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☆ Sam Altman says doing psychedelics during a weekend retreat in Mexico changed his life
▼ + stars: | 2024-09-24 | by ( Ana Altchek | ) 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 previewSam Altman, the tech CEO behind ChatGPT, is also a big supporter of psychedelics. OpenAI cofounder shared some personal anecdotes in a recent appearance on the podcast "Life in Seven Songs," saying that doing psychedelics was one of the most transformative experiences of his life. Altman said psychedelic experiences can be "totally incredible," and for him, they've been life-altering. AdvertisementThe CEO didn't specify which psychedelics he used, but he said the experience changed him in a lot of ways.

Persons: —, Sam Altman, Altman, they've, Colab, Elon Musk, Steve Jobs, Peter Thiel, psychedelics, Oregan Organizations: Service, Business, PayPal, YouGov Locations: Mexico, Denver , Colorado, Oakland , California

Thiel went on to cofound Founders Fund, a venture capital firm that has helped launch companies like SpaceX and Airbnb. Thiel's also a partner of Founders Fund, a venture capital fund based in San Francisco. After facilitating talks between Trump and now Sen. JD Vance, Thiel gave a record-breaking $15 million to Vance's campaign, the largest donation ever given to a single senate candidate. Thiel later told The Atlantic he was taking a break from politics. While his and Trump's relationship has reportedly soured, Trump's recent announcement of Vance as his vice president pick has put Thiel back to playing kingmaker.

Persons: Thiel, Chip Somodevilla, Thiel's, Donald Trump, Hulk, Sen, JD Vance, Vance, kingmaker Organizations: cofound, Fund, SpaceX, Airbnb, Getty, Thiel, Bloomberg, Facebook, LinkedIn, Founders Fund, Gawker Media, Gawker, Trump, Business Locations: San Francisco

AdvertisementThe Thiel effectFor Vance, Thiel's influence first left its mark when he was still a student. Thiel also got a shoutout on the acknowledgments page of Vance's 2016 book, "Hillbilly Elegy." The former PayPal CEO has given $15 million to Vance's campaign, Politico reported — the largest donation ever given to one Senate candidate. AdvertisementOne of Trump's biggest donors in the 2016 presidential campaign, Thiel has re-emerged as a key player in the MAGA movement after largely sitting out the 2020 election. Thiel also appears to have pulled some of his Silicon Valley strings to advance Vance's campaign.

Persons: —, JD Vance, Peter Thiel, Vance, Donald Trump, Thiel, Palantir, Elon Musk, Thiel's, meaninglessness, Tolkien, Steve Case, Trumper, Win McNamee, MAGA, Trump, David Sacks, Musk, Sacks, Tucker Carlson, Nordin Catic, Mark Zuckerberg Organizations: Service, Republican National Convention, Republican, White, Business, PayPal, Trump, Bloomberg, Yale, Yale Law School, Thiel's, Mithril, Narya, Politico, Republican Party, Fox News, Cambridge University Union, Facebook, Palantir Technologies, Spotify Locations: Milwaukee, Ohio, Mithril, Mar, Cambridge, England, Airbnb

David Sacks, a prominent venture capitalist and part of the "PayPal mafia," is holding the fundraiser at his Pacific Heights residence. Tickets sold for $50,000 a head, with a $300,000 tier that includes perks like a photo with Trump. The fundraiser in the heart of the tech capital represents a growing shift in sentiment toward Trump, especially in what's been historically a liberal stronghold. "I know there's going to be a lot of people who support Trump, but they don't want to admit it," Sacks said on the podcast last week. That's not to say Trump has lacked support from big money techies in the past.

Persons: Donald Trump, Stormy Daniels, David Sacks, Trump, Palihapitiya, Sacks, Hillary Clinton, he's, Peter Thiel Organizations: Republican, PayPal, Trump, Social Capital, Biden, Republican National Convention Locations: New York City, U.S, San Francisco, New York, what's

☆ Crypto.com's Exchange, Sponsorships, and Commercials, Explained
▼ + stars: | 2024-05-28 | by ( Emily Stewart | ) www.businessinsider.com time to read: +12 min

(That's not a knock on the company — for a lot of crypto exchanges, the Empire State is a tough nut to crack.) Crypto.com's primary business is its cryptocurrency exchange, which works as a middleman for people buying and selling crypto, but it also offers other products, including crypto Visa cards. To be sure, the casino thing could be said about most crypto exchanges — and sports-betting apps, and many regular trading apps. It's a good reminder that, whatever the company, it's better to use exchanges only for trading your crypto assets, not for storing them. Or maybe in five years we'll be looking back at this moment and saying: "Remember that one crypto company?

