President Donald Trump and Fox News host Sean Hannity.
Ethan Miller/Getty Images
Sean Hannity, on both his radio and TV show, called for President Donald Trump to pardon himself and his family before leaving office.
Early Monday, on his radio show, Hannity hosted Michael Flynn's lawyer and former Trump campaign attorney Sidney Powell, who said a pardon wouldn't be necessary as Trump would serve another four years.
Hannity was in part responding to an op-ed in The New York Times by Andrew Weissmann, a former DOJ deputy attorney who worked with former special counsel Robert Mueller.
The op-ed calls for Trump and the Trump campaign to be prosecuted after Trump leaves office.
Fox News opinion host Sean Hannity called for President Donald Trump to pardon himself on two separate occasions on Monday.
Hannity hosted former national security adviser Michael Flynn's lawyer and former Trump campaign attorney Sidney Powell on his radio show. In the segment, the two praised Trump's decision to issue a full pardon for Flynn.
Hannity brought up the possibility of Trump pardoning himself and his family, saying, "the president out the door needs to pardon his whole family and himself because they want this witch hunt to go on in perpetuity."
"They're so full of rage and insanity against the president… I assume that the power of the pardon is absolute and that he should be able to pardon anybody that he wants to," Hannity added.
Powell replied, "It is absolute, it's in the Constitution but I don't know about the ability to pardon himself."
On his Fox News show later in the evening, Hannity harped on the same point with guest former GOP House Speaker Newt Gingrich.
Referring to former special counsel Robert Mueller's deputy Andrew Weissmann's New York Times op-ed calling for prosecuting Trump once he is out of office, Hannity told Gingrich, "if that's what they wanna do, if Biden became president, I'd tell Trump, pardon yourself and pardon your family."
Fox News did not immediately respond to a request for comment.
As Business Insider's Sonam Sheth and Tom Porter have pointed out the president's Constitutional powers to grant pardons and clemency are broad, but they are untested in this arena. A pardon would also only impact federal cases, not those brought at the state level, of which Trump could face at least nine potential suits.
Russian state broadcaster NTV aired an attempted satirical segment over the weekend with a Russian actress in blackface portraying former US president Barack Obama in blackface.
The host, Tigran Keosayan, asks a series of racist questions about Obama's new book, "A Promised Land," while the actress in blackface screams "Black Lives Matter" and says her family can't write.
The host's wife, Russian-state controlled network RT's editor-in-chief Margarita Simonyan, defended the skit and said that due to her husband's ethnic Armenian background, he jokes about marginalized communities.
Kremlin-affiliated TV station NTV aired a racist program over the weekend featuring a Russian actress in blackface, apparently posing as former US president Barack Obama.
In 2008, Obama was the first Black man to be elected as president of the United States — more than 140 years after the Emancipation Proclamation was signed by President Abraham Lincoln, which effectively ended 400 years of the enslavement of Black men, women, and children in the United States.
Blackface is part of that enduring legacy of slavery and racism in the US, a remnant of minstrel shows, in which white Americans painted their face black to mock black people with racist caricatures in the 1800s.
The racist skit appeared on NTV's "Mezhdunarodnaya Pilorama" or "International Sawmill," a satirical show with Tigran Keosayan as the host. In the segment, a Russian actress appears as Obama, wearing blackface and baggy clothes and a bandana and gesturing in an attempt to mimic rappers.
The segment ran about a minute and a half and Keosayan promotes it as an interview with Obama about his new book, "A Promised Land."
"We now go live to the dark side of America's history, Barack Obama," Keosayan says, introducing the actress in blackface.
The actress immediately chants "Black lives matter!" to which Keosayan asks her to stop shouting and says that racism does not exist in Russia. Keosayan then continues with racist questions about the book.
Keosayan asks the actress if she is proud of her book, to which she says, "Of course." Keosayan then asks, "Because none of your relatives have written books?" to which she replies, "Because none of my relatives that came before me could write."
Keosayan then tells her she should have been a rapper and not a US president, and the actress starts to rap for the host.
NTV did not immediately respond to a request for comment.
Margarita Simonyan, the editor in chief of the Russian-state controlled network RT and Keosayan's partner, defended the skit on Twitter, and additional reporting from the Moscow Times uncovered that the pair were co-writers. Simonyan argued that Keosayan's background as an ethnic Armenian and self-deprecating humor about his background meant that the new skit was not over the top.
Russian opposition figure Alexei Navalny posted on Twitter, bashing the segment and sarcastically saying that he couldn't "ignore another masterpiece" from the pair, also alleging that the two writers profit heavily from the skit and have sent their daughter to study in the US.
When you buy through our links, we may earn money from our affiliate partners. Learn more.
Julian Stratenschulte/picture alliance via Getty Images
The Nintendo Switch is one of the most sought after products during the Cyber Monday shopping season, continuing its reign as the world's bestselling video game console.
While the newly launched PlayStation 5 and Xbox Series S|X are also in high demand, the Switch is more likely to be in stock online and in-stores throughout Cyber Monday today and the rest of the holiday season.
Major retailers, like GameStop, Target, Walmart, Best Buy, and even Kohl's, had $300 Switch bundles in stock for Black Friday, but those have now sold out. For Cyber Monday, however, many of Nintendo's hit games are still on sale for $20 off, and you can choose between the the physical or digital version of the game.
Below, we've rounded up the best Cyber Monday deals today on Nintendo Switch consoles, games, and accessories that we've found so far. If you're looking for more savings, you can read our Cyber Monday liveblog for deal highlights throughout the night. You can also check out all the best Cyber Monday tech deals here.
Here are the best Cyber Monday Nintendo Switch deals we've seen today
The Switch hasn't seen significant discounts below its $300 price tag since its March 2017 release, and today's Cyber Monday sales are no different. Best Buy has been offering a $300 "Fortnite" Switch bundle in-stores, but Switch stock remains low on Cyber Monday.
The $200 Switch Lite is a cheaper alternative to the standard Switch, but it can't be connected to TVs. While there aren't any special Cyber Monday deals, it could still be a good pick for young children or as a secondary Switch used for traveling.
Switch Lite (medium, Preferred: Target)
Cyber Monday deals on Nintendo Switch video games
Nintendo's exclusive franchises, like "Super Mario," "Pokémon," and "The Legend of Zelda," are the Switch's main attraction, and you'll find games from those series on sale at most major retailers today. The Cyber Monday discounts today are consistent with the lowest prices we've seen for these $60 games to date.
If you're looking for a specific game, be sure to check multiple stores. For example, Best Buy's $20 off is the best deal for "Pokémon Sword and Shield," the newest games in the series, while Target has an $80 bundle that features "Super Mario Party" and "Mario Kart 8 Deluxe" — normally a $100 or $120 package.
