What a Joe BIden-Kamala Harris administration means for markets, tech, healthcare, cannabis, and Donald Trump
Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.
Read on for more on how a Joe Biden-Kamala Harris administration could impact everything from healthcare to energy to tech, allegations of misleading sales tactics at fast-growing energy firm Powerhome Solar, and how family offices are recruiting.
The nation has decided.
The AP, NBC, CNN, The New York Times, and The Washington Post called the presidential election for Joe Biden shortly after 11 a.m. ET Saturday, following Insider in calling the result. Biden and Vice President-elect Kamala Harris took to the stage last night to deliver their victory speeches, emphasizing hope and unity.
It's been a fractious election race, and President Donald Trump is yet to concede, though pressure for him to do so appears to be building. In a stark reminder of the challenge Biden will face as president, the world this morning surpassed 50 million confirmed coronavirus cases.
We'll continue to cover the races that have yet to be called, and the Trump campaign's legal challenges. For now, here's a breakdown of what the election results means for Trump, Biden's potential cabinet, healthcare, tech, cannabis, energy, entrepreneurs,
- Trump's legal challenges: Legal problems galore await Trump now that he's lost reelection and, soon, his presidential immunity
- Biden's transition team: Meet 39 people on Biden's transition team ready to demolish Trump's legacy
- Biden's Cabinet-in-waiting: Meet the people in play for a new administration, who could fill key roles like secretaries of state and defense, COVID czar, and chief of staff
- Biden's first day in office: Here's what President-elect Joe Biden has promised for his first day in the White House
- Kamala Harris' team: Kamala Harris just made history. Meet 27 power players in her inner circle who could have sway in the Biden administration
- Healthcare: Joe Biden made his presidential campaign all about healthcare. Just don't expect a public option anytime soon.
- Tech: A Biden-Harris administration could mean a crackdown on the advertising and tech industries
- Quantum computing and AI: The Trump administration prioritized emerging tech like quantum computing and AI in a bid to keep the US competitive with China. Here are the key initiatives the Biden administration is inheriting.
- Cannabis: Here's why a Biden administration will be good for the US cannabis industry, even though it's unlikely he'll legalize marijuana federally
- Energy: 5 top energy analysts detail what Biden's victory means for the future of energy, from limits on oil drilling to wins for wind and solar
- Entrepreneurs: 3 industries got a major boost in the election and could open up new business opportunities for 2021
- Investing: Raymond James' investment chief details why Joe Biden and Mitch McConnell are the perfect pair to drive markets upwards — and lists 4 sectors he thinks are primed for gains no matter who's in power
Powerhome Solar uses misleading tactics, insiders suggest
From Benji Jones:
For years Jim and Beth Rickenbaugh had resisted putting solar panels on top of their brick home in Charlotte, North Carolina. They wanted to wipe out their utility bill, but the price seemed too steep.
Then, in late 2016, the couple came across a deal they felt they couldn't refuse.
A salesman from Powerhome Solar, an energy company headquartered in nearby Mooresville, visited their home and offered them a solar-energy system for no upfront cost that he said would nearly erase their utility bill, according to the Rickenbaughs.
They'd just have to make monthly payments for the panels that would be no more than the savings on their electricity bill from Duke Energy, they said.
In 2017, the Rickenbaughs signed up, agreeing to pay more than $15,000 for their system. Documents show they signed a 20-year loan with a 6% interest rate, meaning they'll pay an additional $11,765 in interest.
Then they waited for their bill to plummet. It didn't.
Read the full story here:
- Fast-growing energy firm Powerhome Solar uses misleading tactics to lure customers into home solar deals that cost more than a car, insiders, legal claims, and leaked memos suggest
Family office hiring
From Rebecca Ungarino:
Many banks and asset managers are slowing hiring or laying off employees during the pandemic. Or both. But family offices, the hush-hush, loosely regulated wealth managers for the world's richest clans, are outliers.
After pausing searches for brief periods earlier this year, many have resumed hiring for largely investment roles in recent months, six recruiters said in interviews with Business Insider.
They're looking in many cases to draw in talent from private equity firms and elite wealth managers, recruiters said, and continuing to form operations that resemble established institutions with sophisticated capabilities.
Read the full story here:
- Here's how family offices are snapping up talent from private-equity firms and elite wealth managers, according to 6 top recruiters
- A rising star from billionaire Philippe Laffont's Coatue is starting his own hedge fund and has at least $300 million lined up from investors
- Nick Maounis' $2 billion Verition Fund Management is up more than 22% — outperforming other multi-strategy hedge funds like Citadel and Millennium
Invitation: How marijuana's election triumph is reshaping the US cannabis industry
After the results of Tuesday's vote, one thing is clear: Americans overwhelmingly support cannabis reform.
Join Business Insider cannabis reporters Jeremy Berke and Yeji Jesse Lee in conversation with healthcare editor Zachary Tracer, who will be breaking down what the ballot initiatives mean for cannabis companies, consumers, and the future of cannabis policy in the US at 3:00 PM EDT on Tuesday.
Here are some headlines from the past week you might have missed.
A new hot startup investment area for venture capitalists and celebrities turns video games like 'Fortnite' into cash contests. Some worry it gives kids an invitation to gamble.
In a leaked recording, an Amazon exec tells employees the company will double Black leaders this year and ban 'noninclusive' language from documents
'Even worse than we thought': ESPN employees describe how its 300-person round of layoffs has unfolded and what they think the future holds
POWER PLAYERS: Here are the 15 change-makers at Adidas paving the way for diversity and inclusion at the company
Beverly Hills real-estate superagent Tracy Tutor has closed tens of millions worth in deals over the last year, and she swears by this daily routine from 5:30 a.m. to 10 p.m.
If you want to work in Canada, these are the 15 hottest startups hiring right now
The 18 power players at Amazon who are leading the e-commerce giant's media ambitions
Jen Sey was a champion gymnast before ascending to become global brand president of Levi's. Here's how her experience competing — and speaking out about abuse in the sport — has influenced her leadership style.
- A 'hole' 30 times Earth's size has spread across the sun, blasting solar winds that'll hit our planet by end of this week
- A former Twitter engineer said they watched colleagues 'drop like flies' from a virtual meeting during Elon Musk's mass layoffs
- I'm a software engineer who struggled with procrastination until I tried 'monk mode' — here's how it saves me up to 3 hours a day
- OnePlus Nord CE 3 Lite 5G and Nord Buds 2 to launch on April 4 – Here’s all you need to know
- Amazon Convertible Fest sale – Best deals on convertible ACs and refrigerators
- Govt intervention critical to remove green financing barriers, IPCC report stresses as we move towards 3.5°C warming
- BYJU's set to raise $250 million, at a lower valuation
- Piramal Realty inks deal with Jio-bp to install EV charging stations at its properties