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☆ Matt Onofrio quickly made millions as a real-estate influencer. Then he was indicted for bank fraud.
▼ + stars: | 2023-06-04 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

That was the verdict a top tech executive shared with me recently, describing the impact he predicted AI would have on the workforce. The unfolding situation has the potential to cast Onofrio as a real-estate confidence man for the influencer age. Also read:Wall Street's new normalPeople walk by a Lamborghini car along Wall Street in Manhattan. In that environment, any fool — or anyone on Wall Street — could buy almost any asset, sit back, and watch its value increase. Wall Street is hoping that — and investing like — we're going back to that era sometime soon.

Persons: Matt Turner, Nicholas Braun, Greg Hirsch, AI's, Lance McMillan, Matt Onofrio, he'd, Spencer Platt, There's, Insider's Linette Lopez, ANDREW CABALLERO, REYNOLDS, OPMs, Spriha Srivastava, OpenAI, Nicole Miranda, Elizabeth Holmes, Hallam Bullock, Bob Bryan, Hana R, Alberts Organizations: Toronto Star, Getty, Lamborghini, Getty Images, Tech Locations: California, Midwest, Manhattan, Washington ,, Florida

☆ Stock Market Chaotic New Normal Will Screw Over Wall Street Investors
▼ + stars: | 2023-06-04 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

Wall Street desperately wants the stock market to go back to the good ol' days. In that environment, any idiot — or anyone on Wall Street — could buy almost any asset, sit back, and watch its value increase. In this scenario, the stock market gets choppy. It was a pull-in-case-of-emergency valve that we pulled for so long that now it feels normal to Wall Street. Despite this constant caterwauling from Wall Street, Americans are working, spending, and helping the economy defy doom-and-gloom forecasts.

Persons: Justin Simon, Jasper Capital, that's, hasn't, it'll, Richard Hayne, —, haven't, Joe Weisenthal, Richard Haynes, Torsten Slok, Simon, Linette Lopez Organizations: Street, San Francisco Fed, Fed, Urban Outfitters, Auto, Walmart, Bloomberg, Urban, NASDAQ, Federal, Apollo Global Management Locations: Jasper, Wall Street, American

☆ Mirra Andreeva, 16, continues meteoric rise by advancing to French Open third round
▼ + stars: | 2023-06-01 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +1 min

CNN —Russian teenager Mirra Andreeva has continued her meteoric rise by reaching the third round of the French Open with an emphatic 6-1 6-2 win over France’s Diane Parry. The 16-year-old, who celebrated her birthday in April, is now the youngest player to reach the third round at Roland Garros since 2005, according to the WTA. Andreeva, the youngest player in this year’s main draw, took only 77 minutes to defeat wild card Parry and secure her sixth top 100 win of the season. Andreeva had already become the seventh youngest player this century to beat a top 20 player, according to the WTA, when she beat world No. Andreeva, who was unranked 14 months ago, entered her first Grand Slam at Roland Garros this year.

Persons: Mirra Andreeva, France’s Diane Parry, Roland Garros, Parry, Andreeva, Beatriz Haddad Maia, Ian MacNicol, Leylah Fernandez, Magda Linette, Alison Riske, Coco Gauff, Julia Grabher Organizations: CNN, WTA, Madrid, ITF Locations: Madrid

☆ 10 Things in Tech: Amazon Web Services salaries, Elon Musk returns to Tesla, and a ‘secret’ ChatGPT prompt library
▼ + stars: | 2023-05-16 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

I'm Diamond Naga Siu, and I don't dream of labor (I do occasionally have dreams about writing the newsletter). And hiring managers told my colleague Aki Ito that it's currently incredibly difficult to find and hire enough qualified people. The country that wins the competition over the batteries of the future will not only control the electric vehicle market. Lopez gives us a front-seat look at the landscape of the critical EV battery market. A leaked email revealed that Musk now wants to approve all new hires — including contractors — at Tesla.

☆ The one crucial industry where China is crushing America in the Tech Cold War
▼ + stars: | 2023-05-16 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

As of now, CATL has 13 factories worldwide that supply batteries for Tesla, Toyota, and Daimler. And thanks to its ownership of its battery supply chain, it's able to make cars cheaply. Stevenson-Yang sees parts of China's battery supply chain as the next glut it will need to dump. But the potential of a battery supply glut tomorrow doesn't help carmakers meet their needs today. "But if we're looking at evolutionary improvements, China Battery Inc. will still dominate.

