Superstar gymnast Simone Biles is leaving Nike for a new partnership with Gap-owned athletic brand Athleta

Simone Biles
Simone Biles.

  • Gymnast Simone Biles is leaving Nike for a partnership with Gap-owned Athleta.
  • Biles told The Wall Street Journal that she’s attracted to Athleta’s values and female-focused team.
  • Sprinter Allyson Felix also signed a deal with Athleta following a high-profile split with Nike.
  • See more stories on Insider’s business page.

Gymnast Simone Biles is leaving Nike for a new partnership with apparel brand Athleta.

The five-time Olympic medalist has signed a deal with the Gap-owned athleticwear company that includes her own line of performance wear, according to The Wall Street Journal’s Louise Radnofsky. Biles told The Journal that Athleta’s core values and female-focused team led her to sign with the company.

“I felt like it wasn’t just about my achievements, it’s what I stood for and how they were going to help me use my voice and also be a voice for females and kids,” she said. “I feel like they also support me, not just as an athlete, but just as an individual outside of the gym and the change that I want to create, which is so refreshing.”

The Journal notes that despite Biles’ sponsorship deal with Nike, which she signed in 2015, she has not been a major face of the brand, making only small appearances in advertisements. Biles is currently the best female gymnast in the world and is widely considered to be the greatest of all time.

Biles has 25 world-title medals, the most in the world – she’s competed in just one Olympics, in Rio de Janeiro in 2016, where she took home four gold medals and one bronze. She plans to compete in the Tokyo games, which will be held this summer after being pushed due to the pandemic.

A spokesperson for Nike did not immediately respond to Insider’s request for comment. A Nike spokesperson told The Journal that “Simone Biles is an incredible athlete and we wish her the very best.” The company “will continue to champion, celebrate and evolve to support our female athletes,” the spokesperson said.

Read more: After gaining 2 million new customers with its masks, Athleta’s head of merchandising reveals plans to keep them by becoming a ‘lifestyle brand’

Biles decision to leave the Nike roster follows several instances of female athletes reporting issues with the company. Allyson Felix, one of the most decorated sprinters in history, accused the company of failing to support her decision to become a mother in a bombshell op-ed she wrote for The New York Times in May 2019. According to Felix, during contract negotiations that coincided with her pregnancy, Nike offered her a 70% pay cut and refused to guarantee that Felix wouldn’t be punished for being unable to perform her best after childbirth.

Felix signed a deal with Athleta in 2019.

Multiple other female runners, including Kara Goucher, Phoebe Wright, and Alysia Montaño, have spoke up about the pressure to perform during or immediately after their pregnancies or face reduced sponsorship payments from Nike. The company has since instituted a new maternity policy that does not penalize pregnant athletes.

In 2019, Mary Cain, a female sprinter who was signed to Nike’s high-profile Oregon Project track team, told The New York Times that she was pressured to get “thinner, and thinner, and thinner” at the detriment of her health. Nike launched an internal investigation and said it would make internal changes to better support female athletes.

Read the original article on Business Insider

Dow tumbles 257 points as spike in COVID-19 cases spurs economic-recovery concern

wall street new york stock exchange
Traders work on the floor of the New York Stock Exchange.

  • The S&P 500 and the Dow Jones Industrial Average suffered their second straight losses on Tuesday.
  • COVID-19 cases worldwide have risen by more than 10% over the past week.
  • Nike dropped on the Dow but IBM was a winner.
  • See more stories on Insider’s business page.

US stocks dropped Tuesday, with their grip on record highs further loosening as investors worry about the prospects for global economic growth as COVID-19 cases worldwide increase.

The S&P 500 and Dow Jones Industrial Average each fell for a second consecutive session, pulling back from last week’s strongest finishes on record.

As “stocks fall on back-to-back days for the first time this month, you can probably blame an old culprit: COVID,” said JJ Kinahan, chief market strategist at TD Ameritrade, in comments sent to Insider.

