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Friday, April 4, 2025, marked the second consecutive day major U.S. stock indexes fell sharply, a downtrend that follows President Donald Trump’s recent tariffs announcement and China’s Friday morning declaration to impose a 34% duty on U.S. goods in retaliation. According to NBC News, significant market losses included Tesla , Elon Musk’s electric vehicle company, which fell by approximately 10%; agricultural equipment leader Caterpillar, down about 6%; and top AI chip manufacturer Nvidia, which declined by approximately 7%. The S&P 500 index, which tracks 500 leading U.S. companies, dropped more than 4%, down more than 16% from its peak. The Russell 2000 index, which follows stocks of smaller U.S. companies, plummeted by 5.3%. Global markets also experienced significant sell-offs, with European stocks declining 10% from recent highs and Asian markets facing sharp drops. After the market had closed on Wednesday, April 2, 2025, Trump announced from the White House’s Rose Garden that...
Apple faces its largest decline since 2020, leading the race of significant drops in technology stocks as President Donald Trump announced a 10% tariff on all imported goods and higher duties targeting specific countries, according to CNBC. Trump shared the news about tariffs from the White House’s Rose Garden after the market closed on Wednesday, April 2, 2025, raising concerns about a potential global trade war . According to a White House fact sheet, the tariffs will take effect at 12:01 a.m. EST on Saturday, April 5, 2025. “Today, President Donald J. Trump declared that foreign trade and economic practices have created a national emergency, and his order imposes responsive tariffs to strengthen the international economic position of the United States and protect American workers,” the fact sheet read. On Thursday, April 3, Apple stock declined by over 8%, Meta Platforms and Amazon each dropped about 7%, and Nvidia and Tesla experienced declines of over 4%, per CNBC. The...
Goldman Sachs Group Inc. has changed its stance on underwriting initial public offerings (IPOs) for companies with all-white male boards. In 2020, CEO David Solomon announced that the leading investment bank would only take a company public in the United States or Western Europe if the organization had at least two diverse board members, one of whom was a woman, AFROTECH™ previously reported. However, as of Tuesday, Feb. 11, 2025, Goldman’s IPO requirement is null and void, according to Bloomberg. “As a result of legal developments related to board diversity requirements, we ended our formal board diversity policy,” said Goldman spokesperson Tony Fratto, Bloomberg reported . “We continue to believe that successful boards benefit from diverse backgrounds and perspectives, and we will encourage them to take this approach.” Goldman’s 12-member board currently includes two people of color , one of whom is a woman. Among the bank’s executives, 73% are white, with 56% being men. Data...
NBA star Jimmy Butler has brewed his love for coffee into a storefront in Miami, FL’s Design District. After teasing the concept for some time, the Miami Heat star officially opened his first BigFace Coffee shop on Dec. 5, 2024, according to Axios. The café boasts a chic interior design, a selection of merchandise including hats and jerseys, and an outdoor courtyard featuring ample seating. “This is a dream of mine,” Butler said at the grand opening, CBS News reported . “I get to come in here, chill out, meet people, vibe out, and become friends. Coffee is life. It’s how I start my mornings, watching my daughter play while I enjoy a cappuccino. For me, that’s the quintessential coffee experience.” View this post on Instagram A post shared by La Marzocco USA (@lamarzocco.usa) Besides Butler, other basketball figures at the grand opening included Carmelo Anthony , Heat center Kevin Love, and former NBA guard Brandon Jennings, according to Axios. DJ Khaled and French footballer...
Hello Alice’s steadfast commitment to supporting small businesses remained strong, even amid adversity. Founded in 2017 by Elizabeth Gore and Carolyn Rodz, Hello Alice is driven by a mission to support the growth and success of small businesses. This dedication was evident from the outset, especially when the company faced a financial setback due to the cancellation of South by Southwest (SXSW) at the onset of the COVID-19 pandemic in 2020. Instead of moving forward with a large marketing campaign as planned, Hello Alice redirected those funds to launch a grant program, offering critical support to small business owners in need during a challenging time. “It was the biggest amount of money we’d ever spent on anything at the time. And then the world shut down and there’s initially that moment of us saying, ‘Oh my gosh, like what’s gonna happen to us?’ And then we said, ‘If we’re dealing with this, and here we are that we had the luxury of having raised capital, we had investment...
Founder Telfar Clemens has always resisted conforming to the fashion industry. Divorcing Fashion Industry At Inception Early on, he embraced a bold sense of individuality, developing his own unique style that set him apart. This nonconformity often clashed with the uniform policies of the schools he attended, and he was similarly uninterested in following the traditional dress codes of his Liberian heritage. “I always have been interested in clothes. I’ve always had my own perspective on what I wanted to wear… I come from West African parents. I’m from Liberia and there’s a certain way of how you should dress and how you should carry yourselves and I completely was not with that, ” Clemens mentioned on “The Breakfast Club.” In 2005, Clemens introduced the world to Telfar, a New York-based unisex fashion brand designed to stand apart from the traditional fashion industry. From the outset, he distanced himself from the industry, viewing it as too closed-minded to embrace the...
