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Guggenheim co-chair warns investors to brace for 'significant volatility' in markets as election nears and virus goes unchecked

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Jim Millstein
  • Guggenheim Securities' Jim Millstein told Bloomberg on Tuesday that  investors should brace for a period of significant volatility ahead. 
  • The co-chairman cited uncertainty around the election and the lingering covid crisis as sources of volatility. 
  • He also said it's "obvious" there has been a bubble around technology stocks. 

Guggenheim Securities' Jim Millstein said on Bloomberg on Tuesday that a "period of significant volatility" is ahead, and told investors: "Fasten your seatbelt, it's going to be a bumpy ride."

The co-chairman of the investment banking and capital markets businesses cited uncertainty around the election and the nation's "continuing inability to get the pandemic under control," as sources of the volatility. Both the election and the period leading up to it will stir choppiness in markets, he said. 

Read more: 4 experts break down the drivers behind the sudden plunge in tech stocks that is dragging the entire market lower — and share their best recommendations for what investors should be doing as the election nears

"Given the mail-in balloting, we probably won't know the results of the election for at least a week and it seems sure that it will be litigated thereafter," he added. 

Millstein also said that as the coronavirus lingers and individual states re-open and close at different rates, weak retail sales and high unemployment will continue. Landlords will see a serious decline in cash flows and commercial real estate markets will continue to see difficulty, said Millstein. 

He also told Bloomberg that he generally doesn't give investment advice, but it's obvious there's been a bubble in technology stocks, and there will be a "reset" in this sector.

Read the original article on Business Insider

The list of NBA arenas that will be used as voting sites for the 2020 elections

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lebron james bubble
  • Twenty of the NBA's teams will convert their facilities into voting centers for the upcoming 2020 elections.
  • The effort was boosted after NBA players walked out in demand of justice for the police shooting of Jacob Blake.
  • Some arenas are will serve as early voting sites and others will open for Election Day. 
  • Visit Business Insider's homepage for more stories.

Twenty NBA teams have announced plans to transform their facilities to serve voters in the upcoming 2020 general election.

Several of the league's franchises will convert their arenas and sports facilities into voter registration drives, early voting locations, and polling places for Nov. 3. The large indoor spaces are expected to provide enough room to accommodate social distancing measures for in-person voting, an alternative to mail-in ballots amid the COVID-19 pandemic.

Few teams had proposed initiatives to promote civic engagement after the nationwide protests over the killing of George Floyd, a Black man who died at the hands of a white police officer in Minneapolis in May. 

But following the police shooting of Jacob Blake last month in Kenosha, Wisconsin, the NBA started making committed efforts to fight racial inequities, after players staged a walkoff and stopped play for two days in protest.

The playoff games resumed after the league reached a deal with its employees comprised of a series of new social justice goals, including converting arenas into polling sites. 

Here is a list of all the centers that will serve in the 2020 election.

Atlanta Hawks
GettyImages-state farm arena
State Farm Arena in Atlanta, Georgia.

Atlanta Hawks CEO Steve Koonin announced the conversion of the team's home court into an early voting center in June, following the George Floyd protests.

"If nothing came out of this protest to create change, then we all failed," Koonin said.

The 700,000-square foot State Farm Arena opened for early voting on July 20 for Georgia's August 11 primary and will continue to be used for the upcoming 2020 elections. 

The venue has become the largest voting precinct in all of Georgia and serves voters in the state's most-populous county, Fulton County.

 

Brooklyn Nets
GettyImages-barclays-center
Protests over the death of George Floyd in Brooklyn, New York City on June 6, 2020, in front of the Barclays Center.

Barclays Center will open as a polling site for early voting from Oct. 24 to Nov. 1 and for the general election on Nov. 3.

The arena will become the largest voting center in Brooklyn.

"The NBA players, we need to acknowledge what they are doing," Brooklyn Borough President Eric Adams said at the announcement last week. "They're using this opportunity to stay part of any agreement of moving forward in sports is to ensure that we allow access to voting. The power of the vote cannot be overemphasized."

Charlotte Hornets
GettyImages-spectrum center
Denver Nuggets and Charlotte Hornets at Spectrum Center on March 5, 2020, in Charlotte, North Carolina.

The Spectrum Center in Charlotte, North Carolina, will host early voting from Oct. 15 to Oct. 31.

"Hornets Sports & Entertainment is committed to doing our part in assisting our community with the electoral process," Hornets President and Vice Chairman Fred Whitfield said. 

 

Cleveland Cavaliers
GettyImages-rocket mortgage fieldhouse
Rocket Mortgage Fieldhouse in Cleveland, Ohio.

Voters in Cleveland will be able to head to the Rocket Mortgage Fieldhouse, home to the Cavaliers, to cast their ballots on Nov. 3.

The indoor stadium will also host National Voter Registration Day on Sept. 22 for people in Cuyahoga County.

 

 

Dallas Mavericks
GettyImages-dallas-mavericks-american-airlines-center
American Airlines Center in Dallas, Texas.

The American Airlines Center will become Dallas County's largest polling site on Nov. 3.

The Mavericks unveiled the effort on the first day of its "7 Days of Action" initiative to combat "racial injustices occurring around the country" following the boycott.

 

 

Detroit Pistons
GettyImages-pistons performance center
Henry Ford Pistons Performance Center in Detroit, Michigan.

The Henry Ford Performance Center, a practice facility for the Detroit Pistons, will be converted into a polling site for the 2020 general election.

"The Detroit Pistons are tremendous civic leaders and I am proud to partner with them to ensure more citizens are educated voters and active participants in our democracy," Michigan Secretary of State Jocelyn Benson said.

 

Houston Rockets
GettyImages-toyota-center
Toyota Center in Houston, Texas.

The Toyota Center will host voters in the Houston area from Oct. 13-30 and on Election Day on Nov. 3.

"On behalf of the Houston Rockets, and Toyota Center, we are honored to help serve our community by providing a safe and convenient location for Harris County voters for the upcoming Presidential election," Doug Hall, general manager and Senior Vice President of Toyota Center, said.

Golden State Warriors
GettyImages-steph curry
Golden State Warriors' Stephen Curry.

The Golden State Warriors announced that its practice center, Oakland Facility, and the home court for the Santa Cruz Warriors, Kaiser Permanente Arena, will both serve as polling sites on Election Day.

The team also designated Thrive City in San Francisco as a ballot drop-off location.

"With our facilities in Oakland, San Francisco and Santa Cruz all being utilized to support the 2020 Election process, this ranks as our most critical three-pointer of the year," Warriors President and Chief Operating Officer Rick Welts said.

 

Indiana Pacers
GettyImages-Bankers Life Fieldhouse
Bankers Life Fieldhouse in Indianapolis, Indiana.

Home to the Indiana Pacers, the Bankers Life Fieldhouse indoor arena will serve voters as a polling station on Nov. 3.

"This election day, we are proud to partner with the Marion County Election Board to allow Marion County voters to cast their ballot at Bankers Life Fieldhouse," the facility said

Los Angeles Clippers
GettyImages-the forum
The Forum in Inglewood, California.

The Forum, an indoor stadium in Inglewood and soon to be home of the Los Angeles Clippers, will become a voting center for the upcoming general election.

"We are thrilled to partner with the LA Clippers and the Forum. This is a slam dunk for civic engagement and voter enfranchisement," Los Angeles Registrar-Recorder County Clerk Dean Logan said.

Los Angeles Lakers
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Staples Center in downtown Los Angeles, California.

The Staples Center, home to the Los Angeles Lakers, will be open to voting and drop off mail-in ballots on Nov. 3.

 

 

 

Milwaukee Bucks
GettyImages-Fiserv Forum
Fiserv Forum, home of the Milwaukee Bucks, in Milwaukee, Wisconsin.

The Milwaukee Bucks' indoor arena Fiserv Forum will serve as an early voting site from Oct. 20 through Nov. 1.

"The pandemic has added another barrier to voting for vulnerable communities, so this will help us make sure that everyone in Milwaukee has a safe and convenient way to exercise their right to vote," Milwaukee Bucks Senior Vice President Alex Lasry said.

New York Knicks
GettyImages-madison square garden
Madison Square Garden in New York City.

Once converted, Madison Square Garden will serve more than 60,000 voters — the largest polling site in New York City. The massive arena, home to the New York Knicks, will be open for early voting and on Election Day.

 

Oklahoma City Thunder
GettyImages 156261943- Chesapeake Arena
Chesapeake Energy Arena in Oklahoma City, Oklahoma.

Oklahoma City Thunder announced that its Chesapeake Energy Arena will hold voter registration drives every Saturday from Sept. 12 to Oct. 4, leading up to the Oct. 9 registration deadline.

 

Orlando Magic
GettyImages-amway center
Amway Center in Orlando, Florida, home of the NBA's Orlando Magic.

Orlando Magic will open its home court to people residing in Orange County as an early voting location from Oct. 19 to Nov. 1.

The Amway Center will also host National Voter Registration Day on Sept. 22.

Phoenix Suns
GettyImages Arizona Veterans Memorial Coliseum
Arizona Veterans Memorial Coliseum, home of the NBA Phoenix Suns.

The Veterans Memorial Coliseum, an indoor arena in Phoenix, will convert into a voting station and early ballot drop-off center for the upcoming 2020 elections.

 

 

 

Sacramento Kings
GettyImages Golden 1 Center
Golden 1 Center in Sacramento, California.

The Sacramento Kings will allow the public to register to vote and cast their ballots from Oct. 24 to Nov. 3 at its Golden 1 Center.

The arena was the first sports professional venue in the state to announce plans to convert into a voting center, according to the NBA.

 

 

San Antonio Spurs
GettyImages 1204838326 AT&T Center
AT&T Center in San Antonio, Texas.

The AT&T Center, which will be used as a location for early voting through Election Day, will transform into a "mega-voting" center for San Antonio residents.

 

 

Utah Jazz
AP20244712258749 vivint arena
The Vivint Smart Home Arena in Salt Lake City, Utah.

The Vivint Arena, home of the Utah Jazz, will serve as a polling site on Nov. 3.

 

 

 

Washington Wizards
GettyImages-capital one arena
Capital One Arena in Washington, DC.

