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download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewSix months after layoffs at food technology company City Storage Systems, another round of cuts hit teams globally, per leaked audio obtained by Business Insider. More than 80 US employees were cut at Otter, the company's restaurant tech arm, said a source familiar with the people laid off. This story is available exclusively to Business Insider subscribers. In fall 2021, CEO Travis Kalanick raised $850 million for CSS from investors including Microsoft, at a $15 billion valuation.
Persons: , Guido Gabrielli, Otter, Travis Kalanick, Kalanick, Uber, Gabrielli Organizations: Service, Storage Systems, Business, CSS, Microsoft, BI Locations: Canada, Latin America
In a country roiled by recession worries, those at the top of New York City — for better or worse — couldn't give a single gilded shit. For New York City, a brush with death called for a time of decadence. "New York City's restaurants and bars are experiencing an uneven pandemic recovery nearly four years after COVID-19 struck our city," Andrew Rigie, the executive director of the New York City Hospitality Alliance, said. AdvertisementIf a pandemic can't defeat New York City, a little inflation certainly isn't going to do it. And what that looks like is the affluent in New York City eating caviar, and poorer Americans eating cereal.
Persons: Steve Jobs, it's, Jennifer Saesue, Saesue, Fish Cheeks, Z, bistros, James Murphy, us Carbone, Casas — Cruz, Cipriani, Jean, Georges Vongerichten, Bongo, Andrew Rigie, Corey Mintz, we're, WK Kellogg, Gary Pilnick, Gary Pilnick's Organizations: Grand Prospect Hall, New, New York City, Apple, Mastercard, Chefs, Casas, Soho House, Bangkok Supper, Village, IBA, Hospitality Alliance, Nationwide, National Restaurant Association, Nasdaq, The University of Michigan Consumer, UBS, New York Locations: New York City, New York, Rome, Xinjiang, New, Manhattan, Coqodaq, Las Vegas, York, Bangkok, Hell, TouchBistro, Brooklyn, The Bronx
In today's big story, we're breaking down how to identify a meme stock . Three years after GameStop upended things, meme stocks are back in fashion. But how does one find a meme stock? (Trump Media doesn't technically qualify as a meme stock under Sosnick's criteria due to the amount of low short interest. Maintaining long-term support for a meme stock remains a tough nut to crack.
Persons: , Mark Zuckerberg, Satya Nadella, Jenny Chang, Rodriguez, There's, Steve Sosnick, Business Insider's Matthew Fox, David Becker, Chelsea Jia Feng, Donald Trump's, Trump, Bill Gross, BI's Peter Kafka, there's, it's, Pedro Ribeiro Simões, , Matt Chase, they're, OpenAI's Sam Altman, Sora, Meta, Tyler Le, Jack Canfield's, Jay Marine, Amazon's, Jeff Bezos, Antony Blinken, Emmanuel Macron, Dan DeFrancesco, Hallam Bullock, Grace Lett, Lisa Ryan Organizations: Business, Service, Getty, GameStop, Interactive, Business Insider's, Trump Media, Technology Group, AMC Entertainment, Big Tech, Hollywood, Facebook, NBA, FOX Locations: YOLO, hodlers, Silicon, Paris, Ukraine, Gaza, New York, London, Chicago
Bitcoin is more like digital gold than a so-called "risk-on" asset, according to Robert Mitchnick, BlackRock's digital assets lead. For years, bitcoin's ability to behave in different ways at different times has stumped investors . "Historically bitcoin's long-term average correlation [to stocks] has been close to zero – slightly positive, but close to zero," he said. While the recent rally was spurred by the launch of U.S. bitcoin ETFs, some on Wall Street have suggested that it may have recently fused into the more macroeconomic-fueled gold rally . Risk and portfolio construction That, understandably, adds confusion for newcomers to bitcoin investing, who are drawn to its digital gold-like qualities.
