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<ul><li>The Securities and Exchange Board of India (<keyword id="35210" type="General" weightage="20" keywordseo="SEBI" source="Orion">SEBI</keyword>) has warned <keyword id="6357979" type="General" weightage="20" keywordseo="mutual-funds" source="Orion">mutual funds</keyword> to hold off from launching any crypto-centred offerings until regulations come in.</li><li>India’s cryptocurrency bill was supposed to be discussed during the previous session of Parliament earlier this month, but did not make it to the table.</li><li>Invesco Mutual Fund has already delayed the launch of its crypto-based exchange-traded fund (ETF) and Navi Mutual Fund’s application is still pending approval from SEBI. </li></ul>India’s market watchdog, the Securities and Exchange Board of India (SEBI), wants mutual funds to wait it out before coming up with new fund offers (NFOs) based on <keyword id="6368079" type="General" weightage="20" keywordseo="crypto-assets" source="Orion">crypto assets</keyword>. According to SEBI Chairman Ajay Tyagi, mutual funds should not be making such investments until there’s a law in place to regulate the industry. And, as things stand, India’s Cryptocurrency and Regulation of Official Digital Currency Bill (2021) is still pending approval from the Cabinet — the highest decision making authority in the country led by the Prime Minister, Narendra Modi. “It is prudent for regulated entities with public markets exposure or focus, or any form of public solicitation, to wait for additional clarity regarding the legality or definition of digital assets as assets or securities or commodities in India,” Nitin Sharma, partner at Antler India and blockchain lead for Antler Global, told Business Insider. <cmsannotation type="cmsannotation" annotationid="Caught in limbo" comment="subhead" text="Caught in limbo">Caught in limbo</cmsannotation> The warning from SEBI comes after asset management company Invesco Mutual Fund <a href="https://www.invescomutualfund.com/docs/default-source/default-document-library/press-release---blockchain.pdf?sfvrsn=80e88ac2_0">delayed</a> the launch of its blockchain fund — the first of its kind in India — due to legislative uncertainty, even though they already have the green stamp from SEBI. “A lot of HNIs, family offices and retail investors will be drawn to such options because they are more comfortable with indirect exposure right now, even at a cost, versus dealing directly with digital assets,” said Sharma. Invesco isn’t the only mutual fund in India wanting to dip its two in the crypto space. Earlier this month, Navi Mutual Fund also filed a draft with SEBI for a Blockchain Index Fund of Funds (FoF), which will track the IndxxBlockchain Index. The IndxxBlockchain Index, however, index doesn’t track crypto assets directly. Instead, it tracks mainstream companies like Nvidia, Advanced Micro Devices and others that have some crypto activity. The index also includes Indian IT giants like Infosys, Wipro, and TCS. “As and when this space matures, we can definitely expect multiple mutual fund houses coming up with Blockchain specific funds. These funds do not necessarily need to have direct exposure in crypto,” Edul Patel, the CEO and co-founder of Mudrex, told Business Insider. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/bitcoin-ethereum-shiba-inu-rake-up-losses-with-the-crypto-dip-showing-no-signs-of-slowing-down/slidelist/88557375.cms">Bitcoin, Ethereum, Shiba Inu rake up losses with the crypto dip showing no signs of slowing down</a> <a href="https://www.businessinsider.in/cryptocurrency/news/dogecoins-co-creator-now-owns-just-40000-of-the-meme-token-and-says-he-has-nothing-to-do-with-it-anymore/articleshow/88551122.cms">Dogecoin's co-creator now owns just $40,000 of the meme token -- and says he has nothing to do with it anymore</a>

India’s market watchdog warns mutual funds to stay away from crypto assets at least until regulations come in

Happy Tuesday, readers. Phil Rosen here — at least for now. Ever-conscious of the rise of the bots, I wanted to compare investment advice between Wall Street experts and the splashy new language tool, ChatGPT. Surprise, surprise: The AI's strategy holds up just fine against the humans. (Gulp).ChatGPT took all of 30 seconds to lay out a five-part strategy for investing during a recession — <a href="https://markets.businessinsider.com/news/stocks/chatgpt-investing-advice-recession-bot-openai-portfolio-strategy-bonds-2023-1">you can read it here</a>.To you financial strategists and journalists out there, don't say I didn't warn you.Now let's get to the news.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/stocks/activist-investor-pressure-untouchable-ceos-salesforce-elliott-peltz-iger-disney-2023-1"></a>1. Billionaire activist investors are putting pressure on top CEOs who were previously thought to be untouchable. Leaders of beloved brand names are coming under fire — and Marc Benioff of Salesforce and Disneys' Bob Iger are the two latest execs to feel the heat, as my colleague <a href="https://markets.businessinsider.com/news/stocks/activist-investor-pressure-untouchable-ceos-salesforce-elliott-peltz-iger-disney-2023-1">Matthew Fox writes</a>.Like the rest of us who endured <a href="https://markets.businessinsider.com/news/stocks/activist-investor-pressure-untouchable-ceos-salesforce-elliott-peltz-iger-disney-2023-1">last year's bear market</a>, top shareholders in once-high-flying companies are feeling the sting of underperformance, and that's painted a target on the back of corporate management teams. Nelson Peltz of the Trian Fund launched an activist investor campaign against Disney, and Paul Singer of Elliott Management <a href="https://markets.businessinsider.com/news/stocks/activist-investor-pressure-untouchable-ceos-salesforce-elliott-peltz-iger-disney-2023-1">did the same against Salesforce</a>. The <a href="https://markets.businessinsider.com/news/stocks/activist-investor-pressure-untouchable-ceos-salesforce-elliott-peltz-iger-disney-2023-1">two companies</a> are down about 49% and 35% from their peaks, respectively.Meanwhile, the Nasdaq 100 is down 30%.At the heart of their demands is more capital discipline, specifically when it comes to headcount. The activist targeting Google parent Alphabet, for instance, said that the 12,000 job cuts at the search giant were a step in the right direction but still not enough, and median salaries should also come down. At first glance, the activism seems to be working.The stocks have climbed since the news of the two campaigns emerged — but it's a little more complicated than up or down moves, and last week Disney <a href="https://markets.businessinsider.com/news/stocks/activist-investor-pressure-untouchable-ceos-salesforce-elliott-peltz-iger-disney-2023-1">rebuffed Peltz's request</a> for a seat on its board of directors.Much of last year's stock slump can be chalked up to the Fed's interest rate hikes, as well as investors' flight to non-tech stocks and <a href="https://markets.businessinsider.com/news/stocks/activist-investor-pressure-untouchable-ceos-salesforce-elliott-peltz-iger-disney-2023-1">safe havens like the dollar</a>. That means activist investors, moguls they may be, still<a href="https://markets.businessinsider.com/news/stocks/activist-investor-pressure-untouchable-ceos-salesforce-elliott-peltz-iger-disney-2023-1"> face an uphill battle</a> in winning over shareholders and management teams.<a href="https://markets.businessinsider.com/news/stocks/activist-investor-pressure-untouchable-ceos-salesforce-elliott-peltz-iger-disney-2023-1">Read the full breakdown of the clash among billionaires. </a>What's your take on this burgeoning wave of activist investors? Tweet me (<a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a>) or email me (<a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>) to let me know. In other news:<a href="https://markets.businessinsider.com/news/stocks/stocks-market-outlook-crash-veteran-investment-chief-officer-economy-finance-2023-1"></a><div type="image" title="fed" height="1500" width="3000" msid="97280755" hostid="261" sizebytes="129556"></div>2. US stock futures fall early Tuesday, as investors brace for the next wave of high-profile earnings and despite growing hopes for a mild recession. <a href="https://markets.businessinsider.com/premarket" target="_blank" rel="noopener noreferrer">Here are the latest market moves.</a>3. Earnings on deck: Microsoft, Visa, Johnson &amp; Johnson, all <a href="https://markets.businessinsider.com/earnings-calendar">reporting</a>.4. These groups of 10 stocks can provide the foundation for a portfolio that can outperform during an economic slowdown. Goldman Sachs' top analysts put together two separate portfolios: <a href="https://www.businessinsider.com/stock-picks-to-buy-how-to-invest-recession-soft-landing-2023-1">one for an economy that keeps growing, and one for a recession</a>. 5. Morgan Stanley's top strategist advised not to buy into the current stock rally. To Mike Wilson, the final stages of the bear market have yet to play out — <a href="https://markets.businessinsider.com/news/stocks/bear-markets-stock-outlook-morgan-stanley-mike-wilson-earnings-recession-2023-1">and corporations appear on pace to hit an earnings recession.</a>6. Investor optimism toward stocks is coming too soon, according to BlackRock. The asset manager said the Fed will inflict damage on the economy in order to rein in inflation. <a href="https://markets.businessinsider.com/news/stocks/recession-warning-stock-market-fall-investors-optimistic-fed-rates-blackrock-2023-1">That means market bulls are operating on shaky ground as signs of a downturn mount.</a>7. Stocks are about to crash as the "perfect bull market cocktail" of the last four decades comes to an end. That's according to Gateway Credit's chief investment officer, Tim Gramatovich, <a href="https://markets.businessinsider.com/news/stocks/stocks-market-outlook-crash-veteran-investment-chief-officer-economy-finance-2023-1">who told me that valuations look set to plunge and stay depressed even beyond 2023</a>.8. This Navy officer built a $1 million real estate portfolio with $14,000. She explained how anyone can start buying property with little to no money down — <a href="https://www.businessinsider.com/real-estate-investing-2023-mortgage-low-interest-no-downpayment-investor-2023-1">here are five of her top strategies.</a>9. Credit Suisse recommends investors buy these 39 cheap stocks right now. This batch of names are set for stronger earnings growth than their peers this year even in a weaker environment, strategists said. <a href="https://www.businessinsider.com/investing-cheap-stocks-to-buy-now-earnings-growth-credit-suisse-2023-1">Get the full list</a>.<a href="https://markets.businessinsider.com/news/stocks/silvergate-stock-price-si-coinbase-coin-crypto-bitcoin-notches-highs-2023-1"></a><div type="image" title="Bitcoin price on Jan. 24, 2023" height="1114" width="1348" msid="97280756" hostid="261" sizebytes="38374"></div>10. Bitcoin is hovering near its highest price in five months. And crypto-linked stocks are also rising with the token. Crypto bank Silvergate jumped 12% Monday. <a href="https://markets.businessinsider.com/news/stocks/silvergate-stock-price-si-coinbase-coin-crypto-bitcoin-notches-highs-2023-1">The world's most popular crypto is now up 36% in the past month.</a>Curated by Phil Rosen in Los Angeles. Feedback or tips? Tweet <a href="https://twitter.com/philrosenn" target="_blank" rel="noopener">@philrosenn</a> or email <a href="mailto:prosen@insider.com" target="_blank" rel="noopener">prosen@insider.com</a>Edited by Max Adams (<a href="https://twitter.com/maxradams?lang=en" target="_blank" rel="noopener">@maxradams</a>) in New York and Hallam Bullock (<a href="https://twitter.com/hallam_bullock" target="_blank" rel="noopener">@hallam_bullock</a>) in London.