The Capitol One Arena will be available for any DC voter to cast their ballot in the upcoming 2020 general election.

Monumental Sports and Entertainment, which owns Washington Wizards, announced plans for the effort last month.

 

Read the original article on Business Insider

The best online deals and sales happening now — save up to 50% on select products during Ulta's 21 Days of Beauty Sale

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When you buy through our links, we may earn money from our affiliate partners. Learn more.

Best Online Sales Deals

We rounded up the best sales and deals happening online today, with savings at  Ulta, Nordstrom Rack, and more. 

Deals in this story are subject to change throughout the day. The prices listed reflect the deal at the time of publication. For even more deals and savings across the web, check out Business Insider Coupons.

The best sales happening right now:

The best on-going sales and exclusive discounts happening right now:

Save up to 50% on select products during Ulta's 21 Days of Beauty Sale
ulta beauty 21 days lead

Shop the Ulta 21 Days of Beauty sale.

Now through September 19, you can save up to 50% on select products from brands like Lancôme, M•A•C, Mario Badescu, and more. Better still, each day during the sale, a handful of cult-favorite beauty and skin-care items are discounted 50% for 24 hours.

Save 50% on select on sale styles during Clark's Labor Day sale
Clarks

Shop the Clarks sale now.

If you're looking for shoes that are classic in design and comfortable to wear, Clarks is one of my personal go-to brands — and it's having a huge sale. Right now, you can save 50% on sale styles by using the promo code SALE50 at checkout. The sale includes men's loafers, dress shoes, sneakers, women's heels, sandals, boots, and more.

Save 20% on any Leesa Hybrid or Legend mattress
leesa sale

Save 20% on any Leesa Hybrid or Legend mattress.

Insider Reviews readers can take 20% off any Leesa Hybrid or Legend mattress with our exclusive discount code INSIDER. This is the lowest price Leesa has ever offered on these mattresses, and it applies to all sizes of each mattress. For what it's worth, we ranked the Leesa Hybrid as the top pick in our best mattress buying guide for its comfort and support. 

Save up to 40% on select styles at Nike
Nike sneakers on sale

Shop the Nike sale now.

Whether you're looking for a new pair of running shoes, or need a fresh set of activewear, you'll be glad to know you can save up to 40% on select Nike products. This sale includes markdowns on Dri-FIT apparel, Air Jordans, and more. Prices start at just $8. 

Save 30% sitewide at M.GEMI
mgemi

Shop the M.GEMI sale.

Right now, you can save 30% on M.GEMI's collection of affordable, well-made Italian leather shoes. Use code SUMMER30 at checkout to save on M.GEMI's collection of footwear for adults through September 7.

Get unlimited online courses for $199 at GoSkills
GoSkills

Shop the GoSkills sale now.

GoSkills is having a big sale that'll keep you learning new skills long past graduation. Right now, you can gain access to the site's entire selection of online courses for $199 per year. With the discount, you'll save $100 on unlimited courses. The sale includes everything from simple courses like Microsoft Office to more advanced courses on business, finance, and writing. After completion, you'll be able to add the official certification of training to your resume.

Save up to 15% on your first MeUndies order
meundies $57

Shop the MeUndies sale.

There isn't a member of the Insider Picks team who doesn't love underwear from MeUndies. Right now, you can save up to 15% off your first order with our exclusive promo code is INSIDER15. This offer excludes packs and membership. 

Save up to 25% on closet storage essentials at The Container Store
The Container Store

Shop The Container Store's sale now

If your closet is currently a disorganized mess, The Container Store has the sale you've been waiting for. Right now you can save up to 25% on closet storage solutions, including hangers, garment bags, shoes, drawer solutions, shoe organizers, and much more. Whether you have a large walk-in closet or something much smaller to store your clothes in, you'll find plenty of useful items for making the most out of your space. 

Read the original article on Business Insider

Nikola's deal with GM shows off a new way to get electric vehicles to market — and it's completely different from how Tesla operates

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Fisker Vehicle Lineup
Fisker has three vehicles in its proposed lineup.

Tesla is the first successful new American car brand to come along in decades. But compared with how his younger rivals are operating, Elon Musk's game plan now looks thoroughly old-school.

The carmaker was founded 17 years ago during a period when electric vehicles were considered an incredibly risky undertaking. By 2010, Tesla had developed enough momentum to stage an initial public offering, raising about $260 million — a modest sum, given the hundreds of millions, even billions, that EV startups have recently pulled in.

Tesla then had to manufacture vehicles, sell them, and generate revenue (and, from time to time, profits). It trudged through many crises along the way. But in 2020, after an epic stock-market rally, it became the most valuable automaker. 

Newer car companies have paid attention to the Tesla story and attempted to follow a less unpredictable path. Henrik Fisker, who established a rivalry with Tesla in the 2010s with Fisker Automotive before the operation went bankrupt in 2013, is back with a new brand, Fisker, and a rather different business model.

The SPAC's the thing

Trevor Milton
Nikola founder Trevor Milton has joined with GM.

Fisker went public earlier this year via a special purpose acquisition company (SPAC) established by the private-equity firm Apollo Global Management. The transaction, effectively a merger, led to $3 billion valuation for Fisker, a listing on the New York Stock Exchange, and $1 billion in funding for Fisker to build its Ocean EV, which should enter production in 2022. (In a nutshell, a SPAC is a fund that's created specifically to buy a company. The SPAC's IPO ends up listing the target acquisition, avoiding the traditional IPO road show, in which investment bankers pitch a company to investors.)

Fisker later signed a memorandum of understanding to have the largest contract manufacturer, Magna International, build the vehicle. (Magna builds some cars for the likes of BMW and Jaguar Land Rover.)

Nikola has employed the same playbook, but with a twist. The electric-truck-focused startup also went public through a SPAC and in short order minted a $13 billion market cap. It has revealed a variety of vehicles, from a pickup truck to a semi, but hasn't come anywhere near producing anything.

But on Tuesday, Nikola revealed it formed a partnership with General Motors. The biggest US automaker by sales said it would act as a contract manufacturer for the Nikola Badger pickup and contribute fuel-cell powertrain technology to Nikola's heavy-freight truck. GM also took a $2 billion equity stake in Nikola, echoing investments it has made in the self-driving startup Cruise and the ride-hailing company Lyft.

GM will build the Badger using a new EV platform and its Ultium battery technology, which it revealed at the beginning of 2020. (GM didn't offer details on the plant that will get the vehicle, but production is slated for late 2022.)

"Avoiding building a factory saved us billions," Nikola founder Trevor Milton said on a conference call with the media after the news was announced. "That was a big fear of ours. But now bam, we're in production."

Nikola is proceeding with plans to build a factory for its semitruck.

GM CEO Mary Barra said "the industry is changing" and that creating a vehicle platform with Ultium was a huge opportunity the company fully intends to leverage. The company isn't just deploying Ultium with startups. Last week, it said it was exploring an expanded partnership with Honda.

The trade-off for Nikola and Fisker is that for at least some vehicles, they won't be vertically integrated for the technologies that automakers have traditionally wanted to own as much of as possible: powertrains. Tesla, for example, has a battery-manufacturing partnership with Panasonic but controls battery and powertrain design. 

For the pickup, Milton sounded delighted to give that up. And Fisker, in several interviews with Business Insider after the company's listing was completed, has stressed that new automakers can't be preoccupied with manufacturing their own vehicles.

Making it easier and less expensive to produce cars

GM EV Barra
GM CEO Mary Barra has said GM's Ultium technology will define an electric future.

"Fisker Automotive encountered incredible difficulty," he said of its efforts to make its Karma in the early 2010s. "Tesla was honest about production hell, and they had a ton of money. It's really difficult to manufacture a car. So I wanted to question if that's the way it truly needs to be."

His realization has led Fisker to push for an asset-light business model, heralding it as a solution to the age-old challenge of the auto industry: burning through enormous amounts of cash to bring cars to market.

A pattern has emerged: Startups become established and showcase their designs, fundraise through SPACs, and sign up with more experienced and capable manufacturers to make those designs into real vehicles that consumers can buy. 

This process much more closely resembles the way that Apple makes iPhones. In GM's case, Ultium is a sort of EV operating system, one that could be plugged into numerous brands, with Nikola and Honda being just two examples. Fisker has taken the approach even further, outsourcing manufacturing entirely and focusing on user experience.

"After 30 years in the car business, I stepped outside of myself," Fisker said. "I'd never seen Apple CEO Tim Cook walk down a manufacturing floor."

Read the original article on Business Insider

China is the world's biggest shipbuilder, and its ability to rapidly produce new warships would be a 'huge advantage' in a long fight with the US, experts say

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A member of the People's Liberation Army Navy stands in front of a warship.
A member of the People's Liberation Army Navy stands in front of a warship.
  • A new Department of Defense report on China's military power said that China "has the largest navy in the world" and is "the top ship-producing nation in the world by tonnage."
  • Experts said that "their shipbuilding capacity is a huge advantage for them in a protracted conflict with the United States," which lacks the same ability to quickly build new ships.
  • With the ability to turn out ships faster than any other country, China could build up its force or rapidly replace its naval losses in a conflict.
  • Visit Business Insider's homepage for more stories.

China has an edge over the US in shipbuilding, and it could give the country an advantage in a protracted conflict in which both sides see heavy losses at sea, experts told Insider.

"China has already achieved parity with — or even exceeded — the United States in several military modernization areas," the Pentagon reported recently, identifying shipbuilding as one area where China has an advantage.

"The [People's Republic of China] has the largest navy in the world, with an overall battle force of approximately 350 ships and submarines including over 130 major surface combatants," the Pentagon assessed in its latest China Military Power report.

The Pentagon also reported that "China is the top ship-producing nation in the world by tonnage," adding that the country is currently striving to increase "its shipbuilding capacity and capability for all naval classes."

And, as Andrew Erickson, a professor of strategy at the US Naval War College, noted in his analysis of the report, "quality is riding shotgun with quantity" as China builds new, more modern warships.

Among the surface combatants China is building are cruisers, destroyers, and corvettes, which the Department of Defense says "will significantly upgrade the PLAN's air defense, anti-ship, and antisubmarine capabilities."

