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☆ I invest in real estate on the side. At first, I thought Airbnb was the way to go, but I prefer long-term rentals.
▼ + stars: | 2024-01-28 | by ( Dan Latu | ) www.businessinsider.com time to read: +5 min

I wanted to offset my mortgage and make extra income, so I immediately knew I would do Airbnb. I met some great people, but Airbnb guests can drive you crazyEven though we could pull in around $3,000 in revenue per month, I had many frustrations with Airbnb. I turned to long-term rentals, which I like moreAt the start of 2020, I moved to San Francisco for work. I realized really quickly I didn't like the city and didn't want to live there long-term. I'd tell someone thinking about Airbnb to first make sure they've done their research and the financials make sense.

Persons: Ursula Lauriston —, Meta —, I've, Airbnb, It's, I'm Organizations: Google, Meta, Business Locations: Haiti, Richmond, Anacostia, Washington, DC, Capitol Hill, San Francisco, didn't, Richmond , Virginia

☆ A woman who's spent more than $30,000 on Stanley cups says she knows her hobby is silly. She loves it anyway.
▼ + stars: | 2024-01-22 | by ( Amanda Krause | ) www.businessinsider.com time to read: +6 min

Ashley Kosko, 37, is a huge fan of Stanley cups. Some of the Stanley cups owned by Ashley Kosko. A Stanley cup bedazzled by Ashley Kosko. Two Stanley cups bedazzled by Ashley Kosko. "In my everyday life, people will stop me and say, 'Oh, I love your Stanley cup,'" she said.

Persons: Ashley Kosko, Stanley, Kosko, —, Ashley Kosko Love, bedazzling Stanley, Ashley Kosko Kosko, bedazzle Stanley, I've, she's Organizations: Service, YouTube, Stanley, Stanley Facebook Locations: rhinestones, Tennessee, Thailand

☆ I finally got smarter about my money in my 30s. Here's how I've avoided lifestyle creep.
▼ + stars: | 2024-01-22 | by ( Jules Rogers | ) www.businessinsider.com time to read: +7 min

Jules Rogers started earning more money in her 20s when she combined full-time work and freelancing. Although she was making more money, she also bought her first house and had to keep expenses low. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAs a 31-year-old, I'm approaching how I spend my money differently than I did in my 20s. AdvertisementHere's how my budget differs in my 30s compared to my 20s and the strategies I use to avoid lifestyle creep.

Persons: Jules Rogers, —, we're, We're, resealing grout, I've, creamer, it's, It's Organizations: Service Locations: Portland , Oregon

☆ A woman bought a vintage dress at an antique store. It had a secret pocket with a mysterious note
▼ + stars: | 2024-01-15 | by ( Faith Karimi | ) edition.cnn.com time to read: +8 min

CNN —The Victorian dress in the Maine antique mall was unlike anything Sara Rivers Cofield had seen before. Rivers Cofield had no idea that the dress she bought in December 2013 would unravel a mystery a decade later. Rivers Cofield was baffled, she told CNN. He also emailed Rivers Cofield, who did not know that online sleuths were still working to decipher the codes. But for now, Chan and Rivers Cofield are just glad they’ve unraveled the biggest piece of the dress’s mystery.

Persons: Sara Rivers Cofield, Rivers, Rivers Cofield, Fagan, Bennett, Shakespeare’s, ”, she’d, “, sleuths, Cofield, ” Rivers Cofield, I’m, Wayne Chan, didn’t, ” Chan, Chan, Sara Rivers, “ Bismark, “ Buck ”, he’s, “ I’m, It’s, they’ve Organizations: CNN, University of Manitoba, Army Corps, National Oceanic, Atmospheric Administration Locations: Maine, Calgary, Cuba, Bennett, Rivers, Chesapeake Beach , Maryland, Searsport , Maine, United States, ”, Canadian, Canada, North America, Bismarck, North Dakota, Washington ,, Chan

☆ I visited Starbucks in Switzerland, where the coffee chain has some of the highest prices in the world. It was so basic.
▼ + stars: | 2024-01-07 | by ( Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +5 min

That said, this café apparently sold the highest-priced Starbucks menu item globally in 2022. You might ask yourself: What luxurious, decadent, brightly colored, hyper-flavorful, blended monstrosity could be the most expensive Starbucks menu item in the world? AdvertisementBehold, the most expensive Starbucks menu drink worldwide as of 2022! The study found the world's second-most expensive Starbucks menu item was Denmark's chocolate-cream Frappuccino, which sounds unique and interesting. I also splurged on cold brew and found it to be inconsistentI tasted the cold brew black, then added oat milk the way I like it.

