Latest News

See the latest news and get GPT analysis of articles

OpenAI disables ChatGPT voice that sounds like Scarlett Johansson 2024-05-20 22:23:00+00:00 - OpenAI's ChatGPT can now see, hear and speak with users ChatGPT-maker OpenAI said it is suspending use of one of its popular AI voices after users noted how similar it sounds to actor Scarlett Johansson's voice. The company's so-called voice mode function, launched in 2023, lets users interact with ChatGPT, widely used "generative" artificial intelligence software, by speaking to it. It also acts as a text-to-speech tool that reads answers to user prompts in one of five different voice options. Although OpenAI said the voice in question, dubbed Sky, is not Johansson's, the company said it is pausing its use to respond to user questions about how it choses and samples the voices in ChatGPT. "We are working to pause the use of Sky while we address them," the company said in a statement on X (formerly Twitter). In a blog post late Sunday, OpenAI elaborated on how it comes up with its different voices, reiterating that the Sky option uses the voice of an actor who is not Johansson. "We believe that AI voices should not deliberately mimic a celebrity's distinctive voice — Sky's voice is not an imitation of Scarlett Johansson but belongs to a different professional actress using her own natural speaking voice. To protect their privacy, we cannot share the names of our voice talents," the company said in the post. OpenAI worked with casting professionals and voice actors, ultimately whittling the five voices down from a pool of 400 options. The actors are paid as long as their voices are used in ChatGPT's products, the company noted. Winners were selected based on a variety of criteria, including a sense of timelessness and how easy the voices are to listen to. Some users lamented the company's decision to temporarily disable Sky, calling it "the best" or their "favorite" voice. It remains unclear why, if the voice was sampled from a paid actor, the company felt it necessary to take it down. OpenAI did not indicate when the voice will become available again.

Peloton shares drop after it announces refinancing to stave off cash crunch 2024-05-20 22:03:00+00:00 - Peloton shares plunged on Monday after the connected fitness company said it is launching a "global refinancing," as it looks to stave off a cash crunch amid falling sales. The company is offering $275 million in convertible senior notes due 2029 in a private offering and plans to enter into a $1 billion five-year term loan and $100 million revolving credit facility. Peloton plans to use the proceeds to buy back about $800 million of its 0% convertible senior notes, which are currently due in 2026, and refinance its existing term loan. Shares fell more than 12% in extended trading after Peloton announced the refinancing, but later regained some ground. Last month, Peloton announced that its CEO Barry McCarthy was stepping down and said it planned to lay off 15% of its workforce because it "simply had no other way to bring its spending in line with its revenue." The restructuring was designed to improve Peloton's cash position as demand for its connected fitness products continues to fall. The company has been working to achieve positive free cash flow, which "makes Peloton a more attractive borrower" and "is important as the company turns its attention to the necessary task of successfully refinancing its debt," McCarthy said in a memo to staff prior to his departure. In a letter to shareholders, the company said it is "mindful" of the timing of its debt maturities, which include convertible notes and a term loan. It said it is working closely with its lenders at JPMorgan and Goldman Sachs on a "refinancing strategy." "Overall, our refinancing goals are to deleverage and extend maturities at a reasonable blended cost of capital," the company said. "We are encouraged by the support and inbound interest from our existing lenders and investors and we look forward to sharing more about this topic."

Helicopter Crash Kills Iran's President Amid Social, Economic Crisis 2024-05-20 21:42:17+00:00 - This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now.

Cannabis Stocks Under $2: Why Are These Small-Cap Shares Up While Broader Sector Is In The Red? - Aurora Cannabis (NASDAQ:ACB), Trees (OTC:CANN) 2024-05-20 21:40:00+00:00 - Loading... Loading... Four lesser-valued cannabis stocks showed positive performance on Monday, defying the broader sector's downtrend. These stocks—Medical Marijuana Inc., TILT Holdings, Trees Corp., and Village Farms International —present potential investment opportunities. Positive Performers Among Smaller Cannabis Stocks Medical Marijuana Inc. MJNA , priced at $0.0021, has total assets of $72.775 million but faces financial challenges, including a net income loss of $280.475 million and an EBITDA of -$268.242 million. MJNA maintains a gross profit margin of 79.95%. , priced at $0.0021, has total assets of $72.775 million but faces financial challenges, including a net income loss of $280.475 million and an EBITDA of -$268.242 million. MJNA maintains a gross profit margin of 79.95%. TILT Holdings TLLTF , trading at $0.035, has total assets of $231.188 million and reported revenue of $165.956 million over the last twelve months. However, with a net income loss of $62.384 million and an EBITDA of -$22.018 million, TILT's profitability is under pressure. Its gross profit margin stands at 9.54%. , trading at $0.035, has total assets of $231.188 million and reported revenue of $165.956 million over the last twelve months. However, with a net income loss of $62.384 million and an EBITDA of -$22.018 million, TILT's profitability is under pressure. Its gross profit margin stands at 9.54%. Trees Corp. CANN , at $0.1 per share, lists total assets of $23.247 million. Despite a negative tangible book value per share and a net income loss of $7.082 million, Trees Corp. maintains a gross profit margin of 25.76%. Trees recently reported its Q1 2024 results, revealing total revenue of $3.686 million and an operating loss of $477,348. , at $0.1 per share, lists total assets of $23.247 million. Despite a negative tangible book value per share and a net income loss of $7.082 million, Trees Corp. maintains a gross profit margin of 25.76%. Trees recently reported its Q1 2024 results, revealing total revenue of $3.686 million and an operating loss of $477,348. Village Farms International VFF , priced at $1.278, holds total assets of $458.439 million with a current ratio of 2.076. With revenue of $299.024 million, VFF shows resilience despite a net income loss of $28.014 million. Their gross profit margin of 19.87% and a market cap of $138.914 million indicate a potential for recovery. Operational Efficiency Medical Marijuana Inc. demonstrates operational efficiency with a gross profit margin of 79.95%, indicating strong control over production costs despite its financial challenges. This margin suggests that MJNA could be managing effectively its cost of goods sold relative to its revenue. On the other hand, Trees Corp. maintains a gross profit margin of 25.76%, reflecting its ability to generate revenue from its operations. Despite reporting a net income loss of $7.082 million and an operating loss in its recent Q1 2024 results, both companies' operational metrics highlight their potential to sustain business activities and improve financial performance. To learn more about the cannabis business and how to invest in the sector, don't miss the opportunity to join us at the 19th Benzinga Cannabis Capital Conference in Chicago this October 8-9. Engage with top executives, investors, policymakers, and advocates to explore the industry's future. Secure your tickets now before prices increase by following this link . Comparison To Larger Cannabis Companies When compared to larger cannabis companies, the valuation difference is significant. Curaleaf Holdings CURLF is priced at $5.18, down 8.64%, and AdvisorShares Pure US Cannabis ETF MSOS is at $9.08, down 5.47%. Canopy Growth CGC is at $10.48, down 3.46%, Trulieve Cannabis TCNNF at $11.73, down 6.01%, and Green Thumb Industries GTBIF at $12.59, down 4.08%. Only Aurora Cannabis ACB is up, priced at $7.51, up 1.76%. In contrast to these larger names, the smaller stocks in green today have shown modest gains: MJNA at 4.7619%, TLLTF at 1.4493%, CANN at 11.1111%, and VFF at 1.4286%. Investors may consider these lesser-valued stocks for their potential to navigate a volatile market. Each company's financial metrics and operational efficiencies could offer entry points for those looking to diversify within the cannabis sector. Photo: AI-Generated Image.

