<ul class="summary-list"><li>A month ago the <keyword id="6355005" type="UNKNOWN" weightage="60" keywordseo="news">news</keyword> broke that a giant ship named Ever Given had gotten stuck in the <keyword id="168216" type="COMPANY" weightage="60" keywordseo="Suez-canal">Suez Canal</keyword>.</li><li>Immediately, memes and jokes flooded the internet.</li><li>The breadth of the story's virality can tell us a lot about the world we're living in today.</li></ul>Before Tuesday March 23, 2021, only a specific subset of individuals was thinking critically about the Suez Canal - something most people probably came across during high school history. But that changed at around 7:40 a.m. local time, when a giant container ship the length of four football fields got wedged across the width of the canal, blocking the path and rendering it completely unusable by other vessels. This, we would come to learn, was a huge deal. In the subsequent five days that followed, attempts to dislodge the Ever Given proved futile, leading to a backlog of <a href="https://www.npr.org/2021/04/03/984111501/suez-canal-traffic-backlog-finally-cleared-following-the-ever-given-saga?t=1618933251660">more than 400 ships</a>, <a href="https://oilprice.com/Energy/Oil-Prices/Oil-Prices-Rise-As-Suez-Canal-Crisis-Comes-To-An-End.html">driving up fuel prices</a> and holding up an estimated <a href="https://www.bbc.co.uk/news/business-56559073">$9.6 billion of trade each day</a>. The scenario quickly became a meme. Jokes began on Twitter before moving to Instagram - a platform much less known for its current affairs content - where it was memed by <a href="https://www.instagram.com/p/CNQ9rtCnHr7/">retail brands</a> and <a href="https://www.instagram.com/p/CNBrh5rKBzC/">Dungeons &amp; Dragons</a> fan pages alike. On TikTok, the <a href="https://www.tiktok.com/tag/suezcanal">#suezcanal hashtag</a> has been viewed over 214 million times, where the posts are characteristically chaotic, featuring <a href="https://www.tiktok.com/@maxfostercnn/video/6943211471627111686?is_copy_url=1&amp;is_from_webapp=v1p=v1">experts trying to explain the situation</a>, people <a href="https://www.tiktok.com/@williamcarvedpumpkins/video/6944721545356987654?is_copy_url=1&amp;is_from_webapp=v1p=v1">stanning</a>, <a href="https://www.tiktok.com/@smallestkyle/video/6944455616010177798?is_copy_url=1&amp;is_from_webapp=v1p=v1">impersonating</a>, and <a href="https://www.tiktok.com/@semato08/video/6944059269369040134?is_copy_url=1&amp;is_from_webapp=v1p=v1">posting from the point of view of</a> the Ever Given.It wasn't long before the memeification of the story began to transcend what's typical on social media - within days the Suez Canal had <a href="https://twitter.com/matvelloso/status/1376212622828167171">become a virtual destination on the Microsoft Flight Simulator video game</a>, <a href="https://www.amazon.com/Freed-Handsome-Cargo-Canal-Stuck-ebook/dp/B0917CLBD5">a parody erotica short story popped up on Amazon</a>, and the URL <a href="http://www.istheshipstillstuck.com">www.istheshipstillstuck.com</a> was bought by an enterprising developer, and is now<a href="https://opensea.io/assets/0x495f947276749ce646f68ac8c248420045cb7b5e/39548461347666529560377967944030380563003576059826604202233011364559964864513"> available to buy as an NFT</a>. When the ship was finally freed after six days on 30 March, disappointed onlookers <a href="https://www.nytimes.com/2021/03/29/world/suez-canal-ship-memes.html">demanded it be "put back"</a>. Despite the severe consequences of the event, it seemed most people online wanted to joke about it. The Suez Canal saga will undoubtedly be one of the most remembered news events of the year, and that's largely because of the extraordinary way in which it dominated discourse in our online spaces. No one could have predicted that a story about <keyword id="6356001" type="UNKNOWN" weightage="60" keywordseo="international">international</keyword> trade would be one of the most far-reaching and enduring internet trends of the year, but the fact that it was tells us a lot about where society's at. It wasn't hot takes or furious debates which kept the conversation going, it was largely jokes, parodies, and memes, and they were everywhere. One person who saw the funny side is comedy writer Mollie Goodfellow. She has more than 60,000 Twitter followers and frequently posts satirical takes on the news of the day. During the Suez Canal story, she took it to a whole new level. In the first two days of the blockage she posted upwards of 40 tweets relating to the story, from <a href="https://twitter.com/hansmollman/status/1374994484887441413">pop culture references</a> to <a href="https://twitter.com/hansmollman/status/1375109367138246665">well-worn meme formats</a>, and <a href="https://twitter.com/hansmollman/status/1375132641582809090">relatable musings</a>. She told Insider that it was the humorous aspect of the saga which she connected with. "No-one was hurt or ill and there was nothing horrible about the story," she explained. "It was some much-needed light relief for me and I'm guessing many others, which is why the memes resonated so well. There is just something inherently funny about a boat getting stuck in one of the world's biggest shipping canals."<h2>The Suez Canal was all of us</h2>Unlike Goodfellow, cartoonist Chaz Hutton didn't immediately spot the potential of the story. When he first saw the news, he thought it was a "relatively obscure, slightly amusing story about a boat having a bit of whoopsie." Hutton runs an <a href="https://www.instagram.com/instachaaz/">Instagram account where he posts satirical comic strips</a> to almost 250,000 followers, but it took him until the second day of the blockage to realize it was worth turning into a drawing. The resulting post was a classic meme format: the Ever Given is labeled "me," while the Suez Canal walls are "procrastination," the water is "workflow," and the tiny excavator trying and failing to dig its way out is Hutton "writing a to-do list." He posted the image to Twitter, not thinking it was particularly remarkable. "It was pretty early in the morning, I hadn't had a second coffee, there might have been a slight hangover and it was the best I could come up with," Hutton told Insider. Clearly, it resonated though. Hutton's post received over 15,000 retweets and 50,000 likes, and was included in a number of "best Suez Canal memes" roundups in the days that followed. <blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">-Chaz Hutton (@chazhutton) <a href="https://twitter.com/mims/statuses/1374688225516748801?ref_src=twsrc%5Etfw">March 24, 2021</a></blockquote>The <a href="https://twitter.com/sarayasin/status/1374726910266245123">"Suez Canal is me"</a> format of memes was widely used across the internet, with the general consensus being that the <a href="https://twitter.com/WandyFelicita/status/1376538794963374081">rollercoaster that has been the past year</a> was represented by the Ever Given. Bradley E. Wiggins is an associate professor and department head of media communications at Webster University in Vienna, and author of the 2019 book The Discursive Power of Memes in <keyword id="1979007" type="PERSON" weightage="60" keywordseo="digital-culture">Digital Culture</keyword>: Ideology, Semiotics, and Intertextuality. He remembers a similar instance of an innocuous news event <a href="https://www.iflscience.com/editors-blog/pompeii-skeleton-of-unluckiest-guy-in-history-is-the-internets-new-favorite-meme/">becoming meme-shorthand for a social mood</a> back in 2018, when a photo was released showing newly discovered skeletal remains of a man who survived the eruption of Vesuvius in 79 A.D., only to be killed by a boulder. Much like the Suez Canal interpretation, everyone seemed to identify with the skeleton, while the boulder represented "the relentless news cycle" or "fake news and social media," Wiggins explained. He believes these moments occur when there's a collective need for a "release of tension.""Memes offer a really concise, succinct, highly shareable way to get in on the joke," Wiggins said, adding that when it comes to stories that begin to flood the internet, a "fear of missing out" comes also into play.<h2>While lighthearted, the Suez Canal story had political undertones </h2>Even when the memes weren't quite as on-the-nose as "Suez Canal = me," they were largely being used to make pointed assertions that centered the creator's identity and place within the broader social issues we're facing. One genre of photo in particular, which showed the vast size of the ship compared to the excavator working to unblock it, proved to be exceedingly memeable, and was used to make points about <a href="https://twitter.com/deebashadnia/status/1374751523373203461">mental health</a> and <a href="https://twitter.com/tanushrao/status/1374990943494008835/photo/1">systemic inequality</a>, as well as lighter-hearted yet highly relatable ones about the <a href="https://twitter.com/danamagliola/status/1374719018993549316">hamster-wheel nature of keeping up in an increasingly digital-focused world</a>.<blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">-Dana Magliola (@danamagliola) <a href="https://twitter.com/mims/statuses/1374719018993549316?ref_src=twsrc%5Etfw">March 24, 2021</a></blockquote>When Kat Callahan, a Tokyo-based journalist, came across the Suez Canal story, she immediately connected it to sea shanties. <a href="https://www.insider.com/sea-shanty-tiktok-wellerman-social-media-nathan-evans-2021-1">Sea shanties saw a TikTok renaissance earlier this year</a> and it seemed obvious to her that the two memes should collide. She created Suez Canal-themed lyrics to the tune of the most popular song, "The Wellerman," and posted them in a <a href="https://twitter.com/JezebelKat/status/1375125189755723776">lengthy viral Twitter thread</a>. Her creation included subtle nods at the political aspect of the story in lines such as: "the sand is deep, no ship is freed / of unfettered trade do we have need / but here we remain quite trapped indeed / perhaps we'll need a tow." Callahan believes that it's these political undercurrents that contributed to the popularity of the story. She highlighted that during the pandemic we've become increasingly reliant on things being delivered to us, but many of us haven't given a huge amount of thought to what that means for the world, or whether it's sustainable. Callahan told Insider, "When the traffic gets physically stopped in the Suez, it's almost like a physical representation of this strangling a supply chain." Others saw politics in the meme as well, using it to argue against the <a href="https://twitter.com/ProfPaulPoast/status/1375425518951145482">current economic model</a> and suggesting that it was <a href="https://twitter.com/lucymooring/status/1376145957230940160">"predicted" by Marx</a>. Many people who didn't come from a place of social commentary were simply amused by the poignance of the story at a time when a lot of us feel "stuck." Others found pleasure in being a part of something that felt timely and exciting. The Ever Given's blockage of the Suez Canal really did offer something for everyone.What's unique is that this particular event seemed to resonate in so many ways, and the internet was the perfect space for the individual experiences to collide, creating what we have come to interpret as "a moment." One month on, the moment has mostly passed, but the memes will be immortalized in internet history as monuments to when the world came together online to giggle about international trade.

