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☆ News startup Messenger launches with Trump 'exclusive' while advertisers expressed skepticism ahead of debut: 'We can't have another Quibi'
  + stars: | 2023-05-15 | by ( Lucia Moses | ) www.businessinsider.com   time to read: +8 min
Jimmy Finkelstein's startup The Messenger launched today with a Trump interview leading the site. Advertisers said it'll be tough to sell ads on a site without an established audience. The site led with an interview with former President Donald Trump and ads from the American Petroleum Institute. The Messenger said it'll roll out seven other verticals including business, entertainment, and sports later in the year. Image from The Messenger's launch ad campaign.
☆ The Messenger, Jimmy Finkelstein's digital news startup, meets advertiser skepticism ahead of May 15 launch: 'We can't have another Quibi'
  + stars: | 2023-05-11 | by ( Lucia Moses | ) www.businessinsider.com   time to read: +8 min
Jimmy Finkelstein's startup The Messenger will roll out an ad campaign touting its mission to provide unbiased news. An ad campaign by Publicis unit Le Truc will kick off May 22 and is designed to provoke, with copy like "Agendas are for meetings. Image from The Messenger's launch ad campaign. The Messenger said it'll have three to four big advertisers at launch as well as a significant amount of programmatic advertising. The Messenger's ad campaign promotes its ambitions to provide unbiased news.
☆ Shopify's president on why he prefers paying micro-influencers to grow his own side hustle
  + stars: | 2023-05-07 | by ( Eric Rosenbaum | ) www.cnbc.com   time to read: +6 min
But Finklestein also had another side business on his mind last week in an interview that had been pre-taped for CNBC's Small Business Playbook event, the loose-leaf tea side hustle, Firebelly Tea, that he co-founded as an independent entrepreneur. Finkelstein said it will be cheaper and also likely a more effective way to grow a new business. The creator economy is changing the way business success is generated, Finkelstein said, with the old "Field of Dreams" model — "If you build, it, they will come" — no longer enough. But that does not mean every small business owner with a great product should be chasing MrBeast or Emma Chamberlain for product endorsements. He cited the TikTok hashtag "TikTok Made Me Buy It" which has 50 billion impressions.
☆ 10 Things in Tech: Joe Biden has tried ChatGPT, Silicon Valley goes sober, and leaked Shopify audio
  + stars: | 2023-05-05 | by ( Diamond Naga Siu | ) www.businessinsider.com   time to read: +4 min
And Silicon Valley is catching on, too. My colleague Samantha Stokes did a deep dive into the growing trend of techies avoiding alcohol. Silicon Valley goes sober. My colleague Samantha Stokes examined this growing trend in Silicon Valley and gives some insight into the drying industry. In other news:Screenshot of Hot Chat 30002.
☆ Shopify job cuts, surprise profit send shares up about 19%
  + stars: | 2023-05-04 | by ( Chavi Mehta | Thomson Reuters | Chavi Reports On U.S. Technology Companies | ) www.reuters.com   time to read: +2 min
May 4 (Reuters) - Shopify Inc (SHOP.TO), posted a surprise first-quarter profit on Thursday and said it would lay off 20% of its workforce in a second round of mass job cuts, sending its U.S.-listed shares more than 18.7% higher in early trade. The layoffs announced on Thursday are expected to result in a severance charge of between $140 million and $150 million in the second quarter. "Combined with the reduction in force, management is showing its commitment to profitability which investors had been concerned about," Luria added. Adjusted profit was 1 cent per share, compared with expectations for a 4 cent loss. Reporting by Chavi Mehta and Akshita Toshniwal in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.
☆ Shopify divests logistics arm to Flexport in strategic reversal
  + stars: | 2023-05-04 | by ( Krystal Hu | ) www.reuters.com   time to read: +2 min
May 4 (Reuters) - Shopify Inc (SHOP.TO) has divested the logistics arm it built over the past few years, in a reversal of its strategy of aggressively investing in fulfillment networks, the Canadian e-commerce platform said on Thursday. Flexport was last valued at $8 billion in a $935 million funding round led by Andreessen Horowitz and MSD Partners in February 2022. The move to expand into logistics services was part of Shopify's ambition to support merchants selling on its platform with one-stop service. Shopify President Harley Finkelstein said the shift in strategy was a result of prioritizing product acceleration. San Francisco-based Flexport will expand into fulfillment and last-mile delivery through the deal as the official logistics partner for merchants on Shopify.
