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☆ Millennials aren't as rich as they were a year ago. Here's why.
▼ + stars: | 2023-06-28 | by ( Jacob Zinkula | Noah Sheidlower | ) www.businessinsider.com time to read: +6 min

The average millennial's net worth grew from $64,000 to $111,000 between the first quarter of 2020 and 2022. But just two years later, as of the first quarter of 2022, the average millennials' net worth surged to $111,000. As of the fourth quarter of last year — the most recent measure – millennials' average net worth had fallen to roughly $106,000. And what are the key factors that could impact millennials' wealth trajectory in the years to come? According to Ricketts, millennials' net worth has "plateaued" — rather than notably declined — over the past year.

Persons: —, Millennials, Matt Schulz, Schulz, Lowell Ricketts, Louis Fed, Ricketts, millennials, Gen Organizations: Service, Federal Reserve, St, Fed Locations: millennials

☆ The inflation trader hiring frenzy: Where top players are landing as the war for talent heats up
▼ + stars: | 2023-06-14 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +2 min

Inflation trading has gone from a backwater to a $4 billion business as consumer prices careen. It's led to a rush of hiring by banks and hedge funds eager to tap top talent. Insider breaks down the biggest departures, promotions, and hires in inflation trading. Inflation trading isn't new, but up until the last two years, it was a bit of a backwater. It's Winkworth's second move since the renaissance in inflation trading — he joined Deutsche from Morgan Stanley in 2021.

Persons: It's, Jimmy Carter, Joaquin de Soto, Goldman Sachs, Jordan Lange, Carrington Fox, Igor Cashyn, Guy Winkworth, Sukhjeet Atwal, Morgan Stanley, we'll Organizations: Citadel, Barclays, May, JPMorgan, Deutsche Bank, Deutsche

☆ Top chart analyst sees trouble ahead for this retail bellwether beating the market
▼ + stars: | 2023-04-15 | by ( Sean Conlon | ) www.cnbc.com time to read: +1 min

Trouble may be in store for Walmart — a stock which has been outperforming the major market indexes. Worth sees particular trouble ahead for the stock at $140 level. "The P/E is high-ish, but it's actually not quite as high as it seems because they've been spending, spending, spending," she said. Retail sales recorded a 1% drop in March — a bigger drop than Wall Street was expecting. Walmart shares fell almost 2% last week, but they're up about 5% so far this year.

☆ Would a $100,000 salary make you happy? Here's when more money doesn't mean more joy
▼ + stars: | 2023-03-28 | by ( Kamaron Mcnair | ) www.cnbc.com time to read: +3 min

While money certainly helps bring joy and satisfaction to your life, it won't have the same impact on everyone. The researchers first set out to determine why one study showed a happiness plateau while the other did not. For the new study, the researchers decided to look at incomes above or below $100,000 as a starting point. Since Killingsworth's study categorized that salary in the $90,000 to $100,000 range, they decided to simply look at incomes above or below $100,000. An "unhappy minority" revealed itself, however, as the researchers found the most explicit happiness plateau among the least happy 15 to 20% of people.

☆ AI love: What happens when your chatbot stops loving you back
▼ + stars: | 2023-03-18 | by ( Anna Tong | ) www.reuters.com time to read: +9 min

He designed a female avatar with pink hair and a face tattoo, and she named herself Lily Rose. As their three-year digital love affair blossomed, Butterworth said he and Lily Rose often engaged in role play. Sometimes Lily Rose sent him "selfies" of her nearly nude body in provocative poses. Now, when Replika users suggest X-rated activity, its humanlike chatbots text back "Let's do something we're both comfortable with." The coquettish-turned-cold persona of Lily Rose is the handiwork of generative AI technology, which relies on algorithms to create text and images.

☆ Democrats renew push for national paid family and medical leave program
▼ + stars: | 2023-02-03 | by ( Lorie Konish | ) www.cnbc.com time to read: +4 min

Had a federal paid leave policy been in place, many of those women may have been able to stay employed, she said. "Imagine if, during the pandemic, we had had a national paid leave program," Gillibrand said. The Family and Medical Insurance Leave Act, or FAMILY Act, was reintroduced by lawmakers including Gillibrand and Rep. Rosa DeLauro, D-Conn., with the goal of creating the first paid national family and medical leave program. "It is a reasonable, pragmatic way to get to paid family leave," Duckworth, who is a co-sponsor of the bill, told CNBC.com in an interview. The Education Support Professionals Family Leave Act would provide education support workers such as school bus drivers with unpaid leave under FMLA.

