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☆ A perfectly timed trade 24 minutes before the SEC's big crypto crackdown likely made an investor millions
▼ + stars: | 2023-06-07 | by ( Joe Ciolli | ) www.businessinsider.com time to read: +3 min

This week's crypto-industry crackdown by the SEC has sent the price of Coinbase stock falling. Just 24 minutes before the SEC announced its lawsuit against Binance, a trader made a big options trade betting on a stock decline, Bloomberg found. Depending on if and when the trader closed their position, the wager could've paid out up to $2.6 million. As the regulatory authority announced back-to-back lawsuits, first against Binance and then against Coinbase, asset prices pegged to the industry tumbled. Few felt the brunt of the crackdown quite like Coinbase stock itself.

Persons: —, Matt Turner, David Marino, would've, Coinbase Organizations: SEC, Binance, Bloomberg, Service

☆ The SEC is going after Binance, and there's one quote from the complaint that's going to be legendary
▼ + stars: | 2023-06-05 | by ( Matt Turner | ) www.businessinsider.com time to read: +2 min

The SEC is accusing Binance and CEO Changpeng Zhao of violating securities laws. The SEC complaint is a doozy. Binance's CCO is quoted as saying: 'We are operating as a fking unlicensed securities exchange in the USA bro.' The US Securities and Exchange Commission (SEC) on Monday filed a complaint against the world's largest cryptocurrency exchange. The summary opens:This case arises from Defendants' blatant disregard of the federal securities laws and the investor and market protections these laws provide.

Persons: Binance, Changpeng Zhao, CCO, Matt Levine, I'm, Zhao, Binance's CCO, Joe Weisenthal Organizations: SEC, US Securities and Exchange Commission, Twitter, Bloomberg Locations: USA

☆ The average shopper with student loans is a 37-year old earning $65,000 whose philosophy is 'Live for Today'
▼ + stars: | 2023-06-05 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

The survey results reveal a bunch of fascinating findings, especially when student loan consumers are compared against the average US adult over 18. The average income for student loan consumers was $65,400, slightly less than the $66,200 for the average US consumer. Student loan consumers are more likely to have purchased something from Nike over the past six months than any other brand. UBS argues the end of the student loan payment moratorium will hit a bunch of brands and retailers like American Eagle Outfitters, Nike, and Gap. As my colleague Ayelet Sheffey has reported, the Biden administration remains confident that the Supreme Court will rule in its favor over the legality of its student debt forgiveness.

Persons: —, Jay Sole, They're, Levi's Jeans, Calvin Klein, Armour, Zers, Ayelet Sheffey, Biden Organizations: UBS, Service, Student, Nike, American Eagle Outfitters, TIAA Institute

☆ Office workers everywhere are about to face their own Uber moment
▼ + stars: | 2023-06-05 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

In other words, the lessons learned from months or years of experience are baked into an AI tool. The rise of AI tools could help millions of new software developersMicrosoft CEO Satya Nadella for example recently told Time that AI tools could lower the barriers to entry for software developers. This doesn't mean the great software developers won't remain great software developers but the ability for more people to enter the field will increase. That's good news for many wannabe software developers, but it's also bad news for many existing ones. "But for the most part, people in these jobs will just face more competition, similar to taxi drivers as Uber proliferated."

Persons: Uber, —, you'll, Carl Benedikt Frey, Erik Brynjolfsson, Lindsey R, Raymond, Danielle Li, Satya Nadella, it's, Aki Ito, Frey Organizations: Service, Transport, Oxford Martin School, Fortune Locations: London

☆ Matt Onofrio quickly made millions as a real-estate influencer. Then he was indicted for bank fraud.
▼ + stars: | 2023-06-04 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

That was the verdict a top tech executive shared with me recently, describing the impact he predicted AI would have on the workforce. The unfolding situation has the potential to cast Onofrio as a real-estate confidence man for the influencer age. Also read:Wall Street's new normalPeople walk by a Lamborghini car along Wall Street in Manhattan. In that environment, any fool — or anyone on Wall Street — could buy almost any asset, sit back, and watch its value increase. Wall Street is hoping that — and investing like — we're going back to that era sometime soon.