Why the stuck Suez Canal boat became the biggest meme of 2021 so far

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5bf8995a0d7c6754dd6a7e13-2400/ap17304578074727.jpg" border="0" alt="Steve Mnuchin" style="display: block; margin-left: auto; margin-right: auto;" data-mce-source="Evan Vucci/AP" data-mce-caption="Treasury Secretary Steve Mnuchin listens as President Donald Trump speaks during a meeting on tax policy with business leaders in the Roosevelt Room of the White House, Tuesday, Oct. 31, 2017, in Washington." />Evan Vucci/AP</div></div></div><ul class="summary-list"><li>The US stock market entered the week riding high, but saw its historically strong start to 2019 thrown into disarray as President Donald Trump reignited his trade war with China.</li><li>The benchmark S&amp;P 500 lost 2.2% in its worst week of the year, while roughly $1.4 trillion was erased from global stock indexes at one point.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet" target="_blank" rel="noopener">Visit Business Insider's homepage for more stories</a>.</li></ul>They say all good things must come to an end, and that certainly rang true this past week for the US <a href="https://www.businessinsider.com/next-stock-market-crash-4-reasons-equities-will-plunge-in-may-2019-5" target="_blank" rel="noopener">stock market</a>.Equities entered Monday riding high after a historically strong start to 2019. But by the time Friday afternoon rolled around, they'd suffered through their worst week of the year. As of Thursday's close, the <a href="https://www.msci.com/acwi" target="_blank" rel="noopener">MSCI All-Country World Index</a> of global stocks had already seen $1.4 trillion of market value erased.But that summary hardly does justice to the turbulence felt along the way, which frayed investor nerves and led many to wonder if this was the beginning of the end for the <a href="https://www.businessinsider.com/stock-bull-market-longest-on-record-4-main-reasons-for-longevity-2018-8" target="_blank" rel="noopener">10-year bull market</a>.The rocky week actually kicked off last Sunday, well before regular-hours trading began, after President <a href="https://www.businessinsider.com/category/donald-trump" target="_blank" rel="noopener">Donald Trump</a> used his notorious <a href="https://markets.businessinsider.com/stocks/twtr-stock" target="_blank" rel="noopener">Twitter</a> fingers to rekindle the <a href="https://www.businessinsider.com/trade-war-investment-strategy-goldman-sachs-says-buy-services-firms-2019-5" target="_blank" rel="noopener">trade war between the US and China</a>.The president said he was planning to increase tariffs on $200 billion of Chinese goods to 25% from 10% and slap fresh tariffs on an additional $325 billion worth. Overnight stock-market futures tumbled on the news, and the market dove at the Monday open.Read more: <a href="https://www.businessinsider.com/trade-war-investment-strategy-goldman-sachs-says-buy-services-firms-2019-5" target="_blank" rel="noopener">Buy Amazon and Google, sell Apple and Exxon: Here's an in-depth look at Goldman Sachs' newly unveiled strategy for fighting the trade war</a>The subsequent few days saw investors and equity indexes whipsawed by both incrementally positive and negative developments. After <a href="https://markets.businessinsider.com/news/stocks/stock-market-news-dow-sp-500-nasdaq-fall-on-trump-trade-tweet-2019-5-1028171889" target="_blank" rel="noopener">nearly recovering its deep loss</a> by Monday's close, the benchmark <a href="https://markets.businessinsider.com/index/s&amp;p_500" target="_blank" rel="noopener">S&amp;P 500</a> then finished Tuesday 1.7% lower - its third-biggest daily decline of the year.Those losses grew across Wednesday and Thursday, then continued into Friday. Then, finally, Treasury Secretary <a href="https://www.businessinsider.com/category/steve-mnuchin" target="_blank" rel="noopener">Steven Mnuchin</a> stemmed the bleeding with a single word: "<a href="https://markets.businessinsider.com/news/stocks/stocks-rebound-on-us-china-trade-deal-hopes-after-trump-receives-beautiful-letter-2019-5-1028189347" target="_blank" rel="noopener">constructive</a>" - said in reference to the US-China trade talks.The US and China may not have struck a final trade accord in the end, but that was all investors needed to hear to shift back into buying mode. The S&amp;P 500 erased major losses from earlier on Friday and finished 0.4% higher.But considerable damage was already done. With a 2.2% loss over five days, the <a href="https://markets.businessinsider.com/index/s&amp;p_500" target="_blank" rel="noopener">S&amp;P 500</a> ended up suffering through its worst week of 2019. Stock indexes around the world took a similar beating. Here's a roundup of the damage:<ul><li><a href="https://markets.businessinsider.com/index/s&amp;p_500" target="_blank" rel="noopener">S&amp;P 500</a>: -2.2%, worst week of 2019</li><li><a href="https://markets.businessinsider.com/index/shanghai_composite" target="_blank" rel="noopener">Shanghai Composite</a>: -4.5%, second-worst week of 2019</li><li><a href="https://markets.businessinsider.com/index/stoxx_europe_600" target="_blank" rel="noopener">Stoxx Europe 600</a>: -3.4%, worst week of 2019</li><li><a href="https://markets.businessinsider.com/index/vix" target="_blank" rel="noopener">Cboe Volatility Index</a>, or VIX, otherwise known as the stock market's fear gauge: +25%, second-biggest weekly increase of 2019</li></ul>Read more: <a href="https://www.businessinsider.com/us-china-trade-war-how-to-trade-market-beating-options-strategy-2019-5" target="_blank" rel="noopener">This under-the-radar trade can help you beat the market as tariff tensions flare - even if stocks are getting crushed</a>But no discussion of the stock market's wild week is complete without an acknowledgement of the conditions that left it so vulnerable in the first place.Prior to Trump's Sunday tweetstorm, the US equity market was priced to perfection. That meant strong corporate <a href="https://www.businessinsider.com/next-stock-market-crash-wall-street-ignoring-earnings-season-warning-signs-2019-1" target="_blank" rel="noopener">earnings growth</a>, an accommodative <a href="https://www.businessinsider.com/category/federal-reserve" target="_blank" rel="noopener">Federal Reserve</a>, and a positive <a href="https://www.businessinsider.com/category/us-china-trade-war" target="_blank" rel="noopener">trade-war</a> outcome were all baked into record levels. With so much viewed as going right, any minor tremor was bound to have a major impact.What's perhaps most intriguing about Trump's escalation of the trade conflict is that it left him open for blame in the almost certain event of a stock-market sell-off. After all, throughout his presidency, he's regularly taken credit for the market's successes, and placed blame on others - usually the Fed - for its failures.In the end, perhaps it was always Trump's plan to have Mnuchin fly in at the 11th hour to alleviate concerns. But the road he took to get there was long and winding. At this point, only one thing is certain: Investors around the world will be watching intently for signs of his next move.Rebecca Ungarino, Theron Mohamed, and Jonathan Garber contributed reporting.Now read more markets coverage from Business Insider:<ul><li><a href="https://www.businessinsider.com/stock-market-treasuries-volatility-about-to-spike-dimon-gundlach-2019-5" target="_blank" rel="noopener">Wall Street titans from Jamie Dimon to Jeff Gundlach are warning about a spike in volatility - and the worst bond-market auction in 10 years just raised the threat level</a></li><li><a href="https://www.businessinsider.com/money-management-tips-why-fake-meat-is-a-big-trend-for-ultrarich-beyond-meat-2019-5" target="_blank" rel="noopener">A business manager for Hollywood celebrities and billionaires explains why fake meat is the next big investing trend for the ultrarich</a></li></ul><div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5cd5ddda021b4c05032f2034-867/screen shot 2019-05-10 at 42334 pm.png" border="0" alt="Screen Shot 2019 05 10 at 4.23.34 PM" style="display: block; margin-left: auto; margin-right: auto;" data-mce-source="Markets Insider" data-link="https://markets.businessinsider.com/index/s&amp;p_500" /><a href="https://markets.businessinsider.com/index/s&amp;p_500">Markets Insider</a></div></div></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/game-of-thrones-season-8-episode-3-details-you-missed-2019-4">12 details you may have missed in 'Game of Thrones' season 8 episode 3</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/SFXSfpuC-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

The week Trump drove the stock market nuts: Here's a play-by-play of how his trade war with China wreaked havoc and erased $1.4 trillion in market value

<div class="KonaFilter image-container display-table"><div><div class="image on-image"><img src="https://static-ssl.businessinsider.com/image/5c6685ca262898068f586283-2400/ap17304578074727.jpg" border="0" alt="Steve Mnuchin" data-mce-source="Evan Vucci/AP" data-mce-caption="Treasury Secretary Steve Mnuchin listens as President Donald Trump speaks during a meeting on tax policy with business leaders in the Roosevelt Room of the White House, Tuesday, Oct. 31, 2017, in Washington.">Evan Vucci/APSteve Mnuchin (left) is in China for trade talks this week.</img></div></div></div><ul class="summary-list"><li>US futures are pointing down after pessimism about the the trade war hit Asian shares Friday and weak retail sales figures in the US.&#xa0;</li><li>Weak inflation data out of China initially hurt European markets before shares rebounded.</li><li>The South China Morning Post reported that both sides on the negotiations "remain far apart on key issues" on trade.</li></ul>US stocks are set to decline on Friday, following Asian markets lower on reignited pessimism about US-China <a href="https://www.businessinsider.com/trump-china-trade-war-negotiations-tariffs-march-1-deadline-2019-2?r=US&amp;IR=T">trade talks</a>, where there's reports of tensions as leaders from both nations meet in Beijing this week.Then there's jitters about the US economy after <a href="https://markets.businessinsider.com/news/stocks/stock-market-falls-after-retail-sales-data-2019-2-1027954233">retail sales</a> dropped the most in a decade, and the China economy after China's <a href="https://www.cnbc.com/2019/02/14/reuters-america-chinas-jan-ppi-up-0-point-1-pct-yy-cpi-up-1-point-7-pct-yy.html">producer price index rose at the weakest pace </a>since 2016. And a new dispute looms over US President Donald Trump's <a href="https://www.businessinsider.com/national-emergency-to-build-the-border-wall-what-would-happen-2019-1?r=US&amp;IR=T">decision to declare a national emergency</a> to get federal money for a border wall.High-level officials from the US and China officially kicked off two days of meetings on Thursday.&#xa0;The <a href="https://www.scmp.com/news/china/diplomacy/article/2186228/trade-war-talks-china-and-us-said-be-far-apart-framework">South China Morning Post, citing sources, reported</a> that trade negotiators "remain far apart on key issues," including equal market access and intellectual property protection."One person described Beijing as making only 'cosmetic, non-impactful offers' on issues such as industrial subsidies, saying it was 'like pulling teeth,'" the newspaper reported early Friday.&#xa0;Time is of the essence since March 1 marks the scheduled end of the 90-day pause in the trade war."Reports that there is still a good distance between the two sides as high level talks begin in Beijing is not doing much to support an already downbeat sentiment," said Jasper Lawler, Head of Research at London Capital Group.&#xa0;The report comes despite public declarations that talks were <a href="https://twitter.com/stevenmnuchin1/status/1096302248324448256">"productive."</a>Here's the roundup:&#xa0;<ul><li>Futures on the S&amp;P 500, Dow and Nasdaq were all down about 0.3% in early trading as of 9:50 a.m. in London (4:50 in New York)&#xa0;</li><li>The Shanghai Composite Index, the Hang Seng and the Nikkei all tumbled more than 1.1%</li><li>The Euro Stoxx 50 is up 0.4%&#xa0;</li><li>The CAC 40 is up 0.7%.</li><li>Brent Crude is up 0.4%.&#xa0;</li></ul><a href="https://www.businessinsider.com/intelligence/future-of-retail-ai?IR=T&amp;utm_source=businessinsider&amp;utm_medium=ctgr&amp;utm_term=ctgr_leadgen&amp;utm_content=ecommerce_ctgr_leadgen&amp;utm_campaign=ecommerce_ctgr_leadgen_future-of-retail-ai"><img src="https://static.businessinsider.com/image/5bd9f37e5f1f7538f668523b" alt="Exclusive FREE Slide Deck: Future of Retail:AI by Business Insider Intelligence" border="0" style="width: 100% !important" /></a><div><blockquote class="twitter-tweet" lang="en">Productive meetings with China's Vice Premier Liu He and <a href="https://twitter.com/USTradeRep?ref_src=twsrc%5Etfw">@USTradeRep</a> Amb. Lighthizer. <a href="https://t.co/KxOZffFXAa">pic.twitter.com/KxOZffFXAa</a>- Steven Mnuchin (@stevenmnuchin1) <a href="https://twitter.com/mims/statuses/1096302248324448256?ref_src=twsrc%5Etfw">February 15, 2019</a></blockquote><script async="" src="//platform.twitter.com/widgets.js" charset="utf-8"></script></div> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/roger-stone-donald-trump-richard-nixon-2017-2">Roger Stone explains what Trump has in common with Richard Nixon</a></h3> <div> <iframe class="bijwplayerclass" data-player="jwplayer" src="https://content.jwplatform.com/players/dmeOdLyE-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;" allowfullscreen=""></iframe><script>function receiveMessage(event){ console.log(event.data.fullscreen); Android.fullscreen(event.data.fullscreen); }window.addEventListener("message", receiveMessage, false);</script> </div> </div>

US stocks set to follow Asia markets lower after report that US-China trade talks are 'like pulling teeth'