China is also continuing to build support ships, amphibious warfare vessels, and aircraft carriers for expeditionary operations and power projection.

Modern warfare is complicated, with many different factors contributing to a conflict's outcome, but with the ability to produce ships faster than any other country, China could build up its force or rapidly replace its naval losses in a conflict, much as the US was able to do during World War II.

The US does not have that same shipbuilding capacity today, in part, because the US focuses on building more advanced assets at a handful of specialized shipyards, but also because the US is not that same industrial power.

Although the US Navy — with a battle force of 293 ships — is the most powerful navy in the world, military leaders have expressed concerns about America's decreased ability to rapidly build new ships.

Gen. David Berger, the commandant of the Marine Corps, assessed recently that "replacing ships lost in combat will be problematic, inasmuch as our industrial base has shrunk, while peer adversaries have expanded their shipbuilding capacity."

"In an extended conflict, the United States will be on the losing end of a production race—reversing the advantage we had in World War II when we last fought a peer competitor," Berger wrote in a draft report on operational concepts obtained by Breaking Defense.

China navy sailors
Officers and soldiers of the Chinese naval fleet for escort mission line up on the deck at a port in Zhoushan, east China's Zhejiang Province, April 28, 2020.

'A huge advantage'

China's ability to quickly build ships stems from its efforts to build a modern navy. The US, on the other hand, has the advantage of already fielding a modern navy that deploys around the world.

"China can produce ships very fast. There is absolutely no doubt about that," Matthew Funaiole, a senior fellow with the China Power Project at the Center for Strategic and International Studies, told Insider, calling China's shipbuilding capacity"impressive."

But, he explained, "China is in the process of developing its first real, modern navy, so it has a lot of catching up to do, whereas the US already has a modern navy."

While the Chinese People's Liberation Army Navy has more vessels than the US Navy, it has not yet achieved parity. But the less advanced nature of its force and its shipbuilding capacity give it an edge, to a certain extent, in a protracted conflict.

In a conflict, the US Navy would have better pieces on the board, but it is unlikely to receive many new pieces during the course of the fight. The same is likely not true for China, meaning that a loss is felt potentially more heavily by the US.

"Their shipbuilding capacity is a huge advantage for them in a protracted conflict with the United States," Bryan Clark, a former US Navy officer and defense expert at the Hudson Institute, told Insider.

"They have multiple shipyards building every class of ship, which is not really the case in the US Navy," he said. "It gives them some extra capacity if they need to do a buildup or ramp-up of the navy or rebuild the navy in a conflict where they lose a lot of ships."

One large question mark when looking at China's naval ambitions is maintenance capacity, the ability to repair ships damaged in combat.

"Their maintenance capacity is not as significant as their shipbuilding capacity," Clark said. "Because their fleet is relatively new, they have not had to generate the kind of repair capacity that the US Navy has."

As China continues to expand the world's largest navy, how the country will maintain that expanded force is a problem it will have to address.

"There's so much cost to maintaining vessels," Funaiole said. "Building them is a big cost upfront, but keeping them battle ready, keeping them in good standing order, that costs a lot of money, and it becomes more expensive over time."

Erickson at the Naval War College, explained in his analysis that "China's maintenance capacity has not been tested in volume yet, but seems competent so far."

"Whether China can continue to implement its maintenance plan effectively when midlife ship deadlines trigger massive increases in capacity requirements over the next few years remains to be seen," he noted.

The US has long been a leading naval power, but the US Navy has its fair share of troubling maintenance issues. For example, a recent Government Accountability Office report said that between fiscal years 2015 and 2019, 75 percent of planned maintenance for the service's aircraft carriers and submarines was completed late.

The US and China "are more evenly matched when it comes to ship maintenance capacity," Clark said.

Of course, there is more to war than shipbuilding. When talking about a protracted conflict where both sides are taking losses, many other factors come into play that could make the shipbuilding capacity of each state less relevant.

"What kind of prolonged conflict in which the US is sustaining naval losses doesn't escalate into other types of conflict? What is the US response if it lost [an aircraft] carrier or something like that?" Funaiole asked.

"It is an unpleasant thing to think about," he said, "but I think we'd be getting into territory where US shipbuilding capacity is probably not the biggest concern at that point."

Read the original article on Business Insider

ByteDance is giving its 60,000 employees cash bonuses after working 'endless hours' amid TikTok ban 'noise'

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zhang yiming net worth bytedance tiktok
ByteDance cofounder & CEO Zhang Yiming.
  • ByteDance, TikTok's parent company, is giving out bonuses this month to all of its more than 60,000 employees around the globe.
  • In a memo first obtained by Bloomberg, ByteDance said the bonuses are intended to thank everyone for their work amid the company's challenging last few months.
  • The company has faced upheavel this summer as it faces off against the US government's threats to ban TikTok over its ties to China. Now, ByteDance is close to a deal to sell off TikTok's US assets to avoid such a ban.
  • Visit Business Insider's homepage for more stories.

TikTok owner ByteDance is reportedly handing out cash bonuses to its 60,000-plus employees worldwide as the company faces the threats of countrywide bans and the sale of its growing US business.

ByteDance told staff that eligible employees will be getting a bonus, equivalent to half of one month's salary, Bloomberg first reported. In an internal memo obtained by Bloomberg, ByteDance said the bonuses are intended to "thank everyone for their efforts and dedication" as the company faces challenges brought on by politics and COVID-19.

A ByteDance spokesperson confirmed the accuracy of Bloomberg's story to Business Insider. The bonus announcement comes after ByteDance CEO Zhang Yiming said in an earlier companywide letter, seen by Reuters, that employees had been working "endless hours" amid the surrounding "noise" of TikTok's uncertain future.

"Over the past few months, we have been working together to overcome challenges posed by the COVID-19 pandemic and changing macro environment," ByteDance said in the memo, obtained by Bloomberg. "To thank everyone for their efforts and dedication, we will be issuing a cash bonus to all eligible employees."

Full-time employees who worked at least 26 days during July and August are eligible for the bonuses.

TikTok and ByteDance have found themselves facing upheaval since the start of the pandemic, but not because of the suffering of its platforms' popularity or its userbase's interest. Instead, concerns over ByteDance's headquarters in China became the centerpiece of a political battle between TikTok and the US government, and the future of the app's more than 100 million US monthly users has been thrown in jeopardy.

After months or back-and-forth, ByteDance is reportedly days away from selling off its US assets to an American tech company to appease the US government's national security concerns and Donald Trump's threat to ban the app nationwide. The race for a stake in TikTok's assets — a deal valued between $20 billion and $50 billion — has surfaced names like Microsoft, Oracle, Walmart, and SoftBank as potential buyers. The frontrunners in the bidding war appears to be two groups: a joint offer between Microsoft and Walmart that's backed by ByteDance's CEO, and another from Oracle that has the support of President Trump and a group of ByteDance's US investors.

However, talks for TikTok's acquisition reportedly stalled last week on the back of the China's new restrictions on exports, which require companies obtain a license for sales from the Chinese government and state officials the power to veto such business — like ByteDance's sale of TikTok's assets.

Read the original article on Business Insider

edX offers free classes and affordable professional certificates from Harvard and other top universities around the world — here's how it works

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EDX E Learning 4x3

Online learning has made education more accessible than ever, but few platforms make getting a quality education easier or more affordable than the non-profit edX

edX is a massive open online course (MOOC) provider founded by MIT and Harvard in 2012. By partnering with more than 90 of the world's leading universities, non-profits, NGOs, and corporations, it's able to offer free, high-quality courses across a large range of subjects.  

edX's mission is to: 

  • Increase access to high-quality education for everyone, everywhere
  • Enhance teaching and learning on campus and online
  • Advance teaching and learning through research

While you can learn anything from programming in java to the science of happiness for free, you can also pay a fee (ranging from $40 to $160) to receive a certificate of completion from each course. Other special programs include the Professional Certificate and MicroMasters Certificate, which are designed to provide specialized training and career advancement opportunities. 

If you're interested in learning more about edX and how it works, keep reading. 

Ivy Leagues, top international universities, small liberal arts colleges, and music and performing arts schools are all represented in edX's impressive roster of institutions.
Harvard University

Here are just a handful of names you'll recognize: 

  • MIT
  • Harvard
  • Caltech 
  • Cornell
  • Wellesley
  • Julliard
  • Imperial College London
  • The Hong Kong University of Science and Technology
  • University of Oxford
  • Tsinghua University
  • University of Edinburgh 

See a full list of schools and organizations here. You can click on each school to learn more about it and see which edX courses it offers. 

Itching to start learning? Visit the Courses page to browse more than 1,800 classes in a variety of disciplines.
intro computer science

On the courses page, you can filter by subject, proficiency level (e.g. intermediate), whether it's self-paced, credit eligibility, and even language.

edX offers the most courses in computer science, business and management, engineering, social sciences, and humanities, so definitely consider the platform if you're interested in these subjects. 

These are some top courses from the site: 

Other cool courses we found include: 

Once you choose to enroll in a course, you have the option to pursue a verified certificate or audit the course for free.
verified certificate example

The verified certificate, signed by the instructor and bearing the institution's logo, gives you the ability to highlight your new skills and knowledge on your resume or LinkedIn profile, plus gives you some extra incentive to finish the course. The certificate fee, which can cost $40 to $160 depending on the course, also helps support edX as a non-profit. 

If you choose to audit the course for free, you still get complete access to all the course materials, activities, tests, and forums. 

Each course is organized well, with clear communication of expectations, the class schedule, materials like videos, assignments, and discussion opportunities.
course example

Many courses are self-paced, which provides great flexibility for your busy life. At the same time, everything is structured enough so you won't feel lost or out of control with all this independence and flexibility. 

Outside of individual courses, edX also offers a variety of programs, like the MicroMasters Certificate, which provides an accelerated, less expensive path to a Master's degree.
micromasters

These programs are a series of graduate-level courses that dive deep into specific career fields. The credits you earn from passing these courses go toward a MicroMasters Certificate, which can count toward an on-campus degree. 

The certificate doesn't guarantee admission to a full Master's program; instead, if you apply and are accepted into the on-campus or online program that is associated with your MicroMasters program, the MicroMasters credential will count toward the degree, reducing your requirements and financial burden. 

