• OpenAI and Microsoft have an internal definition for AGI, per The Information.
• The two companies agreed to define AGI as a system that can generate $100 billion in profits.
• OpenAI says on its website that AGI refers to AI systems that are smarter than humans.

OpenAI and Microsoft have a definition for artificial general intelligence, and it hinges on the money the emerging technology can bring in.

The two companies signed an agreement in 2023 that defined AGI as a system that can generate $100 billion in profits, The Information reported on Thursday, citing documents it had obtained.

OpenAI has, however, publicly defined AGI on its website as "a highly autonomous system that outperforms humans at most economically valuable work."

The ChatGPT maker added that its nonprofit board would decide whether AGI has been achieved.

"Such a system is excluded from IP licenses and other commercial terms with Microsoft, which only apply to pre-AGI technology," the company wrote on its website.

OpenAI and Microsoft did not respond to Business Insider's request for comment.

Based on its agreement with Microsoft, OpenAI still has some way to go before it can achieve AGI.

The company expects to accumulate losses of around $44 billion between 2023 to 2028, and could hit $100 billion in revenue in 2029, The Information reported in October, citing financial documents it had obtained.

"My guess is we will hit AGI sooner than most people in the world think and it will matter much less," OpenAI CEO Sam Altman said during an interview with Andrew Ross Sorkin at The New York Times DealBook Summit on December 4.

In November, Bloomberg reported that OpenAI is in preliminary talks with California's attorney general's office about becoming a for-profit company.

OpenAI was initially launched as a nonprofit research organization in 2015. The company closed a $6.6 billion funding round in October, valuing it at $157 billion.

• A plot next to Jeff Bezos' Miami properties is on sale for $200 million.
• The land is on Indian Creek, a private island that's home to several billionaires.
• The sellers remain unknown, but their broker said they are open to negotiating the price.

A plot of land next to Jeff Bezos' properties in South Florida is on sale for $200 million.

The property is about 1.84 acres in size and is located at Indian Creek, a private artificial island in Miami-Dade County. Called the "Billionaire Bunker," the island houses properties belonging to Jared Kushner and Ivanka Trump, Tom Brady, Carl Icahn, and recent arrival Jeff Bezos.

The asking price — $200 million for the land — is more than what Bezos paid for any of his three properties on the island. In 2023, the Amazon founder purchased a $68 million mansion and an adjacent property for $79 million. In September, he made a third purchase for $90 million. Last year, Bezos said he would be moving to Miami after living in Seattle for 29 years.

The listing was first reported by The New York Post.

Ilya Reznik is representing the owners, who did not want to be identified. Reznik told the New York Post that the owners originally wanted to build on the land but changed plans and decided to sell. He said that the owners bought the land for $27.5 million in 2018.

Reznik told Bloomberg that the sellers are willing to negotiate on price, but he is "confident that in the end the buyer will pay a little extra because Bezos is a neighbor." Reznik added, "Those prices just didn't exist before he came to Indian Creek."

The broker also said that the sellers drew pre-designs for a 25,000-square-foot estate on the property that would be available to the buyer.

The New York Post reported that the land also comes with 200 feet of Biscayne Bay waterfront, which allows the owner to build a deep-water dock for a 180-foot megayacht.

The highly secure island is located about 15 miles from Miami and is only accessible via a single bridge connecting it to the mainland. It has about 40 homes over 300 acres and an ultra-exclusive country club. The island's police department monitors the area's only entrance and patrols the perimeter around the clock.

• "Squid Game" season three will premiere in 2025.
• It will wrap up the season two story and is intended to end the entire show.
• Here's what we know so far about the plot and cast.

It took Netflix three years to debut a second season of the surprise hit K-drama "Squid Game."

However, seasons two and three were filmed simultaneously, meaning there will be less of a wait after the second season, which released on December 26.

Netflix announced in July 2024 that season three, which will premiere in 2025, would be the last.

The third season will follow Seong Gi-hun's crusade against a secret organization that is manipulating people with huge debts to compete in deadly games for money.

Warning: Major spoilers ahead for season two.