Hello everyone! Welcome to this weekly roundup of Business Insider stories from executive editor Matt Turner. Please <a href="https://www.businessinsider.com/subscription/prime-discount?r=birefer-mturner">subscribe here</a> to get this newsletter in your inbox every Sunday.Hello!Money talks. A flood of high-profile advertisers announced this week <a href="https://www.businessinsider.com/facebook-core-business-threatened-advertiser-boycott-hate-speech-2020-6">that they would boycott advertising on Facebook through July</a>, responding to criticism of <keyword id="6354576" type="UNKNOWN" weightage="60" keywordseo="facebook">Facebook</keyword>'s inaction on hate speech. Facebook's stock fell 8% on Friday, wiping $7 billion off of CEO Mark Zuckerberg's net worth.The boycott has sent Facebook execs scrambling, with the social media giant's top ad exec on Friday sending a <a href="https://www.businessinsider.com/facebook-promises-external-audit-in-a-leaked-memo-to-advertisers-2020-6">memo to advertisers promising an external audit of its safety tools and practices</a>. Facebook also said Friday that it is going to start labeling posts from <a href="https://www.businessinsider.com/facebook-will-label-newsworthy-posts-that-violate-policies-2020-6">politicians that break its rules but are "newsworthy" enough to remain on the platform</a>.The boycott is another example of the increased willingness of big brands to take a stand, as they respond to pressure from their own employees and customers. But as Tanya Dua, Lauren Johnson, and Lucia Moses report, many of these advertisers didn't spend much with Facebook, and <a href="https://www.businessinsider.com/unilever-verizon-the-north-face-boycott-facebook-2020-6">the boycott statements are temporary and vaguely written</a>, which could make it easier to resume spending after July while winning goodwill in the meantime. From their story:Most of Facebook's <keyword id="35666" type="COMPANY" weightage="60" keywordseo="advertising">advertising</keyword> comes from small companies that can't afford to turn off the channel. Smaller brands that join the boycott could risk losing up to 80% of their monthly revenue, said Devin Whitaker, director of performance marketing at ad agency Good Moose.Meanwhile, advertisers like Coke can come off looking virtuous by pulling their ads with statements that increasingly upped the ante.In addition, as Tanya, Lauren, and Lucia report, a lot of advertisers spend less in the summer and in an election year anyway because sales are slow and there's so much noise to break through. You can read their story here:<a href="https://www.businessinsider.com/unilever-verizon-the-north-face-boycott-facebook-2020-6">Facebook and advertisers are locked in an image war, and advertisers are winning</a>What do you think? Is this a turning of the tide for Facebook? Or will big advertisers rush back to the platform once July is through? I'd love to hear from you. Email me at <a href="mailto:mturner@businessinsider.com">mturner@businessinsider.com</a>Read on for more on a tech dealmaker who's drawing comparisons to Warren Buffett, a toxic culture at a Wall Street firm, and <keyword id="107096" type="COMPANY" weightage="60" keywordseo="Tesla">Tesla</keyword>'s battery challenges.<div type="image" title="egon durban profile 2x1" height="1200" width="2400" msid="76676200" hostid="261"></div><h2>Tech's top dealmaker</h2>Dakin Campbell and Casey Sullivan this week published a profile of Egon Durban, the co-CEO of private equity firm <keyword id="330063" type="COMPANY" weightage="60" keywordseo="Silver-Lake">Silver Lake</keyword> Partners who's a newly-minted billionaire drawing <a href="https://www.businessinsider.com/pe-silver-lake-has-wall-street-questioning-flurry-minority-investments-2020-5">comparisons</a> to Warren Buffett. As per their story, Durban, who made his name acquiring and then selling Skype, has rapidly become the lead dealmaker on investments spanning entertainment, media, and technology. When Twitter shareholders demanded the ousting of its CEO, Jack Dorsey, Durban <a href="https://markets.businessinsider.com/news/stocks/twitter-silver-lake-to-make-1-bln-investment-board-authorizes-2-bln-buyback-1028976711">stepped in</a> and put up $1 billion. The lead instigator, Elliott Management's Jesse Cohn, settled his campaign. And when home-for-rental company Airbnb faced a dropoff in business, Durban <a href="https://www.businessinsider.com/airbnb-raising-1-billion-debt-second-funding-deal-two-weeks-2020-4">again</a> pulled out his private-equity wallet.Business Insider interviewed more than 40 people close to Durban and Silver Lake, including those who do or have worked directly with him and across from him, to get inside the media-shy firm and understand how Durban will drive its investment choices for years to come. They described how one of the most prolific private-equity executives climbed the ladder in an organization, pushed for more control, and then proceeded to put his mark on the firm. You can read the story in full here:<a href="https://www.businessinsider.com/profile-of-silver-lakes-egon-durban-2020-6">40 insiders reveal the meteoric rise of Silver Lake's Egon Durban, the tech-focused PE firm's No. 1 dealmaker who strong-armed his way to the top and is about to get $18 billion more to invest</a><div type="image" title="btig wall street sexual discrimination eeoc investigation 2x1" height="1000" width="2000" msid="76676204" hostid="261"></div><h2>A toxic party culture</h2>Nicole Einbinder and Rebecca Ungarino reported this week that former employees say <keyword id="129148" type="COMPANY" weightage="60" keywordseo="BTIG">BTIG</keyword>, a Wall Street firm backed by Goldman Sachs and Blackstone, <a href="https://www.businessinsider.com/btig-ex-employees-say-firm-toxic-party-culture-2020-6">had a toxic party culture</a>. From their story:Interviews with more than half a dozen former BTIG employees, and a review of court records and Equal Employment Opportunity Commission documents, reveal allegations of a boys'-club culture, excessive drinking at company events, and sexual banter at least into 2019.An investigator with the EEOC contacted at least two former BTIG employees within the past 18 months seeking information about allegations of sexual harassment at the firm.In an ongoing lawsuit filed in 2019, one former employee alleged that an executive in the firm's San Francisco office directed BTIG staff to screen out job candidates that "looked black," and to avoid female job applicants since it was "too risky to hire a woman." The executive apparently remained at BTIG until June of this year, when Business Insider inquired about the lawsuit. BTIG says he is no longer with the firm.You can read the story in full here:<a href="https://www.businessinsider.com/btig-ex-employees-say-firm-toxic-party-culture-2020-6">Former employees say BTIG, a Wall Street firm backed by Goldman Sachs and Blackstone, had a toxic party culture that was stuck in the '80s</a><div type="image" title="tesla defective batteries elon musk 2x1" height="1200" width="2400" msid="76676205" hostid="261"></div><h2>Tesla's battery challenges</h2>From Linette Lopez: Tesla knew its Model S cars were equipped with a battery-cooling system that had a flawed design in June 2012, as those cars started being delivered to customers, according to three people familiar with the matter and internal documents viewed by Business Insider. But the company sold the cars anyway.The flaw in the design made the cooling system susceptible to leakage. Once coolant leaks into a battery pack, it can short a battery or cause a fire, industry experts told Business Insider.As Linette reports, Tesla has been dealing with questions about the safety of its batteries for years. And The National Highway Transportation Agency is investigating whether Tesla Model S and Model X vehicles made between 2012 and 2019 had battery defects that could cause "non-crash fires."You can read her story in full here:<a href="https://www.businessinsider.com/tesla-faulty-battery-cooling-systems-design-model-s-2012-2019-6">Tesla knew its Model S battery had a design flaw that could lead to leaks and, ultimately, fires starting in 2012. It sold the car anyway.</a>Below are headlines on some of the stories you might have missed from the past week. — Matt<a href="https://www.businessinsider.com/etfs-to-buy-stock-market-investing-outlook-state-street-arone-2020-6">The chief strategist of $2.5 trillion State Street recommends 7 ETFs for investors looking to profit from a permanently altered post-coronavirus landscape</a><a href="https://www.businessinsider.com/accenture-cuts-consulting-jobs-promotes-less-loweres-revenue-outlook-2020-6">Accenture is cutting US staff, and top execs just warned of more pain to come as the consulting giant promotes fewer people and looks to control costs</a><a href="https://www.businessinsider.com/softbank-vision-fund-cutting-group-staff-helping-companies-go-public-2020-6">SoftBank's Vision Fund is scrapping an 'IPO readiness group' and telling its portfolio companies to handle the process themselves</a><a href="https://www.businessinsider.com/wework-cutting-ties-with-large-manhattan-office-it-had-leased-2020-6?r=wework-lp">WeWork is ditching a major Manhattan office lease, and it's the first big step in a turnaround that's put its entire real-estate portfolio under review</a><a href="https://www.businessinsider.com/microsoft-mixer-shutdown-inside-story-xbox-2020-6">Former employees and a cofounder explain what went wrong at Microsoft's Mixer, which is shutting down even after spending millions of dollars on top streamers like Ninja to compete with Amazon's Twitch</a><a href="https://www.businessinsider.com/red-bull-employees-leak-offensive-slide-show-internal-tensions-2020-6">Red Bull employees leaked an offensive slide from a company meeting. It showed a repurposed map meme that described India as 'call centers,' China as 'they make our stuff,' and Africa as 'zoo animals come from here'</a><a href="https://www.businessinsider.com/19-top-airbnb-execs-leading-business-pandemic-recovery-2020-6">These are the 19 Airbnb execs rebuilding the company for growth and an IPO amid the biggest travel industry crisis in decades</a><a href="https://www.businessinsider.com/ai-biotech-cyclica-series-b-pitch-deck-2020-6">Cyclica is already using AI to discover new medicines based on psychedelics. Here's the presentation the biotech startup used to raise a fresh $17 million.</a>

Mark Zuckerberg had $7 billion wiped off his fortune as advertisers boycott Facebook. He's going to be just fine.

<div class="KonaFilter image-container display-table"><div><div class="image"><img src="https://static-ssl.businessinsider.com/image/5d493968100a246ef00b3834-2400/f6a99617c9d74c16908bbb84a7c79d04.jpg" border="0" alt="FILE - In this Thursday, July 18, 2019, file photo trader Dennis Maguire works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Tuesday, July 23. (AP Photo/Richard Drew, File)" data-mce-source="Associated Press" data-mce-caption="FILE - In this Thursday, July 18, 2019, file photo trader Dennis Maguire works on the floor of the New York Stock Exchange. The U.S. stock market opens at 9:30 a.m. EDT on Tuesday, July 23. (AP Photo/Richard Drew, File)" /></div></div></div><ul><li>Asian stocks followed US equities lower on Tuesday after the Trump administration officially labeled China a "currency manipulator," dashing hopes of a US-China trade deal in the near future.</li><li>"The US and China have locked themselves in a new war, a currency war," one analyst said.</li><li>The People's Bank of China allowed its currency to pass seven yuan to the dollar for the first time in a decade, after the US president announced a 10% tariff on $300 billion of Chinese goods starting in September.</li><li><a href="https://markets.businessinsider.com/">View Markets Insider's homepage for more stories</a>.<hr /></li></ul>Asian stocks followed US equities lower on Tuesday after the Trump administration <a href="https://home.treasury.gov/news/press-releases/sm751">officially labeled China a "currency manipulator,"</a> dashing hopes of a US-China trade deal in the near future."The US and China have locked themselves in a new war, a currency war," said Naeem Aslam, chief market analyst at TF Global Markets UK.After stock markets plunged on Monday, with the S&amp;P 500 plunging the most in 2019, European stocks and US futures are steadying.Here's the market roundup as of 9:15 a.m. (4:15 a.m. ET):<ul><li>Asian stocks closed lower with China's Shanghai Composite down 1.6%, Japan's Nikkei down 0.7%, and Hong Kong's Hang Seng down 0.5%.</li><li>European equities are mixed with Britain's FTSE 100 down 0.6%, the Euro Stoxx 50 up 0.1%, and Germany's DAX up 0.2%.</li><li>US stocks are poised for a positive open after falling sharply on Monday. Futures underlying the Dow Jones Industrial Average and S&amp;P 500 were up between 0.3% and 0.4%, while Nasdaq futures rose 0.6%. </li><li>Oil prices have rallied with West Texas Intermediate crude up 0.6% at about $55 a barrel, and Brent up 0.3% at about $60.</li><li>Gold dipped 0.2% but continues to trade at close to a six-year high of $1,474.</li><li>Bitcoin broke past $12,200 as investors looked for haven assets.</li></ul>The Treasury Department's official designation came after the People's Bank of China allowed its currency to pass seven yuan to the dollar for the first time in a decade. President Donald Trump <a href="https://twitter.com/realDonaldTrump/status/1158407059496460288">took to Twitter</a> to slap the label on the world's second-largest economy himself."China has always used currency manipulation to steal our business and factories, hurt our jobs, depress our workers' wages and harm our farmers' prices. Not anymore!""In labelling China a currency manipulator, the US has simply made it clear that there is no goodwill in discussions and no desire for a swift resolution to trade talks," said Neil Wilson, chief market analyst for Markets.com. "Given the US has already imposed tariffs, the move has little real meaning anyway, but it provides the ammo to press harder on tariffs."China's weakening of its currency was likely in retaliation for Trump's decision to impose a 10% tariff on $300 billion of Chinese goods from September. A weaker yuan makes Chinese goods comparatively cheaper, helping to offset the impact of tariffs. China has also pledged to halt purchases of US agricultural products and could impose tariffs on farm goods bought after August 3."It is safe to say that a trade deal between the US and China seems like a faraway dream," said Ipek Ozkardeskaya, senior market analyst at London Capital Group.The latest escalation in the trade war is bad news for investors."What will markets do? Crash," said Michael Every, senior Asia-Pacific strategist at Rabobank. "Equities are slumping. They will slump more. Bond yields are tumbling. They will tumble far more."

Markets are steady after Monday's bloodbath - but Trump's 'currency manipulator' label on China means the trade war will drag on

