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☆ Inside Balyasny's summer internship, where how you accept feedback can make or break your chance of a full-time offer
▼ + stars: | 2024-05-09 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +8 min

That goes for summer interns, too, and may be especially important for them considering the bar to entry is high at Balyasny. The firm said it usually converts about 50% of its top-performing summer interns into full-time hires. AdvertisementThe hedge fund also has a formal feedback process where interns get a progress report about halfway through the summer, and again at the end. Anna Gietl, intern summer of 2022 BalyasnyDon't just hear feedback — implement itBalyasny's culture is about more than accepting feedback or seeking it out. Feedback can also be a catalyst to help build connections and solicit mentorship from people outside your team, Gietl added.

Persons: Hannah Dinardo, Dinardo, San Francisco —, execs, Dmitry Balyasny, Brendan McDermid, aren't, it's, Andrew McHugh, Anna Gietl, Gietl, —, I've, Balyasny, It's, McHugh Organizations: Service, Business, BAM, Balyasny Asset Management Locations: York, New York, Chicago, Austin, Houston, San, London , Hong Kong, Singapore

☆ How $65 billion Marshall Wace is turning into the hedge funds it's criticized
▼ + stars: | 2024-05-09 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +5 min

There's a split internally at $65 billion Marshall Wace. The 27-year-old London-based hedge fund, founded by Paul Marshall and Ian Wace, has prided itself on its collaborative culture. Multi-strategy mightThe culture shift at Marshall Wace is just the latest ripple effect to come from the vast expansion of power, assets, and clout of the largest multi-strategy hedge funds. For Marshall Wace, that looks like a charge that can be up to 0.75% of the $22.4 billion Eureka fund's value — more than $150 million — on top of the set management fees and variable performance fees the firm already charges. A person close to the firm said that certain people still have access to aggregated positions, but the restriction helps Marshall Wace manage "complexity and confidentiality" as the manager continues to grow.

Persons: Marshall Wace, Paul Marshall, Ian Wace, Marshall, George Soros, It's, Marshall Wace's, You've, Dan Schatz, Ruchit, Jaime Brandwood, Derek Rosenthal, Marshall's Organizations: Business, BNP, Eureka, Citadel, Ruchit Puri Locations: London, Citadel, New York, Singapore, Shanghai, Hong Kong, Eureka

☆ These are the top business-development execs competing to hire elite portfolio managers at hedge fund giants Citadel, Millennium, Point72, and more
▼ + stars: | 2024-05-08 | by ( Alex Morrell | ) www.businessinsider.com time to read: +34 min

Unlike business development in corporate America, which focuses on growing a company's prospects with partners and clients, hedge fund BD teams specialize in scouting, evaluating, and wooing investment talent. AdvertisementFew have been involved in hedge fund BD longer than Jennifer Blake, Balyasny's global head. The fund's BD department remains in close contact with PMs after they join as a resource and advisor. Vernon Yuen/Getty Images$61 billion AUM2,200+ employeesAdvertisementKen Griffin's Citadel has outperformed not just its immediate rivals but every other hedge fund. He runs a team of about 20 as head of business development in the Americas, the largest region of the largest player in this space.

