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Business

Uber, After Shopping for Postmates, Lays Off Extra Than 180 Staff

SAN FRANCISCO – Uber laid off around 185 Postmates staff, or around 15 percent of the total Postmates workforce, Thursday, three people aware of the measures said as the hailfighter consolidates its grocery delivery activities to weather the pandemic.

The layoffs affected most of Postmates’ leadership team, including Bastian Lehmann, the founder and managing director of the popular grocery delivery app, said those who spoke on the condition that they were not named because they were not authorized to speaking publicly. Uber bought Postmates for $ 2.65 billion last year.

Some Postmates vice presidents and other executives will be leaving with multi-million dollar exit packages, people said. Some employees might also see reduced compensation packages, people said, while others are being asked to leave or serve the end of their contract positions, which could lead to more exits in the coming months.

The cuts are part of a larger integration of Uber’s grocery delivery division, Uber Eats, with Postmates. While the brand and app remain separate from Postmates, much of the infrastructure behind the scenes is merged with Uber Eats and supported by Uber Eats employees. Pierre Dimitri Gore-Coty, the global head of Uber Eats, will continue the combined grocery delivery business.

An Uber spokesman, Matt Kallman, confirmed the cuts. “We are very grateful for the contributions of all the Postmates team members,” said Kallman. “While we’re excited to officially welcome many of you to Uber, we regret to say goodbye to others. We look forward to continuing to build on the incredible work this remarkable team has already done. “

Food delivery has been vital for Uber as the hailship business has been severely weakened by the impact of the pandemic on travel. Dara Khosrowshahi, Uber’s managing director, has described the delivery of food as a bright spot. Last year, Uber Eats’ revenue surpassed its ride-hail business for the first time when people ordered more meals to be delivered to their homes.

Uber, who is losing money, laid off hundreds of employees in 2019 to bring costs under control. The company currently has more than 21,000 full-time employees. The drivers are independent contractors.

While Uber was strong at grocery delivery, it had to fend off deep pocketed competitors who wanted to gain market share by subsidizing delivery costs with specials and discounts.

DoorDash, which went public in December, has grown rapidly in recent years and has taken over the smaller grocery delivery start-up Caviar. Other major competitors include Just Eat Takeaway, which Uber beat Uber to acquire Grubhub for more than $ 7 billion last year, and Deliveroo, a delivery company popular in Europe.

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Health

U.S. Virus Circumstances Prime 25 Million

Epidemiologists say the actual number of infections is likely much higher than the official numbers. Even with testing more widespread than during the first few months of the pandemic, many people who have never had symptoms may not have been tested or counted.

Ira Longini, professor of biostatistics at the University of Florida, estimates that around 20 percent of Americans had the virus – more than twice as many as reported. Statistical modeling he recently did for Florida suggests that a third of the state’s population will be infected at some point, quadrupling the reported percentage.

It would need a coordinated nationwide Study to go beyond modeling estimates and have a solid understanding of how many people actually had the virus, he said. The CDC does some serological testing, he said, but not enough to give a complete picture.

“The end result is we don’t know, but we can guess from the modeling,” said Dr. Longini.

The proportion can vary greatly from place to place. Almost one in four residents tested positive in Dewey County, SD, compared to one in 200 in San Juan County, Washington.

Many of the American metropolitan areas with the highest number of cases reported relative to their population are in the south or southwest, where the virus has spread rapidly lately, but some are in areas like the Great Plains, which got worse in the fall. The top 5 are Yuma, Ariz .; Gallup, NM; Bismarck, ND; and Lubbock and Eagle Pass, Texas.

The metropolitan areas with the most new cases per capita in the past two weeks reflect the same trend, and also highlight the virulence of the California outbreak. These areas are Laredo and Eagle Pass, Texas; Inland Empire, California; Jefferson, Ga .; and Oxnard, Calif.

More than a million people are known to have tested positive in Los Angeles County, one of the country’s hot spots in recent months. And George Rutherford, professor of epidemiology and biostatistics at the University of California at San Francisco, estimated that the actual number of infections there is twice as high as one in five Angelenos.