☆ Meta exec warns philanthropy and worker perks can 'create drag' on a company. 'You must be willing to focus and prioritize.'
▼ + stars: | 2023-02-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +5 min

Meta CTO Andrew Bosworth said he misses the days when the company was more focused. In a blog post, he called out the firm's philanthropy and worker perks as areas that could "create drag." Bosworth and a spokesperson for Meta did not respond to a request for comment regarding the company's charitable donations. The tech chief said this "pernicious problem" has even higher stakes than the shift toward charitable donations. Meta has more than halved its value since the company changed its name and Zuckerberg announced the company was pivoting to focus on the metaverse.

☆ Meta technology chief Bosworth implies company has lost focus
▼ + stars: | 2023-01-31 | by ( Jonathan Vanian | ) www.cnbc.com time to read: +2 min

Bosworth's post landed just days before Meta's fourth-quarter earnings report, which is to be released after the bell on Wednesday. The Facebook parent company is expected to report its third consecutive quarterly sales drop, with analysts projecting another decline in the first quarter. Bosworth was promoted to the top tech post in 2021, replacing Mike Schroepfer, who had been with the company since 2008. While he acknowledged that he doesn't miss startup life, "I do miss the profound sense of focus," Bosworth wrote. In contrast, using nonprofits as an example, he noted that in the early days of the company employees would ask Zuckerberg to support a group or cause.

☆ Private equity acquires a taste for drug development
▼ + stars: | 2023-01-09 | by ( David Carnevali | ) www.reuters.com time to read: +6 min

Jan 9 (Reuters) - Private equity firms that deemed drug development too risky for their liking in the past are increasingly investing in the sector, raising dedicated funds and coming up with deals that compensate them for the uncertainty involved. These deals are not structured as the leveraged buyouts that private equity firms are mostly known for. In most cases, the drug makers start paying the money back to the private equity firms when the drug is being developed, either by issuing equity, tapping cash on hand or borrowing. They also share a slice of the newly developed drug's revenue with the private equity firms once it's approved. Private equity firms also provide capital to spin out drugs into new companies.

Dec 25 (Reuters) - Kathy Whitworth, whose 88 LPGA Tour victories are the most ever by a player on a pro tour, passed away suddenly on Saturday while celebrating Christmas Eve with family and friends, her longtime partner Bettye Odle said. "It is with a heart full of love that we let everyone know of the passing of the winningest golf professional ever, Kathy Whitworth," Odle said in a statement on Sunday. Her mother and father supported her amid a sluggish start to her pro career and she won the first of her 88 LPGA Tour titles at the Kelly Girls Open in 1962. She went on to claim six major championships, was named LPGA Tour's Player of the Year seven times and became the first LPGA player to pass $1 million in career earnings. Her career included a rivalry with fellow late World Golf Hall of Famer Mickey Wright, who is second behind Whitworth in LPGA Tour wins with 82.

Last year, the industry handed out the biggest awards since 2006 as the economy roared back from the pandemic. It's a head-spinning reversal for dealmakers who racked up record profits for their firms last year and clinched eye-watering payouts for themselves. Compensation for FICC traders will probably rise slightly or stay flat, said Bell at Sheffield Haworth, while stock traders could see a small drop. Worsening economic conditions have already prompted firms including Morgan Stanley (MS.N) and Citigroup Inc (C.N), to trim their workforces. In the United Kingdom, most big firms are discussing and allocating bonuses now, with decisions not usually announced until early next year.

☆ UK's new finance minister scraps almost all planned tax cuts in bid to appease markets
▼ + stars: | 2022-10-17 | by ( Jenni Reid | ) www.cnbc.com time to read: +2 min

Tejas Sandhu | Lightrocket | Getty ImagesLONDON — U.K. Finance Minister Jeremy Hunt used his first Monday on the job to announce that almost all of the controversial tax measures announced by his predecessor would be reversed. The major U-turn includes scrapping the cut in the lowest rate of income tax from 20% to 19%, as well as cuts to dividend tax rates, the reversal of off-payroll working reforms, VAT claim-backs for tourists and the freeze on alcohol duty rates. Hunt said the reversed tax cuts totalled £32 billion a year. Markets cheered the announcement, with sterling trading up over 1% against the dollar by 11:30 a.m. London time. Yields on U.K. government bonds also fell sharply, with the 10-year yield trading down 35 basis points at 3.974%.

