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☆ A woman who thought she could work remotely bought a house 1,000 miles from home. Now she's been called back to the office.
▼ + stars: | 2023-02-03 | by ( Jordan Pandy | ) www.businessinsider.com time to read: +4 min

Jamie Sexton, 44, bought a house in Oregon when she didn't think she could afford San Diego prices. Sexton was told she could work remotely but is now being asked to return to her California office. She was paying $4,000 a month to rent a two-bedroom home in La Jolla, a coastal suburb 20 minutes north of downtown San Diego. She didn't think she could afford to buy in San Diego, where homes cost $900,000. Did you buy a home with remote work in mind, and have since been called back to the office?

☆ Great Fraud Reckoning Will Expose Scam Companies, Cause Stock Market Chaos
▼ + stars: | 2023-01-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging. That may have been enough when the stock market was on a heater and investors were winning, but it's not enough when the stock market is falling, the economy is slowing, and everyone from regulators to lawmakers to kids on TikTok want answers.

☆ Fraud Economy: How Current Economic Trends Lead to More Corporate Scams
▼ + stars: | 2023-01-31 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

Get ready for what will feel like an inescapable wave of corporate fraud. And as interest rates have risen, the stock market has fallen off — which makes it harder to get dollars by whipping up new investors or offering stock. Despite Scheck's assertion that the risk of a wave of corporate fraud has heightened, he didn't want to speak in historical analogies. There be icebergsOf course, there's also fraud that goes undetected in times of easy money — companies where the very act of existing means stretching the truth. Kreuger had managed to hide that he had stretched the company's finances beyond solvency by raising money on the US stock market while it was raging.

☆ MoviePass CEO Stacy Spikes on his plans to relaunch the service (for real) and bring back an unlimited option
▼ + stars: | 2023-01-24 | by ( Jason Guerrasio | ) www.businessinsider.com time to read: +20 min

Stacy Spikes told Insider he plans to put MoviePass out of beta and make it available for all by the summer. You would think Spikes would want to run as far away as possible from the movie-ticket-subscription startup. Before Stacy Spikes created MoviePass he created the Urbanworld Film Festival. I wanted to put that down because I see so many times people approach me and think MoviePass was my first business. MoviePassThe MoviePass beta version is focused on the credits system, e-ticketing, and fixing bugsWhat have been the biggest challenges in getting this beta version of MoviePass off the ground?

☆ Elon Musk returns to the stand in class-action lawsuit over controversial tweet
▼ + stars: | 2023-01-23 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Tesla CEO Elon Musk took the stand again on Monday morning in a California courtroom to testify for a second day in the lawsuit over his controversial “funding secured” tweet from 2018. Musk had spoken to executives of the Saudi sovereign wealth fund about the funding he would need to take Tesla private. However, it was anything but “secured.” Musk shared his recollection of the incident in his testimony Monday. He pointed to an incident in May of 2020 when he tweeted that “Tesla stock price is too high.” The stock price dropped the day of his tweet but recovered and closed the year higher than it had opened. Musk testified Friday that no one at Tesla reviewed his tweets in 2018 before he published them.

The court trial to decide whether a tweet Elon Musk sent in 2018 cost Tesla investors millions of dollars will resume Friday, with Musk himself potentially taking the stand. Tesla shareholders are suing the company to recoup losses they say they suffered amid Musk's claims that he had "secured" money to take the company private at $420 per share. Had the plan ultimately materialized, people who owned shares of Tesla at the time could have earned profits on their holdings. After the trial adjourned Wednesday, Porritt told The Associated Press he hopes to call Musk to the stand Friday after two other witnesses testify. Littleton told the nine-person San Francisco jury that Musk’s claim about the financing alarmed him.

☆ Rudy Giuliani says Trump once advised him to take top-secret files home
▼ + stars: | 2023-01-16 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +2 min

Rudy Giuliani says Trump once told him to take top-secret documents home. Giuliani said the incident occurred just after Trump became president, when he was working at Mar-a-Lago. Giuliani said he was at Mar-a-Lago, working on "vetting" some "very rich" people — specifically, going through their tax returns for Trump. The incident occurred right after Trump became president, Giuliani said. During its raid of Trump's Mar-a-Lago property on August 8, the FBI seized batches of classified documents, including some marked "top secret."

