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☆ Prefab Homebuilder Veev Wanted to Fix the Housing Crisis. Here's What Went Wrong.
▼ + stars: | 2024-01-05 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +14 min

Veev also promised they would be green and less expensive, thanks to its factory process. The Veev representative said "no employee was requested to do so as a policy." The Veev representative said "production lines were not idle," and design errors were inevitable because the company was still testing its product. "While the Series D money was committed, not all of it was received," the Veev representative said. "Veev and Lennar made a joint decision to stop building the Gramercy project," the Veev representative wrote.

Persons: Henry Ford, Veev, Lennar, Elon, Veev Veev, Amit Haller, Ami Avrahami, Dafna Akiva, Haller, Ari Rauch, Rauch, Bond, Calcalist, I've, Scott Long, thatit, Long, Veev's Organizations: Federal Reserve, Business, Katerra, Industry, American, BI, NSF, Fortune, Employees, Dow Chemical, Lennar, Gramercy, Hayward, Wall LLC Locations: Hayward , California, homebuilding, San Carlos , California, Tel Aviv, California

☆ 10 industry leaders transforming business in 2023
▼ + stars: | 2023-12-11 | by ( ) www.businessinsider.com time to read: +20 min

In 2023, Business Insider's annual list of People Transforming Business highlights key players across the advertising, ESG, finance, AI, and labor sectors. Increasingly, they're turning to more opaque private credit markets to borrow money. The world of private credit sits outside the traditional banking system. Analysts expect the private credit market to balloon in size — likely keeping lawyers like Breen very busy. Muthukrishnan is trying to make sense of how risky these private credit loans are by overseeing what is so far the most comprehensive look at vulnerabilities in the industry.

Persons: Mira Murati, who's, Vince Toye, Eileen Fisher, Eileen Fisher Fisher, Guerin Blask, Eileen Fisher Eileen Fisher, she's, Fisher, Janelle Jones, Jones, Lexey, —, She's, Justin Breen, Proskauer Breen, Proskauer Justin Breen, he's, Breen, Ares Capital, He's, McLaren, Julie Su, Labor Julie Su, Department of Labor Julie Su, Su, Marty Walsh, Murati, Jim Wilson, Neal Mohan, YouTube Mohan, Katie Thompson, YouTube It's, YouTube isn't, Mohan, Muthukrishnan, Satya Nadella, Microsoft Satya Nadella, Ben Kriemann, Nadella, Steve Ballmer, Mathias Döpfner, Axel Springer, Tim Cook, Apple Cook, Justin Sullivan, Cook, Steve Jobs, Jobs, JPMorgan Chase Toye, JPMorgan Chase, Toye, they'll, Vince Toye's, Bella Sayegh, Rebecca Ungarino, Lara O'Reilly, Juliana Kaplan, Alex Nicoll, Tim Paradis, Stephanie Hallett, Michelle Abrego, Josée Rose, Ryan Joe, Emily Canal, Kaja Whitehouse, Alyssa Powell, Davis, Jonann Brady Organizations: JPMorgan, Service Employees International, SEIU, New York, Ford, Service Employees International Union, United Auto Workers Union, Spelman College, US Department of Labor, Economic Policy Institute, Center for Economic, Research, Department of Labor, The New York Times, Ares, Churchill Asset Management, European, Atlético Madrid, Labor, Labor Department, MacArthur Foundation, New York Times, Dartmouth, OpenAI, Associated Press, YouTube, NFL, DirecTV, Federal, Microsoft, Manipal Institute of Technology, University of Wisconsin -, University of Chicago, Apple, Apple Watch, Google, Time, JPMorgan Chase, National Housing Trust, Trenton Almgren Locations: McDonald's, Lorain , Ohio, Atlanta, California, Los Angeles, Albania, Canada, Muthukrishnan, Hyderabad, India, University of Wisconsin - Milwaukee, OpenAI, Virginia, Wells Fargo, Trenton

☆ Want a job at Amazon's surging ads business? Here's how much it paid sales and account employees in 2023.
▼ + stars: | 2023-12-08 | by ( Lauren Johnson | Alex Nicoll | ) www.businessinsider.com time to read: 1 min

Amazon has increased its hiring for advertising employees after freezing hiring last year. Amazon is hiring for jobs to support new products like TV ad formats. Recent government data shows what Amazon paid for advertising roles within the US. After freezing hiring last year, Amazon has ramped up hiring for Amazon Ads — Amazon's advertising division that made $12 billion in the third quarter and is one of Amazon's fastest growing areas. As of Dec. 8, Amazon Ads had more than 400 open roles across 12 teams on its career site, up from 29 open roles in January, according to its career website.

