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He's referring to selling record label Virgin Records to Thorn EMI for nearly $1 billion in 1992. Branson needed the money to focus on a newer venture, Virgin Atlantic. CNBC Make It: How did you make the decision to sell Virgin Records? What I decided was: If I sold Virgin Records, all the people's jobs would be secure. I could then use that money to build and protect Virgin Atlantic.
Persons: Richard Branson, He's, , Branson, Richard, Virgin, We'd, Janet Jackson Organizations: CNBC, Virgin Records, Thorn EMI, Virgin Atlantic, British Airways, Virgin Group, Forbes, Virgin Locations: London, Branson
New York CNN —Paramount Global on Monday parted ways with its chief executive, Bob Bakish, in a seismic move that sent reverberations through the media conglomerate as it actively engages in acquisition talks with Skydance Media. In place of Bakish, who led the company since controlling shareholder Shari Redstone reunited Viacom and CBS Corporation under one roof in 2019, will be a triumvirate of leaders: Brian Robbins, chief executive of Paramount Pictures; Chris McCarthy, chief executive of Showtime and MTV Entertainment Studios; and George Cheeks, chief executive of CBS. In an attempt to stave off declining cable revenues, Paramount has spent billions of dollars building its own streaming service, Paramount+. Supporters of the Skydance deal hope that merging Paramount with the Ellison-led company will change its fortunes. Those shareholders have argued the deal primarily benefits Redstone and they have encouraged Paramount’s board to evaluate other options.
Persons: Bob Bakish, Bakish, Shari Redstone, Brian Robbins, Chris McCarthy, George Cheeks, Bob, ” Redstone, David Ellison, Larry Ellison, Ellison, Skydance, Jeff Shell Organizations: New, New York CNN, Paramount Global, Skydance Media, Viacom, CBS Corporation, Paramount Pictures, Showtime, MTV Entertainment Studios, CBS, Paramount, Skydance, CNN, BET, Nickelodeon, MTV, Comedy, Netflix Locations: New York, Redstone, Skydance
This photograph taken on April 26, 2024 shows the headquarters of the French multinational information technology company ATOS in Bezons, near Paris. The offer was based on an indicative enterprise valuation between 700 million euros ($750 million) and 1 billion euros as part of the offer, the firm said. "There are within Atos sovereign activities that must remain under the exclusive control of France," he said, according to a CNBC translation. Atos' net debt stood at 3.9 billion euros at the end of the first quarter, the company said earlier this month. Shares in Atos jumped as much as 19% on the news of the French government's offer early on Monday, and were last up by 22.01% at 11:57 a.m. London time.
Persons: Ludovic MARIN, LUDOVIC MARIN, Bruno Le Maire, Le Maire, Daniel Kretinsky, Atos Organizations: Getty Images, CNBC, Reuters, Airbus, Paris Locations: Bezons, Paris, AFP, French, France, Atos, London
Despite a run of positive economic data, including strong job growth and record unemployment, the economy has been a stubborn weakness for President Biden and Democrats, particularly among Black and Latino voters. The group rolled out a similar effort with an anti-“Bidenomics” message last year, but organizers said this campaign would be much larger in scope. Although Latino voters still overall lean Democratic, former President Donald J. Trump improved his performance with the slice of voters in 2020, and in some areas like South Florida and South Texas made sizable gains. Mr. Biden, on the other hand, has stepped his up — and has been looking to sharpen his own economic message after an earlier push to reclaim the term “Bidenomics” largely fell flat. The liberal organizations have earmarked $33 million to mobilize Hispanic voters for Mr. Biden and other key Democratic races in several battleground states.
Persons: Koch, Biden’s, “ Bidenomics, Biden, , ” Jose Mallea, Donald J, Trump, , Somos, Somos Votantes, Josh Harder, Mike Levin, Gabriel Vasquez, Yadira Caraveo, NoBidenomics.com — Organizations: Libre, New York Times, Republicans, Pew Research Center, Associated Press, Somos PAC, Mr, Republican Locations: Spanish, , Michigan, Nevada, Pennsylvania, Arizona, South Florida, South Texas, Libre, Montana , Nevada , Ohio, Wisconsin, In California, New Mexico, Colorado, America
Elon Musk made a surprise visit to China, meeting officials and striking a deal with Baidu. The deal brings Tesla a step closer to introducing its self-driving features in cars sold in China. AdvertisementElon Musk's surprise visit to China appears to have paid off. Elon Musk was taken by minibus to his private jet at Beijing airport on Monday after a surprise visit to China. Musk's battle planMusk's China visit came amid tough times for Tesla.
