Interactive Brokers founder Thomas Peterffy says he passed on pursuing E-trade purchase

Thomas Peterffy, founder of online trading platform Interactive Brokers, told CNBC that the company had considered buying E-trade but decided to pass because it was a risky bet. “We had looked at E-trade,” Peterffy said Friday on “Closing Bell.” Interactive Brokers passed on the opportunity partially because it was too much of a risk, he said. The acquisition, however, “cleared the field” for Interactive Brokers, he added. “Interactive Brokers has always traditionally catered to professional tra


Thomas Peterffy, founder of online trading platform Interactive Brokers, told CNBC that the company had considered buying E-trade but decided to pass because it was a risky bet.
“We had looked at E-trade,” Peterffy said Friday on “Closing Bell.”
Interactive Brokers passed on the opportunity partially because it was too much of a risk, he said.
The acquisition, however, “cleared the field” for Interactive Brokers, he added.
“Interactive Brokers has always traditionally catered to professional tra
Interactive Brokers founder Thomas Peterffy says he passed on pursuing E-trade purchase Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-21  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, thomas, etrade, interactive, brokers, founder, risk, peterffy, pursuing, stanley, platform, trading, lower, purchase, price, passed


Interactive Brokers founder Thomas Peterffy says he passed on pursuing E-trade purchase

Thomas Peterffy, founder of online trading platform Interactive Brokers, told CNBC that the company had considered buying E-trade but decided to pass because it was a risky bet.

“We had looked at E-trade,” Peterffy said Friday on “Closing Bell.” “We evaluated whether we should buy them or not, and we decided against it.” He said the two companies never held talks.

Morgan Stanley said Thursday it will acquire E-Trade for $13 billion, the latest in a consolidation wave for the brokerage industry that collectively lowered trading commissions to zero last year.

Morgan Stanley will pay $58.74 a share in stock for E-Trade in a deal bringing together $3.1 trillion in client assets. It’s the biggest takeover by a U.S. bank since the financial crisis.

“I think it’s a fair price,” Peterffy said. “That’s where we thought we would be if they had no other barriers in the way.”

Interactive Brokers passed on the opportunity partially because it was too much of a risk, he said.

“We cannot take on existential risk, no matter how small the probability is for that risk to be realized,” he said.

The acquisition, however, “cleared the field” for Interactive Brokers, he added.

The deal, which is expected to close in the fourth quarter, follows last year’s $26 billion all-stock purchase of TD Ameritrade by Charles Schwab.

With fewer competitors “the distinctions among the various platforms and platform capabilities become much clearer, and the contrasts between them are much sharper,” he said.

“These two firms, however, have very substantially similar customer bases, in the sense that they both cater to retail investors and registered advisors,” Peterffy said. “Interactive Brokers has always traditionally catered to professional traders who work for large financial institutions and trade for their own accounts.”

Peterffy said he isn’t against a merger in the future.

“It would be a hard decision to sell. But at some price, we certainly would consider it,” Peterffy said.

Shares of the Nasdaq-traded Interactive Brokers closed 3.4% lower Friday.

The Dow Jones Industrial Average traded 0.78% lower. The S&P 500 slid 1.05%, while the Nasdaq Composite declined by 1.79%.

— CNBC’s Maggie Fitzgerald contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2020-02-21  Authors: jessica bursztynsky
Keywords: news, cnbc, companies, thomas, etrade, interactive, brokers, founder, risk, peterffy, pursuing, stanley, platform, trading, lower, purchase, price, passed


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9 money myths we hear all the time—but can actually hold you back from getting rich

There’s so much money advice out there that it can be difficult to differentiate the good ones from the bad ones. To make money, you have to worry about money. “The more time I spend thinking about money, the less time I have to think of the next great idea that can make money. Whether you’re an entrepreneur or an employee, your current revenue stream isn’t necessarily how you’ll make money in the future. “Many people will tell you to invest in the stock market and let compound interest turn you


There’s so much money advice out there that it can be difficult to differentiate the good ones from the bad ones.
To make money, you have to worry about money.
“The more time I spend thinking about money, the less time I have to think of the next great idea that can make money.
Whether you’re an entrepreneur or an employee, your current revenue stream isn’t necessarily how you’ll make money in the future.
“Many people will tell you to invest in the stock market and let compound interest turn you
9 money myths we hear all the time—but can actually hold you back from getting rich Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-20  Authors: the oracles
Keywords: news, cnbc, companies, cofounder, money, founder, timebut, hear, youll, rich, hold, actually, business, invest, follow, stock, getting, myths, youre, market


