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It could be the end of an era for budget-friendly travel — at least for now. On Monday, Nov. 18th, low-fair flight company Spirit Airlines confirmed that they’ve filed for bankruptcy protection after making efforts to cut costs all around. Some of their recent steps have included selling 23 Airbus jets and delaying future aircraft deliveries. Sadly, Spirit has also had to furlough hundreds of pilots with plans to cut additional staff in January. In their filing, they confirmed 13,000 full-time and part-time employees, plus 8,000 independent contractors and temporary workers. Things might look dire now, but as CNN notes, American Airlines , United and Delta have all gone bankrupt within the last 25 years, only to bounce back stronger on the other end of negotiations and hard work. What We Know About Spirit Airlines’ Bankruptcy So Far Photo Credit: Forsaken Films / Unsplash CNN cites, “ mounting losses, unaffordable debt, increased competition for bargain-seeking airline passengers...
Whether you’re satisfied with the results of the 2024 presidential election or not, the only option now that the votes are in is to accept that situation and move forward with grace and confidence. Throughout their campaign for the White House, both Kamala Harris and Donald Trump had celebrities endorsing them to help persuade the public. The former relied on Megan Thee Stallion’s bodacious body and a co-sign from Barack Obama, while Trump’s support from figures like Elon Musk and Joe Rogan could be what gave him the winning edge. The South African pledged his allegiance to the Republican candidate following the assassination attempt made on his life in July; per Barrons , Musk was one of the president-elect’s biggest donors for his third campaign, spending more than $130 million supporting Trump and others in his political party. Considering he’s the richest man in the world, dishing out this money to help his friend was nothing for the Twitter CEO, who’s only stood to benefit...
Wall Street day traders found themselves shocked and confused last week when Reddit’s stock price climbed to heights of 58 percent, surpassing the expectations of even the most liberal investors on r/WallStreetBets. The social media site , which is primarily used for sharing opinions, discussing niche topics and delivering daily news to millions of user-generated in-groups, reported $348.4 million in Q3 revenue according to data on Yahoo Finance . While these sky-high figures would be a bit surprising to most financial analysts, they were especially shocking to Wall Street insiders , who were reportedly planning to short the RDDT stock based on their expectation that the site would lose money during the most recent earnings report . In order to understand why and how the Reddit stock was able to surpass expectations, we’ll have to take a brief look at what’s changed in the site’s business model in recent months, watch similar stocks such as META and NVDA, and study the industry...
Timbaland and Swizz Beatz stepped up to the plate during the pandemic to add some joy through the concept of Verzuz. After much success and some questionable head-to-head musical battles, Triller acquired Verzuz from the two musical icons. Oh, what a tale of American economics. Many culturalists speculated that the acquisition would water down the impact of Verzuz. Others saw Triller’s money move as an attempt to stay relevant, specifically against its ever-popular competitor — Tik Tok. Whether any of those speculations are true, Triller is in the news again. This time, the short video app filed official paperwork with the United States Securities and Exchange Commission to take the company public.
Tiffany James is ensuring financial literacy will be accessible to Black women. As AfroTech previously told you, the 27-year-old is the founder of Modern Blk Girl (MBG). The digital platform was created to ensure minority women have a safe space to be themselves and learn about the stock market. For James creating MBG stemmed from her Caribbean upbringing in which financial literacy was nonexistent. It was not until the age of 21 that James became more conscious of how stocks could transform her ways of living. In fact, after investing in various stocks including Tesla she turned $10,000 into two million within three years. “If I had the knowledge I have now about financial literacy when I was younger, a lot of things could have been different for me. One experience that I went through is not having money for simple things like high school prom, senior trip, and a cap and gown but if I knew I could invest in Apple my junior or senior year I would have been fine,” James told...
