Business

Earning More From Music Than His Finance Job, Shoffy Releases ‘Direction’ With Maroon 5’s Sam Farrar: Q&A

In 2016, Alex Shofler made a brave move from working as a financial analyst in Beverly Hills to being a full-time musician. But he didn’t take a pay cut. After running numbers in the office by day and making music by night under the moniker Shoffy, he says he decided to switch careers altogether when his single “Takes My Body Higher” went viral, racking up 56 million Spotify streams,  42 million YouTube views, and spending 20 weeks at No. 19 on the Billboard Dance/Electronic Chart. “I did better in 2017 doing music than in private equity,” says the 27-year-old, whose new track, “Direction,” a collaboration with Sam Farrar of Maroon 5, was released today (8/17), an “upbeat, optimistic song about finding somebody that you want to spend the rest...

Tesla shares fall as Musk says stress takes toll

The Latest on Tesla CEO Elon Musk (all times local): 9:35 a.m. Tesla shares are falling as investors deal with another surprising development surrounding CEO Elon Musk. Musk admitted in an interview with The New York Times that stress is taking a heavy toll on him. The company has been under pressure to increase production of its Model 3 sedan, and Musk said that he was working up to 120 hours a week and sometimes takes Ambien to get to sleep. Musk raised a ruckus last week when he tweeted that he might take Tesla private. The tweet reportedly has spurred an investigation by securities regulators. Tesla shares fell 3.6 percent to $323 in early trading. Musk is known for odd behavior and controversial statements, but investors have stuck with him and driven Tesla to a higher market value th...

Trump asks SEC to look into practicality of corp. reports

President Donald Trump says he’s asking federal regulators to look into the effectiveness of the quarterly financial reports that publicly traded companies are required to file. In a tweet early Friday, Trump said that after speaking with “some of the world’s top business leaders,” he’s asked the U.S. Securities and Exchange Commission to determine whether shifting to a six-month reporting regimen would make more sense. The SEC requires such companies to share profit, revenue and other figures publicly every three months. Some believe that executives are making decisions based on short-term thinking to satisfy the market at the expense of the long-term viability of their companies. There are also tremendous expenses tied to preparing quarterly and annual repor...

US CEOs earned 312 times more than workers in 2017: Study

CEOs at the 350 largest U.S. companies received 312 times as much in compensation as typical employees in 2017, according to a study released Thursday. The average chief executive received $18.9 million last year, a 17.6 percent increase from 2016, as the wages of a typical worker rose just 0.3 percent, according to research by the Economic Policy Institute, a Washington-based think tank. The highest CEO-to-worker pay ratio ever recorded is 344-to-1, in 2000. In 1965, it was 20-to-1. In 1989, it was 58-to-1. Last year, it was 270-to-1. “CEO compensation has grown far faster than stock prices or corporate profits,” EPI said in an online summary of the findings. “CEO compensation rose by 979 percent [based on stock options granted] or 1,070 percent [based on stock options r...

Turmoil in Turkey sends US and European stocks sharply lower

U.S. stocks are skidding Friday morning after a sharp drop in Europe as investors worried about the financial stability of Turkey. The Turkish lira nosedived again following concerns about the country’s economic policies and sanctions from the U.S. Banks are falling along with interest rates. KEEPING SCORE: The S&P 500 index slid 16 points, or 0.6 percent, to 2,836 as of 10:15 a.m. Eastern time. The Dow Jones Industrial Average dropped 201 points, or 0.8 percent, to 25,307. The Nasdaq composite, which has risen for eight days in a row, sank 38 points, or 0.5 percent, to 7,853. The Russell 2000 index of smaller-company stocks fell 4 points, or 0.2 percent, to 1,686. Investors sold stocks and bought bonds, which pushed interest rates lower. Lower rates make lending less profitable ...

Jaime Zeluck Hindlin Officially Launches Nonstop Management

She represents songwriters and producers for Nicki Minaj, Kelly Clarkson, Meghan Trainor and more. Seasoned manager Jaime Zeluck Hindlin has announced the launch of her new company, Nonstop Management. Nonstop Management will be based in Los Angeles and specialize in career management, development and guidance of Grammy Award-winning multi-platinum songwriters and producers. The industry veteran’s roster includes Andrew Wells (Meghan Trainor, Young The Giant, Bebe Rexha), LunchMoney Lewis (Nicki Minaj, One Direction, Jason Derulo), Nick Long (King Princess), Michael Pollack (LAUV, Charli XCX, Kelly Clarkson), Oren Yoel (Miley Cyrus, XXXTentacion), Sam Farrar (of Maroon 5), Michael Matosic (LAUV), Jake Torrey (Kiiara), RYANN, and BANTU. “With Nonstop, we wanted to build a haven for songwrit...

