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<ul class="summary-list"><li>Investors accuse Florida businessman Patrick Orlando of diverting millions of Trump Media shares from them.</li><li>Orlando was the CEO of the blank check firm that helped take Trump Media public.</li></ul>Investors have accused the ex-CEO of the blank check firm that helped take the parent company of President-elect <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-victory-impact-investments-costs-housing-taxes-childcare-2024-11">Donald Trump's</a> social media site public of stiffing them out of million of shares.The plaintiffs — more than three dozen investors — allege in a new lawsuit against Florida businessman Patrick Orlando that he "engaged in malicious and intentional self-dealing of monumental proportions to the tune of potentially hundreds of millions of dollars" by diverting assets to himself and his family through entities including an offshore shell company.The plaintiffs say in the lawsuit that they are founding members of Orlando's <a target="_blank" class="" href="https://www.businessinsider.com/trump-dump-djt-stock-sell-lockup-truth-social-2024-8">ARC Global Investments II</a> entity, the sponsor of a SPAC that merged with <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/donald-trump-truth-social-resignation-whistleblower-propublica-2024-10">Trump Media &amp; Technology Group</a> to take it public earlier this year. Orlando was the CEO and chairman of the SPAC, <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/digital-world-acquisition-corp-and-trump-media-technology-group-corp-announce-completion-of-business-combination-1033193991">Digital World Acquisition Corporation</a>.The lawsuit, filed Tuesday in Delaware's Chancery Court, alleges that Orlando and ARC Global have failed to transfer what is owed — roughly 75% to 80% of the total approximate 8.1 million shares of stock in Trump Media that ARC Global owns — to the plaintiffs.Trump Media is the operator of Trump's social media platform, <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-truth-social-tmtg-stock-wealth-election-harris-x-2024-9">Truth Social.</a>Orlando, his attorneys, and attorneys for ARC Global did not immediately respond to requests for comment from Business Insider on Thursday.The lawsuit accuses the defendants of "coordinated and intentional theft of stock" and "egregious breaches of fiduciary duties" by Orlando.Orlando, the lawsuit alleges, "orchestrated a scheme with the other Defendants to divert the majority of ARC ownership interest to himself and his family through a closely held alter-ego entity named Franlu LLC" and a Cayman Islands-based entity called Belsize Ventures Ltd. Franlu and Belsize are also named as defendants in the lawsuit."In doing so, Orlando intentionally breached his fiduciary duties owed to Plaintiffs by diluting the ownership interests of the Plaintiffs," the lawsuit says. "Specifically, as Managing Member of ARC, Orlando conveyed roughly 46% of ARC's membership interest to Franlu in a secret transaction for zero consideration in exchange."The lawsuit alleges that ARC Global is diverting shares to Orlando and his "inner circle" and "liquidating remaining shares to fund Orlando's own legal defense efforts and other personal expenses on a commingled basis with ARC's own assets.""While claiming that ARC was not in position to distribute shares, Orlando has been enriching himself through a series of lavish purchases, including a brand new six-million-dollar home in Miami, from the proceeds of TMTG stock that he misappropriated," the lawsuit alleges.To date, the plaintiffs have received only a "meager fraction" of the Trump Media shares they say they are owed by ARC Global under the terms of their subscription agreements, the lawsuit says.The merger that allowed Trump Media to trade under the stock ticker DJT was completed in March, with the lock-up period ending in September, the lawsuit says."Even assuming the lock-up period stood as the hurdle to Plaintiffs receiving their Founder Shares, the lock-up period ended over one month ago," the lawsuit says.The lawsuit says that in September, Orlando emailed ARC Global members, including the plaintiffs, "claiming that 'ARC has matters that must be addressed before equity distributions are made.""As examples, Orlando listed certain 'liabilities of ARC,' including 'bona fide creditors, such as professional advisors or noteholders, as well as costs imposed upon ARC through litigation,'" the lawsuit says.The lawsuit says that Orlando emailed ARC Global members again in October "stating that '[i]nitial distributions [were] in progress,' but that 'further distributions' were only 'expected in the future.'""Orlando's email again alludes to 'attacks' on ARC and the need to 'defend itself,' without providing any explanation for how such 'attacks' affect ARC's ability to tender to subscribing investors their TMTG shares," the lawsuit continues.The <a target="_blank" class="" href="https://www.businessinsider.com/sec-sues-ex-ceo-spac-helped-trump-media-for-fraud-2024-7">Securities and Exchange Commission sued Orlando</a> in July, alleging that he "falsely represented" that his blank check company, Digital World Acquisition Corp., did not intend to merge with any specific company."Orlando knew these statements were false because he had personally engaged in numerous lengthy discussions with representatives of Trump Media &amp; Technology Group Corp," the SEC said in the lawsuit.The group of investors who filed the latest lawsuit against Orlando are seeking to recover their "rightful portion" of the 8.1 million stock shares, "nullify improper transactions," and monetary damages.Trump Media's stock rose 5.9% Wednesday after <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/election-results-trump-harris-presidential-election-2024-11">Trump defeated Vice President Kamala Harris</a> in the presidential election but dropped 23% Thursday, closing at $27.70.

Investors accuse the ex-CEO of the company that helped take Trump Media public of stiffing them out of millions of shares