Nintendo is also offering up to 50% off dozens of digital games in the Switch's online eShop. If you can find a deal in stores, there's a chance the digital version is already on sale. Likewise, Target, Best Buy, GameStop and Amazon are offering the same price $40 on digital copies of games like "Super Mario Party."
Legend of Zelda: Breath of the Wild (medium, Preferred: Target)Mario + Rabbids Kingdom Battle (medium, Preferred: Target)
Other great Nintendo Switch Cyber Monday deals and gift ideas
If you can't find the right game for the Switch player in your life, you can still buy them a discounted digital gift card so they can add money to their Nintendo Switch eShop account. You can also buy a Nintendo Switch Online subscription, which is required to play most games online and offers dozens of classic games from the Nintendo and Super Nintendo consoles. Amazon is offering a package deal for one year of Nintendo Switch online with a 128GB MicroSD card for $40, a $15 savings.
MicroSD cards are on sale throughout today's Cyber Monday event, too, so it's a great time to upgrade your storage from the Switch's internal 32GB. Make sure you get an SDXC grade card, since the MicroSD's transfer speeds will impact loading times on the Switch.
While the Switch comes with two Joy-Con controllers, picking up an extra for shared play sessions is never a bad idea. Both Switch Pro controllers and GameCube-style controllers used for "Super Smash Bros. Ultimate" are seeing slight discounts for Cyber Monday.
Google's DeepMind solved the protein folding problem. Its AI program AlphaFold can predict the shape of proteins to a high degree of accuracy, enabling researchers to better understand everything from viruses to human biological processes.
Facebook is buying Kustomer.The transaction reportedly values Kustomer, which allows businesses to pull customer conversations from various channels into a single screen, at around $1 billion.
The FTC and state attorneys general are going after Big Tech. Four new lawsuits are intended to determine if the internet giants improperly used their power in the online marketplace.
Zoom reported lower margins for the quarter. CFO Kelly Steckelberg told Wall Street analysts that this was due to a higher base of free users during the quarter, including K-12 schools, who are given complimentary access to Zoom.
Apple reportedly lobbied against a ban on Chinese forced labor. Nike, Coca-Cola, and Apple all sought to weaken proposed legislation aimed at barring US companies from relying on the forced labor of Uighurs and other Muslim minorities in China's Xinjiang region.
DoorDash is aiming for a $127 billion IPO. The company wants to raise $2.8 billion, setting the stage for one of the biggest floats of 2020.
Exclusive: SpaceX may shell out billions to outsource Starlink satellite-dish production. Starlink subscribers pay $100 per month for broadband-like service, plus a $500 fee for a starter kit that includes a "UFO on a stick" user terminal, or satellite dish, part of which which costs up to $1,000 to make.
Exclusive: Influencers complained of talent agency IQ Advantage. IQ Advantage required them to pay a $299 deposit when they signed contracts but either refused to give it back or never responded to requests to do so, 13 influencers said.
VC Josh Elman is taking a job at Apple. Elman will stay at his firm Greylock, while helping Apple with app discovery on the App Store.
When you buy through our links, we may earn money from our affiliate partners. Learn more.
Best Buy; Gilbert Espinoza/Business Insider
Cyber Monday may be coming toward the home stretch, but that doesn't the big discounts on tech have stopped. You can still save on all kinds of tech products from laptops and TVs to gaming gear and headphones. And, Best Buy is the place to look if you're interested in upgrading your gear this holiday season.
Best Buy started offering solid deals on Xbox controllers, laptops, and new 4K TVs of all sizes and prices even before Cyber Monday, and those deals are continuing until the end of the day. And, it's not just tech: Best Buy is also offering discounts on appliances, including a KitchenAid stand mixer and an Instant Pot air fryer. Below are some of the best deals we've found that are live today, as well as answers to a few questions you might have about shopping during Cyber Monday at Best Buy.
Every major online store has been offering deals leading up to Black Friday and through today, Cyber Monday, with tech products playing a major role. Be sure to check out our coverage of other retailers' sales, including Amazon, Target, and Walmart.
The biggest Cyber Monday savings right now at Best Buy
Solo Pro More Matte Collection (medium, Preferred: Best Buy)
Best Buy Cyber Monday TV and home deals
Pro 5 Plus (medium, Preferred: Best Buy)Nest Hello Smart Doorbell (medium, Preferred: Best Buy)Hue White and Color Ambiance A19 Smart Bulbs (3-Pack) (medium, Preferred: Best Buy)Smart Light Switch (medium, Preferred: Best Buy)A8H 65" UHD 4K TV (medium, Preferred: Best Buy)75-inch NanoCell 80 4K TV (medium, Preferred: Best Buy)Roomba 675 Robot Vacuum (medium, Preferred: Best Buy)Echo Dot (4th Generation) (medium, Preferred: Best Buy)Vortex 4-in-1 Air Fryer (6-qt) (medium, Preferred: Best Buy)
Best Buy Cyber Monday laptops and computing deals
Early 2020 MacBook Air (10th-gen dual-core Core i3, 8GB RAM, 256GB) (medium, Preferred: Best Buy)EVO Select 256GB MicroSDXC (medium, Preferred: Best Buy)
Best Buy Cyber Monday smartphones, tablets, and wearables deals
Pixel 4a 5G (medium, Preferred: Best Buy)
How do we choose the best deals from Best Buy?
We only choose products that meet our high standard of coverage, from brands we've tested and trust.
We compare the prices against other retailers like Amazon, Target, and Walmart and only include the deals that are the same or better (not including promotional discounts that come from using certain credit cards).
We research price history thoroughly to ensure that every deal we list is actually worth your time.
When is Cyber Monday 2020?
Cyber Monday 2020 takes place on November 30. It's a bit different than Black Friday; as the name suggests, Cyber Monday sales are typically online-only, whereas Black Friday also includes in-store discounts. The discounted products are generally the same, though Cyber Monday leans a bit more tech, and you can snag equally exceptional deals both days.
Can I order online and pick up in-store?
Best Buy offers both in-store and curbside pickup for online orders. Just select the option that works best for you when adding to your cart to knock off any extra shipping costs and, sometimes, expedite your order's arrival. You'll need your ID, the credit card used for the purchase, and order number when you get to the store. To prevent the spread of COVID-19, you must also wear a face-covering to enter the store to pick your order up.
Here are the options:
Contactless Curbside Pickup: Keep contact to a minimum by selecting this option at checkout; you'll receive step-by-step instructions via email to receive your order as smoothly as possible, all from the safety of your car.
Fast Store Pickup: Or just store pickup at checkout, you can get your order as soon as within an hour of placing it.