Meet the Mars family, heirs to the Snickers and M&M's candy empire, who avoided the limelight for years 2024-05-20 21:38:19+00:00 - The company has been criticized for not giving enough, especially as one of the largest private companies in the US. Mars Inc. says it makes anonymous contributions. The Smithsonian National Museum of American History. Mark Wilson/Getty Images In 2012, they donated $5 million to the Smithsonian National Museum of American History for renovations and a new gallery bearing their name. In 2012, Jacqueline Mars received the first-ever Foundation for the National Archives' "Heritage Award," for her support of the National Archives and other arts and cultural institutions in Washington, DC. The US Equestrian Team Foundation, of which she is an honorary life trustee, also gives Jacqueline B. Mars National Competition and Training Grant awards each year. These grants "provide training and competition resources for U.S. athletes who have never competed on an Eventing Olympics or FEI World Championships Team and have earned, via results and potential, the opportunity to travel to another part of the country to compete," according to the foundation. Jacqueline also played a role merging the Opera with John F. Kennedy Center for the Performing Arts and made a multi-year commitment to support the Washington Performing Arts' programs. "The family has always believed that the biggest contribution toward the world we want tomorrow is through the good that Mars, Inc. can do every day, and the family reinvests the vast majority of any profit made back into the company," a company spokesperson previously told BI. In 2017, the company made a $1 billion investment in a sustainability program that will contribute to the UN's Sustainable Development Goals and the Paris Climate Agreement. It also donated $26 million in pandemic relief to communities most affected by the crisis. The Mars Wrigley Foundation supports educational and health-related causes by "providing oral health education and care, improving lives in mint and cocoa-growing regions, and creating resilient and vibrant communities," according to its website.

Trump Media and Technology Group posts more than $300 million net loss in first public quarter 2024-05-20 21:36:16+00:00 - SARASOTA, Fla. (AP) — Trump Media and Technology Group, the owner of former President Donald Trump’s social networking site Truth Social, lost more than $300 million last quarter, according to its first earnings report as a publicly traded company. For the three-month period that ended March 31, the company posted a loss of $327.6 million, which it said included $311 million in non-cash expenses related to its merger with a company called Digital World Acquisition Corp., which was essentially a pile of cash looking for a target to merge with. It’s an example of what’s called a special purpose acquisition company, or SPAC, which can give young companies quicker and easier routes to getting their shares trading publicly. A year earlier, Trump Media posted a loss of $210,300. Trump Media said collected $770,500 in revenue in the first quarter, largely from its “nascent advertising initiative.” That was down from $1.1 million a year earlier. “At this early stage in the Company’s development, TMTG remains focused on long-term product development, rather than quarterly revenue,” Trump Media said in its earnings news release. Earlier this month, the company fired an auditor that federal regulators recently charged with “massive fraud.” The former president’s media company dismissed BF Borgers as its independent public accounting firm on May 3, delaying the filing of the quarterly earnings report, according to a securities filings. Trump Media had previously cycled through at least two other auditors — one that resigned in July 2023, and another that was terminated its the board in March, just as it was re-hiring BF Borgers. Shares of Trump Media climbed 36 cents to $48.74 in after-hours trading. The stock, which trades under the ticker symbol “DJT,” began trading on Nasdaq in March and peaked at nearly $80 in late March.

How Apple's AI push could do more than just reignite iPhone sales 2024-05-20 21:34:00+00:00 - A new note from Melius Research supports what Jim Cramer has been saying for a while now: Club holding Apple's integration of artificial intelligence into the iPhone should be a boon to investors. Shares of Apple are "gearing up for a run" higher in anticipation of the company's Worldwide Developer Conference (WWDC) in June, where management is expected to share more about its AI strategy, Melius analysts wrote to clients Monday. They say the event could be the "most important [WWDC] since the launch of the iPhone in 2007." That's because investors will finally get a sense of the tech behemoth's forthcoming AI-integrated offerings, which both Jim and Melius believe will lead to a much-needed upgrade cycle for the iPhone. "I think the iPhone next generation has to incorporate far more AI than it does now," Jim said on Monday. The Club's belief is that doing so will prompt iPhone users to upgrade to the newer model, helping reignite topline growth for Apple following a prolonged period of sluggishness. That view has helped us remain patient with the stock as investor concerns about its business in China contributed to a rocky start to 2024. Shares of Apple are up nearly 16% since their 2024 low close of $165 apiece on April 19. The recovery has brought the stock back to nearly flat on the year after being down more than 14%. Still, Apple is trailing the S & P 500 by a healthy margin, with the broad index up 11% year to date. The majority of Apple's installed base of more than 2.2 billion devices is iPhones, Melius said in its note Monday. As the company rolls out more AI features on its flagship device, "most of us will follow the Cupertino Collossus' lead," analysts contended. They added, "Don't forget, the iPhones bought in the Covid surge are turning 4 years old now and the base is about to get a big nudge." Melius is wisely emphasizing the importance of Apple's loyal customer base , which is at the heart of Jim's "own it, don't trade it" thesis on the stock. AAPL YTD mountain Apple (AAPL) year-to-date performance AI can boost more than just iPhone sales, according to Melius. Revenue growth for Apple's high-margin services segment, which includes offerings like iCloud storage, also is bound to accelerate, the firm said. AI will likely require more storage, so some customers may be compelled to upgrade their iCloud subscription plans to the larger, costlier options, the analysts wrote. "For example, if [100 million] more users were prompted to upgrade storage from the $2.99/month option to the $9.99 option, that could generate an incremental $8.4 [billion] in annual revenue and add an incremental $0.45 to annualized EPS," Melius said. Jim has long touted Apple's services business, arguing its recurring and profitable nature makes the company's stock worthy of a higher valuation. Even though AI announcements are around the corner, that doesn't mean that negative headlines around Apple will stop. On Monday, Reuters reported that Apple is offering big discounts on its iPhone 15 in China due to stiffening competition from local rivals like Huawei. Jim told members to "be careful about making a judgment on China based on any report because almost every report has been wrong," he said. "The desire to knockback Apple by everybody is extraordinary." China sales were much better than feared in the tech giant's most recent quarter despite sluggish economic growth and stiffening competition in the country. In the three months ended March 30, the iPhone 15 and iPhone 15 Pro Max held the No. 1 and 2 spots for top-selling smartphones in urban China, the company said, citing market research firm Kantar. The company also continues to diversify revenues by expanding operations in emerging markets like India , representing additional paths for growth. (Jim Cramer's Charitable Trust is long AAPL. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust's portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED. Citizens are walking past an Apple store in Shanghai, China, on May 15, 2024. Costfoto | Nurphoto | Getty Images

