“Squid Game: The Challenge” premiered on Netflix on November 22. https://www.entrepreneur.com/business-news/real-life-squid-game-players-claim-hypothermia-nerve/465958
If you’ve noticed an alarming uptick in ticket prices in the entertainment industry since last year, you’re not alone.
In fact, a new report from the U.S. Bureau of Labor Statistics proves just that, as new Consumer Price Index data rolls in for October 2023.
According to the CPI, admission prices for sporting events increased an astounding 25.1% from the same time one year ago, making it the category with the highest inflation rate.
Related: ‘Excruciating’: Taylor Swift Opens Up About Ticketmaster Fiasco
Economists have dubbed the uptick in entertainment-related costs (like concert and sporting event tickets, airline tickets, vacation rentals and hotel rooms) “funflation.” Prices are up compared to pre- and mid-pandemic prices when many people were unable or hesitant to participate in such activities.
October 2023’s CPI also showed a 14.9% increase in prices of food from vending machines and mobile vendors (which would include dining choices made at entertainment venues and transportation locations) and motor vehicle insurance increasing 19.2%, with motor vehicle repair increasing 15.1% — indicating Americans are spending more time on the roads.
Related: Restaurants Are Adding ‘Inflation Fees’ to Customer Checks
Admissions to concerts, movies and theatres increased 4.5% from the same time last year, while overall admission to entertainment events was up 10.9% year over year.
Inflation as a whole was down in October to 3.24% from 3.7% the month prior and a jarring 7.7% at the same time period last year.
https://www.entrepreneur.com/business-news/report-sporting-event-ticket-prices-up-over-25/465840
Automatic tipping prompts have been wildly unpopular with customers at popular chain restaurants, but sometimes, human error can mean leaving an even bigger tip than the machine prompts.
This was precisely the case for Subway customer Vera Conner, who accidentally left a $7,105.44 tip on a $7.54 sandwich at a Georgia location of the chain.
Conner, who paid using a Bank of America credit card, accidentally input the last six digits of her cell phone number, thinking she was earning Subway loyalty points. But the screen had in fact asked her to enter the amount she wanted to leave for a tip.
Related: Starbucks Customers Are Furious Over New Digital Tipping System
“When I looked at my receipt, I was like, ‘Oh, my God!'” Conner told NBC News. “Who would leave a tip like that?”
The charge, which Conner made on October 23, took nearly a month to reverse, which only happened after she made trips to the Subway store and bank and disputed the charge with Bank of America, which was initially denied.
“You hear all the time that you should use your credit card instead of your debit card so that these things don’t happen,” she told the outlet. “I’m even getting mad at the bank, because I’m like, ‘How did they not think $7,000 was suspicious at Subway?'”
On Monday, the bank issued a temporary credit for the charge, but Conner noted that she will no longer be using the loyalty rewards app.
A spokesperson for Bank of America told the New York Post that the company “asked Subway to refund the money to the client and we’re please[d] they have agreed to do so.”
Subway did not immediately respond to Entrepreneur‘s request for comment.
Related: Oklahoma Man Charged $4,500 at Starbucks After Tipping Error
https://www.entrepreneur.com/business-news/woman-accidentally-tips-7k-on-subway-sandwich/465831
Apple CEO Tim Cook sat down for an unlikely interview with pop star Dua Lipa and dished on what’s next for him at the tech company.
Although he’s begun planning for the future, he said Apple isn’t getting rid of him anytime soon on the most recent episode of the singer’s Dua Lipa: At Your Service podcast.
“I don’t know how long I’ll be there,” the CEO told the artist. “I love it there, and I can’t envision my life without being there. So, I’ll be there a while.”
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Although Cook is happy in his post, saying that being Apple’s CEO is “beyond what I would have ever dreamed for myself,” he said the company does have a succession plan in place in case something were to happen to him.
“I will say my job is to prepare several people for the ability to succeed, and I really want the person to come from within Apple, the next CEO,” Cook said. Although he didn’t disclose who would be in the running for his job, he added that his role “is to make sure there’s several for the board to pick from.”
Related: ‘I Am Very Bullish on AI’: Apple CEO Tim Cook Says the Company Uses AI ‘Across All Products’
Cook first joined Apple in 1998 before working his way up to CEO in 2011 after founder Steve Jobs’ death, according to Fox Business.
