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☆ Bosses are using 'silent lay-offs' and 'quiet firing' to get rid of employees. It could backfire.
▼ + stars: | 2024-06-26 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +6 min

But the latest workplace trends — "silent layoffs" and "quiet firing" — could be the most harmful to date. Silent layoffs occur when a company provides staff with severance packages but asks them to keep quiet about the details of their exit. Amit Rawal, a management lecturer at City University of London's Bayes Business School, told BI that silent layoffs have become "increasingly popular across larger corporations." Related storiesThe goal of silent layoffs is likely to minimize the amount of negative traction the company receives. Advertisement'A PR disaster waiting to happen'Experts told BI that quietly getting rid of employees could easily backfire when employees opt to fight back and speak out.

Persons: —, PwC, Mohamed Kande, Amit Rawal, Eloise Skinner, it's, Skinner, Lucas Botzen, Suzanne Horne, Paul Hasting, Evan Nierman, Banyan, Dan Buckley, Buckley, Nierman, Horne Organizations: Service, Business, Financial Times, PwC Global Network, Europa Press, City University, London's Bayes Business, National Labor Relations, CNN, National Labor Relations Board, Dell, Workers, Amazon, BBC

A DoorDash delivery person is pictured on the day they hold their IPO in the Manhattan borough of New York City, New York, U.S., December 9, 2020. Doordash shares fell 2% to $111.68 after the report, before recovering some of that loss. However this year, those shares were automatically converted into class A shares, Deliveroo's IPO prospectus shows. Online food delivery companies have looked to pivot away from unprofitable markets. New Tab , opens new tabSave Share XFacebookLinkedinEmailLink Purchase Licensing Rights

Persons: Carlo Allegri, Doordash, Deliveroo's, Will Shu, Shu, Deliveroo, Greg Orlowski, Tony Xu, U.S . Doordash, Uber, Amy, Jo Crowley, Abigail Summerville, Anousha Sakoui, Alexander Smith, Nick Zieminski Organizations: REUTERS, Companies, Deliveroo, Chevron, DST Global, Sunday Times, Financial Times, U.S ., Wolt, United Arab, Thomson Locations: Manhattan, New York City , New York, U.S, Chevron San Francisco, London, Taiwan, Deliveroo, France, United Arab Emirates, Hong Kong

☆ An American mom raising teens in Paris said French parents don't check or track their kids' phones — and give them privacy for sex
▼ + stars: | 2024-06-25 | by ( Jane Ridley | ) www.businessinsider.com time to read: +5 min

The book's title in the UK was "French Children Don't Throw Food," summing up her observation that they were better behaved because of the less angsty approach. She said it was unusual for French parents to track their adolescents' location using the GPS on their phones. In contrast, French parents spent almost an hour less "together time" with their kids in 2020 than they did 55 years earlier. The mom added that French parents ensure that they are not defined as such. If you'd like to share it with Business Insider, please send details to jridley@businessinsider.com.

Persons: —, Pamela Druckerman, Druckerman, Dimitry Kostyukov, I've, aren't, Timothy A, Clary Organizations: Service, Business, American, Financial Times Locations: Paris, Miami, America, France, Spain, Canada

☆ Linda Yaccarino fired her right-hand man at X and replaced him with a senior staffer from the pre-Elon era: report
▼ + stars: | 2024-06-24 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +1 min

Joe Benarroch was the head of business operations and communications at X. He was fired in June in part for botching the rollout of X's new NSFW policy, sources told FT.Nick Pickles, who was a senior Twitter employee, is taking over Benarroch's role, per the FT report. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementX CEO Linda Yaccarino fired her right-hand man, Joe Benarroch, and replaced him with a longtime senior Twitter employee, sources told The Financial Times. Benarroch led comms at the social media company for about a year as the head of global business operations as Twitter transitioned to X after Elon Musk's takeover.

Persons: Joe Benarroch, Nick Pickles, —, Linda Yaccarino, Benarroch, Elon, Yaccarino Organizations: Service, Financial Times, Twitter, Wall Street, Business

The $3 trillion company is the first to be charged under the Digital Markets Act, a landmark 2022 E.U. Here are the E.U.’s accusations against Apple:The App Store violates so-called steering rules. Regulators say that app developers cannot easily inform their customers about new offerings, including cheaper deals, within Apple’s ecosystem. The fees Apple charges are excessive. products and services in Europe because of “regulatory uncertainties.”And the company already faces a $2 billion E.U.

