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Rapper NAS predicted to earn $40 Million in this tech acquisition

Urban Marketing Group Staff

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Legendary rapper Nasir “Nas” Jones may earn more than $40 million thanks to his early investment in Ring once the smart doorbell security company is acquired by Amazon for $1.1 billion. Amazon told Black Enterprise in an email late Monday night that “the deal is not yet closed.” The Queens-bred hip-hop star was one of Ring’s first investors through Queensbridge Venture Partners, the equity firm he co-founded in 2014.

A Ring spokesperson told Black Enterprise that the company is looking forward to breaking new ground with Amazon. “Ring is committed to our mission to reduce crime in neighborhoods by providing effective yet affordable home security tools to our neighbors that make a positive impact on our homes, our communities, and the world,” reads the email. “We’ll be able to achieve even more by partnering with an inventive, customer-centric company like Amazon. We look forward to being a part of the Amazon team as we work toward our vision for safer neighborhoods.”

Back in 2013, Ring founder and CEO Jamie Siminoff appeared on ABC’s Shark Tank but walked away without a deal. He says he also struggled to find investors and keep his business afloat. “I can’t count the number of people who didn’t invest in this, who said ‘no,’ the number of people who said it was going to fail,” Siminoff told CNBC in November.

Read full story at Black Enterprise

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How Could Initiative 77 Affect Eating Out In D.C.?

Urban Marketing Group Staff

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Partisans from all sides of the controversial ballot measure to phase out D.C.’s tipped minimum wage scrambled to respond the day after voters approved it.

The restaurant industry immediately started angling to overturn it. Business owners began figuring out how they could pay for the higher labor costs. And consumers wondered how it could affect their favorite restaurants — and their restaurant bill.

Here are some commonly asked questions about what comes next.

Am I going to pay more to dine out?

That’s possible. Initiative 77 will slowly phase out the subminimum wage that’s been standard in the city’s restaurant and bar industry for decades. Some establishments won’t be able to afford the increase in labor costs, and they may choose to pass that increase onto customers.

As Black Restaurant Group’s Jeff Black told the Washington Post, “You can’t afford to give somebody a 500 percent pay raise and not have it come from somewhere.” (The raise is closer to 350 percent, according to our calculations.)

Will tipping still be allowed?

Read all @ WAMU

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#BUYBLACK: TOP BLACK BUSINESSES YOU SHOULD SUPPORT

Urban Marketing Group Staff

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#BUYBLACK: TOP BLACK BUSINESSES YOU SHOULD SUPPORT

Keep the Black dollar in the community. Here are some poppin’ small businesses that deserve your support.

 

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Business News

Oprah’s Stake in Weight Watchers Balloons to $400 Million

Urban Marketing Group Staff

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Oprah Winfrey’s investment in Weight Watchers two and a half years ago is paying off.

The lifestyle company reported last week strong earnings and sales, as well as an increase in subscribers. The stock jumped 5 percent on Friday because of the news, CNN Money reports.

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