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Brad Parscale at a Trump rally in Lexington, Kentucky.
Bryan Woolston/Getty Images
President Donald Trump's former campaign manager Brad Parscale blamed the president for the death of a Capitol rioter in a series of private texts revealed at the 7th hearing of the House select committee investigating the January 6 insurrection.
In the messages, Parscale told former Trump campaign spokeswoman Katrina Pierson that he felt remorse for helping Trump get elected in 2016.
"This week," Parscale wrote on the evening of January 6, "I feel guilty for helping him win."
Brad Parscale's texts to Katrina Pierson
House Select
Parscale, who had been a member of Trump's campaign since his first presidential run in 2016, likened Trump's comments on January 6 as "a sitting president asking for civil war."
He also suggested that Trump's words lead to the death of a rioter. Messages reveal that Pierson tried to push back, writing that "it wasn't the rhetoric," but Parscale firmly disagreed.
"Katrina," Parscale wrote. "Yes it was."
House select committee investigating the January 6, 2021, attack on the US Capitol
Parscale was demoted from his role as Trump's 2020 presidential campaign manager in July 2020. Months later, in September, he was hospitalized after he threatened to harm himself with a gun, police in Fort Lauderdale, Florida, said. The former campaign manager had ten of his guns taken away after his wife, Candace Parscale, said that he had abused her — an officer noted that she had bruises on her arms as well as "scratches and bruising on her face."
More: INSIDER Data January 6 commitee hearings capitol riot
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2022-07-12T21:13:04Z
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www.businessinsider.com
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Trump Campaign Manager Said the President Is to Blame for Rioter Death
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https://www.businessinsider.com/trump-campaign-manager-said-the-president-is-to-blame-for-rioter-death-2022-7
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https://www.businessinsider.com/trump-campaign-manager-said-the-president-is-to-blame-for-rioter-death-2022-7
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The employee testified about being on "pins and needles" ahead of the insurrection because "for months, I had been begging, and anticipating, and attempting to raise the reality that if we made no intervention into what I saw occurring, people were going to die and on January 5th, I realized no intervention was coming."
"Not even as hard as I had tried to create one or implement one, there was nothing, and we were at the whims and the mercy of a violent crowd that was locked and loaded," the employee said.
Twitter considered adopting a stricter content moderation policy after Trump told the Proud Boys to "stand back and stand by" during the September 29, 2020 presidential debate, but the company chose not to act, Rep. Jamie Raskin, a Maryland Democrat, said during the hearing.
The former Twitter employee testified that after the debate, "My concern was that the former president for seemingly the first time was speaking directly to extremist organizations and giving them directives. We had not seen that sort of direct communication before and that concerned me."
The employee said Twitter "relished the knowledge that they were also the favorite and most used service of the former president."
Twitter permanently suspended Trump on January 8, 2021, "due to the risk of further incitement of violence."
The employee said Twitter gave Trump preferential treatment.
More: Capitol Siege january 6 Twitter Select Committee
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2022-07-12T21:13:23Z
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www.businessinsider.com
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Former Twitter Employee Feared 'People Were Going to Die' on January 6
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https://www.businessinsider.com/twitter-employee-feared-people-would-die-on-january-6-insurrection-2022-7
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https://www.businessinsider.com/twitter-employee-feared-people-would-die-on-january-6-insurrection-2022-7
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Kali Hays and Áine Cain
Twitter has sued Elon Musk for trying to walk away from his agreement to buy the company.
Musk last week accused Twitter of several instances of "breach," saying they all nullified the deal.
Twitter pushed back on Musk's "antics," saying his claims were "pretexts and lack any merit."
Twitter followed through on its promise to sue Elon Musk over his attempt to walk away from buying the platform.
In a lawsuit filed Tuesday, lawyers for Twitter accused Musk of "refusing to honor his obligations." The suit was filed in Chancery Court in Delaware, where Twitter is incorporated.
At issue in the lawsuit is Musk's attempt last week to "terminate" the merger agreement he signed in April, saying he would acquire Twitter and take it private for $54.20 per share, putting a value on the deal of $44 billion. Lawyers for Twitter over the weekend called Musk's move "invalid and wrongful."
In Musk's letter backing out of the deal, he accused Twitter of refusing to hand over "useable" user data, said it had misled him and the SEC on the number of "bots" or spam accounts present on the platform, and that it had made decisions to conduct layoffs and let go of key executives without getting his approval. All of which allegedly constitute a "breach" of the agreement, lawyers for Musk said. Meaning he can walk away from the deal and does not even have to pay the $1 billion break-up fee included in the agreement.
Twitter pushed back against all of those points in its lawsuit, calling them "pretexts" that "lack any merit." It argued that the merger agreement Musk signed in April is not only "binding," and that he legally must complete the deal as agreed to, but that he is only attempting to back out now "because it no longer serves his personal interests."
Musk appeared to respond to the lawsuit on Twitter not long after it was filed, writing only "Oh the irony lol."
Lawyers for Twitter pointed to Musk's personal wealth, largely tied up in Tesla stock, the price of which has fallen 44% this year along with tech stocks generally. They said the value of his Tesla stake has fallen by more than $100 billion since late last year. Now Musk simply "wants out" of his agreement to buy Twitter because the stock market is down, and wants to "shift the cost"of the downturn onto Twitter's shareholders.
"Having mounted a public spectacle to put Twitter in play, and having proposed and then signed a seller-friendly merger agreement, Musk apparently believes that he — unlike every other party subject to Delaware contract law — is free to change his mind, trash the company, disrupt its operations, destroy stockholder value, and walk away," lawyers for Twitter said. "This repudiation follows a long list of material contractual breaches by Musk that have cast a pall over Twitter and its business."
Lawyers pointed to several of Musk's tweets discussing the acquisition and certain of Twitter's executives, saying each constituted a breach of confidentiality and disparagement clauses in the agreement. They claim he failed to provide reasonable information on his financing of the deal and failed to treat other requests "reasonably."
Twitter went on to cover several areas speculated as possible soft spots in the agreement with Musk, including his financing for the deal. The platform called both the debt and equity financing portions of the deal "airtight" and pointed to Musk's personal commitment of $33.5 billion.
The company also held Musk at least partially responsible for the decline in its own stock price, which is down 20% this year, saying the billionaires "antics" and the "disdain he has shown" for the company created more business risks and put pressure on its stock.
Despite all of this, Twitter is insisting that Musk is obligated to go through with acquiring the company at the agreed upon price of $44 billion. It asked the court to force him to close the deal and to enjoin him "from further breaches" of the agreement. Twitter is also asking the the case be heard on an expedited basis, coming before a judge in September, given the potential impact a prolonged fight will have on its business.
Lawyers for Musk could not be immediately reached for comment.
More: Twitter Elon Musk Speed Biz Mergers And Acquisitions
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2022-07-12T22:37:27Z
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www.businessinsider.com
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Twitter Sues Elon Musk to Enforce Takeover Deal Agreement
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https://www.businessinsider.com/elon-musk-twitter-lawsuit-to-enforce-acquisition-takeover-deal-2022-7
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https://www.businessinsider.com/elon-musk-twitter-lawsuit-to-enforce-acquisition-takeover-deal-2022-7
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Rep. Kevin McCarthy (R-CA) and President Donald Trump.
Anna Moneymaker/The New York Times/POOL/Getty Images
Kevin McCarthy told journalist Mark Leibovich that Trump's anger "goes up and down."
"This is the tightest tightrope anyone has to walk," the California Republican said of Trump.
He also told Leibovich that Trump and ex-House Speaker Paul Ryan were "wired differently."
House Minority Leader Kevin McCarthy said former President Donald Trump "goes up and down with his anger" and compared the predicament to a "tightrope" that must be navigated, according to a newly-released book by Atlantic staff writer Mark Leibovich.
In the book, "Thank You for Your Servitude: Donald Trump's Washington and the Price of Submission," Leibovich wrote that McCarthy was a "pragmatic conservative" who sought to have a working relationship with Trump.
Leibovich and McCarthy spoke in July 2018, when the California Republican remarked on the complexities of Trump's personality.
"He goes up and down with his anger," McCarthy said.
He continued: "He's mad at everybody one day. He's mad at me one day. This is the tightest tightrope anyone has to walk."
McCarthy was asked about Trump's relationship with then-House Speaker Paul Ryan, the Wisconsin conservative who had been the party's 2012 vice presidential nominee and was instrumental in advancing the party's 2017 tax-cut bill.
He told Leibovich that Trump and Ryan were "just wired differently." The former president felt that Ryan — who represented Wisconsin's 1st congressional district from 1999 until 2019 — was not sufficiently complimentary of him, according to the book.
When Leibovich asked Ryan if he thought Ryan should have pushed back against Trump when he "offended" him, McCarthy was circumspect in his response.
"I think history will show that Paul spoke his own mind," McCarthy said, per the book.
Ryan declined to run for reelection in 2018 and retired from the House in January 2019, midway through Trump's term in the White House.
More: Kevin McCarthy Donald Trump Paul Ryan Republican Party
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2022-07-12T22:38:21Z
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www.businessinsider.com
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McCarthy Compares Dealing With Trump to Walking 'the Tightest Tightrope': Book
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https://www.businessinsider.com/mccarthy-trump-anger-up-and-down-tightrope-ryan-gop-book-2022-7
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https://www.businessinsider.com/mccarthy-trump-anger-up-and-down-tightrope-ryan-gop-book-2022-7
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Amazon's new Echo Buds improve on the previous model with a more comfortable design and better noise cancellation.
Amazon's latest Echo Buds are a great fit for buyers who want an affordable pair of wireless earbuds that don't sacrifice noise cancellation or customization. This model includes a wireless charging case, and they're $40 off right now for Prime Day.
During Prime Day 2022, the standard Echo Buds that come with a wired charging case are available for just $TK, down from their usual $120 price. Meanwhile, the Echo Buds that come with a wireless charging case are only $TK, far less than the normal $140.
Before you add them to your cart, be sure to click the 6 Months FREE of Amazon Music Unlimited option too. This gives you a free six-month trial for Amazon Music Unlimited, Amazon's music streaming app with over 90 million songs and no ads — perfect for testing your new Echo Buds. After that trial, it costs $8.99 a month, but you can cancel at any time.
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2022-07-13T00:12:44Z
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www.businessinsider.com
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Best Prime Day Echo Buds Deals: Save $50 on All Versions
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https://www.businessinsider.com/guides/deals/amazon-prime-day-echo-buds-deals-2022-7-12
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https://www.businessinsider.com/guides/deals/amazon-prime-day-echo-buds-deals-2022-7-12
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Lauren Boebert denies her husband exposed his penis in a bowling alley in 2004, despite his guilty plea, and says 'he needed the alcohol and anger management classes': book
Lauren Boebert poses for a portrait at Shooters Grill in Rifle, Colorado on April 24, 2018
Rep. Lauren Boebert tells her version of her husband's 2004 arrest in her new memoir.
He "acted like he was going to unzip his pants" in a bowling alley, but didn't expose himself, she wrote.
He took a plea deal "instead of fighting for his innocence in court," she wrote.
Rep. Lauren Boebert stands by her "hunky" husband in her new memoir, writing that Jayson Boebert never exposed his penis in a bowling alley bar in 2004, despite being arrested, pleading guilty, and serving jail time for public indecency and lewd exposure.
The gun-toting Republican firebrand from Colorado denies the allegations in "My American Life," released on Tuesday. And she blames a 17-year-old bartender at the Fireside Lane bowling alley in Rifle, CO, who "wouldn't stop" asking to see Jayson's private tattoo.
She and Jayson weren't officially married yet and he had been trying to "bond" that night with her stepfather, Boebert writes. They "got to chatting over drinks" and the female bartender had heard "what a catch he'd be."
Jayson Boebert's friends "even teased her by saying he'd gotten a great tattoo in a private area, which made her curious, so she pressed Jayson to show it to her right there at the bar," Boebert wrote.
After first ignoring her, he "acted like he was going to unzip his pants" after having too much to drink, she wrote. The bowling alley owner tried to kick him out, but he didn't want to leave.
"The two argued, and Jayson threw a basket of fries at the owner," she wrote. "The police were called."
The New York Post last year reported that Jayson Boebert exposed himself to two women at the bowling alley and that Lauren Boebert, whose last name was then Roberts, was there. Two women gave statements in the police report that Jayson said he had a tattoo on his penis and then exposed his penis to them. They told the owner of the bowling alley, who called law enforcement.
In her book, Boebert doesn't explain where she was when the incident happened. But she acknowledges Jayson was arrested for "indecent exposure to a minor" because the bartender was 17. He took a plea deal "instead of fighting for his innocence in court."
"He knew the truth —and the truth was, he didn't do what he was accused of," she wrote. "But the entire experience opened Jayson's eyes to the reality that he needed the alcohol and anger management classes that came with the plea deal."
She blames "the Left" for not applauding him for learning from his mistakes.
More: Lauren Boebert My American Life
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2022-07-13T00:12:56Z
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www.businessinsider.com
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Lauren Boebert Denies Her Husband Exposed His Penis in a Bowling Alley: Book
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https://www.businessinsider.com/lauren-boebert-says-husband-didnt-expose-himself-in-bowling-alley-2022-7
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https://www.businessinsider.com/lauren-boebert-says-husband-didnt-expose-himself-in-bowling-alley-2022-7
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These bestselling leggings with more than 40,000 reviews are $18 right now for Prime Day — we've tested them and they feel like they should cost $100
By Ashley Phillips
Colorfulkoala Buttery Soft High-Waist Full-Length Leggings
Amazon Prime Day is best known for its deals on tech gear and household essentials, but it's also a great time to find discounts on clothing. During this year's sale, going on now through July 13, the internet-favorite Colorfulkoala leggings are discounted 20%.
Colorfulkoala leggings have gained a cult following for their comfortable fit, affordable price, and quality that many swear is on par with much more expensive athleticwear brands like Lululemon. In her review of the leggings for Insider, writer Talia Ergas agrees with the more than 40,000 enthusiastic Amazon reviewers, calling them buttery soft and durable enough to last through many wash and dry cycles. You can read our full review of Colorfulkoala leggings here.
At $22.99, these are already a great deal (espcially when quality leggings often cross the $100 mark), but the Prime Day discount brings them down to just $18.39. Combined with 20 different color options, the hardest part will just be choosing which pair. To get the discount, make sure to click the coupon button, and you'll be able to access the sale price at checkout.
The best Prime Day deals on skincare, according to our beauty editors
The best beauty and grooming deals for Prime Day
The top Prime Day deals to shop today
Style and Beauty Editor
Ashley is a style and beauty editor for Insider's Reviews team, where she spends her days monitoring the latest product launches, consulting experts on ingredients lists, and helping readers to identify which moisturizers and cashmere sweaters are worth investing in. Before joining Insider, she spent five years reviewing products as the style and beauty editor for Hearst's BestProducts.com, and before that, she was a copywriter for Neiman Marcus where she specialized in fine jewelry and accessories. Her work has appeared in Cosmopolitan, Harper's Bazaar, Elle, Town&Country, and more. Prior to joining the editorial world, she was the owner and buyer of an independent clothing boutique. She graduated from the University of North Texas with a degree in merchandising. Ashley is currently based in New York City. Say hello at aphillips@businessinsider.com or @ashleyphillips88 on Instagram. Learn more about how our team of experts tests and reviews products at Insider here. Learn more about how we test style and beauty products.
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2022-07-13T01:43:41Z
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www.businessinsider.com
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Prime Day 2022: Colorfulkoala Leggings Are on Sale for $18
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https://www.businessinsider.com/guides/deals/amazon-prime-day-colorfulkoala-leggings-deal-2022-7
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https://www.businessinsider.com/guides/deals/amazon-prime-day-colorfulkoala-leggings-deal-2022-7
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The best Prime Day Roomba deals include the lowest price ever on the iRobot Roomba i7+
Best Prime Day iRobot Roomba robot vacuum deals
Best Prime Day deals on other robot vacuums
Best Prime Day Roomba deals FAQs
More Prime Day 2022 FAQs
Amazon Prime Day 2022 has kicked off, and there are plenty of excellent deals on vacuums, including several robot vacuums from the top brands we've tested. Roomba is the only brand with two models in our best robot vacuums guide. Right now, you can save big on a new Roomba with the deals below.
Our other favorite robot vacuum brands are offering great deals, like Robovacs and Eufy. We consider the Robovacs S7 to be the second-best robot vacuum with a mop that we tested, and it's at an all-time low price. The budget pick from our guide, the Eufy Boost IQ 15C Max, is down $100, making it even more affordable than it already was.
The iRobot Roomba i7+ Robot Vacuum is as automated as it gets with automatic dirt disposal and the ability to schedule cleaning sessions of specific rooms. For Prime Day, it's offered at an all-time low price.
The Roomba i4+ is iRobot's newest robot vacuum that comes with automatic dirt disposal so you don't have to empty the dustbin. It's supported by the outstanding iRobot app and has strong suction for hardwood and carpeting. Right now, it's only $50 more than the all-time low price.
While it had trouble in corners and operates loudly, we were overall impressed with the powerful suction of the S7, and it was one of the best at mopping of the robot vacuums we tested. This is the lowest price we've seen on this model.
If you want to get rid of pet hair, dirt, debris, and more at a low cost, this robot vacuum is a great choice.
Quiet, slim, and powerful, the eufy RoboVac 15C Max is a solid investment if you're looking for a robot vacuum. It's already very affordable at retail price, and with a promo code you can get $100 off.
Use the promo code WS24T2128 at checkout.
$149.99 from Eufy
The Samsung Jet Bot+ comes with a charging dock that automatically empties the vacuum's dustbin, and the laser navigation maps your home, allowing you to choose where it cleans. For Prime Day, it's at its lowest price ever.
What's the best robot vacuum to buy?
The Roomba is what started the robot vacuum craze decades ago. Since then, scores of other companies have introduced robovac models, with each brand trying to outpace the others with innovations. We think Roomba is still topping industry. That's why we made the i3+ the top pick in our guide. It has large main brushes, strong suction, and automatic dirt disposal.
Consider our budget pick, the Eufy RoboVac 15C Max if you're looking for a cost-effective model. For its sub-$200 price, it has an impressive array of features, including smart connectivity via the app (available for Android and iOS). It also performed well on hardwood and carpeting in our tests.
Visit our best robot vacuums guide for more details.
How does a robot vacuum compare to a regular vacuum?
The main benefit of robot vacuums is that they automate cleaning your floors. Once you set the schedule in the app, a Roomba will clean your home and return to its dock to charge when done. You just have to empty the dustbin, clean the filter, and perform other maintenance tasks that are common to all vacuum types.
Yet, robot vacuums have small dustbins and batteries so all the necessary components can fit into a small device. They also cost more than traditional vacuums.
Upright vacuums are more powerful than robot vacuums. However, you can't beat a Roomba when it comes to automatic floor cleaning.
Are Roombas worth the price?
Compared to other robot vacuums, Roombas tend to be more expensive. We think they're worth it. iRobot regularly rolls out user-friendly updates to its app, fixing bugs and adding new features. We didn't experience any bugs while testing the app and found the app had minimal lag time and consistent performance.
Roombas also typically have the latest innovations that are actually useful and work well. For instance, iRobot was the first to popularize the auto-emptying station. Zoned cleaning and strong suction are also popular Roomba features.
Prime Day is Amazon's annual sales event where it offers deals on millions of products. We usually see prices reach all-time lows, even beating out Black Friday and Cyber Monday.
Prime Day is Tuesday, July 12 through Wednesday, July 13 at 11:59 p.m. PT. Some deals last longer, but we recommend acting on deals while supplies last.
Yes. Prime Day deals are only available to Prime members. However, you can sign up for a free 30-day Prime trial to take advantage of the savings.
More: Amazon Prime Day 2022 Insider Picks Insider Reviews 2022 Cleaning
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2022-07-13T01:43:53Z
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www.businessinsider.com
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Best Amazon Prime Day Roomba Deals 2022: Get 38% Off iRobot Robot Vacuums
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https://www.businessinsider.com/guides/deals/amazon-prime-day-roomba-deals-2022-7-12
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https://www.businessinsider.com/guides/deals/amazon-prime-day-roomba-deals-2022-7-12
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Amazon Halo View review: A no-frills fitness tracker that punches above its weight
Amazon's Halo View is the company's second-generation fitness tracker.
It now features a color touchscreen but still feels like a basic wearable.
What makes it shine is an app that offers unique health insights not offered by other trackers.
When Amazon introduced its debut fitness tracker, the Halo Band, it didn't look much different from what was already available. Featuring a screenless design reminiscent of the Whoop band, Amazon's first wearable felt familiar.
Now there's the Halo View, an updated version that comes standard with a small touchscreen. This gives it yet another well-known design but this time it evokes the early generations of the Fitbit Charge.
But what sets these trackers apart from their competition is the companion Amazon Halo app, a platform that analyzes and studies a wearer's movement, body composition, sleep patterns, and diet to provide actionable insight about improving their health.
That alone intrigued me to try it out. I've tested tons of fitness trackers and after spending a month with the View, I was amazed at how it straddled the line between entry-level and high-end. It costs (as of this writing) just $45 yet offers tons of usable feedback that goes beyond a simple "Time to get up" notification.
Below are highlights of my time with the View, plus a few drawbacks, as well as how it felt to use something so new and different.
The app is the star of the show
To call the Halo View experience unique isn't enough to fully capture how interesting it is to engage with both the watch and companion app. This dual experience is presented to you right out of the box, too; you're prompted to set up the watch while also urged to input information that'll give the app a jumping-off point.
Rick Stella/Insider
I recommend going through these setup processes right away. This includes setting up your nutrition preferences, recording your voice for tone analysis, doing a short movement assessment, and taking a body composition scan. That last part is admittedly a bit awkward as it asks you to strip down to your underwear before using the camera on your phone to take a scan.
Despite how uncomfortable that might be, it's one of the main factors that inform what the app recommends each day, be it a fitness routine, what to eat, or how much water to drink. It also provides insight into your body fat percentage and how it may impact your overall health.
The app's recommendations are what ultimately keep its main feed populated with content. This includes personalized health insights about your heart rate or voice tone, feedback on how you slept the night before, new meal ideas, and workout suggestions.
It's an endless well of inspiration that very few other fitness tracker ecosystems offer. And almost anyone can benefit from it, too, from beginners looking to make a lifestyle change to those just looking to freshen up their routine or find something new to make for lunch.
It's worth noting that while a year subscription to the app is included upon purchase of the Halo View, it does cost $4 per month once the trial is up. You'll still have limited access to some of its features without a membership but the bulk of what makes the app so great (and the main reason why the Halo View is as good as it is) is behind the monthly paywall.
An ordinary wearable
The watch itself isn't anything revolutionary but it does feature a familiar style, outfit with a small color touchscreen that's attached to a polyurethane band.
Though it feels a little cheap, I did find it to be quite comfortable, even when I was sweating while running, cycling, or lifting weights. And it's just light enough that I hardly noticed I had it on during nights I wore it to bed.
The Halo View does all the standard fitness tracker things like count steps, track heart rate, and show calories burned, but the best part of the on-wrist experience is how intuitive it is to navigate.
The home screen displays the current date and time while swiping left and right brings up a quick view of your tracked stats. Swiping up or down shows the exercise tracking menu, a more in-depth view of your activity, and a menu of various tools like a stopwatch, alarm clock, and timer. This is also where you can adjust settings like night mode or what notifications you receive.
I know none of this sounds terribly exciting feature-wise but ease of use is important, especially for beginners as they juggle the complexities of the app.
A cheap-feeling wearable
The most glaring drawback of the Halo View is just how incredibly basic and cheap the actual tracker feels. And I bring this up not because it's something that made me not want to use it but because for anyone looking for a more modern fitness tracker experience (on-wrist, at least), this isn't it.
There's something about it that just doesn't make it feel like a premium tracker. I equated it to the early generations of Fitbit's Charge and even that comparison sells the Charge short — there's a clear lack of ruggedness to the Halo View that makes it almost seem like some sort of knockoff or cheap replica.
Not for dedicated training
It's also worth pointing out that when you log an exercise like an outdoor run, the watch and app don't give you an accurate distance reading, instead showing only how many steps you took (as well as your related activity output and burned calories).
This is the Halo Views' biggest drawback as it excludes a large group of folks who could benefit from the insight of the app but would also want to know how fast they run a mile or how much distance they cover on a long cycling ride.
All told, I walked away mostly impressed with the Halo View. What Amazon's done is create a system that doesn't just rely on the day-to-day compiling of fitness metrics but one that also teaches wearers how to properly understand and apply what it collects.
Other watches may award a badge for 10,000 daily steps but the Halo View (and the Amazon Halo app) provides insight into how your steps, sleep, and diet impact and affect your overall wellness — and an actionable plan for making real improvements. Amazon's not the first company to do this but I did find its interface and presentation to be the easiest to digest, which is an important factor for people trying it out for the first time.
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2022-07-13T01:43:59Z
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www.businessinsider.com
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Amazon Halo View Review 2022
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https://www.businessinsider.com/guides/tech/amazon-halo-view-review
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https://www.businessinsider.com/guides/tech/amazon-halo-view-review
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Laura Italiano and C. Ryan Barber
House Select Committee investigating the Jan. 6 attack led by Chairman Rep. Bennie Thompson, D-Miss., swears in the witnesses during during the seventh public hearing by the House Select Committee to investigate the January 6th attack.
Doug Mills/Reuters
Trump attempted to call a Jan. 6 committee witness, said Liz Cheney, revealing she has referred the matter to the DOJ.
Cassidy Hutchinson described an 'unhinged' Oval Office meeting weeks before January 6 that almost became a brawl.
New details emerged of ties between Trump advisors Roger Stone, Michael Flynn, and extremist leaders.
Possible witness-tampering trouble for former President Donald Trump and new details of a drunken, near-violent Oval Office meeting — in which White House staff got into a screaming match with Trump advisors including Rudy Giuliani and Mike Flynn — are the top takeaways from Tuesday's January 6 committee hearing.
But there was more. Committee members described in chilling detail the impact of Trump's infamous "Will be wild" tweet. Sent December 19th, 2020, it was met with an immediate, sometimes rabid response from Trump supporters and set off a flurry of planning by leaders of two extremist groups, the Proud Boys and Oath Keepers, witnesses said.
There was also a mea culpa, of sorts, from former Trump campaign manager Brad Parscale. The committee shared a post-January 6 text in which Parscale wrote, "This week, I feel guilty for helping him win."
Tamper trouble
The committee's GOP chair, Rep. Liz Cheney, saved the biggest bombshell for last, revealing during her closing statement to the three-hour hearing that Trump "tried to call a witness to our investigation."
Apparently, the call didn't go through. The Wyoming Republican said that the witness, who has not yet testified and who she did not name, "instead alerted their lawyer, who alerted us." And now the committee, Cheney said, has "alerted the DOJ."
"Let me say one more time," Cheney said, forcefully. "We will take any effort to influence witness testimony very seriously."
'Unhinged' in the Oval
Witnesses Tuesday described a raucous, nearly violent December 18, 2020, meeting in which Trump advisors Rudy Giuliani, Mike Flynn, and Sidney Powell barged in on the president in the Oval Office in hopes of persuading him to order the Department of Defense to seize voting machines.
The hours-long meeting left even the unflappable White House aide Cassidy Hutchinson apparently, well, flapped. She described the meeting as "UNHINGED" in a contemporaneous text shown during the hearing.
"Get this — the CEO of Overstock.com was also here!!!!!!" Hutchinson said of ex-CEO Patrick Byrne in the text, the recipient of which was not revealed. "Dream team!!!!!"
White House counsel Pat Cipollone "set a new land speed record" in rushing over to break up the unscheduled confab, Powell said in snarky, taped testimony played Tuesday.
Former President Donald Trump told supporters, "We fight like hell," in a speech on January 6, 2021.
How 'will be wild' sparked the rally
Rep. Jamie Raskin credited a single, predawn tweet— the infamous "Will be wild" missive, sent by Trump soon after the tumultuous, December 18, 2020, Oval Office meeting broke up — with setting in motion the January 6, 2021 rally and insurrection.
Trump "electrified and galvanized" his supporters with that one tweet, Raskin said. Women for America First, a pro-Trump organizing group, had a permit for a Washington, DC, rally on January 22 and 23. But within hours of "Will be wild," the group changed the permit date to January 6.
"This rescheduling created the rally where Trump would eventually speak," Raskin said. The day after the tweet, leaders of the Stop the Steal movement registered "WildProtest.com" in homage to Trump's wording and began promoting the rally. Soon, violent, inciteful rhetoric about the rally spread like wildfire.
Trump "was speaking directly to extremist organizations and giving them directives," said an unnamed former Twitter employee whose voice-altered recorded testimony was played Tuesday. "We had not seen that kind of direct communication before and it concerned me."
Roger Stone, Mike Flynn, extremists
Trump's "Will be wild" tweet also motivated the Proud Boys and Oath Keepers to coordinate, at least in Florida, Raskin said.
The committee has phone records showing that the day after the tweet, the leader of the state's Oath Keepers, Kelly Meggs, called Proud Boys national leader Enrique Tarrio, who was based in Miami. They spoke for "several minutes," Raskin said.
Both extremist groups were in repeated contact with Flynn and Stone, Raskin also said. Oath Keepers members provided Stop the Steal rally security for both Trump advisors. At some point, Stone posed for a video that showed him reciting the Proud Boys' "Fraternity Creed," what Raskin called the first step to being initiated into the group.
Brad Parscale said Trump was "a sitting president asking for civil war."
Trump's ex-campaign manager felt 'guilty' helping him win
On January 6, 2021, former Trump campaign manager Brad Parscale placed the blame for the death of a Capitol rioter on none other than the sitting president.
"This week, I feel guilty for helping him win," Parscale wrote in a text message on the evening of January 6.
The House January 6 committee on Tuesday aired a series of texts that Parscale exchanged with former Trump campaign spokesperson Katrina Pierson on the day of the Capitol attack. In the messages, Parscale expressed not only remorse for his work with Trump but disgust with the former president for encouraging the violence of January 6.
"This is about Trump pushing for uncertainty in our country," Parscale wrote.
"A sitting president asking for civil war," he added.
Parscale's text correspondence appeared to refer to the death of Ashli Babbitt, who was fatally shot by a police officer while attempting to climb through the broken window of a barricaded door leading to the Speaker's Lobby inside the Capitol. In one message, Pierson pushed back against the notion that Trump bore responsibility for her death.
"It wasn't the rhetoric," she wrote.
"Katrina," Parscale replied. "Yes it was."
Stephen Ayres (left) and former Oath Keepers spokesperson Jason Van Tatenhove testified Tuesday before the House January 6 committee.
Demetrius Freeman/AFP via Getty Images
A new kind of witness
For the first time since the House January 6 committee began holding hearings, a Capitol rioter delivered live testimony before the panel Tuesday, recounting how he answered Trump's call to come to Washington and has faced the consequences ever since.
Stephen Ayres testified that he was not affiliated with any extremist group but rather an ordinary "family man and a working man" who was taken in by Trump and his baseless claims that the election had been stolen.
"I was pretty hardcore into the social media," Ayres said, recalling the runup to January 6. "I followed President Trump on all of the websites. He basically put out, 'Come to the Stop the Steal rally' and I felt like I needed to be down here."
Ayres pleaded guilty last month to a disorderly conduct charge stemming from his breach of the Capitol. In court papers, prosecutors said he remained in the Capitol for about 10 minutes.
In his testimony, Ayres said he attended the "Stop the Steal" rally on January 6 and did not plan to march to the Capitol. But, he said, "the president got everybody riled up and told everybody to head on down, so we basically were following what he said."
Ayres would again follow the former president's instructions later on January 6, hours after the Capitol breach, when Trump sent a tweet urging his supporters to leave.
"We literally left right after that came out," Ayres said.
But the events of January 6 have followed him, Ayres said. In the aftermath of January 6, he lost his job, sold his house, and pleaded guilty to disorderly conduct in connection with the Capitol breach.
"It changed my life, and not for the good," he testified. "Definitely not for the better."
More: Capitol Siege January 6 committee Liz Cheney Jamie Raskin
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2022-07-13T01:44:12Z
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Tamper Trouble for Trump and a Boozy, 'Unhinged' Oval Office Confab
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https://www.businessinsider.com/tamper-trouble-for-trump-unhinged-oval-office-tuesdays-hearing-reveals-2022-7
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https://www.businessinsider.com/tamper-trouble-for-trump-unhinged-oval-office-tuesdays-hearing-reveals-2022-7
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Twitter says it had 'very real concerns' that Elon Musk was requesting massive amounts of data during the merger process in order to build a competing app
Twitter is suing Elon Musk over his attempt to walk away from his deal to purchase the company.
During the course of the deal so far, Musk made several demands for Twitter user data.
Twitter says it complied with all of his requests, but grew concerned at what he may use the data for.
Twitter says it handed over massive amounts of user data to Elon Musk over the last several months, even as it grew concerned that he could use it to his own ends.
In a lawsuit filed Tuesday against Musk over his attempt to walk away from his $44 billion deal to buy the platform, Twitter said the billionaire made clear to executives early on that he only had three ideas when it came to the platform: "sit on its board, buy it, or build a competitor." Having decided against a board seat in favor of buying it, and then appearing to begin work on walking away from that decision for "pre-textual" reasons, Twitter began to worry.
"Musk's third option — building a competitor to Twitter — remained," lawyers for the company wrote in the complaint.
Still, Twitter said it continued to cooperate with Musk's demands, handing over on multiple occasions more data about users' accounts and activity. At one point, it gave Musk access to 49 tebibytes of raw user data. (One tebibyte is equal to over 1 trillion bytes.)
Musk said his requests were about understanding how many "bots" or spam accounts were on the platform. As the requests continued, Twitter said not only were they given little time to comply, but it began to suspect what Musk may be using the data for.
"Steadfast in its commitment to consummate the merger, Twitter continued to try to get Musk's team what it demanded while safeguarding its customers' data and harboring very real concerns about how Musk might use the data if he succeeded in escaping the deal," lawyers for the company wrote.
Twitter's lawyers added that in May, the company had expressed the need for some "protocols" around Musk's access to the information, because exposure of the data he was requesting "would expose Twitter to competitive harm if shared." Lawyers for Musk allegedly responded accusing Twitter of refusing to comply with his data requests. Eventually, within three weeks, Twitter had given over to Musk the "demanded access," according to the lawsuit.
Musk first divulged in early March that he had been acquiring a large stake in Twitter. He was going to be appointed to the board, but then launched a takeover of the company, which Twitter's board eventually accepted. In it's lawsuit, the company says Musk only lost interest in the deal when the stock market started on a downward trend, affecting his personal wealth and the expense in financing his Twitter bid.
It also claims that, while Musk said on Friday that he considered the deal "terminated," he has since continued "mining" the data Twitter handed over for information "with the assistance of undisclosed data reviewers."
Musk appeared to respond to the lawsuit on Tuesday, writing on Twitter, "Oh the irony lol."
Are you a Twitter employee with insight to share? Got a tip? Contact Kali Hays at khays@insider.com. on secure messaging app Signla at 949-280-0267 or through Twitter DM at @hayskali. Reach out using a non-work device.
NOW WATCH: Elon Musk's The Boring Company sold out of these $500 flamethrowers
More: Twitter Elon Musk lawsuit
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2022-07-13T01:44:18Z
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Twitter Was Concerned That Elon Musk Would Build Competing App
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https://www.businessinsider.com/twitter-says-concerns-that-elon-musk-would-build-competing-app-2022-7
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https://www.businessinsider.com/twitter-says-concerns-that-elon-musk-would-build-competing-app-2022-7
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Elon Musk cited a lack of transparency around Twitter's alleged bot issues as a reason to pull out of his deal.
Musk previously tweeted that he wanted to "defeat the spam bots" when the deal goes through.
Twitter's legal team claimed "Musk's exit strategy is a model of hypocrisy."
Elon Musk's tweets may be catching up to him — again.
The lawsuit argued that Musk is "refusing to honor his obligations" to Twitter and its stakeholders by walking away from the deal. But it also claimed that his chief reason for terminating it — what he said is a lack of transparency around the number of spam accounts — is null.
On top of arguing that the company has been open about its metrics and methodology for counting the number of users on the platform, the lawsuit said that getting rid of spam accounts was one of the reasons Musk wanted to purchase the company in the first place.
The filing showed a screenshot of one of Musk's tweets from April 21, stating: "If our twitter bid succeeds, we will defeat the spam bots or die trying!"
—Elon Musk (@elonmusk) April 21, 2022
The lawsuit cited other cases where Musk states his plan to get rid of spam accounts by buying Twitter.
There was also a press release formally announcing the deal on April 25, that restated Musk's intentions of "defeating the spam bots."
"Musk's strategy is a model of hypocrisy," Twitter's lawyers argued.
This would not be the first time Musk's tweeting habits have gotten the Tesla CEO in trouble.
In 2018, after Musk tweeted that he had "funding secured" to take Tesla private for $420 a share, the SEC sued Musk for misleading investors.
Musk was shortly forced to step down from his chairman position at Tesla, the company he founded, and to pay a $20 million fine in a settlement agreement.
More: Elon Musk Twitter Tweets lawsuit
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2022-07-13T03:14:58Z
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Elon Musk's Tweets Backfired, May Damn Him in Court Against Twitter
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https://www.businessinsider.com/elon-musks-tweets-backfired-may-damn-him-in-court-twitter-2022-7
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https://www.businessinsider.com/elon-musks-tweets-backfired-may-damn-him-in-court-twitter-2022-7
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Prime Day 2022 is officially on, and we're already seeing deep discounts on a few of our favorite products like Bose Soundlink Bluetooth Speakers and Mario Badescu beauty products.
Philips Hue White and Color Ambiance A19 E26 LED Smart Bulb
We love Philips Hue light bulbs. You can connect to them with your phone, use a voice assistant to control them, and create the perfect ambiance immediately — softening the light, changing it to a warmer shade, or opting for a color. This is the lowest price we've seen, too.
Mario Bedescu beauty products are regularly on sale during deal events, but this discount is a new all-time low for the drying lotion. This product is best at combating white heads with a mix of salicylic acid, sulfur, and zinc oxide.
If you're looking for a quick morning coffee or a color-coordinated kitchen, consider the Keurig K-Mini Plus. All eight colors are on sale, some matching the lowest price we've seen on this model.
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2022-07-13T03:15:04Z
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Best 2022 Prime Day Deals Under $100: Apple AirPods, Google Nest, Bose
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https://www.businessinsider.com/guides/deals/best-prime-day-deals-under-100-2022-7-12
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https://www.businessinsider.com/guides/deals/best-prime-day-deals-under-100-2022-7-12
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Snag a pair of Bose QuietComfort headphones at up to 35% off their normal price during Prime Day
Amazon Prime Day 2022 is live now and runs through July 13. It's filled with great deals for all sorts of products, including Bose's most popular noise-canceling headphones and earbuds, the popular QuietComfort series.
Bose is one of the biggest names in the audio industry and its QuietComfort headphones have been one of its best sellers since their release. Between the great sound quality and near-unbeatable noise-canceling, we're huge fans of the QuietComfort headphones.
Both the Bose name and the quality that comes with it, tend to carry a hefty price tag. But right now, you can snag these high-end Bose headphones and earbuds for up to 33% off throughout Prime Day.
QuietComfort 45 headphones Prime Day deal
QuietComfort Earbuds Prime Day deal
This $180 deal price is the best we’ve seen for these premium wireless earbuds, and they rarely get deals.
Bose headphones can be pricey. When not on sale, QuietComfort 35 II headphones retail for about $300 to $350, and the earbuds are usually above $200.
If you're looking to buy a pair of QuietComforts outside of Amazon Prime Day, be sure to check other retailers. Amazon, Target, Best Buy, and others often list different prices at different times.
According to our price data, Bose headphones are cheaper on Black Friday and around Christmas too, usually dropping below $200. Check back then for more deals — they might be even better than what we're seeing right now.
Are QuietComforts wired or wireless?
The best thing about Bose's QuietComfort headphone series is that they can be both wired and wireless.
Audio does tend to sound better with a wire, but the Bluetooth mode will be more than perfect for most listeners.
QuietComfort earbuds are always wireless. And they're true wireless, meaning that the two buds aren't physically connected together in any way.
Bose 700s are usually more expensive. But during Prime Day, the Bose 700s are on sale for the lowest price we've ever seen them at. If you want the best over-ear Bose headphones, then consider investing in a pair of Bose 700s.
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2022-07-13T04:46:13Z
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Best Prime Day Bose Noise Cancelling Headphone Deals
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https://www.businessinsider.com/guides/deals/amazon-prime-day-bose-quietcomfort-headphones-deals-2022-7
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https://www.businessinsider.com/guides/deals/amazon-prime-day-bose-quietcomfort-headphones-deals-2022-7
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11 best laptop deals
Amazon Prime Day 2022 final day is here, and we're seeing lots of great deals on laptops from companies like Acer, Asus, HP, Lenovo, Microsoft, MSI, Razer, and Samsung.
To take advantage of Amazon's exclusive Prime Day offers, you need an Amazon Prime subscription. The service costs $15 a month or $140 a year, and new members can get 30-day free trial. We've also included especially good laptop deals from a few competing retailers, like Best Buy.
For more savings, check out the best Prime Day deals under $25.
HP 15.6-inch Laptop (15-ef2025nr)
This budget-friendly laptop features a 15.6-inch screen with a 1366 x 768 resolution. It's powered by an AMD Ryzen 7 5700U mobile processor and boasts 8GB of RAM. This Prime Day deal is the best price we've seen on this model yet.
Lenovo Flex 5 (14-inch 2-in-1 with AMD Ryzen 5)
Lenovo's Flex 5 laptop is one of our favorite affordable 2-in-1 laptops for its smooth performance and excellent keyboard and trackpad. At just $500, this is the cheapest price we've seen for one of our favorite budget laptops.
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2022-07-13T07:48:16Z
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Best Amazon Prime Day Laptop Deals 2022: up to $250 Off Dell XPS
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https://www.businessinsider.com/guides/deals/amazon-prime-day-laptop-deals-2022-7-13
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https://www.businessinsider.com/guides/deals/amazon-prime-day-laptop-deals-2022-7-13
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Amazon Prime Day is halfway over, and deals are still going strong for popular products like Apple's AirPods — from the trendy, over-ear AirPods Max to the lightweight yet powerful AirPods Pro.
The entire lineup is worth considering, but the AirPods Pro are tough to beat thanks to their noise cancellation feature, silicone tips, and water resistance. Right now, they're on sale for only $170 — a $79 discount from the usual $249 sale price.
Apple's second-gen AirPods lack noise cancellation and water resistance, but they're incredibly easy to use and work with all of your Apple devices. Currently down to $90, this deal matches the best price we've seen for them all year.
Sony's WH-1000XM5 also provide a good listening experience with great noise cancellation for less money. That said, the AirPods Max have an edge with their premium design and seamless integration with Apple devices. Though we think buyers should avoid them at full retail price, the AirPods Max are much easier to recommend when they're on sale for under $480, like they are on Prime Day at $449.
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2022-07-13T07:48:40Z
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Best Prime Day 2022 Apple AirPods Deals
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https://www.businessinsider.com/guides/deals/apple-airpods-prime-day-deals-2022-7-13
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https://www.businessinsider.com/guides/deals/apple-airpods-prime-day-deals-2022-7-13
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Amazon Prime Day 2022 ends today, July 13, at midnight PT.
We're working hard to highlight all the best deals as they go live. Insider Reviews' team of expert reporters and editors have vetted each of the deals below — because a heavy discount doesn't mean much if the product on sale isn't any good. We've found great deals on QL ED TVs, Amazon Kindles, and household essentials, like paper towels.
The DiamondClean Smart 9500 is one of the most advanced toothbrushes ever made. It features five cleaning modes at three intensities and app integration. At 41% off, this is a stellar deal.
Mrs. Meyer's Liquid Dish Soap in Basil (3 Pack)
Mrs. Meyers' basil-scented dish soap not only smells just as good as the brand's laundry detergent, but it shouldn't hurt the birds or the bees. It's rare to see this three-pack go on sale for under $9.
Stasher Silicone Reusable Storage Bag (4 Pack)
Stasher bags are healthy and eco-friendly alternatives to plastic storage bags. The food-grade silicone is microwave and dishwasher safe, as well as being BPA-, PVC-, and latex-free. Grabbing this four-pack for 30% off makes these reusable bags an even better deal.
Coleman Sundome Four-Person Camping Tent
If you're planning a summer camping trip, one of our favorite tents from Coleman is discounted on Amazon Prime Day and comfortably fits four people. We typically see this on sale for between $70 and $80, so now is a good time to save.
Philips Hue White and Color A19 LED Smart Bulbs (3 Pack)
This three-pack of Philips Hue smart LED light bulbs is a decent way to to start turning your home smart. These bulbs work with Amazon Alexa, Google Assistant , and Siri digital assistants. At 44% off, this usually pricey item is a little more affordable.
Logitech driving wheels for Xbox, PlayStation, and PC
Logitech's driving wheel controllers are designed for use with racing simulation games like Forza Horizon 5 and Grand Turismo Sport, and will give players real time feedback with responsive pedals and a steering sensor.
The G920 Driving Force works with Xbox and PC while the G Dual-Motor is exclusive to PlayStation consoles, so be sure to pick the right one.
A well-fitting oxford shirt is a welcome addition to any man's wardrobe, and Tomy Hilfigure's button downs are 30% off during Prime Day, matching their usual sale price.
This entry-level webcam is nearly 60% off for Prime Day and will help you improve your video quality during remote work calls or at-home streaming . The c615 can be attached to a tripod and features a 360-degree swivel feature.
PlayStation 5 DualSense controller
Living room with a Sony PlayStation 5 home video game console and DualSense controller alongside a television.
Sony's latest controller includes a built-in microphone, haptic feedback, and adaptive triggers. Even if you don't have a PlayStation 5, the DualSense controller is compatible with Apple and Android phones and PCs too.
The DualSense magnetic charging station is also on sale for 33% off too.
NordicTrack iSelect Voice-Controlled Dumbbells
$599.00 from Nordic Track
This is an amazingly low price for a set of smart dumbbells that have only gone up in price from third-party sellers over the past few years.
Waterpik WP-660 Aquarius Water Flosser
This Waterpik flosser has steadily gone down in price over time, but this is still a great deal, and close to the lowest price we've ever found for it.
This is the lowest price we've ever seen the Blue 311 Auto hit on Amazon. If you were waiting to buy, the time is now.
Levi's Women's "Ex-Boyfriend" Trucker Jacket
This is a great price for this Levi's jacket, which doesn't usually drop below $60.
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2022-07-13T07:48:46Z
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LIVE: 120 Best Amazon Prime Day Deals to Shop Now
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https://www.businessinsider.com/guides/deals/best-amazon-prime-day-live-deals-2022-7-13
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https://www.businessinsider.com/guides/deals/best-amazon-prime-day-live-deals-2022-7-13
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23&Me's popular DNA kit is on sale for half-off its normal price through Prime Day
23&Me
If you've had even an inkling of interest in exploring your ancestry via a DNA kit, Amazon Prime Day is your ticket to not only satiating that desire but to doing so at a discount. Through July 13, 23&Me's Health and Ancestry service kit is discounted down to $99 — which is a full 50% off its normal price (and one of the best deals we've ever seen on this kit).
DNA kits work by using a swabbed sample of your saliva to chart out a user's family tree. While this aspect alone is enlightening, there are other useful health benefits such as information about your genetic risk for disease (such as Parkinson's or type 2 diabetes ). 23&Me also offers users the ability to opt-in to a program that can connect them with other known family members.
Considering the fact this is all offered via the 23&Me Health and Ancestry service kit for $200, being able to pick one up for less than $100 is an incredible deal.
Best Prime Day 23&Me DNA kit deals
23andMe Ancestry + Health Kit
The 23andMe DNA Ancestry + Health Kit tells you which illnesses you're predisposed to and gives you a full look at your ancestry. Right now during Amazon Prime Day, you can get your own kit for just under $100, matching the best deals we've seen in the past.
$199.00 from 23andMe
Prime Day 23&Me DNA kit deals FAQs
Are DNA kits safe to use?
Yes, they're totally safe. Most DNA kits just ask for a small saliva sample or cheek swab and provide the necessary tools for obtaining that sample. So long as you follow the instructions correctly, it's not likely a DNA kit will actually harm you during the sample-taking process.
What kind of privacy concerns are associated with DNA kits?
Some companies do anonymously sell your genetic analysis to places like pharmaceutical companies, so if you're not comfortable with that data potentially being sold or available to be sold, it's not recommended you use a DNA kit.
However, there are a number of other ways for your DNA to be accessible and/or sold, so just because you may opt to not use one of these kits doesn't mean your DNA data isn't available somewhere. See here for more info on privacy concerns in our guide to the best DNA kits.
Does 23&Me sell user data?
Yes, 23&Me shares its data with a pharmaceutical company called GlaxoSmithKline and has also sold the rights to a drug it developed based on its gathered DNA kit health data to Almirall, a Spanish pharmaceutical company.
Who should use a DNA kit?
Anyone looking to explore their family tree, know more about their ethnic makeup, or are curious about what their genetic traits look like are perfect candidates to use a DNA kit. Any amount of curiosity about one's own family or family history is a great reason to give one a try.
Who shouldn't use a DNA kit?
If you think you'd be surprised (or even traumatized) by a shock family finding, it's likely not wise to use a DNA kit. The same goes for anyone who wants to use it to purely assess their genetic risks for disease. DNA kits aren't comprehensive enough to cover everything present in your DNA, so they shouldn't be used as a complete snapshot of your genetic disease risk.
More: Insider Reviews 2022 Amazon Prime Day 2022 Prime Day Insider Picks
DNA test kit
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2022-07-13T09:19:32Z
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Best Prime Day 23&Me Deals: $100 Off Ancestry + Health
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https://www.businessinsider.com/guides/deals/amazon-prime-day-23andme-dna-kit-deals-2022-7
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https://www.businessinsider.com/guides/deals/amazon-prime-day-23andme-dna-kit-deals-2022-7
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The world's biggest wealth management firm says inflation has fundamentally changed the way we will invest going forward — and shares the 4 investments to make to adjust to the new environment
Traders on the New York Stock Exchange floor on May 23, 2019.
Inflation is likely to stay at 3-4% going forward, say UBS' Barry Gill and Evan Brown.
In their mid-year outlook call on Tuesday, they shared 4 ideas on how to beat elevated inflation.
They said high inflation is likely to structurally change the way we invest.
