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Today β€” 27 February 2025Latest News

Gene Hackman, 'Superman' and 'The French Connection' star, dead at 95

27 February 2025 at 01:07
A man and a woman are standing on a red carpet. On the left, the woman has shoulder-length black hair and a long, slim black dress. On the right, the older man is wearing a black suit with a white shirt and a gold tie. He also has a red handkerchief in his breast pocket. He has gray hair and a gray mustache.
Gene Hackman and Betsy Arakawa at the Golden Globes in 2003.

Jon Kopaloff/Getty Images

  • Gene Hackman has died, a Santa Fe Sheriff confirmed on Thursday morning.
  • Betsy Arakawa, his wife, was also found dead at their home alongside the couple's dog.
  • The authorities say they do not suspect foul play.

Gene Hackman has died aged 95.

Santa Fe Sherrif Adan Mendoza told the Santa Fe New Mexican that the Oscar-winning actor died on Thursday, February 27 at midnight at his New Mexico home alongside his wife, Betsy Arakawa, and their dog.

He said there was no indication of foul play.

Mendoza told the publication: "All I can say is that we're in the middle of a preliminary death investigation, waiting on approval of a search warrant. I want to assure the community and neighborhood that there's no immediate danger to anyone."

The Santa Fe Sheriff's Department did not immediately respond to Business Insider's request for comment.

This is a breaking story and will be updated as more details emerge.

Read the original article on Business Insider

One map shows how Medicaid cuts could affect each state

Mike Johnson speaks to reporters at the US Capitol
House Speaker Mike Johnson has argued that the budget plan doesn't explicitly call for Medicaid cuts.

Kevin Dietsch/Getty Images

  • House Republicans passed a budget plan that could include big cuts to Medicaid.
  • Medicaid covers over 72 million Americans, with significant reliance in states like California.
  • Mike Johnson said Republicans are focused on "rooting out fraud, waste, and abuse" within Medicaid.

Congressional Republicans are hotly debating their budget plans, and Medicaid cuts may be on the table. It could affect Americans across the country.

The committee that oversees Medicaid's budget aims to cut $880 billion over a decade as part of the House's narrowly passed budget outline. The math points to those cuts including Medicaid, since it and Medicare β€”which the Trump administration said it would not cut β€” make up the overwhelming majority of that committee's budget.

In states such as New Mexico, California, and New York, over a third of residents receive Medicaid, per a Business Insider analysis of Medicaid enrollment data from October 2024 and Census Bureau population estimates from July 2024. The analysis found that about 23.3% of all Americans receive Medicaid or the Children's Health Insurance Program, which is for children in families who make too much to qualify for Medicaid.

This map shows the percentage of each state's residents who received coverage for Medicaid or CHIP.

Areas with higher percentages of Medicaid recipients included the West, Southwest, and Northeast, while parts of the Midwest and South relied less on Medicaid. Utah was least reliant at 9.7%, followed by Wyoming at 10.8%.

As of October, Medicaid provides health and long-term care coverage to over 72 million Americans of all ages, predominantly those with low incomes and few other resources. Another 7.2 million children under age 18 receive payments from CHIP. Medicaid is financed by federal and state governments.

House Speaker Mike Johnson has argued that the budget plan doesn't explicitly call for Medicaid cuts.

Over the last few months, some Republican leaders have proposed per-capita caps on Medicaid, which would fix federal funding amounts per enrollee. A House Budget Committee proposal estimated this move could save up to $900 billion. Others have backed a proposal to install a Medicaid work requirement.

Tuesday's House vote is only the first step in a long process. Senate Republicans have competing plans, which, unlike the House's proposal, do not include an extension of Trump's 2017 tax law or new proposals like ending taxes on tips. Both sides will need to reconcile their blueprints before they can move forward.

Most states have expanded their Medicaid coverage for those making under a given income threshold β€” for individuals, about $21,600 a year β€” an expansion included in the 2010 Affordable Care Act, also known as Obamacare.

Before the vote, Johnson said Republicans are focused on "rooting out fraud, waste, and abuse" within Medicaid. On Tuesday, he declined to tell reporters that House Republicans would not cut the program, arguing that making sure "illegal aliens" are not receiving Medicaid and eliminating other unspecified fraud will help the GOP save money.

"Medicaid is hugely problematic because it has a lot of fraud, waste, and abuse," Johnson told reporters at the Capitol.