☆ 10 Things in Tech: Androids v. iPhones in ‘Succession,’ AI tools besides ChatGPT, and a check signed by Steve Jobs
▼ + stars: | 2023-05-09 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

It's reportedly frustrating customers who are prompted to add a tip when they haven't interacted with the people they're tipping. Before I begin discussing eradicating tipping culture (and replacing it with a living wage for workers), let's dive into today's tech. But the hype cycle around generative AI — that started with ChatGPT — threw them a lifeline. AI tools — besides ChatGPT — to boost your productivity. A $175 check signed by Steve Jobs is up for sale.

☆ Silicon Valley's Hail Mary moment
▼ + stars: | 2023-05-07 | by ( Linette Lopez | ) www.businessinsider.com time to read: +14 min

Silicon Valley has entered the Hail Mary phase of its business cycle — a desertic part of a tech-industry downturn where desperation can turn into recklessness. Don't fear the robotsTo understand the Hail Mary moment, it's important to understand the actual capabilities of technology these tech titans are touting. Again, what Musk is describing is AI general intelligence — something much more advanced than the generative AI OpenAI is building on at the moment. During the pandemic when governments were handing out cash and people were stuck at home, the world bought everything Silicon Valley was selling. But those are exactly the types of workers getting laid off in Silicon Valley right now.

☆ Mirra Andreeva celebrates her 16th birthday and another astonishing victory at the Madrid Open
▼ + stars: | 2023-04-30 | by ( Aimee Lewis | ) edition.cnn.com time to read: +1 min

CNN —It has been quite the weekend for Russian teenager Mirra Andreeva. On Saturday she celebrated her 16th birthday and also continued her remarkable progress at the Madrid Open. Andreeva, ranked world No. The Russian was runner-up at this year’s junior Australian Open and now has 16 professional wins to her name. “I didn’t expect to be here and playing Sabalenka in the round of 16,” Andreeva told the Tennis Channel, according to the WTA.

☆ U.S. finishes Billie Jean King Cup qualifying unbeaten
▼ + stars: | 2023-04-16 | by ( ) www.reuters.com time to read: +4 min

Each best-of-five series consists of two singles matches on the first day, then the reverse singles matches followed by a doubles match on the second day. The doubles match pitting Juvan and Zidansek against Irina Bara and Monica Niculescu was suspended at 3-3 in the first set. Jule Niemeier posted a three-set win over Beatriz Haddad Maia, and then Anna-Lena Friedsam lost only one game in defeating Laura Pigossi. Kazakhstan's Elena Rybakina handed Poland's Magda Linette her second loss in two days to clinch the 3-1 series win in Astana, Kazakhstan. After Fernandez's three-set win over Ysaline Bonaventure, Belgium's Greet Minnen again knotted the match with a three-set win over Katherine Sebov.

☆ Kazakhstan through to Billie Jean King Cup finals, France ease past Britain
▼ + stars: | 2023-04-15 | by ( ) www.reuters.com time to read: +2 min

[1/5] Tennis - Billie Jean King Cup Qualifiers - Kazakhstan v Poland - National Tennis Centre - Beeline Arena, Astana, Kazakhstan - April 15, 2023 Kazakhstan's Elena Rybakina celebrates with teammates after winning her singles match against Poland's Magda Linette REUTERS/Pavel MikheyevApril 15 (Reuters) - Kazakhstan advanced to the Billie Jean King Cup finals for the second time after defeating Poland 3-1 in their qualifier on Saturday while France brushed aside last year's semi-finalists Britain. Wimbledon champion Elena Rybakina had helped Kazakhstan build a 2-0 lead on Friday and the world number seven had no trouble dispatching Magda Linette 6-4 6-2 to give her side an unassailable lead in Astana. The best-of-five qualifiers featured two singles matches on Friday and two reverse singles plus a doubles rubber on Saturday. Poland, without injured world number one Iga Swiatek, finally got on the board as Weronika Falkowska and Alicja Rosolska won 6-4 6-4 in what was essentially a dead rubber. Garcia got the double break and the world number five served out the set to secure France's place in the Finals.

☆ Fintech has a fraud problem, and the onus is on you to figure it out
▼ + stars: | 2023-03-29 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Fintech's fraud misfortune. Which brings us to a story by Insider's Bianca Chan and Paige Hagy about concerns over the prevalence of fraud within consumer-facing fintechs in recent years. Click here to read more about fintech's fraud problem. We've also got the deck StellarFi, a fintech that helps users improve their credit score, used to raise $15 million. For more than 50 different decks used by fintechs to raise fresh funds, check out our library.

☆ Wall Street Elite Investors Will Profit From Banking Crisis, Stock Market Chaos
▼ + stars: | 2023-03-29 | by ( Linette Lopez | ) www.businessinsider.com time to read: +11 min

Dumb because they were run by bankers who failed to do the business of banking or manage risk. But other investors, the kind of Wall Street sharks who thrive on uncertainty, stand to make a killing. While some of the sharper investors on Wall Street see this mess as an opportunity, chaos cannot suit everyone. Last week the Federal Reserve reiterated its commitment to fighting inflation and continued to hike interest rates. The new rules — higher interest rates — will remain for the foreseeable future.

