LNG Electric to bring EV chargers to 13,000 U.S. hotels

May 29, 2023

Electric vehicle charging provider LNG Electric, in partnership with design firm MD7, will deploy Level 2 and Level 3—also known as Direct Current Fast Charging Stations—at more than 13,000 hotels and 40 multifamily communities natonwide, the company announced on Tuesday, May 23, according to a report by Hotel Dive.

Starting this month, the first batch of Level 2 chargers will be deployed to Marriott and Hilton brand hotels in Ohio, Florida, and Illinois. Each hotel will get two to six chargers, depending on the property size, LNG Electric CEO Taylor Weaver told Hotel Dive.

With the rollout, LNG Electric aims to make EV chargers more widely available and decrease traveler stress by deploying thousands of chargers to a stop already on their itineraries: hotels.

LNG Electric’s deployment is intended to mitigate what Weaver calls “range anxiety”—the stress felt by EV drivers who are unsure of where, or if, they will be able to stop to recharge their cars.

This anxiety was reflected in a 2022 McKinsey study that found that, while EV sales in the United States have climbed by more than 40% each year on average since 2016, nearly half of consumers say battery or charging issues are their top concerns about buying EVs.

According to Weaver, this concern comes from a lack of available EV charging stations. In September, NPR reported that there are about 46,000 charging stations  nationwide, compared to around 150,000 gas stations.

This discrepancy is amplified by the fact that EVs, on average, can travel a shorter distance per station stop. An EV can usually travel less than 200 miles on a full charge, while the average gas-powered car is able to travel between 380 and 460 miles per a full tank, Weaver said. 

While LNG Electric’s first hotel deployments are scheduled for Marriott and Hilton properties, Weaver said any hotel built after 1970 could feasibly accommodate the Level 2 EV charging stations; which can be installed in four to six weeks. Once installed, the Level 2 charger can fully charge a car in four to eight hours.

The Level 3 DCFC charger has a significantly shorter charge time of from 30 to 45 minutes, but it has a more costly and complex installation process, taking three to four months. However, LNG Electric is in talks with several potential partners to deploy the DCFC to reduce charge times nationwide.

Regardless of model, Weaver said, EV charging stations can significantly benefit a hotel owner,—noting they can increase guest satisfaction and potentially revenue as they draw travelers who may not have otherwise stayed but do because they need to charge their car.

Another company bringing EV charging to hotels is EOS Linx. Last year, the company struck a deal with Choice Hotels to install EOS charging stations at the brand’s properties in Atlanta and Chattanooga and Nashville, Tennessee.

“Choice Hotels properties are often located close to highways—making them ideal locations for EV chargers—and this collaboration brings us one step closer to creating a robust EV charging infrastructure that will help support our nation’s EV growth targets,” Blake Snider, president at EOS Linx, said in a company announcement.

Additionally, Georgia-based EV charging network Stay-N-Charge has collaborated with roughly 40 U.S. hotels to install chargers.

Research contact: @HotelDive

Drivers can change lanes using just their eyes in new BMW 5-series sedan

May 26, 2023

If you are behind the wheel of the new BMW 5-series sedan, you will be able to change lanes just by looking in the outside mirror, the luxury car company announced on Wednesday, May 24, according to a report by USA Today.

The German automaker says that the Active Lane Change Assistant with eye confirmation is a “world first”—and will be available October 2023.

While driving the new BMW, the vehicle will suggest a lane change that can be carried out by the driver looking in the exterior mirror to confirm the change. The car then takes over the steering and changes lanes on its own, BMW said in a news release.  

“This comfort feature now achieves a new level of interaction between the driver and the vehicle,” BMW said.

The new Highway Assistant System, which works at speeds up to 85 miles per hour, allows drivers to travel long distances on the road without having their hands on the steering wheel as long as they maintain a “close eye” on traffic, BMW said.

The sedan also has automated parking, which can be controlled in the vehicle or by smartphone outside the vehicle for up to 220 yards.

The BMW 5-series will be available in electric and gasoline-powered versions. The i5 eDrive40, an electric version, has a suggested retail price of $68,800; while the BMW i5 M60—with all-wheel drive and two motors with a combined output of 590 hp—is listed at $85,750.

