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☆ Black creators were instrumental in building TikTok. Now they fear they'll be hit the hardest by a ban.
▼ + stars: | 2024-05-01 | by ( Lindsay Dodgson | ) www.businessinsider.com time to read: +10 min

But largely, TikTok is a place Black creators found where they could thrive and reach new audiences and customers for their growing businesses. It wasn't that the content wasn't good, Ford said, it was that Instagram "just wasn't a place for Black creators, minority creators, to excel." Some Black creators suspected their Black Lives Matter content was suppressed in 2020 after George Floyd's death ignited a wave of protests. AdvertisementBlack TikTokers have also expressed an "undertone of anti-Blackness" in the platform's algorithm, where white creators benefited from the trends started by Black creators. AdvertisementThis is disheartening, Black creators told BI, because so many top trends and ideas come from their community.

Persons: —, Joe Biden, TikTok, Tenyse Williams, It's, Funmi Ford, Ford, Nya, I've, Étienne, Keith Lee, entrepreneurialism, Kahlil Dumas, Dumas, George Floyd's, Jalaiah Harmon, Black TikTokers, Williams, Imani Bashir, Bashir, We're, isn't Organizations: Service, Senate, Business, Consulting, University of Central, Columbia University, George Washington University, Pew Research Center, An, Free, Black, New York Times, Forbes, YouTube, BI Locations: University of Central Florida, Instagram, An Oxford, Atlanta

☆ A millennial couldn't afford the Mounjaro weight-loss drug so he started secretly working 2 remote jobs. He's on track to make $166,000 this year and says he's lost 45 pounds.
▼ + stars: | 2024-05-01 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +6 min

A millennial in California is secretly working a second remote job so he can afford weight-loss drugs. AdvertisementLast August, George decided he wanted to try to work a second remote job — and not tell his employers he was job juggling. He was able to afford Mounjaro and said he's dropped 45 pounds — from 220 lbs to 175 lbs — since he started taking it in October. AdvertisementAfter a roughly monthlong search, he started his second job and was able to afford Mounjaro. Are you working multiple remote jobs at the same time and willing to discuss details about your pay and schedule?

Persons: Zepbound, —, George, Eli Lilly, he's, George hasn't, it's Organizations: Service, FDA, Nordisk's Ozempic, Business Locations: California, Mounjaro

☆ Iran's economy is a total mess after decades of sanctions — and offers a warning to Putin's Russia
▼ + stars: | 2024-05-01 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Decades of sanctions have driven up inflation, government debt, and poverty rates. Iran's struggles could be a warning for Russia as the war in Ukraine drags on. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . One factor that might avert a regional war is the dismal state of Iran's economy. The country has borne the brunt of Western sanctions for decades, making it tough for Tehran to finance any war effort — and that could be a warning sign for Vladimir Putin as the war in Ukraine drags on.

Persons: —, Vladimir Putin Organizations: Service, Business Locations: Russia, Ukraine, Iran, Israel, Tehran

☆ ‘Emotional’ Rafael Nadal bows out of Madrid Open, likely his final match in Spanish capital
▼ + stars: | 2024-05-01 | by ( George Ramsay | ) edition.cnn.com time to read: +2 min

CNN —Rafael Nadal had an “emotional day” playing what was likely to be his final professional match in the Spanish capital, losing 7-5 6-4 against Czech Republic’s Jiří Lehečka at the Madrid Open. Before the tournament, Nadal said that he was determined to play in Madrid – where he is a record five-time champion – one final time, despite doubts about whether he was physically ready to compete at a high level. “Today is an emotional day, of course, today is an unforgettable day in terms of saying goodbye to Madrid,” Nadal told reporters. The tournament paid tribute to Nadal’s five titles at the Madrid Open after the match, unfurling banners with photos of his victories in 2005, 2010, 2013, 2014 and 2017. “It has been a very positive week, winning three matches, playing four matches at a high level of tennis,” said Nadal.