People in the US illegally are not eligible for Medicaid. Hospitals can be reimbursed for emergency care if a patient, regardless of their immigration status, is otherwise eligible for Medicaid. According to the nonpartisan Congressional Budget Office, $27 billion total was spent on emergency Medicaid for non-citizens from fiscal year 2017 through 2023.

Do you have a story to share about Medicaid? Contact this reporter via email at [email protected] or Signal at nshei0227.30. Use a personal email address and a nonwork device; here's our guide to sharing information securely.

Read the original article on Business Insider

An early Uber angel investor directed his VC firm to take Waymos only

By: Lloyd Lee
27 February 2025 at 01:00
Kevin Hartz
Kevin Hartz, angel investor and founder of A Star Capital, said he was disappointed when Uber discontinued its in-house autonomous vehicle program.

Kevin Dietsch/Getty Images

  • Kevin Hartz, an early Uber angel investor, directed his VC firm A Star Capital to take Waymos only.
  • Hartz told BI that he believes Waymo is the "least expensive option."
  • A former investor at A Star roughly estimated spending about $10K on Waymos in the past year.

Kevin Hartz, an early Uber angel investor and cofounder of Eventbrite, directed his San Francisco-based venture capital firm, A Star Capital, to only take Waymo robotaxis in the city because he believes they provide the best value.

"Waymo is now required in SF as it is always substantially lower price and often faster," Hartz wrote in an email to his firm of 10 employees on January 16, which was shared on X.

The VC head wrote that a ride in an Uber "Green," the sustainable ride option offered on the platform, was $50 to his destination in San Francisco, whereas a ride back with a Waymo, which only operates Jaguar I-PACE electric vehicles, was $19.

Hartz told Business Insider over the phone that his email was indeed a serious mandate given that employees get their rideshare costs comped by the firm.

"Waymo is simply a better value," he said, adding that he believes "it's the safest and the fastest when you think about its ability to calculate the most efficient route."

Employees can substitute Waymo with another rideshare platform if wait times are too long and would make firm employees late to the office, Hartz wrote in the email.

Since Waymo began offering rides to the SF public in June, the Alphabet-owned company has chipped away at the rideshare market in the city that was once solely dominated by Uber and Lyft.

Uber CEO Dara Khosrowshahi said during the third-quarter earnings call in October that the company puts Waymo's market share within its limited operating areas of SF at "high single-digits or low double digits." He did not state an exact figure.

Waymo said in a press release that it averages 150,000 rides per week throughout its operating cities. The robotaxi company does not offer rides on San Francisco's highways or to the airport.

A Waymo spokesperson did not immediately respond to a request for comment.

In a study conducted last year by Evercore ISI, comparing 1,000 trips across the Waymo, Uber, and Lyft platforms, analysts found that Waymo's pricing has become increasingly competitive in the fourth quarter of 2024.

The average cost of a Waymo ride for that quarter was $21.91, compared to $21.34 for an UberX β€” the basic level of service the rideshare platform offers β€” and $22.36 for a Lyft. Prices for Uber and Lyft exclude tips to drivers, Evercore analysts wrote in their report.

An Uber spokesperson declined to comment. Lyft did not respond to a request for comment.

Hartz said he was an early believer in Uber, participating in the company's series B funding round in 2011 at a $300-million valuation. He declined to disclose a figure.

His experience in Waymo has made him a convert, pointing to the privacy the robotaxi offers.

"It's a quiet place where you can kind of reflect," he said.

Khushi Suri, an ex-investor at A Star, had already embraced Hartz's Waymo-only directive long before he shared his January mandate.

As of February 20, Suri took 547 rides, traveled 1,680 miles, and spent 10,005 minutes inside a Waymo, she told BI. She roughly estimated spending $10,000 on Waymo rides in the past year.

"I remember the way there, I was enchanted," Suri told BI of her first Waymo ride. "But on the ride back, I forgot. It's just so natural."

Suri said she was a heavy Uber user, but "resented it." She said the privacy of a Waymo allows her to feel comfortable when she and her friends are going out and dressed for clubbing.

"With Waymo, there's no walk of shame," she said. "It's very intimate."

Uber and Lyft had originally pursued an in-house autonomous vehicle program before selling them off in 2020 and 2021, respectively. Both rideshare platforms are pursuing partnerships with other autonomous vehicle companies to offer a robotaxi service, leveraging its existing user base.

Uber plans to deepen its existing partnership with the Alphabet-owned company by managing a Waymo fleet in Austin and Atlanta sometime in 2025. The company already offers Waymos in Phoenix.

