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Michael Jordan is moving forward with a lawsuit demanding better outcomes from NASCAR. As AFROTECH™ previously reported, Jordan became an owner of a NASCAR team, 23XI Racing, in September 2020 . According to NBC Sports, Jordan’s team — also owned by driver Denny Hamlin — operates under NASCAR’s charter system, which demands its 36 charter teams compete in all events. For their participation they are granted incentives such as payments, but this is contingent upon the team’s presence, performance in that event as well as over the course of the most recent three seasons, and the season-ending points fund. Despite the listed incentives, teams are not fairing well under the current structure, per AP News. In fact one team, Furniture Row Motorsports, was led to sell its charter for $6 million just a year after becoming the Cup Series winner in 2017 because it could not make a profit. Despite concerns, 13 organizations moved forward to sign NASCAR’s 100-page renewal contract on the...
TikTok may be hindering its own future as it faces significant challenges that could lead to a ban in the United States . According to Fortune, a recent court hearing highlighted the app’s legal battle against a law requiring the China-based platform to be sold to a non-Chinese entity by Jan. 19, 2025, or risk being banned in America. The U.S. government’s worries center on the possibility of the Chinese government influencing content and accessing user data. During the hearings on Sept. 16, 2024, at the U.S. Court of Appeals, TikTok’s lawyers reasserted that such a sale would be impractical and infringed on the U.S. right to free speech . As AFROTECH™ previously reported, t he Protecting Americans from Foreign Adversary Controlled Applications Act — which TikTok is the subject of — is advancing in Congress, which could enforce parent company ByteDance’s sale of the app and restrict TikTok’s operations further in the U.S. A modified version of the bill, which was proposed to “...
Brandon J. Middleton-Pratt is lending his law expertise to the tech ecosystem. He currently serves as a partner at Wilson Sonsini Goodrich & Rosati and is a board member at DivInc, a nonprofit that empowers underrepresented founders. His trajectory was not a linear one. He initially pursued a finance and marketing degree at the University of Denver while playing on its basketball team, he says. Upon obtaining his bachelor’s in 2003, he decided to move to Los Angeles, CA, to pursue a career in entertainment instead. Though that did not pan out for long, he made appearances in the films “Coach Carter”, “Rebound,” and “The Longest Yard.” The pivots of life would then lead Middleton-Pratt to play basketball overseas in Spain and Cyprus after receiving an offer from a sports agent. He then experienced a crossroads, which would determine if he would return to Los Angeles. A call from a mentor with an opportunity in the energy field finally brought him back to the states. “A mentor of mine...
Fearless Fund is claiming victory following a settlement that dissolved one of its grant programs. What Happened As AFROTECH™ previously reported, Fearless Fund had been in a legal battle with legal activist Edward Blum and his American Alliance for Equal Rights group over the firm’s Strivers Grant program — a Blum-led group had earlier challenged race-based affirmative action policies and won in the Supreme Court. The grant program, backed by JPMorgan Chase & Co. and Mastercard, supported Black-owned women businesses with $20,000 in funding, per information shared by “CBS Mornings.” The lawsuit, filed August 2023 in the U.S. District Court in Atlanta, GA, argued it was in violation of the Civil Rights Act of 1866 to launch a grant program “open only to Black females,” labeling the move as “explicit racial exclusion.” As a result, several rulings and appeals have been issued. First, the grant program was permitted to continue operating under U.S. District Judge Thomas W. Thrash on...
The lawsuit preventing Fearless Fund from allocating funding to Black women entrepreneurs has been settled. As AFROTECH™ previously reported, Fearless Fund, currently led by founding partner Arian Simone, was sued by legal activist Edward Blum and his American Alliance for Equal Rights group. In the lawsuit, filed in the U.S. District Court in Atlanta, GA, in August 2023, the investment firm had been accused of “explicit racial exclusion” for creating a grant program that was “open only to Black females,” with the lawsuit alleging that it went against the Civil Rights Act of 1866. Blum and the group flagged Fearless Fund’s efforts of providing $20,000 in grants and mentorship directed to Black women due to a violation of “race neutrality,” The Washington Post reports. Initially, U.S. District Judge Thomas W. Thrash was in favor of the Fearless Fund, which at the time had been guided by Simone and COO Ayana Parsons, who later stepped down from her role in April 2024. View this post...