Pursuing this certificate is significantly less expensive than a full Master's program, so if you find that cost is a prohibitive factor in your goal of getting a Master's, you should check out the MicroMasters programs on edX.

Another way you can get ahead and stand out is with the Professional Certificate.
professional certificate

The Professional Certificate programs are designed to help you build your professional skills so you can succeed in the most in-demand jobs and industries today. Learning doesn't stop once you leave school, and as different industries continue to evolve, it's important to stay on top of the shifting responsibilities and skillsets that are expected of employees. 

Whether you're a high school student looking to get ready for college, a professional who wants to advance your career, or just a lifelong learner passionate about different subjects, edX offers the education to help you achieve your goals.
laptop typing

Start taking online courses at edX here.

Start a MicroMasters Certificate program here.

Start a Professional Certificate program here.

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Nikola soars 53% after striking $2 billion manufacturing partnership with General Motors

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nikola badger 1
Nikola Badger.
  • Nikola Corp. surged 53% on Tuesday after it inked a strategic partnership deal with General Motors to manufacture its Badger electric pickup truck.
  • General Motors will engineer and build all variants of the Badger, which is expected to enter production by year-end 2022.
  • General Motors will receive an 11% stake in Nikola Corp. worth $2 billion for the manufacturing services it provides to Nikola Corp.
  • Visit Business Insider's homepage for more stories.

Nikola Corp. soared on Tuesday after announcing a strategic manufacturing partnership with General Motors worth at least $2 billion.

General Motors will engineer and build the Nikola Badger pickup truck for both its electric-vehicle battery version and its fuel-cell version.

Production of the Badger truck is expected to begin by year-end 2022. 

Under the terms of the deal, General Motors will receive $2 billion worth of Nikola stock, amounting to an 11% stake in the EV company. The 47.7 million shares General Motors receives will be exchanged at a price of $41.93 per share.

The deal looks to be a win-win for both companies. Nikola anticipates saving more than $4 billion in battery and powertrain costs over a 10-year period, in addition to saving more than $1 billion in engineering and validation costs.

Read moreBank of America lays out the under-the-radar indicators showing that huge swaths of the stock market are 'running on fumes' — and warns a September meltdown may just be getting started

General Motors expects to realize more than $4 billion in benefits between the 11% Nikola stake, contract manufacturing services for the Badger, and supply contracts related to the batteries and fuel cells.

While General Motors will be responsible for the manufacturing of the Badger and other Nikola vehicles, Nikola will be responsible for the sales and marketing of the vehicle.

Wedbush analyst Daniel Ives said in a note published on Tuesday that the strategic partnership between Nikola and General Motors is a "game changing deal" that represents a "huge step forward" for Nikola.

"There have been many skeptics around Nikola and its founder Trevor Milton's ambitions over the coming years, which now get thrown out the window with stalwart GM making a major strategic bet on Nikola," Ives said.

Shares of Nikola soared as much as 53% to $54.54 in Tuesday trades, while shares of General Motors jumped as much as 11% to $33.33. 

nkla chart price.JPG
Read the original article on Business Insider

Fox News host Brian Kilmeade compares 'antifa individuals' to 'Al-Qaeda' in calling for cops to 'interrogate them'

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brian kilmeade antifa al qaeda
Fox News host Brian Kilmeade
  • Fox News host Brian Kilmeade argued cops should get to use harsh tactics when dealing with unrest and violence at protests, comparing antifa to the terror group behind 9/11 in a Fox Business Network appearance.
  • "Sit there, lock them up and interrogate them, almost like you would Al Qaeda," Kilmeade said.
  • "Because they are undermining our country the same way these Islamic extremists were doing it."
  • There is little evidence showing antifa is as organized as some commentators depict it, with more organized chapters in cities like Portland compared to elsewhere.
  • A Fox News spokesperson told Insider Kilmeade was focusing on antifa, and not referring to peaceful protesters in general.
  • Visit Business Insider's homepage for more stories.

In an appearance on the Fox Business Network, Brian Kilmeade said police should be emboldened to use more intense tactics when dealing with unrest and violence at protests for racial justice.

Kilmeade, who is a co-host of the Fox News morning program "Fox & Friends" as well as his own radio show, lamented local officials for not doing enough to quash escalations at the demonstrations.

 

"When we start convincing law enforcement officials to not let the antifa individuals go," Kilmeade said when asked how the unrest will end by a Fox Business host on how the unrest will end.

"Sit there, lock them up and interrogate them, almost like you would Al Qaeda," Kilmeade said. "Because they are undermining our country the same way these Islamic extremists were doing it."

"We were dead serious about that, we're not dead serious about this."

As Insider's Sonam Sheth reported earlier in the summer, there is little evidence antifa is as organized as some claim, and the notion they are infiltrating protests has all the hallmarks of a domestic disinformation campaign.

A suspect in the killing of a pro-Trump activist in Portland, Michael Reinoehl, was a self-described follower of antifa, according to the BBC. Police fatally shot Reinoehl while attempting to arrest him.

Kilmeade also decried "outlandish out of towners" co-opting the protests, though there has been significant debate by experts over whether the longstanding notion of "outside agitators" is held up by evidence in most cases.

A Fox News spokesperson told Insider Kilmeade was focusing on antifa, and not referring to peaceful protesters in general.

Read the original article on Business Insider

This Thuma bed frame is my favorite new addition to my apartment — and it assembles in 30 minutes without tools

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Thumabed
The Thuma bed frame took 30 minutes to assemble, starting from the moment my husband and I laid out all the pieces to placing the slats on top of the frame.

  • Thuma is a new direct-to-consumer brand selling one product: a platform bed frame that can be assembled in just minutes, no tools required.
  • It took my husband and me 30 minutes to assemble the frame. 
  • Each bed is crafted from solid, repurposed wood and all the pieces interlock, requiring just two hand-tightened screws.
  • The frame comes in four sizes: Full, Queen, King, and California King. 
  • It's pricey, starting at $695 for a Twin, but after sleeping on the king-size bed for the past four months, I've never liked a bed frame more and value it like an investment piece I'll have for years to come.
  • Read more: The best bed frames
Table of Contents: Masthead Sticky

When my husband and I decided to upgrade to a king-sized bed, we did tons of research on mattresses. We labored over the decision for weeks, read hundreds of reviews, and toured dozens of showrooms, before landing on a King Sealy Posturepedic Hybrid Premium Silver Chill Plush Mattress. It offered the support of a traditional mattress with the plush comfort and motion reduction of foam and cooling technology that would help us as warm sleepers.

As a couple, it's been our most expensive purchase to date at $2,499, which was much more than we intended to spend. But sleep is important, and the splurge felt worth it. Since purchasing, I'm no longer woken up by my husband's movement.

But, because we went over budget, we decided to be frugal when it came to an accompanying frame. We chose a stylish but cheap upholstered frame online and ignored negative reviews thinking, how bad could it be? 

Pretty bad. It squeaked at the slightest movement, felt flimsy, and was labor-intensive to build. After a few months, it was proving detrimental to our sleep and we decided once again to go for something well-made that would last for years. So, I began researching high-quality bed frames online. 

What is Thuma?

I started seeing ads for Thuma on Instagram and was intrigued by the claim that it could be built in just minutes (the former frame took hours, not including the resulting bickering), with interlocking solid wood made from Japanese joinery techniques, and no need for tools or hardware. The rounded corners were designed to protect shins, and the bed's cushioned slots and "pillow board" (a low, padded headboard) aided in noise reduction. Everything about it seemed thoughtful and over a thousand online reviews averaging 4.9 out of 5 stars raved about the quality craftsmanship and functional style.

We decided to try Thuma for these reasons, as well as the fact that it had the exact minimal, midcentury modern look we wanted. Plus, the low-profile platform eliminated the need for a box spring, and still offered nine-inch clearance for storage underneath. The company sent me a free review unit to test out, and after sleeping on it for the past three months I can say that I love the frame just as much as my mattress. It was so simple to build, is beautifully-made, and doesn't make a squeak. I've never slept better. 

But that's not to say I wasn't skeptical. A claim of assembly in "five-ish" minutes without tools seemed too good to be true. Could a couple really build a bed together with no fighting at all? 

The assembly process 

Our first impression was strong. As an apartment dweller, I appreciated that the bed arrived in three boxes, designed to fit upstairs and through hallways.

Thuma boxes
My bed frame, before reaching its final form.

Inside were the frame pieces, slats, pillow board, and legs with pre-applied cork-padded bottoms for floor protection and cushioning. The copy was clever, and a small smile during any type of furniture assembly goes a long way.

Thuma box copy
This is how the wooden slats arrived, cute note and all.

I decided to time how long it took to build the bed. I spent about 15 minutes just getting everything out of the boxes and arranged in order of assembly, which is what the instructions said to do.

Significant minutes could have been shaved off had each frame bar been labeled like the legs were. This would have helped us know if we were laying the pieces out correctly. Instead, we spent a lot of time second-guessing ourselves.

Thuma bed layout
Thuma suggests laying out the bed frame's pieces in order of assembly.

I would suggest opening the boxes in another room if you're short on space. We opened everything in the room where we would be building and spent extra time moving around our mess.

However, we were immediately impressed once the frame was in place and ready to put together. Each bar locked into the adjacent one through the leg, without any screws, drilling or hardware. It really did take just minutes to put the base together. The wood was solid and smooth, and the bed felt sturdy and well-crafted.

Thuma leg corners
Interlocking notches eliminate the need for tools.

Two hand-tightened screws then went in on each end, no screwdriver necessary. A word of warning, though: the screws came in an unlabeled box, and we almost accidentally threw them away.

Thuma screw
Tightening the screws by hand.

Next came the slats, which locked into place and were cushioned and lined with eco-friendly felt made from recycled plastics for durability and sound reduction. They too felt solid, unlike our rickety previous model. 

Thuma slats
15 minutes of work got us here.

From the time we laid out all the materials to this point, exactly 15 minutes went by. It took about 10 more minutes to place the mattress back on top, make the bed, and position the pillow board, bringing our total assembly time to half an hour. While that's a generous interpretation of "five-ish," it was still very quick. 