Free shipping to stores: If the item you're ordering is out of stock at your local Best Buy, you can have it shipped to your store for pickup, free.
Friends and Family Pickup: Send a gift to a loved one via your closest Best Buy location or have someone you trust pick your order up for you with this option. Shipping to store is still free.
Warehouse Pickup: For larger purchases like home appliances, select warehouse pickup to avoid scheduling conflicts and heavy shipping costs by picking your order up straight from the warehouse. Most metropolitan areas have a Best Buy Warehouse nearby; find a warehouse (it'll say in the name) near you here.
What should I buy from Best Buy during Cyber Monday?
The discounts you should expect from Best Buy this Cyber Monday are very similar to those you can hope to see during Black Friday. It leans heavily on tech: TVs, audio gear, smart home accessories, gaming peripherals and the like are all deeply discounted over Cyber Monday.
If you're planning to buy a TV, do so on Cyber Monday. We're already seeing notable drops, like $500 off the 75-inch LG NanoCell 80, $1,000 off the 65-inch Sony A8H OLED, and $70 off the 32-inch Insignia HD Fire TV. This year, we expect to see the same range of TVs on sale; no matter your budget or size requirements, you're sure to find something that fits your needs this Cyber Monday.
Headphones and speakers always drop to notable lows during the event, and 2020 should be no different. Whether you're looking for earbuds, Bluetooth headphones, portable speakers, home theater soundbars, or bookshelf speakers this year, so long as you can hold out til Cyber Monday rolls around, you can find a solid deal.
Though typically less pricey a purchase than something like a TV, PC and gaming peripherals always fall to lows on Cyber Monday. Gaming mice, keyboards, headsets, and SSDs from brands like Logitech, Razer, HyperX, and Samsung see deep discounts every year during the event, so don't miss out if you're looking for something specific.
What is My Best Buy?
My Best Buy is the free program offered by the retailer that can get you some extra discounts and perks, members only. Some of the perks include, but aren't limited to, early deal access and the Black Friday price guarantee going on now. You don't need to be signed up to shop the deals, but if you're planning to shop from Best Buy at all this Cyber Monday, it's worth signing up — it's free.
Which is better, Black Friday or Cyber Monday?
This year, with most shopping taking place online, the difference between the two days will be less distinct — in-store exclusives will be a thing of the past as buyers stay home and opt for safety. Both days will offer exceptional savings, of that you can be sure.
If you're worried about encountering buyers' remorse amongst the flurry of discounts, don't fret; when buying through one of our posts, you can be sure you're getting an actually good deal (and we'll always include details so you can make the most informed purchase possible). As a rule of thumb, it's always safe to buy a deal on either Black Friday or Cyber Monday themselves, especially if we note that it's a new low.
Cyber Monday 2020 takes place on November 30. It's a bit different than Black Friday; as the name suggests, Cyber Monday sales are typically online-only, whereas Black Friday also includes in-store discounts. The discounted products are generally the same, though Cyber Monday leans a bit more tech, and you can snag equally exceptional deals both days.
How do I make a return to Best Buy?
You may need to return a product for a variety of reasons and as long as you have a receipt, Best Buy will offer your money back. Like many major retailers, Best Buy is offering an extended return policy, but there are exceptions. See our guide on how to return a purchase you made online.
The Arcadia Group, which owns British fashion brands including Topshop, Dorothy Perkins, and Miss Selfridge, has fallen into administration, Deloitte confirmed Monday night.
This puts more than 13,000 jobs at risk, though no redundancies have been announced yet.
The company's CEO said COVID-19 was to blame. The pandemic has caused Arcadia's stores to close in two national lockdowns.
But rival fast fashion retailers were already attracting the Arcadia Group's customers before the pandemic.
British tycoon Philip Green's Arcadia fashion group has collapsed into administration, putting more than 13,000 jobs at risk and becoming the country's biggest corporate casualty of the COVID-19 pandemic so far.
Deloitte said late on Monday it had been appointed Arcadia's administrator and would seek buyers for the group's brands: Topshop, Topman, Dorothy Perkins, Wallis, Miss Selfridge, Evans, Burton and Outfit.
Arcadia's close to 500 stores would continue to trade, its online platforms would remain operational, and supplies to concession partners would continue, Deloitte said.
No redundancies were being immediately announced, it added.
Green acquired Arcadia for £850 million ($1.14 billion) in 2002.
He had no immediate comment, but his CEO laid the blame for Arcadia's demise firmly on the pandemic.
"In the face of the most difficult trading conditions we have ever experienced, the obstacles we encountered were far too severe," said Ian Grabiner.
Apparel is one of retail sectors hit the most by the pandemic. Arcadia's brands have been hit by two national lockdowns, which forced non-essential businesses, including clothing stores, to shut, alongside falling demand for footwear and formal clothing.
Senior British minister Michael Gove said it was "tragic" but that mistakes had been made by management.
"I'm not going to criticise any individual but there's been a lot of reporting that points out some of the missteps that have been made by the management there," he told Sky News Tuesday.
While COVID-19 lockdowns pushed Arcadia over the edge, it has struggled in recent years, underinvesting and failing to keep pace with competitors in an increasingly online retail sector.
Its brands were squeezed between the likes of Inditex's Zara, H&M, and Primark, and online-only players ASOS and Boohoo.
"Arcadia's brands have been slow to diversify into other countries or to make an exciting online offering and have not kept pace with the contemporary fashion offerings of the online-only competitors," Dr Gordon Fletcher, a retail expert from the University of Salford Business School, told Business Insider.
Arcadia's share of the UK clothing market has slumped to 2.7% in 2020 from 4.5% in 2015, according to figures GlobalData shared with Business Insider.
A restructuring deal was approved by creditors last year, cutting rents and closing stores, but proved only a temporary respite.
Sale process
"We will be rapidly seeking expressions of interest and expect to identify one or more buyers to ensure the future success of the businesses," said Matt Smith, Deloitte's joint administrator.
Mike Ashley's Frasers Group said on Monday it was interested in participating in any Arcadia sale process.
Topshop, once the go-to destination for teenagers and fashion lovers, is regarded by analysts as Arcadia's most attractive asset.
Media reports have also identified Marks & Spencer, Next, and Boohoo, as well as private equity players, as potential bidders for individual brands. All three companies declined to comment.
Arcadia's collapse could have a knock-on impact on the future of department store chain Debenhams, which is already in administration and employs 12,000.
Arcadia is one of Debenhams' biggest concession holders.
Pension funds deficit
Arcadia's workforce also faces uncertainty over a deficit in the company's pension fund, estimated by analysts at about £350 million ($470 million).
As part of last year's restructuring, Arcadia agreed to provide £210 million ($281 million) of security over property assets to the pension schemes, while Tina Green, Philip's wife and the ultimate owner of Arcadia, agreed to contribute £100 million ($134 million) to the schemes over three years.
