by Stacy Jackson

October 25, 2022

Former NFL Star Terrell Owens Lost Almost $80 Million Dollars Because of Poor Financial Choices

Legendary NFL receiver Terrell Owens has spoken out multiple times to address his financial mistakes throughout his career.

According to Celebrity Net Worth, the professional athlete is presently estimated to be worth about $500,000, a major decline from his former status of $80 million between his salary and endorsements.

During a previous interview with Insider, the retired athlete shared advice regarding money management and the consequences of making poor financial decisions. He specifically addresses the perspective of a professional athlete, stating that draft rookies need to be careful to not allow the flashy lifestyle to sway them into breaking their bank.

“At that time I got sucked into wanting to be like everybody else, the guys with the Mercedes and all the flashy cars and the jewelry,” Owens says. “I think those are some of the most idiotic purchases I think players can do, especially when they don’t have that money in the bank account to really pay for that stuff.”

Owens added that people who accept positions offering large signing bonuses or salaries have to be aware that taxes still have to be accounted for, and sometimes they can total out to more than half of people’s incoming finances.

“My advice to any fan or athlete out there: Just don’t live beyond your means. You definitely have to be smart,” he said.

Financial advisers and trusting someone else is not always a promising factor, especially for athletes since everyone does not have their best interest at the center of their duties. However he advises that it is a great option for those who do on not completely understand the intricacies of managing finances.

“Find somebody you feel that are experienced in that area to give you advice, ask them what do you think about this,” Owens says. “Don’t take anything for granted.”

Although financial advisers ensure that they will take care of their clients Owens stated the importance of paying close attention, learning, and being aware of all the money moves, having a confident understanding of all the reasons for your adviser’s decisions.

“I took it for face value and I got burned,” Owens said. “I can’t blame them totally because I had some responsibility in that myself, because I should’ve been able to really manage my finances just as well as they were doing.”

The wide receiver reportedly collected a total of $150,000 in fines for “excessive” celebration after scoring touchdowns.

by Stacy Jackson

October 25, 2022

Kanye West Sues Melbourne ‘College Dropout Burgers’ Joint Owner In Federal Court

Ye has unresolved beef with a burger store owner who dedicated his brand to the rapper and thought of him as his hero.

Kanye West filed a federal lawsuit against College Dropout Burgers accusing Australian store-owner Mark Elkhouri of “misleading and deceptive conduct.” Ye claims the Ivanhoe restaurant continues to have food on its menu named after the artist’s 2004 album and says neither his store nor products are approved for use by Ye.

According to The Age, the legal team representing Ye filed the 43-page statement of claim on Friday specifying that The College Dropout was the name of Ye’s 2004 debut album along with their client’s ranking as “one of the greatest 100 artists of all time.”

“Ye has suffered, and will continue to suffer, loss and damage,” the documents say.

“Ye has sold more than 140 million records internationally and is one of the best-selling artists of all time.”

The lawsuit is reportedly calling for Elkhouri to withdraw his Australian trademark application for College Dropout Burgers. In addition, Ye wants all products and materials that reference his brand to be destroyed including a burger called College Dropout which is still found on the menu, and the Dropout Bear silhouette.

“I can’t understand what would motivate a major artist to sue a small humble burger restaurant on the other side of the world,” Elkhouri said.

7NEWS Australia reported that Elkhouri removed all references surrounding a Kanye theme from his brand including the logo, menu items, and the the large mural of the award-winning artist at the entrance.

“With all the references to Mr. West removed, the court would be asking, is there a real chance that the ordinary consumer would see College Dropout burgers and think: ‘Oh there’s a connection with Kanye West’?” intellectual property law expert Ben Hopper told 7NEWS.

