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☆ 10 years in, GM CEO Mary Barra has built her legacy on change and crisis. 2024 will be no different
▼ + stars: | 2024-01-15 | by ( Michael Wayland | ) www.cnbc.com time to read: +12 min

In this article GM Follow your favorite stocks CREATE FREE ACCOUNTMary Barra, CEO of General Motors, at the New York Stock Exchange, Nov. 17, 2022. GM's EV sales last year totaled 75,883 units, or 2.9% of the company's overall sales. However, a vast majority of GM's EV sales were from its now-discontinued Chevrolet Bolt models. Mary Barra, GM chair and CEO, speaks during the unveiling of the Cadillac Celestiq electric sedan in Los Angeles, Oct. 17, 2022. General Motors CEO Mary Barra testifies during a House Energy and Commerce Committee hearing on Capitol Hill in Washington, April 1, 2014.

Persons: Mary Barra, Mary Barra's, Barra, She's, Tesla, Michelle Krebs, Warren Buffett's Berkshire, EVs hasn't, Frederic J, Brown, there's, Cruise, Cruise's, Jeff Kowalsky, Darryll Harrison Jr, Mary, Barra's, Dan Akerson, Dan Ammann, Mark Reuss, Steve Fecht, Stephanie Brinley, they've, Lyft, David Einhorn's, Einhorn Organizations: General Motors, New York Stock Exchange, NYSE DETROIT, Detroit, GM, Wall, U.S, EV, Cox Automotive, Warren Buffett's Berkshire Hathaway, —, Hyundai, Kia, Bolt, EVs, Cadillac, AFP, Getty, Honda Motor, Automotive Press Association, Bloomberg, Cruise, CNBC, GM Renaissance Center Global Headquarters, P Global Mobility, Apple, Google, Energy, Commerce, Capitol Locations: Los Angeles, North America, Barra, San Francisco, Detroit, Washington

☆ Western companies have exited Russia in droves. New companies with owners from China and former Soviet republics are stepping in.
▼ + stars: | 2024-01-12 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

However, the number of new companies in Russia with cofounders from former Soviet republics and China has soared in those two years, per Vedomosti. Companies with cofounders from former Soviet republics including Belarus, Kyrgyzstan, and Kazakhstan accounted for 59% of all new companies that established operations in Russia last year, per Vedomosti. AdvertisementCompanies with cofounders from China accounted for 25% — or 1,500 — of new companies in Russia over the first 10 months of 2023. AdvertisementMeanwhile, Russian businesses overseas have also been moving their assets home amid the pressures of Western sanctions and a push by President Vladimir Putin's regime. This still marks a huge decrease from 14% of new companies registered in 2021.

Persons: —, cofounders, Mikhail Nikolayev, ACRA, Vladimir Putin's Organizations: Service, Business, cofounders, Companies Locations: Russia, Moscow, Ukraine, Soviet, China, Belarus, Kyrgyzstan, Kazakhstan, Turkey, India, Russian

☆ Lyft President Kristin Sverchek on 2024: 'I Have a Bias to Action.'
▼ + stars: | 2023-12-15 | by ( Josée Rose | ) www.businessinsider.com time to read: +3 min

After 11 years at Lyft, Kristin Sverchek stepped into the president's role earlier this year. She was the ride-hailing company's first general counsel, helped take Lyft public, and was named president in July. She's gotten more comfortable using her voice over the years, despite certain leadership muscles being "hard to develop," Sverchek recently told Business Insider. What I'm really excited about is that right now it's feeling like we have all of these little building blocks that we're putting into place at the company. So I'm really full of optimism for the new year.

Persons: Kristin Sverchek, company's, She's, Sverchek, we've, they've, I'm, Gosh Organizations: Service, Business Locations: Lyft, Business, America

☆ See the 20-slide pitch deck that got Merck to back an AI-powered biotech creating drugs for untreatable diseases
▼ + stars: | 2023-12-14 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +1 min

Pepper Bio wants to reduce those costs by getting drug developers to the right targets faster, using what it calls a "transomics" approach. Pepper Bio also looks at protein phosphorylation, an indication of how and when proteins are active. Pepper Bio CEO Jon Hu said working with Merck gave the startup insight into the needs of the pharma firms to which Pepper Bio hopes to sell its software. "It allows us to understand, truthfully, what drug developers are struggling with," he said. Here's the 20-slide pitch deck that got Pepper Bio $6.5 million in seed funding.

