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Month: September 2024

How greed, gluttony led to downfall of Red Lobster

How greed, gluttony led to downfall of Red Lobster

By David Segal, The New York Times

In June of last year, Orlando-based Red Lobster announced that Ultimate Endless Shrimp — as much as you can scarf down for just $20 — would become an “all day, every day” fixture of the menu.

Game on, said America.

Diners swarmed the chain’s nearly 700 restaurants, ordering round after round of Parrot Isle Jumbo Coconut Shrimp (breaded, sweet and fried), Walt’s Favorite (breaded and fried), Garlic Shrimp Scampi (shrimp in a pool of butter and garlic sauce), Shrimp Linguini Alfredo (shrimp on a pile of pasta with garlic sauce) and Grilled Shrimp Skewers (self-explanatory). The first round came with two sides: coleslaw, french fries, mashed potatoes, baked potato or rice.

It was a giddy, raucous display of gluttony. TikTokers sank into upholstered booths and declared their goals — “Hi, my name is Onalee and I’m going to eat 65 shrimp tonight” — or posted videos of shrimp-gobbling marathons. “Only eat at Red Lobster for an entire day?” said a grinning mattpeterson__fan-764. “Challenge accepted!” read more

Trump Media stock jumps after former president says he won’t sell shares when lockup expires

Trump Media stock jumps after former president says he won’t sell shares when lockup expires

NEW YORK (AP) — Shares of Trump Media & Technology Group Corp. jumped Friday after former President Donald Trump said he won’t sell shares of the social media company.

“I don’t wanna sell my shares. I don’t need money,” Trump said while speaking to reporters at his golf club in Los Angeles.

Trump owns nearly 115 million shares of the company, according to a recent filing with the Securities and Exchange Commission. Based on Thursday’s closing price of $16.08, Trump’s shares are worth approximately $1.85 billion.

The former president can start selling shares of Trump Media, the parent company of Truth Social, starting on Sept. 19 when a lockup provision ends, if he chooses to do so. The lockup provision prevented company insiders from selling newly issued shares for six months after the company began trading publicly in March.

Even though Trump would receive a sizeable payout if he did sell, the stock of Trump Media is now worth considerably less than it was valued at several months ago. When the company made its debut on the Nasdaq in March, it hit a high of $79.38. read more

Borrowing money from your home to pay for your child’s college

Borrowing money from your home to pay for your child’s college

David McMillin | Bankrate.com (TNS)

If you’re gearing up to send a child to college, the cost can feel overwhelming. A home equity line of credit (HELOC) or home equity loan could help pay for it — but before leveraging your home ownership stake in this way, you’ll need to balance a number of considerations. Here’s our crash course on the pros and cons of using your home to pay college tuition or other educational bills.

Homeowners can tap their equity and use it for a variety of big expenses, including major home improvement projects, large medical bills, debt consolidation — and yes, higher education costs.

Home equity represents the portion of your home that you own outright — equivalent to the initial down payment, plus any mortgage payments made since then. Another way to look at it: Home equity is the difference between what your home is worth and what you still owe on your mortgage.

Your home equity isn’t just a theoretical amount, though. It can be turned into cash (as the ads say) — or, strictly speaking, as collateral for a cash loan. You can borrow against your home equity in two basic ways: home equity loans and HELOCs. read more