Persons: Elon Musk, Tesla, , Elon Musk's, Narendra Modi, Musk, Li Qiang, Greg Baker, Dan Ives, Wall, Telsa, Musk's, he's Organizations: Baidu, Service, Tesla, Bloomberg, EVs, Getty, Bloomberg TV, Business Locations: China, Beijing, India, AFP
Supreme Court gives SEC a win over Elon Musk
  + stars: | 2024-04-29 | by ( Geoff Weiss | ) www.businessinsider.com   time to read: +2 min
The Supreme Court rejected Elon Musk's bid to get rid of his 'Twitter sitter.' He has to get legal approval for any X posts about Tesla as part of an SEC agreement. Musk argued it limits his free speech, but the court shot him down. AdvertisementThe Supreme Court isn't going to step in to help Elon Musk get rid of his "Twitter sitter." Related storiesHe filed a petition with the Supreme Court to undo the settlement in December, arguing it limited his free speech.
Persons: Elon Musk's, Tesla, Musk, , isn't, Elon Musk, Joe Biden Organizations: SEC, Service, Securities and Exchange, SpaceX, Musk, Bloomberg
He has long been an impulsive user of Twitter, now renamed X. Musk acquired the social media company in 2022. As part of that agreement, he signed off on the social media provision. His lawyers say in court papers that the SEC has waged an "ongoing campaign" against Musk. The provision "restricts Mr. Musk's speech even when truthful and accurate. The SEC responded in court papers that Musk had waived his right to bringing his argument when he signed off on the settlement.
Persons: Elon Musk, Tesla, Porte, WASHINGTON —, Elon Musk's, Musk Organizations: Twitter, Viva Technology, Porte de, WASHINGTON, Securities and Exchange Commission, New, Circuit, Appeals, SEC, Tesla Locations: Paris, France, New York
Paramount CEO Bob Bakish is officially out
  + stars: | 2024-04-29 | by ( Paul Squire | ) www.businessinsider.com   time to read: +2 min
CEO Bob Bakish will step down and be replaced by a trio of senior executives. David Ellison has been itching to strike a deal with Shari Redstone to buy Paramount. AdvertisementParamount announced Monday that its president and CEO Bob Bakish is out and will be replaced by a trio of execs. Bakish is stepping down from the entertainment studio as major shareholder Shari Redstone inches closer to a possible sale of her controlling stake in the company. In the statement, Shari Redstone (who also serves as the chair of the board) said she has "tremendous confidence" in the new leadership.
Persons: Bob Bakish, David Ellison, Shari Redstone, , Shari, David Ellison's Skydance, Larry Elison, George Cheeks, Chris McCarthy, Brian Robbins, Bakish, David Ellison's Organizations: Paramount, Service, Oracle, Bloomberg, — CBS, Showtime, MTV Entertainment Studios, Paramount Media Networks, Nickelodeon, Board, Paramount Global, Hollywood
Libre, part of the political network created by the billionaire industrialist Koch brothers, on Monday will unveil a seven-figure voter engagement effort and ad campaign targeting members of Congress who have supported what it calls President Biden’s “punitive economic policies.”The campaign, one of the most expansive undertaken by the group, will include digital ads, public events at Hispanic grocery stores and restaurants and a new Spanish language website criticizing “Bidenomics,” a term that conservatives have adopted to attack Mr. Biden’s economic policies. Despite a run of positive economic data, including strong job growth and record unemployment, the economy has been a stubborn weakness for President Biden and Democrats, particularly among Black and Latino voters. Leaders at Libre, which gave The New York Times an early look at the plans, said they were focused on attracting Latinos on what they think is a winning issue for Republicans at a time when their party is seeking to increase its appeal to Hispanic voters. “Bidenomics is devastating Latino families’ savings, quality of life and their ability to plan for the future,” Jose Mallea, Libre’s chief executive, said in a statement. “To reverse this trend, it’s critical that Latino families learn what overspending and overregulating are doing to our country’s economy — and prosperity.”
