Must Read Money Stories for Tuesday, August 2

by August 2, 2016

Must Read Money Stories

Olympic inequalities. The Olympic Games officially get underway with the opening ceremony on Friday. The Washington Post got ready over the weekend, with a deep dive into the vast inequality between the billions of dollars the Games pull in, and the tiny sums most Olympic athletes earn. One person quoted in the story is a two-time Olympian who says he’s never made more than $3,000 in a year.

Filing for protection. Nick Denton, the founder of Gawker Media, filed for personal bankruptcy protection yesterday. Politico reports Denton is personally on the hook for $10 million out of the $140 million judgment against his company in the lawsuit Hulk Hogan filed. Politico notes the verdict is being appealed, but Hogan is entitled to seize assets before the appeals court makes its decision. That decision isn’t expected until sometime next year.

Comcast lawsuit. The state of Washington has filed a $100 million lawsuit against Comcast. The lawsuit alleges the company misled 500,000 Washington consumers into paying $73 million for a “near-worthless protection plan,” according to KOMO. The plans were meant to cover costs for service visits by a Comcast technician. But Washington’s Attorney General alleges the company misrepresented exactly which types of service calls the $4.99 per month plan would cover.

Uber and Didi do a deal. It seems like only a few years ago that Uber and Didi were just meaningless syllables. Now, though, they’re two of the most important companies in the world for on-demand, personal transportation. And late Sunday, the two companies reached a $35 billion deal to merge in the Chinese market. Recode reports the deal comes after Uber spent heavily in China to try to compete with Didi. The announcement of a merger makes for an effective truce in the battle between the companies.

Olympic Park” by flickr user “stevenlacey” CC license CC by 2.0.