<ul class="summary-list"><li>Anne <keyword id="20143223" type="General" weightage="20" keywordseo="hathaway" source="keywords">Hathaway</keyword> apologized to journalist Kjersti <keyword id="23582553" type="General" weightage="20" keywordseo="flaa" source="keywords">Flaa</keyword> for being difficult in a 2012 interview.</li><li>An uncomfortable interview Flaa did with Blake Lively in 2016 went viral in August.</li></ul>Anne Hathaway just gave a masterclass in swerving public backlash — and Blake Lively should take notes, according to PR experts. <a target="_blank" class="" href="https://www.businessinsider.com/reporter-blake-lively-interview-kjersti-flaa-terrified-ends-with-us-2024-8">Kjersti Flaa</a> — the journalist who went viral in August for her <a target="_blank" href="https://www.businessinsider.com/blake-lively-backlash-it-ends-with-us-promotion-save-reputation-2024-8">resurfaced interview with Lively</a> — said Hathaway recently apologized for "giving me an awful interview" during the press junket for "Les Misérables" in 2012. In the <a target="_blank" class="" href="https://www.tiktok.com/@kjerstiflaa/video/7422828547007450399">interview,</a> which Flaa shared on TikTok on Monday, the actor answered questions with short, one-word responses and refused to play a game that involved singing one of her answers. Speaking in an <a target="_blank" class="" href="https://www.instagram.com/p/DA4EMFNRREw/?hl=en">Instagram video</a> on Tuesday, Flaa said she was sent a "personal note" by Hathaway's publicist, in which the actor apologized. Flaa said Hathaway explained "what she was going through" during that time in her life, the details of which Flaa didn't share. She added that Hathaway invited her to do another interview when her next film is released. PR experts told BI that Hathaway's swift response will minimize potential backlash and strengthen her reputation as a relatable and genuine celebrity. Jake Holyoak, a PR and crisis communications expert with 12 years of experience, told BI that Hathaway's "authentic" reply would "enhance" her personal brand. <div type="image" title="Anne Hathaway attends the Prime Video's &quot;The Idea Of You&quot; New York premiere at Jazz at Lincoln Center on April 29, 2024 in New York City." height="4000" width="6000" msid="114090469" hostid="261"></div>"People respect that level of humility and openness, and it keeps her relatable to her audience," said Holyoak, founder of PR company <a target="_blank" class="" href="https://one-march.co.uk/">One March</a>. <keyword id="23582555" type="General" weightage="20" keywordseo="yely-kopan" source="keywords">Yely Kopan</keyword> is a self-employed PR consultant with almost a decade of experience in the industry. Kopan, a former creative director at Input Communications, told BI that Hathaway's note to Flaa was "a smart move" because it showed she was willing "to take accountability, even years later." "It helps reinforce her image as someone who's genuine and approachable, which ultimately strengthens her personal brand," Kopan said. <h2>Hathaway is no stranger to online criticism</h2>Flaa wouldn't share which personal circumstances Hathaway alluded to in her note. However, it's worth noting that when the movie was released in 2012, Hathaway was at the height of her career and had experienced an excessive amount of online trolling. "Les Misérables" was a success at the box office; it grossed more than $441 million worldwide and earned a total of $148.8 million in the US, <a target="_blank" class="" href="https://playbill.com/article/actress-says-she-was-overpaid-for-role-in-les-miserables-film-com-361649#:~:text=The%202012%20%22Les%20Mis%C3%A9rables%22%20film,domestic%20total%20gross%20was%20%24148%2C809%2C770.">Playbill</a> reported. <div type="image" title="The Les Misérables cast pose on the red carpet." height="2094" width="3000" msid="114090474" hostid="261"></div>In 2013, Hathaway received an Oscar for Best Supporting Actress for her role as Fantine in the musical film. At around the same time, the actor's reputation took a hit after a wave of social media criticism dubbed <a target="_blank" class="" href="https://www.businessinsider.com/why-did-everyone-hate-anne-hathaway-hathahate-explained-2024-3">"Hathahate."</a> The star was condemned for her appearance, her energetic personality, and her award-show speeches, which some people said seemed too rehearsed, emotional, or self-involved. "A lot of people wouldn't give me roles because they were so concerned about how toxic my identity had become online," Hathaway told <a target="_blank" class="" href="https://www.vanityfair.com/hollywood/anne-hathaway-cover-story">Vanity Fair</a> back in March. Despite the setback, Hathaway continued acting, and in 2015, <a target="_blank" class="" href="https://www.forbes.com/pictures/gjdm45kdh/9-anne-hathaway/">Forbes</a> reported that she was the ninth-highest-paid female actor with a net worth of $12 million. These days, Hathaway is busier than ever, having starred in "The Idea of You" and "Mother's Instinct" earlier this year. She recently <a target="_blank" class="" href="https://www.instagram.com/p/DAtwgxYJy3c/">announced</a> that she had <a target="_blank" class="" href="https://variety.com/2024/film/news/princess-diaries-3-adele-lim-to-direct-1236168384/">signed on to produce</a> "The Princess Diaries 3." <h2>Blake Lively could learn from Hathaway, experts say</h2>Hathaway's response to Flaa was a complete contrast to Blake Lively, who remained silent after her 2016 interview with the same journalist went viral in August. In the interview — which has more than 5.3 million views at the time of writing — Lively snapped at Flaa after the reporter congratulated her on "your little bump." "Congrats on your little bump," Lively responded. Speaking to <a target="_blank" class="" href="https://www.dailymail.co.uk/femail/article-13750309/blake-lively-interview-kjersti-flaa-bump-comment-ends-movie.html">MailOnline</a>, Flaa said Lively's comments had been hurtful because she was unable to get pregnant. <div type="image" title="Blake Lively photographed at the New York premiere of &quot;It Ends With Us&quot; at AMC Lincoln Square in New York, August 6, 2024." height="3858" width="5787" msid="114090465" hostid="261"></div>"Looking back, I still feel that I handled it the best way I could," Flaa previously told BI. "In these settings, they always blame the journalist if something goes wrong. It's never the talent's fault no matter what happens," she added. At the time of writing, Lively has not publicly commented on the resurfaced interview. Representatives for Lively did not immediately respond to a request for comment. Holyoak said Lively could "definitely take a page from Anne's playbook" and apologize to Flaa. "By reaching out personally and acknowledging any missteps, Blake could turn this around and potentially win back a lot of goodwill," he added. Meanwhile, Kopan said Lively would show "maturity and self-awareness" if she followed Hathaway's lead. "Even if she doesn't think she did anything wrong, acknowledging someone else's experience can go a long way in building trust," Kopan said. <keyword id="23582554" type="General" weightage="20" keywordseo="zoe-mumba" source="keywords">Zoe Mumba</keyword> is a PR expert with seven years of experience. Since 2022, she has handled PR for the tech company Bitmovin. Speaking to BI, <keyword id="23582556" type="General" weightage="20" keywordseo="mumba" source="keywords">Mumba</keyword> said Lively's silence has "compounded the issue, leading people to search for more interviews where she might be seen as rude and increasing scrutiny of her behavior." The backlash surrounding Lively's interview coincided with the promotion of her latest film, "It Ends With Us." The movie was adapted from Colleen Hoover's book of the same name about a woman who experiences domestic abuse. It earned more than $309 million in global ticket sales, <a target="_blank" class="" href="https://www.hollywoodreporter.com/movies/movie-news/it-ends-with-us-biggest-box-office-since-star-is-born-1235996877/">The Hollywood Reporter</a> said in September. It has become Lively's most successful film to date, surpassing the 2011 film "The Green Lantern," which made more than $237 million in global ticket sales, <a target="_blank" class="" href="https://people.com/it-ends-with-us-blake-lively-highest-grossing-movie-8701237">People</a> reported. However, its success was overshadowed by the criticism Lively received for her lighthearted and comedic approach to the press for the film, which contrasted with the film's serious subject matter. Mumba said it may not be enough for Lively to apologize to Flaa as it could appear "like she's simply jumping on the bandwagon." Instead, she suggested Lively offer Flaa an exclusive interview for her next project, which would give the actor an opportunity to apologize in person. "But this could still be viewed as too little too late," Mumba said. Correction: October 9, 2024 — An earlier version of this story misstated when Flaa and Lively’s interview took place. It was in 2016, not earlier this year. An earlier version of this story also misspelled Jake Holyoak’s last name.