“It’s not enough for herd immunity, but it’s enough to blunt the curve,” he said.

Categories
World News

Professional-Navalny Protests Sweep Russia in Problem to Putin

MOSCOW – From the frozen streets of Russia in the Far East and Siberia to the grand squares of Moscow and St. Petersburg, tens of thousands of Russians gathered on Saturday in support of imprisoned opposition leader Aleksei A. Navalny at the largest nationwide showdown in years of the Kremlin and his opponents.

The demonstrations did not immediately pose a serious threat to President Vladimir V. Putin’s rise to power. But their broad scope and the remarkable defiance shown by many demonstrators signaled widespread weariness in the face of the stagnant, corruption-torn political order that Putin had been two of For decades.

The protests began to unfold in the eastern regions of Russia, a country with eleven time zones, and they moved like a wave across the country despite a heavy police presence and a host of threatening warnings from state media to stay away.

On the island of Sakhalin, north of Japan, hundreds gathered in front of the regional government building and sang, “Putin is a thief!” The protests spread to the sub-Arctic city of Yakutsk, where it was located minus 60 degrees Fahrenheit and to rallies attended by thousands in cities across Siberia. Hours later, when night fell in Moscow, people threw the police down with snowballs and kicked a car belonging to the domestic secret service.

By late evening in Moscow, more than 3,000 people had been arrested in at least 109 cities, according to OVD-Info, an activist group that tracks arrests during protests.

Mr Navalny’s supporters claimed success and promised further protests over the coming weekend – although many directors of his regional offices had been arrested.

“If Putin believes the scariest things are behind him, he is very wrong and naive,” Leonid Volkov, a top aide to Mr. Navalny, said in a live broadcast on YouTube from an unknown location outside of Russia.

The protests came six days after Mr Navalny, a 44-year-old anti-corruption activist, was arrested on a flight from Germany on arrival in Moscow, where he had been recovering for months from poisoning by a military-grade nerve agent. Western officials and Mr Navalny have described the poisoning, which took place in Siberia in August, as an assassination attempt by the Russian state. The Kremlin denies this.

Now facing years of imprisonment, Mr Navalny urged supporters across the country to take to the streets this weekend, despite officials not allowing protests. The Russians responded with the most widespread demonstrations the nation has seen since at least 2017 – tens of thousands in Moscow and St. Petersburg, and thousands in several cities in the east, including Yekaterinburg, Novosibirsk, Tomsk, Omsk and the Pacific port of Vladivostok.

“There was this heavy feeling that Russian public opinion was hardened in cement, as if it was stuck in a dead, hidden ball,” said Vyacheslav Ivanets, a lawyer in the Siberian city of Irkutsk who participated in the protests. “Now I feel like the situation has changed.”

Mr Navalny, for a long time Putin’s loudest domestic critic, has used his populist touch on social media and his humorous, harsh and simple language to distinguish himself as Russia’s only opposition leader with a following in a broad cross-section of society. His status among Putin critics continued to rise in recent months as he survived the nerve agent attack and then returned to Russia despite facing almost certain arrest.

This arrest on Sunday, the demonstrators said, helped spark pent-up dissatisfaction with Putin’s economic stagnation and widespread official corruption.

But Putin’s Kremlin has outlasted protests before – and there have been few immediate indications that this time around would be any different. Russia’s state media quickly made it clear that there was no chance the Kremlin would come under pressure and condemned the protests as a nationwide “wave of aggression” that could result in prison sentences against some participants.

“Attacking a police officer is a criminal offense,” said a state television report. “Hundreds of videos were shot. All faces are on them. “

In Washington, the State Department said Saturday that it “strongly condemns the use of tough tactics against protesters and journalists” in Russia. The Russian State Department countered by alleging that the United States helped “incite radical elements” to join the unauthorized protests and that American officials were facing “serious talk” with Russian diplomats.