Organizations: Amazon, Amazon Ads, Business

☆ Inside the chaotic Thanksgiving-weekend collapse of homebuilder startup Veev that left employees shocked and worried about their jobs
▼ + stars: | 2023-11-30 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +10 min

But for workers of Lennar-backed homebuilder Veev, they were spent scrambling to determine if they would still have jobs come Monday. Speaking to the "Veev Family," he wrote: "Family will stay in touch and together forever, even if it is going to be only within our hearts." The company has about 250 employees, according to news site Calcalist. "We call it the Veev family," Haller said. On a very personal note, for me Amit Haller, Veev was my personal journey in the past 15 years, half of my professional career and about ⅓ of my entire life.

Persons: Amit Haller, Veev, Haller, doesn't, we're, homebuilder, Kleiner Perkins, Bond, Lennar, Linda Keala, Ami, Amit Organizations: Business, Dragonfly, Wall, Center, Real Estate, Technology Innovation, Employees, Dafna Locations: California, Tel Aviv, Hayward , California, Haller, Reali, @nicollsanddimes, .

☆ NBA roundup: Kevin Durant, Suns top Jazz in 2OT thriller
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +7 min

Kings 129, Mavericks 113Domantas Sabonis put up a double-double, De'Aaron Fox won his scoring duel over Kyrie Irving and Sacramento won its sixth straight game, outlasting host Dallas. Luka Doncic had team highs of 25 points and 10 rebounds and added seven assists for the Mavericks, who lost their second game in as many days. Franz Wagner scored 19 points and snared seven rebounds, and Jalen Suggs added 18 points. Jerami Grant scored 14 points and Jabari Walker added 13 for Portland, which lost its seventh straight game. Skylar Mays had 11 points and seven assists and Deandre Ayton added 11 points for the Trail Blazers, whose only lead was at 2-0.

Persons: Kevin Durant, Talen Horton, Tucker, Chris Nicoll, Devin Booker, Lauri Markkanen, Markkanen, Durant, Sabonis, De'Aaron Fox, Kyrie Irving, Fox, Luka Doncic, Irving, Joel Embiid, Embiid, Tyrese Maxey, De'Anthony Melton, Lonnie Walker IV, Bridges, Pascal Siakam, Jakob Poeltl, Gary Trent Jr, Scottie Barnes, Dennis Schroder, Stanley Umude, Cade Cunningham, Orlando, Paolo Banchero, Franz Wagner, Jalen Suggs, Jordan Nwora, Darius Garland, Craig Porter, Evan Mobley, Jarrett Allen, Michael Porter Jr, Nikola Jokic, Christian Braun, Porzingis, Santi Aldama, Ziaire Williams, Desmond Bane, Celtic Marcus Smart, Shai Gilgeous, Alexander, Chet Holmgren, Isaiah Joe, Jerami Grant, Jabari Walker, Skylar Mays, Deandre Ayton, LeBron James, Anthony Davis, James, Davis, Dillon Brooks, Alperen Sengun, Fred VanVleet Organizations: Phoenix Suns, Utah Jazz, Delta Center, USA, Suns, Jazz, Phoenix, Mavericks, Sacramento, Dallas, Kings, Nets, Philadelphia, Raptors, Pistons, Toronto, Detroit, Pacers, Orlando, Indiana, Cavaliers, Nuggets, Cleveland, Denver, Celtics, Grizzlies, Memphis, Celtic, Trail, Oklahoma City, Thunder, Portland, Trail Blazers, Lakers, Rockets, Houston, Clippers, Thomson Locations: Salt Lake City , Utah, USA, Salt Lake City, Utah, Brooklyn, New York, De'Anthony, Indianapolis, Indiana, Boston, Memphis, Oklahoma, Portland, Los Angeles, Houston

☆ Yes, it's possible to get a 4.8% mortgage today — here's how
▼ + stars: | 2023-11-04 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +3 min

A top homebuilder executive shared advice for getting a lower mortgage rate right now. Taylor Morrison's Tawn Kelley suggested borrowing directly from a builder's mortgage arm. AdvertisementAdvertisementHigh mortgage rates have deterred many would-be homebuyers from purchasing a property over the last year. But here may be a glimmer of hope: People may have more luck securing a lower mortgage rate if they buy a new-construction home. Builder incentives include rate buydowns, mortgage rate locks, and forward commitments.

