LinkedIn is building a creator management team to help grow its community of content creators on the platform, according to an announcement from the company's editor in chief.
Why it matters: The success of platforms like TikTok, OnlyFans and Substack has led to a mad dash of investments from tech companies into the creator economy. Facebook and Snapchat have launched TikTok competitors, and Twitter bought a newsletter platform.
Maryland has become the first state in the U.S. to enact a tax on the revenue generated from digital advertisements.
Driving the news: The state's Senate on Friday joined the House of Delegates in voting to override Republican Gov. Larry Hogan's veto of a tax on the revenue that large tech companies generate from showing online ads to Maryland residents. Democrats control both chambers.
White House deputy press secretary TJ Ducklo has been placed on one-week suspension without pay after Vanity Fair reported that he threatened to ruin the reputation of a Politico reporter pursuing a story about his relationship with an Axios reporter.
Why it matters: It's an early test of how President Biden disciplines White House staff after four years of the Trump administration's adversarial relationship with the press. Biden warned on his first day in the White House: "I am not joking when I say this: If you are ever working with me and I hear you treat another colleague with disrespect, talk down to someone, I promise you I will fire you on the spot. No ifs, ands, or buts."
SoftBank's Vision Fund went from being in the red, with an annual operating loss of $18 billion at one point, to an $8 billion net profit in its most recent quarter — thanks in no small part to the past year's unexpected events.
Why it matters: While the Vision Fund's bet on a global shift to digital services is likely correct, it's hard to believe its financial performance would have rebounded so quickly had 2020 gone differently.
Tesla is riding high these days, but two developments could create reputational risks for the world's most valuable car company.
Driving the news: Tesla is beginning to face criticism over the climate effects of its big new investment in bitcoin and the decision to accept it as payment — even though electric vehicles are lower-CO2 alternatives to gasoline vehicles.
Sen. Kyrsten Sinema (D-Ariz.) told Politico in an interview that she does not support increasing the federal minimum wage to $15 an hour as part of the $1.9 trillion coronavirus relief package that Congress is considering.
Why it matters: Opposition to the $15 minimum wage provision from Sinema and Sen. Joe Manchin (D-W.Va.) — another moderate Democrat who has huge influence in a 50-50 Senate — is a major blow to President Biden's hope of passing it via budget reconciliation, which would allow the Senate to circumvent the usual 60-vote threshold.
The median price of a single-family home climbed 14.9% to $315,000 in the fourth quarter, according to the National Association of Realtors' latest report.
Why it matters: That was the biggest surge in the history of the data series, which dates back to 1990.
The number of Americans receiving unemployment assistance jumped by 2.6 million, rising to more than 20.3 million, the latest report from the Labor Department showed.
Why it matters: The data suggest that the U.S. made essentially no progress on reducing unemployment during December and January, especially for those affected by the coronavirus pandemic.
New data on Americans' finances suggests the extension of enhanced unemployment benefits and direct payment checks would provide a significant boost to the economy.
Driving the news: A new report from the JPMorgan Chase & Co. Institute finds that the increased payments for unemployment "played an important role in maintaining household spending and wider macroeconomic stability."