Persons: —, Morgan McFall, Johnsen, CashNetUSA, It's Organizations: Service, Business, Zurich Starbucks Locations: Switzerland, Europe, Zurich

☆ CNBC Daily Open: Winners and losers of 2023
▼ + stars: | 2024-01-02 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

Traders work on the floor of the New York Stock Exchange (NYSE) on the last day of trading for the year on December 29, 2023 in New York City. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Nasdaq reboundThe Nasdaq Composite popped 43% in 2023, its best year since 2020. Bullish on bitcoinBitcoin rallied about 152% in 2023 despite high-profile criminal cases against cryptocurrency exchanges FTX and Binance.

Persons: Germany's DAX, bitcoin Bitcoin, Bitcoin, Sarah Min Organizations: New York Stock Exchange, CNBC, Nasdaq, U.S . Federal, U.S . Price, Companies, Federal Reserve Locations: New York City, U.S

☆ In an internal meeting, Nvidia's CEO addressed a question about employees in 'semi-retirement' mode as unusual tension grows
▼ + stars: | 2023-12-14 | by ( Eugene Kim | ) www.businessinsider.com time to read: +10 min

Many Nvidia employees have become incredibly rich after the company's stock is up by about 1,200% over the past five years. Nvidia employees are also rarely put on performance-improvement plans, unlike some of its competitors, such as Amazon . Despite a growing number of companies launching their own in-house chips, Nvidia employees say they don't feel the competitive pressure yet. Three Nvidia employees, however, told BI that those chips never came up in customer conversations because, in their view, of Nvidia's superior performance. In other ways, Nvidia employees haven't let their riches go to their heads.

Persons: —, It's, Jensen Huang, Huang, he's, Jim Herd, Herd Freed Hartz, Herd, we're, Glassdoor, He's Organizations: Service, Nvidia, Business, AMD, Intel, Big Tech, Microsoft, Amazon, Employees, BI, Lamborghini, Meta Locations: Silicon

☆ I took my toddler on my babymoon. It wasn't always relaxing or fun but I cherished our last vacation as a family of 3.
▼ + stars: | 2023-12-04 | by ( Emily Hochberg | ) www.businessinsider.com time to read: +5 min

We decided to bring our toddler, which meant the trip wasn't a typical relaxing babymoon. We made small tweaks to ensure a good time, and I cherished our last trip as a family of three. So when I was pregnant with my second daughter in 2023, I knew I wanted to go on a babymoon. I was excited to expand our family, but wanted to fixate my attention on my older daughter while I could. Emily Hochberg/Business InsiderStill, I'm glad we took a babymoon with our toddler.

Persons: —, Greece —, Emily Hochberg, I've, Conrad Punta, she'd, I'd, I'm, didn't, She'll Organizations: Service Locations: Mexico, Greece, Punta, Mita

☆ I've spent 120 hours on overnight trains. Booking a private cabin is always worth the extra cost — whether it's $200 or $1,000.
▼ + stars: | 2023-11-30 | by ( Joey Hadden | ) www.businessinsider.com time to read: +4 min

On overnight trains, splurging for a private space is worth the price. In private cabins, travelers get a bed, a sink, a vanity, and sometimes a full bathroom. AdvertisementIf you want to sleep on an overnight train, book a private cabin. But when I've booked private cabins on Amtrak and Nightjet, ranging from $200 to $1,000, I've slept better with no disruptions. So I recommend private cabins to all travelers with rolling luggage, a nighttime routine, or a desire to sleep well.

