Good morning,
Because we’re ready for what’s expected to be a lackluster jobs report, something to make fashionistas and/or meme lovers smile on Spring Friday: a complete recap of the Balenciaga meme. that it Meme culture at its finest, with a dash of the “uncanny valley” we’ve come to expect from generative AI. Because we all needed an answer to “What if Harry Potter but Balenciaga made it?“
Breaking news
Facebook’s parent company, Meta, has announced the layoffs of 11,000 employees, the largest cut this year.
AFP via Getty Images
job cuts Almost 400% this yearapproaching levels not seen since the pandemic early in 2020. Tech industry layoffs accounted for 38% of all jobs cut, by far the hardest-hit sector, while the financial industry accounted for 11% of all layoffs.
The IRS has released its strategic operating plan for Spend $80 billion in additional financing Over the next decade, he reiterated that audit rates would not increase for small businesses and households earning less than $400,000.
Business + Finance
Today’s jobs report is expected to show a continued slowdown in employment in March – adding to a slew of indications this week that The economy may cool faster than thought. The latest data to support this theory? Applications for unemployment benefits have risen 24% over the past three weeks, according to the Labor Department. “Probably a recession is happening now,” said one economist.
The losses of the traditional banking system continue to yield gains for the cryptocurrency Bitcoin price is up 25% over the past monthfar outperforming the tech-heavy Nasdaq, which fell 3% over the period.
Wealth + Entrepreneurship
From old-school TV producers to the new generation of social media influencers, here’s a tour of Forbes’ Hollywood Walk of Fame.
Neilson Barnard/Getty Images; Hollywood/Universal Archives; RON GALELLA/GETTY IMAGES; Spencer Platt/Getty Images; Alberto E. Rodriguez/Getty Images; Won Roberts/NBAE/Getty Images
Celebrities are often associated with intrinsic wealth, however Only 14 stars have made their way into the billionaire ranks, including eight in the past three years, such as billionaire Jimmy Buffett. Here’s a look at the richest celebrities of all time.
The shipping boom caused by the pandemic sent profits soaring, and Forbes It is now estimated that Raffaella Aponte, 78, who co-founded global container shipping company MSC with her husband Gianluigi, is The richest self-made woman in the world. The couple has seen their combined fortunes rise by $46 billion in the past year.
Technology + innovation
Former Tesla employees say The workers have widely shared intimate photos and videos of their owners It was captured with cameras built into their cars, despite the company’s privacy protection. Recordings of Tesla owners have reportedly been shared on the company’s internal messaging system, including naked customers, road rage incidents, and video of a Tesla car hitting a child on a bike.
Money + politics
ProPublica report reveals Supreme Court Justice Clarence Thomas has been accepting flights from real estate mogul and Republican leader Harlan Crowe without being properly disclosedincluding use of Crow’s private jet and regular stays at his private resort for over 20 years. more: The Senate Judiciary Committee said it would “act” on the allegations, with committee chairman Dick Durbin (D) adding to the report a “call to action.”
Sports + entertainment
DALLAS, TX – MARCH 31: Angel Reese #10 of the Louisiana State Tigers reacts to a game against the Virginia Tech Hokies during the semifinals of the NCAA Women’s Basketball Tournament Final Four at the American Airlines Center on March 31, 2023 in Dallas, Texas. (Photo by Justin Tafoya/NCAA Photos via Getty Images)
NCAA Photos via Getty Images
In a March Madness tournament full of typical knockouts and seismic turbulence, this year’s big dance had another kind of upset: stellar ratings for the women’s tournament (a high-scoring game fueled by star players) and a record low in the final game. Men’s game. The women’s finale was broadcast live on ABC and ESPN and was broadcast on, and was First championship match It has been broadcast on the broadcast network since 1995.
lifestyle
Earlier this week we introduced you to Jimmy Raney, the only billionaire in Alabama, and now we bring you a travel guide to his favorite Cotton State spots. It may seem odd to seek a billionaire’s advice on taking a tour of one of the poorest states in the country, however Rani is no ordinary billionaire.