Persons: Apple Organizations: Apple, European Union, Digital Markets, Google, Financial Times, Microsoft Locations: Apple’s, Europe

☆ Efficiency helped turn Silicon Valley around. China is taking it to the extreme to do the same.
▼ + stars: | 2024-06-24 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Now, China's tech bosses seem ready to do the same. AdvertisementChina is pushing tech workers even harderChinese tech companies seem willing to take Silicon Valley's efficiency mantra even further. Big names on China's tech scene, like JD.com and Jack Ma's Alibaba, have faced a threat from fast-growing newcomers like Pinduoduo, the sister company of online marketplace Temu. AdvertisementQu left Baidu after her comments were made public, but the ferocity of what China's tech workers are hearing isn't abating.

Persons: —, Mark Zuckerberg, Andy Jassy, Meta's Mark Zuckerberg, Richard Liu, Liu, Jack Ma's Alibaba, Pinduoduo, Jack Ma, Wang, Ma's Alibaba, aren't, Qu Jing, Qu, Baidu, isn't Organizations: Service, Business, Financial Times, Bloomberg, China Labor Watch, Baidu Locations: China, Beijing

☆ Jensen Huang's Nvidia sure hopes the AI bubble doesn't burst anytime soon
▼ + stars: | 2024-06-22 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +5 min

AdvertisementHowever, Nvidia's run faces one big risk: it depends on the generative AI boom lasting. Though tech giants, including Apple, Google, Meta, and Microsoft, now appear to have made generative AI their priority, there appears to be awareness of the technology's weaknesses. Google, for instance, was forced to apologize earlier this year after its generative AI image generator created historically incorrect images in response to user requests. For now, though, the industry seems intent on moving ahead with LLM-enabled generative AI. That should keep Nvidia in the race with Microsoft and Apple to a $4 trillion valuation.

Persons: —, Jensen Huang, they've, Dan Ives, Huang, Tim Cook, Yann LeCun Organizations: Service, Nvidia, Microsoft, Apple, Business, Meta, Google, Blackwell, Apple Intelligence, Financial Locations: Taipei

☆ Pennsylvania Sen. Casey warns Amazon, Target and Walmart over 'greedflation' pricing
▼ + stars: | 2024-06-21 | by ( Rob Wile | ) www.cnbc.com time to read: +4 min

Meanwhile, an average Pennsylvania family has paid almost $7,000 more "toward greedflation," Casey says. "Americans deserve to pay fair prices, and corporations must be held accountable for taking advantage of working families," he writes. NBC News has reached out to Amazon, Target and Walmart for comment. "Price increases that consumers have been confronted with have not been inflationary increases but, instead, greedflation-related increases," he writes. Amazon, Target and Walmart have each recently announced moves to lower prices for certain goods or release new value-based products.

Persons: Pennsylvania Sen, Bob Casey, Casey, Walmart's, Someone's, they're, Olivier Blanchard, Blanchard, Price, —, they've Organizations: Target, Walmart, NBC News, Amazon, NBC, Financial Times, Massachusetts Institute of Technology Locations: Pennsylvania, United States

☆ Jeff Bezos is under fire at the Washington Post as patience wears thin among staffers
▼ + stars: | 2024-06-21 | by ( Oliver Darcy | ) edition.cnn.com time to read: +5 min

New York CNN —When will Jeff Bezos actually address the upheaval roiling his newsroom? “Will Lewis needs to step down for the good of The Post and the public,” wrote Higham on Facebook. But surely the billionaire understands the dire situation gripping The Post. Staffers at The Post are very much waiting for Bezos to take some meaningful form of action. In the absence of Bezos, the stories raising questions about Lewis’ ethical integrity keep coming.