9 money myths we hear all the time—but can actually hold you back from getting rich

There’s so much money advice out there that it can be difficult to differentiate the good ones from the bad ones. To save you some trouble, we asked nine financially savvy business owners and Advisors in The Oracles to share the biggest money myths that can stunt your financial success:

1. To make money, you have to worry about money.

“The more time I spend thinking about money, the less time I have to think of the next great idea that can make money. Overthinking always limits creativity. Instead, I just trust my gut. When something doesn’t feel right, it’s usually for a good reason, even if I can’t put my finger on why. Your gut is a collection of past experiences — and mine has never steered me wrong!” —Barbara Corcoran, founder of The Corcoran Group, podcast host of “Business Unusual,” and Shark on “Shark Tank.”

2. Stick to the status quo if you want to get rich.

“Don’t be romantic about how you make money. Whether you’re an entrepreneur or an employee, your current revenue stream isn’t necessarily how you’ll make money in the future. When you climb the ranks, it’s easy to lose creativity and that desire to change the status quo — until you’re replaced by someone who still has those things. Never let money make you comfortable. Always be innovating and thinking ahead.” —Gary Vaynerchuk, founder and CEO of VaynerX; five-time New York Times bestselling author of “Crushing It!”

3. Save your pennies and watch the dollars grow.

“Many people will tell you to invest in the stock market and let compound interest turn your paychecks into millions. The problem with that advice is that you have to work for 40 years. Instead, invest in yourself by learning a skill you can monetize. If you’re always sharpening new skills, you’ll make incrementally more money. That’s real compound interest. You can’t save your way to wealth, but you can educate yourself there.” —James Sixsmith, founder and CEO of Trade Context, co-founder of SpeedUpTrader, and former professional hockey player. Follow him on Instagram and LinkedIn.

4. Financial success relies on past performance.

“Companies like Blockbuster, Pets.com and MySpace were household names — until they crashed. In contrast, many that Wall Street dismisses outperform the market significantly. The right investments are the ones that genuinely interest you, whether that’s Bitcoin, stocks or any other asset classes. If you talk to people, read the news and actually use the products you invest in, you’ll have a better understanding of where your investments should go than the ‘experts’ do.” —Dan Schatt, co-founder and CEO of Cred. Follow him on LinkedIn.

5. Prioritize security over market volatility.

“An annuity salesperson convinced my client to sell his Tesla stock because of market volatility, so he gave up control and liquidity in exchange for ‘security.’ But when he lost his job, he had to pay an early withdrawal fee to access his money. His $500,000 annuity was only worth $300,000, compared to the $3.2 million his stock would be worth today. The salesperson didn’t disclose that he owned stock in the annuity and was working on commission. Always question others’ interests and how they align with yours. Are they getting a commission, or do they only make money when you do?” —James Daily, founding partner of Daily Law Group. Follow him on LinkedIn.

6. Build a nest egg as soon as possible.

“The highest rate of return on your money is not in a house or savings account, where it will sit and get eaten by inflation. Invest in your primary asset: Yourself — and your business, if you own one. This multiplies the abilities that create your income, so you can achieve financial independence. When your money is still, it’s ill. When it’s flowing, it’s growing.” —Corrie Elieff, co-founder and chairman at YESA; founder of Cardone Canada.

7. It takes money to make money.

“Don’t let the idea of starting a business — or even a side hustle — intimidate you; the barrier to entry in business is lower than ever. Using tools like WordPress, PayPal and social media, you can create a website, advertise with how-to content and accept payments for free. As long as you know how to sell and you’re solving other people’s problems, all you need is a little creativity and willingness to take risks and outwork everyone else.” —Bedros Keuilian, founder of Fit Body Boot Camp. Follow him on Instagram, Facebook and YouTube.

8. Having a ‘normal’ routine will make you richer.

“I do my best thinking between midnight and 3 a.m., when I’m free from dinging email and text alerts. Figure out when your mind works best, capitalize on it, and don’t feel bad if it’s not during the standard 9 a.m. to 5 p.m. “The world’s wealthiest people didn’t become successful because they were coloring inside the lines or doing what everything thinks they’re ‘supposed’ to do.” —Michelle Luchese, co-founder and chief product officer of wedding band company Manly Bands. Follow her on LinkedIn.

