A new chapter in the Sam Bankman-Fried saga: On Friday, federal prosecutors asked a New York judge to sentence the founder and former head of cryptocurrency exchange FTX to between 40 and 50 years in prison. They cited claims that Bankman-Fried participated in a “historic fraud” and cost customers and investors at least $10 billion as the rationale behind the hefty jail time. Bankman Fried’s lawyers have argued that five or six years behind bars would be appropriate, maintaining that he’s not an “evil genius” or “greedy villain,” but rather a first-time nonviolent offender. The sentencing is set to take place on March 28. Full story.
Tim Cook’s $490 million slip-up: The CEO of Apple is paying the price for one ill-judged phone call he made in 2018—at the astonishing rate of $61 million per word. According to a class-action lawsuit, Cook made misleading statements to investors during the call, downplaying a falling demand for iPhones in China. Now, he’s paying a settlement of almost half a billion dollars for an eight-word phrase. Full story.
Delta’s CEO speaks out: Since Delta merged with Northwest Airlines in 2018, the brand has made the rare (but sought-after) shift upmarket, with 55% of 2023 revenue coming from “premium and non-ticket” sales. However, the pivot has also garnered Delta some negative attention, most notably last year when the company made it more difficult for frequent fliers to qualify for its Sky Club airport lounges. For this week’s Modern CEO newsletter, Delta’s CEO Ed Bastian shared insights into the company’s recent trajectory with Stephanie Mehta, CEO and chief content officer of Mansueto Ventures. Full story.
Employees have a legal right to support BLM: Antonio Morales, an employee at Home Depot, was disciplined by the company for drawing the letters BLM on a work apron and refusing to remove them. Then, on February 21, the National Labor Relations Board ruled that Home Depot’s actions violated labor law and ordered the company to rehire Morales. The decision could represent an important precedent for employees who express concerns about systemic racism, enshrining their rights to demonstrate their support for the Black Lives Matter movement on the job even when political messages may be involved in the workers’ communications. Full story.
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