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword> where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Happy Friday readers,This week was dominated by the news that <a href="https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11">New Jersey finally legalized cannabis</a>, months after over two-thirds of New Jerseyans voted to legalize. The state's difficulty in passing overwhelmingly popular legislation offers a cautionary tale to other states that are hoping to legalize to pave over budget deficits and spur criminal justice reform. It's a lot easier said than done. And it may take years to actually see the promised tax revenue from a fully established cannabis market.In other news, there was a flurry of deals in the cannabis sector this week. Yeji and I have <a href="https://www.businessinsider.com/new-york-legalize-cannabis-marijuana-stocks-deals-m-a-2021-2">a look at what that means for New York</a> - a key market for cannabis companies - <a href="https://www.businessinsider.com/top-cannabis-lps-and-msos-on-merger-acquisition-2021-1">as well as what that means for the US more generally</a>. We don't have a crystal ball, but we outlined some specific acquisition targets in our story. We're already being proven correct.Last, I moderated a pair of panels at <a href="https://www.benzinga.com/events/cannabis/virtual/">Benzinga's Cannabis Capital Conference</a> with Louie Reformina, of Turing Points Brands, and Andrew Thut, of 4Front. We touched on a number of issues including M&amp;A trends in cannabis, ironing out the kinks of state legalization, and more.Let's hit it. -Jeremy (<a href="https://twitter.com/jfberke?lang=en">@jfberke</a>) and Yeji (<a href="https://twitter.com/jesse_yeji?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor">@jesse_yeji</a>)Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/new-york-legalize-cannabis-marijuana-stocks-deals-m-a-2021-2">New York is pushing to legalize marijuana. Here are the prime acquisition targets and the types of deals you can expect.</a></h3>As New York lawmakers push hard to legalize cannabis this year, cannabis companies are eyeing acquisitions as a way to enter the state. Experts told Insider that private companies and struggling MSOs looking to sell off assets to stabilize their balance sheets, are likely to be acquisition targets. <h3><a href="https://www.businessinsider.com/top-cannabis-lps-and-msos-on-merger-acquisition-2021-1">The world's largest cannabis companies are jockeying to dominate the lucrative US market. 7 top CEOs and executives break down the deals you can expect.</a></h3>The US cannabis industry is set for a flurry of deals as Democrats on Capitol Hill make cannabis reform a core issue and new state markets open. Insider spoke with CEOs and execs at seven of the top US and Canadian cannabis companies who said they're focused on expanding to dominate the lucrative US market. <h3><a href="https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11">Meet the 13 power players shaping the future of New Jersey's potentially $1 billion market for recreational marijuana</a></h3>Governor Phil Murphy signed legislation to legalize cannabis in the Garden State on Monday. Meet the 13 power players, from lawmakers to executives, shaping the future of New Jersey's cannabis industry.<h3><a href="https://www.businessinsider.com/new-york-cannabis-deals-medmen-ascend-wellness-holdings-awh-2021-2">New York cannabis M&amp;A is already heating up</a></h3>Struggling cannabis companies with licenses in New York are likely acquisition targets. Ascend Wellness said it would take a majority stake in MedMen's New York assets.There may be other deals to come as New York moves toward cannabis legalization<h2>Executive Moves</h2><ul><li>Terry Booth, the former CEO of Aurora Cannabis, will <a href="https://www.newswire.ca/news-releases/australis-completes-definitive-agreement-to-acquire-51-stake-in-alps-850298543.html">be taking over as CEO of Australis Capital</a>. </li><li>Clever Leaves <a href="https://www.globenewswire.com/news-release/2021/02/22/2179519/0/en/Clever-Leaves-Strengthens-Leadership-Team-and-Appoints-Hank-Hague-as-Chief-Financial-Officer.html">announced</a> that Hank Hague would be joining the company as chief financial officer </li><li>Acreage Holdings <a href="https://www.globenewswire.com/news-release/2021/02/23/2180341/0/en/Acreage-Announces-Management-Change.html">announced</a> that CFO Glen Leibowitz is leaving the company. Steve Goertz, former CFO of sgsco and a partner at Bespoke Capital Partners, will be taking over as CFO starting April 2.</li><li>Agrify <a href="https://ir.agrify.com/news-releases/news-release-details/agrify-announces-formation-strategic-advisory-board">announced</a> the formation of its new advisory board on Wednesday, including Rosie Mattio, CEO of MATTIO Communications, and Matthew Kressy, founding director of the MIT Integrated Design &amp; Management program. </li><li>Fyllo <a href="https://www.prnewswire.com/news-releases/twitters-katie-ford-joins-fyllo-as-chief-operating-officer-301235327.html">announced</a> it would be bringing on Twitter veteran Katie Ford as the company's new COO.</li><li>New Jersey has <a href="https://mjbizdaily.com/new-jersey-fills-remaining-slots-on-marijuana-oversight-commission/">filled the remaining spots on its Cannabis Regulatory Commission</a>, including Maria Del Cid, director of policy at New Jersey Department of Health, William Wallace of the United Food and Commercial Workers International Union, and Sam Delgado a former VP at Verizon. </li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Ascend Wellness Holdings announced on Thursday that it is <a href="https://www.businesswire.com/news/home/20210225006313/en/MedMen-Announces-Investment-from-AWH-into-MedMen%E2%80%99s-New-York-Operations">investing $73 million in MedMen's New York assets</a>, pending state approval. Read our story from this week where <a href="https://www.businessinsider.com/new-york-legalize-cannabis-marijuana-stocks-deals-m-a-2021-2">we outlined why MedMen's New York assets are a potential acquisition target</a>.</li><li>Acreage Holdings <a href="https://www.globenewswire.com/news-release/2021/02/25/2182283/0/en/Acreage-Announces-Sale-of-Florida-Operations-To-Red-White-Bloom-Brands.html">announced</a> it would sell its Florida operations to Red White &amp; Bloom Brands for $60 million in a cash and stock deal. </li><li>Indus Holdings is acquiring <a href="https://www.globenewswire.com/news-release/2021/02/25/2182686/0/en/Indus-Holdings-Inc-Announces-the-Acquisition-of-Lowell-Herb-Co.html">Lowell Herb Co., for $39 million in cash and stock</a>. The combined company will operate under the name Lowell Farms Inc.</li><li>Parallel, the cannabis company run by Beau Wrigley, Jr., <a href="https://www.prnewswire.com/news-releases/parallel-and-ceres-acquisition-corp-announce-business-combination-to-create-a-publicly-traded-us-cannabis-well-being-company-301232236.html">went public on Tuesday via a combination with Ceres Acquisition Corp., a cannabis SPAC</a>. The transaction values the combined company at $1.84 billion. <a href="https://www.businessinsider.com/investors-poured-3-billion-into-cannabis-spacs-deadlines-loom-2020-12">Read our story about the hot cannabis SPAC market</a>. </li><li>Verano Holdings Corp. announced that it <a href="https://www.newcannabisventures.com/verano-holdings-raises-c100-million-at-c28-50-in-private-placement/">raised C$100 million</a> in a private placement. The company also <a href="https://www.globenewswire.com/news-release/2021/02/24/2181428/0/en/Verano-Holdings-Enters-into-Agreement-to-Expand-Arizona-Footprint.html">announced</a> this week an acquisition that would expand the company's footprint in Arizona to four dispensaries. </li><li>Green Thumb Industries raised $56 million through a sale of subordinate voting shares. </li><li>Cannabis packaging company KushCo <a href="https://ir.kushco.com/news-events/press-releases/detail/273/kushco-holdings-inc-prices-40-0-million-registered">raised $40 million in a direct stock offering</a>.</li><li>The Rainbow Real Estate Group raised $47 million to target real estate in areas where cannabis is legal for recreational and medical use. The round included $10 million from CrowdStreet, a crowdsourced investing platform.</li><li>GrowGeneration continues its acquisition tear, this week <a href="https://ir.growgeneration.com/news-events/press-releases/detail/117/growgeneration-acquires-san-diegos-leading-hydroponics">scooping up a chain of four hydroponics centers</a> in the San Diego area for $10 million.</li><li>The Scotts Miracle-Gro Foundation <a href="https://investor.scotts.com/news-releases/news-release-details/hawthorne-gardening-company-announces-hawthorne-social-justice">announced on Monday</a> it launched a new $2.5 million fund to "spark social change and help address the racial injustice and systemic inequality related to the enforcement of existing cannabis laws in the United States," with Hawthorne Gardening Company.</li><li>Terra Vera, an ag-tech company focused on the cannabis industry, <a href="https://www.businesswire.com/news/home/20210225005214/en/Terra-Vera-Raises-2-Million-in-Seed-Funding-Round">closed a $2 million seed funding round</a> led by Will Raap, the founder of Gardener's Supply Company. </li></ul><h2>Policy moves</h2><ul><li>New Jersey officially legalized cannabis on Monday after Governor Phil Murphy signed legislation that he and lawmakers had been negotiating for weeks. <a href="https://www.businessinsider.com/list-new-jersey-cannabis-power-players-legal-marijuana-2020-11">Read our list of the top power players of New Jersey cannabis</a>.</li><li>State lawmakers in Maryland this week proposed a plan to legalize and tax the sale of cannabis in the state, <a href="https://www.baltimoresun.com/politics/bs-md-ci-marijuana-legalization-maryland-20210224-lfhanznaojcv5k5lr3srbow72m-story.html">The Baltimore Sun reports</a>.</li><li>Morocco is legalizing cannabis production for medical use, <a href="https://www.reuters.com/article/us-morocco-cannabis/morocco-set-to-legalise-cannabis-production-for-medical-use-idUSKBN2AP24U">Reuter reports</a>. </li><li>President Biden's attorney general nomination Merrick Garland said federal law enforcement officials <a href="https://www.marijuanamoment.net/marijuana-enforcement-is-a-perfect-example-of-racial-discrimination-biden-ag-pick-garland-says/">should not go after</a> those who are complying with laws in states that have legalized cannabis.</li></ul><h2>Science and research</h2><ul><li>A <a href="https://www.nber.org/papers/w28471">new report from the National Bureau of Economic Research</a> found that legalized <keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">marijuana</keyword> is associated with a decline in worker's compensation claims.</li><li>A <a href="https://www.globenewswire.com/news-release/2021/02/24/2181557/0/en/U-S-Legal-Cannabis-Water-Use-to-Almost-Double-by-2025.html">new report from the Resource Innovation Institute and Berkeley Cannabis Research Center in conjunction with New Frontier Data</a> found that illegal cannabis crops accounted for 83% of the overall industry's water use in 2020. The report's authors expect that to decline to 69% by 2025, but that the illicit market will be the primary driver of the industry's water use.</li></ul><h2>Earnings roundup</h2><ul><li>The Valens Company <a href="https://thevalenscompany.com/press-releases/the-valens-company-reports-financial-results-for-the-fourth-quarter-and-fiscal-year-ended-november-30-2020/">released its fiscal Q4 earnings</a> on Wednesday, reporting adjusted EBITDA of C$4.3 million for Q4.</li><li>Innovative Industrial Properties <a href="http://investors.innovativeindustrialproperties.com/press-releases/2021/02-24-2021-211642895">released its Q4 and full year 2020 results</a> on Wednesday, reporting $37.1 million in revenue for the quarter, and $21 million in net income.</li><li>Cronos released its <a href="https://ir.thecronosgroup.com/news-releases/news-release-details/cronos-group-reports-2020-fourth-quarter-and-full-year-results">2020 Q4 and full year results</a> on Friday, reporting an adjusted EBITDA loss of $53.1 million in Q4 and losses of $147.3 million for the year.</li><li>Next week EnWave, Indus, High Tide, and 48North will report earnings.</li></ul><h2>Chart of the week</h2>Cannabis software and media companies raised $518.8 million in 2020, according to Viridian Capital Advisors, more than double what they raised in 2019. Read <a href="https://www.businessinsider.com/investors-poured-57-million-into-cannabis-tech-startups-2020-9">our story about the cannabis tech boom</a> last year.<div type="image" title="Capital raises by cannabis software and media companies" height="652" width="1240" msid="81236574" hostid="261"></div><h2>What we're reading</h2><a href="https://www.forbes.com/sites/willyakowicz/2021/02/10/billionaire-beau-wrigley-says-his-cannabis-company-will-be-bigger-than-the-family-candy-business/?sh=43e8bd43451c">Billionaire Beau Wrigley Says His Cannabis Company Will Be Bigger Than The Family Candy Business</a> (Forbes)<a href="https://www.gothamgazette.com/opinion/10185-legalizing-marijuana-new-york-the-right-way">Opinion: Legalizing Marijuana The Right Way</a> (Gotham Gazette)<a href="https://www.bloomberg.com/news/articles/2021-02-21/teen-use-mental-health-spur-talk-of-pot-curbs-cannabis-weekly">Teen Use, Mental Health Spur Talk of Pot Curbs</a> (Bloomberg)<a href="https://www.foxbusiness.com/markets/powerful-house-dem-bought-cannabis-stocks-after-pushing-decriminalization">Powerful House Dem bought cannabis stocks after pushing decriminalization</a> (Fox Business)