Persons: Koch, Biden’s, “ Bidenomics, Biden, , ” Jose Mallea, Organizations: Libre, New York Times, Republicans Locations: Spanish
Hong Kong-listed L'Occitane International 's chairman and controlling shareholder will take the French skin-care firm private, valuing it at a maximum of HK$13.91 billion (US$1.78 billion), the company said on Monday. As part of the deal, Austrian billionaire Geiger's investment holding company L'Occitane Groupe in Luxembourg will pay HK$34 for each share not already owned, representing a 30.8% premium to the stock's last close of HK$26 on Feb. 5. L'Occitane Groupe owned 72.39% of the cosmetics company at March-end. The investment holding firm does not intend to increase the offer price for the deal, which comes a few months after Geiger shelved a buyout attempt for the company. J.P. Morgan will be the financial advisor for L'Occitane Groupe.
Persons: Reinold Geiger, Geiger, L'Occitane International's, J.P, Morgan Organizations: HK, Reuters, U.S, L'Occitane Groupe Locations: Hong Kong, Austrian, Luxembourg
The recent gold rally is counterintuitive, as high interest rates typically make bullion less attractive. But billionaire investor David Einhorn has a theory that he shared in his latest investor letter. Einhorn suggests that gold's rally is potentially due to countries in the East buying gold from Western nations. To explain the strong run for gold, billionaire investor David Einhorn offered a potential theory in his latest letter to investors published this week. Others, like billionaire investor Ray Dalio, say gold can hedge risks stemming from high government debt levels.
Persons: David Einhorn, Einhorn, , there's, David Rosenberg, Ed Yardeni, Ray Dalio Organizations: Service, Federal, Greenlight, World Gold, People's Bank of Locations: China, People's Bank of China, India, Singapore
Jeff Bezos doesn't let his responsibilities — executive chairman of Amazon, owner of Blue Origin, being a billionaire investor — get in the way of his slow-moving morning routine. This appeared to shock Fridman, who'd just called Bezos "one of the most productive humans in the world." "I'm not as productive as you might think I am," Bezos responded, in an episode first released in December 2023. The morning routine coincides with Bezos' philosophy to embrace wandering, or doing things aimlessly. His time for his morning routine comes from waking up early.
Persons: Jeff Bezos doesn't, , Lex Fridman, who'd, Bezos Organizations: Amazon
Elon Musk visits China to expedite Tesla's full self-driving tech rollout, say reports. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementTesla CEO Elon Musk touched down in China on Sunday in the tech billionaire's second trip in less than a year to the world's biggest market for electric vehicles. Musk is expected to meet with senior officials to discuss the software and gain permission to transfer data overseas, the person said.
Persons: Elon Musk, Organizations: Service, Reuters, Business Locations: China
Insider Today: 'Stopover' travel hack
  + stars: | 2024-04-27 | by ( Joi-Marie Mckenzie | ) www.businessinsider.com   time to read: +5 min
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. One 38-year-old woman told Business Insider that instead of skipping treats, she lost 140 pounds in two years by eating more high-protein foods. On the agenda:This story is available exclusively to Business Insider subscribers. "We're Here": In this wholesome Max series, famous drag queens travel to small-town America where they give out makeovers. More of this week's top reads:The Insider Today team: Joi-Marie McKenzie, editor-in-chief, in New York.
Persons: , Anneta, Jeff Bezos, Eduardo Parra, Nick Goldson, Tyler Le, she's, Jenny Chang, Rodriguez, Brad Gilbert, Zendaya, Megan Tjelle, Tjelle, messier, Joi, Marie McKenzie, Jordan Parker Erb, Dan DeFrancesco, Lisa Ryan Organizations: Service, Business, Washington Post, Allen & Company Sun Valley Conference, That's, Soho House, Madrid Airport, Europa Press, Getty, Warner Bros, Hulu, Netflix Locations: Hailey , Idaho, Cecconi's, West Hollywood, Madrid, Chicago, Chilean, America, New York
The problem: Mr. Ek had neither a plan, nor the time or money to do much about it. He knew whom to contact: Hjalmar Nilsonne, a Swedish tech entrepreneur who Mr. Ek had met the year prior at the Brilliant Minds event, an annual gathering Mr. Ek started. At first, Mr. Nilsonne rebuffed Mr. Ek’s proposition. But Mr. Ek eventually won him over. Mr. Ek, a former computer coder, and Mr. Nilsonne, an engineer, zeroed in on building a better diagnostic tool.