Anne Hathaway showed Blake Lively just what to do to swerve public backlash

<ul class="summary-list"><li>The creator and marketing company Triller is finally trading on the Nasdaq under the ticker ILLR.</li><li>The company went public via a reverse merger with a Hong Kong-based company called AGBA.</li></ul>The creator services, entertainment, and marketing company Triller — which once positioned itself as a rival to <a target="_blank" class="" href="https://www.businessinsider.com/how-tiktok-is-changing-music-industry">TikTok</a> — made its stock market debut on the Nasdaq Wednesday.The company went public via a reverse merger with AGBA Group Holding Limited, a Hong Kong-based wealth management and healthcare firm. A reverse merger occurs when a private company goes public by acquiring a publicly listed company.Triller's stock was down about 20% in its first hour of trading.It's been a tough few years for other creator startups that have made public market debuts, as companies like <a target="_blank" class="" href="https://www.businessinsider.com/faze-clan-decline-says-more-about-influencer-startups-than-esports-2023-10">FaZe Clan</a> and Clubhouse Media Group have struggled to show the type of growth that keeps investors happy. The creator economy has largely <a target="_blank" class="" href="https://www.businessinsider.com/the-creator-economy-is-having-an-identity-crisis-2024-1">failed to live up to lofty valuations set by VCs</a>, though <a target="_blank" class="" href="https://www.businessinsider.com/acquisition-spree-in-influencer-marketing-is-bolstering-the-creator-economy-2024-9">influencer marketing</a> remains a bright spot in the category.Triller's journey to a public listing has been a winding one. It explored going public via a special purpose acquisition company (SPAC) in late 2020, <a target="_blank" class="" href="https://www.reuters.com/article/uk-triller-m-a-exclusive-idUSKBN26W0V3/?">Reuters</a> reported. That didn't come to fruition, and in December 2021, the company announced plans to complete a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/triller-plans-public-reverse-merger-key-takeaways-revenue-losses-users-2022-3">reverse merger</a> with a company called Seachange International. It shut down that effort in June 2022 to instead do a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/triller-ends-reverse-merger-new-plan-to-go-public-2022-6">direct listing</a>. That also didn't last, as Triller switched again to a reverse merger with AGBA in April and withdrew its direct filing with the SEC in May.Now that investors can buy Triller stock, listed as ILLR, what is the company's pitch?Triller's business today includes a <a target="_blank" class="" href="https://www.businessinsider.com/investor-deck-shows-triller-pitch-aims-to-go-public-2023-5">mix</a> of creator, marketing, and entertainment services. It owns its <a target="_blank" class="" href="https://www.businessinsider.com/triller-gives-up-on-making-money-from-its-namesake-app-2023-8">namesake TikTok-style video app</a>, as well as a fan engagement tool called Fangage, an influencer-marketing platform called Julius, a combat-sports streamer called TrillerTV (formerly dubbed FITE), and a text-marketing tool Cliqz, among other products.AGBA's investor materials around Triller talk about how its different products interact to serve marketers and creators. Creators on Fangage can connect to services like Julius or the Triller app, for example.In filings, AGBA also highlights Triller's work in the buzzy area of AI. The company described Triller's business in an August filing as "a global, artificial intelligence powered technology platform that serves a broad constituency of creators and brands around the world."It's not the first time that Triller's tapped into a trendy topic in tech to connect with investors. In October 2022, as <a target="_blank" rel="" href="https://www.businessinsider.com/facebook-new-name-meta-rebrand-metaverse-zuckerberg-apps-2021-10">Big Tech</a> and startups alike were captivated by the idea of digital worlds called "metaverses," Triller <a target="_blank" rel="noopener nofollow" href="https://www.prnewswire.com/news-releases/triller-introduces-the-metaverz-your-all-access-pass-to-global-entertainment-301651110.html">announced</a> it was launching its own version called the Metaverz. AGBA said in its August filing that the Metaverz could offer augmented reality and virtual experiences, including virtual merchandise stores, for creators and brands.<h2 id="97d853f9-c0dc-41c2-a32b-f81609fd067b">Who are Triller's customers?</h2>Creators, brands, and consumers are the main cohorts that AGBA touts as central to Triller's business in its recent filings. In its description of those stakeholders, the company has discussed both customers that Triller worked with directly and others that it "tracked" but did not have direct relationships with.For example, in an August preliminary proxy statement, the company said Triller's creator accounts grew from somewhere around 2.37 million at the start of Q1 2021 to around 2.47 million in the first quarter of this year. But that tally includes creators the company doesn't directly work with but rather tracks to help "brands identify creators that may be appropriate for their marketing activities."The company had a similar approach for tallying brand partners, examining both brands that it worked with directly and brands that it tracked but were not actively using its products. The number of direct brands it worked with declined from around 250 in Q1 2021 to around 200 in Q1 2024, per a chart in AGBA's August filing.AGBA's tally of consumer accounts for Triller, which includes people who use its products like its Triller app and its combat streamer TrillerTV, also counted accounts that were not directly tied to its owned-and-operated products.AGBA said that as of March 2024, Triller had about 337 million consumer accounts, including inactive accounts, across platforms like the Triller app, TrillerTV, and its combat business BKFC. It separately counted an additional 109 million consumer accounts tied to properties it didn't own but established on behalf of brands and creator partners, including a "Triller brand customer's social media account on Facebook, Instagram, YouTube, or other platforms."Triller's approach to reporting on its user base has come under scrutiny in the past. In 2020 and 2021, former employees and other people with knowledge of Triller's reporting told media outlets like <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/some-former-triller-employees-wary-of-monthly-active-user-count-2020-9">Business Insider</a> and <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.billboard.com/pro/triller-inflating-public-user-figures/">Billboard</a> that its public monthly active user numbers were inflated compared to internal data and what it shared with rights holders. Former Triller CEO Mike Lu told BI in October 2021 that the former employees were "disseminating inaccurate information." Lu told Billboard in February 2021 that Triller would no longer share monthly active users or daily active users as they didn't accurately represent its business and that it had "never inflated any user numbers."<h2 id="091877de-6fa2-45d6-8bd7-e25fc6976d54">What do Triller's financials look like?</h2>Here's a rundown of what Triller's financials were as of early 2024, per AGBA's filing.<ul><li>As of March 31, 2024, Triller had cash and cash equivalents of $800,000, a working capital deficit of $270.7 million, and an accumulated deficit of $1.6 billion, AGBA wrote in its filing.</li><li>In the first three months of 2024, the company earned about $9.9 million in revenue and saw a net loss of $43 million, compared to about $9.2 million in revenue and a roughly $29 million net loss over the same period in 2023.</li><li>The company earned $45.5 million in revenue in 2023, a 4.5% decline from 2022. Its comprehensive loss in 2023 was around $299 million, up from around <a target="_blank" class="" href="https://www.businessinsider.com/triller-heads-nyse-public-tightening-losses-tweaking-pitch-key-takeaways-2023-8">$196 million</a> in 2022. The company previously told BI that some earlier losses were tied to acquisition costs.AGBA wrote in its August filing that Triller has incurred losses each year since its inception and may not become profitable in the future. It said the company has financial obligations which have come due in the past six months and are coming due over the next twelve months and it may not be able to meet its cash obligations as those amounts come due.Triller has been embroiled in legal disputes with music platforms that it previously licensed songs from, contract claims from former employees and business partners, and a dispute over rent payments to the company it leased office space from. AGBA wrote that Triller "may not be able to generate sufficient cash flow to meet its current and any future debt service and other obligations, including amounts owed pursuant to new and ongoing litigation matters."A spokesperson for AGBA did not provide comment by time of publication. Triller did not reply to Business Insider's request for comment.</li></ul>

Triller is finally a public company after years of false starts. Here's its pitch to investors.