The CEO has a reported net worth of $1.9 billion, per Forbes.
https://www.entrepreneur.com/business-news/apple-ceo-tim-cook-dishes-to-dua-lipa-about-succession-plans/465817
Sounds like trouble in paradise for one Mega Millions winner who is suing the mother of his daughter for revealing his identity — and his winnings — to his family.
An unidentified man in Maine, who won the $1.35 billion Mega Millions in January, chose to collect his earnings as a $723,564,144 lump sum in cash.
According to the lawsuit, the only person who knew about his earnings was his daughter’s mother who signed an NDA with the lottery winner to “promote the safety and security of [the winner] and their daughter to avoid the irreparable harm of allowing the media or the public in general to discover … [his] identity, physical location, and assets.”
Related: Man Wins $22M Lottery But Won’t Tell His Children, Parents
The NDA was signed on February 8, 2023, and was set to be in effect until June 1, 2032 — when the pair’s daughter turns 18.
The document also stated that if the woman did disclose the man’s winnings to anyone, she had 24 hours to let him know, in writing.
According to the new lawsuit, the mystery man claims that the woman broke the NDA via “one or more telephone communications” with his father and stepmother back in September. It was also noted that the man’s sister is now aware of his winnings.
Related: Father-Son Duo to Serve Time for $20 Million Lottery Scheme
The man is seeking retribution in the form of “all reasonable attorney fees, expenses, and court costs incurred in the prosecution of this lawsuit” and a payment of “no less than $100,000” for each disclosure his daughter’s mother made about his identity.
The man’s $1.35 billion jackpot was the fourth largest in the history of the U.S. lottery system.
https://www.entrepreneur.com/business-news/mega-millions-winner-sues-woman-for-revealing-his-identity/465756
‘Tis the season for family, turkey, and of course, the beloved Thanksgiving dessert table.
In true American tradition, pumpkin pie has become a staple of Thanksgiving meals around the country — and wholesale retailer Costco is proving that it’s still as popular as ever.
This year, Costco reportedly priced its pie at $5.99 and put the hit item on shelves earlier than usual — in August. Since then, it’s been causing a frenzy on social media.
am I allowed to eat a whole Costco size pumpkin pie or is that crossing a line?
— Stephanie (@StephNalep) November 17, 2023
Costco pumpkin pie for breakfast is unsurpassed. Why is their pie superior to any bakeries? pic.twitter.com/cPrtM9zJT1
— Big Or-G (@bworgill) November 19, 2023
nothing beats a slice of costco pumpkin pie something about it is just too good
— asma ♡ (@asma__attack) November 21, 2023
Heading to Costco the Saturday before Thanksgiving for a pumpkin pie. Wish me luck. I will fight someone if needed.
— N.J. Gallegos is Dr. Spooky ?? (@DrSpooky_ER) November 18, 2023
This Costco pumpkin pie just cured my depression
— cryforhelp✨ (@itsjacklynbitch) November 21, 2023
The pie is the same price as it was in 2022, so inflation-related issues have not affected Costco’s pricing on the popular pie.
Costco’s pumpkin pie weighs an estimated 3 pounds, 10 ounces, and can serve up to 12 people. The hefty dessert is one foot in diameter.
According to Fox Business, Costco shoppers purchased an estimated 1/3 of the 6.3 million pumpkin pies sold in 2019 — in the three days leading up to Thanksgiving.
David and Susan Schwartz, who wrote the book “The Joy of Costco: A Treasure Hunt From A to Z,” claim that the retailer sells over 6 million pies between September and December each year.
Costco did not immediately respond to Entrepreneur‘s request for comment confirming pumpkin pie sales.
https://www.entrepreneur.com/business-news/costco-pumpkin-pie-is-flying-off-shelves-by-the-millions/465755
This article originally appeared on Business Insider.
Money might actually be able to buy happiness — and each generation has a different idea of what that price tag would be.
On Monday, Empower — a financial services company — released the results of a survey conducted by The Harris Poll in August that asked 2,034 Americans aged 18 and over what they think the key to financial happiness really is. Turns out, 59% of respondents think happiness can be bought, and the average person believes it would take having $1.2 million in the bank to be truly happy financially.