"I wasn't very happy that Uber had discontinued their self-driving program," Hartz said. "I'm glad that they're partnering there."

Read the original article on Business Insider

Yesterday β€” 26 February 2025Latest News

Russia is using the French carmaker Renault to teach Western companies a lesson about leaving its market

26 February 2025 at 23:00
French multinational automobile manufacturer, Groupe Renault Flagship Store seen in St. Petersburg.
French carmaker Renault exited Russia following Moscow's invasion of Ukraine.

Maksim Konstantinov/SOPA Images/LightRocket via Getty Images

  • Renault's former partner in Russia said the French carmaker may need to pay $1.3 billion to re-enter the market.
  • Renault exited Russia in 2022, selling its assets for one ruble amid Western sanctions.
  • Foreign firms face challenges returning to Russia, with potential compensation demands looming.

Renault exited the Russian market in 2022, selling its assets for a single ruble.

Now, the French carmaker may need to pay 112.5 billion rubles β€” about $1.3 billion β€” if it seeks to return after the war, its former Russian partner Avtovaz said. The stipulation is a sign that foreign firms looking to return to the market could face high compensation demands.

In the case of Renault, Maxim Sokolo, the CEO of Avtovaz, said the company and the Russian state have invested 112.5 billion rubles in the business since its exit through 2025.

"It is clear that these investments will have to be reimbursed somehow upon return," Sokolov said, according to TASS state news agency.

American President Donald Trump has signaled a willingness for the US to reconcile with Moscow, spurring recent discussions about a potential return of Western businesses β€” such as Renault β€” to the market.

In 2022, Renault sold its 67.6% stake in Avtovaz to the Russian state with the option to buy back its assets within six years. The automaker took a 2.2 billion euro writedown from the exit from the market that was its second largest, after France.

A spokesperson for Renault told Business Insider said the company doesn't "foresee any change for the short term" when it comes to a return to business in Russia. The company did not comment on Sokolov's statements.

David Szakonyi, an associate professor of political science and international affairs at George Washington University, told Business Insider that Sokolov's about compensation should be taken seriously, even if Russian officials are also posturing.

The exit of foreign businesses created winners at home in Russia, some of whom picked up assets at fire sale prices.

"Freely allowing foreign companies back in is going to diminish their profit streams and make life a lot more competitive, so if that is going to happen, Russia wants some kind of compensation for liberalizing its market," said Szakonyi, who is a specialist in Russia's political economy.

'Even more confident, even more emboldened'

Sokolov's comments echo others in Russia recently signaling tough negotiations for departed companies that wish to return.

Anton Alikhanov, the Russian industry and trade minister, told reporters on Thursday that Russia is "not waiting for anyone with open arms" and that there will be "a price to pay for past decisions."

Russia is likely to continue with such "cocky rhetoric" amid its rapprochement with the US, Szakonyi said.

"It feels that it survived just about the worst the West could throw at it and persevered through that adversity and now comes out even more confident, even more emboldened, to make demands on the West and dictate the terms of both political and economic dealmaking going forward," he added.

Three years into the war in Ukraine, 475 foreign companies have left the Russian market completely, per the Leave Russia database from the Kyiv School of Economics.

Fast food giant McDonald's and coffee chain Starbucks were two high-profile brands that left the market, with their assets bought by Russian businesses. McDonald's rebranded to "Tasty and that's it" and Starbucks became Stars Coffee.

Western companies are not clamoring to go back to Russia

Even though Russia is a large market, analysts have said recently that businesses are likely to be cautious about returning to the country, even if sanctions are lifted.

Russia's wartime economy is facing problems including high inflation, currency volatility, and sky-high interest rates. President Vladimir Putin's ironclad reign presents concerns about the rule of law and safety.

"While Russia says it's open to doing business again, it didn't actually signal any change of tone or policy," said Szakonyi, who added that much of Moscow's rhetoric is likely aimed at the Trump administration's appetite for dealmaking.

Investors are also likely to remain wary after a wave of corporate nationalization and asset seizures in the last few years that redistributed international company wealth to the Russian state and oligarchs.

Szakonyi said Russia has proven that business property rights protections, investor guarantees, and a hospitable business climate are things of the distant past.

"Without them in place, I see no reason why Western companies would risk again with Russia as such a volatile, unpredictable regime," he said. "It has proven that it doesn't care about property rights and that it talks out of both sides of its mouth and is not trustworthy."