New Delhi: <keyword id="22803368" type="General" weightage="100" keywordseo="Smartworks-Coworking-Spaces" source="keywords">Smartworks Coworking Spaces</keyword> Ltd has filed preliminary papers with capital markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="345" meta.entityid="Sebi">Sebi</keyword> to raise funds through an <keyword id="19913114" type="General" weightage="20" keywordseo="initial-public-offering" source="keywords">initial public offering</keyword> (IPO). The proposed initial share sale is a combination of a <keyword id="20953853" type="General" weightage="20" keywordseo="fresh-issue" source="keywords">fresh issue</keyword> of equity shares worth Rs 550 crore and an Offer For Sale (OFS) of 67.59 lakh shares by promoters, according to the <keyword id="20076796" type="General" weightage="20" keywordseo="Draft-Red-Herring-Prospectus" source="keywords">Draft Red Herring Prospectus</keyword> (DRHP). The city-based company may consider raising Rs 110 crore through a <keyword id="22244028" type="General" weightage="20" keywordseo="pre-IPO-placement" source="keywords">pre-IPO placement</keyword>. If such placement is undertaken, the amount raised will be deducted from the total fresh issue size. Proceeds from the fresh issue to the tune of Rs 282.30 crore will be used for capital expenditure related to the fit-outs in new centres and security deposits for these new centres, Rs 140 crore will be allocated for payment of loans and the remaining funds will be utilized for general corporate purposes. Smartworks Coworking Spaces Ltd is a leading platform for office experiences and managed campuses. It specialises in leasing large, bare-shell properties in prime locations and transforming them into fully serviced, tech-enabled campuses with modern amenities. These campuses include cafeterias, sports zones, gyms, crA"ches, medical centres, and more, offering a modern and attractive work environment. The company cater to businesses of all sizes, with a focus on mid-to-large companies that need over 300 seats. The company is concentrated in cities including Bengaluru, Mumbai Metropolitan Region, Hyderabad, Gurugram and Chennai. India's commercial office space was about 841.2 million square feet as of March 31, 2024, and is expected to grow at an annual rate of 6.71 per cent to 1,079.3 million square feet by the end of 2027, as per the draft papers. Flexible workspaces have become a key part of modern work culture, supporting different working styles and adding flexibility to the office market. JM Financial Ltd, BOB Capital Markets Ltd, IIFL Securities Ltd and Kotak Mahindra Capital Company Ltd are responsible for managing the company's IPO process.

Smartworks Coworking Spaces files IPO papers with Sebi; eyes Rs 550 crore via fresh issue

<ul class="summary-list"><li>Shares of Trump Media have tumbled this week, hitting a new record low under $20 per share.</li><li>The stock has sunk since Kamala Harris entered the race and reshuffled election odds.</li></ul>Trump Media continued its recent downward spiral this week, hitting a record low. The Truth Social owner's shares fell below $20 each in Wednesday's session, a first since the company went public in March.The stock has been sliding since mid-July, fueled by President Joe Biden dropping out of the race and Democrats uniting around Vice President Kamala Harris as the Democratic nominee last month, shaking up the election odds in the process.Betting market PredictIt currently forecasts a 47% chance of a Trump win, down from 69% in mid-July after a failed assassination attempt on the former president.In the weeks since its mid-July surge of $40.58, Trump Media has lost 51% of its value amid falling odds of a win for the Republican presidential nominee. The shares also saw swift declines following Trump's <a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-x-twitter-interview-elon-musk-truth-social-djt2024-8?utm_medium=ingest&amp;utm_source=markets">return to X,</a> a Truth Social competitor, earlier this month ahead of an <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-spaces-conversation-on-x-2024-8?utm_source=Iterable&amp;utm_medium=email&amp;utm_campaign=campaign_Insider+Today%2C+August+13%2C+2024&amp;utm_medium=ingest&amp;utm_source=markets&amp;_gl=1*eql66t*_ga*MTY3OTgyNjg0MS4xNzIxMDE2MDM2*_ga_E21CV80ZCZ*MTcyNDg2Nzg0NC44MS4xLjE3MjQ4NzAyMzAuOS4wLjA.">interview with the platform's CEO Elon Musk</a>. The stock dropped 5% the day after he made his first post on the platform in three years.Investors are also likely feeling skittish ahead of the expiration of a lock-up agreement that could allow Trump and other company insiders to start selling shares. The agreement could expire as early as September 20. The former president has a nearly 60% stake in the company, amounting to over $2.2 billion and accounting for over half his net-worth, according to data from Forbes.

Trump Media shares sink below $20 for the first time since going public

<ul class="summary-list"><li>Trump Media shares have plunged 70% since going public in March.</li><li>The company is still carrying a market value of roughly $3 billion.</li></ul>Shares of <a target="_blank" class="" href="https://markets.businessinsider.com/stocks/djt-stock">Trump Media</a> have plunged 70% since the company went public in March. Even after that sell-off, it's carrying a market value of roughly $3 billion, a figure one expert says is still too high."According to Bloomberg data they had sales of $837,000 last quarter and a net loss of $16.4 million. The numbers don't jive," Jay Woods, chief global strategist at Freedom Capital Markets, told Business Insider.He added that its current valuation "seems unjustifiable."One traditional valuation metric — price-to-sales ratio — is currently at 1,864 times, with the company generating revenue of less than $2 million in the trailing twelve months.In addition to the eye-watering valuation, Woods said Truth Social's growth has limited upside due to its political nature."They struggle with user retention and growth and the upside seems limited — especially if he loses the election," Woods said. "His relevance and age will play a role as will the fact that this never became the social playground for anything outside of politics."Another lingering issue weighing down Truth Social stock is Trump's increasingly frequent use of its biggest competitor, X, formerly known as Twitter.There's also the recent <a target="_blank" class="" href="https://www.businessinsider.com/trump-dump-djt-stock-sell-lockup-truth-social-2024-8">end of a lock-up period</a> for insiders to sell shares, which could put further pressure on shares.The offloading has already begun, with United Atlantic Ventures — an investment partnership run by two former contestants of Trump's "Apprentice" reality show — <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/trump-media-insiders-litinsky-moss-donald-trump-truth-social-djt-2024-9">dumping nearly their entire 11-million-share stake</a> in the company for proceeds exceeding $100 million.There's also the risk that Trump himself will decide to sell some or all of his 57% ownership stake, although he's previously said he won't do so. But there's no guarantee he won't change his mind."If there was to be a fire sale by its number one shareholder, that could cause a panic with other insiders holding shares and lead to a major leg lower," Woods said.

Trump Media stock is down 70% since going public. One expert says its $3 billion valuation is still 'unjustifiable.'

