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☆ Sam Altman's act may be wearing thin
▼ + stars: | 2024-03-26 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In today's big story, we're looking into how some in Silicon Valley are starting to sour on OpenAI's Sam Altman . AdvertisementFrom hardball tactics when raising funds to relentless self-mythologizing about his role in the future of tech, Altman's act is wearing thin on some . Even VCs uninterested in AI deals are quickly becoming servants to Altman's AI empire. Big market, fall hard.

Persons: —, Baltimore's Francis Scott Key, Sam Altman, Alastair Grant, Rebecca Zisser, Darius Rafieyan, Altman, Elon Musk, à, Steve Jobs, VCs, Samantha Stokes, Eric Baradat, Torsten Slok, David Rosenberg, BofA, Drew Watson, Birkin, Abanti Chowdhury, Elon, Don Lemon, that's, Musk, Mark Zuckerberg, Google's, Meta, Dave Calhoun, Aaron Schwartz, Adam Neumann, Neumann, Robert F, Kennedy Jr, Dan DeFrancesco, Hallam Bullock, George Glover, Grace Lett Organizations: Business, Service, Baltimore Fire Department, Tech, Apple Vision, NFL, ChatGPT, Kruze Consulting, Apollo Global Management, Federal Reserve, Bank of America, Abanti, Getty Images, Street Locations: Silicon Valley, Plenty, Big, Orlando, New York, London, Chicago

☆ Ripple Labs accuses the SEC of trying to 'punish and intimidate' by seeking $2 billion in penalties from XRP developer
▼ + stars: | 2024-03-26 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

The SEC is seeking fines and penalties worth $2 billion from Ripple Labs, its legal chief said. Stuart Alderoty said the SEC wanted to "punish and intimidate Ripple" and the wider crypto sector. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe US's top financial watchdog is seeking penalties worth billions of dollars from Ripple Labs, the company behind the XRP cryptocurrency, its chief legal officer said. Stuart Alderoty wrote on X that the Securities and Exchange Commission asked US District Judge Analisa Torres to fine Ripple $2 billion.

Persons: Stuart Alderoty, XRP, —, Analisa Torres Organizations: SEC, Ripple Labs, Service, Securities and Exchange Commission, Business

☆ We're watching an American retirement crisis unfold
▼ + stars: | 2024-03-25 | by ( Jordan Parker Erb | ) www.businessinsider.com time to read: +7 min

The big storyRetirement crisisart-4-art/Getty Images; Adobe Firefly; Jenny Chang-Rodriguez/BIWhat was once a natural part of the American dream — retirement — is now a luxury many workers can't afford. All of that combines to form a growing, and increasingly bleak, American retirement crisis. Plus, some who do leave work early end up regretting it . AdvertisementWhile early retirement isn't for everyone, retirement at its most basic level — leaving work after most of our adult lives — should be. The notion that people who've done everything they were supposed to, and still can't retire, points to major problems in the system at large.

Persons: —, Jordan Parker Erb, Dan DeFrancesco, Haven't, Jenny Chang, Rodriguez, they've, Juliana Kaplan, doesn't, Juliana, who's, she's, Alounthong, Getty, Klaus Vedfelt, Tyler Le, Zers, millennials, Warren Buffett's, Buffett, Sam Bankman, Daniel Jurman, it's, Rebecca Zisser, Elon Musk, Donald Trump, Hallam Bullock, George Glover, Grace Lett, Lisa Ryan Organizations: Service, Business, Pensions, Social Security, Prosecutors, BI, Apple, Accenture, Deloitte, Google Locations: America, India, China, American, New York, London, Chicago

☆ Binance crypto exec reportedly on the run after busting out of custody in Nigeria
▼ + stars: | 2024-03-25 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Nadeem Anjarwalla escaped police custody in Nigeria on Friday, Binance said. Nigeria charged Binance, Anjarwalla, and another employee of the crypto exchange with tax evasion. AdvertisementA Binance executive is reportedly on the run after busting out of police custody in Nigeria on Friday. "We were made aware that Nadeem is no longer in Nigerian custody," a Binance representative told Business Insider on Monday. On Monday, Nigeria's Federal Inland Revenue Service said it was charging Binance, Anjarwalla, and Gambaryan with tax evasion.