Review of the Thuma bed frame

The pillow board comes in dark charcoal or a light linen color and is made of 100% polyester pebbled linen-weave with tapered foam filling. The covers are also sold separately, so you can swap colors when the mood strikes.

It sits comfortably on the back of the frame between the mattress and the wall and is not attached to the bed in any way. It's an interesting alternative to a more traditional headboard, and it also reduces noise, thanks to the padding. The low profile can be covered by pillows or kept visible as a design accent. 

Thuma Pillow Board
An unobstructed view of our bed frame's pillow board.

This is one area where I would have loved more options. My husband and I like the look of a headboard and didn't want that lost behind our pillows. Even while visible, Thuma's pillow board still sits quite low and doesn't feature prominently. We've tried positioning it higher, which works as a temporary fix, but one side still falls occasionally.

In the future, I'd be interested in purchasing a higher board if Thuma starts producing other options.

Thuma bed

The bottom line

Ultimately, I found the Thuma bed frame to be a well-crafted product that is thoughtfully-designed. It's solid, eco-friendly, and beautiful.

Since putting it together, we've taken it apart and reassembled it again while moving apartments and it was just as seamless and easy.

Starting at $695, and going up to $995 for a king-sized bed like ours, it's certainly an expensive investment and a high-end alternative to its more affordable competitors.

But I'm confident it's a piece of furniture we'll have for many years to come, which, as I've learned, you can't always guarantee.

Read the original article on Business Insider

Meet Masayoshi Son, the Japanese investor with a $21 billion fortune whose SoftBank mega-fund just lost $10 billion from its market value after reports of risky tech investments

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masayoshi son
Masayoshi Son is the founder and CEO of Japanese holding company SoftBank.

SoftBank lost about $10 billion from its market value this week after The Wall Street Journal reported that the Japanese conglomerate has been making huge, risky investments in tech stocks.

SoftBank's founder and CEO is Masayoshi Son, who's worth an estimated $20.6 billion, per Bloomberg's Billionaires Index. That makes him the third-richest person in Japan after Uniqlo founder Tadashi Yanai and Keyence founder Takemitsu Takizaki.

Through SoftBank and his first $100 billion Vision Fund, Son has invested millions in some of Silicon Valley's biggest tech companies, including Uber, Slack, Amazon, Tesla, and Netflix. Softbank was the biggest investor in WeWork, losing more than $4.7 billion after the coworking company's failed IPO. 

Here's a look at Son's life, career, investments, and real-estate portfolio.

Masayoshi Son is the billionaire founder and CEO of Japanese holding company SoftBank, which has invested millions in some of Silicon Valley's biggest tech companies, including WeWork, Uber, Slack, and DoorDash.
masayoshi son softbank

SoftBank owns stakes in more than 1,000 companies, including Tesla, Amazon, Netflix, Alibaba.

In 2018, the company reported revenue of $82.7 billion.

SoftBank has been suffering in recent months, however, due to the failed IPO and subsequent plummeting valuation of WeWork, as well as the coronavirus pandemic.

In April, SoftBank said its Vision Fund would suffer a $17 billion annual operating loss.

Son is worth an estimated $20.6 billion, according to the Bloomberg Billionaires Index.
FILE PHOTO: A journalist raises her hand to ask a question to Japan's SoftBank Group Corp Chief Executive Masayoshi Son during a news conference in Tokyo, Japan, November 5, 2018.  REUTERS/Kim Kyung-Hoon
FILE PHOTO: A journalist raises her hand to ask a question to Japan's SoftBank Group Corp Chief Executive Masayoshi Son during a news conference in Tokyo

That makes him the third-richest person in Japan after Uniqlo founder Tadashi Yanai, who's worth $31.8 billion, and Keyence founder Takemitsu Takizaki, who's worth $23.9 billion.

Most of Son's wealth comes from his 27% stake in Softbank, which makes him the largest shareholder, per Bloomberg.

Son was born in 1957 to Korean immigrants on the Japanese island of Kyushu.
masayoshi son softbank

The 63-year-old CEO was one of four brothers, and his father worked at restaurants, farms, and fisheries.

In 1972, when he was 16, Son met one of his idols: McDonald's Japan founder Den Fujita, who encouraged him to go study in the United States.
Masayoshi Son
Masayoshi Son in 1985.

Son took his advice and moved to San Francisco the next year to continue high school.

Son went on to study computer science and economics at the University of California at Berkeley.
uc berkeley
The UC Berkeley campus.

Before he was 21 years old, Son sold his first company, a multilingual translator bought by Sharp for about $1 million.

In the 1980s, Son founded SoftBank, a company that today pours billions of dollars of capital into tech startups, including through its $100 billion Vision Fund.
FILE PHOTO: A man looks at the logo of SoftBank Group Corp at the company's headquarters in Tokyo, June 30, 2016.   REUTERS/Toru Hanai/File Photo
Man looks at the logo of SoftBank Group Corp at the company's headquarters in Tokyo.

Through its Vision Fund, SoftBank has invested in major tech companies like Uber, WeWork, food-delivery startup DoorDash, and Indian e-commerce retailer Flipkart.

Son's investment strategies are considered unconventional in Silicon Valley.
masayoshi son softbank

The size of Son's $100 billion Vision Fund and its investment strategies have shocked Silicon Valley investors, per Bloomberg.

"The standard VC playbook involves making small, speculative investments in early-stage startups and adding funds in follow-on rounds as those startups grow," Sarah McBride, Selina Wing, and Peter Elstrom wrote for Bloomberg. "SoftBank's strategy has been to put enormous sums — its smallest deals are $100 million or so, its biggest are in the billions — into the most successful tech startups in a given category." 

In early 2019, Fast Company's Katrina Booker called Son "the most powerful person in Silicon Valley" for his ambitious vision — and financial means — to transform industries from real estate to food to transportation through his investments in artificial intelligence and machine learning.

Like the rest of Silicon Valley, Son has been reckoning with the presence of Saudi Arabia in the US tech world.
masayoshi son
Crown Prince of Saudi Arabia Mohammed bin Salman and Masayoshi Son shake hands after signing a solar power project agreement in New York in March 2018.

"Saudi Arabia's presence in Silicon Valley is greater than it's ever been," Alexei Oreskovic wrote for Business Insider in 2019.

The SoftBank CEO has direct ties to Saudi Arabia, which has been embroiled in human rights scandals and blamed for the killing of journalist Jamal Khashoggi.

Saudi Arabia's Public Investment Fund is the SoftBank Vision Fund's largest backer, having contributed $45 billion of the fund's $100 billion bankroll.

The SoftBank CEO is known for paying his executives handsomely — and he's far from the highest-paid person at the company.
Masayoshi Son happy

Six of SoftBanks' top executives made $83 million combined (9.1 billion yen) in compensation in 2018, while Son's salary rose to about $2.1 million (229 million yen), according to Bloomberg.

"The range of executive salaries in Japan has gone up, but compensation in the billions of yen is still unheard of beyond a handful of global companies," Noriko Watanabe, a partner at Heidrick & Struggles, an executive search company, told Bloomberg last year.

In 2019, the head of SoftBank's Vision Fund made $15 million in 2019 — despite the Vision Fund losing billions of dollars — while its COO made more than $19 million, per Reuters. Son himself made just under $2 million.

Son owns millions of dollars worth of property in Tokyo, where SoftBank is headquartered.
tiffany ginza tokyo
Tiffany & Co. in Tokyo's Ginza district.

The SoftBank CEO owns about $45 million worth of residential property in Tokyo, according to Bloomberg. And in 2013, he spent $326 million on Tokyo's landmark Tiffany Building in the Ginza luxury shopping district.

He also owns a $117.5 million Silicon Valley estate that comes with a 9,000-square-foot house, a 1,117-square-foot pool house, a detached library, a swimming pool, a tennis court, and formal gardens.
masayoshi son california home
A Google Maps satellite view of Masayoshi Son's Silicon Valley home.

Son bought the Woodside, California, property in 2012 from private equity investor Tully Friedman, according to Forbes.

Son is married and has two children, but he keeps his family life private.
masayoshi son

The CEO married Masami Ohno, the daughter of a prominent Japanese doctor, while they were both students at UC Berkeley, The Seoul Times reported. The couple reportedly has two daughters together, but little information about the family can be found online.

Son's younger brother, Taizo Son, is also a billionaire.
taizo son

Taizo Son is an entrepreneur who has founded companies including GungHo Online Entertainment and Movida Japan. He's worth an estimated $1.2 billion, according to Forbes.

The SoftBank CEO reportedly has personal relationships with billionaire CEOs and entrepreneurs such as Bill Gates, Larry Ellison, Rupert Murdoch, and Tadashi Yanai.
masayoshi son rupert murdoch
Son with media mogul Rupert Murdoch in 1999.

Son has visited Ellison's Silicon Valley home, where he met Steve Jobs.

Yanai sat on SoftBank's board of directors until he stepped down in December 2019.

Son reportedly once had a close relationship with Adam Neumann, the cofounder and former CEO of WeWork, in which SoftBank was once the biggest investor.
Adam Neumann
WeWork CEO Adam Neumann.

Neumann told Business Insider in a 2019 interview that he and his wife, Rebekah, call Son "Yoda," in reference to the "Star Wars" character.

"He is Yoda," Neumann said. "He has the Force with him."

But WeWork's valuation has plummeted since September 2019 amid its failed IPO attempt in September 2019. Son reportedly "lost faith" in Neumann and wanted him demoted, the Financial Times reported September 22. A couple of days later, Neumann stepped down as CEO.

SoftBank took control of WeWork in a deal that gave Neumann almost $1.7 billion and required him to step down as chairman of the board.

In May, Son said on an earnings call that he felt "foolish" for investing $18.5 billion into WeWork.

In May 2019, SoftBank announced the creation of a second $100 billion Vision Fund, after having already spent more than half of the first one.
masayoshi son

"Various investors from around the world are telling us they definitely want to participate in Vision Fund 2. We will set it up soon," Son said at the beginning of May, according to The Wall Street Journal.

The Journal later reported that Son has been having trouble raising money for this new fund, a claim SoftBank disputed.

"While we don't comment on fundraising, much of The Wall Street Journal's reporting on investor sentiment is misleading and even inaccurate," a SoftBank spokesperson told Business Insider in an email in June.