Persons: —, Griffin's, Izzy Englander's, Goldman Sachs, Headcount, execs, Dmitry Balyasny, Brendan McDermid, Jennifer Blake, Balyasny's, Morgan Stanley, Dmitri Balyasny's, Blake, it's, Federico Chavarria, Balyasny, Dave Matz, Smith Hanley, Alistair Jacobs, Dave Black, Peter Appel, Federico Chavarria MD, Andrew McHugh, Jules Biolsi, Michael Platt, he's, BlueCrest, Michael Grad, Grad, Jake Lindsay, Mungo Strachan, BlueCrest's, Brevan Howard Brevan Howard, Alan Howard, Ringo Chiu, Brevan Howard, Alan Howard's, Aran Landy, Brevan, Abu, It's, Landy, Howard, Peter Hornick, David Abbou, Jonathan Candy, Gregoire Vidal, Vidal, Tim Williams, Andy Silver, Gautam, Ken Griffin, Vernon Yuen, Ken Griffin's, Griffin, Matt Giannini, Giannini, headhunter, Matt, I've, — Thomas DeAngelis, Lindsay Previdi, Rice, Dore, Eleanor Sharkey, Melinda Urban, Mark Hansen, Julian Ulmer, Mathur, Adam Sharkie, Michael Page, Eisler, Edward Eisler, Sam Wisnia, Chris Milner, Milner, Hilary Curran, Hilary Curran Global, Rebecca Zisser, Michael Gelband, Hornick, Jeff Gelband, Mike Tiano, Eric Han, Garrett Berg, Liu, APAC Blackstone, Euan Shand, Kevin Carroll, Emily, Needham, Ostendorf, Ben Levine, Stefan Renold, LMR, Marcus Fairhurst, He'd, LMR's, Izzy, Ronda, Singh, Mark Meskin, Justin Gmelich, Steve Keller, Benjamin Williams, Madhvani, Paritosh Singh, Ben Williams, Kristina Tully, Steven Cohen, Point72, Shayanne, Steve Cohen's, Harry Schwefel, Chandler, Steve Cohen, JT Shields, They're, Schwefel, Alyssa Friedman —, Chandler Bocklage, Reid Murphy, Jae Yang, Japan Goldman Sachs, Alyssa Friedman, Jackie Dai, Gabriel Sanders, Ajay, Steven Schonfeld, Michael Nagle, Steve Schonfeld's, Ryan Tolkin, Schonfeld, doesn't, Akshay Aggarwal, Alex Burns, Ryan McCort, Colin Lancaster, Mitesh, Sameer Buch, Brittany Lynch, DMFI, Goldman, Verition, Nicholas Maounis, Josh Goldstein, Brian Townes, Townes, Elizabeth Xiang MD, Vir, Steve Satenstein, Chris Svoboda, Will England, Thomas DeAngelis, DeAngelis, Jonathan Brenner, hasn't, Maureen Reed, John Sullivan, Brenner, Walleye's Organizations: Service, Management, Wall, Business, Balyasny, Balyasny Asset Management, Quadra Advisors, SAC, Macquarie, BD, UBS, Grad, Financial Times, Michael, Lascaux, Howard BD, Brevan, Argentum Advisors, BH Digital, McKinsey & Company, JPMorgan, Ken Griffin's Citadel, Citadel, Citadel's, decamping, Chicago, Citadel BD, Walleye Capital, of Surveyor, Millennium, Capital, Credit, Ashler, Rice, Deutsche Bank, LMR Partners, London, Dore Partnership, Soros, Soros Fund, Ronda Churchill, Bloomberg, Getty, Guggenheim, Industry, MLP, Americas Guggenheim, Americas Citadel, SAC Capital, SEC, Point72 Academy, Citigroup, BD Energi, Japan, EMEA, APAC BNP, Schonfeld, PAAMCO, KKR, DMC Partners, Topwater, LinkedIn, New, New Holland Capital, BD —, Walleye, Lehman Brothers, Hutchin, Putnam Investments, ~$ Locations: America, Asia, Balyasny, Blackstone, New Holland, Abu Dhabi, BlueCrest, Europe, Graticule, ExodusPoint, Hornick, Freestone, New York, Schonfeld, Brevan, he's, Aberdeen, Hong Kong, Zurich, Glasgow, Dubai, Americas, Point72, quant, Verition, London, Greenland, Minnesota, Citadel

☆ Equinox launches $40,000 membership to help you live longer
▼ + stars: | 2024-05-06 | by ( Robert Frank | ) www.cnbc.com time to read: +4 min

Equinox is teaming up with lab-test startup Function Health to launch "Optimize by Equinox," a personalized health program that includes everything from personal training and nutrition plans to sleep coaching and massage therapy. "It's really a paradigm shift in how we're able to live with vitality and avoid suffering," said Jonathan Swerdlin, co-founder of Function Health. Function Health will test members for 100 biomarkers — everything from heart, liver and kidney health to metabolic and immune systems to cancer markers and nutrients. Equinox will then run its own battery of fitness tests, including VO2 max, strength and movement range. The fee doesn't include an Equinox gym membership, which brings the total to about $40,000 or more for the year.

