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Chipotle shareholder sues over skimpy portion sizes
  + stars: | 2024-11-13 | by ( Ramishah Maruf | ) edition.cnn.com   time to read: +3 min
New York CNN —A Chipotle shareholder is suing the fast-casual chain over viral social media complaints about skimpy portion sizes. The proposed class-action lawsuit filed Monday claims Chipotle understated customer dissatisfaction regarding its “highly inconsistent” portion sizes in official disclosures. “First, there was never a directive to provide less to our customers,” Niccol said during the earnings call. After that earnings call on October 30, Chipotle stock dipped 7.86%. The proposed class action would make eligible anyone who purchased or sold Chipotle stock from February 8 to October 29, 2024.
Persons: Keith Lee, Chipotle, ” Laurie Schalow, Chipotle’s “, Brian Niccol, ” Niccol, Niccol, Jack Hartung, Scott Boatwright, Boatwright Organizations: New, New York CNN, Starbucks Locations: New York, Wells, Chipotle’s, Chipotle
Social media keeps catching Wall Street off guard
  + stars: | 2024-08-11 | by ( Laila Maidan | ) www.businessinsider.com   time to read: +11 min
In 2015, he created TickerTags, a social media data aggregator that tracks company mentions, and sold it to Jefferies' M Science. To be fair…Speculating and making decisions based on social media trends is a risky wager. Wall Street doesn't always respond to social media trends that could negatively drive fundamentals because there aren't tools to understand the impacts, McKeown noted. In the event a social media trend is mentioned, it's not factored into their valuation model, Ober added. How social media sentiment plays into a thesis should depend on an investor's time horizon.
Persons: It's, Bud Light's, influencer Dylan Mulvaney, BUD, Kirk McKeown, Chris Camillo, Jefferies, Camillo, Bud, didn't, Paul Johnson, Laxman Narasimhan, misperception, Sara Senatore, I've, Senatore, Chipotle, Keith Lee, dollies, Brian Niccol, Goldman Sachs, They're, Matt Ober, they're, I'd, McKeown, it's, Ober Organizations: Service, Business, Anheuser, Busch, Wall Street, Pew Research Center, Molson, TAP, Starbucks, Nicusa Investment, Columbia Business School, of America Locations: Palestine, Gaza, SBUX
In today's big story, we're looking at Chipotle's newest pitch in the big business that is winning your lunch break. Market research firm Future Markets Insights pegged the lunch takeout market at $215.3 billion in 2022 . Chipotle's latest marketing campaign shows how creative restaurants are getting to nab your lunch order. Bitcoin's cooldown might be a warning for the stock market. A Stifel strategist predicted a late-summer stock market decline based on bitcoin's 10% sell-off in the past few weeks.
Persons: , Chelsea Jia Feng, Keith Lee, Alyssa Powell, haven't, Taco Bell, Tim Hortons, Burger King, sarayut Thaneerat, Tyler Le, Ken Griffin, Bitcoin's, isn't, That's, Jensen Huang's, Satya Nadella's, Marc Piasecki, Elon Musk, They're, Alfie, Alfie Health, Donald Trump, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover, Annie Smith, Amanda Yen Organizations: Service, Business, nab, bros, Chipotle, Getty, Brands, KFC, Taco, BI Citadel, Sunshine State, Congressional, Nasdaq, Apple, Apple Intelligence, Nvidia, Microsoft, Amazon, Elon Locations: Cava, Illinois, Florida, China, New York, London
But the leadership of its ailing wealth unit is continuing to undergo major changes under its new boss Andy Sieg. Citi's wealth unit has seen at least 21 senior executives exit since Merrill Lynch veteran Sieg joined in September. The latest is Julia Carreon, global head of wealth platform and experiences. Sieg also plans to expand Citi's already successful wealth business in Asia. Here is our running list of senior departures from Citi Wealth.