Persons: Robert Mitchnick, BlackRock's, bitcoin, It's, Bitcoin, bitcoin rocketed, Mitchnick Organizations: New York City, Fed, BlackRock Locations: New York
Eight "Survivor" competitors spoke with Business Insider about their time on the show and shared behind-the-scenes secrets that might surprise even the series's biggest fans. The production team has a set of 'identical' replacement clothesLauren-Ashley Beck and Karishma Patel on "Survivor: Island of the Idols." Beck added that she sometimes said things out loud before remembering that they could be aired on national television. Contestants aren't allowed to directly address the camera crewKellee Kim and Lauren-Ashley Beck on "Survivor: Island of the Idols." But Beck added that after spending weeks with the crew, it's hard to not notice certain things about them.
Persons: , Lauren, Ashley Beck, Beck, Davie Rickenbacker, Rickenbacker, Elaine Stott, Stott, We're, we're, Patel, Karishma Patel, Janet Carbin, aren't, Carbin, castmates, Malcolm Freberg, Carbin's, Kellee Kim, they're, Tyson Apostol, Dean Kowalski, Tom Laidlaw, Chelsea Walker, Robert Voets, Jeff, doesn't, Andrea Boehlke, Boehlke, David, — Nick Wilson, Nick, Goliath, Dan Rengering, I've, she's Organizations: Service, CBS, Business, Getty, YouTube Locations: Philippines, Guatemala, Nicaragua, Cambodia, Fiji, Tribal, Ponderosa
Kellogg's is advertising cereal for dinner as an alternative for people struggling with food prices. WK Kellogg CEO Gary Pilnick told CNN last week that the messaging was "landing really well" with customers. Cereal prices shot up 13% in 2022Grocery prices soared during the pandemic as supply-chain chaos pushed up costs for producers. Advertisement"The cereal category has always been quite affordable, and it tends to be a great destination when consumers are under pressure," Pilnick told CNN. Pilnick told CNN last week that more than a quarter of cereal consumption is outside breakfast.
Persons: aren't, WK Kellogg, Gary Pilnick's, Pilnick's, , Gary Pilnick, Marie Antoinette, Marianne Williamson, Pilnick, Sadie Garcia, Kellogg Organizations: Service, CNN, YouTube, American Academy of Pediatrics, American Heart Association, Bureau of Labor Statistics, Graham
Standing on the grand staircase of Lynda and Stewart Resnick's opulent Beverly Hills mansion at a party last fall — where Diane Keaton, Bob Iger and Brian Grazer were among the luminaries making small talk over crudités and Sazerac cocktails — the author Walter Isaacson took a moment to thank his hosts. Not only were the Resnicks giving the party to celebrate his new biography of Elon Musk, they had also been major supporters of his former professional home, the Aspen Institute, donating $36 million to the think tank over the years. Isaacson was not the only one in the room with reason to be grateful to them. Overall, the Resnicks — whose Wonderful Company business empire includes Pom Wonderful pomegranate juice, Wonderful Pistachios, Fiji Water, Halos mandarins and Teleflora, the flower-delivery service — have donated $1.9 billion of their estimated $13 billion fortune to academic institutions, climate change initiatives, cultural organizations and programs in California’s Central Valley. Their gifts have landed them on the Chronicle of Philanthropy’s annual list of the 50 biggest donors three times.
Persons: Stewart, Diane Keaton, Bob Iger, Brian Grazer, Walter Isaacson, Elon Musk, Isaacson, Picasso, Fragonard, Boucher, Michael Govan, Ann Philbin, Michael Milken Organizations: Aspen Institute, Angeles County Museum of Art, Milken Institute, Wonderful Company Locations: Beverly, Fiji, Central Valley
Kellogg CEO Gary Pilnick suggested people struggling financially should eat cereal for dinner. AdvertisementCereal for dinner is usually a last resort — when the fridge is empty and money is tight. A cereal executive, however, thinks eating cereal for dinner is a fine way for those struggling to save money. "Cereal for dinner is something that is probably more on trend now, and we would expect to continue as that consumer is under pressure." One viewer suggested that perhaps they "eat the rich" instead.