Persons: Daniel Ek, ” Mr, Ek, DealBook, Hjalmar Nilsonne, Mr, Nilsonne, Watty Organizations: Spotify, Apple, YouTube, Amazon Music, Apple Watch, Neko Health Locations: Swedish, Stockholm, London
Russia defeating Ukraine could spark chaos and slam the global economy, Jamie Dimon said. The JPMorgan CEO said a Putin victory could fuel a nuclear arms race and trigger more battles. AdvertisementA Russian victory in Ukraine could throw the world into disarray, transform the global economy, and trigger nuclear proliferation and further conflicts, Jamie Dimon warned. Dimon emphasized that Russia has invaded a free, democratic nation and threatened nuclear war to deter resistance. Advertisement"The geopolitical situation is probably the most complicated and dangerous since World War II," he told the Economic Club of New York this week, adding that the world order is being "challenged."
Persons: Jamie Dimon, Putin, Dimon, , We've Organizations: JPMorgan, Service, Wall, Russia, Economic, of New Locations: Russia, Ukraine, China, Europe, of New York
Jefferies CEO Rich Handler sold $65 million of stock — some of which he used to buy a superyacht. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . According to the yacht's shipyard, Westport Yachts, the off-market deal was pending as of last month. I just love it," Fertitta told a local ABC affiliate in 2017, referring to Boardwalk's $40 million price tag.
Persons: Rich Handler, Tilman Fertitta, , Handler, van, Fertitta, I've, Forbes, Michael Organizations: Jefferies, Boardwalk, Service, Houston Rockets, Westport Yachts, ABC, Yachts International, Feadship —, Boat Locations: Westport, Fort Lauderdale , Florida, St
Amazon founder Jeff Bezos thinks "work-life balance" is a "debilitating phrase." The billionaire and former Amazon CEO instead taught employees that work and life are a circle. AdvertisementJeff Bezos doesn't like the phrase "work-life balance," and has said in the past that he views work and life as actually a circle. "I get asked about work-life balance all the time," Bezos told Axel Springer CEO Mathias Döpfner. "If you can get your work life to where you enjoy half of it, that is amazing.
Persons: Jeff Bezos, Bezos, , Jeff Bezos doesn't, Axel Springer, Mathias Döpfner, MacKenzie Scott, Shah Rukh Khan, Zoya Akhtar, Andy Jassy, fiancée Lauren Sanchez, doesn't, Katie Canales, Zoë Bernard Organizations: Amazon, Service, Vox's, AWS, Origin Locations: Mumbai
Rob Walton, the eldest of Walmart founder Sam Walton's children, is retiring after more than 40 years on the company's board. With a net worth of $79.8 billion, he's among the 20 richest people in the world. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementWalmart billionaire Rob Walton is stepping down from the board of his family's company. Walmart announced on Thursday that Walton, the eldest son of founder Sam Walton, will retire after more than 40 years on the board as its longest-serving member.
Persons: Rob Walton, Sam Walton's, , Walton, Sam Walton Organizations: Walmart, Service, NFL, Denver Broncos
An entrepreneur has converted a 56-year-old Boeing 727 into an Airbnb in Bristol, England. Named PYTCHAir, the jet was bought without wings, engines, or a tail — but kept its lavish interior. The Airbnb can host at least four people and is about $438 a night with a minimum two-night stay. The latest converted airplane is a 56-year-old Boeing 727 in Bristol, England, that's been repurposed as an Airbnb and is now owned by British-Australian businessman Johnny Palmer. The Airbnb requires a minimum two-night stay and starts at 350 British pounds — or about $438 — a night, so at least $876 for a two-night stay.
Persons: , that's, Johnny Palmer, Palmer Organizations: Boeing, Service, British Locations: Bristol, England, Australian
South Pointe Beach in Miami Beach, Florida. Climate risk is "always on our thoughts," said Habibian, 39, who moved to Miami-Dade County about six years ago. Despite that risk, 66% of Miami-Dade County residents said they'd never leave, according to a study published in the journal Climate Risk Management. "We try to be smart about it, try to be proactive as best we can," Arditi said of climate risk. Juxtaposed at left was one of the last remaining patches of mangroves in the urban Miami area, a living memorial to a once-thriving population.
