SARA SILVERSTEIN: I’m Sara Silverstein, reporting from the New York Stock Exchange. Here’s what we’re watching on TheStreet today.
Wall Street is looking ahead to the Federal Reserve’s two-day policy meeting. The meeting will conclude with a decision on interest rates and comments from Fed Chair Jerome Powell on March 20th. Markets are widely expecting the Fed to hold interest rates steady for the fifth straight meeting.
In other news, one of the world’s biggest social media celebrities is teaming up with Amazon’s MGM Studios to create a new reality competition. MrBeast, whose real name is Jimmy Donaldson, is partnering with the studio to create “Beast Games”—a competition that will feature one thousand contestants competing for $5 million in prize money.
MrBeast is the most-followed person on YouTube with nearly 390 million subscribers across all of his channels. He also has the fourth-largest following on TikTok. In February, he revealed he makes between $600 and $700 million a year but reinvests the money into his videos. Some of those videos include trying to stop a train to win a Lamborghini, spending 50 hours in Antarctica, and building a real-life Willy Wonka chocolate factory.
Of his new reality show venture, Donaldson said, “It’s like our normal videos, but just 20 times better.” Money’s not a constraint on the show, and so I can also just do anything, which is a lot more freeing than you would think and so mind-blowing. The deal is estimated to be for about $100 million.
That’ll do it for your daily briefing. From the New York Stock Exchange, I’m Sara Silverstein with TheStreet.