In July 2019, the company announced commitments of $108 billion to its second Vision Fund.
Masayoshi Son softbank

SoftBank confirmed that Apple, Foxconn, and others will invest in the fund, as well as Microsoft for the first time, Business Insider's Shona Gosh reported.

Although Saudi Arabia's Public Investment Fund was the largest backer of the first Vision Fund, having contributed $45 billion of the fund's $100 billion bankroll, Saudi Arabia is missing from the list of backers for the new fund.

But SoftBank has suffered since WeWork's downfall and amid the coronavirus pandemic.
Softbank Group president Masayoshi Son announces the company's third quarter financial result ended December in Tokyo on Wednesday, February 12, 2020. Softbank Group reported an operating loss of 12.96 billion yen for April to December.
SoftBank CEO Masayoshi Son

In April, SoftBank said its Vision Fund would suffer a $17 billion annual operating loss.

SoftBank-backed companies including Oyo, Uber, Zume, and WeWork have laid off more than 8,000 people since January in total. In a Forbes interview also in April, Son said he predicts that 15 of the companies that the Vision Fund has backed will go bankrupt.

In early September, SoftBank's market value took a roughly $10 billion hit after The Wall Street Journal reported that it had been making massive, risky investments in tech stocks.

In June, as protests over racial injustice and the death of George Floyd swept the globe, SoftBank announced the launch of a $100 million fund to invest in entrepreneurs of color.
TaskRabbit Stacy Brown-Philpot
TaskRabbit CEO Stacy Brown-Philpot is one of the fund's founding members.

The fund will be overseen by SoftBank's chief operating officer, Marcelo Claure and two black tech leaders: TaskRabbit CEO Stacy Brown-Philpot and Pindrop cofounder Paul Judge.

"When it comes to diversity, SoftBank absolutely has to do better as an employer, investor, and partner. But we can't just talk — we have to put money behind it, set plans, and hold ourselves accountable," Claure wrote in an email to employees. "This fund will only invest in companies led by founders and entrepreneurs of color."

The announcement came on the ninth day of protests over the death of George Floyd, a black man who was killed by a white police officer, which started in Minneapolis and spread to all 50 states and countries including England, France, Germany, New Zealand, and the Philippines.

Despite his company's recent losses, Son has remained optimistic.
masayoshi son

On an earnings call in May, Son talked about how the coronavirus has created a valley — the "Valley of Coronavirus" as he called it — that some companies will fall into, but other "unicorn" companies will be able to fly out of and succeed, as Business Insider's Bryan Pietsch reported.

"Things will probably get worse," Son said in the call, per The New York Times. "But we will keep working hard to survive."

In August, after three quarters of devastating losses, SoftBank finally reported a profit again and proceeded to make investments in Amazon, Tesla, Alphabet, and Netflix.

Read the original article on Business Insider

California winemakers are racing to salvage their grape harvests before wildfires destroy them

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  • The second-largest fire in California history has already burned over 1.6 million acres this year.
  • This is the fourth year in a row of devastating fires to rip through wine country. In late 2019, the Kincade Fire destroyed over 100 buildings like the iconic Soda Rock Winery.
  • Even if the flames don't reach winemakers' property, "smoke taint" can ruin their crop with an ashy taste that is hard to remove.
  • And California's predominantly Latino agricultural workers are three times more likely than other workers to be infected by the coronavirus, according to a recent study.

After four years of worsening fire conditions, California winemakers have been forced to make a difficult decision: salvage what they can before smoke ruins their grapes or lose the crops and hope insurance will cover the losses.

Since August 15, over 1.6 million acres in California have burned — an area about the size of Delaware. Scientists predict this year will likely mark the state's worst-ever wildfire season.

In a normal year, the end of summer would mark the beginning of harvest in wine country. Nearly 15 million tourists visit Sonoma and Napa counties annually — pumping about $4 billion into wineries, hotels, and restaurants, according to state tourism data. 

"Right now is the most critical time for the industry and our business and our county," Ross Reedy, the director of winemaking for Truett-Hurst Inc., said.

Reedy has worked in the wine industry for 12 years. He's seen how fires have changed the landscape over the years. He said that 10 years ago, he'd be able to determine when to pick grapes based on their ripeness, now he's at the mercy of fires and wind patterns.

Even when fires aren't close, winemakers worry about what they call "smoke taint."

"If you have smoke that sits in a vineyard over a period of time, it latches onto the skins and the sugar," Reedy said. "It actually creates very heavy barbecue, ashtray kind of characteristics in the wine."

"You can taste it as an ordinary consumer," Mia Van de Water, a master sommelier at Cote Korean Steakhouse in New York, said.

wine fire

She said the ashy taste sometimes becomes apparent only after the grapes have been processed and fermented. Batches of affected wine are typically sold in bulk and blended in with other wine to dilute the flavor.

"It'll wind up in something like Woodbridge by Robert Mondavi," she said, referring to a product that costs under $10 per bottle.

Some vineyards are just one lost crop away from their business coming to an end.

"First of all, it hurts the grower," Reedy said. "So basically he doesn't make any money this year. He limps along. If he was in dire straits, it could potentially kill his business." 

Hotter, drier conditions are becoming part of a "new normal" in California. Though last year's Kincade Fire started because of faulty electrical equipment, this year's combination of a searing heat wave and rare summer lightning storms has kicked off what scientists predict could be a catastrophic fire season. 

Winemakers are trying their best to adapt, but there are many complications.

The power at Emmitt-Scorsone Wines was out for over a week.   

Some vineyards have crop insurance, but it rarely covers all losses. That puts growers like Reedy in a bind: harvest what they can and risk that the wine made from them will have an unpleasant smoke flavor, or let them rot on the vine and file an insurance claim.

And it means asking field workers to brave rough conditions in the middle of a pandemic. A July study showed that California agricultural workers were three times more likely to contract the virus compared with workers in other sectors.

Corazón Healdsburg, a local nonprofit, has been distributing food since the pandemic began. On August 21, it offered free COVID-19 testing for the community in the parking lot adjacent to its headquarters. Many of those who show up for testing are agricultural workers and their families.

"If somebody is infected with COVID, that could really have a huge impact on the whole operation. And so that's why this testing is so important right now," Ariel Kelley, the CEO of the organization, said. 

wine fire

A majority of agriculture workers in Sonoma County are Spanish speakers. That language barrier can make it difficult to pass on information about COVID-19 and fire evacuations. Some of those who need help most are afraid to ask because of their immigration status, Kelley said.

"There will be folks by virtue of all of the alphabet soup of government agencies that show up: the California Office of Emergency Services and all of the different government departments that come. People get nervous and rightfully so," Kelley said.

Despite these challenges, winemakers are taking steps to protect their workers and their grapes. Organizations like Sonoma County Winegrowers provide fire-safety training. Others have produced instructional videos about COVID-19 for Spanish-speaking workers.

In St. Helena, California, ETS Laboratories developed a test to detect smoke taint in grapes. This year they've already received 1,000 samples for testing, according to Karissa Kruse, the president of Sonoma County Winegrowers. Kruse also oversees a foundation that provides emergency relief to agricultural workers affected by fires.

But many growers, like Palmer Emmitt of Emmitt-Scorsone Wines, remain optimistic about the industry's future.

"Hopefully this is not going to be an annual occurrence. But Sonoma County and the wine industry are resilient, and I think we'll survive and keep chugging," Emmitt said.

In the wee hours of August 23, Reedy's crew finished their emergency pick. It seems that the day's haul has a future in bottles as rosé.

"We would have loved to have turned this into a still red wine, but you gotta do what you gotta do," Reedy said.

Read the original article on Business Insider

Senate Republicans unveil a stimulus plan that implements $300 weekly federal unemployment benefits but leaves out direct payments

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Senate Majority Leader Mitch McConnell
Senate Majority Leader Mitch McConnell.
  • Senate Republicans rolled out a slimmed-down stimulus plan on Tuesday.
  • It includes a $300 federal unemployment benefit through December, $257 billion in small-business aid, and no additional assistance for cash-strapped states.
  • It leaves out a second round of $1,200 stimulus checks, which helped people make ends meet at the peak of the lockdown in April and May.
  • Democrats are likely to block the bill, which they attacked as "emaciated."
  • Visit Business Insider's homepage for more stories.

Senate Republicans unveiled a slimmed-down stimulus plan on Tuesday to implement a $300 federal supplement to state unemployment benefits. But it leaves out a second round of $1,200 direct payments, which helped people make ends meet at the height of lockdowns earlier this year.

Democrats are likely to block the bill, which doesn't include any extra federal aid for states. It carries a $500 billion price tag. That's roughly half as much as the initial $1 trillion plan that the GOP rolled out in late July.

Given its slim odds of passage, the legislation largely appears to be messaging intended to convey the GOP's biggest priorities for the next coronavirus relief package. 

The bill would put in place a $300 federal unemployment payout through December 27 and enact liability protections for businesses through the Safe to Work Act. That measure raises the bar for hospitals, schools, and small and large businesses to face coronavirus-related lawsuits.

Read more: MORGAN STANLEY: The government's recession response has the stock market heading for a massive upheaval. Here's your best strategy to capitalize on the shift.

It didn't include a second round of direct payments, which had drawn support from some Republicans — including President Donald Trump — and Democrats. Experts say the money shored up the finances of millions of jobless people as the pandemic shut down the US back in March.

The plan also extends the deadline to September 2021 for states to use $150 billion in federal assistance granted under the Cares Act in March without increasing flexibility or attaching new funds. Many states already allocated their money to prop up their public health response.

Democrats say the GOP coronavirus relief plan is 'headed nowhere'

Republicans and Democrats are still far apart on measures to include in another round of pandemic aid. Democrats are seeking nearly $1 trillion in aid to cash-strapped states alone, a figure that Republicans oppose as too costly and unnecessary.

Both sides agree the federal government should supplement state unemployment benefits, but they're divided on the amount to approve. Democrats want to restore the $600 weekly aid that was in place from March to late July, but the GOP plan would revive it at $300-per-week — only half as much.

President Donald Trump signed an executive order last month to provide $300 unemployment benefits through the end of the year. Most states are moving slowly to implement it.

