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☆ A 2nd round of layoffs at Meta and Amazon shows companies are taking back their power — and they may not stop there
▼ + stars: | 2023-03-21 | by ( Rebecca Knight | ) www.businessinsider.com time to read: +6 min

Meta and Amazon have announced two series of mass layoffs in the span of months. After years of companies trying to attract and placate workers amid a labor shortage, businesses are reasserting some of their power. "We read about two rounds of layoffs now and shrug and say, 'When's the third?'" Drew Angerer/Getty ImagesIt's rare for a company to conduct multiple rounds of layoffs, according to data from Crunchbase. Amazon and Meta did it, so it won't stand out as much."

A Manhattan grand jury weighing evidence for a possible Donald Trump "hush-money" indictment. Here's a timeline of Trump and Daniels' alleged relationship, the $130,000 payment to keep Daniels silent, and the testimonies leading to a possible indictment. Markus Schreiber/APManhattan District Attorney Alvin Bragg convened a grand jury in mid-January of this year to consider an indictment against Trump. And Trump's former fixer and lawyer Michael Cohen, prosecutors' key witness, has made repeated visits to the DA's office and to the grand jury. What could happen nextThe final witnesses were scheduled to testify before the grand jury on March 20, though it is unclear when the panel may vote.

☆ Mark Zuckerberg is leaning into Meta's 'year of efficiency' the wrong way, and multiple rounds of layoffs will be damaging
▼ + stars: | 2023-03-19 | by ( Rebecca Knight | Tim Paradis | ) www.businessinsider.com time to read: +5 min

Meta CEO Mark Zuckerberg last week unveiled another round of layoffs hitting 10,000 staffers. The dismissals are part of an efficiency plan boost productivity and turn Meta into a talent magnet. But the job cuts are likely to have the opposite effect, two management experts told Insider. Rather than resorting to layoffs, Sucher said companies should look at other ways to lower headcount, including natural attrition, buyouts, and hiring freezes. "You have to plan for it in order to not have it kill your company," Sucher said.

☆ These are our two preferred scenarios for the Fed's big March meeting next week
▼ + stars: | 2023-03-18 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Two things will capture all the market's attention in the coming week: The Federal Reserve's March meeting and the government's ongoing attempt to quell worries about the banking system. If it raises, Powell should speak softly; no raise and Powell should strongly remind the market that the work isn't done. Still, for the week, U.S. stocks fared better, with the S & P 500 rising 1.5% and the Nasdaq gaining 4.5%. On Thursday, initial jobless claims for the week ended March 11 came in at 192,000, a decrease of 20,000 from the prior week and below the expected 205,000. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Employees have been working around the clock to onboard as many startups as possible in the wake of the implosion of Silicon Valley Bank. Silicon Valley Bank, which had more than $175 billion in deposits and served nearly half of US VC-backed startups, was taken over by US regulators on March 10. "That said, I am worried that this bias towards a Big Four bank is a double-edged sword," Shekar added. "SVB did not think like a big bank. They could understand your operating plan when a big bank would balk at it," Ashley Tyrner, CEO and founder of FarmBoxRX, told Insider.

☆ Google wasted its pandemic opportunity. Now, it's scrambling to catch up.
▼ + stars: | 2023-03-15 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

This Amazon worker similarly enjoys office life. The company is currently also lagging in the AI space (thanks to the buzzy AI chatbot ChatGPT). Now, the company is going all in on AI instead. Check out his experiences with the AI tools here. It remains the only Big Tech company to avoid widespread layoffs.

☆ The winners and losers of the Silicon Valley Bank failure
▼ + stars: | 2023-03-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

Silicon Valley Bank was taken over by regulators on Friday. These are the biggest winners, and losers, in the wake of the bank failure. Which brings us to the downfall of Silicon Valley Bank. Here's a rundown of who stands to gain, and lose, the most as a result of the fall of Silicon Valley Bank. Silicon Valley Bank's obituary had barely been written before firms were offering to buy up customers' uninsured deposits for as little as 55 cents on the dollar.