Persons: CNN — Rafael Nadal, Lehečka, Nadal, –, ” Nadal, I’ve, “, ”, Julian Finney, Daniil Medvedev Organizations: CNN, Czech, Madrid, Madrid –, Lehečka, Nadal, Getty Locations: Spanish, Madrid, “, Russian, Rome

☆ Joseph Stiglitz on why America's appetite for Trump endures
▼ + stars: | 2024-05-01 | by ( William Edwards | ) www.businessinsider.com time to read: +12 min

If Trump is elected again, Stiglitz said, he could well pull support for Ukraine, sending grain prices soaring. For Stiglitz, the 2001 winner of the Nobel Prize in economics, America's appetite for Trump can be traced back a little more than four decades ago to the election of Ronald Reagan. "We've had 40 years of a neoliberal experiment: Strip away the regulations and lower the taxes — taxes are much lower than they used to be. But Komlos and Stiglitz don't place blame solely on Reagan for the growing economic inequality. Every European country that's had a wealth tax has walked away from it, by and large."

Persons: Donald Trump, Joseph Stiglitz, Trump, Stiglitz, Joe Biden, Ronald Reagan, —, that's, Reagan, We've, Dina Litovsky, Friedrich Hayek, Milton Friedman, That's, Stiglitz doesn't, John Komlos, Komlos, Joe, Bill Clinton, Clinton, Barack Obama, insurrectionists, Desmond Lachman, Carter, Douglas Holtz, Eakin, George W, John McCain's, Holtz, America Stiglitz, Hayek, Friedman, Claudia Sahm, you've, what's Organizations: Columbia Business School, Business, Capitol, Biden, Trump, :, Good Society, America's, Federal Reserve, Budget, Bank, University of Munich, Duke University, University of North, Democratic, North American Free Trade, World Trade Organization, American Enterprise Institute, Bush's, Economic Advisers Locations: Manhattan, Ukraine, Russia, China, Beijing, Taiwan, University of North Carolina, Spain, America

☆ Interest rates staying where they are is a forgone conclusion, but the Fed's decision day still matters
▼ + stars: | 2024-05-01 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, what another delay to interest rate cuts means for a market banking on them. The big storyThe waiting game continuesChip Somodevilla/Getty Images; BISpoiler alert: The Federal Reserve won't be lowering interest rates today. The official announcement won't come until this afternoon, but interest rates staying where they are is a forgone conclusion. The CME FedWatch Tool, which calculates the probability of the Fed's decision based on interest rate traders, has the odds of rates staying untouched at 97.5%.) Talk of cutting interest rates has been going on for the better part of a year.

Persons: —, it's, doesn't, We'll, Chip Somodevilla, Jerome Powell, Matt Rourke, Sarah Silbiger, Alyssa Powell, CME's, aren't, Powell, Erin Schaff, Paul Krugman, Donald Trump's, Krugman, Trump, Marko Kolanovic, Rebecca Zisser, Instagram, Changpeng Zhao, Binance, Amazon, Emma Tucker's, Steve Bannon, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Stagecoach, Trump, Tech, Investors, Bloomberg, Getty, The New York Times, Hunterbrook, JPMorgan, Adobe, Wall Street Journal, Staff, eBay, Pfizer, Google Locations: stagflation, New York, London

☆ The $21 billion influencer industry has gone completely off the rails
▼ + stars: | 2024-05-01 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +9 min

Influencer marketing is booming, and brands spend billions to promote products with a personal touch. But these days, the industry of influencer marketing is completely off the rails. Since 2016, the dollars driving the influencer marketing industry have ballooned from $1.6 billion a year to an estimated $21.1 billion in 2023, according to Influencer Marketing Hub. Marketers, brands, influencers, and platform companies all have opportunities to exploit one another to varying degrees of harm." It's not great for consumersDespite the money flying around, the FTC only provides basic guidelines about disclosure requirements for influencer marketing to protect consumers of their content.

Persons: —, Emily Hund, Hund, David Camp, Michael Jordan, George Foreman, Brooke Shields, Calvin Klein, isn't, It's, Kim Kardashian, influencer Chiara Ferragni, Lindsay Lohan, DJ Khaled, Naomi Campbell, Kardashian, Dylan Mulvaney, Bud Light, Ben Shapiro, Donald Trump Jr, Camp Organizations: Service, Business, Social Media, Harvard Business, CBS News, Nike, Salton, FTC, SEC, Consumer, NBC Locations: influencers, California

☆ Rafael Nadal’s comeback gathers pace as he reaches Madrid Open fourth round
▼ + stars: | 2024-04-30 | by ( George Ramsay | ) edition.cnn.com time to read: +2 min