Top congressional Democrats assailed the plan on Tuesday even before it was formally unveiled. In a statement, Senate Minority Leader Chuck Schumer and House Speaker Nancy Pelosi said, "Senate Republicans appear dead-set on another bill which doesn't come close to addressing the problems and is headed nowhere."

Read more: A strategist at the world's largest wealth manager lays out 4 election-related risks that could damage investors' portfolios — and shares how to safeguard against each one now, regardless of who wins

"This emaciated bill is only intended to help vulnerable Republican Senators by giving them a 'check the box' vote to maintain the appearance that they're not held hostage by their extreme right-wing that doesn't want to spend a nickel to help people," they said in the statement.

Negotiations between the White House and Democrats fell apart last month amid fierce disagreements on the amount of federal spending needed to keep the economy afloat. Democrats are pushing for at least $2.2 trillion in further spending,

The latest jobs report on Friday showed the US regained 1.4 million jobs in August, indicating the economy was slowly recovering its footing after a wave of massive job losses stemming from the pandemic earlier this year.

But nearly 29 million Americans are still on unemployment benefits, and experts warn of a recovery that leaves many low-income people behind because they lost jobs and income at higher rates compared to wealthier people.

Read more: 'Never been so extreme': A renowned stock bear says today's 'hypervalued' market implies the worst returns in history — and expects a 66% crash from today's levels

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Putin is using RT to double down in Belarus: 'If you arrest the right 500 people, the other 100,000 won't show up'

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Russian President Vladimir Putin and Belarusian President Alexander Lukashenko toast during a dinner following their meeting in Sochi, Russia December 7, 2019. Sputnik/Mikhail Klimentyev/Kremlin via REUTERS
File photo: Russian President Vladimir Putin meeting with Belarusian President Alexander Lukashenko in Sochi.
  • Russia's Putin sent staff from RT, the Russian-controlled TV channel, to state media stations in Belarus — a signal that he does not want protestors to push Belarus's Lukashenko out of power.
  • "Putin has decided to fully back Lukashenko to prevent him from falling to this popular uprising," a NATO military official told Insider.
  • "This is the first stage of propping up your dictator ally: Solidify control over state media. Then bolster intelligence gathering on who opposes you," the source said.
  • Meanwhile, Lukashenko is continuing to arrest any opposition leaders who have not fled the country.
  • Visit Business Insider's homepage for more stories.

After weeks of speculation and ambiguity, Russian President Vladimir Putin appears to be trying to solidify the regime of Belarusian President Alexander Lukashenko, a source tells Insider. The key signal? Putin sent Russian resources from RT to "solidify control over state media" in Belarus, a source told Insider.

Meanwhile, Lukashenko continues to arrest his opponents.

On September 7, Lukashenko detained the last major opposition candidate to his 26-year presidency, Maria Kolesnikova. She was one of three major opposition candidates to Lukashenko, and last to remain inside Belarus. The others have fled into exile.

The arrests came less than a month after an election widely seen as fraudulent. While the official result returned Lukashenko to power with a huge majority, no one believes the result is real. The public has been protesting on the streets of Minsk for weeks, prompting speculation that Lukashenko might be forced out of power by his own citizens.


After a wave of arrests of protesters and threats to activists, Kolesnikova was detained at the border between Belarus and Ukraine late Monday night. Two of her aides made it to Ukraine. But Kolesnikova's status is currently unknown. It is widely suspected she was arrested. 

The disappearance of the last remaining opposition figure comes just two days after more than 100,000 people demonstrated peacefully against Lukashenko.

'Putin has decided to fully back Lukashenko to prevent him from falling to this popular uprising'

Now, European intelligence services say Lukashenko is clearly under Putin's protection. That's important because, for weeks, Putin seemed to be publicly ambivalent about the fate of his neighboring strongman. 


"Putin has decided to fully back Lukashenko to prevent him from falling to this popular uprising," said a NATO military official from a Baltic country, who cannot be identified speaking to the media. "What his end goal with this is remains unclear. But for now we have seen the signs that he is pushing soft power support to Lukashenko. The question is, do we see a hard power effort or 'Little Green Men,' if the soft power fails."

"Little Green Men" is military shorthand for the irregular, somewhat anonymous military operations conducted by unmarked Russian forces in 2014 in Crimea, and 2008 in Georgia.


Lukashenko spoke directly about the support from Putin in an interview Tuesday with Russian state broadcaster RT's editor Margarita Simonyan and several friendly Russian journalists. 


He thanked Simonyan specifically for sending technicians and staff to help keep Belarus's national broadcasters on-air. There had been widespread resignations from Belarusian media staffers demanding the release of detained colleagues.

'We have also seen several planes closely associated with the FSB flying in people and equipment'

On Monday, the Moscow Times reported that RT workers had replaced a substantial number of Belrusian media workers who had gone on strike or were deemed potentially disloyal to the regime. Some 300 are reported to have gone on strike or resigned.


"We have also seen several planes closely associated with the FSB flying in people and equipment for intelligence and surveillance operations targeting the opposition leadership," said the Baltic official.

"This is the first stage of propping up your dictator ally: Solidify control over state media. Then bolster intelligence gathering on who opposes you. Putin knows you can't arrest 100,000 people for demonstrating but he's convinced if you arrest the right 500 people, the other 100,000 won't show up."

Read more:

Putin has no clear options in Belarus

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Oil plunges 9% as major producers slash prices on demand weakness

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oil rig oil production

Oil futures tumbled on Tuesday as major producers cut prices to shore up market demand.

West Texas Intermediate crude contracts for October delivery sank as much as 9.2%, to $36.13 a barrel, before stabilizing. Brent crude tanked as much as 6.7%, to $39.79, at intraday lows.

The world's most traded commodity has fallen under new pressure in recent sessions amid signs that coronavirus fallout continues to weigh on the energy sector. Reopenings through the summer prompted a moderate rally and held contracts around $43 per barrel, but prices have since slipped on concerns the market may take longer than expected to bounce back.

Selling kicked off on Sunday after industry giant Saudi Aramco slashed prices for October crude amid lasting demand weakness, Bloomberg first reported. Abu Dhabi National Oil followed suit on Tuesday, cutting its own prices and reiterating the region's market slump.

Read more: 4 experts break down the drivers behind the sudden plunge in tech stocks that's dragging the entire market lower — and share their best recommendations for what investors should do as the election approaches

The slide placed WTI and Brent to their lowest levels since June. Both contracts broke through the key support of $40 per barrel at their lowest points in the session.

"It is getting very ugly in the energy space as the revised base case scenarios for a return to a pre-pandemic crude demand levels keeps getting pushed back," Edward Moya, senior market analyst at OANDA, said. "WTI crude won't stabilize until the stock market panic eases, which could mean prices will hang around the mid-$30s for the next couple of weeks."

Click here to subscribe to Power Line, Business Insider's weekly energy newsletter. 

Separately, investors found cause for concern in President Donald Trump's latest rhetoric against China. The president said on Monday he plans to end the US's reliance on China and its manufacturing industry. Trump also threatened to punish companies moving jobs outside the US and keep firms with operations in China from winning government contracts.

Such actions could further cut into oil demand by decreasing trade activity between the economic superpowers.

WTI crude traded at $39.78 a barrel as of 2:30 p.m. ET Tuesday. Brent crude traded at $36.78.

Now read more markets coverage from Markets Insider and Business Insider:

New stimulus can fuel full US GDP recovery 2 quarters sooner than previously expected, Morgan Stanley says

US stocks tumble as sharp tech sell-off accelerates

Fred Stanske uses the insights of Nobel winner Richard Thaler, the 'father of behavioral finance,' to beat the market with under-the-radar stocks. Here's how he does it — and 2 picks he's buying for long-term gains.

Read the original article on Business Insider

Law firms are using new tech to cut costs. These are the startups set to benefit — and what it means for the future of legal careers.

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legal tech law gavel 2x1
  • The legal industry is seeking to streamline efficiency and meet client demands by using startups or building up their own tech. 

  • Business Insider is tracking the latest innovations across the legal industry.  
  • Visit Business Insider's homepage for more stories.

 

The coronavirus pandemic has accelerated virtually every industry's path to digitize and the notoriously old-school world of law is no exception.

Legal firms are demanding more innovation in a bid to improve efficiency and as clients seek lower costs. VCs are seeing promise in the space, opening their wallets to fund legal tech startups. Last year, Bloomberg Law reported that legal tech investments hit at least $1.2 billion by the end of the third quarter, surpassing the previous year's record of $1 billion.

Business Insider has been tracking the latest from startups looking to disrupt the complex and paper-dependent industry and how legacy companies are adopting new digital tools. See the latest below.

Legal tech startup news

These are the 10 hottest legal tech startups that have raised a combined $1.4 billion in VC funding from investors like Bessemer Venture Partners and Andreessen Horowitz

Meet 9 legal tech startups that top VCs say are poised to take off as law firms look to cut costs and boost productivity

Trustate, a new startup launched by an ex-DLA Piper attorney, is looking to disrupt a key part of an 'inefficient' $194 billion industry by easing the pain points of estate administration

Legal industry warms up to tech

Meet the AI-powered recruiting company used by investment banks like Lazard and Piper Sandler that's looking to transform how legal firms hire out of law school

A virtual law firm is hiring freelance lawyers to create a Netflix-style subscription legal service that could disrupt the US legal industry

Top law firms are starting to share exclusive data with clients to help them win legal disputes and clinch M&A deals. Here's why they're giving it away for free.

The notoriously old-school legal industry is finally warming up to tech. Here are the winners and losers as law firms turn to startups to cut costs.

How top law firm Mintz is using AI to help reduce costs for clients and alleviate work for associates

Read the original article on Business Insider

'When we say Black lives matter, we mean it': Delta upgrades Black passenger harassed by white passenger

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Delta Air Lines Airbus A321
Delta banned a white woman from its airline after she harassed a Black woman.
  • Demetria Poe, a 25-year-old Black woman, was on a Delta flight recently, wearing a "Black Lives Matter" face mask. She helped a white woman wearing an American flag face mask with her luggage. 
  • In seeming response, the woman then changed her face mask, donning a "Blue Lives Matter" mask, before sitting down next to her, Poe wrote in a Facebook post
  • The woman began harassing Poe, making inflammatory remarks including that George Floyd died because he "was on drugs," according to USA Today.
  • Delta moved the woman, offered Poe a seat upgrade on her flight home, and gave her a few small gifts. 
  • Visit Business Insider's homepage for more stories.