New Jersey finally legalizes

<ul class="summary-list"><li>The job of a PR expert is getting more complex as companies and public figures seek help navigating social issues.</li><li>The industry is also growing with opportunities in areas like financial communications and data.</li><li>Insider is tracking the news and trends in the industry, from hiring to growth areas to M&amp;A.</li></ul>The <keyword id="255227" type="ORGANIZATION" weightage="60" keywordseo="Public-Relations" source="Orion">public relations</keyword> industry is going through big changes as PR firms scramble to <a href="https://www.businessinsider.com/pr-agencies-are-getting-more-results-focused-to-stay-competitive-2019-8">invest in data and measurement</a> and meet demand of corporations <a href="https://www.businessinsider.com/meet-the-top-pr-people-in-crisis-communications-2020-3">facing increasing public scrutiny</a>.Agencies <a href="https://www.businessinsider.com/edelman-takes-on-advertising-with-earned-creative-pitch-2020-10">are pushing into</a> areas like <keyword id="35666" type="COMPANY" weightage="100" keywordseo="advertising" source="Orion">advertising</keyword>, digital, and <a href="https://www.businessinsider.com/wpp-bcw-is-launching-an-e-commerce-offering-for-clients-2020-10">ecommerce</a>. They're also taking advantage of <a href="https://www.businessinsider.com/pr-agencies-worry-being-sued-by-former-bankruptcy-clients-2020-5">booming areas</a> like <a href="https://www.businessinsider.com/top-public-relations-pros-working-on-spacs-and-ipos-2021-3">financial communications</a> and diversity, equity, and inclusion, creating <a href="https://www.businessinsider.com/pr-industry-salaries-edelman-apco-worldwide-omnicom-wpp-publicis-teneo-2020-8?r=public-relations-lp">lucrative if high-pressure jobs</a>.Insider has been tracking these trends at some of the biggest PR firms, including <keyword id="220093" type="COMPANY" weightage="60" keywordseo="Edelman" source="Orion">Edelman</keyword>, <keyword id="302761" type="PERSON" weightage="60" keywordseo="Weber-Shandwick" source="Orion">Weber Shandwick</keyword>, and Sard Verbinnen. Here's a roundup of our coverage on everything from hot practice areas, how to get hired, and industry pay. <h2>Hiring, pay trends</h2>The PR industry employed around 270,000 people in the US as of 2019, according to the Bureau of Labor Statistics. It employs people who <a href="https://www.businessinsider.com/how-public-relations-pros-transitioned-from-agency-to-in-house-2020-2">work in-house at brands as well as agencies of all sizes.</a>The <a href="https://www.businessinsider.com/pr-industry-salaries-edelman-apco-worldwide-omnicom-wpp-publicis-teneo-2020-8?r=public-relations-lp">field remains high-paying</a> and competitive, with <a href="https://www.businessinsider.com/12-top-public-relations-recruiters-to-know-right-now-2020-7?r=public-relations-lp">opportunities</a> in pharma, tech, and <a href="https://www.businessinsider.com/omnicom-public-relations-group-named-chris-foster-new-ceo-2021-5">healthcare communications.</a>Read more:<ul><li><a href="https://www.businessinsider.com/pr-industry-salaries-edelman-apco-worldwide-omnicom-wpp-publicis-teneo-2020-8?r=public-relations-lp">PR industry salaries revealed: How much top firms like Teneo, BCW, and FTI pay employees, from consultants to managing directors</a></li><li><a href="https://www.businessinsider.com/public-relations-firms-dangle-new-perks-in-talent-war-2021-7?r=public-relations-lp">Here's a rundown of new perks and benefits public relations firms are offering, from big bonuses to extra vacation days</a></li><li><a href="https://www.businessinsider.com/corporations-are-changing-how-they-hire-chief-communications-officers-2021-11?r=public-relations-lp">Tough interview questions public relations execs can expect as social issues and politics become a bigger part of the job</a></li><li><a href="https://www.businessinsider.com/public-relations-execs-share-why-they-quit-agency-world-advice-2021-11?r=public-relations-lp">Why I quit PR agencies: 5 public relations pros share why they left and tips for former colleagues</a></li><li><a href="https://www.businessinsider.com/how-to-get-a-job-at-public-relations-giant-edelman-2020-2?r=public-relations-lp">How to get a job at PR giant Edelman and what to expect if you land an interview, according to the company's recruiters</a></li><li><a href="https://www.businessinsider.com/12-top-public-relations-recruiters-to-know-right-now-2020-7?r=public-relations-lp">Meet 12 top public relations recruiters to know right now</a></li><li><a href="https://www.businessinsider.com/how-to-get-job-at-finsbury-gladstone-place-partners-kekst-2020-9?r=public-relations-lp">What it takes to get high-paying jobs at strategic consulting firms like Finsbury and Kekst CNC, from handling tricky questions to nailing writing tests</a></li></ul><h2>People to know</h2>Top PR chiefs play a big role in shaping public opinion by wrangling the press, tamping down crises, and promoting their employers.<a href="https://www.businessinsider.com/latest-news-on-public-relations-business-growth-hiring-compensation-2020-11">The industry</a> also demands new kinds of talent as clients seek new forms of <a href="https://www.businessinsider.com/top-public-relations-measurement-vendors-to-prove-campaigns-work-2021-8">measurement</a> and help keeping up with trends like crypto and the metaverse.Read more:<ul><li><a href="https://www.businessinsider.com/most-influential-public-relations-pros-2020-8?r=public-relations-lp">The 23 most powerful fixers in PR in 2021</a></li><li><a href="https://www.businessinsider.com/22-power-players-at-edelman-the-worlds-largest-pr-firm-2020-8?r=public-relations-lp">Meet the 23 top executives at Edelman who are key to helping the world's biggest PR firm hit its $1 billion revenue goal</a></li><li><a href="https://www.businessinsider.com/rising-stars-in-public-relations-in-2022-2022-2?r=public-relations-lp">Meet 20 rising stars in public relations at top brands and agencies like Netflix and Ketchum</a></li><li><a href="https://www.businessinsider.com/top-facebook-crisis-pr-executives-fixing-its-image-2021-10?r=public-relations-lp">Meta just promoted Nick Clegg to a top policy role. Meet the 13 other execs working to repair the company's image.</a></li><li><a href="https://www.businessinsider.com/top-financial-public-relations-pros-edelman-fti-consulting-sard-verbinnen-2020-10?r=public-relations-lp">These are the top 15 financial public relations pros CEOs call when their companies are on fire</a></li></ul><h2>The industry is attracting investment</h2>Private equity firms that used to view public relations as a volatile industry have been pouring money into them, drawn to their recurring revenues, diversified businesses, and cash flow.PE is also awash in historic levels of capital because of low interest rates, and some of it's trickling down to PR.Read more: <ul><li><a href="https://www.businessinsider.com/this-pitch-deck-helped-a-pr-company-raise-45-million-2022-2?r=public-relations-lp">Read the 9-slide deck that a tech firm used to raise $4.5 million to help companies like Google pitch journalists </a> </li><li><a href="https://www.businessinsider.com/8-private-equity-firms-investing-in-the-public-relations-industry-2020-12?r=public-relations-lp">13 investors that are making big bets on public relations firms</a></li><li><a href="https://www.businessinsider.com/hotwires-global-ceo-takes-new-role-to-expand-enero-group-2021-6?r=public-relations-lp">A new Enero exec who's hunting for PR acquisitions revealed what she's looking for as it tries to grab share from holding companies like WPP and Omnicom</a></li><li><a href="https://www.businessinsider.com/public-relations-companies-who-are-challenging-edelman-and-bcw-2021-5?r=public-relations-lp">9 public relations companies are challenging the status quo and taking on giants like Edelman and BCW</a></li></ul><h2>Crisis work is growing for PR firms</h2>Crisis and internal communications work is a growth area as expectations on CEOs grow to <a href="https://www.businessinsider.com/meet-the-top-pr-people-in-crisis-communications-2020-3">take stands on hot-button issues</a> from civil rights to abortion.A lucrative niche is strategic communications firms<a href="https://www.businessinsider.com/how-to-get-job-at-finsbury-gladstone-place-partners-kekst-2020-9?r=public-relations-lp"></a>, which provide crisis, litigation, <a href="https://www.businessinsider.com/top-financial-public-relations-pros-edelman-fti-consulting-sard-verbinnen-2020-10?r=public-relations-lp">financial</a>, and other high-stakes PR.Read more: <ul><li><a href="https://www.businessinsider.com/disney-ceo-apology-florida-dont-say-gay-lgbtq-insiders-PR-debacle-2022-3?r=public-relations-lp">What went wrong at Disney: Insiders reveal weeks of 'internal strife and outrage' over CEO's messaging on Florida 'Don't Say Gay' bill</a></li><li><a href="https://www.businessinsider.com/pr-and-advertising-agencies-that-worked-for-russian-oligarchs-companies-2022-3?r=public-relations-lp">PR and advertising agencies are cutting Kremlin ties — here are 13 that helped Russian oligarchs and companies shape their public image</a></li><li><a href="https://www.businessinsider.com/crypto-companies-are-hiring-public-relations-pros-2021-11?r=public-relations-lp">Crypto and blockchain companies are snapping up public relations execs from Google, Twitter, and Edelman, as regulation looms</a></li><li><a href="https://www.businessinsider.com/companies-weigh-response-texas-abortion-law-2021-9?r=public-relations-lp">With the Texas abortion law, CEOs face pressure on what to say on another hot-button social issue — but few have spoken out</a></li><li><a href="https://www.businessinsider.com/top-facebook-crisis-pr-executives-fixing-its-image-2021-10?r=public-relations-lp">Meta just promoted Nick Clegg to a top policy role. Meet the 13 other execs working to repair the company's image.</a></li><li><a href="https://www.businessinsider.com/top-financial-public-relations-pros-edelman-fti-consulting-sard-verbinnen-2020-10?r=public-relations-lp">These are the top 15 financial public relations pros CEOs call when their companies are on fire</a></li><li><a href="https://www.businessinsider.com/pr-booms-as-the-delta-variant-upends-how-corporations-communicate-2021-8?r=public-relations-lp">PR shops like Edelman bag millions as companies struggle with back to work mess</a></li></ul><h2>PR is pushing into advertising, consulting turf</h2>PR firms are increasingly competing with <a href="https://www.businessinsider.com/fleishmanhillard-ceo-on-omnicom-firms-digital-creative-and-data-bets-2020-10?r=public-relations-lp">advertising, </a><a href="https://www.businessinsider.com/how-bcw-global-is-navigating-coronavirus-headwinds-2020-4?r=public-relations-lp">consulting companies</a>, and even <a href="https://www.businessinsider.com/dentons-edelman-fti-lures-talent-pr-2021-9?r=public-relations-lp">law firms</a>.Agencies like Edelman and <keyword id="3094203" type="COMPANY" weightage="60" keywordseo="FleishmanHillard" source="Orion">FleishmanHillard</keyword> are pushing into creative services that traditionally have been the domain of ad agencies, while firms like BCW are pitching their consulting expertise to companies in crisis.Read more: <ul><li><a href="https://www.businessinsider.com/brandwatch-is-acquiring-influencer-marketing-company-paladin-software-2022-2?r=public-relations-lp">Brandwatch is acquiring an influencer marketing company to cash in on the rise of TikTok</a></li><li><a href="https://www.businessinsider.com/signal-ai-shares-pitch-deck-that-helped-raise-50-million-2021-12?r=public-relations-lp">Check out the pitch deck that a PR tech company used to raise $50 million to extend its business beyond public relations</a></li><li><a href="https://www.businessinsider.com/public-relations-firm-vested-acquires-red-lab-technologies-2021-12?r=public-relations-lp">The PR agency Vested just bought a digital marketing shop to meet surging demand from private equity firms, hedge funds, and cryptocurrency companies</a></li><li><a href="https://www.businessinsider.com/dentons-edelman-fti-lures-talent-pr-2021-9?r=public-relations-lp">A consulting firm backed by mega-law firm Dentons is offering an unusual perk to lure top talent from public relations heavyweights like Edelman and FTI</a></li><li><a href="https://www.businessinsider.com/pr-firms-aim-to-take-share-from-advertising-and-consulting-2020-5?r=public-relations-lp">CEOs of PR firms like Edelman and BCW reveal why they're focused on winning business from advertising and consulting companies coming out of the pandemic</a>.<a href="https://www.businessinsider.com/pr-firm-edelman-reveals-playbook-to-compete-for-advertising-2020-11?r=public-relations-lp"></a> <a href="https://www.businessinsider.com/pr-firm-edelman-reveals-playbook-to-compete-for-advertising-2020-11?r=public-relations-lp"></a></li><li><a href="https://www.businessinsider.com/pr-firm-edelman-reveals-playbook-to-compete-for-advertising-2020-11?r=public-relations-lp">Public relations heavyweight Edelman has quietly built a 600-person creative team and says it's becoming a 'serious alternative' to ad agencies, winning clients like Ikea and Tazo</a></li><li><a href="https://www.businessinsider.com/healthcare-marketing-communications-firm-w2o-acquires-swoop-ipmai-2021-1?r=public-relations-lp">Healthcare marketing giant W2O just snapped up two more companies as it seeks to take on consultancies like Accenture and Cognizant</a></li></ul><h2>PR is getting tech-savvy</h2>CEOs increasingly want to know they're getting business results from their marketing spending, and that includes PR as well.That's fueled <a href="https://www.businessinsider.com/top-27-software-companies-in-the-public-relations-industry-2020-12">a $4.5 billion communications software industry</a> that helps PR firms do things like monitor news coverage and social <keyword id="6354777" type="COMPANY" weightage="60" keywordseo="Media" source="Orion">media</keyword>, provide accurate measurements, and identify influencers and journalists.Read more:<ul><li><a href="https://www.businessinsider.com/real-pitchdeck-memo-10-million-series-a-funding-2022-3?r=public-relations-lp">Read the pitch deck that a PR startup used to raise $10 million to help clients like Samsung and Google measure how their PR is working</a></li><li><a href="https://www.businessinsider.com/symphony-technology-group-has-created-a-pr-tech-giant-2022-1?r=public-relations-lp">A new PR tech giant is plotting an expansion into the US to take on Cision and Meltwater</a></li><li><a href="https://www.businessinsider.com/tritium-partners-acquires-a-majority-stake-in-publicrelay-2021-9?r=public-relations-lp">Private equity firm Tritium Partners acquired an up-and-coming PR tech company to take on giants like Cision and Meltwater</a></li><li><a href="https://www.businessinsider.com/top-public-relations-measurement-vendors-to-prove-campaigns-work-2021-8?r=public-relations-lp">11 tech firms that top companies like Coca-Cola and Samsung rely on to prove their PR works</a></li><li><a href="https://www.businessinsider.com/top-27-software-companies-in-the-public-relations-industry-2020-12?r=public-relations-lp">The top 27 software companies serving the public relations industry</a></li><li><a href="https://www.businessinsider.com/pr-giant-edelman-has-ended-an-exclusive-partnership-with-cision-2020-9?r=public-relations-lp"></a><a href="https://www.businessinsider.com/pr-agencies-are-getting-more-results-focused-to-stay-competitive-2019-8?r=public-relations-lp">PR agencies are beefing up their data services to keep consulting firms like Deloitte and Accenture from eating their lunch</a> <a href="https://www.businessinsider.com/pr-giant-edelman-has-ended-an-exclusive-partnership-with-cision-2020-9?r=public-relations-lp"></a></li><li><a href="https://www.businessinsider.com/msl-ceo-on-how-public-relations-compete-against-marketing-firms-2020-11?r=public-relations-lp">PR giant MSL breaks down how it's using tech tools to prove its work drives results for clients like P&amp;G and Cadillac</a></li><li><a href="https://www.businessinsider.com/edelman-bulks-up-its-350-person-data-analytics-offering-2021-2">Public relations giant Edelman is poaching execs from WPP, Google, and others to build a data analytics powerhouse</a></li><li><a href="https://www.businessinsider.com/omnicom-launches-a-new-public-relations-measurement-platform-2021-1">Omnicom is boosting its data arm with a new tool to convince skeptics that PR can drive business results</a></li></ul>

The latest news about the public relations industry, from pay and hiring to growth areas

Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. <a href="http://newsletter.businessinsider.com/join/4np/insider-weekly">Subscribe here to get this newsletter in your inbox every Sunday.</a>Read on for more on <a href="https://www.businessinsider.com/salesforce-office-of-equality-tony-prophet-struggled-get-results-2020-11">Salesforce insiders saying diversity progress has been slow</a>, <a href="https://www.businessinsider.com/jones-day-pay-discrimination-pregnancy-gender-lawsuit-allegations-trump-election-2020-11">former employers claiming a "boys' club" culture at elite law firm Jones Day</a>, and <a href="https://www.businessinsider.com/insider-pfizer-biontech-historic-coronavirus-vaccine-program-2020-11">Pfizer's vaccine feat</a>. Hello!I led this email last week with the words: "<a href="https://www.businessinsider.com/how-a-biden-harris-administration-impacts-business-politics-2020-11">The nation has decided</a>."A week on, Donald Trump for the first time seemingly admitted he lost the presidential election, tweeting that Joe Biden "<a href="https://www.businessinsider.com/donald-trump-admits-loss-joe-biden-presidential-election-2020-11">won because the election was rigged,</a>" as my colleague John L. Dorman reported. Hours later, Trump added: "I concede NOTHING!"The tweets came about a day after <a href="https://www.businessinsider.com/joe-biden-wins-georgia-democratic-party-south-presidential-election-2020-11">Georgia was called for Biden</a>, the first Democratic presidential victory in the state since 1992, taking Biden to <a href="https://www.businessinsider.com/2020-election-results">306 electoral college votes</a>. Meanwhile, the US is shattering daily records for COVID-19 cases and hospitalizations. In a sobering story, Aria Bendix broke down why this fall surge is poised to become the longest and deadliest one. You can read that story here:<ul><li><a href="https://www.businessinsider.com/us-third-coronavirus-surge-is-tsunami-comparison-spring-summer-2020-11">This isn't a third coronavirus wave — it's a tsunami. Three charts show how much worse the fall surge is than any before.</a></li></ul>Joseph Zeballos-Roig reported that the lack of a new stimulus bill may have contributed to surging virus cases amid reopening pressures, according to experts. <a href="https://www.businessinsider.com/no-new-stimulus-may-have-worsened-the-coronavirus-pandemic-2020-11">You can read that story here</a>. <h2><keyword id="155484" type="COMPANY" weightage="60" keywordseo="Salesforce">Salesforce</keyword> insiders say diversity progress has been slow</h2>From Paayal Zaveri and Joe Williams:When employees arrive at Salesforce's imposing 61-story tower in San Francisco's South of Market district, it's not uncommon to be greeted by Tony Prophet. The 58-year old executive, impeccably-dressed, regularly works the lobby like a proud owner of a new home, eagerly introducing himself to some of the enterprise software giant's roughly 54,000 workers. Prophet is Salesforce's Chief Equality Officer, and his passion and trademark pizzazz are visible in everything his group does, from sophisticated Twitter campaigns to high-wattage events with celebrity guests like Janelle Monáe and Mila Kunis. The prominent emphasis on diversity is in character with the company's reputation as the tech industry's moral compass for social justice and progressive ideals. But behind the high-profile diversity push is an inconvenient truth: Four years after Prophet was hired by Benioff to launch the new group, Salesforce's <a href="https://equalitydata.herokuapp.com/">employee diversity numbers have barely budged</a>.Read the full story here:<ul><li><a href="https://www.businessinsider.com/salesforce-office-of-equality-tony-prophet-struggled-get-results-2020-11">Four years ago, Salesforce hired a rock star executive to show the world how to fix workplace diversity. Insiders are disappointed with the slow progress.</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/microsoft-teams-zoom-webex-meetings-2020-11">Leaked documents show Microsoft is pegging some employee bonuses to helping the Teams chat app 'win against Zoom and WebEx in meetings'</a></li><li><a href="https://www.businessinsider.com/adobe-acquired-workfront-experience-cloud-work-management-2020-11">A top Adobe exec explains how the $1.5 billion acquisition of Utah-based Workfront will fill a 'critical piece' in its mission to help businesses digitally transform</a> </li></ul><h1>Former employees at Jones Day claim there is a 'boys' club' culture</h1><div type="image" title="jones day law firm discrimination 2x1" height="1200" width="2400" msid="79236190" hostid="261"></div>From Casey Sullivan and Jack Newsham:Jones Day, the major law firm that made headlines this week <a href="https://www.nytimes.com/2020/11/09/business/jones-day-trump-election-lawsuits.html">when attorneys complained to The New York Times</a> about their employer's role in election-related litigation, is facing accusations of sexism in the workplace that, lawsuits say, led to unfair advantages for men.Three federal lawsuits filed between 2016 and 2019 have contained claims of gender and pregnancy discrimination against the firm.Business Insider found separate allegations that have not been previously reported or filed in a suit. The findings are a result of interviews with dozens of people who have worked at the firm. The people who shared allegations did so on the condition of anonymity for fear of repercussions, though their identities are known to us.Read the full story here:<ul><li><a href="https://www.businessinsider.com/jones-day-pay-discrimination-pregnancy-gender-lawsuit-allegations-trump-election-2020-11">Former employees at Jones Day claim there is a 'boys' club' culture and sexual discrimination at the powerhouse law firm representing Trump's campaign</a></li></ul>Also read: <ul><li><a href="https://www.businessinsider.com/trump-burrowing-administration-biden-government-employees-agencies-deep-state-2020-11">Documents reveal Trump is building his own 'deep state' by leaving political appointees behind in government for the Biden administration</a></li><li><a href="https://www.businessinsider.com/joe-biden-ron-klain-chief-of-staff-white-house-2020-11">Meet Ron Klain, Joe Biden's pick for White House chief of staff. He's the guy Democrats call to fix things and will soon be one of the most important people in Washington.</a></li></ul><h2>Inside Pfizer's vaccine feat</h2><div type="image" title="Pfizer CEO Albert Bourla" height="683" width="1024" msid="79236192" hostid="261"></div>From Andrew Dunn:After three decades in the drug industry, Mikael Dolsten, a Pfizer executive, knew better than to be overconfident about what had become one of the most closely watched experiments in history.He was with other top executives of the pharma giant on Sunday at an office in Connecticut for one of the biggest moments in his career. Results were available for the final-stage clinical study of Pfizer's coronavirus vaccine, and Dolsten, sitting next to CEO Albert Bourla, was about to learn on a Webex call whether it worked."On one hand, you had cautious optimism," Dolsten told Business Insider. "On the other hand, you have respect for that you can never be certain on the outcome of a clinical trial."Two senior research leaders popped up on the screen to relay what they had just heard from the independent board of experts overseeing the trial: The trial was a success.You can read the full story here:<ul><li><a href="https://www.businessinsider.com/insider-pfizer-biontech-historic-coronavirus-vaccine-program-2020-11">How the pharma giant Pfizer teamed up with a little-known biotech to develop an effective coronavirus vaccine in record time</a></li></ul>Also read:<ul><li><a href="https://www.businessinsider.com/pfizer-is-developing-powder-version-of-its-covid-19-vaccine-2020-11">Pfizer's top scientist tells us the pharma giant is already thinking about a new version of its coronavirus vaccine for 2021 that can overcome one of its biggest limitations</a></li><li><a href="https://www.businessinsider.com/humanigen-feature-ceo-investor-interviews-on-coronavirus-drug-2020-10">How a tiny biotech rebounded from bankruptcy and Martin Shkreli at the helm to convince the NIH to bet on its unproven coronavirus drug</a></li></ul><h2>ICYMI: Goldman Sachs dropped the names of its 2020 partner class</h2>From Reed Alexander and Dakin Campbell:Goldman Sachs announced a new class of partners for 2020 on Thursday afternoon, awarding partner status to 60 people worldwide. Seven out of the 19 new partners in the investment-banking division came from the TMT (technology, media, and telecommunications) group, representing a big year for executives in that sector.You can check out <a href="https://www.businessinsider.com/goldman-sachs-partner-class-2020-banking-wall-street-2020-11">the full list of 60 here</a>. Reed and Dakin talked to four of the new Goldman Sachs partners, who told them <a href="https://www.businessinsider.com/goldman-sachs-partners-learned-david-solomon-morning-call-wall-street-2020-11">what it's like to get a call from CEO David Solomon inviting them to one of Wall Street's most exclusive groups</a>. You can also read up on Jane Dunlevie, one of Goldman Sachs' youngest new partners and a Silicon Valley native who leads deals with red-hot companies like Shopify and Pinterest, right here. Also read:<ul><li><a href="https://www.businessinsider.com/vista-equity-pension-nmerb-credit-investment-robert-smith-tax-evasion-2020-11">Vista Equity Partners lost a $100 million pension-fund investment after Robert Smith's tax-evasion investigation came to light</a></li><li><a href="https://www.businessinsider.com/wall-street-whatsapp-wechat-messenger-commodities-compliance-regulations-fired-traders-2020-10">Inside Wall Street's war on WhatsApp: Why traders just won't quit messaging apps, even as heads roll</a> </li></ul>Here are some headlines from the past week that you might have missed.— Matt<a href="https://www.businessinsider.com/rising-stars-venture-capital-funding-early-stage-startups-2020-11">100 rising-star VCs who represent the future of venture capital</a><a href="https://www.businessinsider.com/capital-one-first-us-bank-fully-on-cloud-aws-netflix-2020-11">Capital One has abandoned its last data center, making the $40 billion financial titan the first US bank to go all in on the cloud</a><a href="https://www.businessinsider.com/ralph-lauren-subleases-former-polo-store-mango-fifth-avenue-reatil-2020-11">Rents in top NYC shopping districts are crashing and dark storefronts are multiplying. A firesale sublease by Ralph Lauren on Fifth Avenue highlights the carnage.</a><a href="https://www.businessinsider.com/larry-ellison-wacky-tiktok-plan-exposes-oracle-glaring-problem-2020-11">Larry Ellison's wacky TikTok plan exposes Oracle's glaring problem</a><a href="https://www.businessinsider.com/inside-warnermedia-layoffs-and-future-of-cnn-hbo-max-2020-11">Inside WarnerMedia as huge layoffs hit the company and speculation swirls around the futures of CNN and HBO Max</a><a href="https://www.businessinsider.com/knotel-dramatically-cut-back-portfolio-achieve-profitability-flexible-workspace-2020-11">Knotel plans to scale back its global portfolio by 60% over the next 6 months as the pandemic and financial problems have quashed its once grand ambitions to dominate the flex workspace sector</a><a href="https://www.businessinsider.com/canadian-cannabis-giants-canopy-growth-aphria-looking-to-us-market-2020-11">The world's biggest cannabis companies are jockeying to dominate the $61 billion US market after marijuana legalization swept 5 states</a><a href="https://www.businessinsider.com/stock-picks-to-buy-top-market-recommendations-from-morgan-stanley-2020-11">Morgan Stanley says to load up on these 10 stocks featured on the firm's 'buy list,' which has dominated the broader market this year</a>

Salesforce hired a chief equality officer 4 years ago. Insiders are disappointed with the slow progress.