AI training and social network content moderation services bring TaskUs a $250 million windfall

TaskUs, the business process outsourcing service that moderates content, annotates information and handles back office customer support for some of the world’s largest tech companies, has raised $250 million in an investment from funds managed by the New York-based private equity giant, Blackstone Group. It’s been ten years since TaskUs was founded with a $20,000 investment from its two co-founders, and the new deal, which values the decade-old company at $500 million before the money even comes in, is proof of how much has changed for the service in the years since it was founded. The Santa Monica-based company, which began as a browser-based virtual assistant company — “You send us a task and we get the task done,” recalled TaskUs chief executive Bryce Maddock — is now one of the main pr...

Drake Becomes First Artist to Surpass 50 Billion Streams

Drake has become the first artist to surpass 50 billion streams across all global streaming platforms, his record company announced on Wednesday (Aug. 8). The rapper has broke yet another historic record, as his viral-fueled dance track “In My Feelings” reigns for the fourth week atop the Billboard Hot 100 and his latest album, Scorpion, dominates the Billboard 200 for the fifth week. The news comes after industry officials told Billboard on (Aug. 6) that Scorpion became the first album to hit 1 billion streams globally across all streaming platforms in a single week. Drake also broke Spotify and Apple Music’s single-day streaming record and Scorpion currently holds the biggest week for an album in 2018 so far (with 700,000 equivalent units). The singer is also inching closer to beat...

Tropicália Music and Taco Festival Returns With Cardi B & Morrissey

Goldenvoice has announced the return of Tropicália Music & Taco Festival with headlining performances from Morrissey and Cardi B. For its second year, the festival will be held at the Queen Mary Events Park in Long Beach, California. From Nov. 3-4 in Southern California, fans can check out performances from Mac Demarco, Kali Uchis, Chicano Batman, Mazzy Star, and Los Angeles Ázules by the water. Toro Y Moi, Cuco Devendra Banhart, Natalia Lafourcade, BadBadNotGood, Broncho, La Sonora Dinamita, Boy Pablo, and more will also perform. The festival’s debut featured an eclectic lineup including Chicano Batman, Kali Uchis, Los Tigres Del Norte, Alina Baraz, and King Krule. In 2017, attendees were treated to all you can eat tacos from 11am-4pm from numerous vendors. Last year’s event hosted 20...

Tesla board evaluating CEO’s bid to take company private

Board members at Tesla are evaluating CEO and Chairman Elon Musk‘s $72 billion proposal to take the electric car and solar panel maker private. Six of nine members said in a prepared statement Wednesday that Musk began talking with the board about the move last week. This included discussing how being a private company could better serve Tesla’s long-term interests. Board members met several times and also addressed funding for the move, according to the statement. The eccentric Musk announced the bombshell move Tuesday on Twitter, writing that he had secured funding to buy Tesla Inc.’s shares at $420 each. Shares rose 11 percent Tuesday but fell nearly 2 percent at midday Wednesday to $372.38. At $420 apiece, buying all of Tesla’s shares would cost about $72 billio...

HARMAN Joins Grammy Music Education Coalition’s Founders Circle

HARMAN International Industries Inc. has joined the Grammy Music Education Coalition’s Founders Circle as a member in perpetuity. HARMAN, the audio technology company that’s a wholly owned subsidiary of Samsung Electronics, will fund and resource recording studios in New York, Nashville and Philadelphia public schools and also create dedicated programming to encourage more female students to pursue studies and careers in music. Launched last year, the non-profit Grammy Music Education Coalition (GMEC) is a collective of more than 30 music education organizations dedicated to expanding music education in elementary and secondary public schools. The coalition is currently focusing on three inaugural cities—New York, Philadelphia and Nashville—before adding other urban, suburban and rural com...

Amid backlash, Twitter CEO explains why Alex Jones hasn’t been banned

Twitter said it is standing by its decision not to ban accounts associated with right-wing conspiracy theorist Alex Jones, despite “outside pressure” for it to ban his content. The CEO and co-founder of Twitter, Jack Dorsey, explained the company’s decision in a series of tweets on Tuesday night, noting that Jones, owner of the InfoWars website, hadn’t violated any of its rules. “We know that’s hard for many but the reason is simple: he hasn’t violated our rules. We’ll enforce if he does,” he said. “If we succumb and simply react to outside pressure, rather than straightforward principles we enforce (and evolve) impartially regardless of political viewpoints, we become a service that’s constructed by our personal views that can swing in any direction. That’s not us.” Twitter ha...