CNN —Rafael Nadal admitted that his level is “more unpredictable” than it used to be as he continued his winning run at the Madrid Open with a hard-fought victory against Argentine Pedro Cachín. “I cannot predict what’s going on tomorrow, what can happen tomorrow, or what level I’m going to show tomorrow,” Nadal told reporters after Monday’s match. “I’m more unpredictable than what I used to be … Nobody knows what can happen during the night and how I wake up [Tuesday] morning and that’s the truth.”After the match, world No. Nadal and Cachín shake hands at the net after their Madrid Open match. 10 Alex de Minaur in the second round, next faces Czech Republic’s Jiří Lehečka in the round of 16 on Tuesday.

Persons: CNN — Rafael Nadal, Argentine Pedro Cachín, Nadal, Cachín, “, ” Nadal, ”, Clive Brunskill, Alex de Minaur Organizations: CNN, Madrid, Argentine, Nadal Locations: Madrid, Czech

☆ Democrats: College campus protests highlight tensions in Biden’s coalition
▼ + stars: | 2024-04-30 | by ( Gregory Krieg | ) edition.cnn.com time to read: +20 min

Joseph Prezioso/AFP/Getty Images Pro-Palestinian protesters confront a Texas state trooper at the University of Texas in Austin on Monday, April 29. Brandon Bell/Getty Images Protesters link arms at Emerson College in Boston on April 24. Brian Snyder/Reuters House Speaker Mike Johnson speaks to the media on the campus of Columbia University after meeting with Jewish students on April 24. Alex Kent/AFP/Getty Images People watch from a window as New York University students set up a tent encampment on April 22. Stefan Jeremiah/AP Israeli flags are reflected in the sunglasses of a demonstrator in front of Columbia University on April 22.

Persons: Joe Biden’s, Donald Trump, Alex Kent, Biden, Andrew Bates, “, Chuck Schumer, –, Hind Rajab, Mike Johnson, ” Johnson, Trump, Benjamin Netanyahu’s, Mike Lawler, Israel –, Jared Moskowitz, Vermont Sen, Bernie Sanders, ” Moskowitz, Sanders, “ Bernie, Alexandria Ocasio, Cortez, “ Sen, Sanders ’, ” Ocasio, tikkun, ”, Ocasio, Joseph Prezioso, Suzanne Cordeiro, Cliff Owen, Qian Weizhong, David Dee Delgado, Mike Stewart, Sarah Reingewirtz, Jay Janner, Brandon Bell, Brian Snyder, Timothy A, Clary, Matthew Hatcher, Nuri Vallbona, Jordan Vonderhaar, Zaydee Sanchez, Caitlin Ochs, Cameron Jones, Stephanie Keith, Andres Kudacki, Tayfun, Joe Buglewicz, Fatih Aktas, Michael M, Mary Altaffer, Scott Eisen, Columbia's, Stefan Jeremiah, Selcuk, Kena Betancur, Josh Gottheimer, Dan Goldman, Richard Nixon, Netanyahu’s, Elizabeth Warren of, Bernie, ’, Warren, ‘, Netanyahu, Israel, ” Sanders –, Sanders –, Democratic Sen, Chris Murphy of, who’s, ” Murphy, Elise Stefanik, ” Stefanik, CNN’s Donald Judd, Kevin Liptak, Annie Grayer Organizations: CNN, Israel Democrats, Capitol, Columbia University, Hamilton Hall, Getty, New York Democrat, College Democrats, America, Columbia, Republicans, Democrats, GOP, Jewish Democrats, Israeli, GOP Rep, Democratic, Florida, New York Rep, Hamilton, Columbia Students, Justice, Brown University, University of Texas, George Washington University, AP, University of California, UCLA, Getty Images, New York University, Rueters Georgia State Patrol, Emory University, MediaNews, Los Angeles Daily News, Austin Statesman, USA, Network, Reuters, Austin, University, Emerson College, Swarthmore College, Bloomberg, Getty Images Police, University of Southern, Reuters New York, Reuters Columbia, New York Times, Sproul Hall, Yale University, University police, York University, The New School, Massachusetts Institute of Technology, Library, New York Police Department, Occupy, Hamas, Democratic Party, Biden, White, International Court of Justice, Sunday, Fox News, New York, Republican Locations: Gaza, New York City, Columbia, Palestinian, ”, Gaza City, Palestine, New York, Vermont, Alexandria, Israel, Cortez, Providence , Rhode Island, AFP, Texas, Austin, Washington ,, Los Angeles, New, Rueters Georgia, Atlanta, Getty Images Texas, Boston, Swarthmore , Pennsylvania, University of Southern California, Berkeley, Sproul, Anadolu, New Haven , Connecticut, Cambridge, New Jersey, Washington, Elizabeth Warren of Massachusetts, “ State, Chris Murphy of Connecticut