Persons: Eminem, Sam Bankman, Crypto.com doesn't, Jojo Siwa, it's, He'd, Nic Carter, Crypto.com, Kris Marszalek, Foris DAX Asia, It's, Matt Damon, Steven Kalifowitz, Bill Clinton, Tony Blair, FTX, hasn't, Marszalek, wasn't, Alex Gladstein, Emily Stewart Organizations: NBA, Los Angeles Lakers, It's, UFC, NASCAR, Lakers, Castle, Ventures, Staples Center, Miami Heat's, Binance's, Forbes, Financial Times, Securities and Exchange Commission, Bloomberg, PayPal, JPMorgan doesn't, Human Rights Foundation, Business Locations: New York, America, Singapore, Nigeria, Bulgaria, Monaco, Hong Kong, Polish, Los Angeles, Bahamas, Netherlands, Asia, Americas

☆ Elon Musk is a homeowner again, despite his claims of couch surfing
▼ + stars: | 2024-05-08 | by ( Grace Kay | Jack Newsham | ) www.businessinsider.com time to read: +7 min

As recently as April 2022, the billionaire Tesla founder claimed in an interview that he was couch surfing and didn't "even own a place right now." In redacted court filings from December, Musk said he purchased the home in February 2022 and that he still lives there. In 2023, the Austin property was appraised at nearly $7 million, county tax records show. Less than a year later, in April 2022, Musk said again that he didn't own a home and rotated between friends' spare rooms. Eight weeks later, the LLC that purchased the Austin house was formed.

Persons: —, Elon, Tesla, Grimes, Musk, Stefan Cassella, I'd, he'd, they'd, I'm, Austin, Ken Howery, Walter Isaacson, Tesla's Austin Gigafactory Organizations: Service, Business, Texas, State, Department of Justice, SpaceX, Street Journal, PayPal, Austin, Montessori Locations: Austin, Texas, California, San Francisco, Colorado, Bastrop , Texas, Tesla's

☆ Andreessen Horowitz investor says half of Google's white-collar staff probably do 'no real work'
▼ + stars: | 2024-05-06 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +5 min

A general partner at Andreessen Horowitz is the latest to join the debate around "fake work" in Big Tech. David Ulevitch said "half the white-collar staff at Google probably does no real work." AdvertisementAn investor at famed Silicon Valley firm Andreessen Horowitz is the latest VC to get involved in the debate around "fake work" in the tech industry. Advertisement"I don't think it's crazy to believe that half the white-collar staff at Google probably does no real work," he said. Other VCs have also entered the debate around "fake work" and overstaffing within Big Tech in recent years.

Persons: Andreessen Horowitz, David Ulevitch, —, Emily Sundberg, Ulevitch, Marc Andreessen, Keith Rabois, Thomas Siebel, they've, overhiring Organizations: Google, Meta, Service, Cisco, Big Tech, Tech, PayPal Mafia, Facebook Locations: Big Tech, Silicon, America

☆ Palantir CEO says its unconventional boot camps are drawing crowds and driving sales: 'It's like a rock concert'
▼ + stars: | 2024-04-23 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +2 min

It's been putting on boot camps to attract customers, per Bloomberg. CEO Alex Karp has likened them to "a rock concert;" they've included perks like racetrack drives. The data mining company, cofounded by PayPal Mafia member Peter Thiel, has been holding software boot camps to recruit new customers, Bloomberg reported Tuesday. The company put on over 500 boot camps last year and expects to average five camps a day globally this year, according to Bloomberg. It's like, yeah, yeah, if you know somebody, we can get you backstage."

Persons: Palantir, It's, Alex Karp, —, Peter Thiel, Morningstar, Malik Ahmed Khan, Rishi Jaluria Organizations: Bloomberg, Service, PayPal Mafia, AIP, RBC Capital Markets Locations: Pontiac , Michigan

☆ Why the tech downturn could be a boon for startups
▼ + stars: | 2024-02-16 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWhy the tech downturn could be a boon for startups"It's the jockey, not the horse," when it comes to venture investing according to Thiel Capital's Jack Selby. How the so-called "PayPal Mafia" member decides the entrepreneurs he'll back and what he's learned from the likes of Elon Musk.