Persons: Greg Iacurci, Daniel Habibian, Harold Wanless, Sonia Brubaker, Saul Martinez, Andrew Rumbach, Rumbach, Joe Raedle, Irma, Al Diaz, they'd, Steven Bustamante, Bustamante, Jeff Greenberg, There's, David Arditi, Arditi, Aria's, Jeff Bezos, Goldman Sachs, Douglas Sacks, Ken Griffin, Brubaker, Biscayne Bay . Miami Worldcenter, Chandan Khanna, Dion Williams, Williams, Dion, Todd Crowl, Crowl, We're, Erik Salna, Chris Baraloto, Rita Teutonico, Amy Knowles, Knowles, it's, City of Miami Beach Greg Iacurci Miami Organizations: Greg Iacurci MIAMI, University of Miami, City, CNBC, Cumming Group, Florida Department of Transportation, Bentley, Bloomberg, Getty, Urban Institute, Organisation for Economic Co, Miami, Volunteers, Florida Keys, Miami Herald, Tribune, Service, Dade, Risk, Yale University's School of, Finance, SEC, Miami Beach, Universal, Group, Aria Development, National Association of Realtors ., Miami Realtors, Amazon, Citadel, Resorts, Bloomberg News, Dade County's, Getty Images, Residences, Pointe Park, Fifth, Afp, Federal Emergency Management Agency, Management, Sunshine, Insurance, Institute, Florida International University Institute of Environment, Hurricanes, University of Pennsylvania, International Hurricane Research, of, Florida International University, City of Miami Beach Locations: Pointe Beach, Miami Beach , Florida, Miami, South Beach, Dade, City of Miami, Dade County, New York, Fort Lauderdale, West Palm, South Florida, Florida, Tampa, St . Petersburg, Miami , Florida, Southeast Florida, Miami Beach, City, Aria's Miami, U.S, California , New York, New Jersey, America, Caribbean, New York City, Biscayne Bay . Miami, Pointe, It's, Surfside, . Florida, Biscayne Bay, Miami's, Bermuda, Kampong, Coconut Grove, Brittany Bay, South Pointe, City of, Brittany Bay Park
The bottom 20% of American earners have been left out of the economic boom, Jamie Dimon said. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . One reason is they've largely missed out on the boom times, Jamie Dimon says. Advertisement"There's parts of society who's kind of struggling, parts of society who's not," Dimon said.
Persons: Jamie Dimon, , who's, Dimon Organizations: JPMorgan, Service, Wall, New York Times Locations: America
Reid Hoffman sat down for an interview with a deepfake of himself. The bot discussed AI regulation and spoke in Klingon during the conversation. Reid AI and Hoffman asked each other questions throughout the interview posted Wednesday. AdvertisementIn their conversation, the two Reids discussed AI regulation, its capabilities, and ways Hoffman can improve his LinkedIn profile. Advertisement"There's a need for a framework that not only fuels innovation but also ensures AI benefits are fairly distributed, all while focusing on enhancing public good," Reid AI said.
Persons: Reid Hoffman, , Reid Hoffman's, Jerry Seinfeld, Reid, Hoffman, I've, deepfakes Organizations: Service
Billionaire "bond king" Bill Gross told investors to avoid tech stocks and stick to value stocks. Microsoft is the only buy if investors must dabble in the tech sector, he said. In a post on X, the "bond king" said, "Stick to value stocks, avoid tech for now." Bond yields jumped on the data, and the tech sector dropped, with the Nasdaq Composite down more than 1% Thursday afternoon. The stock sold off sharply, down by over 10% late Thursday, helping to drag the tech sector lower.
Persons: Bill Gross, Gross, , Tesla Organizations: Microsoft, Service, Nasdaq, Western Midstream Partners, Meta
Jefferies CEO Rich Handler sold $65 million in company stock to buy a luxury yacht. AdvertisementJefferies CEO Rich Handler sold $65 million of his stock in the company to buy himself a gift — a luxury yacht. Handler sold 1.5 million shares, or 7% of his holdings, to purchase a "personal boat and to pay tax obligations," the investment bank said in a Wednesday statement. He has previously sold shares only for tax purposes and charity, the bank said. Investors often view executives' stock sales as a signal about lack of company confidence, so any sales are carefully messaged.
Persons: Rich Handler, Jefferies, Tilman Fertitta, Handler, Organizations: Jefferies, Service, Financial Times, Houston Rockets, NBA, Lancadia Holdings Locations: Westport
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