Jamie Dimon says JPMorgan stock is too expensive: 'We're not going to buy back a lot' 2024-05-20 21:15:00+00:00 - In this article JPM Follow your favorite stocks CREATE FREE ACCOUNT Jamie Dimon, CEO of JPMorgan Chase, testifies during the Senate Banking, Housing and Urban Affairs Committee hearing titled Annual Oversight of Wall Street Firms, in the Hart Building on Dec. 6, 2023. Tom Williams | Cq-roll Call, Inc. | Getty Images Jamie Dimon thinks shares of JPMorgan Chase are expensive. That was the message the bank's longtime CEO gave analysts Monday during JPMorgan's annual investor meeting. When pressed about the timing of a potential boost to the bank's share repurchase program, Dimon did not mince words. "I want to make it really clear, OK? We're not going to buy back a lot of stock at these prices," Dimon said. JPMorgan, the biggest U.S. bank by assets, has seen its shares surge 40% over the past year, reaching a 52-week high of $205.88 on Monday before Dimon's comments dinged the stock. That 12-month performance beats other banks, especially smaller firms recovering from the 2023 regional banking crisis. It also makes the stock relatively pricey as measured by price to tangible book value, a commonly used industry metric. JPMorgan shares traded recently for around 2.4 times book value. "Buying back stock of a financial company greatly in excess of two times tangible book is a mistake," Dimon said. "We aren't going to do it." Dimon's comments about his company's stock, as well as an acknowledgement that he may be nearing retirement, sent the bank's shares down 4.5% Monday. To be clear, JPMorgan has been repurchasing its stock under a previously authorized buyback plan. The bank resumed buybacks early last year after taking a pause to build up capital under new expected guidelines. Dimon's guidance simply means it is unlikely the program will be boosted anytime soon. JPMorgan is likely to purchase shares at a $2 billion to $2.5 billion quarterly clip, Portales Partners analyst Charles Peabody wrote in a March research note. The JPMorgan CEO has often resisted pressure from investors and analysts that he deemed short-sighted. When interest rates were low, Dimon kept relatively high levels of cash, rather than plowing funds into low-yielding, long-term bonds. That helped JPMorgan outperform other lenders, including Bank of America , when interest rates jumped higher. Underappreciated risks

Hometown of Laura Ingalls Wilder set for a growth spurt 2024-05-20 21:10:16+00:00 - DE SMET, S.D. (AP) — A rural South Dakota county known mainly as the former home of beloved author Laura Ingalls Wilder is on the precipice of rapid growth as two record-setting agricultural processing plants are proposed for the area. If the planned projects — the state’s largest individual dairy farm with up to 25,000 cows and a nearly $1 billion biofuels plant — both come to fruition, Kingsbury County in east-central South Dakota could see a sudden surge in its population, economy and tax base. So far, local officials and the state of South Dakota are rolling out the welcome mat for the two projects. They see an opportunity to create hundreds of jobs that would attract new residents, new spin-off businesses and new amenities to the rural county of fewer than 6,000 people over 832 square miles. Joe Jensen, zoning director for Kingsbury County, said the two agriculture plants and a large hog farrowing facility that recently began operation in the area could bring economic opportunity to Kingsbury County and the cities of Lake Preston, Arlington and De Smet, the county seat. “It will be a huge shot in the arm for our county,” Jensen said. State records show that the proposed $190 million dairy, planned for a site 10 miles southwest of De Smet near the tiny town of Manchester, would create about 100 new full-time jobs. The proposed Gevo Net-Zero 1 biofuels plant, eyed for a site two miles east of Lake Preston, would create 1,500 construction jobs and 460 permanent positions, including 90 in Lake Preston, along with generating up to $250 million in annual economic activity, according to the company’s website. Project leaders said it would be the largest single development project in South Dakota history. Jensen said he expects that if both projects become operational, the county would see a jump of at least $500 million and up to $1 billion in its tax base, which could lead to development of new schools, better roads and overall improved infrastructure. The new dairy could also drive growth in ancillary agricultural businesses, including trucking, feed grinding, and the growing and bailing of corn and alfalfa, Jensen said. Gevo, meanwhile, could bring new high-tech jobs and a stronger connection to cutting-edge agricultural research at South Dakota State University in nearby Brookings, he said. “It will bring a lot of opportunity, especially for a county of only around 5,000 or 6,000 people,” Jensen said. “The main streets in our small towns have struggled a little bit, so this will help a lot in bringing in more people and money, and it will be a big benefit to those small towns.” Opposition to the huge dairy, which received unanimous county commission approval in December, has so far been limited to concerns over water usage and whether local roads are able to handle increased truck traffic, according to county records reviewed by News Watch. The addition of new workers has also brought to light the need to develop more housing in the county, an issue many communities in South Dakota struggle with, though the dairy operation is expected to provide on-site housing for some workers. Jensen said there is widespread local support for the projects, and he hasn’t heard any concerns that they could somehow negatively affect the existing tourism industry, largely centered on Ingalls Wilder, who grew up and lived in De Smet. Nicknamed the “Little Town on the Prairie,” De Smet offers covered wagon rides, building tours, a discovery center and an annual pageant dedicated to the memory of the author of “Little House on the Prairie” and other notable books. “Absolutely, it will look and feel differently here,” Jensen said. “But the population is extremely sparse where these projects will be located, so you can still go visit Laura Ingalls all you want and you won’t see or smell any of it.” The South Dakota Governor’s Office of Economic Development has provided major financing help to the two projects through its Livestock Nutrient Management Bond program, state records show. In May 2023, the South Dakota Economic Development Finance Authority within GOED approved a $187 million bond to Gevo Net-Zero 1 for waste management at its proposed plant. That project, according to the company, would process locally grown corn into jet fuel on a 240-acre swath of farmland north of U.S. 14 a couple miles east of Lake Preston in central Kingsbury County. In April, the same board approved a $55 million bond to Minnesota-based agricultural firm Riverview LLP. The production agriculture company would use the bond funds to build infrastructure needed to handle animal wastes at the proposed dairy that would be built on the site of an existing cattle feedlot south of U.S. 14 about 10 miles west of De Smet. GOED said in a release that the dairy would house 15,000 to 20,000 cows, but public records filed in Kingsbury County show that the dairy could be home to 25,000 milking cows. That would make it the largest single dairy operation in the state, Jensen said. According to GOED documents obtained by News Watch through an open records request, the animal waste management bonding for the dairy will finance land acquisition costs and construction of concrete containment lagoons, manure disposal equipment and settling ponds. The agricultural growth in Kingsbury County is being driven, officials said, by its location in the heart of the South Dakota corn belt, where corn prices are low. The county also has a flat east-west highway that connects to Interstate 29, and the county is in close proximity to cheese plants in Brookings, Lake Norden and Milbank that have undergone expansion. Gov. Kristi Noem said in a news release that providing financial aid to the dairy is part of a strategy using agriculture as the center of efforts to enhance overall economic development. “South Dakota’s economy is thriving thanks to continued growth for the ag industry and for our small businesses,” she said. Officials with Riverview LLP, the company in Morris, Minnesota, that recently was in talks to buy land from Noem’s brothers for a separate South Dakota dairy project, did not respond to numerous phone messages left by News Watch. Gevo, based in Englewood, Colorado, has raised some uncertainty about whether the Lake Preston facility is viable. And despite a formal groundbreaking ceremony at the site in 2022, no construction has begun. Officials with Gevo did not return an email from News Watch seeking comment. But recent reports have indicated that officials with the biofuels plant want construction of a carbon-dioxide pipeline through eastern South Dakota before building. Gevo officials also said recently, however, that the project could be buoyed by new biofuels tax credits being offered by the federal government. Kingsbury County, and De Smet in particular, are prime locations for new industry in part because the area has long taken a progressive, welcoming approach to new businesses and new residents, said Jamie Lancaster, economic development director for the De Smet Development Corp. Lancaster noted that city leaders have a history of encouraging development of light industry and new businesses, including creation of an industrial park in the 1960s, before it was common in small towns. That park has led to job creation by a wide range of businesses that include a window and door manufacturer, a seed company, a sign firm, a medical device manufacturer and a company that makes plastic parts used to build casino gaming machines used around the world. Residents of De Smet also looked to the future in 2022 when they handily voted to approve bonding for a $9 million elementary school now under construction. Lancaster, who moved to De Smet from California, said he has noticed the community embracing the arrival of workers at the local industrial park, including some Hispanic immigrants. U.S. Census data show that 3.3% of Kingsbury County’s population consisted of Hispanic or Latino residents in 2023. Lancaster said the local grocery store, Maynard’s Food Center, has added more spicy foods lately, including fresh Mexican chorizo sausage and a partial aisle dedicated to other staple Hispanic foods. The school system has also expanded its ability to teach students who speak English as a second language, he said. “Here, when somebody moves in, they’re your neighbor and you welcome them,” he said. Lancaster said the region is also well equipped to handle the health care needs of new and existing residents, with an Avera Health hospital and a Horizon Health Care clinic that includes dental services, both located in De Smet. While investments of more than $1 billion into the regional economy will surely ripple through the county, residents and Kingsbury County government leaders aren’t expecting explosive or immediate growth, Lancaster said. “It is a once-in-a-generation opportunity, but at the same time, we’re trying not to get ahead of ourselves,” he said. “We’re taking things as they come to a certain degree because what sets us apart really comes down to the quality of life for the people who are going to work in the businesses.” Looking to the future, Lancaster said he expects that some parts of De Smet and Kingsbury County will surely look different. But he predicts that even if both the dairy and biofuels plant are developed, they won’t overwhelm the community or reduce the rural charm that attracted him and his family to De Smet after an Ingalls Wilder vacation. “Things will be somewhat different and everything changes with time, but I don’t see it being drastically different, other than maybe more restaurants and more of the businesses that come along with more people,” Lancaster said. “Other than that, I don’t see a drastic change, and of course, Laura (Ingalls Wilder) will always be a big part of our community.” ___ This story was originally published by South Dakota News Watch and distributed through a partnership with The Associated Press.

