Several trial witnesses have described in recent days how they were pressured into investing in a business and then found out its leader was also apparently misusing funds and defrauding them. And no, it's not disgraced crypto mogul Sam Bankman-Fried's trial, but one taking place across the country, in California.
Why it matters: Watch enough venture capital-fueled trials, and FOMO (Fear of Missing Out) emerges as the key driving force, along with self-dealing, fake financial reports, and lofty aspirations sold as reality.
It's not oftenthat a new journalistic business model comes along, but Hunterbrook wants to resuscitate one that has, until now, never really taken off: using hedge fund profits to pay for journalism that, in turn, generates trading ideas for the fund.
Why it matters: It's very early days yet — Hunterbrook hasn't even launched — and there's certainly no guarantee of success. But the idea is intriguing.
Do lower-income Americans really need expensive professional advice from financial-services companies or real estate brokers? And would they suffer in its absence?
Why it matters: Those questions are at the heart of current controversies over retirement advice and broker fees.
The nation's largest retailers are rolling out fewer early Black Friday holiday sales than last year, Axios' Kelly Tyko writes.
Why it matters: Retailers are banking on inflation-weary consumers showing up in stores, and shopping Black Friday sales online with the lure of deals.
Walmart and Target are among those holding fewer rounds of sales compared to 2022.
For months, the "vibes" — anecdata, CEO surveys and the like — have pointed to a cooldown underway in the U.S. labor market. The official data, especially on growth in employers' payrolls, has mostly not.
Why it matters: In October, they finally converged. With the new jobs numbers, there's little doubt that the labor market is shifting into a lower gear. That should diminish inflation pressures and make the Fed more confident it is done raising interest rates.
Three passengers filed a lawsuit against Alaska Airlines on Thursday after an off-duty pilot in October attempted to cut off a plane's engines mid-flight.
Driving the news: The passengers said in the lawsuit that they have suffered from emotional distress from the incident, including insomnia, anxiety and flashbacks, according to a copy of the filing made available by the law firm representing them.
Jeff Bezosannounced last night to his 4.1 million Instagram followers that he's moving to Miami from Seattle, his home for 29 years.
Why it matters: Miami is one of America's hottest new influence frontiers —the rising tech hubsthat are spreading money, power and people beyond the traditional bubbles of the Northeast and California in the post-COVID, work-from-anywhere world.
Ivanka Trump's appeal to delay testifying next week in the New York civil fraud trial of her father, former President Trump, was rejected on Thursday night by a state appeals court.
The big picture: Ivanka Trump's testimony was postponed to Nov. 8 to enable her to appeal the judge's order for her to testify in the case, but the Manhattan-based court rejected her motion for a stay.
Sam Bankman-Fried was found guilty Thursday on all seven charges against him, including fraud on FTX customers and investors, fraud on Alameda's lenders and conspiracy to commit money laundering.
Why it matters: SBF, one of the most high-profile names in crypto, has been convicted in one of the "biggest financial frauds in American history," where $8 billion in customer deposits went missing from what was then the world's third-largest crypto exchange.