Persons: Taylor Morrison's Tawn Kelley, Kelley, —, Tawn Kelley, homebuilder Taylor Morrison, Insider's Alex Nicoll, Freddie Mac, Taylor Morrison, Organizations: Service, National Association of Realtors, Mortgage, Finance Locations: balk

☆ This 14-page deck helped a startup pitch its investors on selling the in-house AI tool it built to buy real estate
▼ + stars: | 2023-11-02 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

Keyway has always been a software company — just not in the way it is now. The company developed software to help manage those $5 million deals at scale for hedge funds and large family offices. Keyway has raised $40 million in equity and $70 million in debt financing since its launch in 2020. The company plans to continue offering its high-touch investment service alongside the software, allowing clients to decide how automatic they want the experience. Recchia walked Insider through the pitch deck the company used to unveil the company's software to investors and potential clients.

Persons: Keyway, Matias Recchia, Camber, Recchia Organizations: Keyway

Rising interest rates have slammed the breaks on America's housing market, with home sales down 15.4% year-over-year in September, according to the National Association of Realtors. By controlling the financing, they can offer yesterday's mortgage rates, saving customers tens of thousands of dollars and moving inventory in the process. Tawn Kelley, president of financial services at homebuilder Taylor Morrison, told Insider that financing is an essential part of the home-selling puzzle. Then, there are forward commitments, another way to prepay interest rates that allows a homebuilder to pay down more of it. There are also float downs, which allow purchasers who lock in a mortgage price to reduce their interest rates if mortgage rates get smaller over the course of their mortgage lock.

Persons: Tawn Kelley, homebuilder Taylor Morrison, Kelley, Taylor Morrison, Devyn Bachman, John Burns, Taylor Morrison's, it's, they've, homebuyers, Kurt Carlton Organizations: National Association of Realtors, Census, Finance Locations: homebuying, homebuilding

☆ Harrison Barnes leads Kings to easy win at Utah
▼ + stars: | 2023-10-26 | by ( Field Level Media | ) www.reuters.com time to read: +2 min

[1/51] Oct 25, 2023; Salt Lake City, Utah, USA; Sacramento Kings center JaVale McGee (00) before the game against the Utah Jazz at Delta Center. Mandatory Credit: Chris Nicoll-USA TODAY Sports Acquire Licensing RightsOctober 26 - Harrison Barnes scored 33 points and boosted the Sacramento Kings to a 130-114 win over the Utah Jazz in the season opener for both teams Wednesday night in Salt Lake City. Domantas Sabonis added 22 points, 12 rebounds and five assists, while De'Aaron Fox contributed 18 points, five rebounds and six assists in the Kings' lopsided victory. Barnes fired in 27 points in the first half to help the Kings burst ahead 72-58 at the break. Barnes kept his hot hand in the second quarter, scoring 14 points to lift the Kings to the commanding halftime lead.

Persons: JaVale McGee, Chris Nicoll, Harrison Barnes, Sabonis, De'Aaron Fox, Keegan Murray, Barnes, Jordan Clarkson, Lauri Markkanen, John Collins, Keyonte George, Kelly Olynyk, Collin Sexton, Sasha Vezenkov, Clarkson Organizations: Sacramento Kings, Utah Jazz, Delta Center, USA, Jazz, Baylor, NBA, Sacramento, Kings, Clarkson, Sabonis, Thomson Locations: Salt Lake City , Utah, USA, Sacramento, Salt Lake City, Kings, Utah

☆ Landlords are doing whatever it takes to fill their office buildings. See 10 ways to score an amazing deal on an office right now.
▼ + stars: | 2023-10-19 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +7 min

If you're not shopping for a new office right now, you might be missing out. With vacancies rising, many office landlords are doing whatever it takes to get leases signed, including dropping rents. Risa Letowsky, the co-chair of Adler & Stachenfeld LLP leasing practice group, told Insider that flexibility is the difference between successful and struggling landlords right now. See below for a list of the 10 top perks that office landlords are offering. Flexible lease lengthsThe traditional office lease is eight to ten years.