Research contact: @USATODAY

Threats to employees prompt Target to pull some LGBTQ-themed goods from the shelves

May 25, 2023

Target is removing some LGBTQ-themed merchandise from the shelves after threatening behavior by some customers ahead of Pride Month in June, which honors lesbian, gay, bisexual, and transgender people, reports Bloomberg.

“For more than a decade, Target has offered an assortment of products aimed at celebrating Pride Month,” the company said in a statement released on Wednesday, May 24. “Since introducing this year’s collection, we’ve experienced threats impacting our team members’ sense of safety and well-being while at work.”

The threats and the company’s reaction are thrusting Target into U.S. culture wars around same-sex relationships and transgender people, which have roiled social media websites and corporate boardrooms. Anheuser-Busch InBev NV’s Bud Light brand lost sales after engaging with a transgender influencer to promote the beer.

What’s more, Walt Disney is locked in a feud with Florida Governor Ron DeSantis (R) after opposing legislation barring discussion of sexual identity in the state’s schools.

Target didn’t say which items it will remove. One product that generated criticism on social media was a “tuck-friendly” swimsuit with “extra crotch coverage” that could be used by transgender people, the Associated Press reported. While some posts on social media said the bathing suit was for kids, Target said it’s only available in adult sizes, according to the AP.

Research contact: @Bloomberg

$6K Japanese gelato breaks world record for most expensive ice cream: ‘Rich in taste and texture’

May 24, 2023

A Japanese ice cream brand has broken the world record for the “most expensive ice cream,” according to Guinness World Records. Cellato, a premium Japanese gelato company, has churned up a unique ice cream flavor that retails for $6,696 per serving, reports Fox Business.

The pricey frozen treat has been named Byakuya, which means “white knight,” in Japanese, and it’s made from rare and costly ingredients that give the gelato a pale hue.

Served in a small glass jar that can hold 130 milliliters of product, the Byakuya gelato is made with a special Phantom White Truffle from Alba, Italy, which is priced at $15,192 per kilogram, according to Guinness World Records.

 The truffle-based gelato is also blended with Parmigiano Reggiano cheese; sake lees, a traditional Japanese table sauce that’s faintly sweet; and has a ginjo sake scent; and an edible gold leaf topping.

Other ingredients include milk, sugar, egg yolk, rice and rice malt, black truffle, brewed alcohol, cashew nuts, and unspecified dairy products, according to Cellato’s website.

“It took us over 1.5 years to develop, with a lot of trials and errors to get the taste right,” a Cellato representative told Guinness World Records in a statement.

“Achieving a Guinness World Records title made the effort all worth it,” the brand continued.

Tadayoshi Yamada, the head chef at RiVi, a gastronomy restaurant in Osaka, helped Cellato make its European-Japanese fusion ice cream, according to Guinness World Records.

Adventurous ice cream customers who order the Byakuya gelato will receive a handcrafted metal spoon made by Takeuchi craftsmen in Fushimi, Kyoto, according to Cellato’s website.

The brand notes that the four-figure gelato can be shipped via a frozen flight by Yamato Transport, one of Japan’s largest door-to-door delivery service companies.

The Byakuya gelato should be served with Cellato’s provided white truffle oil and needs to be mixed until it’s “slightly soft,” according to the gelato brand. Microwaving or waiting until the gelato reaches room temperature is recommended if a customer can’t manage to get his or her spoon into the record-breaking frozen dessert, Cellato disclosed on its website.

Guinness World Records reports that the Byakuya gelato will be a flagship treat.

Cellato staff told the record reference publication that its $6,696 gelato “is rich in taste and texture.”

The previous world record holder for the most expensive ice cream belonged to the Serendipity3 restaurant in New York City, which served a $1,000 Golden Opulence Sundae that included pricey vanilla and a 23-karat edible gold leaf.

Representatives at Cellato told Guinness World Records the company is planning to release additional gelato flavors made with champagne and caviar.