Persons: Kellogg, Gary Pilnick, , Pilnick Organizations: Service, CNBC, SEC, Business
Katie Ortman Doble is a headhunter who uses LinkedIn like a digital Rolodex. Katie Ortman DobleNick invited my sisters to go ring shopping with him shortly after we celebrated one year of dating. Katie Ortman DobleWe never gave up hopeWe spent our 30s in fight or flight mode, but we never gave up hope. Katie Ortman DobleWe both maintained our careers, although I did take a much-needed break from my job and LinkedIn networking in 2019. Katie Ortman DobleUnexpected connections can end up sustaining usThis week, Nick and I celebrate nine years of marriage.
Persons: Katie Ortman Doble, Nick, Katie, , I'm, It's, That's, Katie Doble, claret, me claret, Katie Ortman Doble Nick, She's, Kimi, Katie's, Tommy, Katie Ortman, Alice, Zhang Organizations: Service, LinkedIn, Denver, West Ham United, Memorial Sloan Kettering, MSK, University of Pittsburgh Medical Center, NED Locations: Denver, Downtown Denver, West, Manhattan, Moher, County Clare, Ireland, Pennsylvania, NED, janezhang@insider.com
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWK Kellogg CEO Gary Pilnick: 'Cereal for dinner' is trending for consumers under price pressureGary Pilnick, WK Kellogg co-chairman and CEO, joins 'Squawk on the Street' to discuss the consumer share of income spent on food, what's landing well with the consumer, and Pilnick's conversations with clients like Walmart and Target.
Persons: WK Kellogg, Gary Pilnick Organizations: WK, Walmart, Target
Read previewWho knows what kind of fate would have awaited Uber had Travis Kalanick decided not to relinquish his power in 2017. But instead of crashing, Uber has seemingly defied the odds thanks to Kalanick's successor, Dara Khosrowshahi. Net profit for the year hit $1.9 billion versus an enormous $9.1 billion loss in 2022, which had been inflated by revaluations of Uber's equity investments. Former Uber boss Travis Kalanick. But having been at the helm of online travel business company Expedia for 12 years before moving to Uber, Dara's success appears to come from his pedigree as an operator.
Persons: , Uber, Travis Kalanick, Dara Khosrowshahi, Khosrowshashi, Eric Piermont, Khosrowshahi, SoftBank, Didi Chuxing Organizations: Service, Business, AFP Dara's Locations: Silicon, San Francisco, China
The chief financial officer of City Storage Systems, the umbrella company of Travis Kalanick's foodtech juggernaut, left last month, two employees told Business Insider. Before City Storage Systems, Curran spent more than a dozen years at Amazon, where he was most recently the vice president of finance and chief financial officer for the international consumer business, per his LinkedIn. His social-media profile lists a January end date for his latest role, the chief financial officer of "stealth startup." City Storage Systems is a multifaceted effort to reinvent food production, just as Kalanick aimed to upend the taxi industry by founding Uber. Tech and real-estate businesses such as City Storage Systems face challenges, including inflation and higher interest rates.
Persons: Travis Kalanick's, John Curran, Curran, Uber, Kalanick Organizations: Storage Systems, Business, City Storage Systems, Uber, LinkedIn, Otter, Tech, Systems
NEW YORK (AP) — Christopher Nolan was still sleeping when his film, “Oppenheimer," landed a leading 13 Academy Awards nominations Tuesday. “Oppenheimer,” Nolan's sprawling American saga of J. Walter Oppenheimer and the creation of the atomic bomb, has more or less been the Oscar frontrunner since it made its acclaimed debut in late July. It came one nomination shy of tying the record for best Oscar nominations ever. “It's flabbergasting," said Thomas who spoke with her husband in an interview a few hours after nominations were announced. And so I think that’s something that really touched audiences.