With inflation soaring to the levels not seen since the early 1980s, consumers are being forced to reassess their spending habits.
According to UBS Asset Management, the biggest wealth manager in the world with $2.6 trillion in assets, heightened inflation means it's also time for investors to reassess a paradigm that's worked for decades.
In their mid-year outlook call on Tuesday, the firm's Head of Investments Barry Gill, and Head of Macro Asset Allocation Strategy Evan Brown, painted a picture of a fundamentally different investing landscape going forward amid sustainably high inflation.
The notion that stocks outperform while bonds underperform, and vice-versa, is no longer valid, the duo said.
Amid a low-inflationary environment over the last two decades, economic growth was the biggest input for investors, they said. When the economy did well, stocks were the place to be. When the economy underperformed, bonds were where to go.
Now, high inflation is causing bond investors to sell, sending yields surging and prices falling. But inflation is also cutting into consumers' budgets, as well as causing the Federal Reserve to tighten policy aggressively, hurting demand and share prices.
"Whenever stocks went down, your bonds were there to protect you," Gill said. "But now, we're actually in a situation that harkens back prior to the last 20 years. When you look back at history, the period of the last 20 years of a negative stock-bond correlation was pretty rare."
This likely isn't a temporary environment, Gill and Brown said. While inflation likely won't stay above 8% like it currently is, they said, it will likely stay around 3-4%, well above the 2% target the Fed sets. Inflation around 3% and higher is the point when stocks and bonds begin to move more in lockstep, Brown said.
Brown and Gill said they expect higher inflation to stick around because the supply-side constraints that are helping fuel inflation likely won't dissipate, even if the Fed triggers a recession and crushes the demand side of the equation.
Further, a recession would further fuel inflationary pressure, they said, because it would mean firms are able to invest less in themselves and their production power.
"If we get that recession soon, the surge in capex that we are seeing now, the sharp rebound from COVID, that will peter out," Gill said. "That cause future inflation to be even higher. "
If a recession comes in the next 12-18 months, Gill said it would be the opportune time to reset portfolios to protect against a higher inflationary period.
4 investments to make in an inflationary environment
To thrive amid a long-term period of elevated inflation, Gill and Brown shared four investments to make.
The first is commodities, which have historically outperformed during inflationary periods. That's because when the economy is healthy, demand is strong for things like oil, metals, and food, pushing up prices.
"They're a symptom of inflation — it's a broader lack of capacity. Demand outstripping supply is going to filter through to a lot of different goods and services but also commodities," Brown said.
The Invesco DB Commodity Index Tracking Fund (DBC) offers diversified exposure to commodities.
The second is real estate. Brown said UBS looked back to stagflationary periods — where GDP growth was below trend and inflation was above central bank targets, like they currently are — and found that real estate performed well.
"We have a pretty good history of data going back into the '70s and going back as we look at returns in stagflationary periods," Brown said. "In those periods, the returns for real estate were 5.5% annualized, versus 2.5% for equities, versus -7% for government bonds. So there's a pretty long history showing real estate does well in this environment, which is the hardest environment to really allocate into."
The AvalonBay Communities (AVB) real-estate investment trust offers exposure to apartment complexes across the US.
Third, Brown pointed to infrastructure and the tailwinds behind it. One is that the supply chain hiccups around the globe that are helping to fuel inflation are causing companies to reshore their supply chains. Another is the investments in green infrastructure going forward.
"I think we all know that infrastructure in general is going to be only rising — if we're talking about reshoring or friendshoring of supply chains, if we're talking about more private and public green investment to get us to net zero," Brown said.
The iShares US Infrastructure ETF (IFRA) offers exposure to infrastructure-adjacent firms.
Finally, Brown highlighted farmland, a play on commodities' inflation outperformance. Food prices have jump in much of the world, due in part to the war in Ukraine.
"We have a very difficult situation, a tragic situation, with food price inflation. But it is a reality, and farmland is a natural hedge in a portfolio for that," he said. "Higher food prices are higher revenues, higher value of farmland."
The Gladstone Land (LAND) real-estate investment trust offers diversified exposure to farmland.
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2022-07-13T09:19:38Z
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4 Investments for an Inflationary Environment That's Here to Stay: UBS
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https://www.businessinsider.com/investing-strategy-cpi-inflation-environment-recommendations-long-term-ubs-2022-7
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https://www.businessinsider.com/investing-strategy-cpi-inflation-environment-recommendations-long-term-ubs-2022-7
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'You need to wait for the actual bottom': A blockchain founder who's nailed bitcoin's tops and bottoms and warned about platforms such as Celsius shares new price targets for BTC and ETH, and 4 key things investors need to know
Richard Heart, founder of Hex and PulseChain
Richard Heart says market conditions could plunge bitcoin to $5,000 and ether to $500.
This is because of a strengthening US dollar, interest rate hikes, leverage, and new inventory.
Investors should wait for the actual bottom, which we haven't reached, he said.
This year has been the perfect storm for crypto. On one end, the sector is moving through a cyclical bear market . On the other end, economic circumstances such as interest rate hikes have added a dose of uncertainty.
Richard Heart, the founder of Hex, an ethereum-based token that rewards investors for staking, told Insider in mid-May that he anticipated bitcoin could land anywhere between $10,600 and $10,350, while ethereum could hit $750. His views were a far cry from crypto enthusiasts who had been calling for bitcoin to reach six figures in the last quarter of 2021.
He based his price targets on previous cycles in which bitcoin tends to drop by about 85% and ether by 95% during a bear market. Since then, bitcoin has fallen below $19,000, with ether dropping to about $945.
Heart prides himself on being able to forecast events and price targets. He recalled past calls he made, including one on December 19, 2017, when he tweeted that cash was exiting bitcoin, marking the beginning of altcoin season. At the time, bitcoin had been trending downwards for four days, eventually turning into a bear market.
In September 2021, he tweeted an article about Celsius facing issues in Texas, New Jersey, and Alabama for providing unregistered products. He then followed up with a tweet that said if you deposited your money somewhere for interest rate yields, and the protocol failed, you'd lose everything. Heart referred to the strategy as picking up pennies in front of freight trains. In June, Celsius announced it was freezing withdrawals due to extreme market conditions. To date, depositors haven't been able to reclaim their assets.
Heart knows he's a controversial figure. He named the slew of Twitter users that he says have blocked him, including Microstrategy CEO Michael Saylor and Celsius CEO Alex Mashinsky. Yet, he's sticking to his conviction that crypto doesn't belong on exchanges where investors don't hold their own keys.
Now, as the market tumbles, major crypto platforms and funds that make bets, provide loans, and offer yields are dropping like flies. The implosion of Terra Luna's ecosystem was only the beginning of the spiral that would drag down major providers like Celsius, Voyager, and even veteran funds such as Three Arrows Capital.
4 reasons for new, lower forecasts
Heart believes the shakeout isn't over yet. In fact, he's circling back on his previous price forecasts with an even bolder prediction. Unique economic circumstances and a heavily levered environment could see bitcoin hit $5,000 and ether $550 or $500, he said.
His target prices are based on four conditions, the first of which is the US dollar's returning strength. Heart noted that the dollar is getting more expensive, reaching 30-to-40-year highs relative to all other currencies. When this happens, anything priced in dollars, including bitcoin, inverts, he noted.
"When you have bitcoin versus the dollar but dollars aren't worth shit, it's very easy to go up," Heart said. "But when you have bitcoin versus the dollar and the dollars are worth a lot now because everything else is going down versus the dollar and they finally stop printing them, for the first time in bitcoin's existence, now you can go lower than an 85%."
The second factor is interest rate hikes which have also dragged bitcoin's price down, he said. Since the Federal Reserve announced the second rate hike of this cycle on May 4, bitcoin has dropped by about 50%. The crypto has been increasingly correlated with the stock market, which is inversely correlated with interest rates, he noted. As long as rate hikes continue and liquidity is sucked out of the market, bitcoin's price will keep dropping.
"Bitcoin has never existed in a time where there's been tightening fiscal policy. It's never happened before," Heart said.
Third, he points to pending doom waiting for the crypto market that could be coming from an inventory of bitcoin that could soon be up for liquidation. The US government might backup a truckload of its own seized stockpile, about 70,000 BTCs, to the market. The bitcoin, which was seized from an unnamed hacker, will be used to cancel the amount Ross Ulbricht, founder of Silk Road, was ordered to pay as part of his sentencing.
Then, there's the Tokyo-based bitcoin exchange, Mt. Gox, which imploded in 2014 after it was revealed that there was missing or stolen bitcoin from its platform. Creditors received good news on July 6, noting that payouts are beginning. This will add another 142,000 BTCs that could be up for grabs if creditors decide to dump their bags. While Heart doesn't believe it will be a full sellout, there's a chance a big chunk may be up for sale.
Fourth, Heart noted that this bull run saw bitcoin make a double top, which is when an asset's price peaks twice in a short period, Heart noted. Technical analysts use it as a signal for a bearish reversal pattern. A double top is something bitcoin hasn't done before, he said, and he believes it was caused by an excess amount of leverage which inflated the price. This will delay bitcoin's trek to the bottom, he added.
His advice to investors: You need to wait for the actual bottom. From a timing perspective, the previous bear market lasted a year to the day, he noted. But this round's double top means there are a few more months to go before we see price support. However, he emphasized that this does not factor in interest rate hikes, which could further delay a bottom.
Yet, he still stands by his previous conviction that if investors buy bitcoin at $11,000, it's a good deal, even if it plunges by another 50%.
As for ether, the same market-moving factors that would drag bitcoin further down would also have an impact on ether's price, bringing it to a target price as low as $500, he added.
And as for other altcoins, Heart isn't a fan. He doesn't believe blockchain technology should be deployed in all industries.
"Blockchains are the world's most expensive slowest databases," Heart said. "They're absolute garbage. They have no throughput. They have extremely high costs. They're the most inefficient databases ever invented in history."
He continued, "We're willing to endure that horror and that pain for one reason, and one reason alone, censorship resistance. And so unless what you're doing requires censorship resistance, you would be better off doing it in any other way you could think of, an Excel spreadsheet, an Oracle database, a SQL database, you name it."
More: Investing crypto crypto bear market
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2022-07-13T09:19:44Z
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Price Forecasts, When to Buy Crypto in Bear Market: Blockchain Founder
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https://www.businessinsider.com/price-forecasts-when-to-buy-crypto-bear-market-blockchain-founder-2022-7
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https://www.businessinsider.com/price-forecasts-when-to-buy-crypto-bear-market-blockchain-founder-2022-7
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Crude could be in for a momentous Wednesday. Phil Rosen here with you on hump day, eagerly awaiting updates from President Joe Biden's arrival in the Middle East.
Today, the Commander in Chief will try to shake things up in oil markets as he travels to Saudi Arabia to mull the global energy crunch. Below, I break down what you want to know ahead of any wheelin' and dealin' that might take place.
Plus, Twitter has followed through with its promise to sue Elon Musk, and the lawsuit is full of fiery accusations.
And by the way, Insider is seeking nominations for its new series, 100 People Transforming Business. Get the deets here.
Alright, nobody blink — we've got a lot of ground to cover.
1. Even if talks go well this week, OPEC will be hard pressed to resolve the tight market. As part of its year-ahead outlook, the oil cartel said Tuesday that global demand will continue to outpace supply as member countries struggle to increase flows.
In the group's first outlook for 2023, OPEC said demand will balloon by 2.7 million barrels per day. To fill that gap, OPEC would need to increase its output well above the mark it hit in June, even though member nations have already fallen short of quotas in recent months.
All this doesn't bode well for Biden's arrival in Saudi Arabia, as he's expected to push OPEC's de facto leader to increase output to alleviate price pressures in the US.
But, like other top producers in the UAE, the Saudis have little spare production capacity.
Meanwhile, the IEA provided little consolation ahead of Biden's travels. "The world has never witnessed such a major energy crisis in terms of its depth and its complexity," IEA head Fatih Birol said Tuesday.
With winter in Europe not far off, the energy chief warned the region will face great challenges as Russia threatens to cut off fuel, a move that would have dire repercussions for the global economy.
As Birol put it: "We might not have seen the worst of it yet — this is affecting the entire world."
2. US stock futures traded cautiously Wednesday, as investors brace for key US inflation data. Meanwhile, Twitter's share price is up in pre-market trading, after the social media company sued Elon Musk, saying the billionaire is obligated to complete the $44 billion deal. Here are the latest market moves.
3. On the docket: Fastenal Co., Delta Air Lines Inc., and more, all reporting. Plus, look out for June's Consumer Price Index data, expected from the US Bureau of Labor Statistics at 7:30 am ET.
4. Experts on Wall Street are warning that the stock market sell-off likely isn't over. The S&P 500 has fallen as much as 23% this year, but some of the pros forecast further downside. These 10 charts paint a picture of what's to come.
5. Investors should expect a tough earnings season, according to Bank of America. Corporate sentiment sits at its lowest level since the start of the pandemic, and macro headwinds to earnings growth are steadily building. Here's what you want to know.
6. Oil prices could jump to $140 a barrel if Russian crude doesn't get a price cap. That's what a US Treasury official told Reuters on Tuesday. G7 leaders proposed the crude price ceiling at a June summit — which could limit Russian crude from selling over $60.
7. Investing legend Charlie Munger compared buying crypto to investing in nothing. Warren Buffett's longtime business partner slammed digital asset sellers as "delusional or evil." Plus, he issued a warning against buying or trading cryptocurrencies and explained why he avoids it like a "dirty sewer".
8. BlackRock said investors should be prepared for a long stretch of market volatility. And the turbulence will last for years, according to the world's biggest asset manager. The firm's analysts broke down its strategy to help investors roll with the punches — including these four portfolio changes to make during the uncertainty.
9. A portfolio manager beating 99% of his peers this year explained his process for picking winners amid a market downturn. James Abate broke down his strategy for investing in the current landscape, and shared seven recession-proof stocks he loves right now.
10. Shares of Canoo surged as much as 107% yesterday after the EV maker inked a deal with Walmart. The agreement will see the retail giant purchase 4,500 delivery vehicles with the option to buy up to 10,000. It is a potential course correction for Canoo, which reported a steep loss last year.
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2022-07-13T10:50:43Z
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Everything to Know As Joe Biden Heads to Saudi Arabia
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https://www.businessinsider.com/biden-oil-saudi-arabia-crude-russia-opec-white-house-gas-2022-7
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https://www.businessinsider.com/biden-oil-saudi-arabia-crude-russia-opec-white-house-gas-2022-7
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Twitter filed a lawsuit against Elon Musk in Delaware court on Tuesday
Musk accused Twitter lawyers of trying to "cause trouble" by probing into his finances, per Twitter's lawsuit.
He texted Twitter CEO Parag Agrawal and CFO Ned Segal, "it needs to stop" on June 28.
Musk was slow to respond or unresponsive to requests for financing documents, the lawsuit alleged.
Tesla CEO Elon Musk texted Twitter's CEO and CFO that the company's lawyers were trying to "cause trouble" after they requested information about the status of Musk's financing for a deal to buy the social media site, according to a lawsuit filed in Delaware court Tuesday.
Musk texted CEO Parag Agrawal and CFO Ned Segal on June 28, saying: "Your lawyers are using these conversations to cause trouble. That needs to stop."
Musk's texts were in response to Twitter's decision to seek information from Musk on how he'd finance the deal to buy the company.
Several of his tweets had raised suspicions that the Tesla founder, who had agreed to buy the social media company in April, was backing down from his plans to finalize committed debt financing of the $44 billion deal.
Twitter's legal action against Musk, which Insider has viewed, argued that he is contractually obligated to follow through on his agreement to buy the company, despite publicly declaring Friday that he'd seek to pull out of the deal.
Twitter's lawyers alleged that Musk is backing down from the deal because Tesla shares, which comprise a significant proportion of Musk's personal wealth, have tanked since April.
Musk did not immediately respond to Insider's request for comment, made outside usual business hours.
The lawsuit said that Musk has been "slow to respond" to requests by Twitter under Section 6.1 of the merger agreement that "required urgency" and has "unreasonably withheld his consent to others, in breach of his own obligations."
Twitter did not immediately respond to Insider's request for comment, made outside usual business hours.
More: Elon Musk Twitter Parag Agrawal lawsuit
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2022-07-13T10:50:49Z
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Elon Musk Accused Twitter's Lawyers of Trying to 'Cause Trouble'
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https://www.businessinsider.com/elon-musk-accused-twitters-lawyers-of-trying-to-cause-trouble-2022-7
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Hi, Aaron Weinman here. Hiring between tech companies and Wall Street has been a see-saw in recent years. Graduates and seasoned executives shunned stable, well-paid gigs in banking and clamored for jobs at disruptive tech startups.
These sought-after folks were drawn to tech's laid-back, remote-work culture, and demurred at the thought of draconian return-to-work mandates put forward by banks.
Today I'll be looking into how that dynamic might be shifting as Wall Street firms seek thousands of tech workers this year.
Plus, Twitter has sued Elon Musk over his attempt to walk away from his $44 billion takeover – and the lawsuit is full of fiery accusations.
1. When it comes to talent, tech companies have munched on Wall Street's lunch for a while now. But that table might be turning. Volatile equity markets have sent tech firms' valuations south, venture capitalists' purse strings have tightened, and industry darlings — from at-home exercise bike phenom Peloton to the US' largest crypto exchange Coinbase — have laid off staff.
Tech's pain, however, is seemingly Wall Street's gain. The stage is set for banks to go all-in on tech hiring, and some aren't shy about their ambitions. Citi is betting on an armada of 4,000 new technologists to shore up its operations.
Goldman Sachs is also embracing a public-cloud strategy that has required partnering with and poaching from Amazon Web Services. The Wall Street giant also hired Alphabet's Jared Cohen to help start a new innovation group, CNBC reported on Tuesday. Cohen will report directly to Goldman Chief Executive David Solomon.
To be sure, Wall Street's desire to lure talent away from the deep-pocketed tech space isn't without its challenges. Tech staffers have grown accustomed to lofty salaries, equity options, and for the most part they're not restricted to the confines of an office.
Making the move to a big bank might come with a solid payday, but many would have to adjust to the regimented world of Wall Street, while a number of the country's largest firms have made it clear that they want their workforces back in offices.
Here's a look at how Wall Street's racing to nab more tech talent as Silicon Valley pumps the brakes on its own hiring ambitions.
In case you missed it, here's 14 execs leading the cloud revolution at shops like Point72 and Citadel.
Here's a rundown of JPMorgan's fintech acquisitions.
And finally, check out this report on the neobanks and lenders, which are most at risk as funding dries up.
Troy Kane, global head of derivatives and FICC development at Citadel Securities
2. Twitter has followed through with its promise to sue Elon Musk over his attempt to pull out of the $44 billion takeover. In a lawsuit filed Tuesday, lawyers for Twitter described Musk's reasons for backing out of the deal as "pretexts" that "lack any merit." Since Musk started his dance with Twitter, his net worth has dipped by $24 billion — and he stands to lose billions more.
3. Citadel Securities' Troy Kane started on a Chicago trading floor at just 14. Now he oversees derivatives at one of the biggest market makers on the planet. Here Kane breaks down how he climbed the ranks.
4. A Nexo co-founder is accused of walking away with millions in bitcoin after he was sacked. The crypto lender, however, has been fighting to get it back, new court documents reveal.
5. Credit Suisse has lost swathes of credit traders in the past few months, according to efinancialcareers. Most recently, the bank lost three managing directors and a director in high-yield trading who've gone to Barclays.
6. A senior Citi banker has been suspended pending allegations of misconduct, Bloomberg reported. Jan Skarbek, the co-head of Citi's banking, capital markets, and advisory business for the UK and Ireland, has been placed on leave while the bank investigates a complaint about comments that Skarbek allegedly made to a female employee.
7. Is the business lunch a thing of the past? Remote work and Zoom calls have pushed dealmaking to the digital world. Many upscale restaurants — including Wall Street favorite Bobby Van's steakhouse — are closing, according to the New York Times.
8. There's a method to capping CEOs' gargantuan salaries. Here's a way to limit large pay gaps and make it so it's sustainable over a long period of time.
9. While we're on the subject of CEOs and their wealth, this ice-cream truck is selling "Eat the Rich" popsicles. If you're in Los Angeles or New York — and feeling peckish — you can tuck into these sweet treats shaped like Elon Musk and Jeff Bezos.
10. Massachusetts Institute of Technology's curriculum is one of the best for MBA candidates. Here's the average salaries that MIT's Sloan School of Management 2021 graduates pulled in across various industries.
Private-equity firm Madison Dearborn Partners has acquired a majority stake in supply-chain software company Unison from investment firm Carlyle.
Corbett Technology Solutions — a Wind Point Partners portfolio company — has acquired Firecom, a fire-alarm company in New York City.
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2022-07-13T10:51:07Z
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Big Banks Are Hiring Tech Workers for Top Jobs
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https://www.businessinsider.com/hiring-tech-wall-street-banks-analysis-2022-7
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https://www.businessinsider.com/hiring-tech-wall-street-banks-analysis-2022-7
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Today's mortgage and refinance rates: July 13, 2022 | Rates tick up
Mortgage rates have been inching up and are now higher than they were last week.
Due in part to inflation and fears of a looming recession , mortgage rates have been somewhat volatile in recent weeks. In June, the average 30-year fixed mortgage rate peaked to 5.81%, its highest level since 2008, according to Freddie Mac. Last week, it dropped down to 5.3%, providing some temporary relief to buyers. But rates have so far trended higher this week.
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2022-07-13T10:51:25Z
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Today's Mortgage, Refinance Rates: July 13, 2022 | Rates Tick up
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https://www.businessinsider.com/personal-finance/best-mortgage-refinance-rates-today-wednesday-july-13-2022-7
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Meet the 10 bankers — from Goldman Sachs to Citi — poised to help private-equity giants scoop up billion-dollar deals as public valuations slide
Reed Alexander, Aaron Weinman, Ben Bergman, and Samantha Stokes
From left: Rob Pulford of Goldman Sachs, Mark Dolins of Lazard, Harold Varah of RBC Capital Markets, and Saba Nazar of Bank of America.
Private-equity firms have an estimated $2.5 trillion in cash sitting on the sidelines.
Once stock-market valuations settle, private-equity firms are expected to rush in and start buying.
Here are some of the Wall Street bankers they will call when the buying spree starts.
In his nearly two decades acting as a liaison between private-equity firms and investment banks, Harold Varah has grown sensitive about how his position can be perceived on Wall Street.
As a cohead of financial sponsors for RBC Capital Markets, Varah is a go-to banker for private-equity shops looking to buy companies, bid on assets, or take portfolio companies public. It can be grueling work requiring long hours, even if there's a lot of wining and dining of clients in between deals.
"I could say that we play golf and take these guys out for nice meals, and then they call me for money," Varah, who described his golf game as horrible, said in an interview with Insider. "But the way you go about doing that, there's a skill set involved."
Dealmakers like Varah — who work exclusively with cashed-up financial sponsors like Apollo and Blackstone — are Wall Street's quintessential relationship bankers. They are in the trenches with sponsors when they're bidding on an asset, and some even work out of their sponsor clients' offices. They're the bankers whom private equity's buyout execs will call to shoot the breeze, and they're the bankers who deliver bad news, like when their sponsor client loses a deal or when they have to advise the execs against bidding on certain assets.
They have become an increasingly important part of investment banking as private-equity-backed dealmaking has ramped up. Private-equity dealmaking accounted for a record 27% of worldwide mergers-and-acquisitions activity by value in 2021, or $1.54 trillion across 2,869 deals, the M&A-data tracker Dealogic found.
With interest rates rising and stock prices plummeting, Wall Street dealmaking generally has slowed this year. But unlike bankers who work on initial public offerings or media mergers, sponsor bankers expect business to pick up again as soon as fall. That's because private-equity firms are sitting on a $2.5 trillion cash pile, Morgan Stanley's research has found. And with company valuations plummeting, they are eager to invest.
"The dislocation presents good opportunities to put capital to work once seller expectations adjust and markets stabilize," Morgan Stanley equity analysts wrote in a June research report.
"Private-equity firms are licking their chops," a venture-capital exec who asked not to be named because he wasn't authorized to speak with the press said. "It's staggering how much market caps have come down."
This year, there have been only 478 buyouts in the US involving a private-equity firm, down from 1,103 in 2021 and 788 in 2020, according to Dealogic. Deal volume this year through June totaled $185 billion, down from $483 billion in 2021 and $223 billion the year prior.
Some of this year's sponsor-backed M&A kicked off before signs of a recession began showing up. Bankers and analysts generally say they expect activity to cool down further until markets stabilize.
Once it picks up again, Morgan Stanley sees cash-rich private-equity firms looking to buy inflation-protection businesses like logistics and rental housing, as well as companies focused on travel, leisure, lodging, entertainment, life sciences, and, of course, software.
In general, private-equity companies look for businesses with steady earnings, manageable debt, and strong cash flow. The challenge, experts say, will be finding assets that can thrive in a recessionary environment and adjust to a world of higher interest rates, greater borrowing costs, weaker earnings, and a more prudent consumer.
The other challenge is knowing when to swoop in. Some experts told Insider they thought activity would pick up as soon as the summer ended, but others predicted challenges.
"Stock prices will need to stabilize at current levels for a longer period of time before you see a material volume of take-privates happening," Mark Dolins, the global head of technology at Lazard, said.
"If a sponsor wants to pay the 52-week high for a stock, which may now represent a 100% premium, yes, there's something to do," he said, adding: "But I doubt that's why sponsors are currently interested in these opportunities."
Insider talked to industry pros about the bankers private-equity firms would want to call on when activity kicked up again. Here are 10 top financial-sponsor bankers, from Goldman Sachs to RBC Capital Markets.
Rob Pulford, head of financial and strategic investors group in the Americas, Goldman Sachs
Rob Pulford
Pulford, a partner at Goldman Sachs and the head of the firm's financial- and strategic-investors group in the Americas, moved to New York City in summer 2020 during the depths of the pandemic. He has spent 25 years in the investment- banking industry .
In recent years, Pulford has found success in his home base of Europe. He built a team of more than 50 people working on deals both within the financial-sponsors group and the more recently established cross-markets group that Pulford helped to set up. The cross-markets group focuses on transactions involving companies generally under $2 billion in market capitalization, many of which are backed by private equity.
Goldman's top investment-banking leaders recognized the results Pulford was generating internationally and, in late 2019, asked him to relocate to New York City to replicate his winning formula stateside. But getting Pulford to agree to the move took a fair bit of courting: His wife, originally from Texas, was adamant at the time that she wouldn't move to Manhattan. But repeated overtures by the bank, including requests from the heads of the division, eventually won the day.
"The sponsor client base is our biggest client base," Pulford told Insider. "We're not a boutique, so we can do leveraged finance, we can do IPOs, we can do M&A, and we've got the private-credit and private-equity side of it as well," he added.
The couple made the move at a moment of rich opportunity. Private equity's war chest of dry powder for M&A ballooned during the pandemic, and more is expected as soon as this year in the way of public-to-private transactions.
Transactions on which Pulford advised include Olaplex's $1.5 billion initial public offering and Definitive Healthcare's $483 million IPO. Goldman Sachs served as the lead left book runner and syndicate trading manager, as well as the joint lead book runner, on those IPOs, respectively.
Pulford also advised on the sale of Aqua Finance to Apollo Global Management and Athene Holding at a valuation of about $1 billion last year.
Since last year, Pulford has been on a "mission internally" to advocate for the value of the public-to-private private-equity play, he said.
"There's only so many companies in the world that you could go after and try and buy. The public companies are the obvious place to go," he said.
"I started doing this in the middle of last year," he said, adding that at the time, "it was a little premature due to high valuations — but you could feel all this equity that had been raised needed to be deployed."
Since then, Pulford's hunch appears to have materialized, as valuations and share prices of many publicly traded companies have been slashed in recent months, which makes them even more tantalizing for private-equity buyers to snatch up.
Michael Quadrino, cohead of sponsors team in the North America global-asset-managers unit, Citigroup
Michael Quadrino
Quadrino was promoted in February 2021 along with Michael Marcus to head of the sponsors team in Citi's North American global-asset-managers unit.
He made Insider's sponsor-banker list after a rival banker described him as the "quintessential 'sponsors banker' and a great relationship guy who's well liked by peers and product bankers."
"His connectivity with clients is so good, he literally sits on Zoom calls from the PE firms' offices when taking calls with his team," the banker said.
Quadrino was the architect of Apollo's sale of Tech Data to its fellow IT provider Synnex, which created the $59.8 billion TD Synnex once the deal closed in September. The new company is now the largest IT distributor on the market, knocking the 30-year incumbent Ingram Micro off the top spot and creating competition in the industry.
The rival described Quadrino as "the main guy" for private-equity giants like Apollo. He also has a reputation as a "product guy that looks at LBOs a lot," the rival said, meaning his specialty is leveraged finance-specific products like buyouts and the financings associated with them, such as leveraged loans and high-yield bonds.
"He's got a great sense of what PE firms are thinking, and he's also discerning about which deals to pass on and what to take on," the banker said.
Another rival banker said: "He's A+++."
Before joining the asset-manager sponsors team, Quadrino spent three years, from 2008 to 2011, as a director in the investment bank's alternative-assets group, according to his LinkedIn profile. He's an alumnus of Cornell University.
Mimi Shih, managing director, financial sponsors & structured solutions, Mizuho
Mimi Shih
After more than a decade working as a managing director at Macquarie Capital Partners, Shih jumped to Mizuho's financial-sponsors group last year, where she covers two of the most active tech-focused private-equity firms — Thoma Bravo and Permira.
A rival banker described Shih as a "rock star" and said she was a welcome exception to the overwhelmingly white and male-dominated world of banking.
"There's not a lot of senior women bankers, especially Asian women at senior levels with sponsors, so she stands out in that regard," the rival banker said.
The Japanese bank has been growing its investment-banking presence in the US, including its financial-sponsors team under Michal Katz, the head of the investment- and corporate-banking division at Mizuho Americas.
The unit has served as a financial advisor to the hedge fund Elliott Management's private-equity arm, Evergreen Coast Capital Corp., and the developer Brookfield Asset Management in their $16 billion deal to buy the data provider Nielsen. The bank also advised Evergreen and Vista Equity Partners in their $16.5 billion deal to take the software company Citrix private.
Shih previously headed Macquarie's technology, media, and telecom coverage in its leveraged-finance group, where she handled buyouts for private-equity clients.
She also worked in the firm's Delaware Investments private-placements group as a research analyst making direct private-bond investments and managed its private-equity portfolio.
Shih received her MBA from the Wharton School in 2010 with concentrations in finance and management. She attended undergrad at the Ross School of Business at the University of Michigan with concentrations in finance and accounting.
On LinkedIn, Shih follows Orlando Bravo, Thoma Bravo's founder and managing partner. In a CNBC interview in June, Bravo predicted "more pain to come for the technology industry " but suggested that could present a buying opportunity for cash-rich private-equity firms.
"Right now, we have a pipeline of hundreds of billions of dollars of take-private opportunities, and we're trying to figure out which ones of those will provide the highest rates of return to our investors," Bravo said.
Harold Varah, cohead of financial sponsors, RBC Capital Markets
Harold Varah
When Varah joined RBC Capital Markets from Bank of America about four years ago, he wanted to be a "difference maker."
At Bank of America, it was almost a given that the US lender would win the business of the largest private-equity firms. But at RBC, Varah has enjoyed fostering relationships with large firms like Blackstone and lesser-known entities like One Rock Capital Partners, smaller investment shops that are equally important to the overall ecosystem of sponsor-backed M&A.
"When you have to find a reason to actually engage with clients, connect dots, and bring them origination that they wouldn't have otherwise thought about, that's a big focus of mine," Varah told Insider. "At a firm like RBC, often, the origination and positioning of our ability to win a deal runs through someone like me."
Varah also said RBC's ability to win deals involved him wearing multiple hats for financial sponsors. That could be in the trenches bidding on assets, or through extending his relationship to other bankers who offer financial products at the bank.
"Our ability to win sell- and buy-side mandates, a lot has to do with me wearing multiple hats. Making it such that the client wants to work with our firm. Because they don't have to," Varah said. "So I'm incredibly involved in pretty much every transaction that I've done since I got here."
One of those transactions was One Rock Capital's purchase of the ingredients company Innophos in February 2020. Rival banks had turned down doing deals at a time when the pandemic kicked in, but Varah wanted to take a chance.
"I went and met them. I said, 'This is a firm we should back because this is going to value us,'" Varah said. "We could be an incumbent firm here, and we did the transaction."
To Varah's point, the relationship with One Rock led to repeat business. RBC was the exclusive advisor to the investment firm in April, when it sold Monarch Landscape to its fellow private-equity firm Audax.
"These are situations where we matter and RBC can distinguish itself. These are meaningful relationships and meaningful fees, and they're very rewarding for me, personally," he said.
And the strategy is working. RBC ranked 10th in 2020 in sponsor-backed M&A-related loans before climbing to eighth in 2021, according to data from Dealogic. And this year to date, RBC is sitting in second place behind Varah's former employer Bank of America.
"I have always been focused on being able to say with a straight face to my clients that, 'If I'm all in with them, then I'm all in,'" Varah said. "And the goal is to be in the top five wallet share with most of the clients we're covering."
Saba Nazar and Kevin Sherlock, coheads of global financial sponsors, Bank of America
Saba Nazar and Kevin Sherlock
Bank of America's mandates on behalf of private-equity clients and financial sponsors make up a key driver of the investment bank's business, according to Nazar, a cohead of global financial-sponsors investment banking at the firm.
"You can imagine we are very invested as a division to make sure that this client base gets the focused attention and opportunities within Bank of America that they deserve," Nazar told Insider. "The sponsor group is very much front and center ensuring that we deliver."
The group handles a variety of services, from mergers and acquisitions to public offerings, for private-equity clients.
It's "product-agnostic and sector-agnostic," Kevin Sherlock, also a cohead of global financial sponsors at the firm, added.
"Private-equity firms think of themselves as investors-first — so what they really want is a pipeline of opportunities to invest in," Sherlock said, adding that private-equity firms could monetize their success when they did hard work on the "back end" of portfolio companies to improve their business operations.
"We spend a lot of our time at the back end trying to figure out how we can help them monetize that, but the real value that they perceive, and what they're really looking for, is unique opportunities to invest money up at the front end."
Amid recent volatility , Nazar said private-equity firms were increasingly focused on generating cash flow, while in more stable periods in recent years, they'd been more focused on growth-oriented businesses, especially in sectors like technology and healthcare.
But in a very volatile market, sponsors go back to basics, wanting to know what target companies' revenue prospects are, Nazar said.
"I would say this for public markets and private markets: The focus and interest of investors is on cash-flow-generative businesses," Nazar added.
Sherlock, who joined Bank of America from Deutsche Bank in 2014, said he's drawn to the sophistication of the space: Working on behalf of financial sponsors, he and his team are regularly in dialogue with some of the smartest, most erudite players in the financial-services industry .
"I just find it super exciting every day that, with this account base, you just have to make sure you research, make sure you understand the market dynamics, make sure you understand where they're coming from, and learn something," he said. "As you're educating them as best you can, you need to listen as well — because you learn as much from this client base as you teach them."
Jeffrey Greenip, global head of financial sponsors, Jefferies
Jeffrey Greenip
When Greenip joined Jefferies Financial Group in 2008, the world was mired in the depths of the Great Recession .
Now, as investors ponder whether another challenging period is coming, the firm's global head of financial-sponsors investment banking told Insider that some private-equity firms were seeking to wait out the headwinds and perhaps elongate their time horizons to take privately held portfolio companies public.
"The opportunity we see is more in the middle market for the continuation fund product," Greenip told Insider, "because a lot of funds in the last six to 12 months have discovered this product and clearly have greeted it with a tremendous amount of enthusiasm."
Continuation funds enable sponsors to extend the time horizon on a portfolio company that they assess still has significant long-term value, while avoiding the pressure of having to sell the company and return capital to investors under the typical seven-year timeline.
New York City's Jefferies counts more than 450 private-equity firms as clients, from megafunds to the middle market, Greenip said. Another area of increasing importance for these investors when they're considering an acquisition is ESG, or environmental, social, and corporate-governance factors, he said.
It's not always been easy for buyers to obtain clear data on how target companies perform on their ESG initiatives.
"ESG has been plagued by not being able to apply quantitative metrics. That's changing," Greenip said, indicating that there may be a ray of hope in trying to solve this problem. "The private-equity industry has come out with a number of data points on ESG, and we're incorporating that in data rooms when we run M&A processes."
He added: "We're in the early innings here, but we are seeing sponsors approach ESG from a revenue and a bottom-line opportunity."
Mark Dolins, global head of technology group, Lazard
Mark Dolins
Dolins has spent 20 years specializing in banking for the software sector, 15 of them at Lazard.
He, as the global head of the firm's technology group, also oversees much of the bank's coverage of deals involving financial sponsors. The group works with both large-cap public tech vendors and privately held companies primarily backed by financial sponsors.
"The fact that software has become such a dominant portion of the tech economy has drawn most sponsors to want to have some exposure to it," Dolins said.
His bankers cover all the subsectors in software and technology, from industrial software to overlapping sectors within healthcare.
Because so many deals intersect with tech nowadays, Dolins and his team regularly find themselves working with their colleagues in Lazard's other coverage groups.
"As the economy continues to evolve and technology becomes more important to everything, formalized cross-group collaborations at Lazard will become more and more frequent," he said.
Bankers like Dolins are closely watching the macroeconomic stars to determine what evolving market conditions mean for sponsors. Typically, private-equity firms are in the business of "exiting" their stakes in portfolio companies after a certain number of years — either through a sale to another backer or by taking a company public.
But amid roiling stock-market activity and a dearth in public offerings, some appear to be taking a breather from the typical cycle in favor of a wait-and-see position. What's more, many public tech companies are trading at deep discounts, making sponsors nervous about launching any more on the public markets.
"The sponsors that took a lot of companies public and held on to the equity are sitting on stocks that are down 40, 50, 60%," Dolins said. "That doesn't feel great."
There may also be some take-private opportunities on the horizon, but Dolins sees challenges there, too, for private-equity firms.
"A normalized premium of 20 to 30% would represent a massive discount to most stock's 52-week high," Dolins said. "Generally, that will be challenging for a board to accept until these prices stabilize at these levels for a longer period of time."
Richard Harding, head of US private-equity solutions, Moelis
Moelis
Despite growing headwinds in the global economy, Harding, the head of the US private-equity solutions group at Moelis, is confident that financial sponsors will weather the storm.
"The macro challenges that exist today, geopolitical complexity, rising interest rates, inflation — that's clearly weighed on the deal market, but we're still seeing a significant amount of interest" from financial sponsors in "great companies," Harding said.
"Our expectation is that the private-equity M&A market is going to continue to build momentum through the course of the year, and we'll be returning to more normalized levels as we head into 2023," Harding, who, in addition to spearheading the firm's banking services for financial sponsors, leads Moelis' healthcare team, said.
Harding has advised on a series of deals, including the sale of Kohlberg & Co.'s SpecialtyCare to Morgan Stanley Infrastructure Partners in 2021 and the sale of US Oral Surgery Management, a portfolio company of RiverGlade Capital, to Oak Hill Capital. Terms of these deals, and others listed on Moelis' website that Harding has advised on, were not disclosed.
The financial-sponsor business is important at Moelis. Harding said "close to 60%" of the revenue the firm generated last year involved "a financial sponsor in some way, shape, or form." The private-equity-solutions group covers clients and facilitates transactions across all industries, Harding added, noting that some of the firm's primary verticals included technology, media, healthcare, industrials, and business services.
He declined to specify the size and scope of his team but said it's actively expanding.
"We continue to grow our teams, and we continue to look for high-quality bankers and support professionals to add to the team," he said.
"We're a growth-oriented firm, first and foremost, and we've continued to invest in human capital," even through past downturns, Harding said, added: "We will continue to do that as we sit here today."
Fariah Feinstein, managing director in the financial-sponsors group, JPMorgan
JPMorgan's offices in New York.
Erik McGregor /Getty Images
In a pocket of Wall Street where older white men with deep ties to established private-equity firms tend to dominate, Feinstein stands tall.
The JPMorgan managing director has cultivated relationships with active dealmakers including BC Partners, a London investment firm that manages over $40 billion of assets across private equity, credit, and real estate.
When Insider was canvassing the Street for this list, two fellow managing directors dropped Feinstein's name first. One — who competes with the JPMorgan managing director for advisory mandates — said Feinstein had deep ties to private-equity firms, particularly investment firms that look for a banker who can close a deal across multiple sectors like retail and tech.
The second managing director, who works adjacent to sponsor bankers in the leveraged-finance department, said Feinstein's relationships were pivotal when it came to JPMorgan winning repeat business across products.
Basically, Feinstein's relationships run so deep she's ensured that JPMorgan has a steady stream of ancillary business — for example, a future refinancing for a private-equity firm's portfolio company in the bond or loan market — to satisfy the bank's desire for more fees.
BC Partners, for example, bought the pet retailer PetSmart in 2015, and two years later, the European investment firm bought the retailer's online business Chewy. Feinstein quarterbacked these efforts, which still bring in revenue for the bank. PetSmart has raised billions of dollars in the bond and loan market almost every year since BC Partners took over, including a $2.3 billion effort in February last year.
She also helped a group of investors led by Advent International and Permira in its pursuit of the online-protection company McAfee, people familiar with Feinstein's work said. The deal — valued at about $12 billion — was announced in November.
The Advent-led group turned to a group of banks — led by JPMorgan — to finance the buyout.
JPMorgan declined to participate in this list.
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2022-07-13T10:51:31Z
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10 Wall Street Bankers Set to Benefit From Private-Equity Buying Spree
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https://www.businessinsider.com/top-bankers-poised-to-benefit-from-private-equity-buyout-boon-2022-6
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Russia has been reducing natural-gas flows to Europe over the last few months, citing reasons such as energy companies' refusal to pay in rubles and an equipment hold-up in Canada. In 2021, Europe accounted for roughly 75% of Russia's natural-gas exports. Now, Europe is nervous Russia could cut off gas flows completely in retaliation for the sweeping sanctions it's been hit with over the Ukraine war.
Zerkal said Russia is "very limited in their possibilities to proceed with this bluff," per The National.
"Everything is possible, everything can happen," German Economy Minister Robert Habeck told Deutschlandfunk radio on Saturday, according to a Guardian translation. "It could be that the gas flows again, maybe more than before. It can also be the case that nothing comes."
More: Russia Ukraine Ukraine War Energy
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2022-07-13T10:51:43Z
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Ukrainian Official Says Russia Is Waging 2 Simultaneous Wars
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https://www.businessinsider.com/ukraine-official-russia-waging-2-simultaneous-wars-natural-gas-2022-7
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https://www.businessinsider.com/ukraine-official-russia-waging-2-simultaneous-wars-natural-gas-2022-7
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United canceled 3% of flights during the first half of 2022, according to OAG.
New data calculated the percentage of flights cancelled by airlines in the first half of 2022.
The data from OAG, reported by Sky News, included United, American, Lufthansa and British Airways.
With 4.3%, JetBlue canceled the highest percentage of flights among US airlines surveyed.
As airline travel chaos continues, data has revealed how US transatlantic carriers like JetBlue, American, and United compare with other global competitors including British Airways, KLM, and Lufthansa.
The data was compiled by OAG, an aviation data company, and reported by Sky News.
The data only covers the period up to July 10, 2022. It focused on select major carriers with more than 100,000 scheduled flights, per Sky News. A cancelation is classed as a flight that was not canceled at least 48 hours before it was scheduled to depart, per the outlet.
At 4.3%, JetBlue had the highest cancelation rate among US carriers surveyed. American axed 3.6% of flights during the first half of the year. United, the best-performing US airline, canceled 3%, according to OAG.
Those percentages are generally higher compared with similar-sized European equivalents during the same period. British Airways cancelled 3.5% of flights, Lufthansa 1.5%, Air France 1%, and KLM canceled 5% up to July 10, per the data.
John Strickland, an aviation consultant at JLS Consultancy, previously told Insider that airlines typically aim for 99% regularity.
Long-running staff shortages, exacerbated by the pandemic have left airlines, airports and service companies ill-equipped to cope with pent-up demand for travel.
Airlines have collectively canceled thousands of flights this summer, as execs trim schedules to minimize the disruption and avoid hours-long queues, like those witnessed at some airports over recent national holidays.
On July 7, British Airways announced plans to cut up to 13% of its summer schedule by the end of October.
More: United Airlines American Airlines JetBlue Aviation
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2022-07-13T12:21:55Z
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www.businessinsider.com
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How Many Flights United, JetBlue, American Airlines Canceled This Year
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https://www.businessinsider.com/airlines-united-jetblue-american-airlines-2022-flight-cancellations-compare-competitors-2022-7
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https://www.businessinsider.com/airlines-united-jetblue-american-airlines-2022-flight-cancellations-compare-competitors-2022-7
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American Airlines' decision to remove its air service could impact the local economy, says an Iowa business leader.
An Iowa business leader fears the local economy will suffer when it loses air service in September.
American Airlines had previously announced back in June that it would withdraw service in Dubuque.
The CEO of the Dubuque Area Chamber of Commerce told CNN how important air service was to the area.
A business leader in Dubuque, Iowa, has expressed fears for the county's future as it prepares to lose its only regular air service in September.
Molly Grove, CEO of the Dubuque Area Chamber of Commerce, told CNN: "It's certainly disappointing. Obviously, air service is important to the business community. They depend on it to bring in talent, or having talent fly out to other businesses. The time that is saved by not having to drive somewhere, you can't beat it."
Grove was also concerned about the effect that the lack of air travel would have on the local economy.
American Airlines is the only commercial carrier that flies to and from Dubuque Regional Airport in Iowa, according to the airport's website. But the airline announced in late June that it was stopping its service from four small airports — Dubuque, along with Toledo, Islip, and Ithica, starting in early September.
American Airlines has cited pilot shortages as the reason for halting its service to the four airports, according to a statement seen by CNBC.
For the majority of Dubuque county's 100,000 residents, this means they face a three-hour drive to the next nearest airport in Chicago, per CNN.
Representatives for American Airlines and Dubuque Regional Airport did not immediately respond to Insider's request for comment made outside of normal working hours.
Around the world, the aviation industry has been battling a tight post-pandemic labor market, with a particular squeeze on recruiting pilots, Insider reported.
This lack of pilots coupled with recent strike action over pay even caused Scandinavian airline SAS to file for bankruptcy in the US last week.
"Fewer pilots are entering the profession than are leaving it," Faye Malarkey Black, CEO of the Regional Airline Association, told CNN. "The problem is there are huge barriers of entry and [it's] limited to those wealthy enough to pay for the training."
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2022-07-13T12:22:01Z
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Iowa County Braced to Lose Its Only Air Service Due to Pilot Shortage
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https://www.businessinsider.com/american-airlines-flight-service-pilot-shortage-travel-chaos-2022-7
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https://www.businessinsider.com/american-airlines-flight-service-pilot-shortage-travel-chaos-2022-7
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The Coral Princess cruise ship is seen docked at the International Terminal on Circular Quay in Sydney on July 13, 2022.
Coral Princess guests struggled to get COVID tests and an asthma inhaler while isolating, per The Guardian.
An infected guest was left unchecked for two days and staff offered him board games, his partner said.
Meanwhile, his partner told The Guardian she had arguments with staff over getting a COVID test.
Passengers who were isolating on a cruise ship had difficulties getting COVID-19 tests and an asthma inhaler after the virus broke out onboard, they told The Guardian.
There were 118 people onboard the Coral Princess cruise ship who tested positive for COVID-19, according to Queensland's chief health officer, John Gerrard, who was cited in The Guardian. He said that 114 of the cases were crew members, per the report.
One passenger who tested positive on July 6 suffered from a fever and had difficulties breathing after becoming infected, his partner Amba Kirchner Kalpins told The Guardian, as he requested to remain anonymous.
Despite his symptoms, the doctor onboard the ship initially refused to give him an asthma puffer, Kirchner Kalpins said in the interview. The doctor ended up giving him a puffer but the passenger was left unchecked for two days, Kirchner Kalpins told The Guardian. The only time that crew contacted him was to see if he wanted any board games, she added.
Kirchner Kalpins argued with the crew to give her a rapid antigen test to make sure she was negative, she told the publication.
A doctor told her that passengers don't need to test again until the sixth day of isolation, before hanging up on her, Kirchner Kalpins told The Guardian. She said in the report that her mother and grandma got hold of a COVID-19 test for her when they went to the ship's reception.
The Coral Princess ship left the port of Brisbane on Sunday and docked in Eden on Australia's New South Wales coast on Tuesday, ABC News reported. The vessel has the capacity to carry 2,000 guests and 895 crew members, per the cruise liner's website.
Kirchner Kalpins and her partner both disembarked the cruise ship on Sunday in Brisbane, east Australia, she told The Guardian.
"I feel like I've we've been treated appallingly. It was a holiday from hell," she said in the interview.
Princess Cruises didn't immediately respond to Insider's request for comment. A spokesperson told The Guardian that the staff who tested positive had mild symptoms or were asymptomatic, and said its medical staff and guest services checked in with passengers daily.
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2022-07-13T12:22:07Z
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Quarantined Cruise Guests Struggled to Get Asthma Puffer, COVID Tests
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https://www.businessinsider.com/coral-princess-cruise-ship-passengers-covid-test-asthma-puffer-isolation-2022-7
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Walmart folded its direct-to-fridge delivery into Walmart+, where membership has declined. An analyst says it plays up the company's top strength but won't be a 'major driver' of new members.
Walmart folded its InHome delivery service into Walmart+ as an add-on in July.
Walmart folded its InHome delivery service into its membership platform, Walmart+, as an add-on.
An estimate suggests the platform's membership recently declined slightly.
An analyst said the move played into Walmart's grocery strength but wouldn't majorly boost Walmart+.
Before there was Walmart+ there was Walmart InHome delivery, a service in which employees deliver Walmart groceries directly into customers' refrigerators. Now the direct-to-fridge delivery will be an add-on to Walmart+, whose membership recently declined.
Walmart+ was launched in September 2020 as the retailer's answer to Amazon Prime. But an analysis conducted by Consumer Intelligence Research Partners found that the service's membership recently declined after five quarters of growth.
The Chicago market-research group said the service had an estimated 11 million members in April, down by half a million from the quarter prior. The group attributed this decline to more customers returning to in-person shopping. It has estimated that Amazon Prime's US member base is 168 million.
While InHome delivery was announced in 2019 to much fanfare, and Walmart said in January that it would hire 3,000 body-camera-wearing drivers, the service didn't impress investors and seems to have fallen flat as a stand-alone service for customers.