Research contact: @FoxBusiness

Coca-Cola to build $650M Fairlife plant in New York State

May 23, 2023

Coca-Cola has selected New York State as its “preferred location” for a new Fairlife production facility costing an estimated $650 million, Governor Kathy Hochul (D) has announced, reports Food Dive.

The 745,000-square-foot facility—to be located in Webster, New York, a suburb of Rochester—is expected to create up to 250 new jobs. Coca-Cola expects to break ground on the project this fall and to have the facility operational by the fourth quarter of 2025. It will be the largest dairy processing plant in the Northeast. 

Fairlife has been a big winner for Coca-Cola recently as the beverage giant evolves into a “total beverage company” and invests in brands that have a long runway for growth. Last year, Coca-Cola said Fairlife topped $1 billion in annual retail sales for the first time.

While Coca-Cola is best known for brands such as Sprite, Dasani and its namesake soda, the Atlanta-based company has moved aggressively to build out a portfolio that is broader and, in many cases, healthier.

During CEO James Quincey’s tenure, Coca-Cola has purchased or acquired the remaining stakes in brands it didn’t already own—including Fairlife, sparkling water offering Topo Chico, and sports drink line BodyArmor.

Coca-Cola acquired the remaining stake of Fairlife, which makes ultra-filtered milk and dairy products, from its joint venture partner Select Milk Producers, a dairy cooperative, in 2020. Coca-Cola previously owned a 42.5% minority stake. Financial terms of the deal were not disclosed.

The ultra-filtered milk process removes the lactose and much of the sugar, and leaves behind more of the protein and calcium.

Fairlife, which launched in 2012, started with a high-protein milkshake aimed at athletes and has since expanded into other value-added dairy products, including its popular milk and ice cream.

The brand has grown nearly 30% year to date and currently a quarter of all U.S. households purchase a Fairlife product, Coca-Cola said, citing Nielsen data.

The New York plant would be Fairlife’s third in the United States. Coca-Cola has facilities in Coopersville, Michigan, and Goodyear, Arizona.

“Consumer demand for Fairlife products is at an all-time high, and a new production facility will allow us to significantly increase capacity and deliver fairlife to even more households across the country,” Tim Doelman,Fairlife’s CEO, said in a statement.

He added that as the brand continues its expansion in the Northeast, the New York location’s proximity and access to dairy farmers “make it an excellent location to support our next phase of growth.”

Coca-Cola is the latest large CPG company to build a new plant or expand an existing facility to prepare for an increase in sales of a product. Mondelēz International, Nestlé, J.M. Smucker, and Post Holdings are among the food and beverage to make multi-million-dollar announcements in recent years.

Research contact: @FoodDive

Disney pulls the plug on $1 billion development in Florida

May 22, 2023

On Thursday, May 18, Disney CEO Robert E. Iger and Josh D’Amaro, Disney’s theme park and consumer products chairman, pulling the plug on an office complex that was scheduled for construction in Orlando at a cost of roughly $1 billion. It would have brought more than 2,000 Disney jobs to the region, with $120,000 as the average salary, according to an estimate from the Florida Department of Economic Opportunity.

The project, near Lake Nona Town Center, was supposed to cost $864 million, but recent price estimates have been closer to $1.3 billion. Disney had planned to relocate thousands of workers from Southern California to an area near Orlando’s Lake Nona Town Center—including most of a department known as Imagineering, which works with Disney’s movie studios to develop theme park attractions.

The New York Times reports that the move comes after Disney, in early March, came out against Florida’s Parental Rights In Education bill. The so-called “Don’t Say Gay” bill was passed by Florida’s House and Senate at the behest of presidential hopeful, Florida Governor Ron DeSantis. The bill limits discussions of sexual orientation and gender identity in schools.

Immediately following Disney’s comments, the Times says, DeSantis pledged that a newly formed oversight board would review and evaluate development in the 25,000 square acres in and around Walt Disney World. However, Disney moved first, to head off DeSantis and leave the committee virtually “toothless,” with no power.

In April, the Times notes, Disney sued the governor and his allies for what it called “a targeted campaign of government retaliation”—and the company made it clear that $17 billion in planned investment in Walt Disney World was on the line.

