At the SBC Summit in May, gambling influencers broke down how they make money from content.
They described their revenue from affiliate marketing and YouTube advertising.
The creators also opened up about the challenges of promoting gambling and working with operators.
The expansion of legal gambling in the US has kickstarted the growth of gambling influencers who play and promote sports betting, slots, and other casino games online.
Josh Duffy, known for his gaming channel Slotaholic, plays slot machines on YouTube for his 27,000 subscribers. Kelly Koffler, who has nearly 60,000 subscribers across her YouTube channels Casino Kelly and Beyond Blackjack, plays casino games such as slots and Blackjack. And, Jon Della Terza, also known as the "NJ Slot Guy," creates content on high-limit slots.
On Wednesday at the SBC North America Summit in New Jersey, the three gambling influencers broke down how they make money from their content and the challenges of promoting gambling online.
The creators said they generated revenue mainly from affiliate-marketing deals with gambling brands and advertising on their YouTube channels.
Unlike some other content niches, restrictions on gambling content can limit the ways influencers earn and how much they can make. Platforms like YouTube and Twitch restrict gambling on certain sites, while others, including Instagram and TikTok, limit how gambling content is distributed.
With affiliate deals, where influencers are paid for referring customers to gambling operators, the creators said they preferred to be paid flat fees instead of signing revenue-share agreements. They said they did not want to profit directly from someone's losses.
"It's a flat rate for me," said Koffler. "I did not personally want to take a rev share or a per click because I just felt gross about that. I felt like it would be me preying on my audience."
Even with flat rates, the influencers said affiliate contracts typically brought in more revenue than YouTube, which requires creators to have at least 1,000 subscribers and a certain number of watch hours to earn a cut of the ad revenue from their videos.
"You typically get maybe $8 to $12 per a thousand views, depending on your content and what commercial ads get placed," Duffy said.
While YouTube can be a steady revenue source, the revenue these influencers generate from the platform doesn't always cover the cost of creating the content — they're gambling, after all.
Duffy said he has two affiliate deals to supplement his YouTube income, for example. He creates game-review videos for Light & Wonder's SidePlay, which makes instant-win games for lottery and gambling operators. He also does weekly livestreams where he plays casino games on sites like McLuck.com and Wow Vegas, which pay him a flat monthly fee.
The pros and cons of affiliate deals for gambling influencers
Duffy said he likes doing affiliate deals because he can be a positive influence in the industry.
"It shows us that we're appreciated in this arena, that they can rely on us to be a good influence and market their product," Duffy said. "I feel like I'm doing a service to the industry that's respected and my viewers understand it's coming from a good place."
But, while affiliate jobs can be fruitful, the influencers said some contracts could promote activities that are ethically murky.
For example, the companies often include time restrictions in contracts that dictate how long the influencer has to spend gambling, which could encourage harmful gambling behaviors.
"It takes away from the responsible gaming aspect, for sure, because let's say you lose within 30 minutes your full bankroll that you started with, you're having to keep rebuying and rebuying. And as a gambler, we all know you can't predict the outcome," said Koffler. "So putting those time restraints on whoever you are working with is not the best idea."
Koffler said gambling companies should instead trust their influencer partners more to create content that benefits them, the brand, and the audience.
The Meta CEO isn't the first billionaire to celebrate his birthday with a lavish — albeit slightly bizarre — party.
The ultrawealthy's penchant for the weird and wild was even parodied several times on HBO drama "Succession," most notably in a season three episode where Jeremy Strong's Kendall Roy hosts an over-the-top bash featuring an enormous replica of his mother's birth canal and a kids-only version of the Wu-Tang Clan.
From Zuckerberg to Jeff Bezos and Elon Musk, here are a few examples of how some of the world's richest people celebrate their special day.
Mark Zuckerberg showed there's a reason for the "mid-life crisis" trope.
Instagram
Zuckerberg donned a gold chain and an oversized T-shirt featuring the Latin phrase "Carthago delenda est" to celebrate the start of his fifth decade on Earth.
At what the billionaire Meta CEO described as a "little party" on Instagram, his wife Priscilla Chan arranged for him and various guests — including Microsoft cofounder Gates — to hang out in tiny replicas of his bedrooms over the years.
Jeff Bezos invited dozens of A-listers to his 60th in Beverley Hills.
Jeff Bezos didn't participate in his neighborhood trash cleanup day.
Cooper Neill
Earlier this year, the world's second-richest person celebrated his 60th birthday with a lavish bash at his Beverley Hills mansion, which featured a replica of Bezos's first Amazon office.