Persons: — Christopher Nolan, “ Oppenheimer, Emma Thomas, Nolan's, , ” Nolan, Nolan, Thomas didn't, J, Walter Oppenheimer, Cillian Murphy, Robert Downey Jr, Emily Blunt, “ Oppenheimer ”, Hoyte van, Jennifer Lame's, Ellen Mirojnick's, Ruth De Jong, Claire Kaufman's, Luisa Abel's, Ludwig Göransson's, It's, Thomas, he’s, it’s, Oppenheimer, , Oppenheimer ”, it's, we'll, We're, you've, We've, We'll, Jake Coyle Organizations: Associated Press, Dunkirk Locations:
Technology stocks had a banner year in 2023, but Deutsche Bank thinks there could be even more upside ahead. Although these gains may seem hard to match, Deutsche Bank analyst Brad Zelnick and his team expect software stocks to outperform in the new year. In particular, the analyst listed buy-rated Salesforce and Oracle as his two top picks for 2024. Oracle stock has climbed 3.1% in 2024 , and shares popped 29% last year. ORCL YTD mountain ORCL YTD chart "We see the multiple recovering and the stock steadily making its way out of the penalty box in 2024," the analyst wrote.
Persons: Brad Zelnick, Zelnick, prem Organizations: Deutsche Bank, Software, Oracle Locations: Thursday's
He also found four poems written by Flora Fairfield, a known pseudonym of Alcott's. As he scrolled through digitized newspapers from the American Antiquarian Society, he found a story titled “The Phantom." I’m interested in gathering more of it.”When first contacted by Chapnick about the writings, Gregory Eiselein, president of the Louisa May Alcott Society, said he was curious but skeptical. This isn't the first time that scholars have found stories written by Alcott under a pseudonym. In the 1940s, Leona Rostenberg and Madeleine Stern found thrillers written under the name A. M. Barnard was an Alcott pseudonym.
Persons: Max Chapnick, Louisa May Alcott, Gould, Charles Dickens, Flora, Alcott's, , she’s, she’s hustling, ” Chapnick, ” Alcott, , — Meg, Jo, Beth, Amy —, Greta Gerwig, Chapnick, Alcott, Gould —, I’m, Gregory Eiselein, I’ve, Louisa Alcott, ” Eiselein, Anne Phillips, “ Alcott, ” There’s, Leona Rostenberg, Madeleine Stern, Barnard, didn’t, We’re, ” Elizabeth Pope, “ We’re Organizations: , Northeastern University, American Antiquarian Society, “ Little, Boston Public Library, Louisa May Alcott Society, Kansas State University, Kansas State, American Locations: WORCESTER, Massachusetts, Concord , Massachusetts, Flora Fairfield, Worcester, Olive
Joe Coffee founders Nick and Brenden Martin Joe CoffeeWall Street is on edge. Over the past two decades, small businesses have accounted for 40% of U.S. gross domestic product, according to the Chamber of Commerce. "If America is really built on the backbone of small business owners, why are they the ones that never catch the break?" In 2021, Joe Coffee, which now has 17 employees, created a full software and payments suite for coffee shops. WATCH: Xero will remain focused on core segments such as small businesses
Persons: PAYC ZI, Nick Martin, Joe Coffee, Martin, Joe Coffee's, aren't, Bill, Nick, Brenden Martin Joe Coffee, John Rettig, Cameron Hyzer, Yamini Rangan, Rangan, Bill didn't, Jake Dollarhide, Martins, Brenden Martin, Nick's, Brenden, Zhang Peng, they'd, Taylor McGinnis, ZoomInfo, we've, Bryan Keane Organizations: Starbucks, CNBC, Bill Holdings, Bureau of Labor Statistics, Joe, Nasdaq, Chamber of Commerce, Longbow Asset Management, Microsoft, Coffee Fest, UBS, Deutsche Bank Locations: Seattle, Paycom, West Richland , Washington, Coffee, Los Angeles
Better Days, a virtual brand assisted by robots, officially debuts today. Better Days by Remy Robotics wants to scale its wellness brand to 500 locations in five years. Wellness food brand Better Days is officially debuting today inside Travis Kalanick's CloudKitchens commissary kitchens. Remy Robotics founder and CEO Yegor Traiman left his job as an electric-vehicle engineer five years ago to launch Remy Robotics. Better Days, a robot-run virtual restaurant in New York City, sells chef-driven dishes like this salmon meal.