Persons: Nadeem Anjarwalla, Binance, —, Nadeem, didn't, Bayo Onanuga, Anjarwalla, Tigran Gambaryan, They'd Organizations: Service, Nigeria's Premium Times, Bloomberg, Nigeria's Federal Inland Revenue Service Locations: Nigeria, Africa, Abuja

☆ Hybrid cars now have 'very few compromises' says Ford executive — and sales are booming
▼ + stars: | 2024-03-23 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

Sales growth for hybrid cars is outpacing growth for electric vehicles this year. AdvertisementIt's shaping up to be a comeback year for hybrid cars — and that's partly because they're now nearly as good as their conventional vehicles, according to a Ford executive. Frick's comments come as demand for hybrid vehicles soars, partly due to drivers' worries about charging electric cars. AdvertisementFreedom of choiceThe hybrid Maverick starts at about $25,300 — some $1,500 more than the gas version. About 60% of those buying a hybrid Maverick are first-time Ford customers, product development operations chief Jim Baumbick previously told Business Insider.

Persons: Ford, Ford's Andrew Frick, —, they're, Andrew Frick, Morgan Stanley, Jim Baumbick Organizations: Service, Ford, Wall, Buyers, Cox Automotive, Toyota Prius, BI Toyota, EV, Toyota, White House Locations: Detroit, Edmunds

☆ It's March Madness time — and we mean business
▼ + stars: | 2024-03-21 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we've made a March Madness bracket to decide the biggest topics in business, tech, and innovation, and we need you to vote . [2] Interest rates vs. [7] US-China relations: The biggest question in the market is when the Federal Reserve will lower rates. China doesn't have as direct an impact on US businesses as interest rates, but it's not far behind. Anna Moneymaker/Getty ImagesThe Fed holds the line on interest rates.

Persons: —, Jensen, we've, ya, Kevin Frayer, Chelsea Jia Feng, it's, Elon Musk, Jerome Powell, Anna Moneymaker, he's, Goldman Sachs, Russell Horwitz, hasn't, Greg Doherty, Mustafa Suleyman, Karén Simonyan, Sam Altman, Alex Nabaum, It's, Elon Musk's Neuralink, Noland Arbaugh, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Business, Service, Federal Reserve, EV, Boomers, Fed, UBS, BI, Wall, Variety, New York Stock Exchange, Microsoft, Amazon, FedEx, Nike Locations: China, VCs, Valley, New York, London

☆ A Chinese takeaway worker who had 61,000 bitcoin worth $1.8 billion seized by police found guilty of money laundering
▼ + stars: | 2024-03-21 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

In 2021, police seized 61,000 bitcoin from digital wallets linked to the Chinese takeaway worker. AdvertisementA former Chinese takeaway worker was found guilty of a money laundering offense after police discovered that she'd converted bitcoin worth billions into cash and big-ticket items including jewelry and properties in Dubai. The case unfolded after police seized 61,000 bitcoin from digital wallets linked to Wen in 2021. The crypto haul, which was worth £1.4 billion ($1.8 billion) then and would now be valued at $3.8 billion, the CPS said. AdvertisementWhen challenged, the woman said she'd made the money legitimately through bitcoin mining, and later claimed her employer gave her 3,000 bitcoin then worth about £15 million.

Persons: Jian Wen, Wen, —, Prosecutors, Cash, Jian, CPS Wen, she'd, Andrew Penhale, Adrian Foster Organizations: Service, Southwark Crown, CPS, UK . Police Locations: London, Dubai, Southwark, Leeds, China

☆ Consumers frustrated by the economy might never get the relief they're ultimately hoping for
▼ + stars: | 2024-03-20 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at why the economy has most consumers feeling like they are stuck in place . A "trapped in place" economy is in full swing. Bad buying conditions coupled with everyday high prices means consumers can't make any major life changes , writes Business Insider's Emily Stewart. But it's not the only area of the economy that's stuck, Emily writes. So, while consumers lament being stuck in place, they should also avoid getting stuck looking to the past.