"Philip Green should do the right thing and fill the Arcadia pension deficit," said opposition Labour Party leader Keir Starmer.
If Green does not pay up, Arcadia's 10,000 pension scheme members should still receive the bulk of their entitlement through the government's lifeboat scheme, the Pension Protection Fund.
British Business secretary Alok Sharma said the administrators had three months to file a report on the conduct of Arcadia's directors with The Insolvency Service, which will determine whether a full investigation is required.
Philip Green
Much of the group's controversy comes from its chairman, Sir Philip Green. The business tycoon paid out a £1.2 billion ($1.6 billion) dividend to his wife, who is Arcadia's registered owner, just three years after he bought the group for £850 million ($1.1 billion).
Green also owned the department store chain British Home Stores, which he infamously sold for just £1 ($1.33) in 2015. The chain went bankrupt the next year in the UK's biggest retail collapse since 2008, causing the closure of 163 stores and the loss of around 11,000 jobs.
This week, Elon Musk's space-exploration company SpaceX will take a big step forward in its quest to fly people to Mars.
Musk tweeted on Sunday that SpaceX's enormous Starship spacecraft – which the company eventually wants to use to get humans to Mars – will undergo its first high altitude test as early as Wednesday.
This follows a successful test firing of the current prototype's engines on November 24.
On Sunday, a Twitter user highlighted an alert notice sent out to residents of Boca Chica village in southern Texas about SpaceX flight activities on Monday.
In response, Musk replied: "Just a static fire tomorrow. Flight no earlier than Wednesday."
According to Musk, in this week's test the rocket will fly 15 km (50,000 feet) into the air. Previous prototypes have made short hops a few hundred meters into the air.
This test flight will be a big step in testing whether the design can withstand the rigors of spaceflight.
Elon Musk said in a follow-up tweet on Wednesday that lots could go wrong in this first high-altitude test.
"Lot of things need to go right," the billionaire said.
When asked on Twitter what he thought the odds were of Starship landing in one piece, he said it was one in three.
SpaceX's Starship spacecraft is made up of two sections, the Super Heavy booster and the Starship rocket ship – which Musk claims will be able to carry 100 people to Mars at a time. The entire spacecraft stands at 120 metres (394 feet) tall.
There's no specific day confirmed for next week, and as TechCrunch notes, test dates are subject to change.
A prototype of SpaceX's Starship spacecraft at the company's facility in Boca Chica, Texas (September 28, 2019).
REUTERS/Callaghan O'Hare
In October, Musk said SpaceX has a "fighting chance" of sending an uncrewed Starship rocket to Mars in 2024, two years later than previously hoped.
Gwynne Shotwell, SpaceX's president and chief operating officer said October 23 the Starship rocket system could help solve the problem of space junk.
"It's quite possible that we could leverage Starship to go to some of these dead rocket bodies – other people's rockets, of course – basically, pick up some of this junk in outer space," she said.
Chinese automaker Kandi's shares sank as much as 30% on Monday after Hindenburg Research accused the company of faking sales to raise $160 million from US investors.
Shares in the company continued to slide in pre-market trading on Tuesday after the short-seller reported more than half of Kandi's sales this year were made to its own subsidiaries.
Kandi's largest customer was found to share a phone number with its own subsidiary, according to the report.
Hindenburg said it has photographic evidence to back up any claims of Kandi's fake "customers."
Kandi said it would issue a public response in the near future.
Shares in Kandi Technologies tanked nearly 30% on Monday after a scathing report accused the Chinese automaker of faking sales and hyping its electric vehicle growth story.
The drop in the shares continued in pre-market trading on Tuesday. Kandi fell 9% to around $9.08 a share, as traders digested short-seller Hindenburg Research's claim that the company was "using fake sales to undisclosed affiliates."
The Chinese manufacturer, which went public on the NASDAQ in 2008, raised $160 million from US investors in November alone.
Hindenburg said it had spoken to a dozen former employees and business partners to investigate Kandi's business, when it became apparent that the company's top customers were undisclosed entities. It found that almost 64% of Kandi's sales in the last twelve months were made to its own subsidiaries.
The company's largest customer, which accounted for about 55% of its sales in the last year, shared a phone number with a Kandi subsidiary, and an executive with the company, according to the Hindenburg report.
"We visited the 'customer.' It is based in a tiny building right next to Kandi's factory with a sign indicating that it's a Kandi company," Hindenburg Research said. "The same building housed another entity used by Kandi as part of a separate fake sales scheme to collect illegitimate subsidies from the Chinese government, for which it was fined and sanctioned."
Kandi told Business Insider it takes seriously any allegations of impropriety, and it would study Hindenburg's report. "We intend to thoroughly research the accusations, investigate internally as needed, and offer a public response in the near future," a spokesperson said.
Hindenburg, who has taken a short position in Kandi after extensive research, said it has photographic evidence to back up any claims of Kandi's "customer" inventory sitting in its own warehouse.
In addition to its concerns about Kandi's customer base, Hindenburg said the company had consistently booked revenue it can't collect and had a constantly-changing stream of executives at the top. It has had three auditors in the past five years, and four chief financial officers in the past four years.
The current auditor, Marcum, was recently banned by a regulatory authority from auditing Chinese companies. But instead of firing the auditor, Kandi reported an intention to renew its engagement.
Furthermore, the Chinese auto company has been "launching" in the US for over a decade. "Its first US vehicles were imported illegally and seized by customs. A former distribution partner said every single car that eventually made it into the country broke," the report said.
In September, Hindenburg accused electric-truck maker Nikola of lying for years about its products and deals with other companies, days after the EV-maker announced a $2 billion deal with General Motors. Nikola's shares fell by more than 70% in just two weeks and have struggled to recover ever since.
Credit Suisse has named outgoing Lloyds Banking Group CEO António Horta-Osório as its next chairman, it said on Tuesday, bringing the nearly decade-long tenure of outgoing Chairman Urs Rohner to a close.
"António Horta-Osório shall succeed Urs Rohner who will step down in 2021 as previously announced upon reaching the statutory term of 12 years," Switzerland's second-biggest bank said in a statement, referring to Rohner's 12-year boardroom stint, first as vice-chairmen and since 2011 as chairman.
News of Osario's appointment came a day after a replacement was announced for the 56-year-old Portuguese native at Lloyds, with HSBC banker Charlie Nunn due to take over from him in 2021.
Horta-Osorio revived Lloyds in the aftermath of its 2008 government rescue during the financial crisis, with the bank returning to private ownership in 2017.
During his time at Lloyds, the Portuguese banker won plaudits for championing mental health issues at companies after he was signed off work for two months in 2011 for stress-induced insomnia and exhaustion.