Persons: Jeff Bezos, Will Lewis, Bezos, Lewis, Robert Winnett, David Maraniss, doesn’t, Scott Higham, Lewis ’, “ Will Lewis, ”, Higham, it’s, He’s, Boris Johnson, Johnson Organizations: New York CNN, Washington Post, The, Facebook, CNN, Financial Times, New York Times Locations: New York, Higham

☆ China's ax-wielding clash at sea with the Philippines is a way to 'exhaust' it into accepting territory claims, expert says
▼ + stars: | 2024-06-21 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +6 min

The incident on Monday is the latest "gray-zone" skirmish in the South China Sea, where China has increasingly used nonlethal but highly provocative measures to harass other countries there. China has claimed sovereignty over the South China Sea for decades, a claim that was roundly rejected in the Hague in 2016. On Saturday, it enacted a law allowing its Coast Guard to seize foreign ships suspected of trespassing, CNN reported. It comes after several other aggressive acts from Beijing in the South China Sea in recent months, involving lasers, water cannons, maritime militias, and even the alleged poisoning of fishing waters. A screen grab from a video provided by the Philippine Coast Guard showing Chinese vessels shooting water cannons at a ship in the South China Sea, on April 30, 2024.

Persons: —, Sari Arho Havrén, Collin Koh, Havrén, Xi Jinping, Biden, Joe Biden, Xi, Xi's Organizations: Service, Business, Coast Guard, CNN, Royal United Services Institute, AFP, —, Forces, Armed Forces, China Coast Guard, South China, Chinese Coast Guard, Philippine Coast Guard, Rajaratnam, of International Studies, Getty, Financial Times Locations: South China, China, South, Hague, Philippines, AFP, Palawan, Philippines China, Beijing, Singapore, Japan, Taiwan, Gaza, Ukraine

☆ The US plans to halt some orders for Patriot missiles and give them to Ukraine instead: report
▼ + stars: | 2024-06-20 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +1 min

The US plans to stop open orders for Patriot interceptor missiles, the Financial Times reported. It aims to send them to Ukraine instead, leaving other countries to wait, per the FT.Ukraine has repeatedly asked for more Patriot systems, but has only received a handful from its allies. 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 . AdvertisementThe US plans to halt open orders for the delivery of Patriot interceptor missiles and send them to Ukraine instead, the Financial Times reported, citing people with knowledge of the discussions.

Persons: —, Joe Biden Organizations: Financial Times, Service, Business Locations: Ukraine

☆ Russian arms manufacturers are 'scrambling to expand their production capabilities using whatever they can get,' expert says
▼ + stars: | 2024-06-19 | by ( Rachel Hosie | ) 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. Read previewRussia is rushing to expand its arms production by buying secondhand machine tools from China through covert networks to get around Western sanctions. A report from Washington-based nonprofit think-tank The Center for Advanced Defense Studies, or C4ADS, said that Russia's arms manufacturers were "scrambling to expand their production capabilities using whatever they can get." And Russian defense industry analyst and lead researcher Allen Maggard told the Financial Times that the decades-old machine tools Russia is importing are still effective. AdvertisementGlenn Gray, the president of Gray Machinery, told the FT he'd never heard of the company.

Persons: —, Allen Maggard, Andrey Mironov, Glenn Gray, Tsugami, hasn't, C4ADS, UMIC —, ELE Organizations: Service, Advanced Defense, Business, Financial Times, Kremlin, AMG, ELE Technology, Gray Machinery Locations: Russia, China, Washington, Ukraine, UAE, Russian

☆ The Fed could tip the US into recession if it waits too long to cut rates, Mohamed El-Erian says
▼ + stars: | 2024-06-18 | by ( Filip De Mott | ) www.businessinsider.com time to read: +1 min

The Fed should not keep waiting to cut rates, Mohamed El-Erian wrote in the Financial Times. He said such a delay could eventually prompt an aggressive cutting cycle, increasing recession risk. El-Erian compares it to when the Fed insisted on not raising rates in 2021, but then had to sharply tighten. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe Federal Reserve's holdup in cutting interest rates may be putting the US economy in jeopardy, Mohamed El-Erian wrote in an op-ed for the Financial Times.