Josh Lowitz, a partner and cofounder of CIRP, said that combining these services, though, shows that Walmart is leaning into its largest strength — groceries — to bolster online deliveries.
"Walmart.com and Walmart+ are very much grocery-centric these days," Lowitz said. "So it makes sense to enhance the service specifically in grocery, as opposed to adding video subscriptions or who knows what else."
But Lowitz doesn't see the move as hugely lifting the sails of Walmart+'s membership numbers. "I don't think that that's going to be a major driver," Lowitz said. "I think that's sort of a marginal benefit."
Even as the pandemic changed shoppers' behavior, Walmart dominated the US grocery segment. According to Euromonitor, Walmart kept its spot as the largest grocer in 2021, with just over 25% of sales.
CIRP said in a report in February 2021 that consumers shopping for groceries on Walmart.com made up 31% of the website's customers and that customers who'd purchased groceries in their most recent online orders were twice as likely to be Walmart+ members as general Walmart.com customers.
"They're America's largest grocery retailer," Lowitz said. "So they should try to be America's largest online grocery retailer, too — and I think they're making headway in that direction."
Zain Akbari, a Morningstar analyst, said it was still an open question of how many consumers would be comfortable with the combined membership's direct-to-fridge grocery-delivery option. In-home deliveries could make customers feel uncomfortable and the service might not be seen as an added benefit.
"But I think Walmart remains flexible with how it approaches that whole delivery question," he said.
NOW WATCH: What it's really like inside Amazon's new no-line grocery store.
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2022-07-13T12:22:37Z
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Walmart Folds InHome Delivery Into Walmart+ As Membership Declines
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21 people at YouTube that creators, marketers, and others in the influencer industry should know
Marta Biino, Geoff Weiss, and Amanda Perelli
We are highlighting employees at YouTube execs in marketing, creators, and industry insiders should know at the platform.
YouTube has helped turn content creators into stars, establishing new faces of media.
These influencers often have a direct line of communication with employees at the tech giant.
Insider identified 25 employees at YouTube that creators and insiders should know.
Samir Chaudry from the duo Colin and Samir now looms large on YouTube. His channel, which breaks down the creator economy, has 800,000 subscribers.
But it wasn't always the case: In his ten years of experience posting — including travel and sports content — he's always had the support of individuals at the company, even when his work wasn't as successful.
"It's the only platform where I feel like I have access, that I can ask a human being a question or get advice," he told Insider. "I definitely feel very seen by YouTube, and that feels good."
Unlike other social media platforms, YouTube provides its creators with a hands-on support network, and having these direct relationships with staffers at YouTube is key. They can help creators troubleshoot, deal with scammers, understand the changing algorithm and ad rates, and get introduced to new features, like YouTube Shorts.
In the same vein, it's critical for influencer marketers to know the right contacts at the company, which has an array of execs dedicated to marketing beyond its basic ad offer.
"Partner managers" at YouTube, who are employees of the platform, communicate directly with creators and their teams. These partner managers find creators in YouTube's Partner Program — which requires their channels have more than 4,000 watch hours and more than 1,000 subscribers — walk them through the backend of their channel analytics, and introduce them to new features and tools currently in beta.
But it's helpful to have contacts at the platform other than partner managers.
Creators who are close with staffers at YouTube have the chance of getting invited to special events — like the Met Gala, thanks to an invite from YouTube's head of fashion and beauty, Derek Blasberg — or access to an invite-only community for YouTube Shorts creators.
Hannah Warling, a YouTuber who was invited to join the Shorts community in August 2021, said that the program's managers have been accepting all kinds of creators, even those with very small followings.
"I know people who have been invited to the community that I've personally recommended, who don't have any following," she told Insider. "Maybe 30 subscribers."
Insider asked industry insiders, including creators, talent managers, marketers, and both former and current YouTube employees, who is most helpful to know at YouTube. Insider's sources identified employees who work with YouTube creators and their teams daily.
YouTube confirmed the accuracy of employees' titles.
Here are 21 power players at YouTube who work with creators and influencer industry leaders, listed alphabetically.
Gautam Anand, vice president of APAC
Gautam Anand during a YouTube event on August 6, 2014 in Gurgaon, India.
Pradeep Gaur/Mint via Getty Images.
As VP of YouTube Asia-Pacific, Gautam Anand leads the platform's business in that region.
Anand has been with the company since its inception in 2005 and has been overseeing business in the Asia Pacific region in various capacities since 2009, building YouTube there from the ground up and helping it reach a wider variety of audiences, according to his LinkedIn.
Todd Beaupré, director of product management for search and discovery
Beaupré is YouTube's director of product management for search and discovery.
In June, during VidCon — the annual conference for creators and industry professionals — Beaupré described his responsibility as "trying to make YouTube products better for viewers, helping each viewer open up the YouTube app and find a video that they're just going to love watching."
That role includes perfecting the recommendation algorithm and curating the home feed for YouTube users. He works with product designers to make the interface simple and engaging to use, and with machine learning engineers to fine-tune the algorithm.
Derek Blasberg, head of fashion and beauty
Derek Blasberg at YouTube's Beauty Festival 2022 on June 16, 2022 in Los Angeles.
Stefanie Keenan/Getty Images for YouTube Beauty.
Blasberg is a journalist, author, and TV host, with previous stints at Vogue and CNN, who joined YouTube as its head of fashion and beauty in 2018. In this capacity, he is tasked with cultivating relationships between the video giant, and top fashion brands and figures.
Given that Blasberg is a socialite with a coterie of famous friends, he also has something of a public-facing role at YouTube.
In addition to fronting his own channel (where he has collaborated with Bella Poarch and Bretman Rock), Blasberg is the host of "Beauty Festival," YouTube's star-studded annual stream featuring appearances from native stars and celebrities. This year's iteration will feature live-shopping components for the first time.
Lester Chen, global head of gaming creators
In the absence of YouTube's longtime global head of gaming, Ryan Wyatt, who departed for blockchain company Polygon in February, Chen seems like the heir apparent.
As global head of gaming creators, Chen is a vocal advocate for the community on Twitter, championing recent signings like LilyPichu and Myth.
In a previous life, Chen was a professional gamer himself, but joined YouTube in 2015. Throughout his tenure, he has struck exclusive licensing deals with different esports tournaments, according to Forbes. More recently, he has spearheaded the implementation of new gaming features that were popularized on competitor Twitch , including gifted memberships and live redirects.
Kai Chuk, head of podcasts
YouTube, a de facto video podcast hub, named its first podcast-focused executive, Kai Chuk, in September 2021. Chuk is a has been at the company a decade, formerly working on entertainment and enterprise partnerships.
In his new role, he is charged with managing podcast content, and relationships with publishers and creators across YouTube.
He appears to be hard at work. In March, Bloomberg reported that YouTube was offering grants to recruit podcasters and podcast networks – ranging from $50,000 for individual shows to $300,000 for networks.
A leaked YouTube pitch deck suggests that the company is also readying a homepage for podcasts and the implementation of audio ads.
Angela Courtin, vice president of brand marketing
Angela Courtin at The Range Rover Leadership Summit on November 15, 2021 in Los Angeles.
Joe Scarnici/Getty Images for Jaguar Land Rover.
Courtin has been VP of brand marketing at YouTube since 2019.
She joined YouTube in 2017 after a decade-long career in marketing for media and social media companies, according to her LinkedIn.
"I feel a responsibility to show up as a marketer to connect these messages, these creators, and artists and public figures to communities," Courtin said during a class at Arizona State University in 2021. "My job leading brand marketing is to ensure that the way we show up is always in service of two communities, the users and the people who make content. It is really about connecting the consumer and the creator."
Bridget Dolan, managing director of YouTube Shopping partnerships
Dolan, a Sephora vet of two decades who joined YouTube last summer, is one-half of the duo that the platform has tapped to make it more shoppable.
YouTube has said that social shopping is a key focus, though the trend – which accounts for a massive market in Asia – has yet to gain the same steam stateside.
Dolan, who leads the effort with former AfterPay exec David Katz, is rolling out commerce integrations for YouTube videos, live streams, and Shorts.
These tools are only available to a small sliver of creators and brands right now. But monetization is top of mind. YouTube is currently testing an affiliate program of sorts that would let creators to get paid for facilitating sales.
Kevin Ferguson, director of global Shorts scaled operations and partnerships
Kevin Ferguson at the YouTube Shorts Black History Month Creator Dinner on February 22, 2022 in Los Angeles.
Vivien Killilea/Getty Images for YouTube Shorts.
Kevin Ferguson joined YouTube in 2021 as the director of operations and partnerships for Shorts.
His work in the short-form video space goes back to 2018, when he joined Musical.ly (which later became TikTok) as its head of business development and content partnerships.
In late May, Ferguson told Fast Company that he was working on building a sustainable way for creators to monetize their short-form content — beyond the existing $100 million creator fund — and introducing more new features on the platform, like a recent "Remix" option.
Ferguson even has his own YouTube channel, where he posts candid Shorts videos from his everyday life.
Amjad Hanif, VP of product management for creator products
One of Hanif's main job responsibilities is managing product for YouTube's Partner Program, per his LinkedIn.
The program allows creators with more than 1,000 subscribers and 4,000 watch hours to access resources and monetization through ads placed on their videos.
Hanif also works on products such as Creator Studio, Creator Analytics, and BrandConnect. These features support creators in managing their content, figuring out the performance of their videos, and connecting with brands for partnerships, respectively.
Conor Kavanaugh, ads policy manager
Kavanagh, who hails from Ireland, is arguably one of the most visible employees at YouTube as one of the primary hosts of Creator Insider. The in-house channel with 508,000 subscribers shares updates from YouTube's technical team every Tuesday and Thursday.
Additionally, Kavanagh oversees monetization at YouTube. As ads policy manager, his team develops, updates, and enforces monetization guidelines. He also manages press escalations that call these guidelines into question.
Kavanagh has been at YouTube parent Google since 2012, first in Dublin before arriving stateside in San Francisco in 2017 on the Trust and Safety team.
Preeya Khanna, head of acquisitions, large partnerships
Khanna has been at YouTube for over nine years. She started out in content partnerships for entertainment and has been the global head of acquisitions partnerships since 2017.
She leads a team working with creators who are new to YouTube to support and foster their growth, according to a YouTube spokesperson.
Robert Kyncl, Chief Business Officer
Tristar Media/Getty
Kyncl has been the chief business officer at YouTube for over 11 years. He oversees all business functions, including content, sales, marketing, platforms, access, and strategy.
A key part of his job is overseeing the Partner Program, which gives creators access to resources and monetization opportunities, including AdSense, YouTube's program that places advertisements on creators' videos and pays them a chunk of the profit.
Caspar Lee, a YouTuber who got his start on the platform in 2011 and grew to almost 7 million subscribers, said he still catches up with Kyncl every now and then, giving him his thoughts on the platform.
"He's an incredible leader and has a really well rounded view on the creator economy," Lee wrote to Insider in an email.
Priscilla Lau, manager, content partnerships
Priscilla Lau, who has been at Google for over a decade, currently serves as YouTube's manager of content partnerships.
Per a recent company blog post, her aim is to help creators grow their channels and build their brands. She looks at analytics and then convenes with creators to help strategize — orchestrating the launch of additional channels for non-English speaking audiences, for instance, or encouraging creators to experiment with new formats like Shorts.
Lau is also the cofounder of the AAPI Taskforce, an advocacy group within YouTube.
Barbara Macdonald, group product manager, Paid Digital Goods
Macdonald founded the Paid Digital Goods team in 2017 to help diversify YouTube creators' revenue through new non-ad features, according to her LinkedIn.
The Paid Digital Goods umbrella includes features like Super Chat, Super Stickers, Super Thanks, and paid channel subscriptions, all which allow users to pay creators.
With Super Chat and Super Stickers, viewers can tip creators or donate a sticker to them during a livestream, while Super Thanks allows viewers to tip a previously uploaded video. Creators can introduce paid channel subscriptions to let supporters sign up for their channel for a monthly fee.
Macdonald has been at YouTube since 2015, and before leading the Paid Digital Goods team, she was a product manager for livestreaming, and one of the hosts and writers of Creator Insider, a YouTube-operated channel that gives insight into being a creator on the platform.
Tiffany Matloob, global head of creator community partnerships for Youtube Shorts
Tiffany Matloob at the YouTube Spring Creator Dinner on May 3, 2022 in Los Angeles.
Vivien Killilea/Getty Images for YouTube
Tiffany Matloob is the global head of creator community for YouTube Shorts. She joined the platform in August 2021 as part of the platform's effort to pivot into short-form content.
Matloob previously worked at Meta-owned Instagram, where she was the creator community lead. According to her LinkedIn, she works "with today's emerging talent in helping express themselves creatively through effective storytelling strategies and brand-building partnerships."
Neal Mohan, Chief Product Officer
Mohan has been chief product officer at YouTube since 2015.
Per his LinkedIn, he is "responsible for YouTube products, user experience, and trust and safety globally," not only on YouTube itself, but also on YouTube TV , Music, VR, and Kids.
A big focus of his work is finding ways to combat misinformation on the platform, as well as helping the platform innovate with new tools and features.
In a recent post on YouTube's blog, Mohan identified seven key innovations of the past seven years — which included introducing new ways for creators to monetize their content, like Super Thanks and Super Chats.
Pedro Pina, vice president, head of YouTube Europe, Middle East, and Africa
Pedro Pina speaks on stage as The Business of Fashion presents VOICES on December 3, 2016 in Oxfordshire, England.
Samir Hussein/Getty Images for The Business of Fashion.
Pina is the VP and head of YouTube Europe, Middle East, and Africa. He reports to CBO Robert Kyncl. A Portugal-born marketer, he joined Google in 2013 as a global client partner and took his current position in 2021.
He oversees all aspects of YouTube's business across the region, which, within his teams, includes developing, supporting, and growing YouTube's creator ecosystem, a YouTube spokesperson wrote to Insider in an email.
Lori Scott, global head of top creators
Lori Scott has been the global head of top creators at YouTube since January 2021. Prior to that, she was the head of top creators for North America.
In this role, she manages the largest and most influential creators on the platform, according to a Marie Claire story from January 2022. According to a YouTube spokesperson, Scott focuses on fostering creators and the strategic partnership program, which means supporting creators and their needs and goals.
Another key component of her work is fostering diversity, she told Marie Claire, with members of her team dedicated to the $100 million #YouTubeBlack Voices fund.
Kate Stanford, vice president of YouTube marketing
Kate Stanford speaking at VidCon on July 23, 2015 in Anaheim, California.
FilmMagic/FilmMagic.
Stanford, who has been with Google for nearly 16 years, shifted to YouTube in November 2021 as VP of creator and emerging business marketing.
During her time at the company, she has helped oversee how YouTube shows up in the ad industry — like with the Think With Google ad blog. She was also part of the team that helped pivot the platform's the long-running Brandcast event to a virtual presentation during Covid.
In the mid-aughts, she also led B2B marketing for YouTube globally, helping to reposition the company in the wake of the Adpocalypse.
Danielle Tiedt, Chief Marketing Officer
Danielle Tiedt
Tiedt has served as YouTube's chief marketing officer for a decade, joining the video giant from Microsoft in 2012. She is responsible for product marketing and the company's overarching brand vision on a global scale, per her LinkedIn profile.
Another key focus of her tenure has been to highlight YouTube's diversity of voices and bolster key social causes like racial justice, climate change, and mental health, she wrote in a recent blog post, calling inclusivity "a business imperative for brands to survive and thrive."
"We are a place that people can come and tell their stories," Tiedt said in a video accompanying the post. "So the nice thing about being the chief marketing officer for YouTube is its my job to reflect them back."
Tara Walpert Levy, vice president of Americas
Tara Walpert Levy, Vice President of Agency and Media Solutions at Google
In November, longtime Google advertising exec Tara Walpert Levy became YouTube's VP of Americas.
In her previous role as VP of agency and brand solutions at Google, per Variety, Walpert Levy was responsible for launching YouTube's annual Brandcast presentation for advertisers, as well as YouTube Select, which lets advertisers buy against content from top creators at a premium price.
In her new role, Walpert Levy will oversee the teams that work in tandem with creators and media publishers across the US, Canada, Latin America, and Brazil to grow and monetize their content. She reports directly to YouTube chief business officer Robert Kyncl.
More: Features Influencers Creators
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2022-07-13T12:22:49Z
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21 People at YouTube That Creators, Marketers, Managers Should Know
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https://www.businessinsider.com/youtube-employees-creators-marketers-managers-should-know-2022-6
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https://www.businessinsider.com/youtube-employees-creators-marketers-managers-should-know-2022-6
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12 cloud startups that won big in 2022 by scoring millions in funding from top investors like Andreessen Horowitz even as the market slowed
Jyoti Bansal, founder of Harness
Unusual Ventures
2021 saw a boom in investment in cloud startups, but they're on track to raise less this year.
Some startups have still managed to raise funding in 2022, but its harder and VCs are more cautious.
Here are 12 cloud startups that raised significant rounds in 2022 amid the broader slowdown.
With the public markets suffering in recent months amid rising interest rates, supply chain issues, and rampant inflation, venture funding and investing has slowed down as well. Investors are more cautious about deals, and startups can no longer rely on huge funding rounds to fuel their growth.
2021 saw a boom in investment in cloud startups in particular, with over 900 cloud tech and DevOps startups raising funding globally last year. This amounted to $21.5 billion in venture funds poured into the space, according to data from Pitchbook.
But it appears the frenzy has slowed. Only 362 companies recieved funding for a total of $5.61 billion in the first half of 2022, according to Pitchbook. And in terms of US-based companies, 455 cloud startups raised a total of $15.2 billion last year, while so far only 177 companies have raised $3.51 billion so in 2022. That's on track to be significantly lower than last year both globally and for US-based companies.
Despite this, some startups have managed to raise significant rounds this year. Investors like Andreessen Horowitz say they have not slowed down funding, Insider previously reported. Investors at Vertex Ventures, which focuses on early stage investments for cloud infrastructure and software companies, told Insider they are still investing as well.
But many VCs who are still investing say they're being more cautious when deciding to invest in a company. When she raised her latest round, Mathilde Collin, CEO of email startup Front, told Insider that investors now cared more about efficiency than the growth-at-all-costs model that found favor when the market was hotter. Investors also spent more time than usual doing due diligence, including speaking directly to Front's customers, she said.
To get a sense of which cloud companies have been able to raise new funding this year, Insider looked at data complied by Pitchbook. Many are tools that help make it easier for companies to manage their cloud usage, as well as developer-focused tools and companies making blockchain technology for the enterprise.
Here are 12 US-based cloud startups that raised over $65 million so far this year amid the broader slowdown in VC funding:
Alchemy Insights, Series D: $250 million
Alchemy co-founders Nikil Viswanathan and Joe Lau.
Courtesy of Alchemy
Total raised to date: $413.62 million
Valuation: $10.45 billion
Lead investors in latest round: Lightspeed Venture Partners and Silver Lake
Alchemy is a developer platform for building applications on top of blockchains, such as Ethereum. It's been described by some as the "Amazon Web Service (AWS) of the blockchain industry," as it seeks to become the de-facto platform in the space, according to TechCrunch.
Its platform is used by blockchain-native companies, such as OpenSea, a large NFT marketplace, and Trust Wallet, the official cryptocurrency wallet of exchange Binance, according to its website. It's also used by Adobe for its NFT initiatives.
Alchemy tripled its valuation over a matter of months. The company raised three rounds between April 2021 and February 2022, with the last round valuing the company at over $10 billion. That $200 million investment in February was led by Lightspeed and Silver Lake. Andreessen Horowitz, Coatue, and Pantera also participated in previous rounds
Harness, Series D: $230 million
Lead investors in latest round: Norwest Venture Partners
Harness closed its $230 million Series D round in April, which bumped the company's valuation to $3.7 billion. The startup makes software to help developers simplify the software delivery process to help developers work more efficiently.
This latest round was led by Norwest Venture Partners, with new investors J.P. Morgan, Capital One Ventures, Splunk Ventures, Adage Capital Partners, Balyasny Asset Management, Gaingels, Harmonic Growth Partners, and all existing investors participating.
The company's founder Jyoti Bansal is well known for his previous company AppDynamics, which sold to Cisco the week it was supposed to go public in 2017. The latest round will be used to expand the platform and expand internationally.
Aptos Labs, Seed: $200 million
Mo Shaikh, Aptos Labs CEO.
Total raised to date: $200 million
Valuation: $1 billion estimated by Pitchbook
Lead investors in latest round: Andreessen Horowitz
Aptos Labs quickly gained momentum after it launched at the end of 2021. The company is creating a Blockchain network meant to provide developers with universal and centralized access to decentralized assets, and it inked a partnership with Google Cloud to do so earlier this year. Aptos co-founder and CEO Mo Shaikh said the team had been impressed with Google Cloud's "commitment to decentralization," according to The Block.
Shaikh and his cofounders are ex-Meta employees who were working on similar efforts at Facebook. They left in December and quickly closed a $200 million seed round in March. That first round of funding earned them a valuation of over $1 billion, TechCrunch reported. The round was led by Andreessen Horowitz, with participation from Coinbase Ventures, Silvergate Bank, Binance Labs, Scribble Ventures, Tiger Global Management, among others.
RapidAPI, Series D: $150 million
Iddo Gino, founder and CEO of RapidAPI.
Lead investors in latest round: Softbank's Vision Fund 2
RapidAPI is a platform for businesses to find and integrate third-party APIs and also manage their own internal APIs. The company's latest funding round of $150 million elevated the company to unicorn status.
It's a huge jump from its previous valuation of just $355 million last April. The round was let by SoftBank's Vision Fund 2, with participation from Qumra, Andreessen Horowitz, M12 (Microsoft's Venture Fund), Viola Growth, Green Bay, and Grove Ventures.
DataStax, Series F: $115 million
Chet Kapoor CEO of DataStax.
Lead investors in latest round: Goldman Sachs
DataStax, which helps power data management for a businesses' various cloud applications, raised its latest round of funding in June, amid a time of slowdown in venture funding across the board.
That round boosted the company's valuation from its May 2021 $1.04 billion valuation to $1.7 billion. It was led by Goldman Sachs growth equity business, with participation from RCM Private Markets, EDB Investments Pte. Ltd, and some existing investors.
Docker, Series C: $105 million
Docker CEO Scott Johnston.
Lead investors in latest round: Bain Capital Ventures
Docker was once one of the hottest startups in Silicon Valley. When it launched in 2013, it gained prominence for its pioneering approach to containers, which allow developers to package applications to run across any cloud or hardware. But that hype soon died down, in part due to competition from Google's free, open-source container-management tool Kubernetes, as Insider previously reported.
As part of its reinvention, the company raised $105 million earlier this year, which values the company at $2.1 billion. The round was led by Bain Capital Ventures, while Atlassian Ventures, Citi Ventures, Insight Partners, Tribe Capital, Benchmark (San Francisco), Vertex Ventures US, Four Rivers Group, TeleSoft Partners, and others also participated in the round.
The new funding is an acknowledgement of how the company is doing since it sold off its enterprise business to Mirantis in 2019.
MinIO, Series C: $103 million
From left: Harshavardhana, co-founder principal engineer at MinIO, Garima Kapoor, co-founder and COO at MinIO, and AB Periasamy, co-founder and CEO at MinIO.
Total raised to date: $126.3 million
Lead investors in latest round: Intel Capital
MinIO called itself a "multi-cloud object storage developer," which essentially means it helps app developers build their own cloud storage for unstructured data like photos, videos, VMs, containers, and more. Its latest funding round of $103 million values the company at $1 billion, making it a unicorn.
The investment was led by Intel Capital with participation from new investor SoftBank Vision Fund 2 and existing investors Dell Technologies Capital, General Catalyst and Nexus Venture Partners. The firm "didn't have to even prepare a single slide" to pitch investors for its latest funding round, Garima Kapoor, MinIO cofounder and COO, previously told Insider. The startup has already built a loyal following of firms willing to write a check.
Hasura, Series C: $103 million
Hasura cofounders Tanmai Gopal and Rajoshi Ghosh.
Lead investors in latest round: Greenoaks Capital Partners
Hasura is a web application server that connects to databases and instantly provides realtime GraphQL APIs. The firm's technology is a popular open source tool for developers that gained momentum quickly.
It's latest funding round of $103 million mints the company as a unicorn, and it plans to use the funding to grow R&D and expand go-to-market teams internationally. Hasura now counts companies like Atlassian, BBVA, Netlify, Pipe, Swiggy, and Walmart among its customer base, according to Tech Crunch.
Virtana, late stage: $73 million
The Virtana team.
Valuation: undisclosed
Lead investors in latest round: HighBar Partners, Benhamou Global Ventures, and Atalaya Capital Management.
Virtana helps companies manage their cloud usage across both public cloud servers and internal private cloud servers. Its technology is meant to help with cost management and performance when companies are doing cloud implementations. It's a huge need spurred by the growth of public cloud vendors like AWS and Microsoft Azure, Insider previously reported.
The company raised a late stage round totaling $73 million in January, led by HighBar Partners, Benhamou Global Ventures, and Atalaya Capital Management.
JupiterOne, Series C: $70 million
Erkang Zheng, JupiterOne CEO.
Lead investors in latest round: Tribe Capital
JupiterOne makes security and compliance software that helps reduce the cost and complexity of cloud security for businesses. Its Series C round of $70 million values the company at over $1 billion — a huge leap from its May 2021 valuation of $230 million.
This latest round was led by Tribe Capital, with participation from existing investors Sapphire, Bain Capital Ventures, Cisco Investments, and Splunk Ventures. Intel Capital and Alpha Square Group also joined the round as new investors.
Front, Series D: $65 million
Front CEO and cofounder Mathilde Collin.
Lead investors in latest round: Salesforce Ventures and Battery Ventures
Front raised a $65 million Series D round in June that valued the company at $1.7 billion — double the valuation it held when it last raised funds in January 2020.
Front started as a shared inbox that made it easier to collaborate and communicate with colleagues and has now expanded to handle both internal company collaboration and customer communication. Its new funding will allow the company to expand on customer communications focus.
Bionic, Series B: $65 million
Idan Ninyo Co-Founder & CEO at Bionic.
Total raised to date: $82 million
Lead investors in latest round: Insight Partners
Bionic makes a productivity platform that help companies manage the new and updated applications that their developers are pushing into production every day. It helps companies add a layer of security into their applications as they are being launched.
The company is relatively new, founded in 2019, and this is its third round of funding. This round was led by Insight Partners, with Battery Ventures and CyberStarts participating.
More: Features Enterprise Software cloud startups Venture funding
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2022-07-13T13:53:26Z
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Docker, Bionic, and More Cloud Startups That Raised VC Funding in 2022
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https://www.businessinsider.com/cloud-startups-raised-vc-funding-this-year-andreessen-horowitz-lightspeed-2022-7
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https://www.businessinsider.com/cloud-startups-raised-vc-funding-this-year-andreessen-horowitz-lightspeed-2022-7
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jarino47/Getty Images
Many governments and companies have pledged to achieve net-zero emissions by 2050.
Leaders in energy, technology, and finance discuss what it takes to transition to net-zero production.
On August 9, 2022, Insider is hosting "Equipping Generations to Make a Sustainable Future Possible," a free virtual event at noon ET, featuring speakers from Schneider Electric, IBM, and Citi.
Net-zero emissions is one of the most challenging, pressing issues for humanity. In order to mitigate climate catastrophe, global emissions must be reduced by 45% of current emissions in 2030, and 100% in 2050. Local and global actors are slowly making changes needed to meet emissions goals set by the 2015 Paris Agreement.
Since the Agreement, more than 70 countries and 350 corporations have pledged to cut their greenhouse gas emissions to near zero by 2040. Additionally, entire industries have made pledges to go fully electric in product by the next decade.
However, a core challenge is the lack of global standards set in place to accredit climate goals. So, with conversations about greener products and greener production taking place, it's crucial to interrogate all aspects of product creation: sourcing, use of energy, and reskilling talent are all critical components of cleaner production.
Insider's virtual event "Equipping Generations to Make a Sustainable Future Possible," presented by Schneider Electric, takes place on Tuesday, August 9, 2022, at noon ET, and includes live conversations with Insider editors and sustainability leaders.
The panel will examine the challenges and opportunities of sustainability transformation including what governments and private companies can do to accelerate the energy transformation without compromising decarbonization efforts.
Gwenaelle Avice-Huet, Chief Strategy & Sustainability Officer, Schneider Electric
Christina Shim, Head of Strategy and Sustainability, IBM
Valerie Smith, Chief Sustainability Officer, Citi
Register below to join the conversation.
More: Insider Events Sustainability Climate Change Climate solutions
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2022-07-13T13:53:38Z
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FREE VIRTUAL EVENT: Experts Discuss Steps Needed to Ensure a Sustainable Future
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https://www.businessinsider.com/free-virtual-event-experts-discuss-steps-needed-to-ensure-sustainable-future-2022-7
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Here's the 14-page pitch deck Uprise, a personal-finance app for Gen Z, used to raise a $1.4 million pre-seed round that included the cofounders of SoFi and Gusto
Jessica Chen Riolfi and Chris Goodmacher are the cofounders of Uprise, a free financial-coaching app targeted at Gen Z.
Uprise is a personal-finance app that helps Gen Z professionals optimize their finances.
Uprise offers personalized recommendations for financial products and helps users maximize benefits.
See the pitch deck its cofounders used to raise $1.4 million in pre-seed funding.
Jessica Chen Riolfi kept hearing the same concern from users during her time at financial-technology companies focused on personal finance: "I don't know what I'm doing."
Whether they were weighing what stocks to pick on Robinhood or attempting to break out of living paycheck to paycheck using Earnin, an earned-wage access startup, Chen Riolfi found users often struggled to understand how best to save, spend, and invest.
In her latest role, Chen Riolfi hopes to finally help users overcome their doubts and confusion as the cofounder and CEO of Uprise, a free financial-coaching app that aims to bring an offering typically limited to high net-worth individuals to a wider audience.
"What we're building at Uprise is really seeing ourselves as democratizing access to private family offices," Chen Riolfi told Insider. "There's somebody out there keeping an eye out and optimizing your finances. Helping people sleep better at night — that's really the feeling that we're trying to impart."
Uprise announced a $1.4 million pre-seed funding round July 11, with backing from investors including Contrary Capital, Hustle Fund, On Deck, and Dash Fund. The round also includes participation from angels like SoFi cofounder Dan Macklin, Edward Kim, cofounder of payroll and HR software firm Gusto, and Nick Hungerford, founder of Nutmeg, a European robo-advisor firm that was acquired by JPMorgan in 2021.
Uprise helps users avoid leaving money on the table
Once a user shares their data with Uprise, the app recommends financial products to best optimize their specific financial situation, including saving for retirement, paying off debt, and investing. Recommendations can range from the right amount of money to keep in a checking account to the best high-yield savings accounts for emergency funds.
One key difference between Uprise and other personal-finance offerings is its advice on how to navigate employee benefits, thanks to cofounder Chris Goodmacher's experience at human-resources startup Justworks, where he was the company's second employee.
"I saw all that money being left on the table," he said of employees who struggled to maximize their corporate benefits like 401k matches and stock-purchase plans. Uprise also does not require users to have a minimum account balance or net worth.
Uprise says its recommendations are 90% automated, but always include a manual review and recommendations from a financial advisor. The company has a certified financial planner on staff to help craft plans and recommendations for users and plans to soon become a registered investment advisor to be able to offer investment advice to users.
Uprise's main source of revenue is currently affiliate partnerships from products that are recommended to users. While its services are currently free to use, the startup is considering developing a premium membership tier that would allow users more one-on-one access to their assigned financial advisor and more regular account monitoring and check-ins. It's also considering partnerships that would allow users to access exclusive interest rates and investment opportunities through partners.
Demand for services like Uprise's has jumped as market fears mount
As markets continue to slump and fears of a recession swirl, Chen Riolfi says that demand for Uprise's product has only grown, especially among the platform's target demographic of single, young professionals. During the month of May, the app's waitlist grew 33% to over 7,000 users.
Chen Riolfi said that over the last six weeks, Uprise has seen a "fundamental shift" in the goals and concerns of users onboarding onto the platform. Instead of aiming to optimize their finances and looking towards longer-term goals, users are now much more concerned with managing their current risk and navigating up-and-down markets
"For us, a lot of our rationale around raising and speeding up is to be able to help more people with their questions right now, when that need is so salient," she said.
While helping users navigate a tough period is top of mind for Uprise's founders right now, they hope that no matter the state of the economy, they can help more users demystify their finances and break down stodgy stereotypes about wealth management.
"The reputation of that is very much a person in a suit behind a mahogany desk — doesn't understand crypto, doesn't understand what they're going through," Chen Riolfi said. "I think a lot of what differentiates us too is that we get it, and we were there not that long ago."
Read the 14-page pitch deck Uprise used to raise its pre-seed round.
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2022-07-13T13:53:44Z
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Pitch Deck Gen Z Personal-Finance App Uprise Used to Raise Pre-Seed
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https://www.businessinsider.com/gen-z-personal-finance-uprise-pitch-deck-fintech-startup-2022-7
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https://www.businessinsider.com/gen-z-personal-finance-uprise-pitch-deck-fintech-startup-2022-7
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Hurry! This 50-inch Fire TV is $99 right now for Prime Day, down from $470
Amazon 50-inch Fire TV 4-Series
Amazon just launched one of the best lightning deals we've ever seen. The company's 50-inch 4-Series Fire TV is now only $99. That's a whopping $370 off the regular list price of $470. At this deal price, the 4-Series is an absolute steal.
The 4-Series is one of the first smart TVs developed by Amazon itself. It boasts built-in support for the Fire TV interface, so using the display is a lot like using a Fire TV Stick. The 4-Series also includes a handy Alexa voice remote so you can easily search for content from all your favorite streaming apps.
Though the 4-Series' picture performance is very basic, the TV does have a 4K screen and it supports entry-level high dynamic range (HDR). For $99, there's nothing to complain about here. Buyers looking for an affordable 50-inch smart TV suited for casual viewing should not hesitate to snag this lightning deal while it lasts.
Best Prime Day lightning deals
More: Insider Reviews 2022 Insider Picks Amazon Prime Day 2022 Amazon Prime Day
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2022-07-13T13:53:50Z
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Best Amazon Prime Day Deals: 4-Series 50-Inch 4K Fire TV for $99
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Dyson fans, vacuums, and air purifiers are discounted up to 33% off for Prime Day — here are the best deals still around today
Today is the last day of Prime Day 2022, and Amazon is still offering extensive deals sitewide, including discounts on well-regarded brands like Dyson. Dyson's products are powerful, high-quality, and effective, but they're also expensive.
Dyson Outsize Stick Vacuum
The Dyson Outsize Vacuum features a large dustbin and long battery runtime, making it ideal for cleaning several rooms in one session. It's currently on sale for $100 off, but it may take up to 2 weeks to ship.
Dyson V8 Origin+ Cordless Vacuum
We haven't tested the Dyson V8 Origin+ yet, but if it's anything like other Dyson vacuums, it has powerful suction and innovative features. For a limited time, Walmart has dropped the price by $70.
We haven't tested the Dyson Ball Animal Origin yet, but if it's anything like the other Dyson vacuums we've tested, it has powerful suction and innovative features. Right now, it's $300, a great deal for any Dyson vac.
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2022-07-13T13:54:02Z
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Best Prime Day Dyson Deals 2022: Fans, Vacuums, and More
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https://www.businessinsider.com/guides/deals/amazon-prime-day-dyson-deals-2022-7-13
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The best Prime Day deals for teachers, from dry-erase markers to colorful storage bins
If you're a teacher heading back to the classroom in the fall, Amazon Prime Day is a good opportunity to stock up on essential school supplies and digital life upgrades (like a new iPad) at a discounted price.
Amazon Prime Day runs through July 13 this year, but you'll also find competing sales at Target, Best Buy Walmart, and more that may go even longer. Below, we're highlighting the best discounts on teacher supplies this year in real-time, from deals on construction paper and EXPO markers to storage bins and Purell hand sanitizers to make you feel fully prepped for the upcoming school year.
You can also create a classroom wish list and share it with others who might pitch in to buy things (especially while they're on sale) for your classroom here.
The best deals for teachers during Amazon Prime Day 2022:
Akro-Mils 10144, 44 Drawer Storage Cabinet
Akro-Mils Storage Hardware and Craft Cabinet
Complete with 12 large bottom drawers, this 44-drawer plastic storage cabinet is a must-have for a classroom or workspace. Right now, it's over 50% off for Prime Day.
X-ACTO(R) XLR(TM) Electric Pencil Sharpener
Compatible with colored pencils, this electric sharpener has an easily removable shavings bin and motors to tell you when it's full.
DEAYOU 24-Pack Classroom Storage Baskets
These colorful storage bins are perfect for organizing classrooms.
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2022-07-13T13:54:14Z
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www.businessinsider.com
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Best Teacher Deals for Prime Day 2022
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https://www.businessinsider.com/guides/deals/amazon-prime-day-teachers-deals-2022-7-13
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https://www.businessinsider.com/guides/deals/amazon-prime-day-teachers-deals-2022-7-13
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By Mara Leighton and William Antonelli
Amazon Prime Day is back — and it's the last day to shop deals. Officially, Prime Day ends when July 13, 2022, does.
The Blue 311 Auto is a quiet, efficient air purifier that removes 99.9% of pollen as well as airborne particles such as smoke, dust, odors, viruses, and pet dander. This is the lowest price we've ever seen for it on Amazon.
Amazon's Wi-Fi-enabled controller is designed for the Amazon Luna cloud gaming service. This particular gamepad promises to reduce delay when streaming , compared to a standard Bluetooth controller. It isn't on sale often, but right now it's discounted to a new all-time low of $40.
Facebook/Kobo
$119.99 $89.99 from Kobo
The Kobo Clara HD is an affordable Kindle alternative that supports more ebook formats and has a blue-light-blocking mode to protect your eyes. Down to $90, this matches the all-time lowest price we've seen.
The iRobot Roomba i7+ Robot Vacuum is as automated as it gets, with automatic dirt disposal and a feature that lets you schedule when specific rooms get cleaned. For Prime Day, it's offered at an all-time low price: 50% off.
The Ring Spotlight Cam offers two-way audio, streams HD 1080p footage, and includes a siren alarm and LED spotlight. Like most smart home security cameras, the Spotlight Cam is expensive, but $139 is the lowest price we've ever seen for it.
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2022-07-13T13:54:14Z
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www.businessinsider.com
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Amazon Prime Day 2022: 20 Products on Sale at All-Time-Low Prices
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https://www.businessinsider.com/guides/deals/best-amazon-prime-day-deals-overall-lowest-price-biggest-discount-2022-7-13
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https://www.businessinsider.com/guides/deals/best-amazon-prime-day-deals-overall-lowest-price-biggest-discount-2022-7-13
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The global supply chain still runs on paper documentation. Blockchain tech could fix that — if shippers can be convinced there's a real return on investment.
Vishnu Rajamanickam
Stefan Kukman, the CEO and founder of the blockchain logistics platform CargoX.
Courtesy of Stefan Kukman
Supply chains rely heavily on paper documentation, which can be inefficient.
Experts said blockchain tech could be of assistance, but it's costly to adopt.
Reducing barriers to entry and pushing for legislation could help.
Navigating end-to-end supply chains is complicated for any logistics stakeholder. The sheer number of people involved and the inherent lack of visibility into each other's operations make supply chains hard to discern, causing inefficiencies that dog workflows. Much of this goes back to the physical nature of supply-chain documentation, as businesses bank on paper documents for validating transactions from commercial invoicing to customs verification.
The system is slowly transitioning, courtesy of electronic trade documentation. But to make electronic documentation acceptable among all stakeholders within the chain, there needs to be a set of standards that govern how these documents are drawn up.
Blockchain technology holds promise, experts told Insider, and an explosion in blockchain-based startups reflects the enthusiasm the technology is garnering. Blockchain would enable participants to wield equal power over data and documents shared within the system while ensuring that shared data can't get edited without the express approval of every stakeholder.
How blockchain-based document transfer works
Consider a maritime shipping environment that includes shippers, banks, trade-finance providers, agents, shipping-line operators, freight forwarders, and customs agencies. Many paper documents get sent across this value chain through courier services.
"Sending paper-based documents around for trade is a centuries-old process," Stefan Kukman, the CEO and founder of CargoX, a blockchain logistics trade-document-transfer platform, told Insider. But Kukman said that in addition to the time and costs associated with the process, the documents themselves are often lost or misplaced, "and this should not be acceptable in the world we live in today."
Electronic trade-documentation transfer can remove the need to manually send documents by courier. But solutions like email aren't perfect — ascertaining the primary (and true) copy of the email becomes difficult when copies can be easily created and stored.
Blockchain-based document transfer solves this issue. "On a blockchain network, electronic trade-document transfer would be coded," Kukman said. "If the hash does not match, it means someone changed something on the document. Participants in the network can easily identify who changed what and the timestamp. This makes the system faster and more trustworthy than any system that's currently available."
Reducing barriers to entry can offset the time and money that companies invest into adopting blockchain tech
While this sounds rosy in theory, some supply-chain experts remain skeptical of adopting blockchain technology for several reasons, including the time and cost required to overhaul existing processes.
"There's conceptual benefit from data standards and blockchain, but the actual return on investment to the specific entities is less clear, as it needs to outweigh the inertia to adoption," Kai Timmermann, the chief operating officer of the logistics tech platform Prompt, told Insider.
Kai Timmermann.
Courtesy of Kai Timmermann
Moving to blockchain tech also requires staff and management to review, assess, and internalize existing processes. "If you started with a blank slate and had the opportunity to rebuild from the ground up, there would be overwhelming advantages to a different structure," Timmermann said. "But that's not where we are."
Timmermann added that overcoming this impasse entails reducing the barriers to entry. Lowering onboarding costs is crucial, as is working with governments and pushing for favorable legislation, especially for supply-chain transactions involving many countries.
Developing easy-to-adopt standards is paramount. Organizations like the Blockchain in Transport Alliance and GS1 US are pioneering open standards to enable companies to streamline blockchain activities and hasten the adoption timeline.
Solving for cross-border transactions
Cross-border transactions moving over a blockchain network would also need legislative approval from the respective countries. Kukman said CargoX has persuaded governments to collaborate with its network.
A public-private partnership with the Egyptian government authorized CargoX to be the blockchain document-transfer gateway for the country's official trade platform. Since March last year, Kukman said, CargoX has transferred more than 1.1 million trade and finance documents for more than 75,000 customers.
He added that the next step is to foster interoperability. The challenge right now is for blockchain logistics companies to ensure that when a document is transferred from one system to another, it's locked, disabled, or destroyed, even as a copy gets created on the target blockchain system. While this technique is designed to maximize trustability, companies are finding it difficult to implement it at commercial scale.
Solving this would require major blockchain solution providers to come together and devise protocols allowing such transactions. Kukman suggested introducing a centralized authority that provides the rules governing data transfer from one system to another.
Ultimately, data standards for interoperability could connect disparate blockchain systems and help other document-transfer systems use blockchain as their settlement layer, ensuring there's one source of truth of document ownership. The decentralized nature of the blockchain helps make a case for interoperability as well, with standards remaining decentralized and neutral — building on a foundation of trust, a critical feature in global trade that's getting more complicated by the day.
More: blockchains BI-freelancer contributor 2022 Supply Chain
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2022-07-13T13:54:26Z
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How Blockchain Tech Can Help Streamline Global Supply Chains
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https://www.businessinsider.com/how-blockchain-tech-streamline-global-supply-chains-electronic-transactions-2022-7
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https://www.businessinsider.com/how-blockchain-tech-streamline-global-supply-chains-electronic-transactions-2022-7
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Public health expert Katelyn Jetelina, who runs the popular 'Your Local Epidemiologist' blog wasn't willing to give a single number out for the entire nation. She said risk is too variable right now, based on where you live.
The south also had a relatively low number of infections in the earlier BA.2.12.1 wave, unlike the Northeast, where Jetelina said people should be at about a 4 out of 10 level of concern.
But like all risk calculations, "the number is different based on who it is being applied to," as Dr. Amesh Adalja, a senior scholar at Johns Hopkins Center for Health Security pointed out.
More: coronavirus COVID-19 vaccine Omicron BA.5
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2022-07-13T13:54:32Z
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Experts: How Worried You Should Be About BA.5 COVID Variant
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https://www.businessinsider.com/how-worried-to-be-about-ba5-covid-omicron-variant-experts-2022-7
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https://www.businessinsider.com/how-worried-to-be-about-ba5-covid-omicron-variant-experts-2022-7
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As the crypto market continues to plummet, 'SPAC king' Chamath Palihapitiya outlines the biggest problems cryptocurrencies face right now — and their solutions
Chamath Palihapitiya, the founder and CEO of Social Capital, recently discussed where he thinks crypto has gone wrong.
Chamath Palihapitiya is a billionaire venture capitalist and early bitcoin investor.
On the "All-In" podcast, he addressed the two biggest problems he sees in the crypto market.
Palihapitiya explained why governments must pay attention to crypto exchanges' off-chain activity.
Chamath Palihapitiya's name has become synonymous with SPACs — but while his investments in that arena have received a lot of attention in the past few years, he has also been investing in cryptocurrency for over a decade.
On a recent episode of the "All-In" podcast — a program he cohosts with fellow venture capitalists David Sacks, David Friedberg, and Jason Calacanis — Palihapitiya outlined the biggest problems he sees with the crypto industry right now, and what he thinks needs to happen in the digital-asset space to solve them.
The biggest problems with crypto
Palihapitiya expressed frustration with the current state of crypto on the podcast — a notable change in tone from the way he's talked about the industry in the past.
Palihapitiya has been a longtime defender of bitcoin, first purchasing the cryptocurrency back in 2012. In fact, according to an interview with CNBC, in 2013 Palihapitiya and two of his friends reportedly owned up to 5% of the total supply of bitcoin at the time. That same year, he wrote an essay explaining why he thinks bitcoin's strength is as a store of value and its potential for asymmetric upside.
Palihapitiya remains a staunch crypto bull, lending his frustrations with the crypto industry extra weight.
The first issue Palihapitiya pointed out is the lack of regulatory oversight in the crypto industry.
"This is a completely unregulated market, right? There are no market makers that actually have reporting requirements to any regulatory authority. There aren't any clearinghouses. There isn't a way for us to understand systemic risk as it builds in the crypto market," Palihapitiya said on the podcast.
"The underlying principle around that is a common set of parameters, a clearinghouse, the ability to monitor risk — none of those things exist here. And I think that's really what folks have to solve for now," he continued, emphasizing the lack of traditional safeguards in crypto.
Palihapitiya also brought up the off-chain activity that crypto exchanges regularly engage in.
Off-chain activity is when crypto is moved from one account to another without a record on the blockchain. People engage in off-chain transactions for a variety of reasons — some legitimate, some less so.
Palihapitiya warns that off-chain activity could be used by bad actors looking to pump the price of a token that they themselves created, which, in turn, could hurt retail investors.
"You go and do some crazy round," Palihapitiya said. "You mark up some phantom equity in a company, that company then issues tokens, you then list the tokens, not on a blockchain per se, obviously, but in a place where trades can happen off-chain, right? There's a bunch of exchanges where these things happen off-chain because it's one company, and then they have a bunch of segregated subaccounts.
"What happens is when these things initially get listed, retail goes crazy, the price goes up. And you know, you spin that loop as fast as you can, and you can extract an enormous amount of money."
He also criticized the recent popularity of high-yield staking, in which investors enjoy spectacular returns in exchange for depositing their crypto with a particular network protocol. In practice, however, the pursuit of these returns can lead to both retail investors and crypto exchanges alike taking on too much risk.
"Along the way, all these things like DeFi all of a sudden popped outta nowhere," he said, referring to decentralized finance, "and it's like, 'Hey, you can earn 15%, 16%, 17%, 18%, just deposit the bitcoin.' And so folks would deposit bitcoin, but then what would happen is the places where those deposits were held would then need to obviously find places to make that. And so then they would go off-chain to some other random person who was offering to pay them even more than that."
Terra luna — the cryptocurrency whose crash deeply impacted the broader crypto market — offered a 20% annual percentage yield in exchange for staking. Celsius, which is now refusing to let customers withdraw their crypto, offered 8.53% returns to investors who staked with them.
Palihapitiya continued: "And they would try to arbitrage the difference, but it all catches up with you because when something like a terra goes to zero, all the bitcoin that was used to run that DeFi process around terra vanishes, and then all of a sudden, the lender says, 'Hey, can I have my bitcoin back?' And the broker's like, 'Well, actually I don't have it. I lent it to somebody else. Let me ask someone else.' And they're like, 'I'm sorry, I don't have it. But I have these terra coins.' And it went to zero, and that's essentially what we're seeing right now."
So what's the solution to crypto's current issues?
Palihapitiya expressed concern about the future of crypto if it continues to go down the path its heading.
"The big problem is obviously in the absence of any regulatory oversight, this stuff is gonna happen," Palihapitiya said. "Systemic risks are gonna build up. That's what we're facing right now is an enormous amount of systemic risk, largely around bitcoin."
His solutions to the problems he outlined in the podcast are simple: First, introduce regulation.
"I tend to think at this point, bitcoin probably has to be regulated like a security, even if it is not and it's more of a commodity, only because of the volume and the sheer size of both the market and the secondary markets."
Right now, regulation is a hot-button topic in crypto, and it is worth noting that both crypto believers — like the "Shark Tank" investor Kevin O'Leary — and skeptics — like the Duke fintech professor Lee Reiners — have called for increased regulation of the space.
In the US, Sen. Cynthia Lummis has proposed what many call a very industry-friendly bill. Meanwhile, in Europe, the Markets in Crypto-Assets, or MiCA, legislation aims to protect European consumers from crypto fraud.
As for curtailing off-chain activity, Palihapitiya's solution is to get the justice system involved. "If you subpoena the exchanges, all of this gets turned over, because the exchanges are the honeypot of off-chain activity."
Beyond subpoenaing exchanges, other solutions that experts like Reiners have suggested include having the Securities and Exchange Commission, which has an investor-protection mandate, regulate the crypto industry. Deloitte has also suggested that the government regulate the "access points" of cryptocurrency purchases in exchanges, through additional KYC (know your customer) provisions.