☆ Student unrest ratchets up an already tense election year
▼ + stars: | 2024-04-30 | by ( Stephen Collinson | ) edition.cnn.com time to read: +12 min

CNN —Dramatic campus protests are injecting an inflammatory new element into an election year that is already threatening to stretch national unity to a breaking point. Republicans smell an openingGOP Rep. Elise Stefanik is a driver of the deepening political backlash against campus protests. Republicans are also using the drama of student protests as a shield and to downplay their presumptive nominee’s own extremism. The unrest is so far not comparable since there’s no student mob trying to destroy American democracy. And they are not yet in the same league as the civil rights and Vietnam War protests in the 1960s and 1970s.

Persons: they’ve, Joe Biden, Biden, Israel –, Donald Trump, Trump, “, ”, Fox, “ Biden, appeasing, who’ve, Will, Elise Stefanik, Stefanik, Mike Johnson’s, skewer Biden, ” Stefanik, Johnson, aren’t, ” Johnson, Ronald Reagan, Berkeley ”, Richard Nixon, antisemites, Trump’s, ” Trump, George Floyd, David Farber, Paula Newton, John Kennedy, Barack Obama Organizations: CNN, New York Police Department, Columbia University, –, University of California, UCLA, Brown University, Israel, The New York Republican, Harvard, Ivy League, Columbia, National Guard, GOP, Republicans, California, Berkeley, Democratic Party, crackdowns, Capitol, University of Kansas, CNN International, Harvard University Locations: Gaza, America, Texas, Columbia’s, Palestine, Los Angeles, Israel, Rafah, United States, Vietnam, Charlottesville , Virginia

☆ Taiwan's economy is booming thanks to the AI craze
▼ + stars: | 2024-04-30 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Taiwan's economy is booming. Its GDP rose by a better-than-expected 6.5% in the first quarter, data published on Tuesday showed. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementThe ChatGPT-fueled artificial intelligence boom has helped Taiwan's economy expand more than expected. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Service, Gross, Bloomberg, Business

☆ Higher-paid employees looking for work are having a tough time, and it could be a sign of a shift in the workplace
▼ + stars: | 2024-04-30 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we examine how tough the job market is for the well-paid employee . That's the current job trend, as higher-paid employees are having trouble finding work despite a historically strong labor market. iStock; Rebecca Zisser/BIThe so-called white-collar recession could also have a lasting impact on the job market for high earners. AdvertisementIt speaks to the broader theme of efficiency Big Tech companies have touted for the better part of a year .

Persons: —, Alyssa Powell, Insider's Aki Ito, BI's Emily Stewart, Aki, Rebecca Zisser, Wall, There's, Christine Ji, Kenneth Tan, Alexander Spatari, Abanti Chowdhury, Christine Ji's, Raymond James, Larry Adam, Goldman Sachs, Elon Musk, Premier Li Qiang, Beijing . Wang Ye, Musk, Li Qiang, Jensen Huang, Douglas Sacha, Getty, Bob Bakish, Shari, David Kohl, Shopify, Changpeng Zhao, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Business, Service, Hamptons, Big Tech, Tech, Amazon, Bank of America, Elon, Premier, AP Elon Musk's, Federal Reserve, Paramount Locations: America, Beijing ., Xinhua, China, New York, London

☆ Alysia Montaño is set to be upgraded to a bronze medal after her rivals doped. That still feels like a ‘stab in the gut’
▼ + stars: | 2024-04-30 | by ( George Ramsay | ) edition.cnn.com time to read: +9 min

Receiving a first Olympic medal is supposed to be a momentous and exhilarating occasion for every athlete but not Alysia Montaño. “A stab in the gut, in the heart, really,” is how she describes her supposed moment of triumph. In the days after learning that she could be awarded a bronze medal, Montaño says that her emotions oscillated from joy to sadness to something akin to grief. Savinova celebrates her winning gold at the London Olympics, a title of which she was later stripped. Montaño being awarded her bronze medal from the 2013 world championships in 2019.