Read the original article on Business Insider

Meta apologizes for the sudden influx of graphic content on Instagram Reels

26 February 2025 at 22:26
Instagram app on a mobile device
Meta apologized for an influx of graphic content on Instagram Reels on Wednesday.

Matthias Balk/picture alliance via Getty Images

  • Meta apologized for graphic and violent content recommended on Instagram Reels on Wednesday.
  • Meta replaced US fact-checkers with a community notes model in January.
  • Meta's content moderation has faced criticism and controversy for years.

Meta apologized for an "error" after Instagram users reported a flood of graphic and disturbing content recommended on their feeds.

"We have fixed an error that caused some users to see content in their Instagram Reels feed that should not have been recommended," a Meta spokesperson said in a statement to Business Insider on Wednesday.

Instagram users worldwide reported seeing a flood of short-form videos showing gore and violence, including killings and cartel violence, on Wednesday. These videos were marked with the "sensitive content" label but were being recommended to users back-to-back.

Meta, which owns Facebook, Instagram, and Threads, says it removes "particularly violent or graphic" content and adds warning levels to others. It also restricts users under 18 from viewing such content.

In the first week of January, Meta replaced third-party fact-checkers on its US platforms with a community notes flagging model.

The company also planned to "simplify" its content policies, said Joel Kaplan, the chief global-affairs officer, at the time. Meta would "get rid of a bunch of restrictions on topics like immigration and gender that are just out of touch with mainstream discourse."

In January, Business Insider reported that the tech giant would officially end its US fact-checking partnerships in March.

Meta has faced a string of controversies since 2016 over lapses in content moderation. It has faced criticism for, among other issues, its role in illicit drug sales. Last year, founder Mark Zuckerberg joined other tech CEOs for a Congressional grilling about safety measures for children online.

Internationally, Meta's lack of content moderation and reliance on third-party civil society groups to report misinformation have been found to play a role in proliferating violence in Myanmar, Iraq, and Ethiopia.

Zuckerberg's content moderation changes resemble those made by Elon Musk on the social media platform X, which he bought in 2022.

Read the original article on Business Insider

McDonald's is selling $1 Egg McMuffins as egg prices soar — and it could pay off big-time

26 February 2025 at 21:59
Nutritional information is printed on the wrapper of a McDonald's Egg McMuffin October 1, 2008 in San Rafael, California.
McDonald's is offering $1 egg McMuffins on Sunday.

Illustration by Justin Sullivan/Getty Images

  • McDonald's is selling $1 Egg McMuffins on its app on Sunday.
  • The promotion comes as the Egg McMuffin celebrates 50 years on the market and as egg prices soar.
  • Egg prices hit a record high in the US in January, with a dozen large Grade A eggs costing an average of $4.95.

As the food industry grapples with the skyrocketing price of eggs in the US, McDonald's is going the other way and selling $1 Egg McMuffins for one day.

On Tuesday, McDonald's announced it will be selling Egg McMuffins and Sausage McMuffins with Egg for $1 on Sunday, March 2. The deal is only valid for purchases made through the app in the US.

The promotion is being held to celebrate the Egg McMuffin's 50th birthday. The product was introduced in the US in 1975.

McDonald's menu prices vary depending on location. In downtown Manhattan, an Egg McMuffin currently costs $5.99.

The company's North America impact officer, Michael Gonda, wrote a LinkedIn post on Tuesday about the deal. Referencing egg prices, Gonda said customers "definitely WON'T see McDonald's USA issuing surcharges on eggs."

Value strategy

Dipanjan Chatterjee, a vice president at Forrester, a New York-based market research company, told BI the deal fits right into McDonald's value strategy, which includes $5 meal deals and $1 items.

Chatterjee said that with egg prices hitting all-time highs, marketing a "$1 value item" that uses eggs "may seem like an odd choice."

But it's more of an opportunity β€” because McDonald's now has a chance to position itself as a company that "prioritizes its customers over profit," Chatterjee said.

The move is "likely to pay off handsomely for McDonald's," said MΓ‘rio Braz de Matos, the cofounder of the Singapore-based branding consultancy agency Flying Fish Lab.

"McDonald's doesn't just stand for fast food, it also stands for value," he said. "In good times, it matters, but in harder economic climates, it makes this particular aspect of the brand more attractive to consumers."

Alexandra Leung, the founder of Monogic, a food-and-beverage marketing and PR agency in Singapore and Hong Kong, told BI that while the deal will be attractive to attract cost-conscious consumers, its real value isn't in the sales bump, but in "digital customer acquisition."