☆ 10 Things in Tech: Uber wants to predict your habits, Apple and Google team up, and Lebron James eyes Complex Networks
  + stars: | 2023-05-04 | by ( Diamond Naga Siu | ) www.businessinsider.com   time to read: +4 min
And minting it could be a solution to avert a major economic catastrophe (here's an explanation of the looming disaster, by the way). This average-looking coin could prevent job losses, steep cuts to retirement savings, and other major financial blows. Shopify employees and experts brace for shakeup. Multiple sources told Insider that his company, SpringHill Co., has internally discussed offering around $100 million to buy Complex from Buzzfeed. Google tells employees to limit publishing AI research.
☆ Shopify CEO Harley Finkelstein goes one-on-one with Jim Cramer after announcing massive layoff
  + stars: | 2023-05-04 | by ( Jim Cramer | ) www.cnbc.com   time to read: 1 min
Shopify CEO Harley Finkelstein goes one-on-one with Jim Cramer after announcing massive layoffShopify CEO Harley Finkelstein joins 'Mad Money' host Jim Cramer after announcing Shopify will layoff 20% of its staff and spin off its logistics business to Flexport.
☆ Shopify tried to challenge Amazon in logistics. It never came within 100 miles. Was it all a waste?
  + stars: | 2023-05-04 | by ( Emma Cosgrove | Madeline Stone | ) www.businessinsider.com   time to read: +7 min
Shopify is selling most of its logistics business to freight unicorn Flexport in an all stock deal. Though Shopify's logistics journey began in 2019 as Shopify Fulfillment Network, the current iteration is less than a year old, and investors had become wary of the level of investment that getting the outfit into competitive shape would take. The acquisition was previously considered key to Shopify's fulfillment ambitions, and its team has been involved in the company's efforts to develop fulfillment software. Derek Lossing, an Amazon Logistics alum-turned investment advisor with Cirrus Global Advisors, said an acquisition-driven strategy may have been the right course — especially when the alternative involved contracting with legacy logistics players, which can take months. To some, the question of whether Shopify's layover into logistics was a waste of talent, time, and resources, can't be answered until Flexport takes hold and Clark flexes the muscles he gained building Amazon Logistics.
☆ Shopify president says he has never 'felt more sure about the future of this company' in leaked internal audio shared after company conducts layoffs and sells its logistics business
  + stars: | 2023-05-04 | by ( Madeline Stone | ) www.businessinsider.com   time to read: +5 min
In a two-minute video shared with Shopify employees Thursday morning, company president Harley Finkelstein reiterated his belief that the e-commerce firm is well-positioned for the future. In his video message to employees, Finkelstein said that difficult times are what define "the character of a company." "Making a series of popular decisions makes a popular company," he said. 6 River Systems, a warehouse automation and robotics company Shopify purchased in 2019 for $450 million, is being sold to the UK grocery firm Ocado for an undisclosed sum. Making a series of popular decisions makes a popular company.
☆ Shopify offloads logistics business to Flexport
  + stars: | 2023-05-04 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com   time to read: +3 min
Shopify is selling its logistics unit to supply chain technology company Flexport, the companies announced Thursday. The sale marks a reversal for Shopify, which had spent years building out its own logistics and order-fulfillment operations. Shopify and Flexport are deepening their alliance as Shopify seeks to compete with e-commerce rivals such as Amazon and Walmart . Clark said in an interview that the acquisition will allow Flexport to scale the shipping capabilities it can offer for Shopify merchants, and other online businesses. Shopify will also retain its Shopify Fulfillment Network app where merchants manage their logistics process.
☆ Shopify insiders and analysts are bracing for a strategy shift in the company's logistics business
  + stars: | 2023-05-03 | by ( Madeline Stone | Emma Cosgrove | ) www.businessinsider.com   time to read: +6 min
Insiders and analysts expect a major shakeup to Shopify's logistics strategy. "The fulfillment investment is sort of the biggest anchor that's keeping the business from being more profitable." That may be a welcome change for investors, who have been voicing increasing concern with the level of investment Shopify had planned. And Shopify Logistics CEO Aaron Brown told Insider in February that 6 River Systems' warehouse automation would be "the machine in the background making everything work." Weiss then asked if Shopify Logistics is intended to turn a profit.
☆ The New York Sun hires former News Corp. exec and MailOnline boss Noah Kotch
  + stars: | 2023-04-05 | by ( Claire Atkinson | ) www.businessinsider.com   time to read: +2 min
The New York Sun has hired online and television news veteran Noah Kotch as managing editor. Kotch will work with editor Seth Lipsky to grow the newsroom and find new audiences. The New York Sun, a conservative-leaning online newspaper, has hired former top News Corp. executive Noah Kotch as managing editor, the company confirmed. Kotch was most recently general manager at News Corp., where he worked on projects such as AI-powered news aggregator Knewz. In a brief phone interview Efune said The New York Sun is about "principle over politics and people over party."
