Insider Finance - Business - Insider Today: I lost $25K on TikTok

December 31, 2023 • 4 min read

with Matt Turner

Welcome back to our last Sunday edition of 2023! Wishing you all a happy new year!

What's on deck

• Inside the messy rise of weight-loss drugs.
• She lost her inheritance by sending money to TikTok livestreamers.
• The future of the US economy is in the South.
• 11 bankers poised to win big from an AI shopping spree.

But first: Meet some of the rising stars of the business world to watch in 2024.

Netflix, Courtesy of Aurelio Lopez, Jerome Shaw, Michael Elins, Tyler Le/BI

Dispatch

On the rise

David Trinh has the ability to allocate tens of billions in capital. Amber Atherton sold her startup to Discord and now backs seed-stage startups. Marissa Brooks jumped from being an executive assistant to director of development at CBS Studios in just a few years. 

You might not have heard of the trio before now, but each is a rising star in their industry. 

In recent months, Business Insider has highlighted those rising up the ranks and shaping change on Wall Street, in Silicon Valley, and in Hollywood. We’ve taken a look at Madison Avenue, the healthcare industry, and the real-estate business, too. 

I always enjoy these profiles. I’ve long felt that companies don’t do things, people do. That innovative new project didn’t just happen. Someone made it happen. I’m fascinated to learn about the people behind the latest product launch, entry into a new market, or fresh initiative.

It’s also true that often these younger executives are at the forefront of change. They aren’t just managing transformation from a distance, but they’re often the ones driving it or riding its wave. In that sense, these profiles can also offer a window into where an industry is headed.

In 2024, Business Insider will continue to report on the people behind the business stories you’re most interested in, with a sharp focus on what’s new and where the world is headed. 

I know a lot of you reading this are similarly pushing the world forward, by setting big goals, making plans to achieve them, and executing every day. I hope you’re able to achieve your ambitions, whatever they may be, in the year ahead.

Thank you for reading, and Happy New Year!

Hannah Latham; Octavio Jones; Christian Rodriguez; Laura MacPherson; Jenny Chang-Rodriguez/BI

2023 was the year of the weight-loss drug

This year, weight-loss drugs became fully integrated into society. 

Doctors have been using Ozempic as an off-label treatment for weight-loss since 2017. The once-weekly injection was developed to treat type 2 diabetes, with a side effect of melting pounds off at a stunning rate. 

In 2023, people began asking for the drug by name and speculating that celebrities were utilizing the shot, or similar drugs, like Wegovy or Mounjaro. Business Insider spoke with doctors and patients about the year spent obsessing over weight-loss drugs — and what the future could hold.

Inside the rise of weight-loss drugs.

Also read:

• 3 titans will fight to dominate the market for Wegovy in 2024

Nick Little for BI

Searching for companionship on TikTok

Cindi White, a 65-year-old retiree, was immediately enthralled when she first stumbled upon TikTok’s Live Matches in 2021. The popular battles have creators competing for likes and virtual gifts from their fans, who spend real money to send the virtual tokens. 

Over the course of the next year and a half, White said she devoted as much as 50 hours a week to livestreams — and that she had spent more than $25,000 by the end of 2023. White isn’t the only one. All over the internet, people say TikTok's Live Matches have a dark side.

How TikTok livestreaming turns into an addiction.

Also read:

• What loneliness does to your body and brain

Getty Images

The economy’s future is in the South

Population growth is among the key drivers of economic growth, and Americans are heading south. According to a December 7 report from Bank of America, the 16 states that make up the region accounted for 39% of the entire US population as of 2022. 

Newcomers to the area are entering a hot job market. Per BofA, the South has the highest job openings rate and the lowest unemployment rate of any region. It’s also seen the largest uptick in credit card spending. If these trends continue, economic and societal power could shift from coastal cities to southern hubs like Houston, Dallas, Nashville, and Miami.

A new era of the American economy.

Also read:

• Texas is winning the US economy

Mosaic ML, Splunk, ChatGPT, Nuance, Blueprism, Cloudera, Tyler Le/BI

Wall Street is ready for an AI shopping spree

Artificial intelligence was one of the biggest conversations of 2023 — and Wall Street's AI predictions are so big that some banks have created new roles to accommodate the sector. 

Business Insider compiled a list of 11 bankers who are best positioned to lead the pack when the AI-deals boom is unleashed. The group includes M&A advisors, equity-capital fundraisers, chairs of massive tech teams, and even bank founders.

Meet the bankers poised to lead the AI revolution.

This week's quote

"The parallels are quite similar."

— US Bank Wealth Management's chief equity strategist Terry Sandven, on whether we’re entering the second Roaring ‘20s.

More of this weeks top reads

• She was trapped in a marriage for 10 years. Now she helps other “chained” Orthodox Jewish women.
• See the photos that defined tech and business in 2023.
• The venture capital funding crunch will continue in 2024 — but it won't be as bad.
• More than 3,000 startups failed this year. Here are 10 that fell victim to the “mass extinction event.”
• The S&P 500 is about to notch a new all-time high.
• This comic tells the story of a man who survived the capsizing of the Adriana, which sank off the coast of Greece.
• This $12,000 invite-only subscription keeps wealthy men looking fly.