Persons: —, Rebecca Zisser, Emily Stewart, it's, Emily, gunning, It's, Jerome Powell's, Tyler Le, Steve Mnuchin, Brian Moynihan, Instagram, Jensen Huang, Chelsea Jia Feng, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Business, Tech, Federal, Wall Street, Investors, Blackstone, JPMorgan, MLB, Bank of America, mojo, Nvidia, Astera Labs, NASDAQ Locations: It's, Chelsea, New York, London

☆ A Bill Gates company is about to start building a nuclear power plant in Wyoming
▼ + stars: | 2024-03-19 | by ( George Glover | ) www.businessinsider.com time to read: +3 min

TerraPower, which Bill Gates founded, plans to build its first nuclear power plant in the US. CEO Chris Levesque told the Financial Times it wants to start work on a site in Wyoming in June. AdvertisementA company cofounded by Bill Gates is about to start building next-generation nuclear power plants in the US. AdvertisementMost of the initial work at the Kemmerer site won't be related to nuclear activity, Levesque said. AdvertisementIn October last year TerraPower missed out on making the shortlisted for the next round of the UK government's competition for small nuclear plants.

Persons: Bill Gates, Chris Levesque, TerraPower, —, hasn't, Levesque, Gates Organizations: Financial, Service, Financial Times, Department of Energy, CRV, Khosla Ventures, Reuters, Royce Locations: Wyoming, Kemmerer , Wyoming, Ukraine, Britain

☆ Google and Apple's rumored partnership could upend the AI industry
▼ + stars: | 2024-03-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at what a potential partnership between Google and Apple over AI features would mean for both companies and the wider industry. The big storyGoogle, Apple, AIRebecca Zisser/BITwo of the world's biggest tech companies are reportedly discussing a partnership that would upend the AI industry. Apple is considering integrating Google's AI model, Gemini, into the iPhone . The company has been noticeably quiet around its AI plans compared to peers like Google, Microsoft, Meta, and Amazon. So even if Apple and Google come to an agreement, they could still face some serious regulatory pushback.

Persons: —, hasn't, Rebecca Zisser, Mark Gurman, Sundar Pichai, Apple, it's, Tim Cook, Google's Gemini, Insider's Hasan Chowdhury, BI's Phil Rosen, Mike Coppola, Jerod Harris, Grzegorz Wajda, Chelsea Jia Feng, It's, OpenAI, Stephanie Cohen, Goldman Sach's, Goldman Sachs, Jenny Chang, Rodriguez, Goldman, Josh Edelson, Chip Somodevilla, TikTok, Jensen Huang, Blackwell, Alyssa Powell, elbowed, Manoj Bhargava, Steve Huffman, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Google, Apple, Business, Gemini, Microsoft, Meta, Google's, Getty, Vox Media, Getty Images, Department of, Big Tech, Wall, Cloudflare, Bank of Japan, SXSW, Nvidia, Sports Illustrated, Arena Group Locations: AFP, Woodstock, Arizona , Florida , Illinois , Kansas, Ohio, New York, London

☆ Tesla is the biggest S&P 500 loser this year, down even more than Boeing
▼ + stars: | 2024-03-18 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Close to three months later, the electric carmaker holds a much less enviable title — it's the S&P 500's biggest loser year-to-date. Tesla shares have plummeted about 30% year-to-date, wiping about $230 billion off the company's value. AdvertisementThe gap was even wider at the end of last week, but Tesla shares were up almost 6% on Monday. AdvertisementNelson also believes Tesla could become the world's biggest auto manufacturer — but others don't share his optimism.

Persons: —, Tesla, Elon, BYD, That's, Seth Goldstein, Goldstein, Refinitiv, Garrett Nelson, Nelson, Wells, Ross Gerber, who's Organizations: Elon, Service, Boeing, Alaska Airlines, MAX, Elon Musk's, North, Fox Business Locations: Elon Musk's, North America, Europe

☆ How to avoid the 'survivor's penalty' before a spouse passes
▼ + stars: | 2024-03-18 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +4 min

Jessie Casson | Digitalvision | Getty ImagesIt's hard to lose a spouse, and a costly surprise makes it even more difficult, especially for older women — higher taxes. watch nowTypically, the surviving spouse inherits the deceased spouse's individual retirement accounts, and so-called required minimum distributions are about the same. But the surviving spouse now faces higher tax brackets, Gagliardi said. Spouses may consider partial Roth IRA conversions, which transfers part of pretax or nondeductible IRA funds to a Roth IRA for future tax-free growth, Jastrem said. Check investment accountsIt's always important to keep account ownership and beneficiaries updated, and failing to plan could be costly for the surviving spouse, Jastrem said.