☆ ChatGPT used by mental health tech app in AI experiment with users
▼ + stars: | 2023-01-14 | by ( David Ingram | David Ingram Covers Tech For Nbc News. | ) www.nbcnews.com time to read: +11 min

But for a few thousand people, the mental health support they received wasn’t entirely human. About 4,000 people got responses from Koko at least partly written by AI, Koko co-founder Robert Morris said. Academics, journalists and fellow technologists accused him of acting unethically and tricking people into becoming test subjects without their knowledge or consent when they were in the vulnerable spot of needing mental health support. “There are millions of people online who are struggling for help.”There’s a nationwide shortage of professionals trained to provide mental health support, even as symptoms of anxiety and depression have surged during the coronavirus pandemic. In June, the World Health Organization included informed consent in one of its six “guiding principles” for AI design and use.

☆ Investing in Space: Digital orbital danger
▼ + stars: | 2023-01-12 | by ( Michael Sheetz | ) www.cnbc.com time to read: +3 min

CNBC's Investing in Space newsletter offers a view into the business of space exploration and privatization, delivered straight to your inbox. Companies and governments are now launching satellites by the thousands each year, and that changing landscape brings with it the evolving challenge of cybersecurity in space. The concept of space security arguably doesn't get talked about enough, but a quick search for something like "cyber," "space," and "Pentagon" gives you an immediate sense of how U.S. military leaders see the digital threat to satellites. The company just raised $16.4 million in an oversubscribed round, to make a full-tilt push into building its space business. It entered the space market in late 2019, and Beames stepped in as chairman early last year.

☆ Biden suggested the classified documents found in his garage were safe because it was locked with his Corvette in there
▼ + stars: | 2023-01-12 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

President Joe Biden downplayed security concerns after classified documents were found at his Delaware home. Biden told reporters the documents were in his locked garage, not "sitting out on the street." This is the second batch of documents discovered in Biden's possession, with the first group found at his former office. When a Fox News reporter asked what Biden was thinking by keeping documents in his garage, Biden pushed back. The Justice Department is already investigating Biden's predecessor, Donald Trump, for keeping classified documents at his Mar-a-Lago property in Florida and allegedly obstructing investigators.

☆ 'Kidults' age 12 and up are buying more toys than ever, with teens and adults driving significant growth for the industry thanks to the pandemic and TikTok
▼ + stars: | 2022-12-24 | by ( Bethany Biron | ) www.businessinsider.com time to read: +4 min

'Kidults' age 12 and above are comprising a growing sector of the toy industry, according to NPD Group. NPD Group's Juli Lennett told Insider the growth is largely due to the pandemic and social media. "Now many of them are hooked," Lennett said of kidults who purchased toys early in the pandemic. Today, Lego now sells 100 adult Lego sets, according to the Associated Press, including a replica of Vincent van Gogh's Starry Night and a functional roller coaster. "We make LEGO sets specifically for adults with more detail, challenging building techniques, and cool ways to display."

☆ Here are the 34 tech companies most likely to be snapped up by private equity firms like Vista and Thoma Bravo in 2023, according to bankers and market data
▼ + stars: | 2022-12-24 | by ( Ben Bergman | Stephanie Palazzolo | ) www.businessinsider.com time to read: +22 min

With a stock price down 45% in the last year, though, it may soon find itself on the other side of the table. But it has $732 million in cash on hand, with zero debt, and analysts are projecting 16% revenue growth. This year, though, Varonis has come back to earth — its stock price has sunk over 57% in the last 12 months. However, with strong projected 2023 revenue growth of 18.6%, Zuora remains a strong target for PE firms. Its stock price has been hammered, going down about 40% this year and making it the subject of mergers-and-acquisitions chatter.

☆ Elon Musk's Crackdown at Twitter Offers Hope to Fellow Tech Founders
▼ + stars: | 2022-12-19 | by ( Melia Russell | ) www.businessinsider.com time to read: +9 min

But there's one group, almost unnoticed in the midst of the online firestorm, that has been cheering Musk on from the sidelines: other tech executives. To some founders, Musk is simply a monstrous version of the executive they wish they could be. Musk is getting rid of perks like free meals in the Twitter cafeteria — and other tech executives are taking note. Musk's slash-and-burn approach gives tech executives cover for making unpopular decisions. But now, as tech companies cut back to prepare for a recession, the "rough waters out there" have forced his staff to "reevaluate" their demands.