Disney’s Bob Iger and Salesforce’s Marc Benioff are the latest high-profile execs to come under pressure from activist investors

<ul class="summary-list"><li>FTX Digital Markets Co-CEO Ryan Salame and failed GOP candidate Michelle Bond are in a relationship.</li><li>Bond received $400,000 from FTX Digital Markets for consulting, financial disclosures show.</li></ul>Michelle Bond, a failed far-right Republican congressional candidate and prominent cryptocurrency advocate, received at least $400,000 in consulting fees from FTX Digital Markets — the Bahamas-based FTX entity where her boyfriend Ryan Salame is co-CEO.The consulting payments are listed in Bond's congressional candidate <a href="https://disclosures-clerk.house.gov/public_disc/financial-pdfs/2022/10049865.pdf">financial disclosure report</a>, and were originally reported in August by cryptocurrency trade publication <a href="https://www.theblock.co/post/160714/crypto-booster-michelle-bond-is-running-for-congress-with-help-from-her-ftx-exec-boyfriend?utm_source=twitter&amp;utm_medium=social">The Block</a>. They state Bond earned $200,000 both this year and the preceding year from FTX Digital Markets. Bond did not respond to requests for comment on what the consulting work entailed.The spectacular implosion of FTX, which in the past month went from one of the world's largest cryptocurrency exchanges to a now-bankrupt entity that owes <a href="https://www.cnn.com/2022/11/20/tech/ftx-billions-owed-creditors/index.html">billions to creditors</a>, has drawn focus to 30-year-old founder Sam Bankman-Fried's ties to Democratic lawmakers. Bankman-Fried gave <a href="https://www.opensecrets.org/outside-spending/top_donors">tens of millions</a> in political donations this year to support mostly Democratic candidates through groups like Protect Our Future PAC.Republicans have seized on the scandal. Bankman-Fried "has deployed his ill-gotten gains in service of the Democratic Party" and "funded his lavish donations…through rampant fraud," wrote GOP Sen. Josh Hawley in a <a href="https://www.hawley.senate.gov/sites/default/files/2022-11/2022-11-18-Senator-Hawley-Letter-to-DOJ-SEC-and-CFTC%20.pdf">letter</a> to the heads of the Justice Department, SEC, and Commodity Futures Trading Commission demanding that they hand over correspondence with the company. But as Bankman-Fried became a powerful backer of Democratic candidates and effective altruism charities, Salame, his co-executive for one of FTX's key subsidaries, was charting a different path. Bond and him began making inroads with MAGA Republicans and spending vast sums of money attempting to get Bond into Congress. Bond, who was running to represent New York's First Congressional District, lost the Republican primary this August to Navy veteran Nick Lalota. During her campaign, she was endorsed by Donald Trump Jr., Kimberly Guilfoyle, and Senator Ted Cruz. Bond tweeted a photo in July of her and Salame out to dinner with Trump Jr. and Guilfoyle, who she referred to as "friends." Bond also courted far-right voters with complaints about drag events in schools and appeared on the podcast of a Long Island anti-government group that organized hundreds of people to attend the Stop the Steal rally on January 6, 2021. Salame became co-CEO of FTX Digital Markets in 2021, a wholly-owned subsidiary of FTX, after previously working at FTX's trading arm Alameda Research. He was a major Republican donor this year, <a href="https://www.opensecrets.org/outside-spending/donor_detail/2022?id=U0000004758&amp;type=I&amp;super_only=N&amp;name=Salame%2C+Ryan+D.+%26+Susan">giving at least $20 million</a> to GOP candidates and conservative PACs. In the aftermath of FTX's collapse, people close to Salame <a href="https://www.wsj.com/articles/ftxs-collapse-leaves-employees-sick-with-anger-11668603708?mod=djemalertNEWS">claimed to The Wall Street Journal</a> that he was unaware of any problems with the company and vomited upon learning about the financial disaster at the firm.As the bankruptcy proceedings unfold, the company's new CEO John J. Ray <a href="https://www.theguardian.com/technology/2022/nov/17/ftx-enron-crypto-collapse-john-ray-unprecedented">stated</a> in a filing last week that he had never in his career seen such a complete failure of corporate controls and concentration of power in the hands of a small group of individuals. Ray previously oversaw the Enron bankruptcy.<h2>Bond's ties to Salame and FTX </h2>The precise details of Salame and Bond's relationship are unclear, and neither responded to requests for comment to clarify when the two met or became a couple. Both feature heavily in each other's social media presence, and a campaign spokesperson for Bond referred to the couple as "longtime partners" in a statement to The Block in August. The banner for both of their Twitter accounts is a photo of them together, and in Bond's campaign materials they are pictured holding the hands of two children. Past social media posts include the two posing together with Orlando Bloom and Katy Perry at an FTX-sponsored Crypto Bahamas event and sending loving messages online."Thank you to Ryan — my ❤️, best friend, &amp; boyfriend/partner/significant other/fiancé/husband (as all reported by the press) — I thank my lucky stars to have met you and that you're in my life. I love you," Bond tweeted in September.Bond is a former attorney for the Securities and Exchange Commission who in recent years became a well-known <a href="https://www.businessinsider.com/michelle-bond-ripple-sec-dodd-frank-2019-7">cryptocurrency advocate</a> in Washington, and her now-deleted campaign website describes her as working "day in and day out with Congress and the Executive branch." She is currently the CEO of the Association for Digital Asset Markets, or ADAM, an advocacy organization that added FTX US and FTX to its board of directors in February of this year. "FTX GONE GIVE IT TO YA," Bond tweeted at the time, repeating part of a headline from the Politico Morning Money newsletter. ADAM did not respond to Insider's request for comment on Bond or its connections to FTX. An ADAM spokesperson <a href="https://www.cnbc.com/2022/11/14/former-ftx-ceo-sam-bankman-fried-loses-lobbyists-to-washington.html">told CNBC last week</a> that FTX and FTX US are no longer board members.<h2>Bond's crypto-funded congressional campaign</h2>FTX US gave millions to a number of super PACs and political organizations before its bankruptcy this month, with the majority of the contributions going to Democratic candidates and groups. The largest recipient was Protect Our Future PAC, which received $28 million from FTX US in political contributions and donated to various Democratic candidates. Out of all FTX US's donations to individual candidates, however, Bond received the largest contribution. Her campaign received $28,600 from FTX US, <a href="https://www.opensecrets.org/orgs/ftx-us/recipients?id=D000073694">according</a> to Open Secrets. In addition, <a href="https://www.nytimes.com/2022/08/19/nyregion/super-pac-ny-primaries.html">The New York Times reported</a> in August that Salame personally donated $1.5 million to the crypto-boosting GMI super PAC, which then gave $1 million to the Crypto Innovation PAC that in turn spent over $1 million on ad buys in support of Bond. FTX US's donations to Bond are somewhat out of step with the rest of its contributions, which generally have gone to candidates that focus on Bankman-Fried's preferred issues such as pandemic planning. Bond, on the other hand, campaigned on an anti-immigration and anti-abortion platform and appeared on the podcast of a group that opposes vaccine mandates.Bond joined a July 18 episode of the antidemocratic group Long Island Loud Majority's podcast, where she promoted a number of right wing grievance campaigns that included suggestions that schools were overrun with drag events and critical race theory."We have these schools accusing five-year-olds of being racist," Bond said. Long Island Loud Majority broadened from a pro-Trump group into what the Southern Poverty Law Center has designated an antigovernment group, which promotes conspiracies of stolen elections, anti-vaccine falsehoods and anti-trans rhetoric. Bond also tweeted a photo of herself next to two members of the group, who wore t-shirts with its logo, at her campaign headquarters."The group has organized protests, convoys, and even led about 300 people to D.C. on Jan. 6, 2021, joining the crowds near the Capitol," Joe Wiinikka-Lydon, a senior researcher at the SPLC's Intelligence Project, told Insider.Bond also leaned on support from prominent MAGA world figures. In addition to endorsements from Cruz and Trump Jr., Kimberly Guilfoyle made a short video just before the New York state Republican primaries calling on voters to rally around Bond — touting her as the "only MAGA-endorsed candidate" in the race."I'm here to encourage you all to vote for my friend Michelle Bond," Guilfoyle said in the August 22 video. "I know Michelle will fight like hell to restore President Trump's America First policies in Congress."Bond finished the primary in <a href="https://www.nytimes.com/interactive/2022/08/23/us/elections/results-new-york-us-house-district-1.html">a distant second place</a> with about 27.8 percent of the total ballots cast and around 7,298 votes.Additional reporting by Jack Newsham.

FTX's Bahamas unit paid co-CEO's MAGA Republican congressional candidate girlfriend $400,000