Minnesota GOP picks far-right conspiracy theorist in bizarre Senate endorsement 2024-05-20 21:08:19+00:00 - The Minnesota Republican Party officially endorsed far-right conspiracy theorist Royce White as its Senate nominee this year, potentially setting him up to run against incumbent Democrat Sen. Amy Klobuchar. White, who is Black, had a cup of coffee in the National Basketball Association before walking away amid mental health issues. He’s garnered media attention for being outspoken about some of those issues in the past and, after briefly fashioning himself as an anti-racist activist in 2020, he became a full-on MAGA conspiracy theorist and podcaster. Two-thirds of the delegates to the Minnesota state GOP convention voted to officially endorse his primary bid on Saturday, aligning them with another White supporter: Trump adviser Steve Bannon. Media Matters compiled this handy list of lowlights that helps sum up White’s past few years: White has pushed far-right media conspiracy theories, including about the hammer attack on Paul Pelosi; the tragic Maui wildfires; and the 2020 election. He is also virulently anti-LGBTQ, writing that “the LGBTQ movement is the brainchild of radical feminists and their cucked men.... At least from a political standpoint.” He has claimed that former professional basketball player Charles Barkley was being influenced by a Jewish “cabal.” Media Matters also included screenshots of White using homophobic and blatantly sexist slurs online. As you might imagine, White’s politics haven’t proven to be a winner in the past. In 2022, he lost a GOP primary seeking to challenge Democratic Rep. Ilhan Omar for her seat. Nonetheless, this is the person Minnesota Republicans seem to think will oust Klobuchar, who’s been in her seat nearly two decades. Rest assured, it'll be an uphill battle. White is a prime reason why I've urged Democrats to watch the right-wing podcast world: These days, that’s where conservative celebrities are created, narratives are spun and campaigns are launched.