Persons: vacantly, “, ” Montaño, – Mariya Savinova, Ekaterina Guliyev, Ekaterina Poistogova, Pamela Jelimo, Montaño, Stu Forster, Savinova, Guliyev, Olivier Morin, huff, –, Adam Nelson, Mustafa Abumunes, ”, wouldn’t Organizations: CNN, Doping Agency, London Olympics, Getty, Athletics Integrity Unit, Turkish Athletic Federation, London, Doha, Clif, ” CNN, International Olympic Committee, US Olympic, Paralympic, New York Times, Nike Locations: Cleveland, American, London, Russia’s, Turkey, AFP, Qatar, Los Angeles, Burger, Paris

☆ Perimenopause may spike risk of depression, study finds
▼ + stars: | 2024-04-30 | by ( Kristen Rogers | ) edition.cnn.com time to read: +6 min

Now, a new study has quantified the risk of depression during the transition, known as perimenopause — showing that women in this stage are about 40% more likely to experience the mental health condition than premenopausal women. The authors conducted the study — which is a review of seven studies totaling 9,141 women — to provide an estimate for the risk of developing clinical, diagnosed depression or depressive symptoms at different menopausal stages. The authors didn’t find a significant difference in risk of depression for postmenopausal women compared with premenopausal women. Badawy is now an associate graduate mental health worker at the Barnet, Enfield and Haringey Mental Health NHS Trust in London. And doctors should develop and maintain relationships with mental health providers to whom they can refer patients diagnosed with depression.

Persons: ”, Aimee Spector, ” Spector, —, didn’t, Stephanie Faubion, Penny, Bill George, Faubion wasn’t, Yasmeen Badawy, ” Faubion, Faubion, Rebecca Thurston, wasn’t, Thurston, “ Organizations: CNN, Disorders, University College London, Johns Hopkins Medicine, Mayo Clinic’s Center, Women’s Health, Barnet, Haringey Mental Health, Trust, Pittsburgh, University of Pittsburgh, Lifeline Locations: United States, Australia, China, Netherlands, Switzerland, Minnesota, Enfield, Haringey, London

☆ Paramount axed its CEO, then held a bizarre earnings call where it played the 'Mission: Impossible' theme song over and over and refused to take questions
▼ + stars: | 2024-04-30 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

No questions were taken and the call ended with the Mission: Impossible theme being played on loop. The company announced the departure of its president and CEO Bob Bakish before the call. AdvertisementParamount executives didn't take any questions during the company's earnings call on Monday, and ended up blasting the Mission: Impossible theme music on loop to their investors instead. The entertainment studio's first quarterly earnings call of the year took place after Paramount announced the ouster of its president and CEO Bob Bakish. The earnings call ran for only 8 minutes and 50 seconds, and the executives in attendance weren't open to taking questions.

Persons: Bob Bakish, —, didn't, Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Jaime Morris, Anna Nicolaou, Matthew Belloni, Alex Stedman, Shari Redstone, David Ellison's Skydance, David Ellison, Larry Ellison, There's, Paramount didn't Organizations: Paramount, Service, — CBS, Showtime, MTV Entertainment, Paramount Pictures, Nickelodeon Nickelodeon, Financial Times, Netflix, David Ellison's Skydance Media, Oracle, BI

☆ Live updates: Pro-Palestinian university protests disrupt Columbia, UCLA, campuses across the US
▼ + stars: | 2024-04-29 | by ( Elizabeth Wolfe | ) edition.cnn.com time to read: +2 min

At Washington University , more than 80 people were arrested at the campus Saturday, the university said. About 100 people were arrested on Northeastern University's campus in Boston on Saturday morning as authorities broke up an unauthorized encampment. At Arizona State University , police arrested 72 people in connection to an encampment on campus, university officials said. , police arrested 72 people in connection to an encampment on campus, university officials said. The number of demonstrators on George Washington University's campus is dwindling, but another group has erected an encampment of about 20 tents on a nearby public street.