Page Six reported that Jay-Z, Beyoncé, Ivanka Trump, Kim Kardashian, and Gates were among the guests who attended the party. Partygoers were served McDonald's and caviar, and Usher and the Black Eyed Peas both performed at the bash.
Bill Gates knows how to party, too.
Chip Somodevilla/Getty Images
In addition to attending Zuckerberg and Bezos's birthdays, Gates has hosted lavish events of his own.
Blackstone boss Stephen Schwarzman splashed millions on his 60th.
Blackstone CEO Stephen Schwarzman
Roy Rochlin/Getty Images
Schwarzman, the private-equity billionaire with a penchant for $400 crabs, spent $5 million on a party held at the Upper-East Side's Park Avenue Armory in 2007, per The New York Times.
Rod Stewart and Patti LaBelle both performed at the do, which drew criticism as an example of unnecessary Wall Street excess.
India's Ambanis tend to host massive family events.
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Mukesh Ambani is Asia's richest man — and that shouldn't be a surprise when you see how his family celebrates big occasions.
Ambani's wife Nita hosted a lavish 50th birthday bash back in 2013 that cost an astonishing $26 billion, per GQ. The Ambanis hired a palace, chartered dozens of private planes, and paid Priyanka Chopra Jonas and "Slumdog Millionaire" score composer A.R. Rahman to perform at the event.
Blue Ivy Carter may have had the most lavish first birthday party ever.
Beyoncé and Jay Z's oldest child Blue Ivy, at the Grammy Awards in 2018.
Kevin Mazur/Getty Images
To celebrate their daughter turning 1, Jay-Z and Beyoncé held a massive princess-themed party in New York — and gave her a one-of-a-kind, diamond-encrusted $80,000 Barbie as a gift.
XXL Magazine reported that the celebration cost $200,000 overall, with guests being given goodie bags that included concert tickets and gold pens.
A Japanese tycoon hired Palermo's opera house for a party last year.
Astrid Stawiarz/Getty Images
Eccentric Japanese billionaire Kaoru Nakajima flew thousands of friends halfway across the world to Sicily for his birthday party last year, BBC News reported.
Nakajima hired out Palermo's iconic opera house, as well as several other venues in the city, for an event believed to have cost hundreds of thousands of euros.
The Sultan of Brunei's 50th birthday celebration featured Prince Charles and Michael Jackson.
Dan Kitwood/Getty Images
Hassanal Bolkiah, who's ruled the tiny and but oil-rich southeast Asian nation since 1967, hosted one of the most expensive birthday parties of all time for his 50th in 1996.
The two-week event, which reportedly cost $27 million, included a polo match between the Sultan and Prince Charles and a concert for 60,000 people headlined by Michael Jackson.
Spare a thought for Elon Musk, though.
Taylor Hill/Getty Images
The Tesla CEO doesn't appear to share other tech tycoons' love of partying.
In 2018, Musk said that rather than celebrating with friends and family, he'd spent the entirety of his 47th birthday holed up at Tesla's offices overseeing production of the delayed Model 3 sedan.
He did find time in 2022 to attend Heidi Klum's Halloween bash in New York City, however.
Catarina Mello is a travel influencer who made over $1 million teaching an online course.
Courtesy Catarina Mello
Content creators can earn money in many ways.
From partnering with brands to teaching online courses, creators can build multiple income streams.
Business Insider spoke with influencers about how to make money as a creator on social media.
In the past few years, earning money as a content creator and building an influencer career have become more accessible.
Many creators on platforms like YouTube, TikTok, and Instagram are now earning six figures or more annually through a variety of income streams.
How much creators earn can depend on factors like follower count, audience engagement, and the type of content they post. But it's now possible for creators with smaller followings to make consistent and lucrative income by building a personal brand on social media. And as the creator economy has matured, the ways influencers can make money have multiplied.
Personal finance YouTuber Reni Odetoyinbo, for example, has built seven income streams with just 19,000 YouTube subscribers and has made up to $34,000 a month. (Read more about how she built her business.)
Here are 12 common ways influencers earn money, based on conversations with dozens of industry insiders.
Brand deals
Partnering with brands for sponsored content is the most widespread way for creators to make money.
Depending on the size and engagement of an influencer's following, they can get paid hundreds of thousands of dollars (or even millions) to advertise products or services.
But it's not just influencers with millions of followers who can monetize their content this way.
Micro influencers — those with less than 100,000 followers — can be especially appealing to companies, as they often appear more authentic, have more engaged audiences, and tend to charge less for partnerships.
And sponsorships are not limited to social-media platforms: creators can also land brand deals on their newsletters or their podcasts. Simran Kaur and Sonya Gupthan, cohosts of the podcast "Girls that Invest," have made podcast ads a cornerstone of their thriving million-dollar financial literacy business.