More: Investing SPAC King Chamath Palihapitiya
chamath palihapitiya bitcoin
SEC crypto regulations
cryptocurrency regulations
crypto law
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2022-07-13T15:24:37Z
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www.businessinsider.com
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'SPAC King' Chamath Palihapitiya on What's Wrong With Crypto Today
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https://www.businessinsider.com/crypto-bitcoin-chamath-palihapitiya-cryptocurrency-exchange-regulations-laws-solana-spac-2022-7
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https://www.businessinsider.com/crypto-bitcoin-chamath-palihapitiya-cryptocurrency-exchange-regulations-laws-solana-spac-2022-7
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Cracks are forming in blockchain gaming, one of crypto's few houses still standing. A new report shows the extent of the slowdown and explains why investors are still flocking into the sector.
Axie Infinity developer Sky Mavis
A new report explains why blockchain gaming hasn't been hit "as drastically" as other verticals.
Blockchain gaming VC investments remain strong at $2.5 billion in committed capital during Q2 2022.
Axie Infinity has lost 83% of its userbase, per the report.
It's been a mixed quarter for blockchain gaming, as broader crypto markets continue to hemorrhage in value.
Most of crypto is reeling from macro pressures caused by the Federal Reserve's hawkish monetary policies, the aftermath of algorithmic stablecoin TerraUSD's collapse, along with liquidity concerns and insolvency issues surrounding centralized lender Celsius, and crypto hedge fund Three Arrows Capital. All of these have caused investors to assess systemic risks in the nascent space and turn towards less speculative bets.
Despite these hits, both investors and players are still flocking to the blockchain gaming sector and gaming-related NFTs, or non-fungible tokens, per a DappRadar X BGA Games report on Wednesday.
Participation in DeFi, or decentralized finance, blockchain games, and NFTs, which was determined by quarterly unique active wallets, or UAWs, has declined since Q4 2021, but has "weathered the storm quite well" in comparison to broader crypto markets, per the report.
Quarterly unique active wallets using DeFi, games, and NFTs have declined since late last year.
DappRadar X BGA Games Report
"Investors interpreted their resilience as a bullish signal to keep investing in blockchain games," the report says, predicting that $12 billion could be invested by the end of the year.
Venture investments in blockchain gaming continue with $2.5 billion in committed capital in Q2 2022. Total investments in the nascent space this year are outpacing last year's total by 33%.
Animoca Brands, for example, announced a $75 million raise at a valuation of $5.9 billion on Wednesday. The gaming publisher and investor made early bets on Axie Infinity developer Sky Mavis and NFT marketplace OpenSea.
"In this bear market , a huge opportunity has emerged to back talented projects at reasonable private round valuations — in contrast to hyped pre-product projects hovering at overly frothy market caps," Alex Ye, the director of research and tokenomics at the startup investing platform Republic Crypto, said in a statement to Insider. "On the other hand, though, some deeply thoughtful VCs who have experienced crypto market cycles like this are pausing, conserving capital, and thinking hard about the infrastructure we need to build while the noise temporarily subsides."
The report says blockchain games are "slowly poaching veteran talent" from the traditional gaming industry, which signals more hope for the sector of the market as well. Developers from Blizzard, Bungie, and Activision have all transitioned to work on Web3-related projects.
"This phenomenon will ease adoption and safeguard the quality of experience," the report says.
'First cracks in the industry'
The industry has shown signs of slowing down, however, with top games like Axie Infinity taking major hits in the past several months. Ronin had a "mass exodus" with 83% fewer users than last quarter and is now the fifth largest gaming blockchain with 33,326 unique active wallets, per the report.
Although, the downtrend in use began in January, this was worsened by a $540 million hack on Axie Infinity's Ethereum-linked sidechain Ronin in March. As first reported by The Block, the breach took place after a senior engineer at Axie Infinity was tricked into applying for a job at a fake company, according to two people with direct knowledge of the matter.
Unique active wallets on Axie Infinity have plunged, exacerbated by a hack on its Ethereum-linked sidechain.
Axie Infinity, which once reported having 2.7 million daily active users, is one of the world's most popular crypto game. Despite the massive hack, its founders have promised to get the game back on track with its new "Origin" experience which is billed as having a "play-and-earn" model instead of the traditional "play-to-earn" model.
"While gaming activity still dominates the overall landscape, we have also begun to see the first cracks appearing in the industry, and many top blockchain games started to show weakness," the report says, adding that organic sales of gaming NFTs fell 29% compared to the previous quarter as well.
Franklin Bi, the director of portfolio development at investment firm Pantera Capital, says it's "the perfect moment" for blockchain gaming "to take off." Pantera said it had plans to close a new blockchain fund in April, with $1.3 billion in committed capital.
"The gaming industry travels in cycles. New cycles are historically marked by new tech or new business models or novel user experiences. Crypto and NFTs have opened up all of the above," Bi said in a statement to Insider. "At the same time, the existing gaming industry is going through a reckoning right now. It's impossible to out-spend the incumbent studio giants. The core business model for most mobile games is going defunct because the economics of user acquisition have turned upside down."
Regardless of what you may think of blockchain gaming and gaming NFTs, massive institutions have high hopes for their future. In April, Citibank said in a note to clients that the metaverse could grow into a $13 trillion addressable market in the next eight years.
NOW WATCH: Put simply, blockchain technology is 'a security and transparency innovation'
More: Investing blockchain gaming Blockchain
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2022-07-13T15:24:43Z
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Blockchain Gaming: Data and Charts Showing Setbacks in Crypto Winter
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https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7
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https://www.businessinsider.com/crypto-gaming-blockchain-report-growth-slows-still-less-volatile-market-2022-7
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A former BlackRock associate-turned partner of a top crypto hedge fund explains why he left his job at the world's largest asset manager to work in DeFi — and breaks down how to 'survive' a bear market
Head of Liquid Strategies at Dragonfly Capital Kevin Hu
Kevin Hu
Kevin Hu is a partner and the head of liquid strategies at crypto investment firm Dragonfly Capital.
Dragonfly Capital placed early and successful bets on layer-1s like Avalanche.
Hu explains why the best way to navigate a crypto bear market is just to "survive it."
In 2016, an associate at BlackRock tried to pitch the world's largest asset manager to buy $25 million worth of Ethereum.
At the time, ether was trading at $2, an investment today that would be worth around $13.5 billion, per Messari, with returns of 54,000%. Kevin Hu, the former employee of the financial giant, spent three years looking into alternative investments at BlackRock for its hedge fund solutions group.
"This was back when the whole narrative on Wall Street was that Bitcoin was for drug money," Hu told Insider, citing illicit marketplace Silk Road. "It was too much of a reputational risk."
The money manager, however, has since changed its tune on the industry. BlackRock added bitcoin futures as a potential investment for a couple of its funds last year, per company filings, and later announced an investment in stablecoin issuer Circle's $400 million fundraising round.
Hu, who studied mathematics and statistics at the University of Toronto, said that he began studying cryptography to keep his "technical background intact" while at BlackRock, which was when Bitcoin originally caught his attention.
"I was just a geeky person who really fell in love with crypto," Hu said.
He later joined Dragonfly Capital as the fourth of fifth employee of the crypto-focused investment firm. Founded in 2018, Dragonfly made successful bets on layer-1 Avalanche, the NEAR protocol, decentralized exchange 1inch, and blockchain gaming developer and backer Animoca Brands. Dragonfly has raised $1.5 billion in committed capital, per Hu, with its assets under management at one point notching above $3 billion. (The firm's AUM, however, is subject to the throes of market volatility so this figure can vary.)
Hu currently manages Dragonfly's liquid investment platform with Ashwin Ramachandran and Lawrence Diao, and has raised over $450 million including SPVs and internal capital, as of April 2022.
In a recent press release announcing the new offering, Hu said that most of "the capital in crypto is allocated to privates/venture, so there is a lack of dedicated capital and ability to underwrite altcoins once they become liquid. We believe this is creating massive dislocation and long-term opportunities as many liquid assets are trading well below their previous private rounds."
Surviving a bear market
Hu has been in crypto for some of the most bearish market cycles such as the Covid-induced bitcoin crash of March 2020, when the token slashed half of its value in a day. Some in the industry billed this as "Black Thursday."
"The number one thing that I've learned over the years is always just to survive," Hu said. "When you're really early and what you believe is a secular trend that you think can can go on for decades, the only thing you need to do is really survive."
How do you do this? Well, Hu says it's important to always prioritize managing risk even in the most bullish cycles. This means being willing not to just "FOMO" invest because "your friends are making money."
"I think the common mistake that investors make is as things go up, they take profits really fast. When things go down, they double down," Wu said. "So they're almost short volatility when you follow that strategy."
The industry is seeing the aftermath of this unfold, as some of the biggest names in the nascent space undergo liquidity challenges, insolvency, or even file for bankruptcy. Crypto's market cap has slashed more than 60% of its value since its peak in November, per Messari.
"We basically just had the equivalent of the 2008 financial crisis in crypto, where all these financial institutions failed, from the biggest hedge funds to the top lenders have been in trouble and everyone's going belly up," Hu said.
More: Investing crypto hedge fund
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2022-07-13T15:24:50Z
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Crypto Investing Tips, Why Kevin Hu Left $10T BlackRock for DeFi
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https://www.businessinsider.com/crypto-investing-tips-why-blackrock-to-defi-dragonfly-capital-partner-2022-7
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https://www.businessinsider.com/crypto-investing-tips-why-blackrock-to-defi-dragonfly-capital-partner-2022-7
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National French Fry Day is Wednesday, July 13, and some major chains are offering deals for the holiday.
Major chains including McDonald's and Wendy's are using the french fry offer as a way to push more customers towards their mobile apps. Rewards programs have become nearly essential for fast food chains to attract and keep customers. These programs have proven to be hugely advantageous for chains as they incentivize return visits and give companies valuable customer data. You'll have to join rewards programs to receive many of the deals listed here.
Here are the deals, and how to get them:
McDonald's will give all customers a free order of large fries on Wednesday as long as they order in the McDonald's app. There is no purchase necessary for the free order, McDonald's said in a press release.
Wendy's is offering an entire week of french fry deals for National Fry Day. On Wednesday, Wendy's fans can get any size fry with any mobile order. Thursday's deal is focused on breakfast potatoes, which will be free with any mobile order. Finally, on Friday customers who order fries through the Wendy's app can also get a free medium fry, Wendy's shared in a press release.
White Castle will give customers a free small fry with any purchase using coupon code "FRYDAY," the chain shared online.
Burger King has a long-running french fry promotion, and it will also be available for the holiday. Burger King Royal Perks Members can get a free fry of any size with a mobile order. The offer is available every week for the rest of the year, though it can only be used once each week.
More: Retail News Fast Food French Fries
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2022-07-13T15:25:02Z
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How to Get Free Fries From McDonald's, Wendy's, and More National French Fry Day
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https://www.businessinsider.com/how-to-get-free-fries-national-french-fry-day-mcdonalds-wendys-2022-7
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https://www.businessinsider.com/how-to-get-free-fries-national-french-fry-day-mcdonalds-wendys-2022-7
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Democratic Rep. Josh Gottheimer of New Jersey outside the Capitol on October 21, 2021.
Rep. Josh Gottheimer is leading a group of Democrats who want to include a tax cut in any spending deal.
But Manchin doesn't seem inclined to bring back a tax break for high-income residents of high-tax states and cities.
It poses a new obstacle for any spending plan that Dems want to revive by August.
Some House Democrats are threatening to oppose a possible spending deal that revives pieces of President Joe Biden's agenda if it doesn't restore a tax cut that largely benefits the wealthy.
The nascent imbroglio deals with the rollback of a $10,000 cap on state and local taxes that taxpayers are able to deduct from their federal bill, known as SALT. Taxpayers used to have unlimited deductions before the new cap was established in the 2017 Republican tax law.
The House-approved Build Back Better bill that later died in the Senate raised the deduction limit to $80,000, a measure with outsized benefits to richer taxpayers. As negotiations to revive a slimmer spending bill with Sen. Joe Manchin of West Virginia appear to gain steam, some House Democrats want to ensure that it's included.
"As I've consistently said, If there are any changes to the tax code that affect families in my district, then restoring SALT must be part of it. No SALT, no dice," Rep. Josh Gottheimer of New Jersey said in a statement first reported by Punchbowl News.
Rep. Tom Suozzi of New York, another House Democrat, backed up Gottheimer and said: "No SALT, no deal."
A spokesperson for Speaker Nancy Pelosi didn't immediately return a request for comment.
Behind the scenes, negotiations are ongoing to revive a $1 trillion bill that devotes half of its spending to deficit reduction. That leaves roughly $500 billion for Democrats to set aside for clean energy tax credits and potentially extending enhanced Affordable Care Act subsidies poised to expire at the end of the year. Both represent major priorities for the party going into the November midterms.
It appears unlikely that Manchin will agree to address SALT in the spending deal. He's long been uneasy with the provision, and he has said his chief priority is stepping up taxes on the wealthiest Americans rather than hand them a sizable tax cut. The conservative Democrat told reporters in February he believed the measure was "too expensive" to include in a scaled-down bill.
Gottheimer spearheaded another revolt last year aimed at severing the link between an infrastructure bill and the larger social spending and climate bill that Democratic leaders wanted to pass at the same time. The New Jersey Democrat reiterated earlier this year that he wanted to include SALT in any revived Democratic bill.
Axios reported on Monday that he is reaching out to other centrist House Democrats to gauge their support for a separate bill that doesn't include any tax increases. Pelosi can only afford to lose three votes since Democrats hold only a slender majority in the House.
More: Democrats Congress Nancy Pelosi Josh Gottheimer
SALT relief
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2022-07-13T15:25:08Z
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Some House Dems Threaten Possible Manchin-Approved Spending Plan
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https://www.businessinsider.com/josh-gottheimer-house-dems-threaten-revolt-manchin-spending-plan-salt-2022-7
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https://www.businessinsider.com/josh-gottheimer-house-dems-threaten-revolt-manchin-spending-plan-salt-2022-7
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Democrat Lucas Kunce, a Marine veteran and antitrust advocate, is running for US Senate in Missouri.
Courtesy Lucas Kunce campaign
Missouri was the first state to ban abortions after the Supreme Court overturned Roe v. Wade.
Democratic US Senate candidate Lucas Kunce said Democrats must abolish the filibuster.
He said Democrats were too focused on running on abortion rights versus delivering solutions.
Lucas Kunce, who is running for the Democratic nomination for US Senate in Missouri, is frustrated with his national party's response to Supreme Court striking down a national right to abortion.
Since the decision landed, the Biden administration and Democratic campaign arms have stressed to voters that the best way for them to channel their anger against the Supreme Court's decision would be to go to the ballot box in November to elect more Democrats. But should the party manage to make further inroads in November, a new Congress wouldn't come into power until January 2023, and a consensus on the issue could take even longer.
"I don't like the framing of this being an election issue, because even if Democrats win everything it's going to be a whole year of people without power having forced births," Kunce, a 13-year Marine veteran and antitrust advocate, told Insider in an interview.
The topic is particularly salient in Missouri, which was was the first state to ban abortions through its "trigger law" just minutes after the Supreme Court overturned Roe v. Wade. The new law doesn't have exceptions for rape or incest.
Even before the Supreme Court's decision, Missouri had just one abortion clinic. To obtain an abortion, patients travel to neighboring Illinois, a state that has almost no limits on the procedure.
In his interview with Insider, Kunce questioned the motives of the "Democratic political class" who'd focused abortion messaging on the November midterms.
"I can't tell, not being a DC insider, are they sitting on this to use as an election issue? They talk about it 24/7 as an election issue," Kunce said. "So to me that makes me wonder."
Kunce, 39, will be vying against 10 other Democrats in the state's August 2 primary for the seat being vacated by retiring GOP Sen. Roy Blunt, and says he's running to "fundamentally change who has power in this country."
At more than $4.3 million during the first cycle to date, he has outraised all other candidates in the race despite refusing donations from super PACs and corporate entities.
Kunce said he was encouraged by Biden's executive order last week and supports undoing the filibuster — the 60-vote threshold required to pass most legislation. He otherwise supports a filibuster carve-out specifically for abortion rights, which is what President Joe Biden has called for.
Enshrining abortion rights is unlikely in the current Congress, however, because Democratic Sens. Joe Manchin of West Virginia and Kyrsten Sinema of Arizona oppose filibuster changes for any reason.
The Biden administration must "use whatever leverage they can" to pressure Manchin and Sinema to reverse their positions, Kunce said, or should pressure Republican Sens. Lisa Murkowski of Alaska and Susan Collins of Maine, both of whom support abortion rights.
Kunce supports the Women's Health Protection Act, a bill that would legalize abortion in all states and undo most restrictions.
Republicans have called the bill "extreme" — neither Murkowski, Manchin, nor Collins support it — but Kunce said at the very least Congress should work to codify Roe, which would allow abortion up until fetal viability. The Women's Health Protection Act goes further than Roe by allowing undefined "health" exemptions to post-viability abortions.
Kunce also wants Congress to undo the Hyde Amendment, a funding rider that prevents the federal government from paying for most abortions, particularly for low-income patients. He hasn't said where he stands on expanding the number of justices on the Supreme Court.
Missouri race heats up
Democrats are hopeful that they can make inroads in Missouri given that whoever wins the primary appears likely to face off in November against scandal-plagued Republican Eric Greitens.
Greitens is the former governor of Missouri who resigned amid allegations that he sexually abused and blackmailed a woman with whom he was having an affair. His ex-wife also has accused him of abuse and bullying. Greitens has denied wrongdoing.
Though Missouri is a solidly red state that twice went for former President Donald Trump, it also has a populist streak. Voters have ushered in progressive priorities through ballot initiatives, from expanding Medicaid to raising the minimum wage.
"I probably hear more about legalizing cannabis in this state than I hear about Trump," Kunce said.
The former president hasn't yet endorsed a Republican in the race, and cannabis legalization for adults 21 and older is on the ballot this November.
There is also precedent for Missourians shunning restrictive abortion laws. In 2012, the late former US Rep. Todd Akin lost a US Senate seat to then-incumbent Democratic Sen. Claire McCaskill after he argued an abortion ban didn't need a rape exception, saying victims of "legitimate rape" couldn't get pregnant.
Then, in 2019, the state's health director admitted to monitoring the menstrual periods of Planned Parenthood patients. In March, a proposal failed in the legislature that would have allowed citizens to sue anyone who helps a patients get an abortion outside Missouri.
"There is a level of extremities that Missourians are not interested in," Kunce said. "They don't like the idea of Big Brother government being in their business all the time."
Kunce said that if Republicans win the House in November while Democrats hold onto the Senate, then he could still put his political muscle behind a ballot measure to guarantee abortion access.
During his interview, he drew parallels between the US and what he witnessed during his deployments to Iraq and Afghanistan when he was a Marine.
"It's really sad just to think that they told us we were fighting for freedom over there and freedom was under attack here," he said. "I have seen what those Big Brother governments look like. I have seen what it looks like when one class of citizens has wealth and power and an entirely different set of rights, opportunity, and access than everybody else."
More: Missouri Abortion Roe v Wade Filibuster
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2022-07-13T15:25:14Z
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www.businessinsider.com
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Senate Hopeful Lucas Kunce Criticizes Democrats on Lackluster Abortion Response
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https://www.businessinsider.com/lucas-kunce-missouri-senate-hopeful-criticizes-democrats-abortion-response-2022-7
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https://www.businessinsider.com/lucas-kunce-missouri-senate-hopeful-criticizes-democrats-abortion-response-2022-7
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Former President Barack Obama.
PHILIP DAVALI/Ritzau Scanpix/AFP via Getty Images
Republican Rep. Ronny Jackson of Texas revealed an email former President Obama sent him in 2020.
Jackson served as the White House physician for both Obama and Trump.
He mentions Obama's letter in a forthcoming book, Fox News reported Wednesday.
Former President Barack Obama admonished his former White House physician-turned-MAGA-politician in a previously unseen letter.
Rep. Ronny Jackson, a Texas Republican, revealed an email Obama sent him during the 2020 campaign in his new book, Fox News reported Wednesday. Jackson served as the White House physician for both Obama and former President Donald Trump.
Jackson told Fox News he got the stern note from Obama about 20 minutes after tweeting an attack on Biden's cognitive health, suggesting the president should be given the screener for dementia that Jackson gave Trump.
"Remember the cognitive test that I gave @realDonaldTrump?" Jackson tweeted. "The one he aced! Sounds like somebody else might need some testing done!! Scary!!"
Obama was not pleased.
"I have made a point of not commenting on your service in my successor's administration and have always spoken highly of you both in public and in private. You always served me and my family well, and I have considered you not only a fine doctor and service member but also a friend," Obama wrote in the email to Jackson, according to Fox's report.
"That's why I have to express my disappointment at the cheap shot you took at Joe Biden via Twitter," Obama continued. "It was unprofessional and beneath the office that you once held. It was also disrespectful to me and the many friends you had in our administration. You were the personal physician to the President of the United States as well as an admiral in the U.S. Navy. I expect better, and I hope upon reflection that you will expect more of yourself in the future."
The Obama foundation did not immediately respond to Insider's request for comment.
Trump popularized the test Jackson was referring to with his "person, woman, man, camera, TV" quote in an interview with Fox News.
Jackson also gave Trump his annual physical while in office and praised the president's health, despite his weight being just a single pound below the threshold for obesity.
"The answer to your question is that he has incredibly good genes, and it's just the way God made him," Jackson told reporters when attesting to Trump's health in 2018.
Trump tapped Jackson to run the Department of Veterans Affairs that same year, but the doctor withdrew his nomination after CNN reported about his "grab and go" approach to handing out prescription pills among White House staff in the Obama administration, particularly on long trips.
Jackson was also accused of abusing White House colleagues and at times being intoxicated while at work, including at one point crashing a government vehicle while under the influence. A report by the Pentagon's inspector general last year included these allegations and others. Jackson has denied the allegations.
Jackson's book, "Holding the Line," is set for a July 26 release.
More: Ronny Jackson Barack Obama Fox news Donald Trump
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2022-07-13T15:25:26Z
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www.businessinsider.com
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Obama Scolded Ex-WH Physician Ronny Jackson in Letter: Report
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https://www.businessinsider.com/obama-ronny-jackson-letter-white-house-physician-biden-book-2022-7
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https://www.businessinsider.com/obama-ronny-jackson-letter-white-house-physician-biden-book-2022-7
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See the pitch deck a startup used to raise $5 million to help people invest in shares of vacation homes for as little as $100
Corey Ashton Walters, the founder and CEO of Here.
This real-estate-investment startup won $5 million in seed funding after launching in February.
Here gives investors the right to buy shares of vacation homes like stocks, starting at $1 a share.
Its founder walked Insider though a pitch deck that appealed to investors like Fiat Ventures.
According to Corey Ashton Walters, the dream of homeownership is "dead" with housing costs climbing further out of reach for many Americans in 2022. But people can still get some pride of ownership through his latest venture that lets investors share in purchasing short-term vacation rentals.
Here, which launched in February, gives people fractional ownership of short-term rental homes for investments as little as $100, at $1 per share. It's a business strategy that is growing in popularity among real-estate entrepreneurs, with companies like Ember, Kocomo, and Pacaso already offering similar services.
On Wednesday, Here announced $5 million in seed funding. Fiat Ventures, a venture-capital firm known for backing fintechs such as Sundae — which provides instant offers to people who want to sell their home quickly — led the seed round. The company also scored sponsorships from Joe Montana's Liquid 2 Ventures, Mucker Capital, Basecamp Ventures, and Cooley.
Ashton Walters, a 31-year-old college dropout and the CEO of Here, zeroed in on short-term rentals after his previous venture — Homeworthy, a real-estate brokerage — closed during the COVID-19 pandemic.
"The average person really struggles to get access to the top-performing properties in this asset class," Ashton Walters told Insider. "Here democratizes access to the coolest places and the coolest locations on planet Earth."
Vacationers resuming travel and remote work opening up new possibilities for employees have ballooned the demand for vacation rentals in the last few years. Airbnb, the largest platform for short-term rentals, recorded $1.5 billion in revenue in the first quarter of 2022 — a 70% year-over-year increase.
Airbnbs — and vacation-rental platforms in general — have been performing well in places outside of bustling metros, where properties are commanding top prices. But as popular as they are with owners and renters, they are also drawing increased scrutiny for disrupting close-knit communities and even contributing to the housing crisis by reducing the inventory of homes for full-time residents.
Here operates in Big Bear, California; Clearwater, Florida; and Gatlinburg, Tennessee, and plans to expand into 20 more markets over the next 18 months.
Ashton Walters walked Insider through the pitch deck that helped Here secure its funding.
In its first slide, Here presents itself as the key to unlocking the vacation-real-estate-investing market
Here introduces its 2022 investor deck with a tagline and a look at the product.
The barriers of entry into real-estate investing have been high
The main goal for Here, according to Ashton Walters, is to democratize the vacation-real-estate asset class. He believes that a lot of companies in the same space still cater to the hyper wealthy.
Here highlights some barriers prospective real-estate investors face
Shrinking cap rates, time consumption, and high financial barriers of entry are reasons why Here believes the vacation-rental market could use a shake-up.
This slide introduces one of Here's main selling points: the low entry fee
Prices start at just $1 per share, with the minimum-investment requirement being 100 shares. According to Ashton Walters, Here will prevent any one investor from owning the bulk of an offering by capping individual ownership at 19.9%.
Here found that returns on vacation rentals greatly exceeded those of other real-estate-investment classes
Here's data shows that vacation rentals outperform both REITs and residential real-estate by almost 129%.
How Here works in three steps: browse, invest, relax
Here boasts a simplistic approach to real-estate investing. First find a property you'd like to invest in, buy shares, then relax.
Here ensures a passive approach to owning vacation rentals
Here emphasizes that, unlike buying and renting out a vacation property yourself, the experience is completely passive. Here handles all of the responsibilities of a property manager.
"We essentially turn vacation rentals into stocks that you can trade and earn passive income with," Ashton Walters said.
Here claims it's easier to use than its competitors — and has the highest returns
Here names a few of its competitors while showcasing the ease of use and high returns.
This slide spells out why Here believes it's the best option for fractional ownership
Here lists more reasons why those at the company believe it's the better option than others in the same space.
Here is relying heavily on millennials in the vacation market
Ashton Walters is betting that demand for short-term vacation rentals will continue to grow, fueled by millennials traveling more frequently.
"We travel to cool places," he said. "We want to experience cool things. We glamp, we stay in Airbnbs, sometimes in hotels, things like that."
Here discloses some early achievements
Here lists some growth numbers including the average investment and the gross-investment volume as of May 2022. Here also includes the number of members on the waitlist, which according to Ashton Walters, was closer to 30,000 as of July.
Here's how Here makes money
Here charges sourcing and asset-management fees. Ashton Walters said there is also a property-management fee that covers property cleaning, guest relations, maintenance and repairs, and other services.
The company harks back to the massive opportunity that the short-term-rental industry provides
The company again highlights the potential in the growing area of vacation rentals.
This slide provides a roadmap for the next three years
Here has ambitious goals. According to Ashton Walters, the company plans to launch in 20 more markets in the US in the next 12 to 18 months and is looking to have a global footprint by 2024.
Here highlights the team behind the product
The founding team, besides Ashton Walters, includes proptech vets from Evolve, Divvy, and AngelList.
Finally, the deck ends by showing the investors backing Here
The final slide reveals the investors already backing Here. Ashton Walters said the company had a lot of repeat investors in the latest funding round.
More: Features Real Estate Startup
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2022-07-13T15:26:08Z
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www.businessinsider.com
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Vacation-Rental Startup Here Raised $5 Million With This Pitch Deck
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https://www.businessinsider.com/vacation-rental-startup-here-raised-5-million-pitch-deck-2022-7
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https://www.businessinsider.com/vacation-rental-startup-here-raised-5-million-pitch-deck-2022-7
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Market uncertainty is forcing Zip and Sezzle to call it quits on acquisition plans.
Zip will pay Sezzle $11 million to cover costs associated with terminating the acquisition.
The news: Australia-based buy now, pay later (BNPL) firm Zip abandoned its plans to acquire US-based Sezzle, according to a company announcement.
Zip said current macroeconomic and market conditions led to the mutual decision to cancel the deal. It will pay Sezzle $11 million to cover costs associated with terminating the acquisition.
How we got here: Zip has been in discussions to purchase Sezzle since at least January. It had acquired several global BNPL upstarts in 2021—including Spotti, Twisto, and Payflex—but may have been looking to snag Sezzle to strengthen its presence in a major market: US BNPL transaction volume more than doubled last year and is expected to grow 77.3% year over year (YoY) in 2022, per Insider Intelligence forecasts.
Until recently, Zip's acquisition plans seemed to be underway despite growing market uncertainty: Zip said it was still on track to purchase Sezzle in a June 22 business update and highlighted measures it was taking to offset the effects of rising interest rates and turn a profit, including customer fee hikes and merchant repricing.
But widespread market volatility may have pushed Zip to reevaluate its plans—shortly before terminating the Sezzle acquisition, Zip said it will close its money management app Pocketbook in response to "significant changes" to its operating environment. It plans to focus on its core business and double down on profitability efforts.
Why it's worth watching: Despite dropping the acquisition, Zip still expects to achieve profitability by fiscal year 2024.
But widespread economic malaise may complicate that goal. Even BNPL heavyweights like Klarna are reeling from current market conditions: The Swedish BNPL provider recently closed a funding round at a $6.7 billion valuation, in stark contrast with last year's $46 billion price tag. It also laid off 10% of its staff in May. If Klarna—which is expected to hold the largest share of US BNPL users this year, per our forecasts—is feeling the squeeze, Zip likely isn't immune either.
What this means for Sezzle: Merging with Zip would've significantly expanded Sezzle's global presence and volume. Sezzle is only available in the US and Canada, while Zip's acquisitions have given it a foothold in Africa, Europe, the Middle East, and its home market of Australia.
But with the acquisition now off the table, Sezzle will likely need to focus on increasing profitability to stay afloat. This may include a combination of increasing merchant partnerships and encouraging customer adoption, which may not be the easiest task given tight competition in the BNPL space.
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2022-07-13T15:26:20Z
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www.businessinsider.com
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Market Uncertainty Force Zip and Sezzle Abandon Acquisition Plans
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https://www.businessinsider.com/zip-and-sezzle-abandon-acquisition-plans-2022-7
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https://www.businessinsider.com/zip-and-sezzle-abandon-acquisition-plans-2022-7
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Meta's new ad execs aren't aggressively courting advertisers like they once did, and it's leaving them vulnerable to rivals like TikTok, some clients say
Meta's chief business officer Marne Levine.
Some advertisers say Meta's new ad leadership is having a slow start in rebuilding confidence in Meta.
They say they're not getting as much attention as they got from ex-ads boss Carolyn Everson.
The muted visibility could help push advertisers into the arms of more aggressive rivals like TikTok.
Marne Levine and her deputy Nicola Mendelsohn, have a tough job ahead of them. As Meta's new advertising leaders, they have to jumpstart growth at the platform as it continues to weather Apple's privacy changes and competition from newer platforms like TikTok. And analysts expect Meta to record zero growth in the second quarter, in a first for the company.
Levine was named chief business officer last year, a new role at the Facebook parent. Mendelsohn, VP of Global Business Group, leads its ad sales.
A key part of the job is to rebuild advertiser trust and confidence in a platform damaged by years of measurement problems and scandals, but a year into Levine's tenure, several ad execs say it's getting off to a slow start.
The pair face tough comparisons with former ads boss Carolyn Everson and Meta's outgoing COO Sheryl Sandberg, who helped build the company into an ads juggernaut by developing close relationships with advertisers and holding their hands through a slew of controversies.
But some advertisers said while they used to deal regularly with Everson, they don't hear from the new leadership as much, if at all.
Levine and Mendelsohn had a big presence at the Cannes Lions advertising festival in June, and one top global agency exec said they met Mendelsohn for the first time there but that the nature of the meeting was friendly versus business-oriented. To be sure, Mendelsohn only moved into her new role last October.
"I get a lot more outreach from competitors than I do from Meta," the exec said.
A second top agency exec said the lack of visibility could hurt Meta with brands that are already seeking alternative places to spend with Apple's changes denting advertisers' ability to target and measure their ads' effectiveness, a key selling point for Meta.
"Bottom line, we are going to buy properties that work best for our clients, and Meta is too big and unavoidable," this exec said. "But over time, and particularly if Meta loses some ground overall, it could have an impact."
"Meta has a strong and long-tenured senior leadership team on the business, deep relationships and experience leading our business and building products that bring value to businesses," a Meta spokesperson said in response to this story. "We have the utmost confidence in our leaders, including Marne and Nicola, to carry the company and the business forward."
Levine is relatively unknown to advertisers
Levine, formerly Instagram's chief operating officer, came to the ads side relatively recently, which led some internally to wonder about her ability to gain advertisers' trust, two former Meta execs said. She also is close friends with Sandberg, with whom she worked in the Clinton White House, and some believe the friendship played a role in her getting the CBO job.
"There was just always this general assumption that she was Sheryl's BFF and that's why she got into this position and that she wasn't as well known or embraced by the industry the way Carolyn was," one of the former Meta execs said. "So when Marne got promoted into a role people expected Carolyn to get, it was assumed it was Sheryl's influence."
Meta denied that claim, saying the company underwent a full hiring process for the role of CBO. The company also pointed out that as COO of Instagram, Levine ran partnerships that included advertising services like its Audience Network and content monetization.
Michael Kassan, CEO and chairman of ad consultancy MediaLink, said it'll take time for Levine to build the relationships in the ad industry that Everson did.
"Carolyn built these relationships over years and years and years," Kassan said. "I think it's too early to have an opinion one way or the other, but I think the market has gladly welcomed Nicola's leadership and understood Marne is new to this industry and is learning."
Mendelsohn has more extensive experience with advertisers, having been VP of the company's EMEA business and having worked for top agencies early in her career, including BBH and Grey London.
BBDO President and CEO Andrew Robinson, who is part of Meta's Client Council of top advertisers that Everson founded, noted that Everson groomed Mendelsohn to take her place as VP of Global Business Group. Meta is a BBDO client.
"Nicola had the benefit of working for Carolyn so she was able to observe the way Carolyn worked," Robinson said, adding that she has kept him as informed on Meta's ads business as Everson did.
Another top agency executive said Mendelsohn has been a regular contact and comes across as sincere when it comes to advertisers' concerns around issues like Apple's privacy changes.
"In the past, when responding to issues, it felt like there was a script," the exec said. "But Nicola is driving a culture and partnership that's more sincere in a less scripted way."
Still, some ad agency execs are confused about another coming Meta reorganization that sales reps told them about a month ago but gave no further information on, leaving them in the dark about whether their sales contacts will change.
Advertisers are wondering where they'll fit in the metaverse
Adding to that confusion, Meta has announced plans to remake its identity around the metaverse and shift away from a reliance on advertising.
Leaders like Mendelsohn have been talking about using Meta's VR Oculus headsets as a way into the metaverse and asking brands how they are preparing for virtual worlds. But some ad buyers said Meta has been silent on how the metaverse will incorporate advertising.
Meanwhile, newer ad sellers like TikTok and Amazon have been building up their ad sales teams and pitching advertisers hard.
TikTok has been taking on rivals like Meta-owned Instagram, copying features like its videos that disappear after 24 hours and dominating the attention of Gen Z, leading Meta Platforms CEO Mark Zuckerberg to warn employees of an "unprecedented level of competition" from TikTok.
Analysts are predicting Meta will lose advertising share for the first time for a host of reasons, including problems over longstanding reputational issues and Apple's privacy shift.
And agency execs said Meta's opacity on things like the metaverse strategy and reorganizations could speed advertisers' shift away from the platform.
"There's a growing fear and nervousness on the ongoing dependency on Meta," one said. "I don't know if we can expect major spend shifts yet. I don't know if the alternatives are clear just yet, but the questions are being asked."
Are you a Meta employee or advertiser with a tip to share? Contact Lindsay Rittenhouse at lrittenhouse@insider.com or Twitter DM at @kitten_mouse.
More: Meta Metaverse Social Advertising
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2022-07-13T16:55:49Z
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www.businessinsider.com
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Facebook's New Ads Execs Are Leaving the Tech Giant Vulnerable to Rivals
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https://www.businessinsider.com/advertisers-react-to-facebook-metas-new-ads-leadership-2022-7
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https://www.businessinsider.com/advertisers-react-to-facebook-metas-new-ads-leadership-2022-7
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US buyers will spend $95.87 billion via click and collect this year, a 19.4% increase year-over-year (YoY). Insider Intelligence's earlier estimates saw click-and-collect sales cross the $100 billion mark this year, but has now been readjusted and pushed back to 2023. Brick-and-mortar's incredible 18.5% rebound in 2021 took the wind out of click and collect's sails.
Overall ecommerce also grew well last year (14.5%) and will continue to this year (14.1%), stemming the tide of click and collect stealing share from legacy ecommerce. Given the general decline in click and collect's pace of growth, the enduring strength of delivery-based ecommerce, and the resurgence of in-store shopping, it appears that click and collect has become a status quo option. Its share of spending has nearly reached equilibrium.
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2022-07-13T16:55:55Z
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www.businessinsider.com
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US Click-and-Collect Retail Sales (2020-2025)
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https://www.businessinsider.com/click-and-collect-sales-in-us
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https://www.businessinsider.com/click-and-collect-sales-in-us
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Data shows that 14.9% of homes that went under contract in June fell through due to buyer apprehension.
Deals in the real estate market are now dropping at the fastest pace since 2020.
And it's because homebuyers are finally taking their purchasing power back.
Homebuyers are taking their purchasing power back — and that means sellers no longer rule the roost.
As the Federal Reserve's attempts to cool inflation boost interest rates, it's led to a slowdown in the real estate market that has shifted purchasing dynamics.
Across the country, 14.9% of homes that went under contract in June fell through due to buyer apprehension, real estate brokerage Redfin said in its home sales report. With the exception of March and April 2020 — a time when the coronavirus pandemic nearly brought the housing market to its knees — June's reading was the highest percentage on record.
Since 2020, American home buyers have competed for the nation's limited amount of housing inventory. The intense buyer competition has worsened an imbalance of supply and demand so severe, it's made bidding wars a common fixture of homebuying. But as affordability puts a lid on demand, buyers are beginning to regain power — and that means they are no longer at the mercy of the nation's home sellers.
"The slowdown in housing-market competition is giving homebuyers room to negotiate, which is one reason more of them are backing out of deals," Taylor Marr, the deputy chief economist at Redfin, said in a statement. "Buyers are increasingly keeping rather than waiving inspection and appraisal contingencies. That gives them the flexibility to call the deal off if issues arise during the homebuying process."
As buyers are given more flexibility to negotiate, deals in the housing market are now falling at the fastest pace since 2020. But while some deals are dropping off due to appraisal contingencies, a general lack of affordability is also to blame.
Data from the National Association of Realtors shows that housing affordability has plummeted by 29% over the last year – marking the steepest annual decline on record. The downturn is attributed to rapid mortgage rate and home price growth that has significantly quelled affordability. That's because buyers of a median-priced home are now facing monthly mortgage payments that are more than $400 higher than they were in 2021.
Historically low mortgage rates may have enticed millions of Americans to purchase homes over the last two years, but pandemic-era mortgage deals are over. As borrowing costs rise, it's simultaneously priced out many would-be buyers, while giving others more freedom in the homebuying process. Whatever side of the coin you are on, one thing is clear — the grip that sellers had on the U.S. real estate market is finally loosening.
More: Homebuyers Home Sellers Home Prices housing costs
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2022-07-13T16:56:07Z
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www.businessinsider.com
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Home Deals Are Getting Cancelled at the Fastest Pace Since 2020
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https://www.businessinsider.com/homebuyers-renewed-power-home-deals-cancelled-fastest-pace-since-2020-2022-7
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https://www.businessinsider.com/homebuyers-renewed-power-home-deals-cancelled-fastest-pace-since-2020-2022-7
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Shriya Bhattacharya , Jennifer Ortakales Dawkins, and Alexandra York
Lynette Adkins is a 23-year-old YouTube content creator in Austin, Texas.
Lynette Adkins
For some entrepreneurs, passive income is a part of their lifestyle — it helps them earn money without working around the clock.
Sources of passive income require minimal effort to maintain once the hard work is done, such as renting out a property you've bought. It can give entrepreneurs more flexibility and time to focus on other business ventures while still earning enough income.
As some experts say the US economy could slip into a recession, generating passive income can be appealing for founders, especially as opportunities to raise venture capital this year have decreased.
In January, the e-commerce platform Shopify published a list of 30 ways to earn passive income and build wealth.
From selling online courses to building YouTube channels, here are eight ways business owners can make passive income to supplement their earnings.
Bethany Everett-Ratcliffe is a fashion and beauty influencer in Boston.
Bethany Everett-Ratcliffe
While it takes a great deal of work to become a successful content creator on platforms like Instagram, affiliate marketing is one way entrepreneurs can earn passive income.
Affiliate marketing involves a creator posting a link or a code that directs people to another brand's website — if a customer purchases something from that company, the entrepreneur can get money.
Bethany Everett-Ratcliffe, 35, a fashion and beauty influencer, took on content creation full time at the start of the pandemic. Now she directs her nearly 62,000 followers on Instagram to both designer and budget-friendly brands like Revolve, Madewell, Charlotte Tilbury, and Petal & Pup. Last year she earned $35,000 in affiliate links and brand deals, which Insider verified with documentation.
Read more: Creating your career: 19 content creators share how they turned their social-media side hustles into full-time jobs
Kamil Sattar is a dropshipper and e-commerce mentor in the UK.
Courtesy of Kamil Sattar
Dropshipping, where someone buys inventory from a manufacturer or wholesaler and sells it on another platform, is another way for entrepreneurs to earn passive income. It doesn't require a lot of monitoring or upkeep in order to sell products.
Kamil Sattar started dropshipping in 2017 when he left business school. Sattar listed products on Shopify; since then, he's sold more than $1.7 million worth of products on the site.
Read more: A 21-year-old 'dripping in dropshipping money' has sold over $1.7 million in products on Shopify. He shares his biggest tips for making e-commerce profit.
Lynette Adkins is a YouTube content creator in Austin, Texas.
When someone watches a popular YouTube video, the creator of that channel can get paid. This can be a good way for entrepreneurs to supplement their earnings — once the video is posted, the creator can sit back and make money. They can also make passive income from ads and brand partnerships on the platform.
Lynette Adkins, 23, grew up watching YouTube and has been making content on the platform since 2018. By June 2021 she'd started making enough money — $101,000 in revenue thanks to YouTube viewership and ads — to quit her full-time marketing position.
Maya Ray is the owner of FYC Vending in Atlanta.
Maya Ray
Once a vending machine is installed and stocked, customers can purchase snacks and beverages, generating passive income for the owner.
Maya Ray, 24, set up her business, FYC Vending, after graduating from college in 2020 without a job. She was looking for opportunities on Twitter and came across Marcus Gram, a vending-machine entrepreneur. She bought his course and placed two vending machines on the campus of her alma mater, Georgia State University. As of June she'd made $119,000 in sales from her five machines, which Insider verified with documentation.
Read more: A Gen Z entrepreneur made $119,000 in vending-machine sales since graduating college. Here's how she built her business.
Jeremy Schneider is a personal-finance expert and content creator in San Diego.
Heather Froncek
Many entrepreneurs have created online courses to teach others how to start or scale a business. The entrepreneurs earn passive income when someone purchases the course.
Jeremy Schneider, 41, launched an online course early in the pandemic to answer questions he'd been getting from his followers about personal finance. In 2021 he booked $550,000 in revenue from selling his course, which Insider verified with documentation.
Buying rental properties
Erica Beers and Rebecca Slivka of Joshua Tree, California, cofounded Pillow and Coffee.
Courtesy of Pillow and Coffee
While it involves risks, investing in real estate has been a way to build long-term wealth. Entrepreneurs who buy and rent out properties can make passive income as long as they put in the hard work at the beginning to make the property appealing to renters. They can also hire property managers to communicate with tenants and collect rent.
In 2015, Erica Beers and Rebecca Slivka created a short-term-rental startup called Pillow and Coffee to target business travelers in Los Angeles, focusing on location, amenities, and photos of the properties. They said that at the time the market for business travel wasn't very crowded, so they were able to make it their niche. Four years later, they booked $3.8 million in revenue, which Insider verified with documentation.
In 2020, they moved away from day-to-day management and decided to run Hicksville Trailer Palace in Joshua Tree, California.
Read more: Erica Beers and Rebecca Slivka booked $3.8 million in a year running a vacation-rental business in LA. They share the tricks for making millions on sites like Airbnb and Vrbo this summer.
Renting out cars
Daniel Veiga and his wife manage nine cars on Turo.
If you don't have the capital or interest to buy and rent properties, take a look at your car. Turo lets people rent their cars for others to use. The car owners are responsible for maintaining the vehicle and for upkeep like washing and vacuuming.
Daniel Veiga, 41, learned about Turo three years ago and reserved a car through the app to see what it was like. Now he rents out nine cars along with his wife. In the two months after they started, his family made $5,500 in bookings, which Insider verified with documentation.
Read more: I've made $5,500 in 2 months renting out my family's cars on Turo. The extra income has helped us pay our bills and save for college.
Website flipping
Chelsea Clarke is the founder of Blogs for Sale.
Friday Eve Photo
Some digital entrepreneurs are applying the concept of flipping houses to flipping online businesses. It involves buying a website for an online business that isn't doing so well and optimizing it to improve traffic and sales. If an entrepreneur already has the training to do so or can hire others to do the heavy lifting, they can earn income passively.
Chelsea Clarke, the founder of Blogs for Sale, a website-flipping business, said the idea came to her when she was building websites for a brokerage that sold brick-and-mortar businesses. She applied her training through the International Business Brokers Association to the digital space.
Clarke said her business took off in 2020 as more people sought additional revenue streams. That year she earned $127,000 from flipping 13 websites, which Insider verified with documentation.
Read more: Chelsea Clarke reveals 6 tips that helped her earn $127,000 last year flipping websites
More: Entrepreneurship Small Business Passive Income YouTube
Renting A Car
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2022-07-13T16:56:13Z
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How Entrepreneurs Can Earn Passive Income and Increase Earnings
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https://www.businessinsider.com/how-entrepreneurs-can-earn-passive-income-increase-earnings-2022-7
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https://www.businessinsider.com/how-entrepreneurs-can-earn-passive-income-increase-earnings-2022-7
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Klarna's cofounders are no longer billionaires after devastating down round. The downfall of 'buy now, pay later' has slashed the net worths of 3 other fintech founders.
Klarna CEO Sebastian Siemiatkowski at Klarna's UK Pop-up shop
"Buy now, pay later" startups thrived during the pandemic.
Five fintech founders, including two of Klarna's, became billionaires in a year.
With public and private valuations plummeting, it's likely none of them are billionaires anymore.
Last week, Klarna CEO Sebastian Siemiatkowski's shares were worth $3.2 billion, making him one of the 1,000 richest people on the planet, per Forbes. Now his near-7% stake is valued at $462 million.
The Swedish startup's valuation was slashed to $6.7 billion in its latest fundraise of $800 million on Monday. Before the down round, the buy now, pay later firm was valued at a whopping $45.6 billion.
Klarna and its buy now, pay later peers thrived during the pandemic due to a surge in ecommerce. Five cofounders of these startups, including Siemiatkowksi, became billionaires in the span of nine months from July 2020 through March 2021.
Now, it's likely none of them are as valuations have plunged in the public and private markets as inflation and interest rate hikes squeeze BNPL fintechs.
Here are the five entrepreneurs who have lost billions in this market downturn.
Sebastian Siemiatkowki and Victor Jacobsson of Klarna
Cofounders Siemiatkowski and Victor Jacobsson first became billionaires in March 2021 when Klarna raised $1 billion at a valuation of $31 billion, worth $2.2 billion and $2.7 billion. respectively, Forbes reported.
Three months later, their fortunes surged again with a fundraise of $639 million at a $45.6 billion with SoftBank's Vision Fund 2 as lead investor. With the new round, 39-year-old Siemiatkowski's net worth increased to $3.2 billion. Jacobsson, Klarna's former CFO, had a net worth of $4 billion.
(Klarna's third cofounder Niklas Adalberth has given away much of his stake and owns less than 1% of the company.)
Now Jacobsson's stake is worth about $450 million while Siemiatkowski's hovers above $460 million, according to reported ownership stakes from the Swedish private company registrar. Klarna declined to comment on their net worths.
The former investor favorite tried to put a positive spin on Monday's down round, announcing it had closed a "major financing round during worst stock downturn in 50 years."
Siemiatkowski, an investor in the round, declared in a statement, "Now more than ever businesses need a strong consumer base, a superior product, and a sustainable business model."
Max Levchin, Affirm founder and CEO
Max Levchin of Affirm
The cofounder and former CTO of PayPal became a billionaire in January 2021 with the IPO of his fintech company Affirm. He had already had windfalls with PayPal, which sold to eBay in 2002, and Slide, a billings company, sold to Google for a reported $182 million in 2010.
At Affirm's peak at the beginning of November, Levchin's 27.2 million shares were worth nearly $4.5 billion. Shares opened $20.77 on July 13, down 80% from the beginning of the year, putting his stake at around $593 million.
Affirm declined to comment.
The 47-year-old CEO was taken off Forbes billionaires list this year after making his debut one year prior.
Nick Molnar, cofounder and co-lead of Afterpay
Tabatha Fireman/BFC/Getty Images for BF
Nick Molnar and Anthony Eisen of Afterpay
Afterpay cofounders Nick Molnar and Anthony Eisen became billionaires in July 2020 as shares surged topped 60 AUD (about $40). Molnar was only 31 at the time. The Australian fintech went public on the Australian Securities Exchange in 2016 at 1 AUD.
In August 2021, Molnar and Eisen agreed to sell Afterpay to Jack Dorsey's Square in a $29 billion all-stock deal that closed in late January 2022. They received 0.375 shares of Square, now named Block, for each share of Afterpay owned. As of August 2021, Molnar and Eisen each owned about 19.4 million shares of Afterpay.
Afterpay declined to comment.
Block, which also owns Square and Cash App , has suffered from rising interest rates. Its bitcoin revenue from users buying and selling cryptocurrency through Cash App has also plummeted during the crypto winter.
With Block trading at $63.43, down 61% from the beginning of the year, Molnar and Eisen's stakes are each worth about $460 million.