Welcome back from the long weekend. Today we're going over how to keep your footing in times of market volatility, and then breaking down some recent labor and jobs data — how many people quit and the US states with the best numbers.Let's get started.If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-opening-bell">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here.</a><a href="https://markets.businessinsider.com/news/stocks/cathie-wood-ark-fund-investors-tech-stocks-massive-misallocation-capital-2022-2"></a>1. Prominent investors are highlighting mistakes to avoid in today's market. Famed stock-picker and ARK Invest head Cathie Wood said it's a mistake for investors to pile into index funds based on past successes instead of <a href="https://markets.businessinsider.com/news/stocks/cathie-wood-ark-fund-investors-tech-stocks-massive-misallocation-capital-2022-2">betting on innovative companies.</a>"We have, I think, one of the most massive misallocations of capital in the history of mankind," Wood said in a CNBC interview. "You have investors investing in the past."In her eyes, it's riskier to own benchmarks than ARK's funds. "Those benchmarks are where the risk is, not our portfolios," Wood said. Ark's flagship ETF saw a<a href="https://markets.businessinsider.com/news/stocks/cathie-wood-advice-to-investors-after-arkk-sell-off-2022-1"> 58% decline from its record high</a> in 2021. Jeremy Grantham's GMO also broke down how investors should <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-gmo-investor-mistakes-avoid-stock-market-decline-volatility-2022-2">approach a volatile stock market sell-off.</a> "None of us are immune to making investment mistakes," wrote Ben Inker in his quarterly letter. He highlighted the <a href="https://markets.businessinsider.com/news/stocks/jeremy-grantham-gmo-investor-mistakes-avoid-stock-market-decline-volatility-2022-2">four common mistakes to avoid at all costs</a>, and noted that investors shouldn't place excessive faith on certain assets that performed well during the pandemic, or have unrealistic expectations of returns."Investing does seem to be an area where there are lessons that usually cannot be taught, only painfully learned on one's own," he said.<a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-crypto-regulation-experts-security-sec-markets-2022-2"></a><div type="image" title="Sam Bankman-Fried FTX founder crypto exchange" height="1993" width="3986" msid="89751175" hostid="261"></div>In other news:2. Dow futures fell almost 500 points after Putin ordered Russian troops into Ukraine. US and global stocks have since retraced some of that earlier sharp selloff. <a href="https://markets.businessinsider.com/news/stocks/stock-market-today-putin-russia-ukraine-troops-conflict-oil-gold-2022-2">Check out what the markets are doing now</a>.3. On deck today: Coca-Cola, Jack in the Box, and Toll Brothers, <a href="https://markets.businessinsider.com/earnings-calendar">all reporting</a>.4. Young real estate investors explained why they prioritized buying a home over paying down student loans. "It was a matter of where my money was better spent," said one person with $15,000 in college debt. <a href="https://www.businessinsider.com/real-estate-investing-buying-home-student-debt-saving-down-payment-2022-2">Here's how two recent grads saved up to buy their first properties.</a>5. The S&amp;P 500 will surge 20% by year-end, according to a BMO strategist. Capital <keyword id="11893875" type="UNKNOWN" weightage="100" keywordseo="markets" source="Orion">Markets</keyword>' Brain Belski isn't buying the story that a recession is coming. <a href="https://markets.businessinsider.com/news/stocks/stock-market-outlook-bullish-sp500-rally-recession-fears-bmo-belski-2022-2">He explained why US stocks are set to rally this year.</a>6. Sam Bankman Fried called for more crypto regulation in a new interview. The US, according to FTX's billionaire founder, should step in and provide oversight rather than sitting on the sidelines. <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-crypto-regulation-experts-security-sec-markets-2022-2">Two experts shared their predictions for what's to come in 2022.</a>7. The US Department of Justice is launching a crypto task force. To step up its policing of digital assets, the National Cryptocurrency Enforcement Team will monitor crypto crimes and ransomware hacks, among other duties. <a href="https://markets.businessinsider.com/news/currencies/fbi-crypto-crime-police-task-force-ransomware-attack-justice-department-2022-2">The move follows a year that saw an 80% increase in crypto crimes.</a>8. A former Navy SEAL and ex-BlackRock exec explained why he's leaving a 20-year Wall Street career to join a Cathie Wood-backed startup. 21Shares is relatively unknown in the US, but Kayle Watson is eager to start at the crypto company. <a href="https://www.businessinsider.com/altcoins-to-buy-token-picks-navy-seal-blackrock-cathie-wood-2022-2">He also laid out the four altcoins he's buying for the long term.</a>9. A stock market veteran who works at a $4.2 billion asset manager gave his stock picks. The president of RNC Genter Capital Management is betting on high-dividend stocks during the current selloff. <a href="https://www.businessinsider.com/dividend-stocks-to-buy-inflation-federal-reserve-ukraine-russia-2022-2">See which 13 companies he thinks are strong bets.</a><a href="https://www.businessinsider.com/map-states-quits-december-labor-shortage-great-resignation-jolts-data-2022-2"></a><div type="image" title="A map of the United States showing what quit rates looked like in December 2021" height="1250" width="1667" msid="89751178" hostid="261"></div>10. A lot of Americans quit their jobs in December. Quits remained elevated and job openings rose at the end of 2021. New data reveals which states saw the shortage ease, and which struggled most to fill openings. <a href="https://www.businessinsider.com/map-states-quits-december-labor-shortage-great-resignation-jolts-data-2022-2">See the full report.</a>Curated by Phil Rosen in New York. (Feedback or tips? Email <a href="mailto:prosen@insider.com">prosen@insider.com</a> or tweet <a href="https://twitter.com/philrosenn">@philrosenn</a>.)