Rolanda Brandon has filed a lawsuit due to North Carolina’s NIL restrictions. She is the mother of Faizon Brandon, a quarterback at Grimsley High School and the nationa’s top-ranked recruit in the 2026 class, according to ABC11. The high school player intends to play for the University of Tennessee upon graduating in the fall of 2025, which he affirmed through a verbal commitment, per CBS Sports. The journey toward higher learning is often met with great excitement for athletes and name, image, and likeness (NIL) deals have further energized the sports arena for both college and some high school students. However, this may not have been the case for Faizon. The Athletic Narrative states that while high school students can engage in NIL deals, the eligibility is subject to state laws and the specific rules of their schools or sports teams. Rolanda is now suing the state of North Carolina due to the barriers around NIL deals, The Charlotte Observer reports. This has prevented Faizon...
Sony’s agreement with Michael Jackson’s estate will remain intact despite pushback. As AFROTECH™ previously mentioned, Sony Music Group reportedly closed a sale related to the late “Rock With You” singer’s legendary catalog, which encompassed half of his publishing and recorded masters catalog. In total, the assets were worth between $1.2 billion and $1.5 billion. Sony Music Group reportedly paid at least $600 million in the deal to claim its portion of the stake in Michael’s assets. However, there was allegedly some pushback surrounding the deal from his mother, Katherine Jackson. Billboard reports that she attempted to stop the deal. This was because his executors, John Branca and John McClain, had appeared to privately go to Judge Mitchell Beckloff to get the green light for the deal. Katherine argued that it would “violate Michael’s wishes” and that the catalog’s valuation would still rise if the estate maintained its ownership. Beckloff turned down the notion in April 2023 and...
Elon Musk forcibly revealed X’s shareholders. The Hollywood Reporter mentions that Musk, who acquired Twitter in October 2022 for a reported $44 billion and later renamed it X, is facing a lawsuit that former employees of Twitter have filed stating he has not honored their employee contracts. As part of that proceeding, X initially shared a redacted list of company investors in 2023. NBC News notes that releasing a list that reflects investors in a company is common practice. However, journalist Jacob Silverman pushed for the full list to be shared publicly, with the aid of the Reporters Committee for Freedom of the Press (RCFP), and a motion was filed to request that X’s full records be revealed in July 2024. On Tuesday, Aug. 20, 2024, X was told to share a more detailed list of its investors due to an order from U.S. District Judge Susan Illston in San Francisco, CA, stating that X “did not show good cause” to hide its list from the public, according to RCFP. “The Court GRANTS the...
Dame Dash claims he is broke. In a video clip on Instagram, the music executive states that his desire to pursue his dreams has also led him to lose his wealth. “Somebody asked me how I got so broke. Investing in my dreams,” Dame Dash explained. “You know, when you’re investing in your dreams and you dream big, you’re always gonna be broke… or have a lot of sh-t. But I don’t have no money for nobody else. That’s what you call broke. But that’s what it is.” View this post on Instagram A post shared by Dame Dash (@duskopoppington) Currently, Dash is facing a financial bind due to a $800,000 judgement amount that he will now owe as a result of a prior copyright infringement and defamation of character lawsuit, as AFROTECH™ previously reported. As required by the court, the U.S. Marshals are selling Dame Dash’s shares in Roc-A-Fella Records, which amount to 33% and are reportedly worth $1.2 million. They will be up for auction on Aug. 29, 2024. There is great interest surrounding the...
A class action lawsuit continues to loom over Shaquille O’Neal. As AFROTECH™ previously reported, he was named in a class-action lawsuit filed against the Astrals Project, which he created alongside Music Manager Brian Bayati, who serves as the CEO, and his son Myles O’Neal, who is the head of investor relations. They launched to the public the “Shaq Signature Pass,” a non-fungible token (NFT) series that was labeled as the “first consumable NFT of its kind, and the signing technology is one that we think will have wide-ranging applications.” Coindesk mentions Astrals consisted of 10,000 NFT 3D avatars and a decentralized autonomous organization (DAO) for “incubating innovative projects” with the Galaxy token serving as the governance token. In a class action filed in Florida federal court in 2023, it stated the project was in violation of securities law as the company sold unregistered Astrals tokens, according to The Hollywood Reporter. Investor Daniel Harper, who allegedly lost...