☆ Space company Maxar agrees to go private in $6.4 billion deal
▼ + stars: | 2022-12-16 | by ( Michael Sheetz | ) www.cnbc.com time to read: +1 min

Space imagery and infrastructure company Maxar on Friday announced an agreement to go private through an acquisition led by Advent International. The all-cash deal gives Maxar an enterprise value of about $6.4 billion. Private equity firm Advent is taking a $3.1 billion stake in Maxar, with British Columbia Investment Management Corporation also making a $1 billion equity contribution. The deal price with Advent is near the highs Maxar shares hit in early 2021, before dropping alongside other space stocks this year. Because of that, Jablonsky noted that it's "still very early days" for what the future of Maxar would look like under Advent.

☆ Elon Musk and AOC got into another Twitter spat, with the congresswoman telling Musk to 'lay off the proto-fascism' and put down his phone
▼ + stars: | 2022-12-16 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

In response, Musk tweeted: "You first lol." On Thursday evening, Musk suspended the accounts of at least half a dozen journalists and tweeted an explanation for the move. He claimed the suspended journalists had doxxed him, a violation of Twitter's updated privacy policy that was put in place on Wednesday. Musk also alleged on Thursday that the suspended journalists had posted his real-time location online, calling them "basically assassination coordinates." In response, Musk tweeted: "Stop hitting on me, I'm really shy."

☆ Here are the 34 tech companies most likely to be on the holiday shopping lists of private-equity firms after valuations plunged this year, according to bankers and private data
▼ + stars: | 2022-12-15 | by ( Ben Bergman | Stephanie Palazzolo | ) www.businessinsider.com time to read: +22 min

☆ Grill maker Weber to go private with BDT Capital in $3.7 bln deal
▼ + stars: | 2022-12-12 | by ( ) www.reuters.com time to read: +1 min

Dec 12 (Reuters) - Weber Inc (WEBR.N), known for its domed charcoal grill, said on Monday it had agreed to be taken private by controlling shareholder BDT Capital Partners LLC in a $3.7 billion deal. BDT, which has a 48.2% stake in Weber, will buy all outstanding shares that it does not already own for $8.05 per share. Shares of Weber, which have shed nearly half of their value this year, jumped nearly 22% to $7.90 in premarket trading. Palatine, Illinois-based Weber said that as part of the deal, funds managed by BDT will provide the grill maker with an unsecured loan of additional $350 million. Weber plans to utilize the loan to repay existing debt and fund working capital for the 2023 outdoor cooking season, among other purposes.

☆ Russia's central bank just issued a warning about 'new economic shocks,' and it shows the new $60/barrel cap on oil is working
▼ + stars: | 2022-12-08 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

The price cap on Russian crude and EU's oil embargo present "new economic shocks," the Bank of Russia said. They could "significantly reduce" Russia's economic activity in the coming months, per the bank. Russia is mulling options to counter the price cap, including banning oil sales to some countries. The European Union, G7, and Australia have set a price cap for Russian crude that kicked in on Monday. On top of that, the EU has also banned all seaborne Russian crude.

☆ The EU price cap on Russian oil is already disrupting the market - tankers are piling up off Turkey after Ankara demands insurance paperwork
▼ + stars: | 2022-12-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

The EU's price cap on Russian crude and its ban on seaborne Russian crude kicked in Monday. Oil tankers have begun piling-up off Turkish shores, as Ankara demands proof of insurance coverage. Shipping insurers rejected the request, as Turkey's asking for coverage that could expose them to a breach of sanctions. The pile-up comes just as an EU price cap of $60 a barrel price cap for Russian crude kicked in. ET Monday, while international Brent crude oil futures were 0.8% higher at $83.36 a barrel.

☆ MongoDB stock jumps 27% after cloud database company shows surprise adjusted profit
▼ + stars: | 2022-12-06 | by ( Jordan Novet | ) www.cnbc.com time to read: +2 min

Here's how the company did:Earnings: 23 cents per share, adjusted, vs. a loss of 17 cents per share as expected by analysts, according to Refinitiv. 23 cents per share, adjusted, vs. a loss of 17 cents per share as expected by analysts, according to Refinitiv. Revenue: $333.6 million, vs. $303.4 million as expected by analysts, according to Refinitiv. Its net loss widened to $84.8 million, compared with a net loss of $81.3 million in the year-ago quarter. Analysts polled by Refinitiv had expected an adjusted net loss of 31 cents per share on $1.21 billion in revenue.

