Business

Forbes reports: Adidas gets an estimated 4% to 8% of its sales from Yeezy products, according to investment bank Cowen. For Ye, it was an even bigger deal, accounting for $1.5 billion of his net worth. The $1.5 billion value of the Adidas deal was calculated off of a multiple of annual earnings. Based on interviews with industry experts, Forbes …

Bloomberg News reports: Adidas AG is ending its partnership with Ye following a rash of offensive behavior from the rapper and designer that turned a once-thriving shoe brand into a lightning rod for criticism. The German sports company said it is cutting ties with Ye, formerly Kanye West, with immediate effect and will take a €250 million ($246.5 million) hit …

The New York Times reports: Times Square, New York City’s famed Crossroads of the World, could hardly be considered lacking. It has dozens of Broadway theaters, swarms of tourists, costumed characters and noisy traffic, all jostling for space with office workers who toil in the area. Now one of the city’s biggest commercial developers is pitching something that Times Square …

Axios reports: The Republican National Committee (RNC) has filed a lawsuit against Google in a U.S. district court in California for allegedly putting its campaign emails in the spam folders of its millions of users. Why it matters: Google last month launched a pilot program to keep campaign emails out of spam. But the RNC has been criticizing the program, …

Women’s Wear Daily reports: Balenciaga has severed its ties with Ye. Parent company Kering said the French fashion house would no longer be working on projects with the rapper formerly known as Kanye West, who has made increasingly controversial public comments in recent weeks, including anti-Semitic threats. “Balenciaga has no longer any relationship nor any plans for future projects related …

Bloomberg News reports: Biden administration officials are discussing whether the US should subject some of Elon Musk’s ventures to national security reviews, including the deal for Twitter Inc. and SpaceX’s Starlink satellite network, according to people familiar with the matter. US officials have grown uncomfortable over what they see as his increasingly Russia-friendly stance following a series of tweets that …

Bloomberg News reports: Weed is coming to US gas stations. Green Thumb Industries Inc., one of the largest US cannabis producers, signed a deal with Circle K, the global convenience-store chain, to sell licensed marijuana at its Florida gasoline retailers. The partnership will begin next year with 10 of the company’s 600 locations in the state, Green Thumb said. The …

The Daily Beast reports: The CEO of an anti-woke banking startup that raised tens of millions in funding and then careened toward bankruptcy has resigned, The Wall Street Journal reported. GloriFi was launched by Toby Neugebauer and Nick Ayers, former chief of staff to Mike Pence, and promoted as an alternative to liberal banks for conservatives. A recent Journal investigation …

Bloomberg News reports: “When I got kicked off of Instagram and Twitter at the time, I knew it was time to acquire my own platform,” Ye said in an interview with Bloomberg News on Monday. “People had talked about it and mentioned this idea for years, but enough was enough.” “We’re using this as a net for the people who …

Reuters reports: Major U.S. retailers will begin selling lower-cost hearing aids without a prescription or medical exam under final Biden administration rules that take effect Monday. The Food and Drug Administration (FDA) in August approved the sale of over-the-counter hearing aids, allowing millions of Americans to buy hearing aids without seeing an audiologist and potentially saving individuals thousands of dollars. …

The Associated Press reports: Elon Musk has a penchant for the letter “X.” He calls his son with the singer Grimes, whose actual name is a collection of letters and symbols, “X.” He named the company he created to buy Twitter “X Holdings.” His rocket company is, naturally, SpaceX. Now he also apparently intends to morph Twitter into an “everything …

Courthouse News reports: A class of romance seekers sued Meet Muse Media, the owner of “not your parents dating app” Snack, accusing the company of age discrimination because it won’t allow singles older than 35 to sign up. A 37-year-old California man sued the Canadian company Friday in San Diego federal court claiming Snack violates the California Unruh Civil Rights …

CNBC reports: Rival grocers Kroger and Albertsons on Friday announced plans to team up. The companies said Kroger agreed to buy Albertsons for $34.10 a share in a deal valued at $24.6 billion. Albertsons shares had closed Thursday at $28.63 after surging on reports that a deal was imminent. Kroger is the second-largest grocer by market share in the United …

The Guardian reports: Elon Musk is under a federal investigation related to his $44bn takeover of Twitter, the social media company has said in a court filing made public on Thursday. While the filing said he was under investigation, it did not say what the focus was, or which federal authorities were investigating. Twitter, which sued Musk in July to …

Ars Technica reports: Hackers have stolen around $570 million in tokens from Binance, in a rare blow to the world’s biggest crypto exchange and another dent to the troubled digital assets industry struggling to regain trust after a collapse in prices. It comes at a time when digital assets are trying to recover from a credit crisis that wiped nearly …

The Associated Press reports: Elon Musk’s lawyers said Thursday that Twitter is refusing to accept the Tesla billionaire’s renewed $44 billion bid for the social media company. Musk made a renewed offer to take over to company earlier this week, hoping to end a protracted legal dispute that began when Musk tried to back out of the April deal and …

The Guardian reports: A Delaware judge has said the Twitter v Elon Musk trial is still going ahead later this month because neither side has asked to pause proceedings. Kathaleen McCormick, the judge on Delaware’s Court of Chancery, wrote that no one has applied for a “stay” in the action, despite Musk performing a U-turn on Monday on his decision …

Bloomberg News reports: Elon Musk is proposing to buy Twitter Inc. for the original offer price of $54.20 a share. Musk made the proposal in a letter to Twitter, according to people familiar with the matter, who asked not to be identified discussing confidential information. Shares in Twitter climbed as much as 18% on the news, after trading was briefly …

Ars Technica reports: Pharmacy giants CVS and Walmart will have to face trials over claims that placing ineffective homeopathic products alongside legitimate over-the-counter medicines on store shelves deceives consumers into thinking that the pseudoscientific products are akin to evidence-based, Food and Drug Administration-approved drugs. The claims come from the nonprofit organization Center for Inquiry (CFI), which filed nearly identical lawsuits …

Via press release from the SEC: The Securities and Exchange Commission today announced charges against Kim Kardashian for touting on social media a crypto asset security offered and sold by EthereumMax without disclosing the payment she received for the promotion. Kardashian agreed to settle the charges, pay $1.26 million in penalties, disgorgement, and interest, and cooperate with the Commission’s ongoing …