Reportedly, since receiving a cease and desist notice from Ye’s lawyers in June, Elkhouri has rebranded and found new names for the burger combos that include famous people who dropped out of education, like Steven Spielberg, Steve Jobs, and Mark Zuckerberg.

board members, industry, expert, diverse , board
by BLACK ENTERPRISE Editors

October 25, 2022

How to Best Recruit Board Members Outside of Your Industry

Few individuals are experts in everything. Even the cumulative expertise in most businesses could use input from more experts in diverse areas. This is why we have boards — a panel of experts in areas that fill in the gaps in our existing company knowledge base.

But even once we find the right group of experts from our industry to take a seat on our board, we would still stand to benefit from the wisdom of more diverse perspectives and experiences. Their range of successes and failures becomes additional resources to put together more tried and tested strategies in the face of new challenges.

Outside board members can bring a lot to a company, but to find the right ones for the job, we need to know what to look for:

Outside experts bring more perspectives

Most companies (and boards, for that matter) still lack insight from people outside their industry. In 2014, less than 5 percent of middle-market companies had an established board or advisory board, and most of those who did put family, friends and internal management into those roles. But the perfect marketing expert for a company could be someone from outside that company. Their experience could even be from outside of that company’s industry, but their new point of view might be exactly what the company needs to get its brand to the right audience. Their unbiased eyes can catch more company inefficiencies, see greater opportunities and ideate more innovative strategies.

This is also why diversity in race, gender, age and socioeconomic backgrounds drives innovation. Looking to outside board members to fill talent gaps opens up a larger pool for inclusivity. A 2020 Deloitte study found women held under 23 percent of board seats among Fortune 500 companies, and minority men, only 12 percent. But adding these points of view to a company’s leadership paints a complete picture of that company’s role in commerce and broader society. With this diversity of perspectives on our board, we position our company to be more innovative than most of our competition, still strategizing without them.

Look for strategic, outside-the-box thinkers

Besides looking outside your industry and broadening diversity, two main attributes indicate a high-quality outside board member: a strategic mind and outside-the-box thinking. Elon Musk is an excellent example of someone who demonstrates both qualities. His endeavors range from electric cars to solar energy to a space exploration company that competes with NASA — his outside-the-box mind saw the connections between these diverse fields, and his strategic mind allowed him to apply his successful experiences from one to another.

Of course, someone with both would be ideal, but someone with either quality will drive any company in the right direction. Strategic thinkers analyze several variables when creating plans for achieving goals and generating new ideas. They stay on top of new opportunities while considering vulnerabilities. To do this, they ask many questions, welcome feedback and self-reflect. They gather all the information before making decisions to make them decisively. With a strategic mind, even someone outside a company’s industry could still see how their skill set could be translated into a new field.

Most of us unknowingly follow some form of old ideas born out of antiquated lines of thinking, but outside-the-box thinkers easily step outside of those boundaries. They imagine radical new possibilities, question the status quo and stretch the boundaries of what’s achievable. Rather than fearing change, they embrace it as a new opportunity. An outside-the-box thinker will be able to see how their perspective and experience in other industries is advantageous to strategizing and innovating in a new one.

When it’s worth the risk, despite no industry experience

If you find a strategic or outside-the-box thinker, the next step is determining if they are suitable for your board, especially when they have no experience in your industry. If your company plans to do mergers and acquisitions, bring a person outside your industry with expertise in mergers and acquisitions. If you want to take your company public, find an outside expert in going public. If you can find someone who has already done what your company needs to do in several industries, this is an excellent indicator of their flexibility to step in and excel in yours.

Then, try to draw out those valuable skills that translate across all industries: strategy and innovative thinking. Get to know their strategic mind. Ask about their area of expertise and if they have a strategic plan for growth and improvement. Reveal outside-the-box thinkers by getting them to elaborate on how their skill sets apply to your industry. When you find the right people with the skill sets your company needs and the ability to pull ideas from different industries, this outside board member can be a key player in driving your company’s success.