Here’s where US indexes stood at 4 p.m. on Tuesday:

Cumulative coronavirus cases worldwide have risen by more than 10% over the past week, according to data from Johns Hopkins University, and cases topped 142.3 million on Tuesday. Officials in Japan were considering declaring a virus state of emergency, and the UK imposed a travel ban for visitors from India as that country becomes the new epicenter of the outbreak behind the US. Argentina, meanwhile, is battling another wave of cases.

“Higher-than-expected earnings might not be packing as big a punch as normal, partly because analysts had been raising their earnings estimates before earnings season began,” Kinahan said. “At this point, it’s really more about what companies forecast and less about what happened in Q1.”

IBM shares rose and performed the best among the Dow industrials after the technology company’s first-quarter earnings and revenue beat Wall Street’s targets. But fellow Dow component Nike dropped sharply following a Citi downgrade to neutral from buy on concerns that recent boycotts in China will hurt sales at the athletic wear maker.

Apple shares were lower. The company at its virtual event on Tuesday unveiled, among other products, its AirTags tracking accessory.

Around the markets, Johnson & Johnson shares rose after the company planned to resume COVID-19 vaccine shipments to the European Union.

GameStop stake held by Alaska’s revenue department soared by more than 700% last quarter. Alaska also said its Tesla bet had grown to $85 million in 18 months.

Bitfarms, a Canadian bitcoin-mining company, is planning a new mining site in Argentina that it said would be its largest yet.

Gold rose 0.3%, to $1,776 per ounce. Long-dated US Treasury yields fell, with the 10-year yield down to 1.56%.

Oil prices rose. West Texas Intermediate crude lost 1.2% to $62.61 per barrel. Brent crude, oil’s international benchmark, fell 1%, to $66.51 per barrel.

Bitcoin rose to $56,524.

Read the original article on Business Insider

Nike will now clean and resell used sneakers at discount prices in a US trial

Nike Refurbished
The refurbished shoes will be sold at Nike factory stores.

  • Nike said it would clean and resell sneakers returned by customers in 15 stores in the US.
  • Nike Refurbished will sell shoes returned within 60 days of purchase. Customers can buy them at a discount.
  • Nike said it wanted to stop shoes ending up in a landfill.
  • See more stories on Insider’s business page.

Nike has launched a new program to clean and resell sneakers that have been used and returned by customers.

The athletics-wear giant announced Monday that “Nike Refurbished” would see “gently” or hardly worn shoes, or shoes returned with cosmetic flaws, cleaned and sold again at discounted prices. The shoes must have been returned within the company’s 60-day returns period to be resold.

In a press release announcing the news on Monday, the company did not say what would have previously happened when these sneakers were returned. Insider asked the company for comment, but did not immediately hear back.

The refurbished shoes will now be sold at its factory and outlet stores. This initiative is currently available at 15 US stores, but the company said it planned to add Nike Refurbished to more stores, to boost its sustainability and reduce waste.

While it promises to “help keep shoes out of landfills,” the new service also means Nike can stop some of its products reaching booming sneaker resale platforms such as StockX or GOAT.

Read the original article on Business Insider

The maker of Lil Nas X’s ‘Satan Shoes’ has settled a trademark dispute brought by Nike, and will buy back doctored Nike shoes it has sold

Lil Nas X's "Satan Shoe" collaboration with MSCHF.
Lil Nas X’s “Satan Shoe” collaboration with MSCHF.

  • Nike settled its lawsuit with MSCHF over the controversial “Satan Shoe,” the retailer told Insider.
  • The terms of the settlement include a voluntary recall for MSCHF buy back the shoes.
  • “The parties are pleased to put this dispute behind them,” Nike said in a statement.
  • See more stories on Insider’s business page.

Nike has settled with the maker of Lil Nas X’s controversial “Satan Shoe” for an undisclosed amount.

Nike filed a trademark infringement suit on March 29 after art startup MSCHF collaborated with Lil Nas X on a shoe that knocks off the Nike Air Max 97 and claimed to insert a drop of human blood to the midsole.