Persons: Mohamed El, Erian, — Organizations: Financial Times, Service, Fed, Business

☆ China could soon have to choose between fueling the Ukraine war and its access to Europe's economy
▼ + stars: | 2024-06-18 | by ( Tom Porter | ) www.businessinsider.com time to read: +4 min

Read previewNATO Secretary General Jens Stoltenberg this week warned China it faces a stark choice if it continues backing Russia's Ukraine invasion. "But the reality is that China's fueling the largest armed conflict in Europe since World War II. In response, China has said it is not a party to the Ukraine war and that there should be no interference with trade between China and Russia. AdvertisementChina-Europe tensions increaseIt's not just China's support for Russia that appears to be focusing European minds on the potential threat it poses. Both have taken a critical stance towards Ukraine and appear keen to do more business with China, in defiance of EU policy.

Persons: —, Jens Stoltenberg, Xi, Stoltenberg, Emanuel Macron Organizations: Service, Publicly, Business, West, European Commission, US, European Union, Financial Locations: China, Ukraine, Europe, Beijing, Russia, Germany, Hungary, Serbia

☆ Xi's claim that the US is trying to trick China into invading Taiwan is meant to divide the US and its allies: experts
▼ + stars: | 2024-06-18 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +4 min

Read previewXi Jinping's claim that the US is trying to trick China into invading Taiwan is aimed at driving a wedge between the US and its European allies, experts told Business Insider. But in addressing the issue with the EU leader, Xi was trying to counter the US narrative and undermine transatlantic relations, Scobell said. "Also, China knows that the EU is generally ambivalent about backing the United States in a war with China over Taiwan," he added. However, over the last few years, the mood in Washington, DC, has shifted toward greater hawkishness, Graeme Thompson, an analyst with the Eurasia Group, told Business Insider in November. Under its One China policy, the EU recognizes the People's Republic of China as the sole legal government of China.

Persons: —, Ursula von der Leyen, Xi, Andrew Scobell, Scobell, Craig Singleton, Singleton, Timothy Heath, von der Leyen, Graeme Thompson, Mike Pompeo, John Bolton Organizations: Service, European, Financial Times, Business, US Institute of Peace, BI, EU, Foundation, Defense of Democracies, Taiwan, RAND, Eurasia Group, Royal Services Institute Locations: China, Taiwan, Beijing, Ukraine, United States, Washington ,, People's Republic of China, EU, Taiwan Strait

☆ Shein's CEO is so low-profile his employees don't even recognize him: report
▼ + stars: | 2024-06-18 | by ( Meghan Morris | ) www.businessinsider.com time to read: +4 min

Read previewFast-fashion giant Shein is gearing up for its widely-anticipated debut as a public company. But one key figure has stayed out of the spotlight: CEO Xu Yangtian, also known as Sky Xu. Even Xu's own employees don't recognize him in the office, the South China Morning Post reported on Monday. As a public company CEO, he'll be expected to participate in regular updates — UK companies are not required to have quarterly earnings calls, but most do — and interact with investors. Loyalty to China under scrutinySo far, Shein's public face has been executive chairman Donald Tang.

Persons: —, Xu Yangtian, Xu, Chris Xu, Shein, Frances Townsend, Townsend, he'll, Jack Ma, Donald Tang, Bear Stearns, Tang Organizations: Service, TikTok, Business, China Morning Post, Wall, Bloomberg, Shein's, Street, Shein, Milken, Pacific, Financial Locations: Guangzhou, London, China, Shanghai, Beijing

☆ China's Xi accused the US of trying to trick him into invading Taiwan, but said he won't take the bait, report says
▼ + stars: | 2024-06-17 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +1 min

Xi Jinping accused the US of trying to trick China into invading Taiwan, the Financial Times said. 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 . AdvertisementChina's leader, Xi Jinping, accused the US of trying to trick China into invading Taiwan but said his country wouldn't take the bait, the Financial Times reported, citing people familiar with the matter. The FT said Xi made the accusation in April last year during a meeting with European Commission President Ursula von der Leyen.

Persons: Xi Jinping, Ursula von der Leyen, —, Xi Organizations: Financial Times, Service, FT, European, Business Locations: China, Taiwan

☆ China's Xi accused the US of trying to trick him into invading Taiwan, but said he won't take the bait: report
▼ + stars: | 2024-06-17 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +1 min

Xi Jinping accused the US of trying to trick China into invading Taiwan, per the Financial Times. 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 . AdvertisementChinese leader Xi Jinping has accused the US of trying to trick China into invading Taiwan, but he said it won't take the bait, the Financial Times reported, citing people familiar with the matter. According to the FT, Xi made the accusation during a meeting with European Commission President Ursula von der Leyen in April last year.