Persons: Matt Turner, Nicholas Braun, Greg Hirsch, AI's, Lance McMillan, Matt Onofrio, he'd, Spencer Platt, There's, Insider's Linette Lopez, ANDREW CABALLERO, REYNOLDS, OPMs, Spriha Srivastava, OpenAI, Nicole Miranda, Elizabeth Holmes, Hallam Bullock, Bob Bryan, Hana R, Alberts Organizations: Toronto Star, Getty, Lamborghini, Getty Images, Tech Locations: California, Midwest, Manhattan, Washington ,, Florida

☆ Want to know why younger generations seem so pissed? Look at the housing market.
▼ + stars: | 2023-06-04 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

But the biggest issue is probably a housing market that simply feels unfair. From a shaky economy to student debt, to general inflation and spiking healthcare costs, there's lots to be worried about. "One was the long, weak labor market in the wake of the Great Recession, and the other is how badly the housing market functions." When you look at the housing market, it's particularly grim right now. But while Americans have different health situations (and lifestyles and levels of student debt), all of them live somewhere.

Persons: Gen Zers, —, Zers, Josée Rose, there's, Matt Yglesias, Phil Rosen, Goldman Sachs, James Rodriguez, Pew, John Myers, Ben Southwood, Sam Bowman, homebuyers Organizations: Service, Deloitte, TIAA Institute, Federal Reserve Bank of New, Mortgage, Association, Commonwealth Fund Locations: Federal Reserve Bank of New York, New York, isn't

☆ The war for hedge-fund talent has traders getting paid like star athletes
▼ + stars: | 2023-06-02 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

Money is pouring into the hedge fund business, adding to a war for talent. Maybe a bunch of NBA or NFL players end up on a trading floor for charity. The war for talent is partly a reflection of hedge-fund performance. My colleague Alex Morrell wrote recently:After years of relative quiet, macro strategies at hedge funds surged back to life in 2022 amid rising interest rates, inflation, and geopolitical convulsions. Writing for Insider recently, hedge-fund recruiter John Pierson said that "the competition for investment talent is escalating, and finding top portfolio managers is no longer a contact sport — it's an all-out war."

Persons: Bloomberg's Nishant Kumar, Maureen Farrell, Rob Copeland, Tom Brady, Steph Curry, Lamar Jackson's, Alex Morrell, Brevan Howard, Rokos, John Pierson Organizations: Millennium, Citadel, Morning, NBA, New York Times, Times, Golden State Warriors, ESPN, NFL, Baltimore Ravens, Premier League

☆ It's becoming clear that AI is going to whack the mediocre middle of office workers
▼ + stars: | 2023-06-02 | by ( Matt Turner | ) www.businessinsider.com time to read: +7 min

More specifically, AI could disproportionately impact the middle class of white-collar workers — the folks who are mid-career, mid-ability, mid-level, and yes, in some cases, mediocre. In other words, the lessons learned from months or years of experience are baked into an AI tool. Microsoft CEO Satya Nadella for example recently told Time that the same could be true for software developers. This doesn't mean the great software developers won't remain great software developers but the ability for more people to enter the field will increase. That's good news for many wannabe software developers, but it's also bad news for many existing software developers.

Persons: —, Erik Brynjolfsson, Lindsey R, Raymond, Danielle Li, Satya Nadella, it's, Aki Ito, Carl Benedikt Frey, Uber, Frey, Mark Muro, Jacob Zinkula, Richard Baldwin, Aaron Mok Organizations: Service, Fortune, Microsoft, Oxford Martin School, London, BT Group, Workers, Brookings Institution, Geneva Graduate Institute Locations: London, British, Switzerland

☆ Pulisic spearheads U.S. squad for CONCACAF Nations League title defence
▼ + stars: | 2023-06-01 | by ( ) www.reuters.com time to read: +1 min