"Squid Game" season 3 will likely be set directly after the end of season 2

Season two ended on a tragic cliffhanger, with the games' guards defeating Gi-hun's rebellion against the games.

After finding himself competing in the deadly games again, Gi-hun persuades his fellow players to stage a rebellion against the guards, steal their weapons, and storm toward the command center.

This plan is foiled by a saboteur in Gi-hun's ranks: Hwang In-ho, the game's leader, who entered the competition as Player 001 to spy on Gi-hun.

In-ho splits the rebels, making them easier to defeat, and fakes his own death. After his guards crush the uprising, In-ho, hiding his identity behind a mask, kills Gi-hun's best friend right in front of Gi-hun.

Outside the games, Gi-hun recruited a group of people to help find the game's island to shut down the competition. The season finale shows that they have a traitor among them, too — Captain Park, a fisherman who owns the boat the team is using to find the island.

"Squid Game" creator Hwang Dong-hyuk told Entertainment Weekly in December that seasons two and three were written as one story, but split into two seasons to accommodate all the episodes.

Since the games were not finished by the end of season two, season three will show the second half of the same competition. Gi-hun and his allies' will also likely have their last attempt to destroy the games.

One of the new games will be based around another creepy doll.

The most popular game in "Squid Game" season one was "Red Light, Green Light," in which the players race to the finish line without being spotted by a giant rotating creepy doll.

The doll was based on a statue in South Korea of Young-hee, a character from old school textbooks. In June 2022, Hwang said in a statement teasing the second season that the show will introduce Cheol-su, a character often paired with Young-hee.

Giant dolls of Cheol-su and Young-hee appear in a post-credit scene in the season two finale. The scene seems to be teasing one of the game settings in season three, but it is not clear yet what the game will actually be.

Season 3 is the final season of "Squid Game."

In December, Hwang told Entertainment Weekly that he decided to end the show after the third season because the story he is "capable of telling through Gi-hun" ends there.

He later told Variety that he was "sick" of making "Squid Game."

"I'm so sick of my life making something, promoting something," Hwang said. "I'm just thinking about going to some remote island and having my own free time without any phone calls from Netflix."

Since Netflix owns the rights to "Squid Game," it could create more spin-offs without Hwang's involvement. It already has a reality show, "Squid Game: The Challenge," and the video game "Squid Game: Unleashed." Variety reported that Hwang has been kept in the loop with these projects but has not been involved with them.

Deadline reported in October, citing unnamed sources, that an English-language version of "Squid Game" was in the works and that David Fincher may be hired to develop the show.

The surviving players from season 2 will return in season 3.

This includes: Player 388, Dae-ho (Kang Ha-neul), the ex-marine; Player 222, Kim Jun-hee (Jo Yu-ri), the pregnant woman; Player 007, Park Yon-sik (Yang Dong-geun) and his mother, Player 044, Jang Geum-ja (Kang Ae-sim); Player 044, Seon-nyeo (Chae Kook-hee), the mystical lady; and Player 120 Hyun-ju (Park Sung-hoon), an ex-special forces officer and transwoman.

Lee Jung-Jae and Lee Byung-hun will reprise their roles as the main protagonist, Seong Gi-hun, and the antagonist, Hwang In-ho. Other non-player characters who are still alive at the end of season two will also return, including former Detective Hwang Jun-ho (Wi Ha-joon) and Woo-seok (Jeon Seok-ho).

• An undersea cable in the Baltic Sea that provides power to Estonia was cut on Wednesday.
• Finnish authorities say they've seized an oil tanker they suspect caused the outage.
• Finland's president raised concerns of Russia's "shadow fleet" on social media.

Finnish authorities said they've seized an oil tanker on Thursday as part of its probe into the cutting of an undersea cable in the Baltic Sea which provides electricity to Estonia.

Finnish customs authorities and the European Union's executive commission said the tanker may be part of Russia's "shadow fleet" of oil tankers, The Associated Press reported.

Finland police said in a news release that the vessel, Eagle S, was registered in Cook Islands. MarineTraffic, a global ship tracking website, also stated that the ship was flying under the flag of Cook Islands and was sailing between St. Petersburg, Russia, and Port Said, Egypt.