<ul class="summary-list"><li>Gov. Gretchen Whitmer of Michigan vowed she wouldn't run if President Joe Biden exited the race.</li><li>Whitmer has repeatedly backed the president and his 2024 run.</li></ul>Since <a target="_blank" href="https://www.businessinsider.com/what-happened-biden-trump-debate-takeaways-2024-6">President Joe Biden's awful debate performance</a>, Democrats and voters alike have <a target="_blank" href="https://www.businessinsider.com/not-too-late-for-democrats-replace-biden-choose-another-candidate-2024-6">been speculating about who could replace</a> him in the race.But <a target="_blank" href="https://www.businessinsider.com/biden-reelection-democrats-harris-newsom-whitmer-klobuchar-booker-cooper-moore-2024-2">one of the top options</a>, Gov. Gretchen Whitmer of Michigan, has said to count her out.The two-term Democratic governor <a target="_blank" href="https://apnews.com/article/democratic-michigan-governor-gretchen-whitmer-book-release-d16cc531279d02f76e870cda310e0181">told The Associated Press</a> in an interview ahead of the launch of her new book, "True Gretch," that she would not join the 2024 race if Biden stepped down."It's a distraction more than anything," Whitmer told the AP in a story published Monday. "I don't like seeing my name in articles like that because I'm totally focused on governing and campaigning for the ticket."Whitmer, a national cochair of Biden's reelection campaign, has repeatedly reiterated her support of the president.<a target="_blank" href="https://x.com/gretchenwhitmer/status/1808524244709458345">On the social-media platform X</a>, Whitmer wrote in a post last week that she's all in on Biden and Vice President Kamala Harris, adding, "Help me elect Democrats up and down the ticket."In a <a target="_blank" href="https://x.com/gretchenwhitmer/status/1808652155286425631">follow-up post</a>, she said: "Joe Biden is our nominee. He is in it to win it and I support him."Whitmer was part of a coalition of 24 Democratic governors who met with Biden on Wednesday to discuss the fallout from his debate performance and his path to victory, <a target="_blank" href="https://www.freep.com/story/news/politics/elections/2024/07/03/democratic-governors-to-biden-path-to-victory-is-the-no-1-priority/74297700007/">the Detroit Free Press reported</a>.Though Whitmer said she would not replace Biden on the ticket, she might have a decent chance if she did, according to an <a target="_blank" href="https://puck.news/wp-content/uploads/2024/07/SUNDAY_Post-Debate_Landscape_2024_06_30__1_-1.pdf?_cio_id=f6c60600d97cda7c&amp;utm_campaign=The+Best+%26+The+Brightest+-+SUBSCRIBERS+%287%2F2%2F24%29&amp;utm_content=The+Best+%26+The+Brightest+-+SUBSCRIBERS+%286%2F30%2F24%29&amp;utm_medium=email_action&amp;utm_source=customer.io&amp;utm_term=f6c60600d97cda7c">internal Democratic polling memo</a> leaked to <a target="_blank" href="https://puck.news/biden-plunges-in-swing-states-in-leaked-post-debate-poll/">Puck</a>.The polling memo, crafted by OpenLabs 72 hours after the debate, said Whitmer was polling just behind Secretary of Transportation Pete Buttigieg among voters in swing states. Biden was ranked last among the five options, with Harris second to last, the leaked poll found.While some polls show Biden losing ground since the debate, a new Bloomberg/Morning Consult poll found <a target="_blank" href="https://www.businessinsider.com/biden-trump-debate-swing-state-polling-2024-7">Biden was still ahead of Trump</a> in Michigan — a must-win for the incumbent this November — and narrowing Trump's lead in other key swing states.As for Whitmer's presidential prospects, she has for years said she doesn't want to ever run for president.For example, she <a target="_blank" href="https://www.freep.com/story/news/politics/2024/07/06/gretchen-whitmer-michigan-governor-president-speculation/74308652007/">told the Free Press</a> in 2022, "The lure of Washington, DC, has not been something that has ever drawn my interest or attention."But lately, she's been changing her tune. In a speech to hundreds of fellow politicians at a Washington event in March, Whitmer said, "See you in 2029," hinting at a 2028 run, <a target="_blank" href="https://www.washingtonpost.com/style/power/2024/03/17/biden-trump-gridiron-dinner-washington/">The Washington Post reported</a>.

One of the top options to replace Biden publicly bows out 

<ul><li>If you have opted for the old tax regime, you can still make several tax-saving investments before March 31 </li><li>If you missed filing the original tax return during previous years you can still file an updated one by March 31. </li><li>Certain government schemes like the (NPS), Sukanya Samriddhi, and PPF require minimum investments to be made by March 31. </li></ul>March 31 is the end of the financial year and is often a busy time for accountants and bankers. Even if you are not one, don’t let yourself relax, for there are a few crucial things to complete before this upcoming <keyword id="43355" type="General" weightage="20" keywordseo="deadline" source="Orion">deadline</keyword> to keep your personal finances in order. We look at five such financial tasks you should complete before the financial year draws to a close. <keyword id="4824048" type="General" weightage="20" keywordseo="last-minute" source="Orion">Last-minute</keyword> tax-saving investments Your deadline to provide proof of tax-saving investments to your employer may have already passed, but if you have opted for the old tax regime, you can still make several tax-saving investments. First, there is a host of <keyword id="35453" type="General" weightage="20" keywordseo="tax-saving" source="Orion">tax saving</keyword> options under section 80C of the <keyword id="6354751" type="General" weightage="20" keywordseo="income-tax" source="Orion">income tax</keyword> act- Equity Linked Savings Scheme (ELSS), Public Provident Fund (PPF), National Savings Certificate (NSC), Unit Linked Insurance Plans (ULIPs) and principal payment on your home loan, among others. Apart from these, you can also save taxes on medical premiums under section 80D, on interest paid for a home loan, under section 24B and so on. However, remember that you should have a plan in place and not randomly invest for the sake of tax savings. Make sure you consult a professional advisor if you are not well-versed in tax and investment planning. Tax harvesting This strategy involves taking advantage of investments that are currently in decline. The idea is to sell these investments before the end of the financial year (March 31) to "lock in" the loss for tax purposes. These losses can then be used to offset any capital gains you've earned on other investments throughout the year. The more capital gains you can offset, the lower your overall tax liability will be. Say you bought Company ABC for ₹10,000 but it's now down to ₹8,000. Selling it locks in a₹2,000 loss to offset any capital gains you have (like ₹5,000 from other stocks). This reduces your taxable gains, potentially lowering your taxes. Note that this technique is useful only if you have realised capital gains this financial year, not notional gains. Filing updated tax returns If you missed filing the original tax return during previous financial years, you can still file an updated one by March 31. Updated tax returns can be filed for the assessment years 2021-22, 2022-23, and 2023-24. An updated tax return can be filed when the taxpayer did not file an original return, did not file the return by the belated deadline, or when they want to modify the original return and declare income currently. Other reasons for filing an updated return could be if the taxpayer had filed a return with incomes under the wrong head and so on. However, an updated return cannot be filed when the taxpayer has already filed an updated return earlier. Minimum investments to NPS, PPF and SSY Certain government schemes like the National Pension Scheme (NPS), Sukanya Samriddhi Yojana (SSY) and Public Provident Fund (PPF) require minimum investments to be made every year before the March 31 deadline. It is ₹1,000 for NPS Tier 1 accounts, ₹500 for PPF accounts and ₹250 for SSY accounts. If the minimum payment is not made the account will be blocked and you may need to pay a penalty to activate them again. So it is important to make sure that you have made the required minimum payments by the financial year's end if you have not made any contributions otherwise. Update FASTag KYC If you are a FASTag user, the National Highways Authority of India (NHAI) has set a deadline of March 31, 2024, for updating FASTag KYC. Users who have not yet completed their KYC should do so as soon as possible. Users who do not complete FASTag KYC will be unable to recharge Fastag after March 31 and may have to shell out additional money during their journey.