"I think that the measure of success for this promotion might be better evaluated through metrics like app downloads and digital engagement rather than sustained McMuffin sales post-promotion," she said.

Soaring egg prices

McDonald's $1 deal comes as egg prices in the US have soared, partly due to supply chain issues stemming from an H5N1 bird flu outbreak in the US.

The average price of a dozen large Grade A eggs in the country hit an all-time high of $4.95 in January.

Given the short supply of eggs, supermarket chains have seen egg cartons sell out minutes after store openings. Whole Foods, Trader Joe's, and Costco have imposed limits on the number of cartons each customer can purchase.

Restaurant chain Waffle House announced earlier this month that it would start including a $0.50 surcharge on each egg it sold.

Shake Shack's CEO, Rob Lynch, said on Thursday that restaurant chains with big breakfast businesses might dial back on eggs and offer more beef and chicken products instead.

Representatives for McDonald's did not respond to a request for comment from BI.

Read the original article on Business Insider

Elon Musk says DOGE isn't done sending emails to federal workers asking for productivity summaries

26 February 2025 at 21:19
Elon Musk speaking at the Conservative Political Action Conference.
"You know, we got a partial response. We are going to send another email," Elon Musk told reporters while attending President Donald Trump's first cabinet meeting.

Valerie Plesch/The Washington Post via Getty Images

  • Elon Musk said he wants to "send another email" to federal workers to get them to account for what they do.
  • The White House said it received over a million responses, less than half of the entire government.
  • President Donald Trump said that sending another email is a "good idea."

Elon Musk said on Wednesday that the Department of Government Efficiency will "send another email" to federal workers asking them to summarize their accomplishments.

"You know, we got a partial response. We are going to send another email," Musk told reporters while attending President Donald Trump's first cabinet meeting.

On Saturday, the Office of Personnel Management emailed federal employees, asking them to submit a list of what they've achieved by 11:59 p.m. ET on Monday.

Musk said on Saturday that failure to respond by the deadline "will be taken as a resignation."

Later, on Monday, Musk said that employees who have yet to respond will be given "another chance," but "failure to respond a second time will result in termination."

Musk's email request sparked confusion across the government. At least eight agencies, including the Department of Defense and State Department, told their workers not to respond to OPM's email.

The White House said on Tuesday that more than one million workers responded to the email, less than half of the entire federal workforce.

"I wouldn't say that we are thrilled about it," Trump said of the remaining federal workers who did not respond during Tuesday's press conference.

"Maybe they are going to be gone. Maybe they are not around, maybe they have other jobs," Trump added.

Trump also said at the same press conference that he thinks Musk's plan to send a follow-up email is a "good idea."

"You got a lot of people that have not responded, so we are trying to figure out, do they exist? Who are they? And it's possible that a lot of those people will be actually fired," Trump said.

Trimming the federal workforce has become one of Trump's priorities in his second term.

Last month, the Trump administration gave federal employees from January 28 to February 6 to accept a buyout offer if they did not want to work in his administration. A spokesperson for the OPM told Business Insider on February 6 that over 40,000 workers took the buyout.

Then, on February 11, Trump signed an executive order to limit federal hiring. The order said that each federal agency can only hire one new employee if four employees leave. The restriction does not apply to jobs related to public safety, immigration enforcement, or law enforcement.

"There are too many federal employees. Excluding active-duty military and Postal Service employees, the federal workforce exceeds 2.4 million," the White House said in a fact sheet about the order.

Representatives for the White House and DOGE did not respond to a request for comment from BI.

Read the original article on Business Insider

The Supreme Court just handed the Trump administration a win on USAID

26 February 2025 at 20:42
A flag outside of the U.S. Agency for International Development (USAID) headquarters is seen on February 03, 2025 in Washington, DC.
The SCOTUS has blocked an order from a lower court that compelled the Trump administration to release funds for USAID.

Kevin Dietsch/Getty Images

  • The Supreme Court halted a lower court's order for Trump to release USAID funds.
  • Chief Justice John Roberts granted the stay but provided no reason for the decision in the ruling.
  • This stay gives the Supreme Court time to evaluate the case and decide whether the Trump administration must release funds.

The Supreme Court issued a ruling on Wednesday night that halted a lower court's order for President Donald Trump to release funding for the US Agency for International Development.

In its February 26 ruling, the SCOTUS blocked a court order from District Judge Amir Ali related to two cases brought against the Trump administration by aid organizations including the AIDS Vaccine Advocacy Coalition and the Global Health Council.