☆ Goldman Sachs isn't getting a new private jet, but are there better places to cut costs on Wall Street?
▼ + stars: | 2023-03-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

If there is a senior Goldman Sachs' executive in your life, please keep them in your thoughts and prayers. Insider's Dakin Campbell has the scoop on Goldman nixing plans to buy a third corporate aircraft under CEO David Solomon. So as the bank has looked to cut costs this year more broadly, the private jets, naturally, were a topic of discussion. I will say, I think corporate jets have been unfairly labeled as the poster child for excessive spending at the corporate level. Now, regional banks are looking to serve the firms looking for a new banking home, per The Wall Street Journal.

☆ TikTok wants its advertisers to know the 'myths vs. facts' after its CEO's day in Congress
▼ + stars: | 2023-03-28 | by ( Paayal Zaveri | ) www.businessinsider.com time to read: +5 min

Now, it seems, TikTok wants to clear up some facts that lawmakers may have gotten wrong. TikTok wants to clear up "Myth vs Fact." After the TikTok CEO's 5-hour hearing at Congress last Thursday, the company wants to reassure advertisers that it'll be fine. The document states: "TikTok does not permit any government to influence or change its recommendation model." Advertisers make up a large chunk of TikTok's user base, which the company says is now at 150 million monthly active users in the US.

☆ Red alert recession signals
▼ + stars: | 2023-03-26 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Everyone is back to talking about a recession. This week's dispatchFed Chair Jerome Powell Joshua Roberts/Reuters2023 started with fresh hope that the US could avoid a recession. That has big name investors and market signals predicting a recession, and soon. "Red alert recession signals," Gundlach said. Even Powell's preferred bond-market indicator says a recession is on the way this year.

☆ I Visited Miami After the Stock Market Crash, Crypto Bubble Pop
▼ + stars: | 2023-03-26 | by ( Linette Lopez | ) www.businessinsider.com time to read: +13 min

And if any city is the city where you can see just how remarkably things have shifted, it's also Miami. If the draw in the 1920s was imaginary land, Miami's bubble in the 2020s was driven by imaginary money — crypto. The newcomers — and the crypto kids, especially — believed they could master Miami as easily as they had mastered the markets. The new Miami money party started to run out of libations. "There were a lot of true believers in the Miami crypto scene.

☆ Potapova upsets Gauff in third-round Miami thriller
▼ + stars: | 2023-03-25 | by ( Amy Tennery | ) www.reuters.com time to read: +2 min

March 25 (Reuters) - Russian Anastasia Potapova produced some of her best tennis to upset American Coco Gauff 6-7(8) 7-5 6-2 in a third-round thriller at the Miami Open on Saturday. "I had this belief in me that I can do this, that I just wanted to fight through and just to show my best tennis and not focus on the score," she told the Tennis Channel. Up 5-2 in the first set, it looked as though it might be an easy day for Potapova. But world number six Gauff turned the tables when she converted break point chances in the ninth and 11th games and closed the tiebreak with a lethal backhand. She failed to earn a single break point as Potapova dropped only one first-serve point and won the final five games.

☆ Tech leaders remain oblivious to the true lessons of Silicon Valley Bank
▼ + stars: | 2023-03-19 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Insider's Madeline Renbarger shares what happened at the SXSW Festival in Texas as tech founders and entrepreneurs learned about the implosion of Silicon Valley Bank. The festival began just as the FDIC announced it was taking control of Silicon Valley Bank to stop the catastrophic, social media-instigated bank run that was in full swing. Silicon Valley's blame gameiStock; Rebecca Zisser/InsiderIn the wake of Silicon Valley Bank's collapse, there's been plenty of finger-pointing but little self-reflection on the part of Silicon Valley, writes Insider's Linette Lopez. But in recent weeks, as companies like Meta and Twitter braced for tougher times ahead, the assault on middle managers has picked up new steam. But middle managers move the needle on a company's overall performance far more than senior executives do — and make a bigger difference to the bottom line.

☆ Investors in venture funds reveal how they felt VCs handled the Silicon Valley Bank fallout: one was privately frustrated, while another was impressed
▼ + stars: | 2023-03-19 | by ( Madeline Renbarger | Ben Bergman | ) www.businessinsider.com time to read: +4 min

After last week's bank run on SVB, many limited partners for VC funds had lots of questions. One LP was unhappy with how VCs in the funds they back handled the SVB crisis. Some LPs are wary of the tech industry's heavy reliance on the bank. But after last week's bank run on Silicon Valley Bank, caused in large part by warnings from several prominent VCs to their portfolio companies to get their money out of the bank, LPs have mixed feelings about how it all went down. "There were a lot of fintech companies in particular, and banking companies that banded together to come up with solutions overnight."