When it comes to annual salary, the average respondent thinks they need $284,167 each year to be happy. Here’s what each generation said they need to earn annually, as well as the net worth required, to achieve happiness:
Gen Z: $128,000, with a net worth of $487,711
Millennials: $525,000, with a net worth of $1,699,571
Gen X: $130,000, with a net worth of $1,213,759
Boomer: $124,000, with a net worth of $999,945
Men said they needed to earn $381,000 annually, while women said $183,000 would make them happy.
A 2023 study coauthored by another Nobel Prize recipient Daniel Kahneman found that happiness can improve with higher earnings of up to $500,000 a year, supporting the millennial survey respondents’ predictions.
“In the simplest terms, this suggests that for most people larger incomes are associated with greater happiness,” Matthew Killingsworth, a senior fellow at Penn’s Wharton School and coauthor of the study, said. “The exception is people who are financially well-off but unhappy. For instance, if you’re rich and miserable, more money won’t help. For everyone else, more money was associated with higher happiness to somewhat varying degrees.”
That differs from a 2010 study from Nobel Prize recipient Angus Deaton found money could only boost happiness up to $75,000 in annual earnings, and after that point, extra money had little impact.
Still, there’s more to it than just the annual salary. According to the survey, inflation, high interest rates, and student loans are weighing on Americans’ financial security, and having the comfort to spend money on everyday items can boost the feeling of financial happiness. For example, 62% of millennials said they would be willing to pay $7 for a daily coffee “because of the joy it brings.”
The latest economic data could make Americans’ financial happiness goals more achievable. Inflation is continuing to come down as the US recovers from the pandemic — the Consumer Price Index, which measures inflation, increased 3.2% year-over-year in October, a decrease from the 3.7% reading a month prior.
The Federal Reserve has also pressed pause on its interest rate hikes given the promising inflation data, and the central bank no longer forecasts a recession as the year comes to a close.
However, as Insider previously reported, millennials still aren’t doing too hot in this economy. Per Morning Consult’s latest iteration of its financial well-being index, which tracks the financial security of respondents, millennials’ score sunk to .94, compared to baby boomers’ 4.04 score from August 2022 to August 2023. A one-point increase could be a result of incomes increasing or a credit score going up by 20 points, Morning Consult said.
The latest Survey of Consumer Finances from the Federal Reserve, however, had a glimmer of hope for millennials when it comes to net worth. Net worth for the typical family surged 37% from 2019-2022, the survey found, and the median net worth of Americans aged 35 to 44 was $135,000 in 2022, up from $105,610 in 2019.
https://www.entrepreneur.com/business-news/millennials-need-525k-salary-1m-banked-to-be-happy/465751
Tiger Woods and Rory McIlroy’s new indoor golf league, Tomorrow’s Golf League (TGL), was forced to postpone its first season after the roof of the SoFi Center in Palm Beach Gardens, Florida, collapsed overnight on November 14.
The inaugural season was expected to kick off in January, but will now be postponed until early 2025, the league announced in a press release on Monday. The cause was a power failure that forced a dome in the structure to deflate overnight.
The dome arena of the TGL golf league deflated earlier this week, leaving behind a tattered skeleton. Here’s what it looks like up close.https://t.co/GHUYVwbmCI
— GOLF.com (@GOLF_com) November 17, 2023
“Although the events of last week will force us to make adjustments to our timelines, I’m fully confident that this concept will be brought to life by our great committed players,” Woods said in a statement with TGL.
No one was harmed in the incident and no technology was compromised, but the league said the delay was the best solution at this time.
The Tiger-led league was announced in August 2022 and uses virtual courses for play in an indoor arena, according to PGA. Golf simulator technology, which simulates a real golf course, first hit the market in 2012, according to Golf Digest.
The new league has several notable backers, including Alexis Ohanian, Serena and Venus Williams, Stephen Curry, and Justin Timberlake, according to CNBC.
TGL also signed a multi-year deal with ESPN to broadcast events, but in the wake of the roof collapse, ESPN said it fully supports the delay.
“We have believed in them and their vision from the beginning, and that has not changed,” said the Executive Vice President of Programming and Acquisitions at ESPN, Rosalyn Durant. “The additional time to plan, test, and rehearse will only make it better.”
RELATED: Here’s How Many Millions the Masters Champion Will Take Home
https://www.entrepreneur.com/business-news/tiger-woods-golf-league-delays-start-after-tgl-roof-collapse/465749
The dramatic cycle of firing, hiring, and change at Open AI has taken another turn as co-founder and now ex-CEO Sam Altman has announced that he will be joining Microsoft in an attempt to help the company rev up its presence in the AI space.
