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☆ Meta exec Nick Clegg blasts Elon Musk's X as a 'tiny' platform for angry elites
▼ + stars: | 2024-09-13 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Meta's Nick Clegg criticized Elon Musk's X as a platform for elites and unregulated speech. Go to newsletter preferences Thanks for signing up! AdvertisementA top executive at Meta slammed Elon Musk's X on Thursday, saying it has turned into a "tiny" platform designed for elites. Nick Clegg, Meta's president for global affairs and the former British deputy prime minister, compared X to Facebook and Instagram. He called X an unregulated platform that lets "anyone say anything."

Persons: Meta's Nick Clegg, Elon Musk's, Clegg, —, Nick Clegg, Musk Organizations: Service, Meta, British, Facebook Locations: Britain ., Brazil, London

☆ Over 30,000 Boeing workers are preparing to strike after rejecting a new labor contract
▼ + stars: | 2024-09-13 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Read previewOver 30,000 Boeing workers, or about 20% of the company's employees, are preparing to strike on Friday after rejecting a new labor contract. Workers in Washington and Oregon voted against an agreement that Boeing and the labor union for machinists and aerospace workers proposed on Sunday. The vote was the first full contract vote in 16 years. The tentative labor contract, which included a pay increase over four years, was touted as another win for the beleaguered company. The proposal left workers unsatisfied, Jon Holden, president of the IAM's district 751 and lead negotiator on the Boeing contract, told Reuters on Monday.

Persons: —, Max, Kelly Ortberg, Ortberg, TD Cowen, Jon Holden, Holden Organizations: Service, Workers, Boeing, Business, International Association of Machinists, Aerospace Workers, IAM, Reuters Locations: Washington, Oregon, Boeing's, North America, Pacific Northwest, California, Renton , Washington, Seattle, IAM's

☆ JPMorgan just capped bankers' work at 80 hours a week — but there's still one big exception
▼ + stars: | 2024-09-12 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

JPMorgan Chase and Bank of America are taking steps to limit junior bankers' work hours. AdvertisementTwo Wall Street banks are cracking down on young bankers' working hours, as the industry continues to grapple with a long-standing culture of overwork. On Wednesday, The Wall Street Journal reported that JPMorgan Chase plans to limit bankers' hours and that Bank of America is using a new tool to track their time on the job. JPMorgan will cap working time at 80 hours a week. It carves out one big exception: live deals, typically the most taxing part of the job, when bankers need to be on call for high-stakes work around the clock.

Persons: Peers, Morgan Stanley, Goldman Sachs, —, JPMorgan Chase Organizations: JPMorgan Chase, Bank of America, Service, Street Journal, JPMorgan, Business

☆ OpenAI is reportedly raising at a $150 billion valuation — making it worth more than 88% of Fortune 500 firms
▼ + stars: | 2024-09-12 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

OpenAI is raising money at a $150 billion valuation — more than the market cap for Goldman Sachs. The startup is in talks to raise $6.5 billion from investors, including Microsoft and Apple. Go to newsletter preferences Thanks for signing up! AdvertisementOpenAI is reportedly raising money at a $150 billion valuation — more than the market capitalization of over 88% of Fortune 500 firms, including Goldman Sachs, Uber, and BlackRock. The startup is in talks to raise $6.5 billion from various investors, Bloomberg reported on Thursday, citing people familiar with the matter.

Persons: Goldman Sachs, —, OpenAI, Uber Organizations: Microsoft, Apple, Service, Fortune, Bloomberg, Business Locations: BlackRock

☆ Nvidia chips are in such high demand that customers are 'emotional,' Huang said
▼ + stars: | 2024-09-12 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Read previewNvidia CEO Jensen Huang said that a shortage of his company's products is making customers "emotional" and that things are tense. Huang, dubbed the King of AI, said the demand for Nvidia's products is so high because everyone wants to get them first — and they want a lot. He added, "Demand is so great that delivery of our components, our technology, infrastructure, and software is really emotional for people." "We probably have more emotional customers today. In August, Nvidia sparked worries that its next generation of AI chips, Blackwell , would be delayed by two to three months.