Some protesters admitted that despite the importance of Saturday’s protests, it would take far more people to change course in national politics. In neighboring Belarus, many more people protested for weeks against the authoritarian President Aleksandr G. Lukashenko – a close ally of Putin – without removing him.

“I’m a little disappointed, honestly,” said Nikita Melekhin, a 21-year-old nurse in Moscow. “I expected more.”

The police presented a monumental demonstration of violence in the streets, but largely avoided large-scale violence. In Pushkin Square in central Moscow, the focal point of the rally in the capital, riot police, wielding batons, repeatedly pushed the crowd in an attempt to disperse them, but avoided the use of tear gas or other more violent methods to control the crowd .

They pre-arrested most of Mr. Navalny’s best employees and arrested his wife, Yulia Navalnaya, in a protest Saturday before releasing them hours later.

However, videos circulated on social media recorded notable clashes between protesters and police – an indication of a new fearlessness among some Russians and uncertainty about what lies ahead. Protesters were seen throwing snowballs at police on several occasions, despite prosecutors having requested years of imprisonment for people who threw objects at officers.

Singing “shame” protesters in Moscow also threw snowballs at a passing government car. After it stalled, people stormed and stepped on the car owned by the Russian secret service. The driver sustained an eye injury in the attack, state news media later reported.

The state news media reported that at least 39 Moscow police officers were injured in the events on Saturday. There were also videos of officials viciously beating and kicking individual protesters, including outside the Moscow prison where Mr Navalny was incarcerated.

The question now is whether the intensity of the clashes will continue to shake the Russians – or keep them from responding to the Navalny team’s call for more protests.

Opinion polls in recent months – of uncertain value in a country saturated with state propaganda where people are often afraid to speak up – have shown that Mr Putin is not a great challenge to his popularity from Mr Navalny, whose name has never been approved was appearing on a presidential election. Mr Putin refuses to speak his name publicly.

A November poll by the Levada Center, an independent and highly respected electoral organization, found that only 2 percent of respondents named Mr Navalny as their first choice when asked who they would vote if there were presidential elections the following Sunday. Fifty-five percent named Mr. Putin.

Even so, Mr Navalny’s dramatic return to Russia last Sunday – and his video report on Putin’s alleged secret palace, viewed more than 70 million times on YouTube – raised the opposition leader’s notoriety across the country.

“I’ve never been a big believer in Navalny, and yet I understand very well that this is a very serious situation,” said Vitaliy Blazhevich, 57, a university professor, in a telephone interview about why he was working for Mr. Navalny in Khabarovsk city on the Chinese border.

“There is always hope that something will change,” said Blazhevich.

Vasily Zimin, a 47-year-old partner in a Moscow law firm, trudged through mud and said he had come to protest the rampant corruption during Putin’s reign.

“How can you say, ‘I can’t take any more of this’ while sitting on your couch?” he said.

Ivan Nechepurenko and Andrew E. Kramer reported from Moscow. Oleg Matsnev and Sophia Kishkovsky contributed to the research.

Categories
Politics

The Trump Presidency Is Now Historical past. So How Will It Rank?

“In relation to this poll, it would be surprising if Trump were rehabilitated in a meaningful way,” Levy said. “If the first paragraph of a discussion starts with being charged twice, and the second sentence is about the coronavirus and the third is about bias, that will be very difficult to overcome.”

Sean Wilentz, a professor of American history at Princeton University, said Mr Trump was undoubtedly the worst president in history.

“He belongs to a completely different category in terms of the damage he has done to the republic,” said Wilentz, citing the radicalization of the Republican Party, the inept response to the pandemic and what he is “the brazen, almost psychedelic Mendacity of “called the man.”

Presidential historian Doris Kearns Goodwin, whose recent book Leadership: In Turbulent Times examines how four presidents have faced difficult moments in history, said that it usually takes a generation to evaluate a leader. To the extent that a president’s legacy is determined by his ability to get into crisis, Mr Trump will be remembered for his failure: how badly he handled Covid-19 and how shamefully he behaved after the election Has.

