—— Wharton MBA leads the price/performance outcome; cryptocurrency fund defaults on $675 million in debt; Snap launches paid services to stimulate revenue; Tesla data team lays off 200 people; Blizzard acquires studio to improve WOW; New York City monkeypox positive patients increase to 62; Thor acquires Georgia logistics portfolio.
1. Wharton MBA leads investment value
The Wharton School of the University of Pennsylvania has the highest MBA program rank among more than 700 U.S. MBA programs, according to a new survey by the Georgetown University Center on Education and the Workforce. price-performance ratio.
The survey shows that after graduation, Wharton MBA students can earn a median income of $169,200 a year after paying student loans, which is three times the median annual income of graduates from other programs.
Graduates from The Kellogg School of Management at Northwestern University, which came in second, earned $168,000 after paying off the student loans, which is the second-highest. In third place is Dartmouth’s Tuck School of Business, with annual returns of $162,000.
Surprisingly, the world-renowned Harvard Business School came in at 99 with an annual return of $93,600.
For young people in the workplace, the MBA program remains one of the most popular options, but it is also the most expensive one. According to a report by Business Because, the average tuition fee for the world’s top MBA programs is $176,000.
MBA programs are expensive, so graduates need to find high-paying jobs to make money
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2. Crypto Fund Defaults on $675 Million Debt
The British Virgin Island Commercial Court on Monday ordered cryptocurrency hedge fund Three Arrows Capital to initiate liquidation proceedings, according to people familiar with the matter. The court hired two partners from consulting firm Teneo to assist.
Three Arrows will create a new website where the company’s creditors can leave their refund information online, and Teneo will oversee the repayment process. In addition, Teneo will be responsible for connecting with investors interested in acquiring the remaining stake in Three Arrows.
The recent cold winter in the cryptocurrency market has resulted in Three Arrows being unable to repay a total of $675 million in debt. The Commercial Court ruled that Three Arrows had entered a state of default, and therefore forced the company to liquidate.
The slump in the cryptocurrency market has led to the liquidation of many funds
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3. Snap launches paid services to boost revenue
Today, the popular US social platform Snap Inc. announced that it will launch a monthly $3.99 paid service – Snapchat+. Paid users can experience exclusive features as well as experience.
During the epidemic, the Snap platform has become one of the biggest beneficiaries of the stay-at-home lifestyle. However, in May, the company announced that it lowered its full-year revenue and net profit forecast, and the stock price plummeted by 43%. Brand new paid services can bring new revenue drivers to the company.
Snap’s rival platforms, Twitter and Telegram, also offer paid services for $2.99 a month and $4.99 a month, respectively.
It is reported that Snap will conduct preliminary tests of paid services in the United States, the United Kingdom, Germany, and the United Arab Emirates.
Social platform paid services need to provide enough exclusive benefits to attract user subscriptions
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4. Tesla data team lays off 200 people
Tesla has fired about 200 employees in its self-driving division, most of them Hourly Workers, according to people familiar with the matter. Last week, however, CEO Elon Musk also announced that he would be adding part-time contract workers.
Shares of Tesla are down 3.8% today and have fallen 34% so far this year.
The employees of the San Mateo autonomous driving department are mainly responsible for collecting and annotating data related to driver assistance. Many of the fired employees are data annotation (Data Annotation) experts. Before the layoffs, the entire division had 350 employees, some of whom have been moved to other divisions over the past few weeks.
The company plans to expand its self-driving data annotation team in Buffalo, but the hourly wages for local employees are lower than in San Mateo, people familiar with the matter said.
Musk has said that 10% of employees receiving annual salary might be laid off
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5. Blizzard acquires studio to improve WOW
Blizzard Entertainment, a subsidiary of Activision Blizzard Inc., plans to acquire Proletariat Inc. studios to help boost the online role-playing game World of Warcraft, VentureBeat reported.
Blizzard President Mike Ybarra said that Proletariat’s 100 employees can help “World of Warcraft” continue to deliver high-quality content designed to enhance the player experience.
“World of Warcraft”, launched in 2004, is one of the most well-known games in the world, but the industry believes that the update speed of the game content is too slow. In this regard, Blizzard hopes to quickly launch game expansion packs by introducing well-known development teams.
World of Warcraft has not updated the game content for a long time
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6. New York City monkeypox positive cases rise to 62
Today, the New York City Department of Health and Mental Hygiene announced on its website that 62 people in New York City have tested positive for Monkeypox, with mild symptoms and no hospitalization.
Last week, the number of positive patients was only 25, and a week later the number increased significantly.
Health experts say monkeypox spreads primarily through close physical contact, so citizens should be cautious when visiting nightclubs, saunas, and crowded indoor venues.
Experts added that citizens over the age of 18 who suspect they have been exposed to monkeypox may consider getting the JYNNEOS vaccine to prevent or relieve symptoms of monkeypox.
Official monkeypox information from the New York State Department of Health
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7. Thor acquires Georgia logistics portfolio
Thor Equities Group recently acquired an industrial property portfolio in Savannah, Georgia, comprising 11 industrial properties totaling more than 524,000 square feet, according to the Commercial Observer.
At present, the entire property portfolio is 100% leased, and the tenant companies include S&M Transport, Trans Republica, Pactra Logistics, CRS, Thunder Logistics, and other logistics companies.
Joesph Sitt, president of Thor Equities, said the transaction helps the company expand its U.S. industrial real estate footprint and is in line with the company’s strategy to acquire or develop high-quality properties in high-quality markets. Recently, Savannah has gradually become an important logistics city in the southeastern United States, and the company attaches great importance to the port in this area.
In addition to Savannah, Thor Equities has a number of logistics assets in markets such as Northern New Jersey, Chicago, Dallas, Los Angeles, and Philadelphia.
Last month, Thor launched a new unit and will invest $3 billion to acquire or develop data centers in Europe
Source: Commercial Observer – Thor Equities Group Acquires Savannah Industrial Portfolio for $49M
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The content of this article comes from various financial news media such as The Wall Street Journal, Financial Times, and Bloomberg.