But he was criticized by lawmakers for his high pay package and for the bank's handling of a major fraud at its HBOS Reading branch that led to six people being jailed in 2017.
"I am extremely happy that we can propose a highly proven and recognized professional of the international banking business as my successor," outgoing Credit Suisse chairman Rohner said in a statement.
In November, Elon Musk's Tesla brought out a novelty tequila called "Tesla Tequila."
Originally, Tesla filed to call the product "Teslaquila," but it was blocked by Mexico's Tequila Regulatory Council (CRT).
Essentially if Tesla wanted the prestige of making a tequila, it had to use the word tequila without changing it so as to avoid diluting the brand.
Tesla tried to argue the brand name was just "Tesla" with "quila" attached, but the Mexican Institute of Industrial Property refused to let it register the name.
Tesla's new novelty tequila was originally going to be called "Teslaquila," but because of strict rules in Mexico surrounding the drink it had to settle for the less punny "Tesla Tequila," the Verge reports.
A few months later he seemed set on turning the joke into a piece of branding, as in October 2018 he tweeted: "Teslaquila coming soon."
This proved more difficult than expected. Tequila is a designation of of origin, meaning to call your drink "tequila" you have to produce it in Mexico. According to the Verge, the company tried to brand its drink "Teslaquila" but was blocked by Mexico's Tequila Regulatory Council (CRT).
"[The] name 'Teslaquila' evokes the word Tequila ... (and) Tequila is a protected word," the CRT argued in November 2018.
Head of the CRT Martín Muñoz said the name "Teslaquila" could cause confusion about the drink's origin, and in February 2019 the CRT filed an objection. Essentially if Tesla wanted the prestige of making a tequila, it had to use the word tequila without changing it so as to avoid diluting the brand.
A month later, the Mexican Institute of Industrial Property ruled "Teslaquila" could not be registered.
Musk's team argued back in July, saying the name was just the Tesla brand name with "quila" added on — but this didn't convince the regulator, which in January handed down its ruling.
There don't seem to be hard feelings however, as Muñoz told the Verge: "Today the tequila industry has someone as important as Elon Musk representing it. This is, without a doubt, a benefit to all the tequila producers because he is giving his image as an important businessman and he is showing he wants to comply with the rules of this industry.
"We welcome Elon Musk and the Tesla tequila brand."
Tesla Tequila is made by a California-based label called Nosostros tequila, which per Reuters belongs to Mexican producer Casa Maestri.
Tesla's product design officer Javier Verdura did not comment on Tesla tequila's timeline when contacted by the Verge, but he did add the company had trouble finding a manufacturer that could make the distinctive lightning-shaped bottle.
A former Tesla employee will pay the electric vehicle firm $400,000 for sharing trade secrets with the press, Bloomberg reported Tuesday.
Martin Tripp, a former Tesla process technician, tipped Business Insider off about production delays and scrap metal usage at its Nevada Gigafactory in 2018. Tesla denied the claims.
Tesla fired Tripp, and filed a lawsuit accusing him of "willful and malicious" behavior that deliberately intended to injure Tesla's business.
Tripp maintained his whistleblower status, and filed a countersuit of defamation against Tesla, which was dismissed by the judge.
The proposed settlement, which Tripp has agreed to, follows more than two years of conflict between Tripp and Tesla CEO Elon Musk.
A former Tesla employee who filed a whistleblower tip will pay the electric vehicle company $400,000 for sharing trade secrets with the press, according to a court filing.
Tesla first filed a lawsuit against Martin Tripp in 2018 after he tipped reporters off about production delays at Tesla's Nevada Gigafactory.
This has caused a bitter dispute between the whistleblower and his former employer, Tesla's CEO Elon Musk.
Tripp worked as a process technician at the Gigafactory near Reno between 2017 and 2018.
In June 2018, he told Business Insider the company was wasting incredible amounts of scrap metal and using batteries with puncture holes in vehicles meant for consumers. Tesla denied this claim.
He also filed a whistleblower tip with the SEC in which he claimed the automaker had overreported production of its Model 3 sedan by up to 44%. Tesla denied this claim, too.
Once Tripp was identified as the source of the information, Tesla fired him. Since then, Musk and Tripp have been locked in a bitter war of words – and lawsuits.
Tesla filed a lawsuit against Tripp in 2018, which accused him of hacking and of leaking "confidential and trade secret information" to third parties in a "willful and malicious" way "with the deliberate intent to injure Tesla's business."
Tripp maintained that he leaked the information because he was concerned about public safety, and fired back with a countersuit of defamation, which also accused Tesla of not living up to its environmental credentials.
Tripp also shared photos of the Gigafactory on social media, which he claimed supported his allegations about the safety and quality of Tesla's parts. The countersuit was thrown out by the judge, who said that Tesla's behavior didn't show "actual malice."
This has since been reduced to $400,000, Bloomberg reported Tuesday.
The proposed settlement, which Tripp has agreed to, also included him admitting to violating trade secret laws and confidentiality agreements, alongside a payment of $25,000 for continuing to share information about Tesla after being ordered to stop by a judge.
Milk Barhas an online store where you can buy their treats and cookbooks, and reserve cooking classes.
It's home to innovative cakes, cookies, and pies that are as delicious as they are fun— and they make gifts for anyone with a sweet tooth.
Plus, it ships nationwide in the US for a flat rate of $15 and there are often free shipping or other deals; right now, you get free shipping on orders $100+.
Imagine the crazy, sugary confections you dreamed of eating as a child. Those odd, but delicious concoctions — like cookies filled with marshmallows and Corn Flakes — that your parents wouldn't let you create for fear that you'd stay up all night riding a sugar high.
Now, you can actually find these funky creations at Milk Bar and they're even better than you could have ever imagined.
Inventive, sweet treats are what makes Milk Bar one of the buzziest bakeries around. Christina Tosi — Milk Bar's founder, chef, and creative mastermind — has always put dessert first. Growing up, she had a passion for baking cookies. She later fine-tuned her baking skills in culinary school and went on to work for David Chang, helping him create a dessert menu for his empire of Momofuku restaurants. That was the launchpad for what eventually became Milk Bar, now an empire of its own.
If you've ever walked by a Milk Bar store, you've probably seen a line spilling out the door. People go crazy for Tosi's unique twists on American classics like chocolate chip cookies and soft-serve ice cream. Luckily, you don't have to wait in a long line or even live by a Milk Bar to try some of the shop's delicacies.
The Milk Bar online store has a huge selection of sweets that can be delivered right to your door — and it's a great place to find gifts for the sweet tooth in your life or even just to treat yourself. Sending a friend a regular tin of cookies to say congratulations is a sweet gesture, but Milk Bar takes it up a notch with unique flavor combinations and colorful presentations that are perfect for every occasion.