The terms of the settlement include a voluntary recall that allow MSCHF to buy back the Satan Shoes for their original retail price. MSCHF said on April 1 it had shipped at least 200 pairs of the shoe before a judge granted Nike’s temporary restraining order to stop processing the orders.

“If any purchasers were confused, or if they otherwise want to return their shoes, they may do so for a full refund,” Nike said in a statement to Insider. “The parties are pleased to put this dispute behind them.”

Read more: Nike tried to sue the controversial ‘Satan Shoes’ out of existence. Instead, it’s fueling hype as pairs sell for thousands of dollars on the resale market.

Nike added customers who do not want to return the shoe or encounter a “product issue, defect, or health concern,” should contact MSCHF. The shoe giant reiterated Nike had no role in selling the Satan Shoe.

MSCHF has made a reputation selling unorthodox, “meme-worthy” products, including a $10 toaster bath bomb and an app for making stock investments based on astrological signs.

Last year, the startup sold a Jesus-inspired sneaker filled with holy water that also appeared to be altered Nike Air Max 97s. The “Jesus Shoe” will also be part of the voluntary recall as part of Nike’s settlement.

“If we can make people a fan of the brand and not the product, we can do whatever the f–k we want,” Daniel Greenberg, the head of commerce at MSCHF, told Insider’s Paige Leskin last year. “We build what we want. We don’t care.”

MSCHF was not immediately available for comment.

Read the original article on Business Insider

Take a look at Adidas’ new running shoes that can be customized with Legos

adidas_Ultraboost_DNA_x_LEGO(r)_Plates_Shoes_White_FY7690_011_hover_standard
  • Adidas’ new running shoes can be fitted with Lego bricks on either side of the shoe.
  • The Ultraboost DNA x Lego shoes come with different plates that can be swapped out.
  • The $200 shoes became available for purchase on Thursday morning.
  • See more stories on Insider’s business page.

Adidas revealed its newest shoes that can be customized with Lego blocks on Wednesday.

The Ultraboost DNA shoes, which went on sale Thursday, look like regular Adidas running shoes, but with a Lego twist: they feature plastic strips on the side that can be used to hold Lego plates.

The $200 shoes have three strips on each side and each strip can fit three two-by-two Lego plates.

The running shoes come with a selection of Legos for the shoe, but can also be swapped out for other bricks. They also have a tongue with a Lego design on it, as well as grooves on the toe of the shoe and on the inside of the shoe that emulate the ridges on Lego pieces.

Adidas has been working with Lego on products for quite some time. In October, the two companies announced a multi-year brand partnership.

The new shoe design is Adidas’ latest effort to compete with other brands like Nike. In February, Nike released its first hands-free sneaker for $120.

Read the original article on Business Insider

27 personalized gifts that feel unique and thoughtful

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vnyl membership

Ideally, every gift you give should feel as though it were selected just for your recipient. If you’re looking to go the extra mile, gifting a personalized gift can make your selection feel even more special. These customized gifts can reference their interests, allow them to try something new, and even serve as a reminder of a past event or memory.

Below are 27 personalized gifts that include a monogrammed card holder, personalized wine and tea subscriptions, and even a made-to-measure suit. Each of these gifts offers giftees a unique item that they surely haven’t received before.

Due to the custom nature of these gifts, it’s likely that they will take a while to arrive. If your gift is expected to arrive late, you can order them a gift card instead, so your recipient can personalize the gift exactly to their liking. If you’re looking for more gift ideas, check out all of our gift guides here.

Here are 27 personalized gifts that feel special and unique:

A stylish monogrammed notebook

Papier colourblock notebook

Colourblock Notebook, available at Papier, $26.99

If they’re a writer, list maker, or note-taker they’re sure to appreciate this personalized notebook from Papier. Choose from eight different color block patterns and lined, plain or dotted paper to make this gift feel even more personal.

A custom star map

Etsy custom sky map

Custom Night Sky Star Map, available at Etsy, from $46

Celebrate a special event or time by gifting them a snapshot of that night’s sky. Each map can be customized by color, text and font styles, and map shape. The seller will work with you to create a vibrant map that perfectly captures any moment.

