Hello everyone! Welcome to this weekly roundup of Business Insider stories from executive editor Matt Turner. Please subscribe to Business Insider here to get this newsletter in your inbox every Sunday.
What a week from our new DC bureau. Here’s bureau chief Darren Samuelsohn:
Tom LoBianco landed a major league scoop to close out the week detailing the Trump campaign’s internal audit of spending during the tenure of now-demoted campaign manager Brad Parscale.
Not only did the story rattle political circles, it clearly got under the Trump campaign’s skin. Parscale issued a tweet three minutes before the article published calling the media a “criminal network that has very few honest people.” And Trump campaign manager Bill Stepien in a statement an hour after the article went online described Tom as a “poor man’s gossip columnist.”
Read the story in full here:
The Trump campaign is investigating campaign spending, Parscale contracts
Turmoil at Red Bull
From Patrick Coffee:
Red Bull fired its top two North American executives, CEO Stefan Kozak and president and CMO Amy Taylor, and global head of music, entertainment, and culture marketing Florian Klaass.
A person with direct knowledge of the firings, who is known to Business Insider but requested anonymity because they are not authorized to discuss it, said Klaass was let go over his role in a February corporate event, first reported by Business Insider, where a presentation slide was shown that featured racist stereotypes.
The slide, which was leaked to Business Insider, showed a world map that labeled the Middle East and Southeast Asia as “evil doers,” continental Europe as “pussies,” and South America as “coffee comes from here I think.” Multiple employees said Klaass’ Austria-based team included the slide despite being warned not to do so by US colleagues.
Red Bull more recently has been rife with internal tensions over Black Lives Matter. Employees leaked a letter that was sent June 1 to Kozak and Taylor criticizing the company’s “public silence” on the movement.
You can read the story in full here:
Red Bull fires top North American executives following internal controversy over Black Lives Matter and the leak of an offensive presentation slide
In related news:
A guide to real-estate investing
Chris Competiello, Libertina Brandt, and Natasha Solo-Lyons this week combined to produce a guide to getting started in real-estate investing. From their story:
In the US, the allure of real estate hasn’t let up. In a recent Gallup survey, of the 1,012 US adults polled, 35% said that real-estate was the best way to build long-term wealth.
And in the past several years, real estate has created returns comparable to other investment assets.
According to the National Council of Real Estate Investment Fiduciaries, expected annual total returns on apartment investments have fluctuated between 6% and 15% since 2012. Over the same period, the S&P 500 had an annualized return of about 10%.
To help you get going, we’ve collected insights into mistakes to avoid, how to scale your business, and what it takes to nail the management side of property management.
You can read that in full here:
The ultimate guide to getting started in real-estate investing — according to entrepreneurs who built multimillion-dollar empires from scratch
In related news:
Below are headlines on some of the stories you might have missed from the past week.
LEAKED: A decade before Postmates was acquired by Uber for $2.65 billion, its founder used this 13-slide pitch deck to sell his idea for the new delivery service
EXCLUSIVE: Here are the 25 fastest-growing DTC brands for Q2, according to growth in digital traffic
BANK OF AMERICA: Buy these 7 pharma stocks now as they race to develop COVID-19 treatments and vaccines
G2, a software review startup that raised $100 million, spent lavishly on things like a $1 million office staircase. Then it had layoffs and filed for a PPP loan. It shows the challenge of giving startups a coronavirus bailout.
The inside story of the downfall of Civilized, a cannabis media startup that raised $7 million, then had to shut down after a takeover offer fell through
Office-rental startup Knotel bragged it was a nearly profitable anti-WeWork. Now lawsuits are stacking up. 12 insiders reveal what happened to the $400 million Knotel said it raised last year.
Apollo is revamping recruiting and trying to soften its culture amid a big growth push. From kids’ story time to a new MBA summer internship, here’s a look.
3 reasons why Microsoft is beating out Amazon and Google to become the emerging favorite in healthcare, according to the tech chief of New York’s biggest hospital system