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Spirit Airlines said Monday it has filed for Chapter 11 bankruptcy protection after struggling with losses, growing debt and a failed merger during the post-pandemic travel lull. The deal comes with a commitment of $350 million in equity investment from bondholders, which it said equates to $795 million of outstanding debt. The company's share price fell from £3.22 to $1.15 last week after the Wall Street Journal reported it was preparing to file for bankruptcy protection, closing on $1.07 on Friday. Spirit said last month it would cut jobs and sell 23 older planes in a bid to save $80 million. Industry analysts said at the time that the court's decision left Spirit with few options but to face a likely restructure and bankruptcy.

Persons: “, Ted Christie, Christie, Spirit Organizations: Spirit Airlines, Company, ”, Wall Street, U.S, JetBlue, Industry Locations: , Florida

☆ I cold-emailed Mark Cuban and a Meta exec, and they both responded. Here's how I worded it.
▼ + stars: | 2024-05-23 | by ( Andrew Yeung | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Share genuine gratitudeIt doesn't hurt to include genuine appreciation and praise for the person you're contacting. Do research on the person you're reaching out to. If you have a strong mutual relationship, ask for an in-person meeting. Set aside 20 minutes a week to intentionally expand your network, and you'll find yourself attracting more opportunities, relationships, and wealth.

Persons: —, I've, It's, Mark Cuban, Andrew Yeung Organizations: Service, Business, Spotify, Meta, Google, Silicon, Tech, Fortune, LinkedIn, ABC Company, Facebook, Business Planning, Next Locations: South East

☆ 4 ways equity management can help build a foundation for growth
▼ + stars: | 2024-05-02 | by ( Sponsor Post | ) www.businessinsider.com time to read: +7 min

To drive a culture of ownership, companies must build an effective strategy around equity management. Optimize capitalization table managementOne of the core elements of an effective equity management strategy is a transparent and defensible capitalization table. And with a partner to help design or evolve your equity plan management strategy, your organization will be well-prepared for its next stage of growth. Morgan Stanley Smith Barney LLC ("Morgan Stanley") and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Morgan Stanley at Work services are provided by Morgan Stanley Smith Barney LLC, member SIPC, and its affiliates, all wholly owned subsidiaries of Morgan Stanley.

Persons: Teri McFadden, you've, Morgan Stanley, Mike Jung, Morgan Stanley Smith Barney, SIPC Organizations: Norwest Venture Partners, Circle, Insider Studios, Financial Advisors, Wealth Advisors

☆ 3 ways buying Vizio would send Walmart's ad business surging and put Amazon on notice
▼ + stars: | 2024-02-15 | by ( Ryan Joe | Lauren Johnson | ) www.businessinsider.com time to read: +4 min

Walmart is reportedly in talks to buy TV manufacturer Vizio for over $2 billion , in an effort to bolster its ad business, according to The Wall Street Journal. Here are three ways Vizio would power-up Walmart's ad business and make it a much bigger competitor to Amazon, according to several ad industry experts. While Walmart buying Vizio would grow its ads business, it would also improve the margins for its current ad business, said Nikhil Raj, chief business officer of adtech company Moloco’s retail media business. The new inventory Walmart would inherit would let it tap TV and branding budgetsIf Walmart buys Vizio, it would inherit connected-TV ad inventory, which it doesn’t currently have. Most of Walmart’s retail media business comes from search ads , though it’s expanded that to include some display and video ads.

Persons: you’ve, there’s, ”, Nikhil Raj, Raj, Walmart.com, ” Raj, doesn’t, it’s, ” Forrester, Nikhil Lai, Eric Franchi, Eric Seufert, Mobile Dev Organizations: Walmart, Wall Street, Amazon, Business, Vizio, CTV, “ Walmart, Walmart Connect, Connect, VC, Mobile Locations: Vizio, Walmart.com, “

☆ Okta announces it's laying off about 7% of its workforce
▼ + stars: | 2024-02-01 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

The ID verification company told Business Insider it was a "necessary" decision to ensure profitable growth. CEO Todd McKinnon told employees in a memo sent at 5:30 PT that the company is laying off about 400 employees. If your role is impacted, your leadership will schedule a meeting today to discuss next steps. To the impacted employees, I am deeply sorry and we thank you for your many contributions. As we navigate these changes, remember that Okta is critical infrastructure for 18,800 organizations around the world.

