Le Bernardin.
NIGEL PARRYOne of the latest lawsuits from ex-Twitter employees alleges the company unfairly targeted women during its sweeping layoffs. While Carvana’s CEO is watching his net worth crumble as the company’s shares plunge, his father has racked up billions of dollars thanks to well-timed stock sales. Forbes finds that police can still fail to protect sex workers and trafficking victims even with a mass surveillance arsenal at their disposal.
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In The News Today
- The Federal Trade Commission filed a lawsuit against Microsoft on Thursday to block its $69 billion acquisition of video game giant Activision Blizzard, saying the purchase would unfairly draw consumers to Microsoft as the company looks to compete with gaming giants Nintendo and Sony.
- Dan Snyder, the billionaire owner of the NFL’s Washington Commanders, worked to intimidate and silence female employees who accused him and other male team executives of sexual misconduct, a 79-page congressional report released Thursday alleges. The report, based largely on testimony from former Commanders staff, also claims that the NFL helped Snyder try to preserve his image throughout the scandal.
Top Take-Aways
Elon Musk started and ended Thursday as the world’s second richest person, losing his grip on the top spot for the third time in two days to Bernard Arnault of French luxury conglomerate LVMH. When U.S. markets closed at 4 p.m. EST, Musk’s estimated net worth sat at $185 billion—$1.2 billion less than Arnault’s $186.2 billion at the time. More: A new lawsuit filed by former Twitter employees claims the company disproportionately targeted women during job cuts by laying off 57% of female workers versus 47% of men.
Huge police databases armed with Amazon’s facial recognition are harvesting online sex ads of exploited children and consenting sex workers alike. Forbes finds that even when wielding a mass surveillance arsenal, cops can fail to keep sex workers and trafficking victims safe.
Top Republicans in Congress have called for a briefing with TikTok CEO Shou Zi Chew before the end of the year to discuss growing concerns over how the platform deals with the sexual exploitation of kids after Forbes reported about child safety problems on the social media platform.
Weed stocks rose early this week when it looked as if Congress would finally pass crucial banking legislation. But those hopes were dashed when the SAFE Banking Act, which would make it easier for America’s banks to serve marijuana companies, was scrapped from the National Defense Authorization Act. Now cannabis investors are experiencing “emotional whiplash” over the dashed prospects.
Shares of Carvana plunged this week to a new rock bottom, affecting no one more than founder and CEO Ernest Garcia III. His fortune soared to over $11 billion at the used car retailer’s peak in August 2021, but his stake is now worth less than $200 million. Meanwhile, his dad, who controls the company, is worth an estimated $2.8 billion after timing his Carvana stock sales to perfection. As the used car retailer careens towards bankruptcy, the elder Garcia’s controversial cashout looks smarter than ever.
New Jersey-based BlockFi’s recent bankruptcy filing attempts to paint the crypto lender as a responsible leader roiled by the market and FTX’s collapse, but a closer look shows vulnerabilities likely began much earlier. That turmoil includes missteps in risk management like employees flagging credit risks and being dismissed by executives, while some former borrowers say BlockFi’s due diligence process also had flaws.
Today's Must-Read
The Forbes 2022 All-Star Eateries In New York
Restaurants in the Big Apple have made a remarkable comeback since the darkest days of the Covid-19 pandemic in 2020-21, with many fine eateries now buzzing with patrons, new ones opening and eye-popping creativity churning out of kitchens across the metropolis. You also certainly pay for what you get; inflation is no stranger here. Forbes unveils our list of where to enjoy the city’s most savory comestibles now.
In Case You Missed It
Venture veteran Danny Rimer has shot to the top of Forbes’ Midas List Europe thanks to writing the first check for $20 billion design startup Figma. Here’s how the Index Ventures partner landed the deal of the year, which represents a $2.6 billion windfall for his firm, one of Figma’s largest shareholders.
Tips You Can Trust
- Career transitions are inevitable, whether they’re voluntary changes like wanting to switch paths or involuntary moves like organizational restructuring. If you’re laid off or considering quitting your job, here’s a blueprint to follow to successfully manage the transition, which involves assessing the state of your career and then taking concrete action to make your professional ambitions a reality.
- As employees and companies are locked in a standoff over accelerating return-to-office mandates, new data signals many workers actually say the top reason they come to the office at this point is “to focus on my work.” That’s a shift from the emphasis on socializing and meeting face-to-face that was apparent earlier in the Covid-19 pandemic, and could signal a desire for efficiency by overloaded workers amid a worsening economy.
Must-Watch Video
Mahsa Amini: The Spark That Ignited A Women-Led Revolution
Every year on Forbes’ World’s Most Powerful Women list, the No. 100 slot is used as a way of honoring someone who is not “traditionally powerful,” as defined by hard metrics like money, being a world leader or serving as a CEO, explains ForbesWomen Editor Maggie McGrath. This year, Mahsa Amini claimed that spot after her death sparked a women-led revolution against the Iranian regime. As of November 30, her name has been used as a hashtag 79 million times. “Her name … has become a symbol for freedom internationally,” McGrath says.
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