Here are all the fun ways you can give the gift of Milk Bar to your friends and family.
There may be no better way to say "I love you" or "I miss you" than a box filled with something sweet and delicious. You can buy almost all of Milk Bar's most popular desserts online, barring the milkshakes and infamous Cereal Milk soft serve. Choose from à la carte favorites like the Compost Cookie or Milk Bar Pie, or go for one of Milk Bar's bundles curated for all sorts of occasions — The Cheerleader box is a perfect way to celebrate big milestones and The Classic birthday bundle includes enough cake and truffles for a small party.
Visit the curated gift shops
If you want to keep it festive, the gift shop is filled with sweets curated for different holidays and events, like birthdays and Thanksgiving.
The Big One ($160) is among the bigger sets that include a classic Milk Bar Pie, a 6-inch Birthday Cake, a dozen B'Day Truffles, a dozen Chocolate B'Day Truffles, and six assorted cookies. If you want to send something a little smaller, you can order a dozen B'Day Truffles ($24) or The Strawberry Birthday ($140), which includes a 6-inch Strawberry Shortcake Cake and a dozen Strawberry Shortcake Truffles. Or for something more seasonal, the Fall Shop is filled with pumpkin and dulce le leche cakes, candy bar-inspired cookies, and more.
Take a baking class
If they love Milk Bar, or just baking in general, surprise them with a baking class. Unfortunately, due to the novel coronavirus, all classes are currently unavailable. Usually, these are offered in NYC, DC, and LA. Each class is centered around learning how to create one of Milk Bar's popular desserts, like the Birthday Cake.
A class usually costs $95 a person, but it's definitely a fun activity they'll always remember. If you can join them, even better. You'll also get an apron and a headband, which Tosi is known to don in the kitchen, so you'll feel like a natural. For kids, there's Camp Milk Bar. The fun, interactive classes will teach little ones easy baking skills, and it costs just $35. The best part? They'll get to keep and eat the creations when the class is done.
Gift some merch
For true Milk Bar fans who want more than cookies, there's merchandise, like totes, cookbooks, and mugs. Even if they don't know Milk Bar, a cookbook makes a great gift for any baker. Her creativity in the kitchen is sure to inspire, plus the colorful cookbooks will look great on any coffee table or bookshelf.
The bottom line
No matter the occasion, Milk Bar treats will definitely put a smile on someone's face. The desserts may be pricier than most, but that's what makes them prime for special occasions. Milk Bar ships nationwide in the US for a flat $15 fee, though there are usually shipping promos to be found. Currently, the site is offering free shipping on orders $100+.
Whether it's a treat-yourself tin of cookies or a surprise birthday cake, Milk Bar is definitely worth the splurge.
After declaring in 2018 that bitcoin has no place in investment portfolios, Bernstein Research's co-head of portfolio strategy told clients on Monday that he's changed his mind.
Inigo Fraser-Jenkins said that the policy environment, debt levels, and diversification options for investors have changed since the pandemic and made bitcoin more attractive.
The strategist also said that bitcoin's volatility has dropped significantly in the last three years.
He recommended a number of portfolio strategies that involve a small allocation to bitcoin, alongside stocks and US treasuries.
Once a crypto skeptic, Bernstein Research's co-head of portfolio strategy now says bitcoin should have a place in investors' portfolios.
"I have changed my mind about bitcoin's role in asset allocation," said Inigo Fraser-Jenkins in a Monday note to clients. His take comes as the coin reaches new record highs and has seen year-to-date gains of over 160%.
But bitcoin's most recent rally isn't exactly what made Fraser-Jenkins change his mind. The strategist explained that the coronavirus pandemic has changed the policy environment, debt levels, and diversification options for investors, and that this has all made bitcoin an attractive asset.
The pandemic has resulted in increased fiscal expansion, and a higher likelihood of inflation and tax increases. These policy factors will increase the demand for bitcoin, Fraser-Jenkins said.
However, he also acknowledged a paradox that could hurt bitcoin's continued rise: "The greater role that governments will likely play in economies makes cryptos potentially more appealing. These very same forces also may hinder crypto. If they get in the way of policy implementation, then governments might seek to constrain them," he said.
However, Fraser-Jenkins doubts that governments will outlaw cryptocurrencies. He said that in order for this to happen, cryptos would need to get in the way of reflationary policy efforts from the government. At the moment, cryptos are too small to have an effect like this, said Fraser-Jenkins.
He added: "The attractions of cryptos are what also make them potentially an annoyance for policymakers. Cryptos do have a place in asset allocation….for as long as they are legal!"
Fraser-Jenkins also changed his mind on bitcoin because the data on the cryptocurrency has changed since three years ago. The strategist said that bitcoin's volatility has significantly declined in the last three years, which marks it a more attractive store of value. Also, the relative volatility of bitcoin to both gold and stocks has declined to historically low levels, he said.
Fraser-Jenkins recommends investors add a small amount of bitcoin to their portfolios. In all scenarios, investors should own the S&P 500 and US 10 year government bonds. If the assumed bitcoin average monthly return is higher than 3%, that's when investors would add bitcoin.
Bernstein Research
Fraser-Jenkins also acknowledged that given bitcoin's recent rally it may pull-back in the near term, but his portfolio strategy is for investors interested in holding the coin for a longer period of time.
Several discounts are still ongoing, and we expect at least a few to last until the end of the week. But that doesn't mean you should wait — stock is limited and some deals may run out. Below, we've rounded up the best deals worth your time and money. Some of the products have been featured as the top in their category in our guides, while others come from some of our favorite online startups.
Table of Contents: Masthead Sticky
Here are the 23 best Cyber Monday 2020 deals still available on Tuesday
Echo Dot (4th Generation)
Amazon
Patagonia Women's Re-Tool Snap-T Fleece Pullover
Dick's Sporting Goods
Ecovacs Deebot N79W
Ecovacs
FoodSaver Space-Saving Food Vacuum Sealer
Kohl's
Autonomous Smart Desk 2 Premium
Autonomous
Theragun Mini
Theragun
Amazon Fire TV Cube plus 1-year subscription to Food Network Kitchen
Amazon; Gilbert Espinoza/Business Insider
Samsung Galaxy Smartwatch
Walmart
Google Chromecast
Walmart
Foreo Luna Mini 2
Amazon
Luna Mini 2 (medium, Preferred: Amazon)
Brooklinen Weighted Comforter
Brooklinen
Leesa Hybrid Mattress
Leesa
Nintendo Super Mario 3D All-Stars for Nintendo Switch
Michigan Gov. Gretchen Whitmer has put a pause on indoor dining in the state until Dec. 8.