9. Real wealth means having an enormous bank account.


Company: cnbc, Activity: cnbc, Date: 2020-02-20  Authors: the oracles
Keywords: news, cnbc, companies, cofounder, money, founder, timebut, hear, youll, rich, hold, actually, business, invest, follow, stock, getting, myths, youre, market


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Boston Beer founder Jim Koch defends hard seltzer investment after disappointing earnings report

Boston Beer Company co-founder Jim Koch defended its heavy investment in hard seltzer Thursday as shares fell after weak guidance and a per-share earnings miss. Hard seltzer, in particular, demands significant investment because “it’s the biggest thing that’s come into the beer business since light beer,” Koch said. Shares of Boston Beer Company slid 7.6% to $396 Thursday following its after-the-bell earnings report a day earlier. “We really don’t know how far is up” for hard seltzer, Koch said.


Boston Beer Company co-founder Jim Koch defended its heavy investment in hard seltzer Thursday as shares fell after weak guidance and a per-share earnings miss.
Hard seltzer, in particular, demands significant investment because “it’s the biggest thing that’s come into the beer business since light beer,” Koch said.
Shares of Boston Beer Company slid 7.6% to $396 Thursday following its after-the-bell earnings report a day earlier.
“We really don’t know how far is up” for hard seltzer, Koch said.
Boston Beer founder Jim Koch defends hard seltzer investment after disappointing earnings report Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-20  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, defends, truly, hard, beer, disappointing, seltzer, jim, light, investment, koch, report, growth, seltzers, boston, founder, earnings


Boston Beer founder Jim Koch defends hard seltzer investment after disappointing earnings report

Boston Beer Company co-founder Jim Koch defended its heavy investment in hard seltzer Thursday as shares fell after weak guidance and a per-share earnings miss.

“Sometimes growth, it’s not cheap, particularly in something capital-intensive like beer,” Koch said on “Closing Bell.”

Hard seltzer, in particular, demands significant investment because “it’s the biggest thing that’s come into the beer business since light beer,” Koch said.

Shares of Boston Beer Company slid 7.6% to $396 Thursday following its after-the-bell earnings report a day earlier. It posted earnings of $1.12 per share for the fourth quarter while analysts had forecast earnings of $1.47 per share.

It also reported full-year EPS guidance of $10.70 to $11.70. Wall Street consensus had been $11.72.

Boston Beer CEO David Burwick said on the earnings call that margins will continue to suffer as it increases capacity to meet demand around hard seltzer.

“We expect this program to run for two to three years and begin showing margin improvement by the first half of 2021,” he said, according to a transcript from The Motley Fool.

The Samuel Adams brewer said it saw triple-digit growth around its hard seltzer brand, Truly, which helped deliver quarterly revenue of $301.3 million. It represents a 33.8% increase compared with the prior year.

Despite Thursday’s slide, Boston Beer’s stock remains up 47% in the past 12 months as the hard seltzer category exploded.

“Let’s not get distracted by what happens today or tomorrow,” Koch said in defense of the company’s strategy. “Let’s make sure we’re building for the future.”

And that’s a future in which Truly plays a critical role, said Koch, who launched the Boston Beer Company in his kitchen in 1984.

The hard seltzer category experienced significant growth and increased competition in 2019 as big players such as Anheuser-Busch launched products to compete with Truly and White Claw.

Constellation Brands also said it plans to launch a line of Corona hard seltzers this spring.

Hard seltzer makes up 2.6% of the total U.S. market for alcohol, which is an increase from 0.85% a year ago, according to the IWSR.

“We really don’t know how far is up” for hard seltzer, Koch said.

So far, Koch said, the fresh competition from Bud Light Seltzer has not hurt Truly’s popularity among consumers.

“We were actually very pleased with the entrance of Bud Light Seltzer,” he said. “Since Bud Light Seltzer’s been introduced, we’re the only hard seltzer that actually gained market share.”

Koch said hard seltzer’s growth has far exceeded what Boston Beer expected when it launched Truly about four years ago. It’s appealing to a wider range of consumers than they thought, Koch said.

“It kind of presses all the buttons. Great taste. Not much compromise. Health and wellness cues,” Koch said. “We think that the category can double again in 2020.”