More: Finance Fintech BNPL
buy-now pay-later
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2022-07-13T16:56:19Z
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Klarna Cofounders and 3 Other BNPL Founders Net Worth Slashed
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https://www.businessinsider.com/klarna-afterpay-affirm-bnpl-billionaire-net-worth-2022-7
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https://www.businessinsider.com/klarna-afterpay-affirm-bnpl-billionaire-net-worth-2022-7
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Lucid suffered 2 EV battery fires at its Arizona manufacturing hub in 4 months, unearthed records and insiders say
Lucid has had two EV battery fires at its manufacturing hub in Arizona in the past four months.
Fire department reports confirm that Lucid Motors has had two EV battery fires in 4 months.
One fire occurred on March 14. A second happened on June 19.
Battery fires remain an issue for EV manufacturers at all stages of production.
Electric vehicle startup Lucid has had two EV battery fires at its manufacturing hub in Arizona in the past four months requiring fire department attention, according to two incident reports from the local department viewed by Insider, and confirmed by five sources with direct knowledge.
The news comes amid Lucid's continuing struggles to ramp up production for its flagship Air luxury electric sedan since last September, including ongoing supplier and quality challenges.
On March 14 at 10:30 pm, the fire department responded to a "thermal runaway" at Lucid's powertrain facility, which the department upgraded to a "hazardous situation" while en route to the scene. The department arrived to find a full battery that had been dropped in a tank of water to cool.
An initial assessment indicated a "person was burned during the incident, and that individual left the scene for treatment," according to the incident report, which Insider acquired via a public records request. The report states that a patient went to the local medical center for injuries sustained from an arc flash, a burst of heat and light caused by an electrical current passing through the air.
No other injuries were reported, but other employees complained of headaches, according to the report.
Casa Grande Fire Chief Dave Kean confirmed to Insider via email that Lucid also "had an overheated battery incident" on June 19 and said the department had "units on the scene to mitigate the incident."
According to the June incident report, the fire department arrived to "an active car battery fire" that was "partially submerged in water" outside of the building. The report said a Lucid emergency manager was contacted and assisted the fire department with securing the tank holding the battery and turning off the plant's emergency alarms.
Four Lucid employees were treated for possible smoke inhalation, and one was transported to a local medical center for difficulty breathing, according to the report. There were no other injuries reported from the fire, which happened at 10 p.m.
Both fires forced the buildings to evacuate, according to five sources who currently or previously worked at Lucid and have direct knowledge of the incidents. Sources were granted anonymity, as they are unauthorized to speak publicly about the company, but their identities are known to Insider.
A Lucid spokesperson did not respond to Insider's request for comment by publication.
Battery fires remain an issue for EVs manufacturers
Other EV startups, and even established automakers, have experienced EV battery fires as production on the vehicles has ramped up.
Startup Canoo has had two battery fires: one earlier this month, first reported by Bloomberg, and one last August, according to a Verge report. A battery fire also recently occurred at startup Rivian's plant in Normal, Illinois. Fledgling companies Faraday Future and Lordstown Motors have also dealt with fires.
Production cars, or cars already on the road, have also suffered battery fires, including more than a dozen General Motors Chevy Bolt battery packs catching fire as a result of rare manufacturing defects. This led to a recall of all 141,000 of the vehicles.
While electric vehicle battery fires are rare, causes typically stem from overheating inside the pack, a battery manufacturing defect, or the fact that lithium-ion batteries powerful enough to move an EV are incredibly high-voltage.
Lucid is targeting a production range of 12,000 to 14,000 vehicles this year. It paused production at the start of June to make way for tooling installation for the Pure, Lucid's least-expensive edition of the Air, and to undergo internal logistics reorganization work at its warehouse in nearby Tempe.
Meanwhile, it recently reassigned quality oversight from manufacturing chief Peter Hochholdinger to Nicolas Minbiole, head of global quality. The company also announced its second recall.
A former employee also recently launched a lawsuit against the company, alleging it made repairs to customer-owned vehicles without making the necessary recall notices.
Are you a current or former Lucid employee? Do you have a news tip or opinion you'd like to share? Contact this reporter at astjohn@insider.com from a non-work device.
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2022-07-13T16:56:25Z
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Lucid Suffered 2 EV Battery Fires at Arizona Facilities in 4 Months
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Meet the 12 Chipotle power players behind the fast casual chain's wildly popular app and $3.4 billion in digital sales
Curt Garner, the CTO of Chipotle, said he's proud of the talented pool of women in Chipotle's tech leadership team.
Chipote; Alyssa Powell/Insider
In 2018 Brian Niccol, the CEO of Chipotle, said the chain needed to be more digitally accessible.
Today, Chipotle's digital sales are soaring, reaching $3.4 billion in 2021.
Here are the 12 power players responsible for the chain's digital success.
When Brian Niccol took over as the CEO of Chipotle in early 2018, his first marching orders were clear: Make Chipotle an accessible, digitally-focused brand.
"Half of the customers don't know they can order ahead," Niccol told Nation's Restaurant News in 2018.
Niccol tapped several executives — including Curt Garner, the chief technology officer of Chipotle — to turn the brand into a digital powerhouse. Chipotle now drives digital sales through its award-wining app and loyalty program, voice-bot ordering, special online-only meals, and the development of Chipotlanes.
Last year, Chipotle's digital sales reached $3.4 billion and accounted for 45.6% of the chain's total sales, up from 10.9% in 2018. To put that in perspective, mobile-order transactions at company-operated Starbucks stores in the US account for 25% of total transactions.
According to Jim Balis, the managing director at restaurant-investment firm CapitalSpring, Chipotle is also surpassing Domino's — another digital heavyweight in the industry — when it comes to technology.
Behind the scenes, a handful of power players are supercharging Chipotle's digital growth through automation, app design, digital marketing, and product testing.
Insider has come up with a definitive list of these executives, whom Garner described as "future-oriented with a bias towards action."
"We want people that are naturally dissatisfied with the status quo," he told Insider in a June interview.
Meet the 12 Chipotle power players responsible for the Newport Beach, California-based company's soaring digital sales.
Curt Garner, the chief technology officer at Chipotle
Chipotle's digital ecosystem, which includes a well-oiled app that 28 million members use, is often put in the same category as Starbucks. There's a reason for that. The executive in charge of Chipotle's tech came from Starbucks, whose mobile-order-and-pay technology has become the industry's gold standard.
Garner, who started in 2015, is responsible for everything from the company's loyalty app and streamlining digital orders to data security.
His work improving Chipotle's e-commerce business accelerated in 2018 when Niccol came on board. Garner's team became highly focused on frictionless ordering.
Under Garner's watch, Chipotle began testing and investing in automation to streamline orders and reduce labor pain points. For example, the company uses AI-powered voice bots to take orders, and is testing a tortilla chip-making robot named Chippy by Miso Robotics. Each restaurant is also outfitted with a separate digitally-enhanced kitchen station dedicated to preparing online orders.
This year, Garner is taking innovation one step further at Chipotle with the launch of a $50 million venture firm called Cultivate Next. Garner said it "makes sense" for Chipotle to be a stakeholder as well as a customer of startups that align with the company's values.
To date, the chain has received pitches from companies focusing on "everything from automation to sustainable-farming practices to supply-chain innovation to new types of alternative proteins," Garner said.
Garner also notes that he's proud of the talented pool of women that are leading key tech roles at Chipotle, including veteran execs like Nicole West, Tressie Lieberman, and Logan Hull.
"Women have a prominent part of our technology-leadership team," he said. "We're blessed. They're extremely capable, courageous leaders that are directing their teams to do amazing things. So it's not just women in leadership, these specific women are extraordinary women."
Nicole West, the vice president of digital strategy and product at Chipotle
As the vice president of digital strategy and product management at Chipotle, Garner said West is the "driving force" of Chipotle's digital commerce.
The veteran Chipotle executive — who has been at the company for over 15 years — helped install digital kitchens designed for off-premise orders in each restaurant. Rather than reading an order ticket, employees assemble food by looking at digital screens that illuminate the ingredients needed to complete a digital order.
Employees then put the orders on shelves for pickup or hand them to customers through a Chipotlane, a drive-thru lane designed exclusively for mobile orders.
Under West, Chipotle has also introduced AI-powered voice assistants for phone orders and mobile-app and web ordering designed to replicate the in-restaurant experience with special features such as meal customizations and dietary filtering. The app, for example, allows for group orders and provides a flexible rewards-exchange program and customization like splitting protein choices and adjusting for the amount of an ingredient a customer wants.
The timing for the digital improvements couldn't have been better. The pandemic caught many chains flat-footed when it forced them to focus on delivery and takeout orders. But when thousands of restaurants shut down dining rooms in March 2020, Chipotle was ready.
"Chipotle is a digital innovator with a people-first mentality," West said. "We'll continue to utilize technology to increase speed and convenience, delighting our guests and team members at every turn."
Tressie Lieberman, the vice president of digital marketing and off-premise at Chipotle
While West is the architect behind Chipotle's digital ecosystem, Lieberman is the one who commercializes it through digital marketing, Garner said.
"Tressie leads the voice of Chipotle through social media," he told Insider.
Lieberman and her team are "responsible for igniting the digital flywheel by building awareness-driving campaigns for mobile pickup, delivery, and catering that result in traffic to the website and Chipotle app," she told Insider.
That's crucial because owning the guest — and their data — allows chains like Chipotle to establish one-on-one relationships with customers. One of her crowning achievements is helping launch the brand's loyalty program in 2019, which has grown to 28 million members in three years.
Under Lieberman, Chipotle's digital promotions focus on growing consumers' connections to the brand.
For example, Chipotle often uses its app to promote the favorite meals of social-media influencers and celebrities. During last year's summer Olympics, the chain introduced the favorite meals of American athletes such as Julie Ertz, a member of Team USA's soccer team. Chipotle also added gamification to the app last year, allowing customers to earn more points after completing personal challenges.
"Once guests purchase and join Chipotle Rewards, we create a relationship with our engaging loyalty program and personalized email and push messages that build community," Lieberman, who previously worked at Snap Kitchen and Taco Bell, said.
Logan Hull, the director of digital-restaurant experience and managing director of robotics at Chipotle
Hull has worn many hats during her decade-long tenure at Chipotle, serving in a number of roles that impact both employees and customers. Her biggest accomplishment at Chipotle has been tech improvements to the kitchen stations dedicated to digital orders. These so-called "second makelines" are now designed to improve order accuracy and throughput for the chain's growing volume of online orders.
"We also led the enablement of contactless-payment capabilities and improvements to the Rewards-scanning experience for our in-restaurant guests," she said.
As the managing director of robotics, Hull also scouts automation solutions that will allow employees to "focus on more complex culinary and guest-facing tasks in the restaurant," she told Insider.
For example, she's overseeing the internal pilot test of Chippy, a chip-making robot by Miso Robotics.
"We're testing Chippy, Chipotle's first automated kitchen assistant, which will prepare and season Chipotle's chips according to our exact recipe. Under my leadership, we took Chippy from rendering to testable prototype in six months, and we'll be piloting in a live restaurant later this year," she said.
Hull added that she's looking at opportunities to automate other back-of-house tasks that "our crew have identified as pain points."
Still, Hull notes that her job is not to turn Chipotle into a technology company that happens to sell burritos. Instead, she said Chipotle is a restaurant company "supercharged" by technology.
Hull is also involved in the Cultivate Next selection committee.
Kevin Arndt, the vice president of software development at Chipotle
Arndt is responsible for the software development that runs Chipotle's digital-ordering channels, custom-web and app development, and quality assurance.
"My biggest accomplishment is Chipotle's digital transformation, which enabled us to increase digital orders from 30,000 orders a day in 2014 to well over 600,000 orders a day," he said.
Arndt works closely with West to improve and expand features on the company's award-winning app. For example, in 2020, Chipotle introduced Complete Customization on the app, which allows customers to ultra-customize orders to mimic the dining-room experience.
Arndt's team added a swiping feature for each ingredient. When customers order, they swipe over each ingredient and can choose from options that include light, normal, extra, and in some cases, on the "side."
"Kevin has been with Chipotle for eight years now and was one of the original people that I worked with when we started building out the digital ecosystem. He's led the software development since day one," Garner said.
In 2017, Chipotle won its first Webby Award for Best User Interface. In 2022, the company won another Webby, the People's Voice Award.
"Our digital transformation unknowingly prepped Chipotle for the pandemic and the colossal consumer shift to digital ordering," Arndt told Insider. "We became more agile, focusing on speed to market without compromising quality."
Bobby Nemati, the director of digital-product design at Chipotle
If you think Chipotle's app is easy and fun to use, then you have Nemati to thank.
"When you think about how the screens are put together, and what the graphics look like, what the flow is going through the digital products, how the animation works to show you that your delivery order's on the way — all of the beautiful kinds of features that are being built are being designed by Bobby and his team," Garner said.
Nemati is a multidisciplinary UX designer with 18 years of experience working for global brands and startups. He believes UX design is where business, art, and technology meet to create the best user experiences possible. He said he and his team have modernized the look and feel of the Chipotle app by adding new features to increase engagement, drive enrollments, and give more control to customers.
For example, his team introduced the group-order function to easily allow customers to order for a group through the app with the tap of a few buttons, he said.
"It's not just another rewards program," he told Insider.
Nitin Malhotra, the senior director of the enterprise-program-management office
Quite often, during earnings calls, investors will hear Niccol discuss the company's "stage-gate" process. This is how Chipotle tests new processes, products, or ingredients so that the company can scale them at a national level.
Malhotra heads the enterprise-program-management office, which Chipotle developed in 2018 to run the stage-gate process. Almost everything that needs testing goes through Malhotra's team.
Garner said the only thing that Chipotle does not put through the enterprise-program-management office is the design and construction of restaurants.
Malhotra described stage gate as "our litmus test to ensure that whatever we do will be good for our customers, financials, and operations."
Food items working their way through the stage-gate process include Mexican Cauliflower Rice and Garlic Guajillo Steak. Tech items include Chippy and RFID, or radio-frequency-identification technology, to optimize operations and trace ingredients.
While some items take months to get through the stage-gate process (think hand-crafted quesadillas), Malhotra said his team must be agile as well. For example, during the pandemic the company rolled out car-side pickup, where customers could get their food brought to their cars.
"As the environment around us began to change and in-restaurant guests returned, we learnt that this new experience would no longer pass our litmus test, and we just as swiftly rolled this new change back."
But that's a point of pride for Malhotra and his 40-person team.
"For every new technology or menu item that our customers see, there are many more that they won't, and we pride ourselves in this unrelenting focus on quality and consistency over long periods of time," Malhotra told Insider.
Jason Riccio, the director of software development at Chipotle
Riccio and his team work with the infrastructure and product teams to design and build the engine that powers Chipotle's e-commerce channels, which include the app and website.
In 2019, improvements Chipotle made to its digital-ordering channels took off. That year, digital sales grew 90.3% and surpassed $1 billion for the first time in the chain's history.
While he's proud of Chipotle's digital success, Riccio told Insider that his biggest accomplishment was rebuilding the software-development team after the company relocated from Denver, Colorado, to Newport Beach, California, in 2018.
Many members of the 25-person team in Denver didn't relocate to Southern California.
"It was a unique circumstance to identify talent and reconstruct a department, starting with a few core team members and growing into the world-class software organization that we have in place today," he said.
The team has since doubled to 50 employees after bringing "all mobile development in-house to further invest in and accelerate our digital ecosystem."
Jonathon Relkin, the director of digital and off-premise at Chipotle
As director of off-premise marketing since 2019, Relkin is responsible for the marketing efforts of all e-commerce channels — from delivery to order-ahead.
During his tenure, he led all contract negotiations with delivery-service providers including DoorDash, Uber Eats , and Grubhub.
"He is the accountable person for the relationship with DoorDash," Garner said.
Chipotle's relationship with DoorDash has been especially strategic and groundbreaking. Beyond tapping DoorDash's marketplace for third-party delivery orders, Chipotle also uses DoorDash Drive, which enables Chipotle to offer delivery through its own app. DoorDash fulfills the delivery, but Chipotle keeps the consumer data.
This digital strategy allows the chain to push orders through their own channels, which boosts profits because the fees are lower than those charged to restaurants that rely solely on DoorDash's app.
Jason Scoggins, the senior director of loyalty and CRM at Chipotle
Scoggins oversees customer-relationship management, or CRM, and other strategies tied to customer engagement at Chipotle. Most recently, he worked with colleagues featured on this list to launch Chipotle's loyalty program.
The rewards program has become a crucial part of the chain's digital ecosystem, as native orders allow Chipotle to collect data on customers to better understand their behavior. To generate excitement about Chipotle Rewards when it launched in 2019, Chipotle partnered with Venmo to give Chipotle fans and Venmo users rewards ranging between $1 and $500.
The loyalty program now offers dozens of ways for customers to earn free food from free guacamole and chips to free entrées. It also allows customers to donate to a special charity when ordering through the app.
"Launching Chipotle Rewards has certainly been one of the most game-changing projects we've done during my time at Chipotle," Scoggins told Insider. "One of the most exciting things we do is use the platform to constantly learn about our customers' behaviors and what truly motivates them and then turn those learnings into a roadmap of continued optimizations and improvements."
Today, the loyalty program has grown to 28 million members. To put that in perspective, Starbucks — which debuted its first loyalty program in 2008 — has 26.7 million active members in the US.
Christine Kuei, the senior manager of digital-product optimization at Chipotle
Kuei focuses solely on optimization. She is responsible for unlocking new digital-sales opportunities at Chipotle by analyzing the chain's existing processes and workflows.
"Currently, I am working on optimizing the Chipotle online-order flow, which will unlock additional revenue opportunities," she told Insider. "A critical part of this effort will be leveraging product-analytics tools, marketing-technology platforms, and A/B testing to implement the product enhancements."
Garner said Kuei is "very focused on using analytics to figure out places where people are getting trapped or falling off the experience."
Zach Sippl, the vice president of data and analytics at Chipotle
Sippl leads enterprise data, reporting, and analytics at Chipotle. According to the company, his role is empowering the company to make timely and impactful decisions by unlocking transformative insights.
"I led the modernization of the company's data-and-analytics architecture, creating the strong insights-driven culture that exists today," he told Insider. "Part of the evolution was the implementation of a best-in-class customer-data platform to provide a 360 view of our guests and their interactions with our brand so that we could deepen the relationship, and create relevant experiences across Chipotle's digital products."
Prior to Chipotle, Sippl held senior leadership roles at Target, General Motors, and Slalom Consulting.
More: Features BI Graphics eCommerce
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2022-07-13T16:56:31Z
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Meet the 12 Chipotle Power Players Leading Innovation on Its App
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https://www.businessinsider.com/meet-12-chipotle-power-players-leading-innovation-on-its-app-2022-7
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Creator merch company Spring has laid off staffers across growth, marketing, and more teams
Sydney Bradley, Amanda Perelli, and Marta Biino
Spring (formerly Teespring) laid off staffers on Tuesday.
Spring; Getty
Spring is the latest creator economy startup to be impacted by layoffs.
The layoffs affected staffers across Spring's growth, marketing, and more teams.
The company, which helps creators make and sell merch, has raised $60 million.
Spring, the merchandise company formerly known as Teespring, is the latest creator economy startup to lay off employees.
On Tuesday, the company laid off a number of staffers across its growth, marketing, and other teams, including some high-level execs, according to multiple people close to the company. Spring confirmed the layoffs to Insider, but did not comment on how many employees were affected.
"Today, we announced a plan to streamline parts of our business saying goodbye to some team members and legacy business functions," Chris Lamontagne, CEO of Spring, said in a statement. "Going forward we are focusing singularly on building the best creator-facing product to create, sell, and fulfill their products to fans. In the current climate, we believe more than ever in our purpose to help individual creators thrive in doing what they love."
"It was very swift," said one former staffer who was laid off on Tuesday. "Most of us lost immediate access to Slack ."
Six former staffers, who spoke with Insider on the condition of anonymity to protect career prospects, said they felt the business was facing challenges beyond simply the current economic downturn. Their identities are known to Insider.
"The company, over the last three months, has gone a bunch of different directions," said a second former employee laid off this week. "Doesn't seem like there is sort of a grand vision. It's been a little chaotic."
"With the latest layoffs impacting all creator-facing departments ... it's hard to see how Spring can claim itself to be The creator company," said a third former employee laid off this week.
The San Francisco-based company launched in 2011 as a platform where users could create T-shirts. By 2018, it had begun to focus on making merch for content creators like YouTube stars. The company helps creators with production and distribution, and it has built partnerships with platforms like YouTube, Twitch , and Instagram — as well as other creator economy startups like Linktree and Pietra.
In partnership with YouTube, Spring created a "merch shelf" feature that lets creators sell merchandise directly below their videos. Spring also has an in-app integration on TikTok for creators to sell their merch directly on the platform.
Spring had raised a total of $60 million in funding to date, according to Pitchbook data. Lamontagne told the Information in September 2021 that Spring was eyeing an IPO "within the next 18 to 24 months." At that time, The Information reported that Spring had 450 employees.
Earlier this year, Spring poached Meta VP Annelies Jansen to serve as president and COO.
Spring is among a slew of other creator economy startups that have laid off employees in the last three months, including Cameo, Jellysmack, and Lightricks.
More: Layoffs Creator economy Creators
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2022-07-13T16:56:37Z
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Creator Merch Startup Spring Lays Off Staff in Growth, Marketing, More
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https://www.businessinsider.com/merch-company-spring-has-laid-off-staff-creator-economy-2022-7
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I have 18 credit cards. After years of struggling to keep them straight, here's the best strategy I've found so far
The key to paying your credit cards on time is taking control of the due dates. The author is not pictured.
Paying off my 18 credit cards on time became much easier when I switched fom paper to electronic statements and got strategic with my payment due dates.
I changed my payment due dates so that they were impossible to miss, by grouping my credit cards on two different days every month.
For instance, I pay off all my Amex cards on the 10th of each month.
I've been writing about credit and credit cards for over a decade. So as you might imagine, I have a lot of credit cards.
And as I've written dozens of times, the most important thing that you can do with your credit cards is to manage them responsibly. That means paying all of your bills on time and carrying very little debt. In fact, I make it a habit to avoid interest on my 18 cards by always paying my entire statement balances in full.
But managing your credit cards responsibly is often easier said than done, especially when you have a lot of active accounts. Here's how I've learned to manage all of my cards.
My old method wasn't cutting it
For most of my adult life, I managed my credit cards by using paper statements. I simply waited for the paper statements to arrive in the mail, put them in a pile, and went through them every few days.
I'd review the charges, look for mistakes or fraudulent charges, and then schedule payment through my bank. I'd always pay the full statement balance by the due date, to avoid interest charges. And if the due date fell on a weekend or holiday, I make sure to make my payment by the last business day before the due date. After I paid the statement, I'd place it in a different pile.
The advantage of this system is that it's simple and convenient. But it had several downsides. First, I had to remember to go through the pile every few days. Also, the system broke down when I was traveling for more than a week or so if I wasn't at home to receive and pay for my statements. It was also a chaotic system to manage, as I had due dates scattered throughout the month at random times.
Plan B: Electronic statements with coordinated due dates
After struggling to maintain the paper system, I finally broke down a few years ago and decided to become more organized.
First, I went through all of my accounts and synchronized their due dates by card issuer. This is easy to do, as nearly every credit card issuer will allow you to change your due date to any day of the month that you choose.
For example, I have five American Express cards including The Platinum Card® from American Express , The Business Platinum Card® from American Express , Amex EveryDay® Preferred Credit Card , The Blue Business® Plus Credit Card from American Express, and a Marriott Bonvoy Brilliant™ American Express® Card. All of these cards now have due dates on the 10th of each month.
Likewise, I have 11 accounts with Chase, and they're all due on the 20th of each month. On the consumer side, these cards are the Chase Sapphire Reserve®, the Chase Freedom® (no longer available to new applicants), the Chase Freedom Unlimited®, The World Of Hyatt Credit Card , the Southwest Rapid Rewards® Plus Credit Card, and the no-annual-fee United MileagePlus card (not available to new applicants).
On the small-business side, I have the Ink Business Preferred® Credit Card, the Chase Ink Bold (which has since been discontinued), Southwest® Rapid Rewards® Premier Business Credit Card, and two Ink Business Plus accounts (which have also been discontinued).
I also have a Discover it® Miles card and a Wyndham Rewards card from Barclays. I set these up to be due on the 10th of each month, along with my American Express cards.
My most frequently used personal cards are my Chase Sapphire Reserve® and Chase Freedom Unlimited® cards. I also use The Platinum Card® from American Express for airline purchases to earn 5x points (when I buy airfare directly with the airline or through Amex Travel (starting January 1, 2021, earn 5X points on up to $500,000 on these purchases per calendar year)). For business expenses, I'm most likely to use The Blue Business® Plus Credit Card from American Express for general expenses, and my Ink Plus or Ink Bold cards for office supplies and telecommunications services.
As a result of this new system, there are only two times per month that I need to go through statements and pay my bills. I also have no paper statements floating around, and can manage cards from my home, my office, or from a hotel room on the other side of the world, if necessary.
Paying your bills on time is critical to maintaining a great credit history and a high credit score . And while there's no one way that works best for everyone, my system has evolved to work for me.
Jason Steele is a journalist who has specialized in covering credit cards, award travel, and other areas of personal finance since 2008. As one of the nation's leading experts in the credit card industry, Jason is a Senior Points and Miles contributor to The Points Guy and writes for several other top outlets. Jason also produces CardCon, The Conference for Credit and Credit Card Media. Jason lives in Denver, Colorado, with his wife and three kids.
For rates and fees of the Marriott Bonvoy Brilliant™ American Express® Card, please click here.
For rates and fees of the American Express Blue Business Cash™ Card, please click here.
More: Credit Cards Organization Platinum Card from American Express Business Platinum Card from American Express OPEN
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Chase Freedom
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2022-07-13T16:56:55Z
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How to Pay Your Credit Cards on Time, According to a Man With 18 Cards
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https://www.businessinsider.com/personal-finance/how-to-pay-credit-cards-on-time
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https://www.businessinsider.com/personal-finance/how-to-pay-credit-cards-on-time
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The Robinhood app
Does Robinhood have fees?
Types of fees you may pay with Robinhood
1. Robinhood Gold
2. Transfer fees
3. Regulatory trading fees
4. Service fees
5. Potential fees
How to minimize Robinhood fees
Here are all the fees you'll pay when using the Robinhood app — and how to avoid them
Robinhood actually does charge some fees, but it's possible to avoid some of them.
Robinhood bills itself as a free platform to buy, sell, and trade investments.
But users may pay various fees, and Robinhood passes on some third-party costs to customers.
It's possible to avoid some of these costs, but not all.
Trying your hand at investing has become easier than ever, thanks to the emergence of companies that have made it more accessible. All it takes is for you to download the app of your choice, set up your account, fund it, and then you're on your way to trading.
One of the most popular options out there right now is Robinhood, which is known for fee-free trading. But there are actually some fees associated with using the app.
Robinhood was founded in 2013 and grew to one of the most popular services among young investors by 2021, with more than 18 million users and $80 billion in assets. The Robinhood app officially launched in 2015 with a simple interface and account management tools that allow you to check your real-time account balance, read your messages, monitor security prices, and check the latest investing news.
You can download the Robinhood app but will need to open a brokerage account, go through the security steps, and fund your account to get full use out of the app.
Robinhood markets itself as a "free" app because users can set up a free account with no minimum investment. Users won't pay annual fees, inactivity fees, ACH transfer fees, commission fees, and other costs common to some other brokerage firms.
Instead of charging commissions, Robinhood makes money through a process called payment for order flow. When a user makes a trade, Robinhood sends that trade to a third party that places many large orders at once for a slight advantage. The larger company then compensates Robinhood. The brokerage also generates income from interest on securities and margin loans and with Robinhood Gold, a premium subscription service that charges a flat monthly fee.
Quick tip: Fees might seem small, but investors try to avoid extra costs because they seriously add up over time. According to an example provided by the SEC, a 1% annual fee could lower a portfolio's value by $30,000 over 20 years compared to a 0.25% fee, assuming a 4% annual return. Robinhood doesn't charge an annual fee, but it might charge you in other ways.
Finally, Robinhood also charges several fees for certain services and transactions, and it may pass on third-party costs to its customers. To avoid surprises when using the app, it's good practice to learn when you might pay extra.
Robinhood Gold is a premium feature that allows eligible users to trade on margin, which means you borrow money from the platform to buy securities. Gold members also have access to Morningstar professional research reports and Nasdaq market data. You can try the service for 30 days for free and then upgrade for a flat $5 monthly fee. There's also a 2.5% yearly interest fee on any amount you borrow over $1,000, and you'll need at least $2,000 in your portfolio to keep the margin account.
Quick tip: With margin trading, you borrow money from your brokerage to buy stocks and other securities. This allows you to invest more than you normally would because you're not limited to the amount of cash you have on hand. But it could also amplify your losses, so consider your risks before taking this step. It might be a good move for an experienced investor.
Robinhood typically doesn't charge fees associated with moving your money — with two exceptions:
Outgoing ACATS fee: If you decide to move money from your Robinhood account to a competing brokerage firm, the Automated Customer Account Transfer Service (ACATS) facilitates that process. You'll pay $75 for each outgoing transfer. But it's still free to sell your investments and transfer the money to your own bank account.
Domestic overnight check delivery fee: Robinhood can send a check on your behalf to US-based businesses and individuals for free, but you'll pay $20 if you need the check sent overnight.
Robinhood is registered with the Financial Industry Regulatory Authority (FINRA), a private firm that oversees US-based broker-dealer firms. To support some of the costs Robinhood pays toward industry regulations, the brokerage passes on certain fees to its customers. These include:
Regulatory trading fee: Robinhood customers pay $5.10 per $1 million of principal when they make sales, rounded up to the nearest penny. Sales with a value of up to $500 are excluded from the fee.
Trading activity fee (TAF): Robinhood also passes a trading activity fee to customers when they sell more than 50 shares of stock. The fee is $0.000119 per share on equity sells and $0.002 per contract on options sells, rounded up to the nearest penny. There's a limit of $5.95 on the fee, based on how the order is executed.
Robinhood also charges customers for some of the conveniences you can request, such as:
Paper statements: $5 per month to receive a physical copy of your purchase statement in the mail
Paper confirms: $2 for every paper confirmation, which is a document that reports the details of a trade completed through your account.
Domestic overnight mail: $20 when you ask Robinhood to mail something overnight in the US
International overnight mail: $50 when you ask Robinhood to mail something overnight to someone in another country
Robinhood might not charge you for certain transactions and services, but third parties might take their share. These will be passed on to your brokerage account and may include:
American depositary receipts: American depositary receipts (ADRs) are certificates representing foreign stocks that trade on American exchanges. The banks issuing these certificates may charge custodial fees that typically range from $0.01 to $0.03 per share.
Returned check, ACH, wire & recall/stop payments: Robinhood won't charge a fee to handle returned checks or stop-payment requests. But the originating, intermediary, or recipient bank may charge a wire transfer reversal fee.
Foreign transaction fees: Mastercard may charge a currency conversion fee if you use your Robinhood debit card to make foreign transactions in US dollars.
Out-of-network ATM fees: It's free to use ATMs within Robinhood's network, but an out-of-network ATM provider may charge a fee that Robinhood will directly pass on to you.
Merchant-imposed fees: Some merchants may charge a fee when you use a debit card or make transactions under a minimum threshold.
When you open a Robinhood account, you're already avoiding fees that some other brokerages charge. But if you want to minimize some of the other costs of using Robinhood, you can:
Avoid the upgrade: Consider using the free account instead of upgrading to Gold service.
Research fees before buying: Before placing a trade or requesting any services, visit Robinhood's support page and look for information about fees and when they apply.
Search for in-network ATMs: You can withdraw cash from your Robinhood account for free using a debit card at participating stores and at in-network ATMs. Tap the "Find ATMs" button in your Robinhood app to find the nearest withdrawal locations.
Check out the foreign stock: Before buying shares from a foreign company, find information about potential fees from the bank that issues the American depositary receipt.
Go paperless: Instead of paying for paper monthly statements and confirmations, choose the electronic versions.
Transfer to your own bank account: Robinhood charges you a fee when transferring money to a competing brokerage, but not to your own bank account. If you need to pull money out of your Robinhood account, consider moving it to your bank first and then investing elsewhere.
If you use Robinhood, you won't pay annual fees, commission fees, inactivity fees, and fees for moving money to your bank account. But you'll pay a $5 monthly fee to upgrade to a Gold account and various service fees for things like requesting a paper statement. The brokerage will also pass on third-party costs, such as regulatory fees and out-of-network ATM fees, to you. It's possible to avoid some of these costs, but you'll need to understand when they may apply.
More: service graphics Alyssa Powell Investment Strategies Robinhood
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2022-07-13T16:57:07Z
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Robinhood Fees: 5 Types of Fees You May Pay Using the App
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https://www.businessinsider.com/personal-finance/robinhood-fees
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https://www.businessinsider.com/personal-finance/robinhood-fees
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We're looking for the entertainment industry's rising stars — here's how to nominate yourself or someone you know
Tell us why you or someone you know is on the path to becoming a leader in Hollywood.
Insider is seeking nominations for this year's list of the entertainment industry's rising stars.
Nominees must be 35 years old or younger and work for a studio, streamer, or production company.
You can submit yourself or someone you know using this Google Form.
Insider is looking for nominations for its inaugural 2022 list of rising stars in the entertainment business.
Hollywood is evolving more rapidly than ever: Corporate mergers have constructed enormous, vertically integrated conglomerates; no fewer than half a dozen major streaming platforms are battling for subscriber dollars in the US and globally; and technological advances have forever changed the way people watch (and discover) TV and movies.
The modern studio system looks nothing like the Golden Age of yore, and the industry needs forward-looking thinkers to carry filmed entertainment into the next era. That means talented creatives who can marry age-old storytelling skills with ideas tailored to 21st century audiences, whether they work as a creative or development executive, social media manager, marketing or communications staffer, or production coordinator.
Our criteria for nominations:
Nominees must be 35 years of age or younger as of August 31, 2022
Nominees must currently work for an entertainment company, such as a studio, network, streaming platform, or production company.
Nominations must be submitted through this Google Form by 6 p.m. PT on August 10, 2022.
Please submit no more than five nominations per major division through a company's media relations or PR team.
If you have any questions, please reach out to Elaine Low at elow@insider.com. Insider's list will be published in September. Nominees will be notified ahead of publication.
More: Hollywood Entertainment entertainment industry studio
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2022-07-13T16:57:31Z
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Insider Is Looking for the Entertainment Industry's Rising Stars
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https://www.businessinsider.com/seeking-nominations-entertainment-industry-hollywood-rising-stars-2022-7
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Wall Street agrees that stocks will rally in the 2nd half of the year, but their forecasts vary wildly. Here's what all the heavyweights are predicting — and how they say to invest.
Wall Street's 2022 predictions for stocks have largely been off-base so far this year.
Stocks and the economy have been dramatically weaker than expected so far in 2022.
Top investing firms expect stocks to rise in the second half, but they're split as to how much.
Here's a round-up of the mid-year forecasts from Wall Street's top investing minds.
Wall Street's top investing minds came into 2022 overwhelmingly bullish on stocks and constructive on the economy. Most firms were calling for a 10% gain for the S&P 500, and even the most bearish strategists weren't considering the possibility of a recession .
Six months later, almost nothing has gone as expected. Stocks are down 19.9% this year as the economy weakens and financial conditions rapidly tighten while inflation soars to 41-year highs, in part due to Russia's invasion of Ukraine.
The question now is what the second half of the year holds. Out of the 10 large institutional forecasts reviewed by Insider, all of them predict the S&P 500 will rise into year-end — but the magnitudes of those gains vary wildly.
BMO Capital Markets, JPMorgan, and Oppenheimer are the most unabashedly bullish of the bunch, and each predicts that the S&P 500 will end the year at 4,800, which represents a 25.7% gain from where the index stands today.
Meanwhile, UBS and Morgan Stanley are far more cautious, and believe the S&P 500 will only rise 2.1% to 3,900 by the end of 2022.
There are plenty of reasons why Wall Street is split about how high stocks could rise. There's a growing consensus that there's a recession ahead, but analysts are divided about when a downturn would strike and how deeply a recession would cut into markets. That increasingly shaky economic outlook has led analysts to shave earnings growth forecasts, but they remain divided on which sectors will bear the brunt of a downturn and which sectors will endure. And while many strategists believe that much of that pain is already priced into stocks today, others are less sure, and see a tougher road ahead.
Below is a compilation of views about stocks at the midpoint of 2022 from 10 top investment firms, as well as how investors should position their portfolios going forward. The firms are listed from highest S&P 500 target to lowest.
1. BMO Capital Markets
Wall Street firms provide directions for investors.
S&P 500 forecast: 4,800 (25.7% gain)
Stock market outlook: Like other firms, BMO Capital Markets revised its year-end S&P 500 target downward as increasingly tight financial conditions made its prior projection a longshot. In late April, the firm knocked its target down by about 9.4% from 5,300.
"From a common-sense standpoint, the market had re-rated in terms of the multiple assumptions, and we did as well," said Brian Belski, BMO's chief investment strategist, in a recent interview with Insider.
But Belski is keeping his price target higher than most of his Wall Street peers because he thinks it's possible that several of the biggest headwinds weighing down stocks will get resolved. For example, he said that an inflation reading below 7% would send stocks up by 3% to 4%, and they could rise by double that if there's a resolution to the Russia-Ukraine war.
"I think the market is gonna be gangbusters the second half of the year as everyone kind of comes back to reality," Belski said.
Belski added: "The stock market's already decided we're going to have a recession ; the stock market's already decided that inflation's going to be around forever. We are driven by fear."
Investment recommendations: Three stock market sectors stand out, in Belski's view: communication services, financials, and healthcare. Communication services offers growth at a fair price, financials stocks have both dividend growth and consistent earnings, and healthcare boasts both growth and attractive valuations, the strategy chief said.
Though Belski is neutral on the technology sector , he said he likes five quality names that he dubbed "consumer staples tech:" Microsoft (MSFT), Apple (AAPL), Oracle (ORCL), Nvidia (NVDA), and AMD (AMD).
Belski also said that he's bearish on what he calls the "four horsemen" of speculation: stocks in the ARK Innovation ETF, meme stocks, special-purpose acquisition companies (SPACs), and cryptocurrencies. Those are prime examples of market froth that needed to be crushed, he said.
2. JPMorgan
A view of the exterior of the JP Morgan Chase & Co. corporate headquarters in New York City.
Stock market outlook: JPMorgan has only lowered its 2022 S&P 500 price target by 5% despite the fact that US stocks fell 20.6% in the first six months of the year. The firm's top strategists, including global markets strategy chief and global research co-head Marko Kolanovic, believe that stocks will sharply rebound because there's already too much pain priced in.
"If there is no recession — which is our view — then risky asset prices are too cheap," Kolanovic wrote in a note detailing the firm's mid-year outlook.
Kolanovic added: "It is not that we think that the world and economies are in great shape, but just that an average investor expects an economic disaster, and if that does not materialize risky asset classes could recover most of their losses from the first half."
Economically sensitive small caps are trading near record-low valuations, Kolanovic wrote, adding that investor sentiment and positioning is at multi-decade lows as some parts of the stock market sit 60% to 80% below their prior peaks.
Investment recommendations: JPMorgan is most bullish on stock in the energy sector, specifically names in the oilfield services industry, as the "commodity supercycle" continues. Energy names have robust fundamentals, attractive valuations, and improving shareholder returns, Kolanovic wrote. Plus, they're a hedge against geopolitical and inflation risks.
Healthcare stocks are also a top idea from Kolanovic because of their stable earnings, capital returns, palatable valuations, and the possibility of political gridlock in the US after the midterm elections. Democrats are typically seen as more likely to issue strict regulations on the sector.
While Kelly of JPMorgan Asset Management agrees that energy names are a top pick, he is also bullish on stocks in the industrials, materials, and consumer staples sectors. Kolanovic wrote that defensive sectors like consumer staples "remain crowded with record relative valuation," though he added that he sees cyclicals like industrials and materials leading again.
Stock market outlook: One of the most bullish firms on Wall Street is a bit less ebullient after a rocky start to the year. John Stoltzfus, the chief investment strategist at Oppenheimer, recently revised his 2022 S&P 500 price target downwards by nearly 10% from 5,330 after stocks swooned in the first half of the year. However, the firm's new target is still one of the highest on the Street.
Stoltzfus told Insider in an early July interview that he realized that his previous target of 5,330 was "beginning to look impractical," given that there was about a 40 percentage point gap between that mid-December projection and where the index stood halfway through the year. He said he didn't update the target sooner because he had been waiting for the first half of the year to end.
But the strategy chief still sees more than 25% upside for the S&P 500 this year because he thinks there's too much bearish sentiment in markets that he foresees getting resolved.
For example, Stoltzfus sees advances in technology and continued globalization as disinflationary forces that will help slow inflation. If that happens, then the Federal Reserve could ease up on the interest rate hikes it has planned, which could keep the economy from entering a recession . It would also probably make investors more willing to pay up for future corporate earnings.
Investment recommendations: If Stoltzfus is correct that there's both upside and turbulence for stocks in the second half of the year, then he believes that five types of stocks will perform best: high-quality small caps and mid caps, as well as names in the technology, consumer discretionary, industrials, and financials sectors.
Small and mid-sized companies should be able to navigate a more difficult economic landscape better than their larger counterparts, in Stoltzfus' view.
The strategist also said he likes growth-oriented value stocks and growth names at reasonable valuations. Examples of stocks that fit those descriptions can be found in the defensive tech sector as well as more cyclical sectors like consumer discretionary, where many stocks have gotten cheaper; industrials, which are filled with tech firms; and financials, which benefit as rates rise.
4. Barclays Private Bank
A businessman walks up Wall Street in the financial district in New York City.
S&P 500 forecast: 4,500 (17.8% upside)
Stock market outlook: A glass-half-full view on stocks is warranted despite the litany of risks facing corporations and the economy, according to the top minds at Barclays Private Bank.
"Contrary to the markets' prevalent 'doom and gloom' mood, our outlook remains constructive," wrote Julien Lafargue, Barclays Private Bank's chief market strategist, in a note about his firm's mid-year outlook. "Although growth is slowing and could even turn negative temporarily in parts of the world, it should remain broadly in line with trend this year and next on a global basis."
Much of the pessimism about weaker economic growth is already priced in, in Lafargue's view, so any positive surprises could trigger a relief rally. Plus, lower growth isn't always a headwind.
"Slow but steady growth tends to be much more supportive than when it is high but decelerating," Lafargue wrote.
Still, there are plenty of reasons to be cautious, according to Barclays, including the risk of a policy mistake from the Federal Reserve , an escalation in geopolitical tensions, and a greater economic slowdown in China that reverberates across the globe.
Investment recommendations: Though stock volatility will persist until there's more visibility about growth and inflation, Barclays still believes that the asset class is more attractive than bonds right now. Remaining selective when choosing sectors and stocks is vital, however.
Barclays is most positive about high-quality stocks in the following three sectors and industries: banks, industrials, and healthcare. The former two are economically sensitive groups that would be most affected by a recession but could bounce back if one is avoided. Conversely, healthcare names are more defensive and less reliant on an expanding economy for growth. Additionally, stocks in developed markets are preferable to their emerging markets counterparts.
On the fixed income front, Barclays strategists see BB-rated bonds as offering the best value to investors while their lower-quality high-yield peers are seen as risky.
S&P 500 forecast: 4,300 (12.6% gain) with a bear target of 3,150 (17.5% loss)
Stock market outlook: Goldman Sachs' base case is for the S&P 500 to rise by more than 12% by year's end, but David Kostin, the firm's chief US equity strategist, warned in a note about his mid-year outlook that the index could slip 17.5% to 3,150 in a bearish scenario where a recession strikes.
Even if the US economy continues to expand, Kostin wrote that depressed stock valuations and soon-to-be lower earnings expectations warrant a lower S&P 500 target.
Entering the year, Goldman strategists saw the index charging higher to 5,100, with most of those gains coming in the first half of the year out of a belief that inflation would slow and that the Federal Reserve would stay dovish.
That hasn't been the case, as financial conditions have tightened drastically as inflation soared. Kostin noted that earnings have not only held up so far this year but have actually been revised higher, though he added that the optimistic sentiment from analysts may not continue.
"The current bear market has been entirely valuation-driven rather than the result of reduced earnings estimates," Kostin wrote. "However, we expect consensus profit margin forecasts to fall, which will lead to downward EPS revisions whether or not the economy falls into recession."
Investment recommendations: In an uncertain and potentially shaky economic environment, Kostin recommends that investors target quality stocks with solid earnings growth.
"Environments of slowing economic growth and tightening financial conditions have historically supported the outperformance of stocks with 'quality' attributes," Kostin wrote.
The top sector to target quality stocks in is healthcare, in the strategy chief's view, given that its defensive nature means it tends to only fall modestly in downturns. Only the consumer staples sector has more resilient margins in downturns, Kostin wrote, adding that the healthcare sector has managed to grow earnings in each of the last six recessions.
Dividend stocks can also be a strong bet when the economy weakens. Kostin shared a list of 50 such stocks, which Insider compiled.
S&P 500 forecast: 4,200 (10% gain)
Stock market outlook: Earlier this year, Citi's market outlook was simple: the firm had a 4,700 S&P 500 price target and wasn't seriously considering the possibility of a recession .
Now, the path forward for stocks is so uncertain that Citigroup's strategists have based their S&P 500 price target on three different scenarios: a "soft landing" where the US economy avoids a recession, a mild recession, and a severe recession. The firm assigned likelihoods of 55%, 40%, and 5% to each scenario, respectively.
A sharp decline in earnings multiples necessitated a change, said Scott Chronert, a top US equity strategist at Citigroup, in a recent interview with Insider. However, Chronert said that his firm still expects S&P 500 earnings to be more resilient than expected at $226 per share. The group's 4,200 target is predicated on that earnings estimate and a multiple of 18x to 19x.
"You have something akin to a high-single-digit to 10% upside into year end," Chronert told Insider. "And that would unfold either via earnings better than expected for the second half and full year and/or the potential that the Fed takes a pause in terms of its expected rate hike trajectory. So the combination of those two, we think, lends some upside surprise."
Chronert added: "When you're discounting what we think reflects a recession scenario, anything less than that becomes a positive for the market expectation."
Investment recommendations: After favoring value stocks last fall, Chronert said that he's become "style agnostic" between growth and value names in recent months. Extended multiple compression for growth stocks has made the group's valuations more palatable, he said.
However, the Citi strategist did express a preference for stocks in four sectors: healthcare, financials, industrials, and materials. He's less constructive on consumer sectors like discretionary and staples, as well as defensive sectors like utilities and technology.
As far as energy stocks go, Chronert noted that there's a tight correlation between the group and oil prices. His firm's strategists appear to be the most bearish on the Street about oil prices, which Chronert said has kept him "on the sidelines" for the sector.
Finally, Chronert said that relative valuations for small-cap stocks look attractive. He also believes that dividend growth will be solid this year but could start to flatten in 2023.
Wells Fargo's head of diversity weighed in on recent headlines about diversity at the bank.
S&P 500 forecast: 4,200 to 4,400 (10% to 15.2% gain)
Stock market outlook: Wells Fargo believes that stocks have upside despite the fact that it expects earnings to slowly grow in 2022 and shrink in 2023 as the risk of a recession rises.
"We believe positive but slowing earnings per share (EPS) growth will outweigh declining valuations to generate moderate year-end 2022 equity price gains from current levels," Wells Fargo strategists wrote in a note detailing the firm's mid-year outlook.
Revenue growth will be tougher for companies to come by as the economy slows, and margins will also face pressure as costs for inputs and employees increase. Those headwinds, in addition to higher interest rates and softer economic growth, will continue to hurt valuations. But in time, valuations will once again lift stocks when the economic outlook starts to improve.
Despite the pain that's likely ahead, Wells Fargo prefers US stocks over their international peers because of weaker growth prospects for foreign companies in both developed and emerging markets. Sentiment, geopolitics, and currency fluctuations also appear to favor US equities.
"We see little catalyst for sustained international equity market outperformance," the note read.
Investment recommendations: US large-cap and mid-cap stocks are a better bet than their international peers, in Wells Fargo's view. Within those factors, the firm thinks investors should prioritize quality stocks over those that are economically sensitive and reliant on an expansion.
Wells Fargo's three favorite sectors — information technology, energy, and healthcare — have performed quite differently so far this year.
Tech names have been crushed as interest rates have spiked, but the sector is filled with high-quality names, has strong long-term growth prospects, and is defensive by nature because it's not dependent on economic growth. Names in the IT services, networking equipment, and enterprise software are some of the top industries within this sector to target, the note read.
Energy stocks have dominated during 2022 as oil prices have exploded higher, though the sector crashed in mid-June as natural gas prices corrected. Still, Wells Fargo is optimistic that the massive run can continue as oil prices stay high because of supply constraints.
Healthcare stocks are among Wells Fargo's top ideas because of the sector's blend of quality and defensiveness. Managed care companies are especially appealing because of their strong long-term growth prospects as the industry consolidates and the US population gets older.
8. Ameriprise Financial
Omicron has brought volatility to Wall Street.
S&P 500 forecast: 4,100 (7.4% gain)
Stock market outlook: Stocks have sliced through key technical levels on their way to a bear market , said Anthony Saglimbene, global markets strategist at Ameriprise Financial, during his firm's mid-year outlook webinar. But there's reason to think that the pessimism has gone too far, he said, noting that the spread between bears and bulls is the widest it's been since 2008.
"There's a lot of negative sentiment already built into stock prices," Saglimbene said.
Historically, stocks fall an average of 35% in a bear market, Saglimbene said, adding that the fact that stocks are only down about 20% suggests that the biggest declines have already happened.
"Once that peak-to-trough level has been reached, in every instance, the S&P 500 is higher over the next 3, 6, and 12 months, three years, five years," Saglimbene said.
Investment recommendations: Though much has changed in markets since late April, Ameriprise Financial is still bullish on the same three sectors: healthcare, financials, and technology.
Healthcare stocks are " recession proof" and should be set up for strong long-term growth as the population ages, said Justin Burgin, Ameriprise's director of equity research, in the webinar.
Financials names should rebound as interest rates rise, Burgin said — even though he acknowledged that that thesis hasn't proved out so far this year. Still, valuations are attractive for the group, Saglimbene said, adding that there's upside if there's no recession or only a mild one.
Lastly, tech stocks have been crushed this year as financial conditions tighten, but their ability to generate growth regardless of economic conditions makes them a contrarian defensive play.
Morgan Stanley headquarters at Times Square in New York City, July 2021.