One passenger is applauding Delta Air Lines for intervening during a racist incident and "taking a stand" against intolerance. 

On August 28, 25-year-old Demetria Poe, a Black woman, was on a flight from Minneapolis to Washington DC, to participate in a civil rights march. She was wearing a "Black Lives Matter" facemask.

After helping a white woman wearing an American flag facemask lift luggage into the overhead compartment, Poe sat down in her seat. The woman who she helped came back from the aisle and sat down in a seat next to Poe, wearing a different mask that read "Blue Lives Matter," Poe explained in a Facebook post

The woman began talking to her, saying, "I support blue lives because I support our officers."

Poe defended the Black Lives Matter movement, saying, "The life of an officer exists but there is no such thing as a blue life and that statement is nothing but a rebuttal to the fact that [Black Lives Matter] has been disregarded time after time after time."

The other woman proceeded to say things such as "Africans from the west sold the most slaves" and "having Blacks in America has been the best thing for them because they can work their way up," according to Poe. 

She told USA Today that the woman began talking about George Floyd, a Black man who died after Minneapolis police officer Derek Chauvin kneeled on his neck for close to nine minutes. The woman said he died because he was "on drugs." 

Soon after, multiple white women and a white man sitting nearby intervened, defending Poe. Flight attendants came over to check on her and offered to move the other woman's seat. 

Later, Poe wrote, she was informed that the woman "would not be flying with Delta anymore because they do not personally or as a company stand for racism and discrimination." 

On her flight home, Poe had her seat upgraded and got a small bag of goodies that included a luggage tag and a pin with the Delta logo that reads "Black Lives Matter." 

Poe shared her story in a Facebook post, which has since gone viral. Delta's official Facebook account commented on the post: "When we say Black lives matter, we mean it. You matter to us, Demetria."

The incident happened as marches and protests continue in the wake of the killing of George Floyd, Breonna Taylor, and other Black Americans, with more Americans calling on businesses to take a stand against racism.

Delta did not return a request for comment.

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Peloton surges 14% after it expands product portfolio with new bike, cuts price

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Peloton 4
  • Peloton surged 14% on Tuesday to near record highs after it announced two new exercise products, along with a price cut to its existing connected bike.
  • Peloton introduced the new Peloton Bike+, a premium version of its already popular connected bike, as well as the Peloton Tread, a budget version of its treadmill that was originally launched in 2018.
  • Peloton cut the price of its Peloton bike by $350, making it more affordable for consumers who had sticker shock with the original $2,245 price tag.
  • CFRA Research is cheering the move, and boosted its price target on shares to $90 from $60.
  • Visit Business Insider's homepage for more stories.

Investors are thrilled with Peloton's new product announcements, with shares racing as much as 14% higher to near record highs in Tuesday trades.

Peloton announced on Tuesday two new products to its line-up that now round out its product portfolio to include a premium and budget version bike, and a premium and budget version treadmill.

The new Peloton Bike+ costs $2,495 and includes a swivel monitor that allows the user to do more workouts other than cycling on the Peloton app, the ability to sync an Apple Watch with the bike for fitness tracking, and an auto-follow feature that automatically adjusts the cycling resistance during classes.

The original Peloton Bike will remain on sale for $1,895, representing a $350 decrease from its original $2,245 price tag.

The Peloton Tread+ is still the same treadmill released by Peloton in 2018, just with a new name. The Tread+ will cost $4,295.

The Peloton Tread is a new budget version of the Tread+ that will cost $2,495 and will have a slimmer profile than the Tread+. According to Peloton, the new treadmill will be available in early 2021.

Read more: 4 experts break down the drivers behind the sudden plunge in tech stocks that's dragging the entire market lower - and share their best recommendations for what investors should do as the election approaches

CFRA Research was impressed by the new product lineup from Peloton, according to a note published on Tuesday. 

"The addition, in our view, will provide more affordable entry points to experience Peloton and address consumer concerns about sticker shock," CFRA said.

The firm increased its price target by $30 to $90, which was a dollar below where Peloton traded at its peak on Tuesday. CFRA maintained Peloton at a "buy" rating.

Peloton is set to benefit from its "first-mover advantage in interactive fitness, which has allowed PTON to achieve critical mass and cultivate a loyal following," CFRA concluded.

Shares of Peloton traded as high as $91.84 on Tuesday, just below their all-time high of $92.50 reached last week.

pton chart.JPG
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Seeking nominations for the top people of color making an impact in the sneaker industry, from designers to activists

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D'wayne Edwards
Shoe designer D'Wayne Edwards is one of the few Black designers to make it to the top of the sneaker industry.
  • Business Insider is putting together a power list that will highlight the most outstanding people of color that have made an impact in the sneaker and sportswear industries.
  • Please submit your nominations through this form by September 14.
  • Visit Business Insider's homepage for more stories.

The sneaker community is intrinsically bound to Black culture. But a frequent complaint is that cultural influence is rarely seen beyond brands' outward messaging or campaigns.

Marketing campaigns and celebrity partnerships from Adidas and Nike are known to prominently feature artists and athletes of color, such as Beyonce, Kanye West, and LeBron James. But as the New York Times previously reported, fewer than 4.5% of the 1,700 Adidas employees at the Portland, Oregon, campus identified as Black, according to internal employment figures from 2019. At Nike, the 2019 Diversity report showed that 21.6% of the company's total workforce in 2019 was Black or African American. 

Business Insider is putting together a power list that will highlight the most outstanding people of color that have made an impact in the sneaker and sportswear industries. The list will feature designers, resellers, collectors, executives, deal-makers, and professionals who have played a part in transforming the sneaker industry. 

"Right now, we all know there's not that many of us in the industry," said D'Wayne Edwards, a former Nike footwear designer and a leader of The African American Footwear Forum (AAFF), which works to address and solve diversity issues in the footwear industry.

With this power list, we are also looking to spotlight people who have helped nurture the advancement of people of color within the sneaker and sportswear industries.

Criteria and methodology

The list will be based on multiple factors including an individual's impact on the sneaker industry as a whole and in terms of advancement for people of color. If the individual works at a larger company, he or she will be evaluated based on the impact of the person's performance on the company as a whole.

We will determine the final list through our reporting.

Please submit your nominations through this form by September 14.

Read the original article on Business Insider

The 5 coolest features of Peloton's new $2,495 premium bike, from a rotating high-definition screen to automatic resistance control

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Peloton 1
Peloton's new Bike+.
  • Peloton just dropped Bike+, a new premium stationary bike model with enhanced features, that hits the market on September 9. 
  • For $2,495, Bike+ is designed to make it "easier to complement an indoor cycling class with Peloton's strength, yoga, stretching, and meditation classes," according to the company. 
  • We took a look at some of the coolest features, including a rotating high-definition screen and instant Apple Watch synching, to determine how they compare to the original model. 
  • Visit Business Insider's homepage for more stories.

Peloton may have dropped the price of its original stationary bicycle on Tuesday, but its maintaining its elite edge with a brand new premium model: Bike+.

According to Peloton, the premium model — officially hitting the market on Wednesday at a price tag of $2,495 — is designed to make it "easier to complement an indoor cycling class with Peloton's strength, yoga, stretching, and meditation classes." 

"The Peloton Bike+ builds on the innovation of the original Peloton Bike and includes some of the most member-requested hardware and software features and class content," the company said in a press release.

Many of the new features — which range from a larger screen that rotates 180 degrees, to automatic resistance control — were informed by customer feedback in the last six years since the original Peloton bike debuted and changed the face of at-home fitness. 

"[The features are] something our members have been asking for and now we're providing to them. Member feedback inspires us and is really what drives and motivates our team," Jayvee Nava, Peloton's vice president of community, said in a video introducing Bike+ on Tuesday.

We took a closer look at some of the coolest features of Peloton Bike+  that you won't find on the old model. 

Rotating high-definition touchscreen
Peloton 3

The Bike+ screen is not only larger than the original at 23.8 inches wide, it also rotates — allowing users to "seamlessly transition between cycling and floor-based workouts," the company said in a press statement. 

The high-definition touch screen rotates 180 degrees left and right, giving Peloton users the ability to do a variety of cross-training activities next to the bike, in addition to cycling. 

"[You finish] your last interval on the bike, you unclip, and then you literally take the screen and you rotate it so that you can see us and we are in the room with you," Peloton instructor Jess Sims said in the Bike+ video. 

 

 

Enhanced speaker system
Peloton 6

Unlike the original Peloton, Bike+ includes a high-fidelity, four-speaker sound system designed for "clearer sound and quality for a more intense instructor connection," according to the company. 

"We integrated a sound bar and subwoofer system right into the screen," Tom Cortese, Peloton COO and head of product development, said in the Bike+ launch video. 

One-tap Apple Watch syncing
Peloton 12

Bike+ riders will be able to simply tap their Apple Watch on the screen to instantly keep track of real-time performance and health metrics and data. 

"You can sync your watch up to the screen, and then your heart rate, your calories — it's linked," Melissa Braverman Tyack, Peloton's senior engineering program manager, said in the video. "It's really important to our members. The community spoke, we listened." 

Automatic, touch-free resistance adjustments
Peloton 10

For riders who don't want to be bothered with manually switching the resistance during their ride, Bike+ includes the option to automatically scale resistance changes based on target metrics.

By selecting the "Auto-Follow" feature, riders "don't even have to touch that resistance knob," Braverman Tyack said in the video. 

"Throughout the class, the digitally-controlled resistance remembers where you fall within the target metrics and automatically adjusts based on instructor guidance, allowing you to fully lose yourself in the class," Peloton said in a press release. 

 

Bike Bootcamp
Peloton 4

While Bike Bootcamp — a new total-body fitness class that includes mat exercises and strength training — will be open to all Peloton members starting September 15, it is especially conducive to Bike+ thanks to features like the rotating screen and sound system. 

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