Persons: Jonathan Swerdlin, Julia Klim, Equinox's, Klim, Swerdlin Organizations: Function, Pacific Locations: Philadelphia, Pacific Palisades, Los Angeles, New York City, Highland Park , Texas

☆ Elon Musk is tightening his grip on Tesla
▼ + stars: | 2024-05-06 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

Top Tesla exec Tom Zhu has been redeployed to China, Electrek reports. Several other top execs have left Elon Musk's company. Musk is consolidating power at Tesla as a vote over his $47 billion pay package looms. AdvertisementOne of Tesla's top executives has been reassigned to China in another sign that Elon Musk is tightening his grip on the electric carmaker. Prior to the move, Zhu had assumed more responsibilities at Tesla as Musk was increasingly occupied by X, according to Electrek.

Persons: Tom Zhu, —, Elon, Elon Musk —, Zhu, Musk, Zhu —, Tesla, Drew Baglino, Rohan Patel, That's Organizations: Elon Musk's, Service, China, X, Reuters, North, Business, Street Locations: China, Shanghai, Delaware

☆ Anne Dwane has been a jack-of-all-trades in the startup world. Here's how that's helped her build a successful investing career.
▼ + stars: | 2024-05-06 | by ( Samantha Stokes | ) www.businessinsider.com time to read: +5 min

Over the course of 20 years, Anne Dwane has made a name for herself as a successful entrepreneur and executive. For Dwane, her career as a startup founder and operator helped her find success as an early-stage investor. Dwane left Monster in 2008 to become the CEO of Zinch, an edtech startup that helped colleges recruit and students find programs and scholarships. With the guidance of a mentor, Chegg's CEO Dan Rosensweig, the experience also helped her understand that her superpower lay in helping early-stage companies grow. Village Global is an early-stage fund that leads seed and pre-seed funding rounds.

Persons: Anne Dwane, she's, Reid Hoffman, Jeff Bezos, Bill Gates, Mark Zuckerberg, Dwane, I've, Chegg, Dan Rosensweig Organizations: Monster Worldwide, Business, Village, Georgetown University, Harvard Business School, Research, Monster, Accelerator Fund, Brightside, Airbase Locations: Palo Alto , California, Chegg

☆ Tesla sends out another wave of layoff notices as employees enter 4th week of job cuts
▼ + stars: | 2024-05-06 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

The company sent out another round of layoff notices on Sunday night, according to impacted workers who posted about the cuts on social media. The latest round of cuts mean that employees at the company are entering their fourth straight week of layoff notices. At least seven Tesla workers took to LinkedIn to say they'd received layoff notices on Sunday. "After watching my team gradually slimmed down week after week since mid-April, I received the dreaded 'Hello Employee' email this Sunday afternoon," one Tesla worker wrote on LinkedIn. Another worker shared a screenshot of her layoff email on LinkedIn that showed her last day of work would be May 5.

Persons: —, Elon Musk, they'd, Tesla, Elon, Musk, Tesla's, Drew Baglino, Rohan Patel, Patel, TechCrunch he'd Organizations: Service, LinkedIn, Business, Workers, BI, TechCrunch Locations: California, Texas

☆ The new power figures in hedge funds do not manage money
▼ + stars: | 2024-05-05 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . On the agenda:But first: Why Wall Street is so happy to see the job market slowing down. New data from Vanguard shows a two-tier job market: one divided between a blue-collar boom and a white-collar recession. Also read:AdvertisementiStock; Rebecca Zisser/BIThe portfolio-manager whisperersThe new power figures in hedge funds do not manage money.