Persons: Todd McKinnon, McKinnon, we've, Todd Organizations: Business, Okta Locations: U.S

☆ N.Y. Cannabis Board Settles Suits, Paving Way for Dispensaries to Open
▼ + stars: | 2023-11-27 | by ( Ashley Southall | More About Ashley Southall | ) www.nytimes.com time to read: +1 min

A state judge in Ulster County froze the interim program in August after four service-disabled veterans sued, claiming that they were illegally excluded from applying. They borrowed the argument from a lawsuit filed in March by a coalition of opponents that included four of the state’s medical cannabis companies. The settlement would end both lawsuits. Going forward, 436 retail license holders caught up in the litigation would be able to open shops and begin making deliveries, including 23 dispensaries that were ready to open before the stoppage. Lawyers for the plaintiffs in both lawsuits did not immediately comment on the settlement.

Persons: Jorge Vasquez, Vasquez Segarra Locations: Ulster County

☆ Lawmakers in Congress can't work together — and aviation experts say it's making it harder to keep the skies safe
▼ + stars: | 2023-11-16 | by ( Natalie Musumeci | ) www.businessinsider.com time to read: +4 min

"Gridlock" in Congress is in part to blame for safety risks in the skies, aviation experts said. The group, formed by the FAA, said insufficient funding is hampering the FAA. AdvertisementAn independent team of experts formed by the Federal Aviation Administration has blamed "recurring gridlock" in Congress and insufficient industry funding for the growing safety risks in the skies. AdvertisementThe six-member outside panel of aviation experts said in the report that years of disorder in Congress has posed significant challenges for the FAA, heightening safety risks. "At current funding levels, the FAA has insufficient resources to carry out its portfolio of responsibilities," the report says.

Persons: —, Mike Whitaker, Whitaker, Michael Huerta Organizations: FAA, Service, Federal Aviation Administration, New York Times Locations: United States

☆ Kia Corp unveils three smaller-medium-sized EVs to speed its electrification ambitions
▼ + stars: | 2023-10-12 | by ( Heekyong Yang | ) www.reuters.com time to read: +2 min

SEOUL, Oct 12 (Reuters) - Kia Corp (000270.KS) on Thursday unveiled three new small-to-medium sized electric vehicles (EV) to attract a wider range of customers in an effort to expedite its electrification strategies. The production of the EV5 will take place in both China and South Korea, Kia said, adding that the EV5 in China and South Korea would have different battery types. Kia did not disclose the detailed driving range of the EV5 for South Korea, adding that it will be tailored to meet market demands. Analysts said Kia's push to launch more affordable EVs is timely as an increasing number of car buyers are looking to purchase price friendly EVs. "While those early adopters have preferred more expensive premium electric vehicles, as EVs have become more popular among more general public, consumer needs for more affordable EVs have significantly grown," said Lee Jae-il, an analyst at Eugene Investment & Securities.

Persons: Kia, Song Ho Sung, ”, Spencer Cho, Lee Jae, Heekyong Yang, Sharon Singleton Organizations: Kia Corp, South, Kia, Global, Analysts, Eugene Investment, Securities, Thomson Locations: SEOUL, South Korea, China

☆ 'You only get Social Security while you're alive,' expert says. What happens to benefits after you die
▼ + stars: | 2023-10-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +7 min

"You only get Social Security while you're alive," said Bruce Tannahill, a director of estate and business planning with MassMutual. "People need to take into account how important Social Security is in their estate planning," said Jim Blair, vice president of Premier Social Security Consulting and a former Social Security administrator. There are some key takeaways to know about what happens to Social Security benefits in the event you or a loved one passes away. If someone receives their monthly Social Security payment and then dies, the Social Security Administration may not take the money back, according to Blair. If a deceased beneficiary was due a Social Security check or a Medicare premium refund when they died, a claim may be submitted to the Social Security Administration.

Persons: Bruce Tannahill, Jim Blair, Blair, Tannahill, Joe Elsasser, Elsasser Organizations: Getty, Social, Premier Social Security Consulting, Social Security, Finance, Social Security Administration, Security

☆ 5 critical steps entrepreneurs can't afford to skip when starting a business
▼ + stars: | 2023-09-28 | by ( Sponsor Post | Created Spectrum Business With Insider Studios | ) www.businessinsider.com time to read: +10 min

Social media is a great tool for promotion, but it's also handy for collecting insights about what customers want. Build a social media presence for the new business and use it as a way to gather feedback. Social media is a great tool for promotion, but it's also handy for collecting insights about what customers want. Build a social media presence for the new business and use it as a way to gather feedback. Attract the first customers to your business with smart, small-business marketing strategiesAttracting and retaining the right customers is critical to small business success.