Welcome to <keyword id="9884466" type="UNKNOWN" weightage="60" keywordseo="insider-cannabis">Insider Cannabis</keyword>, our weekly newsletter where we're bringing you an inside look at the deals, trends, and personalities driving the multibillion-dollar global <keyword id="14728" type="ENTERTAINMENT" weightage="100" keywordseo="cannabis">cannabis</keyword> boom.<a href="http://newsletter.businessinsider.com/join/cultivated">Sign up here to get it in your inbox every week</a>.Happy Friday readers,It seems like we've been saying this every week, but with Election Day just around the corner, we've been gearing up for whatever happens next Tuesday. We're closely watching the presidential and Senate races and keeping a particularly close eye on the <a href="https://www.businessinsider.com/cannabis-stocks-best-positioned-states-pass-adult-use-recreational-2020-9">five states that have cannabis measures </a>on their ballots.Be prepared to be bombarded by all our cannabis-election news next week. If you're not sick of us yet, stay tuned to our Twitter accounts (<a href="https://twitter.com/jesse_yeji">@jesse_yeji</a> &amp; <a href="https://twitter.com/jfberke">@jfberke</a>) for updates as they happen on the night of and days following.We're also compiling all our <a href="https://www.businessinsider.com/marijuana-legalization-ballot-new-jersey-arizona-monthana-election-2020-10">election-related coverage here</a>. Just scroll through to read about everything from <a href="https://www.businessinsider.com/list-cannabis-stocks-to-buy-democrats-win-white-house-senate-2020-8?r=cannabis-election">which stocks could benefit the most</a> from the election results to a possible <a href="https://www.businessinsider.com/cowen-azer-cannabis-companies-win-benefit-northeast-legalizes-2020-9?r=cannabis-election">Northeast "domino" of legalization</a> to how <a href="https://www.businessinsider.com/companies-how-positioning-to-profit-more-states-make-cannabis-legal-2020-9?r=cannabis-election">companies are gearing up</a> for more adult-use markets.And if you missed it, Jeremy <a href="https://www.youtube.com/watch?v=Whv0_YdS8us&amp;feature=youtu.beu.be">spoke on a panel at the Growth from Home conference</a> about cannabis journalism and communications and moderated a panel at the <a href="https://www.legendsinvestmentnetwork.com/events/cannabis-investment-conference">Legends Investment Network</a> on legalization and evolving regulations in the US. Let's get to it.-YejiHere's what we wrote about this week:<h3><a href="https://www.businessinsider.com/cannabis-more-audits-280e-treasury-inspector-general-irs-2020-10">Cannabis companies are facing an uptick in audits related to an obscure Reagan-era tax rule, piling up costs and headaches for the growing industry</a></h3>US cannabis businesses are facing rising numbers of audits and investigations, according to cannabis lawyers, which cannabis executives say unfairly target their companies.Five lawyers and accountants told Business Insider their clients have been seeing an uptick in audits and investigations in recent months related to a Reagan-era tax rule, IRS code 280E. "It really is a lesson that they're coming after everything," said Eric Berlin, co-head of law firm Dentons' Cannabis Group.<h3><a href="https://www.businessinsider.com/marijuana-legalization-ballot-new-jersey-arizona-monthana-election-2020-10">5 states are set to vote on marijuana legalization. Here's everything you need to know.</a></h3>Here's everything you need to know about the states where <a href="https://www.businessinsider.com/marijuana-legalization-ballot-tracker-new-jersey-arizona-montana-vote-results-2020?r=cannabis-election">cannabis is on the ballot</a>, including how to invest, what it means for the industry, and the likelihood each state will pass its measure.We've put together a <a href="https://www.businessinsider.com/marijuana-legalization-ballot-tracker-new-jersey-arizona-montana-vote-results-2020?r=cannabis-election">comprehensive tracker</a> to explain the ballot measures and assign probabilities to each one's passing. It's available <a href="https://www.businessinsider.com/marijuana-legalization-ballot-tracker-new-jersey-arizona-montana-vote-results-2020?r=cannabis-election">exclusively to Business Insider subscribers.</a><h3><a href="https://www.businessinsider.com/cannabis-stocks-to-buy-marijuana-legalization-biden-curaleaf-gti-harvest-2020-10">Wall Street analysts pick the top 6 US cannabis stocks to bet on now to profit from a Biden victory and a wave of legalization</a></h3><keyword id="40905" type="PERSON" weightage="60" keywordseo="Marijuana">Marijuana</keyword> legalization is on the ballot in five states next Tuesday, and industry analysts and experts say that a win for former Vice President Joe Biden over President Donald Trump could boost cannabis stocks.Analysts say US cannabis companies with broad exposure to New Jersey, New York, Pennsylvania, and Arizona could see the biggest gains following the election. The top picks include Curaleaf, Harvest Health and Recreation, Green Thumb Industries, Columbia Care, Cresco Labs, and Acreage Holdings.<h3><a href="https://www.businessinsider.com/cowen-cannabis-marijuana-stocks-to-buy-biden-blue-wave-2020-10">A top Wall Street analyst predicts a 'Biden Blue Wave' will give a major boost to the US cannabis industry</a></h3>According to Cowen analyst Vivien Azer, a "Biden Blue Wave," which entails a Democratic-majority Senate and Biden-Harris victory, is a definite possibility for next Tuesday's election. In this instance, Azer says, the STATES Act would likely pass in the next two years and other legislation, like the MORE Act, may gain momentum as well.Azer also reiterated Cowen's prediction that Arizona and New Jersey would legalize recreational cannabis; if the latter state legalizes, others in the Northeast may do the same in the coming years.<h2>Executive moves</h2><ul><li>HEXO Corp appointed <a href="http://www.globenewswire.com/news-release/2020/10/27/2114934/0/en/HEXO-Corp-Announces-New-Appointment-to-the-Board-of-Directors.html">Emilio Imbriglio</a>, president and CEO of advisory firm Raymond Chabot Grant Thornton, to its board.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Alcohol delivery platform Saucey and LA-based cannabis delivery platform Emjay <a href="https://www.businesswire.com/news/home/20201028005060/en/Newly-Launched-Pacific-Consolidated-Holdings-Acquires-Saucey-and-Emjay-To-Debut-Preeminent-Vice-Platform/?feedref=JjAwJuNHiystnCoBq_hl-Rc4vIAVcHHkbDcwJimU8QtrtlakeQ9hNboBqTAWIjTge3KWq9s9jif-UkBjBsFRyYAbRTSLTc1mgvhPlnaBA55M-oupQnbXnhKsYk8RmHF_kAy2gZikaX3QWV6xOvgFlA==">combined to create Pacific Consolidated Holdings</a>. The holding company is backed by LA-based investment fund The Inception Companies.</li><li>Onfleet, a delivery startup, <a href="https://www.globenewswire.com/news-release/2020/10/30/2117703/0/en/Onfleet-Raises-14-Million-in-Series-A-Funding-to-Help-Companies-Meet-Unprecedented-Need-for-Fast-Reliable-Last-Mile-Delivery-Services.html">closed a $14 million Series A led by Kennet Partners</a>. Onfleet works with cannabis and other industries. </li><li>4Front Ventures entered into a <a href="https://www.prnewswire.com/news-releases/4front-ventures-enters-into-us30-million-sale-leaseback-transaction-agreements-301161333.html">$30 million sale-leaseback agreement</a> with an affiliate of Innovative Industrial Properties. </li><li>Intrinsic Capital Partners, a Pennsylvania-based investment fund, <a href="https://assets.ctfassets.net/bstd4h7s691c/754wKDiMOPnWNTaQ1A8fXL/7088c017c15b4113e4c3db172797fbed/Intrinsic_Capital_Partners_-_Fund_I_Closing_Announcement_-_October_2020_.pdf">raised over $100 million</a> from a mix of family office and high-net-worth investors to pursue deals in the hemp and ancillary cannabis space. The fund has already committed $65 million into four companies, including Treez and Hound Labs. </li><li><keyword id="2874738" type="PERSON" weightage="60" keywordseo="Psychedelics">Psychedelics</keyword> company Entheon Biomedical Corp has received <a href="https://www.globenewswire.com/news-release/2020/10/28/2116218/0/en/MPV-announces-CSE-s-conditional-approval-of-its-transaction-with-Entheon-Biomedical-Corp.html">conditional approval to list on the Canadian Securities Exchange</a> through a merger with MPV Exploration Inc.</li></ul><h2>Earnings roundup</h2><ul><li>Turning Points Brands, the parent company of Zig-Zag rolling papers, announced <a href="https://www.businesswire.com/news/home/20201027005369/en/Turning-Point-Brands-Announces-Third-Quarter-2020-Results-Increases-2020-Guidance">its Q3 results</a> on Wednesday. The company also announced <a href="https://www.prnewswire.com/news-releases/turning-point-brands-makes-strategic-investment-into-dosist-a-world-class-and-globally-recognized-cannabis-brand-301160192.html">a $15 million strategic investment into vape company Dosist</a>. </li><li>ManifestSeven <a href="https://www.businesswire.com/news/home/20201029005628/en/ManifestSeven-Reports-Third-Quarter-2020-Financial-Results">reported its Q3 results</a> on Thursday. </li><li>Cannabis products company <a href="https://ir.kushco.com/news-events/press-releases/detail/264/kushco-holdings-reports-fiscal-fourth-quarter-and-full-year">KushCo reported its Q4 results</a>, beating on revenue but missing analyst estimates on earnings. </li></ul><div type="image" title="jay z billionaire" height="1810" width="2500" msid="78957958" hostid="261"></div><h2>Celebs, celebs, and more celebs</h2><ul><li>Rapper and entrepreneur <a href="https://www.cnn.com/2020/10/24/business/jay-z-cannabis-monogram-trnd/index.html">Jay-Z launched a cannabis brand, Monogram, in partnership with Caliva</a>. Jay-Z is also Caliva's chief brand strategist. </li><li>THC-infused beverage maker Cann <a href="https://apnews.com/press-release/pr-newswire/entertainment-business-products-and-services-consumer-products-and-services-cannabis-a511305f9b4297df72a664dc38ec241e">announced a new round of celebrity investors</a>, including Gwyneth Paltrow, Ruby Rose, and more.</li><li>In more celeb news, Golden State Warriors shooting guard Klay Thompson <a href="https://www.prnewswire.com/news-releases/klay-thompson-alex-morgan-travis-pastrana--paul-rodriguez-launch-athlete-owned-performance-cbd-brand-just-live-301162986.html">became the first active NBA player to back a CBD brand, Just Live</a>. Other backers include Alex Morgan, Travis Pastrana, and skateboarder Paul Rodriguez. </li></ul><h2>Policy Moves</h2><ul><li>A referendum to <a href="https://www.nzherald.co.nz/nz/politics/referendum-results-govt-rules-out-cannabis-law-reform-for-foreseeable-future/IO5TLS4BECF253V4ZHWBH3DMGA/">legalize cannabis in New Zealand failed to pass</a>, garnering 46% of votes counted so far. New Zealand lawmakers say they are unlikely to take up cannabis reform again. Full results will be reported on November 6. </li><li>A group of 12 New Jersey medical marijuana operators formed the <a href="https://newjerseycia.org/">New Jersey Cannabis Industry Association</a>, a nonprofit dedicated to advancing the legalization of cannabis in the state. </li><li>New York Governor Andrew Cuomo <a href="https://www.governor.ny.gov/news/governor-cuomo-announces-proposed-regulations-cannabinoid-hemp-products">released proposed regulations for hemp products in the state</a>, under the moniker The Cannabinoid Hemp Program. The state aims to make hemp cultivation license applications available by early 2021. </li></ul><h2>Research and reform</h2><ul><li>Psychedelic mental health company Field Trip <a href="https://www.prnewswire.com/news-releases/field-trip-health-ltd-provides-update-on-ft-104-its-next-generation-psychedelic-molecule-in-development-301162815.html">released preliminary results in a press release</a> from a study on its leading drug candidate, FT-104. The company says the results indicate that the molecule provides similar potency to psilocybin, but its psychoactive effects last for much less time — which could make it preferable for therapies. </li><li>A <a href="https://www.cbc.ca/amp/1.5781423?__twitter_impression=true">study of Canadian teens two years into legalization</a> found that cannabis use in the 15-17 age bracket has been cut in half since 2018, down to 8% from 20% before legalization. Overall, 6% of Canadians use cannabis daily, though 33% of Canadians aged 18-24 said they consume cannabis. </li></ul><h2>Chart of the week</h2>Canada's recreational cannabis market has gone up 94% over the past year, according to investment bank Stifel which looked at August sales data released by Stats Canada. Ontario led the way with the biggest sales that month, selling C$66.9 billion of products, up 98.1% from the same month in 2019— a change that contributed to 50% of the overall growth nationwide.Here's the rest of the results: <div type="image" title="Canada's recreational cannabis market, Aug. 2020" height="840" width="1240" msid="78957962" hostid="261"></div><h2>What we're reading </h2><a href="https://www.gq.com/story/measure-109-legal-shrooms-therapy">Oregon Is on the Verge of Legalizing Shrooms Therapy, Thanks to Your Favorite Hippie Soap</a> (GQ)<a href="https://www.nytimes.com/2020/10/26/us/drug-marijuana-legalization-ballot-measures.html">In the Pandemic, a Shifting Ballot Debate on Legalizing Drugs</a> (The New York Times)<a href="https://www.scmp.com/lifestyle/health-wellness/article/3107081/studies-lift-veil-psychedelic-brew-ayahuasca-its-mental">Studies lift the veil on psychedelic brew ayahuasca, its mental health benefits and potential to treat depression and trauma</a> (South China Morning Post)<a href="https://www.thestar.com/news/canada/2020/10/25/mental-illness-is-on-the-rise-due-to-covid-19-could-psychedelic-drugs-be-the-game-changer.html?rf">Mental illness is on the rise due to COVID-19. Could psychedelic drugs be the 'game changer'?</a> (The Toronto Star)<a href="https://www.reuters.com/article/us-cannabis-drinks-focus-idUSKBN27E1HI?taid=5f9ad3244e6eeb00019d6259&amp;utm_campaign=trueAnthem:+Trending+Content&amp;utm_medium=trueAnthem&amp;utm_source=twitterurce=twitter">Canada dry? Cannabis-infused drinks fizzle due to production, distribution challenges</a> (Reuters)<a href="https://mjbizdaily.com/marijuana-legalization-proponents-outraising-opponents-36-to-1-in-2020/">Marijuana legalization proponents outraising opponents 36-to-1 in 2020</a> (Marijuana Business Daily)