On March 29, 2022, Gamestop stock ground to a halt on the NYSE. TheStreet reports that stock exchange officials ordered that the popular stock — along with the equally popular, and meme-able, AMC stock — stop its trading on Wall Street, based on the fact that the stocks were trading at a higher-than-usual volume and their prices were fluctuating to the point of volatility. This move, according to the outlet, could result in the successful stock-taking an unprecedented nose dive. “GameStop was last seen trading 6.1% lower on the session at $178.00 each, a move that would still leave the stock up 41% over the past month, while AMC fell as much as 12% before trading 2.1% into the red at $28.80 each,” reports the outlet. This bit of news could come as shock to investors, who may have been under the impression that the stock would rally amidst growing reports of their new NFT marketplace. With this in mind, we decided to put together a brief primer for everything you need to know about...
Business for Rihanna’s Savage X Fenty has been booming as of late. In January, AfroTech previously shared that the lingerie brand raised $125 million in a Series C funding round — bringing its total venture capital funding to $310 million. The round included participation from Neuberger Berman, L Catterton, Avenir, Sunley House Capital, and Jay-Z’s Marcy Venture Partners. According to Savage X Fenty co-presidents Christiane Pendarvis and Natalie Guzman, the new funding is for “retail domination.” The brand’s evolution continues as Rihanna is reportedly looking to take it public. According to Bloomberg, the business maven has been “working with advisers on an initial public offering” that could possibly take Savage X Fenty to a valuation of $3 billion or more. The banks that her company is said to be working with is Goldman Sachs Group Inc. and Morgan Stanley, according to the outlet’s sources. The listing could go into effect this year, but nothing has been publicly confirmed yet by...
On Monday, Oct. 4, the world experienced a blackout that lasted nearly six hours from social giants Facebook, Instagram and WhatsApp, causing Mark Zuckerberg to subtract from his billion-dollar fortune. According to Forbes, the Facebook head lost $5.9 billion in just a few hours, making him the world’s sixth richest person with a net worth of $121.6 billion. The sharp decline can be attributed to the turmoil created Monday, which caused the platform’s stock to decline 4.9 percent. As AfroTech previously reported, the blackout disrupted the internal systems of the platform with some employees reportedly being locked out of headquarters, unable to access company e-mails and Workplace, the company’s internal communication platform. The social giant’s difficulties have only heightened since mid-September when the Wall Street Journal revealed a series of stories that said Facebook was aware of discrepancies within their products that include misinformation and harmful media effects,...
If you’ve ever wanted to own a pair of sneakers signed by Kobe Bryant, but don’t have an extra $89,000 laying around, Collectable has a unique solution for you. Yahoo is reporting that the online sports memorabilia company is offering the late basketball legend’s signed French Blue Air Jordan 12 Retro sneakers as an IPO. Collectable’s idea is that memorabilia collectors can own a piece of sports history at an affordable price (in this case, for $10/share), so more fans can access things they otherwise wouldn’t be able to access. “Investors are limited to $5,000 in the first 15 minutes and $15,000 in the next 45 minutes. The cap will be lifted after the first hour. $10 per share, $89,000 All-in, $89,000 IPO, $5,000 share cap for first 15 mins,” explained the company. This offering is one of two pairs of Air Jordans worn by the late Kobe Bryant. The sneakers were verified as authentic, and Bryant wore them to play a Lakers vs. Boston Celtics game in December 2003. The pair features...
Fresh off her winning weekend at the BET Awards, Megan Thee Stallion is spreading the wealth to teach her fans about investing. Today, the “Hot Girl” rapper announced that she’s teaming up with money giant Cash App to give away $1 million worth of stock to fans in an effort to show them how they can use investments to increase their finances. “Me and my thriving empire, Hot Girl Enterprises, have teamed up with Cash App to teach you everything I learned on the way up about money and how you can build your own empire,” she shared in the first clip of her educational video series called “Investing for Hotties.” “Buying stocks isn’t only for the big players,” she adds. “Anyone can start with as little as $1. Putting in a little money and seeing how it moves is a great way to learn about the stock market and start building up a portfolio.” She also posted about the giveaway on her social media pages writing. “Listen up, Hot Girl CEO and @CashApp are here to teach you about investing. To...