“History will view President Trump with great disgrace for the crisis he has created,” she said.

For his part, Mr Rauchway said he believed Mr Trump would “be in the bottom five” of the president’s rankings, but that the bottom spot itself was uncertain. “I think he has tough competition” in Andrew Johnson, whom Mr. Rauchway personally considers the worst president of them all.

“If I had to predict where the historiography would lead, people would have to realize that Trumpism – nativism and white supremacy – has deep roots in American history,” Rauchway said. “But Trump himself has brought it to a new and vicious purpose.”

Categories
Business

NBC Sports activities Community will stop operations in 2021

Ivan Provorov # 9 of the Philadelphia Flyers plays the puck against Brad Marchand # 63 of the Boston Bruins during the first period in a round robin game during the 2020 NHL Stanley Cup Playoffs at Scotiabank Arena on August 2, 2020 in Toronto, Ontario.

Mark Blinch | National Hockey League | Getty Images

The NBC Sports Network will be closed.

The network will cease operations through the end of 2021, a person familiar with the CNBC’s familiar plan. NBC will transfer its sports media rights, including the National Hockey League, to USA Network. The person spoke to CNBC on condition of anonymity as the person is not allowed to comment publicly on the matter. Both networks are owned by CNBC’s parent company NBCUniversal.

The plan to cease operations will allow NBC to gain more coverage for its sports content. The USA network is available in 86 million households, while NBCSN has an estimated reach of 80 million households.

NBCUniversal initially hoped that NBC Sports Network would be its answer to Disney’s ESPN – a cable sports network that could justify high fees from pay-TV retailers for its popular sports content. Twenty-first Century Fox developed Fox Sports 1 and CBS introduced CBS Sports Network for similar reasons.

But none of the cable sports networks has ever seriously threatened ESPN, and the media industry’s move to streaming video has made linear sports networks anachronistic. NBCUniversal is considering shutting down multiple networks, CNBC reported in October, in an attempt to consolidate its best assets into fewer networks. By shutting down poorly performing cable networks, older media companies could keep the shrinking bundle of cables afloat while maintaining subscription income by increasing the fees for the existing networks.

The network began as the Outdoor Life Network in the 1990s and was renamed Versus in 2006. Comcast owned the network when it acquired NBCUniversal in 2011, at which time it was renamed NBC Sports Network.

NHL playoff games, a selection of NASCAR races and Premier League content will be broadcast to USA Network upon completion of NBCSN.

The Stamford, Connecticut-based network acquired the NHL rights in 2011 with a 10-year package worth $ 2 billion. The agreement runs for the current 2020-21 season.

NBCSN also has a $ 4.4 billion rights package with NASCAR that expires in 2024 and has the prospect of its extension option with rights to the European Football Premier League (valued at around $ 1 billion). The network moved some of those games to NBC’s streaming service, Peacock, last year.

Back to the Future

Longtime sports media rights advisor Lee Berke said the move was “back to the future” for the USA Network, which broadcasts sports content. The channel was originally a national distribution arm for the Madison Square Garden Sports Network and broadcast sports content including the National Basketball Association until 1984.

“The fact that the sport is returning to the US is not a new concept,” Berke said in an interview with CNBC on Friday. “Certainly the distribution helps, but this move reflects some things – the pay-TV package is shrinking. The subscriber base is shrinking. So it justifies having fewer networks on air and the other part of that is the growth of streaming.”

Berke, the CEO of LHB Sports, a sports consultancy, said streaming trends are forcing the network to reinvent itself “when consumer viewing behavior changes. This has been a migration of sport from broadcast to cable in the past 20 years , 30 years ago, when pay-TV got bigger and bigger, and now you’re seeing sports that are moving to streaming.

“I think it’s a sensible move given current trends,” said Berke of NBCSN’s closure. “They try to always be one step ahead of the wave. They don’t want to stand behind it and miss it. But that makes sense, given where the pay-TV is going and where the streaming is going.”