Persons: —, Jensen Huang, Huang, Goldman Sachs, Blackwell Organizations: Service, Business, Nvidia, Meta, Microsoft, Google, Blackwell Locations: San Francisco

☆ The next big market for weight-loss drugs: children
▼ + stars: | 2024-09-11 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Novo Nordisk's American rival, Eli Lilly, has also been testing obesity-beating drugs for children as young as six. Wegovy and similar drugs for weight loss have become a huge business. The drugs' success has made Novo Nordisk the most valuable company in Europe. AdvertisementChildhood obesityAn FDA approval on weight loss drugs for children could open up a new market for Novo Nordisk. In June, US Sen. Bernie Sanders announced that Novo Nordisk CEO Lars Jørgensen would testify before the committee on September 24 at a hearing focusing on the prices that Novo Nordisk charges Americans for their drugs, Ozempic and Wegovy.

Persons: —, Saxenda, Novo, Claudia Fox, Eli Lilly, Goldman Sachs, Wegovy, Sen, Bernie Sanders, Lars Jørgensen, Sanders Organizations: Service, BMI, Business, FDA, Financial Times, Novo Nordisk, Centers for Disease Locations: Madrid, Europe

☆ Huawei's new trifold phone got more than 2 million preorders in a few hours, just before Apple is set to announce new iPhones
▼ + stars: | 2024-09-09 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Read previewOne of China's top smartphone makers raked in 2.8 million preorders for its latest phone just one day after reservations began — even before people learned its price. Huawei's Mate XT, a trifold smartphone, is set to be unveiled during an event on Tuesday in China. On Huawei's online sales platform, which is selling the device in two colors, nearly 3 million people had registered interest at publication time. While pricing for the latest phone, which folds twice, is not known, Huawei has recently been competing with Apple in the same price territory. According to data compiled by third parties, Apple has recently fallen off the list of the top five best-selling smartphone makers in China.

Persons: —, Xiaomi Organizations: Service, Business, Apple, Huawei, IDC Locations: China, Shenzhen

☆ It's a terrible time to be an international student. Australia is the latest country to limit visas.
▼ + stars: | 2024-08-28 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Australia plans to cut new international student enrollment by a third next year. The cap follows a surge in international students post-pandemic, straining the rental market. AdvertisementAustralia is capping new international students next year, in an effort to curb record migration. The country plans to limit international student enrollments to 270,000 in 2025, Australian education minister announced on Tuesday. In 2023, there were just over 400,000 new international students.

Persons: —, Jason Clare Organizations: Service, Business Locations: Australia, Canada

☆ Edgar Bronfman Jr. drops his $6 billion Paramount bid
▼ + stars: | 2024-08-27 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Edgar Bronfman Jr. exited his bid to own Paramount, clearing the path for a Skydance Media sale. Bronfman, a former CEO of Warner Music Group, withdrew his bid just before the merger deadline. A sale to David Ellison's Skydance Media is now likely to proceed without obstacles. AdvertisementEdgar Bronfman Jr. just walked away from his last-minute bid to own Paramount, putting the media giant back on track to be sold to Skydance Media. "We congratulate the Skydance team and thank the special committee and the Redstone family for their engagement during the go-shop process."

Persons: Edgar Bronfman Jr, Bronfman, David Ellison's, —, " Bronfman Organizations: Paramount, Media, Warner Music Group, Service, Skydance Media, Business

☆ I'm a VC in the world's fastest-growing major economy. I look for 5 traits in first-time founders.
▼ + stars: | 2024-08-20 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +6 min

Read previewThis as-told-to essay is based on a conversation with Rajiv Srivatsa, a partner at Antler India, a pre-seed venture capital firm based in Bengaluru. I'm a partner at Antler India, an early-stage venture capital fund. The classic Antler model includes running a cohort of individuals who are transitioning from being employees to startup founders. Ambition and scale: The venture capital industry does not work if you want small outcomes. We look for complements and see pair-ups between one person with a technical background and one person with business acumen.

Persons: —, Rajiv Srivatsa, I've, They're, it's, they've Organizations: Service, Business Locations: India, Bengaluru

☆ CrowdStrike's president accepting the 'most epic fail' award in person was a PR masterclass, experts say
▼ + stars: | 2024-08-13 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

CrowdStrike's president just accepted an award for 'Most Epic Fail' after a mass IT outage. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementCrowdStrike's president himself just collected an award for the "Most Epic Fail' following the company's mass IT outage. The cybersecurity firm's president Michael Sentonas said he wanted to receive the award in person, because the company wants to own its mistake.

