The Daily Money: Facebook may change its corporate name; Marriott sued over resort fees
Good morning, Daily Money team, Nathan here wishing you a happy Wednesday!
💼 As a business reporter since 2006, I can attest that announcements about new jobs were big stories in the aftermath of the Great Recession.
We, as a nation, were desperate for good economic news. Those stories were popular.
But, looking back on it, I can't help but wonder whether we, as journalists, failed to apply enough scrutiny to big hiring promises.
That's on my mind today as we publish the third and final part of our investigative series on start-up automaker Elio Motors.
Elio promised to hire 1,500 workers at a former General Motors plant in Shreveport, Louisiana. It never happened – and, in retrospect, the company's roadmap to production looks like wishful thinking.
Some journalists were skeptical from the beginning. But this company got a LOT of publicity for its pledge to reinvigorate a big factory in a struggling area, including stories by yours truly.
I hope this series has set the record straight. If you missed it, here's Part 1 and Part 2.
This labor-intensive series is available only to digital subscribers, so I hope you'll consider supporting our journalism here!
💰 The Daily Money is Paste BN's Monday-through-Friday-morning roundup of all things personal finance, business and tech. If this email was forwarded to you or if you found it online, you can subscribe for free here!
On to our ...
💡 INSIGHT OF THE DAY: I'm sure you remember when businesses were temporarily closed in the early months of the pandemic due to government shutdowns and social distancing efforts. Well, 85% of businesses that shuttered from March 2020 through the third quarter of 2020 are up and running, according to data analyzed by Yelp.
⌚ WHAT TO WATCH FOR: It sounds like Facebook is poised to change its name. The social media giant is reportedly weighing a plan to change its corporate identity, aiming to broaden the scope of how people view the company. Essentially, there would be a new name for the overarching company with Facebook the site and app not changing its name. Think of it like how Google, several years ago, became a division of Alphabet. Facebook, of course, also owns Instagram and WhatsApp.
📰 And here are more stories you won't want to miss:
1. 37% of Americans worry their emergency funds aren't big enough: Here's how to build yours fast.
2. Remember Fisher-Price's classic toy telephone? It's now a real working phone, and you can buy one.
3. Think resort fees are too high? A lawsuit claims the fees made Marriott tens of millions.
4. Time to polish your Mac, iPhone and iPad: Apple is now selling a polishing cloth for $19.
💻 I might need to get one. I'm sick of all the smudges on my screen!
You can follow Paste BN reporter Nathan Bomey on Twitter @NathanBomey and subscribe to our free Daily Money newsletter here for personal finance tips and business news every Monday through Friday morning.