Joe Vicari, owner of 25 restaurants in the Metro Detroit area, has penned a letter asking fellow owners to join him in reopening restaurants if the pause continues past the 8th — even if it means defying the governor's order.
Vicari cites the ability of salons and malls to stay open as a reason why restaurants should as well.
Restaurants have been hit especially hard by the pandemic, with 20,000 closing this year since March, according to Yelp.
As colder weather begins to settle in some states and US hospitalizations crossed 90,000 for the first time, restaurants have turned to enclosed outdoor dining that may actually be riskier than indoor dining in some situations.
Joe Vicari, owner of Vicari Restaurant Group, penned a letter asking fellow Michigan restaurant owners to defy Gov. Gretchen Whitmer's pause on indoor dining if she continues it past December 8.
"The data from the MLRA shows that just over 4% of COVID cases can be traced back to restaurants, and yet, [Governor Whitmer] decided to close restaurants, again," Vicari wrote. "The malls are packed with holiday shopping, hair salons and gyms can remain open, yet our restaurants are closed."
At the end of the letter, Vicari invites other owners to gather at one of his restaurants in order to become a part of the United Group of Michigan Restaurant Owners, and receive information as to how they will reopen.
The Vicari group owns 25 restaurants in the Metro Detroit area, including Andiamos and Joe Muer Seafood.
Per the Detroit Free Press, the Michigan Lodging and Restaurant Association went in front of a judge in order to explain why indoor dining should resume, but no ruling was made as the judge allowed both sides to offer more information. If their case is unsuccessful, the pause could continue for the rest of 2020.
Vicari has said he will reopen his restaurants on Dec. 9, regardless of the outcome.
Since the pause on indoor dining, the state has given out fines and revoke liquor licenses, according to Eater Detroit.
Restaurants have been hit especially hard by the pandemic, with over 20,000 restaurants permanently closing, according to Yelp data analysed by Cowen Research. Another 210,00 restaurants experienced an "extended temporary closure" between March and Sept. 1.
As colder weather begins to settle in some states, restaurants have turned to enclosed outdoor dining that may actually be riskier than indoor dining in some situations. Furthermore, a rise in coronavirus cases throughout the country, which saw the US cross 90,000 hospitalizations for the first time, may mean more shutdowns for restaurants in the near future.
Both Gov. Whitmer's office and Vicari did not respond to requests for comment.
Trump's campaign argues that the "Indefinitely Confined" designation has been used to circumvent state laws about photo ID requirements.
Election officials wait as procedural issues are argued during the process of recounting ballots from the November 3 election at the Wisconsin Center on November 20, 2020 in Milwaukee, Wisconsin.
Scott Olson/Getty Images
The Wisconsin Elections Commission said it's up to voters themselves to decide whether they wanted to use the "Indefinitely Confined" ballot option and provides extensive guidance for people using those ballots but who don't have a valid photo ID available. Meagan Wolfe, Wisconsin's top election official, told a local ABC News affiliate that voters could sign an absentee certificate and have a witness sign their absentee ballot instead of using a photo ID.
Senior citizens and other people who have used the ballot designation have objected to having their votes disqualified.
"We're beyond senior. We're really old. My husband just turned 80 and I'm 78. So there was no way we were going to vote in person," Wisconsin resident Tee Gee Levy told the Journal Sentinel. "It's not justified at all. I'm surprised there are attorneys still going after it. I wish more people would speak out."
In addition to disqualifying some "Indefinitely Confined" ballots and all "In-Person Absentee" ballots, the lawsuit would cancel all ballots where witnesses did not write down their addresses, as well as ballots given to election officials at "Democracy in the Park" events in September and October.
Instagram launched Reels, its competitor to TikTok, in August 2020. Users can upload and share short-form video content, typically accompanied with music, to their story or with friends.
Sharing a reel is easy, just like sharing any other kind of post on Instagram, and can be done in just a few simple steps.
In Instagram's latest update, the Reels feature can be found directly in the middle of the menu bar at the bottom of the screen.
Here's how to share a reel in your Instagram story and with friends.
How to share an Instagram Reel to your Story
1. Open the Instagram app on your device.
2. In the menu at the bottom of the app, select the Reels icon (which looks like a clapperboard) in the middle.
Tap the Reels icon at the bottom of your screen.
Meira Gebel/Business Insider
3. Scroll through the reels until you find the one you wish to share.
4. Select the share icon on the left (it looks like a paper plane).
Tap the Share icon underneath the reel.
Meira Gebel/Business Insider
5. In the pop-up menu, select "Add reel to your story."
Tap to add the reel to your story.
Meira Gebel/Business Insider
6. Once the reel appears in your story you can customize the post however you'd like. When you're finished, select "Your Story" to add to your story, "Close Friends" to share with those only on your close friends list, or "Send To" to send to a specific person or group chat.
Choose how you want to share the reel.
Meira Gebel/Business Insider
How to share an Instagram Reel in a direct message
1. Open the Instagram app on your device.
2. Select the Reels icon at the bottom of the screen.
3. Scroll to find the reel you wish to share. Once you've found the reel you want to share, tap on the share icon in the left corner.
4. In the pop-up menu, scroll to find and select a friend or group chat you want to share the Reel with. You can also use the search bar at the top to find a user.
Select a friend, and then hit "Send."
Meira Gebel/Business Insider
5. You can write a message in the text box above the "Send" button.
6. When you're finished, select "Send" to share the reel via direct message.
How to share an Instagram Reel with someone who doesn't have the app
You can share public Instagram Reels with people who do not have the app by using your device's "Share To" option.
1. Once you've found and selected the reel you wish to share, tap on the three horizontal dots icon next to the share icon.
Tap the three vertical dots icon under the reel.
Meira Gebel/Business Insider
2. In the pop-up menu, select "Share to…"
Select "Share to..." in the pop-up menu.
Meira Gebel/Business Insider
3. Next, select the medium you wish to send the reel. You can AirDrop the reel if you have an iOS device, send directly to someone via text message, or you can select from a variety of different apps to share it.
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., March 17, 2020.
Lucas Jackson/Reuters
Despite November's strong outperformance of value over growth, "growth stocks are not dead," Fundstrat's technical analyst Robert Sluymer declared in a note on Tuesday.
Growth stocks have further upside into 2021 as they begin to break out of a range of sideways consolidation, according to Sluymer.
Here are the 9 growth stocks investors should consider buying heading into 2021, according to Fundstrat.
Following years of underperformance, value stocks posted a significant rebound over growth stocks in November as positive COVID-19 vaccine news led investors to begin buying the beaten down reopening trade, or stocks best poised to recover from a reopening of the economy.