NEW YORK, June 1 (Reuters) - United States' Chelsea winger Christian Pulisic will spearhead their CONCACAF Nations League title defence when the Final Four kick off on June 15 in Las Vegas, with U.S. Soccer naming their training camp squad on Thursday. The U.S. beat Mexico in extra time two years ago to clinch the title and will have a rematch with their rivals in the semi-finals. Arsenal striker Folarin Balogun, who gave U.S. Soccer a boost last month when he opted to represent the United States instead of England, has earned his first call-up. The training camp starts on June 4, just days after Anthony Hudson stepped down as interim manager of the U.S. team, with assistant B.J. Reyna was named in the training squad on Thursday.

Persons: Christian Pulisic, Folarin Balogun, Weston McKennie, Brenden Aaronson, Arsenal's Matt Turner, Anthony Hudson, B.J, Callaghan, Gregg Berhalter, Gio Reyna, Reyna, that’s, Amy Tennery, Ken Ferris Organizations: YORK, Chelsea, CONCACAF Nations League, U.S, Soccer, Arsenal, Leeds United, U.S ., Thomson Locations: United States, Las Vegas, U.S, Mexico, Panama, Canada, England, New York

☆ Bill Gates says an under-the-radar startup could be the biggest winner in AI. Check out its free app, and you'll see why.
▼ + stars: | 2023-05-24 | by ( Matt Turner | ) www.businessinsider.com time to read: +6 min

Bill Gates said the winner in AI will be the company that creates a personal digital agent. Gates added that it's 50-50 as to whether the AI winner behind the digital agent will come from Big Tech or the startup world. The startup was founded by LinkedIn cofounder Reid Hoffman, Deepmind cofounder Mustafa Suleyman, and Karén Simonyan, and describes itself as an "AI studio creating a personal AI for everyone." And Pi is still a ways away from what Bill Gates is imagining, a personal AI that can do your shopping and help read your emails. But Pi is the best conversational AI I've used so far, and everyone I've spoken to who has used it has been impressed.

Persons: Bill Gates, Pi, it's, Gates, I'd, I'm, I've, Reid Hoffman, Mustafa Suleyman, Karén, Matt Turner, we've, It's, there's, Spriha Srivistava, that's, Brad Davis, Brad, ChatGPT Organizations: Microsoft, Google, Big Tech, CNBC, LinkedIn, Pi Locations: San Francisco, Instagram

☆ A juicy lawsuit offers a window into a Wall Street hiring raid after HSBC took 40+ bankers from the remnants of SVB
▼ + stars: | 2023-05-22 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

HSBC hired more than 40 SVB bankers after the California bank was acquired out of receivership. First Citizens, which acquired SVB in the US, is now suing HSBC. The lawsuit offers a rare window into a Wall Street hiring raid. That's at the heart of a new lawsuit accusing HSBC of poaching more than 40 bankers from the failed California bank. Around March 21, per the lawsuit, Sabow met with several of the core leaders he had identified to discuss Project Colony.

☆ An obituary for the Metaverse, the latest fad to join the tech graveyard
▼ + stars: | 2023-05-14 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

On the agenda today:An obituary for the metaverse, the latest fad to join the tech graveyard. BlackRock is wrestling with who could succeed Larry Fink. Also read:Who will succeed Larry Fink? BlackRock CEO Larry Fink Thos Robinson/Getty Images for The New York TimeWall Street has long been fascinated by succession stories. CEO Larry Fink, now 70-years old, has the rare distinction of leading a Wall Street behemoth he helped found.

☆ Billionaires and CEOs descended on Beverly Hills to talk recession, bank failures, and more. Here's the inside track.
▼ + stars: | 2023-05-07 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: The big takeaways from the Milken Institute Global Conference in Beverly Hills. Senator Joe Manchin (D-WV) speaks at the 2023 Milken Institute Global Conference Mike Blake/ReutersThe big-money set jetted into LA last week for the Milken Global Conference. Biggest opportunityCampbell: The pullback in lending by banks is raising the hopes of those in the private credit industry. Read more:'Junk fees'Getty ImagesIt goes by many names: an administrative fee, a transaction fee, even a "regulatory compliance" fee. Akash Nigam, the founder and CEO of Genies, who is spending $2,400 a month on ChatGPT accounts for all his employees.