☆ 9 Middle Eastern funds and investors pouring money into US media, sports, and entertainment
  + stars: | 2023-04-03 | by ( Lucia Moses | Claire Atkinson | ) www.businessinsider.com   time to read: +9 min
Governments and investors in the Middle East are pouring money into Western media and entertainment. Sovereign funds and other entities in Saudi Arabia, Qatar, and the UAE are pouring millions into US media and entertainment, and they're finding plenty of takers. The channels for money from Saudi Arabia and other parts of the Middle East are complex. Insider broke down the key entities — their owners, leaders, and high-profile investments and joint ventures — in the top three Middle Eastern nations pouring money into US entertainment and media. It describes itself as the largest media company in the Middle East and North Africa and runs one of the largest TV news channels, Al Arabiya.
☆ Amazon looms over Shopify: Analysts worry that Buy with Prime will further eat into Shopify's profits
  + stars: | 2023-03-24 | by ( Madeline Stone | ) www.businessinsider.com   time to read: +4 min
Analysts are increasingly negative on the impact Amazon's Buy with Prime could have on Shopify. Analysts are increasingly worried about the impact that Amazon's Buy with Prime feature could have on Shopify's bottom line. Buy with Prime allows sellers to offer Prime benefits — like fast shipping, free delivery, and free returns — on websites outside of Amazon.com. If Amazon does need Shopify's help, Shopify could theoretically insist that Amazon provide insight about Shopify merchants' Buy with Prime transactions and separate fees from Amazon, the analysts said. "That's why we're working with Amazon to build a direct integration for Shopify merchants using Buy with Prime."
☆ Since David Solomon became Goldman Sachs CEO, more than 80 partners have left. See the running list here.
  + stars: | 2023-03-03 | by ( Carter Johnson | Dakin Campbell | ) www.businessinsider.com   time to read: +6 min
David Solomon has been Goldman Sachs' CEO for more than four years since succeeding Lloyd Blankfein. There's been a lot of talk about the morale at Goldman Sachs. In reality, Solomon said, there were fewer "partner transitions at Goldman Sachs" in 2022 than any year "going back to 2014." "At the moment, year-to-date, our turnover is at a 5-year low, not just for partners, in the whole firm," Solomon added. Here is a running list of Goldman's partners that have retired from the firm — or moved on to roles at other companies — since Solomon became CEO.
☆ Goldman Sachs executives to rally investors in New York
  + stars: | 2023-02-28 | by ( ) www.reuters.com   time to read: +6 min
[1/2] A Goldman Sachs sign is seen above their booth on the floor of the New York Stock Exchange, January 19, 2011. REUTERS/Brendan McDermid/File PhotoNEW YORK, Feb 28 (Reuters) - Goldman Sachs Group Inc's (GS.N) Chief Executive David Solomon and top executives will give investors an update on their strategy on Tuesday. DAN DEES, CO-HEAD OF GLOBAL BANKING & MARKETS, 52Dan Dees is the co-head of Goldman's global banking and markets division. JULIAN SALISBURY, CHIEF INVESTMENT OFFICER OF ASSET AND WEALTH MANAGEMENT, 51Julian Salisbury is chief investment officer of Goldman's asset and wealth management unit. KIM POSNETT, CO-HEAD OF ONE GOLDMAN SACHS, 45Kim Posnett is co-head of One Goldman Sachs, the company's program to unify its approach to clients across divisions.
☆ An elite Bronze Age man who underwent brain surgery 3,500 years ago may have suffered from leprosy, archaeologists believe
  + stars: | 2023-02-26 | by ( Isobel Van Hagen | ) www.businessinsider.com   time to read: +3 min
Archaeologists discovered the remains of a man from the Bronze Age who had a rare brain surgery. The two brothers discovered were likely elite or even royal members of their society. "It's hard to overstate Megiddo's cultural and economic importance in the late Bronze Age," he said in a statement. Rachel Kalisher, a Ph.D. student, analyzed the bones of two upper-class brothers who were buried beneath the ancient city of Megiddo. Evidence of brain surgery — angular notched trephination — was discovered in the older brother.
☆ Shopify is in talks to add Amazon's Buy with Prime service. Analysts say this is a 'Trojan horse' that could cut into Shopify's core revenue.