Persons: it's Organizations: Products, Management, Spectrum Business, SCORE, Service Corps, Insider Studios

☆ Claiming Social Security retirement benefits is a high-stakes decision. Don't let these 5 myths get in your way
▼ + stars: | 2023-08-19 | by ( Lorie Konish | ) www.cnbc.com time to read: +6 min

Moyo Studio | E+ | Getty ImagesSocial Security benefits provide retirement income for millions of Americans. Myth 1: Claiming early is bestNegative headlines may scare people into claiming as early as possible to get the most benefits. Eligibility for Social Security retirement benefits starts at age 62. Myth 4: Social Security benefits are not taxedThanasis | Moment | Getty ImagesThe misperception that Social Security benefits aren't taxed is "perhaps the biggest myth of all," said Mary Johnson, Social Security and Medicare policy analyst at The Senior Citizens League. That includes the sum of your adjusted gross income, nontaxable interest and half of your Social Security benefits.

Persons: that's, Joe Elsasser, Elsasser, Laurence Kotlikoff, Bruce Tannahill, there's, Kotlikoff, Tannahill, Mary Johnson, Anna Frank Organizations: Social Security, Social, Security, Boston University, Senior Citizens League . Social Security

☆ The Looming Crisis in the Bridal Industry? Not Enough Seamstresses.
▼ + stars: | 2023-07-27 | by ( Shannon Sims | ) www.nytimes.com time to read: +1 min

They were discussing issues like: How do you handle a demanding mother of the bride? Some women said they preferred to work in-house at a bridal shop, where they could have a steady stream of clients and backup for when things went wrong. Other women said they liked working as independent tailors because their schedules could be flexible and there was no profit-sharing. In 2019, she founded Stitched Collective, an organization that hosts in-person events for seamstresses nationwide. A central conundrum framed the call: How can bridal seamstresses in the United States navigate the overwhelming amount of business being sent their way in 2023?

Persons: —, Melissa Oddo, hemming Locations: Connecticut, United States

☆ UK insurers may need higher reserves due to 'claims inflation', says BoE
▼ + stars: | 2023-06-23 | by ( Huw Jones | ) www.reuters.com time to read: +1 min

The BoE said that claims inflation due to factors such as rising wage, medical and raw materials costs is expected to affect all general insurers. "There is a risk that persistently elevated claims inflation might result in a material deterioration of solvency coverage for some firms unless they take appropriate mitigating actions," the BoE said in a letter to chief actuaries of general insurers. Therefore, claims inflation should be robustly considered." The BoE anticipates that 2023 year-end will be more challenging for reserving teams at insurers. "Underestimating future claims inflation assumptions can have a significant effect on the representation of a firm’s financial strength," it said.

Persons: The BoE, BoE, Huw Jones, Philippa Fletcher Organizations: Bank of England, Thomson

☆ A Nvidia-backed platform that turns text into A.I.-generated avatars boosts valuation to $1 billion
▼ + stars: | 2023-06-13 | by ( Ryan Browne | ) www.cnbc.com time to read: +6 min

In this article NVDA Follow your favorite stocks CREATE FREE ACCOUNTAn animated avatar generated by the AI video platform Synthesia. To do that, Synthesia has created animated avatars which look and sound like humans, but are generated by AI. Synthesia is a form of generative AI, similar to OpenAI's ChatGPT. The company doesn't disclose its sales or revenue metrics, though it says it "consistently driven triple digit growth," with over 12 million videos produced on the platform to date. Synthesia plans to ramp up investment into its technology, with a particular focus on advancing its AI research and making Synthesia avatars capable of performing more tasks.