“Does the state want us to invest more, employ more people, and pay more taxes, or not?” Robert A. Iger, Disney’s chief executive, said on an earnings-related conference call with analysts last week.

Most of the affected 2,000  employees complained bitterly about having to move —some quit—but Disney held firm, partly because of a Florida tax credit that would have allowed the company to recoup as much as $570 million over 20 years for building and occupying the complex.

When he announced the project in 2021, D’Amaro cited “Florida’s business-friendly climate” as justification.

D’Amaro’s tone in an email to employees on Thursday was notably chillier. He cited “changing business conditions” as a reason for canceling the Lake Nona project. “I remain optimistic about the direction of our Walt Disney World business,” D’Amaro said in the memo. He noted that $17 billion was still earmarked for construction at Disney World over the next decade—growth that would create an estimated 13,000 jobs. “I hope we’re able to,” he said.

The memo, which was viewed by The New York Times, did not mention DeSantis. But the company’s battle with the governor and his allies in the Florida Legislature figured prominently into Disney’s decision to cancel the Lake Nona project, according to two people briefed on the matter, who spoke on the condition of anonymity to discuss private deliberations.

A spokesman for Mr. DeSantis said in an email: “Disney announced the possibility of a Lake Nona campus nearly two years ago. Nothing ever came of the project, and the state was unsure whether it would come to fruition. Given the company’s financial straits, falling market cap, and declining stock price, it is unsurprising that they would restructure their business operations and cancel unsuccessful ventures.”

Florida officials have repeatedly pointed to the Lake Nona development as an example of economic vibrancy in Orlando, which suffered mightily during the pandemic. Noting that hotel chains and retailers were moving into the Lake Nona area in anticipation of Disney’s arrival, The Orlando Business Journal in January called the complex “a major economic driver for the region.”

In a statement, Jerry L. Demings, the mayor of Orange County, which includes Orlando, said it was “unfortunate” that Disney canceled its plans. “However, these are the consequences when there isn’t an inclusive and collaborative work environment between the state of Florida and the business community,” Demings said.

Research contact: @nytimes

She used to assist Hollywood’s A-List. Now she’s the boss.

May 19, 2023

On a Tuesday several weeks ago, Meghan Grimm and two of her college interns gathered around her dining-room table for an all-hands meeting. Improvising an office setup in her Greenwich Village one-bedroom, Grimm displayed a laptop on her kitchen island that featured a third intern on video and an elaborate, color-coded spreadsheet filled with the names of celebrities, executives, and socialites, reports The Wall Street Journal.

“This is my second official day without Jen, so everything is a little crazy,” she said.

After almost five years as a personal assistant to Jennifer Lawrence, Grimm, 30, parted ways with the Oscar-winning actress to focus on her own company, Clyde Staffing Ventures, where she sets up entertainment-industry players with Meghans of their very own. Her client list includes the actors Dakota Johnson, Anne Hathaway, and Uma Thurman, as well as the model Kaia Gerber.

On the spreadsheet were 37 open positions she was working to fill for, among others, an A-list singer; a Gen-Z television heartthrob; both members of a divorced Hollywood couple; and a billionaire businessman in search of a “travel assistant.”

Grimm calmly read through the list—noting to whom she’d sent candidates; who needed to see more résumés; and desirable qualities and qualifications for specific clients. She described one, a socialite and businesswoman, as “super polished and proper.” Grimm wanted to send her candidates who were equally as burnished.

“I think being an assistant is very much like dating—you have to be 100% compatible with your boss because it is such an intimate job,” she said. 

Many stars have multiple assistants; and a chief of staff whose job is to know and manage everything about his or her boss’s life. When a pairing is particularly compatible, the employer could one day become a best friend or business partner to an assistant. On the other extreme, assistants may find themselves at the whims of a tyrannical or abusive boss.

Some examples veer into parody: Earlier this year, an executive-assistant job listing for a New York power couple went viral for its extensive list of responsibilities, including managing dog potty breaks and packing the couple’s bags ahead of travel.

Grimm said that, for most assistants, a good work-life balance exists, “as long as you’re aligned on boundaries and expectations.”

