Daymond John's Investments Need to "Resonate" With Him
Shark Tank's Daymond John visits the NYSE for the 94th annual tree lighting. He stops by Cheddar to discuss his favorite deals from the year and the best business advice he's ever received.
John says that when an entrepreneur pitches on Shark Tank, he looks for someone who would work on their idea and company without being paid. He values passion and determination and uses that as an indicator of success.
"They tell us about all the mistakes they made, they have a passion about it," he tells Cheddar. "I feel like the train is gonna leave whether I'm on it or not. They know their customer very well, so they're not using my money as tuition....and I have to like the person."
John looked back on some of his Shark Tank deals. He explains his decision behind his deal with Moziah Bridges of Mo's Bows. Initially, Moziah pitched the Sharks on $50,000 in exchange for 20%. John came back and told him not to take any money, and instead to accept his offer of mentorship.
John explained to Cheddar that he received a similar offer when he was starting his clothing company, FUBU, and it proved to be incredibly helpful and lucrative.
A California judge is ordering Tesla CEO Elon Musk to be interviewed under oath regarding statements about the safety and capability of the car maker's autopilot features.
David Wright, president and owner of Wright Financial Group LLC, joined Cheddar News to discuss Thursday's trading as stocks closed higher amid strong tech profits. But Wright says banking stress could sway markets down as the Federal Reserve could weigh more rate increases.
The Gap is laying off 1,800 corporate workers, roughly three time the number of headquarters jobs it cut last fall, as the struggling chain cuts costs in a bid to become more nimble.
Tyson Foods is eliminating about 10 percent of corporate jobs and 15 percent senior leadership positions, according to a memo obtained by Reuters. The cuts are just the latest attempt to trim costs amid falling profits.