Kanye West, Ye, Bully, China
by Derek Major

October 25, 2022

Ye Loses Billionaire Status: Adidas Will Lose More Than $600 Million After Cutting Ties With Rapper

Shares of the athletic apparel giant adidas fell Tuesday when it disclosed a nine-figure loss after cutting ties with Kanye West.

Forbes reports adidas was already dealing with a slump in sales when the College Dropout rapper began making controversial statements.

The brand disclosed a 2022 loss of $247 million in sales from West’s Yeezy line and as a result, its shares fell 5.6%. Bernstein Analyst Aneesha Sherman told Forbes that adidas confirmed it will shut down the Yeezy line entirely. Bernstein cut adidas’ 2023 revenue forecast by $398 million bringing the total loss for the brand to $645 million.

West has made several controversial statements in recent weeks including suggesting that George Floyd‘s death was due to fentanyl use. The rapper also tweeted that he was “going death con 3 on JEWISH PEOPLE,” adding, “I can’t be anti-Semitic because Black people are actually Jew also.”

West also claimed on a since-deleted episode of the Drink Champs podcast that Jewish people hold immeasurable power in the media. The rapper all but dared adidas to cut ties with him saying on the podcast:

“The thing about it being adidas, I can say anti-Semitic things and Adidas can’t drop me. Now what?”

West was also seen at his fashion week show in Paris with Republican pundit Candace Owens wearing matching White Lives Matter sweaters earlier this month.

Like Adidas, West’s pockets are much lighter as a number of his business partners, including Gap, Balenciaga, JPMorgan Chase, The CAA Talent Agency which represented West, and film and TV studio MRC have cut ties. West was also locked out of his Twitter account.

The end of those relationships has cost the rapper his billionaire status as his net worth has dropped to $400 million. Forbes reports the remainder of West’s fortune includes real estate, cash, his discography and a 5% stake in ex-Wife Kim Kardashian‘s shapewear line Skims. West’s removal from the billionaire list marks the end of a long fight between him and Forbes, who he clained routinely undervalued his net worth including when he first made the list in 2020.

According to Forbes, without the adidas deal, West’s net worth has dropped from $1.5 billion to $400 million.

West has made a career out of making controversial statements and moments, including the time he said former President George Bush didn’t care about Black people during a Hurricane Katrina fundraiser, cutting off Taylor Swift at the MTV Video Music Awards in 2009, claiming in 2018 that slavery was a choice, and threatening comedian Pete Davidson, who dated Kardashian.

BBQ Invite Activated: Angelina Jolie Joined Her Black Daughter for Spelman’s Homecoming Weekend
by Jeroslyn JoVonn

October 25, 2022

BBQ Invite Activated: Angelina Jolie Joined Her Black Daughter for Spelman’s Homecoming Weekend

Angelina Jolie was outside for Spelman homecoming weekend and Atlanta Twitter has been cutting up about it.

The Academy Award-winning actress was in Atlanta over the weekend to support her daughter, Zahara Marley Jolie-Pitt, for her first homecoming as a college student. Jolie was low-key with no paparazzi or entourage while enjoying the festivities with her daughter, HuffPost reported.

The Eternals star was photographed hanging out with other parents, students, and attendees at the event.

“Angelina Jolie was really OUTSIDE with her daughter Zahara at Spelhouse Homecoming this past weekend. 🔥🔥🔥.” Followers captioned a post of photos showing Jolie enjoying the Spelhouse vibes.

A student doing community service was able to snap a photo with Jolie and Zahara.

Others applauded the Hollywood star for attending Spelhouse without any security or entourage.

One video clip showed how “down to earth and beautiful” Jolie was while supporting her daughter at the homecoming event.

Zahara is one of Jolie’s six children she welcomed and adopted while married to actor Brad Pitt. Jolie adopted Zahara from Ethiopia back in 2005, according to Yahoo.

The 17-year-old is completing her first year of college as a freshman at Spelman, and her superstar mom has been present during the transition. Jolie shared her excitement when dropping Zahara off at the prestigious all-women’s HBCU this past summer.