Last-minute rush: 5 things to do before March 31

<ul class="summary-list"><li>Russian President Vladimir Putin has started wearing body armor when out at outdoor public events.</li><li>Officials told The Moscow Times that Putin's security team had recommended the measure.</li></ul><a target="_blank" href="https://www.businessinsider.com/putin-europe-face-serious-consequences-ukraine-strikes-russia-2024-5">Russian leader Vladimir Putin</a> has started wearing body armor at outdoor public events, <a target="_blank" href="https://www.themoscowtimes.com/2024/06/04/bulletproof-vests-on-red-square-kremlin-secretly-beefs-up-putins-personal-security-a85303">The Moscow Times</a> reported on Tuesday, citing officials who had seen Putin at these events."This year on May 9, the chief was clearly wearing concealed body armor during the parade," an official said of Putin's appearance at this year's <a target="_blank" href="https://www.businessinsider.com/russias-red-square-military-parade-again-had-only-one-tank-2024-5">Moscow Victory Day parade</a>. "And that precaution, I think, is necessary."Putin, who <a target="_blank" href="https://www.businessinsider.com/russia-vladimir-putin-presidential-election-vote-landslide-win-2024-3">won his fifth term as Russia's president</a> in March, was seen greeting generals at the annual military parade in a live broadcast on May 9. The 71-year-old's movements in the video looked rigid, and Putin was seen adjusting his clothing around his right shoulder several times. "Putin's upper body frame looks unnatural and his shoulders appear rather wide and square, showing no shape of the back and shoulder blades," security consultant Jade Miller told The Moscow Times."In my professional opinion, Putin is wearing some form of ballistic protection during his time attending the parade," she said.Putin started donning a bulletproof vest in 2023, according to the Russian newspaper. Officials told The Moscow Times that Putin's security team, the Presidential Security Service, had recommended this arrangement."God protects the cautious," said another official.Representatives for the Russian foreign ministry didn't immediately respond to a request for comment from Business Insider sent outside regular business hours.This isn't the first time reports have emerged about Putin's <a target="_blank" href="https://www.businessinsider.com/putin-survived-attempt-on-his-life-ukraine-intelligence-official-2022-5">fears of </a><a target="_blank" href="https://www.businessinsider.com/putin-terrified-assassinated-refusing-to-travel-drone-strike-reports-russia-2023-6">getting assassinated</a>.In September, Putin's former security officer, Vitaly Brizhaty, said in an interview with independent Russian outlet TV Rain that Putin once <a target="_blank" href="https://www.businessinsider.com/putin-paranoid-armed-divers-assassins-russia-crimea-2023-9">hired armed divers to look for potential assassins along his private beach</a>.Brizhaty, who <a target="_blank" href="https://www.rferl.org/a/russia-guard-putin-flees-ecuador/32586511.html">defected to Ecuador after Russia invaded Ukraine</a>, said that Putin was so paranoid that he didn't allow anyone but one of his bodyguards to operate his washing machine. But Putin might not even fully trust his bodyguards, per Brizhaty, who said the Russian leader often gave his own security service bogus information about his whereabouts. "This is how much he fears for his life," Brizhaty said.

Putin has started wearing 'concealed body armor' at public events: report

<ul class="summary-list"><li>The Supreme Court overturned a Ninth Circuit ruling restricting the removal of homeless encampments.</li><li>Governments can now bar people from sleeping on the street, even when shelter beds aren't available.</li></ul>The Supreme Court on Friday ruled that it's constitutional for local governments to make it illegal to sleep in public places, even when there aren't sufficient shelter beds.The case — <a target="_blank" href="https://www.supremecourt.gov/opinions/23pdf/23-175_19m2.pdf">City of Grants Pass v. Johnson</a> — is the most consequential the court has decided dealing with homelessness in decades. The majority opinion was authored by Justice Neil Gorsuch, who was joined by the Court's five other conservatives. The three liberal justices dissented.The case comes out of Grants Pass, Oregon, where local officials <a target="_blank" rel=" nofollow" href="https://www.opb.org/article/2024/01/12/us-supreme-court-takes-grants-pass-oregon-case-homeless-policies/">were prevented from clearing a homeless encampment</a> by Ninth Circuit Court of Appeals rulings in <a target="_blank" rel="" href="https://cdn.ca9.uscourts.gov/datastore/opinions/2019/04/01/15-35845.pdf">Martin v. Boise</a> and <a target="_blank" rel="" href="https://cdn.ca9.uscourts.gov/datastore/opinions/2022/09/28/20-35752.pdf">Johnson v. Grants Pass</a> requiring local governments to have sufficient shelter beds available before forcing unhoused people off the streets.The appeals court — which controls nine western states, including California — decided in both cases that barring people from sleeping in public spaces without providing alternative shelter violates the <a target="_blank" rel="" href="https://constitution.congress.gov/constitution/amendment-8/">Eighth Amendment's</a> protections against cruel and unusual punishment.The Supreme Court's conservative majority disagreed. Gorsuch argued that policy responses to homelessness should be left up to policymakers and voters, writing that "a handful of federal judges" cannot "begin to 'match' the collective wisdom the American people possess in deciding 'how best to handle' a pressing social question like homelessness."In her dissent, Justice Sonia Sotomayor, joined by Justices Elena Kagan and Ketanji Brown Jackson, called criminalizing unhoused people for sleeping outdoors "unconscionable and unconstitutional." They argued that not having a place to call home is a state of being, rather than a choice."Sleep is a biological necessity, not a crime. For some people, sleeping outside is their only option," wrote Sotomayor, who read her dissent from the bench. "The City of Grants Pass jails and fines those people for sleeping anywhere in public at any time, including in their cars, if they use as little as a blanket to keep warm or a rolled-up shirt as a pillow. For people with no access to shelter, that punishes them for being homeless."State and federal court cases on the legality of clearing homeless encampments reflect a debate between some governments who say they need more authority to protect public safety and address homelessness and advocates who argue authorities are exacerbating the problem by criminalizing homelessness.<div type="image" title="Homeless rights activists held a rally outside the U.S. Supreme Court on the day the court heard oral argument in City of Grants Pass, Oregon v. Johnson." height="846" width="1280" msid="111346291" hostid="261"></div>While conservatives have led the charge in pushing to overturn the Ninth Circuit's decision, some prominent Democratic leaders, including California Gov. Gavin Newsom, also pushed to overturn the 9th Circuit ruling. California — which is home to 12% of the US population — has struggled to deal with rapidly rising homelessness and is now <a target="_blank" href="https://www.businessinsider.com/california-homelessness-crisis-homegrown-unhoused-are-californians-2023-6">home to 30% of people experiencing homelessness</a> and half of the unsheltered population in the US.In <a target="_blank" href="https://www.supremecourt.gov/DocketPDF/23/23-175/280288/20230922163648635_Amicus%20Brief%20for%20Governor%20Newsom%20-%20Grants%20Pass_Final.pdf">an amicus brief</a> filed with the Supreme Court, Newsom argued that the 9th Circuit ruling forces local elected officials "to abandon efforts to make the spaces occupied by unhoused people safer for those within and near them."An increasing number of cities and states across the country have passed laws — often anti-camping ordinances — similar to that in Grants Pass. In Florida, Gov. Ron DeSantis <a target="_blank" href="https://www.usatoday.com/story/news/nation/2024/03/21/florida-camping-ban-homeless-public-spaces/73048034007/">signed legislation in March</a> that bans people from camping in public places. Critics say the state isn't providing enough funding for services, including shelters and addiction treatment.Critics say criminalizing homelessness doesn't address its root causes — and actually makes the problem worse."If you are living outside and are impoverished, a ticket or a fee is probably something you can't afford, and then you have unpaid tickets, which impacts your credit rating, which makes it harder to find a place to live," Jesse Rabinowitz, communications director at the National Homelessness Law Center, previously told Business Insider. "Or you get arrested and then you have a criminal record, which both makes it harder to get a job and harder to get an apartment."There are several proven pathways to <a target="_blank" href="https://www.businessinsider.com/cities-fight-homelessness-nationwide-spike-chicago-new-york-seattle-philadelphia-2024-2">alleviating homelessness</a>, including, most importantly, building more housing. <a target="_blank" href="https://www.brookings.edu/articles/despite-a-national-spike-in-homelessness-some-us-regions-are-finding-solutions/?utm_campaign=Brookings%20Brief&amp;utm_medium=email&amp;utm_content=293074558&amp;utm_source=hs_email">Researchers say</a> other key policy solutions include removing barriers to shelter construction and tenants' rights, creating crisis response systems that don't involve the police, strengthening housing and employment opportunities for formerly incarcerated people, and increasing government support of public spaces.