10 things before the opening bell

Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories. <h3>On the agenda today:</h3><ul><li>Inside the stunning unraveling of the <a href="https://www.businessinsider.com/what-happened-to-bright-health-health-insurer-grew-too-fast-2022-11">health-insurance startup Bright Health</a>. </li><li>Ken Griffin treated Citadel employees to a <a href="https://www.businessinsider.com/billionaire-ken-griffin-takes-citadel-employees-disney-world-anniversary-2022-12">20th-anniversary bash at Disney World</a>.</li><li>Elon Musk gambled big on Twitter — <a href="https://www.businessinsider.com/how-elon-musk-could-use-tesla-money-prop-up-twitter-2022-12">and Tesla could pay the price</a>.</li><li>Remote work has killed downtowns, ushering in <a href="https://www.businessinsider.com/remote-work-gutted-city-downtowns-office-real-estate-apocalypse-2022-12">the dawn of the "office apocalypse."</a></li></ul>But first: Ashley Stewart, a chief tech correspondent, is giving us a behind-the-scenes look at <a href="https://www.businessinsider.com/salesforce-bret-taylor-tech-layoffs-marc-benioff-succession-crisis-2022-12">Salesforce's succession crisis</a>. If this was forwarded to you, <a href="https://www.businessinsider.com/subscription/newsletter/insider-weekly">sign up here</a>. Download Insider's app <a href="https://www.insider.com/app">here</a>.<h3><a href="https://www.businessinsider.com/salesforce-bret-taylor-tech-layoffs-marc-benioff-succession-crisis-2022-12">Inside the turmoil at Salesforce</a></h3><a href="https://www.businessinsider.com/salesforce-bret-taylor-tech-layoffs-marc-benioff-succession-crisis-2022-12"></a>Over the past week or so, at least six top executives from Salesforce and its subsidiaries announced plans to leave, Ashley Stewart, chief tech correspondent, writes.First, <a href="https://www.businessinsider.com/bret-taylor-leaves-salesforce-shocking-employees-and-marc-benioff-2022-11">Salesforce was blindsided </a>by co-CEO Bret Taylor's resignation less than one year after he took the job. Others <a href="https://www.businessinsider.com/salesforce-is-losing-another-top-executive-after-bret-taylor-2022-12">soon followed</a>, most notably <a href="https://www.businessinsider.com/slack-ceo-stewart-butterfield-to-exit-salesforce-in-january-2022-12">Slack CEO Stewart Butterfield</a> and <a href="https://www.businessinsider.com/salesforce-is-losing-another-top-executive-after-bret-taylor-2022-12">Tableau CEO Mark Nelson.</a><a href="https://www.businessinsider.com/salesforce-bret-taylor-tech-layoffs-marc-benioff-succession-crisis-2022-12">Company insiders attribute these departures</a> to co-CEO Marc Benioff exerting increasing control over the company, adding that he's driven away his closest lieutenants while dialing up performance pressure on employees.The departures have <a href="https://www.businessinsider.com/salesforce-bret-taylor-tech-layoffs-marc-benioff-succession-crisis-2022-12">created a crisis in leadership at Salesforce</a>. As the company tries repeatedly to make a succession plan for Benioff, the cofounder seemingly won't let go — and is increasing his influence as a recession looms."Now that the market is tough, Marc behaves as if he has complete control," a person close to Benioff told Insider, adding that Benioff was increasingly interfering in the part of the business Taylor was meant to run and putting more pressure on sales teams.And on to this week's top stories.<h3><a href="https://www.businessinsider.com/what-happened-to-bright-health-health-insurer-grew-too-fast-2022-11">What went wrong at Bright Health</a></h3><a href="https://www.businessinsider.com/what-happened-to-bright-health-health-insurer-grew-too-fast-2022-11"></a><div type="image" title="Photo Illustration of Mike Mikan of Bright Health." height="600" width="800" msid="96152076" hostid="261" sizebytes="28274"></div>The health-insurance upstart went public in June 2021 at a dizzying $11.2 billion valuation. By the time of its first investor day as a public company in December 2021, it had 700,000 members across 17 states.But less than a year later, Bright has taken a hatchet to most of its business as it works to stave off a collapse. Its stock price is hovering around $1, and its market value has tumbled to about $600 million — and experts and company insiders blame Bright's pursuit of rapid growth for its undoing.<a href="https://www.businessinsider.com/what-happened-to-bright-health-health-insurer-grew-too-fast-2022-11">Insiders describe Bright Health's fall from grace.</a><h3><a href="https://www.businessinsider.com/billionaire-ken-griffin-takes-citadel-employees-disney-world-anniversary-2022-12">Citadel's anniversary extravaganza</a></h3><a href="https://www.businessinsider.com/billionaire-ken-griffin-takes-citadel-employees-disney-world-anniversary-2022-12"></a><div type="image" title="Photo of Citadel founder Ken Griffin next to an image of Mickey Mouse waving" height="900" width="1200" msid="96152079" hostid="261" sizebytes="46130"></div>Citadel has plenty of reasons to celebrate this year, and the hedge-fund giant is doing it in style — with a lavish 20th-anniversary bash at Disney World.Last weekend, its founder, Ken Griffin, treated Citadel's and Citadel Securities' employees and their families to an all-inclusive weekend at the "happiest place on earth." Some 10,000 people descended on the park, where they had an exclusive night at Epcot and saw a concert headlined by Coldplay.<a href="https://www.businessinsider.com/billionaire-ken-griffin-takes-citadel-employees-disney-world-anniversary-2022-12">Inside Citadel's all-expenses-paid Disney weekend.