Persons: scuffles, Jill Stein, George Washington Organizations: University of California, Washington University, Green Party, Arizona State University Locations: Israel, Gaza, University of California Los Angeles, Northeastern University's, Boston

☆ Disgraced former Congressman George Santos says he's bringing his drag queen alter ego 'out of the closet' on Cameo
▼ + stars: | 2024-04-29 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +4 min

George Santos will be making Cameo videos as his drag persona, Kitara Ravache, he said. After being expelled from Congress, Santos has used Cameo to earn money. AdvertisementDisgraced former Congressman George Santos announced on Monday that he is bringing his drag persona Kitara Ravache "out of the closet" for a limited time. AdvertisementRochard said that she had known Santos as a drag queen and that he'd competed in drag in a beauty pageant as Kitara Ravache in 2008. AdvertisementFollowing his expulsion from Congress, Santos turned to Cameo as a source of income.

Persons: George Santos, Kitara Ravache, Santos, —, Y'all, I've, Roch, "Ru Organizations: Congress, Service, New, Acc, e, eni Locations: y

☆ ‘Should have been done yesterday’: Rural, older Americans could get hurt as affordable internet program runs out of cash
▼ + stars: | 2024-04-29 | by ( Brian Fung | Jason Carroll | ) edition.cnn.com time to read: +14 min

But in just a few weeks, her internet bills, and those of other Americans like her, could skyrocket by hundreds of dollars a year. The program is heavily used by Americans over age 50, military veterans and low-income working families nationwide, according to FCC data. Amira Karaoud/Reuters/FileRural and older usersThe ACP has quickly gained adoption since Congress created the program in the 2021 bipartisan infrastructure law. Large swaths of the ACP’s user base trend older; Americans over 65 account for almost 20% of the program. The FCC’s Lifeline program, which dates to the Reagan administration, similarly gives low-income households a monthly discount on phone or internet service.

Persons: Cindy Westman, —, I’ll, ”, Westman, ’, Westman —, Gigi Sohn, “, Biden, Allison Bailey /, Cynthia George, George, ” George, Marc Veasey, They’re, Geoffrey Starks, “ It’s, ” Starks, Amira Karaoud, Walter Durham, I’m, ” Durham, Michelle McDonough, McDonough, she’ll, doesn’t, “ I’m, ” McDonough, Kamesha Scott, Louis, Megan Janicki, ” Janicki, Reagan, Mike Johnson, Blair Levin, Johnson didn’t, Levin, Jonathan Blaine, ” Blaine, they’re Organizations: CNN, Program, Social, Federal Communications Commission, FCC, Capitol, Getty, MSN, White, ” Texas Democratic, “, Comcast, ACP, Navy, American Library Association, Lifeline, Republicans, Republican, New, Research, ” Bills Locations: Eureka , Illinois, America, Dallas, Las Vegas, Kentucky, San Diego, United States, Maine, St, Vermont

☆ Paramount says CEO Bob Bakish is stepping down, will be replaced by a trio of executives
▼ + stars: | 2024-04-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

David A. Grogan | CNBCParamount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue. Bakish climbed the corporate ladder after joining Viacom in 1997, until he became CEO of the company in 2016. Following the merger of Viacom and CBS, he became CEO of the combined company in 2019, which was later renamed as Paramount Global. Paramount will now be led by CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon. Paramount said it added 3.7 million Paramount+ subscribers during the quarter, bringing the total to 71 million.

Persons: Bob Bakish, David A, Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Naveen Chopra, Chopra, LSEG, Bob Marley Organizations: Viacom, Allen & Company Sun Valley Conference, Grogan, CNBC Paramount Global, Skydance Media, CBS, Paramount Global, Paramount, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon, LSEG, Super, BET, MTV, NFL, TV Media, Hollywood Locations: Sun Valley , Idaho

☆ A Cleveland Uber driver who made $109,000 in 2023 but took home only $17,000 shares the 3 reasons he can't quit ride-hailing: 'I continue to run into a brick wall'
▼ + stars: | 2024-04-29 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

A Cleveland Uber driver made over $109,000 in gross earnings last year but took home only $17,000. He said Uber driving had become less profitable but that he wasn't sure he could find a better job. AdvertisementGeorge, a full-time Uber driver in Cleveland, wants to quit his ride-hailing gig. Last year, George made more than $109,000 in gross earnings as an Uber driver, according to documents viewed by BI. But after Uber's commissions, car maintenance, gas, and miscellaneous driving expenses were accounted for, he took home roughly $17,000, about 16% of his gross earnings.