Persons: Risa Letowsky, aren't, Letowsky, Mike Watts, Andrew Lustgarten, Michael T, Cohen, Franklin Wallach, Carlos Avila Gonzalez, they're, Lustgarten, Watts, Matt Petit, Michael Lirtzman, Lirtzman Organizations: Adler, Stachenfeld, it's, Colliers, San Francisco, Getty, Silverstein Locations: Los Angeles, New York City, San Francisco , California, LA, Chicago

☆ Golf simulators, doggy daycare, flexible leases, and free rent: Why now may be the best time to shop for a new office
▼ + stars: | 2023-10-17 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +14 min

Now may be the time to shop for an office lease. As office vacancies soar to record highs in some markets, office landlords often have no choice but to find new and creative ways to attract new clients. "When you have 55-year-old managing partners of a law firm looking for office space, and they see the golf simulator, they get pretty excited," he said. Long-term leases, which usually feature landlord-financed renovations to the office space, are now being offered with lease-termination options. Office landlords without access to this capital level are often left with only one lever: renting below market price.

Persons: Michael Cohen, Michael Lirtzman, Anthony Tahlier, Andrew Lustgarten, Lirtzman, Sterling, Lustgarten, it's, Matt Petit, Goldman Sachs, Risa Letowsky, Letowsky, Watts, Tishman Speyer, aren't, That's, Cohen, they've, he's, hasn't Organizations: Colliers, Kastle Systems, West Chicago, Sterling Bay's, Century, El, New, Palm, Chase, Wall, JPMorgan, Deutsche Bank, Adler, Stachenfeld, Silverstein, Lawyer Locations: Chicago, Bian, Sterling, Los Angeles, New York, Miami, Liberty, Chase Manhattan, Alamo, CBRE, Los Angeles and New York, LA, United States

☆ 6 safe havens for commercial real estate as markets like Austin and San Francisco plummet
▼ + stars: | 2023-10-12 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +1 min

The pandemic real estate bubble is bursting in San Francisco and Austin, Texas. But there are still plenty of commercial real estate safe havens, according to a new Moody's report. With interest rates high and financing hard to come by, there are a lot of doomsday predictions around office towers, multifamily apartments, and other commercial real estate. To better understand the state of the commercial real estate market, look no further than a recent credit-reporting agency Moody's report. But Moody's second-quarter 2023 report released last month also reveals plenty of safe havens for commercial real estate investors, including some unexpected places like Albany, New York, Hartford, Connecticut, and Toledo, Ohio.

Locations: San Francisco, Austin , Texas, Albany , New York, Hartford , Connecticut, Toledo , Ohio

The pandemic pushed financial giants to embrace a more casual dress code that many other corporations had begun to embrace. Diversity in dressFor some women on Wall Street, the shift from business formal to business casual has allowed them to step out of the unofficial uniform of pantsuits and sheath dresses. Lululemon in the boardroomNo Wall Streeters mentioned buying more Ferragamo ties, but many said they were leaning into athleisure. People still come in wearing their suits and ties and their Louboutins, and I'm like, 'what are we doing here?' "For a lot of client interactions, dressing business casual can make it more comfortable and can lead to a better relationship-building experience."

Persons: Luis Arteaga, Shanta Wu, Kristen Powers, Morgan Stanley, She's, Thom Browne, Anne, Victoire Auriault, Goldman Sachs, Jack Dillon, He's, David Trinh, It's, we've, Thoma Bravo, Andrew Almeida, Richard Handler, Jefferies, Katya Brozyna, I'm, Benjamin Kiflom, Neil Kamath, Sarah Sigfusson, Michael Wilkinson, Wells, Patrick McGoldrick, Laiwala, I've, Rachel Hunter, Goldman, Luna McKeon, Ricky Mewani, Dominic Rizzo, Rowe Price Organizations: Barclays, Fidelity, Vista Equity Partners, Bridgewater, Jefferies, Nike Air Force, Goldman Sachs Asset Management, Bank of, Moelis & Company, KKR, Blue Owl, Citadel Locations: Bridgewater, New York, Florida, Miami, San Francisco

Making mistakes doesn't feel great, but they can provide some lessons you might not have learned otherwise. We asked this year's rising stars of Wall Street to open up about the biggest missteps of their careers so far and what they took away from them. Some shared their rookie errors — like slamming their laptop shut after forgetting to save their first big pitch deck or duplicating a trade — while others gave more reflective answers about how early career mistakes impacted their paths. We've got to iterate and change how we do things, and I think that's helped our team's process a lot. So my mistakes also brought me here, and everything that has been a mistake is always a learning experience.