Ali's ruling on the cases would have compelled the Trump administration to release foreign aid dollars to grant recipients and USAID contractors by midnight on Wednesday.

But the SCOTUS halted Ali's decision after attorneys for the Trump administration on Wednesday said in a court filing that Secretary of State Marco Rubio has already "made a final decision" on what organizations to award funds to.

Sarah Harris, the acting solicitor general, appealed to the SCOTUS on Wednesday to vacate the lower court's order. In her filing, Harris said that the "district court's imminent and arbitrary deadline makes full compliance impossible."

Harris added that the lower court's order required the administration to disburse "nearly $2 billion by 11:59 p.m."

"These payments cannot be accomplished in the time allotted by the Court and would instead take multiple weeks," Harris wrote.

Chief Justice John Roberts granted the administrative stay but provided no reason for the decision in the ruling. Roberts has given the plaintiffs who sued the administration until Friday to respond.

The SCOTUS' stay now gives the court time to evaluate and rule on the Trump administration's request.

USAID was one of the first targets of the Department of Government Efficiency.

The cuts to USAID come after Trump, in a January 20 executive order, called for a 90-day freeze on foreign aid. That executive order and other actions have affected thousands of US workers.

Judges other than Ali have made rulings that slowed the Trump team's attempts to dismantle USAID.

On February 7, Judge Carl Nichols issued a temporary restraining order that paused the administration's USAID staff reductions. But USAID suffered a major court loss on February 21 when Nichols allowed headcount cuts to go ahead, reversing his previous order.

In 2024, USAID distributed close to $32.5 billion in aid, primarily to causes in Africa and the Middle East.

Read the original article on Business Insider

Federal workers react to Trump administration's new plan for restructuring, staff cuts: 'They'll have to fire me.'

Elon Musk and U.S. President Donald Trump at the Oval Office
Elon Musk and President Donald Trump at the Oval Office.

Kevin Lamarque/REUTERS

  • In a Wednesday memo, Trump administration officials advanced a plan for federal staff reductions.
  • The memo said departments across agencies should prepare to cut staff and reorganize by March 13.
  • Federal workers told BI they're frustrated, but not surprised, by the planned restructuring.

President Donald Trump's administration officially announced its plan for federal staff reductions in a Wednesday memo, telling agencies to prepare to cut staff and reorganize their departments by March 13.

Federal workers who spoke to Business Insider after the memo was announced said the move was "crazy and illogical." Still, some were determined to continue working until they were removed from office.

The memo, sent by the Office of Management and Budget and the Office of Personnel Management, did not identify specific targets for cutbacks, which they described as advancing the White House DOGE office efficiency initiatives. However, during a cabinet meeting on Wednesday, Trump suggested as an example that as much as 65% of staff at the Environmental Protection Agency could be cut.

Representatives for the White House, OPM, and OMB did not immediately respond to requests for comment from BI.

"I think what is going on is unfair to us. I have been told my job is exempt, but I truly don't believe it," an employee from the Department of Veterans Affairs said. "I know that we are shorthanded but also don't trust the government or my supervisors here. I have seen nothing in writing. That scares me also."

The memo outlines a timeline for most agencies β€”Β with exemptions for federal law enforcement, military, border security, and US Postal Service employees β€” to prepare and execute a layoff and reorganization strategy. Agencies must submit their restructuring plans by March 13 and "outline a positive vision for more productive, efficient agency operations" by April 14, with an implementation deadline in September.

It also requires field office operations to be consolidated or closed, which one employee of the Social Security Administration said would impact frontline offices that handle claims and issue Social Security cards, as well as disability hearing offices that handle appeals of unfavorable decisions in disability cases.

"So, the people who complain about long wait times and nobody answering the phone are talking about those entities, maybe there are a lot of layers of bureaucracy above us, but those exist to provide support for us frontline people," the Social Security Administration employee told BI. "This is crazy and illogical, motivated by a blind, stupid hatred of the Public Sector as a whole."

An Internal Revenue Service employee told BI that "it will take years, if not decades, to fully recover" from the federal government cuts.

"Americans are going to feel this very deeply," they said. "Services are going to be nonexistent."

An employee from the Department of Housing and Urban Development said they're prepared to be moved to a different department after a meeting with their supervisor about the memo.

"There's so much confusion β€” respond to the productivity email, don't respond, and now being told to get ready to move departments β€” I see how this Elon tactic can mentally drain you because this week was so hard to log in and be productive," the HUD worker told BI.

