Usage for Uber and Lyft has been ravaged due to the pandemic. Business Insider estimates that the number of Uber users will drop by 28.3% (15.2 million fewer people this year than in 2019). Lyft users will drop by 32.3% (10.3 million fewer). Business Insider reports that sales will rebound strongly in 2021. Growth of 70.2% for Uber and 44.1% for Lyft.
The ride-hailing company said Tuesday 100 percent of its vehicles globally will be battery-powered in 20 years. It's committing $800 million to help drivers switch over their vehicles. Caroline Malone reports.
Joseph Sullivan, the former chief of Uber’s security, was charged this week in connection with an alleged cover-up of a massive 2016 hack. The hack exposed the personal information of some 57 million Uber users. The federal government said Sullivan tried his hardest to sweep the breech under the rug. The criminal complaint filed this week in the Northern California’s District Court. Sullivan told his security staff to keep details about the hack “tightly controlled.
While the US has made it through the Great Depression and a number of recessions, the COVID-19 pandemic has put a new twist on the experience. According to Business Insider, the lowest-earning households have taken the biggest hit to their incomes, in terms of percentage of income lost. However, upper-income consumers have made the deepest spending cuts in total dollar amounts. That's because they have so much budgetary fat to trim.
On Thursday, US stocks fell 320 points. The drop comes even as weekly jobless-claims data came in better than expected. Business Insider reports that weekly jobless claims fell by more than 30,000 from the previous week, to 860,000. Tech stocks led the decline. Investors continued to process Federal Reserve Chairman Jerome Powell's comments expressing uncertainty about the economic recovery. Powell also said the Fed didn't expect to raise interest rates until at least 2023.
According to a survey this week from the National Retailers' Federation less Americans will celebrate Halloween. Just 58% of Americans surveyed say they will celebrate Halloween. However, average Halloween spending per person is expected to hit a record high of $91.12 this year Business Insider reports that Halloween spending serves as a proxy for holiday shopping. The survey points to a strong season for retailers this year, according to DataTrek.
Business Insider reports that billionaire Richard Branson is looking to raise $400 million. A filing showed that Branson is looking to raise the money in a special purpose acquisition company. VG Acquisition Corp is the name of the new company. It intends to sell 40 million units at a price of $10 per unit. The company said it plans to search for targets that operate in consumer-facing industries in US and Western Europe.
For some people, the phrase 'compound interest' conjures up dim memories of a high school teacher droning on in a quiet afternoon class. But according to Business Insider contributor Jen Glantz, being unaware of the magical leverage of compound interest cost her plenty. That is, until she discovered that compound interest is basically interest on your interest. She immediately changed up her savings strategy.