Retailers are offering significant discounts on various products for Presidents Day, while a Best Buy employee in Florida faces fraud charges for allegedly using a manager's code to discount nearly 150 items, including MacBooks, by up to 99 percent. In other news, the head of Instagram testified in court, defending the platform against claims of causing mental health damage, and experts shared insights into how the ultrawealthy reduce taxes.
According to The Verge, consumers can find substantial deals on various gadgets for Presidents Day, including earbuds, speakers, TVs, and smart home tech. The outlet reported that retailers are offering strong discounts across several categories.
Meanwhile, a Best Buy employee, Matthew Lettera, was charged with fraud after allegedly using his manager's code to discount nearly 150 items. An ABC News affiliate in West Palm Beach reported that the manager grew suspicious of strange sales numbers in December 2024. Lettera allegedly conducted 97 discounted purchases for himself and 52 additional transactions for others. A local CW affiliate reported that some MacBooks were discounted as much as 99 percent, resulting in a loss of over $118,000 for Best Buy.
In other news, the head of Instagram, Adam Mosseri, testified in a California court, defending the platform against claims it caused mental health damage to minors. Mosseri argued that even seemingly excessive use of social media does not equate to addiction. The trial, expected to last six weeks, is a test of legal arguments aimed at holding tech firms accountable for their impacts on young people. Lawyers for Meta, which owns Instagram, have argued the lead plaintiff in the case, known.
Furthermore, Fortune reported that the ultrawealthy employ specific strategies to reduce taxes and ensure wealth transfer to the next generation. Mark Bosler, an estate planning attorney, stated that the wealthy utilize a different playbook than the average person, often employing trusts.
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