A curated wine subscription that’s based on their tastes and preferences

Winc wine subscription

Winc Gift Card, available at Winc, from $60

If they’re new to the world of wine, gifting them a Winc subscription will help them choose their favorite flavors by testing several wines each month. Winc is one of our favorite wine delivery options due to its extensive selection and interactive wine quiz that each subscriber takes before receiving wines to try.

A handcrafted recipe board

UncommonGoods recipe board

Personalized Family Recipe Board, available at UncommonGoods, $100

Help them save precious family recipes with this wood recipe board that’s available in maple or cherry wood finishes. Simply send over a scan of their favorite recipe and it will be transferred onto the board in the original writer’s handwriting.

A candle to express your gratitude

Homesick Thanks Candle

Thanks Candle, available at Homesick, from $34 [add a handwritten card note and printed candle note for $20]

This candle is a great way to thank the people you care about in a more personal way. Scented with lemon, cucumber, and patchouli, this candle adds a refreshing scent into any space. For an additional cost, you can add a personal message to the candle’s packaging or on the candle itself. Homesick also offers a Thank You, Mom Candle that makes the perfect Mother’s Day gift.

A portrait of their furry (or scaly) best friend

Canvaspop pet portrait

Pet Portrait, available at CanvasPop, from $79

Buy a digital gift card instead

A desktop photo calendar

Artifact Uprising desk calendar 1200x900

Walnut Desktop Photo Calendar, available at Artifact Uprising, from $30

Buy a digital gift card instead

This walnut photo calendar makes a beautiful desktop display. The personalized selection of photos makes an ordinary calendar feel more special, but choosing only 12 of your favorite photos could prove to be difficult.

A puzzle customized with their favorite picture

etsy customizable puzzle

Customizable Photo Puzzle, available at Etsy, $34.99

Provide them with entertainment and sentimentality with this customizable gift. Choose their favorite picture of a vacation, an event, or even of themselves. This puzzle also comes with a customizable box.

A set of coasters with their favorite memories

Uncommon Goods travel coasters 1200x900

Custom Travel Photo Coasters, available at Uncommon Goods, from $65

With cross country travel being a distant memory, gift them these coasters so they can relive their favorite travel stories every time they use them. Add location captions to each coaster for an additional cost.  

A monogrammed leather cardholder

Cuyana wallet

Zip Cardholder, available at Cuyana, $75 [add monogram for $15]

This stylish wallet will give your recipient a luxury experience at a relatively affordable price. The sleek wallet offers a surprising amount of storage and can comfortably fit five cards, cash and coins. It comes in seven shades and can be monogrammed for $15 to add personalization.

An apron loved by professional chefs

Hedley & Bennett apron

The Essential Apron, available at Hedley & Bennett, from $85 [add embroidery for $15]

Buy a digital gift card instead

The sturdy, comfortable, and stylish apron becomes even more stylish and personal with the addition of embroidery on the apron chest or waist strap. You can choose from script or block font and a variety of colors. While we love the classic styles, now might also be a good time to take advantage of their limited edition aprons. 

A made-to-measure suit

indochino

Gift Card, available at Indochino, from $50

Nothing feels quite as bespoke as a custom-made suit. The startup Indochino just makes that gift a bit more achievable, and a lot less expensive. 

A thoughtful map of their favorite place on earth

grafomap personalized

Customized Poster, available at Grafomap, from $49

Grafomap is a website that lets you design posters with maps of any place in the world. You can make one of their hometown, college town, or favorite travel destination — you’re only limited by your imagination.

A gold letter charm from an ethical jewelry startup

aurate $300

Mini Gold Letter Charm Pendant, available at AUrate, $250

Buy a digital gift card instead

AUrate makes beautiful, personalized letter charms that are meant to represent a no-compromise mix of quality, price, and ethical practices. They use luxury materials like 14-karat gold, original designs, transparent pricing, and sustainable production. In partnership with Mastery Charter, the startup has also given thousands of books to NYC students and schools. 