Persons: Jessie Casson, Digitalvision, Edward Jastrem, —, Donald Trump's, George Gagliardi, Gagliardi, Roth, Jastrem Organizations: Getty, Centers for Disease Control, Heritage Financial Services, CNBC, Coromandel Wealth Management, Wealth Locations: Westwood , Massachusetts, Lexington , Massachusetts

☆ Weight loss drugs like Ozempic and Wegovy are fattening up Denmark's economy and helped it dodge a recession last year
▼ + stars: | 2024-03-17 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Danish pharma giant Novo Nordisk makes both Ozempic and Wegovy. The novel drugs are also boosting pharma stocks — and Denmark's economy. Advertisement"The pharmaceutical industry has been the main driving force in the Danish economy in both the fourth quarter and for the whole of 2023," the agency said. Genmab, Zealand Pharma, and H. Lundbeck are among the other big Danish pharma firms. AdvertisementSuch businesses were a rare bright spot for Denmark's economy last year because they invested in infrastructure, created jobs, and boosted manufacturing, according to Danske Bank's chief economist Las Olsen.

Persons: —, it's, Las Olsen, Olsen Organizations: Danish pharma, Novo Nordisk, Service, Nordisk, Zealand Pharma Locations: Denmark, Danish, Copenhagen

☆ Solving the looming retirement crisis means thinking differently about aging, economist says
▼ + stars: | 2024-03-16 | by ( George Glover | ) www.businessinsider.com time to read: +7 min

It's time to start thinking differently about aging, according to a new book. "We've never invested enough in old age, because we never thought we'd get there," he said. "We've never invested enough in old age, because we thought we'd never get there, and now we will." He calls for a transition to an "evergreen economy," based on channeling the world's aging population to address inequality and boost growth. AdvertisementThe looming retirement crisis underlines the need for a rethink on aging, Scott told BI.

Persons: Andrew J, Scott, We've, we'd, —, There's, Florian Gaertner, we're, that's, they've, David Bowie, Magdalena Wosinska, he's, Bryan Johnson, who's, I've, I'm Organizations: Service, Health, Institute for Fiscal, London Business School, Harvard, Bank of England, Institute for International Political, Economic, Getty, Social Security, Washington Post Locations: Oxford, Japan

☆ Citadel's relocation to Miami was a success. But can Ken Griffin get the rest of Wall Street to do it?
▼ + stars: | 2024-03-15 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at how two of the most powerful Wall Street firms are doing two years after relocating to Miami . Nearly two years ago the billionaire uprooted his hedge fund, Citadel, and market maker, Citadel Securities, from their Chicago headquarters to Miami. Employees at Citadel and Citadel Securities spoke to Business Insider's Emmalyse Brownstein about life in the new HQ . Shares tumbled 55% after The Wall Street Journal reported that Fisker had hired restructuring advisors to assist with a possible bankruptcy filing.

Persons: —, we're, sarayut Thaneerat, Tyler Le, Ken Griffin, Samantha Lee, San Francisco, Griffin, Anita Kot, Dogecoin, Elon Musk, Ned Davis, Fisker, Patrick Pleul, Andrew Cabellero Reynolds, Jenny Chang, Rodriguez, Sam Altman, Muhammad Ali, Steven Mnuchin, BI's Peter Kafka, Ezra Bailey, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Business, Wall, Citadel, Citadel Securities, Sunshine State, Miami, New York, Ned Davis Research, Street Journal, Elon, OpenAI, Google, KKR, Benz Locations: Miami, Florida, Chicago, New York, London, York, Plenty, San, Austin, He's, Blackstone

☆ Palantir CEO Alex Karp says he loves 'burning the short-sellers' who bet against 'great companies' to fund their cocaine habits
▼ + stars: | 2024-03-14 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers. Goldman Sachs, Barclays, and Ken Griffin's hedge fund Citadel are among the names who've bet against Karp's company, per MarketBeat. Karp also acknowledged in his CNBC interview that some Palantir staff had left due to its vocal support for Israel. Disclosure: Palantir Technologies CEO Alexander Karp is a member of Axel Springer's shareholder committee.

