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☆ Insider Today: Uncle Elon vs. Uncle Sam
▼ + stars: | 2024-11-17 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

He talked to Business Insider about facing the "vacuum of death" in just a spacesuit. On the agenda today:Related VideoBut first: The world's richest man takes on the world's biggest government budget. Walking the DOGEXAOC/Getty, The Washington Post/Getty, t_kimura/Getty, Tyler Le/BIElon Musk made his name and fortune disrupting antiquated industries. AdvertisementBI secured access to an internal Tesla pay database, revealing the company's high-risk, high-reward system. The pay structure is ultimately part of CEO Elon Musk's quest to hire the most "hardcore" employees.

Persons: Jared Isaacman, XAOC, Tyler Le, Elon Musk, he's, Musk, Tesla, Reagan, Clinton, Jordan Strauss, Rebecca Zisser, Elon, Robot, Anna Kim, Getty, Michael Ostuni, —, Fiona Carter, Natalie Ammari, Sylvia Yeh, Goldman Sachs Organizations: Business, SpaceX, The Washington Post, Elon, of Government Efficiency, Twitter, Big Government, Big Tech, Tesla, Forward Press, Goldman, Corporate America

☆ The race in Big Tech to sell customers on AI products is heating up
▼ + stars: | 2024-09-16 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Meanwhile, in today's newsletter, we're looking at how AWS is ramping up its sales team to pitch customers on AI . The big storySell, sell, sellAmazon; Getty Images; Alyssa Powell/BIWhen it comes to the AI revolution, building is only half the battle. AdvertisementAfter drawing scrutiny from investors about their massive investments in generative AI, tech companies are prioritizing getting returns on their big bets. Amazon; OpenAI; Microsoft; Getty Images; Chelsea Jia Feng/BIAWS' pressure to ramp up AI sales isn't just focused on ROI. And while these companies can't afford not to pitch their customers on AI tech, they also risk turning them off to the idea by selling them products that might not live up to expectations.

Persons: —, Donald Trump, Trump, Alyssa Powell, Insider's Eugene Kim, Eugene, Chelsea Jia Feng, it's, Anna Kim, Getty, Tyler Le, Martha Stewart, Al Capone, Morgan Stanley, Dre, Jeff Chiu, Larry Page's, Wayne Osborne, Elon, Grimes, Ryan Mac, Kate Conger unearths, Musk, Department's, We've, Kamala Harris, Biden, Booker, Dan DeFrancesco, Hallam Bullock, Milan Sehmbi, Amanda Yen Organizations: Service, FBI, Business, Amazon Web Services, that's, AWS, Microsoft, Getty, Google, Sunshine, Twitter, Huber & Starke, Hollywood, Teamsters Locations: West Palm Beach , Florida, today's, Florida, hustles, New York, London

☆ OpenAI's wild weekend just upended the world of AI
▼ + stars: | 2023-11-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 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 . OpenAI, the hottest startup in the world thanks to its chatbot ChatGPT, fired Altman on Friday afternoon. AdvertisementBut according to reports over the weekend, OpenAI investors were scrambling to reinstate Altman before today's opening bell. Advertisement"The board no longer has confidence in his ability to continue leading OpenAI," the post went on to say.

Persons: —, Michaels, Sam Altman's, Sam Richard A, Sam Altman, OpenAI, Altman, Greg Brockman, Satya Nadella, It's, Mira Murati, Emmett Shear, Ilya Sutskever, Alistair Barr, Altman wasn't, Alistair, Larry Fink, Fink, Arnd Wiegmann, Warren Buffett, Berkshire Hathaway, Lee Munson, there's, Andy Jassy, Anna Kim, Joe Biden, Harry Truman, Robert F, Kennedy, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Hobby, OpenAI, Microsoft, Altman, BlackRock, Reuters, Berkshire, Wealth, Web, Associated, Turkey, Getty, Wars Locations: OpenAI, BlackRock, Turkey, New York City, San Diego, London, New York

☆ Why Mexican Corn Fungus, or Huitlacoche, Is so Expensive
▼ + stars: | 2023-11-20 | by ( Irene Anna Kim | Sarah Elkasaby | ) www.businessinsider.com time to read: 1 min

Huitlacoche, also known as the "Mexican truffle," is an edible fungus that forms on undeveloped corn ears and sells for as much as $40 a pound. Discovered by the Aztecs, the bulbous fungus has been consumed in Mexico for centuries and has recently become a popular specialty ingredient around the world. However, the US has dedicated significant time and money to keeping its cornfields free of what it calls "corn smut" and "the devil's corn." Huitlacoche forms naturally during the rainy season, but farmers can also inject the fungus into their cornfields to harvest the valuable "black gold." So, why has huitlacoche become so popular, and what exactly makes it so expensive?