A leather toiletry case they can take with them on the go for years to come

Leatherology, $85

Double Zip Toiletry Bag, available at Leatherology, $120 [add monogram for $10 and up]

Buy a digital gift card instead

This luxe Double Zip bag is one accessory I never travel without. The dual compartments keep all essentials close, and the leather ages into something soft and personal over time. If you’re looking for wallets, travel gift sets, or duffels instead, you can find pretty much any leather good at a good price and superior quality here — most available for monogramming.

Membership for new vinyl records based on their music tastes each month

vnyl membership

Three-Month VNYL Gift Membership Subscription, available at VNYL, $69.99 (originally $120)

VNYL’s team of curators studies your music profile — assembled via a quiz and connected Spotify, Soundcloud, Instagram, etc. — to hand-pick new albums that they think you’ll love. Then, they send you a vinyl of their tailored pick to your door. If your giftee is a music-lover and has a record player, this is a cool subscription that will help them discover even more music to love. 

Customizable Nikes

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Customizable Nikes, available at Nike, from $115

Buy a digital gift card instead

Nike makes great products, and they’re popular for that reason. But it’s nice to get the benefits of the big budget, years of product development, and design team without forsaking what makes something unique. You can customize a pair of Nike’s for them, or gift them a gift card so they can get creative making something one-of-a-kind on their own. 

A personal styling service that helps them build their closet

stitch fix

Gift Card, available at Stitch Fix, from $20

Shopping can be difficult and time-consuming, which is where the stylists at Stitch Fix come in. A great gift for busy people, the service delivers the newest trends and styles to fit any occasion and price point. 

Tumblers personalized for family members’ hobbies

Screen Shot 2018 12 03 at 4.58.49 PM

Personalized Hobby Tumblers, available at Uncommon Goods, from $32

Buy a digital gift card instead

These fun tumblers celebrate each family member’s unique passions — letting them feel seen and appreciated by you as well as enjoy seeing themselves in fun illustrations. 

An engraved shave set

harrys shave set

Winston Set, available at Harry’s, from $25 [add engraving for $15]

Buy a digital gift card instead

If they take pride in having nice tools or taking the necessary grooming routine as time for themselves, they’ll appreciate Harry’s luxe gift set. It can be engraved for $15, and the special Winston handle is weighty, die-cast zinc with a polished chrome finish. The German-engineered blades come with a travel cover so they don’t dull during travel, and the Foaming Shave Gel works up to a rich lather. 

A coffee subscription that caters to their taste preferences

Driftaway, $40

Three-Month Subscription, available at Driftaway, from $44

Driftaway is a gourmet coffee subscription that gets smarter the longer you use it — remembering your preferences and steering you towards increasingly accurate brews for your palette. The first shipment is a tasting kit with four coffee profiles, which users rate online or in the app for the site to use as a flavor baseline. If they love coffee, this is a great way to ensure they’ll discover new favorites and enjoy each morning cup.

A subscription that lets them try tea from all over the world

Sips by tea set

Personalized Tea Gift Card (3-month Subscription), available at Sips by, $45

If they’re more of a tea person, there’s a personalized service for them, too. Sips by takes their tastes and matches them to four tea brands (chosen from more than 150 tea brands around the world) each month. There’s enough tea to make more than 45 cups of tea (if they re-steep) — the perfect amount to keep them warm and cozy through the winter. 

Bath towels embroidered with a monogram or full word

weezie

Piped Edge Starter Pack, available at Weezie, $230 [add embroidery for $15 per towel]

Buy a digital gift card instead

Weezie’s soft and fluffy organic cotton towels are already gift-worthy on their own. To make them even more covetable, add embroidery. You can go with the classic monogram in a variety of eye-catching styles, or spell out an entire name in a cursive script. There are a few embroidery colors that are more unique, like bright pink and mint. 