Persons: Pepper, Pepper Bio's cofounders, Jon Hu Organizations: Business, NFX, Silverton Partners, Mana Ventures, Tensility Ventures, VSC Ventures, Merck, Merck Digital Sciences, pharma

Read previewThe recent firing and rehiring of OpenAI CEO Sam Altman has put his leadership and personality under a microscope. People who have worked closely with Altman told Business Insider the truth lies somewhere in the middle. Advertisement"The thing I loved about OpenAI is you got to be heard," a former employee told BI. Relationship with MicrosoftWhile Altman is approachable, insiders said his obsession with growing the company can make him seem terse, impatient and superior to other "big tech" companies. AdvertisementAre you a Microsoft or OpenAI employee, or someone else with information to share?

Persons: —, Sam Altman, Altman, he's, He's, OpenAI's cofounders, Altman's, Satya Nadella, There's, OpenAI, doesn't, they've, Mira Murati, Sam, that's, Ashley Stewart, Kali Hays, Darius Rafieyan Organizations: Service, Washington Post, Business, Microsoft, Google, OpenAI Locations: astewart@insider.com, khays@insider.com, drafieyan@insider.com

☆ SmileDirectClub customers are fuming after the company shut down — and left them with unfinished treatments and unpaid bills
▼ + stars: | 2023-12-12 | by ( Jordan Hart | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewSmileDirectClub is shutting down after filing for bankruptcy protection — and some customers say they have unfinished business with the company. The direct-to-consumer invisible aligners company announced it'd be "winding down global operations, effective immediately" with a note on its website Friday. Now, the abrupt shutdown has left some customers wondering how they'll complete their treatment plans and pay outstanding bills. And, the confusion continues on the SmileDirectClub subreddit where customers are looking for answers now that customer care support no longer exists.

Persons: —, it'd, SmileDirectClub, hadn't, Christine Obanor, Obanor, she'd, Audrey, didn't, Alex Fenkell, Jordan Katzman Organizations: Service, Business, Company Locations: Netflix's

☆ VCs are getting pickier about their weight-loss bets as startups rush to prescribe Ozempic
▼ + stars: | 2023-12-11 | by ( Rebecca Torrence | ) www.businessinsider.com time to read: +8 min

Read previewWith the Ozempic craze in full swing, investors are getting picky about the weight-loss startups they want to back. Kaganoff predicted that in the new year some startups prescribing GLP-1s would invest more money in studies using real-world evidence to show their programs work. And despite the Ozempic frenzy, weight-loss startups captured a tiny fraction of the money invested this year. Investors had put about $211 million toward weight-loss startups through mid-November, representing about 3% of digital-health funding over that period, according to PitchBook. Alfie HealthSome unlikely sectors of the healthcare industry stand to benefit from the growth of the weight-loss market.

Persons: —, Sari Kaganoff, Crystal Cox, Kaganoff, Ro, VCs, Michael Greeley, Alyssa Jaffee, 7wireVentures, she's, she'd, Mounjaro, Mercer, Michael Siluk, PitchBook, Alfie Health, it's, Alfie's cofounders, Aaron DeGagne, Jordan, he'd, DeGagne, There's Organizations: Service, Business, Rock Health, Flare Capital Partners, Getty, Employers, Health, Investors, Phenomix Sciences, Mayo Clinic, PitchBook, Tusk Venture Partners, Sword Health Locations: GLP

☆ Here's an exclusive look at the pitch deck that Martian, an AI startup that helps developers find the best LLM, used to raise $9 million from investors like NEA and Prosus Ventures
▼ + stars: | 2023-12-05 | by ( Madeline Renbarger | ) www.businessinsider.com time to read: +3 min

They set up a 30-minute meeting because of their shared interest in advancing AI technology and research. Now, the company has come out the gate with $9 million in seed funding in a round co-led by NEA and Prosus Ventures. "You often need an entire AI team to go and test and evaluate these models," Ginsburg said. Going forward, Ginsberg and Upadhyay hope to attract more enterprise customers and continue their research into AI models to make routing even more efficient and "build more awesome tooling." See the eight-slide deck that convinced investors at NEA, Prosus Ventures, Carya Venture Partners, and General Catalyst to invest in Martian's $9 million seed round:

Persons: Etan Ginsberg, Shriyash Upadhyay, cofounders, Upadhyay, Catalyst, Claude —, Ginsburg, Ginsberg weren't, Ginsberg Organizations: University of Pennsylvania, Business, NEA, Prosus Ventures, Carya Venture Partners, Catalyst