  + stars: | 2023-02-16 | by ( Madeline Stone | ) www.businessinsider.com   time to read: +5 min
But many analysts don't think that Buy with Prime is a good thing for Shopify. Shopify executives continued to strike an optimistic tone about Amazon's Buy with Prime feature during the company's fourth-quarter earnings call on Wednesday. Buy with Prime allows sellers to offer Prime benefits — like fast shipping, free delivery, and free returns — on websites outside of Amazon.com. Shopify merchants that try to install it get a pop-up informing them that the checkout feature violates the company's terms of service and could leave their store vulnerable to fraud. Many Shopify merchants choose not to sell their products on Amazon because they want to maintain control over their customer data.
☆ Shopify sinks as investors worry over big spending in weak economy
  + stars: | 2023-02-16 | by ( Nivedita Balu | ) www.reuters.com   time to read: +2 min
Pandemic-related disruptions propelled the company to briefly become Canada's most valuable firm before online demand eased as economies reopened and forced it to launch new products, boost investments and focus on social media integration. Such investments and Wednesday's warning on macro-challenges have spooked investors concerned about profitability. "Our outlook reflects the prudence that we think is necessary in this macro environment," company president Harley Finkelstein said in an interview on Thursday. "The lack of annual guidance suggests limited near-term visibility to the sustainability of consumer spending," he said. Some analysts also flagged Shopify's significant exposure to categories such as apparel, which could take a hit from softening consumer spending.
☆ 2022 a strong year for Shopify, says president Harley Finkelstein
  + stars: | 2023-02-16 | by ( ) www.cnbc.com   time to read: 1 min
In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via Email2022 a strong year for Shopify, says president Harley FinkelsteinHarley Finkelstein, Shopify president, joins 'Squawk on the Street' to discuss the company's quarterly results, thoughts on recession fears and employee headcount in 2023.
☆ Goldman Asset Management sees the best opportunity for bond investors in a decade. How to play it
  + stars: | 2023-02-07 | by ( Michelle Fox | ) www.cnbc.com   time to read: +2 min
There's good news for fixed-income investors this year, according to Goldman Sachs Asset Management. This year, inflation and the pace of monetary tightening will slow down, along with economic growth, Goldman said. We believe the sharp rise in yields in 2022 presents fixed income investors with the most attractive income and total return potential in more than a decade," they said. Goldman Sachs says it manages $1 trillion in fixed-income assets. Near term, Goldman Sachs Asset Management favors short-duration and high-quality fixed-income assets such as investment-grade credit and agency mortgage-backed securities (MBS).
☆ In leaked memo, Shopify CEO Tobi Lütke announces CTO departure and other engineering shakeups
  + stars: | 2023-01-27 | by ( Madeline Stone | ) www.businessinsider.com   time to read: +4 min
Shopify CTO Allan Leinwand is leaving the company, CEO Tobi Lütke announced on Friday. Shopify CTO Allan Leinwand is set to depart the Canadian e-commerce company after 15 months in the role. In addition to his job as CEO, Lütke has also performed the tasks of chief product officer since Craig Miller departed Shopify in September 2020. Today Allan Leinwand shared that he will be saying goodbye to Shopify in the coming weeks. With Allan's departure, I'm retiring the CTO jersey.
☆ How Charlie Javice's Frank Sale to JP Morgan Wound up in Allegations of Fraud
  + stars: | 2023-01-21 | by ( Katherine Long | Jack Newsham | ) www.businessinsider.com   time to read: +21 min
Her financial aid startup, Frank, was featured in the New York Times, CNBC and Wall Street Journal. After leaving the University of Pennsylvania's Wharton business school, Javice traded on her reputation, bolstered by glowing profiles, as a successful entrepreneur. In a 2018 interview with Insider, Javice claimed Frank secured an average of $28,000 for its users, and was helping students get "thousands off their tuition." "Charlie's first company fizzled after 18 months, so after losing all her investors' money, she convinced every one of them to fund her next company, Frank." At Frank, Javice admitted she sometimes painted a more positive picture of the company's health than was supported by the facts.
☆ I spent $165,000 on a 215-year-old home I found via Instagram. It's falling apart, but I have big plans.
  + stars: | 2023-01-13 | by ( Zoe Rosenberg | ) www.businessinsider.com   time to read: +12 min
Kayli Angeleaux bought a home via Cheap Old Houses, an Instagram account with 2 million followers. She found it via Cheap Old Houses, an Instagram account and newsletter started by Elizabeth and Ethan Finkelstein that spotlights homes for sale across the country and abroad that are, mostly, less than $150,000. Cheap Old HousesAngeleaux and her husband Connor, 29, are chronicling the intense restoration process on YouTube. I was on the Cheap Old Houses Instagram, and I spent way too much time on there. And then on May 11, 2022, I got the Cheap Old Houses email.
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