Zara Billionaire Keeps It In The Family | Inside Facebook’s Ad Business | Cyber Monday’s Drop

Plus: 30 Under 30 Class Of 2022

Good morning.

This year’s 30 Under 30 list is finally here. Averaging 28.2 years in age, the Forbes Under 30 Class of 2022 has collectively raised over $1 billion in funding, but they’re only just getting started on their journeys to innovate 20 industry sectors. We’re also covering fast fashion billionaire Amancio Ortega’s decision to pick his youngest daughter to chair his retail empire, what the Facebook papers reveal about the social media platform’s advertising business, and what an unprecedented drop in Cyber Monday sales says about the current state of retail.

In The News Today

Former president Donald Trump reportedly tested positive for Covid-19 three days ahead of a presidential debate and six days before he made the diagnosis public.

Survivors of severe Covid-19 are more than twice as likely to die over the following year than those who experienced milder symptoms or remained uninfected, according to new research.

Top Take-Aways

The billionaire founder behind Zara has tapped his youngest daughter to chair the fast fashion giant, in a surprise move that brings the world’s biggest clothing retailer back under the family’s control.

Consumer spending on Cyber Monday fell for the first time ever this year, according to Adobe analysts, which indicates a reduced role for the year's biggest online shopping holiday at a time when retailers and consumers are adjusting to lingering supply chain constraints.

The trove of internal documents known as the Facebook Papers released by whistleblower Frances Haugen don’t just detail how the company dealt with content moderation, they also shed light on Facebook’s ad products and how they’re perceived by users, marketers and employees.

As of September, Donald Trump had an estimated $1.3 billion of debt against $3.8 billion of assets. The former president’s business has now paid back a loan that was extended during the first year of the pandemic at a minor cost.

Kedar Deshpande took over as chief executive of online shoe retailer Zappos after the death of company leader Tony Hsieh in November 2020. Deshpande is now stepping down, with vice president of finance Scott Schaefer taking over as interim CEO.

Macau casino stocks are down double digits since the start of the year. The road to recovery is long, yet some analysts and casino operators see a tremendous upside in China’s special administrative district.

Today's Must Read

In Case You Missed It

Over-the-top decorations may spread both Christmas cheer and jealousy among neighbors, but they could attract a five-figure fine from the Federal Aviation Authority should holiday laser lights be aimed at the sky.

Tips You Can Trust

Having worked with Amazon founder Jeff Bezos and former Google CEO Eric Schmidt, Ann Hiatt knows a thing or two about visionary leaders. She offers six strategies that professionals should cultivate to build the career of their dreams. 

Restrictions around non-compete agreements are rapidly changing. Here’s four things employers and employees need to know. 

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