☆ DeepMind's cofounder Demis Hassabis is a chess champion who landed funding from Peter Thiel by talking about a key tension in the game
▼ + stars: | 2023-12-03 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementBefore DeepMind's Demis Hassabis became a leading figure in AI, he was a chess master who had won multiple world championships. Hassabis told Thiel that the best chess players understood the unique strengths of the bishop and the knight, even though both pieces hold the same value. It was not only DeepMind's first significant investment but also one of Thiel's first investments outside the Silicon Valley orbit. He felt the power of Silicon Valley was sort of mythical, that you couldn't create a successful big technology company anywhere else.

Persons: —, Demis Hassabis, Hassabis, Peter Thiel, Thiel, Shane Legg, Mustafa Suleyman, he'd, It's, DeepMind Organizations: Service, DeepMind, The New York Times, Times, Google, Business Locations: West Coast, Silicon, London

☆ Mojo, a sports-betting startup from Marc Lore and A-Rod that raised $100 million, is cutting 20% of its staff
▼ + stars: | 2023-11-30 | by ( Ashley Rodriguez | Margaret Fleming | ) www.businessinsider.com time to read: +1 min

The sports-betting company Mojo is laying off 20% of its staff. The A-Rod and Marc Lore-founded startup had previously announced $100 million in funding. Four people close to the company said Mojo is making a strategic shift toward its B2B business. Mojo, a sports-betting startup whose cofounders include MLB legend Alex Rodriguez and Jet.com cofounder Marc Lore, is laying off 20% of its staff, the company confirmed to Business Insider. A spokesperson for Mojo said the company was not selling its B2C business, but declined to comment on whether there was a strategy shift.

Persons: Marc Lore, Mojo, Alex Rodriguez Organizations: Mojo, Business

☆ Layla uses short-form videos to help tourists plan their trips. It just raised $3 million with this 8-slide pitch deck.
▼ + stars: | 2023-11-30 | by ( Riddhi Kanetkar | ) www.businessinsider.com time to read: +1 min

Layla has raised $3 million from the cofounders of Booking.com and Skyscanner. The Berlin-based startup uses AI and short-form videos to help people find and organize holidays. Check out the 8-slide pitch deck used to close the round also backed by Paris Hilton. A startup that uses short-form video and AI to help users find and book holidays has raised a $3 million seed round. The startup's goal is to create a platform for users to find their next holiday destination, and plan their trip itinerary.

Persons: Layla, Paris Hilton, Jeremy Jauncey, Saad Saeed Organizations: Paris, Business Locations: Berlin

☆ These 16 states are already in a recession
▼ + stars: | 2023-11-29 | by ( Noah Sheidlower | ) www.businessinsider.com time to read: +3 min

Sixteen US states' economies contracted between July and October, according to the Philadelphia Fed. While some economists believe a recession may come in the next year, the economies of 33 states grew. Meanwhile, looking at just the past month, 27 states experienced economic contraction. AdvertisementThe economies of sixteen US states contracted between July and October, even as economists are still betting the US can avoid a recession. Looking at month-over-month rates, 27 states experienced economic contraction, while just 16 grew.

Persons: —, Nicholas Colas, Jessica Rabe, Ken Griffin Organizations: Philadelphia Fed, Service, Federal Reserve Bank of Philadelphia, National Bureau of Economic, Citadel, Bloomberg Locations: West Virginia, Wisconsin, Montana, Missouri , Illinois, Iowa, , Maryland, North Dakota, South Carolina, Texas, Nevada and Wyoming . California, Florida, California, Florida , Pennsylvania , Ohio, Georgia, North Carolina

☆ Nvidia cofounder lives off the grid, owns a private jet named Snoopy, and gives out single-use email addresses to avoid spam
▼ + stars: | 2023-11-29 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

Curtis Priem, cofounder of Nvidia, gave the majority of his stock to his college alma mater, Forbes reported. The chip giant's first CTO spent part of his wealth on an off-the-grid home and a private jet. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . By 2006, Priem sold the rest of his shares, leaving him with a fortune worth around $30 million, Forbes estimated. "I did a little crazy thing, and I wish I'd kept a little bit more [Nvidia shares]," Priem told Forbes.