Persons: —, it's, Brian Rose, It's, Christie Hemm, Jan Sramek, Goldman Sachs, Reid Hoffman, Marc Andreessen, Alyssa Powell, Stefano Spicca, Jenny Chang, Rodriguez, Rebecca Zisser, whisperers, Gates Organizations: Business, Service, Federal Reserve, Fed, UBS Global Wealth Management, Big, Silicon, California, Vanguard, Microsoft, Big Tech Locations: Austrian, Solano County, Napa, Sacramento, California, Silicon Valley, New York City

☆ The portfolio manager whisperers
▼ + stars: | 2024-05-03 | by ( Alex Morrell | ) www.businessinsider.com time to read: +24 min

AdvertisementHistorically, a hedge fund's chief investment office or senior portfolio manager was responsible for vetting and wooing key investment hires. They can also help hedge funds save on outside recruiting costs, which can add up to tens of millions a year. Hedge funds targeted institutional salespeople at investment banks with exposure to hedge funds, as well as asset allocators with chops in portfolio-manager selection and due diligence. Assets at multimanager hedge funds have boomed since 2018. The principle may work for fictional baseball diamonds, but the reality at hedge funds is more complicated.

Persons: Taylor Swift, Travis Kelce, Goldman Sachs, —, That's, headhunter who's, liken, Nick Saban's, Midlevel, headhunter, Ken Griffin, Michael Kovac, execs, Jennifer Blake, BD Thomas DeAngelis, Walleye Capital Paritosh Singh, Americas Michael Grad, BlueCrest Lindsay Previdi, Point72, Freestone Grove Matthew Giannini, Ken Griffin's, ExodusPoint, Brevan Howard, breakneck buildout, Michael Gelband —, Jonathan Hoffman, Alexander Phillips, ExodusPoint's, Millennium's Izzy Englander, noncompetes, Millennium Management Amanda Gordon, multimanagers, who've, Goldman, Schonfeld, Brevan Howard —, Neil Chriss, Harry Schwefel, Jonathan Brenner, Walleye's, Thomas DeAngelis, DeAngelis, Brenner, DeAngelis hasn't, Kansas City Chiefs Travis Kelce, Erick W, Rasco, Donald Trump's, America couldn't, Citadel execs Todd Barker, Daniel Morillo —, Jeff Runnfeldt, Bobby Jain, allocator Organizations: NFL, Business, Citadel, BD, University of Alabama, execs, Balyasny, Walleye Capital, Millennium, Americas, Freestone Grove, — Citadel, Walleye, BI, Costco, Millennium Management, Bloomberg, Getty, Investor, Barclays, Barclays Capital Solutions, Brookfield, Paloma Partners, Kansas City Chiefs, San Francisco 49ers, Allegiant, Getty Images, Black, Investors, ex, Fortress Locations: America, multimanagers, —, Hudson Bay, Schonfeld, Israel, multimanager, Europe, Middle East, Africa, Vegas, Balyasny

☆ Aston Martin opens 66-story residential tower in Miami
▼ + stars: | 2024-05-02 | by ( Jack Guy | ) edition.cnn.com time to read: +5 min

CNN —Miami has a new addition to its skyline – a 66-story residential tower built by Aston Martin, marking the British luxury sports carmaker’s first foray into the residential real estate market. Comprising of 391 units, Aston Martin Residences Miami sits at the mouth of the Miami River on Biscayne Bay, the firm said in a statement Tuesday. Aston Martin touchesHomeowners are able to customize their interior space with the help of the Aston Martin design team, with three style packages – Timeless, Covert and Indulgent – drawing on the company’s British heritage, as well as the building’s context. Aston Martin Residences MiamiAston Martin said that 99% of the properties sold before the building was completed. Aston Martin isn’t the first luxury carmaker to enter the residential property market.