Gabriel Pevide/Getty Images for Morgan Stanley
S&P 500 forecast: 3,900 in the next 12 months (2.1% gain) with a bull target of 4,450 (16.5% gain) and a bear target of 3,350 (12.3% loss)
Stock market outlook: The weakness and volatility that US stocks have experienced this year will continue for the rest of 2022 and into the first half of 2023, according to Morgan Stanley's US equities team led by CIO and strategy chief Mike Wilson.
A dangerous combination of historically high inflation and slowing economic growth that Wilson first warned about late last summer will keep stocks range-bound in the firm's base case.
"Expect decelerating earnings growth, a lower multiple, and elevated volatility," Wilson wrote in a note about his mid-year outlook. "In our bull case, earnings growth slows but is still positive, cost pressures ease as inflation is curbed, consumer confidence rebounds, and excess inventory in consumer goods is absorbed — a soft landing where multiples have room to expand."
And it's not just US stocks that might be in for a turbulent ride. Lower GDP revisions and higher inflation forecasts have sent European stocks to record-low valuations against the S&P 500, but they're still far from cheap compared to MSCI's flagship global stock index after excluding US names, noted Graham Secker, head of Morgan Stanley's European equity strategy team.
"Against this backdrop, we think that the risk/reward profile for MSCI Europe remains unattractive," Secker wrote.
Investment recommendations: Given Morgan Stanley's cautious outlook for stocks and the economy, the firm's strategists recommend reducing risk and staying defensive.
Wilson's three favorite stock market sectors are healthcare, utilities, and real estate, though he cautioned that defensives are still no lock to outperform "as the market looks for leadership."
Investors can get defensive by looking beyond US stocks and toward commodities, municipal bonds, mortgage-backed securities, and Japanese stocks, according to Andrew Sheets, the chief cross-asset strategist for Morgan Stanley Research.
The thesis for commodities like oil is that they can continue to be winners in an inflationary environment. Municipal bonds benefit from "durable credit quality and attractive valuations," in the firm's view, while mortgage-backed securities look enticing compared to corporate credit. Finally, low valuations and a weak yen are reasons why Japanese stocks have upside.
10. UBS
Inflation may have peaked when it hit 8.5% in March, according to UBS strategists.
S&P 500 forecast: 3,900 (2.1% gain) with a bull target of 4,500 (17.8% gain) and a bear target of 3,300 (13.6% loss)
Stock market outlook: In a report detailing its second-half outlook, UBS strategists shared four possible outcomes for stocks and the economy: stagflation, where stocks and bonds fall as the economy stagnates and inflation stays elevated; a slump, where stocks fall but bonds rebound as the economy slows; a soft landing, where the US avoids a recession despite inflation staying high; and reflation, where stocks rally as inflation undershoots expectations.
Those scenarios were assigned the following probabilities and S&P 500 targets by UBS: stagflation has a 20% chance of occurring and a target of 3,300; a slump has a 30% probability and a 3,300 target; a soft landing has a 40% likelihood and a target of 3,900; and reflation has just a 10% chance of happening and a target of 4,500.
The firm's official target is 3,900, which reflects a soft landing where the US economy slows but continues to expand.
Investment recommendations: Investors should position their portfolios "reasonably defensively" to prepare for the wide range of potential outcomes ahead, Themistocleous said. He listed healthcare stocks, specifically those in the pharmaceutical industry, as an example of a group that can succeed regardless of the economic environment.
If stagflation sets in, UBS recommends that investors keep cash and cash alternatives on hand along with short-duration bonds. Alternatives like hedge funds could be a smart play in this scenario since both stocks and bonds would likely falter.
In an economic slump where stocks decline but bonds hold up, investors should target defensive, quality, income-producing stocks and healthcare names, UBS strategists wrote.
A soft landing scenario where the economy avoids a recession despite inflation staying above 3% would mean that value stocks — specifically those in the energy sector — and shares of companies in the United Kingdom would fare well, in UBS's view.
"When inflation is above 3%, value stocks tend to outperform, regardless of the stages of an economic cycle," Marcelli said. "So until inflation falls more sustainably, we favor investing in value stocks."
However, there's also an outside chance that growth stocks come back from the dead if inflation concerns were to dissipate sooner than expected, UBS strategists wrote in the note.
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2022-07-13T16:57:37Z
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Stock Market Forecast Next 6 Months: Wall Street Recap, How to Invest
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https://www.businessinsider.com/stock-market-forecast-outlook-6-months-wall-street-economy-recession-2022-7
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https://www.businessinsider.com/stock-market-forecast-outlook-6-months-wall-street-economy-recession-2022-7
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This TikTok talent agent works for a company representing more than 800 creators. Here are his best tips for success on the platform.
Lara Olszowska
One of Grail Talent's clients, left, and its managing director, Arthur Lindsell.
TikTok/Grail Talent
Grail Talent represents more than 800 TikTok creators to help them work with brands.
Arthur Lindsell, its managing director, broke down for Insider what the firm looked for in clients.
His advice: Make as many videos as possible to maximize your reach.
Companies from Amazon Prime to Gucci seek TikTok creators to make innovative content for them. But huge brands lack expertise in TikTok, and many creators are amateurs whose sudden success can leave them unprepared to negotiate brand deals.
Enter TikTok talent agencies like Grail Talent, founded by Ed Winters Ronaldson in March 2020. Ronaldson appointed Arthur Lindsell his first talent manager. Now Lindsell is the firm's managing director, and Grail has more than 50 managers working with more than 800 creators.
One client has appeared in a Calvin Klein campaign with their face on a billboard over Sunset Boulevard in Los Angeles. Clients who were charging $300 a video before signing with Grail are now charging $2,000, Ronaldson said.
On a Zoom call to Insider from Los Angeles, Lindsell said the agency was open to "literally anyone who we think we can get deals for." One creator makes nothing but videos of himself rapidly downing pints of drinks.
Lindsell said he liked to look for creators with a "cool aesthetic" who could work with big fashion brands, as well as for "anything that makes me have a reaction of any sort."
"TikTok is all about the views, not about the followers," he said, adding that views proved audience engagement. "Any account which has an average view count of above 50,000 views we normally take a look at."
Lindsell spoke with Insider about how to master the video app.
The platform offers tools for reaching new audiences, like trending sounds, hashtags, and "dueting" with other creators' videos. But Lindsell said what mattered more was to "keep making" as many videos as possible to maximize your chances of appearing on other users' "for you" page.
"We want people who are creating content regularly," he added, saying these creators proved they could consistently come up with ideas and would have a bank of content to show brands.
He also urges creators to "notice your niche."
TikTok isn't about appealing to everyone but finding a big enough audience interested in your unique offering, Lindsell said.
"Let's say you're a fashion creator," he said. "If you can do hauls from different shops, and those videos do well, then more shops will be encouraged to get you to do a haul for them."
Numbers are important, but so is "making content that makes you happy," Lindsell added.
"Everything you do is based on views and engagement, but if what you're doing for that doesn't make you happy, that's when a lot of creators can be in a difficult situation," he said.
An audience that finds you genuine is more likely to trust you if you start selling them something, he added.
"If you're happy with the content you're making, you'll continue to make better content. If you're not, then people will be less likely to get on board a campaign," Lindsell said.
Once you've built up an audience, the hard task is to maintain that momentum. Lindsell said he often advised his clients to go live on the app more to connect with fans or to make videos with another creator to bring in their audience.
"The churn of being relevant or not is relentless," he added. "TikTokers stand out for moments and, when you're in your moment, you need to not blink, continue doing exactly what got you into this moment, and ride the wave."
This helps creators cement a fan base and develop their story so they remain memorable and relatable, he said.
"If a creator has got famous for something random like eating corn on the cob super quickly, and then you see them on 'This Morning' and then in an advert for sweet corn, people will remember that," Lindsell said.
"People love a story," he added. "That's the way to get remembered."
More: TikTok Freelancer UK contributor 2022 Creators
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2022-07-13T16:57:43Z
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How to Succeed at TikTok, According to a Creator Talent Agent
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https://www.businessinsider.com/tiktok-tips-tricks-go-viral-creator-talent-agency
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https://www.businessinsider.com/tiktok-tips-tricks-go-viral-creator-talent-agency
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VyStar CU and Heritage Bank deal terminated amid regulatory scrutiny and worsening economy
VyStar CU and Heritage Bank call off their merger because the deal could not meet regulatory requirements.
Last year, the Biden administration ramped up regulatory scrutiny on bank deals.
The news: Florida-based VyStar Credit Union and Georgia-based Heritage Bank have called off their merger agreement. The companies say a flurry of web and mobile disruptions and a downturn in the US economic outlook are the culprits.
More on the termination: The merger deal appeared to be a "go" as recently as April, with Heritage Bank CEO Leonard Moreland calling it a priority. But last week, both institutions agreed that they wouldn't achieve all of the regulatory requirements needed for the deal in a timely manner.
Heritage Bank's Moreland said it would move forward separately, citing an improved post-pandemic environment and a strong capital position. The bank will "focus on new initiatives to create efficiencies and partnerships that will generate shareholder value."
VyStar plans to continue its growth in Georgia solo.
Trade groups, like the Community Bankers Association of Georgia, are relieved the deal fell through, as they feel credit unions ' tax-exempt status gives them an unfair advantage when scooping up community banks.
The merger would have made VyStar the 13th largest credit union in the US, with assets totaling $12.5 billion, 850,000 members, and 88 branches.
Upgrades and outages: Weeks ago, VyStar experienced news-making outages and disruptions of its online and mobile banking platforms.
The credit union communicated a planned outage for a system upgrade by software provider Nymbus over two days in May.
But up to six weeks later, customers still experienced outages and were unable to access their accounts.
Those close to the Vystar-Heritage deal said the merger was not called off due to the service issues. But the outages highlight the tricky balance between modernization and digital trust. Financial institutions are prioritizing tech upgrades to keep up with digital banking demand. Many of them partner with third-party fintech providers to make the process cheaper and quicker. As VyStar's predicament shows, choosing a reliable software provider is key to maintaining customer trust, and requires careful due diligence.
Recently, Detroit-based fintech Bankjoy successfully converted 16 credit unions to its end-to-end digital platform. Since then, it has renewed contracts with six additional credit unions. Bankjoy says the upgrade can be done in 30 days with no disruption to customers.
More context on M&A: Outages aside, the deal termination is unsurprising, as bank mergers have been declining.
The second quarter saw 35 deals between banks and financial institutions, as opposed to 49 in Q1, according to Raymond James analysis.
If the trend continues, 2022 will differ starkly from last year, when 210 merger deals were negotiated.
Bank mergers and acquisitions face several headwinds in 2022. Last year, the Biden administration ramped up regulatory scrutiny on bank deals—specifically around how the merger will benefit the community, not just the resulting entity—making deal approval more difficult to obtain. Additionally, banks' balance sheets are tightening due to rising inflation and increasing interest rates.
The big takeaway: Many acquisition deals entered the pipeline during H1 2022, including TD Bank's deal with Tennessee-based First Horizon Bank, and US Bank's deal with California-based MUFG Union Bank. But in the current regulatory and economic environment, we wouldn't be surprised to see more deals called off. In the meantime, financial institutions seeking to grow and scale—especially small and medium banks and credit unions—are better off focusing on implementing sound digital plans.
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2022-07-13T16:58:07Z
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VyStar Credit Union and Heritage Bank Call Off Merger Agreement
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https://www.businessinsider.com/vystar-credit-union-and-heritage-bank-call-off-merger-2022-7
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https://www.businessinsider.com/vystar-credit-union-and-heritage-bank-call-off-merger-2022-7
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Walmart will use this "Lifestyle Delivery Vehicle" from electric vehicle startup Canoo.
Walmart bought a new fleet of all-electric vehicles from startup Canoo.
Walmart employees will drive the vehicles to fulfill online orders.
The electric vehicles will likely hit the streets in 2023.
In a bid to shore up its online delivery capabilities, Walmart has bought a fleet of 4,500 electric delivery vehicles from electric vehicle startup Canoo. The retail giant has an option to buy as many as 10,000 of the pill-shaped vans.
Walmart employees and Walmart GoLocal operators will use the vehicles to deliver online orders. Canoo will begin producing these "Lifestyle Delivery Vehicles" in the fourth quarter of 2022. In a blog post, Walmart said shoppers can expect to start seeing the vehicles out and about in 2023, but first Walmart's team must "refine and finalize vehicle configuration in the Dallas-Fort Worth metroplex in the coming weeks."
The retailer described the van as "optimized for sustainable last mile delivery use cases" and "engineered for high frequency stop-and-go deliveries and speedy vehicle to door drop-off, including grocery and food/meal delivery." The van has a panoramic window to help improve visibility. It also has 120 cubic feet of cargo space, with an interior custom-designed for small-package delivery, Canoo said in a statement.
Walmart has previously reached deals to use electric delivery vehicles from GM's BrightDrop and Ford.
The latest news from Walmart could be viewed as a response to Amazon's 2020 unveiling of electric delivery vehicles. The two retail giants have long been in heated competition, with Amazon dethroning Walmart as the biggest retailer in the United States for the first time in 2021. In light of that growing rivalry, Walmart has begun using 3,800 stores as online fulfillment centers. As competition with its online rival Amazon continues to heat up, the brick-and-mortar company touts its ability to "reach 80% of the U.S. population with same-day delivery on a growing assortment of items."
"Today, the closest Walmart to customers is right in their pockets — it's the Walmart app," David Guggina, senior vice president of innovation and automation for Walmart US, said in a statement. "By continuing to expand our last mile delivery fleet in a sustainable way, we're able to provide customers and Walmart+ members with even more access to same-day deliveries while keeping costs low."
Like Walmart, Canoo is headquartered in Bentonville, Arkansas. The electric vehicle company was founded in 2017 under the name Evelozcity. The move from Walmart may prove to be a turning point for Canoo, which has been running low on cash. In May of 2022, The Verge reported that the company was cash-strapped to the point of announcing that it could likely only afford to operate for another quarter.
"Walmart's massive store footprint provides a strategic advantage in today's growing 'Need it now' mindset and an unmatched opportunity for growing EV demand, especially at today's gas prices," Canoo CEO Tony Aquila said in a statement.
NOW WATCH: 11 things you probably didn't know about Walmart
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2022-07-13T16:58:13Z
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Check Out Walmart's New Fleet of Canoo Electric Delivery Vans
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https://www.businessinsider.com/walmarts-new-fleet-canoo-electric-delivery-vans-2022-7
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https://www.businessinsider.com/walmarts-new-fleet-canoo-electric-delivery-vans-2022-7
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The steps that some companies took to react to the abortion decision could prove useful for crafting other policies
Rachel DuRose, Ebony Flake, Catherine Henderson, Rebecca Knight, and Marguerite Ward
The overturn of Roe v. Wade prompted a wave of corporate responses.
Major US companies including Meta, Nike, and JPMorgan pledged to help employees access abortions.
Execs at Yelp, Match, SAP, and others share how they went about handling the historic decision.
In today's fraught political climate, being a business leader often involves more than just turning a profit. Many employees, consumers, and even some investors demand that those running companies speak out on issues like racial justice, the climate crisis, and, now, abortion.
After it became clear the Supreme Court was poised to toss out nearly 50 years of constitutional protections for abortion seekers, and in the days that followed the high court's historic decision to do so, companies in various industries pulled together teams to craft speedy responses. Corporate leaders had to hammer out policies that could withstand a more complex, state-by-state environment. To get it done, many top execs drew on legal, human-resources, and communications experts.
The rapid-response tool kit that these companies relied upon could serve as a model for other urgent matters that pop up for business leaders who are — more than ever — thrust into the US's divisive politics. Getting it right matters because many workers look to their employers to respond to these issues, and some customers want to understand a company's position on key issues before saying yes to a product or service.
Companies like Yelp and Citi were among the first to announce they would cover travel expenses for workers to get abortion care that they might not be able to obtain in their states. Dozens of Fortune 500 leaders later did the same.
To navigate these murky waters, CEOs had to consult with legal teams and HR leaders to figure out which benefit changes might be needed to ensure workers and dependents could still access abortion services. Business leaders at companies such as Match Group, Patagonia, and Yelp — who implemented abortion-care policies in 2021 when Texas passed a restrictive ban on the practice — also revisited their communications policies and decided who should speak out and when.
"There's no playbook for how to talk about abortion in corporate America," said Natasha Kehimkar, the CEO of Malida Advisors, a Bay Area consultancy focused on human-resources issues and diversity, equity, and inclusion matters. "Developing these kinds of policies requires both compassion and confidentiality, as well as a firm grasp of the legal landscape and evolving regulations."
Insider spoke with executives from companies including Patagonia; Match Group, which operates the dating platforms Tinder and Hinge; and the software giant SAP to learn how they crafted their policies, dealt with roadblocks, allocated funds, and engaged with employees on this controversial issue.
Shar Dubey, chair, Match Group
Shar Dubey.
About the company: Match Group runs dating platforms including Tinder, OKCupid, Hinge, and Match.com. The company is based in Dallas, with 2,500 full-time employees in the state and elsewhere, including international offices in Paris, Madrid, and London.
Because of its Texas headquarters, Match Group was one of the first corporations to institute a travel fund for employees seeking abortions when Texas's SB8 —which bans abortions after about six weeks of pregnancy—became law last year. In October, Match Group launched a program through Planned Parenthood Los Angeles to cover the cost of healthcare and travel, including for employees who aren't on the company's healthcare.
"As a Texas resident, I am shocked that I now live in a state where women's reproductive laws are more regressive than most of the world," Dubey, the company's chair and former CEO, said in a statement in fall.
In the months that followed, Match Group adopted a two-pronged approach: It kept the Planned Parenthood Los Angeles fund and updated its healthcare benefits to cover out-of-state reproductive and gender-affirming care. When the Supreme Court overturned Roe v. Wade, Match didn't need to update its policies, though since the decision, the company announced it would fight any law-enforcement requests or subpoenas for employee or user information.
"We weren't entirely sure how employees would react," Justine Sacco, the company's chief communications officer, told Insider. "But our message was one of empathy and transparency."
Miriam Warren, chief diversity officer, Yelp
Miriam Warren.
Courtesy of Miriam Warren
About the company: Yelp is behind the website and app of the same name that provides crowdsourced reviews on businesses such as restaurants. The now fully remote company was headquartered in San Francisco. Yelp says about 200 of its employees live in Texas, a state with a nearly total abortion ban.
In April, Yelp announced it would cover travel expenses for employees and dependents on their healthcare plans seeking abortion services. While the company has long covered abortion under its healthcare plan, execs began thinking about how to ensure employees had access to these services when Texas' SB8 became law in September.
"One of Yelp's core values is authenticity," Warren said. "We were intentionally transparent with our employees about our commitment to their health and well-being, their privacy, and our plans to continue listening to their needs as we evaluate how best to support our distributed, remote workforce."
When Yelp's legal and HR teams met to develop the benefit supporting employee travel for abortion access, they made privacy a top requirement.
"As with other health-related benefits, Yelp won't receive, or have access to, information on any employees who incurs a claim or receives reimbursement," Warren said. "We believe supporting their privacy in this way is the right thing to do for our employees."
Several companies contacted Yelp to inquire about how to adopt a similar benefit, Warren previously told Insider.
"Publicly, we hope that by continuing to engage in this conversation, we can inspire other organizations and leaders to do more to care for all of their employees," Warren said.
Eric Hollister Williams, director of global PR and communications, Patagonia
Eric Hollister Williams.
LinkedIn/Eric Hollister Williams
About the company: Patagonia is a Ventura, California, retailer that produces, sells, and recycles outdoor clothing, bags, and gear. The 1,000-person company has stores in states with trigger laws meant to automatically introduce abortion bans — Tennessee, Texas, and Utah — and a remote corporate workforce.
In response to the passing of Texas SB8 bill in fall, Patagonia updated its health-insurance policy to cover abortion-related care, even if it requires travel to a different state.
Because the abortion-related benefits were incorporated into the company's existing health converge, all related treatments, travel expenses, and reimbursements are administered confidentially, like any other medical treatment under the company's health plan, Williams said in an email to Insider. Employees are not required to disclose why they are taking medical leave, Williams added.
"This was not a legal matter for us but an issue of ensuring we met the health needs of our employees," Williams wrote. "Specifically those who may need to access abortion care out of state."
On June 24, Patagonia published a statement on LinkedIn sharing a list of the health and life benefits it offered to part- and full-time employees. The list includes abortion coverage (with travel, lodging, and food covered for those living in areas with restrictions), zero-copay mental-health visits, training and bail for peaceful reproductive-justice protests, and time off to vote.
"Our public statement was clear, we take a holistic approach with the dignity of access to reproductive health care at its core," Williams wrote. "Business, now more than ever, has a clear and important role to play in ensuring their employees have full access to care regardless of where they live."
Megan Smith, head of human resources, SAP North America
Megan Smith.
LinkedIn/Megan Smith
About the company: SAP is a software company based in Germany. SAP North America is headquartered in Pennsylvania and has offices in states that have since passed restriction abortion laws, including Florida, Ohio, and Texas. SAP America has more than 19,000 employees, according to Fortune.
When the Supreme Court draft opinion on Roe v. Wade was leaked in May, SAP North America brought together HR, government-affairs, legal, communications, and benefits team representatives to coordinate the company's response.
SAP North America will reimburse employees in states where they cannot "safely access reproductive care" up to $5,000 for travel expenses, Smith, the head of HR for SAP North America, told Insider in an email. SAP is monitoring the situation in affected states to understand the legal implications for the company and employees who might use the abortion-care benefit, she added.
SAP North America was able to respond quickly after Roe was overturned because its team had ironed out the details of the company's policy when the Supreme Court's draft memo on Roe leaked, Smith said.
SAP's insurance provider will administer the benefit for employees, Smith said. Travel and logistics associated with abortion care are classified as medical care and therefore protected under HIPPA, she added, referring to the federal health-privacy law.
Katie Burke, chief people officer, HubSpot
Katie Burke.
About the company: HubSpot is an internet-marketing company that provides cloud-based software sales and marketing platforms for small and medium-size businesses. The Massachusetts company has a remote and hybrid workforce of 6,400 employees across 49 states, including states with abortion restrictions.
Following the Supreme Court's decision, Burke tweeted that the company would cover $2,500 in travel and lodging costs for employees seeking abortion care who would no longer be able to access these services where they lived.
"As a hybrid company, we have employees in 49 states, and now nearly half of the states we operate in will either have restrictions imposed or the removal altogether of access to legal, safe abortion care," Burke told Insider.
HubSpot began thinking about how a Roe reversal would affect its employees when the high court's draft majority opinion leaked in May. In addition to HR and legal teams, Burke said the company solicited input from senior leadership before sending out the plan.
Like other companies pledging similar support, HubSpot found that offering to cover abortion travel for employees was one thing but administering that benefit was another. Companies covering travel costs for employees who live in states where abortion is illegal could face hurdles safeguarding employee privacy and keeping them safe from legal repercussions.
HubSpot's leadership is giving its teams time to work with the company's insurance provider and benefits broker to ensure the policy is rolled out in a manner that protects employees.
"Accuracy is more important than speed, so we are investing the time and energy required to ensure our approach is equitable, respects confidentiality, and reflects the evolving state legislative landscape," Burke said.
More: Features Roe v Wade Abortion
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2022-07-13T16:58:25Z
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How Execs From Yelp, Match, and SAP Formed Policies Around Roe's Overturn
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https://www.businessinsider.com/yelp-match-sap-roe-policies-2022-7
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https://www.businessinsider.com/yelp-match-sap-roe-policies-2022-7
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Blade just hired its first CMO as it seeks to expand helicopter travel beyond the wealthy
Rideshare helicopter platform Blade just named its first CMO, a vet of Equinox and ABInBev.
The newly public company is seeking to translate its brand to new markets like India and Europe.
Long term, it wants to expand its customer base by providing travel to airports and within cities.
Helicopter rideshare company Blade just named Roisin Branch, a former Equinox and ABInBev marketer, as its first chief marketer.
The move comes after Blade went public in May 2021 and is seeking to capitalize on its recent expansion to Europe, Canada, and India.
As CMO, Branch will oversee Blade's global marketing operations, including marketing strategies and brand positioning across all geographies and platforms. She most recently was VP of marketing for Equinox's SoulCycle division. Prior to that, she led marketing for ABInBev's ready-to-drink products and global marketing for Stella Artois. Earlier, she worked in marketing at Diageo.
Roisin Branch, CMO of Blade
Blade founder and CEO Rob Wiesenthal said Branch's ABinBev experience would be especially instrumental in helping Blade translate its brand to new geographic markets like India, where the use cases will vary depending on the culture and local transportation infrastructure.
In the US, the company has focused its marketing efforts on advertising at airports using outdoor and TV ads to raise awareness of its services to people as they're getting off planes or preparing to travel. The company also uses targeted streaming TV advertising.
Wiesenthal founded New York-based Blade in 2014. The company is best known for speeding people to their Hamptons summer getaways, starting at $795 a trip. But long term, it wants to be more than just for wealthy New Yorkers.
The plan is to use electric vehicle aircrafts, or EVAs, via its operator network to provide transportation that is affordable, quiet, and emission-free, starting by disrupting the often-dreaded airport trip.
Right now, the company flies more than 25,000 people annually between Manhattan and New York's JFK airport, at a base price of $195, a sliver of the potential market.
"The highest-friction use cases are where we shine. We're turning 3-hour drives into 5-minute flights," Wiesenthal said.
Blade's growth depends on the availability of EVAs, and local government approval to add landing zones. Blade has already had to adapt to noise concerns that impacted its ability to fly people to the Hamptons. But Wiesenthal believes the company will benefit from being established and as EVAs gain availability and heliports move from city perimeters to city centers.
"The availability of quiet, electric and emission-free aircraft is the great unlock for us," he said. "This technology enables us to dramatically expand the number of locations we can operate from. The only thing stopping us from expanding is noise."
More: Blade Urban Air Mobility Marketing
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2022-07-13T18:27:19Z
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Blade Just Hired Its First CMO As It Seeks to Expand Helicopter Travel
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https://www.businessinsider.com/blade-hired-its-first-cmo-to-expand-helicopter-travel-2022-7
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https://www.businessinsider.com/blade-hired-its-first-cmo-to-expand-helicopter-travel-2022-7
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Police body-cam footage showed David Blair confronting police in a skull-themed neck gator.
A judge said David Blair came to the Capitol "primed for a fight" on January 6, 2021.
Prosecutors accused Blair of shoving police with a lacrosse stick affixed with the Confederate flag.
Blair pleaded guilty in March to a disorderly conduct charge stemming from the Capitol siege.
Carrying a Confederate battle flag attached to a lacrosse stick, David Blair arrived on the Capitol grounds late in the afternoon of January 6, 2021, setting him apart from hundreds of other charged rioters who reached the building earlier in the day.
As a federal judge put it Wednesday, "Yours is a little different case." But Blair came "primed for a fight," Judge Christopher Cooper said.
Blair was sentenced Wednesday to 5 months in prison on a disorderly conduct charge stemming from January 6, when he cross-checked a police officer with his lacrosse stick as law enforcement attempted to clear a lawn outside the Capitol.
Handing down the sentence, Cooper credited Blair for almost immediately expressing remorse for his actions and later pleading guilty to the disorderly conduct charge. But, rejecting Blair's request for a non-prison sentence, Cooper said he "squared off" and "mouthed off" at police officers attempting to protect the Capitol and "cross-checked a guy."
Federal prosecutors recommended that Blair receive an 8-month prison sentence, arguing that he not only pushed an officer with his lacrosse stick but encouraged other rioters to refuse law enforcement's orders to leave the lawn outside the Capitol. During Wednesday's sentencing hearing, assistant US attorney Michael Liebman said the Confederate flag — combined with a skull-themed gator Blair wore over his face — made clear that he was "looking for a fight" on January 6.
In his backpack, Liebman said, was a 4-inch serrated knife and a roll of duct tape. And during a search of his home, the FBI found an AR-15 rifle that Blair had purchased legally in May 2020.
Liebman played police body-cam footage showing an officer contact Blair with a baton as he encourages other rioters not to clear the lawn, yelling, "Quit backing up, quit being scared."
Blair then turned around and cross-checked the officer in the upper chest area, prompting officers to strike him with their batons, causing injuries to his head and body that required hospitalization.
Arguing for a lighter sentence, Blair's defense lawyer argued that Cooper should not consider the lacrosse stick a dangerous weapon. That contention drew an almost incredulous response from Cooper.
"You're telling me a lacrosse stick can't cause serious bodily injury?" the judge asked. "Somebody whacks you over the head with it, they can't seriously injure you?"
Still, the judge acknowledged that the police officer was not injured.
"It is clear to me a lacrosse stick is capable of causing serious bodily injury," Cooper said. "That said, it was not the most serious assault in the world."
Cooper ordered Blair to serve 18 months of probation following his prison sentence.
More: david blair january 6 cases Capitol Siege Capitol attack
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2022-07-13T18:27:25Z
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Capitol Rioter Gets 5 Months in Prison After Cross-Checking Police With Lacrosse Stick
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https://www.businessinsider.com/capitol-rioter-prison-sentence-lacrosse-stick-confederate-flag-january-6-2022-7
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https://www.businessinsider.com/capitol-rioter-prison-sentence-lacrosse-stick-confederate-flag-january-6-2022-7
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Delta Air Lines chartered an Airbus A330 jet carrying 1,000 delayed bags to deliver to customers.
The charter flew from London to Detroit after a regularly scheduled flight was canceled.
US airlines lost, damaged, or delayed about 220,000 bags in June 2022 — a 135% increase from 2021.
Lost luggage is becoming a common headache among travelers this summer.
Over the past few months, airlines have struggled to properly track and deliver passenger bags, with hundreds arriving days late, or not at all.
While the chaos is frustrating, Delta Air Lines is making an effort to return misplaced luggage. On Monday, the airline chartered an Airbus A330 from London to Detroit to deliver 1,000 delayed bags to passengers, the airline confirmed to Insider.
"Delta teams worked a creative solution to move delayed checked bags from London-Heathrow on July 11 after a regularly scheduled flight had to be canceled given airport passenger volume restrictions at Heathrow," a company spokesperson said.
Once in Detroit, the bags were forwarded to customers, who had been rebooked on other flights after the originally scheduled flight was canceled, Delta told Insider. The bags were loaded into the belly of the plane, not in the passenger cabin.
In the US, airlines lost, damaged, or delayed nearly 220,000 bags in June, which is a 135% increase from the same month in 2021, according to the Department of Transportation's Air Travel Consumer Report.
Of the three mainline carriers, American Airlines performed the worst, mishandling about 65,000 bags. Delta mishandled about 45,000 bags, while United Airlines mishandled just under 30,000.
European airports and airlines are also struggling to deliver luggage on time. One customer has been missing his bag for a week after returning home from Australia. After not getting any answers, he bought a cheap ticket just so he could access a restricted area at Dublin Airport where lost luggage was being stored.
Another passenger has waited over 25 days for a lost bag. The luggage, which has important medication in it, has traveled to Munich, Athens, and Venice so far, but is still missing.
European airline Icelandair is testing a unique system to better manage luggage transfers. Specifically, the carrier is flying its own ground handlers to Amsterdam to help load and unload baggage, Iceland-based news outlet Ríkisútvarpið (RUV) reported.
More: Delta Air lines Icelandair lost luggage Travel
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2022-07-13T18:27:37Z
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Delta Chartered Airbus A330 Jet to Deliver Delayed Bags to Customers
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https://www.businessinsider.com/delta-chartered-jet-to-deliver-delayed-lost-bags-to-customers-2022-7
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https://www.businessinsider.com/delta-chartered-jet-to-deliver-delayed-lost-bags-to-customers-2022-7
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Ultrafast-delivery startup Getir raised almost $2 billion. Insiders say it paid workers under the table, wrote checks that couldn't always be cashed, and shorted employees on payday.
Alex Bitter and Sindhu Sundar
Getir entered New York City in early December after launching in Chicago the month before.
The rapid-delivery startup Getir is shorting employees' paychecks, employees told Insider.
There are also signs that the company hasn't reported some employees' pay to state tax authorities.
Legal experts say the situation could present problems for Getir in Illinois.
The rapid-delivery startup Getir has raised almost $2 billion. But employees say the company has come up short on payday and resorted to sketchy methods to get them their earnings.
The reports come as Getir was also named as a defendant in at least one lawsuit, in which former Getir employees claim the startup forced them to do unpaid work and didn't keep proper records of their hours.
Employees told Insider in June that after it started its US operations last November, Getir used Cash App , Zelle, and handwritten checks to pay employees who packed and delivered grocery orders at its stores.
Six current and former Getir employees told Insider the problems are much broader, suggesting that Getir's practices have kept workers and even the government in the dark about how much workers earned. They requested anonymity because they were not authorized to speak to the press or they feared career repercussions, but their identities are known to Insider.
Langston Dugger, Getir's head of US operations, said in a statement provided to Insider that the company pays the "utmost attention to being fully compliant with all applicable laws and regulations."
"Our intention is always to resolve any isolated claims regarding pay or schedule discrepancies as quickly as possible, whenever they are brought to our attention," Dugger said in the statement. "We acknowledge the very human aspect of our business which could lead to human errors from time to time, but we go to great lengths to treat all our employees with the respect, dignity, and compensation they deserve.
"Getir values our people, as evidenced by the fact that we fully employ all team members as hourly or salaried, W-2 employees who earn health benefits and retain 100% of their tips."
Getir is one of several ultrafast-delivery companies that have set up shop in the US recently, along with Gopuff, Gorillas, Jokr, Fridge No More, and Buyk, though the latter three ceased US operations earlier this year.
In May, Getir, which is based in Turkey, laid off 14% of its global workforce, or about 4,480 people, citing "rising inflation and the deteriorating macroeconomic outlook around the world," TechCrunch reported.
'Living paycheck to paycheck'
Getir's trouble paying employees started when the company launched its US operations in Chicago.
In Getir's stores, the company primarily relies on Cash App and Zelle to pay workers. It has also used handwritten paper checks, but some employees said they had trouble cashing them.
Currency Exchange, a Chicago chain that provides check-cashing services and is frequented by Getir employees, has stopped accepting the company's checks, said two former employees, one of whom tried to cash a check. Currency Exchange did not respond to requests for comment from Insider.
That's a major setback for many of Getir's employees. "They're living paycheck to paycheck," a former employee said, adding that many did not have a bank account to deposit a check into.
An unwelcome change to measuring hours worked
This spring, Getir changed how it tracks the people who pack and deliver its orders.
Previously, packers and couriers clocked in and out for their shifts, former employees said. Then Getir switched to a different system: Employees use an app called MDU on a company-provided smartphone to mark themselves as "available" once they're ready to start working on an order and "busy" when they are doing something else.
Three former employees told Insider that employees are were paid for the time they spent completing an order but not for "busy" tasks, which could include preparing to take an order once they arrived at work or repairing a bike that broke down on the street.
"You're not paying them for the time that they take to get ready," one of the employees said.
Former employees also told Insider that MDU, unlike the previous system, doesn't allow employees to see how many hours they've worked. That means Getir's workers have to wait until payday to figure out how many hours they're being compensated for. "It's being tracked through the device, and it's not something I can manually correct myself," one former employee said.
Employees told Insider that when they find that Getir paid them less than they expected or didn't pay them for all the hours they worked, they can ask their managers to file a correction request.
One former manager who oversaw employees in a Chicago store filed such requests each week but never received a response from management.
"It was literally a dead end," the former manager said.
Federal and state laws protect workers' rights to seek information about their wages
Under Illinois wage and hour laws, companies must log the time employees work and explain any wage deductions clearly, said Michael LeRoy, a professor at the University of Illinois Urbana-Champaign's School of Labor and Employment Relations and College of Law.
Employers must be able to provide those details to employees, he said.
Workers who believe their employers aren't properly tracking and informing them about their wages can file complaints with the Illinois Department of Labor, which can determine whether to pursue an enforcement action. No current or former employees Insider spoke to have filed claims against Getir, and it's unclear whether other Getir workers have filed any such complaints.
While there is currently no evidence Getir ever did so, in Illinois it's also a violation of the state statutes for employers to retaliate against workers for asking questions about their wages, said Richard Gonzalez, a professor at the Chicago-Kent College of Law.
"The thinking is that you want to encourage these people to ask questions to their employers without the company getting mad at them," he said.
If enough workers find they have similar complaints against an employer, they could also pursue collective legal action, LeRoy said.
Last week, three workers sued Getir in federal court in Brooklyn, saying they were asked to work through their meal breaks and stiffed on overtime pay. All were formerly packing workers at Getir's grocery stores in New York City, making roughly $15 an hour.
They alleged that they consistently had to work outside of their schedules without being paid for it. That meant they worked enough unpaid time that it dragged their actual hourly wage below the $15 minimum required in New York City, they said.
The workers also alleged that Getir didn't give them wage statements or properly log their work hours. Their suit brought claims under the federal Fair Labor Standards Act, which governs overtime and minimum-wage practices, as well as New York laws. They also sought to represent groups of other workers who have worked at Getir in recent years.
"Getir has not been served with a complaint in this matter and therefore hasn't had the opportunity to review the claim," a Getir spokesperson said in a statement emailed to Insider. "We work to ensure all our employees are paid appropriately based on federal and state wage and hour laws."
'They did not report any of my earnings'
Some workers who were laid off by Getir in May said they found it difficult to collect unemployment.
Two former employees told Insider that when they tried to file for unemployment benefits, state authorities told them on the phone that the unemployment office had no record of the workers' employment with Getir.
"I decided to apply for unemployment benefits just to get me over the hump and I can confirm that they did not report any of my earnings to the government," one former employee said.
The Illinois Department of Employment Security declined to comment on specific cases, stating that "unemployment insurance information regarding both claimants and employers is confidential and cannot be shared."
Another former employee said Getir's pay issues suggested the company was focused on growth instead of addressing operational issues including pay.
Insider previously reported that Getir planned to open stores in new cities, such as Miami and Milwaukee, in 2022. Those plans are now on hold.
"I get it, you want to hit the ground running," the former employee said. "But you also want to make sure that the stores you already have are working 100%."
More: Big Box Fast Food Getir
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2022-07-13T18:27:49Z
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Getir Employees Say Rapid-Delivery Startup Is Shorting Workers on Pay
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https://www.businessinsider.com/getir-employees-pay-rapid-delivery-startup-shorting-workers-2022-7
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https://www.businessinsider.com/getir-employees-pay-rapid-delivery-startup-shorting-workers-2022-7
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There's only a few hours left of Amazon Prime Day 2022, but there are plenty of deals left to shop on small appliances. Top brands in the ever-popular air fryer industry, including Ninja, Instant Pot, Philips, and more, have discounts on Amazon and competing retailers like Target.
Across a range of price points and features, we found the most worthwhile discounts on our favorite models and brands below. Right now, our picks for the best overall, the Philips Premium Digital Air Fryer, and the best multi-tasking air fryer, the Instant Pot Duo Crisp are on sale. For more details on how various air fryers did in our tests, visit our air fryer guide.
With its 5.8-quart basket, the Cosori Air Fryer Max XL has enough space to feed a whole family. Its 11 one-touch presets range from seafood and steak to bread and dessert. Right now, it's $99, a great deal.
This air fryer is the slightly larger (2.6-liter) version of our favorite budget air fryer, the Dash Compact, but otherwise has the same specs and features: simple design, even cooking, adjustable temp control, and auto-shutoff. This isn't the biggest discount we've ever seen on the model, but a solid one if you're in the market for an air fryer.
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2022-07-13T18:27:56Z
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www.businessinsider.com
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Best Amazon Prime Day Air Fryer Deals 2022: Ninja, Instant Pot, Cosori
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https://www.businessinsider.com/guides/deals/amazon-prime-day-air-fryer-deals-2022-7-13
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https://www.businessinsider.com/guides/deals/amazon-prime-day-air-fryer-deals-2022-7-13
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The 19 most popular items Insider readers are buying during Prime Day, from discounted gift cards to Kindles at all-time-low prices
These are the 20 products readers have bought the most during Amazon Prime Day 2022 so far.
Amazon Prime Day 2022 is in full swing (it ends at 11:59 p.m. PT on July 13), and we're seeing all-time low best deals on products like Apple watches and Roomba vacuums.
Below, you'll find the sales our readers have shopped the most so far. By a wide margin, the most appealing discount is Amazon's Prime Day gift card deal — which is unsurprising, because it's basically free money — but the list ranges from practical home essentials to new tech.
We'll update this list as the day goes on, but, in the meantime, use our roundup of the best Prime Amazon Day 2022 deals to maximize your shopping; our team of experts is updating it every hour.
Here are 19 of the items Insider readers are buying the most during Amazon Prime Day 2022:
Getting $12.50 back after spending $50 or more on an Amazon eGift Card
According to our readers, Amazon Prime Day's best deal is, unsurprisingly, free money. Gift cards to companies such as Amazon, Airbnb, Grubhub, and more are 25% off. Additionally, with the purchase of a $50 Amazon gift card, Prime members get a $12.50 promotional credit with the code "EGCPRIME22" at checkout. Read more about the Amazon Prime Day 2022 gift card deal here.
Reloading an Amazon gift card to get $12.50 back
Readers are also taking advantage of the $12.50 promotional credit by reloading prior Amazon gift cards and using the code "EGCPRIME22" at checkout.
The latest, fourth-generation Echo Dot is redesigned into a new, spherical shape. The smart speaker can play music, set timers, and perform all sorts of other tasks.
Sengled Color-Changing Smart Light Bulbs
Sengled's smart color-changing light bulb is significantly more affordable than bulbs from big names like Philips — even without a discount.
Bounty Quick Size Paper Towels (4-Pack)
Bounty Quick-Size Paper Towels manage to be both tough and delicate at once, suitable for scrubbing the floors or cleaning sensitive objects. Without a discount, they typically cost around $23.
AirPods Pro are the premium version of Apple's best-selling earbuds, adding noise-canceling technology and silicone tips for a softer in-ear fit.
The Casper Original Pillow offers the loft and support that side sleepers need but with the soft and fluffy feel of a down alternative. Readers are taking advantage of all-time low prices on both the standard- and king-size.
All Health Flexible Fabric Adhesive Bandages Variety Pack
These first-aid bandages are flexible and strong — and they're over 40% off right now.
The Fire TV Stick 4K is designed to be 40% more powerful than Fire TV Stick 4K . It also adds Wi-Fi 6 support. This Prime Day deal is an all-time low price.
Charmin's soft toilet paper is absorbent and cushiony. It's usually on sale for around $27, so you can save a few bucks if you're stocking up.
EXPO Low Odor Dry Erase Markers with Chisel Tip (12-Count)
These chisel-tip Expo markers are good for broad or fine writing and are designed to have a less intense smell. This pack includes colors that range from black and green to pink and lime. This is a couple of dollars more than the lowest price we've seen.
Time and again, the Lifestraw is a huge hit on deal days like Prime Day and makes the list of the top items purchased by our readers each year. Right now, it's at the lowest price we've seen all year — a 63% discount.
FIXSMITH Microfiber Cleaning Cloth (8-Count)
These soft, non-abrasive cleaning cloths are safe for use on home appliances. dinnerware, cars, mirrors, and more. They're highly absorbent, long-lasting, and low-maintenance. Right now, they're over 40% off.
Crest 3D Professional Effects Whitestrips Kit (22-Count)
The classic 3D Whitestrips take only 20 days of use to complete a full treatment and also come with two sets of "1 Hour Express" strips for more last-minute whitening sessions. Right now, you can take 35% off the price of a box.
The Kindle allows you to download countless books straight to your device. This model has a front light that makes it better suited for nighttime reading. Down to $45 for Prime Day, this is an excellent deal and a new all-time low for this version.
Best home and household deals
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2022-07-13T18:28:14Z
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www.businessinsider.com
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The 19 Most Popular Products You Bought During Prime Day 2022
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https://www.businessinsider.com/guides/deals/amazon-prime-day-most-popular-products-2022-07-13
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https://www.businessinsider.com/guides/deals/amazon-prime-day-most-popular-products-2022-07-13
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Prime Day 2022 wraps up later today, and we're already seen deep discounts on products we regularly buy and recommend at full price. Many of the best deals are under $50 and every deal in this post is a stellar one. But just for fun, we went ahead and ranked the deals based on the rarity of the discount and the utility of the product. Read on for our rankings.
The best Prime Day deals under $50, ranked
20. amFilm Tempered Glass Screen Protector for Nintendo Switch
Coming in on the lowest ranking of under $50 deals that are still great is this glass screen protector that every Nintendo Switch owner should have. It'll help keep your screen from getting scratched or damaged beyond repair. While this is a great price on a gaming staple, it's not applicable to everyone and the overall savings are much lower compared to other deals in this list.
19. Frida Mom Adjustable Nursing Pillow
This is the lowest price we've seen on a pillow we love for breastfeeding; in fact, we almost never see discounts on this nursing pillow. You can add or remove layers to find the right height from lap to latch — adjusting as they grow up. The deal is obviously not applicable to everyone, so it earns a respectable but lower spot in our rankings.
18. Amazon Kindle Unlimited Subscription
This $4.99 for four months deal on Kindle Unlimited is well worth it if you enjoy reading new titles on your Kindle, since you'll gain access to over 2 million titles. That said, Kindle Unlimited is primarily a boon for genre readers; you won't find a ton of trendy best sellers on the app, making this a respectable, but lower-ranked deal on our list.
17. Luna Controller
Not everyone plays video games, and not all gamers use Luna, Amazon's cloud gaming service. But for those that do, this is a steal of a deal on a wireless controller. It's at its lowest price ever, earning it a lower-tier spot in our ranking.
16. Roku 4K
Roku lets you bring streaming capabilities to your TV. While this is a great discount, it's one we see matched around the holidays, making this a solid deal for the lower rungs of this ranking.
15. Battlefield 2042 for PlayStation 5
Taking place in the year 2042, Battlefield 2042 is a futuristic first-person shooter. With an in-depth story mode and incredibly fun online multi-player, it's well worth the $20 price on sale. Since we don't normally see deep discounts on Playstation 5 games, this earns an easy place in the middle of our rankings.
14. Laneige Lip Sleeping Mask
Skincare: so hot right now. Our readers are loving this 30% discount on Laneige's ultraluxe lip mask. We think this one has broad appeal, so it's going in the middle of our rankings.
13. Lodge Cast Iron Skillet
You can make warm, gooey chocolate chip cookies in almost any decent baking dish, but a cast iron skillet is a way for you to take your cookies to the next level. We've seen the price dip a bit lower on this Lodge skillet, but you're still saving 33% on an already affordable pan. A solid contender for middle rankings on this list.
12. Legend of Zelda: Breath of the Wild
Breath of the Wild isn't just one of the best Zelda games, it's one of the best games in years, period. This game's price usually stays the same, still retailing for $60 years after release, but right now it's down to $40, giving it a key spot in our ratings.
11. Braun immersion blender
This little handheld tool can blend almost as well as the most powerful full-sized blenders, plus it cleans up much, much faster. We almost never see it deviate from its standard price so this is a rare (and deep) discount, earning it a solid middle ground on this list.
Breaking into our top 10 is the Amazon Fire TV Stick, one of the most affordable ways to turn any TV into a smart TV. This particular model supports 4K Ultra HD streaming . It's currently $25, an awesome discount of this popular device.
9. Crest 3D Whitestrips
We're all getting back into the swing of social events post-pandemic, and I don't know about you, but my oral care was less than stellar during lockdown. $30 is a solid discount for teeth whitening strips, and a popular deal with our readers. A solid middle slot, for sure.
If you don't need a smartwatch or can't afford one, the Halo Band is an affordable alternative that can be used to monitor steps, heart rate, sleep time, and sleep tracking. Prime Day savings are bringing it to an all-time low, making this an awesome deal with a well-deserved middle spot on this list.
7. Revlon One-Step Hair Dryer and Volumizer
A darling of the internet, the Revlon One Step is a game changer for those with a lot of hair to take care of — it lets you dry, style, and add volume to your hair in, well, one step. We often see it dip to this price on big deal days, but it remains a great discount to take advantage of. It earns a middle spot on this list because we expect to see the discount come back around during the holidays.
6. Vital Proteins Collagen Peptide
We could all use a little more protein in our life, right? During Prime Day, may of Vital Proteins' supplements are on sale for 35% to 45% off — prices we don't see often. A rarely-discounted brand + tasty product + and huge deal places this one high up in our ratings.
Seems only fitting that the #5 spot goes to the Echo Show 5, one of Amazon's most exciting devices that lets you watch videos and call loved ones. Getting this all-in-one smart hub for under $50 is a stellar deal, which is why it graces the top of our list.
Amazon's Kindles have been on mega discount during Prime Day, and its most basic model (called simply "Kindle") comes in just under $50 with the discount. This is currently the lowest price we've seen on this Kindle, and a must-buy if you're e-reader curious.
3. AquaSonic Black Series Ultra Whitening Toothbrushes
Oral care: so important, such broad appeal. Everyone should brush their teeth. This toothbrush packs a powerful 40,000 vibrations per minute, and is highly capable of getting your teeth clean. It also comes bundled with eight replacement heads. An awesome, high-ranking deal anyone can take advantage of.
2. Bounty Quick Size Paper Towels (4 Pack)
A staple of most households, paper towel deals are incredibly popular with our readers. Many of you picked up this deal for Bounty Quick-Size Paper Towels, which often cost around $23. This deal is a great combination of a stellar product, solid discount, and wide appeal, earning it a top spot in this list.
1. Casper Sleep Essential Standard Pillow
We're fans of Casper's pillows; we ranked the Original as the best pillow for side sleepers in our buying guide to the best pillows you can buy and we've never seen a deal this steep on it. Not to mention, it's been one of the most popular deals with readers this Prime Day. For those reasons (and the fact that everyone sleeps, and thus, needs a pillow), this is our number one deal under $50 for Prime Day.
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2022-07-13T18:28:34Z
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www.businessinsider.com
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The 20 Best Amazon Prime Day Deals Under $50, Ranked
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https://www.businessinsider.com/guides/deals/best-prime-day-deals-under-50-2022-7-13
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https://www.businessinsider.com/guides/deals/best-prime-day-deals-under-50-2022-7-13
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Anthony DiNardo
This barn-find Buick Reatta was covered in 22 years of mold, and the interior smelled terrible.
Brent Dicesare from WD Detailing walks us through the process for removing thick mold.
He uses a variety of tools, including a pressure washer, foam cannon, vacuum, brushes, and steamer.
Brent Dicesare: Hi my name is Brent Dicesare, I'm one half of WD detailing. Today we're going to be cleaning a really moldy Buick Reatta that sat outside for over 22 years.