A print of their favorite lyric, poem, or quote

custom quotes

Custom Quotes, available at Minted, from $38

Buy a digital gift card instead

Get their favorite lyric, poem, or quote printed for them so they can be reminded often of something that inspires or brings them joy. It’s especially special that you remembered what it was. Minted is a cool company that curates what it carries based on design competitions, with the Minted community voting on what is eventually sold — but, if you’d like more options, Etsy also has great ones 

A zodiac necklace that mixes luxury with personalization

Mejuri, $80

Capricorn Necklace, available at Mejuri, $90

Buy a digital gift card instead

Mejuri‘s popular zodiac necklaces are a great way to gift jewelry that manages to feel both luxurious and intimate — something that can be lacking in refined gifts. The Canadian startup as a whole is a unique mix of approachability and elegance, which may be why they’re known for waitlists that top out at 40,000 people. 

An embroidered T-shirt

personalized gifts 2

Women’s Fitted Crew, available at Known Supply, $32 [add monogram for $10] 

Buy a digital gift card instead

Known Supply’s ultra-soft tees are the perfect addition to their basics drawer. They’re made from Pima cotton, which only gets more comfortable with each wash.  

Shampoo and conditioner designed for their specific hair needs

personalized gifts 3

Gift Card, available at Function of Beauty, from $50

To get their personalized hair care, they’ll start with a quiz that asks them about their hair concerns and needs. The final formulation they receive addresses those needs and is also free of parabens, sulfates, mineral oil, and GMOs. Plus, the bottle labels will feature their name. 

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Nike, FedEx, and 24 other companies with $77 billion of combined income have avoided paying taxes for years, a new report found

Nike Beijing
Customers lined up outside the Nike flagship store on the opening day at Wangfujing Street on January 20, 2021 in Beijing, China.

  • 55 publicly traded companies paid $0 in federal taxes last year, a study by ITEP found.
  • Nike and FedEx are among 26 companies that have not paid federal taxes in three years.
  • In 2020, the 55 companies avoided paying about $12 billion in federal taxes.
  • See more stories on Insider’s business page.

55 of America’s biggest companies paid $0 in federal taxes last year, a new study from the Institute on Taxation and Economic Policy (ITEP) found.

The 55 publicly traded companies would have paid an estimated $12 billion in federal taxes if not for corporate tax breaks in 2020, including $8.5 billion in tax avoidance and $3.5 billion in tax rebates, the report found using regulatory filings and other information.

Nearly half of the companies have avoided paying federal taxes for the last three years, according to the report. Nike, FedEx, and DTE Energy were among 26 companies that recorded $77 billion in combined pre-tax income in the past three years, but did not pay any federal income taxes.

The news comes at the same time President Joe Biden looks to raise taxes on corporations. The White House announced this week that it plans to limit the number of companies that do not pay federal taxes, as well as increase the corporate tax rate to 28% – raising an estimated $2 trillion over the course of 15 years.

How do multi-billion dollar companies avoid federal taxes?

ITEP’s data found some of the nation’s biggest companies have been avoiding federal taxes for decades, dating back to the Reagan administration. The companies, which encompass a wide variety of industries, use a range of tactics, including tax exemptions and deductions.

While company tax returns are private, publicly traded companies must file financial reports that include information on federal income taxes. Using the financial reports as well as data on each companies’ pre-tax income, ITEP was able to analyze some of the major resources the companies used to avoid paying federal taxes.

In 2017, the Trump administration’s Tax Cuts and Jobs Act of 2017 amended the Internal Revenue Code of 1986, the Washington-based research group said the act failed to address major loopholes in the tax code.

“When President Trump signaled his intention to cut corporate taxes in 2017, he and Congress had an opportunity to pare back the many loopholes that have allowed companies to avoid tax on much of their income since the 1980s,” the report said. “Now, with three years of data published on the effective tax rates paid by publicly traded companies, it is clear that the Trump law has not meaningfully curtailed corporate tax avoidance and may even be encouraging it.”