Persons: Thiel, Jack Selby, he's, Elon Musk Organizations: PayPal

☆ Elon Musk says the US should stop sending aid to Ukraine as there's 'no way in hell' Putin will lose
▼ + stars: | 2024-02-14 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Musk said Putin risked being "assassinated" if he were to back off the fight in Ukraine. The world's richest person told US Republican senators during an X Spaces "there is no way in hell" Vladimir Putin was going to lose the war with Ukraine. Musk said Putin risked being "assassinated" if he were to back off the fight in Ukraine. Musk provided access to the SpaceX satellites to allow civilians retain internet access amid Russia's attacks on Ukrainian infrastructure. In October, Musk tweeted his idea for restoring peace in Ukraine , which parroted Kremlin talking points and suggested Ukraine cede territory to Russia.

Persons: Elon Musk, Musk, Putin, —, Vladimir Putin, Sen, Ron Johnson, JD Vance, Mike Lee, Vivek Ramaswamy, wasn't, Reid Hoffman Organizations: Republican, Service, Bloomberg, SpaceX, Kremlin, RIA, Paypal, Representatives, Business Locations: Russia, Ukraine, Elon

☆ Inflection AI's Mustafa Suleyman tells OpenAI staff 'come run with us' after 'utterly insane' weekend
▼ + stars: | 2023-11-21 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

Mustafa Suleyman told OpenAI staff "come run with us" after a "utterly insane" weekend. The Inflection AI cofounder and CEO used an X post to promote his own firm and its progress. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe cofounder of Inflection AI weighed in on the "utterly insane" weekend experienced by its rival OpenAI and told workers to "come run with us." It's now the 2nd best LLM in the world ... & we're scaling MUCH further," Suleyman said in an X post .

Persons: Mustafa Suleyman, OpenAI, —, who's, It's, Suleyman, — Mustafa Suleyman, @mustafasuleyman, OpenAI's ChatGPT, Sam Altman, reinstates Altman, Kelsey Laymon, Marc Benioff, Eric Schmidt, Bill Gates, Reid Hoffman, DeepMind Organizations: Service, Microsoft, Nvidia, Forbes, TechCrunch, Paypal, Google, Business

☆ Members of the 'PayPal Mafia' include tech titans like Elon Musk, Peter Thiel, and Reid Hoffman. Here's where they are now.
▼ + stars: | 2023-11-12 | by ( Tami Brehse | Kylie Kirschner | ) www.businessinsider.com time to read: +1 min

A group of early 2000s PayPal employees and founders came to be known as the "PayPal Mafia." The group includes Elon Musk, Peter Thiel, Reid Hoffman, and the founders of both YouTube and Yelp. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Members of the group include Elon Musk, Peter Thiel, and Reid Hoffman, along with over a dozen others. Here's a rundown of the most prominent members of this exclusive group and what they're up to over two decades later.

Persons: Elon Musk, Peter Thiel, Reid Hoffman, —, Fortune Organizations: PayPal, Elon, YouTube, Service, LinkedIn, PayPal Mafia

☆ Reid Hoffman reportedly compared Elon Musk's behavior during a merger to someone hiding a sexually transmitted disease from their spouse
▼ + stars: | 2023-08-21 | by ( Kylie Kirschner | ) www.businessinsider.com time to read: +2 min

Former PayPal COO Reid Hoffman criticized Elon Musk's behavior during the early days of PayPal. Hoffman told The New Yorker that Musk behaved like someone hiding an STD from their spouse. Hoffman and Musk were both part of the "PayPal Mafia" — early PayPal employees who became big names in tech. In a new interview, former PayPal COO Reid Hoffman criticized Elon Musk's behavior during a merger years ago. Hoffman compared the merger to a marriage and said that Musk's behavior at the time was like someone hiding a sexually transmitted disease from their spouse.

Persons: Reid Hoffman, Elon, Hoffman, Musk, Peter Thiel, we're, Thiel, X Organizations: PayPal, Yorker, New, SpaceX, Twitter

☆ Elon Musk seemed to have 'bought what Putin was selling, hook, line, and sinker,' fellow PayPal mafia member says
▼ + stars: | 2023-08-21 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +4 min

He said Musk "bought what Putin was selling, hook, line, and sinker" regarding the war in Ukraine. Hoffman told The New Yorker Musk "bought what Putin was selling, hook, line, and sinker," regarding Russian President Vladimir Putin's account of the war in Ukraine. Putin wants peace—we should be negotiating peace with Putin,'" Hoffman told The New Yorker, referencing Musk's comments at a September 2022 conference in Aspen. Obviously, we are pro Ukraine," Musk tweeted hours after his poll. "Elon tends to have a 'I must build it with my own hands'" approach, Hoffman told CNBC in April.