On Wednesday, Finnish authorities began investigating the rupture of Estlink-2, an undersea power cable connected between Finland and Estonia, Finnish Prime Minister Petteri Orpo said on X.

Finland police said in the press release that the case is being investigated as "aggravated criminal mischief."

A spokesperson for Finland's police did not respond to a request for comment sent outside of working hours.

Russia has been using a network of mostly aging ships that are difficult to trace back to the country in order to evade costly Western sanctions that were imposed after the start of the Ukraine war in 2022.

According to the Center for Research on Energy and Clear Air, a Finland-based think tank, more than half of the 369 vessels exporting Russian crude oil and oil products in November were shadow tankers.

"Our main task is to find effective means to stop the shadow fleet," Orpo said at a news conference, according to The New York Times. "The shadow fleet pumps money into Russia's war fund so that Russia can continue to wage its war in Ukraine against the people of Ukraine, and it has to be stopped."

Finland's President Alexander Stubb also said in a post on X that the risks of Russia's shadow fleet need to be addressed.

The damage to the Estlink-2 further highlights growing concerns among countries around the risks of sabotage against undersea power cables and pipelines.

In November, two data cables were cut under the Baltic Sea, linking Germany and Finland as well as Sweden and Lithuania.

German Foreign Minister Boris Pistorius said without evidence that the incident was no accident.

"We have to assume, without certain information, that the damage is caused by sabotage," he said.

• On Thursday, season two of "The Flipping El Moussas" premiered on HGTV.
• Tarek and Heather Rae El Moussa flipped a three-bedroom, two-bathroom home in Los Angeles.
• The flip took longer than they anticipated, but they still made a profit on the property.

Tarek El Moussa and Heather Rae El Moussa are back to flipping houses on HGTV.

In January, the couple will appear in the competition series "The Flip Off" with Tarek's ex, Christina Haack. And on Thursday, season two of Heather and Tarek's show, "The Flipping El Moussas," premiered on HGTV, diving into the couple's house-flipping business.

In the episode, Tarek and Heather flipped a three-bedroom house in Los Angeles that was filled to the brim with trash when they started the project.

In the season premiere of "The Flipping El Moussas," Tarek and Heather took on a trash-filled home in Los Angeles.

As the episode opens, Tarek and Heather check out a three-bedroom, two-bath house in Los Angeles.

Tarek's company, Tarek Buys Houses, had purchased the 1,200-square-foot property for $430,000, which they said was on the low end for the area because the house was in disarray, filled with trash, rat droppings, and human feces.

They originally intended to sell the home to another flipper at wholesale, but because it was so dirty, Tarek and Heather would have had to invest money in cleaning it out before they could sell it to another flipper.

Instead, they decided to flip it themselves. They set a budget of $184,000 for renovations and hoped to sell the home for close to $1 million.

The home's large living area was full of garbage when Tarek and Heather started working on it.

The large living area had an open-concept feel, though it was difficult to see the layout when Tarek and Heather first toured the property because it was covered in debris.

Tarek said in the premiere that it took his team three days and 10 trips to the dump to clean out the property.

Tarek and Heather decided to fully open the living area during the flip.

The new living space felt large and airy after the renovation.

Tarek and Heather took down the wall that separated the kitchen from the rest of the living area, making the space feel larger.

The space was full of light thanks to its white walls and the sliding glass doors that took up nearly a whole wall in the living room. Touches like beachy lighting modernized the space.

The backyard wasn't much to look at before the renovation.

The fenced-in backyard offered privacy, but that was the only redeeming quality when the El Moussas worked on the project. The grass had died, and the house wasn't in great shape.

However, the El Moussas noticed that a raised patio would create a view of the area, so they decided to add it to the property.

A patio made the house feel more luxurious.

The episode revealed that adding the patio to the home wasn't simple. The team originally constructing it built an unstable structure and burned a hole through it, to Heather and Tarek's dismay.

But the final version of the patio created an indoor-outdoor living vibe thanks to the sliding doors.