There are established entertainment-industry staffing agencies, including the Grapevine Agency, Career Group Companies, and Hire Society. Grimm said that her experience as an assistant puts her in a position to ensure that talent will have the support they need and place assistants in roles that will be fulfilling.

“Years ago, many applicants were willing to work for much less money,” said Rachel Zaslansky Sheer of the Grapevine Agency, adding they were up for longer hours, too. More recently, she said, balance is a top requirement.

“When people heard that I’m an assistant, what would really offend me is when someone would say, ‘Oh, what do you do all day—dry cleaning and errands?’” Grimm said, whereas the job often entailed much more.

“You are their gatekeeper, you oversee projects, you deal with vendors, you are on set. You’re wearing one million hats, and you pretty much learn how to do everything, with contacts in every city,” she said. 

“If your boss is getting married, helping them plan their wedding,” she went on. “If your boss is moving into a new home, overseeing that entire move with art and furniture and personal effects and household construction from the ground up. If your boss has a company, you are sitting in those meetings. You’re their right hand.”

Lawrence, Grimm’s former boss, echoed that sentiment. “Meghan played an integral role, really as the COO of my life,” she said. “She kept me organized, advocated for me, protected me, and was always five steps ahead.”

Seeing herself as a mentor figure to the assistants she places, Grimm said she trains each one before they start their job and makes herself available to both them and their bosses whenever they need. “I’ll have a client who will say, ‘Could you please do a Zoom with my assistant tonight? She’s never been on a movie set, do you mind walking her through protocols and just giving her some advice?’” she said.

If a placement doesn’t work out within 90 days, she refunds the client and works on finding another candidate for them. So far, this has happened once.

‘All the good jobs are word-of-mouth,’ the former assistant says of her industry.

In addition to her staffing services, Grimm created a Slack workplace that Clyde assistants and other assistants in her network can join as long as they sign an NDA.

She described it as a “little black book,” where members—who identify themselves with both their own name and their boss’s—can trade tips about private chefs, upscale jewelry-repair services, and nannies in specific cities where their bosses are shooting or touring. “We have a person for everything,” she said. 

Grimm said she wishes people understood that bad bosses are the exception, not the rule. “I think people have a really bad taste in their mouth about assistant jobs because of what you’ll read from one experience,” she said. “My number one goal is to have better fits all around to avoid that problem.” She said she has only turned down one client. If a business relationship goes south, she said, it’s usually because the two people weren’t a fit.

Grimm grew up in Manhasset, New York, and studied English at Georgetown University. After graduation, she worked her way up the assistant ranks at Ralph Lauren, ultimately assisting the vice president of communications. While helping to style celebrities at the fashion company, she realized she could bring her assisting talents to Hollywood. Before working with Lawrence, Grimm assisted Madonna, the actor Tim Blake Nelson, and the producer Casey Patterson. She donates a percentage of her proceeds from Clyde to Madonna’s charity, Raising Malawi.

“She’s resourceful to a fault,” said Florinka Pesenti, Grimm’s former boss at Ralph Lauren. “Like she found me every babysitter I’ve hired—this was after she worked for me.”

Before starting Clyde, Grimm was doing the sort of matchmaking her company offers, setting up students from Georgetown and Manhasset looking to get into entertainment with assisting gigs. “All the good jobs are word-of-mouth,” she said.

“If a candidate writes me and reiterates how happy they are, then there’s this increase of people doing these jobs,” said Grimm. “They tell their friends, their friends tell their friends, and now people want to become an assistant. That’s what I’m trying to create.”

Research contact: @WSJ

FDA approves new treatment for hot flashes

May 17, 2023

Now, going through menopause may be “no sweat” for many women, reports AARP

The estimated 80% of women who get hot flashes when going through menopause have a new option to help them getsome relief. The treatment is a drug called Veozah, just approved by the U.S. Food and Drug Administration (FDA).

Menopause typically occurs between the ages of 45 and 55. Sudden hot flashes, often accompanied by sweating, flushing and chills, can persist for many years and disrupt daily life. Research shows that these flares can affect quality of sleep and concentration. They can also interfere with one’s ability to work, according to a new study published in Mayo Clinic Proceedings.

