Inside the secretive world of Shark Tank deals.
ILLUSTRATION BY FORBES; IMAGE BY GK HART/VIKKI HART/GETTY IMAGESExperts say that a showdown in the House over government spending and the U.S. debt limit could send the country into a government shutdown. Used car sales experienced their largest annual decline on record. Major companies like Meta and Spotify already use the tech behind the viral ChatGPT, but some experts say they should be wary of generative AI’s unpredictability.
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In The News Today
- A campaign finance watchdog is blowing the whistle on Rep. George Santos (R-N.Y.), pushing the Federal Election Commission to investigate the congressman for potentially violating campaign finance laws. Santos is being accused of illegally funneling money into his campaign and using funds on personal expenses, among other allegations, after being caught in a web of apparent lies about his background.
- The 118th House started official business after finally electing a speaker, and lawmakers are gearing up for a contentious showdown over federal government spending and the nation's debt limit. Experts say the issue could push the government to shut down for the first time in nearly five years, halting critical services and potentially going as far as risking a historic U.S. debt default.
Top Take-Aways
Federal regulators fined former McDonald’s CEO Stephen Easterbrook $400,000 on Monday for charges related to fallout from the sex scandal that resulted in his termination from the fast food giant. Easterbrook was fired in 2019 after intentionally misleading investors by not disclosing improper relationships in the workplace, according to the Securities and Exchange Commission.
Mike Pence’s political action committee bought $91,000 worth of the former vice president’s memoir, which became a New York Times best-seller. Pence could legally use his PAC to funnel donor funds into his personal pocket because he isn’t a current candidate for federal office, one campaign finance attorney says, though a spokesperson for Pence insists steps were taken to avoid that from happening.
Meta, Canva, and Shopify are among the many companies that are already using the technology that undergirds ChatGPT in their customer service chatbots, but experts warn that firms should be wary of generative AI’s creativity and unpredictability.
Used car prices increased slightly from November to December, but plunged 14.9% from one year prior, marking the biggest-ever annual decline since at least the late 1990s. The steep slump could bode well for overall inflation, which has long been impacted by supply chain constraints driving up the price of used vehicles.
A total of 36 states have legalized sports gambling since 2018 and another few could get in the game this year. Forbes released a guide outlining where, and how, the action is legal across America.
Southwest Airlines’ holiday operations nightmare will cost the carrier up to $825 million, causing a net loss for the fourth quarter—a painful juxtaposition to the “strong profits and margins” that CEO Bob Jordan predicted for the airline in the fall.
Today's Must-Read
Inside The Secretive World Of Shark Tank Deals: Who The Real Winners Are
Which judges close the most deals, which ones change the terms off the air, and the surprising response from some entrepreneurs who don’t win over a shark.
In Case You Missed It
It was an ugly holiday stretch for struggling retailer Bed Bath & Beyond, which is considering filing for bankruptcy after it said high out-of-stock levels and dwindling foot traffic were expected to cause sales to drop 32% in its latest quarter. Instead of a typical holiday boom, empty shelves hallmarked the period as nearly half of inventory was out of stock, according to retail data and pricing analytics firm DataWeave, leaving some employees wondering if the company has seen its last holiday season.
Tips You Can Trust
- You might have noticed your younger coworkers sharing a new trend going viral on social media. “Rage applying” to jobs is, well, all the rage on TikTok right now as Gen Z and Millennials share stories of rapidly applying to dozens if not hundreds of jobs after getting fed up with feeling overlooked, underappreciated or unfairly compensated at work. Here’s what’s sparking the fad, and how it could work in employees’ favor—or against them.
- While workers who survived mass layoffs last year might have a more favorable fate than those who got the ax, that doesn’t mean they have it easy. Those who remain are strapped with fear over what’s to come (will they be next to go?) all while struggling under the weight of more work thanks to a reduced staff. Here’s how we got here, and what CEOs can do in the future instead of laying people off.
Must-Watch Video
Major Employment Change Coming: What Foreign Students And H-1B Visa Holders Need To Know
On the Department of Homeland Security’s to-do list is “modernizing” its system for issuing H-1B visas, which allow U.S. companies to temporarily employ foreign workers in specialty fields including tech, finance, engineering and medicine. Stuart Anderson, executive director of the National Foundation for American Policy, walks Forbes through the potential changes for the program, which already has a tough 80% rejection rate. “When you go to a U.S. university campus you’ll find only about 25% of the full-time graduate students in some of the key technical fields are actually U.S. students, so when companies look to fill these specialties … they’re going to need to look at hiring people who weren’t born in the United States,” he says.
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