2 Chainz is reportedly heading to court over an investment deal gone wrong. The Express Tribune reports that 2 Chainz, also known as Tauheed K. Epps, invested in Pineapple Express Hollywood, a dispensary in Los Angeles, CA, in 2021. A lawsuit filed by Antimatter Holdings on Aug. 2, 2024, states that 2 Chainz became familiar with the business through Snoop Dogg’s tour manager, Damien Roderick, according to SFGATE. That planted the seeds for a $1.5 million investment in the dispensary, which is owned by Pineapple Ventures, Inc. and PNPLXPRESS, Inc. The store initially planned to open in 2021. However, several challenges allegedly prevented it from doing so, and its doors opened in March 2022, per The Express Tribune. The rapper was notified of multiple delays and was offered the chance to withdraw 110% of his investment with a 30-day notice. However, when 2 Chainz decided to withdraw in May 2022, the company allegedly failed to uphold its promise, the lawsuit mentioned. It also stated...
Jay-Z wants to reclaim the body of work that started it all. TMZ reports Jay-Z’s legal team has sounded the alarm that in 2031 the rapper-turned-billionaire will obtain full rights to “Reasonable Doubt,” his debut album released in 1996. Per the outlet, these rights would have reverted back to Jay-Z 35 years after the release as part of the business deal either way. This announcement follows the news of an impending sale of Damon Dash’s 33% share in Roc-A-Fella Records, which is set to hit the auction block sometime on Aug. 29, 2024. Its listing at auction was set in motion earlier this year to cover the more than $800,000 judgement amount Dame Dash owed in a past copyright infringement and defamation of character lawsuit related to the making of the movie “Dear Frank.” As AFROTECH™ previously mentioned, Josh Webber, director of “Dear Frank” filed the lawsuit in 2019, claiming Dame Dash was trying to make the movie on his own after being fired as director himself. More recently,...
Journalist Don Lemon has sued Elon Musk. Lemon was a co-host on CNN until he was let go from the network in April 2023, AP News mentioned. After his exit, Lemon was presented an offer from Musk, who acquired X in 2022, to form a partnership that would allow him to host his own show, “The Don Lemon Show.” According to a new lawsuit, Lemon claimed to be a “top prospect” for Musk who was seeking to onboard “reputable figures” to maintain advertiser interest, per CNBC. Variety noted the show was intended to allow Lemon to be “bigger, bolder, freer,” and he said it would “be available to everyone, easily, whenever and wherever you want it, streaming on the platforms where conversations are happening. And you’ll find it first on X, the biggest space for free speech in the world. I know now more than ever that we need a place for honest debate and discussion without the hall monitors. This is just the beginning so stay tuned.” Taping for the show kicked off with Lemon interviewing Musk....
Wu-Tang Clan’s “Once Upon a Time in Shaolin” could have an earlier release date thanks to non-fungible token (NFT) collective PleasrDAO. In 2015, the legendary Hip-Hop group auctioned off only one physical copy of their seventh studio album, and former “pharma bro” Martin Shkreli reportedly bought it for $2 million, according to The New York Times. PleasrDAO then acquired the album for $4 million in 2021 from the U.S. government after Shkreli was convicted of securities fraud. Previously, Wu-Tang Clan’s sales contract with Shkreli stated that “Once Upon a Time in Shaolin” was prohibited from being publicly released until Oct. 8, 2103, which was 88 years into the future. However, the album isn’t as inaccessible now. The New York Times reports that on June 13, PleasrDAO started giving listeners access to a five-minute sampler of an encrypted digital version, an NFT, for $1 in addition to fees. The collective stated it was part of an experiment and posed the question: “Do people still...
Will Smith learned a tough financial lesson early on in his career. During an episode of the podcast, “7PM in Brooklyn with Carmelo Anthony & Kid Mero,” Smith reflected on a peak moment in his career in 1988. Smith had won a Grammy for Best Rap Performance with DJ Jazzy Jeff for their single “Parents Just Don’t Understand,” Pop Sugar reports. Their win was even more significant because it was also the year that the Best Rap Performance category was introduced. However, that career highlight also came during a time when Smith ran into trouble for neglecting to pay his taxes. “I was like, you know the IRS gets money from everybody, they don’t like need mine, but they felt differently,” Will said on the podcast. “So, I didn’t pay taxes for the two years and won a Grammy and all that. So, they just thought they should take my stuff. So, I was a little down, and I went out to L.A. I sold everything in [Philadelphia, PA], like I was, like, broke-broke sold everything in Philly.” According...