☆ President Biden’s proposed 2024 budget calls for top 39.6% tax rate
▼ + stars: | 2023-03-09 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +2 min

The plan calls for a top marginal income tax rate of 39.6%, up from 37%, which was reduced as part of former President Donald Trump's signature tax legislation. Biden's plan aims to reform the tax code to "reward work, not wealth," White House Office of Management and Budget Director Shalanda Young told reporters on a call. The plan includes a 25% minimum tax on Americans with wealth exceeding $100 million, and would "ensure that no billionaire pays a lower tax rate than a teacher or firefighter," Young said. watch nowBiden's 2023 federal budget plan proposed a 20% levy on households with the same level of wealth, applying to "total income," including regular earnings and so-called unrealized gains. Without additional changes by Congress, several provisions from the Tax Cuts and Jobs Act will sunset in 2026, bumping the top income tax rate back to 39.6%.

☆ Rupert Murdoch could face FEC fines if he tipped off Jared Kushner about Biden's presidential ads before they aired
▼ + stars: | 2023-03-03 | by ( Madison Hall | Jacob Shamsian | ) www.businessinsider.com time to read: +5 min

Dominion claims Rupert Murdoch shared info about Biden ads with Trump's campaign in 2020. "During Trump's campaign, Rupert provided Trump's son-in-law and senior advisor, Jared Kushner, with Fox confidential information about Biden's ads, along with debate strategy (providing Kushner a preview of Biden's ads before they were public)," Dominion's lawyers alleged in the filing. "If the allegations are true, this is precisely what Murdoch provided to the Trump campaign," he said. After Trump lost, Murdoch shifted attention to two runoff elections in Georgia for US Senate seats. "My friend Jared Kushner called me saying, 'This is terrible,' Murdoch wrote.

☆ How Walmart CEO Doug McMillon went from unloading Walmart trucks as teen to earning $25.7 million in total compensation
▼ + stars: | 2023-03-02 | by ( Hannah Towey | Ben Tobin | ) www.businessinsider.com time to read: 1 min

"My optimism is higher than it was at the beginning of the year," McMillon said on a post-earnings call in May 2022. "In the US, economic stimulus is clearly having an impact." McMillon's optimism has the numbers to back it, with fiscal 2022 earnings expected to increase by high single digits. Walmart CEO Doug McMillon. Drew Angerer/Getty ImagesSource: Reuters

☆ China spent years angrily trying to shut down the theory that COVID-19 came from its labs. It failed.
▼ + stars: | 2023-03-01 | by ( Tom Porter | ) www.businessinsider.com time to read: +5 min

China has pushed another theory, suggesting the COVID-19 may have jumped to humans from frozen food shipped from elsewhere in the world. Lab leak theory initially dismissedThe suspicion that COVID-19 may have leaked from a Wuhan lab has circulated since the earliest days of the pandemic. Trump sought to use the pandemic to discredit China, using the xenophobic term "China virus" to describe the disease. A group of scientists criticised the WHO for dismissing the lab leak thesis too hastily, and pointed to gaps in the report's evidence. Yet the lab leak theory has continued to gain credibility, despite China's efforts, and scientists who once dismissed it now think it's a credible explanation.

☆ Several big-name GOP lawmakers won't go to CPAC this year amid chairman Matt Schlapp's sexual assault scandal
▼ + stars: | 2023-03-01 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

CPAC is typically a major opportunity for GOP politicians to boost their profile and give red-meat speeches. But many aren't going this year as chairman Matt Schlapp faces a $9.4 million sexual assault lawsuit. Nikki Haley, Sen. Ted Cruz of Texas, and Sen. Rick Scott of Florida — are still scheduled to speak later this week. Republican Sen. Steve Daines of Montana, the chairman of the National Republican Senatorial Committee. Republican Sen. Joni Ernst of Iowa, also not attending, visibly cringed when asked about CPAC.

☆ A tally of the times Rupert Murdoch, Sean Hannity, and Laura Ingraham privately trashed Rudy Giuliani in the wake of the 2020 election even as Fox News continued to have him on their shows
▼ + stars: | 2023-02-28 | by ( Kelsey Vlamis | Jacob Shamsian | ) www.businessinsider.com time to read: +4 min

Dominion's lawsuit revealed comments Fox News hosts and execs made about Rudy Giuliani in 2020. Dominion is suing Fox for defamation related to unfounded election fraud claims about the company. Rupert MurdochRupert Murdoch, the founder and chairman of Fox News, made several claims disparaging Giuliani and doubting the veracity of his claims. Drew Angerer/Getty ImagesSean HannityOn November 11, 2020, Fox News host Sean Hannity said, "Rudy is acting like an insane person," according to the court documents. Laura IngrahamOn January 12, 2021, Fox News Host Laura Ingraham said, "Rudy is such an idiot," the documents said.