Persons: —, Michael Sentonas, Sentonas Organizations: Microsoft, Service, Business

☆ She grew up in Ukraine, studied accounting, and joined the army. But since Russia invaded, she did a hard career pivot — twice.
▼ + stars: | 2024-08-12 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +7 min

Kuzmina, 32, is training to be an electrician in Kamianske, a city in eastern Ukraine. Because of worker shortages in fields like driving, mechanical work, and road work, the Ukrainian government launched a program that provides women with training vouchers. But Ukrainian women must still contend with employers and even family members who aren't always on board with more women taking traditionally male jobs. But soon after Russia invaded Ukraine in February 2022, Kuzmina's commander disbanded the unit because of a lack of resources. Ukrainian President Volodymyr Zelenskyy said last month that Russia had damaged or destroyed more than half of Ukraine's power generation.

Persons: —, aren't, Kuzmina, Yuliia Kuzmina, Volodymyr Zelenskyy, Yana Lukashuk, Lukashuk, Olga Kupets, Kupets, shubhangigoel@insider.com Organizations: Service, Business, Army, Ukrainian Army, Donbas Battalion, Kuzmina's, Locals, Kyiv School of Economics Locations: Kamianske, Ukraine, Russia, Ukrainian, Torestsk, Kyiv, Soviet

☆ I'm a recent grad who gave up a six-figure job at JPMorgan without another offer. It all came down to career satisfaction.
▼ + stars: | 2024-08-12 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In my final summer before graduation, I managed to land three internship offers — from a consulting company, a consumer goods company, and JPMorgan. When I got that phone call that I got the JPMorgan internship, it was so exciting and I felt really grateful. I wanted desperately to be in a place where I feel stimulated and I'm interested in the work I'm doing. The alternative was job hunting from scratch, not knowing what I would land and whether the offer would even come close to what JPMorgan was paying.

Persons: —, Nick Rutherford Organizations: Service, of Pennsylvania, JPMorgan Private Bank, Unilever, Business, University of Pennsylvania's Wharton School of Business, JPMorgan, company's Locations: Seattle, Jersey

☆ OpenAI just lost 3 key leaders, report says
▼ + stars: | 2024-08-06 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Read previewThree leaders at OpenAI have just left the company, according to a report by The Information, which cited a person familiar with the matter. Another cofounder, John Schulman, has left OpenAI to join rival AI firm Anthropic. "I've made the difficult decision to leave OpenAI. On X, OpenAI CEO and serial entrepreneur Sam Altman responded to Schulman's departure. Business Insider reported in May that two employees who worked on safety and governance had resigned in recent months.

Persons: —, Greg Brockman, Peter Deng, John Schulman, OpenAI, Brockman, Schulman, I've, Sam Altman, Deng, Jan Leike, OpenAI's, Leike, Ilya Sutskever, Daniel Kokotajlo, William Saunders Organizations: Service, Business, TechCrunch, Anthropic Locations: OpenAI, Anthropic

☆ He worked at four Big Tech companies. Here's how he went from $200,000 post-MBA at Meta to much more at Google.
▼ + stars: | 2024-08-02 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

He has since worked at Meta, Visa, and PayPal and is currently a senior product manager at Google. Related storiesHe switched companies because he was looking for a role in product management, his goal even before business school. GoogleDuring the recruitment process at Google, Lin said he applied to other companies for two reasons. Advertisement"This time, when I ended up sharing a competing offer, I actually took my PayPal offer," he said. AdvertisementBusiness Insider has verified his offer letters, employment history, and Google compensation.