</a><ul><li>Plus: For more stories that take you inside the biggest firms in finance, <a href="https://www.businessinsider.com/subscription/newsletter/10-things-on-wall-street">sign up here for our daily newsletter 10 Things in Wall Street.</a></li></ul><h3><a href="https://www.businessinsider.com/how-elon-musk-could-use-tesla-money-prop-up-twitter-2022-12">Tesla will pay for Musk's Twitter gamble</a></h3><a href="https://www.businessinsider.com/how-elon-musk-could-use-tesla-money-prop-up-twitter-2022-12"></a><div type="image" title="Elon Musk surrounded by spinning plates holding Tesla and Twitter logos" height="1500" width="2000" msid="96152081" hostid="261" sizebytes="286630"></div>When Elon Musk took over Twitter, he dismissed the <a href="https://www.businessinsider.com/twitter-former-execs-stock-payouts-elon-musk-2022-12">company's top brass</a> and a <a href="https://www.businessinsider.com/elon-musk-twitter-firing-workers-accident-hr-2022-11">boatload of employees</a>, and implemented a "<a href="https://www.businessinsider.com/elon-musk-workers-sleep-at-office-hardcore-culture-younger-americans-2022-11">hardcore</a>" culture for its remaining skeleton crew. But there's still a key question at hand: How will Musk keep his new acquisition afloat? The answer could lie in the mogul's crown-jewel company: Tesla. That should leave Tesla investors with another important question: Just how far will he go to save the social-media platform?<a href="https://www.businessinsider.com/how-elon-musk-could-use-tesla-money-prop-up-twitter-2022-12">How Musk could use his EV company to save Twitter.</a>For more on all this, check out:<ul><li><a href="https://www.businessinsider.com/elon-musk-twitter-bari-weiss-cousins-confidants-2022-12">Elon Musk keeps bringing in new people to Twitter, like enthusiastic interns, cousins, and even Bari Weiss</a></li><li><a href="https://www.businessinsider.com/elon-musk-twitter-bedrooms-hq-sleeping-san-francisco-jared-birchall-2022-12">Elon Musk's business confidants are sleeping in new bedrooms at Twitter HQ that have been converted from unused offices. Musk is having one made for him. </a></li></ul><h3><a href="https://www.businessinsider.com/remote-work-gutted-city-downtowns-office-real-estate-apocalypse-2022-12">The 'office apocalypse' is upon us</a></h3><a href="https://www.businessinsider.com/remote-work-gutted-city-downtowns-office-real-estate-apocalypse-2022-12"></a><div type="image" title="tall office buildings looming over above, the negative space between them forming a down-trending arrow in a red-orange sky" height="1200" width="2400" msid="96152083" hostid="261" sizebytes="414318"></div>Before the pandemic, 95% of offices were occupied. Now that number has almost halved.Remote work is turning the office-centric downtown into a thing of the past. Without robust policies to rescue failing metropolitan centers, cities are going to start hurting badly — less foot traffic, faltering real estate, and reduced tax revenue and sales receipts for small businesses. <a href="https://www.businessinsider.com/remote-work-gutted-city-downtowns-office-real-estate-apocalypse-2022-12">Here's what the future of cities could look like.</a><h3>This week's quote:</h3>"There's a lot of work that goes into it up front. But what's cool is once you have it set up, you basically just click a few buttons."<ul><li>Trevin Peterson, a 26-year-old who now makes $107,000 in revenue a month <a href="https://www.businessinsider.com/how-to-pick-products-sell-amazon-fba-six-figures-revenue-2022-12">selling on Amazon</a>.</li></ul><h3>More of this week's top reads:</h3><ul><li>It's almost 2023. Here's the M&amp;A outlook for <a href="https://www.businessinsider.com/predictions-hollywood-media-deals-2023-netflix-wbd-comcast-disney-amazon-2022-12">Apple, Disney, and other Hollywood giants</a>.</li><li>The influencer Arielle Charnas' company, Something Navy, <a href="https://www.businessinsider.com/arielle-charnas-brandon-something-navy-matt-scanlan-sales-employees-exodus-2022-12">is floundering</a>.</li><li>The crypto billionaire Sam Bankman-Fried played Washington's elite. <a href="https://www.businessinsider.com/sam-bankman-fried-ftx-crypto-lobbying-campaign-donations-congress-biden-2022-12">Here's how</a>.</li><li>"I take a week of 'vacation' every month to travel the world <a href="https://www.businessinsider.com/i-take-vacation-work-remotely-monthly-without-telling-my-boss-2022-12">without telling my boss</a>."</li><li>Cloudverse 100: See the people building the <a href="https://www.businessinsider.com/cloudverse-100-top-people-building-the-next-generation-internet-2022-11">next generation of the internet</a>.</li><li>How three small-business owners bring in over $1 million in annual revenue by <a href="https://www.businessinsider.com/how-to-stand-out-on-social-media-grow-your-business-2022-12">being the "faces" of their brands</a>.</li><li>The ex-"socialite heiressblogger" Emily Brill is back — and she's <a href="https://www.businessinsider.com/court-tv-heiress-emily-brill-pet-insurance-industry-canine-review-gawker-2022-12">terrorizing the pet industry</a>.</li></ul>And while you're still here: If you don't already receive it, our newsletter Insider Today highlights the most fascinating stories in the world each weekday, as picked by our global editor in chief, Nicholas Carlson. <a href="https://www.businessinsider.com/subscription/newsletter/insider-today">Sign up for it here.</a>Curated by Matt Turner. Edited by Jordan Parker Erb, Phil Rosen, and Lisa Ryan. <a href="https://www.businessinsider.com/subscription/newsletter">Sign up for more Insider newsletters here.</a>

Inside the turmoil at Salesforce as executive departures create a leadership crisis

