion opportunities as a key pain point," the document said.
4) Ability to Innovate and Deliver
Departing software developers said Amazon needed to be "creative and innovate," suffered from "red tapeism," and had a "culture that prioritizes delivering something quickly over innovation," the study showed. Amazon employees previously shared similar concerns with Insider, pointing to the company's slowing "Day 2" culture.
Frontline workers described Amazon as an unforgiving place, where they could "get fired without warning for rules they do not know exist, and that it's "obsessed with the customer while employees are expendable 'cogs in a wheel.'"
5) Positive Workplace Community and Culture
When Amazon asked employees to describe innovation at the company, they used words like "intensity," "burnout," and "high churn," according to the document. Those same people, however, used "fun," "cool," and "employee-first" to describe other tech company cultures.
Amazon's frontline workers often described their jobs as "isolating," with little connection to other people and managers, the document said.
6) Social Impact
Amazon employees value socially responsible work. Amazon's tech workers were willing to accept 5% lower pay for work with social impact. And 7.5% of Amazon tech employees said ideas related to social impact were the one thing Amazon could do better to be EBE.
"We want to lead with an innovative and inspiring approach to being Earth's Best Employer," the document said.
Amazon Andy Jassy | 2022-12-14T22:21:07Z | www.businessinsider.com | Internal Study Slammed Amazon for Stress, Churn, Cut-Throat Atmosphere | https://www.businessinsider.com/amazon-earths-best-employer-stress-churn-burnout-cut-throat-atmosphere-2022-12 | https://www.businessinsider.com/amazon-earths-best-employer-stress-churn-burnout-cut-throat-atmosphere-2022-12 |
"Giving creative input to how Anna Sorokin wanted to portray herself for this reentry into the world was a cool challenge," said Healy.
Courtesy of Dani Parkes
Ryan Healy is a fashion stylist and founder of The Gays Closet.
He styled Anna Sorokin for an interview from her home, where she is on house arrest.
Healy says he thinks Sorokin will continue to have a major influence on pop culture and fashion.
This as-told-to essay is based on a conversation with Ryan Healy. It has been edited for length and clarity.
Anna Sorokin, or Anna Delvey, as she was known as in her scamming days, is different from the character on "Inventing Anna."
She was much sweeter and more personable than how she was depicted in the show. She was also inviting and funny — I don't know whether I expected her to be cracking jokes.
Her apartment is also really nice. There's art all over the walls — some of it was her own, but she also had some from a great art gallery in New York called The Locker Room. You can tell she really cares about the art.
Anna's personal art has a unique perspective. You don't often see art like hers anymore. I think when she was incarcerated, she had time to create something intriguing. The pieces were done in pencil, which is such an interesting medium. The ones I saw were copies of some she had auctioned off.
Ryan Healy styled Anna for her interview.
Courtesy of Tiana Michele
I was immediately excited to work with Anna
Kenneth Pabon, a TikTok creator with about 542,000 followers, was interviewing Anna for his platform and hired me to style her. This would be her first social-media interview after prison, and she was on house arrest. Anna isn't allowed on any social-media platforms, so this interview was special.
In my last couple of years in college, I did some virtual styling, got involved with some cool clients, and have been styling ever since with my business, The Gays Closet. I recently did a campaign for Adidas and Major League Soccer. The jerseys were all made from recycled plastics, which was right up my alley, because I like to strive for sustainability with The Gays Closet.
I don't think that's specifically why I was hired to style Anna — I've worked with Kenneth for a long time on all kinds of projects — but I think he and Anna appreciated my commitment to sustainability after the fact.
For the first few days of the gig, I just sourced some pieces for her. I knew Anna was going for a classic New York-chic vibe, and I wanted to elevate that and put her into something more artistic.
At the time, I had watched only the first half of "Inventing Anna" — just bits and pieces here and there. While I had an idea of her background and what she did, I had no reservations about working with her and was excited to work with someone so prominent in pop culture.
I also thought giving creative input to how she wanted to portray herself for this reentry into the world was a cool challenge.
We started the shoot just like any other one
Kenneth and I arrived early. When we got there, there was a whole glam team of makeup artists and hairstylists who got to work on Anna and Kenneth. After that, I brought the garments in and set them up to see what Anna gravitated toward.
I put all the clothes in her closet, and she was able to shop around, which I assume was relatively fun since she wasn't able to go out and shop. Going from a prison uniform to full glam and designer clothes is probably the most iconic way to be on house arrest.
I was surprised by the pieces she chose
Anna chose this Jessica Jade dress with NYC subway signage. She's previously said in interviews that she doesn't take the subway.
I put her in a piece from Jessica Jade's latest runway show. It was this hand-sequined dress in the design of the NYC subway signs. Anna has said in interviews that she doesn't take the subway — and then she recently had to take the subway for a parole meeting. What's campier than wearing a dress that has subway signage on it when you said you'd never take it? She paired it with Gucci heels.
The other outfit was a vintage Ferragamo dress from my archive in The Gays Closet with this giant Proenza coat, which she said made her feel like Cruella de Vil.
The only issue we ran into was her ankle monitor — we wanted her to wear a certain pair of boots but had to scratch that idea because they couldn't fit over it.
Anna with Kenneth Pabon. Anna's ankle monitor didn't fit in the boots that were originally picked out for her.
Courtesy of Ryan Healy
Some brands didn't want to be styled on Anna, saying she was too polarizing
A lot of brands I tried to source for the shoot felt that working with Anna was too polarizing for them and declined my requests — which I think was a missed opportunity. Pop culture has the ability to make anyone into an entire brand, and Anna has pop culture's attention.
A curated image from her would be relatable and have an organic feel that works in the fashion world. The wearable-art direction she's going in is the perfect opportunity for her to stay relevant in fashion and in her growing art career.
It was interesting to see her take on how she wanted to be perceived — she has the ability to create a brand in the art and fashion world quickly.
anna delvey Inventing Anna Netflix | 2022-12-14T22:21:13Z | www.businessinsider.com | I Styled Anna Sorokin While She Was on House Arrest | https://www.businessinsider.com/anna-delvey-sorokin-prison-house-arrest-interview-inventing-anna-2022-12 | https://www.businessinsider.com/anna-delvey-sorokin-prison-house-arrest-interview-inventing-anna-2022-12 |
Dave Mosher and Hilary Brueck
Apollo 11 astronauts planted a flag on the moon on July 20, 1969.
Former US President Donald Trump wanted to get astronauts back on the moon in 2024.
Many space enthusiasts have long hoped to build a base on the moon, but the lunar surface's harsh environment wouldn't be an ideal place for humans to thrive.
An illustration of SpaceX's Starship vehicle on the surface of the moon, with Earth in the distance.
Elon Musk/SpaceX via Twitter
NOW WATCH: Here’s what NASA could accomplish if it had the US military’s $600 billion budget
Moon Astronauts Space Travel | 2022-12-14T22:22:11Z | www.businessinsider.com | Astronauts Explain Why Humans Haven't Returned to the Moon in Decades | https://www.businessinsider.com/moon-missions-why-astronauts-have-not-returned-2018-7 | https://www.businessinsider.com/moon-missions-why-astronauts-have-not-returned-2018-7 |
Subsets and Splits
No community queries yet
The top public SQL queries from the community will appear here once available.