Read more: When businesses should file taxes this year and how to get an extension if you need more time

The 2017 tax bill dropped the top corporate income tax rate from 35% to 21% – a corporate tax rate that is below average for most countries represented in the Organisation for Economic Co-operation and Development, a group that represents 37 developed countries. The act also allows companies to immediately write off the cost of new equipment and machinery.

Some of the loopholes ITEP found many companies used include tax breaks for executive stock options which allowed the companies to write off stock-option expenses.

Multiple companies, including Nike and Hewlett Packard, used federal research and experimentation tax credits to reduce their incomes, while companies like DTE Energy and Duke Energy used tax breaks for renewable energy to avoid paying federal taxes.

The CARES Act made it even easier for companies to avoid taxes

The $2.2 trillion CARES Act which was passed last year to help alleviate the economic distress of the pandemic and help businesses survive, provided the 55 companies with over $500 million in tax breaks, according to ITEP.

Dozens of publicly traded companies used provision from the CARES Act that temporarily allowed businesses to use losses in 2020 to offset profits earned in previous years, according to the research group.

FedEx was one of the companies that used the CARES Act to reduce tax bills from prior years when the tax rate was higher.

The company told Insider the CARES Act “helped companies like FedEx navigate a rapidly changing economy and marketplace while continuing to invest in capital, hire team members, and fund employee pension plans.”

Nike, HP, Salesforce, Duke Energy, and DTE Energy did not respond to a request from Insider for a comment.

In its report, the left-leaning research group pointed to several tax code amendments that could cut down on the number of companies that do not pay federal taxes, including a “minimum tax” for profitable companies, as well as cutting back on tax breaks for public companies.

Biden has repeatedly expressed interest in increasing taxes for major corporations as a way to fund his $2 trillion infrastructure plan.

On Wednesday, Biden called out Amazon for avoiding federal taxes. After paying $0 in federal taxes for two years, Amazon started paying federal income taxes in 2019.

Biden said he was aware the company was one of many Fortune 500 companies that use loopholes to avoid taxes, while middle class families are not afforded the same opportunities and pay over 20% tax rates.

“I don’t want to punish them, but that’s just wrong,” Biden said.

Read the original article on Business Insider

A judge granted Nike’s temporary restraining order against the startup that made Lil Nas X’s ‘Satan shoe’

Lil Nas X's "Satan Shoe" collaboration with MSCHF.
Lil Nas X’s “Satan Shoe” collaboration with MSCHF.

  • A judge granted Nike’s request for a temporary restraining order against MSCHF, the brand that made Lil Nas X’s “Satan shoe.
  • During the hearing, MSCHF argued the shoe was not meant to be worn.
  • Nike cited an example in Miley Cyrus, who posted photos wearing the shoes with the caption “Can you see Satan?”
  • See more stories on Insider’s business page.

A court granted Nike’s request for a temporary restraining order against MSCHF, the retail startup that made Lil Nas X’s “Satan Shoe.”

Singer Lil Nas X and MSCHF collaborated on the shoe to promote his new music video “MONTERO (Call Me By Your Name),” which uses imagery resembling heaven and hell. The shoe resembled Nike’s Air Max 97, and MSCHF said it included one drop of human blood in the midsole.

Nike, which had no involvement in the Satan Shoe, filed the request for the temporary restraining order Wednesday morning, demanding MSCHF not ship orders on the shoe.

But MSCHF had shipped at least 200 pairs of Satan shoes before Nike filed the request, Megan Bannigan, the startup’s attorney, said during a court hearing Thursday morning.

Bannigan said no other pairs of the shoes exist and it will not ship any more. During the hearing, MSCHF argued the shoe was a work of art protected by the First Amendment.

“These are not shoes that are worn, there are very few of them. That’s the kind of artwork that we’re talking about,” Bannigan said.

But Nike cited an example in pop star Miley Cyrus, who earlier this week posted photos on Instagram wearing the shoes with the caption “Can you see Satan?”

MSCHF’s Satan shoes poses “substantial threat of irreparable harm” to Nike, the company argues, because consumers will associate the shoe retailer with satanic themed shoes. Nike asked the court to prohibit MSCHF from using the Satan shoes in advertising, and assisting other people in promoting the shoe.