6 pot stocks to bet on now

<img src="https://static-ssl.businessinsider.com/image/5e50015cfee23d285f548e75-1201/wework sexual harrassment real estate 2x1.png" alt="wework sexual harrassment real estate 2x1" />Samantha Lee/Business Insider<ul class="summary-list"><li>In the spring of 2018, a woman who once worked in WeWork's real estate business sent the company a 50-page document alleging drug use, sexual harassment and pay discrimination. The document, which set out the terms of a threatened lawsuit, was obtained by Business Insider.</li><li>The allegations risked disrupting WeWork's meteoric rise and a planned fundraising, and sparked a flurry of activity as senior leaders sought to verify which, if any, of the claims were true. </li><li>With at least one external law firm, they launched an investigation that would later find credible evidence of sexual relations between coworkers and drug use. </li><li>WeWork chose to settle her claim, ultimately paying her more than $2 million and forcing a senior leader in the real estate department, and her one-time boss, out of the company. </li><li><a href="https://www.businessinsider.com/heres-the-latest-wework-news-2019-6">For more WeWork stories, click here.</a></li></ul>Adam Neumann didn't have a choice. In the summer of 2018, the bulk of the WeWork founder's executive team - including then-chief legal officer Jen Berrent and chief growth officer Dave Fano - were pressuring him to fire his wife's cousin, Mark Lapidus. Lapidus had been with the company since nearly the beginning. He had overseen some of WeWork's most precious real estate deals as the global head of real estate through 2016, before he moved into other roles on the team. Now, he was in a mess.A woman who had once reported to him and continued to work on his team had obtained a lawyer and filed a 50-page document to WeWork setting out a series of claims against the company.The wide-ranging document, obtained by Business Insider, didn't name Lapidus directly, but it catalogued a host of allegations involving problematic sexual relations within the department he once ran, and the company more broadly. It also alleged widespread drug use on the real estate team including Molly, cocaine and Xanax at company events. It mentioned Neumann's now <a href="https://www.businessinsider.com/employees-inside-adam-neumanns-wework-reveal-a-wild-culture-2019-9">well-documented penchant for tequila</a> at work. <img src="https://static-ssl.businessinsider.com/image/5db70345dee0195c70537373-1920/2014 17.png" alt="wework halloween 2014" /><a href="https://vimeo.com/112757351">Vimeo</a>The WeWork Halloween party in 2014. Some years, the event was held at the Hammerstein ballroom.The woman threatened to sue the company and a specific WeWork coworker, as well as file a charge of discrimination with the Equal Employment Opportunity Commission. WeWork's leadership team reacted immediately. They launched an investigation with at least one external law firm and found credible claims of drug use and sexual relationships between employees and their bosses.The situation risked imperiling the office company's meteoric rise, right as then-CEO Neumann was in fundraising talks with SoftBank for an eventual $3.5 billion and a $47 billion valuation. If the woman went public, it would threaten the very core of the company, which had built its reputation on offering office space in prime locations.That couldn't happen.Even though Lapidus was family, Neumann ultimately agreed he had to go. They worked out a mutual exit package that allowed Lapidus to keep his vested stock. WeWork settled with the woman for over $2 million in cash. A spokesman for Neumann declined to comment. <img src="https://static-ssl.businessinsider.com/image/5e50641dfee23d1404053792-2400/gettyimages-496745758.jpg" alt="NOVEMBER 11: Adam Neumann Co-founder and CEO and Miguel McKelvey - Chief Creative Officer attends the WeWork London launch party on November 11, 2015 in London, England" />David M. Benett/Getty ImagesWeWork co-founders Adam Neumann and Miguel McKelvey address the crowd at the WeWork London launch party in November 2015.A months-long Business Insider investigation, in which we spoke with 18 current and former executives and employees who were either involved with the company's investigation or familiar with the real estate team more broadly, revealed how the department escaped scrutiny for years. Business Insider also learned of several other WeWork settlements while investigating these claims.The sources spoke anonymously because of their nondisclosure agreements with WeWork; Business Insider has verified their identities. Because the woman asserted she was a victim of sexual assault, a claim that Business Insider was unable to substantiate, we are withholding her name. She declined to comment.The woman who made the claims had a consensual relationship with one of her subordinates, multiple senior executives told Business Insider. Now, WeWork's <a href="https://www.businessinsider.com/profile-of-new-wework-ceo-sandeep-mathrani-2020-2">new CEO Sandeep Mathrani</a> must grapple with the toxic culture Neumann and former leadership left behind. His predecessors, interim CEOs Artie Minson and Sebastian Gunningham, spent much of their tenure scrambling to save the company from looming bankruptcy. With the company on stronger financial footing, lingering cultural issues must finally be addressed. The company continues to face another woman's <a href="https://www.vox.com/2018/10/12/17968668/wework-employee-sexual-assaults-lawsuit">2018 lawsuit</a> and a newer<a href="https://www.businessinsider.com/wework-hit-with-pregnancy-discrimination-complaint-2019-10"> October 2019 complaint</a> with the EEOC from Adam Neumann's longtime chief of staff.Mathrani, who started on Tuesday, is drawing a line between the WeWork of old and the company he's now leading."At WeWork, new executive leadership has zero tolerance for such behavior or any violation of our company policies," he said in a statement to Business Insider. <h2>Mark Lapidus, Rebekah Neumann's first cousin, seemed untouchable and regularly blew tens of thousands in expenses before the damning 50-page document dropped.</h2>For years, Lapidus' team operated in a silo compared with other departments. Unlike groups like legal and marketing, which reported to various executives under Neumann, real estate reported directly to the CEO. One senior executive described it as Neumann's "baby."Because of this structure, the department was slow to institute the HR framework typical of the rest of the company, allowing issues to fester.Before Lapidus exited following the investigation into his department, he seemed untouchable. Employees felt he and another Neumann pal who helped lead the group, WeWork's co-head of real estate for United States, Canada and Israel, Arash Gohari, enjoyed favoritism.Lapidus, who is first cousins with Neumann's wife Rebekah, enjoyed a long, forgiving leash. For years, the whole company went to his parents' campground in upstate New York for a raucous company retreat called Summer Camp.Former colleagues characterized Lapidus as a good dealmaker who loved to schmooze and party. His expense report offers a window into a wild lifestyle enabled by WeWork money. In May 2017, Lapidus spent more than $5,000 for a team outing at hot London nightclub The Box, per records reviewed by Business Insider. The woman's 2018 document included a reference to a May 2017 outing with colleagues at a nightclub that fits the same description. <img src="https://static-ssl.businessinsider.com/image/5e5062b3fee23d1145733c12-800/encore beach club.jpeg" alt="Encore Beach Club" /><a href="https://press.wynnlasvegas.com/press-kits/all/encore-beach-club-and-encore-beach-club-at-night/s/43451a8f-467d-4359-a672-754eb3ae1939#">Wynn Resorts</a>The Encore Beach Club, where WeWork employees partied.Later that month in Las Vegas, Lapidus paid $36,000 for a table at Encore Beach Club and another $9,000 for one dinner while he was at real estate conference International Council of Shopping Centers (ICSC). The woman's 2018 document also cited the day at Encore Beach. In a roundup of parties that day, real estate publication <a href="https://therealdeal.com/2017/05/21/pool-parties-and-nightclubs-icsc-day-1-photos/">The Real Deal</a> placed Lapidus at one of the "rowdier pool scenes" at the beach club.At ICSC, Lapidus racked up $9,500 in room charges at the Wynn hotel, including more than $500 at the spa. One WeWork real estate executive recalled being shocked by Lapidus's spending, since the conference was full of people ready to shower WeWork executives - their clients - with dinners, bottle-service tables, and other gifts. But another explained that the large tab was the result of an event WeWork threw to schmooze its landlords and other groups.The Vegas event, ICSC, has in the past been <a href="https://therealdeal.com/issues_articles/is-real-estates-bro-culture-going-limp/">notorious</a> for hard-partying and wild spending across the real estate industry. The woman's 2018 document included specific allegations, casting ICSC as a fertile ground for bad behavior. ICSC did not respond to requests for comment.<img src="https://static-ssl.businessinsider.com/image/5e3dc718e35bab39ad278cda-2400/gettyimages-957951072.jpg" alt="Rebekah Neumann Adam Neumann wework" /><a href="https://www.gettyimages.com/detail/news-photo/rebekah-paltrow-neumann-adam-neumann-bjarke-ingels-and-news-photo/957951072">Rebecca Smeyne /Getty Images</a>Rebekah Neumann, Adam Neumann, former WeWork executive and star architect Bjarke Ingels, and guest attend a gala at Jazz at Lincoln Center in April 2018.Gohari, meanwhile, hosted Neumann at his wedding and flaunted his connection with him, sources said. He told a colleague he could use that connection to get anyone fired, even senior executives, though people said he never actually did it. He had multiple HR complaints filed against him, though the woman didn't cite him by name in the document."It all came down from Adam. Adam picks his cronies; Arash was one of them," a senior WeWorker said. Gohari was let go last fall during mass leadership layoffs after Neumann's departure.Gohari defends his time at WeWork, telling Business Insider: "During my tenure at WeWork, the company's footprint grew from 5 million to 45 million square feet as a result of the hard work put in by my colleagues and my team. Given the fast-paced growth of the company, there were demanding objectives set upon all of us, and we did everything in our power to meet them while striving to create a positive work environment for all employees."<h2>Bosses sleeping with subordinates ran rampant at WeWork. Illegal drugs like Molly, Xanax and cocaine were seen 'regularly distributed at WeWork-sponsored events,' the document claimed. </h2>WeWork launched an internal investigation to determine which, if any, of the claims in the 50-page document were true.Business Insider found multiple sources who said that the real estate team was rife with problems. For instance, the probe discovered instances of managers sleeping with coworkers and subordinates, echoing an allegation from the document that a senior manager admitted to the woman that he slept "with two direct female subordinates."Business Insider was unable to learn the identities of some of these relationships, but a former top male manager said that WeWork employees slept together, not just in the real estate team but across the company.Lapidus, who at the time was divorced, had a relationship with an employee on the real estate team. Company founder Miguel McKelvey raised eyebrows for dating a junior employee. WeWork couples were at times celebrated. At one Summer Camp, another executive presented a couple who met at WeWork with a "member for life" key card for their baby. The investigation also found evidence of drug use on the real estate team, echoing the woman's assertion that she saw employees "regularly distributing illegal drugs such as cocaine, Xanax, and 'Molly' at WeWork-sponsored events." Another WeWork source confirmed the repeated presence of those drugs.Her document also claimed she saw a male executive openly smoking marijuana at the company's Summit - a mandatory all-staff event - in 2016. The executive then allegedly told the woman "'he wanted to have a go" with another female subordinate who was visibly drunk, according to the document.<h2>WeWork's new CEO has a lot to clean up.</h2>After the investigation into complaints about the real estate team, some executives pushed for change, eyeing a potential <a href="https://www.businessinsider.com/weworks-nightmare-ipo">2019 initial public offering</a> that would put a spotlight on the company and require more robust HR policies.They drafted a list of needs for WeWork, including ending mandatory arbitration for sexual harassment; no open bars at company events; adding women to the all-male board; ending Summer Camp; better parental leave; and more coaching for women executives.Some of their ideas came to fruition: Summer Camp was nixed after 2018; there was no open bar at the 2018 Halloween party, where employees received two drink tickets and then could pay for more drinks, and WeWork expanded parental leave, eventually up to four months for all new parents. In the last year, the company also hired more seasoned legal, compliance, and HR executives and employees to professionalize those departments. But other changes on that list never materialized. In November, the WeWorkers Coalition, an employee advocacy group, <a href="https://weworkersco.org/posts/2019/11/08/letter-to-we-co">asked the company</a> to resolve allegations of sexual harassment quickly and transparently and to end mandatory arbitration for sexual harassment, among other requests.That same month, WeWork chairman Marcelo Claure, who asked employees to come forward with any issues, said WeWork <a href="https://www.businessinsider.com/wework-investigated-and-fired-employees-for-breaking-policies-2019-11">fired 13 employees who allegedly abused vendor policies</a>. In February, he named the first woman to WeWork's board of directors. The company also cut the free wine and beer on tap that were a symbol of its freewheeling culture. <img src="https://static-ssl.businessinsider.com/image/5e506552fee23d1089195c04-2400/1- sandeep mathrani-020120-0069 1.jpg" alt="Sandeep Mathrani" />WeWorkNew WeWork CEO Sandeep Mathrani, who started at the office company this week.Last week, Grant McGrail, the company's head of enterprise sales <a href="https://www.businessinsider.com/weworks-enterprise-sales-leader-leaves-the-embattled-office-company-2020-2">left the company</a>, a resignation prompted by another ongoing investigation, said sources with knowledge of his departure. McGrail did not respond to a request for comment. WeWork's new CEO, Mathrani, started Tuesday, just days after McGrail's departure. Now, it's up to the real estate veteran, who's already led a large company as CEO, to chart a path away from WeWork's tumultuous past. Six of his former colleagues <a href="https://www.businessinsider.com/profile-of-new-wework-ceo-sandeep-mathrani-2020-2">told Business Insider </a>that Mathrani is a no-nonsense leader who doesn't drink with colleagues after work or play ping pong in the office. And unlike Neumann, who led a management team with just one woman and picked an all-male board, Mathrani has a history of women reporting to him. "It is our highest priority to ensure our employees feel safe and respected, and this starts at the top," Mathrani said in the statement to Business Insider. "In this new chapter at WeWork we are fully invested in upholding a culture of integrity."Have a WeWork tip? Contact this reporter via encrypted messaging app Signal at +1 (646) 768-1627 using a non-work phone, email at <a href="mailto:mmorris@businessinsider.com">mmorris@businessinsider.com</a>, or Twitter DM at <a href="https://twitter.com/MeghanEMorris">@MeghanEMorris</a>. (PR pitches by email only, please.) You can also <a href="https://www.businessinsider.com/how-to-tip-business-insider-securely-guide-signal-securedrop-2017-6">contact Business Insider securely via SecureDrop</a>.<a href="https://www.businessinsider.com/intelligence/30-big-tech-predictions-for-2020?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=wework&amp;itm_campaign=30-big-tech-predictions-for-2020"><img src="https://static.businessinsider.com/image/5e3895ed5bc79c3adb162707" alt="Exclusive FREE Report: 30 Big Tech Predictions for 2020 by Business Insider Intelligence" style="margin: 0 auto !important; width: 100% !important; min-width: 280px !important; max-width: 640px !important" /></a> <h3>NOW WATCH: <a href="https://www.businessinsider.com/martin-greenfield-presidents-tailor-2018-5">How this Holocaust survivor became a tailor for US presidents and celebrities</a></h3> <iframe class="bijwplayerclass" src="https://content.jwplatform.com/players/xnFsJzsy-CEZHWCBG.html" width="100%" height="100%" frameborder="0" scrolling="auto" style="margin:0px;"></iframe>

You Searched For "2019 roundup twitter" and got 10 results

Why the stuck Suez Canal boat became the biggest meme of 2021 so far

Sirena Bergman

The week Trump drove the stock market nuts: Here's a play-by-play of how his trade war with China wreaked havoc and erased $1.4 trillion in market value

Joe Ciolli

US stocks set to follow Asia markets lower after report that US-China trade talks are 'like pulling teeth'

Trista Kelley

Mark Zuckerberg had $7 billion wiped off his fortune as advertisers boycott Facebook. He's going to be just fine.

Matt Turner

Markets are steady after Monday's bloodbath - but Trump's 'currency manipulator' label on China means the trade war will drag on

Theron Mohamed

New Jersey finally legalizes

Jeremy Berke,Yeji Jesse Lee

The latest news about the public relations industry, from pay and hiring to growth areas

Business Insider

Salesforce hired a chief equality officer 4 years ago. Insiders are disappointed with the slow progress.

Matt Turner

6 pot stocks to bet on now

Jeremy Berke,Yeji Jesse Lee

WeWork paid over $2 million to a woman who threatened to expose claims of sex, illegal drugs and discrimination in a horrifying 50-page document

Meghan Morris,Julie Bort,Daki…