The owner took me into his backyard and said that he had a ton of cars and as soon as I saw this one specifically, I knew we had to do it.
When we opened the doors the first thing that we found was a ton of mold and what looks like a mouse nest beginning to form. All and all this car smelled absolutely horrendous and it was just disgusting. When a car is outside for that long untouched, and it doesn't get washed, this is what happens after 22 years.
The first thing that we're doing is working on the engine bay and that means getting rid of all of the leaves and anything that piled up over the years in the jamb of the bay. After that we went ahead and used the pressure washer and degreaser on it.
Usually when you're pressure washing an engine bay you don't have to be too worried about anything getting damaged as long as you're keeping a good distance from all the components and you disconnect the battery. There wasn't gonna be any electrical current running through this car anytime soon so that was not an issue whatsoever.
And after we finished the engine bay we moved on to the wheels. When cleaning the wheels the first thing we'll do is pressure wash them off just to get a cleaner surface and then we'll spray our wheel and tire cleaner on them and use a couple different brushes to get into the wheel crevices and on the face of the rim, and then behind the rim, and in the barrel. And after that we'll spray everything away leaving a really clean wheel.
Now we're getting ready to pressure wash and clean the outside of the car. We wanted to use our paint safe degreaser first to loosen up all of the mold and grime before we actually took a pressure washer to the surface and then we started pressure washing which is by far the most satisfying part of any detail that we do. So our process with pressure washing, we always like to try to work from top to bottom. So the first thing we did was the roof. We went to the hood after that and then the sides, and then the rear. Watching the pressure washer go in straight lines taking away those years of grime just feels so good inside, I can't even explain it.
Then after having all that pressure washed off, we'll go ahead and spray the entire car down with our foam cannon. So here we're using the foam cannon and the reason for that is because after pressure washing the car there is still grime and dirt left on the surface of the paint and the foam cannon really just helps add more soap to the paint then putting soap in a bucket would. And when you're washing the car off with microfiber mitts it makes it easier to do and quicker.
After we wash it off we spray the ceramic spray just to give it some protection before moving on to the interior.
The door jambs on cars like this are really disgusting and you can't get everything out just by using a towel, so using the pressure washer can get into those spots where the towel and some sprays won't.
So in our first round of vacuuming we knew that this car was really bad so we weren't gonna get everything, so we definitely knew we were going to need to use the drill brush and extractor later on.
This area looks like mice made a nest and they were both leaving their droppings behind and also bringing some food or different materials from the inside of the car they could find. We were able to vacuum that up and actually get it pretty clean.
When we work on doors that have leather or vinyl or anything like that, we're pretty much using the same process, especially when they're covered in mold. The first thing we'll do is use Triclean which is a cleaner that kills 99.9% of bacteria. We'll spray it all over the leather and then we'll use soft bristle brushes and sometimes a steamer from a distance just to kill the bacteria and kill the mold, and then we'll wipe it away. We'll spend a decent amount of time on each section of the car to make sure that we get it really clean before moving onto the next one. We repeat the process with the steamer and the Triclean throughout the entire interior including the steering wheel which was covered in a very thick layer of mold worse than any steering wheel we've ever seen.
So what we're using is the Tornador, and that's pressurized air and it's used to dry it off and also blow out any product that could be in the cracks or anything like that.
Older leather can definitely be tougher to work with because if mold sits on it for a long time it can damage it, it can remove the dye, and you also have to be really careful with the steamer because if you spend too much time in one area or you get too close it can definitely damage it.
When you're cleaning the interior components like the buttons and anything that has electrical current that eventually will go to it, these cars aren't gonna run for quite a while they need a lot of work, so it's OK if a little bit of cleaner gets into them. And as long as you use the Tornador to blow out any excess cleaner, then you should normally be fine.
And after we clean the interior components, we'll go ahead and focus on the carpets. The first thing we'll do is spray our extractor soap into the carpet and get it wet. Then we'll use the drill brush to agitate it into the fibers of the carpet to help release any stains or any dirt that's in there, and then we'll use the extractor to suck that all away.
And after the interior it's completely cleaned with the leather and the vinyl, we'll go ahead and use a leather conditioner that way it can bring back the softness and the suppleness. It also leaves it with a nice shine.
And then some of the final things that we do to the car is clean the windows. We add a tire shine to give the car those finishing touches so when the owner actually sees it, it gives that wow factor.
All and all this detail probably took us around 12 hours over the course of one day. And just looking over the final result of the car we couldn't have been happier with the way it turned out. Even though there was some damage to the exterior with the paint, everything else absolutely was fantastic.
My favorite part about making these videos is the satisfying content, a lot of people find that it helps their OCD , their anxiety or their depression . And that's the biggest thing to me because I struggle with anxiety myself. So if I'm able to help others by posting this content, that's the biggest win for me.
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2022-07-13T18:28:40Z
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How 22 Years of Mold Is Deep Cleaned Off a Barn Find Car
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https://www.businessinsider.com/how-22-years-of-mold-deep-cleaned-barn-find-car-2022-7
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https://www.businessinsider.com/how-22-years-of-mold-deep-cleaned-barn-find-car-2022-7
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My husband and I made $200,000 in revenue last year on Poshmark. Here's how I went from working at Bath & Body Works to reselling full time.
Lindsay and Ryan Esbjerg.
Courtesy of Lindsay and Ryan Esbjerg
Lindsay Esbjerg is a full-time shoe reseller on Poshmark with her husband, Ryan.
They love working on their own schedule and have sold $775,000 worth of shoes since 2017.
Here's her Poshmark journey so far, as told to writer Perri Ormont Blumberg.
This as-told-to essay is based on a conversation with Lindsay Esbjerg, a 32-year-old Poshmark reseller in Portland, Maine. It has been edited for length and clarity.
I resell shoes on Poshmark full time under the closet name "RNZY," which is my husband, Ryan's, and my name combined. We currently have more than 150,000 followers on the platform, 2,200 active listings, and we average 500 sales a month on Poshmark. We make a profit of six figures a year and have made almost 19,000 total sales.
From 2013 to 2015, I worked as a Bath & Body Works store manager in Burlington, Vermont. After moving to Maine in 2015, I began managing sales and marketing for a small family-run business repurposing used sails into handbags.
In June 2017, I parted ways with the family business and began my reselling journey with Ryan. I'd sold a few household items at the time, but nothing significant. I was looking for a way to make money on my own schedule. Ryan left his job at the Marriott in Portland to take this on with me full time.
We spent the first few months selling anything we could find in our house on Facebook Marketplace
We sold clothes, shoes, coffee makers, candles, and more, hand-delivering goods within 50 miles of Portland.
In September 2017, we started selling on Poshmark. We'd seen people on Instagram using it and thought it would be a great marketplace to try. We sold shoes and clothing, but we quickly niched down to exclusively shoes. We both realized that we enjoyed the entire process of selling shoes — sourcing, cleaning, photographing, listing, and shipping. All the other items we sold were profitable, but we just didn't enjoy the process as much.
Lindsay and Ryan Esbjerg cleaning the shoes.
We find shoes to sell in thrift stores like Goodwill, Savers, Salvation Army, and Plato's Closet all around New England. Ninety percent of the shoes we sell are gently used, but occasionally we do find some unworn pairs at thrift stores.
Poshmark is easy to set up and easy to use, and within a couple of months it became our No. 1 grossing platform. In 2021, we made $218,000 in sales on Poshmark. Our total sales since we started are more than $775,000. Poshmark does take a fee of $2.95 for sales under $15 and 20% of sales over $15. Facebook Marketplace also takes a 5% fee. On average, we make four times the money we spent on each pair after fees and shipping costs.
In the beginning, we were making enough to pay our bills and slowly grow
We set aside the money we needed for bills and reinvested everything else. This allowed us to grow quickly while also covering all our expenses. When starting out, one of the biggest challenges was budgeting how much to spend on inventory and how much to save for living expenses.
Ryan and I quickly found which parts of the business we each excelled at. We both travel around New England purchasing shoes at thrift stores, but Ryan primarily handles the cleaning and photography while I do the listing and accounting. We both package and ship the shoes together every morning, and we work out of our home in our basement and garage.
We now have four employees who clean the shoes and photograph them. We hired our first employee three years ago. None of our employees work for us full time — they all work on their own schedule a few days a week.
Shoes ready to be sold.
We share other users' listings occasionally, but we don't join Posh Parties. We don't do any extra marketing besides sharing our own listings and sourcing shoes that people want. One aspect of Poshmark we wish we could improve is having to share all our listings to the feed every single day to get more eyes on them.
I enjoy the tools Poshmark offers, like bundling items together so the buyer can save on shipping costs. Another tool I like is that buyers can "like" pairs of shoes by pushing a button on the listing, which lets me know to send a discounted offer to the buyers who have chosen to "like" each pair. We do this weekly.
We began reselling as a way to have more time and freedom
Their basement workspace.
We didn't want to have to ask someone for time off or have anyone else scheduling our days. We work when we want to work.
On an average day, we wake up, take care of our daughter, and walk the dog. Then we both package orders from the previous night. I'll get some pairs listed while Ryan prepares shoes to drop off to our employees, who clean and photograph them.
We then go for a longer walk around a local bike path. This is the type of activity that makes us love reselling. We can get up from whatever we're doing during the day and get outside. In the afternoons, Ryan and I do a dropoff and pickup with our employees and our workday typically wraps up by 4 p.m.
Here's my best advice for selling on the platform
Lindsay and Ryan Esbjerg with shoes ready to ship.
One piece of advice I'd offer to a new Posher is to really focus on the quality of your listing. Make sure to take well-lit photos of items, write thorough descriptions, and use market-value pricing. We look up what the shoes have sold for previously on Poshmark. (We search for the pair of shoes on Poshmark and select "sold items." Then we can see what the recent sale prices were.) The price we list has nothing to do with retail. Some pairs get listed over retail, some under — it's all about what the value for that specific pair is, which is easy to figure out by looking at previous sales.
It's important to use a photo of yourself on your Poshmark profile. You want to build trust with buyers so they know exactly who they're purchasing from. We get positive reviews by being honest with our listings, carefully packaging each pair, and shipping rapidly. I personally love using Poshmark for the seller protection they offer and the transparency with the selling fees. If there are any issues with the shipping, like packages getting lost, Poshmark handles the cost so neither the buyer nor the seller is penalized. Poshmark also ensures that buyers can't return items for issues that are out of the seller's control, like shoes not fitting the buyer.
Keep track of everything so you know what's working and what isn't within your business. When Poshmark introduced the "Closet Insights" tool, which provides a comprehensive breakdown of sales and inventory data, it made this much easier. We've been using Google Sheets since day one, and we log every pair of shoes in it, including brand, size, style, color, and buy cost. Additionally, we use Quickbooks to track mileage, our expenses, and our income.
Last, but not least, set aside money for taxes as the year goes on so your business doesn't get shocked when tax season rolls around. Self-employment tax is typically between 15% and 20%.
Are you a successful Poshmark reseller and want to share your story? Email Lauryn Haas at lhaas@insider.com.
More: BI-freelancer Poshmark Reselling
Used Clothes
Posh Parties
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2022-07-13T18:28:52Z
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I Made $200,000 Last Year Selling Shoes on Poshmark With My Husband
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https://www.businessinsider.com/i-made-200000-last-year-selling-shoes-poshmark-with-husband-2022-7
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https://www.businessinsider.com/i-made-200000-last-year-selling-shoes-poshmark-with-husband-2022-7
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Icelandair is flying its own baggage handlers to Amsterdam and back to help load and unload luggage
European carrier Icelandair is flying its own baggage handlers to Amsterdam to help load and unload luggage.
A company spokesperson told Iceland media outlet RUV that the new system is working well so far.
The move comes after airlines and airports struggle to successfully track and deliver bags this summer.
European carrier Icelandair has found a unique way to better manage customer luggage.
Airports in Europe, like London's Heathrow Airport and Amsterdam Airport Schiphol, have been battling huge volumes of passengers this summer. High demand coupled with staffing shortages has caused major operational issues, particularly when it comes to handling luggage.
Amsterdam has been one of the worst-hit airports, having been forced to impose a passenger cap to better manage the volume. Heathrow implemented the same policy on Tuesday.
To better manage the problems in Amsterdam, Icelandair has started sending its own baggage handlers on flights to Amsterdam to help load and unload luggage, Icelandic public broadcaster Ríkisútvarpið (RUV) reported.
Airline spokesperson Ásdís Ýr Pétursdóttir told RUV that the company took the initiative as a way to reduce delays caused by slow baggage transfers.
"Since last Friday, we have added two bag handlers to our crew to Amsterdam to speed things up and keep planes on time," they said.
According to RUV, Icelandair had bag handlers on all flights to Amsterdam on Friday, Saturday, and Sunday, and the system has worked so far. The program will be continued for the rest of the week but will be re-assessed after, Pétursdóttir said.
"We will have to see how it develops and whether we carry this on, and even maybe to other destinations," they told RUV. "As I say, we are trying to find ways to reduce the effects of these delays and minimize disruption to the journeys of our passengers."
Icelandair did not immediately respond to Insider's request for comment.
Throughout the summer, airlines have struggled to consistently track and deliver passenger baggage, with hundreds of customers saying their luggage arrived late, and, in some cases, not at all.
One customer whose bag was lost for a week after returning home to Ireland from Australia bought a cheap flight so he could access a restricted area at Dublin Airport where lost luggage was being stored.
Another passenger has been waiting nearly a month for a lost bag that has important medication in it. The luggage has traveled to Munich, Athens, and Venice, but the airline has continually failed to keep track of it.
More: Icelandair Travel Aviation Airlines
Schipol Airport
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2022-07-13T18:28:58Z
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Icelandair Flying Baggage Handlers to Amsterdam to Help With Luggage
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https://www.businessinsider.com/icelandair-flying-baggage-handlers-to-amsterdam-help-load-unload-luggage-2022-7
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https://www.businessinsider.com/icelandair-flying-baggage-handlers-to-amsterdam-help-load-unload-luggage-2022-7
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SEC filings show electric vehicle startup Canoo signed 'deal out of necessity' with Walmart, giving away a chunk of the company and the right to work with Amazon
Canoo, Walmart
Startup Canoo said Walmart is buying at least 4,500 of its electric lifestyle delivery vehicles.
SEC filings detail the ways in which Walmart could back out of its vehicle agreement with Canoo.
One analyst said the deal shows Walmart's lack of faith in Canoo's ability to complete the order.
Securities and Exchange Commission filings issued Tuesday indicate electric vehicle startup Canoo might have gotten the shorter end of the stick in its vehicle deal with WalmartSEC filings detail the ways in which Walmart could back out of its vehicle agreement with Canoo.
The two companies said earlier in the week that the retail giant has a definitive agreement to buy at least 4,500 and up to 10,000 of the electric vehicle startup's lifestyle delivery vehicles. The news sent Canoo's stock price soaring.
An 8-K filed with the SEC shows what some analysts and insiders worried about when the news first dropped: Canoo is a lot more dependent on Walmart than Walmart is on Canoo.
As part of the agreement, Walmart has a potentially lucrative option to take a stake in Canoo.
Walmart was issued 61 million warrants for Canoo stock, or about 24% of Canoo's current outstanding shares, at an exercise price of $2.15. 15 million of those vested immediately, making them currently worth around $32 million after Canoo's stock jumped on the news.
The rest of the warrants from the deal will vest quarterly in amounts "proportionate with the net revenue realized" by Canoo from its business with Walmart, until that net revenue equals $300 million.
The move is a "deal out of necessity" for a cash-strapped Canoo, said Gene Munster, a managing partner with tech investment firm Loup Ventures.
"The alternative deal is you don't do it, and you probably start thinking about how you raise more money in this market, which is next to impossible," Munster said. "At this point, the fact that they didn't have to give away the company to get the deal is a win. It's definitely more favorable for Walmart but still positive for Canoo."
A multitude of escape hatches for Walmart
The deal also has many safeguards allowing Walmart to back out of the deal: The two companies have agreed on "reliability measures, warranties, vehicle design and components, delivery timeline and ordering and process terms," and Walmart can terminate the deal if Canoo can't meet those criteria. Given the company ended the first quarter with $105 million in cash, these concerns loom large.
Munster told Insider the SEC filing shows a lack of faith by Walmart in Canoo's ability to complete the 4,500 vehicle order.
"Going from theory to actual delivery – there's a light-year gap there, and everyone knows it," Munster said. "So I think Walmart appropriately designed this for a chance to get out if that doesn't happen."
Multiple current and former employees described Canoo's move as a " Hail Mary" to Insider. But a current employee said while internal pressure increased with the deal, it was "just a matter of time" given it was on Canoo's radar since moving its headquarters to Bentonville, home to Walmart.
Even if the Canoo deal falls through, Walmart's zero carbon emissions strategy won't take a hit. The 4,500 vehicles from Canoo only make up a fraction of the EVs it needs — and it's already working on an order of 5,000 electric delivery vans from General Motors subsidiary, Brightdrop and 1,100 E-Transit electric vans from Ford. Walmart operates one of the country's largest fleets, with 12,000 drivers, 10,000 tractors, and 80,000 trailers on the road, per recent company estimates.
Though the news brought some much-needed hype to Canoo after its stock had long been in freefall, some remain skeptical about whether the startup will have the resources necessary to fulfill the pre-order.
"An order of this size can give the startup a little breathing room, presuming they have enough capital banked to get them into production," Sam Fiorani, vice president of global vehicle forecasting at AutoForecast Solutions, told Insider on Tuesday when the deal was first announced. And, "following this order with a longer-term plan of buyers to fill out the company's target volumes will be necessary, and quickly."
Canoo shut out from working with Amazon
Also pursuant to the agreement, Canoo cannot enter into any deal "involving the design, manufacture, consult, advice, lease, or sale of EVs to" Amazon. That cuts out the possibility of working with a major target customer as Amazon works to electrify much of its own fleet, including an order for 100,000 electric delivery vans from rival Rivian.
Amazon has about an 18% stake in Rivian, but took a $7.6 billion loss on that earlier this year. And that's with an EV startup that has an operational manufacturing plant, has already produced vehicles, and has made deliveries to customers.
Canoo has done none of the above. Its plants in Arkansas and Oklahoma are not yet ready, it has lost significant talent, and it laid off about 6% of its workforce this year, and missed payments to suppliers.
More: Transportation Retail Electric Vehicles
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2022-07-13T18:29:58Z
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Canoo and Walmart Deal Forbids Amazon Work and Includes Stock Transfer
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https://www.businessinsider.com/walmart-canoo-amazon-sec-filings-electric-vehicle-startup-deal-2022-7
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https://www.businessinsider.com/walmart-canoo-amazon-sec-filings-electric-vehicle-startup-deal-2022-7
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Ellen Hoffman/Insider, Amazon
Over Prime Day, our team of expert product testers and editors has been online 24/7, sharing the very best deals and discounts we've found. We're checking deal histories, making sure the current deals are actually better than usual, and only sharing the ones we think are truly worth your time.
But you can't expect us not to shop for ourselves a little while we're covering the best deals for our readers! We're only human. So, I asked my colleagues to share the deals they've personally taken advantage of during Prime Day to help you navigate the madness.
This is a highly curated list full of deals that are still available, purchased by people whose jobs it is to test products and understand quality and value. If there's anyone you can trust to recognize a great product at a great price, it's us.
So without further ado, here are the Prime Day deals we've purchased that are still available on day two:
The Casper pillow
How's your neck feeling? How about your back? Prime Day is high-key one of the best times of the year to refresh your bedding. If you're looking for an easy way to do that, take a look at this pillow from Casper — it's plush but still offers plenty of support. Pro tip: To reduce back and neck pain, try wedging a pillow under your knees or between your legs. It works for me, and it might for you. —Michael Nolledo, executive editor
I second Michael's recommendation! The Casper pillow is a really nice marriage of a regular down pillow and a memory foam pillow, and one of my favorites. You can read our team's full review of it here. —Ellen Hoffman, editor-in-chief
The Coop Home Goods pillow
When I needed to buy new pillows for my bed, my first stop was Lauren Savoie's guide to the best pillows. The Coop Pillow didn't disappoint; it comes with detailed instructions and extra shredded foam filling to help you customize the pillow for your preferred sleep position. —Ellen Hoffman, editor-in-chief
A genius pet hair remover
Pet hair is a constant in the home of any pet owner … or so I thought. This tool is basically magic and removes cat hair with ease from my fabric dining room chairs, couches, and sheets. I can't take credit for this find, though, because I bought it on the recommendation of our senior home reporter Jenny McGrath. Thanks, Jenny! Right now, it's on sale for $7 off. —Ellen Hoffman, editor-in-chief
The best handheld vacuum for pet hair
Black & Decker Cordless Dustbuster (CHV1410L)
My colleagues rave about this vacuum, so I had to get it and see what all of the fuss is about — especially since it's 33% off right now for $40 on Amazon Prime Day. We ranked this product as the best handheld vacuum for pet hair earlier this year. While I don't have any pets, I have a lot of stairs that I can't wait to give a good clean. —Jess Orwig, senior editor
I was also convinced to buy this handheld vac this Prime Day after hearing my colleagues sing its praises! I'm so pumped to put it to the test on all the cat hair in my house. —Ellen Hoffman, editor-in-chief
A variety snack pack
I have a family full of snack eaters, and this looked like a great deal. I've had several of the snacks before, and they balance deliciousness with vague healthiness. I don't like to eat with my coffee, but these will be great snacks when I need something in my belly and don't have time to fix something else. —James Brains, reporter
I reviewed a bunch of e-readers over the past six months, and after obsessively reading on the Kindle Paperwhite, I knew that when Prime Day rolled around, I would be upgrading my basic Kindle. The deal price is so good, and I know that I'll be getting a lot of use out of this new e-reader. —Angela Tricarico, streaming editorial fellow
On the recommendation of my coworkers, I also purchased a Kindle Paperwhite on Prime Day. I got the version with lock screen ads because it was available to ship months earlier, but you can actually pay to remove the ads after you get the device, which I'll do if they really bug me. The Prime Day deal was just too good to pass up! —Lauren Savoie, deputy editor
The Grubhub+ deal
Grubhub+ Monthly Subscription
You don't even have to make a purchase to take advantage of this deal; you just have to be a Prime member. Amazon is giving members access to Grubhub+ for free for a year during Prime Day, a service that includes free delivery and usually costs $10 a month (which is less than what we pay in delivery fees each month). Grubhub+ is a good deal even when it's not free if you order in a lot, but I can't believe we just got to click a button and pay nothing for a year of access! —Sally Kaplan, executive editor
Read more about how Amazon Prime members get free Grubhub+.
I have a handful of Echo speakers throughout my house and find them really useful. I recently bought this cute, pint-sized Echo Dot for my bathroom so I can request whatever tunes I want while I'm in the shower. It's the little things. —Ellen Hoffman, editor-in-chief
An Airbnb gift card
$100.00 from Airbnb
$100.00 from Zola
I travel a lot, so when I saw that there was a Prime Day deal for $20 in Amazon credit with a $100 Airbnb gift card purchase, it was a no-brainer for me. To claim it, you just enter the code BNB22 at checkout. Since I'll be spending money at Airbnb and Amazon throughout the year anyway, this deal felt like "free money" to me. —Lauren Savoie, deputy editor
A bird feeder
Aspects Hummzinger High View Hummingbird Feeder
Mixxidea Metal Tube Bird Feeder
As my dad says, "you know you're getting older when you become obsessed with feeding the birds." That accurately describes my life stage at the moment. During Prime Day, I bought our top-rated hummingbird feeder and a well-reviewed tube bird feeder for all my feathered backyard friends. Bird feeders do triple duty in my house: they feed the birds, which entertains my cat (who loves to watch them from the window), and the birds in turn help deter the flies and mosquitoes. —Lauren Savoie, deputy editor
Folding Adirondack chairs
My husband and I are city slickers who just moved to a new space out in the country. We have a great outdoor space that looks out onto the prairie but no outdoor furniture to speak of. I've always thought Adirondack chairs are comfy and attractive, and they seem to be the highest-quality outdoor furniture you can get without spending a ton of money. We took advantage of this Prime Day sale to snag a pair of folding Adirondack chairs at 20% off. —Lauren Savoie, deputy editor
An extra-large heating pad
This is the best heating pad I've come across, and I should know … I have one in almost every room in my house. This is a fantastic deal for $13 off. —Ellen Hoffman, editor-in-chief
Our favorite budget mattress
Zinus 12-Inch Green Tea Cooling Gel Memory Foam Mattress (Queen)
$559.00 from Zinus
I bought this mattress for my guest bedroom, and my guests compliment me on it all the time. We named it the best budget mattress in our buying guide, and it lives up to the hype. —Ellen Hoffman, editor-in-chief
Our favorite budget pillow
To complete my guest-bedroom setup, I ordered this two-pack of pillows we named the best budget pillows in our buying guide. They're an even better price right now during Prime Day; you can clip a 40%-off coupon and see your discount applied at checkout. —Ellen Hoffman, editor-in-chief
A cult-favorite lip balm
I love Laneige products, so of course, I'm going to take advantage of a rare 30% off their entire line of products. I opted to restock on the lip glowy balm, which feels like the daytime sister to their cult-fave lip sleeping mask. The glowy balm has a slight glossy sheen to it, so in addition to keeping my lips hydrated, it also acts as an alternative to lip gloss. —Angela Tricarico, streaming editorial fellow
A Beyblade battle set
I have an 8-year-old who has been clamoring for Beyblades for the last week. They wanted to use their lemonade stand money to buy some, but I told them to wait until Prime Day. This battle set went on sale for $21. It has everything you need to battle these spinning tops, including a stadium. It arrives tonight, and I look forward to battling! —James Brains, reporter
A Logitech gaming mouse
My friends have been raving about ultralight mice, and this model in particular, for a while now, so with the Prime Day deal down to $105, I had to grab it. It has a longer battery life than my current mouse that's twice the weight, too, so I'm excited to see how it changes my gameplay. —Tiffany Chang, strategic partnership manager
More: IP Deals Amazon Prime Day 2022 Prime Day 2022 Insider Reviews 2022
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2022-07-13T19:58:55Z
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17 Amazon Prime Day Deals Our Editors Bought in 2022
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https://www.businessinsider.com/guides/deals/amazon-prime-day-best-deals-editor-picks-2022-7
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https://www.businessinsider.com/guides/deals/amazon-prime-day-best-deals-editor-picks-2022-7
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This Amazon Fire TV Stick is a steal at $12 — get it now before Prime Day ends
Amazon Prime Day 2022 is officially on — and if there's one thing that Amazon loves to do on Prime Day, it's selling its own devices at the lowest prices of all time. This makes it a great time to shop for Fire TV streaming devices.
Amazon's Fire TV lineup takes care of all your streaming needs, providing easy access to popular streaming services like Netflix and Hulu, TV shows, hit movies, and more. The Fire TV Stick 4K Max is one of our favorite streaming devices and you can find it for $20 off right now.
To take advantage of Amazon's exclusive Prime Day offers, you need an Amazon Prime membership. The subscription costs $139 a year or $14.99 a month and new members can try it out with a 30-day free trial. For more savings, check out these Prime Day deals under $25.
Amazon launched its own smart TVs in fall 2021 and this is the first time we've seen them on sale. The Omni Series boasts features like hands-free Alexa support and video calling along with the latest Fire TV software. This $350 deal price is close to the all-time low of $340 we saw in June.
Amazon uses the term "Fire TV" to describe a lot of different devices but the one thing they all have in common is that they let you stream movies, TV shows, and more. Here's a rundown of the major Fire TV products:
Fire TV streaming devices: These include the Fire TV Stick, Fire TV Stick Lite, Fire TV Stick 4K, Fire TV Stick 4K Max, and the Fire TV Cube. These products connect to your existing TV and give you access to popular streaming services through the Fire TV interface. Most models also include an Alexa-enabled remote with voice controls.
Fire TV smart TVs: Amazon's Fire TV Edition displays are televisions that already have the Fire TV system built-in. You don't need a standalone Fire TV stick or cube — you just need to turn on the TV to find your streaming channels. You can find Fire TV smart TVs in lots of different screen sizes, and some even offer 4K UHD screen quality. They almost all come with an Alexa-enabled remote for voice controls.
If you already have a 4K TV, we think the Fire TV Stick 4K Max is the best option of the bunch. It's worth the extra money for its higher resolution playback and snappier navigation speed. If you think you might buy a new 4K TV at some point, check out the Amazon Fire TV 50" Omni Series, which offers full 4K streaming.
What's the difference between a Fire TV stick and a Fire TV Cube?
Amazon sells two different kinds of standalone Fire TV streaming devices: Fire TV sticks and the Fire TV Cube. They can pretty much do all the same things and stream the same channels, but the Cube is slightly more powerful.
The Fire TV Cube is Amazon's top-tier streaming device. This means that it'll load apps faster and stream in the highest quality (4K UHD). It also comes with an ethernet adapter you can use to connect the Cube to the internet, which is leagues faster than using Wi-Fi.
But while the Cube is powerful, it might not be worth the higher price. If you don't have a nearby ethernet outlet, the Cube's ethernet feature won't mean much. And if all you care about is streaming in 4K, the Amazon Fire TV Stick 4K Max will suit you just fine for almost half the price.
Prime Day is one of the best times of year to buy a Fire TV Stick, Cube, or TV. Fire TV devices tend to be discounted to all-time low prices during Amazon's annual sale.
If you miss Prime Day, check back again on Black Friday and Cyber Monday in November. You'll find great sales popping up then, too.
Spend $50 on Amazon gift cards, get a $12.50 credit
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2022-07-13T19:59:07Z
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The Best Amazon Prime Day Fire TV Stick Deals: Lowest Prices Ever
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https://www.businessinsider.com/guides/deals/amazon-prime-day-fire-tv-deals-2022-7-13
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https://www.businessinsider.com/guides/deals/amazon-prime-day-fire-tv-deals-2022-7-13
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As Amazon Prime Day 2022 winds down, you can still shop sales on the perennial favorite, KitchenAid stand mixer. The gold standard in kitchen appliances, as well as one we've extensively tested, a KitchenAid stand mixer is worth the high price tag. While models and sizes vary, any of the KitchenAids on sale today will allow you to make bread, cookie dough, and more with ease.
KitchenAid makes other small appliances and kitchen items that have the same standard of quality as the mixers. We'll be updating the page with all KitchenAid deals, as well as the best Prime Day kitchen deals, throughout the rest of the event. For more savings across home, beauty, style, and tech, follow our live deal updates here.
The KitchenAid K45SS 4.5-Quart Classic Series Stand Mixer is the ideal mixer for beginner bakers since it's affordable and can handle most mixing tasks. Right now, it's at the lowest price we've seen.
Kitchenaid 5-Quart Artisan Stand Mixer
Our pick for the best overall KitchenAid stand mixer offers 10 speeds, a tilting head, a 5-quart bowl, and a two-piece pouring shield. While it isn't the lowest price we've seen on KitchenAid mixers, it is the first deal we've seen on this model in some time.
KitchenAid Metal Food Grinder
Drastically decrease the time it takes to prep ingredients for your meals by using the KitchenAid Food Processor Attachment to slice, shred, and julienne vegetables, cheeses, and fruits. At 20% off, this is close to some of the lowest prices we've seen on the attachment.
$99.99 $79.99 from KitchenAid
KitchenAid 7 Cup Food Processor
The KitchenAid 7 Cup Food Process (KFP0710) features three speed options and a multi-use disc attachment for slicing and grating. For a limited time, save $45 off its retail price.
Amazon Prime Day is a deal event for Amazon Prime subscribers. If you don't already have a Prime membership, you can sign up for a 30-day free trial to take part in the event.
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2022-07-13T19:59:25Z
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Amazon Prime Day KitchenAid Deals 2022: Save $120 on KitchenAid Artisan Mini
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https://www.businessinsider.com/guides/deals/amazon-prime-day-kitchenaid-deals-2022-07-13
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https://www.businessinsider.com/guides/deals/amazon-prime-day-kitchenaid-deals-2022-07-13
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Best Walmart deals on 50-inch and smaller TVs
Best Walmart deals on 55- and 58-inch TVs
Though Walmart isn't officially holding a competing Amazon Prime Day sale, the retailer is still offering plenty of deals. Shoppers can find especially good discounts on TVs, including 4K sets from Samsung, Sony, LG, and more.
Some of Walmart's deals even beat what you'll find on Amazon, including a 65-inch LG C1 OLED for $1,550, which is $150 less than Amazon's price.
TCL 3 Series 720p HDTV (32-Inch)
Though we don't recommend TVs with HD resolution in larger sizes, this 32-inch TCL 720p TV is a solid fit for buyers who want a small TV for casual viewing. For a deal price of $100, you get a capable smart TV with built-in Roku streaming so you can access all your favorite apps.
Onn. 58-inch 4K Roku TV
Walmart's Onn. TV is a solid entry-level 4K display aimed at shoppers on a budget. Its picture performance can't match what you'd find on a more expensive display, but it offers built-in Roku streaming with support lots of popular services. This $288 deal price is a good value for a TV of this size.
LG’s C1 is one of the best 4K TVs you can buy. The OLED panel delivers incredible image quality with an infinite contrast ratio. Though there is a newer 2022 model, the C2, with a brighter screen, it's hard to beat the value you get with this $1,550 deal price on Walmart. That's $150 cheaper than Amazon's current price.
The U7G is designed with gaming in mind, offering a 120Hz refresh rate and HDMI 2.1 support. Quantum dots and local dimming are supported as well, for up to 1,000 nits of brightness. The 75-inch model is down to an all-time low of $929.99, which is a fantastic price for a TV with these features at this size.
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2022-07-13T19:59:43Z
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12 Best Walmart TV Deals for Prime Day: LG, Samsung, Sony, TCL
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https://www.businessinsider.com/guides/deals/walmart-tv-deals-prime-day-2022-7-13
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https://www.businessinsider.com/guides/deals/walmart-tv-deals-prime-day-2022-7-13
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Marianne Guenot and Morgan McFall-Johnsen
Details the James Webb Space Telescope revealed, thanks to its infrared cameras.
NASA, ESA, CSA, STScI/Insider
Wavelengths of light picked up by the James Webb Space Telescope.
A cluster of new stars appears inside the Carina Nebula, imaged by JWST.
The James Webb Space Telescope's images of the Southern Ring Nebula are in near-infrared (NIRCam, left) and mid-infrared (MIRI, right).
A sideways galaxy is shown on the outskirts of the Southern Belt Nebula in NIRCam.
The galaxy cluster of Stephan's Quintet, as imaged by Hubble (left) and JWST (right).
This galaxy is part of Stephan's Quintet, as imaged by the James Webb Space Telescope.
Clusters of stars appear clearly in this picture taken by the James Webb Space Telescope.
Gas clouds appear clearly in this picture taken by the James Webb Space Telescope.
The gas clouds tell us about the direction of the galaxies.
A close-up of the sky around the galaxies in the Stephan Quintet reveal more galaxies, which are farther away.
This galaxy appears as two spots, but it's actually one galaxy mirroring itself, its light being lensed by the cluster of galaxies in the middle.
This tiny red dot is one of the oldest galaxies ever spotted.
More: News UK NASA James Webb Space Telescope Galaxies
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2022-07-13T19:59:55Z
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James Webb Space Telescope Reveals Hidden Details, Visible in Infrared
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https://www.businessinsider.com/nasa-james-webb-hidden-details-infrared-galaxies-2022-7
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https://www.businessinsider.com/nasa-james-webb-hidden-details-infrared-galaxies-2022-7
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Abigail Disney speaking at "Fire Drill Friday" climate change protest on November 15, 2019 in Washington, DC.
Congress is once again hashing out a reconciliation spending package after previous failed attempts.
However, a surtax on millionaires seems to be knocked out of consideration.
Some millionaires are calling on Congress to tax them more in the new package.
After many false starts and twists and turns, Congress is once again hashing out a spending package to try and pass through reconciliation, where only a simple majority is needed to pass a spending bill. Some of the richest Americans hope it includes a tax hike for them.
In a letter organized by advocacy groups Patriotic Millionaires and Americans for Tax Fairness, over 300 high- net-worth individuals are calling upon Congress to keep a surtax on millionaires' income in their new spending bill.
"Many of us signing this letter would have to pay the millionaires surcharge if enacted. Paying more taxes would not affect our lifestyles, and we have the ability to pay more than we currently do," the 304 rich Americans, including Abigail and Tim Disney, wrote.
"The additional revenue raised by a surcharge on wealthy households like ours would be a major boon to working families, the broader economy and our democracy," they added.
In last fall's Build Back Better framework, the White House and Arizona Senator Kyrsten Sinema — one of two Democrats who withheld the necessary approval on the bill — agreed on placing a 5% surtax on individual Americans with incomes above $10 million, and a 3% additional surtax on those who make $25 million or more. The tax would target just 0.02% of taxpayers, according to the White House, and would raise about $228 billion over ten years.
But Insider's Joseph Zeballos-Roig reported that, according to a Senate Democratic aide, the surtax has been removed from consideration this time around.
"I value our government and the ways it helps us all. I value public transportation and paved roads and sewers and stop lights and clean water and safe food. I appreciate public parks and open spaces. I'm grateful for public school and colleges,"Abigail Disney, a filmmaker, activist, and multimillionaire heir to the Disney fortune, said at a press conference.
"I believe that as someone who has benefited from all of that — more, really, than most people — I should contribute more to its upkeep and preservation for the benefit of my fellow citizens."
What will actually end up in the package is unclear, with all eyes on key centrists Sens. Joe Manchin and Sinema, who have both flexed their power in Democrats' slim majority by squashing different spending priorities.
Sinema has ardently pushed back on tax hikes, helping wipe out tax increases for individual and big companies. Democrats previously had to scrounge around to come up with new tax hikes to offset spending that would get Sinema's stamp of approval. Even Manchin, who's personally helped sink a few iterations of bills, is on board with tax hikes — and has urged her to take another look at it.
"To be clear, I do not feel targeted or victimized by such a tax," Disney said. "I do not think anyone is coming to get me. If I'm being singled out for additional taxes, it's precisely and only because I have the capacity to pay them."
More: Economy Wealth Tax Wealth taxes millionaires tax
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2022-07-13T20:00:01Z
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'Patriotic Millionaires' Ask Congress for Wealth Tax in BBB Spending Package
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https://www.businessinsider.com/patriotic-millionaires-want-wealth-tax-congress-reconciliation-build-back-better-2022-7
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https://www.businessinsider.com/patriotic-millionaires-want-wealth-tax-congress-reconciliation-build-back-better-2022-7
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Before you open a Roth IRA
1. Decide how you want to invest
2. Choose your provider
3. Provide paperwork
After you've opened your account
Roth IRAs are just one type of retirement account that most people are eligible to open and contribute to.
You may not be eligible to open or contribute to a Roth IRA if you make too much money.
If you are eligible, you can open a Roth IRA by defining your investing strategy, choosing a provider, and furnishing any necessary paperwork.
You can invest Roth IRA funds in a variety of security types, like bonds, stocks, and mutual funds.
Roth IRAs are one of the many tools you can use when planning for retirement. These strategic accounts allow you to contribute post-tax earnings and then invest in a wide variety of securities, including stocks, bonds, ETFs and more. Once you retire and begin withdrawing funds, those withdrawals are non-taxable — a nice perk if you're on a limited income or are in a high tax bracket .
If you're interested in using a Roth IRA to build wealth for your retirement, here's what you need to know.
Setting up a Roth IRA is a fairly simple process, but there are a few steps you should take before moving forward with one. The first? Make sure you're eligible — both to open one and contribute to it.
Confirm if you're eligible
Most people are eligible to open a Roth IRA. The only thing you need to qualify is what the IRA calls "taxable compensation" — meaning any earnings subject to federal taxes (even those you get from self-employment). Commissions and alimony payments can also qualify.
If you don't have earned income but have a spouse who does, you can contribute to their account — you just won't be able to open your own.
Make sure your income qualifies
However, you can earn too much overall to contribute to a Roth IRA. If you make more than $140,000 as a single person or $208,000 as a married couple filing jointly, you can't contribute to a Roth IRA at all.
Here's a breakdown of the IRS' current Roth IRA contribution limits:
Quick tip: If you make too much to contribute to a Roth IRA, you can use the backdoor Roth IRA strategy. This allows you to open a traditional IRA or another type of retirement account, contribute funds, and then convert the account into a Roth IRA.
Once you've confirmed you're eligible for a Roth IRA, you'll need to consider what investing strategy you'll want to take. Do you want to be a hands-on investor, choosing your investments and managing your portfolio directly? Or would you rather take a hands-off approach and let the professionals do the work for you?
If you're new to investing or not too keen on research, a robo-advisor can be a smart move. These are online, technology-based solutions that build portfolios based on your risk tolerance, goals, and other data. They come with several perks, like automatic portfolio rebalancing and lower fees.
" Robo-advisor funds are a great way for beginner Roth IRA investors to get access to advisor-managed funds at a low cost," says Adam Bergman, founder and CEO of IRA Financial Group.
If you're interested in a more active approach, a brokerage might be your best choice. With a brokerage, you can build and manage your entire portfolio yourself, usually using an online dashboard or app. It requires more research and investing know-how than other options, and in some cases, may come with higher fees, too. The benefit is there are often more investments to choose from, plus access to real-life investing professionals if needed.
There are many institutions that offer IRAs, including banks, credit unions , online brokerages, mutual fund companies, and financial-planning firms.
When deciding which to go with, consider the types of investments they offer. Are you looking for a target-date fund? Stocks and bonds? ETFs? Every institution will offer something a little different, so make sure you choose one that aligns with your goals.
You should also consider the fees an institution charges — be they maintenance fees, trading commissions or transaction fees. Knowing a provider's required minimum balance is important, too.
Just want the most affordable option? Search for providers who offer no transaction fees, low commissions, and a variety of low-cost investment vehicles, like index funds, for example. Some institutions may even offer sign-up bonuses if you're rolling over a large account balance.
After you've chosen a provider, it's time to actually set up and open your account. This typically requires a little paperwork, but many times, it can be done online. You can also open your account in person with a broker or banker.
The exact paperwork you'll need will vary by provider and choice of funding, but here's a quick glimpse of what you'll typically be asked for when setting up your account:
A form of government-issued ID (driver's license, passport, etc.)
Personal information, including your name, phone number, address, date of birth, and Social Security number
Information regarding your rollover account (if you want to fund the account with money from a different IRA, 401(k), or another retirement account)
Banking information (if you want to fund the account with electronic transfer)
You'll also be asked to provide information on your beneficiaries, or the people who will inherit your IRA if you die.
"The IRA beneficiary form will require the IRA owner to indicate a 'primary' and 'contingent' beneficiary to their IRA in the case of death," Bergman says. "The 'primary' beneficiary is the first party or parties that will receive the IRA upon the IRA owner's death, whereas a 'contingent' beneficiary or beneficiaries would only receive the IRA assets if all the primary beneficiaries are no longer alive."
Quick tip: According to Bergman, the entire setup process should take about a day. If you're rolling over funds from an IRA or other account, expect about a three- to 10-day waiting period before the funds are transferred.
Once your account is up and running, you can begin funding the account and investing for retirement. You will also want to set up a regular contribution schedule to ensure your retirement goals stay on track.
Select your investments
Roth IRAs allow you to invest in all types of securities and financial instruments. As Ami Shah, Certified Financial Planner and co-founder of Steward, puts it, "Unlike a 401(k), you'll have a wide range of investment options. I suggest to clients your investments should match the goals that you're using this vehicle for — in this case, a long-term retirement and an on-time horizon."
Here are just a few of the investments you can choose from:
Stocks, which allow you to purchase ownership stakes in publicly traded companies
Bonds, a form of debt security often considered one of the safest types of investments
Mutual funds, including index funds and target-date funds
ETFs, or exchange-traded funds, which are pools of securities you can buy like stocks
Alternative investments, like real estate, gold, silver, and cryptocurrency
When selecting your investments, you'll want to take into account your risk tolerance and how far away you are from retirement. Generally, the further out you are from retiring, the more risks you'll likely be able to take. Bonds tend to be one of the least-risky investment options, while stocks are a bit more volatile.
You should also be sure to diversify your portfolio. By spreading your investments out across different security types and industries, you protect yourself from major loss should the market change. If you're not sure how to go about choosing your investments or diversifying your portfolio, talk to a broker or financial planner who can point you in the right direction.
Set up your contribution schedule
You already know the contribution ceilings for a Roth IRA, so now it's time to set up a contribution schedule to ensure you max those limits out, if possible.
"The key is to maximize one's annual contributions," Bergman says. "Whether you make weekly, monthly, or yearly annual IRA contributions, the objective should be to make the highest amount of annual IRA contributions."
You can technically contribute to your account (for a single-tax year) anytime before or on tax filing day. So for this year, you'd have until April 15, 2023, to max out your 2022 Roth IRA contributions. Keep this date in mind, and then work backward, determining when you can contribute (and how much each time) based on your budget and household contribution limit.
A Roth IRA can be a valuable tool in your retirement planning arsenal. Fortunately, setting one up — and contributing to one — is fairly simple.
If you need help determining what type of investing strategy, institution, or securities are right for your Roth IRA, talk with a financial planner or broker. They can help you determine the best options for your goals and budget.
More: Rachel Mendelson service graphics Roth IRA retirement account
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2022-07-13T20:00:07Z
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How to Open a Roth IRA in 3 Steps
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https://www.businessinsider.com/personal-finance/how-to-open-roth-ira
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https://www.businessinsider.com/personal-finance/how-to-open-roth-ira
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3 common misconceptions about making money on social media that hold people back from building wealth, according to an expert who made $2 million in a year online
Kendra Y. Hill is a consultant who teaches YouTube influencers how to monetize their content.
Most people think influencers go viral after one video.
It actually takes consistent effort to build a following long-term.
Entrepreneur Kendra Y. Hill started her first business in 2011 after stints working for the US House of Representatives, Google, and the San Antonio Spurs as a marketing and community manager. But working for herself didn't yield the financial results she anticipated until very recently.
After nearly a decade of entrepreneurship, Hill still wasn't building wealth, she tells Insider. "And I realized it was me. It was my relationship with money. I grew up really, really poor and that poverty mindset was following me."
Now, though, after that mindset shift, she's making millions through her consulting business, Kendra Scale My Business, which helps creative entrepreneurs and YouTube influencers monetize their content. Between 2020 and 2021 alone, Hill earned over $2 million in profit, according to records reviewed by Insider. And she's helping YouTubers do the same.
She's learned a lot about making money online both as an entrepreneur herself and from her creator clients, and she says there are three common misconceptions about making money on social media that hold new creators back from building wealth.
1. Influencers rarely achieve overnight success
Most people think that influencers gain overnight success with one viral video, but the truth, Hill says, is it takes a lot more work. "YouTube is a long game." For example, Mitchell Moffit and Gregory Brown, the duo behind the YouTube channel AsapSCIENCE and among Hill's clients, spent the last 10 years building their following of 10.3 million subscribers.
"It's a very tedious process that takes a long time," Hill says about YouTube content creation, "but it does pay you and it pays you while you're not thinking about it."
2. You don't need the fanciest equipment to get started
A lot of people think you need a fancy setup to get started, but that's not always the case. Influencer Tabitha Brown, who makes vegan cooking videos on Instagram, TikTok, and YouTube, says she started out with her iPhone propped up on various items in her kitchen.
Hill herself has a successful YouTube channel that she uses to promote her work as an entrepreneur and stylist.
She says, "Half the videos on my channel were recorded on my phone. If you're gonna spend money on anything, buy yourself some soft box lights and a good tripod. If you don't have the skills for thumbnails, that's why there's Canva. Canva has so many templates for YouTube thumbnails specifically."
3. Inconsistency can stagnate your progress on social media
Hill says it takes consistency and persistence to really make it on social media. Again, people rarely go viral after one video on their channel or platform alone. Hill says she had a mentee who was posting consistently on YouTube for two months without seeing viral success.
She says, "That's what happens. We get disappointed, and my mentee said, 'I only have 250 followers.' I told him, 'When you first started, you had none. You made one video a week, you made eight videos, and you got 250 followers. Let's do the math on that. That's more than 25 people per video.'"
Hill says celebrating your progress — no matter how big or small — makes a huge difference while getting your channel off the ground. She says, "When people get discouraged, they take a month off and wonder why their page ain't growing. That's why your channel's not growing, because you're not being consistent."
At the end of the day, Hill says anybody can be successful on social media if they give it a true, consistent effort. She adds, "There's no barrier to entry to Instagram. Nobody's charging for social media. Social media is free. What couldn't you do on the internet?"
MEDIA How much money Instagram influencers make
MEDIA How Instagram nano influencers make money with under 10,000 followers
MASTER YOUR MONEY A 30-year-old who earned $100,000 in passive income in 4 months by helping other people with money explains how she did it
More: YouTuber youtube influencer YouTube Social Media
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2022-07-13T20:00:19Z
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3 Misconceptions About Earning Money on Social Media
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https://www.businessinsider.com/personal-finance/misconceptions-earning-money-social-media-youtube-instagram2022-7
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https://www.businessinsider.com/personal-finance/misconceptions-earning-money-social-media-youtube-instagram2022-7
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I got laid off at Tesla. Here are the red flags I wish I'd noticed the day it happened.
The former IT employee was laid off at this Tesla factory in Fremont, California in June 2022.
In June, Elon Musk notified Tesla employees about plans to lay off 10% of salaried employees.
A former employee says the morning they were let go, their supervisor and skip-level supervisor were online before 9 a.m., which was unusual.
This as-told-to essay is based on a conversation with an anonymous former Tesla employee, as told to reporter Jenna Gyimesi.
This as-told-to essay is based on a conversation with a former Tesla employee who spoke on the condition of anonymity to protect their career. Insider has verified their identity and employment. The conversation has been edited for length and clarity.
I worked in IT at Tesla for three months before being laid off earlier this month. On my way home from the factory that day I thought, "Wow, that was really messed up." I didn't even get to say goodbye to any of my coworkers.
And then I thought about all the hiring freezes in tech and started worrying about how I'm going to get another job.
I recalled the scene from The Wolf of Wall Street when the company gets disbanded and everyone's crying — it felt a lot like that at the Tesla Factory in Fremont, California two weeks ago.
I noticed red flags the day I got fired
When I arrived at the office, I put my things down and went to get myself some cereal. When I came back, I saw that my supervisor and her supervisor were online — they had green check marks next to their names. This was already unusual since they don't usually come in for hours and it was well before 9 a.m.
A few minutes later my supervisor came in, put her things down, grabbed her laptop, and walked off without saying anything. That was the next red flag. My coworker, who had also just arrived, told me someone I worked with had been laid off the day before. I knew they worked at Tesla for years and I had only been there for a few months.