Here's how much influencers earn from brand partnerships on different platforms:
With affiliate marketing, creators can earn a cut of the sales of certain products.
When signing up for an affiliate program, the creator generally receives a personalized link. They then get a percentage of each sale that is driven through the link. The percentages vary based on product type and program.
Starting a course can be a way for creators to supplement their income by sharing their knowledge of a specific field or industry.
When pre-recorded, courses can also become a source of passive income.
Some creators also update and strategically time the launches of updated versions of their courses to generate more interest among their audience.
"The idea of doing launches, instead of an evergreen model where it's always available, is that you are creating scarcity," said Catarina Mello, a travel influencer who made over $1 million in course sales. (Read more about Mello's business.)
Here's how much creators have made through online courses:
When it makes sense for their brand and there's interest from their audience, some creators turn to making products.
This can mean merchandise — personalized branded items, usually apparel that can range from hoodies to plush toys — but also other types of physical or digital products that fit within a creator's personal brand.
For example, Aisha Beau Frisbey, a full-time lifestyle content creator with 36,000 Instagram followers, launched a deck of affirmation cards.
And in recent months, a new avenue has emerged for creators and brands who want to sell products directly on social media — TikTok Shop. The feature allows creators to build a storefront on their own profiles and sell their own products. Writer Adam Beswick, for example, was able to quit his job as a nurse and become a full-time writer after he began selling his novels on TikTok.
Here's how much creators have earned from products:
For the past 16 years, the "gold standard" of ad-revenue-share initiatives on social media has been the YouTube Partner Program. Creators can earn a cut of the revenue from the advertisements that appear before and during their YouTube videos.
Recently, other platforms have started following YouTube's example. Snapchat now shares advertising revenue with creators who are part of its Snap Stars program, and Facebook does the same on Facebook reels. TikTok also offers a cut of its advertising revenue to top-performing creators, with a program called Pulse.
For some creators, Facebook is proving a particularly effective avenue to repurpose content. Some say it's an overlooked "cash cow." Creator Shaniece Brown said she was making an average of $700 a month from the platform's ad-revenue-share program in June 2023. For food creator Wasil Daoud, ad revenue on Facebook is as lucrative as YouTube.
Snapchat is also seeing a resurgence is creator interest with its Snap Stars program. Some creators are posting up to 400 times a day to maximize revenue, and making thousands in the process. (Read more about how some Snap Stars are making millions.) Smaller creators have also been able to rake in some serious cash. Creators AJ and Grey made six figures in 2023 and even decided to leave behind brand deals on other platforms to focus on posting on Snapchat. Here's how they got into the Snap Stars program.
On YouTube, the Partner Program has expanded to include creators who reach 10 million views in 90 days on shorts — YouTube's short-form video offering — as well as 1,000 subscribers.
Here's how much YouTubers earn from advertisements on their videos:
TikTok rolled out in 2023 a new version of its fund, specifically for longer-form videos over 60 seconds. Some creators reported making tens of thousands of dollars from this fund, called the Creativity Program Beta, now known as the Creator Rewards Program, but it's unclear how long its benefits will last.
Here's how much creators have earned from platform bonuses and funds:
As companies and brands recognize the power of having a social-media presence, they are increasingly looking to gain expertise on how to leverage social media from the influencers themselves.
This can become a valuable income stream for creators, who get paid by companies to provide support as consultants or advisors.
UCLA quarterback and influencer Chase Griffin, for example, has been consulting for companies on how to get involved with athlete creators and name, image, and likeness campaigns after scoring over 30 NIL deals.
Here's how much creators have earned consulting for companies:
In recent months, TikTok's immense growth has led to a newfound interest from brands in acquiring the rights to "user-generated content" that they can repost on their social channels or use for paid advertisements.
UGC can be a lucrative income stream for creators who have expertise in crafting content but don't have the following to land big brand deals or want to avoid flooding their audience with sponsored content. In fact, some brands prefer creators with small followings because their content costs less and feels more authentic.
Unlike sponsored content that gets posted on a creator's personal page, this UGC is used on brands' channels.
For those who are just starting out with UGC, TikTok offers the Creative Challenge program, which allows creators to participate in UGC campaigns advertised by brands directly on the platform. Creators called it one of the platform's "best-kept secrets." One creator, Joseph Arujo, said the program provided some much-needed income when his film-related sponsorships ground to a halt during the 2023 SAG-AFTRA strike.
The messaging app Snapchat announced Lens Studio at the end of 2017, which enables Snapchat creators to make augmented reality lenses for the app for free.
Some creators are building careers by focusing not on posting content, but on making tools others can use to help power virtual experiences. Creators can earn money by creating branded augmented reality lenses that others can use on Snapchat.