Persons: Aston Martin, Rodolfo Miani, Bodas Mian Anger, ”, Aston, Germán Coto, “, Coto, Marek Reichman, Reichman, ” Reichman, you’ve, Aston Martin Residences Miami Aston Martin, Aston Martin Vulcan, Aston Martin isn’t Organizations: CNN, Miami, Aston Martin Residences Miami, G Business, Formula, Prix, Martin Residences Miami, Aston Martin Residences, Aston, Aston Martin, Aston Martin Residences Miami Aston, Residences Locations: Miami, Biscayne Bay, jacuzzis, cabanas, Bentley, Sunny, Beach , Florida

☆ Here are Thursday's biggest analyst calls: Ferrari, Netflix, Tesla, Nvidia, TJX, Carvana & more
▼ + stars: | 2024-05-02 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

UBS upgrades Burlington to neutral from sell UBS said the outlook for Burlington is improving. Jefferies reiterates Netflix as buy After a change in analyst coverage, the firm says it's standing by its buy rating. UBS upgrades TJX Companies to buy from neutral UBS says the off-price retailer is a "growth stock with surprising upside." UBS downgrades CVS to neutral from buy UBS said it sees too much uncertainty for shares of CVS. JPMorgan upgrades Carvana to overweight from neutral JPMorgan upgraded Carvana following earnings on Wednesday.

Persons: Morgan Stanley, Ferrari, Mizuho, C27E, BURL, Jefferies, Rosenblatt, TD Cowen downgrades Wolfspeed, Cowen, Raymond James, Parsons, Ziff Davis, KBW, Piper Sandler, Cantor Fitzgerald, Tesla, Cantor, it's bullish Organizations: Nvidia, Mizuho, UBS, Netflix, Networks, Enterprise, Jefferies, CTV, TJX Companies, Department Stores, CVS, JPMorgan, Susquehanna, MGM, Bank of America, Community Bank, Piper, NYCB, ~$ Locations: Burlington, Las Vegas

☆ Disney just named 2 new top execs to advise on strategy and M&A as it considers its future: Read the memo
▼ + stars: | 2024-05-01 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

Disney has appointed two senior executives to oversee corporate strategy as it considers the future of its linear business and contends with streaming losses. Veteran Disney exec Justin Warbrooke, meanwhile, was named EVP and head of corporate development, overseeing M&A as well as divestitures, among other areas. Mayer was Disney's EVP of corporate strategy and business development before going on to run strategy and the DTC and international businesses. As such, we are evolving the Corporate Strategy function to better align with this vision, which includes two leadership roles — one focused on Corporate Strategy and another focused on Corporate Development — both reporting directly to me. In addition to strategy, Andre has advised clients on the topics of operations, organization, customer journey design, and M&A.

Persons: Disney, Nelson Peltz, It's, Bob Iger, Bain, Andre James, Justin Warbrooke, James, Marvel, Hugh Johnston, Kevin Mayer, Mayer, Iger, Tom Staggs, —, Andre, Justin, Hugh Organizations: ESPN, Business, Veteran Disney, Coopers, Lybrand's, DTC, Century Fox, Disney, Media, Walt Disney Company, Corporate, Strategy, Development, of Media, Entertainment, Bain & Company, Consumer, Marvel, Reliance, Fox, Warner Bros . Discovery, Finance Locations: Hulu, India

☆ Crewless cargo? Autonomous shipping aims to overcome safety, trust concerns to reach mainstream
▼ + stars: | 2024-04-29 | by ( Jonathan Keane | ) www.cnbc.com time to read: +5 min

The voyage was a test of an autonomous ship under AUTOSHIP, an EU-funded program to develop new technologies for navigating large vessels. The consortium brought together entities from academia and industry, including Kongsberg Maritime, the Norwegian giant that has been conducting deep research and development (R&D) on autonomous shipping. The trip marked a pivotal advancement in developing autonomous technology for shipping, which still faces many hurdles before it is ready for primetime. "Uniquely for autonomous technology, the hazards are hidden for the mariner by the sea. "Learning via mistake in a cargo ship environment can be costly, it can be dangerous," said J.C. Renshaw, head of supply chain consulting at Savills North America.