Persons: , Andy Sieg, Merrill Lynch, Sieg, Julia Carreon, Naz Vahid, Carreon, David Bailin, Fraser, Andy, Mark Mason, Shyam Sambamurthy, Merrill, Don Plaus, Hale Behzadi, Dawn Nordberg, Morgan Stanley, Citi David, Francesco Bertoni, Alfonso Camacho Bustillo, Hoyt, Paul Hodes, Robert Hoffman, Keith Lee Hong, Li, Liu, Fernando Lopez Munoz, Alex Marshall, Eduardo Martinez Campos, Luigi Pigorini, Fernando Senso, Jeff Sutton, Naz, Vahid, Eduardo, Seamus Yin, Hayley Cuccinello Organizations: Service, Citi, Citi Wealth, Business, Bankers, Citi Global Wealth, North America, Francesco Bertoni EMEA, Hoyt Gier Global, South, Asia, Fernando Lopez Munoz Head, Tate, Eduardo Martinez Campos Head, Mark Mills Regional, Fernando Senso Castilla Global, Jeff Sutton Global, Eduardo Ventura, West Locations: Asia, Hong Kong, Singapore, Paul Hodes Asia, South Asia, Keith Lee Hong Kong, Asia Pacific, Shyam Sambamurthy South Asia, Fernando Senso Castilla, America, West China, hcuccinello@businessinsider.com
download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In response, they're pulling out their smartphones as Chipotle employees add chicken al pastor, steak, or another one of their preferred proteins to their order. In the video, Lee samples multiple Chipotle items, including a bowl he ordered with chicken al pastor. "There have been no changes in our portion sizes, and we have reinforced proper portioning with our employees," Chipotle Chief Corporate Affairs and Food Safety Officer Laurie Schalow told Business Insider. Chipotle hasn't given employees instructions on what to do when customers start filming, a spokesperson added.
Persons: , guacamole isn't, influencer Keith Lee, Lee, fajita veggies, Chipotle, Laurie Schalow, Schalow Organizations: Service, Business, Corporate Affairs, Food Locations: Chipotle
Audiences are favoring authentic and knowledgeable content creators over follower count. It's the "intellectual influencers," or "thought leaders," who are likely to thrive. AdvertisementNya Étienne, who is a journalist and TikTok content creator, refers to this concept as the rise of "the intellectual influencer." People want 'edutainment'This new breed of influencer could outlast all the rest and may soon be dominating social media feeds. AdvertisementBack when posting on social media was novel, the audience of an aspiring content creator would grow exponentially simply because they were entertaining to watch.
Persons: , Nya, Katya Varbanova, Varbanova, who's, Dubuisson, Keith Lee, Kaye Putnam, Putnam, they're Organizations: Service, YouTube, Matter Communications Locations: Bazaarvoice, Boston
Issa Rae is adding to her business ventures with a new company, Ensemble, to connect brands with diverse creators. The company seeks to attract ad spending by connecting brands with a network of 50 up-and-coming creators, including Leo Gonzalez, Mark Phillips, and Drew Afualo. Ensemble is separate from Rae's media and entertainment company, Hoorae Media, which was formed in 2020 out of Issa Rae Productions. In addition to Rae's TV and film production label, Hoorae encompasses a marketing arm, Fête; a management company, ColorCreative; and an audio division, Raedio. "We want Ensemble to be seen as a general market company," McKay said.
Persons: Issa Rae, Leo Gonzalez, Mark Phillips, Drew Afualo, It's, Issa Rae Productions, Sienna, Rae, Ian Schafer, Matt Berger, Keith Lee, Schafer, Garrett Manet Montrel McKay, McKay, We're, Dallas Turner, Popeyes, influencers, Montrel McKay, Bud Light, we're Organizations: Pepsi, Hoorae Media, Raedio, Sienna Naturals, Business, Ensemble, Hoorae, PQ Media
But largely, TikTok is a place Black creators found where they could thrive and reach new audiences and customers for their growing businesses. It wasn't that the content wasn't good, Ford said, it was that Instagram "just wasn't a place for Black creators, minority creators, to excel." Some Black creators suspected their Black Lives Matter content was suppressed in 2020 after George Floyd's death ignited a wave of protests. AdvertisementBlack TikTokers have also expressed an "undertone of anti-Blackness" in the platform's algorithm, where white creators benefited from the trends started by Black creators. AdvertisementThis is disheartening, Black creators told BI, because so many top trends and ideas come from their community.
