Daily Dozen | Forbes: The Year of Expensive Hotels; Battle for student loans; Platoon Skating Equipment

Airbnb co-founder Joe Gebbia joins Tesla’s board of directors. Stocks fell on Thursday on the Fed’s renewed commitment to controlling inflation. The main tax deadlines have been postponed for the victims of Hurricane Ian.

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In the news today

  • Six Republican-led states, including Arkansas and Nebraska, sued the Biden administration in federal court on Thursday in an effort to block its $400 billion student loan cancellation plan. The cohort argues that the initiative goes beyond the executive branch of the White House. After: The legal challenges prompted the administration to quietly roll back forgiveness for borrowers with private federal student loans, affecting about 8 million people.
  • On Friday, Russian President Vladimir Putin will annex four Ukrainian provinces, although only one is fully under Russian control. After: Putin had previously promised to defend Russian territory by any means necessary, including nuclear war. Here’s what could happen if he ordered a strike against Ukraine.

Best takeaways

Hawkish remarks Thursday from Federal Reserve leadership on staying the course with tight, inflationary economic policy the stock market gloom fueled, combining with poor labor market data to send it tumbling as investors abandoned cautious optimism seen the previous day. Declines in big tech stocks and pandemic darlings sent the Dow down 1.5%, the Nasdaq down 2.8% and the S&P 500 down 2.1%.

The peloton’s shares notably fell more than 14% during Thursday’s session after announcing that it would sell its exercise bikes and other equipment at Dick’s Sporting Goods, marking the home fitness company’s inaugural deal to sell its products at another physical retailer. Dick’s stock also fell 0.3%.

Bitcoin’s high carbon footprint puts the digital asset among some of the world’s most environmentally friendly industries, including beef, oil and natural gas, according to a new study. The cryptocurrency is “mined” using a power-intensive computer process. The findings have reignited public discourse on how the environmental impact of the asset affect the trajectory of the crypto sector.

Joe Gebbia, the billionaire co-founder of Airbnb, is join Tesla’s board of directors as an independent director just two months after stepping down from his management role at the home and apartment rental company. Meanwhile, Gebbia has also reportedly started working on her next startup.

High inflation rates and sustained pent-up travel demand are expected to increase hotel rates at all levels in 2023, although price increases will differ significantly from city to city. From European must-sees to South American tourist destinations, these are the cities where hotel rates will rise the most.

Nevada’s winning streak continues with a 18th Consecutive Month Over $1 Billion in game revenue. The start of the college football season generated $1.2 billion for August, pushing the Silver State 14% ahead of the record revenue year of 2021.

Must read today

Aurora James and Emma Grede know retail. Their advice on driving change in the $5.6 trillion industry? No compromise.

Canadian designer Aurora James, founder of clothing company Brother Vellies, launched the Fifteen Percent Pledge, a global initiative for major retailers to source at least 15% of merchandise from black-owned businesses, after feeling dissatisfied with the corporate response to the murder of George Floyd in 2020. Now 29 brands, including West Elm and Sephora, have signed long-term contracts reserving that storage space, funneling nearly $10 billion to black-owned businesses.

In case you missed it

Vertol Systems Company, the aviation company hired by Republican Florida Governor Ron DeSantis to fly migrants from Texas to Martha’s Vineyard, may have previously violated federal campaign finance laws. Government contractors are prohibited from making political contributions, but records show the company gave a super PAC backing conservative Republicans within weeks of launching a 3.4 training contract million dollars over four years with the Ministry of Defence.

Advice you can trust

  • There are many paths to the list of the richest Americans, but some routes have a better chance of making you a billionaire than others. Whether earn a spot on the Forbes 400 one day is your North Star, consider getting into one of these two industries, where nearly half of this year’s elite club members have made their fortunes.
  • Theirs pushed back key tax deadlines to February 15 for Florida victims of Hurricane Ian. The relief postpones various filing and payment deadlines that took place from September 23. Here are all the details on who qualifies and what you need to do now.

Must-see video

Ford’s all-new 2024 Mustang lineup

Discover the must-haves from Ford’s all-new 2024 Mustang lineup. First, the Mustang Convertible and the Mustang Coupe, both equipped with a 2.3-liter EcoBoost four-cylinder. But don’t miss the Mustang Dark Horse equipped with a 5.0-litre Coyote V8. Both engines are expected to increase efficiency and deliver more horsepower and torque than before, although Ford is keeping other details close to the belt in the months before the cars begin selling.

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