Persons: —, Palantir, CNBC's, Alex Karp, who'd, Karp, Goldman Sachs, Ken Griffin's, We've, it's, Peter Thiel —, Alexander Karp, Axel Springer's, Axel Springer Organizations: Service, Business, US Army, Refinitiv, Barclays, Citadel, CNBC, Israel, Hamas, Palantir, Insider Inc Locations: Tel Aviv, Israel

☆ Why Zyn nicotine pouches are all the rage among workers looking for a boost
▼ + stars: | 2024-03-14 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

In today's big story, we're looking at why Zyn nicotine pouches are becoming the go-to alternative for workers looking for a boost . Zyn, a brand of nicotine pouch, has quickly gained a loyal following among some workers looking for a boost during the day. There was a 62% year-over-year bump in the amount of flavored nicotine pouches shipped in the US in 2023. Containers of "Zyn" nicotine pouches. He said the nicotine pouches were too accessible and gave him migraines.

Persons: —, Michael M, Jenny Chang, Rodriguez, Sarah Jackson, Tim Paradis, Sarah, Tim, it's, Zyn, Tim he'll, vaping, Mark Spitznagel, Spitznagel, Samantha Lee, Stanley, Max, Bob Jordan, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Business, Getty, Wall Street, Republican, New York Stock Exchange, UBS, Electronic Arts, Verizon, Ford, Reading, Airlines, Boeing Locations: Copenhagen, New, Wall St , New York, USA, Oxford, New York, London

☆ YouTube's mass exodus of stars show the uncertainty of the creator economy
▼ + stars: | 2024-03-13 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at a potential exodus of stars from YouTube and what it means for the creator economy. What's on deck:This story is available exclusively to Business Insider subscribers. AdvertisementBut some people who helped fuel YouTube's rise are walking away from the platform that gave them their big break. TikTok's challenges represent the ongoing uncertainty content creators face trying to make a living in such an unpredictable and shrinking world.

Persons: —, we've, Rebecca Zisser, It's, Insider's Lindsay Dodgson, MatPat, Lindsay, Andy Kiersz, Critics, it's, Alistair Barr, Dan, Jamie Dimon doesn't, Dimon, Karim Qubadi, Abanti Chowdhury, OpenAI, Musk's, Christopher Nolan's, Tyler Le, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, YouTube, Business, Nielsen, Gaming, ISI, SensorTower, BI, CPI, JPMorgan, Elon, University of Chicago, Quest, realtors, Meta, Google, Companies, Adidas Locations: United States, New York, London

☆ The Princess of Wales is in the spotlight — for not being in the spotlight
▼ + stars: | 2024-03-12 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +8 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. In today's big story, we're looking at the curious case of Kate Middleton's edited photo that's got the internet buzzing. The big storyPrincess problemsChris Jackson/Getty Images; Ian Vogler - WPA Pool/Getty Images; Chelsea Jia Feng/BIA picture is worth a thousand words. AdvertisementBut this time around, it's the Princess of Wales in the spotlight… for not being in the spotlight. She explained away the issue by saying she does "occasionally experiment with editing," but plenty of people weren't buying it .

