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☆ The TikTok CEO's day in Congress was a 'disaster' that means the app will still likely get banned or sold, Wall Street says
  + stars: | 2023-03-23 | by ( Paayal Zaveri | ) www.businessinsider.com   time to read: +5 min
TikTok CEO Shou Zi Chew testified in front of US Congress, amid calls for a forced sale or ban. But after hours of grilling, the testimony likely had the opposite effect. A sale or ban of TikTok is still likelyWithout a radical shift in the conversation, the status quo is upheld. Which means that the same question is now being asked: Is TikTok more likely to be forced to sell, or will it be banned outright? "It's very possible that Congress advances these bills and, and passes them, but those bills won't ban TikTok," he said.
☆ The TikTok CEO's day in Congress was a 'disaster' that failed to prove a sale or ban isn't the only way forward, Wall Street says
  + stars: | 2023-03-23 | by ( Paayal Zaveri | ) www.businessinsider.com   time to read: +5 min
TikTok CEO Shou Zi Chew testified in front of US Congress, amid calls for a forced sale or ban. But after hours of grilling, the testimony likely had the opposite effect. Thursday's hearing likely gave lawmakers even more fuel for the argument in favor of a sale or a ban. A sale or ban of TikTok is still likelyWithout a radical shift in the conversation, the status quo is upheld. "It's very possible that Congress advances these bills and, and passes them, but those bills won't ban TikTok," he said.
☆ Amazon and Meta's 48,000 job cuts usher in Big Tech's new mantra: Revenue per employee
  + stars: | 2023-03-21 | by ( Hasan Chowdhury | ) www.businessinsider.com   time to read: +5 min
Amazon and Meta say their combined 48,000 job losses are about getting leaner. All told, the two firms have cut 48,000 jobs across two waves of layoffs in less than six months. Discussing Twitter's remaking under new owner Elon Musk, Rabois noted that Musk is "steering hard" in terms of revenue per employee. A 2009 analysis of Big Tech's performance found Google's revenue per employee was over $1 million, the highest of all tech firms. Management experts say that cuts make workers jittery, weakening their productivity and firms' ability to bring in new talent.
☆ OpenAI CEO Sam Altman takes diabetes drug metformin as part of his anti-aging routine
  + stars: | 2023-03-08 | by ( Aaron Mok | ) www.businessinsider.com   time to read: +3 min
OpenAI CEO Sam Altman takes the diabetes drug metformin to slow down aging. Metformin is a decades-old drug that is prescribed to millions of people with diabetes, CNBC reported. In addition to the drug, Altman's said his anti-aging regimen includes "trying to eat healthy, exercise, and sleep enough," per the MIT Technology Review. The company uses genetic engineering and plasma replacement to make cells younger, per the MIT Technology Review. Altman secretly poured $180 million dollars into Retro Bioscience's death-delaying treatment, the MIT Technology Review reported.
☆ ChatGPT's soaring popularity has added $5 billion to the wealth of Nvidia's founder as Wall Street bets on AI boom for the chipmaker
  + stars: | 2023-01-30 | by ( Phil Rosen | ) www.businessinsider.com   time to read: +2 min
OpenAI's popular language tool, ChatGPT, has spurred investors to bet on AI, which has led them to chip companies like Nvidia. Nvidia's cofounder, Jensen Huang, has seen his wealth grow by $5 billion so far this year, Bloomberg data shows. Microsoft this month reportedly invested $10 billion into ChatGPT's parent company, OpenAI, which has fueled interest in the artificial intelligence space overall. Nvidia's role as a dominant player in the chip-making space has made it an attractive bet as Wall Street looks to ride the AI trend. Speaking at an event in Stockholm last week, Huang warned of the potential challenges AI could bring to broader society.
☆ The creator of tech's big layoff tracker says more cuts are on the way—here's when it could slow
  + stars: | 2023-01-11 | by ( Jennifer Liu | ) www.cnbc.com   time to read: +2 min
And more than 18,000 tech workers have been laid off in the first half of January from major players like Amazon and Salesforce. More big layoffs are probably on the way, says Roger Lee, the creator of Layoffs.fyi and a San Francisco-based HR tech founder. Despite the recent deluge of layoffs, Lee says there's some hope the current wave of cuts could slow. "There's obvious correlation between the Fed raising interest rates and these tech companies doing layoffs," Lee says. It's important to remember that the overall job market is pretty strong, and tech workers losing their jobs are getting hired again quickly.
☆ How billionaires like Jeff Bezos and Richard Branson spend their vacations, from cruising on yachts to visiting private islands
  + stars: | 2022-12-20 | by ( Avery Hartmans | ) www.businessinsider.com   time to read: +1 min
Vacations look a little different for the world's billionaire executives. For Jeff Bezos and Eric Schmidt, cruising in a luxury yacht may be on the agenda. But for the wealthy and powerful, vacations look a little different. Or there's Tim Cook, Apple's billionaire CEO, who spends his time away from running the iPhone-maker exploring America's national parks. Take a look at how some of the nation's most high-powered billionaire execs spend their vacations.
☆ Sam Bankman-Fried took plenty of blame for FTX's downfall, but denied fraudulent behavior
  + stars: | 2022-12-01 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +6 min
And while I've got you here, it's time to start thinking about gifts with the holidays season in full swing. Do you know what's an informative, funny gift that has a long shelf life and, most important of all, is free? FTX Cryptocurrency exchange CEO Sam Bankman-Fried at a hearing on Capitol Hill on May 12, 2022. But the main attraction at The New York Times DealBook Summit on Wednesday was Sam Bankman-Fried. And frankly conflict of interest risk," SBF said.
☆ Disney's Bob Iger shocker is the latest sign that Wall Street is calling the shots at major companies. Here are 3 other titans that have felt activist pressure this year.
  + stars: | 2022-11-21 | by ( Matthew Fox | ) www.businessinsider.com   time to read: +5 min
Wall Street has increased its pressure on companies to get more efficient amid the ongoing stock market decline. Bob Iger's abrupt return to Disney as CEO this week is the latest example that investors are calling the shots. Corporate titans like Meta's Mark Zuckerberg and Alphabet's Sundar Pichai have not been immune to the pressure from Wall Street. Now, Disney is facing new pressure from Trian Fund Management's Nelson Peltz, according to the Wall Street Journal. These are three other companies that have faced pressure from investors recently as their stock prices suffer.
☆ These are the hard lessons we learned this year — and what we got right
  + stars: | 2022-11-17 | by ( Paulina Likos | ) www.cnbc.com   time to read: +6 min
First, let's look at three tough lessons we learned and how we managed through the turmoil. Second, we'll discuss three investments that were right for this market and challenged macroeconomic backdrop. If inflation doesn't cool enough, the Fed will likely remain hawkish, and if Bullard is right rates could end up much higher. When China last week reduced quarantine time for international travelers, Club holdings Estee Lauder (EL), Wynn Resorts (WYNN) and Starbucks (SBUX) got a boost. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.
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