The restructuring memo comes just days after the White House DOGE office sent a weekend email asking all federal employees to list what work tasks they had accomplished last week, prompting confusing among some employees about how and whether to reply outside their chain of command.

While the confusion created by the emails and subsequentΒ conflicting guidance from department headsΒ has caused some federal workers who previously spoke to BI to reconsider their work in the government, others say they're resolved to stick it out.

"I've never seen morale so low in my 18 years of service," an employee from the Bureau of Reclamation told BI, adding that they "believe we are witnessing the final days" of their agency.

Still, they said they see their department's work protecting water resources as essential for the country and have no plans of stopping unless they're forced out of public service.

"They'll have to fire me," they said.

Read the original article on Business Insider

Nvidia CEO says AI innovations like China's Deepseek show how 'software finds a way' amid US export controls

By: Lloyd Lee
26 February 2025 at 19:09
Jensen Huang holding a microphone.
Nvidia CEO Jensen Huang said US export controls continue to hurt the company's revenue percentage from China.

I-hwa Cheng/Getty

  • The US imposed sweeping export controls on China around high-end chips in 2022.
  • Nvidia CEO Jensen Huang said China revenue-percentage was double what it is now pre-export controls.
  • The CEO told CNBC "it's hard to tell" if export controls are effective regarding innovation.

Nvidia CEO Jensen Huang is unsure if export controls against China are effective national security measures for the US amid the artificial intelligence race. However, they've certainly hurt the chipmaker's business abroad.

"It's hard to tell whether export control is effective," Huang said in a CNBC interview on Wednesday. The CEO was responding to a question about whether the Chinese AI startup DeepSeek and its latest model showed there are workarounds against the US-imposed sanctions on semiconductors.

"Our percentage revenues in China before export controls was twice as high as it is now," the CEO said, adding that competition from China remains stiff with companies like Huawei and that software will continue to innovate.

"I think that ultimately, software finds a way. Maybe that's the easiest way of thinking about it," he said. "Whether you're developing software for a supercomputer, or software for a personal computer, or software for a phone, or software for a game console β€” you ultimately make that software work on whatever system that you're targeting and you create great software."

Since the US implemented export controls on semiconductors in 2022 β€” and tightened those restrictions in 2023 β€” Nvidia's revenue from China has taken a significant hit.

For the fiscal year ending in January 2023, Nvidia's China business made up 21% of the company's total revenue. For the same fiscal year ending in January 2025, revenue from China made up about 13% of Nvidia's overall revenue.

An Nvidia spokesperson declined to comment.

Despite the export restrictions and a brief shock to the chipmaker's stock after DeepSeek unveiled its R1 reasoning model, Nvidia reported another strong quarter on Wednesday, growing total revenue to $39.3 billion β€” 78% year-over-year increase from $22.1 billion.

Nvidia saw a short sell-off following the DeepSeek release in January. In a single day, it erased nearly $600 billion of its market cap, putting the company's valuation at about $2.4 trillion.

The company has since recovered its market-cap loss, currently standing at a $3.22 trillion valuation.

Read the original article on Business Insider

Why 3 private space missions are on their way to the moon right now

26 February 2025 at 18:53
bronze and silver colored shiny spacecraft visible in upper foreground above the curve of the grey cratered moon
A snapshot from footage Firefly's Blue Ghost mission has captured as it orbits the moon.

Firefly Aerospace

  • Intuitive Machines, Firefly Aerospace, and ispace are all on their way to attempt a moon landing.
  • Three private missions at once is notable, and it's just the beginning of the moon opening for business.
  • Here's why three companies are flying to the moon right now.

Three companies are flying missions to land on the moon right now, in the early stages of a mad dash for lunar wealth.

The moon may not be Mars-obsessed Elon Musk's favorite space destination, but many other entrepreneurs see it as an untapped economic opportunity.

That's why two Texas-based companies and one Japanese firm are flocking to the moon this month.

All three missions were launched aboard SpaceX rockets.

bright white light path arcing across a dark blue sky shows falcon 9 rocket launching
A SpaceX Falcon 9 rocket launches with Firefly's and ispace's moon missions.

Business Wire/AP

None of them are carrying human crews, but they all lay the groundwork for more complex operations in the future as the moon opens for business.

Intuitive Machines wants to mine the moon

The Texas-based company Intuitive Machines launched its second moon-landing mission, called IM-2, on Wednesday.