☆ Fox News hosts and executives privately mocked pro-Trump election conspiracy theories after he lost, internal texts show
▼ + stars: | 2023-02-17 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

It enrages me," Tucker Carlson wrote in a text message to his producer Alex Pfeiffer. "Not a single Fox witness testified that they believe any of the allegations about Dominion are true," Dominion lawyers wrote. Imho they need to address but wtf do I know," Hannity wrote in a text message, referring to Newsmax. That email, Dominion's lawyers write, came from an unnamed author who claimed to be a beheaded ghost who talks to the wind. President Trump not only was the sitting President, he was the key figure that day," Dominion's lawyers wrote.

☆ Elderly senators have mixed feelings about Nikki Haley's call for 'mandatory mental competency tests' for politicians over 75
▼ + stars: | 2023-02-16 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Nikki Haley is calling for "mandatory mental competency tests" for politicians over the age of 75. Over a sixth of the US Senate is age 75 or older. "We'll have term limits for Congress, and mandatory mental competency tests for politicians over 75 years old." "I think she should test her own mental competency," said Democratic Sen. Mazie Hirono of Hawaii, who recently turned 75. Republican Sen. Jim Risch of Idaho said he'd take a mental competency test Drew Angerer/Getty ImagesSome aging lawmakers expressed general openness to taking the test.

☆ The inside story of how Microsoft caught up with Google on AI, and the unlikely executive who made it happen
▼ + stars: | 2023-02-10 | by ( Ashley Stewart | ) www.businessinsider.com time to read: +9 min

With OpenAI technology, Microsoft CEO Satya Nadella is challenging Google's online search monopoly. "Who'd have thought, even just a few months ago, that Google would be on their back foot," said Soma Somasegar, a former Microsoft executive. Google was also busy incorporating machine-learning and other AI technology into popular products such as Google Photos, Google Translate, and its search engine. Microsoft's new Bing search engine uses a newer version of GPT-3 to answer complex questions. Microsoft's positive feedback loopThe OpenAI deal laid the foundation for Microsoft to catch Google in the AI race.

☆ Private-equity salaries revealed: Here's how much top firms like Blackstone, KKR, and Oaktree are offering 2024 associates
▼ + stars: | 2023-02-09 | by ( Emmalyse Brownstein | Rachel Durose | ) www.businessinsider.com time to read: +8 min

Some of the most recent private equity recruits will rake in nearly $200,000 in base pay alone. Among the firms recruiting are Bain Capital, Blackstone, and KKR & Co. — three of the largest private-equity firms in the world based on funds raised in the last five years. These private-equity firms, along with others, have increasingly accelerated their recruiting timelines to get ahead of competitors, as Insider previously reported. To woo promising junior talent, private-equity firms offer sky-high salaries and even more enticing bonus propositions, much like in investment banking, from which these firms cull most of their talent. Oaktree Capital ManagementOaktree Capital Management was founded in 1995, and has $170 billion in AUM, according to its website.

☆ Iger's on track to bring back the magic at Disney — allowing the stock to soar
▼ + stars: | 2023-02-09 | by ( Paulina Likos | ) www.cnbc.com time to read: +4 min

But now comes the hard part: Executing on ambitious cost cuts and generating long-sought profits at Disney's beleaguered streaming unit. Disney stock, which is up more than 26% year-to-date, soared more than 5% on the news before giving up those gains Thursday afternoon amid a broader retreat in equities markets. But while Disney shares have made a strong comeback since Iger returned as CEO, the company must now deliver on its plan. Ultimately, we think Iger will bring back the magic at Disney — and we reiterate our 1 rating on the stock, meaning we would buy shares of Disney here. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

☆ State of the Union takeaways: Biden comes out swinging in a raucous, combative speech despite pleas for bipartisanship
▼ + stars: | 2023-02-08 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +6 min

The speech marks Biden's first address to the new Republican-controlled House. Before diving into the list of bipartisan accomplishments, though, Biden began by congratulating House Speaker Kevin McCarthy and Senate Majority Leader Mitch McConnell. In a symbolic appeal to bipartisanship, First Lady Jill Biden wore purple — the color that results from combining blue and red. Meanwhile, former President Donald Trump shared his thoughts about Biden's speech on his social media platform, Truth Social. In addition to attacking Republicans on Social Security and Medicare cuts, Biden opened up several other lines of attack.