Good morning and welcome to Insider <keyword id="25455" type="ORGANIZATION" weightage="100" keywordseo="finance">Finance</keyword>. I'm Dan DeFrancesco, and here's what's on the agenda today:<ul><li>A <a href="https://www.businessinsider.com/junior-investment-bankers-burnout-survey-baml-citi-goldman-credit-suisse-2021-4" target="_blank" rel="noopener noreferrer">new survey</a> shows just how burnt out junior bankers are and reveals which firms have the most intense hours.</li><li>The CFO at the <a href="https://www.businessinsider.com/citi-mark-mason-spac-boom-slowing-q1-earnings-investment-banking-2021-4">top SPAC bank</a> warned that the market might be cooling off. </li><li>These six fintechs are rolling out <a href="https://www.businessinsider.com/fintechs-offer-crypto-rewards-bitcoin-credit-debit-card-spend-2021-4">cash-back rewards in crypto</a>.</li></ul><a style="font-weight: bold;" href="http://newsletter.businessinsider.com/join/4np/insider-finance">If you're not yet a subscriber, you can sign up here to get your daily dose of the stories dominating banking, business, and big deals.</a>Like the <keyword id="621414" type="PERSON" weightage="60" keywordseo="Newsletter">newsletter</keyword>? Hate the newsletter? Feel free to drop me a line at <a href="mailto:ddefrancesco@businessinsider.com">ddefrancesco@businessinsider.com</a> or on Twitter <a href="https://twitter.com/dandefrancesco">@DanDeFrancesco</a>. <h3><a href="https://www.businessinsider.com/junior-investment-bankers-burnout-survey-baml-citi-goldman-credit-suisse-2021-4">From 100-hour weeks to deteriorating mental health, nearly 500 employees at top investment banks reveal the extent of burnout among junior talent in a new survey</a></h3><a href="https://www.businessinsider.com/junior-investment-bankers-burnout-survey-baml-citi-goldman-credit-suisse-2021-4"><div type="image" title="woman stressed laptop" height="1000" width="1333" msid="82101171" hostid="261"></div></a>A survey of nearly 500 people shows burnt-out junior bankers might be ready to head for the exits. <keyword id="42111" type="COMPANY" weightage="60" keywordseo="Wall-Street">Wall Street</keyword> Oasis released a side-by-side comparison of conditions at 10 top investment banks.<a href="https://www.businessinsider.com/junior-investment-bankers-burnout-survey-baml-citi-goldman-credit-suisse-2021-4">Find out the big banks stack up against each other</a>.<h3><a href="https://www.businessinsider.com/merrill-lynch-wealth-management-bank-of-america-bac-q1-earnings-2021-4">Merrill Lynch's advisor force is shrinking and junior hiring has slowed. Now the firm is looking to make changes to its key training program.</a></h3><a href="https://www.businessinsider.com/merrill-lynch-wealth-management-bank-of-america-bac-q1-earnings-2021-4"><div type="image" title="Bank of America" height="1605" width="2140" msid="82101173" hostid="261"></div></a>A senior executive for the Bank of America-owned wealth manager said advisor headcount has dipped in the first quarter largely due to slower hiring into its development program. <a href="https://www.businessinsider.com/merrill-lynch-wealth-management-bank-of-america-bac-q1-earnings-2021-4">Read more here</a>.<h3><a href="https://www.businessinsider.com/citi-mark-mason-spac-boom-slowing-q1-earnings-investment-banking-2021-4">The CFO of Citi, the top SPAC bank this year, is predicting 'normalization' in the blank-check frenzy</a></h3><a href="https://www.businessinsider.com/citi-mark-mason-spac-boom-slowing-q1-earnings-investment-banking-2021-4"><div type="image" title="mark mason citi" height="1600" width="2133" msid="82101176" hostid="261"></div></a>Mason said that while the bank remained "well-positioned" in the SPAC space, the pace of IPOs for blank-check companies will soon slow. <a href="https://www.businessinsider.com/citi-mark-mason-spac-boom-slowing-q1-earnings-investment-banking-2021-4">Here's why.</a><h3><a href="https://www.businessinsider.com/fintechs-offer-crypto-rewards-bitcoin-credit-debit-card-spend-2021-4">These 6 fintechs are betting consumers want to earn crypto rewards from their spending in lieu of points and miles</a></h3><a href="https://www.businessinsider.com/fintechs-offer-crypto-rewards-bitcoin-credit-debit-card-spend-2021-4"><div type="image" title="Bitcoin" height="1334" width="1778" msid="82101177" hostid="261"></div></a>Consumers are increasingly looking for ways to pay for things with crypto. As a result, fintechs are scrambling to offer cash-back rewards with crypto. <a href="https://www.businessinsider.com/fintechs-offer-crypto-rewards-bitcoin-credit-debit-card-spend-2021-4">Read more here</a>.<h3><a href="https://www.businessinsider.com/citi-wealth-management-division-memo-leaders-ida-liu-ultra-wealthy-2021-4">Citi CEO Jane Fraser is making her mark, exiting markets across Asia and Europe and shuffling leadership in its new wealth division all with an eye on attracting the ultra-rich</a></h3><h2><a href="https://www.businessinsider.com/citi-wealth-management-division-memo-leaders-ida-liu-ultra-wealthy-2021-4"><div type="image" title="jane fraser" height="750" width="1000" msid="82101180" hostid="261"></div></a></h2>Citi announced it was departing 13 consumer-banking franchises across Asia and Europe, in keeping with the bank's plans to refocus its efforts on wealth management outside the US. <a href="https://www.businessinsider.com/citi-wealth-management-division-memo-leaders-ida-liu-ultra-wealthy-2021-4">These are the markets it's exiting.</a> <h3><a href="https://www.businessinsider.com/irs-hunting-anonymous-coinbase-traders-who-made-100-million-kraken-2021-4">How 750 anonymous Coinbase traders have eluded the IRS even after making $100 million</a></h3><a href="https://www.businessinsider.com/irs-hunting-anonymous-coinbase-traders-who-made-100-million-kraken-2021-4"><div type="image" title="Charles Rettig" height="2333" width="3110" msid="82101182" hostid="261"></div></a>The IRS is still tracking down hundreds of Coinbase traders, some of whom used fake names. <a href="https://www.businessinsider.com/irs-hunting-anonymous-coinbase-traders-who-made-100-million-kraken-2021-4">See more here</a>. <h2>Odd lots:</h2><a href="https://www.bloomberg.com/news/articles/2021-04-14/guggenheim-s-minerd-moves-to-miami-as-firm-eyes-flexible-work">Guggenheim's Minerd Moves to Miami as Firm Eyes Flexible Work (Bloomberg)</a><a href="https://www.businessinsider.com/david-goggins-navy-seal-business-toughness-books-speaking-2021-4">Ex-Navy SEAL and ultramarathoner David Goggins is the toughest man on the planet. His latest challenge: persuading the world to suffer on purpose. (Insider)</a><a href="https://markets.businessinsider.com/news/stocks/jpmorgan-rich-clients-stock-strategy-ride-market-wave-sp500-kronos-2021-4-1030309904">JPMorgan is offering rich clients a way to ride the market waves created by massive investors (Insider)</a><a href="https://www.bloomberg.com/news/articles/2021-04-15/brevan-howard-s-main-hedge-fund-to-start-buying-cryptocurrencies?sref=5xrDvJna">Brevan Howard's Main Hedge Fund to Start Buying Cryptocurrencies (Bloomberg)</a><a href="https://www.bloomberg.com/news/articles/2021-04-15/coinbase-s-retail-buyers-stung-after-plowing-in-early-at-debut?srnd=markets-vp&amp;sref=5xrDvJnavJna">Coinbase's Retail Buyers Stung After Plowing in at Debut (Bloomberg)</a>