TikTokalso launched a $6 million fund in May 2023 to help augmented-reality creators earn up to $50,000 a month.
Here's how much creators have earned building AR lenses:
Some creators receive a payment when they are invited to events or conferences to speak, both virtually and in person.
DIY creator Emma Downer said she has been invited to speak publicly about how DIY can improve people's problem-solving and build a sense of personal autonomy, as well as how to use TikTok effectively, both for paid and unpaid opportunities.
Here's how much creators earn from speaking engagements:
One way for creators to generate a consistent income stream is to use subscription models where fans can pay to access exclusive content.
One of the most popular platforms to publish subscription content is Patreon — but there are many other ones like Fanfix, Fanvue, Fourthwall, or OnlyFans. Some creators even build their own websites to host exclusive content.
On top of selling digital and physical products, it's become increasingly common for creators to sell experiences.
These can range from online or in-person events to classes or trips. For example, travel influencer Tia Cooper built a lucrative business as a travel agent and sold $119,000 worth of trips in eight months in 2023.
Podcaster Ariana Nathani hosts in-person events in New York connected with her popular dating podcast. The events were her biggest source of income in 2023.
Here's how creators have made money selling experiences:
Comet, winner of the Toy Group, prepares backstage during the 148th Annual Westminster Kennel Club dog show.
Michael Loccisano/Getty Images for Westminster Kennel Club
The 148th Westminster Kennel Club dog show concluded on Tuesday night.
During the show, seven groups of various breeds each crowned a winner.
Photos show the seven winners, including this year's Best in Show.
The Westminster Kennel Club dog show, which wrapped up in New York on Tuesday, is the country's most prestigious dog competition, and one of the world's oldest.
More than 2,500 dogs competed for the coveted Best in Show crown. Each year, the competitors are divided into seven groups based on their breed's traits and original purpose, such as sporting or herding. They are then judged on how well they meet their breed's ideal standard, and a winner is selected for each group.
From those top seven dogs, a Best in Show is then chosen — the culmination of years of careful breeding, costly grooming, expert handling, and hundreds of thousands of dollars.
But whoever wins the titles, chances are they're really, really adorable.
Photos show the pups that were deemed the best of the best at this year's competition.
Best in Show: Surrey Sage, a miniature poodle
Sage, winner of the 2024 Westminster dog show.
Mike Stobe/Getty Images
Sage, as she's known, won both Best in Show and the Non-Sporting Group. She's the fourth miniature poodle to win Best in Show in Westminster's history.
Herding Group: Kaleef's Mercedes, a German shepherd
Mercedes, the reserve Best In Show winner and Herding Group winner.
Michael Loccisano/Getty Images for Westminster Kennel Club
Mercedes was not only this year's winner from the Herding Group, but was also named the Reserve Best in Show winner, essentially the runner-up.
Toy Group: Hallmark Jolei Out Of This World, a Shih Tzu
Comet, winner of the Toy Group.
Mike Stobe/Getty Images for Westminster Kennel Club
Hallmark Jolei Out Of This World, who also goes by Comet, is a 3-year-old Shih Tzu from Ohio. She won Best in Show at the American Kennel Club championship in December 2023.
Sporting Group: Rejoices To The Point, a black cocker spaniel
A handler walks a black cocker spaniel dog during the Best in Show portion.
Andres Kudacki/Getty Images
According to the American Kennel Club, Westminster recognizes cocker spaniels by their color. This year's winner Micha (or Rejoices To The Point), is black, but there are also parti-color and ASCOB, which means "any standard color other than black."
Working Group: Hearthmore's Wintergreen Mountain, a giant schnauzer
Monty, a giant schnauzer from Ocean City, New Jersey, wins the Working Group.
KENA BETANCUR/AFP/Getty Images
Monty, as he's known, hails from Ocean City, New Jersey. He also won the Working Group in 2023.
Hound Group: Sunlit's King of Queens, an Afghan hound
Louis, winner of the Hound Group.
Mike Stobe/Getty Images for Westminster Kennel Club
Sunlit's King of Queens, better known as Louis, was named the best of the Hound Group, which consists of 35 breeds, including the Basset hound, the beagle, the greyhound, and the dachshund.
Terrier Group: Grabo Frankie Goes To Magor, a colored bull terrier
Frankie jumps up after winning the Terrier Group.
KENA BETANCUR/Getty Images
And last but not least is Frankie, a bull terrier. As the American Kennel Club noted, there are two types of bull terriers: white and colored. Frankie is a colored bull terrier.
The meals cost exactly the same, but one came with way more food.
The Chili's combo also had a bigger, better-tasting burger and was a better value.