Nike filed a trademark infringement suit against MSCHF on Tuesday over the use of its “Swoosh,” and claimed the retail startup confused customers into believing Nike “endorsed satanism.” Some social media users, including basketball player Nick Young, said they would boycott Nike for the MSCHF shoe.

Read more: Being sued by Nike for its Lil Nas X’s Satan blood sneaker is the ultimate endgame for viral streetwear and art company MSCHF

In the suit, Nike is demanding MSCHF to deliver all products that bear resemblance to Nike products for destruction, and that MSCHF pay for the cost of the suit and lawyer fees on top of damages.

MSCHF sold out all available pairs of the shoe in under one minute on Monday. The shoes cost $1,018, as a nod to the Bible verse Luke 10:18: “So He told them, ‘I saw Satan fall like lightning from heaven.'”

Lil Nas X announced a giveaway of what was supposed to be the 666th pair on Twitter: “if u want the 666th pair of the satan shoes quote this tweet and use #satanshoes to be entered and I’ll pick someone by thursday,” he said.

Nike, MSCHF, and representatives for Lil Nas X were not immediately available for comment.

Read the original article on Business Insider

A judge ordered Lil Nas X’s ‘Satan shoe’ maker to halt all orders, but they’ve reportedly already started shipping and the rapper is hosting a giveaway for the 666th pair

Lil Nas X's "Satan Shoe" collaboration with MSCHF.
Lil Nas X’s “Satan Shoe” collaboration with MSCHF.

  • A judge ruled MSCHF, the brand that made Lil Nas X’s “Satan shoe,” must stop fulfilling orders.
  • Nike filed a temporary restraining order Wednesday morning requesting MSCHF not ship orders.
  • Lil Nas X and MSCHF collaborated on the shoe, which resembles the Nike Air Max 97.
  • See more stories on Insider’s business page.

A court ordered MSCHF, the retail startup that made Lil Nas X’s “Satan Shoe,” to stop fulfilling orders immediately on Wednesday evening.

Singer Lil Nas X and MSCHF collaborated on the shoe to promote his new music video “MONTERO (Call Me By Your Name),” which uses imagery resembling heaven and hell. The shoe resembled Nike’s Air Max 97, and MSCHF said it included one drop of human blood in the midsole.

Nike, which had no involvement in the Satan Shoe, filed a temporary restraining order Wednesday morning requesting MSCHF not ship orders on the shoe.

MSCHF’s Satan shoes poses “substantial threat of irreparable harm” to Nike, the company argues, because consumers will associate the shoe retailer with satanic themed shoes. Nike asked the court to prohibit MSCHF from using the Satan shoes in advertising, and assisting other people in promoting the shoe.

“Issuance of the requested temporary restraining order is in the public interest to protect the public against confusion, deception, and mistake,” the court order reads.

Nike filed a trademark infringement suit against MSCHF on Tuesday over the use of its “swoosh,” and claimed the retail startup confused customers into believing Nike “endorsed satanism.” Some social media users, including basketball player Nick Young, said they would boycott Nike for the MSCHF shoe.

Read more: Being sued by Nike for its Lil Nas X’s Satan blood sneaker is the ultimate endgame for viral streetwear and art company MSCHF

In the suit, Nike demanded MSCHF to deliver all products that bear resemblance to Nike products for destruction, and that MSCHF pay for the cost of the suit and lawyer fees on top of damages.

MSCHF sold out 665 pairs of the shoe in under one minute on Monday. The shoes cost $1,018, as a nod to the Bible verse Luke 10:18: “So He told them, ‘I saw Satan fall like lightning from heaven.'”

Lil Nas X announced a giveaway of the 666th pair on Twitter: “if u want the 666th pair of the satan shoes quote this tweet and use #satanshoes to be entered and I’ll pick someone by thursday,” he said.

Nike, MSCHF, and representatives for Lil Nas X were not immediately available for comment.

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