Persons: , Joe Biden, TikTok, Tenyse Williams, It's, Funmi Ford, Ford, Nya, I've, Étienne, Keith Lee, entrepreneurialism, Kahlil Dumas, Dumas, George Floyd's, Jalaiah Harmon, Black TikTokers, Williams, Imani Bashir, Bashir, We're, isn't Organizations: Service, Senate, Business, Consulting, University of Central, Columbia University, George Washington University, Pew Research Center, An, Free, Black, New York Times, Forbes, YouTube, BI Locations: University of Central Florida, Instagram, An Oxford, Atlanta
Citi's wealth unit has seen at least 11 senior execs exit since Merrill Lynch veteran Sieg joined in September. The latest departure is David Bailin, chief investment officer for the global wealth division, who announced his departure on Monday. Sieg's mandate is to turn around the wealth business, which was barely profitable this past quarter. Sieg also plans to expand Citi's already successful wealth business in Asia. At least two other senior Asia executives have left.
Persons: Andy Sieg, Merrill Lynch, Sieg, David Bailin, Bailin, Fraser, Andy, Mark Mason, Shyam Sambamurthy, Merril Lynch, Don Plaus, Hale Behzadi, Citi David, Eduardo Martinez Campos, Keith Lee Hong, Fernando Lopez Munoz, Luigi Pigorni, Jeff Sutton, Eduardo, Seamus Yin, Hayley Cuccinello Organizations: Citi, Business, Bankers, Citi Wealth, Citi Global Wealth, North America, Eduardo Martinez Campos Head, Mark, Mark Mills Regional, Fernando Lopez Munoz Head, Jeff Sutton Global, Eduardo Ventura, West Locations: Asia, Hong Kong, Singapore, Keith Lee Hong Kong, Mark Mills, Shyam Sambamurthy South Asia, America, West China, hcuccinello@businessinsider.com
Cardi B tried Balut eggs, a popular Filipino dish, on TikTok. Balut eggs are fertilized duck eggs popular in Asia — especially in the Philippines — that have become a popular food item for TikTokers to try. While wearing a burnt-orange updo and stunning blue eyeshadow, Cardi B presented a bowl of Balut eggs she made in a TikTok post on Wednesday. Cardi B explained that the duck tasted like raw chicken but said she liked the liquid inside the egg. The stereotypes live on in the form of TikTok taste tests, where many creators share videos gagging over Asian cuisine with millions of likes.
Persons: Cardi, Benny Blanco's, , Keith Lee, TikTok, I'm, gagging, benny blanco, Blanco, James Corden's, Corden, James Corden, Kim Saira, Robert Ji, influencers Organizations: Service, BI, Activists, New York Times, Food Studies, Daily Locations: TikTok, Asia, Philippines
Keith Lee cut his Bay Area food tour short, saying it wasn't "a place for tourists right now." AdvertisementKeith Lee was not impressed with Bay Area cuisine. Lee — who's become a TikTok sensation for the honest food reviews he shares with his 15.6 million followers — revealed on Thursday night that he was ending his food tour in Northern California early. AdvertisementLee revealed that the second reason he decided to cut the food tour short was due to multiple disappointing dining experiences. Lee said his third "and probably the most important" reason for cutting his Bay Area trip short was an allergic reaction that sent him to the hospital.
Persons: Keith Lee, Lee, , Lee — who's, I've, Lee didn't, Hayward, Mama T's, y'all Organizations: Area, Service, Bay, Business, Oakland, San, Greens Restaurant Locations: Northern California, San Francisco, Bay, Gotham, San Jose, Mateo, Oakland
When a food critic comes to a city that is proud of its dining scene, restaurants and their devotees take notice. But rarely does a traditional reviewer cause as much excitement as Atlanta has seen with the recent visit of Keith Lee, a food obsessive with a vast army of 14 million followers on TikTok. At a breakfast place?” he asked in a video on his first day in Atlanta, eating takeout in his car. Mr. Lee, who is based in Las Vegas, mostly reviews independent, mom-and-pop restaurants, many of them Black-owned. Mr. Lee has made videos from Detroit, Chicago and Los Angeles, but the response in Atlanta has been notable.