Persons: Synthesia, Slack, Kleiner Perkins, Morgan Stanley, Victor Riparbelli, Matthias Niessner, Steffen Tjerrild, Lourdes Agapito, Philippe Botteri, Riparbelli, Nvidia isn't, it's, They're, Felix Capital, Atomico, they're, David Beckham, Beckham Organizations: Nvidia, CNBC, Accel, Facebook, Spotify, GV, FirstMark, MMC, YouTube, Netflix, Business, Iconiq, Felix, Meritech Locations: London, A.I

☆ The family office for Mark Zuckerberg and Jack Dorsey backs French rival to Microsoft Excel
▼ + stars: | 2023-06-08 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

The logo of the spreadsheet software Microsoft Excel is shown on the display of a smartphone. French business planning software startup Pigment has raised $88 million in a funding round led by ICONIQ, the private investment fund that manages the money of tech billionaires such as Mark Zuckerberg and Jack Dorsey. Pigment is best known for its business planning and forecasting platform that's designed to be more user-friendly than Microsoft's spreadsheet software Excel. As well as Microsoft, Pigment also views enterprise software tools from giants like Google, SAP and Oracle as rivals. It introduced a new service called Pigment AI last month, on the heels of heightened buzz surrounding AI and products like ChatGPT, which lets clients query data, identify patterns and automate analysis and reporting.

Persons: ICONIQ, Mark Zuckerberg, Jack Dorsey, Eleonore Crespo, Romain Niccoli, FirstMark, Klarna, Miro, Tommy Hilfiger, PVH, Crespo Organizations: CNBC, Venture, Felix Capital, Google, SAP, Oracle, behemoth, Microsoft Locations: U.S

☆ Rob Arnott says there's now an 80% chance of a recession amid a credit crunch. Here are his top recommendations on where to park your money — including one trade he believes will deliver 15% yearly re
▼ + stars: | 2023-04-14 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

He said US value stocks and developed economy non-US stocks offer the best returns. But there are still opportunities for big returns in US value stocks, he said. But an even bigger opportunity lies in non-US stocks in developed economies, which Arnott believes will return 15% on a yearly basis over the next decade. The iShares MSCI EAFE ETF (EFA) is one way to gain exposure to non-US stocks, while the Vanguard Value ETF (VTV) offers exposure to US value stocks. Arnott made the same calls on non-US stocks and US value stocks back in December.

☆ Alibaba tells investors its overhaul will make the business more 'agile' with market changes
▼ + stars: | 2023-03-30 | by ( Jihye Lee | ) www.cnbc.com time to read: +4 min

"We believe this will allow all of our businesses to become more agile, enhance their business decision-making, and respond faster to market changes," CEO Daniel Zhang told investors. "Alibaba Group will be in the nature of a holding company that is the controlling shareholder of the business group companies," Zhang said. When asked about the timeline of Alibaba's restructuring, Zhang said the "strategy and business planning for the business groups will commence immediately." CFO Tony Xu said separating Alibaba's entities would allow it to determine the performance of each business. "We believe that the market is the best litmus test so each business group company can pursue independent fundraising and IPOs as and when they are ready after going public," he said.

☆ The U.S. Needs Economic Regime Change
▼ + stars: | 2023-03-20 | by ( Kevin Warsh | ) www.wsj.com time to read: 1 min

History will give a full accounting of the grave errors committed in recent years in economic policy. The costs of the Federal Reserve’s zero-interest policy are multiplying: The misallocation of capital—goosing the price of the riskiest and least-productive of assets—set the conditions for boom and bust. The financing of the “big state” set the country on an unsustainable fiscal trajectory. The extraordinarily loose financial conditions created herd behavior among market participants and firms and complacency among policy makers, including regulators. The surge in inflation substantially raised the cost of living for citizens and undermined business planning.

☆ How a Houston real-estate agent who closed $28 million in deals in 2022 turned her broadcast news layoff into a lucrative new career
▼ + stars: | 2023-02-23 | by ( Layne Van Vranken | ) www.businessinsider.com time to read: +8 min

"I took my profession as a news anchor, my marketing skills, and leveraged everything I had and who I was, and I used that in real estate," Jang said. Here's how she built a business that's thrived through social media and organic marketing. My business is 70% referral from day one and 30% social media," she said. Jang also shares on social media what she does off the clock, like her overseas travel and fine dining. "'Lily's List' was just as important as social media for me in reaching potential clients."

☆ Amazon cut more than 300 jobs at Zappos – about a fifth of the workforce – in last month's mass layoffs, report says
▼ + stars: | 2023-02-11 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +2 min

Amazon cut more than 300 jobs at its subsidiary Zappos last month, The Wall Street Journal reported. The shoe and clothing retailer cut about a fifth of its workforce in January, according to a Zappos memo seen by The Journal. The job cuts were "ultimately made to ensure Zappos is set up to continue to provide an exceptional customer experience, long-term," Laura Davis of Zappos told The Journal. The Zappos layoffs come alongside the largest job cuts in Amazon's history last month when it scrapped more than 18,000 roles. Amazon-brand aggregator Boosted Commerce also made job cuts this month as it laid off 16 employees.

