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☆ Taylor Swift meltdown caused by Ticketmaster abusing its market power, Senate antitrust chair says
▼ + stars: | 2022-11-17 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +4 min

New York CNN Business —Senator Amy Klobuchar criticized Ticketmaster in an open letter to its CEO, saying she has “serious concerns” about the company’s operations following a service meltdown Tuesday that left Taylor Swift fans irate. Ticketmaster and Live Nation, the country’s largest concert promoter, merged about a decade ago. Klobuchar noted that the company at the time pledged to “develop an easy-access, one-stop platform” for ticket delivery. It’s no secret that Live Nation-Ticketmaster is an unchecked monopoly,” Rep. David Cicilline, currently the chairman of the Antitrust Subcommittee, tweeted on Tuesday. The Justice Department and states allowed the Live Nation Ticketmaster merger to go through despite a 2010 court filing in the case raising objections to the merger.

☆ Taylor Swift tickets listed for thousands after millions flood Ticketmaster
▼ + stars: | 2022-11-16 | by ( Frank Pallotta | ) edition.cnn.com time to read: +2 min

New York CNN Business —Taylor Swift fans were seeing red on Tuesday when Ticketmaster was overwhelmed by demand as pre-sales for the singer’s new tour went online. The delays had many fans believing they would never, ever, get tickets (…like ever). But tickets to the pop star’s “The Eras Tour” were available Wednesday via the resale market — with some priced at tens of thousands of dollars. Tickets for Swift’s show at MetLife Stadium in East Rutherford, New Jersey on May 26 are listed for as much as $21,600 each on ticket resale site StubHub. These sky-high prices aren’t just for shows at MetLife, which is right outside New York City.

☆ Jeff Bezos hints he’s buying the Washington Commanders: ‘We’ll have to wait and see’
▼ + stars: | 2022-11-15 | by ( Frank Pallotta | ) edition.cnn.com time to read: +2 min

New York CNN Business —Jeff Bezos may be adding NFL owner to his resume. The Amazon founder, along with Jay-Z, is in talks on a potential joint bid on the Washington Commanders, CNN reported earlier this month. The NFL fined the Commanders $10 million following an internal investigation by attorney Beth Wilkinson last year. Why would Bezos want to own the Commanders? The Commanders have won three Super Bowls (in 1983, 1988 and 1992) and is located in the giant Washington, DC, market.

☆ Jeff Bezos for the first time says he will give most of his money to charity
▼ + stars: | 2022-11-14 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

Though Bezos’ vow was light on specifics, this marks the first time he has announced that he plans to give away most of his money. “I just feel honored to be able to be a part of what they’re doing for this world,” Bezos told CNN. Bezos has committed $10 billion over 10 years, or about 8% of his current net worth, to the Bezos Earth Fund, which Sánchez co-chairs. The economic downturnWhile Bezos and Sánchez plot out their plans for Bezos’ immense wealth, many people of more modest means are bracing for what economists fear may be an extended economic downturn. CNN recently reported that Bezos and Jay-Z are in talks on a potential joint bid on the Washington Commanders.

☆ Playbill leaves Twitter, saying site 'expanded tolerance for hate'
▼ + stars: | 2022-11-12 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

In a statement, Playbill said the social media platform has “greatly expanded its tolerance for hate, negativity, and misinformation.” The account, which had more than 400,000 followers, was not active on Twitter as of Friday. Hours after Twitter launched its short-lived paid verification system Wednesday, the site faced a barrage of celebrity and company impersonators. Some of the fake company accounts on Twitter included inappropriate logos or pictures – the imposter Nintendo account, for example, tweeted an image of Mario giving the middle finger. The following Playbill Twitter accounts are no longer active: @Playbill, @PlaybillTravel, @PLAYBILLder, @PlaybillArts, @PlaybillStore. The company added that that any tweet from a Twitter account that contains the Playbill name is fake.

☆ Larry David predicted FTX’s implosion
▼ + stars: | 2022-11-11 | by ( Allison Morrow | ) edition.cnn.com time to read: +2 min

New York CNN Business —Larry David made a prediction about this week’s crypto meltdown that was prettaaay prettaaay good. In a Super Bowl ad for the FTX crypto exchange in February, Larry David sarcastically predicted that FTX wasn’t going to make it. At the end of the ad, David learns about FTX, “a safe and easy way to get into crypto.” A dismissive David says, “Ehhh, I don’t think so. And I’m never wrong about this stuff — never.”“Don’t be like Larry,” the FTX ad closes. The full extent of FTX’s financial problems aren’t yet known, but multiple reports say the firm is facing an $8 billion shortfall.