Company: cnbc, Activity: cnbc, Date: 2020-02-20  Authors: kevin stankiewicz
Keywords: news, cnbc, companies, defends, truly, hard, beer, disappointing, seltzer, jim, light, investment, koch, report, growth, seltzers, boston, founder, earnings


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Ray Dalio thinks the coronavirus’ hit to global markets is probably exaggerated

Ray Dalio, billionaire and founder of Bridgewater Associates LP, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, D.C., U.S., on Friday, Oct. 18, 2019. ABU DHABI, United Arab Emirates — Billionaire hedge fund giant Ray Dalio thinks the roller-coaster impact of the new coronavirus on markets is likely exaggerated. It most likely will be something that in another year or two will be well beyond what everyone will be talking about.” U.S. markets ma


Ray Dalio, billionaire and founder of Bridgewater Associates LP, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, D.C., U.S., on Friday, Oct. 18, 2019.
ABU DHABI, United Arab Emirates — Billionaire hedge fund giant Ray Dalio thinks the roller-coaster impact of the new coronavirus on markets is likely exaggerated.
It most likely will be something that in another year or two will be well beyond what everyone will be talking about.”
U.S. markets ma
Ray Dalio thinks the coronavirus’ hit to global markets is probably exaggerated Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: natasha turak
Keywords: news, cnbc, companies, hit, global, probably, impact, stock, virus, likely, thinks, exaggerated, market, dalio, founder, markets, coronavirus, ray


Ray Dalio thinks the coronavirus' hit to global markets is probably exaggerated

Ray Dalio, billionaire and founder of Bridgewater Associates LP, speaks during the Institute of International Finance (IIF) annual membership meeting in Washington, D.C., U.S., on Friday, Oct. 18, 2019.

ABU DHABI, United Arab Emirates — Billionaire hedge fund giant Ray Dalio thinks the roller-coaster impact of the new coronavirus on markets is likely exaggerated.

The fast-spreading virus, which has so far killed 1,018 people and sickened more than 43,000 across 28 countries, “probably had a bit of an exaggerated effect on the pricing of assets,” he told attendees of the 2020 annual Milken Conference in Abu Dhabi Tuesday.

“Because of the temporary nature of that, I would expect more of a rebound. It most likely will be something that in another year or two will be well beyond what everyone will be talking about.”

The comments from Dalio ⁠— the founder of Bridgewater Associates, which manages $160 billion in global investments ⁠— struck a much calmer tone than many of the analysts and investors who have spoken to CNBC on the topic. Some have warned the disease could evolve into something worse than the flu and that the outbreak could tip China into a technical recession that would impact the rest of the world.

Even some Wall Street bulls say they fear the virus could lead to a stock market correction ⁠— when stock prices drop at least 10% from recent highs ⁠— and that it currently poses the single biggest threat to the market rally.

U.S. markets managed to erase coronavirus-related sell-offs last week, with the S&P 500 scoring a new record close. The S&P and Dow broke four-day win streaks on Friday, but they’re still up 3% and 2%, respectively, on the year, with Monday’s stock market rally led by tech gains.


Company: cnbc, Activity: cnbc, Date: 2020-02-11  Authors: natasha turak
Keywords: news, cnbc, companies, hit, global, probably, impact, stock, virus, likely, thinks, exaggerated, market, dalio, founder, markets, coronavirus, ray


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Ghosn reportedly hires CAA founder Michael Ovitz to evaluate film, TV deals

Carlos Ghosn, former chairman of Nissan Motor Co., sits in a vehicle as he leaves his lawyer’s office in Tokyo, Japan, on Wednesday, March 6, 2019. Carlos Ghosn, the former Nissan chairman who staged a Hollywood-style escape from Japan in December, is evaluating film and TV projects based on his life, according to a Bloomberg report. The news service reported Monday that Ghosn has hired Michael Ovitz, the founder of Creative Artists Agency and a former president of Disney, as his agent. A spokes


Carlos Ghosn, former chairman of Nissan Motor Co., sits in a vehicle as he leaves his lawyer’s office in Tokyo, Japan, on Wednesday, March 6, 2019.
Carlos Ghosn, the former Nissan chairman who staged a Hollywood-style escape from Japan in December, is evaluating film and TV projects based on his life, according to a Bloomberg report.
The news service reported Monday that Ghosn has hired Michael Ovitz, the founder of Creative Artists Agency and a former president of Disney, as his agent.
A spokes
Ghosn reportedly hires CAA founder Michael Ovitz to evaluate film, TV deals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: sarah whitten
Keywords: news, cnbc, companies, michael, escape, ovitz, japan, help, hires, evaluate, immediately, founder, publication, ghosn, film, report, nissan, deals, reportedly, fled


Ghosn reportedly hires CAA founder Michael Ovitz to evaluate film, TV deals

Carlos Ghosn, former chairman of Nissan Motor Co., sits in a vehicle as he leaves his lawyer’s office in Tokyo, Japan, on Wednesday, March 6, 2019.