Persons: I've, —, Joey Hadden Organizations: Service, OBB Nightjet, OBB, Amtrak Locations: Berlin, Vienna, Austria, Venice, Italy, Miami

☆ Autodesk's CMO explains why advertising on the MSG Sphere in Vegas, which reportedly costs $450,000 a day, was worth every penny
▼ + stars: | 2023-11-29 | by ( Lara O'Reilly | ) www.businessinsider.com time to read: +5 min

@brycebetts132 I've watched every video of the Sphere in Vegas and this new ad is by far my favorite. By comparison, running a billboard campaign in New York's Times Square for one to three days costs between $5,000 and $25,000, according to outdoor advertising company Inspiria Outdoor. A representative for the Sphere Entertainment Company said the company doesn't discuss financials. One TikTok video, which has notched up more than 14,000 likes, declared it " the best Sphere ad ." The Sphere debuted its first advertising campaign in September of this year and has featured brands including YouTube, the NBA, Heineken and Xbox.

Persons: @brycebetts132 I've, ♬, Dara Treseder, Treseder, tentacled, Ryan Reynolds, Otto Desć, Carla Herrero, Herrero Organizations: Autodesk, Marvel, Business, ♬ Marvel Studios, Sphere Entertainment, Autodesk University, YouTube, NBA, Heineken, Xbox, University College London, Mercedes, AMG PETRONAS Formula One Locations: Las Vegas, Vegas, New

Consumers grew somewhat more optimistic about the future of the economy in November as expectations about inflation improved, but their sense of the current state of affairs worsened a bit. Still, two-thirds of consumers surveyed still expect a recession to be “somewhat” or “very likely” within the next 12 months. However, that is well above current inflation of 3.2% and forecasts from the Federal Reserve and mainstream economists. In the peak hour from 10 p.m. to 11 p.m. EST, consumers spent $15.7 million a minute, according to online analytics firm Adobe. One thing that might make some consumers happy is that home prices continued to increase in September.

Persons: ”, Dana Peterson, ” Peterson, Jeffrey Roach, Craig J, Lazzara, Lisa Sturtevant Organizations: Conference, Federal Reserve, LPL, “, Adobe, MLS Locations: Detroit, San Diego

☆ This pro skateboarder got his first big check for 6 figures at 15 years old—here's his No. 1 splurge
▼ + stars: | 2023-11-23 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

Professional skateboarder Nyjah Huston, 28, started with a "humble, simple upbringing" growing up in a strict Rastafarian household as the middle of five children. So when he began earning a few hundred dollars from his first sponsor, the streetwear brand Element Skateboards, at 7 years old, "I didn't even care about making money at the time," he tells CNBC Make It. Today, Huston is among the highest-paid skateboarders in the world with sponsorship deals with NikeSB and Monster. Disclosure: CNBC parent NBCUniversal owns NBC Sports and NBC Olympics. NBC Olympics is the U.S. broadcast rights holder to all Summer and Winter Games through 2032.

Persons: Nyjah Huston, Huston, NikeSB, Warren Buffett Organizations: CNBC, League, Mercedes, Lamborghini, Team USA, NBCUniversal, NBC Sports, NBC Olympics, NBC, Games, NFL Locations: Paris, U.S

Kohl’s posted on Tuesday a bigger-than-expected decline in quarterly sales, as customers spent less at its department stores. Lowe's, the nation's second-largest home improvement chain behind Home Depot, also reported drops in both sales and profits. The consumer electronics retailer posted revenue of $9.76 billion in the period, falling short of Street forecasts. In the year-ago period, sales were $10.59 billion. Best Buy expects full-year earnings in the range of $6 to $6.30 per share, with revenue in the range of $43.1 billion to $43.7 billion.

Persons: Kohl’s, they're, Corie Barry, Barry, Anne Organizations: Federal, “, Zacks Investment Locations: Richfield , Minnesota

☆ From Travis Kelce to Serena Williams, how 4 top athletes spent their first big paychecks
▼ + stars: | 2023-11-04 | by ( Mike Winters | ) www.cnbc.com time to read: +4 min

Travis Kelce before a game against the Los Angeles Chargers on October 22, 2023 in Kansas City, Missouri. Travis Kelce has made more than $70 million throughout his career in the National Football League, but he still remembers how he spent his first paycheck. Kelce says he spent around $10,000 on the limited-edition sneaker, which are replicas of the futuristic shoes Michael J. "I spent way too much money in clubs, and I was avoiding the rent lady," he said. Following a five-year $46 million contract extension in 2016, Kelce signed another four-year extension in 2020, worth just over $57 million.