Persons: —, Yu Lin, Lin, Meta Lin, Visa Lin, PayPal Lin Organizations: Service, Business, University of Southern, Meta, Visa, PayPal, Google, Yahoo, Nvidia Locations: University of Southern California, Taiwan, Park , California, Sunnyvale , California

☆ Even Nvidia can't escape the government's crackdown on Big Tech
▼ + stars: | 2024-08-02 | by ( Shubhangi Goel | ) 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 previewEven Nvidia, which appears untouchable in 2024, may not be immune to the government's sweeping crackdown on the Magnificent Seven. They have received complaints from competitors that Nvidia abused its dominance and pressured cloud providers to buy multiple Nvidia products, The Information reported on Thursday. Nvidia did not immediately respond to Business Insider's request for comment sent outside regular business hours. The DOJ's focus on Nvidia follows a series of other recent government investigations into Big Tech.

Persons: —, prem, Biden Organizations: Service, Department, Politico, Nvidia, Business, Reuters, Big Tech, FTC, DOJ, Apple, Amazon, Activision Blizzard

☆ Tesla's biggest competitor just announced a collab with Uber
▼ + stars: | 2024-08-01 | by ( Shubhangi Goel | ) 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. Read previewTesla's biggest competitor, BYD, just launched a big partnership with Uber. AdvertisementThe partnership also ups BYD's international visibility, as Uber passengers ride in cars they might not have otherwise tried out. AdvertisementThe Uber partnership may also mitigate a European Union tariff on Chinese EV makers. In late June, Volkswagen said it would invest up to $5 billion in US EV maker Rivian, which would develop software for both companies' cars.

Persons: —, Uber, Matt Bryson, Bryson, giant's, Dara Khosrowshahi, BYD, Tesla, Tesla's robotaxis Organizations: Service, Business, Xchange Leasing, Lion City Rentals, Tesla, Western, Uber, Volkswagen, Rivian Locations: Europe, America, East, Canada, Australia, New Zealand, Singapore, Russia

☆ Brands from Starbucks to LVMH are really hurting in one big market
▼ + stars: | 2024-07-31 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Brands like Starbucks, LVMH, and L'Oreal struggled in China last quarter as consumer spending dropped. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Retailers, including luxury giant LVMH, L'Oreal, and Starbucks are all seeing lower sales in the world's second-largest economy, compared with past years. Chinese customers are choosing to save their money and spending on experiences when they do fork out. This story is available exclusively to Business Insider subscribers.

Persons: — Organizations: Starbucks, L'Oreal, Service, Business Locations: China

☆ Delta just issued a warning shot to CrowdStrike about the money it wants to help cover some losses from the huge outage
▼ + stars: | 2024-07-30 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +5 min

Read previewDelta Air Lines is gearing up to demand money following an outage that sent the world, including the airline, into chaos. The carrier hired star attorney David Boies to seek damages from CrowdStrike and Microsoft for the July 19 computer outage that forced Delta to cancel about 6,000 flights, CNBC reported on Monday. AdvertisementWhile no lawsuit has been filed, Delta plans to seek compensation from CrowdStrike and Microsoft, CNBC reported. AdvertisementEven individuals hoping to seek damages from CrowdStrike through proposed class action lawsuits may have little luck. Between customer agreements that favor CrowdStrike and SolarWinds largely beating the SEC, CrowdStrike stands a good chance in court, Sanchez said.

Persons: —, David Boies, Delta, Boies, Elizabeth Holmes, Al Gore, Boies Schiller, CrowdStrike, Elizabeth Burgin Waller, Woods Rogers, Mauricio Sanchez, Sanchez, SolarWinds, Andrew Selbst, Selbst Organizations: Service, Lines, Microsoft, CNBC, Business, Delta, Analysts, Bloomberg, CrowdStrike's Falcon, Dell'Oro, Fierce, Securities and Exchange, SEC, UCLA School of Law, Harvard Law, Federal Trade Commission, FTC Locations: CrowdStrike, Delta, Texas

☆ One of these four people could be Boeing's next CEO
▼ + stars: | 2024-07-29 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Boeing may have narrowed its CEO search to four candidates, including Kelly Ortberg. Current CEO Dave Calhoun said he will step down by year-end after the Alaska Airlines disaster. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe race for Boeing's new chief may be down to four candidates, including a new name. Kelly Ortberg, the former CEO of aerospace company Rockwell Collins, is seriously being considered for the position of Boeing's chief, trade publication The Air Current reported on Sunday, citing industry officials.