Jamie Dimon, CEO of JPMorgan Chase, just hinted at retirement. Here's how he became an iconic billionaire banker. 2024-05-20 21:05:29+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Jamie Dimon, the billionaire CEO of JPMorgan Chase, has led the massive finance company for the better part of the last two decades, driving its assets and stock value to new heights. "In the midst of the most serious and far-reaching financial crisis since the 1930s — much of it caused by plain old avarice and bad judgment — Dimon and JPMorgan Chase stood apart," Duff McDonald, an author and journalist, wrote of Dimon in his 2009 book "Last Man Standing: The Ascent of Jamie Dimon and JPMorgan Chase," referring to the 2008 financial crisis. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. "Much of the melodramatic coverage of Wall Street postcrisis has focused on its flaws — the hubris and the greed," McDonald wrote. "Jamie Dimon's story contains the opposites — the values of clarity, consistency, integrity, and courage. By sticking to them, Dimon has unquestionably become the dominant banking executive of his era." Here's a look at Dimon's career, from his stint as a management consultant to becoming the billionaire financier propelling JPMorgan Chase's rise. Advertisement Representatives for Dimon declined to comment for this story when contacted by Business Insider. Born into the world of finance Dimon was born in New York City on March 13, 1956, one of three sons to Theodore and Themis (née Kalos) Dimon. His father was a stockbroker at Shearson who would eventually become an executive vice president at American Express. After her sons went to college, Themis Dimon pursued a master's degree in psychology at Columbia University's Teachers College and volunteered at a preschool program. The couple, who were married for 65 years, died within 22 hours of each other, according to their 2016 obituaries. Advertisement Dimon graduated from Tufts University, where he majored in psychology and economics. After a stint as a management consultant at Boston Consulting Group, Dimon earned his MBA from Harvard in 1982. A banking whiz kid from the start Dimon's finance skills were clear from early on. At the behest of his mentor, the financier Sandy Weill, he turned down offers from Goldman Sachs and Morgan Stanley to accept a job at American Express after graduating from Harvard. When Weill left American Express in 1985, Dimon followed. The pair ran Commercial Credit, a company they would build into the financial-services conglomerate Citigroup. Dimon in his Chicago office in the early 2000s. Michael L Abramson via Getty Images An unexpected ouster led to a key pivot Weill asked Dimon to resign in 1998 after 15 years of working together. Weill would later tell The New York Times it was because Dimon wanted to take over as CEO but he wasn't ready to retire. Weill told the Times he regretted that the conflict led to Dimon's ouster. Advertisement On an episode of the " Coffee with The Greats " podcast, Dimon said he was "totally surprised" by his firing from Citigroup. He considered jobs at Amazon and Home Depot but ultimately became CEO of Bank One in 2000, which at the time was the nation's fifth-largest bank. Eventually, it would merge with JPMorgan. JPMorgan's merger with Bank One saw Dimon's power surge When JPMorgan merged with Bank One in 2004, Dimon became the new banking giant's president and chief operating officer. He would later become the bank's CEO in 2006. Dimon quickly slashed expenses across the board, McDonald wrote in his biography. He ended the practice of the bank's corporate wing paying for clients to attend the US Open tennis tournament, canceled a $5 billion contract with IBM for computer-management services, and cut regional managers' compensation by as much as 50% over the next two years. Related stories "He's going down like cod liver oil," Bloomberg reported one banker said of Dimon's approach. McDonald wrote in his biography of Dimon that another unnamed banker said, "The news that Jamie is flying in is similar to being told that Ivan the Terrible is coming for tea." Advertisement Dimon at the Nikkei Global Management Forum in Tokyo. TOSHIFUMI KITAMURA va Getty Images His demanding leadership has proven valuable over the years In 2008, Dimon played a key role in rescuing major banks from collapse amid the financial crisis. JPMorgan purchased Bear Stearns for $10 a share and also acquired Washington Mutual, which at the time was the largest US savings and loan institution, The New York Times reported. "Jamie was demanding. He was relentless," Theresa Sweeney, his assistant from 1993 to 2000, is quoted as saying in McDonald's biography. "And he always wanted the one thing I hadn't done. I'd walk in there with my pad of paper and he'd give me 10 things to do. I'd go back to my desk. An hour later, he'd call me and I'd have already done nine of them. And he'd ask for the tenth. And he pounded and pounded and pounded until you got it done. By the third time he asked for something, you better have been at a funeral, because that was the only acceptable excuse for not having it finished." Under his leadership, and due largely to its strategic partnerships and acquisitions, JPMorgan's value has skyrocketed, becoming the leading American bank in terms of domestic assets, market capitalization, and stock value. College sweethearts became parents to 3 girls Dimon married his college sweetheart, Judith Kent, after meeting at Harvard. They have three daughters together: Julia, Laura, and Kara Leigh. Advertisement Kent went to Tulane University for her undergraduate degree before receiving a master's in organization psychology from the Catholic University of America and an MBA from Harvard. She worked alongside Dimon at American Express as a management trainee shortly before they married, a 1983 wedding announcement published in The New York Times said. Dimon has had a few health scares over the years, including a battle with throat cancer in 2014 and emergency heart surgery in 2020 after he was diagnosed with an aortic tear, The Wall Street Journal reported. Jamie Dimon (R), chairman and CEO of JP Morgan Chase & Co. and his wife Judith Dimon arrive at the White House for a state dinner 19, 2011 in Washington, DC Brendan Smialowski A longtime political donor, Dimon has considered a run for office himself For many years, Dimon was a prominent donor to the Democratic Party. Though he labeled himself as "barely a Democrat" in 2012, his political ties to the Obama administration led to speculation he would be named secretary of the Treasury. The position was ultimately given to Timothy Geithner. In 2016, he joined a business-advisory forum assembled by then-President Donald Trump, though it disbanded roughly a year later. Dimon supported several of Trump's jobs and tax policies but publicly disagreed with him on matters of immigration and international trade. Advertisement He briefly considered running for president in 2018. Though he ultimately decided against it, MarketWatch reported that he said, "I thought about thinking about it." The billionaire hedge-fund manager Bill Ackman encouraged Dimon to consider a presidential bid in 2023, Forbes reported. The outlet also said Dimon expected to lead JPMorgan for at least 3 ½ more years. Though he hasn't made any moves toward a campaign for public office, Dimon told Bloomberg last spring, "I love my country, and maybe one day I'll serve my country in one capacity or another." Dimon's continued bank-saving has led to record JPMorgan profits Dimon reprised his role as bank-saver in 2023, The New York Times reported, working as a partner with Treasury Secretary Janet Yellen and the Fed chair Jerome Powell to convince leaders of 11 major banks to pitch in $30 billion to prevent First Republic Bank from collapsing in the wake of Silicon Valley Bank and Signature Bank failing in rapid succession. Advertisement In doing so, Dimon was "acting as a senior statesperson who is helping to shore up the financial industry in a time of crisis of confidence," Mike Mayo, a longtime banking analyst, said to the Times. "With that comes potentially higher prestige but also potential backlash." But so far, the backlash hasn't come. Per Fortune, JPMorgan's stock value has tripled since Dimon became CEO, and Bloomberg reported that in 2023, the bank recorded the largest-ever annual profit among US banks, pulling in nearly $50 billion. Dimon may be retiring sooner than expected During a Q&A with investors on Monday, Dimon suggested his retirement may be on the horizon. Advertisement While in the past Dimon joked he would retire in five years, when asked about his succession plan this time the 68-year-old said the timeline was "not five years anymore." The longest-running CEO on Wall Street also said the plan to identify his replacement was "well on its way," and that he could potentially stay on as chair. Note: This story was originally published April 2024 and has since been updated. Correction: April 9, 2024 — An earlier version of this story misstated the name of the bank JPMorgan merged with in 2004. It's Bank One, not One Bank.