☆ Elon Musk sold nearly $4 billion worth of Tesla stock since Twitter deal closed
▼ + stars: | 2022-11-08 | by ( Chris Isidore | ) edition.cnn.com time to read: +4 min

New York CNN Business —Elon Musk sold $3.95 billion worth of Tesla stock since completing his purchase of Twitter late last month. Musk’s Tesla stock sales, totaling 19.5 million shares, have been widely anticipated ever since the Tesla CEO reached a deal to buy Twitter for $44 billion. Musk had sold blocks of Tesla shares worth a total of $15.4 billion earlier this year since his deal to buy Twitter was announced. Musk received an average price of $202.52 for the Tesla shares he sold since the Twitter deal closed, which is down 10% just since he closed on his deal to buy Twitter. Before his interest in Twitter, Musk rarely sold shares of Tesla stock, primarily selling shares necessary to pay taxes when exercising stock options.

CNN —Elon Musk said Friday that Twitter has seen a “massive drop in revenue,” as a growing number of advertisers pause spending on the platform in the wake of his $44 billion acquisition. On Friday, organizations including the Anti-Defamation League, Free Press and GLAAD, upped their pressure campaign for more brands to rethink advertising on Twitter. Musk, known as both an innovative entrepreneur and an erratic figure, has promised to rethink Twitter’s content moderation policies and undo permanent bans of controversial figures, including former President Donald Trump. Most marketers bristle at the thought of having their ads run alongside toxic content such as hate speech, pornography or misinformation. Ad buying giant Interpublic Group, which works with consumer brands such as Unilever and Coca Cola, earlier this week also recommended its clients pause advertising on the platform.

☆ Aaron Donald and Jaylen Brown leave Kanye West’s Donda Sports agency
▼ + stars: | 2022-10-25 | by ( Rob Mclean | ) edition.cnn.com time to read: +3 min

New York CNN Business —Two high profile athletes are leaving Kanye West’s sports agency, Donda Sports, in the wake of the artist and businessman’s repeated antisemitic statements. Aaron Donald, a star football player on the Los Angeles Rams, announced Tuesday that he is leaving the agency. On Monday, Brown told the Boston Globe that he planned to stick with the agency. “A lot of people that I work with, work with their families, build love and respect for, spending time in the summer. Recently, West said “I can say antisemitic s*** and Adidas cannot drop me,” during a tirade against Jews on the Drink Champs Podcast.

☆ Adidas terminates partnership with Kanye West
▼ + stars: | 2022-10-25 | by ( Jordan Valinsky | ) edition.cnn.com time to read: +3 min

Adidas said it will take a €250 million hit ($246 million) to its fourth quarter sales. Adidas has partnered with West since 2013, when the company signed his brand away from rival Nike. In 2016, Adidas expanded its relationship with the rapper, calling it “the most significant partnership ever created between a non-athlete and an athletic brand.”But Adidas put the “partnership under review” in early October after he wore a “White Lives Matter” T-shirt in public. “In the end, Adidas’ action sends a powerful message that antisemitism and bigotry have no place in society.”Shares of Adidas fell about 5% in Frankfurt. Adidas said it will release additional information about the financial implications of dissolving its partnership with Ye in its upcoming earnings report on November 9.

☆ Corporate America is canceling Kanye West
▼ + stars: | 2022-10-25 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +4 min

Ye, also known as Kanye West, has become a controversy magnet. Later, West threatened on Twitter to “Go death con 3 on JEWISH PEOPLE.”Since Ye’s antisemitic comments, businesses have come under pressure to take further action against him. You still might see Yeezy Gap merchandise on the Gap site, though. BalenciagaKanye’s antisemitic comments were also the final straw for luxury fashionhouse Balenciaga, which severed ties over the weekend. He had collaborated with Balenciaga for a wildly popular Yeezy Gap line earlier this year.

☆ Kanye West no longer a billionaire
▼ + stars: | 2022-10-25 | by ( Chris Isidore | ) edition.cnn.com time to read: +1 min

New York CNN Business —Rapper Ye’s falling out with corporate partners has cost him his status as a billionaire, according to Forbes. It estimated the Adidas deal accounted for $1.5 billion of his net worth, but Forbes now estimates it at a mere $400 million. Forbes said that the $400 million remaining of his net worth comes from real estate, cash, his music catalog and a 5% stake in ex-wife Kim Kardashian’s shapewear firm, Skims. Of course, it’s likely that Ye still considers himself a billionaire, given that he has complained for years that Forbes was underestimating his net worth. Forbes reported that in 2020 — when it first listed him as a billionaire — he texted the magazine saying, “It’s not a billion.