☆ Davos vs. Milken: Battle of the high-profile conferences
▼ + stars: | 2023-05-05 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +5 min

Arguably the biggest financial conference of the year just wrapped in Beverly Hills. Insider's Dakin Campbell, who was on the ground at Milken, has a report on the five biggest topics discussed this year. Dakin's report got me thinking about how Milken stacks up against another high-profile conference: Davos. Milken is also designed, thanks to its namesake, with a keen eye on what the finance industry wants, he added. Click here to read more about the biggest topics being discussed at the Milken Conference.

☆ Big Tech is pursuing 'the year of efficiency.' It could get supercharged by AI.
▼ + stars: | 2023-04-30 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

On the agenda today:But first: Why Big tech's new focus on efficiency could have far-reaching impacts. Tech jobs aren't coming backTech giants have been slashing jobs. Companies from Meta to Salesforce have cut jobs in the recent months in the pursuit of efficiency and profit margins. Also read:Whistleblower docs: Jane RobertsSupreme Court Justice Chief Justice John Roberts and his wife Jane Roberts arrive for a 2018 State Dinner at the White House. At least one of those firms argued a case before the chief justice after paying his wife hundreds of thousands of dollars.

☆ 10 Things in Tech: Amazon Slack, industry extinction, and top EVs
▼ + stars: | 2023-04-28 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Community: Inside Amazon's little-known Slack channel. And that's playing out inside an internal slack channel called #focus-and-pivot-info for employees put on performance improvement plans — also known as PIPs. Go behind-the-scenes of Amazon's little-known Slack channel here. Right as tech companies shrink their headcounts, AI is gaining popularity in the workplace, writes Insider's editor in chief for business, Matt Turner. Thousands of anonymous tech employees fretted over the future of tech compensation.

☆ Tech giants aren't just cutting thousands of jobs — they're making them extinct
▼ + stars: | 2023-04-27 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

That has far-reaching implications for tech workers and those seeking to work in the industry. By some estimates, more than 250,000 tech workers have been laid off since the start of 2022. Site-reliability engineers manage the operations of Google's systems and keep them running, while software engineers work on developing Google's infrastructure and products. This trend has significant implications for tech workers and those hoping to work in the industry. As Insider's Ito has reported, tech workers and software engineers have often been thought of as impervious to the march of automation.

☆ The $30 billion reason for Wall Street to save First Republic ASAP
▼ + stars: | 2023-04-26 | by ( Matt Turner | ) www.businessinsider.com time to read: +3 min

The bank is seeking to sell assets and raise fresh capital to keep itself going. That's part of the reason the stock is trading down so heavily, with the bank currently valued at a little more than $1 billion. The pitch, according to Hugh Son at CNBC, is essentially this: If First Republic is seized by the FDIC, those same banks will face a bill of $30 billion. Liz Hoffman at Semafor notes that private equity could step in also, taking on some of First Republic's problem assets, with banks taking on the rest. First Republic would then seek to sell shares to replenish its capital.

☆ First Republic handed out billions in ultra-low-rate mortgages to the wealthy. It backfired horribly.
▼ + stars: | 2023-04-25 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

The bank won wealthy clients with the offer of jumbo mortgage loans that required no principal payments for a decade. First Republic first moved into focus back in the March banking crisis that claimed Silicon Valley Bank, Signature Bank, and Silvergate. Like SVB and Signature, a large percentage of First Republic deposits were not insured by the FDIC, making it especially susceptible to deposit flight. Wealthy clients can easily move their deposits away from First Republic while keeping their mortgage with the firm, which creates a liquidity challenge. First Republic is now backtracking from this strategy, saying it will focus on writing loans that are guaranteed by Fannie and Freddie.