Hush-money judge rips Trump witness who scoffed at his rulings: 'You don't give me the side-eye!' 2024-05-20 21:00:20+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview The judge overseeing Donald Trump's ongoing hush-money trial ripped into one of the former president's witnesses Monday for heckling his rulings — then cleared the courtroom of journalists to scold the witness some more. The witness, attorney Robert Costello, was called by the defense to attack the credibility of key prosecution witness Michael Cohen. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. But the Nassau County-based attorney repeatedly chafed at being interrupted by the judge sustaining prosecution objections, at one point muttering "Jeez," and "Ridiculous." Within minutes of taking the stand, Costello was in open conflict with New York Supreme Court Justice Juan Merchan, the judge presiding over the case. Advertisement "Mr. Costello I wanted to — I'd like to discuss proper decorum in my courtroom, ok?" Merchan began, after dismissing the jury from the courtroom. "If you don't like my ruling you don't say 'Jeez," you don't give me side eye, and you don't roll your eyes," the judge scolded. "You don't say 'strike it,'" the judge told the witness, adding that it's his job, not the witness' to strike testimony. In response to the scolding, Costello glared at the judge. "Are you staring me down?" the judge asked him angrily. Advertisement "Clear the courtroom!" he ordered. The tumult erupted on a busy day of court, during which the prosecution rested, the defense began its case, and a revised schedule for the rest of the trial was revealed. Closing arguments and the start of deliberations have now been pushed back to the Tuesday after Memorial Day. Merchan shouting, "Clear the courtroom!" set off a loud chain reaction in the courtroom. Related stories Shouting court officers demanded journalists leave — and many of them shouted back in protest as they did so. Lawyers and the front-row entourages of the defense and the prosecution were allowed to remain. Advertisement Robert Balin, an attorney representing a consortium of media organizations, protested but was removed as well, with a court officer leading him out by the arm. The video and audio feed to the court's overflow room — a second courtroom where press and members of the public watch the trial on screens — was cut off. After less than five minutes, journalists were led back into the courtroom, and questioning from Trump's lawyer, Emil Bove, resumed. Ahead of Costello's testimony, Merchan issued rulings limiting what Costello would be permitted to testify about. Advertisement Cohen — the prosecution's key witness in the case over allegations that Trump's falsified business records to disguise a hush-money payment to Stormy Daniels — previously testified that Costello was part of Trump's "pressure campaign" to keep him from flipping against Trump in 2018. Costello served as a "back channel" to Trump through his friend, the lawyer Rudy Giuliani, Cohen said. Merchan said Trump's lawyers could ask about his meetings and calls with Cohen, but could not have a "trial within a trial" about the scope of the alleged pressure campaign. Bove asked such questions anyway. Merchan repeatedly sustained objections from prosecutors and called sidebar conferences, which journalists could not hear. During one of these conferences, Costello audibly said "ridiculous" from the witness stand and let out a heavy sigh. Advertisement Costello backed up the narrative from Trump's lawyers that Cohen paid hush money to Stormy Daniels on his own, without Trump's knowledge. "Michael Cohen said numerous times that President Trump knew nothing about these payments," Costello said. "That he did this on his own. And he did this numerous times." Costello has been a frequent critic of the Manhattan District Attorney's case against Trump. He spoke in front of the Republican-controlled House of Representatives committee on the "weaponization of government," echoing Trump's claims that the case is politically motivated.

In Morehouse speech, Biden urges graduates to reject Trump’s toxic masculinity 2024-05-20 20:54:50+00:00 - The predictions of mass unrest over the Israel-Hamas conflict never materialized during President Joe Biden’s address at Morehouse College’s commencement ceremony. To the contrary, at Sunday’s graduation at one of the most vaunted men’s colleges in Black American history, there was an impassioned speech from the class valedictorian calling for an immediate cease-fire, which the president applauded, and a smattering of individual protests. As for Biden’s actual remarks in Atlanta, there were two sections in particular that I noted as smart and sensitive speechcraft. First, there’s the following excerpt, which subtly addressed reports that disaffected Black men might sit out this year’s election. Biden said: It’s natural to wonder [if] democracy you hear about actually works for you. What is democracy if Black men are being killed in the street? What is democracy if a trail of broken promises still leave Black communities behind? What is democracy if you have to be 10 times better than anyone else to get a fair shot? And most of all, what does it mean, as we’ve heard before, to be a Black man who loves his country even if it doesn’t love him back in equal measure? ... Faith asks you to hold on to hope, to move heaven and earth to make better days. Well, that’s my commitment to you: to show you democracy, democracy, democracy is still the way. If Black men are being killed in the street, we bear witness. For me, that means to call out the poison of white supremacy, to root out systemic racism. As concrete examples of his administration’s efforts to curb racism, Biden listed infrastructure, his record of job creation among Black folks and his promotion of police reform. But perhaps more importantly, I thought it was smart to show empathy with people who might be feeling discouraged by the grinding pace of democracy and wondering whether staying home in November, or voting for Trump, might serve them well. Although I think media outlets overestimate how large this group is, I also think Biden showed sensitivity in addressing these voters. Another part of the speech that stuck out was Biden’s call for the graduates to reject Trump’s style of toxic masculinity. Biden framed such masculinity as being at odds with what it means to be a “Morehouse Man,” a title that has carried clout in Black communities because of Morehouse’s list of esteemed alumni. Biden said: Graduates, this is what we’re up against: extremist forces aligned against the meaning and message of Morehouse. And they peddle a fiction, a caricature of what being a man is about — tough talk, abusing power, bigotry. Their idea of being a man is toxic. I ran into them all the time when I was younger. They got — all right, I don’t want to get started. But that’s not you. It’s not us. You all know and demonstrate what it really means to be a man. Being a man is about the strength of respect and dignity. It’s about showing up because it’s too late if you have to ask. It’s about giving hate no safe harbor and leaving no one behind and defending freedoms. It’s about standing up to the abuse of power, whether physical, economic or psychological. It’s about knowing faith without works is dead. I continue to think these lines of attack against MAGA masculinity are an important tool in chipping away at Trump’s support among men. Speeches don’t win campaigns in and of themselves. But they can go a long way toward that goal by demonstrating competency and compassion to key voting blocs. Biden appears to have done that at Morehouse — ironically, in a speech that some may have thought would spell his political end.

Biden is struggling in Nevada. His economic messaging in the key swing state will be one of the biggest tests of his 2024 campaign. 2024-05-20 20:49:38+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview For over fifteen years, Nevada has been a major success story for the Democratic Party. The late Sen. Harry Reid was instrumental in building up the state party, which led to high-profile victories like Barack Obama's presidential victories in 2008 and 2012, Catherine Cortez Masto's Senate win in 2016, and President Joe Biden's win in 2020. After years of GOP dominance in Nevada, it seemed as though Democrats had finally cracked the code for consistent victories, with a coalition of young voters, union members, Black and Latino voters, and suburbanites fueling their political ascent in the state. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. But ahead of November, Biden is currently the underdog in Nevada, weighed down by the state's slow economic recovery during the coronavirus pandemic. And how he shapes his economic message to voters across the state could very well determine whether or not he wins reelection. Advertisement Nevada's outsized importance Nevada only has six electoral votes, but the race between Biden and former President Donald Trump could come down to a few thousand — or even a few hundred votes — in key battleground states across the country. The last GOP presidential nominee to win Nevada was George W. Bush in November 2004 — nearly 20 years ago. During that timespan, Nevada saw a population spike — largely centered in the Las Vegas and Reno areas — with a state population of 2.4 million residents in 2005 increasing to nearly 3.2 million residents last year. Related stories Nevada was deeply impacted by the Great Recession, as the housing downturn depressed home prices and led to high unemployment in various sectors — namely construction, finance, and real estate. Advertisement And then the pandemic in 2020 shuttered the Las Vegas Strip for weeks, an unprecedented blow to leisure travel and the hospitality industry overall. With another significant economic calamity affecting Nevada, the ramifications were bound to collide with Biden's economic pitch to voters. Biden's dilemma In 2020, Biden won Nevada by a 50% to 48% margin over his GOP rival, similar to the 2.4-point edge that former Secretary of State Hillary Clinton enjoyed over Trump (47.9% to 45.5%) in 2016. But both results were a steep departure from Obama's robust 12.5- and nearly 7-point wins in 2008 and 2012. Biden will have to work hard to address some of the top concerns of Nevada voters: inflation, housing affordability, and health care. Advertisement And the president has his work cut out for him, as Trump is leading him in Nevada by a sizable margin in recent polling. A New York Times/Siena College survey conducted from late April through early May showed Trump ahead Biden by a 12-point margin (50% to 38%) among registered voters in Nevada. When independent candidate Robert F. Kennedy Jr. and Green Party candidate Jill Stein are in the mix, Biden's support plummets to 27%, with Trump taking 41% and Kennedy Jr. at 12%, followed by Stein with 2% support. A plurality of Nevada voters (22%) listed the economy as their top issue, and a whopping 82% of voters said that the economy was "only fair" or "poor." Only 17% of Nevada voters rated the economy as "good" or "excellent." And by a 61% to 32% margin, Nevada voters believe Trump would be better at handling the economy. The Biden campaign has responded aggressively to tackle this narrative. Advertisement The president visited Nevada in March to make his pitch for boosting affordable housing. The month before, he met with culinary workers — a highly influential voting bloc — while in Las Vegas. And Vice President Kamala Harris has traveled to Nevada four times this year, promoting the Bipartisan Safer Communities Act and advocating for reproductive rights in an election where abortion will be a key issue. Another matter for Biden: The bipartisan infrastructure law is a huge accomplishment for his administration. Yet it will take years for many voters to see the results, including the creation of jobs. Biden's biggest challenge is sharpening an economic message that voters will respond to across the country. And Nevada is increasingly looking like the place where he'll need to do it to stay in the White House.