☆ The Justice Department's sex trafficking investigation into Rep. Matt Gaetz seems stalled, attorneys say
▼ + stars: | 2022-10-08 | by ( Marc Caputo | Marc Caputo Is A Senior National Political Reporter For Nbc News. | ) www.nbcnews.com time to read: +21 min

Those included a stalking charge for falsely smearing a political rival as a pedophile, identity theft and sex trafficking the same 17-year-old who is the alleged victim in the Gaetz case. The alleged victim, who turned 18 in December 2017, did not answer requests for comment from NBC News. Also according to that plea agreement, the alleged victim falsely claimed she was of age on her SeekingArrangement profile. The Gaetz investigation became public in March 2021, after The New York Times reported the general contours of the investigation. The potential witnesses in the federal government’s inquiry into Gaetz is not limited to Greenberg, the alleged victim and Gaetz’s ex-girlfriend.

☆ Former MoviePass executives sued by the SEC, which alleges they made 'false or misleading statements' to the public
▼ + stars: | 2022-09-27 | by ( Jason Guerrasio | ) www.businessinsider.com time to read: +3 min

The SEC is suing former MoviePass executives Mitch Lowe and Ted Farnsworth. The suit claims they made "false and misleading statements" about the company being profitable. In a complaint filed late Monday, reviewed by Insider, it claims that the duo made "false or misleading statements" in financial filings and in the press. Itum is accused of submitting false invoices and receiving more than $310,000 from both MoviePass and HMNY. Last June, Farnsworth and Lowe settled with the FTC and reached a $400,000 settlement with the California district attorneys.

☆ Apple maybe is a defensive player, says Worth's Carter Worth
▼ + stars: | 2022-09-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailApple maybe is a defensive player, says Worth's Carter WorthCarter Worth, Worth Charting CEO, joins 'Squawk Box' to discuss what Worth is seeing for the S&P charts, if there's more lasting damage if the S&P touches the June lows, and Worth's investing take on Apple.

☆ From Jay-Z to Elon Musk: Inside the rise of Quinn Emanuel partner Alex Spiro, one of the lawyers helping the billionaire break out of his $44 billion deal to buy Twitter
▼ + stars: | 2022-09-20 | by ( Jack Newsham | ) www.businessinsider.com time to read: +14 min

Elon Musk has fired many lawyers but hired Alex Spiro for at least five cases, with a mixed record. But there's at least one lawyer who Musk seems to get along with: Alex Spiro. Spiro had been working behind the scenes for the billionaire when he was trying to buy Twitter. But they are hardly the "hardcore street fighters" Musk wants in a lawyer, according to a recent tweet of his. It's not clear how Spiro and Musk connected in the first place, but they seem to operate on the same wavelength.

☆ The definitive story of how a controversial Florida businessman blew up MoviePass and burned hundreds of millions
▼ + stars: | 2019-09-13 | by ( Jason Guerrasio | ) www.businessinsider.com time to read: +28 min

In 2017, he became the CEO of data company Helios & Matheson Analytics. At that price MoviePass would start losing money when a subscriber used the service more than once a month. MoviePass CEO Mitch Lowe and Helios & Matheson CEO Ted Farnsworth after the company hit 1 million subscribers. The same day MoviePass reached 1 million subscribers, a milestone it hit faster than Netflix and Hulu. Related storiesTo draw a crowd, MoviePass blasted out an invitation to the Big Boi show to its then 2 million subscribers.

Persons: John Travolta, He'd, " Gotti, John Gotti, Travolta, Ted Farnsworth, Mitch Lowe, who'd, he'd, Farnsworth, Lowe, Gotti, Dave Kotinsky, Samantha Lee, Stacy Spikes, Spikes, Spikes wasn't, MoviePass, —, Ava DuVernay, Malcolm D, Lee, Hulu, Hamet Watt, Chance Yeh, He's balding, He's, Ted I, La Toya Jackson, couldn't, Matheson, Watt, Helios, Mitch, Ted, MoviePass swag, Dennis Rodman, Jerry Media, hite, Boi, ann u, abi l, tim e, red tha, ord, ul, hal, ove, flo, ann o, bec, lon, Jen, liv, dre Organizations: HBO, Manhattan's SVA, Helios, Matheson Analytics, Netflix, Matheson, MoviePass, SEC, Sony, Miramax, Loews Cineplex, Spotify, Pandora, AOL, True Ventures, Business, Ventures, AMC, Federal Communications Commission, Matheson's, Reuters, Hulu, Coachella Valley Music, Arts Festival, Jerry, acc, pla Locations: Manhattan's, MoviePass, Houston , Texas, San Francisco, America, New York, Florida, India, New, Palm Springs , California, Coachella, fes, ord, pla, Mo

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