Persons: Curtis Priem, Forbes, —, could've, Priem, Flexjet, I'd, Nvidia Jensen, Huang, Nvidia didn't Organizations: Nvidia, mater, Service, Foundation, Conservancy, Forbes, Rensselaer Polytechnic Institute, IBM, Computer, Gulfstream G450, RPI, Microsoft Locations: America, mater, Fremont , California

☆ The Humane AI Pin won't help you message your friends any faster
▼ + stars: | 2023-11-23 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

A video shared on X shows it took a user "6 pinches and 15 hand wiggles" to send a message. AdvertisementHumane might have broken the internet with the launch of its AI Pin, but it's probably not going to disrupt the tech world. A video shared on X shows it took a user "6 pinches and 15 hand wiggles" to send a message. When its cofounders, a married couple , demonstrated how it works in the video, the AI Pin gave false information twice . I can see how the feature to translate languages or answer questions using AI with a voice command could be helpful, but I'm very certain that the AI Pin will not change my life.

Persons: —, it's, Sam Sheffer, That's Organizations: Service

Sam Altman, CEO of ChatGPT maker OpenAI, attends an open dialogue with students at Keio University in Tokyo, Japan June 12, 2023. The nonprofit board overseeing the maker of the popular ChatGPT chatbot sent shock waves through Silicon Valley on Friday by abruptly firing Chief Executive Sam Altman. The trust that controls the candymaker agreed in 2016 to replace certain board members after the Pennsylvania attorney general challenged the trust's spending. Under OpenAI's bylaws, only directors can remove or elect new board members. Board members can sue other board members, either directly or on behalf of the organization, for failing to exercise their duties, said Reid.

Persons: Sam Altman, OpenAI, Issei Kato, chatbot, Satya Nadella, Alexander Reid, Darryll Jones, OpenAI's, Reid, Ilya Sutskever, Altman, Greg Brockman, Sutskever, Anthropic, Jody Godoy, Tom Hals, Matthew Lewis Organizations: Keio University, REUTERS, Microsoft, Hershey Co, Florida, M University, U.S . Internal Revenue Service, Reuters, OpenAI, Thomson Locations: Tokyo, Japan, Silicon Valley, Pennsylvania, U.S, New York

☆ VCs didn't care about OpenAI's weird board structure. It was all about investing in Sam Altman and its 'transformative' tech.
▼ + stars: | 2023-11-22 | by ( Madeline Renbarger | Vishal Persaud | ) www.businessinsider.com time to read: +5 min

OpenAI's venture capital investors weren't thinking about its mission to serve "humanity" by developing artificial intelligence. After Altman's ouster, Vinod Khosla, an early investor in OpenAI, came to his defense despite the criticism. OpenAI's complex and unique corporate governance structure meant that VCs could invest in the capped profit entity, but never earn any influence over the nonprofit board of directors, all of whom were either cofounders or appointed outside AI experts. The board structure and its governance are all likely to change as part of the deal to bring Sam Altman back as CEO of OpenAI. The purpose of the newly formed OpenAI board – consisting of current board member D'Angelo, former US Treasury Secretary Larry Summers, and former Salesforce co-CEO Bret Taylor – is to vet and potentially appoint an expanded board of up to nine people, and that Microsoft and Altman want board seats, The Verge reported.

Persons: Sam Altman, OpenAI, Altman, VCs, Sam, Altman's, Vinod Khosla, Yunus, Khosla, Wesley Chan, Greg Brockman, Ilya Sutskever, Tasha McCauley, who's, Joseph Gordon, Levitt, Helen Toner, Adam D'Angelo, Karthee Madasamy, it's, David Sacks, D'Angelo, Larry Summers, Bret Taylor – Organizations: Business, Tiger Global Management, Khosla Ventures, Sequoia Capital, Microsoft, FPV Ventures, Rand Corporation, Georgetown's Center for Security, Emerging Technology, MFV Partners, Qualcomm Ventures, Ikea, Bosch, Novo Nordisk Foundation, Bertelsmann Foundation, Carlsberg Foundation, Craft Ventures Locations: OpenAI, Silicon Valley, Hollywood

☆ Hedge funds have lost $43 billion trying to short the market as the S&P 500 eyes its best month in over a year
▼ + stars: | 2023-11-22 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Hedge fund short sellers have lost $43 billion in recent days as stocks rally, the Financial Times reported. The S&P 500 is on track for its best month since July 2022. With a more than 7% gain in November, the S&P 500 is on pace for its best month since July 2022. AdvertisementThe FT notes that analysts say some hedge funds have had to repurchase stocks to cover their short bets as a "short squeeze" pushed share prices even higher. According to S3 data, bets against technology, healthcare, and consumer discretionary were the most painful for hedge funds.