Persons: Markus Laurinen, Laurinen, Ville, SHI, Denmark's DNV, Leo McLeman, McLeman, J.C, Renshaw Organizations: Kongsberg Maritime, CNBC, Kongsberg Maritime's VP, Korea's Samsung Heavy Industry, Samsung, International Maritime Organization, Hydrographic Office, Savills Locations: Norway, EU, Norwegian, Kongsberg, America, Africa

☆ Tesla slashes prices for cars and software after one of its toughest weeks yet
▼ + stars: | 2024-04-22 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Tesla cut car prices in the US, China, and Europe after sales fell. AdvertisementTesla lowered prices for most of its US cars, cutting the costs for the Model Y, X, and S by $2,000, Reuters reported. Related storiesIn the US, the cheapest Model Y and the Model X — both SUVs — are being offered at their lowest prices. The best-selling Model Y now starts at $42,990, per Tesla's website. "Tesla prices must change frequently in order to match production with demand," CEO Elon Musk wrote on X on Sunday.

Persons: Tesla, Cybertruck, —, Elon Musk, Musk, Narendra Modi, He's Organizations: Service, Reuters Locations: US, China, Europe, India, Delaware

☆ Caviar, champagne, and IPOs: At the Jefferies Private Internet Conference, tech dealmaking was back
▼ + stars: | 2024-04-19 | by ( Ben Bergman | ) www.businessinsider.com time to read: +4 min

Jefferies hosted a conference to bring together late-stage tech founders, investors and bankers. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAs bankers and venture capitalists nibbled on caviar sushi and sipped champagne and sake this week at Nobu Malibu, there was a gleeful mood at the beachside closing dinner of the Jefferies Private Internet Conference. After a Covid pause, Jefferies resumed this conference in 2022 to bring together late-stage tech founders, investors, and bankers. Related story"Beyond typical deal considerations, AI has emerged as the single biggest new influence today in tech M&A," according to Greenberg.

Persons: Jefferies, —, Cameron Jefferies, Jason Greenberg, Greenberg, Goldman Sachs, David Solomon, Reddit, Marc Andreessen, Rich Handler, Andreessen Horowitz, Neerav, Goldman, JP Morgan Chase, we've, Lester Organizations: Service, Jefferies Private Internet Conference, Technology, Media, Telecom Investment Banking, Jefferies, Global Technology, Informatica, Epic, Venture, Jefferies Private Locations: Neerav Kingsland

☆ Tesla layoffs continue as recruiters get cut
▼ + stars: | 2024-04-19 | by ( Grace Kay | ) www.businessinsider.com time to read: +2 min

Tesla informed some of its recruiters on Friday that they'd been laid off, sources told BI. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Three former Tesla workers confirmed to Business Insider that they had been informed of the layoffs via a call on Friday morning. More former Tesla recruiters have posted on LinkedIn saying they were notified their jobs had been impacted on Friday. The same day Tesla announced its initial round of cuts at least two executives resigned from the company.

Persons: Tesla, they'd, Elon Musk, —, Drew Baglino, Rohan Patel Organizations: Elon, Service, Business, LinkedIn

☆ Elon Musk apologized for 'incorrectly low' Tesla severance packages
▼ + stars: | 2024-04-18 | by ( Jyoti Mann | Grace Kay | ) www.businessinsider.com time to read: +3 min

Elon Musk apologized Wednesday to laid-off Tesla employees for incorrect severance packages. Some workers previously told Business Insider they were offered two months' pay as severance. AdvertisementElon Musk apologized in an email to some laid-off Tesla employees after their severance packages were found to be "incorrectly low," according to a screenshot of the email viewed by Business Insider. "As we reorganize Tesla it has come to my attention that some severance packages are incorrectly low," Musk said in the brief email sent Wednesday. Other workers told BI that as of Wednesday night, they'd yet to receive any information about severance packages.