Insider finance: Investment banks with the worst hours

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>Here is what you need to know. 1. <a href="https://www.businessinsider.com/deutsche-bank-weathers-epstein-links-doj-investigation-1mdb-2019-7?r=US&amp;IR=T">D</a><a href="https://www.businessinsider.com/deutsche-bank-weathers-epstein-links-doj-investigation-1mdb-2019-7?r=US&amp;IR=T">eutsche Bank's week from hell just got worse after reported links with Epstein and a US probe into its role in the 1MDB scandal.</a><a href="https://www.businessinsider.com/deutsche-bank-weathers-epstein-links-doj-investigation-1mdb-2019-7?r=US&amp;IR=T"> </a>The US government is reportedly probing whether the German bank's work with the Malaysia 1MDB fund violated foreign corruption or anti-money laundering laws.2. <a href="https://markets.businessinsider.com/news/stocks/stocks-rise-after-fed-chair-jerome-powell-signals-rate-cuts-to-come-2019-7-1028344999">Rate cuts are coming - and markets are ecstatic.</a><a href="https://markets.businessinsider.com/news/stocks/stocks-rise-after-fed-chair-jerome-powell-signals-rate-cuts-to-come-2019-7-1028344999"> </a>Stocks climbed on Thursday after Federal Reserve Chair Jerome Powell signaled the central bank would lower interest rates this month.<a href="https://www.businessinsider.com/trump-orders-probe-into-french-digital-services-tax-2019-7?r=US&amp;IR=T">3. Trump could start a trade war with France over US tech firms. </a>President Donald Trump has ordered an investigation after worries that France's digital services tax, would place a 3% levy on the French revenues of firms like Amazon.4. <a href="https://www.businessinsider.com/bitcoin-extends-losses-after-fed-chief-urges-halt-to-facebooks-crypto-project-2019-7?r=US&amp;IR=T">Bitcoin has extended its losses after Fed chief urged halt to Facebook's crypto project. </a>The cryptocurrency dipped almost 8% on Thursday, after Jerome Powell called for a halt to Facebook's Libra project until concerns ranging from privacy to money-laundering were addressed.5. <a href="https://www.businessinsider.com/iran-gunboats-try-seize-oil-tanker-persian-gulf-uk-frigate-2019-7?r=US&amp;IR=T">I</a><a href="https://www.businessinsider.com/iran-gunboats-try-seize-oil-tanker-persian-gulf-uk-frigate-2019-7?r=US&amp;IR=T">ranian gunboats trying to seize a British oil tanker were scared away by the Royal Navy.</a> Three gunboats tried to get a British Oil tanker to alter it's path in the <a href="https://www.businessinsider.com/strait-of-hormuz-explainer-oil-us-iran-tensions-2019-7">Strait of Hormuz,</a> but a UK Royal Navy frigate was escorting the oil tanker and pointed its weapons on the Iranian vessels.6. <a href="https://www.businessinsider.com/boris-johnson-hard-to-disagree-donald-trump-attack-theresa-may-2019-7?r=US&amp;IR=T">Boris Johnson said he </a><a href="https://www.businessinsider.com/boris-johnson-hard-to-disagree-donald-trump-attack-theresa-may-2019-7?r=US&amp;IR=T">finds it 'hard to disagree' with Trump's attack on Theresa May.</a> The Tory leadership candidate refused to criticize the president who labeled the prime minister "foolish" and her handling of Brexit a "mess."7. <a href="https://www.businessinsider.com/mnuchin-urges-seek-approval-suppliers-sell-to-blacklisted-huawei-2019-7?r=US&amp;IR=T">Treasury Secretary Steven Mnuchin has encouraged US suppliers to seek approval to resume selling equipment to blacklisted Chinese telecommunications giant Huawei.</a><a href="https://www.businessinsider.com/mnuchin-urges-seek-approval-suppliers-sell-to-blacklisted-huawei-2019-7?r=US&amp;IR=T"> </a>Concerns have been raised Huawei tech could pose a national security risk and may be used as a backdoor for Chinese government espionage.8. <a href="https://markets.businessinsider.com/news/stocks/stocks-rise-after-fed-chair-jerome-powell-signals-rate-cuts-to-come-2019-7-1028344999">Stocks across the world today rallied after the Fed's announcement.</a> US futures are up with the S&amp;P 500 rising (+0.3%) as was the Nasdaq (+0.4%). In Europe trading opened on the up with the German Dax (+0.2%) and Euro Stoxx 50 (+0.3%). Asia closed strongly with the Nikkei 225 up (+0.5%), Shanghai Composite (+0.1%) and the Hang Seng (+0.8%).9. <a href="https://markets.businessinsider.com/earnings-calendar?utm_source=markets&amp;utm_medium=ingest">There are lots of earnings out later</a>, including US airlines company Delta's Q2 report. 10. <a href="https://markets.businessinsider.com/economic-calendar?utm_source=markets&amp;utm_medium=ingest#date=07/11/2019&amp;name=&amp;countries=us&amp;eventtypes=&amp;tab=1,2,3">In terms of economic data in the docket today</a> the highlights are the Fed's chair Powell testifying as well as the Consumer Price Index report excluding food and energy.