☆ These are the 27 most exciting European fintech startups to watch in 2023, according to venture capitalists
▼ + stars: | 2023-02-01 | by ( Callum Burroughs | ) www.businessinsider.com time to read: +1 min

Now, investors are placing a greater emphasis on startups in technical areas like FinOps. We asked 14 of Europe's top fintech investors to name the startups to watch in 2023. Investment in European fintechs fell to $23.3 billion last year, down from 2021's record-breaking $29.5 billion, according to PitchBook data, and closer to the total for 2019 and 2020. Different types of fintechs are also grabbing investor attention, with those operating in more niche, technical areas facing a brighter 2023. Here are 27 European fintechs to watch in 2023, according to some of the region's top investors.

☆ Workday cuts about 525 jobs but says it's not the result of overhiring
▼ + stars: | 2023-01-31 | by ( Rohan Goswami | ) www.cnbc.com time to read: +2 min

Aneel Bhusri and Carl Eisenbach, Co-CEOs of Workday, speaking on Squawk Box at the WEF in Davos, Switzerland on Jan. 17, 2023. Workday , a cloud-only business planning software company, will lay off 3% of its employees, the company's co-CEOs wrote in a message to employees Tuesday. In October 2022, the company reported head count of more than 17,500 employees, an increase of over 15% compared with January of that year. The cuts are not the result of overhiring and the "majority" will occur in Workday's technology and product units, co-CEOs Aneel Bhusri and Carl Eschenbach wrote. Severance packages for international employees would be "similar" to those offered to U.S. employees, Bhusri and Eschenbach wrote in the message.

☆ Warner Bros. Discovery salaries revealed: Pay data shows how much the company recently offered for jobs at HBO and more, despite waves of layoffs and cuts
▼ + stars: | 2022-12-20 | by ( Ashley Rodriguez | Elaine Low | ) www.businessinsider.com time to read: +19 min

Insider analyzed new pay data from the entertainment companies, now merged as Warner Bros. Recent salaries ranged from $55 an hour to $300,000 a year for jobs at HBO and other units. The salaries ranged from $55 per hour to $300,000 per year, with a median annual salary of $143,000 to $170,000. For example, Discovery offered an ad sales account manager between $131,458 and $149,000 per year, according to the data. Associate Manager, Brand Marketing/Publishing: $92,518 to $130,011WarnerMedia DirectData Architect: $162,400 to $200,150 median; ranging from $159,800 to $205,000WarnerMedia Services

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☆ Why recession fears are back: Americans are losing faith
▼ + stars: | 2022-12-16 | by ( Christine Romans | ) edition.cnn.com time to read: +4 min

The famous British economist John Maynard Keynes coined the phrase “animal spirits” to describe what drives investors, consumers and business leaders. “At the end of the day, a recession is a loss of faith,” said Mark Zandi, chief economist at Moody’s Analytics. Yellen explained this week that recession risks permanently exist. “There are always risks of a recession,” Yellen told CBS’s “60 Minutes” in an interview that aired on Sunday. Hopefully we don’t lose faith and run for the bunker and go into recession.”— CNN’s Elizabeth Yang contributed to this report.

☆ What Amazon, Google and other top companies are paying in NYC
▼ + stars: | 2022-11-04 | by ( Morgan Smith | ) www.cnbc.com time to read: +1 min

New York City's new pay transparency law went into effect on Nov. 1, which means that jobseekers — and anyone else who's curious — can find out how much money some of the top companies in the world are offering their employees. Under the law, businesses hiring in New York City must publish "good faith" salary ranges that include minimum and maximum pay for all job postings, promotions and transfer opportunities. While some major companies began including their pay ranges on job postings prior to the Nov. 1 deadline, other employers appear to have stalled or seem to be testing the "good faith" part of the law by posting what many workers see as overly broad salary ranges. For instance, the minimum and maximum base salaries for a business planning lead job at Google are almost $100,000 apart. Here's a sampling of what some of the top companies in New York City are offering to pay new employees, as of Friday morning:

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