Daily cover story
Sex traffickers used America’s favorite family safety app to control victims
Life360 claims more than 50 million active users in 195 countries, and is among the most popular family safety apps in America.
Interpretation of Yongya Yuan Forbes; Photos by CSA PRINTSTOCK/GETTY IMAGES; REKLAMLAR / GETTY IMAGES
top line Popular with parents who want to keep track of their children, Life360 is a family safety app that displays Location of family members on the map in real time. It’s one of the largest parenting apps on the market and posted record user growth last year – 13 million new active users in 2024 alone.
But like any technology it can be used for good, Forbes We obtained federal case records that show Life360 has also been used for darker purposes, such as sex trafficking and grooming of both adults and children. One investigator told us that the use of GPS technology by predators to track their victims has increased dramatically. As one of the lawyers said in a statement to the court, “Life360 has flipped [the victim’s] Mobile phone on an electronic leash.
Life360 CEO Chris Hales initially said he was not aware of the app being used in this context, though he later confirmed that his company had received four requests from law enforcement related to sex trafficking investigations, which he described as “part” of Total police requests. “This specific concern has not been escalated to our board or leadership team, likely because it is so rare,” Hales said.
why does it matter For years, there has been concern that apps like Life360 could be misused by sex traffickers and breeders, but there is little evidence. Now, across a number of court cases, and when speaking with company insiders, we know it’s clear they have been problem for years.” Forbes Associate Editor Thomas Brewster. “No matter how small a percentage of users put tools to nefarious ends, It is also clear that the damage is significant. Victims said their lives were destroyed by the control and abuse they suffered at the hands of their traffickers, of which the tracking apps were a part.”
more The DEA has quietly turned Apple’s AirTag into a surveillance tool
Facts and comments
Bernard Arnault, CEO and Chairman of the Board of Directors of LVMH, became he The richest person in the world last year when he passed Elon Musk in December. This is a modern look from Forbes On the origins of his wealth:
$211 billionArnault net worth as of March 10, 2023
$30.5 billion: Arnault’s fortune boosted in 2018 alone, due to record results at LVMH, his luxury goods company.
96.5%LVMH accounts for most of Arnault’s wealth, including brands like Tiffany & Co. And Christian Dior, and Louis Vuitton, and others.
strategy and success
We hit telegram on tax day, so if you’re still in the process of applying, Watch out for tax scams. Here’s a rundown of common scams identified by the IRS, plus some enduring advice from Commissioner Danny Werfel: “People should always remember to be careful if a tax deal seems too good to be true.”
video
a test
This week the James Webb Space Telescope became the third facility to take a picture of Uranus with its rings. What makes the seventh planet so unique?
A: Its largest moon, Triton, is about the size of Pluto
B. It has thousands of episodes
A- It is the last planet in our solar system, after Pluto was reclassified in 2006
Dr.. It rotates on its side, allowing a full view of its rings in the new image
Check if you got it here.
All over the newsroom
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Beyond the newsroom
- Join us virtually to 2023 Forbes CIO Summit on April 12, 2023 From 9 a.m. to 10:30 a.m. ET as we gather some of the world’s top CIOs, CEOs, CFOs, and futurists for an amazing brainstorming session focused on leadership, innovation, and transformation. The summit is designed for Informative, challenging and exhilarating As we examine several key issues of interest to technology leaders.
- Join us on 2023 Forbes Under 30 Top In Botswana from 23-26 April 2023, this year includes performances by award-winning artists, talks with business leaders, exclusive networking with entrepreneurs from across the continent and the world, as well as game drives, a bush party and regional trips. Register now.
- I look forward: the 2023 Forbes Future of Work Summit It will be held in New York on the 1st of June. Here, we’ll explore the potential impact of AI, transforming the dynamics between workers and employers, and more. Sign up to stay up to date with updates.
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