Persons: Elon Musk, —, Musk, they'd, Tesla, Drew Baglino, who'd, he'd, Rohan Patel, They're, Parag Agrawal, Ned Segal, Vijaya Gadde, Sean Edgett Organizations: Service, Business, CNBC, Worker, Twitter Locations: China

☆ Tesla is stuck in the mud
▼ + stars: | 2024-04-17 | by ( Graham Rapier | ) www.businessinsider.com time to read: +5 min

In all, Tesla said it would cut more than 10% of its workforce, amounting to more than 14,000 people. Tesla is also losing some key top executives: Drew Baglino and Rogan Patel announced this week they would leave the company. AdvertisementIt's unclear what, exactly, Tesla plans to show off in August as a self-driving, revenue-generating new product. He also reportedly said Tesla robotaxis would be able to do 100 hours of work a week for their owners. According to Reuters, Tesla has ended plans for another one of Musk's longtime pet projects: a truly affordable EV.

Persons: —, Elon Musk, Tesla, Drew Baglino, Rogan Patel, Baglino, Patel, Musk, Ryan Brinkman, Kelley, Adam Jonas Organizations: Service, Business, CNBC, Reuters, JPMorgan, US Locations: China, Europe, Asia, Mexico

☆ Elon Musk says Tesla needs a 'complete organizational overhaul' to get to 'the next level' amid mass layoffs at the company
▼ + stars: | 2024-04-17 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +2 min

Elon Musk says Tesla has to do a "complete organizational overhaul" every once in a while. Musk's remarks come after a round of mass layoffs at Tesla, where it cut more than 10% of staff. "That said, our executive tenure is unusually high at well over 10 years at Tesla," Musk wrote in a post on X, formerly Twitter. The Tesla layoffs come at a rough time for the company, which has been grappling with declining sales and increased competition from Chinese automakers like BYD. Advertisement"The Chinese car companies are the most competitive car companies in the world," Musk told investors during Tesla's earnings call in January.

Persons: Elon Musk, Tesla, Musk, —, Musk's, Drew Baglino, Rohan Patel, Patel Organizations: Tesla, Service, BI, Electrical

☆ Long-time quant bigwig Neil Chriss is out at Paloma after just 11 months. It was a year of big hires, a restructuring, and new New York digs.
▼ + stars: | 2024-04-17 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +3 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Chriss — who joined the long-running quant-focused multi-strategy firm in May of 2023 — is "no longer with Paloma," according to a letter sent to the firm's investors Monday. Chriss had been at Millennium for five years prior to joining Paloma and founded his own hedge fund, Hutchin Hill, in 2007. Paloma declined to comment on the rationale for his departure, and Chriss did not respond to requests for comment. But it was not all growth for Paloma while Chriss was at the helm.

Persons: —, Neil Chriss's, Paloma, Chriss —, Chriss, Donald Sussman, Ravi Singh, Goldman Sachs, Chris LaSusa, LaSusa, Steve Cohen, Shaw, Ritter Organizations: Service, Paloma, Business, Industry, Intelligence, Goldman, KCL, D.E, Capital, Ritter Alpha Locations: Hill, Greenwich, New York, Manhattan, Minnesota

☆ Singapore non oil domestic exports plunge 20.7%, misses expectations by a huge margin
▼ + stars: | 2024-04-17 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Singapore's non-oil domestic exports plunged 20.7% in March from a year ago, a sharp decline from the revised 0.2% fall in February. The 20.7% fall missed expectations by a huge margin, with economists polled by Reuters forecasting a 7% fall. This is the largest drop in non-oil domestic exports recorded by Singapore since January 2023. On a month-on-month basis, non-oil domestic exports slid 8.4%, also more than the 4.5% expected in the Reuters forecast. Non-oil domestic exports to Singapore's top markets declined in March, particularly for the U.S., the European Union and Japan.