Persons: Reid Hoffman, Elon Musk, Putin, Musk, Hoffman, Vladimir Putin's, he'd, Vladimir, Steven Butow, Starlink, we'll, Colin Kahl, Elon —, —, Elon Organizations: Paypal Mafia, New, PayPal, Kremlin, SpaceX, Politico, Pentagon, CNN, Defense, Policy, New Yorker, Milken, CNBC, Tesla Locations: Ukraine, Aspen ., Russia, Crimea, Ukrainian, New

☆ PayPal would slot well in a different wallet
▼ + stars: | 2023-08-15 | by ( Lauren Silva Laughlin | ) www.reuters.com time to read: +4 min

The $70 billion company’s struggles, and the incoming chief’s credentials, set the stage for a transaction of some sort. He also spearheaded its $12 billion purchase of marketing service Mailchimp in 2021, which could augur a deal. And an operation like PayPal’s could help CEO Mark Zuckerberg challenge potential cage-match opponent Elon Musk and his super-app ambitions at X, formerly known as Twitter. Given PayPal’s massive slump, Chriss will be under pressure to restore the luster, or to slot it into another company’s wallet. In 2021, he led the company’s $12 billion acquisition of Mailchimp.

Persons: Alex Chriss, Dan Schulman, Mark Zuckerberg, Elon Musk, Lina Khan, Fiserv, Frank Bisignano, Peter Thiel, Sexier, Chriss, Schulman, Jeffrey Goldfarb, Sharon Lam, Aditya Sriwatsav Organizations: Reuters, PayPal, Intuit, JPMorgan, Citigroup, Facebook, U.S . Federal Trade Commission, Visa, Mastercard, PayPal Mafia, Mailchimp, Thomson

☆ Come on, Elon Musk's X logo isn't that bad
▼ + stars: | 2023-07-24 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +2 min

The X logo is pretty nice. Mourn the blue bird for now, but get used to the new X. I know we miss the blue bird, but come on, the new X logo isn't that bad. Lots of people were nervous that the demise of the bird logo and its renaming to "X" would come with another ugly or incomprehensible logo. Goodbye, Twitter bird.

Persons: Elon Musk, Gabby, Mike Lindell's Frank Social, Linda Yaccarino, they'd, could've Organizations: San, Service, PayPal, Twitter Locations: San Francisco, Wall, Silicon, Grimes

☆ An ex-Meta employee said he had so little to do during his first few weeks as a full-time staffer that he went surfing on a work day
▼ + stars: | 2023-07-11 | by ( Grace Kay | Hugh Langley | ) www.businessinsider.com time to read: +4 min

A former Meta worker said he went surfing on a work day because he didn't have any assignments. A former Meta worker said he had so much free time when he was hired onto the tech company that he once went surfing on a work day. The worker is one of many to point to a culture of "fake work" and "lazy management" in Silicon Valley. Earlier this year, a former Meta employee went viral on TikTok after she said she "had to fight to find work" at the company. The Meta worker said he was eliminated in the company's first round of layoffs.

Persons: Keith Rabois, that's Organizations: Meta, PayPal Mafia, Google Locations: Silicon Valley, San Francisco, Meta's

☆ Elon Musk's tirade about the 'laptop classes living in la la land' is the latest step in his crusade against remote working
▼ + stars: | 2023-05-17 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Elon Musk's attack on remote working is just one of many in recent years. The billionaire made clear in an interview with CNBC that he still wasn't a fan of the practice. Elon Musk has attacked the practice of remote working again, mocking those who do so as the "laptop classes" who are "living in la la land." Musk's most recent attack on remote working came in a wide-ranging interview with CNBC on Tuesday. In the CNBC interview, Musk said that people working from home was as much a "moral issue" as it was a productivity one.

