Teresa Xie
@resate_z
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Following
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reporting fintech + crypto @business | past @nprmusic @louderthanariot @aajavoices | words @pitchfork @teenvogue @voxdotcom etc | tips: [email protected]
Joined October 2013
SoLo Funds denies that the company makes it intentionally difficult for users to opt out of paying tips or donations.
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Just last week, a class action lawsuit was filed against the company alleging that SoLo Funds’ lending practices are “unlawful and deceptive.”.
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Another said: “I’ve witnessed the promise of bonuses that never were paid out. I’ve seen people get shouted down if they weren’t agreeing with what the co-founders were saying. I’ve seen gaslighting of female employees.”.
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“I felt like my job would’ve been in danger if I had gone to talk to a board member independently," one of the company’s former senior leaders told me.
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The recent regulatory actions filed against SoLo Funds come as no surprise to a number of former employees, who told me the founders were more concerned with growth and raising money than improving the product itself.
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The CFPB, Washington D.C., Pennsylvania, Connecticut, and California have all sued SoLo Funds within the last two years. The CFPB alleges that the total cost of some loans serviced by the company carry an equivalent annual percentage rate of over 1,000%.
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SoLo Funds was founded in 2018 to help the millions of Americans targeted by abusive lenders. But hundreds of users, 3 states, and former employees say the fintech has broken its promise. I spent the last 4 months doing a deep dive. Here's what I found: .
bloomberg.com
Rodney Williams and Travis Holoway co-founded peer-to-peer lending platform SoLo Funds Inc. in 2018 with a commitment to help the millions of Americans targeted by abusive lenders. One of the few...
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Back at SDNY today for former FTX executive Caroline Ellison's sentencing. Her charges carry a maximum sentence of 110 years in prison. Follow our live coverage of the trial in Manhattan here:
bloomberg.com
Caroline Ellison Sentencing: FTX Fraud Case Latest News & Updates
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wrote about the rise of interest-based platforms like strava, beli, and letterboxd as alternatives to traditional social media giants, which have now become little more than a "search engine for our social lives":.
bloomberg.com
Strava launched in 2009 as a niche website for cyclists to log mileage. During the pandemic, it blossomed into a mobile app serving more than 120 million athletes as worldwide lockdowns drove people...
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weekend nighttime foot traffic to bushwick has more than doubled since 2017, surpassing neighborhoods like greenpoint, south williamsburg, and dimes square. wrote about the much-memed hotspot: where it's been and where it's going w/ @FolaAk + @madcampb.
bloomberg.com
Bushwick has become a pillar of NYC’s party scene, with visitor growth exceeding hotspots like the East Village and Williamsburg. If venues get priced out, there may be few places left to go.
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wrote about formula 1, street circuits, and cities: .
bloomberg.com
Urban circuits are enjoying renewed popularity in Formula 1, IndyCar and now NASCAR. But not all city residents are happy to live with these high-decibel events.
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what makes a city 24-hours? who is excluded when they're not? talked to night mayors in amsterdam, club commissioners in berlin, and nightlife experts around the world to find out: .
bloomberg.com
Forget last call: In a push to bolster nightlife, cities are changing laws to keep bars, restaurants and transit systems operating round-the-clock.
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For Valentine's Day, @immy_jn and I talked to the team behind Love Island, former producers for The Bachelor, and reality show hosts about the economics behind your favorite reality dating shows 💋:.
bloomberg.com
From The Bachelor to Love Island, there’s a Hollywood formula to finding love—and it keeps viewers coming back to watch.
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RT @mcbridesg: moving fast, breaking things while tunneling-- not @boringcompany great read from @resate_z
bloomberg.com
TikTok’s “Tunnel Girl” has focused fresh attention on the amateur excavators who build their own underground infrastructure — often in defiance of local laws.
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In the wake of TikTok's Tunnel Girl, I talked to hobby and professional tunnelists, who could only compare the activity to one thing: shooting up on heroin. "It makes you feel good, and then all of a sudden you die." @CityLab @business.
bloomberg.com
TikTok’s “Tunnel Girl” has focused fresh attention on the amateur excavators who build their own underground infrastructure — often in defiance of local laws.
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yes 🙏🙏🙏 i would love 💕 to pay 🙌🙌🙌 $5 for a drip 💧💧💧coffee with tax 💋💋💋 and tip ✨✨✨.
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when I was in college and only had a few bylines to my name, @pitchfork let me write for their The Ones column, which helped open up a ton of opportunities for me as a young journalist as they did for many others, really sad to see.
Shocked and saddened by the Pitchfork news like everyone else. Solidarity to my friends & colleagues over there who were helping to keep this weird and important tradition afloat against the constantly rising red tide. What a senseless decision in a senseless time.
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RT @ScreenSlate: "The three stories told in Total Trust are maddening in their acute sense of powerlessness.". @resate_z on Zhang Jialing’s….
screenslate.com
Zhang Jialing’s Total Trust (2023) closely examines China’s futuristic, high-tech surveillance state by following the lives of those trapped in it. At times, the latest project from the co-director...
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RT @annecronin: This story on the dangers of kratom has been the most read on for hours. Great work by @resate_z &….
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To learn more about how kava and kratom got intertwined and the conversation around it, you can read @immy_jn and I's deep dive here:.
bloomberg.com
Kratom is growing in popularity in the US, despite its addictive potential.
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