10 things you need to know before the opening bell

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>.Most of our time this week was spent covering a sweeping, long-shot bid to legalize cannabis from Sens. Chuck Schumer, Cory Booker and Ron Wyden.The trio introduced a draft version of the bill, The Cannabis Administration and Opportunity Act (CAOA), on Wednesday. <a href="https://www.businessinsider.com/senate-democrats-propose-bill-legalize-marijuana-2021-7">If you need the key takeaways, we've got you covered here</a>. In short, and I said this on NBC LX on Thursday, the bill goes after the 'whole enchilada' (yes, terrible metaphor) for marijuana legalization: It would fully remove cannabis from the list of federally controlled substances, expunge some criminal records, tax and regulate the industry, create funds that help minority entrepreneurs, and eventually allow for interstate commerce.This is the first time the senate majority leader has outlined cannabis reform as a top priority, and he's joined by Wyden, chair of the Senate Finance Committee - arguably the most powerful committee - as well as a former presidential candidate in Booker.Though the bill will likely change significantly over the next few months, the chances it gets over the 60-vote filibuster threshold are almost nonexistent. It's even unlikely they'll get all 50 Democratic Senators onboard, <a href="https://www.businessinsider.com/marijuana-legalization-federal-decriminalization-congress-democrats-banking-schumber-2021-3">as we've reported</a>. There's a broader fight brewing within the industry as well as the popular activist movements that view legalization as the tip of the spear of broader police reform.The industry's investors and executives want access to banking. Senate Democrats and their progressive base want criminal justice reform first.Booker drew a bright red line in a Wednesday press conference, indicating that he would stop bills like SAFE Banking, which would allow cannabis companies to access the financial system without broader legalization, from advancing ahead of criminal justice reform.- Jeremy Berke (<a href="https://twitter.com/jfberke">@jfberke</a>) If you like what you read, share this newsletter with your colleagues, friends, boss, spouse, strangers on the internet, or whomever else would like a weekly dose of cannabis news. <a href="http://insider.com/" target="_blank" rel="noopener noreferrer">Insider.com</a> update: <keyword id="1590971" type="PERSON" weightage="60" keywordseo="Newsletters">Newsletters</keyword> are now coming from our new domain, @<a href="http://insider.com/" target="_blank" rel="noopener noreferrer">insider.com</a>. Also, a friendly reminder to add <a href="mailto:newsletter@insider.com" target="_blank" rel="noopener noreferrer">newsletter@insider.com</a> to your address book.Here's what we wrote about this week:<h3><a href="https://www.businessinsider.com/senate-democrats-propose-bill-legalize-marijuana-2021-7">Top Senate Democrats just released a 30-page draft that lays out their vision for legalizing cannabis. Here are the 8 things you need to know.</a></h3>The discussion draft for the Cannabis Administration and Opportunity Act (CAOA) was released on Wednesday. The bill isn't expected to garner enough votes to pass the Senate - and the White House has not signaled support for the legislation - but Insider looked through the 30-page document to highlight eight key points in the draft. <h3><a href="https://www.businessinsider.com/analyst-schumer-marijuana-legalization-bill-pros-cons-cannabis-companies-2021-7">A top Wall Street analyst lays out why Schumer's legalization bill isn't a slam dunk for US cannabis companies</a></h3>In a Thursday note, Cantor Fitzgerald analyst Pablo Zuanic said that while de-scheduling - a key aspect of the CAOA - would be a big win for the industry, a hefty federal tax would pose a "new burden" to consumers who already have to pay high state and local taxes. Zuanic broke down the draft into 7 points and noted how each one would affect current cannabis companies.<h3><a href="https://www.businessinsider.com/list-top-cannabis-stocks-to-buy-curaleaf-gti-trulieve-cresco-2021-7">A top Wall Street analyst lays out 4 cannabis stock picks after Schumer's sweeping marijuana legalization proposal</a></h3>Analysts say that the recent pullback in US cannabis stocks the day Democrats released their bill draft has created a prime buying opportunity and laid out his top four picks. "Make use of yesterday's weakness," the analysts said in a Thursday note, adding that investors should avoid financially stretched companies that lack "state-level depth." <h3><a href="https://www.businessinsider.com/list-top-vcs-venture-capital-investors-psychedelics-industry-2021">Meet the top 11 VCs who've bet the most cash on turning MDMA and magic mushrooms into medical treatments</a></h3>The psychedelics space has burgeoned over the past year and VCs are largely responsible for all the capital that's flowing into the space. Insider put together a list of the top investors that have bet the most cash on psychedelics companies. <h2>Executive moves</h2><ul><li>Curaleaf <a href="https://www.prnewswire.com/news-releases/curaleaf-appoints-ranjan-kalia-as-chief-financial-officer-301331165.html">announced</a> that Ranjan Kalia, former executive vice president and CFO of tech firm Virtusa Corp, would be joining the company as CFO.</li><li>MedMen <a href="https://www.businesswire.com/news/home/20210715006062/en/MedMen-Announces-Permanent-Appointment-of-Tom-Lynch-as-Chief-Executive-Officer">announced</a> that Tom Lynch, who had been serving as interim CEO, would be stepping into the role on a permanent basis.</li><li>President Joe Biden <a href="https://www.washingtonpost.com/health/2021/07/13/biden-gupta-drug-czar/">tapped Dr. Rahul Gupta as the new director of the Office of National Drug Control Policy</a> (ONDCP). Gupta is the former chair of the West Virginia Medical Cannabis Advisory Board. </li><li>Cannabis retail company Zoned Properties named Berekk Blackwell as its new COO. </li><li>Psychedelics wellness retreat company Dimensions Health Centres <a href="https://www.globenewswire.com/news-release/2021/07/13/2261988/0/en/Dimensions-Health-Centres-Expands-Executive-Leadership-Team.html">said</a> that Dr. Douglas Cook, head of neurosurgery at Queen's University, will be joining the company as chief medical officer. Hospitality veteran Linda Griffin will be joining as managing director of hospitality.</li></ul><h2>Deals, launches, and IPOs</h2><ul><li>Michigan cannabis company C3 Industries <a href="https://jcannabisresearch.biomedcentral.com/articles/10.1186/s42238-021-00084-y">closed a $25 million funding round</a> led by Welcan Capital and Navy Capital, bringing the company's total capital raised to $65 million.</li><li>Psychedelics company Wesana Health <a href="https://www.globenewswire.com/news-release/2021/07/13/2262007/0/en/Wesana-Health-Announces-Definitive-Agreement-to-Acquire-PsyTech-Inc.html">announced</a> that it acquired therapeutic software company PsyTech in a C$21 million all-stock deal. </li></ul><h2>Policy moves</h2><ul><li>Democratic Senators unveiled a draft discussion for the Cannabis Administration and Opportunity Act on Wednesday. <a href="https://www.businessinsider.com/senate-democrats-propose-bill-legalize-marijuana-2021-7">We've got the main takeaways and a full summary PDF for you here</a>. </li><li>The United States Anti-Doping Agency is seeking to ease restrictions around athletes testing positive for marijuana use in an upcoming meeting with World Anti-Doping Agency (WADA), <a href="https://www.reuters.com/lifestyle/sports/usada-wants-fair-cannabis-rules-white-house-calls-meeting-2021-07-12/">Reuters reports</a>. </li><li>New Jersey has dismissed 88,000 marijuana cases, under the state's new legal marijuana laws, <a href="https://www.nj.com/marijuana/2021/07/nj-has-dismissed-88k-weed-cases-under-new-marijuana-law.html">NJ Advance Media reports</a>. </li></ul><h2>Research and data</h2><ul><li>Living near a dispensary did not increase cannabis use among young adults. However, there was a slight increase in tobacco/cannabis co-use among white people, according to <a href="https://jcannabisresearch.biomedcentral.com/articles/10.1186/s42238-021-00084-y">a new study published in the Journal of Cannabis Research</a>.</li><li>A <a href="https://jcannabisresearch.biomedcentral.com/articles/10.1186/s42238-021-00084-y">new study published in the journal </a><a href="https://jcannabisresearch.biomedcentral.com/articles/10.1186/s42238-021-00084-y">Addictive Behaviors</a> found that young men- particularly Black and Hispanic - had higher odds of suicidal ideation coinciding with cannabis use disorder. </li></ul><h2>Chart of the week</h2>Florida dominates the US medical cannabis market, selling $1.2 billion worth of products in 2020, according to New Frontier Data. Trailing closely behind are Arizona and California, at $1.1 billion and $857 million in sales respectively:<h2><div type="image" title="A bar chart about the top 10 medical cannabis market by revenue in 2020" height="1076" width="1240" msid="84483072" hostid="261"></div></h2><h2>What we're reading (and listening too)</h2><a href="https://www.businessinsider.com/trucking-truck-driver-marijuana-drug-testing-clearinghouse-2021-7">The trucking industry is doubling down on booting marijuana smokers, and it's getting a little ridiculous</a> (Insider) <a href="https://www.insider.com/synthetic-weed-molecule-only-gives-munchies-without-high-treat-cancer-2021-7">Lab-grown weed designed to give you the munchies without feeling high could be a life-saving cancer treatment</a> (Insider)<a href="https://www.businessinsider.com/top-lawyers-law-firms-crypto-cannabis-tiktok-emerging-industries-2021-6">The lawyers making money behind the scenes of emerging fields like crypto, cannabis, and the influencer economy</a> (Insider)<a href="https://www.nytimes.com/2021/07/11/well/move/marijuana-olympics-ban.html">Can Marijuana Make You a Better Athlete?</a> (New York Times)<a href="https://www.latimes.com/california/story/2021-07-11/illegal-marijuana-grows-have-overrun-the-california-desert">Illegal pot invades California's deserts, bringing violence, fear, ecological destruction</a> (LA Times)<a href="https://www.cnn.com/2021/07/15/business/dale-katechis-craft-beer-cannabis/index.html">One of the biggest names in craft beer is hopping over to the cannabis business</a> (CNN)<a href="https://www.nytimes.com/2021/07/09/opinion/sunday/drug-legalization-mdma-psilocybin.html">Opinion: How should we do drugs now?</a> (New York Times)<a href="https://slate.com/podcasts/one-year/s1/1977/e2/marijuana-policy">Mr. Marijuana and the Drug Czar</a> (Slate)

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