Wendy's will offer $3 breakfast deal, as rivals such as McDonald's test value meals to drive sales 2024-05-20 20:49:00+00:00 - An exterior view of a Wendy's fast-food restaurant in Bloomsburg, Pennsylvania, on May 19, 2024. Wendy's will offer a $3 breakfast combination meal starting Monday, as restaurant chains look for new ways to drive sales while consumers pull back on dining out. The deal will include a small portion of seasoned potatoes and a choice of either a bacon, egg and cheese English muffin or a sausage, egg and cheese English muffin, the fast-food chain said. The promotion comes as Wendy's rival McDonald's plans a similar yet limited value meal option as it tries to boost traffic. Last week, CNBC reported the fast-food giant's $5 meal deal would be available in stores for only a month, starting June 25. Consumers have become more selective about where they spend their dollars, and some restaurants have started to see a long expected consumer pullback. Other fast-casual chains have enjoyed strong sales despite higher prices. As inflation lingers, companies that cater to lower-income consumers have faced a particular challenge bringing in customers. Wendy's earlier this month reported first-quarter revenue grew a modest 1.1% to $534.8 million. Its same-restaurant sales worldwide grew only 0.9% in the quarter. McDonald's missed first-quarter earnings expectations last month. Although higher prices have helped the chain's revenue, they have scared away some low-income customers. Chief Financial Officer Ian Borden said the company has adopted a "street-fighting mentality" to compete for value-minded diners. KFC, Pizza Hut and Taco Bell owner Yum Brands also posted a disappointing earnings report earlier this month, as revenue missed Wall Street estimates. The company cited same-store sales declines for KFC and Pizza Hut.

BMW, Jaguar Land Rover, VW used parts made with Chinese forced labor, Senate report finds 2024-05-20 20:47:00+00:00 - BMW, Volkswagen and Jaguar Land Rover have bought parts made by a Chinese company sanctioned under a 2021 law for using forced labor, a U.S. Senate investigation found, resulting in a call by lawmakers for stricter enforcement. The automakers said in response to the Senate report released Monday that they've taken action to bring their cars into compliance with the law. The Senate Finance Committee's two-year probe revealed that BMW imported to the U.S. at least 8,000 MINI vehicles containing parts produced by JWD after the Chinese supplier was sanctioned in December for its links to China's labor program in the far western region of Xinjiang. The report said Jaguar Land Rover imported replacement parts including components made by JWD even after the automaker had been informed of the presence of the problematic product in its supply chain. Volkswagen, however, disclosed to the U.S. border authorities that a shipment of its vehicles contained parts made by JWD, according to the report. The components were sourced through two contractors — California-based Bourns Inc. and Michigan-based Lear Corp. — the latter of which is a direct supplier for BMW and Jaguar Land Rover, according to the report. "Automakers are sticking their heads in the sand and then swearing they cannot find any forced labor in their supply chains," said Sen. Ron Wyden, Democrat of Oregon and chair of the committee. "Automakers' self-policing is clearly not doing the job." Wyden called on Customs and Border Protection to "supercharge enforcement and crack down on companies that fuel the shameful use of forced labor in China." Jaguar Land Rover said in a statement that the subcomponent mentioned in the report "was used in a prior generation of technology and is not in current JLR vehicles for sale." The company also said that once it was notified that the Chinese manufacturer was on the sanctions list, it immediately stopped shipment of the affected parts and all existing inventory containing the component was "quarantined for destruction." BMW Group said it "has taken steps to halt the importation of affected products and will be conducting a service action with customer and dealer notification for affected motor vehicles." Both automakers said they take protection of human rights and prohibitions against forced labor seriously. The report points out that the U.S. has banned the use of forced labor U.S. lawmakers in 2021 passed the Uyghur Forced Labor Prevention Act, banning the entry of products made with forced labor in Xinjiang, where the Uyghurs, a Muslim ethnic group, have been persecuted for their religious and cultural beliefs. The U.S. government has described this persecution as an act of genocide. Beijing strongly objects to this characterization, saying its efforts are aimed at countering terrorism. In Xinjiang, China also runs employment programs that it says boost job skills and connect the local workforce with better-paying jobs in other parts of the country, but human rights advocates say participation in those programs can be involuntary. In the U.S., lawmakers have demanded that the 2021 law be strictly enforced and have criticized the automakers for not adequately scrutinizing their supply chains to ensure compliance with the law.