Disclosure: Comcast owns NBCUniversal, the parent company of CNBC.

Categories
Entertainment

The place Is the Moesha Solid Now?

Wow how was it really 25 years ago? Moesha first broadcast? It seems like I just saw Moesha sneaking around with Q behind her father’s back yesterday. Oh wait, that was yesterday. I forgot the show is now on Netflix. However, a lot has changed since the show premiered on January 23, 1996 on UPN. For starters, the performers are all adults now – and most of them are parents! Some of the stars have even ventured into the music world, and you’ve probably already heard their songs. To celebrate the show’s 25th anniversary, let’s take a walk back in time to see what the Moesha The cast lasted until the end of the show.

Categories
Health

Proof new UK Covid pressure could also be extra lethal

UK Prime Minister Boris Johnson speaks during a press conference on Coronavirus (COVID-19) on Downing Street on January 15, 2021 in London, England.

Dominic Lipinski | Getty Images

LONDON – There is “some evidence” that a new variant of Covid, first identified in the UK, could be more deadly than the original variety, UK Prime Minister Boris Johnson said Friday.

“We were informed today that not only is there a faster spread, but there is also evidence that the new variant – the variant first discovered in London and the south east (of England) – may be associated with a higher one Mortality rate, “Johnson told a press conference.

He added that all the evidence suggests that the vaccines from Pfizer-BioNTech and AstraZeneca-Oxford University, both of which are currently in use in the UK, will remain effective against both the old and new variants of the virus.

The evidence is still in a preliminary stage and is being assessed by the Advisory Group on New and Emerging Respiratory Virus Threats, which is advising the UK Government.

The variant known as B.1.1.7 has an unusually high number of mutations and was already associated with more efficient and faster transmission.

Scientists first discovered this mutation in September. It has since been found in at least 44 countries, including the US, which has reported its presence in 12 states.

Last week, the US Centers for Disease Control and Prevention warned that the US variant’s modeled trajectory “is growing rapidly in early 2021 and will become the predominant variant in March”.

Patrick Vallance, the UK’s chief scientific adviser, said alongside Johnson on Friday that there were early signs that the risk for those with the new variant was increased compared to the old virus.

“If you were to … take a man in his sixties, the average risk is that for every 1,000 people infected, about 10 would die from the virus. With the new variant, for 1,000 people infected, about 13 or 14 would be expected People are dying, “said Vallance.

He described the data as not yet strong and emphasized more concern about other variants of Covid in Brazil and South Africa.

– CNBC’s Sam Meredith contributed to this article.

Categories
Business

How Newsmakers and Information Hosts Are Remembering Larry King

Celebrities, news anchors and politicians were among the many people who remembered Larry King, the host of CNN’s “Larry King Live” program, who died Saturday at the age of 87.

“Larry King was a broadcast giant and a master at interviewing TV celebrities / statesmen and women,” tweeted Christiane Amanpour, CNN’s premier international presenter.

“His name is synonymous with CNN and he’s been instrumental in the network’s rise,” she said. “EVERYONE wanted to be on Larry King Live.”

Oprah Winfrey said, “It has always been a pleasure to sit at your table. And hear your stories. Thank you Larry King. “

Wolf Blitzer, host of “The Situation Room” on CNN, described Mr. King as “an amazing interviewer and mentor to so many of us”.

TV presenter Ryan Seacrest said he has “lost a dear friend and mentor. Truly an American treasure. “

“He taught me so much,” said former CBS host Craig Ferguson.

“He was a real person,” added Ferguson. “He probably even taught me that word.”

Ted Turner, founder of CNN, said that “the world has lost a true broadcasting legend”.

From 1985 to 2010, Mr. King anchored “Larry King Live,” CNN’s top-rated and longest-running program. He interviewed a variety of subjects from President Richard M. Nixon to Kings to “experts” on UFOs and paranormal phenomena.