Organizations: Aztecs Locations: Mexico

☆ Why West African red palm oil is so expensive
▼ + stars: | 2023-09-25 | by ( Irene Anna Kim | Pj Rickards | ) www.businessinsider.com time to read: 1 min

While palm oil is known for being cheap and controversial, red palm oil is artisanally made and much more expensive. The vibrantly colored oil is made from palm fruits and can cost three times as much as its kernel-oil counterpart. Despite the high cost, the handmade oil is a staple in West African households, used to make local dishes like jollof rice and banga soup. But what makes it different from palm oil? And why exactly is it so expensive?

Locations: West, banga

☆ Why Kamebishi 20-year-aged soy sauce is so expensive
▼ + stars: | 2023-09-21 | by ( Irene Anna Kim | Sarah Elkasaby | ) www.businessinsider.com time to read: +1 min

Kamebishi's 20-year-aged soy sauce is the most expensive soy sauce in the world, sometimes selling for $125 for less than 4 tablespoons. The soy sauce has been made using the same family recipe since 1753 and follows the traditional mushiro koji method, in which each step takes years to complete. For comparison, most popular soy sauces can cost less than a bottle of water, and other aged artisanal soy sauces generally cost around $40. Here's why Kamebishi's 20-year-aged soy sauce is so expensive. Editor's Note: At 0:24, an image of Kamebishi's 5-year-old soy sauce is shown while the voiceover speaks about its 20-year-old soy sauce, and at 2:13, an image of wheat is shown while the voiceover refers to soybeans.

Persons: Kaori Okada

We traveled the globe to uncover the stories behind some of the world's most expensive items, from natural latex mattresses and bespoke dress shoes to handmade calligraphy ink and ancient Tyrian purple dye. Our first stop is New Hampshire in the United States, where a master bladesmith has perfected the art of folding thousands of layers of white-hot steel into a Damascus knife.

Locations: New Hampshire, United States, Damascus

☆ Why New Zealand's golden kiwis are so expensive
▼ + stars: | 2023-08-21 | by ( Irene Anna Kim | ) www.businessinsider.com time to read: 1 min

Golden kiwis are a pricey kiwi variety known for their yellow flesh and sweet taste. Created by Zespri, New Zealand's kiwifruit cooperative, golden kiwis saved the island nation's local kiwi industry after a disease destroyed most of its kiwi orchards back in 2010. Despite costing nearly twice as much as standard green kiwis, golden kiwis have proven more popular — and more profitable. Zespri's SunGold kiwi strain is so valuable that its sprouts have been smuggled overseas and sold in lots for 60,000 New Zealand dollars. And what makes this particular kiwi so expensive?

Persons: Zespri Organizations: Golden kiwis, kiwis, New Locations: Zespri ,

☆ Why Ayam Cemani chickens are so expensive
▼ + stars: | 2023-07-22 | by ( Irene Anna Kim | Sarah Elkasaby | ) www.businessinsider.com time to read: 1 min

Ayam Cemani is a rare breed of chicken that is completely black, including its organs, muscles, and bones. Cemani, pronounced che-MA-ni in Indonesian and seh-MA-ni by many English speakers, comes from Sanskrit and means "jet black." As a result of a condition called fibromelanosis, Cemani chickens have 10 times as much melanin as most chicken breeds. While the price varies, a high-quality Ayam Cemani can sell for over $6,000, and a single egg can fetch as much as $16. But what makes these chickens so special?

Locations: Indonesia

☆ This is the banking crisis that doesn't end
▼ + stars: | 2023-05-03 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

This is the banking crisis that doesn't end. So, about that banking crisis being over. The ink is barely dry on JPMorgan's agreement with regulators and it seems more regional banks are feeling the pain. Customers of regional banks are starting to ask questions about how safe their local lender is, the Financial Times reports. Here's more on how regional banks are still getting slammed despite JPMorgan's Jamie Dimon calling an end to the bank crisis.

☆ Everything you need to know as JPMorgan, Citi, Goldman Sachs, and other big banks report earnings
▼ + stars: | 2023-04-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Bank of America and Goldman Sachs come in on Tuesday, with Morgan Stanley bringing up the rear on Wednesday. For a breakdown on the specific numbers, check out Markets Insider and the fantastic 10 Things Before the Opening Bell newsletter. Big banks poured $30 billion into First Republic in the midst of the banking crisis in an effort to shore up the wider market. And what about those pesky shadow banks? Never one to miss a good opportunity, shadow lenders are looking to step up where big banks are stepping back, Bloomberg reported.