The El Moussas also added a new fence, grass, and a gravel area to the yard for additional seating.

The kitchen was originally full of dark cabinetry.

To make the kitchen feel grander, the El Moussas decided to place the oven and gas range in the center of the space so they were visible when you entered the home.

They had to move some windows around to make the change, which ended up causing them weeks of delays on the flip.

The delays were worth it, as the range became the centerpiece of the kitchen.

The kitchen looked cohesive with the living room, featuring white counters, appliances, and built-in open shelves.

A window above the sink overlooked the patio the El Moussas added to the backyard.

Tarek and Heather wanted to modernize the fireplace in the living room.

A stone fireplace took up much of the central wall in the living room, but the dark color was dated and didn't fit the clean look Tarek and Heather were creating for the home.

Floating shelves and white brick made the space feel fresh.

The new fireplace featured vertical white brick framed by built-in shelving made of wood.

Large windows sat opposite the sliding glass doors, so light flooded the home.

The primary bedroom wasn't as private as it could have been.

When Tarek and Heather first walked through the house, they found that the primary bedroom had a bathroom attached to it, but it was accessible from the home's laundry room and kitchen as well.

The El Moussas decided to close off the bathroom and move the laundry room to a closet to make the bedroom bigger and have a true en suite.

They made the space feel fresher.

Rather than one large window, the El Moussas added two windows framing the bed in the primary to give it a sense of grandeur.

A sliding door led the way to the en suite.

The bathroom featured a large walk-in shower and double vanity.

Heather and Tarek's vision for the bathroom paid off, as they were able to use the former laundry room to add square footage to the bathroom.

The walk-in shower featured a bench, and tile floors with a star-shaped pattern brought a pop of color to the room.

The wooden cabinetry also matched the shelving in the living area, giving the home a sense of cohesion.

The flip took longer than the El Moussas wanted, but they still made a profit.

Due to project delays, Tarek and Heather spent 12 months flipping the property in Los Angeles.

They also spent nearly $100,000 over their original budget on the renovation and invested $276,000 in the flip. Considering the carrying and selling costs, Tarek and Heather's breakeven price for the house was $793,000.

They originally listed the house for $999,999 and got an offer of $920,000.

Panamanian President José Raúl Mulino on Thursday vehemently denied President-elect Trump's claims of Chinese interference in the Panama Canal.

Why it matters: Trump has accused Panamanian authorities of charging "exorbitant" shipping rates and cited the increasing dominance of China's government in trade throughout the Americas as a reason to take control of the Panama Canal, one of the world's most crucial pieces of infrastructure that the U.S. ceded in 1999.

Driving the news: The president-elect doubled down in a Christmas Day message, writing on Truth Social: "Merry Christmas to all, including to the wonderful soldiers of China, who are lovingly, but illegally, operating the Panama Canal."

What they're saying: "There is absolutely not any interference" from China or any other nation in the operation of the canal, Mulino said during a Thursday briefing, emphasizing that Panama is open for business equally to all interested parties.

• "If they're Chinese, if they're Costa Rican, if they're American, all are welcome who want to invest in the country. There is no discrimination here in foreign investment," he said.
• "There are no Chinese soldiers in the canal, for the love of God," added an animated Mulino, addressing Trump's post directly. "It's nonsense. There is not a single Chinese soldier in the canal."
• Representatives for Trump did not immediately respond to Axios' request for comment in the evening.

Between the lines: China's government has in recent years heavily invested in operations in the Canal Zone, raising concerns about its neutrality.

• It's the primary source of products going through the Colón Free Trade Zone, a free port in Panama dedicated to re-exporting a variety of merchandise to Latin America and the Caribbean, noted the Center for Strategic and International Studies in 2021.
• Beijing's "increasing presence in and around the Canal has made the waterway a flashpoint for U.S.-China competition over spheres of influence," added the CSIS in the report.

Go deeper: Trump demands return of Panama Canal if rates aren't cut

Editor's note: This article has been updated with more context.

• Meta's Horizon app topped Apple's App Store on Christmas Day, signaling strong VR headset demand.
• Quest headsets, starting at $299, are gaining mainstream traction in virtual reality.
• Despite strong demand, Meta's Reality Labs faces significant financial losses.