Carlos Ghosn, the former Nissan chairman who staged a Hollywood-style escape from Japan in December, is evaluating film and TV projects based on his life, according to a Bloomberg report.

The news service reported Monday that Ghosn has hired Michael Ovitz, the founder of Creative Artists Agency and a former president of Disney, as his agent. A spokeswoman for Ghosn told the publication that Ovitz would help Ghosn evaluate proposals.

Ovitz was not immediately available for comment.

Ghosn made headlines late last year after fleeing Japan, where he had been arrested in 2018 on charges of financial misconduct and misuse of corporate resources for personal gain. He fled to Lebanon.

Since resurfacing, Ghosn has adamantly denied all charges against him and defended his decision to become an international fugitive, as he felt it was a necessity to receive a fair trial and “escape injustice.”

His escape plan reportedly included the help of a former U.S. Army Green Beret, and the former executive hiding in a music equipment case.

Bloomberg estimated that a deal with a studio could be a strategic financial move for the executive. Ghosn forfeited $14 million in bail money when he fled Japan, and a security expert, according to the publication, estimated his escape could have cost another $15 million.

Representatives for Ghosn weren’t immediately available to comment.

Read the full report from Bloomberg.

— CNBC’s Phil LeBeau contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: sarah whitten
Keywords: news, cnbc, companies, michael, escape, ovitz, japan, help, hires, evaluate, immediately, founder, publication, ghosn, film, report, nissan, deals, reportedly, fled


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Big banks are set up to ‘kill’ change, says founder of $2.5 billion fintech firm Monzo

MonzoTom Blomfield doesn’t think big banks will ever undergo a digital transformation. The British fintech entrepreneur says banking behemoths like Barclays and HSBC are saddled with outdated technology and a risk-averse culture to respond to the challenge that upstarts like his digital bank, Monzo, present. “The banks really focus very hard on their existing set of financial products,” Blomfield, co-founder and CEO of Monzo, said in an interview. RBS for example recently introduced a standalone


MonzoTom Blomfield doesn’t think big banks will ever undergo a digital transformation.
The British fintech entrepreneur says banking behemoths like Barclays and HSBC are saddled with outdated technology and a risk-averse culture to respond to the challenge that upstarts like his digital bank, Monzo, present.
“The banks really focus very hard on their existing set of financial products,” Blomfield, co-founder and CEO of Monzo, said in an interview.
RBS for example recently introduced a standalone
Big banks are set up to ‘kill’ change, says founder of $2.5 billion fintech firm Monzo Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: ryan browne
Keywords: news, cnbc, companies, monzo, set, customers, digital, billion, respond, blomfield, kill, change, technology, big, fintech, think, bank, founder, firm, banks


Big banks are set up to 'kill' change, says founder of $2.5 billion fintech firm Monzo

Monzo co-founder and CEO Tom Blomfield. Monzo

Tom Blomfield doesn’t think big banks will ever undergo a digital transformation. The British fintech entrepreneur says banking behemoths like Barclays and HSBC are saddled with outdated technology and a risk-averse culture to respond to the challenge that upstarts like his digital bank, Monzo, present. “The banks really focus very hard on their existing set of financial products,” Blomfield, co-founder and CEO of Monzo, said in an interview. By that, he means things like mortgages, loans and credit cards — “balance sheet products, basically.” “When you go out on the street and talk to people about their banking, they don’t mean their mortgage, they mean, ‘When am I going to get paid?’ or, ‘Can I afford to buy lunch today?” he added. “Human beings mostly focus on day-to-day payment processing.” Blomfield said he felt there was a “disconnect” between large lenders and their customers. To be sure, “they have all of the customers and all of the money at the moment,” he said, “but it does feel like a dying industry.”

What is Monzo?

