⏱Release the Kraken

TikTok's new CEO, and a 3M lawsuit

Good morning everyone, and welcome to the weekend! Congrats on making it!

0:05- Release the Kraken

• Yesterday the Seattle Kraken officially became the 32nd team to join the NHL after they made their final payment on the $650M fee to join the league. They’re now free to sign free agents, make trades, and set to play hockey as soon as next season. David Bonderman, the owner of the team, was very excited about the future, saying, “Today is another momentous day on the journey to puck drop. We have an incredible few months ahead of us.”

0:26- Did you hear about 3M?

• In the first lawsuit that went to trial over 3M’s faulty military earplugs, a federal jury awarded more than $7.1M to three veterans who suffered hearing loss while using 3M’s “Combat Arms.” The attorneys for the veterans in the case stated, “The evidence is clear: 3M knew their earplugs were defective, yet they allowed our service members to suffer these life-altering injuries.” In various other cases involving the same earplugs, more than 230k service members (both active and past) have filed claims.

0:48- A spike in income

• The household income data for March was released yesterday and revealed that the numbers had increased at a record pace of 21.1%. Experts say this jump can largely be attributed to the stimulus checks which helped to “fuel an economic revival.” Roughly $3.98Tn of the $4.21Tn increase could be attributed to the checks, although experts also say that the increase was helped by increasing vaccination rates and the decrease in restrictions.

1:08- TikTok, a new CEO is on the clock

• As the social media site continues to skyrocket in popularity, Bytedance, the parent company of TikTok has announced that Shou Zi Chew, the current CFO of Bytedance will also be taking over the role of CEO of TikTok. Mr. Chew, who hails from Singapore replaces Vanessa Pappas, who was a former executive at Google, although she reportedly will still be maintaining all of her current responsibilities.

Have a great rest of your day, and we’ll see you Monday bright and early!

-The 90 Second News Team

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