Persons: Travis Kelce, Marty McFlys, Kelce, Michael J, Fox, I've, Jason Kelce, Shaquille O'Neal, Mercedes Benz, O'Neal, Klay Thompson, Maverick Carter, Thompson, Carter, Serena Williams Organizations: Los Angeles Chargers, National Football League, Nike Air MAG, Nike, Philadelphia Eagles, Forbes, Basketball Association, Washington State University, Del Mar, Target Locations: Kansas City , Missouri, Del, U.S, Bahamas

☆ This city never slept. Now with China tightening its grip, is the party over?
▼ + stars: | 2023-11-03 | by ( Chris Lau | ) edition.cnn.com time to read: +16 min

China’s message at the time was that even if change was coming to Hong Kong, its spirit of “anything goes” would be staying put. People gather outside a restaurant on a near-empty street in the Soho area of Hong Kong. Officials say they were “fluorescent.”A Hong Kong government spokesman told CNN this week that the activities were “well-received by local residents and tourists”. Under Hong Kong’s pandemic restrictions, live music was all but banned in small venues for more than 650 days. Months before the virus emerged, China had been tightening its grip on Hong Kong in response to pro-democracy protests that had spread throughout the city.

Persons: Hong Kong, Boy George, Grace Jones, Pete Tong, Paul Oakenfold, China’s, Deng Xiaoping, China –, Deng, Deng’s, –, Noemi Cassanelli, Hong, John Lee, “, ”, Gary Ng, Covid, Benson Wong, Wong, Lan Kwai Fong, Cassanelli, Hong Kongers, Kongers, Ng, Yan Wai, ” Yan, hasn’t, Billy H.C, Kwok, Richard Feldman, Feldman, Becky Lam, ” Lam, “ They’ll, ” Feldman, Kwai Fong, Marco Chan, Chan, ” Allan Zeman, Allan Zeman, Lan, CNN “ They’ll, they’ll, Lam, Hong Kong’s Organizations: Hong Kong CNN, East, West, Britain, Occupy Central, National Security, Michelin, CNN, Hong, Tai Hang, National, Hong Kong Wine, HKSAR, Immigration Department, Chinese University of Hong, Soho Association, Netflix, “, Lan Kwai Fong Group, Hong Kong, Shady Locations: China, Hong Kong, Asia, Hong, Soho, Japan, Singapore, Tai, Thailand, Lan Kwai, expats, Britain, Canada, Australia, Natixis, Chinese University of Hong Kong, Lan, revelers, California, Central, Shenzhen, Hong Kong’s Central, Bangkok, Shanghai, Taipei, Petticoat

“I have been consistently surprised at the resilience of consumer spending,” Christopher Waller, an influential member of the Fed’s board, said in a speech this month. “The acceleration of consumer spending on experiences (has) propelled us towards another outstanding quarter,” said CEO Jason Liberty. Wealthier households, in particular, have enjoyed substantial growth in home values and stock portfolios, which are likely juicing their spending. Spending on the bank's credit and debit cards by households with incomes below $50,000 has risen faster than spending by higher-earning clients. “Consumer spending across all segments from high to low has remained stable since March."

Persons: —, they've, ” Christopher Waller, ”, Jason Liberty, “, Tim Duy, they're, Julia Pollak, Sarah Wolfe, Morgan Stanley, Small, Bret Csencsitz, Aditya Bhave, Valerie Zaffina, Zaffina, Bhave, Biden, Christopher Suh, ___ Organizations: WASHINGTON, U.S, Federal Reserve, Royal Caribbean Group, Travelers, ZipRecruiter, Fed, Gotham, Bank of America, Visa Locations: U.S, New York City, COVID, Ramsey , New Jersey, I’m, Washington, New York

☆ The US economy grew at a robust 4.9% rate in the third quarter
▼ + stars: | 2023-10-26 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Gross domestic product, a measure of all goods and services produced in the economy, grew at an annualized 4.9% rate in the third quarter, the Commerce Department reported Thursday. Robust consumer spending fueled growth in the third quarter, a sign of the economy’s surprising resilience in the face of tougher borrowing costs and persistently high inflation. Spending grew from July through September by an annualized rate of 4%, its strongest pace since the fourth quarter of 2021. Residential fixed investment, which reflects conditions in the housing market, advanced at a 3.9% annualized rate in the third quarter, Thursday’s GDP report showed. That’s down from a peak of 5.6% in early 2022, but well above the Fed’s inflation goal.