Founded in 2015, Monzo has swiftly grown from a start-up offering prepaid debit cards and an app to a regulated bank that’s managed to pull in over 3.5 million users. The company is one of many so-called neobanks that flooded Europe following the 2008 financial crisis, with firms like Revolut and N26 also gaining momentum. The movement hasn’t been limited to the continent, however, with U.S. challenger bank Chime seeing rapid growth as well. Meanwhile, Europe’s neobanks have been making inroads in America, with N26 racking up 250,000 customers there and Monzo launching a waiting list.

That’s put increased pressure on the large incumbent banks to respond and introduce new offerings for younger, tech-savvy customers. RBS for example recently introduced a standalone digital bank called Bo to take on the fintech challengers. J.P. Morgan had less success with its app-only brand, Finn, which it decided to shut down last year. “You’ve got massive technology problems and massive cultural problems,” Blomfield said of the traditional banks. “I don’t think that people in banks are necessarily incentivized to think about the customer in the right way.” He added: “You add on 100,000 staff. How do you transform that whole thing? I think it’s very, very tricky.”

Banks ‘set up to prevent change’


Company: cnbc, Activity: cnbc, Date: 2020-02-10  Authors: ryan browne
Keywords: news, cnbc, companies, monzo, set, customers, digital, billion, respond, blomfield, kill, change, technology, big, fintech, think, bank, founder, firm, banks


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JetBlue founder plans new airline called Breeze Airways aimed at midsize cities

Nearly 20 years to the day of JetBlue Airways’ first flight, the New York-based carrier’s founder filed an application with the Department of Transportation to operate a new airline: Breeze Airways. David Neeleman’s new U.S. leisure-focused carrier would start out providing point-to-point domestic service, flying used subleased Embraer planes from another airline he founded, Brazil’s Azul. Breeze, which vows to become “the world’s nicest airline,” will focus on mid-sized cities “abandoned by our


Nearly 20 years to the day of JetBlue Airways’ first flight, the New York-based carrier’s founder filed an application with the Department of Transportation to operate a new airline: Breeze Airways.
David Neeleman’s new U.S. leisure-focused carrier would start out providing point-to-point domestic service, flying used subleased Embraer planes from another airline he founded, Brazil’s Azul.
Breeze, which vows to become “the world’s nicest airline,” will focus on mid-sized cities “abandoned by our
JetBlue founder plans new airline called Breeze Airways aimed at midsize cities Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-08  Authors: leslie josephs
Keywords: news, cnbc, companies, carriers, midsize, jetblue, breeze, fly, airways, transportation, aimed, founder, passengers, embraer, plans, cities, called, flying, neeleman, airline, airlines


JetBlue founder plans new airline called Breeze Airways aimed at midsize cities

Nearly 20 years to the day of JetBlue Airways’ first flight, the New York-based carrier’s founder filed an application with the Department of Transportation to operate a new airline: Breeze Airways.

David Neeleman’s new U.S. leisure-focused carrier would start out providing point-to-point domestic service, flying used subleased Embraer planes from another airline he founded, Brazil’s Azul. It could fly as early as the end of this year, he told CNBC.

Breeze, which vows to become “the world’s nicest airline,” will focus on mid-sized cities “abandoned by our current air transportation network,” the company said in its Friday filing. Years of mega-mergers left four airlines ⁠— Delta, United, American and Southwest ⁠— in control of about three-quarters of the domestic market.

“We’re going to fly where no one else is flying,” Neeleman said.

Neeleman said he’s considering about 500 city pairs but hasn’t yet settled on a network. Passengers largely would bypass large hubs to connect. Point-to-point flying is a go-to model for discount carriers including Allegiant. Breeze’s chief commercial officer Lukas Johnson worked at Allegiant for almost a decade. “He understands those markets…and if we have a plane that’s smaller with a lower trip cost, there’s a lot of opportunity,” said Neeleman.

In addition to the 28 Embraer 195 planes, which Neeleman said Breeze will start receiving in April, Neeleman is also eyeing the possibility of international flying with Airbus A220-300s, which are scheduled to begin arriving April 2021.

JetBlue, which ousted Neeleman in 2007 after a customer service meltdown, has also ordered 60 of these Airbus planes.

These fuel-efficient jets have the range to allow Breeze to fly to Europe from the East Coast of the U.S. and to a host of cities throughout Latin America. Neeleman said he’s considering what kind of Wi-Fi to offer for the longer A220 routes, possibly for free. That’s something JetBlue currently offers but most other airlines haven’t been able to crack that formula. For the shorter Embraer flights, passengers will likely be able to just download movies, he said.