Persons: Remy, , there's, Travis Kalanick's, Uber, Yegor Traiman, McDonald's, Jose Andres, El, Ferran Adrià, Traiman Organizations: Remy Robotics, Service, Disney Locations: New York City, White, Chipotle, Europe, Brooklyn
A particular focus was an Otter business called Future Foods. But now, Future Foods is generating healthy revenue, relative to the cost of customer acquisition. He did not disclose revenue for Future Foods or other businesses on the call. 'Healthy tension'Gabrielli did admit there's a "healthy tension" with the Future Foods team, saying that they "tend to sandbag a little bit their capabilities." Future Foods also asks would-be customers if they maintain at least a four-star rating on one delivery app.
Persons: Travis Kalanick, Uber, Otter, Guido Gabrielli, Gabrielli, it's Organizations: Storage Systems, CSS, Otter, Tech, Foods, Future Foods
Everyone is going bankrupt
  + stars: | 2023-11-09 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +8 min
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 . WeWork, the real-estate company that cosplayed as a tech startup, filed for Chapter 11 bankruptcy this week. AdvertisementAdvertisementBut one Wall Street veteran believes WeWork will be the first of many companies to succumb to a similar fate. 3 things in marketsANGELA WEISS / Getty ContributorCan the stock market keep this momentum going?
Persons: , AFTRA, Tesla, Brooks Kraft, It's, WeWork, David Trainer, Jennifer Sor, Insider's Vishal Persaud, Katie Notopoulos, Adam Neumann, we've, ANGELA WEISS, Jeff Gundlach, OpenAI's, Google's Bard, Min, Uber, Travis Kalanick's, Matthew Tortoriello, Sherrod Brown, Malte Mueller, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, SAG, Hollywood, Tech, Google, Brooks Kraft LLC, Getty, Wall, P, Bank of America, Wall Street, Nasdaq, ExxonMobil, Tesla, Apple, Brooks, Amazon, YouTube, NFL, News Corp, Sony Locations: French Montana, New York City, San Diego, London, New York
Travis Kalanick's ghost kitchen company laid staff off on Wednesday. In 2021, Kalanick raised $850 million at a $15 billion valuation for the company. The cuts come as tech and real estate companies rethink staffing needs in a more difficult market. Travis Kalanick's ghost kitchen company cut jobs on Wednesday, two employees told Insider. It wasn't immediately clear how many CSS employees were affected.
Persons: Travis, Kalanick Organizations: Storage Systems, Staff
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWeak volumes in transports indicate a softer holiday, says Kayne Anderson Rudnick's Julie BielBrian Reynolds, Reynolds Strategy chief market strategist, and Julie Biel, Kayne Anderson Rudnick portfolio manager and senior research analyst, join 'The Exchange' to discuss rising delinquency rates, the outlook for the holiday season, and more.
Persons: Kayne Anderson, Julie Biel Brian Reynolds, Julie Biel Organizations: Reynolds Strategy
[1/2] Tennis - Australian Open - Melbourne Park, Melbourne, Australia - January 18, 2023 Spain's Rafael Nadal in action during his second round match against Mackenzie Mcdonald of the U.S. REUTERS/Loren Elliott/File Photo Acquire Licensing RightsOct 11 (Reuters) - Rafa Nadal will play at the Australian Open in January, tournament director Craig Tiley said on Wednesday, as the 37-year-old former world number one returns to the sport after undergoing hip surgery earlier this year. The Spaniard, who has won 22 Grand Slam titles, has been out of action since January after hurting his hip flexor in a second-round defeat at the Australian Open. He underwent surgery on a hip muscle in June and was expected to be sidelined for about five months. Tiley also said Australian Nick Kyrgios could return at the Melbourne Park Grand Slam after he underwent knee surgery in January and suffered wrist and foot issues in an injury-plagued 2023. Nadal has won the Australian Open twice, with his last victory coming in 2022 when he beat Russia's Daniil Medvedev and became the first man in the Open era to come back from two sets down in the final to win.