Persons: splurged, Taylor Swift, Barbie, outlays, ”, Jeffrey Roach, Jerome Powell, Powell, ” Powell Organizations: DC CNN, Gross, Commerce Department, LPL, Federal Reserve, Economic, of New Locations: Washington, of New York, United States

☆ This Big Tech stock could be a hedge against a recession in 2024, UBS says
▼ + stars: | 2023-10-23 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

Microsoft could act as a defensive stock if the U.S. enters a mild recession next year, according to UBS analyst Karl Keirstead. Interest rates While higher interest rates pressure valuations across the tech sector, the UBS analyst expects Microsoft to benefit disproportionately if rates decline in 2024. The company's strong free cash flow generation also makes its stock less rate-sensitive than some of its tech peers, according to Keirstead. "The tech sector tends to be reasonably rate sensitive, and so in a declining rate environment, the tech sector will be one that a lot of investors will gravitate to," he said. "I think that notion of inverse sensitivity to rates is more powerful than the impact of rates on Microsoft's cash balance."

Persons: Karl Keirstead, Keirstead Organizations: Microsoft, UBS, Cloud, Nvidia, company's Locations: U.S, United States, California

☆ 'Sticky' inflation is still high but that is a good sign for the health of the economy
▼ + stars: | 2023-10-19 | by ( Cork Gaines | ) www.businessinsider.com time to read: +6 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . As interest rates skyrocketed over the last 18 months, inflation fell from a 40-year high during the summer of 2022. Laoshi/Getty ImagesMcCulley echoed this when asked if strong retail sales are sign that the economy is not coming in for a soft landing. In the short term, further declines in inflation could be difficult if people are spending money they saved during the pandemic. Strong consumer spending is a good sign, but the economy is not out of the woods yet.

Persons: it's, —, Daniel Greenhaus, Greenhaus, Paul McCulley, McCulley, Tim Quinlan, Quinlan, Laoshi, didn't, Tom Barkin, ZIlloq, Paul Bradbury, Patrick Harker, Harker Organizations: Service, payrolls, Georgetown's School of Business, Wells, Richmond, Getty Images, Fed Locations: Wells Fargo

WASHINGTON (AP) — Donald Trump is crushing his Republican presidential rivals in the contest to raise campaign cash, putting the other White House hopefuls in an unenviable position before the first votes are cast in January. The amount of cash a candidate has in reserve offers a window into the health of their campaign. But the stark disparity between Trump, whose presidential campaign had $37.5 million at the end of September, and the balances held by his rivals like former U.N. ambassador Nikki Haley, Florida Gov. Pence entered October running on fumes with $1.1 million cash on hand and debts of $621,000. The rate at which he has burned through cash is not sustainable absent a large infusion of cash.

Persons: — Donald Trump, LET'S, It's, Trump, Nikki Haley, Ron DeSantis, South Carolina Sen, Tim Scott, Trump's, That's, “, Team DeSantis, ”, Haley, Scott, Scott —, DeSantis, MIKE, Mike Pence, Pence, Vivek Ramaswamy, ” Pence, BIDEN, Joe Biden, Biden Organizations: WASHINGTON, Republican, White, GOP, —, Florida Gov, Team, PALMETTO, PAC, Trump, Republican National Committee, Democratic National Committee Locations: Florida, South Carolina, Trump

☆ Rentokil may be next to nibble at US listing
▼ + stars: | 2023-10-19 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Mike Blake Acquire Licensing RightsLONDON, Oct 19 (Reuters Breakingviews) - Rentokil (RTO.L) is an obvious contender to ditch its London listing in favour of the U.S. CEO Andy Ransom said that it is getting harder to win new business due to “the macroeconomic backdrop”. Rollins is valued on nearly 38 times its forward earnings, versus Rentokil which was trading on just 23 times before Thursday’s fall, according to LSEG data. With Rentokil shareholders a little ratty, Ransom may come under more pressure to consider ways of pepping up the stock, like ditching London in favour of the more highly valued U.S. market. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Mike Blake, Andy Ransom, Ransom, Rollins, Aimee Donnellan, Jean, Pierre Mustier, Atos, Larry Fink, Uncle Sam, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, U.S, X, News Corp, Thomson Locations: Los Angeles , California, U.S