“Zahara with her Spelman sisters!” Jolie captioned the post.

 

View this post on Instagram

 

A post shared by Angelina Jolie (@angelinajolie)

“Congratulations to all new students starting this year. A very special place and an honor to have a family member as a new Spelman girl.”

Amid Jolie’s appearance at Spelhouse, some credited her composure during the event as an example of how non-Black people are “showing up in Black spaces.”

“I appreciate how Angelina Jolie shows up in Spelman spaces and doesn’t make it about her. (I kinda hate how we often make it about her.) There’s a lesson there for non-black folks showing up in black spaces.”

by Cedric 'BIG CED' Thornton

October 25, 2022

Brittney Griner’s Appeal of 9 Year Sentence Rejected by Russian Court

The situation regarding WNBA player Brittney Griner has taken a slight turn for the worst as a Russian court has rejected an appeal she recently filed.

According to NBA.com, Griner, who was sentenced to nine years in prison by a Russian court earlier this year for possession of drugs, had her appeal rejected as the court upheld the sentence given to her. The WNBA All-Star American basketball player was convicted on Aug. 4 after authorities in Russia said vape canisters that had cannabis oil in them were discovered in her luggage at Moscow’s Sheremetyevo Airport.

The hearing took place via a video call from the penal colony where Griner is currently imprisoned.

On Tuesday, the Moscow region court ruled in favor of upholding the sentence imposed on her.

According to the ruling, the court stated that the time Griner spent in pre-trial detention will now be counted as 1.5 days in prison. With that calculation, it reduces her prison time to about eight years instead of the nine she was sentenced to.

The eight-time all-star center who was a member of the Phoenix Mercury was going back to Russia, where she had been playing for a Russian team during the WNBA offseason.

During the trial she confessed to having the canisters but she unknowingly packed them in her luggage. She submitted statements saying she was prescribed cannabis to treat pain.

At the time of the incident, Russia had just started a war with Ukraine and they sent troops into their region. It’s been speculated that Griner was arrested because America is an ally of Ukraine.

The pro basketball player was sentenced close to the maximum sentence of 10 years, which her attorneys argued was excessive. They presented cases that were similar where defendants received an average sentence of five years, with approximately 33% of them being given parole.

There were earlier reports that the United States had offered a prisoner exchange in hopes of having Briner returned to America. They have allegedly offered to send a Russian arms dealer, Viktor Bout, nicknamed the “merchant of death” in exchange for Briner and Paul Whelan, who is an American serving a 16-year sentence in Russia for espionage.

Rock Star Lenny Kravitz Teams With Cadillac To Design and Launch Futuristic Electric Vehicle
by Atiya Jordan

October 25, 2022

Rock Star Lenny Kravitz Teams With Cadillac To Design and Launch Futuristic Electric Vehicle

Lenny Kravitz is bringing the future of the auto industry to life.

The rock star and style icon was invited to collaborate with General Motors’ (GM) Cadillac to design and launch the ultra-luxury and futuristic Celestiq EV flagship brand.

Early last week, a video on Cadillac’s Twitter showed the “Let Love Rule” singer arriving at GM’s Global Technical Center in Warren, Michigan, where each production-spec, all-electric, and zero tailpipe emission 2024 Cadillac Celestiq will be hand-built. The price tag starts at $300,000.

Available by request only, cars can be ordered as early as later this year, followed by extremely low production in December 2023, according to GM. Customers can work with designers and a Cadillac concierge for desired customizations on the interior trim, exterior color, and other elements.

Kravitz stepped in to share his personal story about Cadillacs.

“My grandfather, he always had Cadillacs. He changed them out every few years,” the musician, actor, and AD100 designer told Vanity Fair.

