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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...
For decades, Ben & Jerry’s has been more than just an ice cream company — it’s been a loud, proud, and unapologetic advocate for progressive causes. From climate justice to racial equity, the brand has built an identity around speaking truth to power. But now, that identity is at the center of a corporate power struggle. Ben & Jerry’s is accusing its parent company, Unilever, of firing CEO David Stever, not because of poor performance but because he refused to back down from the company’s social mission. According to the New York Times, the lawsuit, filed in a Manhattan, NY, federal court, claims that Unilever violated a key part of its 2000 merger agreement by removing Stever without advisory board approval. What started as a quirky Vermont ice cream shop with a social conscience has now turned into a legal battleground, with Unilever allegedly trying to muzzle the very activism that made Ben & Jerry’s a cultural force. A Brewing Corporate Clash Ben & Jerry’s alleges that...
Diversity, equity, and inclusion (DEI) is like the studio album, “The Miseducation of Lauryn Hill” — critically acclaimed by some, misunderstood by others, and a constant source of debate. Whether celebrated or criticized, DEI has become one of the most polarizing issues in corporate America. And let’s be honest: When companies start scaling back on DEI, it’s not just a boardroom shuffle — it’s a move that disproportionately impacts the Black community. This polarizing environment extends beyond corporate America. According to the Associated Press, President Donald Trump made waves with executive orders aimed at dismantling DEI programs within the federal government. Among these was the rescission of Executive Order 11246, which mandated affirmative action for federal contractors, a policy originally designed to level the playing field for underrepresented groups, as well as nondiscrimination. In addition, DEI offices were defunded, DEI employees were laid off, diversity training...
Rashida Jones is stepping down as president of MSNBC, marking a significant transition just days before President-elect Donald Trump returns to the White House . USA Today reports that she will remain in an advisory role until March. Rebecca Kutler, a Jones recruit from CNN and MSNBC’s senior vice president of content strategy, will serve as the interim president. “I came to this decision over the holidays while reflecting on our remarkable journey and the many successes we’ve achieved together as a team,” Jones shared in an internal memo to staff, per USA Today. “This has been the most rewarding chapter of my professional career and I am immensely proud of what we have accomplished, which has been made possible only by you.” Jones was the first Black woman to head a major television news network when appointed in December 2020, AFROTECH™ previously reported. She succeeded Phil Griffin, officially stepping into the role in Feb. 1, 2021. Jones previously served as senior vice...
A federal judge is reportedly considering significantly reducing a multimillion-dollar settlement previously awarded to Clifford “T.I.” Harris and Tameka “Tiny” Harris. Multiple reports indicate that the judge is contemplating lowering the $71 million settlement to $17.8 million due to insufficient evidence that MGA acted in bad faith, according to Fox 5 Atlanta. Last year, a jury awarded the Atlanta couple $71 million after a lengthy legal battle with MGA concerning the alleged misappropriation of their likeness in its popular ‘L.O.L. (Li’l Outrageous Littles) Surprise Dolls line, as reported by AFROTECH™. “Jurors reportedly agree that ‘L.O.L. Surprise! OMG dolls’ infringed on the trade dress and misappropriated the name, image, and likeness of the all-female group that T.I. and Tiny formed,” AFROTECH™ reported. During the weeks-long trial, lawyers pointed out seven MGA Dolls with appearances uncanny to the singers at “ very specific public events.” Tiny’s oldest daughter, Zonnique...
Jay-Z is reportedly no longer affiliated with The Parent Company, which suffered significant revenue losses starting in 2022. In 2020, the rap mogul, born Shawn Carter, launched his luxury cannabis brand Monogram under The Parent Company, where he served as chief visionary officer, mentions Lawyer Monthly. Its flagship product, the OG Handrolls, was priced at $50, with the full lineup of strains primarily available at eight California-based dispensaries, including Caliva, Coastal, and Zen Garden, as well as an Arizona dispensary called Ponderosa. However, since then there appears to be trouble in paradise for both Monogram and The Parent Company. S FGATE mentions Monogram’s pricing did not fair well for cannabis consumers, especially since its products were marketed as high-end and premium. “Like many other things we’ve seen in cannabis surrounding rappers, the hype hasn’t met the reality. Monogram was supposed to be an ultra-premium product, and I don’t know anyone who tried it and...
Snoop Dogg and his son Cordell Broadus are winning in business together. Among their shared ventures is Dr. Bombay Ice Cream. As AFROTECH™ previously reported, the brand was inspired by a moment of frustration Snoop Dogg experienced while trying to mix different flavors during a bout of the munchies. Now the ice cream brand, which hit the ground running in July 2023, comes in countless flavors such as: Strawberry Cream Dream Baked Blueberry Muffin Tropical Sherbet Swizzle Peanut Butter Jelly Time Iced Out Orange Cream Syrupy Waffle Sundaze S’more’s Vibes “Ice cream is more than just a snack to me; it’s a way to chill, relax, and get happy. That’s exactly what I want Dr. Bombay Ice Cream to do. Bring a smile to your face and ease your mind. I’ve poured my heart and soul into perfecting these first seven flavors…,” Snoop Dogg said when launching the brand, according to Dairy Foods. Blavity reports that the company has expanded into Walmart and convenience stores such as 7-Eleven and...