Meta's virtual reality ambitions got a Christmas boost this year.

On Christmas Day, the company's Meta Horizon app, which users must download to set up the Quest virtual reality headsets developed by Meta, was the top free app in Apple's App Store in the US and the UK, indicating strong holiday demand.

Meta has never disclosed how many Quest headsets it has sold. The surge in app downloads suggests that the Quest is solidifying its status as one of the most mainstream VR headsets. The devices, which start at $299 and are developed by Meta's Reality Labs division, are a relatively affordable gateway to virtual and mixed-reality experiences. They let people watch movies on giant virtual screens, play immersive games, and even work out.

Meta did not respond to a request for comment about Quest sales from Business Insider.

Quest competes with VR headsets from other companies, including Sony, HTC, and Apple, although Apple's Vision Pro headset costs much more, at $3,500.

Meta has been working to make VR more accessible to a broader audience. In October, the company launched the Quest 3S, a less expensive version of the more advanced Quest 3, priced at $299 — $200 less than the standard model. Like the Quest 3, the 3S lets people experience mixed reality in full color, making it a compelling entry point for VR newcomers.

Meta's quarterly revenue from Reality Labs, which includes $299 Ray-Ban glasses that let people take pictures and talk to Meta's AI chatbot, was $270 million — an increase of 29% compared to the same quarter the year before, the company announced in October.

Still, Reality Labs continues to bleed money. In the third quarter of 2024, Meta reported that Reality Labs lost $4.4 billion, up from $3.7 billion in the same quarter of 2023. For the first nine months of 2024, Reality Labs lost nearly $13 billion, Meta's earnings report said, and the company has warned investors that it expects the division to lose even more money.

"Overall, I'd say Reality Labs is clearly one of our strategic long-term priorities," said Susan Li, Meta's chief financial officer, responding to a question about Reality Labs' losses on the earnings call. She added that Meta expects it to "be an area of significant investment as we build out towards the very ambitious product road map that we have there."

Meta CEO Mark Zuckerberg has remained bullish on the company's VR strategy. On the call, Zuckerberg highlighted the company's strong demand for its Ray-Ban glasses and expressed optimism about Orion, an early prototype of its glasses that superimpose digital elements onto the real world.

"We're not too far off from being able to deliver great-looking glasses that let you seamlessly blend the physical and digital worlds," Zuckerberg said on the earnings call.

Unlike the Meta Horizon app for Quest headsets, Meta View, the app for setting up the Ray-Ban glasses, however, isn't on the App Store's top charts.

• For some New Yorkers, winning the NYC housing lottery is the only way they can afford to stay in the city.
• But competition is tough: There are about 3.5 million applications each year.
• Those who have won say it often took multiple applications and months of waiting before they heard back.

Louis Ciprian, 29, moved around New York City a lot when he was younger.

His father died when he was 11, and Ciprian and his mother fell on hard times. At 15, he entered the foster care system. For the next couple of years, he bounced from place to place and even graduated from high school while living in a homeless shelter.

After college, he started couch surfing, living with different roommates while looking for a more permanent place to call home.

In 2022, he started applying for the New York City affordable housing lottery, which is run by the Department of Housing Preservation and Development (HPD) and the Housing Development Corporation (HDC).

Two years later, in July, Ciprian finally received the call that he'd been waiting for: He won the lottery for a one-bedroom apartment in the Bronx, where rent is $1,481 a month.

He was thankful and relieved.

"To be able to get an opportunity like that where I'm paying rent that is affordable and not going to hit more than 30% of my income, it's an amazing feeling," Ciprian, a customer success manager at a real estate technology company, told Business Insider.

After years of grappling with homelessness, he now has a place of his own.

1 in 450 chance of winning

NYC is experiencing a severe housing affordability crisis.

From 2022 to 2023, rents in NYC increased seven times as fast as wages, a Zillow and StreetEasy analysis found. Even tech workers — who make an average of $135,000 annually — can only afford 35% of rentals in the city.