☆ Billionaire says kids are 'too busy on TikTok' to work hard enough to grow their careers
▼ + stars: | 2023-05-15 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

John Catsimatidis says Gen Z is "too busy on TikTok" to work hard enough to start a career. Billionaire John Catsimatidis said in his youth he started out working 70 hours a week at a supermarket, but he worries Gen Z is "too busy on TikTok" to take similar steps. "That's one of the problems we are having in our country these days, the kids are busy playing TikTok," he told Daily Mail in an interview. However, Gen Z has indicated they're more concerned about work-life balance and less willing to put up with a toxic work culture. In 2022, a survey from the World Economic Forum found that about half of Gen Z workers would quit their job if it negatively impacted their work-life balance.

☆ Billionaire LinkedIn cofounder Reid Hoffman reveals 2 Buddhist principles that shape his worldview and help him navigate failure
▼ + stars: | 2023-04-26 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

In an interview with The Generalist, Hoffman said he's been most influenced by Buddha. Hoffman also said in the interview that Aristotle initially inspired him to study philosophy. Hoffman, who cofounded LinkedIn, announced he was stepping down from the board of OpenAI last month. Hoffman holds a master's degree in philosophy from Oxford and planned to go into academia at one point. Hoffman, who calls himself an "accidental technologist," credits his philosophical instincts as the reason he is in the industry.

☆ A Meta executive reportedly warned staff last year that 'we have a significant gap' when it comes to AI
▼ + stars: | 2023-04-25 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

A Meta exec warned last year that the company is falling behind in the AI race, Reuters reports. "We have a significant gap in our tooling, workflows and processes when it comes to developing for AI. AI systems require more computing power, as its training requires the system to sift through a large amount of data. Reuters reported that Meta similarly began focusing on converting its generative AI research into sellable products after the launch of ChatGPT in November. A Meta spokesperson told Reuters Meta has been working on generative AI products for over a year.

☆ Meta is one of the most brutal tech job-choppers so far, axing about a quarter of employees
▼ + stars: | 2023-04-22 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +3 min

The major tech firms are conducting ongoing, brutal layoffs. We crunched the numbers to see which major tech firms have reduced their headcount the most. According to Insider analysis, Meta follows after announcing cuts that amount to almost a quarter of its workforce, which was around 87,000 staff in 2022. Our analysis doesn't include the third round of Meta job cuts which began this week, reportedly numbering in the thousands. A recent Insider analysis shows that revenue per employee dropped at many of the major tech firms now chopping jobs.

☆ LinkedIn cofounder Reid Hoffman credits Buddha as his biggest influence
▼ + stars: | 2023-04-05 | by ( Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

In an interview with The Generalist, Hoffman said he's been most influenced by Buddha. Hoffman also said in the interview that Aristotle initially inspired him to study philosophy. Hoffman, who cofounded LinkedIn, announced he was stepping down from the board of OpenAI last month. Hoffman holds a master's in philosophy from Oxford and even planned to go into academia at one point. Hoffman, who calls himself an "accidental technologist," credits his philosophical instincts as the reason he is in the industry.

☆ LinkedIn cofounder says Elon Musk has an 'it's only great if I do it' mentality when it comes to ChatGPT
▼ + stars: | 2023-04-05 | by ( Grace Kay | ) www.businessinsider.com time to read: +3 min

LinkedIn cofounder Reid Hoffman told CNBC the call for an AI slow down is a "mistaken effort." He said Elon Musk has an "it's only great if I do it" mentality when it comes to ChatGPT. Both Musk and Hoffman helped found OpenAI in 2015, but Musk left the company's board of directors in 2018 and has been critical of the company ever since. Despite his longtime friendship with Musk, Hoffman said he's "much more on the path that OpenAI has gone" when it comes to developing the technology. Spokespeople for Musk, Hoffman, and OpenAI did not respond to a request for comment ahead of publication.

☆ CHART: Twitter's revenue per employee crashed 60% in the years leading up to Musk's drastic firings
▼ + stars: | 2023-04-03 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +3 min

Twitter's revenue per employee crashed 60% in the years before Elon Musk's takeover. Twitter's revenue per employee cratered by almost 60% between 2018 and the period of 2022 before Musk's takeover of the embattled social media company, Insider analysis of the firm's SEC filings found. Revenue per employee is a simple measure of efficiency that was previously in vogue in the aftermath of the 2008 financial crash. A growing number of influential tech executives and investors say tech firms, bloated by over-hiring, should re-prioritize the metric. Since 2018, Twitter has seen a drastic fall in the revenue generated per employee.

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