Persons: there's, Luis Arteaga, David Trinh, you'll, Michael Dunn Goekjian, Tori Gilliland, didn't, It's, Andrew Almeida, Thoma Bravo I've, I've, Nadim Laiwala, Rachel Hunter, Goldman, Kristen Powers, Morgan Stanley, Sarah Sigfusson, Shanta Wu, Fred Michel, who's, Morgan, Neil Kamath, Rachel Barry, Chris Dell'Amore, We've, that's, Peter Gylfe, Ricky Mewani, Dominic Rizzo, Rowe Price, Lillian Qian Lin, of, Steve Schwarzman, Peter Peterson, Stephen Schwarzman, Blackstone, Patrick McGoldrick, Katya Brozyna, Michael Wilkinson, Yi Yi, Wells, Luna McKeon, —, Anne, Victoire Auriault, Goldman Sachs Organizations: Barclays, Delta, Barclays Bridgewater Associates, Bridgewater Associates, Apollo Management, Thoma Bravo, Moelis, US, Bank of, Fidelity, JPMorgan, BlackRock Blackstone, Citadel, Blackstone, Jefferies, Citadel Securities, Blue Owl, Goldman Locations: Bank, Evercore, Wells, Americas

Each year, Insider highlights Wall Street's rising stars. 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 . Insider tapped its contacts for ideas about individuals to include and received recommendations from bosses, colleagues, recruiters, and financial industry peers. Insider talked to these rising stars from leading firms like JPMorgan, Bridgewater, and Apollo, to reflect on their successes, challenges, and best career advice.

Persons: — Organizations: Service, JPMorgan Locations: Bridgewater

☆ The latest ad industry salaries, revealed: Here's how much top agencies like WPP, Publicis, and Omnicom offered copywriters, data analysts, and project managers in 2023.
▼ + stars: | 2023-09-29 | by ( Lara O'Reilly | Alex Nicoll | ) www.businessinsider.com time to read: +1 min

Ad agencies sought to fill hundreds of roles this year, from traditional creative openings, to tech-focused jobs. Insider analyzed recent government data to see what agencies paid employees in the US. Here's a snapshot of what groups like WPP, Publicis, and Omnicom paid agency staffers this year. Many agencies have been looking to recruit increasingly technical roles like developers, data scientists, and engineers, alongside the more typical creative jobs. To get a picture of what agencies pay, Insider reviewed the US Department of Labor's Office of Foreign Labor Certification data from the first half of this calendar year.

Organizations: WPP, Publicis, US Department of Labor's, Foreign Labor

☆ Forget the Sunbelt. These 8 slides show why multi-family-home investors should be turning their attention north to these five cities.
▼ + stars: | 2023-09-29 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

At least that's the view of Matt Frazier, CEO and cofounder of Jones Street Investment Partners, a multifamily investor with roughly $2 billion in assets under management. Of course, Jones Street's entire portfolio is focused on the Northeast and Mid-Atlantic multi-family homes. It's a contrarian view in an industry obsessed with the Sunbelt since Jones Street was founded in 2014. According to Jones Street's analysis, "this dynamic is specific to Southeast and Sunbelt markets," not the Northeast and Mid-Atlantic regions. Matt Frazier, CEO of Jones Street.

Persons: Matt Frazier, Frazier, Jones, he's, maturities Organizations: Jones Street Investment Partners, Jones Locations: Austin , Texas, Nashville , Tennessee, New England, Portland , Maine, Richmond , Virginia, Midatlantic, Manchester , New Hampshire, Boston , Massachusetts, Philadelphia , Pennsylvania

☆ See the 19-page pitch deck used to raise $5.5 million for NewHomeMate, a Zillow-like platform for newly constructed homes
▼ + stars: | 2023-09-27 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +3 min

But finding the right fit isn't always easy, thanks in part to the old-school practices of most homebuilders. Vyshnevska and Hnatkovskyy launched NewHomeMate (formerly PropertyMate) in 2020, as the housing market was beginning to reach a fever pitch. Earlier this year, the company announced that it had raised a $5.5 million seed round from funders to expand and grow its vision. "Many people realized that now is the best moment to buy homes, even with high interest rates, if you see where rent is going across much of the United States, and their only real option is new construction," Hnatkovskyy said. Vyshnevska and Hnatkovsky walked Insider through the pitch deck they used to raise their $5.5 million seed round with some confidential financial information redacted.