Persons: Kelly Ortberg, Dave Calhoun, Stephanie Pope, Pat Shanahan, Steve Mollenkopf, —, Rockwell Collins Organizations: Boeing, Alaska Airlines, Service, Rockwell, Business

☆ Lululemon just released new leggings. Shoppers and shareholders are mad.
▼ + stars: | 2024-07-26 | by ( Shubhangi Goel | ) 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 previewAthleisure darling Lululemon just saw some tough love from investors and customers this week. The leggings, introduced earlier this month, were quickly criticized by some shoppers for an unflattering design, poor fit, and other issues. AdvertisementFashion YouTuber and previous Lululemon shopper Alexandra Alvarez said in a video review last week that she struggled with the Breezethrough leggings' fit and construction. On Reddit's 600,000-user Lululemon forum, the leggings received mixed reviews.

Persons: —, Lululemon, Matthew R, Boss, Alexandra Alvarez, Kathryn Mueller, I'm, Paul Lejuez, Lejuez, Janine Stichter Organizations: Service, Business, Citi, CNBC Locations: Vancouver

☆ Domino's CEO slams the summer of value meals
▼ + stars: | 2024-07-25 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +3 min

Read previewAccording to Domino's CEO, smaller burgers are no way to make people happy. In an interview with Bloomberg, Russell Weiner took aim at the size of his competitors' value meals, which often include burgers. "If you want a big sandwich and you end up getting a little sandwich cheaper, you're not happy." AdvertisementWeiner's comments come during a summer of value meals in the US — with nearly every major outlet creating bundles to attract price-sensitive customers. Still, a better value strategy has not been enough to fully satisfy Domino's investors.

Persons: —, Russell Weiner, Domino's, Weiner, Burger King, Taco Bell, Burger Organizations: Service, Bloomberg, Business, Taco, Restaurant Brands Locations: Burger, Japan, France

☆ Tesla's still not making big profits and probably won't for years — but analysts and investors still love it
▼ + stars: | 2024-07-24 | by ( Shubhangi Goel | ) 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. "There are other companies that are $3 trillion market caps — I think Tesla can be in that league," he said. AdvertisementAnother analyst sees Tesla's recent price hikes as a good sign. Ron Jewsikow, a Guggenheim analyst, said on CNBC that he is not worried about whether Tesla will be able to deliver its Robotaxis. AdvertisementIn China, Apollo, which is owned by Baidu, is offering rides for just over 10 cents a mile, Jewsikow said.

Persons: —, Tesla, Cybertruck, Elon Musk's, I'm, Gene Munster, Munster, Optimus, Tasha Keeney, it's, Price, Tesla optimist Daniel Ives, Ron Jewsikow, He's, Jewsikow Organizations: Service, Investors, Business, Deepwater Asset Management, CNBC, ARK Invest, Tesla optimist, Guggenheim, Baidu Locations: China

☆ Tesla's still not making huge profits and probably won't for years. But these analysts and investors still love the company.
▼ + stars: | 2024-07-24 | by ( Shubhangi Goel | ) 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. "There are other companies that are $3 trillion market caps — I think Tesla can be in that league," he said. Related storiesTasha Keeney, a director at longtime Tesla investor ARK Invest, said on CNBC on Tuesday that ignoring Robotaxis today is a huge mistake. Ron Jewsikow, a Guggenheim analyst, said on CNBC that he is not worried about whether Tesla will be able to deliver its Robotaxis. AdvertisementIn China, Apollo, which is owned by Baidu, is offering rides for just over 10 cents a mile, Jewsikow said.

☆ Wiz is walking away from a $23 billion deal with Google
▼ + stars: | 2024-07-23 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Wiz doesn't want to be taken over by Google, the cybersecurity company's CEO wrote to employees on Monday. Instead of Google's $23 billion deal, Assaf Rappaport said the company wants to go public. Wiz walked away from a $23 billion deal to be acquired by the Big Tech giant, in what would have been Google's largest-ever deal. Instead, Wiz will move forward with plans to go public, CEO Assaf Rappaport told employees in a memo seen by several media outlets. He said he wants to get Wiz to $1 billion in annual recurring revenue — a key metric used by investors — and to an initial public offering.

Persons: doesn't, Assaf Rappaport, —, Wiz Organizations: Google, Service, Big Tech, Business

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