Persons: Uber, —, George, he'd, isn't, that's, There's, He's Organizations: Service, Uber, BI, of Labor Statistics, BLS Locations: Cleveland, Minneapolis, Minnesota, Twin Cities

☆ Tesla stock set to surge 10% on Elon Musk's China full self-driving 'home run'
▼ + stars: | 2024-04-29 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Tesla's stock price jumped 10% in Monday's premarket as traders reacted to Elon Musk's China trip. Musk seems to have won key support for rolling out Tesla's autonomous driving technology in China. The Wall Street Journal reported that China's government had signaled to Musk that it would support Tesla's full self-driving rollout. Signs of slowing demand in China have dragged on Tesla's stock price in recent months, although shares rallied last week after Musk's company said it planned to launch cheaper models in 2025. "Musk winning FSD approval in the key China market is a watershed moment for the Tesla story in our view," Ives said in a note seen by BI.

Persons: Wedbush's Dan Ives, —, Tesla, Elon Musk, Premier Li Qiang, Dan Ives, Ives Organizations: Service, Tesla, Baidu, Bloomberg, Premier, Street Journal, BI Locations: Monday's premarket, Elon Musk's China, China, Beijing

☆ Billy Vunipola: England rugby player fined for resisting arrest at Mallorca nightclub, court says
▼ + stars: | 2024-04-29 | by ( George Ramsay | Al Goodman | ) edition.cnn.com time to read: +2 min

CNN —England international rugby player Billy Vunipola has been fined and handed a suspended four-month prison sentence after resisting arrest at a nightclub in Mallorca, a Spanish court said on Monday. He was charged with serious disobedience to an authority and resisting arrest, according to the court sentence document seen by CNN. “The accused admitted that he was in a nightclub in Palma where some police officers came because of a fight,” the court statement said. The 31-year-old also confirmed that he had been charged with resisting the law and had paid a €240 fine. According to the three-page court sentence document, Vunipola admitted that he had not followed police orders and subsequently caused an injury to an officer’s right wrist and hand, requiring medical attention.

Persons: Billy Vunipola, Vunipola, “, ”, won’t, “ unreservedly Organizations: CNN, England, Court, Justice, Spanish National Police, Saracens, Bath Locations: Mallorca, Palma, Palma ., Spain, France

☆ Paramount Global ousts chief Bob Bakish as future of media conglomerate hangs in the balance
▼ + stars: | 2024-04-29 | by ( Oliver Darcy | ) edition.cnn.com time to read: +4 min

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

☆ 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

☆ Paramount’s Chief Executive, Bob Bakish, Steps Down
▼ + stars: | 2024-04-29 | by ( Benjamin Mullin | Lauren Hirsch | ) www.nytimes.com time to read: +1 min

Bob Bakish, the chief executive of Paramount, is stepping down effective immediately, the company announced on Monday, a stunning shake-up in the top ranks of the company as it considers a major merger. Mr. Bakish, 60, will be replaced by an “office of the C.E.O.” run by three executives: Brian Robbins, head of the Paramount movie studio; George Cheeks, chief executive of Paramount’s CBS division; and Chris McCarthy, chief executive of Showtime and MTV Entertainment Studios. Like many media companies, Paramount has struggled in recent years to get its streaming business off the ground as audiences for its cable channels have diminished. In recent months, the company has been in discussions to merge with Skydance, a media company run by the tech scion and Hollywood executive David Ellison. Shari Redstone, Paramount’s controlling shareholder, has already signed off on a potential deal for her stake, but the company’s directors have yet to reach an agreement for the whole company.

Persons: Bob Bakish, Bakish, Brian Robbins, George Cheeks, Chris McCarthy, Bakish’s, David Ellison, Shari Redstone Organizations: Paramount, Paramount’s CBS, Showtime, MTV Entertainment Studios

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