Persons: —, Stocks, Goldman Sachs, Nicholas Colas, Jessica Rabe Organizations: Financial Times, Service, Wednesday Financial, S3 Partners, Federal Reserve, Carnival Corp

☆ ETFs that track meme stocks have been surging, as 'animal spirits' return to markets
▼ + stars: | 2023-11-21 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Meme stocks have been on the rise recently as November's market rally brings a wave of bullishness. "The upshot: the reemergence of meme stocks shows investors' animal spirits are starting to run hot again," DataTrek said. AdvertisementMEME, BOTZ, and IWO have seen gains of 10.8%, 6.6%, and 5.9%, respectively, while the S&P 500 has gained 3.1% in that stretch. AdvertisementStill, the recent outperformance for funds with exposure to meme stocks reflect "generally bullish market conditions," Colas and Rabe maintained. DataTrek also noted on Tuesday that S&P 500 sector correlations suggests the November stock rally should continue through the end of the year.

Persons: —, Nicholas Colas, Jessica Rabe, iShares Russell, DataTrek, Colas, Rabe Organizations: Service, Robotics, Treasury, IWO, GameStop, AMC

☆ Ilya Sutskever's U-turn on ousting Sam Altman came after Greg Brockman's wife cried and asked him to change his mind: WSJ
▼ + stars: | 2023-11-21 | by ( Kai Xiang Teo | ) www.businessinsider.com time to read: +3 min

OpenAI's Ilya Sutskever had a dramatic reversal regarding the ousting of his cofounder, Sam Altman. The U-turn came after an emotional plea from cofounder Greg Brockman's wife, the WSJ reported. His change of heart came after conversations with staff and with OpenAI cofounder Greg Brockman's wife, The Wall Street Journal reported, citing people familiar with the matter. Anna Brockman — who married Greg Brockman in 2019 — cried and pleaded with Sutskever to change his mind, per the WSJ. Anna Brockman did not immediately respond to a request for comment from Business Insider, sent through Greg Brockman and outside regular business hours.

Persons: OpenAI's Ilya Sutskever, Sam Altman, Greg Brockman's, Sutskever, —, Ilya Sutskever, OpenAI, we've, Anna Brockman —, Greg Brockman, It's, Altman, Greg, Anna Brockman's, @ilyasut, cfSvY7uniV — Greg Brockman, OpenAI's cofounders, Elon Musk, Satya Nadella, Brockman, Anna Brockman Organizations: Service, Street Journal, OpenAI, Twitter, Google, Microsoft, Business Locations: OpenAI

☆ Heart emojis, confusion, and a wave of support for Sam Altman. Here's what OpenAI employees are saying about Altman's shock ousting.
▼ + stars: | 2023-11-20 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +3 min

OpenAI employees are having a tough time after Sam Altman was suddenly ousted from the company. Here's what OpenAI employees are saying about the chaotic transition. Since Friday the company has cycled through three CEOs: cofounder Sam Altman, former CTO Mira Murati, and current CEO Emmett Shear, who cofounded Twitch. AdvertisementMore OpenAI staffers have threatened to join them unless Altman is reinstated and the board resigns. Throughout the night on Sunday, more OpenAI staffers spoke out, sharing the repeated message: "OpenAI is nothing without its people."

Persons: Sam Altman, Altman, —, Mira Murati, Emmett Shear, Greg Brockman, Aleksander Madry, Employees haven't, cofounders Brockman, Will Depue, Sam, Greg, Ilya Sutskever, Shengjia Zhao, Ilya, Jan Leike, Andrej Karpathy Organizations: Service, Microsoft, Employees, Business, Sutskever, OpenAI

☆ CHART OF THE DAY: Recession fears appear to be cooling among US companies
▼ + stars: | 2023-11-20 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Mentions of inflation were down to 55% of companies in the third quarter, down from a peak of 83% in 2022. Taken together, the "recession" and "inflation" mentions points to moderating, but still persistent unease among companies. "Stocks have shrugged off recession fears, but they remain elevated at many companies. But they also note that the still-elevated mentions of inflation and recession don't necessarily bode poorly for stock performance. Big Wall Street firms are mixed in their outlook for the economy next year.