“Hot flashes as a result of menopause can be a serious physical burden on women and impact their quality of life,” said Janet Maynard, M.D., director of the Office of Rare Diseases, Pediatrics, Urologic and Reproductive Medicine in the FDA’s Center for Drug Evaluation and Research, in a statement. “The introduction of a new molecule to treat moderate to severe menopausal hot flashes will provide an additional safe and effective treatment option for women.”

How the drug works

The first-of-its-kind pill—called a neurokinin 3 (NK3) receptor antagonist—works by acting on a part of the brain that helps regulate a person’s body temperature. Estrogen helps to keep that part of the brain properly balanced. When a woman’s estrogen levels fall during menopause, the imbalance leads to hot flash symptoms.

“It’s very targeted,” Claudia Mason, M.D., a gynecologist with Cleveland Clinic, says about the new drug. “And when things are targeted like that, they tend not to have as many side effects because they’re not hitting all over the map.”

In clinical trials, moderate to severe hot flashes were reduced in study participants who took Veozah (fezolinetant). Common side effects of the drug include abdominal pain, diarrhea, insomnia, back pain, hot flush, and elevated hepatic transaminases (liver enzymes).

The label on the medication—a pill taken once daily with or without food—includes a warning for liver injury, and the FDA says patients should have their blood tested for liver damage before taking Veozah.

The treatment, from drugmaker Astellas Pharma, is expected to cost $550 for a one-month supply. How much people will pay out of pocket will depend on their insurance coverage.

Expanding treatment options

This new medicine is the latest in a tool kit of treatments for hot flashes. One alternative is hormone therapy. However, not all women are good candidates for hormones, including those with a history of blood clots, heart attack, and stroke.

Mason says Veozah could be an option for them. “We have loads of women that are going through menopause every single day, and so options are always good.” However, she notes that unlike hormone therapy, this new medication does not treat other symptoms caused by menopause, like vaginal discomfort.

The FDA has also approved an antidepressant, paroxetine, to treat hot flashes. And Mason anticipates more treatments will become available.

The National Institute on Aging notes that some lifestyle changes can help to reduce hot flash symptoms—such as avoiding alcohol, spicy foods and caffeine, which can make menopausal symptoms worse. Research shows that mindfulness meditation also may be used to help manage hot flashes.

Research contact: @AARP

JPMorgan wants to be your landlord

May 16, 2023

At first glance, there’s nothing out of the ordinary about Cantabria Bradenton. Located 46 miles south of Tampa and 14 miles north of Sarasota, Florida, the recently constructed rental community comprises 172 attached townhomes and 12 detached single-family homes on 36 acres, reports Fortune Magazine.

Cantabria Bradenton has a clubhouse, gym, and a pool. It looks like a modern community, with townhomes renting anywhere between $2,400 to $3,000. However, under the surface, there’s something that makes it novel: The rental community is owned by J.P. Morgan Asset Management.

Earlier this month, the Pennsylvania-based Wolfson Development Company sold Cantabria Bradenton, which was constructed between summer 2020 and spring 2023, to J.P. Morgan Asset Management for $59 million.

When it comes to institutional homeownership, firms like Blackstone or Invitation Homes come to mind. But this Cantabria Bradenton purchase is a reminder that the U.S. housing market has the attention of Wall Street’s top dog: JPMorgan Chase.

Even before analysts realized that a housing boom would form during the pandemic, J.P. Morgan Asset Management announced in May 2020 that it planned to establish a $625 million joint venture with American Homes 4 Rent to build 2,500 single-family rentals across the West and Southeast. As millennials age out of apartments, JPMorgan Asset Management argued that the U.S. housing market would see increased demand for single-family rentals.

Then in November 2022, JPMorgan announced that its asset-management arm would form another joint venture—this time alongside real estate investment firm Haven Realty Capital. They’d allocate $1 billion to purchase single-family rentals across the country in the form of so-called “build for rent”—meaning they’d buy directly from developers. The JPMorgan and Haven Realty Capital joint venture planned to start with the purchase of 250 homes in metropolitan Atlanta.