☆ An FTX customer who lost $750,000 during its collapse has filed a lawsuit against the Golden State Warriors, which had FTX as its 'official cryptocurrency platform'
▼ + stars: | 2022-11-22 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

The Golden State Warriors named FTX as an "official cryptocurrency platform" last December. Elliott Lam accuses the Warriors of falsely promoting FTX as a "viable and safe way to invest in crypto." The Warriors are also defending a lawsuit in Miami, filed by American FTX customers. FTX filed for bankruptcy on November 11, having previously been worth $32 billion. Getty/Ezra ShawThe Warriors named FTX its "official cryptocurrency platform and NFT marketplace" last December, in a first-of-its-kind partnership which also saw FTX's logo printed on the Warriors' home court.

☆ Canadian mortgage lender Home Capital to go private in C$1.7-billion deal
▼ + stars: | 2022-11-21 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +2 min

Nov 21 (Reuters) - Canada's Home Capital Group Inc (HCG.TO) said on Monday the mortgage lending company would be taken private by Smith Financial Corp in a C$1.7 billion ($1.27 billion) deal. The Toronto-based lender had rebuffed a takeover offer of more than C$28.60 per share from an unnamed buyer, saying it undervalued the company. The deal with Smith Financial includes a "go-shop" period until Dec. 30, during which Home Capital will be allowed to seek other bids. The lender would be delisted after nearly four decades of being a public company when the deal closes, which is expected in the middle of next year. ($1 = 1.3425 Canadian dollars)Reporting by Niket Nishant in Bengaluru; Editing by Vinay Dwivedi and Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.

☆ Trump's 2024 bid puts the DOJ in a tough position as it continues its investigations into the former president
▼ + stars: | 2022-11-16 | by ( Tom Porter | ) www.businessinsider.com time to read: +3 min

Former President Donald Trump has officially launched his bid for the presidency in 2024. He still faces multiple ongoing Justice Department investigations. The former president, who formally launched his bid for the 2024 Republican nomination on Tuesday, is facing multiple probes from state and federal authorities. These include Justice Department investigations into his retention of classified documents after leaving office and his bid to prevent Joe Biden from taking power in 2020. "We pursue justice without fear or favor," he told NBC News in July, with regards to the DOJ's January 6 probe.

Democrats could have prevailed had their state party — which was busy deflecting progressive criticism of their conduct — marshaled better infrastructure and financial support for swing-district candidates. The icing on this rotten cake is that New York Democrats have no one to blame but themselves. Facing challenging new maps, Maloney and his moderate allies panicked that many of the popular progressives who had already announced their candidacies simply could not win. In a moment of exceptional self-unawareness that only underscored the broader myopia of establishment New York Democrats, Maloney took the news of his loss Tuesday as an opportunity to swipe at Ocasio-Cortez. Seth Wenig / AP fileBetween interparty bad blood and challenging electoral maps, the Democratic Party machine also appeared uninterested or unable to translate Democratic enthusiasm into meaningful on-the-ground organizing.

☆ Netflix's streaming hit 'The Crown' reaches Charles-Diana divorce
▼ + stars: | 2022-11-12 | by ( Ani Bundel | Ani Bundel Is A Cultural Critic Who Has Been Writing Regularly Since Her Work Can Also Be Found At Elite Daily | Weta'S Telly Visions | ) www.nbcnews.com time to read: +6 min

The fifth season of Netflix’s superb, ambitious “The Crown” covers the years from 1988 to early 1997, arguably the nadir of England’s modern monarchy. “The Crown” sets up series creator Peter Morgan to be a 21st- century Shakespeare for the Second Elizabethan era. “The Crown” sets up series creator Peter Morgan to be a 21st-century Shakespeare for the Second Elizabethan era. His retellings of royal life are no more accurate than “Richard II” or “Henry V,” making royal whining all these years later all the sillier. “The Crown” even finds ways to make Charles a sympathetic figure in the divorce, no small feat.

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