“And he used to pile all of us in the back, like five or six kids, and he would take us out of Brooklyn. He wanted to expose the neighborhood kids to art, to the museums, to theater, to sports. So the Cadillac was his vehicle to put us all in, and take us to expose us to all of these wonderful things.”

As part of his collaboration, Kravitz will be sharing ideas for his own customized electric car. He is no stranger to creating residential designs out of his own conceptual creative studio, Kravitz Design Studio.

The designer wil work closely with Michael Simcoe, GM’s vice president of global design to implement his designs to the car’s interior.

“I definitely want it to have an edge that reflects me as well as having a timeless quality,” Kravitz said in the video teasing the car.

“Something you can look back at 40 years later and it still speaks.”

For 15 years, Kravitz has never had a car while living in Paris and has opted to get around on motorcycles. But that’s all going to change.

He wants his new car to be “sort of a nighttime vehicle going through the streets of Paris. I want it to just hover there at night. And I’m only going to go where you can park it right in front,”  Kravitz told Vanity Fair.

black designer
by Stacy Jackson

October 25, 2022

Miami Welcomes Pharrell’s 5,000-Square-Foot Billionaire Boys Club Flagship Store

Luxury streetwear and cultural art have found a new home in The Magic City.

Pharrell Williams held a grand opening for his Billionaire Boys Club (BBC) at its new location in Wynwood, Miami. On Thursday, Oct. 20, 2022, the record producer welcomed celebrity friends and fans to the inauguration of the luxury streetwear brand’s flagship store.

According to Forbes, BBC ICECREAM was founded by the rapper and NIGO in 2003 and opened its first flagship in New York City’s Soho neighborhood in November 2007. The new store is a 5,000-square-foot space that houses products and art installations for customers to get an immersive brand experience.

“I’m very grateful that we have the opportunity to bring our flagship store to Miami. It’s going to be a place where people can come in to get inspired by the mix of fashion, culture, art, and design,” Williams said.

The retail space reportedly consists of environmentally-friendly materials throughout and is framed with the colors green and blue. Material textures like recycled plastics, glass, and wood panels are displayed throughout the store.

“Now, more than ever, we believe that curating brand physical experiences via brick-and-mortar shopping locations and in-store experiences are imperative to connect on a deeper level with our customers,” said Chief Strategy Officer of Billionaire Boys Club Matt Kaden.

Guests can shop the exclusive collaborative products provided by mainstay brands, including Billionaire Boys Club, ICECREAM, Billionaire Girls Club, Bee Line, Human Made, Adidas, MEDICOM, Comme des Garçons PLAY, and more.

“We curated brands thinking of what would be the best to complete BBC and ICECREAM’s existing products and taking into consideration the Miami location and lifestyle,” said Sarah Andelman, founder of French streetwear cult retailer Colette.

“We kept in mind what Pharrell would personally like to find in the job and will regularly be refreshing and updating the selection for Special Events.”

Celebrities in attendance included Flo Rida, David Beckham, Cruz Beckham, Trina, N.O.R.E., and music producer, London On Da Track.

Billionaire Boys Club ICECREAM is located at 2545 NW 3rd Avenue.

Ex-Minneapolis Police Officer J. Alexander Kueng Pleads Guilty in George Floyd Killing
by Cedric 'BIG CED' Thornton

October 25, 2022

Ex-Minneapolis Police Officer J. Alexander Kueng Pleads Guilty in George Floyd Killing

As the next trial for the police officers present during George Floyd‘s murder was set to start, one of the officers made a deal to serve less time.

According to CNN, Minnesota police officer J. Alexander Kueng, who was about to stand trial with fellow police officer, Tou Thao, for aiding and abetting second-degree unintentional murder and aiding and abetting second-degree manslaughter in the killing of Floyd, changed his plea before it began. Kueng pled guilty to manslaughter, and prosecutors dropped the charges for aiding and abetting in the killing of Floyd.