I started to notice more and more red flags. I saw security around the main entrance and I saw them walking people out. I saw people crying in the lobby and wondered what they were crying about. And then I remembered that Tesla CEO Elon Musk sent out an email last week saying he was going to cut 10% of salaried people.
Then I got an email from my supervisor asking if I could join her in a meeting room and that we needed to chat for a bit. I knew right then they were going to let me go.
I walked over to the room and she was already seated with her laptop. She asked me to shut the door and she immediately logged onto an online Zoom meeting with another supervisor and a member of HR. They then told me they were letting me go because of the layoffs.
I didn't think I would be one of employees laid off
I was instantly surprised. I just assumed it would be someone else getting laid off since I was recently hired. Why go through the trouble of hiring me just to let me go?
When I left the room, security was already waiting outside of the room with my things. Everything felt very coordinated.
I turned in my badge and security walked me out. As I was leaving, I saw other people in meeting rooms with security waiting outside. The security guards wore plain clothing, but it was still very obvious who they were and what was happening.
There was a handful of people crying when I got to the lobby. I walked outside and saw through the building windows that even more people were in meeting rooms, holding tissue boxes and wiping their tears away. I recognized some of them were colleagues who were on work visas, so I don't know what their situation looks like now.
Tesla offered me an Uber voucher to get home but I had driven in. I sent out a quick email while I was still outside the plant. I wrote that it was nice working with everyone and that I was sorry I wasn't able to say goodbye in person. I had lost access to my email by midnight that night.
I feel like I'm starting over again
As I drove home, my mind raced trying to think of next steps. I still don't understand why they would lay off someone they just hired, and I wish I never accepted the position in the first place. I had to go through four interviews just to get this job, and now it feels like I'm starting the long, difficult job search process from the very beginning.
The kicker is that I actually really like Elon Musk. I just wish he would listen more. A lot of people were unhappy with him changing the work policies. And his goals are really big — I've seen employees sleeping on the couches in the factories because they're working 12-hour days, four days a week to meet their goals. And it's quite taxing on their bodies to work like that all day.
But still, I think that the company and Elon Musk are doing good things for the world.
More: as told to contributor 2022 Thought Leadership Jenna Gyimesi
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2022-07-13T20:00:31Z
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www.businessinsider.com
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I Got Laid Off at Tesla. Here Are the Red Flags I Wish I'd Noticed.
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https://www.businessinsider.com/tesla-layoff-red-flags-i-wish-i-noticed-fremont-factory-2022-7
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https://www.businessinsider.com/tesla-layoff-red-flags-i-wish-i-noticed-fremont-factory-2022-7
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This 35% discount on Casper pillows is one of the best value deals you'll find before Prime Day ends tonight
With Amazon Prime Day 2022 wrapping up in a few hours, there are two deals we don't want you to miss.
Casper's Original and Essential pillows are 30% and 35% off, respectively. Both are currently available at all-time low prices.
These pillows are what many reporters and editors on the Insider Reviews team sleep on.
The Casper Sleep Essential Pillow is the top seller with our readers during Prime Day 2022.
At under $30, it also earned the #1 spot in our rankings of the top 20 Prime Day deals under $50.
The Essential Pillow comes in standard and king sizes; both are on sale.
The Casper Original Pillow is the best pillow for side sleepers in our best pillows guide because it features a 2-inch gusset that provides side sleepers with the loft they need to keep their spine aligned.
It's also soft and fluffy. Plus, it's machine washable. The Casper Sleep Pillow comes in standard and king sizes, both are 30% off, and you can save even more when you buy a two-pack.
You can read our full review of the Casper Original Pillow here.
The best Prime Day deals to shop today
The best rival Prime Day sales
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2022-07-13T20:41:59Z
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Amazon Prime Day Casper Pillow Deals up to 35% Off
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https://www.businessinsider.com/guides/deals/amazon-prime-day-casper-pillow-deals-2022-7
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https://www.businessinsider.com/guides/deals/amazon-prime-day-casper-pillow-deals-2022-7
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Prime Day deals on Disney, Star Wars, and Marvel fan gear are still live — save 32% on Lego Belle's Castle and 52% on X-Men shirt
Prime Day 2022 may be coming to a close, but you still have a chance to score great deals on all things Disney.
Among the discounted items this year are some gems for Disney, Marvel, and Star Wars fans. They include baby gear, t-shirts, toys, and more, some with all-time low prices.
We're also seeing good competing Prime Day sales from stores like Target, which also has a huge selection of Disney-branded merch.
Best Prime Day Disney deals
LEGO Disney Belle's Castle Winter Celebration
Little kids who love to build can explore Belle’s castle by building it from the ground up. This LEGO kit comes with 238 pieces, including Belle and all of her friends. It rarely dips below $45, but right now you can get it for $34.
Funko Pop! Mickey and Cinderella's Castle 50th Anniversary set
Celebrate the 50th anniversary of Walt Disney World with this commemorative Funko Pop set, which includes Mickey Mouse in his ear-idescent suit, and the iconic Cinderella’s castle. Right now, you can get this for an all-time low of just under $30.
Petunia Pickle Bottom’s Meta backpack is compact, but still spacious enough to fit everything you need for a day out with baby — diapers, bottles, snacks, personal items, even a laptop! The Disney Princess print features the classic Princesses, like Cinderella and Show White. During Prime Day, you can get a Meta backpack for $144, which is the lowest price we’ve seen for this design.
Ceaco 1500 piece Disney Classics II Jigsaw Puzzle
With 1500 pieces and a beautiful stained-glass design, this puzzle will keep you busy as you put together images of all your favorite Disney characters. At $8.39, this is the lowest price we’ve seen.
Milk Snob Original Disney Pixar Toy Story 5-in-1 Cover
Milk Snob makes privacy covers for breastfeeding moms that can also be used to cover up high chairs, car seats, and strollers, keeping your baby safe from the sun. This one has a fun design featuring characters from Toy Story.
Disney Store Mickey And Friends Mickey And Pluto Retro Line T-Shirt
Whether you’re at the Disney parks or just running errands at home, this retro-designed t-shirt featuring Mickey and his dog Pluto is a great choice for any Disney lover. During Prime Day, you can get it at an all time low price of $11.
Just Play Store Disney Wooden Toys Princess Castle Block Set
This block set for kids 18 months and older is an Amazon exclusive, and includes a bunch of wooden shapes to build whatever their heart desires. It also has wooden figures of princesses Belle, Jasmine, and Cinderella. As part of a Prime Day deal, take 30% off the price for an all-time low of $19.
Huffy Disney Princess Kid Bike
Perfect for kids aged 4 to 6 years-old, this pink Princess bike features characters like Rapunzel, Ariel, and more. It has removable training wheels and hand brakes, and with quick-connect assembly, putting it together will be a breeze. The bike rarely dips below $220, but right now you can snag one for $166.
Best Prime Day Marvel deals
Funko POP! Artist Series: Marvel Infinity Saga
Fans of the Avengers will love this set of six Funko Pops, which depict the original six Avengers in the colors of the six Infinity Stones. All six pops come with a base so you can display them all together. Right now, you can take 30% off for an all-time low price of $48.99 — a steal when you consider that normally one Funko retails for around $12.
Marvel X-Men Animated Series Retro 90s T-Shirt
This t-shirt, which comes in a variety of colors and sizes, including kids, features pictures of the X-Men from the 1990s animated series. During Prime Day, this t-shirt is 52% off.
Funko Pop! Marvel: Year of The Shield - Captain America (Sam Wilson)
This Pop is part of Amazons’ exclusive “Year of the Shield” line, which celebrates all the characters who have ever wielded Cap’s shield, including the new Captain America — Sam WIlson. As part of a Prime Day deal, you can snag it for an all-time low $9.
Amazon Essentials Marvel Burp Cloths
These adorable burp cloths are printed with Avengers characters, including the Hulk, Captain America, and more, and they’re perfect for sprinkling a little bit of your favorite fandom into your baby gear.
Best Prime Day "Star Wars" deals
Spotted Zebra Girls and Toddlers Pajamas — Star Wars
This pajama set includes pants, a long sleeve shirt, and a t-shirt. With tons of different designs to choose from, you’re likely to find a design your little girl loves. This “Star Wars” set is just $10.36 on Prime Day. Other pajamas from this brand are also seeing Prime Day discounts.
"Star Wars: The Fallen Star: by Claudia Gray
“The Fallen Star” is a sequel to “Star Wars: The Rising Storm,” and is set in the era of the High Republic, years before the Empire ever rose to power. It’s perfect for fans who want to spend more time in the “Star Wars” universe. During Prime Day, you can take 53% off the price of a hardcover.
Star Wars Store The Mandalorian Baby Boys Bodysuit
Dress your baby like Baby Yoda. This set includes a onesie with a picture of the cutest baby in the galaxy, plus pants and a hat with ears like Grogu’s. At $14, this is an all-time low price.
Funko Pop! Star Wars: The Mandalorian
Countless Funko Pops have been made including The Mandalorian and his bounty, Grogu, but this one features Mando without his signature helmet. It normally retails for $12, so it’s a steal at just over $5 during Prime Day.
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2022-07-13T20:42:05Z
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Best Amazon Prime Day 2022 Disney Deals
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https://www.businessinsider.com/guides/deals/amazon-prime-day-disney-deals-2022-7
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https://www.businessinsider.com/guides/deals/amazon-prime-day-disney-deals-2022-7
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Xbox games are up to 79% off as the last few hours of Prime Day wind down
Amazon Prime Day is here, with deals on thousands of items, including Xbox games and accessories. New members can also join Xbox Game Pass for $1 right now thanks to a special promotion. As Prime Day nears it's conclusion, we're still seeing all-time low prices with discounts up to 79% on many popular games, including recent releases like Elden Ring, Marvel's Guardians of the Galaxy, and Halo Infinite.
The first day of Prime Day included lightning deal bundles for the Xbox Series S, but no sales of the more powerful Xbox Series X. We've rounded up some of the best remaining deals from Prime Day 2022 below, along with notable discounts from other competing retailers.
Best Amazon Prime Day Xbox Game Pass deals
Xbox Game Pass Ultimate offers a Netflix-style subscription with hundreds of games for Xbox and PC, and the Xbox Live Gold service needed to play Xbox games online. If you sign up now, your first month only costs $1.
Typically, you can get a one-month Game Pass subscription for $10. Right now, it's only $1. This is the PC version, which gets you EA Play, exclusive member discounts, and unlimited access to over 100 games. After your first month, your subscription will auto-renew for $10/month if you don't cancel.
Forza Horizon 5 (Xbox Series X and Xbox One)
Forza Horizon 5 takes you driving through huge open-world landscapes in cars designed for it all, from speed to off-roading. This game is regularly on sale for $50, but right now it's discounted even further to only $22.
Halo Infinite Standard Edition (Xbox Series X & Xbox One)
This first-person shooter from 2021 follows Master Chief after the events of Halo 5: Guardians. Save $25 on this installment of the legendary Halo series.
Microsoft Flight Simulator: Standard Edition (Xbox Series X)
Microsoft's Flight Simulator lets you explore the world in 20 different planes, soaring over millions of incredibly detailed cities. Right now, it's $20 off its usual price.
It Takes Two for Xbox One
It Takes Two is an action-adventure platformer with fun and imaginative gameplay and a delightful co-op storyline; it's received raving reviews for its entertaining design and exciting levels. Down to $24 for Xbox One, this is a solid deal and $10 less than its typical selling price.
Dying Light 2: Stay Human for Xbox Series X
Dying Light 2 Stay Human, a popular sequel in the survival horror game series, is now a considerable deal at $35, five months after its release in February 2022.
Best Prime Days deals on Xbox accessories
PowerA Enhanced Wired Controller for Xbox One
Microsoft Xbox One wired controller is a great option for any Xbox gamer who doesn't want to spend full price on a wireless controller.
This racing wheel is designed for use with Xbox consoles and Windows PCs in racing simulation games like Forza Horizon 5, F1, and Need for Speed. It usually sells for about $250, and this is the lowest price we've seen to date.
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2022-07-13T20:42:11Z
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The 12 Best Amazon Prime Day 2022 Xbox Deals Still Available
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https://www.businessinsider.com/guides/deals/amazon-prime-day-xbox-deals-2022-7-13
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https://www.businessinsider.com/guides/deals/amazon-prime-day-xbox-deals-2022-7-13
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Republican Rep. Lauren Boebert of Colorado; Democratic Rep. Ilhan Omar of Minnesota
GOP Rep. Lauren Boebert renews her ideological attacks on Democrat Ilhan Omar in her new memoir.
Boebert writes that Omar "not only doesn't speak out against terrorism; she condones it."
Boebert compared Omar to a suicide bomber in 2021 and tweeted regrets, but never resolved anything.
Still feeling spurned after an initial apology was rejected, GOP Rep. Lauren Boebert of Colorado rekindles her feud with Rep. Ilhan Omar in a new memoir by calling the Minnesota Democrat a "terrorist sympathizer" who "consistently spewed anti-American and anti-Jewish rhetoric."
In a chapter titled "Keep the Faith, Keep Up the Fight," Boebert attacks Omar — and, by extension, Democrats who consider the deadly attack on the US Capitol newsworthy.
"Leftists will compare January 6 to 9/11 but look the other way when a domestic terror group like Antifa sets fire to cities like Portland, Seattle, or Minneapolis. In fact, Minneapolis's own congressional representative not only doesn't speak out against terrorism; she condones it," Boebert writes, adding that Omar "has long been a terrorist sympathizer, which she's made clear repeatedly with outlandish comments and vitriolic, bigoted posts on Twitter."
Boebert again criticized Omar's remark in a 2019 speech that "some people did something" on 9/11, referring to the terrorists, as part of remarks about Islamophobia in America in the wake of 9/11.
Omar's office did not immediately respond to Insider's request for comment. The Democrat has previously accused Boebert of having "a clear pattern for Islamophobic hate speech."
Boebert amps up the vitriol by referring to Omar by her full name, Ilhan Abdullahi Omar — a move reminiscent of Republicans' play to terrify their base by demonizing President Barack emphasis-on-Hussein Obama. Omar, who moved to the US as a child refugee after she and her family fled Somalia's civil war, became one of the two first Muslim women ever elected to Congress along with Rep. Rashida Tlaib in 2018.
Boebert has repeatedly attacked both Omar and Tlaib, calling her two colleagues "black-hearted evil women" and calling Omar a member of the "jihad squad."
This latest attack, included in the newly-released "My American Life," comes months after Boebert was accused of being Islamophobic for characterizing Omar as a suicide bomber during a campaign rally in Colorado. The ensuing controversy last fall led to awkward phone calls between the two, a public rebuke from Omar, and passage of an anti-Islamophobia bill.
Time may have passed, but Boebert clearly hasn't let go of the incident.
She blasts Omar anew, laying into her for describing some terrorist attacks as the outgrowth of systemic abuse.
"Aww, the poor things. Those misunderstood, maladjusted, and alienated guys," Boebert mockingly writes. "Well, I hate to break it to you, Ilhan, but terrorists are alienated because law-abiding Americans don't take kindly to murderous, bloodthirsty psychopaths slaughtering the innocent in the name of politics, religion, or anything else."
Boebert rages on from there, recounting the controversial "anecdote" she shared about riding in an elevator with Omar — "a joke that I later realized could be hurtful to people in the Islamic community, so I won't repeat it here," she notes — the subsequent firestorm that ensued on social media, and a private conversation with Omar that didn't go as planned.
"I was able to speak with Omar by phone a few days later and apologize personally," Boebert writes, adding that Omar demanded a public apology (beyond what Boebert said she'd already tweeted out). " It took but a second to realize there was no reasoning with this person, so I told Omar she should apologize for her anti-American, anti-Semitic, and anti-police rhetoric."
How did they leave things?
"Omar hung up on me," Boebert writes.
Omar said in a statement at the time at Boebert refused to apologize to her on the call.
"Instead of apologizing for her Islamophobic comments and fabricated lies, Rep. Boebert refused to publicly acknowledge her hurtful and dangerous comments," Omar said. "She instead doubled down on her rhetoric and I decided to end the unproductive call."
More: Lauren Boebert Ilhan Omar 9/11 attacks January 6 riot
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2022-07-13T20:42:17Z
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Lauren Boebert Calls Rep. Ilhan Omar a 'Terrorist Sympathizer' in Memoir
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https://www.businessinsider.com/lauren-boebert-ilhan-omar-terrorist-sympathizer-memoir-islamophobia-2022-7
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https://www.businessinsider.com/lauren-boebert-ilhan-omar-terrorist-sympathizer-memoir-islamophobia-2022-7
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A photo of data centers that crypto miners use in Russia.
Texas's power grid operator is paying big businesses that use lots of power to power down.
That includes crypto mining companies that flocked to the state for its cheap energy and vast land.
Texas is seeing historic three-digit temperatures as a sweltering summer grips the state.
Texas's power grid operator is telling big businesses to power down as historic sky-high temperatures descend upon the lone star state.
Among those major operations are crypto mining companies, who flocked to Texas for its inexpensive electricity and wide open spaces, necessary for setting up shop.
The Electric Reliability Council of Texas, or ERCOT, on Monday urged residents and businesses to conserve energy in the hottest hours of the day, between 2 and 8 p.m. The City of Austin's energy company offered tips on how to do so, like setting thermostats to 78 degrees or higher, avoiding using large appliances like washers and dryers, and for businesses to minimize lighting where possible as temperatures reach 110 degrees in some places.
Bloomberg reported that virtually all of the state's large-scale Bitcoin mining operations had screeched to a halt as of Monday, giving back 1,000 megawatts of electricity to ERCOT. That amounts to about 1% of what Texas's grid can distribute.
That may not be out of their own goodwill. ERCOT issues economic incentives — dubbed demand responses, according to the agency's website — to large entities to shut down when temperatures hit extreme highs.
Bitcoin miners use vast data centers full energy-hungry computers to make millions of complex calculations that power the bitcoin network. They are rewarded for doing so with new bitcoin.
But their profitability hinges on the energy they eat up costing less than what they can earn, meaning they could financially benefit from ceasing operations at a time when power is rising in price alongside the state's temperatures.
To give some perspective on how much energy bitcoin mining uses, the University of Cambridge says the total amounts to more than what the entire country of Belgium consumes annually, per its Bitcoin Electricity Consumption Index.
China was once a major mining hub until its government rolled out new anti-crypto laws, sending them packing for friendlier pastures. They found them, in part, in Texas.
Mining giants like Riot Blockchain now call the state home, and an ERCOT spokesperson told Insider that "there are over 27 gigawatts of crypto load that is working on interconnecting over the next four years."
More: crypto Texas Bitcoin Mining Bitcoin
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2022-07-13T20:42:35Z
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Texas Power Grid Operator Tells Crypto Miners to Shut Down
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https://www.businessinsider.com/texas-power-grid-operator-crypto-miners-shut-down-2022-7
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https://www.businessinsider.com/texas-power-grid-operator-crypto-miners-shut-down-2022-7
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The 85-inch Samsung Frame TV is still a whopping $800 off as an Amazon Prime Day deal tonight
Amazon Prime Day 2022 is going on right now and runs through midnight PST tonight, July 13. During Prime Day, you can save hundreds of dollars on all sorts of products — including Samsung Frame TVs.
Samsung describes the Frame TV as a work of art. And when you see it in action, it's not hard to see why: When a Frame TV is on, it works the same as any other smart TV, letting you stream apps like Netflix or Hulu . But when it's off, the Frame TV seamlessly turns into a beautiful picture frame featuring dozens of famous paintings.
And if that wasn't enough, you can also download the PC on TV app to use the Frame TV as a massive computer monitor, or use AirPlay to mirror your phone's screen onto the TV.
Samsung giving out big discounts for nearly every version of the Frame TV right now, exclusively for Amazon Prime customers shopping on Prime Day. Here are the best Frame TV deals we've found.
Best Samsung Frame TV Prime Day deals
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 $200 off, which is one of the best prices we've seen.
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 55-inch model is $300 off right now, which cuts off a fifth of the price.
Prime Day Frame TV deal FAQs
What makes the Frame TV different from other TVs?
Whereas most TVs are built for one purpose — acting as a screen for shows, movies, and video games — the Frame series is meant for more. It does everything that a normal TV does, but also works as a computer monitor, extra phone screen, and picture frame.
It's that picture frame mode that's the Frame's claim to fame. When you're not using it, the Frame displays famous works of art that you can freely switch between. It's both a smart TV and an aesthetic statement.
The Frame's screen is made from an anti-reflection matte material, meaning that just like an actual painting, the picture will never get blocked by a light glare. It's also got an extremely thin bezel (the physical border that holds the screen), which lets it blend into your wall more easily than most TVs so you can focus on the picture.
If you're looking for something a bit more artful than a standard flatscreen TV, the Frame TV might be just what you're looking for.
What do 'QLED' and '4K' mean?
The Frame TV's screen is both QLED and 4K UHD. To cut a very long story short, this means that the screen can display colors more realistically, and display pictures with a massive amount of image quality.
If you're looking for a more detailed explanation: QLED (Quantum dot Light-Emitting Diode) screens are made with extremely small nanocrystals and semiconductors. These small pieces can display colors much more vividly than normal LED screens. It's all managed by an internal computer, which analyzes every picture before it hits your screen to determine the best color arrangement possible. Samsung invented the QLED technology, and only their TVs use it.
Quick tip: This is different than OLED (Organic Light-Emitting Diode), which does similar things but takes less power.
Meanwhile, 4K UHD is the best image quality that most modern TVs can display images in. The screen has nearly four times as many pixels as a regular HD screen, making every shot crisper and clearer.
What add-ons are available for Frame TVs?
Since the Frame TV is meant to look like a picture frame, Samsung lets you choose what color you want the TV's bezel to be. You can buy removable bezels in beige, brown, teak, or white, and then attach them to the sides of the Frame TV. This lets you customize the Frame to match the rest of your interior design.
You can also bundle the Frame TV with a soundbar and subwoofer combo to improve the sound quality. Check out the Amazon page for more details.
More: Samsung Frame TV Amazon Prime Day 2022 Frame TV Samsung
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2022-07-13T21:29:54Z
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Best Prime Day 2022 Samsung Frame Deals: Save $800
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https://www.businessinsider.com/guides/deals/best-prime-day-2022-samsung-frame-deals-2022-7
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https://www.businessinsider.com/guides/deals/best-prime-day-2022-samsung-frame-deals-2022-7
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Lauren Boebert.
Rep. Lauren Boebert said she was "MAGA from day one" and bought a cardboard cutout of Donald Trump.
But she also told him he "hadn't done the best job of defending our gun rights," she wrote in her new memoir.
She said she once touched his arm in the Oval Office "and said a short prayer as he closed his eyes and nodded."
Rep. Lauren Boebert said "I was MAGA from day one" because she believed Donald Trump was an "outsider" in 2016 who stood up for working-class Americans.
"I even ordered a full cardboard cutout of him wearing a MAGA hat," the Colorado Republican wrote in her new memoir in "My American Life," released on Tuesday.
In her book, Boebert wrote about being worried that the nascent politician "weakened his stance" on gun rights when he became president by showing support for "red flag" laws and banning bump stocks for guns after mass shootings.
Boebert is a gun enthusiast and Second Amendment activist who drew the attention of the DC Metropolitan Police Department by vowing to carry her concealed Glock pistol around the Capitol campus and initially balked at going through the metal detectors placed outside the House chamber following the deadly attack on January 6, 2021. She wrote that she believed Trump had "taken some bad advice" on the issue from RINOs (Republican In Name Only) in Washington, DC. Friends and customers at her restaurant Shooters Grill were "ready to hop off the Trump Train if he didn't defend their gun rights," she added.
"The president was on a path to losing a very important part of his voter base and might not have even realized it," Boebert wrote.
She wanted to score a meeting with Trump "to straighten him out on all this."
That chance would come when Trump called after she won her GOP primary in 2020. "The conversation shifted to my carrying a gun and the importance of the Second Amendment," Boebert wrote. "Somehow, I found the brass to tell him he hadn't done the best job of defending our gun rights and encouraged him to never allow them to be taken away."
Still, she wrote that "you can never overstate the sheer thrill and excitement of receiving a phone call from the President of the United States."
She later visited Trump in the Oval Office with two other newly-elected representatives after she won her election and he lost the 2020 presidential election.
"Though the President was welcoming, cordial, and seemingly happy, you could tell the weight of his own election issues was undoubtedly present," she wrote.
As he gave them a tour of the Oval Office, she told him "part of my faith is that believers will lay hands on people for good blessings. So, I placed my hand on his arm and said a short prayer as he closed his eyes and nodded."
Meanwhile, Boebert's penchant for paling around with political stand-ins apparently crosses party lines.
Last summer, Boebert tweeted out a video of a field trip she took to Trump's unfinished border wall. Her companion was a cutout of Vice President Kamala Harris, which she left behind.
—Rep. Lauren Boebert (@RepBoebert) June 8, 2021
More: Lauren Boebert Donald Trump MAGA Republicans
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2022-07-13T21:30:06Z
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Boebert: 'I Was MAGA From Day One' and Ordered a Cardboard Cutout of Trump
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https://www.businessinsider.com/lauren-boebert-maga-donald-trump-gun-rights-prayer-memoir-2022-7
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https://www.businessinsider.com/lauren-boebert-maga-donald-trump-gun-rights-prayer-memoir-2022-7
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8 top investors share the lessons and advice they're telling their electric vehicle startup founders amid today's market downturn
Today's market conditions have everyone worried, especially startup founders.
But venture capitalists have some advice for entrepreneurs concerned about the downturn.
Here is the advice eight top VCs have for electric vehicle startup founders right now.
Current market conditions have everyone on high-alert — especially founders of startups hoping to survive through a downturn.
For entrepreneurs in the auto industry developing new electric vehicle battery chemistries, new ways of charging EVs, and new technologies for the EV supply chain, capital markets drying up can be a shock after years of easy money and high valuations.
But venture capitalists aren't necessarily sounding the alarms. They are, however, emphasizing the importance of having cash on hand and being prudent during periods of uncertainty.
Eight top VCs spoke with Insider about the advice they have for electric vehicle startup founders right now. Here's what they had to say.
Long-term sustainability and investor match
Rachel Holt, cofounder and general partner at Construct Capital, says founders should first focus on building a business that can last without constant infusions of capital.
"I think you should focus on building a long-term sustainable business," Holt said. "If your business model relies on tremendous capital, your equity financing in particular, to get it off the ground, the bar on just the progress those companies are going to have to make, the unit economics they're going to have to demonstrate, not just promise, is higher right now.
"I think the companies that have a really focused approach are going to be the ones that are going to win."
Holt also says entrepreneurs should seek out an investor that's the best match.
"As entrepreneurs, I would encourage them to think about the right investor match — an investor match that has experience in their space, experience as an investor, experience as an operator, and experience in soft markets," Holt said.
"Cash is king"
Katie McClain, partner at Chicago-based firm Energize Ventures, said preserving cash is critical.
"For everybody across the board, hunker down," McClain said. "We don't know when this is going to end. We don't know how long it's going to take. We don't know how bad it's going to get. So cash is king.
"What we tell our founders is: Make sure you have cash to withstand whatever is coming at us," she said. "Even if you are a solid company and you have good metrics and you're ready to go, if the market around us is not ready to receive that, that's out of our control."
Her ultimate advice to founders: "Let's focus on the things we can control versus the things we can't."
Raise now if you can
Milo Werner, The Engine
The Engine general partner Milo Werner is telling founders If it's possible to raise cash in addition to conserving it, they should.
"We definitely are communicating that mid- to later-stage capital may be tight over the next two years and that if you have the capacity to close around now, we'd recommend taking on some additional capital," Werner said.
"If you're mid-stage, we would say just either make sure you're going to hit your milestones or consider conserving cash."
Have more than enough runway
Founders should take the necessary steps to extend their runway, said Clara Brenner, cofounder and managing partner at the Bay Area-based Urban Innovation Fund.
Companies that raise more money right away should, she says. "Other companies who are not in that position, it's definitely: Do what you need to do to get 24 months of runway," Brenner said.
She said entrepreneurs could also attract firms like hers right now if they can prove the company is at a critical stage.
"As we think about what companies to intervene in, it's definitely companies that are either obviously doing really well right now, or we think they're at a really meaningful inflection point where they're about to launch something that we think would change the trajectory of the business, for example, and where our check — while relatively small — could be catalytic for a round," she added.
Laurie Yoler, general partner at Playground Capital, said she doesn't sound the alarms or "bring down the hammer" with founders. Instead, they can ask themselves simple questions.
"If things get even weirder than they are now, what are our alternatives?" Yoler said. "If at some point in the next several years, you're gonna need capital and you're not able to get it, what are some of the alternatives? Let's start getting creative."
Bringing vision "to the table consistently"
Staying consistent and resilient is key, said Kai Daniels, senior associate at GM's in-house VC arm GM Ventures.
"Persistence, especially in this type of environment is critical and for founders," said Daniels. "Really it's about pushing through challenges. Where you see an obstacle, you have to create an opportunity and this is consistent, no matter what economic environment you're in.
"It gets really important in these types of environments," Daniels said. "Getting back to the core basics and staying very persistent in that unique offering that you have, in that growth vision for the future, bringing that to the table consistently."
Ways to stand out
Samantha Huang, principal at BMW i Ventures, said she doesn't see the downturn as the death of innovation. But she does have advice for ways founders can stand out during this time.
"Is the technology so differentiated and there is so much of a need within the automotive industry that, that technology is for sure going to win?" Huang said founders should ask themselves.
"Sometimes you're not going to be technologically differentiated," she said. "What I would care about in those instances is: Who's your customer? Are you doing pilots with the big automotives? Have you had any positive feedback?"
Cassie Bowe, Energy Impact Partners
Companies that are being flexible with what they're looking for are well-positioned, said Cassie Bowe, partner at Energy Impact Partners.
"Maybe they could do a certain plan if they raised a lot of capital, and they also have another plan that's exciting with a smaller round," Bowe said. Being open to collaboration about what the right round of funding looks like for both the company and the investors is key, she said.
"The conversations that are going best right now are with companies that are aware of what's going on in the macro," Bowe added. "What's helpful is that, in our space when it comes to climate tech, transportation, electrification, nobody is questioning the tailwinds in this environment."
More: Features Transportation Venture Capital
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2022-07-13T21:30:12Z
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Venture Capitalists Reveal Advice for EV Startups Amid the Downturn
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https://www.businessinsider.com/vc-advice-startups-recession-economic-downturn-electric-vehicles-2022-7
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https://www.businessinsider.com/vc-advice-startups-recession-economic-downturn-electric-vehicles-2022-7
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Amazon Prime Day officially comes to a close tonight — that means thousands of deals will soon be gone. Luckily, it's not too late to score some major savings in the last few hours of the event. Tons of products we recommend in every product category are still down to their best prices of the year.
We've gathered the very best deals still kicking below, from dog DNA testing kits to streaming devices. Many of these deals are ticking down and set to expire by midnight, PST.
Much more than a timepiece, the Apple Watch can also be used for keeping track of workouts, making phone calls, sending text messages, setting timers and alarms, counting calories, and more.
Both the 45mm and 41mm sizes are down to the best prices we've seen for them yet, making it an excellent time to buy one for yourself.
The Coop Home Goods Original Pillow offers thoughtful features like adjustable fill, a washable pillow cover, and an unparalleled 100-night trial that make it the best choice for most people. It doesn't drop in price outside of major deal events, so now is a great time to buy with a solid discount.
Grubhub Plus gets you unlimited delivery and 10% cashback on all your food delivery and pickup orders on Grubhub. Amazon Prime members can now get a full year of the service, free.
Loftie Clock
$149.00 from Loftie
The Loftie is constantly updating its firmware to provide a unique and healthy wake-up experience with a growing library of pleasant melodies. It's an attractive addition to any bedside table or dresser — but it rarely sees discounts. Right now it's down to only $112, which is a very rare chance to save big.
The Waterpik Aquarius water flosser is the easiest and most effective way to floss , removing up to 99.9% of plaque from treated areas. It's also more effective than floss for improving gum health, and gentler on sensitive gums. Right now it's down to $45, a new all-time low.
The Anova Precision Cooker Nano offers accuracy and ease of use at a price unmatched by other sous vide machines. Down to $94, this is the best price we've seen for it in over a year.
Down to $89, this is the best price we've seen for it since Black Friday and Cyber Monday.
Embark Breed and Health
$199.00 $159.00 from Chewy
$199.00 from Embark
Embark scans your dog's DNA to determine its breed and check for more than 190 genetic health conditions and 20 traits among other fun facts. Now is a nice time to save on one for your pup, since it's down to a rare $127.
$24.97 from Panda Planner
The Panda Planner promises to keep you on track to achieve all your goals and it comes with free inspirational ebooks. It rarely sees price drops but right now you can get 20% off when you clip the on-page coupon from Amazon.
August Wi-Fi Smart Lock (4th Generation)
The fourth-generation August Wi-Fi smart lock replaces the interior portion of your regular lock, so you can still use your keys or unlock your door from anywhere. It's not unusual to find one on sale from online retailers but $150 is a new all-time low price worth taking advantage of.
Instant Pot Duo (6-Quart)
Compact and portable, the Logitech G305 is great to take on the go. For gamers, this particular portable mouse offers a 12,000 DPI optical sensor and Logitech's Lightspeed connectivity for super fast response time.
If you're shopping for a smaller mouse for gaming, this is the one to get. Right now it's only $30, a great price drop from a typical selling price of $50.
Kingyes Folding Adirondack Chair
The Kingyes Folding Adirondack Chair is a comfy and attractive addition to any outdoor area, and it folds up for easy storage. During Prime Day, you can get it at its lowest price ever.
The Sony WF-1000XM4 are best-in-class for sound quality and noise cancellation, but they're best suited for those willing to pay their high price. They do see some discounts from time to time but $198 is the best price we've seen for them all year.
Amazon just updated its basic Kindle and now that it has a front light, it's the perfect e-reader for anyone who is on a budget. It briefly dropped to $45 earlier during Prime Day but $60 is still an excellent and worthwhile deal price for one while it lasts.
Beyblade Burst Surge Speedstorm Motor Strike Battle Set
With the Beyblade Burst Surge Sppedstorm Motor Strike Battle Set, you get everything you need to start battling these spinning tops. During Prime Day, it's at an all-time low price.
More: Prime Day 2022 Amazon Prime Day 2022 Prime Day Amazon
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2022-07-14T00:32:17Z
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20 Best Last-Minute Prime Day Deals
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https://www.businessinsider.com/guides/deals/amazon-prime-day-best-last-minute-deals-2022-7
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https://www.businessinsider.com/guides/deals/amazon-prime-day-best-last-minute-deals-2022-7
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Amazon has a bunch of Prime Day deals on artificial plants you can't kill
By Michael Nolledo
Admit it.
There's been a moment where you, as either a home owner or apartment or dorm dweller, have contemplated getting a fake plant. Maybe the idea of taking care of a living thing scared you. Maybe you killed your third fiddle-leaf fig tree and thought enough was enough. Or maybe you were too embarrassed by the whole idea of faux foliage and decided not to do it.
But here's the thing: Artificial flora is nothing to be embarrassed about. In fact, they should be welcomed. There's nothing wrong with a few fake plants around the house, especially when placed in inconspicuous areas — think a window sill, your desk, or that one corner nook you don't know what to do with. Not only will artificial plants never die, you'll never have to worry about upkeep. Plus? They're safe for pets and kids.
For Prime Day, Amazon is selling a good number of artificial houseplants. Yes, they're a little waxy. And yes, if you look close enough, you'll be able to tell that they're not real. But if you've been looking for an easy, no-fuss way to bring color and vibrancy to your home, you'll want to take a look at the fake plants we collected below.
Fopamtri Artificial Snake Plant 38"
While snake plants are one of the easiest plants to keep alive, that doesn't mean you can't kill them. This is a solid price for a waxy version of one of the most popular and recognizable houseplants you can have in your home.
Fopamtri Artificial Yellow Snake Plant 38"
Snake plants turn yellow when you overwater them, and this captures that brilliantly.
Fopamtri Fake Majesty Palm Plant 3 Feet
Majesty palms are a great tropical option. At 3-feet tall, this is a great pick if you're looking for a floor plant for your bathroom.
Fopamtri Artificial Monstera Deliciosa Plant 43"
Monsteras thrive in warm, humid environments, but that doesn't really apply here. These plants are known for their natural leaf-holes, and will bring a nice touch to any room.
Fopamtri Artificial Areca Palm Plant 5 Feet
Areca palms are low-maintenance, and they'll look good indoors or outdoors.
Fopamtri Artificial Bird of Paradise 5 feet
If you're looking for drama, look no further than the Birds of Paradise plant. This is an easy way to bring visual height to any room.
JD nateva Small Artificial Plants (Set of 4)
A believable set of potted plants perfect for the dining room table, window sill, or desk.
JC nateva 16" Small Fake Plant
If you like the idea of a plant for your desk you never have to worry about, this is your best bet.
Winlyn Mini Potted Artificial Eucalyptus Plants (Set of 3)
This set of plants won't give off the scent of eucalyptus or rosemary, but they'll at least look pretty.
Note: Amazon sells real plants, too. If you're looking to purchase live plants on Amazon, Costa Farms — headquarted in Miami, Florida — is a reputable seller worth bookmarking.
Michael Nolledo
Michael Nolledo is the executive editor of Insider Reviews, a desk at Insider dedicated to offering readers trusted buying advice and practical tips to make life better. Previous to Insider, Michael was a managing editor at BuzzFeed. He was the deputy editor of InsideHook, and his work has appeared in Pitchfork and Kinfolk Magazine. Michael has spent his entire career working in service journalism, and has covered various topics including food and drink, tech, health and wellness, fashion, music, and sustainable living. He currently lives in Brooklyn with his partner and their grouchy long-haired chihuahua, Bobby Fischer.
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2022-07-14T00:32:23Z
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www.businessinsider.com
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Amazon Prime Day Deal: Save up to 40% on Artificial Plants
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https://www.businessinsider.com/guides/deals/amazon-prime-day-deals-on-artificial-plants-2022-7
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https://www.businessinsider.com/guides/deals/amazon-prime-day-deals-on-artificial-plants-2022-7
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Paula's Choice/Insider
For only a few more hours, skincare staples from Mighty Patch, Bioderma, TONYMOLY, Paula's Choice, Avène, and more are up to 50% off. You'll find French pharmacy classics alongside all-time low prices on the innisfree Daily Facial Sunscreen and the Mario Badescu Drying Lotion.
Differin 0.1% Adapalene Retinoid Gel
When it comes to whiteheads and blackheads, there's no better treatment than your classic Differin Gel. Adapalene is a retinoid specifically engineered to combat acne.
Mighty Patch Original Pimple Patches (36-Count)
The Mighty Patch Original patches do a great job of absorbing pus from pimples, resulting in noticeably smaller and less inflamed blemishes every time.
$32.00 from Paula's Choice
This cult-favorite product is a Paula's Choice icon. The gentle leave-on exfoliant with salicylic acid quickly unclogs pores, minimizes the appearance of wrinkles, and brightens and evens out skin tone.
This sheet mask set includes 10 sheet masks targeting skin goals from soothing to brightening to hydrating. This matches the lowest price we've seen.
$219.00 $153.30 from Macy's
This lash serum is designed to encourage healthy, thick, long lashes in six weeks with a formula of peptides and amino acids. This is usually at least $30 — this isn't the lowest price we've ever seen, but it's close.
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2022-07-14T00:32:41Z
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www.businessinsider.com
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Best Prime Day 2022 Skincare Deals: Foreo, Innisfree, Bioderma
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https://www.businessinsider.com/guides/deals/amazon-prime-day-skincare-deals-2022-7-13
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https://www.businessinsider.com/guides/deals/amazon-prime-day-skincare-deals-2022-7-13
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Two United Airlines planes on the runway.
A United Airlines flight had to quickly deplane after reports of smoke and a small fire on Tuesday.
A United spokesperson told Insider that the smoke indicated the plane's brakes may have overheated.
Nobody was injured in the incident, according to the Denver Airport.
Passengers on board a United Airlines flight on Tuesday had to scramble off the plane amid reports of smoke and a small fire under the aircraft upon landing.
At about 2:30 p.m. local time on Tuesday, a United flight from Kansas City, Missouri to Denver, Colorado, landed safely at Denver International Airport, according to a statement from the airport shared with Insider.
Upon landing, however, there were reports of smoke and fire under the aircraft, the statement said, prompting flight crew to rush passengers off the plane.
A United spokesperson told Insider that the smoke indicated the plane's brakes may have overheated. One-hundred and fifty-seven passengers were on board, as well as four crew members, the airline said.
Passenger Adrian Hartwell shared video of the chaotic scene on Twitter this week.
—Adrian Hartwell (@AdrianJamezHwel) July 12, 2022
"Leave your bags! Leave your bags! Come this way, come this way!" a member of the flight crew can be heard saying over the speaker as passengers rush toward the exit.
Hartwell told CNN that the pilot came over the intercom as the plane was landing, telling everyone they needed to exit the aircraft. Flight attendants managed to get everyone off the plane in about a minute and a half, Hartwell said.
"I was kind of panicked but also I was glad we were on the ground already," he told the outlet.
The Denver Airport and United both said some passengers were able to deplane as normal on the jet bridge while others exited in the rear, where the plane's slides were deployed.
Nobody was injured in the incident, according to the airport.
The Denver Fire Department said Tuesday that it responded at the gate and quickly put out the small fire.
The incident comes as the entire airline industry faces mounting challenges following a surge in post-lockdown air travel.
More: United Airlines Denver International Airport air travel Airplane
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2022-07-14T00:32:53Z
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www.businessinsider.com
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United Passengers Rush Off Flight After Small Fire Under Plane in Denver
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https://www.businessinsider.com/united-passengers-rush-off-flight-after-plane-caught-fire-denver-2022-7
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https://www.businessinsider.com/united-passengers-rush-off-flight-after-plane-caught-fire-denver-2022-7
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11 last-minute Prime Day deals on lawn and garden products like string trimmers, raised beds, and fertilizer
By Lisa Sabatini
Amazon Prime Day 2022 deals have proven to be some of the best savings we've seen all year long. But the event still has a few hours left to go, and we've rounded up great deals on lawn and garden tools, accessories, and supplies. Lawn and garden maintenance costs add up quickly, especially in the heat of summer when deals are typically hard to come by.
Whether you're in the market for a lawn mower, looking to grow fresh veggies and keep your flowers looking gorgeous all through the summer, or already gearing up for fall, we've rounded up the best sales. These aren't the only home deals we're tracking up until the end of Prime Day though. Follow along with our live deals blog and check out sales at competing retailers like Target.
Best deals on lawn maintenance
Greenworks 12 Amp Corded Lawn Mower, $148.39 at Amazon [originally $199.99]
Greenworks 24V Brushless Axial Leaf Blower, $104.99 at Amazon [originally $139.99]
Earthwise 20-Volt 10-Inch Cordless String Trimmer, $64.79 on Amazon [originally $89.99]
Best garden and flower deals
VegTrug 1.8 Meter Raised Bed, $218.06 at Amazon [originally $279.99]
Up to 38% off Fiskars garden tools
Up to 28% off Miracle-Gro fertilizers
Sunnydaze Raised Metal Garden Bed Kit, Galvanized Steel 40-Inch Hexagon Planter, $59.49 on Amazon [originally $101.99]
Gorilla Grip Original Premium Thick Kneeling Pad, $12.99 on Amazon [originally $33.29]
Craftsman Poly Dump Cart, $199.99 on Amazon [originally $249.99]
Keter Marvel Plus 71-Gallon Resin Outdoor Storage Box, $74.99 at Amazon [originally $89.99]
Rubbermaid Resin Weather Resistant Outdoor Storage Shed, 5 x 2 ft., $426.18 at Amazon [originally $600]
Lisa Sabatini
Senior Editor, Home and Pets
Lisa Sabatini is the senior editor of home and pets for Insider Reviews. She works with reporters to narrow down the best products from new and emerging brands to tried-and-true favorites — with a focus on extensive research, reporting, and rigorous testing. As a new homeowner, Lisa has covered simple but impactful DIY upgrades and clever, affordable products. She also brings extensive knowledge of animal behavior and health to her role as pets editor and has previously edited books on dog training for young readers. For the last two years, Lisa oversaw Insider Reviews parenting coverage of kids furniture, playpens, swing sets, baby monitors, and more. With a 15-year editorial career that took her from the Wall Street Journal to Scary Mommy, she has also covered all matter of business and parenting news. Lisa currently resides in Dutchess County, New York. She graduated from New York University with a bachelor's degree in journalism. Learn more about how our team of experts tests and reviews products at Insider here. Learn more about how we test home products. Learn more about how we test pet products.
More: Amazon Prime Day 2022 Prime Day 2022 Insider Reviews 2022 Insider Picks
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2022-07-14T02:03:45Z
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www.businessinsider.com
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Best Amazon Prime Day Lawn and Garden Deals 2022: Miracle-Gro, Fiskars
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https://www.businessinsider.com/guides/deals/amazon-prime-day-lawn-garden-deals-2022-7-13
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https://www.businessinsider.com/guides/deals/amazon-prime-day-lawn-garden-deals-2022-7-13
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Florida Gov. Ron DeSantis' PAC is selling gold "Freedom Team" membership cards to his supporters.
Florida Gov. Ron DeSantis' PAC is selling a gold "DeSantis Freedom Team Membership Card."
The card bears an image of a grinning DeSantis next to the words "FLORIDA FIRST FIGHTER."
The DeSantis gold card comes close to a year after Trump launched his own brand of cards.
Almost a year after former President Donald Trump launched his "Trump Cards" for supporters, Florida Gov. Ron DeSantis appears to be hawking a gold "membership" card of his own.
Insider viewed one of DeSantis' fundraising pages this week, which allowed donors to his campaign to obtain a gold "DeSantis Freedom Team Membership Card." The card's design shows a grinning DeSantis in sunglasses next to the words "FLORIDA FIRST FIGHTER."
"Exclusive for our top 100 supporters only," read the website.
The fundraising page also promised those signing up for the card exclusive updates from DeSantis and his team amid their "fight to keep Florida FREE!"
The page indicated that the recommended donation amount to obtain the card was $37 and that the funds would go toward the "Ron DeSantis, Republican, for Governor" campaign.
The governor's fundraising page appears to recommend $37 as the amount required to get the card.
Screengrab/Ron DeSantis for Governor
A separate fundraising link for the card viewed by Insider appeared to be a limited-time offer for the governor's top supporters in July. This website read "I WANT YOU TO JOIN MY INNER CIRCLE," recommending a minimum donation of $35 to secure the card, including shipping costs.
Twitter users also circulated screenshots of emails from the DeSantis campaign that encouraged them to sign up for the card.
For example, Ron Filipkowski, a marine veteran and right-wing news tracker, posted what appeared to be a screengrab of one such email, which called on recipients to "become a member" of DeSantis' inner circle by grabbing a card for "just $20."
Representatives for DeSantis did not immediately respond to a request for comment from Insider.
In August 2021, Trump launched his own membership card, asking supporters in an email to choose their favorite "Trump Card" design. This first iteration of the card came emblazoned with the former president's signature in gold lettering.
However, Trump caught flak over the cards' designs, one of which appeared to contain a typographical error. Critics also said the cards resembled symbols from the Third Reich and the Kennkarte, a form of ID used in Nazi Germany.
The official Trump Card design was confirmed in September along with its price, $45. This design, however, appeared to feature a vector image of an eagle that could be downloaded for free on Shutterstock.
In April, Trump's PAC called on his supporters to get their "official Trump Gold Cards," a renewed iteration of the original red Trump Card.
DeSantis and Trump are viewed as hot favorites for the GOP 2024 presidential ticket, although neither has formally declared that they are entering the race. However, a DeSantis spokesperson told Insider this week that the lawmaker remains "focused on Florida and running for re-election as governor this year."
More: Donald Trump Ron DeSantis card Membership
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2022-07-14T05:06:17Z
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www.businessinsider.com
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Ron DeSantis' PAC Is Selling a Gold 'Freedom Team Membership Card'
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https://www.businessinsider.com/ron-desantis-selling-a-gold-freedom-team-membership-card-2022-7
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https://www.businessinsider.com/ron-desantis-selling-a-gold-freedom-team-membership-card-2022-7
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This AI content management startup used by Vogue and BP just raised $40 million. Check out the 17-slide pitch deck Kontent.ai used to raise the funds.
The Kontent.ai team.
Kontent.ai
Kontent.ai has raised $40 million in fresh funding for its AI-driven content management system.
The Czech Republic-based startup is used by the likes of BP, AC Milan, and the University of Oxford.
Check out the 17-slide deck it used to raise the funds below.
A content management startup used by the likes of Vogue, BP, and AC Milan has raised $40 million in fresh funds.
Czech Republic-based Kontent.ai, founded in 2015 as an offshoot of software firm Kentico, makes it easier for marketers and developers to plan and deliver content across multiple platforms online.
For developers, its so-called headless CMS offers the advantage of building websites and content channels with any technology stack of their choosing, helping to tailor the way content is produced.
Meanwhile, for developers, it allows content to be planned and created simultaneously through a system that is held in a cloud-based hub "without being held up by structural design choices on how and where that content will be displayed."
Kontent.ai has recorded a surge in demand for its tech following the pandemic-led shift to hybrid working, as companies have searched for solutions that enable employees in different locations and time zones to work on content held in a central place.
The round was led by software specialists Expedition Growth Capital, marking its first external investment as the startup spins off from its parent company and aims to ramp up its marketing and sales operations in the months ahead.
"We've noted the impressive number of global enterprises that are choosing Kontent.ai for their headless CMS strategy and see huge potential in financing its future as an independent company," said Oliver Thomas, founder and managing partner at Expedition Growth Capital.
The startup plans on hiring 100 employees to its headcount of over 120 people spread across five offices. As part of the raise, the startup has appointed a new CEO in Bart Omlo, while Kentico founder Petr Palas will become chairman for both Kentico and Kontent.ai.
Check out the 17-slide pitch deck Kontent.ai used to raise the funds below:
More: Features content AC Milan
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2022-07-14T09:35:01Z
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www.businessinsider.com
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Kontent.ai Raises $40 Million for AI Content Delivery Platform
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https://www.businessinsider.com/kontentai-raises-40-million-for-ai-content-delivery-platform-2022-7
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https://www.businessinsider.com/kontentai-raises-40-million-for-ai-content-delivery-platform-2022-7
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