Persons: Xi Jinping, Ursula von der Leyen, —, Xi Organizations: Financial Times, Service, European, Business Locations: China, Taiwan

☆ Adidas investigates bribery allegations in China, FT says
▼ + stars: | 2024-06-16 | by ( ) www.cnbc.com time to read: +1 min

Adidas has launched an investigation into allegations of large-scale bribery in China after the company received a whistleblower complaint that accused senior staff of embezzling "millions of euros", the Financial Times reported on Sunday. Adidas confirmed that it had received an anonymous letter on June 7 indicating potential compliance violations in China. The German sportswear company said it was investigating this matter together with external legal counsel. According to the FT, the letter alleges that Adidas staff received kickbacks from external service providers who were commissioned by the company that include "millions in cash from suppliers, and physical items such as real estate". China sales of the German sportswear giant grew by 8% in the first-quarter, the company reported earlier.

Organizations: Adidas, Financial Times Locations: China, Adidas China, German

☆ 'We're not backing down:' How the West plans to use Russia's frozen funds, and why some say it's still not enough to help Ukraine
▼ + stars: | 2024-06-16 | by ( Filip De Mott | ) www.businessinsider.com time to read: +5 min

The Group of Seven has agreed in principal to provide Ukraine with a $50 billion loan. Profits from Russian frozen funds are to be used as collateral to back the loan. AdvertisementThe Group of Seven has finally moved the dial on a contentious idea to provide funding to Ukraine by using Russian funds. AdvertisementRoughly $322 billion in funds were frozen after Moscow invaded Ukraine and have sat untouched for over two years. That could mean Moscow taps Western funds in the country and punishes any Western companies that have remained in Russia.

Persons: —, Putin, we're, Joe Biden, Biden, Michael Froman, Donald Trump, Vladimir Putin, Charles Lichfield, Chatham House's Timothy Ash Organizations: Seven, Service, Kyiv, European Commission, of Foreign, CNBC, Moscow, The, CEPA, Financial Times Locations: Ukraine, headbutting, Moscow, Europe, Kyiv, Russia, France, Germany

☆ Russia shuts down dollar and euro trading after sweeping US sanctions take aim at Moscow's financial lifelines
▼ + stars: | 2024-06-13 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Russia's Moscow Exchange halted dollar and euro trading on Thursday. AdvertisementRussia's central exchange has barred dollar and euro trading, spelling an end to a market that's been open since the Cold War. Trades were halted Thursday on the Moscow Exchange after it became one of many targets of an expansive new US sanctions package. The latest sanctions are part of a US effort to sever Russia from foreign financial support, taking aim at virtually any global lender that transacts with Moscow. Last month, the yuan made up over half of foreign currency trades in Russia, the FT reported.

Persons: That's, —, Moex Organizations: Russia's, Russia's Moscow Exchange, US, Service, Clearing Center, Settlement Depository, Financial Times, Bloomberg Locations: Russia's Moscow, Moscow, Russia, Ukraine, Russian, Beijing

☆ The US expands sanctions against Russia-friendly institutions as Treasury chief Janet Yellen says the Kremlin is 'desperate' for outside help
▼ + stars: | 2024-06-12 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Read previewForeign financial institutions engaged in Russia's wartime economy are now at greater risk of secondary sanctions, as the Treasury Department's ability to blacklist institutions just got a boost. The update, announced Wednesday, also unveiled fresh sanctions against 300 individuals and entities accused of fueling Moscow's war in Ukraine and helping it circumvent sanctions. "Russia's war economy is deeply isolated from the international financial system, leaving the Kremlin's military desperate for access to the outside world," said Treasury Secretary Janet Yellen said, quoted in the report. The new announcement comes as Russia's wartime activity has kept its economy afloat while its partnership with China has only grown. AdvertisementA handful of stock exchanges in Moscow are also restricted, meant to prevent investors from profiting from Russia's war through defense firms and other corporations.