The airline’s commercial operations will be headquartered in Salt Lake City. Like other low-cost airlines, and increasingly legacy carriers, Breeze will charge passengers fees for add-ons like food and baggage.

“People don’t want to pay everything,” he said. “If someone can fly for 49 bucks and they don’t want to pay for all the stuff… let people choose.”


Company: cnbc, Activity: cnbc, Date: 2020-02-08  Authors: leslie josephs
Keywords: news, cnbc, companies, carriers, midsize, jetblue, breeze, fly, airways, transportation, aimed, founder, passengers, embraer, plans, cities, called, flying, neeleman, airline, airlines


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Why Spanx founder Sara Blakely hid her billion-dollar business idea from friends and family for a year

But in the ’90s, Sara Blakely hid her fledgling shapewear company Spanx from even those closest to her for a different reason. “When I started Spanx,” Blakely said in a LinkedIn post on Thursday, “I kept the idea from my friends and family for a year knowing that out of love, they might prevent me from taking a risk.” Blakely only discussed her business with the people she needed to bring Spanx to market, which was her patent lawyers and manufacturers. So I needed to be at the place where I knew


But in the ’90s, Sara Blakely hid her fledgling shapewear company Spanx from even those closest to her for a different reason.
“When I started Spanx,” Blakely said in a LinkedIn post on Thursday, “I kept the idea from my friends and family for a year knowing that out of love, they might prevent me from taking a risk.”
Blakely only discussed her business with the people she needed to bring Spanx to market, which was her patent lawyers and manufacturers.
So I needed to be at the place where I knew
Why Spanx founder Sara Blakely hid her billion-dollar business idea from friends and family for a year Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-06  Authors: taylor locke
Keywords: news, cnbc, companies, tell, turn, friends, hid, business, founder, spanx, door, wouldnt, built, family, blakely, idea, billiondollar, sara, needed


Why Spanx founder Sara Blakely hid her billion-dollar business idea from friends and family for a year

In start-up lingo it’s called “stealth mode” — where founders keep their business secret, sometimes to keep information from competitors, sometimes as a marketing strategy. But in the ’90s, Sara Blakely hid her fledgling shapewear company Spanx from even those closest to her for a different reason.

“When I started Spanx,” Blakely said in a LinkedIn post on Thursday, “I kept the idea from my friends and family for a year knowing that out of love, they might prevent me from taking a risk.”

Blakely only discussed her business with the people she needed to bring Spanx to market, which was her patent lawyers and manufacturers.

“[I]t was just a gut feeling I had to keep it to myself, because I believe that ideas are the most vulnerable in their infancy,” she said on a September 2016 episode of “How I Built This.” “And it’s instinct to turn to your right or left in that moment and tell a friend or tell your husband.”

Blakely said she did not want to share her idea because once she did, “instantly ego’s invited into the mix.”

“Then you end up spending all your time defending it, explaining it and not pursuing it. So I needed to be at the place where I knew I wouldn’t turn back no matter what I heard,” Blakely said.

With $5,000 Blakely had saved selling fax machines door to door, and no background in design, business or manufacturing, she launched Spanx in 1998.

“I was working on my idea at night and on the weekends,” she said on “How I Built This,” adding that she needed to keep her day job “because I needed the money coming in and the health insurance and all that comes with that.”


Company: cnbc, Activity: cnbc, Date: 2020-02-06  Authors: taylor locke
Keywords: news, cnbc, companies, tell, turn, friends, hid, business, founder, spanx, door, wouldnt, built, family, blakely, idea, billiondollar, sara, needed


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Electric vehicles only way to break oil monopoly: Maniv Mobility founder

Electric vehicles only way to break oil monopoly: Maniv Mobility founderTesla surged in trading as Elon Musk’s automaker kept up its blistering stock rally on Tuesday. Michael Granoff, founder of venture fund Maniv Mobility, joins CNBC’s “Closing Bell” team to discuss.


