The Rundown: Jay-Z’s Supersized Influence on the Nets, National Black Business Month
–The New York Times reports on the supersized influence that Jay-Z has on the Brooklyn Nets. He invested a mere $1 million in the team nine years ago, meaning he owns one-fifteenth of a percent of the team (he owns one-fifth of the Barclays arena where they’ll be playing). But he has counseled on everything from the color scheme to the logo (he designed it) to the music and the ways in which visitors will be checked at the door. Moreover, the arena will be filled with businesses that he has invested in, such as a 40/40 club, a Rocawear store and Armand de Brignac champagne. And he’s capitalized on the connection elsewhere, like in those new Budweiser ads where he’s seen wearing Nets gear. He is doing it.
-Did you know that August is National Black Business Month? The Washington Informer encourages you to buy from a black-owned business. (August isn’t the only time you can do this, BTW.)
-President Obama is offering $470 million to states who promise to use the money to create jobs and improve roads and other infrastructure. The money had been allotted to the Department of Transportation between 2003 and 2006 through earmarks which has since been outlawed.
-Facebook CEO Mark Zuckerberg has seen his company’s stock tank since the IPO in May, and his personal fortune has gone down with it. Facebook stock closed yesterday at an all-time low, $19.87. Zuckerberg, who is 28 years old, is now worth $10.2 billion. Facebook stock debuted on the market at $38 per share. The company has lost more than $40 billion in value since the spring. Yesterday, 271.1 million shares were freed up for sale.
-Instagram has launched its 3.0 version, which includes a couple of fixes and a new Photo Map feature that Forbes argues moves it into the “media company” realm.