☆ This is Gen Z’s favorite restaurant, survey says
▼ + stars: | 2022-10-22 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +1 min

New York CNN —It’s been a good year for Chick-fil-A – a recent survey ranked it as Gen Z’s top restaurant, with 15% of respondents listing it as their favorite choice. The annual Piper Sandler study surveyed 14,500 teens in 47 states, whose average age was just under 16 years old (15.8 years old, to be exact.) Starbucks came in second at 12% of teens, followed by Chipotle (7%), McDonald’s (6%) and Olive Garden (3%). But that was primarily because it’s so popular that it has a lot of cars lined up for its meals. The chain’s support for anti-LGBTQ organizations and its opposition to same-sex marriage has been at the center of political debates and calls for boycotts.

☆ Grey Poupon wants in on Olivia Wilde’s salad dressing scandal
▼ + stars: | 2022-10-21 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Grey Poupon wants in on Olivia Wilde’s salad dressing scandal. Confused as to why Dijon mustard has entered the celebrity discourse? The anonymous nanny offered private details about Wilde’s alleged romantic relationship with Styles, co-star of Wilde’s recent “Don’t Worry, Darling” film along with Florence Pugh. The nanny said that Wilde angered Sudeikis by preparing a salad for Styles with her ‘special dressing’ in the family kitchen. “Mix 2 tablespoons Grey Poupon mustard with 2 tablespoons good red wine vinegar,” the passage outlined by Wilde reads.

☆ Twitter stock falls after report says Biden admin weighing security review of Musk ventures
▼ + stars: | 2022-10-21 | by ( Clare Duffy | ) edition.cnn.com time to read: +3 min

The stock reaction, which rebounded somewhat later in the morning, followed a Bloomberg report that Biden administration officials are in early discussions about possibly subjecting some of Musk’s ventures to national security reviews, including the planned Twitter (TWTR) takeover. It’s unclear what, if any, impact the reported security review could have on completing a deal that has already been subject to months of uncertainty. In a separate report Thursday evening, Bloomberg said that bankers and lawyers for both Twitter and Musk are preparing the paperwork needed to complete the deal. Bloomberg also last week reported that the company had frozen employees’ stock accounts in anticipation of the deal’s completion. On a conference call this week to discuss Tesla’s earnings results, Musk said he was “excited” about the Twitter deal, but also admitted that he is “obviously overpaying” for it.

☆ 3 things that will help reduce the sting of high inflation
▼ + stars: | 2022-10-21 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +2 min

There’s really nothing nice to say about inflation when it comes to your bottom line. And it’s hard on your paycheck, because chances are your last raise did not keep pace with headline inflation, which the latest reading puts at 8.2%. But that same high inflation has led to a couple of changes that might offer you a little relief. Starting next year, your paycheck could be a little bigger thanks to inflation adjustments that the Internal Revenue Service will make to 2023 federal income tax brackets and other provisions. That’s $2,000 – or roughly 9.8% – more than the current $20,500 federal contribution limit, a direct result of higher inflation.

☆ Texas sues Google over alleged ‘indiscriminate’ biometric data collection
▼ + stars: | 2022-10-20 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

CNN Business —Texas Attorney General Ken Paxton sued Google on Thursday, alleging the tech giant had violated the state’s biometric privacy law by “indiscriminately” collecting voiceprints and facial recognition data from users and non-users of the company’s products without their consent. “Of course, this is only visible to you and you can easily turn off this feature if you choose and we do not use photos or videos in Google Photos for advertising purposes. The company has also allegedly listened in on Texans “without regard to whether a speaker has consented to Google’s indiscriminate voice printing,” according to the complaint. In February, the state claimed a now-shuttered Facebook photo-tagging tool — which was the subject of a $650 million biometric privacy settlement in Illinois last year — had also been a violation of the Texas biometric law. Texas has multiple lawsuits ongoing against Google, including two other consumer protection cases and an antitrust case targeting Google’s dominance in digital advertising.

☆ Walmart is now selling over-the-counter hearing aids after FDA rule change
▼ + stars: | 2022-10-17 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

The move comes shortly after the US Food and Drug Administration announced a long-awaited rule change in August pertaining to hearing aids. The retailer said shoppers can now buy the OTC hearing aids on Walmart.com and in Walmart Vision Centers in Colorado, Michigan, Missouri, Ohio, Pennsylvania, Tennessee and Texas. Lexie self-fitting hearing aids powered by Bose (priced at $849). About a quarter of people 65 to 74 have hearing loss, and that goes up to 50% around age 75. The FDA said its rule change would make hearing aids much more widely available and much cheaper across the country.