The value wars are in full swing, as chain restaurants are trying to lure in customers with meal deals and burgers inspired by fast-food favorites.
Chili's is a prime example. In April, the chain launched its Big Smasher burger, a dupe of the iconic Big Mac that comes with shredded lettuce, minced onion, and Thousand Island dressing.
The burger is bigger than a Big Mac, which has a pre-cooked patty weight of 3.2 ounces, and the chain is desperate to prove to customers that chain restaurants can deliver just as much, or even better, value than their competitors as fast-food prices rise.
I put both chains to the value test by ordering the same burger meal at McDonald's and Chili's, and the winner surprised me.
I ordered a large Big Mac meal from a McDonald's in Dayville, Connecticut.
McDonald's Big Mac.
Erin McDowell/Business Insider
I live in New York City but stopped by a local McDonald's while I was visiting family in Connecticut.
The large Big Mac meal cost $10.99, excluding tax and fees. This was the same price as Chili's $10.99 "3 For Me" deal, which is how I tried the chain's new burger.
It was interesting to see just how much food you could get at each chain for the exact same price.
The price of the McDonald's meal will vary by location, and could actually be more expensive than $10.99, as it is for me in New York City.
A Big Mac comes with two 1.6-ounce patties, shredded lettuce, two pickle slices, minced onions, Big Mac sauce (similar to Thousand Island), American cheese, and a third bun.
McDonald's Big Mac.
Erin McDowell/Business Insider
The Big Mac is a staple on the McDonald's menu. Created by a McDonald's franchisee, Jim Delligatti of Pittsburgh, in 1967, the first "Big Mac" featured a triple-decker burger and sold for 45 cents.
The burger rolled out across the US in 1968 and quickly became the chain's signature burger.
The burger was about the size of my hand.
McDonald's Big Mac.
Erin McDowell/Business Insider
The cheese was only partially melted, and, to be honest, the burger wasn't hot. I ate the burger inside the restaurant, so I was surprised it was already room temperature when I started eating it.
It's worth noting the preparation and temperature of McDonald's menu items, like those of any other restaurant or chain, can vary by location.
Business Insider reached out to McDonald's for comment.
I liked the Big Mac sauce but was honestly underwhelmed by the rest of the burger.
McDonald's Big Mac.
Erin McDowell/Business Insider
The Big Mac sauce was perfectly creamy and tangy, but I thought the other ingredients lacked flavor, especially the burger patties. They were very thin and dry — there was no juiciness to this burger.
A problem I've consistently encountered with McDonald's signature burger is that, in my opinion, the ingredients are extremely bottom-heavy. The cheese and Big Mac sauce are layered beneath the first burger patty and bun instead of on top, resulting in a lack of flavor and moisture as they come into contact with the roof of my mouth.
Although I recognize the Big Mac as McDonald's flagship burger — it's been reported that the chain sells 900 million Big Macs a year — it isn't my personal favorite.
I also got a large order of fries with my meal.
McDonald's fries.
Erin McDowell/Business Insider
I'm a fan of McDonald's fries, which I find to be crispy and deliciously coated in salt.
While they're quintessential fast-food fries, I'm not sure one could describe them as restaurant-quality.
McDonald's fries.
Erin McDowell/Business Insider
I paired them with a ranch dipping sauce and was left feeling satiated, but not quite blown away.
I also got a large drink, which I think was a great deal.
McDonald's soft drink.
Erin McDowell/Business Insider
The 32-fluid-ounce soft drinks at McDonald's are truly massive, and there was a soda machine that allowed me to pour the drink myself. There is simply nothing better than a crisp Diet Coke from McDonald's. It hit the spot.
I ordered the new Chili's Big Smasher burger as part of the chain's "3 For Me" combo.
Chili's Big Smasher burger.
Erin McDowell/Business Insider
The Big Smasher starts at around $12.99 on its own, but the price differs slightly by location. At my local Chili's in New York, the burger cost $14.39, excluding tax.
I ordered the burger as part of the "3 For Me," which starts at $10.99, excluding tax. The deal is only available for a limited time.
With the meal deal, you get an appetizer like bottomless chips and salsa, a drink, and a main, and you can add things like a margarita or a different entrée for an added cost.
The burger comes topped with shredded lettuce, diced red onions, pickles, American cheese, and Thousand Island dressing.
Chili's Big Smasher burger.
Erin McDowell/Business Insider
The burger, which is smashed down on the grill, was much bigger than the Big Mac — I needed two hands to hold it comfortably, and I actually ended up cutting it in half to eat it.
I chose fries as my side, but you can also choose from options like mashed potatoes, rice, and steamed broccoli.
