There are benefits to being the top dog, but it's not always easy. Sitting high on the totem pole means there are more people gunning for you, and your fall from grace will be even more spectacular.
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That brings us to payments, a space that's increasingly competitive in recent years from both above and below. There are plenty of reasons to want to get in (money changes hands A LOT, whether it's between people, companies, or both). And while the margins aren't big, squeezing somewhere into the payments food chain could be an easy way to generate additional revenue.
Bianca and Paige spoke to more than a dozen industry insiders to identify executives who are making sure companies like PayPal, Stripe, Apple, and Visa are keeping the competition at bay.
2. This PE fund just raised $300 million with an eye on sports deals. Bluestone Equity Partners, which is run by NBA and IMG vet Bobby Sharma and Kyle Charters, is considering everything from investing in sports teams to media companies. Here's more on how the duo raised money in choppy markets and what's next.
3. BofA plans cuts to its investment bank. Bank of America, which had already paused hiring, is planning to lay off some bankers, Bloomberg reported. More here.
4. From friends to foes, the FTX cofounders' fallout. Check out this Bloomberg feature that details how Gary Wang and Sam Bankman-Fried, cofounders of FTX, went from longtime friends to pointing fingers at who's at fault for the crypto exchange's spectacular blowup. Read it all here.
5. The group behind a bevy of regional sports networks is in deep financial trouble. Diamond Sports Group, which holds TV rights for sports games across 19 networks, is set to miss a $140 million interest payment that could have significant knock-on effects to the larger media landscape. Here's why broadcasters, cable operators, and leagues are keenly watching what happens next.
8. More than a dozen of Jeffrey Epstein's victims were paid via JPMorgan Chase accounts. The latest revelation came after part of the US Virgin Islands' lawsuit against the financial firm was unsealed. The Virgin Islands accused the bank of facilitating the now-dead pedophile's sex-trafficking scheme and ignoring red flags. Read more here.
9. It's easy to lose weight...you just need to quit your job, move to a remote village, and cut off all contact with family and friends for seven months. Bryan O'Keefe lost 137 pounds in seven months, but he took some extreme measures to get in shape. More on his wild weight-loss journey.
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