☆ Big Tech got crushed by falling ad prices, and the damage could last well into 2023. Here's exactly how much ads cost on Google, Meta, Amazon, YouTube, TikTok and Snap.
▼ + stars: | 2023-02-06 | by ( Lauren Johnson | ) www.businessinsider.com time to read: +8 min

Meta, Google, and Snap reported declines in ad sales, or flat ad revenue, during the fourth quarter. Out of the four big ad-supported tech companies — Google, Meta, Amazon, and Snap — only Amazon reported that its ad business grew year-over-year in the fourth quarter. Meta's ad prices have declined as the company rebuilds its ad business with artificial intelligence after getting hit by Apple's app-tracking privacy crackdown. While CPMs fell year-over-year during the fourth quarter, ad prices were 7.2% higher in the fourth quarter compared to the third quarter, according to Northbeam. The average return on Meta ad spend during the fourth quarter was $1.96, up from $1.30 in the first quarter of 2022.

This is Matt Weinberger, deputy editor of Insider's tech analysis team and your host for today. The one port in this particular storm is Apple, which is still the only major tech company not to do layoffs in recent weeks. Mark Zuckerberg just ushered in a new era of tech. In recent months, layoffs have swept just about every major tech company (except, notably, Apple). Enter Mark Zuckerberg, CEO of Facebook's parent company Meta, who officially rang in the new era on Wednesday when he declared that 2023 would be the "year of efficiency" at the social network.

☆ The billionaire CEO of tech giant Palantir skis for at least 5 hours a week, and has the same body fat percentage as prime Michael Phelps, report says
▼ + stars: | 2023-02-02 | by ( Grace Dean | ) www.businessinsider.com time to read: +2 min

Palantir CEO Alex Karp is a fitness fanatic who skis for up to five hours a day. Axios reported he has just 7% body fat – similar to Michael Phelps' at the 2008 Olympics. Karp has been pictured at events in ski gear and sometimes exercises during interviews. Olympic swimmer Michael Phelps had a body fat of 8% around the time of the 2008 Beijing Olympics, when he took home eight gold medals. He's has been pictured at events in ski gear and sometimes exercises during interviews, like the one with Axios.

☆ DeSantis' plans for Florida this year include tax cuts for gas stoves and more elections police. The proposals are widely viewed as targeting GOP voters nationally.
▼ + stars: | 2023-02-02 | by ( Kimberly Leonard | ) www.businessinsider.com time to read: +14 min

Banning vaccine and mask mandatesDeSantis wants the Florida legislature to permanently ban COVID vaccine and mask mandates. It's not clear how much of a difference a new, permanent Florida law would make. DeSantis will ask the Florida legislature to permanently lift the state's 6% sales tax on baby necessities including on cribs, strollers, clothing, shoes, wipes, and diapers. But some analysts, such as Howard Gleckman at the Tax Policy Center, have warned that tax breaks could actually worsen inflation because people will spend and consume more at a time when supplies are limited. Currently, state law requires a vote be unanimous.

☆ What Elon Musk has said publicly — and in private texts — on his ideas for Twitter and X, an 'everything app'
▼ + stars: | 2023-02-01 | by ( Grace Kay | ) www.businessinsider.com time to read: +8 min

Elon Musk has discussed his plans for X, an "everything app," on Twitter and in private texts. AP Photo/Jacquelyn MartinPrivate texts about a blockchain-based platformMusk has also discussed creating a social media platform built on a blockchain. In April, the billionaire privately outlined his idea for a "Doge" social media platform in texts to his younger brother, Kimbal Musk. "I have an idea for a blockchain social media system that does both payments and short text messages/links like Twitter," Musk texted. Shortly after buying Twitter, Musk began charging Twitter users for the app's blue check mark.

☆ Meet OpenAI CEO Sam Altman, who learned to code at 8 and is a doomsday prepper with a stash of gold, guns, and gas masks
▼ + stars: | 2023-02-01 | by ( Britney Nguyen | ) www.businessinsider.com time to read: +1 min

He also wanted to know "what would convince them not to vote for him in the future." Donald Trump and Hillary Clinton Drew Angerer/Getty ImageIn a thread on Twitter, Altman said he was "voting against Trump because I believe the principles he stands for represent an unacceptable threat to America." YC and Thiel stopped working together a year later in 2017 for unspecified reasons. Altman said one of the people he talked to in Silicon Valley made him sign a confidentiality agreement before talking because she was scared of losing her job for supporting Trump. Source: Twitter, Sam Altman, Insider

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