Unlike on the Big Mac I tried, the American cheese on the Big Smasher was completely melted and coated every square inch of the large beef patty. There was also sauce on both buns, which I hoped would prevent the dry feeling I got from the fast-food version.
Chili's smashed burger blew McDonald's out of the water, in my opinion.
Chili's Big Smasher burger.
Erin McDowell/Business Insider
The burger patty was juicy and pink in the middle but had a delicious caramelized crust on the outer edges. It was also much thicker and more filling than the Big Mac.
This burger had nearly twice the meat, which made an immediate difference, and I thought the ingredients tasted higher quality.
Chili's Big Smasher burger.
Erin McDowell/Business Insider
The cheese was thick and gooey, and the lettuce tasted fresh — although the lettuce on the Big Mac was comparable. I also thought the red onion added a sharper flavor than the white onion that McDonald's puts on its burger.
I also loved the tangy Thousand Island dressing, but I could have used a little bit more of it.
Chili's won in terms of sheer value when it came to the added appetizer.
Chili's chips and salsa.
Erin McDowell/Business Insider
Both burger meals came with fries, a burger, and a drink. However, the meal from Chili's also came with an appetizer. The options include a side salad, soup, or bottomless chips and salsa.
I went for the bottomless chips and salsa.
Chili's chips and salsa.
Erin McDowell/Business Insider
The chips were delightfully thin and crispy, and the salsa was the perfect consistency. It was flavorful, and not too watery or chunky.
This appetizer was also bottomless, meaning they'll keep refilling it if you wish. This gave Chili's the edge in terms of value and the sheer amount of food I received.
I was also impressed by the fries, though they could have been a touch saltier.
Chili's fries.
Erin McDowell/Business Insider
Maybe I'm just used to the tasty salt-bomb that are McDonald's and other fast-food fries, but I thought these fries were a tad underseasoned.
However, salt shakers provided on the table fixed that problem.
I had to give Chili's the win in terms of value and taste.
The author outside Chili's.
Erin McDowell/Business Insider
I thought Chili's delivered a larger, better burger and more food for the same price as McDonald's. I loved the addition of the chips and salsa and the perfectly charred and juicy smashed burger. I left feeling stuffed.
Not only did I get a cheap, high-quality meal at Chili's, but it was also a better overall experience. You're rarely going to get the same service at a fast-food joint as you do at a sit-down restaurant with table service.
If I had to choose which chain was a better use of my $10.99, I'd opt for Chili's based on the amount of food I received and the taste of the items.
I'll definitely be back, and I hope the Big Smasher gets a permanent spot on the "3 For Me" menu.
Paul Tudor Jones' hedge fund exited a GameStop position last quarter, ahead of the stock's epic surge.
John Minchillo/AP
A storied hedge fund exited its GameStop wager last quarter, before the meme stock's epic surge.
Paul Tudor Jones' firm held call options on 44,300 shares and puts on 27,800 shares in December.
GameStop stock soared as much as 550% between late April and Tuesday, but has now pared those gains.
A legendary hedge fund exited its GameStop position before the meme stock surged as much as 550%.
Tudor Investment Corporation, founded and led by billionaire trader Paul Tudor Jones, held bullish call options on 44,300 GameStop shares at the end of December, SEC filings show. The options had a notional value of about $777,000.
Tudor Jones' firm also held bearish put options on 27,800 GameStop shares with a notional value of around $487,000. Neither position appeared in the hedge fund's first-quarter portfolio update on Wednesday, indicating it exited them by the end of March.
GameStop shares had sunk to around $10 by late April, but skyrocketed to an intraday high of $65 on Tuesday. The catalyst was the return of Keith "Roaring Kitty" Gill, a key figure in the GameStop saga, to social media. However, the stock fell nearly 20% on Wednesday and tumbled another 15% in premarket trading on Thursday.
This week's surge was reminiscent of January 2021, when GameStop's stock price went from under $5 to north of $80 on a split-adjusted basis. The buying frenzy was fueled by retail investors and whipped up on social media to squeeze short sellers, get rich fast, and have fun in the process.
Tudor Jones seemed skeptical of the episode during a CNBC interview in June 2021, but he wished those involved the best.
"I would probably not be pursuing the investment theses they are," he said. "I don't think I'm smart enough at this point in time to judge whether they're right or wrong. More power to them. I hope they succeed."
Tudor may have closed out its GameStop bet before the stock soared this week, but it's worth noting that quarterly portfolio updates only provide a snapshot of a fund's holdings on a certain date and exclude shares sold short, private investments, and overseas bets. As a result, they don't always paint a full picture of a firm's overall positioning.