It's not surprising that many lower-earning New Yorkers are choosing to leave the city or even the country entirely in order to enjoy a lower cost of living.

For those still in NYC, the outlook is far from rosy. Over the past decade, the city grew by nearly 800,000 people, but only added 200,000 new homes, mayor Eric Adams said in a speech in December 2022.

Not only that, the city has also lost some 100,000 apartments — many in wealthy neighborhoods — because New Yorkers keep consolidating multi-family buildings and turning them into one- or two-family homes.

A 2023 city housing and vacancy survey found that only 1.4% of NYC apartments were available to rent last year, and over 40% of all renters spend 30% or more of their income on rent.

For many New Yorkers like Ciprian, winning the housing lottery is their only hope of securing an affordable apartment in an increasingly expensive city.

While the application is free, each household must meet specific income requirements to qualify for an apartment. But winning the affordable housing lottery is a feat in itself.

The HPD receives about 3.5 million applications a year, Natasha Kersey, an HPD representative, told BI.

On average, there are 450 applications received per rental unit.

With competition so stiff, it is not uncommon for people to apply for multiple apartments offered in the lottery.

Nkenge Clarke, 30, told BI previously that she had sent out over 130 applications before she finally succeeded in her bid.

"It took me maybe over a year before I started hearing back from different properties that I applied to," Clarke said. "Some of them I ended up not qualifying for, some of them I didn't provide enough documentation for."

Now, she pays about $1,000 in rent every month for a one-bedroom apartment in Chelsea, a neighborhood on the west side of Manhattan. The timing was impeccable; her previous landlord was looking to raise her rent had she renewed her lease.

"This place literally came just in time, like a few months before my second-year lease ended," Clarke said.

While the process took a lot of paperwork and patience, it was well worth the effort, she added. After all, living in an affordable apartment in the heart of the city was like a dream come true.

Stabilized rent in an ever-expensive market

Interested parties can apply for the affordable housing lottery online via the Housing Connect portal or by mail. Once the deadline passes, all applications are combined to create a pool from which the lottery is conducted, Aileen Reynolds, the assistant commissioner of housing opportunity at HPD, told BI.

A computer algorithm randomizes all the applications and assigns everyone a number, known as a lottery log number. That number, she added, dictates the order in which the developers have to contact the applicants.

While it helps applicants get a sense of where they stand, it's not a perfect science since there might be people who applied but do not qualify for the apartments.

It can take any time between weeks to months for an applicant to hear back, Reynolds said.

In Josh Ayala's case, it took him eight months to receive a call back after he had applied for his apartment.

"I was like, wait, what? I totally forgot I applied to this," Ayala, 26, told BI in August.

Thankfully, it all worked out for him; He signed the lease for the apartment within a month of the viewing. Now he pays $2,345 in monthly rent, which is stabilized.

"Around COVID-19 time, people were moving into apartments, and for one year, it was a great price. But the next year, the landlord would just increase their rent exorbitantly," Ayala said. "I didn't want that to happen to me, so I wanted something that was more secure, too."

Likewise, rent stabilization was the main reason Brynne McManimie and Peter Romano started applying for the housing lottery.

In 2021, they lived in a $2,600-a-month apartment in Greenpoint, Brooklyn. They had gotten a good deal on their lease due to the pandemic, but it didn't last long.

"After a year, our landlord raised our rent by like 25% and it made us very nervous about staying in that apartment," McManimie told BI in June. Their new rent was going to be $3,300 a month, and they decided it was too expensive for them to afford.

But luck was on their side: Within a month of applying for the housing lottery, they were contacted about a one-bedroom unit in Brooklyn.

The couple ended up signing a two-year lease. Now, they pay $2,800 in monthly rent.

"Since it's rent-stabilized, they can't raise it like a ton," Romano told BI. "Which is honestly really attractive to us, given what happened with our last landlord."

The income and household eligibility criteria for the lottery apartments only apply at the initial stage.

"Folks only need to qualify based on house size and income at the time they move in," Reynolds said.

'Native New Yorkers deserve to stay here'

But the housing lottery isn't without its criticism.