Persons: homebuyers, Sofia Vyshnevska, Dan Hnatkovskyy, Vyshnevska, Hnatkovskyy, DR, Hnatkovsky Organizations: DR Horton Locations: homebuilders, United States

Thoma Bravo took SailPoint private in a $6.9 billion acquisition last August. Almeida has cultivated Thoma Bravo's cybersecurity portfolio into one of the largest in the private-equity industry, totaling nearly $40 billion in enterprise value. His focus in the security industry has helped Almeida — the firm's youngest partner — become a key leader of its flagship strategy. Beyond SailPoint, Almeida co-led the portfolio company Imprivata's 2022 purchase of SecureLink, in a deal valued at $3.5 billion. He also helped source and execute Thoma Bravo's $12.3 billion acquisition of Proofpoint in 2021, the largest private-equity cloud deal at the time.

Persons: Andrew Almeida, Thoma Bravo Thoma, Thoma Bravo Thoma Bravo Almeida, he'd, Thoma Bravo, Almeida, It's, — Orlando Bravo, Scott Crabill, Chip Virnig, Seth Boro —, Thoma, Virnig, Almeida —, —, Bianca Chan Organizations: Thoma Bravo Thoma Bravo, Bravo, Compuware Locations: Proofpoint

☆ Boxabl acknowledges SEC inquiry in updated filing
▼ + stars: | 2023-09-25 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +5 min

In a filing, Boxabl acknowledges it is the subject of an SEC inquiry. AdvertisementAdvertisementBoxabl has acknowledged that it is the subject of an inquiry by the Securities and Exchange Commission in an updated financial statement. Two of those people were subpoenaed, a step the SEC typically takes when it is conducting an investigation. "The SEC does not comment on the existence or nonexistence of a possible investigation," Cory Jarvis, an SEC spokesman, wrote to Insider in an email. AdvertisementAdvertisementBoxabl has been delayed in filing financial information, disclosing its full-year financial performance for 2022 in August.

Persons: Boxabl, cofounders, —, Greg Ehlers, Ehlers, Casitas, countersued, Boxable, Cory Jarvis, Galiano Tiramani, Tiramani, Paolo Organizations: SEC, Service, Securities and Exchange Commission Locations: North Las Vegas, Nevada, Portland , Oregon

☆ First the bubbly, then the layoffs. Inside Better's latest round of job cuts.
▼ + stars: | 2023-09-22 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +4 min

(Excluding Aurora's stock price, shares of the Nasdaq-listed Better Home & Finance are down more than 59% from the opening day.) In an emailed statement, Schaefer said that the company plans to replace at least some of the laid-off employees. Employees were given 30 days of pay, and up to three months of company-provided COBRA coverage, according to two laid-off employees. The mortgage industry has been hit hard by rising rates, leading to revenue declines and layoffs across the industry. Both former employees told Insider that they were optimistic that the cash infusion might offer some relief after a year of what felt like constant layoffs.

Persons: Vishal Garg, Kevin Ryan, Jessica Schaefer, Schaefer, Jay Powell, Garg, Slack Organizations: Staff, Aurora Acquisition Corp, Aurora, Nasdaq, Finance, Employees Locations: India

☆ Real-estate crowdfunding is a house of cards. PeerStreet's bankruptcy reveals why.
▼ + stars: | 2023-09-14 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +21 min

Like many PeerStreet investors who spoke with Insider, Mincher has a strong résumé. Another form of crowdfunding, equity crowdfunding, works a bit like the stock market without the onerous and expensive process of initial public offerings. The PeerStreet investors who spoke with Insider said the outcome of this case could determine whether they stick with real-estate crowdfunding. Others, such as Fundrise, have moved away from crowdfunding in favor of a model for private real-estate investment trusts, similar to the BREIT later offered by Blackstone. Fritton, the former Patch of Land CEO, said Fundrise's fund model was the wave of the future for real-estate crowdfunding.