Persons: Keith Lee, Lee, , takeout Locations: Atlanta, Las Vegas, Detroit, Chicago, Los Angeles
Dylan Mulvaney won the 2023 Streamy Award for Breakout Creator. The trans creator may have been referring to her Bud Light ad campaign that has been overshadowed by conservative protests. Mulvaney took home the award for breakout creator at the Sunday night award ceremony, beating out TikTok it girl Alex Earle and Jake Shane — a.k.a. Conservative critics called for a boycott of the Bud Light brand, and LGBTQ+ advocates called on Bud Light to make clear its support for the LGBTQ+ community. The Bud Light controversy may be dying down: Bud Light sales took a hit in the months following the April post, but are now showing signs of a rebound.
Persons: Dylan Mulvaney, Bud, Mulvaney, Alex Earle, Jake Shane — a.k.a, Drew Afualo, Keith Lee, she'd, there's, I'm, Bud Light, Bud Light's Organizations: Service, Bud Light Locations: Wall, Silicon
Rebhun said that El Pollo Loco's work with influencers "without a doubt" drove customers to the brand. Dickey said that Dickey's work with influencers – in particular those involved with food and sport – was "directly in response to millennial and Gen Z." "Any lingering traditional media that we do," like TV commercials, radio spots, and out-of-home ads, is "all for boomers and Gen X," she added. Execs told Insider it was "leveraging youth culture," including music, sport, influencers, and TikTok, to create an image of a "Gen Z-esque aspirational lifestyle." Wendy's has also been working with sports, gaming, and music companies to lure in Gen Zers, Loredo said.
Persons: Dickey, Rebhun, influencers, Carl Loredo, influencers –, Gen, Wingstop, Execs, Chipotle's Perdue, Zers, influencers Alexis Frost, Keith Lee, Chipotle, Wendy's, Loredo Organizations: El, El Pollo, Twitter Locations: Fortnite
A review can now completely change the trajectory of a business if it goes viral on TikTok. A viral video on TikTok can make a product fly off of shelves, or leave consumers questioning the quality of a company. Corey Robinson, chief product officer for Abercrombie & Fitch, described TikTok to The Journal as "a billion-person focus group." Fame is just as easy to achieve as infamy on TikTok where videos can quickly — and unexpectedly — go viral. In late 2022, Chipotle employees were hit with waves of complicated orders and unhappy customers after Lee and TikToker Alex Frost posted viral videos trying a menu hack for quesadillas.
Persons: Corey Robinson, Abercrombie, Robinson, Pink, Chef Pii, Pii, naysayers, TikTokers, hashtag, Keith Lee, Lee, Kwame Boakye, TikToker Alex Frost, Chipotle, Brian Niccol Organizations: Street Journal, Morning, Abercrombie & Fitch, Fitch, Walmart, Dave's Gourmet, NielsenIQ, McKinsey & Company, Fire Locations: Orlando
They eat with their phones first and are pulled in by influencer marketingd3sign/Getty ImagesGen Z diners like their food to be "Instagrammable," the execs said. But as well as organic content, restaurants are paying influencers to advertise their products. Rebhun said that El Pollo Loco's work with influencers "without a doubt" drove customers to the brand. Dickey said that Dickey's work with influencers – in particular those involved with food and sport – was "directly in response to millennial and Gen Z." "We noticed massive fanfare around the viral hack and partnered with the creators to officially add the Fajita Quesadilla to our menus for our Gen Z superfans," Perdue said.
Chipotle added the Fajita Quesadilla to its menu last month, inspired by a viral TikTok menu hack. During the launch, quesadilla sales nearly doubled and Chipotle had two of its best-ever digital sales days. It is inspired by a menu "hack" of adding fajita veggies to its steak quesadilla that went viral on TikTok in 2022. Adding fajita veggies – pepper and onion – to a quesadilla was not previously an option at Chipotle. "During the launch, we nearly doubled our Quesadilla business and had two of our top digital sales days of all time."
