Brooks Brothers announced that Authentic Brands Group and SPARC Group LLC were the winning bidders for the suiting company. Business Insider reports that Brooks Brothers filed for Chapter 11 bankruptcy last month. ABG and SPARC increased its initial offer of $305 million to $325 million. They agreed to keep at least 125 retail locations operating. The group have previously worked together to purchase distressed retailers like Aeropostale and Juicy Couture.
On Wednesday, Tesla stock rallied as much as 7% in early trading. According to Business Insider the boost comes after the company revealed a five-for-one stock split scheduled for August 28. Every Tesla shareholder will receive four additional shares that, when added to their existing share, will equal the stock's pre-split value. The split itself won't change Tesla's market cap. However, it may pull in smaller investors who couldn't previously afford shares.
Italy's richest family is the Ferraro family. They founded confectionery giant Ferrero Group. The company is run by Giovanni Ferrero. Under his guidance the value of assets acquired through his CTH holding company increase by 40% last year. Business Insider reports this was partly due to CTH's $300 million purchase of Danish cookie business Kelsen Group last year.
Business Insider reports that Facebook's ad revenue will continue to increase this year. The growth will come despite the growing number of brands pulling ad campaigns amid the coronavirus pandemic. Net US digital ad revenues at Facebook will increase by 4.9% this year to $31.43 billion. Brands pulled ad spend from Facebook for the month of July in support of the NAACP campaign #StopHateForProfit. The campaign only asks brands to pause Facebook ad spending.
Robinhood overtook its rivals in trading activity during the month of June. According to Business Insider, a surge in retail investing drove millions of users to the trading platform. The brokerage posted 4.31 million daily average revenue trades, as investors capitalized on pandemic-fueled uncertainty. Robinhood used to attract traders with its zero-commission-fee structure, but rivals have since slashed their own fees.
Indian-origin Kamala Harris is being selected as Democratic candidate for United States Vice President. Speaking on it, her maternal uncle said, "Our family feels happy. My sister, her mother, would have been very proud of her daughter. It is a historic day for the Indian community. My sister passed away in 2009, Kamala came here to immerse her mother's ashes in the Bay of Bengal. I spoke to her last time when I was in the US, in October-December last year. Today I sent her a message of congratulations." He further said, "She could not come here frequently in the last couple of years as she is a Senator. She is Indian and likes India but that doesn't mean that anything India says is right for her. She is also Jamaican, an African-American, she uses her own judgement."
Vista Equity Partners founder Robert Smith, who according to Forbes is the wealthiest African-American, discusses the fight for social and economic justice, creating better opportunities for minority communities and why now is the time for systematic change.
"We need to defund the budgets of police departments. It's the only way we're going to take power back," says Anthony D. Romero, executive director of the American Civil Liberties Union (ACLU). Calling..