Persons: Singapore's Organizations: Reuters, Enterprise Singapore, European Union, . Enterprise Singapore Locations: Marina, Sands, Singapore, Japan, China, Hong Kong, Taiwan

☆ Big names are leaving Tesla. An analyst says Elon Musk has to quickly lay out what the layoffs mean.
▼ + stars: | 2024-04-16 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +4 min

Elon Musk has been urged to lay out a vision for Tesla as senior staff leave amid layoffs. AdvertisementElon Musk must set out a vision for Tesla after investors were spooked by high-profile departures amid layoffs, an analyst has said. Tesla stock fell 5.6% on Monday after Elon Musk announced over the weekend that more than 10% of its workforce would be laid off. Those departing Tesla worked on critical projectsBoth Baglino and Thurston worked on critical projects at the Texas factory. In an X post earlier this month, Musk said Knight was "going to join OpenAI, so it was either xAI or them."

Persons: Elon Musk, Tesla, Musk, —, Elon, Dan Ives, Ives, Drew Baglino, he'd, Rohan Patel, Anthony Thurston, Electrek, Thurston, Fred Lambert, Amir Mirshahi, Zachary Kirkhorn, Tesla's, Ethan Knight, Musk's, Knight Organizations: Service, Elon, Energy, Tesla, Business, OpenAI Locations: Texas

☆ Some Tesla factory workers realized they were laid off when security scanned their badges and sent them back on shuttles, sources say
▼ + stars: | 2024-04-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

Typically, security guards inspect workers' badges at the site, but don't usually scan them directly, the two workers said. Related storiesThree other former Tesla employees said workers at the Fremont factory were told by security that if their badges didn't work they were no longer employed. The email sent directly to laid-off staff said the cuts would be effective immediately and workers would receive information regarding their severance within 48 hours. Tesla workers aren't the first to unceremoniously discover they've been terminated while trying to access their former place of work. Last year, some former Google employees told BI they learned they'd been laid off when they couldn't badge into the office.

Persons: —, Tesla, didn't, Elon Musk, Drew Baglino, Rohan Patel, they've, they'd Organizations: Service, Business, Fremont, BI, Google Locations: Tesla's, Sparks , Nevada, Nevada

☆ I was Michelle Obama's right-hand assistant, and she encouraged me to start my own business. Here are 6 tips for new entrepreneurs.
▼ + stars: | 2024-04-02 | by ( Jamishia J.J. Smith | ) www.businessinsider.com time to read: +7 min

I secured an internship during my senior year of college at the White House during the historical Obama administration in 2010. Clayton with Michelle Obama and colleagues in the Rose Garden before a 2016 College Signing Day event. Clayton assisting Michelle Obama backstage before a "When We All Vote" rally in 2018. Michelle Obama gave me the ultimate vote of confidence to start my businessMrs. Obama was the person who planted the seed for me to start my business. AdvertisementMy company focuses on business development, personnel development, and personal development.

Persons: —, Chynna Clayton, Michelle Obama, It's, I'm, Obama, Clayton, Chuck Kennedy, Michelle Obama's, Barack Obama's, who's, Uncle Sam, Linder Williams, Margaret Berry, Grandmother, Mildred King, Doris King Organizations: Service, Business, University of Florida, Greyhound, White, Invest Locations: Liberty , Florida, Liberty City , Florida, Kathleen , Georgia, Miami

☆ Ex-Stability AI leader says being a CEO sucks: 'Elon was right'
▼ + stars: | 2024-04-01 | by ( Ana Altchek | ) www.businessinsider.com time to read: +5 min

Read previewStability AI's former leader Emad Mostaque thinks Elon Musk was right about one thing: being a CEO isn't fun. Mostaque stepped down in March as CEO of Stability AI, the company behind the popular AI image generator Stable Diffusion. When asked about his departure, Mostaque told New York Times reporter Kevin Roose that "being a CEO sucks." The former Stability CEO also said he has Asperger's and ADHD in Reddit threads addressing his tenure as CEO, which he said made the role more difficult for him. Stability AI declined to comment on Mosaque's comments about being a CEO.

Persons: —, Emad Mostaque, Elon Musk, Mostaque, Kevin Roose, Elon, Musk, Lex, –, Peter Diamandis, it's, Forbes, Jensen Huang, Jensen Organizations: Service, Business, New York Times, Delaware Court, Tesla, Bloomberg, Nvidia, Forbes Locations: Stability

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