While it may be faster for African businesses to trade goods with other partners outside of the continent, it also makes them more dependent on exports and prevents new markets from being created. To combat this, Ghanaian-based company Jetstream is proposing its own solution. Jetstream — which operates as a vertical broker between the fragmented and often-hidden segments of cross-border supply chains in Africa — uses technology in order to simplify the process of moving cargo across borders, per its company website. Today, its mission has become focused on “white labeling the systems built internally to manage shipments and financing for customers,” according to TechCrunch, and the startup just closed a $3 million seed round to continue this work. The outlet reports that the funding round included both local and international investors as participants, such as Alitheia IDF, Golden Palm Investments, 4DX Ventures, Lightspeed Venture Partners, Asia Pacific Land, Breyer Labs and MSA...
As countries begin to vaccinate their populations, businesses will begin to reopen. With those re-openings, and the jobs that will be restored in their wake, the economy will gradually begin to make up lost ground. As workers are rehired and incomes begin to grow, so too will consumer confidence. And both mass vaccinations and rising consumer confidence will also allow us to begin to venture out again and be social once again, which ill provided ballast to the ailing hospitality, outdoor recreation, travel, and restaurant sectors. Some businesses are better positioned to take advantage of these expected developments than others. If you’re looking to invest in stocks sure to surge when the economy reopens, look no further than these five stocks. Expedia The biggest company in travel-related search and bookings, Expedia’s stock should grow nicely as consumers begin to travel more frequently. The company owns large players in the online booking space like Orbitz, Travelocity, and...
“Just answer yes or no,” California Rep. Maxine Waters repeatedly said in a recent hearing, “I’m reclaiming my time.” This was Waters’ mood the entire time she questioned Robinhood CEO Vlad Tenev during the “Game Stopped? Who Wins and Loses When Short Sellers, Social Media, and Retail Investors Collide,” virtual hearing on Thursday, Feb. 18. Tenev and a group of other CEOs and financial experts were called to testify before the U.S. House Committee on Financial Services following the events of the stock market frenzy on Jan. 25. That frenzy came after the Reddit group of young day-to-day traders called WallStreetBets caught wind of hedge fund short sellers in GameStop last month. When WallStreetBets shared its findings on Reddit, retail investors began grabbing GameStop stock up, driving its share price through the rough, and ultimately costing some hedge funds millions of dollars. Check out what Black millennials had to say about this debacle. Despite this being absolutely legal,...
Many of us who’ve weathered the pandemic-related economic downturn relatively well may have blown some or all of that money on impulse buys. It’s understandable both given the psychic toll of 2020 and the suspect spending habits many of us have. However, with additional checks likely on the way, it’s best to have a plan now for how you might spend that extra money. Here are five responsible ways to use that next stimulus check. Save your stimulus money Part of the reasoning behind the stimulus checks is that getting money into people’s hands will increase consumer spending and help prop up business revenue. However, while spending may be good for the country, it may not be the most prudent decision for you and your family. If you don’t have savings of at least $1,000 (or preferably three to six months’ worth of living expenses), stash that next check to be prepared for emergencies. Invest in stocks 2020 saw the major stock market indices hit historic highs, making many people...
Nigeria-based media company IROKO has big plans to go public in the next year on the London Stock Exchange Alternative Investment Market. Founded in 2011 by Jason Njoku and Bastian Gotter, IROKO is a West African film streaming service that showcases an extensive catalog of Nollywood film content. It was rumored that the company planned to go public back in 2019, but after a few mishaps and having to weather business through the coronavirus pandemic, talks of IROKO going public are back on the table. “What we can achieve in private, we can equally achieve as a public company. We will likely open up the IPO to our loyal members too so they can capture the value too, which I am super excited about. One thing about IROKO is that we have always been pioneers and we’re okay being super experimental,” Njoku told TechCrunch. “I plan to open-source the entire process so any other African company coming behind — if we’re successful — will benefit from our experience.” This is such a big step...