Persons: —, we've, Kate Middleton's, that's, Chris Jackson, Ian Vogler, Chelsea Jia Feng, hasn't, Prince Andrew , Duke, York, Prince Harry, Meghan Markle, Duke, Duchess of Sussex, Wales, Kate, Insider's Kwan Wei Kevin Tan, Mikhaila Friel, Kensington, Kensington Palance, Patrick Witty's, Patrick, Kate Middleton, King Charles, Mikhaila, Easter, Katie Notopoulos, BI's Hasan Chowdhury, Beatrice Nolan, Chris Gash, Stephanie Pomboy, Max, Aravind Srinivas, Nvidia's, Artur Debat, Eric Boyd, Joe Biden, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Business, Royals, JPMorgan, Anadolu, Apple, Meta, New York Times, Tesla, Microsoft, OpenAI, International Brotherhood of Teamsters Locations: London, Kensington, British, China, Georgia , Mississippi, Washington, New York

☆ Mark Zuckerberg is almost $54 billion richer this year — and he's closing in on Elon Musk
▼ + stars: | 2024-03-11 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Mark Zuckerberg's net worth has surged by almost $54 billion this year, according to Bloomberg data. Zuckerberg is close to overtaking Elon Musk for the first time since late 2020. AdvertisementMark Zuckerberg has become a lot wealthier this year 2024 — and is closing in on his would-be cage-fight rival Elon Musk for the title of the world's third-richest person. The Meta CEO's fortune has surged by almost $54 billion since the start of January, according to the Bloomberg Billionaires Index. As of Friday's closing bell, he was worth $182 billion — just $7 billion behind Musk.

Persons: Mark Zuckerberg's, Zuckerberg, Elon Musk, —, Mark Zuckerberg Organizations: Bloomberg, Facebook, Elon, Service, Business

☆ How Fed Chair Jerome Powell's big decision could impact the upcoming presidential election
▼ + stars: | 2024-03-11 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, Fed Chair Jerome Powell's rate-cut decision could impact the upcoming presidential election . The decision, which has massive economic implications, is now butting up against another monumental event: a US presidential election. AdvertisementThe collision course puts an incredible amount of power in Fed chair Jerome Powell's hands , Business Insider's Emily Stewart writes. The two Wall Street titans are no longer expecting a recession , with inflation cooling and the job market holding steady. Recent graduates are adjusting their career expectations amid signs that the job market is starting to weaken, according to labor experts.

Persons: —, Jerome Powell's, Powell, Chip Somodevilla, Matt Rourke, Sarah Silbiger, Alyssa Powell, Emily Stewart, It's, He's, Biden, Robert Alexander, Getty, Joe Biden, David Rosenberg, it's, BEOWULF SHEEHAN, Tyler Le, Carrie Sun, Chase Coleman, Jamie Dimon, Ray Dalio, Chelsea Jia Feng, Elon Musk, Tesla, Musk, Lily Lyman, who's, Dealogic, Anson Chan, Lil Wayne, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Business, Service, Bloomberg, Getty, Federal Reserve, Trump, Wall, titans, Chelsea, Tesla, Nvidia, BI, Medical Properties Trust Locations: Powell, New York, London

☆ China's BYD is the world's biggest electric car maker — but it's not coming to America anytime soon
▼ + stars: | 2024-03-09 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

Read previewJapanese and Korean carmakers cracked the US market long ago — but don't expect Chinese EV seller BYD to repeat that feat. Advertisement"It'd be very difficult for a Chinese EV maker to enter the US market," Seth Goldstein, an equity strategist at Morningstar, told Business Insider. The bill, a key part of US President Joe Biden's economic agenda, offers tax credits worth up to $7,500 for EV makers, excluding any "Foreign Entity of Concern." BYD isn't the only company turning its back on the US EV market. Given that EV sales growth is stalling in US, it's perhaps little wonder companies like BYD are not too bothered.

Persons: —, There's, Tesla, We're, Stella Li, BYD, Seth Goldstein, I'm, Suzuki, Jim Farley, Will Roberts, Goldstein, Roberts, Joe Biden's, Joe Biden, Demetrius Freeman, Rho Motion's Roberts, you'd, Li, carmakers Organizations: Service, Yahoo Finance, Business, Morningstar, Toyota, Motors, Nissan, Mazda, Lexus, Honda, Mitsubishi, Korea's Hyundai, Kia, North, Ford, EV, Rho, Energy, Treasury, Washington Post, Cox Automotive, Apple Locations: Korean, North America, —, China, North American, Russia, Iran, North Korea, Brazil, Thailand, Americas, Asia, South America

☆ Pharmaceutical companies behind weight-loss drugs are slimming down a new target: The Magnificent 7
▼ + stars: | 2024-03-08 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at pharma companies' surging stocks and threatening tech darlings thanks to their weight-loss drugs. And it comes despite only 1% of US adults taking weight-loss drugs, according to Bank of America , which predicts that number could rise to 15% by 2035. Weight-loss drugs are also cutting more than just fat. For Wall Street, meanwhile, the equation is much simpler: Getting more people on weight-loss drugs boosts the economy. The trend, which will be powered by cash-rich mega-cap tech companies, is thanks to strong earnings growth, the bank said.

