Author: Press Room

Around half the American population is considered middle class, according to the most recent Pew Research data. But being middle class looks different depending on where you are.Pew’s commonly used definition of middle class sets the range of middle income salaries between two-thirds and double the median salary for a given area. That means you can earn $100,000 and be considered middle class in some locales, but not others.In fact, middle class income ranges vary widely across the largest 100 U.S. cities, according to a new study from SmartAsset. Fremont, California, has the highest-earning middle class with those earning up…

Polestar, the electric vehicle brand spun off from Volvo, just unveiled a new SUV that will be for sale in the United States next year. It finally does away with something that’s become increasingly pointless in new vehicles, anyway: The back window. The Polestar 4 is a “coupe-shaped” SUV, with a rear roof that slopes down rather than having a flat back end. This has been a trendy vehicle style for years now, with many models from brands like BMW, Mercedes and Audi adopting the style. In these models, rear visibility — which is not so great in SUVs, anyway…

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The cryptocurrency experienced a significant contraction today, with the total market capitalization seeing a net reduction of $50.7 billion.As it stands, the total crypto market cap is $1.24 trillion, marking a 4.11% decrease from the previous day.How might this sudden downturn affect the selection of the best cryptos to buy now?In this dynamic landscape, the two most prominent digital currencies, Bitcoin and Ethereum, have experienced declines in their respective market capitalizations.Bitcoin’s market cap dipped by 3.37% to reach $613.48 billion currently, while Ethereum’s market cap has seen a more pronounced drop of 5.82% so far today at $235.4 billion.The downturn…

Hi! Dan DeFrancesco in NYC, but I’m considering making a trip to Canada to nab some of these chocolate bars from this woman who literally can’t give them away fast enough. Today we’ve got stories on BlackRock’s Larry Fink taking a pay cut, KKR’s new look, and perhaps NYC’s most exclusive gym. But first, can I see your phone?If this was forwarded to you, sign up here. Download Insider’s app here.1. An apple a day… Quick, name a fintech.What’s the first name that popped into your head? Robinhood? Stripe? PayPal? Chime? Plaid? Square?There’s one I’ll bet most of you missed, and it’s…

Elizabeth Holmes is asking a judge to grant her a new trial or reduce her prison sentence. Holmes’ attorneys say she was unfairly barred from citing “compelling evidence” of her innocence. The Theranos founder is currently set to begin serving her 11-year prison sentence next week. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Elizabeth Holmes truly believed in her company’s blood-test technology and was unjustly barred from submitting “compelling evidence” that would have bolstered her defense, attorneys for the former CEO of Theranos…

Morgan Stanley chief executive James Gorman has warned investment banking revenues may not recover until next year after the Wall Street group’s net profits fell almost a fifth in the first quarter.A prolonged slowdown in investment banking activity has hit Morgan Stanley and its rivals as financial turmoil following the collapse of US regional lenders and Credit Suisse in Europe kept dealmakers on the sidelines. Gorman told analysts on Wednesday that mergers and acquisitions as well as debt and equity underwriting activity “remain very subdued” but argued these revenues would return eventually. “Already, we’re seeing a growing M&A pipeline and…

Supreme Court Justice Samuel Alito on Wednesday temporarily extended a hold on a lower court ruling that would have imposed restrictions on access to an abortion drug, a move meant to give the justices more time to consider the issue. In a similar order last week, Alito had said the court would rule by 11:59 p.m. ET on Wednesday. The new order – called an “administrative stay” – moves that deadline to Friday, April 21. The order was written by Alito because he has jurisdiction over the lower court that ruled in the dispute. “Today’s order tells us nothing about…

Something “always breaks” when the Federal Reserve starts tightening monetary policy. That saying appears to ring true yet again, with the collapse in March of Silicon Valley Bank and the Swiss government’s brokered sale of Credit Suisse to rival lender UBS Group UBS, -0.88%, another lending giant. Since the 1980s, each Fed rate-hiking campaign has been associated with financial crises (see chart), including the 1987 stock-market crash on Black Monday, the demise in 1998 of hedge-fund giant Long Term Capital Management and the global financial crisis in 2008, according to a review by Invesco. SVB, Signature Bank and the sale…

MillerKnoll CEO Andi Owen’s attempt to rally the troops during a company town hall last month seems to be backfiring after she admonished employees to stop worrying about their bonuses. A short video clip of the executive’s answer to a question about bonuses has gone viral on Monday, sparking outrage across social media. MillerKnoll (ticker: MLKN) owns office furniture brands—including Herman Miller and Knoll. In the video, Owen replied to employee questions about bonuses. “A lot of questions came through about how can we stay motivated if we’re not going to get a bonus,” she said. “Some of them were…