He died at Cedars-Sinai Medical Center in Los Angeles. No cause of death was given in a statement from his company, Ora Media, but Mr. King had recently been treated for Covid-19. In 2019, he was hospitalized for chest pain and he said he had also had a stroke.

A tweet from TV host Piers Morgan raised eyebrows on Saturday. “Larry King was a hero of mine,” he wrote, “until we dropped out after I replaced him on CNN and he said my show was” like watching your mother-in-law drive over a cliff in your new Bentley. ” “

But Mr. Morgan continued, “He was a brilliant broadcaster and a masterful television interviewer.”

Former President Bill Clinton said he had enjoyed his “20+ interviews” with Mr. King, adding, “He gave the American people a direct line and worked hard to find out the truth for them, with questions that were directly but were fair. “

New York Governor Andrew M. Cuomo honored Mr. King, who grew up in Brooklyn, as a “Brooklyn Boy” and tweeted, “New York offers its condolences to its family and many friends.”

Newt Gingrich, the former House Speaker, welcomed Mr. King as a broadcasting pioneer.

“I’ve always loved doing his TV shows and on occasion he would ask me to guest on while he was vacationing,” tweeted Gingrich, noting that an episode featuring animals from the Columbus Zoo was one of his favorites.

Celine Dion said Mr. King made us all feel like we were talking to a lifelong friend. There will never be anyone like him and he will be missed by many. “

Basketball star Magic Johnson said he has known Mr. King since he arrived in Los Angeles 42 years ago.

“Larry King Live” changed CNN in the 1980s with its mix of entertainment and news, he said. “I loved being on the show,” he said. “Larry was one of the best interviewers on TV.”

Full Court Press host Greta Van Susteren tweeted that a New York Times news alert referring to Mr. King’s interviews with “presidents, clairvoyants, movie stars and crooks” “had so much breadth.”

“Unlike some who can only interview one guest guy (e.g. politicians),” she said, “Larry could interview ANYONE, and he did and he interviewed ANYONE.”

Categories
Politics

Senate Democrats plan to focus on IRS in probe of pro-Trump teams

Supporters of the fight of US President Donald Trump against the police at the west entrance of the Capitol during a “Stop the Steal” protest in front of the Capitol in Washington DC on January 6, 2021.

Stephanie Keith | Reuters

Senate Democrats plan to focus on the Internal Revenue Service as part of a larger investigation into tax-exempt groups that helped organize the pro-Trump rally before the deadly January 6 riot in the U.S. Capitol.

Democrats, partially led by lawmakers on the Senate Finance Committee, have begun asking the IRS to review the tax-exempt status of the dark money groups that helped plan the rally. At the event, then-President Donald Trump encouraged his supporters to march on the Capitol.

The eventual uprising left five dead, including a police officer.

Several nonprofit groups helped plan and organize the rally, including Women for America First, a 501 (c) (4) organization chaired by a senior tea party attorney. It had previously been funded by America First Policies, a 501 (c) (4) organization chaired by former wrestling executive and former Trump cabinet member Linda McMahon.

Such groups are known as dark money organizations because they do not publicly disclose their donors.

Senator Ron Wyden, D-Ore., The senior member and expected chairman of the committee, recently sent a letter to IRS Commissioner Charles Rettig asking him to investigate and investigate any group involved in planning the rally to see if she can revoke her tax exemption status.

“I urge the IRS, in coordination with other law enforcement agencies, to investigate the extent to which tax-exempt organizations were involved in any part of the uprising or actions of the Capitol in the lead up to this event and, to the greatest extent possible, to revoke the law of exemption from those organizations that do Role played in inciting or committing violence and other illegal acts, “said Wyden Rettig in the letter.

With control of the White House, House and Senate, Democrats may have the best opportunity yet to tighten regulations on these groups and the agencies that are supposed to oversee them.

Sen. Sheldon Whitehouse, DR.I., another member of the Senate Finance Committee, goes a step further and examines how the IRS certifies these groups. Whitehouse has passed laws for years that would force dark money groups to disclose their donors.