For years, the city's "community preference" policy dictated that half of new affordable apartments must first be offered to those already living in the area.

However, in 2015, three women filed a lawsuit against the city, saying that the policy reinforced segregation.

After almost a decade, the city finally agreed to settle the lawsuit in January. Under the terms of the settlement, the city will reduce the percentage of affordable houses set aside for those already living in the same community to 20%, down from the original 50%, per court documents. In May 2029, it will drop to 15%.

"Although the preference has been reduced, the outcome allows us to preserve it and continue to do our work by advocating for New Yorkers that need more housing at deeply affordable levels," Kersey said.

Still, NYC residents do get priority in the affordable housing lottery — although applicants don't need to be US citizens, Reynolds said.

In the meantime, the housing lottery will still be one of the best ways for New Yorkers to stay in affordable apartments in the city.

"As much as I'm for the housing lottery, I think that it does suck that as a native, sometimes the only hope and dream of staying in the city affordably is this route," Ceronne Mitchell, who pays $1,600 a month for her one-bedroom lottery housing apartment in Queens, told BI previously.

"Native New Yorkers deserve to stay here, and I'm always proud when one can," she added.

• Lindsay Jang moved to Hong Kong 15 years ago and has launched five businesses.
• Despite not all of Jang's ventures being successful, she says she has learned something from each.
• At 43, the entrepreneur and mom says she's finally found ways to disconnect and find work-life balance.

Lindsay Jang moved to Hong Kong 15 years ago and has kept herself busy, very busy.

Since relocating, she's launched five businesses — including a one-Michelin-starred restaurant and a workout technique listed on Gwyneth Paltrow's Goop. Now, at 43, she balances her time between running her companies and raising her two kids.

Born in Alberta, Canada, Jang is the eldest of three sisters. Her dad was a civil engineer, and her mom worked as a special needs teacher. A stroke of luck changed her family's path when her parents won a gold brick, valued at 100,000 Canadian dollars, in a local carnival lottery in 1981, the year she was born.

Shortly after, when her dad got laid off, he invested in a Chinese-Canadian restaurant in Sherwood Park, near her hometown. Her dad went on to run the restaurant, and her mom decided to be a stay-at-home mom. "Growing up, the restaurant was a huge part of our lives and really shaped who I am today," she told Business Insider.

Jang struggled to find the right career path. "I had scholarships for science and French, and I explored a few different paths — science, art school, digital publishing, and business management — but none of them fully resonated with me. I didn't graduate from any of those programs," she said.

She dropped out of college when she decided she wanted to become an actor.

She stopped in NYC before moving to Hong Kong

In 2002, Jang left Canada and moved to New York City to study acting. She took on a job as a floor captain at Nobu Fifty Seven, and began contributing to the restaurant's special events department. In 2009, at 27, she relocated to Hong Kong with her then-romantic partner, Matt Abergel, who had accepted a job offer as an executive chef.

They had two kids during their relationship before separating in 2011. Despite the split, they remain close. "We're best friends, co-parents, and business partners," Jang said.

In 2011, Jang said they raised around $500,000 to open Yardbird, the restaurant that went on to earn a Michelin star in 2021. It was followed up with Ronin — another izakaya-style dining bar — in 2012.

Jang said the primary investor in both restaurants had been a regular customer of theirs in New York. "He ate at Masa, where Matt worked, every week and would occasionally come to Nobu Fifty Seven," she said.

The team managed to find their rhythm at Yardbird early on. "We hit capacity within just a few weeks thanks to word-of-mouth, and once the media discovered us, it brought in a steady stream of guests," Jang said. "We didn't rely on traditional PR or marketing — instead, we gave out stickers and T-shirts to build the brand."

Social media was still an early concept — Instagram had just launched the year before — and it didn't play much of a role in the hype. Jang did, however, face challenges online in the early stages, when she was sharing the restaurant's no reservations and no service charge policies. "People didn't like those ideas and weren't shy about voicing their concerns," she said.

The restaurant has continued to draw in crowds over the past 13 years, despite the policies. "The main draw is without doubt the 20-plus types of yakitori skewers made with local 'three-yellow' chicken from beak to tail, grilled over binchotan charcoal," per the Michelin website. An extensive Japanese whisky collection has also added to its appeal.