The former police officer must serve, at minimum, 28 out of the 42-month prison term. Reportedly, no fine will be assessed to him, but he will pay restitution, which will be determined by the court.

“The plea by former Minneapolis officer J. Alexander Kueng demonstrates that justice takes time to be secured but that, in this case, various measures of justice continue to be delivered for the family of George Floyd,” attorneys Ben Crump, Antonio Romanucci, and Jeff Storms said in a written statement on Monday.

“We must never forget the horror of what we all saw in that nine-minute video, and that there rightfully should be both accountability for all involved as well as deep lessons learned for police officers and communities everywhere.”

Hennepin County Judge, Peter Cahill, stated that Kueng won’t be sentenced until after Jan. 24.

Robert Paule, Thao’s attorney, told the judge that his client and prosecutors have decided to go forward with his trial by stipulated evidence. Paule and the prosecution team will submit evidence to the judge instead of in front of a jury, since Thao waived his right to a trial by jury.

Reportedly, both sides will submit evidence and written and closing arguments to Cahill by Nov. 17. Judge Cahill will then have 90 days to issue a sentence based on the documents. If the former police officer is convicted of aiding and abetting manslaughter, then prosecutors will drop his second charge. Thao will remain jailed in segregation in Hennepin County until the decision is made.

Last month, according to The Associated Press, former Minneapolis police officer, Thomas Lane, who is already serving a federal sentence of two-and-a-half years in prison, received a three-year sentence in a plea deal he made on a state charge in connection to Floyd’s murder. In exchange for Lane’s guilty plea, prosecutors dismissed the murder charge against him.

In July, Derek Chauvin, the former Minneapolis police officer convicted of killing Floyd, was sentenced to 21 years in federal prison for violating Floyd’s civil rights. On Dec. 15, Chauvin pleaded guilty and admitted that he kept his knee on Floyd’s neck, even after he stopped moving, which resulted in his death on May 25, 2020. He admitted to willfully depriving Floyd of his right to be free from unreasonable seizure, including unreasonable force by a police officer.

by Derek Major

October 25, 2022

Black Wall Street Business Center Launches to Give Minority Businesses a Boost

Minority businesses in Tulsa, Oklahoma have been given a leg up with the grand opening of the Black Wall Street Business Center.

The Tulsa World reports that the 2,200-square-foot facility will work to advance Black, indigenous, and minority businesses and entrepreneurship. The center is also the finishing touch of Sherry Gamble Smith, the Black Wall Street Chamber of Commerce President who was killed earlier this summer.

“The original vision was not just co-working, but incubation as well, being able to give businesses the resources they need to create sustainability and growth, depending on where they are in their process,” Lindsey Corbitt the executive director of the Black Wall Street Business Center told The Tulsa World.

“We are expanding off an idea that she had, that had begun to connect on and operate, which is Nest Collective, an accelerator program for entrepreneurs.

“From that concept, we noticed that some of those businesses needed more resources and loved just being in that environment with other entrepreneurs, which expanded the idea into a co-working space and shared offices so people can continue to utilize those resources that we provide.”

The business center pays homage to the Tulsa Greenwood neighborhood, which featured dozens of prominent Black businesses and flourished as a Black economic and cultural hub known as Black Wall Street until the Tulsa Race Massacre on May 31, 1921.

The Black Wall Street Business Center is located in Suite 800 at 1800 S. Baltimore Avenue and features three shared office spaces, 16 working desks, a seating area and a meeting room, free Wi-Fi and printing, and a kitchen with coffee, snacks, tea and water.

Shared offices can be rented for $400 a month and desks at $250 a month. The Center will be open five days a week from 8:30 a.m. to 5:30 p.m.

“Our goal here was to make minorities the focus,” said Corbitt, who also serves as interim president of the Black Wall Street Chamber of Commerce. “Of course, at the chamber, they target Black-owned businesses. Having a space they are comfortable in and made just for them is very important to us. So, the more access they have to business education, the better.”

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