Persons: Spain's Rafael Nadal, Mackenzie Mcdonald, Loren Elliott, Rafa Nadal, Craig Tiley, Rafa, Tiley, He's, Nick Kyrgios, Nick's, Nadal, Novak Djokovic, Russia's Daniil Medvedev, Rohith Nair, Peter Rutherford Organizations: Melbourne, U.S, REUTERS, The, Thomson Locations: Melbourne, Australia, Bengaluru
Learn moreLegendary singer Stevie Nicks is heading on her long-awaited 2024 tour, which kicks off at the end of 2023. We can show you how to buy Stevie Nicks tickets for all the remaining dates, including Madison Square Garden in New York this weekend. If you want to buy Stevie Nicks' tour tickets, we've got you covered. Stevie Nicks 2023 tour scheduleStevie Nicks still has 22 shows remaining across 22 cities on her concert tour of the US. So far, the only concert tour dates announced for Stevie Nicks in 2023 and 2024 are in the United States.
Persons: Stevie Nicks, Fleetwood, Billy Joel, Fleetwood Mac, Nicks, hasn't, it's, Rhiannon, we've, Billy Joel Date, Stevie Nicks's, you'll, Joel's, haven't Organizations: San, SC, Ticketmaster Locations: Madison, New York, United States, StubHub, San Francisco, York, NY, Buffalo, Baltimore, Memphis, TN, Savannah, Allentown, Detroit, MI, Minneapolis, San Diego, Inglewood, CA, AZ, Sacramento, Atlantic City, NJ, Park, Greenville, Hollywood, New Orleans, LA, Omaha, Little, Arlington, TX, Buffalo , New York, Minneapolis , Minnesota, Canada
Insider Today: Y Combinator's Demo Day decline
  + stars: | 2023-09-07 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +10 min
Y Combinator's Demo Day, which will wrap up today, was long considered the event for early-stage startups. AdvertisementAdvertisementInvestors front-running Demo Day was previously considered a major faux pas. You might ask yourself: Who cares if startups line up investments before Demo Day? And companies that get investments before Demo Day might regret it in the long run. The new rating system for performance reviews determines pay — and managers were instructed to not share it with employees.
Persons: I've, that's, Madeline Renbarger, haven't, It's, it's, Samantha Lee, Madeline, There's, Martin, Ryan Reynolds, LeBron James, they're, Ed Yardeni, Jeremy Grantham, Brevan Howard, Peter Hornick, Eduardo Munoz, Sapna Chadha, Shopify, Arantza Pena Popo, YIMBYism, Elon Musk, Katy Perry, Hozier, Hayao Miyazaki's, Heidi Tissenbaum's, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, NFL, Tech, Bank, Getty Images, REUTERS, Google, Google Asia Pacific, The Kansas City Chiefs —, Detroit Lions, 48th Toronto, Getty Locations: Wall, Silicon, Silicon Valley, Nevada, The, New York City, San Diego, London, New York
After a stressful few years for stocks, traders are flooding the offices of therapists and mental health professionals. Wall Street is seeing elevated rates of depression, anxiety, and substance abuse, psychologists told Insider. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. That even applies to professional Wall Street traders, who already work grueling hours in cutthroat environments. Meanwhile, 32% of trading professionals said they had at least considered therapy or mental health services due to stress at work.
Persons: It's, Megan, it's, Goldman Sachs, Dr, Greg Kushnick, he's, Reid Daitzman, He's, Kushnick, Créde Sheehy, Kelly Organizations: Service, Wall, Oasis, Bank of America, of America, Financial, Finance, Quest Diagnostics Locations: Wall, Silicon, California, New, Connecticut
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