Persons: —, disinflation, DataTrek, DataTrek cofounders Nicholas Colas, Jessica Rabe, Colas, Rabe, bode, Goldman Sachs Organizations: Service, Research, Wall Street, Wall, Bloomberg, JPMorgan Locations: America

☆ OpenAl is building the most powerful tech in the world. The public should be told what Sam Altman lied to the board about.
▼ + stars: | 2023-11-19 | by ( Alistair Barr | ) www.businessinsider.com time to read: +5 min

The board accused CEO Sam Altman of not being "candid" when they fired him. AdvertisementElon Musk has multiple axes to grind when it comes to OpenAl and its cofounder Sam Altman. "He was not consistently candid in his communications with the board, hindering its ability to exercise its responsibilities," OpenAl said. AdvertisementThat's an unusual charter for a tech startup or most other private companies, which usually exist to primarily make a profit and provide investors with a return. Musk has also launched a competing Al research group, so chaos at OpenAl could be relatively good for that initiative.

Persons: OpenAI, Sam Altman, —, Elon Musk, OpenAl, Altman, Musk, Toby Ord, Altman's, didn't, Ilya Sutskever, Sutskever, cofounders Organizations: Service, Oxford University, Big Tech, Bloomberg, Al, The New York Times Locations: OpenAl

☆ 3 senior OpenAI researchers resign in the wake of Sam Altman's shock dismissal as CEO, report says
▼ + stars: | 2023-11-18 | by ( Polly Thompson | ) www.businessinsider.com time to read: +4 min

Sam Altman was fired from OpenAI in a shock move on Friday. AdvertisementThree senior researchers have quit from artificial intelligence firm OpenAI following the dismissal of its CEO Sam Altman, The Information reported, citing multiple people familiar with the situation. Ilya told Sam he was being fired and that the news was going out very soon," he wrote. AdvertisementOpenAI chief scientist Ilya Sutskever speaks alongside the company's CEO Sam Altman. Under Altman's tenure, OpenAI launched the pioneering AI chatbot ChatGPT and secured $10 billion in investment from Microsoft.

Persons: Sam Altman, —, Altman, OpenAI, Jakub Pachocki, Aleksander Madry, Szymon Sidor, Pachocki, Greg Brockman, Brockman, Ilya Sutskever, Sam, Ilya, Greg, Sutskever, JACK GUEZ, chatbot ChatGPT Organizations: Service, Google, OpenAI, Microsoft Locations: OpenAI

☆ Residential cruise ship startups selling condos at sea for over $100,000 are struggling for the same reason
▼ + stars: | 2023-11-18 | by ( Brittany Chang | Kate Taylor | ) www.businessinsider.com time to read: +7 min

Throughout 2023, residential cruise ship startups have delayed their launches. AdvertisementBuzzy residential cruise ship startups like Storylines can't seem to stick to their timelines. But even it has faced roadblocks: Launched in 2002, residents had to pool $71 million to buy the $280 million ship themselves in 2003. AdvertisementStorylines is a prime exampleStorylines delayed the construction of its MV Narrative residential ship at least twice. Building a new ship is hard – but so is acquiring an old oneVictoria Cruises Line chartered its residential ship of choice.

Persons: —, Alister Punton, Brodosplit, Punton, Mike Kasperzak, Fares, Mikael Petterson Organizations: Service, Cruises Line, Residences, Brodosplit, Victoria Cruises Line, Victoria Cruises, Holland America Line's, Sea Cruises, Cruises, Miray Cruises, Villa Vie Residences Locations: Croatian

☆ Hotel Chocolat's cofounders are about to become $180 million richer after Mars made a takeover bid
▼ + stars: | 2023-11-16 | by ( Chris Johnston | ) www.businessinsider.com time to read: +3 min

Mars is offering almost $700 million to buy Hotel Chocolat. AdvertisementThe cofounders of Hotel Chocolat stand to become about $180 million richer after Mars offered to buy the upmarket chocolatier for £534 million ($673 million.) Thirlwell stands to make £91 million ($112 million) and Harris £53 million ($65 million) from the Bounty and Mars maker's offer. Hotel Chocolat has 131 stores in the UK. Mars would keep the company "special" while helping it grow, Clarke told Bloomberg, including opening more Hotel Chocolat stores in the UK.

Persons: Angus Thirlwell, Peter Harris, —, Thirlwell, Harris, Peter Dazeley, Andrew Clarke, Mars Snacking, Clarke Organizations: Service, British, London Stock Exchange, Bloomberg Locations: British, Chocolat, Chocolat's, Japan, Peel, London

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