The Supreme Court just made it easier for governments to remove unhoused people from public spaces

<ul class="summary-list"><li>Kate Middleton will attend the Wimbledon men's final on Sunday, Kensington Palace has confirmed.</li><li>The princess will present the trophy to the winner — either Novak Djokovic or Carlos Alcaraz.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/kate-middleton-surgery-public-absence-what-to-know-2024-2">Kate Middleton</a> is set to make her second public appearance of 2024 at the <a target="_blank" class="" href="https://www.businessinsider.com/guides/streaming/how-to-watch-free-wimbledon-live-stream-2024">Wimbledon Championships</a> men's singles final on Sunday, Kensington Palace has confirmed.The Princess of Wales will take a seat <a target="_blank" href="https://www.businessinsider.com/royal-family-at-wimbledon-tennis-candid-photos-2022-7">in the royal box</a> to watch the match before presenting the trophy to either last year's winner, <a target="_blank" href="https://www.businessinsider.com/wimbledon-carlos-alcaraz-novak-djokovic-tennis-big-3-federer-nadal-2023-7">Carlos Alcaraz,</a> or seven-time Wimbledon champion, <a target="_blank" href="https://www.businessinsider.com/novak-djokovic-french-open-tennis-goat-michael-jordan-2023-6">Novak Djokovic</a>."The Princess of Wales, Patron of the All England Lawn Tennis and Croquet Club, will attend the Gentlemen's Singles Final of The Championships, Wimbledon on Sunday 14th July," Kensington Palace said in a brief statement.Kate has been the patron of the All-England Lawn Tennis and Croquet Club for the past eight years, after taking over the role from the late Queen Elizabeth II in 2016.<div type="image" title="Catherine, Princess of Wales, presents Carlos Alcaraz of Spain with the winner's trophy after the Gentlemen's Singles Final match on Centre Court during the Wimbledon Lawn Tennis Championships at the All England Lawn Tennis and Croquet Club at Wimbledon on July 16, 2023, in London, England." height="2000" width="1659" msid="111728730" hostid="261" sizebytes="165404"></div><a target="_blank" class="" href="https://www.businessinsider.com/prince-william-rose-hanbury-affair-mentions-removed-from-news-websites-2024-7">Prince William</a> has traditionally accompanied his wife to Wimbledon, but this year he will be watching England take on Spain in the final of the men's soccer European Championships, which is taking place in Berlin.The royal couple's elder two children have also previously attended <a target="_blank" class="" href="https://www.businessinsider.com/wimbledon-celebrity-sightings-2024-7">Wimbledon</a>, with both Prince George and Princess Charlotte <a target="_blank" class="" href="https://www.businessinsider.com/photos-princess-charlotte-steals-show-during-royal-debut-at-wimbledon-2023-7">making an appearance in 2023.</a>The event will mark the second time the princess has made a public appearance since she announced in March that <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/kate-middleton-diagnosed-with-cancer-undergoing-chemotherapy-2024-3">she had been diagnosed with cancer</a>.Kate, 42, also <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/kate-middleton-trooping-the-colour-first-appearance-since-cancer-diagnosis-2024-6">attended the Trooping the Colour parade</a> last month, which celebrates the monarch's official birthday.Her attendance <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/kate-middleton-trooping-the-colour-first-event-since-cancer-announcement-2024-6">came</a> as somewhat of a surprise as it was believed that she would be stepping away from royal duties while she undergoes "<a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/what-is-preventative-chemotherapy-how-it-works-2024-3">preventative chemotherapy</a>."However, she said in a statement released alongside <a target="_blank" class="editor-rtfLink" href="https://www.businessinsider.com/kate-middleton-photo-released-first-image-since-cancer-announcement-2024-6">a new official portrait</a> that she was making "good progress" and hinted that she would "join a few public engagements over the summer.""I am learning how to be patient, especially with uncertainty. Taking each day as it comes, listening to my body, and allowing myself to take this much needed time to heal," Kate wrote.

Kate Middleton to make 2nd public appearance since cancer diagnosis at the Wimbledon men's singles final

