Influencers don’t want to get too deep into politics on their social media platforms in an effort to protect their brands.
ILLUSTRATION BY FERNANDO CAPETO FOR FORBES
Twitter’s ousted CEO Parag Agrawal was never going to please everyone with his leadership strategy, and with an almost opposite approach to the role, it’s possible that Elon Musk is dealing with a similar feeling. San Francisco tech company Bright Machines sees growth opportunities thanks to a push in the US to boost domestic manufacturing. Plus, we look at the circumstances under which holding crypto could trigger an IRS audit.
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In the News Today
- In a last-ditch effort to block Congress from taking over documents that may illuminate his business dealingsFormer President Donald Trump asked the Supreme Court to bar a House committee from looking at his tax returns in a court filing Monday afternoon.
- The Justice Department on Monday charged the man who allegedly assaulted the husband of House Speaker Nancy Pelosi with assaulting a family member of a federal official and attempted kidnapping of a federal official, while the San Francisco District Attorney’s office filed separate charges including attempted murder and elder abuse. David DePape, 42, reportedly had a list of potential targets and may have planned to attack other people.
Top-outs
Big 4 accounting giant Deloitte promised states AI-powered fraud detection systems in exchange for hundreds of millions of Covid unemployment contracts. Fraudsters who abuse the same systems are likely to earn more, Forbes gene.
Moelis & Co., the investment bank handling the sale of the Phoenix Suns to Robert Sarver, is still looking for a “whale” buyer, meaning someone with deep pockets who can help raise the winning bid of the team. An NBA executive said Forbes the Suns are more likely to do so sold for more than $5 billion versus less than $4 billionbut sports bankers mostly say such prices are entirely dependent on finding such a high buyer.
San Francisco-based Bright Machines, whose microfactories automate electronics production lines with robotics, recently pulled its $1.6 billion deal to go public through a SPAC after supply chains, Covid lockdowns in China and geopolitical pressures. gave American manufacturers a new impetus to set up factories closer to home. Now the firm has raised $100 million in venture capital to fund its growth, reaching a valuation of $938 million — surpassing that of many tech companies that have gone the SPAC route.
The founder of Amazon Jeff Bezos lost his crown as the third richest person in the world for Indian infrastructure and energy tycoon Gautam Adani after the e-commerce giant forecast third-quarter earnings that its holiday sales will fall short of analysts’ expectations. The news wiped about $7.2 billion off Bezos’ fortune as it sent Amazon shares down 6.8% last Friday. The billionaire now stands in fourth place ForbesList of real-time billionaires with a net worth we estimate at $125.9 billion.
Self-driving technology development company TuSimple fired CEO and co-founder Xiaodi Hou after a report that he was being investigated for allegedly having a hand in wrongful funding and technology transfer to a Chinese startup, potentially violating US regulations. News of the crash sent TuSimple shares crashing by 50%.
A few weeks ago, President Joe Biden said he would replenish the US Strategic Oil Reserve with a floor price of $70 a barrel, but on Monday he rejected the idea of imposing a windfall tax on energy companiescriticizing the oil industry for raking in huge profits while everyday Americans with inflation empty their wallets at the gas pump.
Things to read today
Makers are rallying for the midterm elections — but political takeover isn’t on the agenda
Influencers have the power to move the needle in elections. While they are keen to help get out the vote, many won’t dive deeper into politics to protect their brands.
In case you missed it
Elon Musk quickly cleaned house when he officially bought Twitter last week, letting go of top executives, including now-former CEO Parag Agrawal, who was co-founder Jack Dorsey’s handpicked successor. Agrawal and Musk seem to be getting closer running the social media platform with drastically contrasting stylesand with many unhappy with Agrawal’s leadership methods, it stands to reason that Musk may face similar sentiments.
Advice you can trust
- The IRS is actively sniffing out non-compliant taxpayers when it comes to cryptocurrency transactions, with efforts focused on identifying traders and investors who underreport their profits. To ease any worries, here are the ins and outs of IRS audits you need to know and tips on how to avoid them, plus the circumstances under which crypto holders may trigger an audit.
- Many employers fix the cost of hiring a new worker at three to four times the salary of the position, the new data show. This means that existing staff can be one of the best sources for recruiting new talent, although their networks and knowledge are often not used in this area. Here’s how companies can better utilize their people and engage them in the hiring process.
A must see video
Twitter break: Here’s what we know (and don’t know) about Musk’s plans
Twitter employees are anxiously awaiting word on possible layoffs less than a week after Tesla CEO Elon Musk’s $44 billion takeover of the social media platform. It is said that up to 25% of the company’s workforce could go in the first round of cuts, a possible reversal from initial reports that the world’s richest man planned to reduce staff by around 75%.
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