Tudor runs a sprawling portfolio with well over 2,000 holdings, so it's not hugely surprising that it counted GameStop among them in the fourth quarter.
After all, Tudor has owned GameStop shares in at least 40 different quarters since the company went public in 2002, SEC filings show.
It was also not a big position compared with its direct stakes in Splunk and Nvidia, worth $254 million and $65 million, respectively, in December.
Tudor Jones' firm trades actively too, meaning it could easily have bought or sold GameStop shares or options last quarter and even during this week's frenzy.
Regardless, it's notable that Tudor dropped its GameStop wager before the company's meteoric rise and dramatic fall this week.
The EU is investigating Meta over concerns its platforms are fueling addiction among minors.
Regulators said they would also look into the company's age-verification tools.
It comes as Meta faces growing legal pressure in the US over the impact of its platforms on kids.
Meta is facing more questions over whether it's doing enough to protect kids on Facebook and Instagram.
The EU said on Thursday it had opened an investigation into the social media giant over concerns that Meta's platforms are creating "rabbit-hole" effects and fueling harmful addiction among children.
The European Commission, the bloc's regulatory body, said it would also investigate whether Meta's age-verification tools are stopping minors from accessing inappropriate content.
"We have concerns that Facebook and Instagram may stimulate behavioural addiction and that the methods of age verification that Meta has put in place on their services is not adequate," said competition commissioner Margrethe Vestager.
Meta could be fined up to 6% of its global annual turnover if found to have violated the EU's Digital Services Act, which regulates the protection of minors online.
The investigation comes as the company is confronted with growing legal pressure in the US over the potential impact of its platforms on young people.
A lawsuit filed by 33 states in California last October claimed that the company deliberately designed Facebook and Instagram to be addictive to teenagers.
Unredacted documents from that lawsuit later claimed Meta knew it had millions of underage users on its platforms, and that the company "routinely continued to collect" children's personal information.
At the time, Meta said it was committed to providing "safe, positive experiences" for young people online, and had introduced over 30 tools to support teenagers and their families.
The company later told Business Insider that the complaint "mischaracterizes our work using selective quotes and cherry-picked documents."
Meta also faces a second European investigation into its handling of Russian disinformation.
Meta did not immediately respond to a request for comment, made outside normal working hours.
As he arrived at Beijing's People's Hall, the Russian president was greeted by children waving Russian flags, hundreds of soldiers, and an orchestra playing Soviet themes.
For his part, Putin lavished praise on China, whose support has been vital during Russia's invasion of Ukraine.
But underneath the pageantry and rhetoric, Xi is under mounting pressure over his alliance with Putin — and he has good reason to be wary of their "no limits" partnership.
The US in early May imposed new sanctions on Chinese banks and companies, accusing them of trading vital duel-use components with Russia for making weapons for its military in Ukraine.
President Vladimir Putin and China's President Xi Jinping attend a concert marking the 75th anniversary of the establishment of diplomatic relations between Russia and China in Beijing.
ALEXANDER RYUMIN via Getty Images
And while on a visit to Europe last week, where Xi sought to strengthen vital trade links, leaders called on the Chinese leader to place Putin under more pressure to bring the war in Ukraine to an end.
Graeme Thompson, an analyst with the Eurasia Group, told Business Insider that from China's perspective, the "no limits" partnership, in fact, had a clear limit — the risk of major damage to China's wealth.
"The key limit to the 'no limits' partnership between Russia and China is that Beijing is unwilling to go so far in its support for Moscow that it would expose major Chinese firms to potential US sanctions," said Thompson, pointing out that China had not so far crossed US red lines and directly supplied Russia with weapons.
Russia, he said, needs China more than China needs Russia, relying on Beijing for crucial economic and diplomatic support as it faces increasing isolation on the global stage.
But China, Thompson said "is finding that its partnership with Russia can be a liability — especially in Europe, where Xi would love to wedge the Europeans away from the United States."
Despite the pressure, Xi also wants to show that he's not backing down, hence the lavish welcome for Putin in Beijing. The Chinese leader has long bonded with Putin over their shared ambition to end US global dominance and sees a Russian victory in Ukraine as a way of dealing a huge blow to America's power.
Joseph Torigian, an assistant professor at the School of International Service at American University in Washington, DC., told BI that Xi has pushed back against US claims it is helping to fuel the Ukraine war — arguing its trade with Russia is entirely legitimate and that it's America that's exacerbating the conflict.
"Meeting with Putin now is Xi's way of showing that China will not bend to Western pressure," said Torigian.
Ultimately, the Chinese leader is performing a balancing act, seeking to provide Russia with incremental but vital support in Ukraine, while not severing China's ties with wealthy Western economies that its major businesses depend on.
