By Jack Kelly
Bloomberg reports that Wall Street has a long way to go to increase hiring, supporting and retaining Black talent. According to the report, Black executives’ representation at financial firms has stalled at 8%. A number of unnamed current and former employees of color told Bloomberg that they’ve faced bias and racism. Citigroup CEO Michael Corbat acknowledged that more needs to be done to nurture and support Black talent once they’re hired. In an effort to boost diversity, bank executives are being advised that their bonuses will be tied to helping foster change within their ranks.
Tesla CEO Elon Musk just zoomed past Warren Buffett on the Bloomberg Billionaires Index to become the world’s seventh wealthiest person.
Musk’s fortune rose more than $6 billion Friday after Tesla’s stock surged 10.8% to a record $1,544 per share. Its market value stood at $286.5 billion. Musk owns 20.8% of Tesla’s stock, making his stake worth just under $60 billion. Tesla’s stock is up more than 500% over the past 12 months, exceeding the value of almost every company in the S&P 500. The electric carmaker is the most valuable auto company on Earth.
Meanwhile, Warren Buffett’s fortune fell this week after he donated nearly $3 billion worth of Berkshire Hathaway stock to charity—part of his plan to give away most of his wealth to philanthropic ventures.
The 49-year-old Musk could eventually become the world’s richest person—a spot currently held by Amazon CEO Jeff Bezos—based on a pay package that Tesla shareholders approved in 2018.
The parent company of New York & Co., filed for bankruptcy and the century-old women’s apparel chain may close all of its stores. The company “expects to close a significant portion, if not all, of its brick-and-mortar stores” and has begun the process of shutting and liquidating some locations, the company said in a statement Monday. It’s also considering a sale of its e-commerce business and intellectual property.
Founded more than a century ago as Lerner Shops, the company changed its name to New York & Co. in the late 1990s and became a mall mainstay, teaming up with celebrities like Eva Mendes and Kate Hudson. This retail bankruptcy follows Brooks Brothers, Neiman Marcus, J.C. Penney, J. Crew, Lucky Brand, True Religion and many others.
As Disney reopened its premier theme park—Disney World—today in Florida (amid exploding coronavirus numbers), social media immediately took the entertainment conglomerate to task by criticizing the decision to resume theme-park operations, calling it “premature” and “risky.”
Social distancing Disney world style! pic.twitter.com/URYc3mwtAf
— UnRooolie❼ (@unrooolie) July 11, 2020
Florida has now seen more than 250,000 total cases of confirmed coronavirus cases and has tallied more than 300 deaths in the last three days—with 11,000 new cases reported on today’s park-reopening day.
The Washington Redskins announced Monday that the team will be retiring its name and logo, after completing a thorough review that began on July 3.
“Today, we are announcing we will be retiring the Redskins name and logo upon completion of this review,” the team said in a statement.
“Dan Snyder and Coach [Ron] Rivera are working closely to develop a new name and design approach that will enhance the standing of our proud, tradition-rich franchise and inspire our sponsors, fans and community for the next 100 years.”
There’s talk that “Washington Redwolves” will be the new official team name.
Here’s some career and job search advice:
- ‘Find Your Passion’ Is Bad Life Advice. Here’s Some Advice That’s Better
- Never Say These 6 Things In A Job Interview
- Adam Grant Just Explained How To Answer The Question Everyone Hates Most
- It’s Time To Crowdsource Your Job Search