Electric vehicles only way to break oil monopoly: Maniv Mobility founderTesla surged in trading as Elon Musk’s automaker kept up its blistering stock rally on Tuesday.
Michael Granoff, founder of venture fund Maniv Mobility, joins CNBC’s “Closing Bell” team to discuss.
Electric vehicles only way to break oil monopoly: Maniv Mobility founder Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-04
Keywords: news, cnbc, companies, venture, electric, oil, way, monopoly, maniv, team, stock, rally, mobility, surged, founder, break, vehicles, trading


Electric vehicles only way to break oil monopoly: Maniv Mobility founder

Electric vehicles only way to break oil monopoly: Maniv Mobility founder

Tesla surged in trading as Elon Musk’s automaker kept up its blistering stock rally on Tuesday. Michael Granoff, founder of venture fund Maniv Mobility, joins CNBC’s “Closing Bell” team to discuss.


Company: cnbc, Activity: cnbc, Date: 2020-02-04
Keywords: news, cnbc, companies, venture, electric, oil, way, monopoly, maniv, team, stock, rally, mobility, surged, founder, break, vehicles, trading


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This millennial founder went broke after her first business failed—then she went on to grow a $1.2 billion company

A large part of the success of the company, which was founded in 2003, has been the work of chief brand officer Raissa Gerona. “It was quite difficult for me in the beginning when that happened to me to say, ‘OK, I failed at this and couldn’t make this work,'” Gerona tells CNBC Make It. When Gerona was ready to pick up the pieces of her career, she found a mentor in Revolve co-founder and co-CEO Michael Mente. Gerona and Mente ended up launching a new brand together, which Revolve eventually bou


A large part of the success of the company, which was founded in 2003, has been the work of chief brand officer Raissa Gerona.
“It was quite difficult for me in the beginning when that happened to me to say, ‘OK, I failed at this and couldn’t make this work,'” Gerona tells CNBC Make It.
When Gerona was ready to pick up the pieces of her career, she found a mentor in Revolve co-founder and co-CEO Michael Mente.
Gerona and Mente ended up launching a new brand together, which Revolve eventually bou
This millennial founder went broke after her first business failed—then she went on to grow a $1.2 billion company Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2020-02-03  Authors: jennifer liu
Keywords: news, cnbc, companies, reach, gerona, grow, think, mente, revolves, revolve, failedthen, founder, work, went, business, billion, company, millennial, brand, broke, media


This millennial founder went broke after her first business failed—then she went on to grow a $1.2 billion company

In the summer of 2019, e-commerce fashion brand Revolve Group had one of the best initial public offerings of the year when its stock price rose 89% on its first day of trading and the company reached a market capitalization of $1.2 billion.

A large part of the success of the company, which was founded in 2003, has been the work of chief brand officer Raissa Gerona. The 37-year-old executive pioneered the use of influencer marketing, where companies partner with social media users who have a large follower base to grow the business’s audience reach — and eventually, their sales.

But just a decade ago, Gerona had to close her first online clothing brand, Brigid Catiis, after she ran out of money at the height of the Great Recession.

“It was quite difficult for me in the beginning when that happened to me to say, ‘OK, I failed at this and couldn’t make this work,'” Gerona tells CNBC Make It. “That obviously takes a toll on your confidence and how much you believe in yourself.”

She says it was important to allow herself to feel grief over the career setback. Self-reflection was the ultimate key in being able to restore her confidence and continue pursuing her ideas.

“It really starts with yourself, to pick yourself back up and know that you can continue to move forward,” she says. “But I do think it’s a process, and I think it’s important to feel those feelings and just be like, ‘All right, I’m done with it, and I’m moving on.'”

Another mindset that helped her move forward: “It’s so hard to get over feeling like you failed at something, but truly, everything is temporary in that way.”

Gerona and her team declined to comment on how much money was lost with the closure of Brigid Catiis.

When Gerona was ready to pick up the pieces of her career, she found a mentor in Revolve co-founder and co-CEO Michael Mente. (The two met when Gerona was selling her clothing line on Revolve’s platform.) Gerona and Mente ended up launching a new brand together, which Revolve eventually bought in 2015.

Following the sale, Gerona became Revolve’s chief brand officer. As a company executive, she sought to reach consumers directly on social media, which is when she pitched the idea to Mente and co-founder Mike Karanikolas to partner with bloggers-turned-social media influencers to expand Revolve’s reach.


Company: cnbc, Activity: cnbc, Date: 2020-02-03  Authors: jennifer liu
Keywords: news, cnbc, companies, reach, gerona, grow, think, mente, revolves, revolve, failedthen, founder, work, went, business, billion, company, millennial, brand, broke, media


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