Paris CNN —Some 28.5% – nearly one third – of gas stations in mainland France are out of stock of at least one fuel, French Energy Transition Minister Agnes Pannier-Runacher told journalists Friday. A source from the office of the French prime minister on Friday blamed the long lines and exhausted stocks at French gas stations this week on panic buying, rather than just supply problems. This is despite gas companies providing between a 30% and 50% increase in supply of gas to pumps this week, compared to a normal week, the source said. Earlier this week, the French government ordered staff at an ExxonMobil refinery in Normandy to return to work, a highly unusual step. Meanwhile, on Friday, French energy giant TotalEnergies struck a deal with two French trade unions, CFE-CGC and the CFDT, to increase salaries for 2023.

☆ Beyond Meat executive who allegedly bit a man’s nose will leave the company
▼ + stars: | 2022-10-14 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +2 min

New York CNNBusiness —Beyond Meat Chief Operating Officer Doug Ramsey is leaving the company after his recent arrest for assault. Ramsey was arrested last month on on charges of “terroristic threatening” and third-degree battery after he allegedly bit a man’s nose following a Arkansas football game. In a SEC filing, the company announced Ramsey’s departure, noting Friday will be his last day of employment. Ramsey joined Beyond Meat in December last year, pivoting from a three-decade career at Tyson Foods (TSN). Beyond Meat had been a market leader in the plant-based meat space, alongside rival Impossible Foods.

☆ New testing finds high level of toxic chemical in sports bras, watchdog warns
▼ + stars: | 2022-10-13 | by ( Parija Kavilanz | ) edition.cnn.com time to read: +4 min

The CEH, which conducted the testing, is a non-profit consumer advocacy group focused on exposing the presence of toxic chemicals in consumer products. Under California law — specifically Proposition 65, enacted in 1986 — the maximum allowable dose level for BPA via skin exposure is 3 micrograms per day. “We want brands to reformulate their products to remove all bisphenols including BPA. In adults, exposure to BPA has been linked to diabetes, heart disease, cancer, obesity and erectile dysfunction. Premature death was also associated with BPA exposure, a 2020 study found.

☆ How much will Sandy Hook parents actually get from Alex Jones?
▼ + stars: | 2022-10-13 | by ( Chris Isidore | ) edition.cnn.com time to read: +6 min

New York CNN Business —Alex Jones owes $965 million to eight family members of Sandy Hook shooting victims and a first responder. Jones was hit with that staggering jury award Wednesday for compensatory damages caused by his repeated lies about the shooting. Plaintiffs in the case said the reason they sued was to stop Alex Jones from continuing to spread lies and hurt other people. The fact that Jones might be reviled, and the plaintiffs are so sympathetic, shouldn’t be a factor, he added. “In the justice system, Alex Jones and Mother Teresa should be treated the same,” Rustad said.

☆ Proposed labor rule could give millions of gig workers employee status
▼ + stars: | 2022-10-11 | by ( Vanessa Yurkevich | ) edition.cnn.com time to read: +3 min

CNN Business —The Biden administration is proposing a new labor rule that could classify millions of gig workers as employees — a move that would challenge the low-cost labor models behind Silicon Valley heavyweights such as Uber, Lyft and DoorDash. The proposed rule announced by the Labor Department on Tuesday aims to broaden the test that determines whether workers are entitled to protections such as minimum wage and overtime pay under federal law. The new rule would affect workers in a wide range of industries like home care, trucking, delivery services, and hospitality, according to the Labor Department. Shares of Uber (UBER (UBER)) and Lyft (LYFT (LYFT)), whose drivers are considered independent contractors, fell nearly 10% on the news of the proposed rule. A 45-day public comment period on the proposed rule will start October 13.

☆ Elon Musk announces Tesla Semi production after Twitter deal returns
▼ + stars: | 2022-10-07 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +3 min

Washington, DC CNN —Tesla CEO Elon Musk said Thursday that production of its Semi truck has begun, and deliveries to one customer, Pepsi, will occur in December. Tesla first announced the Semi in November 2017 and production was said to begin in 2019. Musk, the world’s richest man, has sold about $15 billion in Tesla stock this year, but it’s still not clear if Musk has sufficient liquid funds to close the Twitter deal. Musk, who has received commitments for debt and equity financing, may need to sell additional shares of Tesla to finance the purchase. Tesla shares fell roughly 5% in trading Friday morning.

New York CNN Business —Even before Wednesday’s action by OPEC+ to cut oil production, US gas prices were on their way up. Gas prices rose nearly 3 cents a gallon in AAA’s daily reading Wednesday, to $3.83 a gallon, the biggest one-day hike in nearly four months. Gasoline futures are up about 20 cents a gallon since the slide in gasoline prices ended last month, pointing to possible higher prices ahead. Unfortunately, the refinery capacity squeeze “means gas prices are not going to go down like I had thought,” said veteran oil analyst Andy Lipow. The concern by the Biden administration is that rising gas prices bring renewed focus in voters’ mind.

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