Carlos Watson, the founder of Ozy Media, was sentenced on Monday to 116 months in prison for defrauding investors and misrepresenting the company’s finances. The decision comes after Watson’s conviction in July for orchestrating a fraudulent scheme that included falsifying contracts and fabricating deals to gain investor trust, according to Reuters. Fraudulent Deals And Fabricated Contracts The sentencing, delivered by US District Judge Eric Komitee in Brooklyn federal court, marks the culmination of a high-profile case. Prosecutors accused Watson and his now-defunct media startup of inflating revenue projections and audience
A US appeals court has struck down Nasdaq’s diversity disclosure rules for companies listed on the stock exhange. The rules required companies to appoint women, racial minorities, or LGBTQ+ individuals to their boards or explain why they could not. The 5th Circuit Court ruled 9-8 that the proposal was not legal and that the Securities and Exchange Commission (SEC) had overstepped by approving Nasdaq’s rule. Court Rejects SEC’s Role in Diversity Mandate Nasdaq introduced a rule requiring companies to share board diversity data and include at least one director from
Arlan Hamilton, the founder of Backstage Capital, has announced her decision to step down as managing partner and take on an advisory role. “After 12 years of being deeply involved in the day-to-day operations, I’ve decided to become a chairperson and advisor,” she said in a statement shared on Instagram. Backstage Capital’s New Chapter As part of this transition, Backstage Capital has formed a strategic partnership with 360 Venture Collective, a woman-founded and led venture firm with an intentionally inclusive investment thesis. Hamilton explained that the collective will acquire a
Grammy-winning artist Usher is giving back to the Atlanta community with the launch of a new initiative aimed at empowering young creatives, as first reported by Billboard. Usher Opens Content Studio In Atlanta On December 9, the R&B icon officially opened the Usher Raymond IV Spark Lab, a content studio located at the Whitehead Boys & Girls Club in Atlanta. The studio launch featured a ribbon-cutting ceremony and marks the start of a broader program to create creativity and innovation among local youth. The studio offers 14-to 24-year-olds hands-on experience
Netflix has denied rumors of its withdrawal from Nigeria, emphasizing its ongoing dedication to the Nigerian entertainment industry and local subscribers. Speculation Over Netflix Leaving Nigeria Speculation about Netflix’s future in Nigeria has grown following comments from filmmaker Kunle Afolayan, who revealed that Netflix had canceled some commissioned films by unnamed filmmakers. Although Afolayan did not explicitly state that Netflix was leaving the Nigerian market, his remarks sparked widespread concern on social media. In response, a Netflix spokesperson clarified to TechCabal: “We are not exiting Nigeria. We will continue to
Howard University has announced a record-breaking 36,000 applications for the 2024-2025 academic year, marking an unprecedented surge in interest, as first reported by Bloomberg. This trend mirrors a broader revival for historically Black colleges and universities, with more students seeking out schools that affirm their cultural identity while offering academic rigor. HBCUs See a Renaissance HBCUs are experiencing a significant surge in applications and enrollments after years of decline that mirrored national trends. Schools like Spelman College, Morehouse College, and Morgan State University reporting record numbers of applicants. Spelman, for
Emmy-winning comedian and actor, Katt Williams, has purchased a 3-million-square-foot former military base in Alabama, with plans to transform it into a state-of-the-art movie studio. A Vision For A New Era In Black Filmmaking Williams confirmed the purchase in a recent GQ interview but kept the location and price under wraps. However, sources have pointed to Fort McClellan in Anniston, a site valued at $1.5 million, as the likely spot. Boasting 90 acres of undeveloped land, barracks, and multiple buildings, the space offers a lot of potential for large-scale productions. “It’s
North Carolina Agricultural and Technical State University (NC A&T) is making history as the first university in North Carolina to offer a standalone undergraduate degree in artificial intelligence (AI). Approved by the UNC System Board of Governors, this Bachelor of Science program will be available at the nation’s largest historically Black university and the leading producer of Black engineering graduates, starting in fall 2025. Meeting Workforce Demands NC A&T’s program aims to meet the demand of increasing AI use by equipping students with expertise in advanced AI systems and applied
Joanna Smith-Griffin, founder of the education-focused AI startup AllHere Education, has been charged with fraud and identity theft after allegedly misrepresenting her company’s financial health and customer base. Smith-Griffin, 33, reportedly secured nearly $10 million in investments by inflating revenue figures and claiming non-existent contracts with major school districts, including New York City Public Schools. Misrepresentation and Personal Gain Launched in 2016, AllHere Education aimed to combat absenteeism in schools using an AI chatbot named “Ed.” By 2021, Smith-Griffin asserted that her technology was adopted by eight major districts. However,
Workers of color made up 40.1% of the high tech workforce in 2022, comprising a share similar to the total US workforce, according to a new report from the US Equal Employment Opportunity Commission (EEOC). However, Black and Hispanic workers remain significantly underrepresented in the high tech workforce and sector, especially in senior roles, depsite growing numbers. The high tech workforce The high tech workforce refers to workers in 56 science, technology, engineering, and mathematics (STEM) occupations regardless of industry, for example, an engineer working at a nonprofit. Black high tech