Persons: Michael Burry, Christian Bale, Burry's, Crowdfunding, Burry, Andreessen Horowitz, they're, Braun Mincher, PeerStreet, who've, Judge Laurie Selber Silverstein, Brew Johnson, he's, Braun, Mincher, —, it's, Michael Burry Astrid Stawiarz, Ian Ippolito, Ippolito, John McNellis, PeerStreet Ippolito, McNellis, El, Marc Andreessen, Phil McCarten, Silverstein, wouldn't, Sean Quinn, Doug Lyon, Lyon, that's, Jason Fritton, Kirk Brett, there's, Brett, iFunding, CrowdStreet, Nightingale's Elie Schwartz, Nightingale, Schwartz, Yieldstreet, Fritton Organizations: CNBC, Main, PeerStreet, Facebook, McNellis Partners, Funding Trust, Fairfield University, Magnetar, Adler, Securities and Exchange Commission, Department of Justice, Securities, Exchange Commission, SEC, Investors, Blackstone Locations: Delaware, El Segundo , California, crowdfunding, There's

☆ The SEC is asking questions about Boxabl, the tiny-home startup that boasts Elon Musk and Post Malone as fans
▼ + stars: | 2023-09-13 | by ( Daniel Geiger | Alex Nicoll | ) www.businessinsider.com time to read: +9 min

In its six years of existence, Boxabl has captured the public's imagination with its innovative tiny homes and celebrity endorsements from the likes of Elon Musk and the musician Post Malone. Three former company employees, meanwhile, said they had been contacted and interviewed in recent weeks by the SEC to speak about Boxabl, including the company's business practices. In its recent financial statement, Boxabl noted that the remaining units "that were previously reserved for that project can now be sold for other projects." In its recent financial filing, Boxabl said it paid Firooznia $210,000 in 2022 for "consulting services." Leader Capital would have netted roughly $3.7 million in the deal, which it said fell apart because of the delay.

Persons: Boxabl, Elon Musk, Post Malone, cofounders, Paolo, Galiano Tiramani, Cory Jarvis, Dave Cherry, Travis Hess, Hess, Pronghorn, it's, Hamid Firooznia, Firooznia, Caroline Larkin, Paolo Tiramani, Larkin Organizations: Securities, Exchange, SEC, Arizona's Department of Housing, Staff, Pronghorn, Leader Locations: Salt Lake City , Utah, North Las Vegas, Guantánamo, Arizona, Arizona , California, Nevada, New York City, Portland , Oregon

☆ Shares of Better.com — whose CEO fired 900 workers on a Zoom call — slumped as much as 95% on their first day of trade
▼ + stars: | 2023-08-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

Shares of online mortgage lender Better.com slumped as much as 95% after its Nasdaq debut. They fell so quickly that trading was halted four times in the first 30 minutes. Better.com CEO Vishal Garg brutally laid off 900 employees via a Zoom call in 2021. Shares of the Softbank-backed online mortgage lender — which had merged with blank-check company Aurora Acquisition Corp. — plunged at the opening bell. Better.com's disastrous debut on the Nasdaq followed dramatic turns at the digital mortgage company since December 2021 when CEO Vishal Garg brutally laid off 900 employees on a Zoom call.

Persons: Better.com, Vishal Garg, Insider's Alex Nicoll, Better.com's, Fortune Organizations: Nasdaq, Service, & Finance, Aurora Acquisition Corp, —, Aurora Locations: Wall, Silicon

☆ The CEO who brutally fired hundreds of the people on Zoom is taking his startup public in a move that could make or break him
▼ + stars: | 2023-08-24 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +10 min

Vishal Garg is taking Better, a mortgage startup, public through a long-delayed SPAC deal. Read what he said about making strategic acquisitions and the millions in company loans that stand to be forgiven. But CEO Vishal Garg, known for brutally laying off hundreds of employees via Zoom, insists he has a plan. One former employee told Insider that the move seems like a "Hail Mary," both for Garg personally and for the business more broadly. Here is what Garg said about his vision for the company and how he will spend the money Better receives from the IPO.

Persons: Vishal Garg, Garg, SPACs, Mary, refinancings, it's, SoftBank, indemnifying, —, It'll Organizations: & Finance, Aurora Acquisition Corp, Nasdaq, World Trade Center, Federal Reserve, Silicon, Better, Mortgage, SEC, Scotsman, Aurora, Insider Locations: Garg, refinancings, Queens , NY

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