The fraud trial of Ozy Media cofounder Carlos Watson has begun. His attorneys have argued race played a role in his indictment. 2024-05-20 20:38:15+00:00 - By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time. Access your favorite topics in a personalized feed while you're on the go. download the app Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview Attorneys began jury selection in the criminal fraud trial of Carlos Watson, the cofounder of the fallen digital media startup Ozy Media. Federal prosecutors accuse Watson, the face of the company, of orchestrating a scheme to defraud investors and lenders of tens of millions dollars by deliberately misrepresenting Ozy's financial and business assets. This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. The trial is set in federal court in Brooklyn, New York. According to prosecutors, between 2018 and 2021, Watson and other executives engaged in the scheme "through material misrepresentations and omissions" about Ozy's financial results, debts, audience numbers, and investors' identities and the sizes of their investments, among other things. Advertisement Prosecutors say Watson conspired to impersonate media company executives during interactions with Ozy's lenders and prospective investors. Watson has been charged with conspiracy to commit securities fraud, conspiracy to commit wire fraud, and aggravated identity theft. If convicted of the charges, he faces up to 37 years in prison. Opening statements in the trial are expected to begin next week, and it's not yet clear what Watson's defense will be, but his attorneys have argued in court documents that racial bias played a role when he was indicted in February 2023. Related stories In an August motion to dismiss the indictment, which was unsuccessful, Watson's attorneys argued that the "well-known and well-documented practices of puffing and bluffing venture funding" may not be the "archetypes of ideal moral behavior," but are a "critical part of an economic system that has created the incredible innovations of the last decades from Apple and Google to Tesla and Airbnb." Advertisement The defense attorneys said in the court filing that during the time of Ozy's development, early-stage investors had a swath of digital media companies to choose from, including BuzzFeed and Vice Media. "While these companies were and are household names, they have either completely collapsed or are financially struggling, as are similarly situated digital media firms," the attorneys wrote. "Their founders reportedly — and in some cases, admittedly — engaged in conduct that differs from the conduct charged in Mr. Watson's Indictment in only one way: their conduct was, by orders of magnitude, far more egregious. And yet they have not been indicted," the filing read. The lawyers continued, "The fact that Carlos Watson and his company have been indicted is not the only difference between them and their peer founders and companies. The others are white and white-owned. Carlos Watson is a Black man and Ozy Media was majority-owned by people of color." Advertisement Attorneys for Watson did not immediately respond to a request for comment from Business Insider on Monday. Semafor co-founder, former New York Times columnist, and BuzzFeed News editor in chief Ben Smith and Ozy co-founder Carlos Watson. Dia Dipasupil/Getty Images; Kimberly White/Getty Images Ozy was launched in 2013, and by 2020, the startup had raised more than $80 million from investors, including Marc Lasry, Laurene Powell Jobs, and Ron Conway. Axel Springer, which owns Business Insider, was also an investor. The company's demise was sparked by a series of articles by Ben Smith, who joined The New York Times as a media columnist after leading BuzzFeed's news division. Smith reported in a September 2021 article that Samir Rao, Ozy's cofounder and chief operating officer — who, along with Ozy's chief of staff Suzee Han, has pleaded guilty to charges relating to their roles in the fraud scheme — impersonated a YouTube executive in a meeting with investors at Goldman Sachs. Advertisement Smith also reported on claims that Ozy significantly exaggerated its audience figures in public statements. Ozy filed a lawsuit against Smith, his news website Semafor and Buzzfeed in December, alleging that he violated a nondisclosure agreement and stole trade secrets from Ozy to build his own media company. Representatives for Smith and Semafor did not immediately respond to a request for comment by BI. BuzzFeed declined to comment.

JPMorgan CEO Jamie Dimon signals retirement is closer than ever 2024-05-20 20:37:00+00:00 - Jamie Dimon’s days as CEO of JPMorgan Chase are numbered — though its unclear by how much. In a response to a question Monday about the bank’s succession planning, Dimon indicated that his expected tenure is less than five more years. That’s a key change from Dimon’s previous responses to succession questions, in which his standard answer had been that retirement was perpetually five years away. “The timetable isn’t five years, anymore,” Dimon said at the New York-based bank’s annual investor meeting. The ambiguity of Dimon’s plans has made succession timing at JPMorgan one of the persistent questions for the bank’s investors and analysts. Over nearly two decades, Dimon, 68, has made his lender the largest in America by assets, market capitalization and a number of other measures. Still, Dimon added Monday that he still has “the energy that I’ve always had” in managing the sprawling company. The decision of when he moves on will ultimately be up to JPMorgan’s board, Dimon said, and he exhorted investors and analysts to examine the executives who could take his place. Atop the short list of candidates is Marianne Lake, CEO of JPMorgan’s consumer bank, and Jennifer Piepszak, who co-leads its commercial and investment bank; the executives were given their latest assignments in January. “We’re on the way, we’re moving people around,” Dimon said. Even when he steps down as CEO, however, it’s likely he will stay on as the bank’s chairman, JPMorgan has said. Shares of the bank dropped 3.6%.

'Black Swan' author Taleb says people should worry about Middle East events but not investors 2024-05-20 20:36:00+00:00 - People should pay attention to the events in the Middle East from a humanitarian perspective but disregard them as investors, according to author Nassim Taleb. "I would say to investors to basically ignore what's going on in the Middle East and as an individual to worry," the "Black Swan" author told CNBC's Kelly Evans during an interview Monday on "The Exchange." "The connection between the markets and these events is completely unpredictable, even more unpredictable than the events themselves." Taleb, the distinguished scientific advisor at Universa Investments, spoke following another shocking development in the region as Iranian President Ebrahim Raisi died in an apparent helicopter crash. Despite the stunning news, markets showed little reaction, with major stock indicators mixed and the Dow Jones Industrial Average down a bit but mostly because of a slide in JPMorgan Chase shares. In addition to his market work, Taleb is a Lebanese American essayist whose seminal work, "The Black Swan: The Impact of the Highly Improbable," warns against trying to predict the unpredictable. He largely has advocated an approach to investing that hedges against unusual events such as the financial crisis of 2008-09. On a personal level, Taleb said it is important to "resolve" a difficult situation that was inflamed by the Oct. 7, 2023, Hamas attacks on Israel. "People think that this thing started in October," he said. "When you have a situation that's unresolved, it's like putting Novocaine on it. You've got to resolve the situation. You can't wait for it to go away."

Wendy's will offer $3 breakfast deal, as rivals such as McDonald’s test value meals to drive sales 2024-05-20 20:35:00+00:00 - Wendy’s will offer a $3 breakfast combination meal starting Monday, as restaurant chains look for new ways to drive sales while consumers pull back on dining out. The deal will include a small portion of seasoned potatoes and a choice of either a bacon, egg and cheese English muffin or a sausage, egg and cheese English muffin, the fast-food chain said. The promotion comes as Wendy’s rival McDonald’s plans a similar yet limited value meal option as it tries to boost traffic. Last week, CNBC reported the fast-food giant’s $5 meal deal would be available in stores for only a month, starting June 25. Consumers have become more selective about where they spend their dollars, and some restaurants have started to see a long expected consumer pullback. Other fast-casual chains have enjoyed strong sales despite higher prices. As inflation lingers, companies that cater to lower-income consumers have faced a particular challenge bringing in customers. Wendy’s earlier this month reported first-quarter revenue grew a modest 1.1% to $534.8 million. Its same-restaurant sales worldwide grew only 0.9% in the quarter. McDonald’s missed first-quarter earnings expectations last month. Although higher prices have helped the chain’s revenue, they have scared away some low-income customers. Chief Financial Officer Ian Borden said the company has adopted a “street-fighting mentality” to compete for value-minded diners. KFC, Pizza Hut and Taco Bell owner Yum Brands also posted a disappointing earnings report earlier this month, as revenue missed Wall Street estimates. The company cited same-store sales declines for KFC and Pizza Hut.