Altman will be joined by Greg Brockman, the former president and co-founder of Open AI who quit after Altman was fired by the Board on Friday.
Related: ‘The Board No Longer Has Confidence In His Ability’: ChatGPT Fires Controversial CEO Sam Altman
Microsoft CEO Satya Nadella confirmed the news on X, noting that the two men would be joined by other colleagues and that the team is looking forward to “moving quickly” on getting the ball rolling.
We remain committed to our partnership with OpenAI and have confidence in our product roadmap, our ability to continue to innovate with everything we announced at Microsoft Ignite, and in continuing to support our customers and partners. We look forward to getting to know Emmett…
— Satya Nadella (@satyanadella) November 20, 2023
Microsoft currently holds a $13 billion stake in Open AI.
On Friday, Altman was fired after a “deliberative review process” by the company’s Board, which alleged that the founder was “not consistently candid in his communications” and that the Board moving forward would “no longer have confidence” in Altman leading the company
Sam Altman fired by OpenAI after a “deliberative review process by the board.”
In their words: pic.twitter.com/1EQPgUWqGa
— Derek Thompson (@DKThomp) November 17, 2023
Altman took to X on Friday to share his thoughts on his departure and the future of the company, calling his firing a “weird experience” and an “unexpected” turn of events.
i love you all.
today was a weird experience in many ways. but one unexpected one is that it has been sorta like reading your own eulogy while you’re still alive. the outpouring of love is awesome.
one takeaway: go tell your friends how great you think they are.
— Sam Altman (@sama) November 18, 2023
On Monday, Altman alluded that he and the other Open AI employees — namely Mira Murati, COO Brad Lightcap, and Chief Strategy Officer Jason Kwon — would all “work together some way or other” and that they remained “one team, one mission.”
Murati was replaced as interim CEO by Emmer Shear (the former CEO of Twitch) and has resumed her role as Chief Technology Officer.
Related: Who Is OpenAI Co-Founder Sam Altman?
Though not much is specifically known about the reasoning behind Altman’s departure, Lightcap penned an internal company memo to address the rumors and speculations.
“We can say definitively that the board’s decision was not made in response to malfeasance or anything related to our financial, business, safety, or security/privacy practices,” he wrote. “This was a breakdown in communication between Sam and the board.”
Altman co-founded OpenAI in 2015 (alongside other names including Elon Musk) and instantly became a pioneer in the technology industry after rolling out the infamous ChatGPT last year.
“I think if this technology goes wrong, it can go quite wrong, and we want to be vocal about that. We want to work with the government to prevent that from happening,” Altman said during a Senate hearing in May at a conference discussing the regulation of AI technology. “But we try to be very clear-eyed about what the downside case is and the work that we have to do to mitigate that.”
This is a developing story.
https://www.entrepreneur.com/business-news/microsoft-hires-sam-altman-following-openai-departure/465677
The owners of an upscale jewelry store chain are handing ownership over to their employees.
Harvey and Maddy Rovinsky have been the owners of Bernie Robbins Jewelers for 57 years, but when they started to think about retirement to spend time with their grandchildren, they realized no one would be better to take over the business than their staff, some of whom have been with the company or 20 and 30 years.
The jewelry business, which has three stores in New Jersey and Pennsylvania, was founded by Maddy’s parents in 1962, according to the company’s website.
Courtesy of Bernie Robbins Jewelers | Owners Harvey and Maddy Rovinsky.
The Rovinskys told Fox Business that they don’t have any family involved in the business, and they needed a “path for succession” if the company were to continue after they retire.
“We said, ‘You know, this has been right in front of our faces all this time. Instead of trying to find a qualified buyer, why not give it to people that are successfully running it now,'” Rovinsky told Fox Business. “They understand our culture, they understand what we want. They’ve been doing it, they’ve been running it and we’ve been fortunate that money aspect was not a motivation. So we’re going to continue the business with the people that know how to run it.”
Harvey Rovinsky said employees asked him to be the company’s CEO as the business transitions to the new, employee-led ownership in early 2024.
“I’m flattered and honored that they’ve asked me to stay on, which I will be happy to do until I annoy them enough and they fire me,” Rovinsky joked.
https://www.entrepreneur.com/business-news/jewelry-store-owner-to-give-60-year-old-business-to/465672