It's a balancing act that is proving more difficult to sustain, but in the long run, Xi may believe that his bet on Putin will pay off. The war in Ukraine may be turning in Russia's favor, and there are signs in the West of fatigue setting in over helping Ukraine's war effort.
"Beijing's partnership with Moscow might not seem as strategically counterproductive in retrospect as it has appeared since February 2022," according to Ali Wyne, an analyst with the International Crisis Group, citing the date of Russia's invasion.
Barbara Furlow-Smiles at the 2020 Sisters' Awards at Skirball Cultural Center in Los Angeles, on March 8, 2020.
Robin L Marshall/Getty Images
A former Facebook and Nike diversity manager was sentenced to five years in prison for wire fraud.
Barbara Furlow-Smiles admitted to stealing over $5 million from the companies.
Attorneys said she used fraudulent vendors, fake invoices, and cash kickbacks.
A former diversity program manager at Facebook and Nike was sentenced to five years and three months in prison after pleading guilty to stealing more than $5 million to fund her luxury lifestyle.
The sentence against Barbara Furlow-Smiles was announced on Monday by the US Attorney's Office for the Northern District of Georgia.
"Furlow-Smiles shamelessly violated her position of trust as a DEI executive at Facebook to steal millions from the company utilizing a scheme involving fraudulent vendors, fake invoices, and cash kickbacks," US Attorney Ryan K. Buchanan said.
Buchanan added: "After being terminated from Facebook, she brazenly continued the fraud as a DEI leader at Nike, where she stole another six-figure sum from their diversity program."
According to the attorney's office, Furlow-Smiles began her elaborate fraud while working as a diversity, equity, and inclusion executive at Facebook from 2017 to 2021.
In that role, she had access to the company's credit cards and the authority to make purchases and approve invoices for Facebook's vendors.
She used her position to pay friends, family, and other associates for items and services that were never given to Facebook, according to the statement, hiding the phony expenses by filing counterfeit expenditure reports.
Once these people received the money, they returned most of it to Furlow-Smiles in cash, either in person or sometimes by Federal Express or mail, the attorney's office said.
It added that the so-called vendors included Furlow-Smiles' friends, relatives, interns from a former job, nannies and babysitters, a hair stylist, and even her university tutor.
Furlow-Smiles also used the fraud to pay more than $18,000 in preschool tuition and close to $10,000 to an artist for specialty photos, it said.
After getting fired from Facebook, she continued the fraud in her next role as DEI leader at Nike, "thinking she was untouchable," Buchanan said in a press release.
Over six years, Furlow-Smiles used bogus charges and phony invoices to steal $4.9 million from Facebook and over $120,000 from Nike to fund a luxury lifestyle in California, Georgia, and Oregon, according to the attorney's office.
"As a result, she not only threw away a lucrative career, but will serve time behind bars for her excessive greed," Buchanan said.
Furlow-Smiles was also ordered to pay Facebook close to $5 million and Nike about $120,000 in restitution.
Facebook and Nike are not the only companies to have faced issues of wire fraud.
The FBI's Internet Crime Complaint Center said it received a record 880,000 complaints of online fraud in 2023, with possible losses of over $12.5 billion.
An airport worker fell out of an Airbus A320 in Indonesia.
A video of the incident shows staff breaking safety rules by removing the airstairs with the door open.
The airline, TransNusa, has reportedly opened an investigation into the incident.
A video shows the frightening moment an airport worker fell out of an Airbus A320.
The man is seen looking back at the plane, apparently talking to the crew on board, as other staff move the airstairs away from the plane, which sports the livery of Indonesian airline Transnusa.
He appeared to presume the stairs were still there. He stepped backward out of the open door and fell to the tarmac.
The video shows a clear lapse in following safety rules. Ground workers are not supposed to move the airstairs while a plane's door is still open.
A staff member plummeted from the L1 door of a TransNusa Airbus A320 as the step ladder was abruptly removed without proper coordination, leading to the terrifying fall. Social media reports confirm that his injuries are not life-threatening.
Citing an unnamed source, Airlive.net reported that the worker wasn't seriously injured and received immediate treatment.
Newsflare reported that the incident occurred on Tuesday in Jakarta, the capital of Indonesia, and that the worker had just finished pre-flight checks. The flight departed 50 minutes late, it added.
TransNusa has started an investigation into the incident, per Newsflare.
The airstairs bear the logo of JAS Airport Services, a company that provides ground-handling services to airports and airlines in Indonesia.
TransNusa is a small regional airline first founded in 2005. It stopped operations in 2020 due to the pandemic but was relaunched in 2022.
TransNusa and JAS Airport Services did not immediately respond to requests for comment from Business Insider.