☆ Why Olive Wagyu is so expensive
▼ + stars: | 2023-03-22 | by ( Irene Anna Kim | Pj Rickards | ) www.businessinsider.com time to read: +1 min

At over $500 a pound, olive wagyu is one of the most expensive meats you can buy. There are only 2,500 heads of olive wagyu cattle on the island of Shodoshima. Farmer Masaki Ishii feeds his cattle waste from local olive oil groves. In Shōdoshima, Japan, Masaki Ishii creates olive wagyu by feeding his cattle the waste from local olive groves. So, what makes olive wagyu different from other varieties of wagyu?

☆ 3 things plaguing Olaplex that have nothing to do with the hair loss lawsuit
▼ + stars: | 2023-03-20 | by ( Alex Bitter | ) www.businessinsider.com time to read: +4 min

Olaplex is facing a lawsuit from users claiming the products made their hair fall out. The hair care brand is defending itself against a lawsuit from a growing number of users who claim that the company's bond-building products damaged their hair. Olaplex is investing in sales and marketing campaigns to boost sales — a move that risks disappointing investors focused on the company's profitAs a young brand, Olaplex kept its marketing and sales budgets slim. "However, [Olaplex] is now recognizing the need to invest in marketing and sales to support growth," the TD Cowen analysts said. A full set of Olaplex products costs $240 on the company's website.

☆ A jar of 'ethical' foie gras will cost you over $200. Here's why.
▼ + stars: | 2023-03-17 | by ( Irene Anna Kim | Sarah Elkasaby | ) www.businessinsider.com time to read: +1 min

In Extremadura, Spain, Eduardo Sousa produces "ethical foie gras" from wild geese. Foie gras is typically produced by force-feeding ducks or geese — a controversial process. The reason for the cost and the controversy is that it's produced by force-feeding ducks and geese. But in Extremadura, Spain, fifth-generation farmer Eduardo Sousa is trying something different: natural foie gras. Instead of force-feeding, Eduardo allows his geese to feed naturally on acorns and olives, and his processes have been certified by Spain's National Association of Ethical Food Producers.

☆ You're a sucker if you trust ChatGPT
▼ + stars: | 2023-02-19 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

But first: Adam Rogers, a senior tech correspondent at Insider, breaks down why ChatGPT is for suckers. Well, social scientists don't really know why anyone believes anything, from kooky stuff they read on Twitter to closely held ideals. Faced with those conditions, Gen Z has adapted to a new normal: When in doubt, find a new job. It has rankled some of the academics and advocates whose work helped kick off the psychedelics renaissance in the first place. Insider spoke to more than a dozen industry participants to chart its rise and its role in the psychedelics boom.

☆ Pearl lobsters cost more than 6 times as much as Maine lobsters. Here's why they're so expensive.
▼ + stars: | 2023-01-17 | by ( Irene Anna Kim | Clancy Morgan | ) www.businessinsider.com time to read: +1 min

Tropical rock lobsters, called pearl lobsters by Indonesian locals, can sell for $99 per kilo. Pearl lobsters are difficult to breed and feed in captivity but prized for their sweet taste. Commercially-bred pearl lobsters sell for about $50 per kilogram, while wild-caught pearl lobsters sell for $99 per kilogram. This makes pearl lobsters more than 6 times more expensive than Maine lobsters, which go for $15 a kilogram. So what makes pearl lobsters so special, and why are they so expensive?

On the agenda today:But first: Jordan Parker Erb, the author of Insider's 10 Things in Tech newsletter, is taking us behind the scenes of Elon Musk's feud with Apple. Tim Cook and Elon Musk Justin Sullivan/Getty Images and Philip Pacheco/AFP via Getty ImagesThis week, Elon Musk, the world's richest man and new Twitter owner, declared "war" with the world's biggest tech company: Apple. At the heart of the issue was Apple's 30% App Store fee, our associate editor Jordan Parker Erb writes. Here's what went down:Sign up for 10 Things in Tech to get stories like these right in your inbox. Edited by Jordan Parker Erb, Hallam Bullock, and Lisa Ryan.

☆ Finance influencers who hyped up FTX and BlockFi are facing angry fans
▼ + stars: | 2022-11-30 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

In the case of finance influencers who hyped up FTX and BlockFi to their subscribers, the result is a lot of unhappy, skeptical former fans. As prominent crypto platforms topple, financial influencers face anger and skepticism. On YouTube, financial influencers have built loyal followings by sharing financial advice and actively promoting companies like FTX and BlockFi. As the companies crumble, those influencers are facing skepticism and backlash from fans. Apple's App store has become an imitation of its former self.Apple used to carefully curate its App store, helping developers gain visibility and customers find what they needed, writes Michael Gartenberg.