☆ Elite investor John Paulson claims in a new lawsuit that his ex-business partner duped him out of millions to fund Louis Vuitton shopping sprees and Las Vegas parties
▼ + stars: | 2023-10-17 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

John Paulson is suing his former Puerto Rico business partner. Ghaffar used the scheme to fund his shopping at Chanel and partying in Las Vegas, Paulson alleges. AdvertisementAdvertisementJohn Paulson is suing his former business partner in Puerto Rico, alleging that he and several family members duped the investor out of millions of dollars to fund luxury shopping sprees, Las Vegas parties, and other expenditures. Ghaffar sued Paulson earlier this month, claiming he'd been cheated out of a 50% stake in a luxury car dealership. Ghaffar joined the firm as a junior analyst and eventually rose to become a senior manager in Puerto Rico.

Persons: John Paulson, Fahad Ghaffar, Ghaffar, Paulson, —, Fahad, Paulson's, Saint Barthélemy, he'd, didn't Organizations: Chanel, Service, Paulson, Louis Locations: Puerto Rico, Las Vegas, San Juan, Louis Vuitton, Saint, New York City

☆ Infosys campus pullback signals hard jobs reboot
▼ + stars: | 2023-10-13 | by ( ) www.reuters.com time to read: +2 min

Employees of Indian software company Infosys walk past Infosys logos at their campus in the Electronic City area in Bangalore September 4, 2012. REUTERS/Vivek Prakash/File Photo Acquire Licensing RightsBENGALURU, Oct 13 (Reuters Breakingviews) - Clients are cutting back on IT spending as the global economy slows. India’s second biggest technology services firm by market capitalisation Infosys (INFY.NS) has twice cut its revenue growth forecast this year. IT firms provide well-paying jobs in urban India where less than half of workers have regular wages or salaries. As a result, Infosys revenue grew 16% annually between financial year 2021 and 2023, twice the rate during the prior three years.

Persons: Vivek Prakash, That’s, Pranav Kiran, Una Galani, Thomas Shum Organizations: Indian, Infosys, REUTERS, Rights, Reuters, U.S, Tata Consultancy Services, X, Ericsson, Qantas, Thomson Locations: Electronic, Bangalore, India

☆ AI may force IT spending into economic decoupling
▼ + stars: | 2023-10-11 | by ( Pranav Kiran | ) www.reuters.com time to read: +3 min

BENGALURU, Oct 11 (Reuters Breakingviews) - Global CEOs are under pressure from investors to adopt generative artificial intelligence into their businesses. Outsourcers like $200 billion Accenture are sounding the alarm. Accenture sold $300 million in generative AI deals in the year to August, less than 1% of its $72 billion in total new bookings. Blackstone-backed Mphasis, a smaller firm, says one-third of its total contract value of $707 million for the quarter to the end of June was from “pure AI deals”. The full spectrum of how businesses can use generative AI is still emerging but there are obvious applications: customer support agents and coders are seeing productivity increases of 14% and 55% respectively.

Persons: ChatGPT, Julie Sweet, Una Galani, Thomas Shum Organizations: Reuters, Global, Accenture, Tata Consultancy Services, Infosys, HCL Technologies, Consulting, Gartner, Blackstone, Thomson Locations: BENGALURU, U.S, India

☆ Sam Bankman-Fried’s former girlfriend set to testify for second day in fraud trial
▼ + stars: | 2023-10-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

On her first day of testimony, Ellison said Tuesday that she and Bankman-Fried, along with other associates, committed fraud and money laundering, and that he “set up the systems that allowed Alameda” to siphon money from FTX customer accounts. Prosecutors accuse Bankman-Fried, 31, of orchestrating a scheme to steal billions of dollars from customer accounts in FTX, his now-bankrupt crypto trading platform. If she were given a maximum sentence on the seven counts, she could face more than 100 years in prison. Her testimony is considered crucial to prosecutors’ case that SBF used both FTX and Alameda as his own personal piggy bank. If found guilty of all seven criminal counts and given the maximum sentence, Bankman-Fried faces the prospect of 110 years in prison.

Persons: Sam Bankman, Fried, Caroline Ellison, Ellison, Bankman, ” Ellison, “ Organizations: New, New York CNN, Alameda Research, Stanford Locations: New York, Alameda, FTX

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