Russell Okung has no regrets about deciding to be paid in bitcoin. The two-time Pro Bowler previously played for the Carolina Panthers when he made history as the first NFL player to receive part of his salary in bitcoin, according to Sports Illustrated. In 2020, he decided to accept half of his $13 million salary in bitcoin, converting the $6.5 million at market rates and receiving 240 bitcoins. no more broke athletes. no more lost generational wealth. pay me in bitcoin pic.twitter.com/ZqTM0Y1fsC — OKUNG 🐆 (@RussellOkung) November 13, 2024 “I’m looking at Bitcoin. I’m talking to this young kid, young Silicon Valley type. We’re talking about me being paid in Bitcoin. I’m giving ’em the vision, but how will we do it,” Okung recalled in a video clip shared on X. “They’re not willing to adjust the collective bargaining agreement between the players and the owners. So what can I do to get the Carolina Panthers to play ball? Here’s the power of Bitcoin with U.S. dollars. You have to rely...
The Federal Reserve has cut interest rates for the first time since March 2020 — the beginning stages of the COVID-19 pandemic. Forbes reported that on Wednesday, Sept. 18, 2024, the U.S. central banking system announced the significant move that will have a widespread effect on Americans’ finances, making borrowing less expensive. Following a split decision on whether to make a 25- or 50-basis-point cut, the Fed’s policy-setting committee reduced the federal funds rate by 50 basis points. As inflation continues to moderate, the adjustment lowers the interest rate to a range of 4.75% to 5%, down from 5.25% to 5.5%, which were the highest levels since 2001. “Today, the Federal Open Market Committee decided to reduce the degree of policy restraint by lowering our policy interest rate by 1/2 percentage point,” Fed Chairman Jerome Powell said at a news conference following the announcement. “ This decision reflects our growing confidence that, with an appropriate recalibration of our...
Meghan Markle has been intentional about investing in female-led companies over the years, The New York Times reports. Markle, a former actress and Duchess of Sussex through her marriage to Britain’s Prince Harry, has taken advantage of the limelight to provide greater visibility to brands. A bag she wore from Scotland brand Strathberry after her engagement in 2017 was sold out in 11 minutes. She said that moment “changed everything in terms of how I then looked at putting an outfit together.” It has led her to become more intentional about what brands she aligns with and wears. Markle also mentioned, “Times where I know there is a global spotlight, and attention will be given to each detail of what I may or may not be wearing, then I support designers that I have really great friendships with, and smaller, up-and-coming brands that haven’t gotten the attention that they should be getting. That’s one of the most powerful things that I’m able to do, and that’s simply wearing, like,...
After losing his job in 2020, Sheldon Goins made history as an entrepreneur. While speaking with Fox 5 in Washington, DC, Goins reveals that after transitioning out of his role, he would make visits to the Rips Country Inn located in Bowie, MD. He would bring home six-packs of craft beer, and when his wife, Brittany, noticed the pattern it inspired a business idea. “My wife was like ‘You might as well start making your own beer at home,'” he explained to the outlet. “Then from there I started buying a whole bunch of random equipment and starting kits, and I made my own recipe. And then my wife noticed again and said, ‘You might as well make a company out of this.’ Of course I listened, and she was right. That same year I created Black Beauty Brewery.” View this post on Instagram A post shared by Black Beauty Brewery (@blackbeautybrewery) While Goins had the affirmation from his wife, he also received a head nod when entering his recipe in homebrew competitions, winning the third and...
Megan Thee Stallion and Big Sean are the latest rappers being sued for copyright infringement for their single “Go Crazy” released in 2020. After dropping new music, sometimes artists find their celebrations cut short due to an unforeseen lawsuit — and these two are no exception. According to court documents provided to Complex, Duawn Payne (Go Hard Major) and Harrell James (H-Matic) filed the copyright infringement lawsuit against the Hip-Hop artists due to claims that their single was “strikingly similar” to their song “Krazy,” which was released in 2012. Before the lawsuit, Payne and James issued a cease and desist to Megan Thee Stallion and Big Sean in March for their alleged “willful and reckless disregard” of their copyrights, HipHopDx reports.
As part of Harvey Ventures, Steve Harvey and his daughter Lori Harvey have invested in a variety of Black-owned businesses. The company’s website explains that in addition to investing in such companies as Wish and 23andMe, they’ve invested in Black-owned businesses like Brotha Bakes. Now, too, Harvey Ventures has added MOON Ultra to their investment portfolio. Co-founded by Edward Madongorere and Dishen “Dixon” Yang, this Black-owned business has invented a product that was named one of TIME Magazine’s “Best Inventions of 2020.” For Lori Harvey, though, the investment in the company was a natural one. “With the fast-paced growth that digital innovation continues to bring into our creator economy, it was important to me to align myself with a company that prides itself on empowering not only its internal team, but its direct consumers to be the best versions of themselves,” she told AfroTech exclusively. “And for me, that is MOON Ultra.” Based in Austin, TX, MOON Ultra has created a...