☆ Why Faulty Streetlights Are Turning Cities Purple — and Why It's Worrisome
▼ + stars: | 2022-11-29 | by ( Adam Rogers | ) www.businessinsider.com time to read: +14 min

LED streetlights are supposed to shine for the better part of a decade. Every city with purple lights that responded to my queries or has public records on the matter bought its LED lights from Acuity. The blue LED, with its narrow wavelength, enabled all sorts of modern tech, from the compact disc to flat-screen monitors. Acuity and the purple cities haven't been entirely transparent on that matter. "The purple streetlights are a result of the phosphor coating delaminating from the LEDs," says Fiona Hughes, a representative for the city of Vancouver.

Over a dozen current and former employees told Insider's Eugene Kim that the division is in crisis — and the mounting losses and massive cuts underscore the swift downfall of Alexa. Go inside Amazon's Alexa unit. Jerod Harris/Getty ImagesWalt Disney stunned Hollywood this week by reinstating Bob Iger as its chief executive, and company insiders told us that his return to the throne came together in a matter of days. Getty ImagesTwitter's remaining employees are now expected to keep its CEO Elon Musk up to date on everything they work on each week. Responding to a tweet citing correspondent Kali Hays' report on the leaked email, Musk said the decision was "not unreasonable."

☆ Wall Street's trust issues with crypto won't be easily repaired in the wake of the FTX blowup
▼ + stars: | 2022-11-23 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Trust in the crypto industry — be it with Wall Street firms, politicians, venture capitalists, or the general public — is destroyed thanks to FTX's downfall. It's a bitter pill to swallow when one considers the hard-fought progress crypto had made on Wall Street in recent years. canvassed more than a dozen Wall Street insiders to get a sense of where traditional firms stand on their crypto plans. Meanwhile, firms hoping to bridge the gap between Wall Street and crypto have been put in an impossible spot, answering for another's sins. Click here to read more on how Wall Street is moving forward with its crypto plans in the wake of FTX.

☆ As Amazon's Alexa unit faces layoffs, insiders describe a department in crisis
▼ + stars: | 2022-11-21 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

Today, we're taking a look inside the rise and fall of Amazon's Alexa unit, and detailing more potential layoffs at Twitter, so we're not off to a great start — but let's keep our fingers crossed. Employees took us inside Amazon's floundering Alexa unit. With Amazon's Alexa — and the devices team at large — the prime target of the biggest layoffs in the company's history, Insider's Eugene Kim spoke with more than a dozen employees to understand the current state of the unit. Employees told Insider a combination of low morale, failed monetization attempts, and lack of engagement across users and developers made them feel as though the team was deadlocked over the last few years. Here's everything employees told us.

☆ Warehouses and employers like Amazon bring new jobs and higher wages for some blue-collar workers, but they can be hard on cities — and on the human body
▼ + stars: | 2022-10-23 | by ( Matt Turner | Jordan Parker Erb | Hallam Bullock | ) www.businessinsider.com time to read: +4 min

Hi, I'm Matt Turner, the editor in chief of business at Insider. On the agenda today:But first: This week, Insider launched an ambitious new package, Warehouse Nation, which investigates how the warehousing boom has shaped the US. Deputy editor Jake Swearingen is here to take us inside the project. Kathy Willens/AP PhotoThe US economy's post-pandemic party is over, so get ready to endure the mother of all hangovers. We outlined the winners and losers in Solomon's latest reorg, and what that might mean for the bank's future performance.

☆ Influencers Are Getting Rich by Hawking Dubious Financial Advice
▼ + stars: | 2022-10-18 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +5 min

On TikTok and YouTube, "passive income" side-hustles have skyrocketed in popularity. On TikTok and YouTube, influencers are getting rich while spreading dubious financial advice for how to make money fast — and failing to give viewers a full picture of the risks involved. Followers can make hundreds — if not thousands — of dollars in passive income by renting out property, day-trading, or dropshipping, influencers say. Instead, creators sell courses that promise to teach people how earn money through passive income — helping them get rich while selling the dream of easy cash. These financial influencers are drawing in a lot of young people: A recent survey found that 34% of Gen Z consumers obtain financial advice from TikTok, while only 24% of this age group seek advice from financial advisors.

☆ A recession is looming, but for JPMorgan's Jamie Dimon all signs point toward business as usual when it comes to hiring and tech spend
▼ + stars: | 2022-10-17 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

But first, how did those bank earnings go? JPMorgan's Jamie Dimon. Before we kick things off, let's give a quick recap on the state of play with bank earnings. And for JPMorgan's Jamie Dimon, the message was largely one of confidence. The plans JPMorgan laid out in May around its tech spend were "pretty much on track," Dimon said.

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