Paolo Ardoino, Chief Technology Officer at Tether
WOLFGANG WILDE FOR FORBES
Big money in play: U.S. lawmakers reached a tentative $1.7 trillion funding deal for 2023. Federal regulators have ordered Wells Fargo to pay its biggest penalty yet—$2 billion in customer refunds and $1.7 billion in fines due to various consumer financial law violations. Billionaire brothers Mat and Justin Ishbia are buying the Phoenix Suns for an NBA-record $4 billion. Plus, the snowballing cost of “quitfluencers” in the workplace.
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In The News
- Elon Musk is reportedly intensifying the search for his replacement as Twitter CEO, saying he will resign as soon as he finds someone “foolish enough to take the job.” The news comes as a relative surprise after Musk appeared to dismiss the results of a poll supporting his resignation.
- In his first trip out of Ukraine since Russia started its invasion in February, Ukrainian President Volodymyr Zelensky is traveling to Washington, D.C., on Wednesday to address a joint session of Congress.
Top Take-Aways
Bipartisan negotiators in Congress unveiled a $1.7 trillion government spending package—dubbed the “omnibus package”—that would fund the federal government for the rest of the current fiscal year. It must pass by Friday at midnight to stave off a shutdown and avoid what would be a messy showdown between a split Congress at the start of the next session in January.
Financial giant Wells Fargo was ordered to pay $3.7 billion in fines and refunds to over 16 million affected customers for causing “financial harm,” the most significant penalty against the bank to date, following a string of violations in recent years.
Gas prices continue to plunge as energy supplies increase and demand drops. The national average cost for a gallon of gas dropped to an 18-month low on Tuesday. Experts predict the cost of a gallon of gas could fall below $3 by the end of the year.
In sports news, the Phoenix Suns and the WNBA’s Phoenix Mercury are getting new billionaire owners: brothers Mat and Justin Ishbia. Owner Robert Sarver put the Suns up for sale in September after a one-year suspension and a $10 million fine for workplace misconduct. The brothers are buying the teams from Sarver for $4 billion, a new NBA team sale record. Meanwhile, Boston Marathon winner Diana Kipyokei was stripped of her 2021 title for using prohibited substances, and Sunday’s FIFA World Cup championship was the most-watched finals game ever.
Netflix shares dropped 2.4% Tuesday morning following published data on the first month of the streaming giant’s ad-supported tier, adding to climbing concerns that the new service won’t be a cure-all for Netflix’s bottom line. Only 0.2% of U.S. Netflix users were on the advertising plan by the end of November. Elsewhere, Netflix and other streaming giants like HBO Max have been quietly removing shows over streaming licenses and to cut costs.
Ahead of his 14th annual letter on his blog, Bill Gates spoke to Forbes about where his money will go next. Gates said The Bill & Melinda Gates Foundation, which he and his former wife Melinda French Gates co-chair, is getting the biggest one-year increase in its 22-year history—and the biggest budget ever. The foundation is adopting and supporting new technology, such as artificial intelligence and gene therapy, to tackle global issues like childhood mortality and HIV.
Today’s Must Read
Inside Tether, Crypto’s (So Far) Unbreakable Buck
Amid crypto’s existential crisis, its largest liquidity provider, Tether, has withstood multiple multi-billion dollar redemption runs. Will competition from rival stablecoins like USDC and regulatory pressure force Tether to finally come clean?
ICYMI
YouTube is pushing the idea of the “multiformat” creator, who posts both TikTok-style short videos as well as the longer videos YouTube is known for. Meanwhile, creators are eyeing something else: Shorts monetization coming early next year.
Tips You Can Trust
- The Supreme Court set a date for a hearing on two legal challenges to President Biden’s student loan forgiveness program for February 28, 2023. Elsewhere, Congressional lawmakers’ unveiled bipartisan budget bill includes provisions that may impact student loan borrowers. Here are five things to know.
- With the electric vehicle market growing, Tesla is still rapidly growing its vehicle sales despite its loss of market share. Here’s why its market share is set to fall deeper in 2023. Plus: what to consider when evaluating whether now is the time to buy an EV.
Must-Watch Video
Every department within a company has a “quitfluencer.” Once they receive a job offer, they openly share the good news and excitedly disclose to co-workers the significant increase in compensation, stock options and higher corporate title they received. A snowball effect ensues. Forbes senior contributor Jack Kelly walks us through what a “quitfluencer” is and what management can do to retain top talent.
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