If you spent any time tuned in to the 2024 Paris Olympics , you likely recognize the name Noah Lyles. The 27-year-old sprinter has made numerous headlines for his incredible athletic performance and earned numerous championship medals and special honors for his dynamic speed. Those interested in learning more about Lyles’ intense training regiment can find him appearing in several documentaries as of late, including the upcoming second installment in the Netflix original series, Sprint: The World’s Fastest Humans . Noah Lyles also hosts a documentary-style vlog on his personal YouTube channel under the title “Grassroots,” which sees him outlining his track and field skills, showcasing his warmups and even exploring his diet and other contributing factors to his epic performance. The world champion runner is also making headlines lately thanks to his prolific social media presence , which sees him taking on challenges such as a foot race with noted streamer IShowSpeed. Since Noah...
If you’re a big music fan, you’ve certainly heard your fair share of Babyface tracks over the years. The multi-talented artist , who celebrated his 65th birthday back in April, has released more than two dozen chart-topping R&B classics over the course of his historic career, resulting in a staggering 13 Grammy Award wins. Even with all his success, Babyface’s massive net worth may be quite shocking to some listeners, since many artists from his generation have struggled to flip their musical highs into prudent financial investments . According to Celebrity Net Worth , Babyface touts a staggering nest egg of over $200 million, earned mostly through music royalties, producer credits and a few high-priced real estate ventures. Perhaps the most shocking aspect of Babyface’s massive wealth is the fact that his net worth was once halved following a contentious divorce in 2005. This means that the musician could have stacked millions more if it weren’t for losing a nine-figure sum in the...
Six-time NBA All-Star and five-time All-NBA member Jimmy Butler’s 13-year career holds a host of accomplishments both on and off the court . Named Most Improved Player in 2015, Butler has been diligent about playing a defensive game by which he can be remembered while he’s in the league and for years to come. He’s also made a name for himself as one of the NBA’s funny guys, treating the annual picture day sessions as an opportunity to showcase his quirkiness. All in all, he’s gained wealth through his years spent playing professional basketball. The 35-year-old is also one of the five athletes being featured in the Netflix documentary, Starting 5, meaning all eyes are on him this October as viewers raise questions about Jimmy Butler’s net worth and personal life. The Business Owner & Music Junkie Signed A $184 Million, Four-Year Deal In 2019 (Kim Klement/Getty Images) Despite getting his start at basketball during his teenage years and then accepting an athletic scholarship to...
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...
Tyra Banks is working on a new venture. According to ABC News, the supermodel and television personality plans to open an ice cream shop in Washington, DC, named Smize & Dream. Banks took to Instagram to announce the venture. “She’s serving… @smizeanddream ice cream in Washington, D.C. – SO VERY SOON! 💛 Get ready for a creamy dreamy experience,” she wrote. View this post on Instagram A post shared by Tyra Banks (@tyrabanks) Previously, Banks had opened an ice cream truck in Dubai, United Arab Emirates, but those ice cream products were only available in the U.S. in pre-packaged pints during a pop-up that Banks held in Los Angeles, CA, per ABC News. Banks credits her interest in the ice cream industry to a shared passion for ice cream with her mother, she explained on Instagram in December 2023. “My mama and I have been obsessed with ice cream for forever. And now (and WOW), I got me some big ice cream DREAMS with @SMiZEandDREAM,” she wrote. At the soon-to-be-open ice cream shop,...
In November 2023, Brick City Vegan became Montclair, New Jersey’s only 100% plant-based vegan restaurant. Today, its culinary commitment is rooted in changing the culture’s mindset about eating plant-based foods. Brick City Vegan founders Adenah Bayoh and chef Emeka Onugha provide an array of dishes, such as made-from-scratch biscuits and plant-based burgers, that are not only better for its diners but for the planet overall, KGET.com reports. “I made the choice to become a vegan due to some health issues that I found myself dealing with,” Bayoh recalled in an interview with Blavity. “The food I loved growing up suddenly started making me sick, so I knew I had to listen to my body. It hasn’t always been easy because I’m a big foodie! I absolutely love good-tasting, satisfying food, and for a long time, people believed that being vegan meant we only eat lettuce, fruits, and veggies. Brick City Vegan is here to show the world that a plant-based diet can be just as tasty and fulfilling...
Grant Hill has diversified his wealth in team ownership. Hill had previously been a player across four teams in the NBA, and his time would conclude after 19 seasons. He accumulated more than $100 million during his playing days, and his earnings would only continue in retirement, CNBC reports. Atlanta Hawks In 2015, two years following his exit, Hill began sporting a new hat as a team owner. As previously mentioned by AFROTECH™, he became part of an ownership group headed by Ares Management Founder Tony Ressler, which acquired a stake in the NBA’s Atlanta Hawks from the ownership team led by Bruce Levenson, per Bleacher Report. The sale was reportedly valued at $850 million, reports ESPN. What’s more, it has proven to be a great addition to Hill’s portfolio as the team is now worth a staggering $3.3 billion, notes Forbes in 2023. Orlando City Soccer Club And Orlando Pride Hill widened his presence in ownership, alongside his wife, Tamia, becoming limited partners through their...
Rilwan Lawal is enhancing the lives of gig workers. Growing up in Lagos, Nigeria, since the age of 1, the entrepreneur and founder was accustomed to self-starters. Both his mother and father were entrepreneurs who owned several businesses. “I don’t think I grew up seeing anyone around me waking up and getting ready to go to work,” Lawal, 33, told AFROTECH in an interview. “I feel like everybody around me had their own thing going on. And it was ingrained in me that at some point, I would be doing something on my own.” He added, “My mom is the ultimate entrepreneur. I witnessed her start multiple businesses and saw it come to fruition. That has been very helpful. My dad was also an entrepreneur in the real estate space. So just seeing both sides, and being able to execute on just an idea and bring it to life, really gave me that positive thinking that I could essentially just do anything.” When Lawal was 17, he left his family to pursue higher learning in the United States. He was...