Hello everyone! Welcome to this weekly roundup of Business Insider stories from co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.
The nation has decided.
The AP, NBC, CNN, The New York Times, and The Washington Post called the presidential election for Joe Biden shortly after 11 a.m. ET Saturday, following Insider in calling the result. Biden and Vice President-elect Kamala Harris took to the stage last night to deliver their victory speeches, emphasizing hope and unity.
It’s been a fractious election race, and President Donald Trump is yet to concede, though pressure for him to do so appears to be building. In a stark reminder of the challenge Biden will face as president, the world this morning surpassed 50 million confirmed coronavirus cases.
We’ll continue to cover the races that have yet to be called, and the Trump campaign’s legal challenges. For now, here’s a breakdown of what the election results means for Trump, Biden’s potential cabinet, healthcare, tech, cannabis, energy, entrepreneurs, markets, and more.
Powerhome Solar uses misleading tactics, insiders suggest
From Benji Jones:
For years Jim and Beth Rickenbaugh had resisted putting solar panels on top of their brick home in Charlotte, North Carolina. They wanted to wipe out their utility bill, but the price seemed too steep.
Then, in late 2016, the couple came across a deal they felt they couldn’t refuse.
A salesman from Powerhome Solar, an energy company headquartered in nearby Mooresville, visited their home and offered them a solar-energy system for no upfront cost that he said would nearly erase their utility bill, according to the Rickenbaughs.
They’d just have to make monthly payments for the panels that would be no more than the savings on their electricity bill from Duke Energy, they said.
In 2017, the Rickenbaughs signed up, agreeing to pay more than $15,000 for their system. Documents show they signed a 20-year loan with a 6% interest rate, meaning they’ll pay an additional $11,765 in interest.
Then they waited for their bill to plummet. It didn’t.
Read the full story here:
Family office hiring
From Rebecca Ungarino:
Many banks and asset managers are slowing hiring or laying off employees during the pandemic. Or both. But family offices, the hush-hush, loosely regulated wealth managers for the world’s richest clans, are outliers.
After pausing searches for brief periods earlier this year, many have resumed hiring for largely investment roles in recent months, six recruiters said in interviews with Business Insider.
They’re looking in many cases to draw in talent from private equity firms and elite wealth managers, recruiters said, and continuing to form operations that resemble established institutions with sophisticated capabilities.
Read the full story here:
Invitation: How marijuana’s election triumph is reshaping the US cannabis industry
After the results of Tuesday’s vote, one thing is clear: Americans overwhelmingly support cannabis reform.
Join Business Insider cannabis reporters Jeremy Berke and Yeji Jesse Lee in conversation with healthcare editor Zachary Tracer, who will be breaking down what the ballot initiatives mean for cannabis companies, consumers, and the future of cannabis policy in the US at 3:00 PM EDT on Tuesday.
Here are some headlines from the past week you might have missed.
Jen Sey was a champion gymnast before ascending to become global brand president of Levi’s. Here’s how her experience competing — and speaking out about abuse in the sport — has influenced her leadership style.
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