In an interview with CNBC late Thursday, Whitehouse said he was particularly focused on the groups that organized the rally, during which Trump and some of his allies made inaccurate claims that the election was stolen in favor of current President Joe Biden.

“The most immediate [objective] is to look into the dark money groups involved in the Capitol raid, “Whitehouse said.

Part of the focus, he said, will be on the IRS itself and how to deal with these groups.

“The question would be whether the IRS, beaten by the armed forces of the Right, interpreted and enforced the law and whether its enforcement is actually compliant with the law,” Whitehouse said.

The IRS has the power to revoke the tax exemption status of these groups if they exceed what the agency deems to be promoting “social welfare”. Although it is a broad mandate, 501 (c) (4) are typically allowed to exercise limited political activity. You can focus on promoting specific guidelines that can be oriented towards candidates for a federal office.

Democrats say these groups should lose the right to remain a 501 (c) (4) if they incite the insurrection.

Whitehouse told Treasury Secretary-designate Janet Yellen during her Senate confirmation hearing that he would ask her to “conduct a review of IRS 501 (c) guidelines” once it is confirmed. “I believe that the IRS guidelines have long been very inaccurate with the legal instruction that Congress has given the IRS through these agencies,” he added.

Yellen said she would initiate a review.

Beyond Whitehouse and Wyden, Democrats in general are making a legislative push against dark money organizations.

The summary of Senate Democrats’ first business mandates includes the DISCLOSE Act that Whitehouse introduced in 2019.

The bill, according to the Senate Democratic Legislature Summary, would require “super PACs, 501 (c) 4 groups, and other organizations spending money on elections and judicial nominations to reveal donors contributing more than $ 10,000.” “.

One of the Senate Democrats’ priorities is a focus on the IRS.

The separate bill would “lift an existing ban on the IRS from enacting rules to provide clarity on the rules governing political activity under 501 (c),” the executive reads.

Categories
Business

The $1 billion Mega Hundreds of thousands jackpot has a winner

MARK RALSTON | AFP | Getty Images

Someone in Michigan starts their weekend a lot richer.

A single ticket sold in Wolverine State hit all six numbers drawn on Friday night to win the $ 1 billion Mega Millions jackpot. The prize had risen through twice weekly drawings for 37 weeks with no winners. It has now been reset to $ 20 million.

When you have this precious piece of paper in hand, you should be aware that your life is about to change dramatically, experts say. And while you may be eager to claim your winnings, there is no need to rush to headquarters right away.

In other words, take a deep breath.

Protect your ticket and yourself

Put together a team of professionals

Before you go to the lottery headquarters, you should assemble a team of seasoned professionals: a lawyer, an accountant, and a financial advisor.

“You want to be thoughtful [experts] Walk you through the emotional side of winning, but also the commitment that comes with that kind of wealth, “said CPA Mark Alaimo, a member of the American Institute of CPAs’ Personal Financial Specialist Committee.

Someone on the team should also serve as the gatekeeper. That said, they can answer queries from moochers or scammers, or even friends and family members who want a piece of your godsend in the end.

The tax bill

You can choose to take your winnings either as a lump sum or as a 30 year pension. For the $ 1 billion Mega Millions jackpot, the cash option – which most winners choose – is $ 739.6 million.

However, before it reaches you, 24% – $ 177.5 million – is withheld for federal taxes. With the highest marginal tax rate of 37%, you can expect more to be due at tax time. Michigan state taxes of 4.5% would also be due or withheld.

Think philanthropically

One way to lower your tax burden is to think in a nonprofit way.

You can donate up to 60% of your Adjusted Gross Income in cash to a nonprofit or a donor-recommended fund and receive a tax deduction for the amount in the year you donate.

They can also set up a private foundation, donate their income, and then choose how to use it over time.

“A private foundation can run programs,” said Alaimo. “You could open and run a soup kitchen owned by the foundation.

“With a fund recommended by donors, you can only donate [an existing] Soup kitchen.”