☆ Larry Fink's annual letter to BlackRock investors was about getting back to basics
▼ + stars: | 2023-03-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

BlackRock CEO Larry Fink GettyImages / Eugene Gologursky1. If you're looking for controversy in Larry Fink's annual open letter to investors, better luck next year. Despite this year's letter clocking in at roughly 9,000 words — have you thought about getting an editor, Larry? — Fink largely avoided discussing a favorite, albeit controversial, topic of his: ESG investing. Click here to read more about Larry Fink's latest annual letter that largely avoided hot political topics.

☆ The collapse of Silicon Valley Bank foreshadows a bigger reckoning for the tech industry
▼ + stars: | 2023-03-15 | by ( Linette Lopez | ) www.businessinsider.com time to read: +12 min

In the days since the stunning collapse of Silicon Valley Bank, I've seen the tech world point a lot of fingers. Silicon Valley Bank imploded in part because it was a repository for the riskiest behaviors of the industry it serviced. In spite of this reality, there has been little self-reflection on the part of the industry that was so closely tied to Silicon Valley Bank. Silicon Valley Bank thrived on these trends. But to grow at the breakneck speed of its clients, Silicon Valley Bank executives had to change things in Washington.

☆ Florida's climate exodus
▼ + stars: | 2023-02-26 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: Economy reporter Madison Hoff explains why "quiet" is the workplace word for 2023. This week's dispatchWhisper it, but "quiet" might just be the workplace word for this year, Insider's Madison Hoff writes. And although it doesn't use the word "quiet," there are related workplace terms floating around like "Bare Minimum Monday" and "Try Less Tuesday." But Arias Agencies is now at the center of an explosive lawsuit that alleges a pattern of unchecked sexual assault and harassment. What to know about Florida's climate exodus.

☆ WTA roundup: Coco Gauff reaches Dubai semis
▼ + stars: | 2023-02-24 | by ( ) www.reuters.com time to read: +2 min

[1/5] Tennis - WTA 1000 - Dubai Tennis Championships - Dubai Duty Free Tennis Stadium, Dubai, United Arab Emirates - February 23, 2023 Coco Gauff of the U.S. celebrates winning her quarter final match against Madison Keys of the U.S. REUTERS/Satish KumarFebruary 24 - Fifth-seeded Coco Gauff won an all-American quarterfinal on Thursday at the Dubai Duty Free Tennis Championships, beating Madison Keys 6-2, 7-5 in the United Arab Emirates. Gauff saved the only break point she faced in the 81-minute match, and she converted four of her five break opportunities. The result moves Gauff into a semifinal matchup with top-seeded Iga Swiatek of Poland, the reigning French Open champion. The other semifinal will feature third-seeded Jessica Pegula of the United States and Barbora Krejcikova of the Czech Republic. In the last match of the night, fourth-seeded Katerina Siniakova of the Czech Republic downed Belgium's Ysaline Bonaventure 6-0, 7-5.

☆ WTA roundup: Top seeds roll in Dubai
▼ + stars: | 2023-02-22 | by ( ) www.reuters.com time to read: +2 min

February 22 - The top two seeds in the Dubai Duty Free Tennis Championships lost a combined three games while cruising to second-round wins on Tuesday in the United Arab Emirates. 1 Iga Swiatek of Poland, the reigning French Open and U.S. Open champion, routed Canada's Leylah Fernandez 6-1, 6-1, and No. 2 Aryna Sabalenka of Belarus, the reigning Australian Open champion, demolished the United States' Lauren Davis 6-0, 6-1. Third-seeded Jessica Pegula of the United States, who lost to Swiatek in the Doha final, got past Bulgaria's Viktoriya Tomova 6-2, 5-7, 6-1 in the second round at Dubai. Stephens, the 2017 U.S. Open champion, had lost her first-round matches at Auckland, New Zealand; Hobart, Australia; and the Australian Open to begin the year.

☆ Citadel joins a growing number of firms rolling out internships for undergrads looking for a fast track to the buy side
▼ + stars: | 2023-02-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Investment banks, you've been put on notice: The buy side is coming for your young talent. Insider's Emmalyse Brownstein has a full rundown on an undergrad internship at hedge fund Citadel for aspiring fund managers. The Citadel Associate Program (CAP) is a tough nut to crack, with an acceptance rate of only 1%. Click here learn more about Citadel's ultra-exclusive associate program, along with tips to get ahead during the application process. And if you're wondering who is left leading the world's largest hedge fund, look no further than our list of the fund's top 11 executives.

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