business
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Elon Musk reportedly plans on making drastic changes to Twitter’s workforce once he finalizes his acquisition of the platform. According to the Washington Post, Musk informed potential investors that he’s considering a layoff of nearly 75 percent of Twitter’s entire staff, decreasing the number of employees from 7,500 to just over 2,000. The Post reports Twitter had already been looking to slash its workforce by about […]
Grailed is being acquired by GOAT Group, the company which previously invested in the popular resale marketplace brand last year. “With its uncompromising brand identity, GOAT Group is the perfect complement to Grailed’s cutting-edge community of fashion enthusiasts,” Arun Gupta, co-founder and CEO of Grailed, said in a press release issued Monday. “GOAT Group stands […]
Dozens of UK companies may soon ditch the five-day workweek. The New York Times reports more than 70 firms are participating in a pilot program that shortens the average workweek by 20 percent. As part of the six-month trial, over 33,000 employees were given an extra day off every week without any reductions to their pay. Though some labor experts have […]
A man in Ohio was convicted on Friday after swindling 14 people out of more than $800,000 as part of a six-year operation where he claimed to be a Ghanaian prince. A press release from the Justice Department explains Daryl Robert Harrison, 44, pretended to be Prince Daryl R. Attipoe and Prophet Daryl R. Attipoe. He sought investors for alleged African mining […]
Future’s publishing catalog has been acquired by Influence Media in an estimated deal worth eight figures. Influence Media, a New York-based entertainment company first launched in 2019, announced the deal on Tuesday. In a statement, Influence Media partner and founding advisor Rene McLean noted Future’s status as a “cultural icon” whose influence can’t be denied. “He […]
YZY Gap is no more. Hours after Kanye West announced he was cutting ties with the retailer, Gap executives confirmed the 10-year Yeezy partnership had come to a premature end. The brand shared the news in an internal letter obtained by New York Times. “While we share a vision of bringing high-quality, trend-forward, utilitarian design to all people […]
Not long after revealing his plans to leave Adidas and Gap, lawyers for Kanye West sent a letter to Gap on Thursday to terminate his partnership with the company. Per The Wall Street Journal, Ye informed the company of his plans to sever their relationship amid his public complaints regarding the arrangement. According to his lawyers, […]
Patagonia is under new ownership. Brand founder Yvon Chouinard announced the news Wednesday, confirming he and his family gave away the $3 billion company in an effort to fight climate change. The move comes nearly 50 years after the rock climber-turned-billionaire opened the first Patagonia store in Ventura, California. In the following decades, the Chouinards owned and operated the […]
The New York Yankees are teaming up with U.S. private equity group RedBird Capital Partners to become minority investors in Italian soccer club AC Milan. The Financial Times reports Yankee Global Enterprises, the MLB team’s parent company, and Los Angeles-based investment firm Main Street Advisors—which includes LeBron James and Drake among its group of investors—are closing in on a […]
The world’s second-largest theater chain is apparently headed toward bankruptcy. According to the Wall Street Journal, Regal Cinemas owner Cineworld Group is preparing to file for chapter 11 bankruptcy in the United States and insolvency in the United Kingdom. “People familiar with the matter” say the London-based exhibitor has struggled to recover losses from the pandemic, […]