Chipotle rolled out changes to its restaurants to make employees' jobs easier, its CEO said. The changes include faster-cooking grills, digital tipping, and a TikTok-inspired quesadilla. The chain unveiled the changes, from faster cooking times for meats to digital tipping, over the last few months. Jobs working the grill are "one of the hardest positions to train" at the average Chipotle restaurant, Niccol said when an analyst asked about the new grills. Chipotle also started offering digital tipping at its stores over the last few months "as part of our ongoing effort to enhance our crewmember benefits," Niccol said.
The TikTok creator, known for reviewing fast-food staples, posted last summer about leveling up Chipotle's steak quesadilla with fajita veggies. Nathan Llorin, another popular TikToker, told Insider that it wasn't until he started eating and reviewing fast food that his videos took off. A climate message for menusIn January, research showed that labeling fast-food menus with their climate impacts swayed people away from red meat. But about 10% of customers now choose a meatless option, including Sofritas, the chain's plant-based mainstay made from tofu. Frost, the TikToker, told Insider that of all the things viewers attack her for on the platform, the environmental impact of fast food isn't among them.
Starting March 2, Chipotle is allowing customers to add fajita veggies to any quesadilla. The permanent new menu item, the Fajita Quesadilla, will be available through Chipotle's app or website. Chipotle said it "saw more than 30.6 million views, 3.7 million likes, 47,200 comments, and 69,500 shares of viral TikTok content about the Steak Quesadilla with Fajita Veggies." The five new permanent quesadilla versions include the steak quesadilla with fajita veggies, the chicken quesadilla with fajita veggies, the barbacoa quesadilla with fajita veggies, the carnitas quesadilla with fajita veggies, and sofritas quesadilla with fajita veggies. The "Fajita Quesadilla Hack," inspired by Frost, is a fajita quesadilla with steak served with roasted chili-corn salsa, tomatillo red-chili salsa, and sour cream on the side.
It's the hunt for big paydays that keeps VC markets a little frothy when new tech like generative AI hits the scene. And a bubble is only a bubble in the rear-view — in the moment, it's just making sure you don't miss out on the future. Generative AI tools can be used to create a variety of texts and images like this one, which was produced by OpenAI's DALL-E 2. But could generative AI be the next bubble in tech? Click here to read whether the next tech bubble is already here.
Keith Lee, 26, rose to new heights of TikTok at the end of 2022 as his videos gained exposure. Now at 8.6 million followers, the 26-year-old professional athlete began posting on the video-sharing app in 2020 to help with his social anxiety and interviewing skills, Lee told Insider. "Weight has always been a big focal point for me as a professional athlete," Lee told Insider. When he noticed his food review videos gaining traction on TikTok, he decided to commit to filming reviews more often. Although Lee said he understands the power of TikTok, he told Insider he's still adjusting to his new status as a trusted food reviewer.
A TikTok creator’s recent apology after people accused her of improperly packaging her homemade pickled products before selling them online has sparked discourse surrounding influencers and whether they should be allowed to promote and sell homemade food items on the app. Britanny Saunier, executive director of the nonprofit organization Partnership for Food Safety EducationSocial media creates "enthusiasm" around homemade products, said Britanny Saunier, the executive director of the nonprofit organization Partnership for Food Safety Education. The backlash toward PickleMeEverything’s products comes several months after another viral product raised eyebrows over similar food safety fears. He said he’s concerned about the growing number of TikTokers who don’t know or use food safety while promoting food products. Food Science Babe pointed out in her video that several popular creators had promoted PickleMeEverything’s products.
He’s always been shining, but on this project he got to shine a little bit more.”Rea Davis. Since the news broke, reactions of shock and devastation have poured in from fans and musicians alike, with many paying homage to Takeoff for his contributions to hip-hop as they mourn his loss. The group released a trilogy of albums, “Culture,” “Culture II” and “Culture III,” with the first two reaching No. Atlanta’s V-103 has received nonstop calls from grieving radio listeners who have been sharing what Takeoff meant to them, according to WXIA. But, Lakeyta Bonnette-Bailey, an associate professor of political science at Georgia State University who specializes in hip-hop culture, said gun violence is not a “hip-hop problem.”“It’s not hip-hop that’s overly violent.
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