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Almost Friday! Nvidia's adding to its impressive lineup with a <a target="_blank" href="https://www.businessinsider.com/nvidia-new-blackwell-chip-cost-30000-to-40000-jensen-huang-2024-3">new chip that'll cost at least $30,000</a>. But do you know what's arguably more impressive? CEO Jensen Huang's <a target="_blank" href="https://www.businessinsider.com/jensen-huang-wardrobe-black-leather-jackets-signature-look-2024-3">collection of leather jackets</a>.In today's big story, we've made a March Madness bracket to decide the biggest topics in business, tech, and innovation, and <a target="_blank" href="https://forms.gle/c2VANLpbeGb2Ywx87">we need you to vote</a>.What's on deck:<ul><li>Markets: Goldman Sachs <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-internal-memo-women-leaders-russell-horwitz-2024-3">has some talking points</a> for criticism that it's bleeding women leaders.</li><li>Tech: Reddit is going public, but advertisers say it <a target="_blank" href="https://www.businessinsider.com/reddit-ipo-hinges-on-improving-performance-for-advertisers-2024-3">still has to prove its worth to them</a>.</li><li>Business: Workers are getting way more productive — <a target="_blank" href="https://www.businessinsider.com/employee-productivity-booming-workers-jobs-ai-stock-market-gdp-2024-3">and it's not because of AI</a>.</li></ul>But first, who ya got in the bracket?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Bracket bonanza</h2><div type="image" title="A grid with images representing AI, weight-loss drugs, US-China relations, and interest rates." height="900" width="1200" msid="108685524" hostid="261"></div>Welcome to the madness.College basketball takes center stage this weekend with the first rounds of the men's and women's championship tournaments kicking off today and tomorrow, respectively.The tourneys, which include 68 teams in a win-or-go-home format, are largely viewed as one of the best sporting events in the US.Insider Today is getting in on the fun with a business-focused bracket <a target="_blank" href="https://forms.gle/c2VANLpbeGb2Ywx87">where readers determine a winner</a>.Below are eight of the biggest storylines we're following in business, tech, and innovation. It's not an all-encompassing list, but these topics cover some of the top trends we're watching.Just like the tournament, the topics are seeded. In each matchup, vote for the trend you feel is more important. We'll share the results next week and conduct another round of voting for the semifinals.[1] The AI race vs. [8] The Ozempic effect: Identifying the top seed wasn't tricky. Artificial intelligence is all anyone wants to discuss. The tech is all-encompassing, the top focus of the biggest companies in the world, and could upend everything we do. But weight-loss drugs are also projected to have some <a target="_blank" href="https://www.businessinsider.com/us-economy-faster-growth-ozempic-glp-1-weight-loss-drugs-2024-2">massive economic implications</a>. And they're reshaping people's relationship with food.[2] Interest rates vs. [7] US-China relations: The biggest question in the market is when the Federal Reserve will lower rates. A cut could open up the M&amp;A and IPO markets, boost stocks, and give consumers relief. China doesn't have as direct an impact on US businesses as interest rates, but it's not far behind. Just look at the <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">EV market</a>.[3] US presidential election vs. [6] Boomers' retirement: This year's presidential election might be a rematch, but both candidates come with <a target="_blank" href="https://www.businessinsider.com/presidential-us-election-rematch-biden-trump-top-themes-for-voters-2024-3">plenty of surprises</a>. Speaking of older people, boomers are entering their retirement era, which has many <a target="_blank" rel="noopener" href="https://www.businessinsider.com/boomer-wealth-transfer-myth-dont-count-on-inheritance-estate-planning-2023-10">knock-on effects.</a>[4] Future of social media vs. [5] Streaming wars: A potential TikTok ban. The future of X under Elon Musk. Instagram's comeback. Social media is at a unique crossroads. Another form of entertainment — movies and television — has also reached a tipping point. And it's not just about changing how we watch TV, but <a target="_blank" href="https://www.businessinsider.com/this-chart-shows-ads-streaming-netflix-hulu-max-hbo-disney-2024-2">how advertisers reach us</a>. <a target="_blank" href="https://docs.google.com/forms/d/e/1FAIpQLSeqavyXrgj1KbpbwIBDFfwx1r4mhBXscuRrkahjjGQz_2liKw/viewform">Vote here</a><h2>3 things in markets</h2><div type="image" title="US Federal Reserve Board Chairman Jerome Powell speaks during a news conference at the headquarters of the Federal Reserve on January 31, 2024 in Washington, DC." height="2731" width="4096" msid="108685526" hostid="261"></div><ol><li>The Fed holds the line on interest rates. The central bank continued <a target="_blank" href="https://www.businessinsider.com/did-fed-cut-interest-rates-march-meeting-continues-pause-inflation-2024-3">its pause on interest rate hikes</a>. Fed Chair Jerome Powell said he's not looking too far ahead and wants more data "that gives us higher confidence that inflation is moving toward 2%."</li><li>How November's election will impact stocks. UBS mapped out how four different election outcomes — like a blue or red sweep — <a target="_blank" href="https://markets.businessinsider.com/news/stocks/biden-trump-presidential-election-stock-market-impact-tariffs-regulation-taxes-2024-3">would affect stocks</a>. "While we are obliged to remind investors that portfolio construction is best treated as an apolitical exercise, the next eight months are likely to be exceptionally distracting," the bank wrote in its report.</li><li>Goldman Sachs is in damage-control mode amid criticism that it's bleeding female leaders. In a <a target="_blank" href="https://www.businessinsider.com/goldman-sachs-internal-memo-women-leaders-russell-horwitz-2024-3">12-point memo</a> obtained by BI, chief of staff Russell Horwitz admitted that the firm hasn't gone far enough to advance female employees' careers. He was responding to a Wall Street Journal story that detailed concerns about Goldman Sachs' lack of senior female leaders.</li></ol><h2>3 things in tech</h2><div type="image" title="Steve Huffman photo illustration." height="1334" width="1778" msid="108685529" hostid="261"></div><ol><li>The "front page of the internet" is ready to go public. Reddit is set to list on the New York Stock Exchange today. It's priced its initial public offering at <a target="_blank" href="https://markets.businessinsider.com/news/stocks/reddit-ipo-price-stock-offering-social-media-retail-2024-3">$34 a share</a>, valuing the social media platform at $6.4 billion.</li><li>AI investments are getting too frothy for VCs. As the AI gold rush overtakes Silicon Valley, venture capitalists <a target="_blank" rel="noopener" href="https://www.businessinsider.com/ai-investments-vcs-startups-valuations-2024-3">are scrambling</a> to get in on the action. Some investors, however, told BI they're struggling to find viable deals as prices skyrocket.</li><li>Microsoft's latest hiring spree came amid concerns about OpenAI. The tech giant said on Tuesday that it had snapped up Inflection CEO Mustafa Suleyman and cofounder Karén Simonyan to lead a new AI team. It's a sign <a target="_blank" href="https://www.businessinsider.com/microsoft-hired-inflection-team-amid-board-concerns-about-openai-2024-3">Microsoft wants to be less reliant on OpenAI</a> after its CEO Sam Altman was dramatically ousted and then rehired in November, insiders told BI.</li></ol><h2>3 things in business</h2><div type="image" title="An illustration of a worker stepping up on a bar graph." height="1000" width="2000" msid="108685531" hostid="261"></div><ol><li>America's productivity is soaring — and it's not thanks to AI. Strong economic growth and a stable labor market have <a target="_blank" href="https://www.businessinsider.com/employee-productivity-booming-workers-jobs-ai-stock-market-gdp-2024-3">workers getting better and more efficient at their jobs</a>. That's great news for the US economy, companies, those worried about inflation, and even the stock market.</li><li>Amazon is quietly developing a new AI search tool. Internally called <a target="_blank" href="https://www.businessinsider.com/project-theia-amazon-ai-tool-shopping-inspiration-2024-3">Project Theia, the new feature can create images</a> based on shopper queries and product photos. It's intended to help Amazon become a source of shopping inspiration.</li><li>Elon Musk's Neuralink just revealed its first human trial patient. Noland Arbaugh, a 29-year-old quadriplegic, <a target="_blank" href="https://www.businessinsider.com/neuralink-first-human-trial-patient-quadriplegic-elon-musk-x-2024-3">received a brain-chip implant</a> in January. In a livestream on X Wednesday he said the chip is "not perfect," but has already improved his life by giving him the ability to play video games for hours on end without having to rely on his family members.</li></ol><h2>What's happening today</h2><ul><li>Today's earnings: FedEx, Nike, and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/george-glover">George Glover</a>, reporter, in London.

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