☆ Media insiders would often gossip about which anchor was about to leave Fox News. None of them guessed Tucker Carlson.
▼ + stars: | 2023-04-24 | by ( Matt Turner | ) www.businessinsider.com time to read: +4 min

The Dominion lawsuit was an embarrassment to Fox, airing text messages the company would rather have kept private. Tucker Carlson's departure is a huge surprise. Like a plot twist in "Succession," the departure of Tucker Carlson from Fox News is one we didn't see coming. The news of Carlson's departure almost immediately wiped close to $1 billion off of Fox Corporation's market capitalization. Upon confirmation that Carlson had left Fox, veteran media reporter Sarah Ellison simply wrote: "Incredible."

☆ Maybe millennials didn't get screwed by the economy after all
▼ + stars: | 2023-04-24 | by ( Matt Turner | ) www.businessinsider.com time to read: +7 min

There's a common perception that millennials have gotten screwed by the economy. But a recent article makes a convincing case for why the common idea of broke millennials is a myth. By 2019, households headed by Millennials were making considerably more money than those headed by the Silent Generation, Baby Boomers, and Generation X at the same age, after adjusting for inflation." While 69% of baby boomers owned their own home at 40, the same is true for 62% of millennials, a seven-percentage-point gap. Per data from the St Louis Fed, the Millennial/Gen Z wealth is currently tracking with Gen X after initially getting off to a tough start.

☆ Tesla's price cuts highlight Elon Musk's last advantage in the EV business
▼ + stars: | 2023-04-23 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

Teslas are cheaper than everA Tesla Model Y. Patrick Pleul/Getty ImagesIn the market for a new car? Elon Musk's hoping that recent price cuts might turn you on to a Tesla. The billionaire might just be turning to his one remaining advantage in the EV business. But Tesla can cut prices and still deliver profits, something rival automakers struggle to do in their EV businesses. While Tesla investors are worrying about profits, Musk's rivals have their own reasons to be concerned, Stephen Beck, founder and managing partner of consultancy cg42, told Insider.

☆ JPMorgan is asking senior managers to be in the office five days a week. Here's the latest on return-to-office mandates.
▼ + stars: | 2023-04-16 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: JPMorgan is asking senior managers to be in the office five days a week. The company told senior managers this week that they "have to be visible on the floor" in a memo asking managing directors to be in the office five days a week. Last month, Disney told employees they were expected to be back to the office four days a week. And Amazon said it wants all employees back in the office at least three days a week by next month, setting off both internal opposition and support, and a scramble to get office space ready. A dozen former Kittyhawk employees told Insider that Kittyhawk found itself torn between the conflicting visions and shifting priorities of its billionaire founder and his handpicked CEO.

☆ As Gen Z flounders at work and millennials struggle to buy a house, boomers are enjoying a golden moment
▼ + stars: | 2023-04-09 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

This week's dispatchThe Metals Company; Greenpeace; Luis Alvarez/Getty Images; Karl Hendon/Getty Images; Alyssa Powell/InsiderOptimists don't just dream — they do. Gen Zers and young millennials have soured on work just as much as everyone else — and that's bad news for companies everywhere. Also read:Tyler Le/InsiderOver the past few years, Lex Fridman has gone from an unknown academic researcher to a social-media celebrity and member of Elon Musk's inner circle. But recently, "The Lex Fridman Podcast" has become a haven for a growing and powerful sector looking to dismantle years of "wokeness." More on the rise of Lex Fridman.

☆ Panic over the rise of AI is hitting a fever pitch
▼ + stars: | 2023-04-02 | by ( Matt Turner | Dave Smith | ) www.businessinsider.com time to read: +4 min

On the agenda today:But first: The panic over the AI boom hit a new peak this week. A prominent AI researcher went further, saying six months wasn't long enough, and "we need to shut it all down." But those fears also make sense against the backdrop of a shaky economy and a distrust of Big Tech. Goldman Sachs has forecast that AI systems could impact 300 million full-time jobs. AI has been described as the next transformational technology, on a par with the creation of the internet or the television.

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