While JPMorgan continues to push deeper into the U.S. housing market some institutional players are waiting things out.

See, the pandemic housing boom—a period of low interest rates, soaring home prices, and sky-rocketing rents—saw a stampede of institutional home buying in 2020 and 2021. However, that boom has been followed by a sharp institutional slowdown as the Fed’s interest rate hikes, coupled with frothy home prices, cut into the potential returns.

Indeed, an analysis conducted by John Burns Research and Consulting finds that institutional investors—those owning over 1,000 homes—bought 90% fewer homes in January and February than they did during the first two months of 2022. And Invitation Homes—the largest owner of U.S. single-family rental homes—sold more homes in the first quarter of 2023 (297) than it bought (194).

“There is no space immune from capital markets, broadly speaking. Every food group in real estate, whether it’s multi-family or single-family, everyone has difficulty finding an institutional buyer right now,” says Adam Wolfson, CEO of Wolfson Development.

According to Wolfson, institutional homebuyers are waiting on the sidelines for either a dip in interest rates or home prices. At the end of the day, institutional investors are looking for financial returns (i.e., cap rates) which justify their investment.

While institutional home buying has slowed down, it won’t go away. That’s perhaps the biggest takeaway from J.P. Morgan Asset Management’s purchase of Cantabria Bradenton from Wolfson Development. That’s also why Wolfson Development’s build-for-rent arm currently has a pipeline of 2,000 housing units “with a total exit valuation of nearly $1 billion.”

Research contact: @FortuneMagazine

NBCUniversal ad honcho Linda Yaccarino resigns, as sources say she’s in talks to be Twitter CEO

May 15, 2023

NBCUniversal Global Advertising Chief Linda Yaccarino has resigned, the company said on Friday, May 12. The announcement comes a day after Elon Musk said via Twitter there would be a new CEO of the social media website, although he didn’t name the new person. Musk said in his tweet that the person would start in about six weeks, reports CNBC.

Yaccarino has been in advanced talks for the role, CNBC’s Julia Boorstin detailed, citing sources.

Yaccarino joined NBCUniversal in 2011 and had risen to the top of the company’s global advertising business. Today, the ad chief had been slated to take part in NBCUniversal’s Upfront event at Radio City Music Hall—the sales presentation that the company, along with its media peers, makes to the advertising industry every year in May. That obviously won’t happen now.

According to CNBC, the longtime ad executive brings a wealth of relationships with top chief marketing officers and other advertising executives to Twitter at a time when the platform has seen advertisers fleelosing billions of dollars—after Musk’s takeover last year.

Musk completed his $44 billion acquisition of Twitter in October 2022. Soon after, he fired the company’s top brass and laid off thousands of employees.

Many companies halted their ad spending on the platform after seeing a marked increase in offensive speech and rhetoric, as several advocacy groups have documented. In an attempt to make up for the loss of ad revenue, Musk created a new subscription service, Twitter Blue, which offers features such as the ability to compose longer tweets.

Yaccarino and Musk sat together in a keynote interview at a marketing conference in Florida in mid-April. During the conversation, the two discussed the role marketers would play in the future of Twitter, as well as its position in the cultural conversation.

During the conference, Musk reportedly tried to reassure advertisers that Twitter was a respectable place for their brands.

Yaccarino’s exit from NBCUniversal comes weeks after Jeff Shell was ousted as the company’s CEO after admitting to an inappropriate relationship with an employee. Rather than replacing Shell, NBCUniversal’s top executives will report to parent company Comcast President Mike Cavanagh.\

On Friday, NBCUniversal said Yaccarino would leave the company, effective immediately, and Mark Marshall, the current president of advertising sales and client partnerships would become interim chairman of the company’s advertising and partnerships group.

Marshall will report to Mark Lazarus, chairman of NBCUniversal Television and Streaming. Lazarus and Marshall are likely to take part in NBCUniversal’s Upfront presentation today, CNBC’s David Faber and Julia Boorstin reported on Friday.

Research contact: @CNBC