Former NBA star Michael Jordan is selling the Charlotte Hornets to a group of investors led by financiers Gabe Plotkin and Rick Schnall, the team announced Friday. Terms of the deal were not disclosed. ESPN reported that the Hornets have a $3 billion valuation. Aside from Plotkin and Schnall, the …
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Changing jobs has long been the surest way to get a raise, a phenomenon that gained momentum early in the pandemic when the “Great Resignation” saw millions of workers quit their jobs and decamp to better-paying employers. But those days may be over. Job-hoppers’ pay gains are fading, according to a …
Read More »Jeep Cherokee drivers warned not to park their vehicles indoors
Chrysler-parent Stellantis is recalling roughly 132,000 of its Jeep Cherokee sport utility vehicles because an electrical issue in the hatch poses a fire hazard, federal safety regulators said Tuesday. Michigan automaker Fiat Chrysler said that some Jeep Cherokee models made between 2014 and 2016 may have an electrical short in their power …
Read More »Regional banks PacWest and Western Alliance rally after getting hammered
Regional banks continued to rally on Monday and shook off the steep market losses they experienced last week. PacWest shares closed up 3% on Monday while Zions rose 2%. Regional bank shares began their recovery on Friday. The rebound comes after midsize lenders saw their shares nosedive following the sudden collapse of …
Read More »New Fed report blames Silicon Valley Bank execs — and the Federal Reserve itself — for bank’s collapse
The sudden collapse of Silicon Valley Bank last month was due to a combination of extremely poor bank management, weakened regulations and lax government supervision, according to a highly anticipated autopsy of the bank’s failure from the Federal Reserve released Friday. The report takes a critical look at what the …
Read More »Facebook parent Meta urged to keep kids out of the metaverse
The metaverse is no place for kids, according to a group of more than 70 advocates for children’s rights and online privacy. Those concerned are asking Facebook’s parent company, Meta, to abandon its plans to attract young teens onto its Horizon Worlds metaverse platform because, they say, doing so will …
Read More »In one California city, offering free cash helped fight poverty and COVID
When Stockton, California, resident Gregory Gauthier had to take time off from his job at auto dismantler Pick-n-Pull to recover from hernia surgery, he was grateful to have a financial cushion courtesy of the city: a guaranteed paycheck. The $500 no-strings-attached monthly stipend also proved vital for a 48-year-old woman …
Read More »Meghan Markle wins defamation lawsuit filed by half
Meghan Markle has beaten a defamation lawsuit filed against her by half-sister Samantha Markle after a judge on Friday dismissed the case. The lawsuit, filed in Tampa, Florida, in March 2022, alleged the Duchess of Sussex made “demonstrably false and malicious statements” about her sister in a 2021 CBS interview …
Read More »Hindenburg Research alleges Jack Dorsey’s Block engaged in fraud
Hindenburg Research is taking aim at Jack Dorsey’s Block, formerly known as Square, alleging that what the influential short seller called the payments company’s “magical” financial technology relied on something less enchanting: fraud. Shares of Block, co-founded by Dorsey in 2009, plunged $11.33, or 15.6%, to $61.32 in afternoon trading. Hindenburg …
Read More »JPMorgan lawsuit: Jes Staley sued over ties to Jeffrey Epstein
JPMorgan Chase is suing its former executive Jes Staley, alleging that he aided in hiding Jeffrey Epstein’s yearslong sex abuse and trafficking in order to keep the financier as a client. The lawsuit also accuses Staley of sexually assaulting a woman under Epstein’s auspices. The New York bank seeks to …
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