After the couple split, they went back to being friends. "Between sharing businesses and kids, we take pride in giving each other the space and time to do the things that we need to do to be happy," Abergel, co-owner of the restaurant, told BI. "Things are pretty great most of the time, and when things are hard, we know that the foundation we have as friends is stronger than whatever we are facing."

Not all of Jang's ventures have been successful

Jang has also seen some of her companies fail.

Sunday's Grocery, which started as an extension of the Yardbird brand, opened in 2014 and closed in 2016. "We took over an existing business to test the concept, but the location wasn't ideal, and the costs were too high to make it sustainable," Jang said. "It was a valuable experiment, and while it didn't last, it taught us to prioritize scalability and the importance of location."

Jang went on to launch Sunday's Spirit in 2017, before wrapping it up in 2023 due to challenges with margins, certain team dynamics, and working within Japan's highly specific market structure. "Both of these ventures taught us that not every concept needs to be forever," she said. "Letting go of ideas that no longer resonate or fit the bigger picture is OK. The key is to embrace adaptability while staying true to the vision."

She continues to run Hecho, a creative agency she launched in 2017. Previous clients include Hongkong Land, a property investment company and Swire, a conglomerate working in sectors ranging from aviation and beverages to healthcare.

Finding balance and staying healthy

In the past, Jang found it difficult to find a work-life balance. "I don't put rules on myself when it comes to disconnecting because my work and my life are about being connected," Jang said in an interview with Compare Retreats in 2020. However, more recently, she has found ways to decompress.

"I've been making a concerted effort to disconnect more," she told BI. Flexibility plays a central role in her time management. "I run my entire life from my phone and computer, which allows me the freedom to manage my schedule. So even though I'm technically always plugged in, I still make time for myself and my family," she added.

Her daily routine now includes a 20- to 45-minute session in the infrared sauna. She said it was a trip to HigherDOSE in New York almost 10 years ago that got her interested in the heat. "It was intense, but it felt productive. Since I had space at home, it made more sense to own one than to pay by the minute elsewhere."

A few years after the sauna was installed, during COVID-19, Jang transformed her TV room into a workout studio. "The space was better used as a place where I could sweat and move every day," she said.

Her most recent lifestyle adjustment was to stop drinking. "I cut alcohol out of my life over a year and a half ago, which was significant given my F&B background," she said. "I was nervous about what social situations would be like without alcohol, but I've found that my life has improved in every way."

Her career has also shifted toward fitness

Four years ago, she co-launched Family Form, a workout technique and studio in Hong Kong. She said the mat-based workout aims to use movement and infrared heat to strengthen and balance the body.

"People connect with it on a deeper level because it's approachable yet challenging, and it becomes part of their daily routine," she said.

Classes are often at full capacity with waiting lists. On Google reviews, nearly all of its ratings are five stars.

Expanding to mainland China is part of the plan and has come with hurdles. "We are building our China community for when we launch in Shanghai in a few months, and it's been interesting to navigate the approach in such a different market," she said. "It's been a grassroots effort mostly, and we're so grateful for the word-of-mouth support from our community."

In July 2024, Family Form received support for the directory listing of Gwyneth Paltrow's Goop. The listing states, "It's intense but also totally cathartic. "

"Someone from their team reached out to us," Jang said, regarding the posting, adding that they did not pay for the listing. "It was purely an organic connection." A representative for Goop did not respond to a request for comment sent by Business Insider.

In November, the company launched classes in Manila and will start in Shanghai in early 2025.

As for her future, Jang hasn't planned too far ahead. "I prefer to remain flexible and open to opportunities as they arise," she said. Jang said she has a few projects in the works, including a new wellness product brand that will launch next year.

"While Hong Kong will always be home, I plan to spend more time in a more relaxed environment once my kids are in university," she said. "Running multiple businesses has taught me the importance of balancing ambition with sustainability. The biggest life lesson I've learned is that success comes from staying true to your vision while remaining flexible enough to adapt to change."