But despite the strong showing for value stocks last month, "growth stocks are not dead nor are they completing longer-term tops," Fundstrat's technical analyst Robert Sluymer said in a note on Tuesday.
Instead, growth stocks are consolidating sideways and digesting their gains after reaching overbought levels following a strong multi-month rally amid the COVID-19 pandemic.
With many growth stocks stabilizing near their 200-day moving average and putting in signs of a bottom or potential breakout above consolidation ranges, Sluymer highlighted 9 stocks to consider buying into 2021.
Here are 9 growth stocks that have further upside potential into 2021, according to Fundstrat.
High-net-worth individuals are still cutting the biggest checks.
Crystal Cox/Business Insider
Today is Giving Tuesday, which is devoted to charitable giving.
Like everything else in 2020, giving is a little bit different this year.
The general pattern of "reactionary giving" around elections, turbocharged in the Trump era, coincided with pandemic-related giving, both bolstered by smaller donors.
In 2016, contributions to liberal nonprofits increased by 155%, according to the Chronicle of Philanthropy, versus a more typical 57% or so.
In 2020, giving dipped at the start of the year, but picked up by 7.5% in the second quarter — while politicians broke fundraising records.
Post-election, nonprofits from the losing party generally see a spike in contributions, according to the Chronicle. Donations to liberal nonprofits went up by 155% following Donald Trump's victory, a huge increase even in the realm of reactionary giving. The Chronicle found that, on average, the losing party's nonprofits see a 57.55% bump in contributions; in 2008, after Obama's victory, conservative nonprofits saw contributions grow by 23%.
As GQ's Ashley Fetters wrote in 2017: "Welcome to the age of the rage-donation, the act of feverishly throwing money at a cause you believe in because you just don't know what the hell else to do."
In between election years, the question was whether these new donors would stick around.
There was indeed some drop-off, with only 20% of those one-time donors still giving in 2019, according to a report from Giving USA. But 60% of 2017's reactionary "sustainer" donors — who had committed to donating at any frequency — stuck around, and were still donating in 2019.
On the whole, more than half of charities expected donations to drop in 2020, according to a July survey from the Association of Fundraising Professionals, but an October report found that giving actually increased in the second quarter of 2020, with a 19.2% uptick in donations under $250, and new donors increasing by 12.6%.
But, in a year like no other, the tenor of giving was changed, too.
Record-breaking donations and political fundraising
Donations during the coronavirus pandemic broke disaster philanthropy records, according to an August report from Candid and the Center for Disaster Philanthropy (CDP). Of the $11.9 billion donated, almost two-thirds — about $7.9 billion — came from corporate giving. Google led the charge, giving more than $1.2 billion.
Political fundraising also rose to new highs; as The New York Times reported, the 2020 campaign was the most expensive one America's seen. "Small-dollar donors" — who gave less than $200 — were particularly significant.
It's still unclear what a "Biden bump" will look like, but, as Eden Stiffman reports for the Chronicle, the contentiousness of the 2020 election could work out in liberal nonprofits' favor.
As Stiffman writes: "The more unexpected the election outcome, the greater the gap between liberal and conservative contribution levels."
One person in particular appears to have benefited from 2020's version of the "Trump bump": Donald Trump himself. The outgoing president's campaign has raised at least $150 million in relation to his challenges of the election he lost. Most of that money will go toward a PAC that will fund Trump's post-2020 political aspirations, and maybe a 2024 run that could touch off another round of reactionary giving.
Salesforce is buying the workplace messaging app Slack for $27.7 billion, it announced on Tuesday.
The deal is Salesforce's largest acquisition ever and represents a more aggressive foray into office communication technology at a time when remote work has made chat and collaboration tools more essential than ever.
The acquisition could help Salesforce compete with its longtime rival Microsoft, which has benefited from an explosion in use of its Microsoft Teams app amid the pandemic.
This is the third large acquisition Salesforce has made in the past few years, following Tableau for over $15 billion in 2019 and MuleSoft for $6.5 billion in 2018, as it looks to diversify its product portfolio.
Slack also stands to benefit from the deal, as the company has seen relatively flat growth rates during the pandemic, while other collaboration tools have seen skyrocketing demand and revenue.
Salesforce is buying the workplace messaging app Slack for $27.7 billion, Salesforce announced on Tuesday. It is Salesforce's largest acquisition ever and represents a more aggressive foray into office communication technology for the cloud giant at a time when remote work has made collaboration tools more essential.
The deal is a combination of cash and stock, a detail that CNBC first reported on Monday. Slack shareholders will get $26.79 in cash and 0.0776 shares of Salesforce common stock for each Slack share. Slack's stock was down over 3% on the news, while Salesforce shares went were also down about 3%. Before reports of the deal talks, Slack had a market cap of about $17 billion. It was valued at roughly $25 billion when markets closed on Tuesday.
"Stewart and his team have built one of the most beloved platforms in enterprise software history, with an incredible ecosystem around it," Salesforce CEO Marc Benioff said in a press release. "This is a match made in heaven. Together, Salesforce and Slack will shape the future of enterprise software and transform the way everyone works in the all-digital, work-from-anywhere world."
"Salesforce started the cloud revolution, and two decades later, we are still tapping into all the possibilities it offers to transform the way we work. The opportunity we see together is massive," Slack CEO Stewart Butterfield said in a press release. "Personally, I believe this is the most strategic combination in the history of software, and I can't wait to get going."
After the deal closes, Slack will become an "operating unit" of Salesforce, with Butterfield remaining as its CEO.
The news came almost a week after The Wall Street Journal reported the two companies had recently held discussions about a deal.
It's also one of the largest deals the software industry has seen in recent years. Salesforce's purchase of Slack ranks among mega-acquisitions from its peers: IBM's purchase of Red Hat for $34 billion in 2019 and Microsoft's purchase of LinkedIn for $27 billion in 2016 are two of the largest software deals in recent memory.
The acquisition gives Salesforce a robust, well-established workplace communication platform to add to its product suite. Though Salesforce already had its enterprise social network, Chatter, and collaboration product Quip, which it acquired in 2016, neither tool has the same popularity as Slack.
The purchase also marks the third major acquisition that Salesforce has made in the past few years in an attempt to diversity its offerings and build out its platform. It bought the data-visualization company Tableau for over $15 billion in 2019 and MuleSoft for $6.5 billion in 2018. And it's working to integrate both into the broader Salesforce ecosystem. Salesforce has also made smaller acquisitions, like the industry-specific software maker Vlocity for $1.3 billion in February.
The announcement comes as Salesforce reports third quarter earnings that beat Wall Street estimates. It also announced that CFO Mark Hawkins will retire. He will be in his role until January 31, 2021, and then transition to an advisory role through October 2021. Amy Weaver, former chief legal officer, will take over as CFO.