Persons: —, Joe Biden, Donald Trump —, Trump, Zhan, Eli Lilly, Tesla, Hannah Latham, Octavio Jones, Christian Rodriguez, Laura MacPherson, Jenny Chang, Rodriguez, they're, Goldman Sachs, Biden, Barry Sternlicht, Fernando Gutierrez, It's, Elon Musk, TikTok, Pete Ryan, RJ Scaringe, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, pharma, Business, Tesla, Microsoft, JPMorgan, Pfizer, Novo Nordisk, Bank of America, Nvidia, Companies, Fed, Infrastructure Investment, Alpha, Commission, Elon, EV, Nike, Congress, White, Meta, SXSW Locations: China, US, New York, London

☆ Sam Altman and Elon Musk are beefing, but the two share plenty in common
▼ + stars: | 2024-03-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, we're looking at Sam Altman's sprawling AI empire amid his beef with Elon Musk . AdvertisementBut first, the sun never sets on Sam Altman's AI empire. OpenAI CEO Sam Altman was thrust into the mainstream consciousness with the release of ChatGPT in 2022. Elon Musk and Sam Altman Michael M. Santiago/Getty, Nordin Catic/Getty, Tyler Le/BIThere is another tech billionaire whose vision exceeds a singular company. But unlike Musk, Altman has, somewhat incredibly, mostly skirted controversy (save for his ouster-then-return saga ).

Persons: —, There's, Sam Altman's, Elon Musk, Alastair Grant, Rebecca Zisser, Sam Altman, Altman, Darius Rafieyan, Sam Altman Michael M, Nordin Catic, Tyler Le, Elon, Musk, OpenAI, execs, Altman isn't, Robert Downey Jr, Tony Stark, Goldman Sachs, Jenny Chang, Rodriguez, Neema Raphael, Goldman's, Jerome Powell, Powell, Li Qiang's, Xi Jinping, Fernando Gutierrez, leapfrog, Ridley Scott's, Napoleon, BI's Peter Kafka, Elon Musk's, Joe Biden, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Elon, Business, OpenAI, Microsoft, Goldman, Beijing, Nvidia, leapfrog Apple, Apple, Google, FTC, Facebook, Variety, Tesla, Costco, Kroger, Digital Locations: China, Delaware, New York, London

☆ It's a presidential rematch, but the biggest talking points will be a lot different this time around
▼ + stars: | 2024-03-06 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +6 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Former President Donald Trump has all but secured a rematch with President Joe Biden in November's election after a dominating performance on Super Tuesday. These days, the biggest themes heading into the election range from the personal lives of both candidates to major geopolitical issues. Trump's vice president: Trump's running mate remains a question mark, with plenty of options . Swift backed Biden in 2020 but didn't endorse either candidate when she told her fans to vote on Super Tuesday .

Persons: —, Nikki Haley, that's, we've, Chip Somodevilla, Scott Eisen, Donald Trump, Joe Biden, Biden, Trump, Brendan Smialowski, he's, Daniels, Trump's, Sen, Tim Scott of, Vivek Ramaswamy, Kristi Noem, Taylor, Swift, Robert Alexander, Jenny Chang, Rodriguez, Alyssa Powell, Elon Musk, Musk, execs, Roy Rochlin, Bob Iger, It's, Campbell, Dan DeFrancesco, Hallam Bullock, Jordan Parker Erb, George Glover Organizations: Service, Street, Business, Democratic, Trump, NFL, Getty, Musk, Microsoft, Disney, Apple, Vision, Campbell Soup Company Locations: Vermont, Tim Scott of South Carolina, South Dakota, Gaza, Ukraine, Washington, China, Trump, New York, London

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