Persons: —, Janet Yellen, that's Organizations: Service, Treasury, Business, United Arab, Financial Times, West Locations: Ukraine, Turkey, United Arab Emirates, Austria, Russia, China, Russian, Moscow

☆ Trump and Biden campaigns go head-to-head with rival fundraisers in London
▼ + stars: | 2024-06-12 | by ( Karen Gilchrist | ) www.cnbc.com time to read: +2 min

Donald Trump pictured with right-wing British politician Nigel Farage during a campaign rally at the Mississippi Coliseum on Aug. 24, 2016. LONDON — Supporters of U.S. presidential candidates Donald Trump and Joe Biden will put their money where their mouths are at two rival fundraising events in London on Wednesday. "It seems to be the worst kept secret in London," Greg Swenson, spokesperson for Republicans Overseas UK, a campaign group for Trump's party, told CNBC over the phone. In the days after a Manhattan jury convicted the former president of 34 felony counts last month, the Trump campaign said it raised $141 million in donations. The pair have been visibly associated with Trump and Farage since at least April 2022, when Farage tweeted a picture of the group after a meal at Mar-a-Lago.

Persons: Donald Trump, Nigel Farage, Joe Biden, Donald Trump Jr, Kimberly Guilfoyle, Holly Valance, Nick Candy, Greg Swenson, Swenson, Trump, Farage, Matthew Elliott, Valance —, — Organizations: Mississippi Coliseum, LONDON, U.S, Fox News, Republican, Republicans Overseas UK, CNBC, Trump, Reform, Financial Times, Guardian, Reform UK Locations: British, London, Australian, Chelsea, Knightsbridge, U.S

☆ With signs of an M&A comeback, Goldman Sachs' bankers are raring to win. Do they still have what it takes following a raft of partner exits?
▼ + stars: | 2024-06-12 | by ( Reed Alexander | ) www.businessinsider.com time to read: +13 min

AdvertisementDavid Solomon Goldman SachsPressure-cooker cultureWith signs suggesting mergers and acquisitions could soon return — including the megadeals Goldman specializes in — the firm's dealmakers are itching to end 2024 on a high note. In M&A, Goldman has fallen to No. AdvertisementMark Sorrell Goldman SachsGoldman is also seeking to become more interconnected across its business lines via the One Goldman Sachs program. "They figure that if they're talking to one person at Goldman Sachs, they're talking to everybody." The result, bankers said, is an M&A machine built to withstand threats like star dealmakers leaving for more-nimble rivals.

Persons: —, Goldman Sachs, Bill Quinn, Goldman, Jacki Zehner, Rishi Bali, Hank Paulson, John Thornton, John Thain, David Solomon, Solomon, Dan Dees, What's, David Solomon Goldman Sachs, Gene Sykes, Alison, It's, LSEG, dealmaking, Goldman dealmakers, Momo Takahashi, We've, Mark Sorrell, Mark Sorrell Goldman Sachs Goldman, Sykes, they're, Sorrell, Dees, it's, Dan Dees Goldman Sachs, we're, John Waldron, Kim Posnett, that's, Timothy Ingrassia, Ingrassia, Stephan Feldgoise, I'm, Reed Alexander Organizations: Service, Business, Goldman, JPMorgan, playbook Bank, Wall Street, Competition, & $ Locations: Silicon Valley, London, New York City, Latin America

☆ Microsoft-backed Mistral AI raises $645 million at a $6 billion valuation
▼ + stars: | 2024-06-12 | by ( Arjun Kharpal | ) www.cnbc.com time to read: +2 min

French founder of artificial intelligence startup Mistral AI, Arthur Mensch, attends the Viva Technology show at Parc des Expositions Porte de Versailles in Paris, France, on May 22, 2024. Mistral AI did not give much detail about the round, but the Financial Times reported that venture capital firm General Catalyst led the round that also included existing investors. Mistral AI, a French tech startup, raised a funding round of 600 million euros, or $645 million, as huge amounts of money continues to pour into the artificial intelligence race. Mistral AI is building so-called large language models, which underpin applications such as chatbots popularized by ChatGPT. In February, Microsoft announced an investment in Mistral AI.

Persons: Arthur Mensch, Porte de Versailles, Catalyst, ChatGPT, Mensch Organizations: Viva Technology, Parc, Mistral, Financial Times, CNBC, Nvidia, Microsoft, Google Locations: Paris, France, European, U.S

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