The company became the first commercial enterprise to land on the moon a year ago, but the new mission is taking its ambitions further. The mission includes a rover and a hopper, which carry experimental technology for GPS on the moon and a small drill to test the technology needed to one day mine minerals and ice beneath the lunar surface.

moon lander spacecraft silvery chassis covered in write and scientific instruments with four metal legs and a box with blue panels below inside a rounded long half of a rocket fairing
Intuitive Machines' newest lunar lander being enclosed in the fairing of a SpaceX Falcon 9 rocket.

NASA via AP

Water ice on the moon could be broken down into hydrogen and oxygen for rocket fuel, while minerals like titanium or rare earth elements used in smartphones and computers could be sold back on Earth.

"The whole package of this mission is about prospecting," Steve Altemus, the CEO of Intuitive Machines, told Business Insider in December.

He added that eventually, he hopes to mine rare materials on the moon and bring them back to Earth.

Firefly Aerospace is testing lunar dust for NASA

For now, Intuitive Machines is the only company to ever successfully land softly (that is, without crashing) on the moon. Another Texas company, Firefly Aerospace, is gunning for second place this weekend.

Firefly's Blue Ghost mission is set to attempt its first moon landing on Sunday.

spacecraft solar panels and shiny  gold cubic arm in the foreground with the moon looming dark gray and cratered in the background
Firefly's Blue Ghost lander in lunar orbit.

Firefly Aerospace

"I think a lot of us will be holding our breath, you know, lighting a candle," Ray Allensworth, the director of Firefly's spacecraft program, told BI.

If Blue Ghost succeeds, it will run experiments on the lunar surface for about two weeks, which is a full lunar day.

All in all, the spacecraft is carrying 10 payloads for NASA, mainly focusing on "what the surface of the moon looks like or feels like, trying to figure out the impacts of the regolith, how the dust interacts with materials, the temperatures under the surface, stuff like that," Allensworth said.

Japan's ispace wants people to live on the moon

Both Texas companies' moon landers are funded in part through NASA's Commercial Lunar Payload Services initiative.

The third mission en route to the moon, though, is from the Japanese company ispace.

The company's Hakuto-R spacecraft previously tried to land on the moon in 2023, but ispace reported that the lander had miscalculated its altitude when it detected an unexpected crater rim on the lunar surface, causing it to plummet and crash.

Ispace is trying again with a new mission carrying a lander and a micro-rover. The mission, called M2, launched aboard the same Falcon 9 rocket as the Firefly Blue Ghost spacecraft on January 15. M2 is taking a more leisurely route to the moon, though, with its landing set for May or June. The new lander is named RESILIENCE.

the moon half shrouded in darkness
The moon as seen from ispace's RESILIENCE lunar lander.

Business Wire/AP

Ispace touts a future where the moon and its water resources support "construction, energy, steel procurement, communications, transportation, agriculture, medicine, and tourism."

The ispace website also advocates for permanent human residence on the moon, saying that "by 2040 the moon will support a population of 1,000, with 10,000 people visiting every year."

It's going to take a lot more moon missions to bring that vision to life. For now, for all three missions, just sticking the landing would be a huge achievement.

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Unvaccinated child in Texas dies of measles as outbreak surges past 130 in two states

26 February 2025 at 18:14
Sign at a measles testing center in Texas.
A sign reading "measles testing" is seen in Texas.

Sebastian Rocandio/REUTERS

  • An unvaccinated child in Texas died from measles, with statewide vaccination rates trending down.
  • Texas faces a measles outbreak with 124 cases, mostly among unvaccinated children.
  • Robert F. Kennedy Jr., a vaccine critic, is the new US Health Secretary amid the outbreak.

A child in West Texas has died from measles, marking the first reported fatality from the disease in the US in nearly a decade, state health officials announced on Wednesday.

The "school-aged child" who was unvaccinated died at a children's hospital in Lubbock after being hospitalized last week and testing positive for measles, according to a press release from the Texas Department of State Health Services.

The death comes as Texas battles a growing measles outbreak that has surged from a handful of cases to at least 124 infections since early February, mostly among children, state health officials said. At least 18 people have been hospitalized so far, most of whom are unvaccinated or have unknown vaccination status, according to the Texas Department of State Health Services.

Another nine cases have been confirmed in eastern New Mexico close to its border with Texas, bringing the total to more than 130 across the two states, per Texas DSHS.

Measles, a highly contagious airborne virus, has a fatality rate of one to three deaths per 1,000 reported cases, according to the Centers for Disease Control and Prevention.

Lara Anton, senior press officer of the Texas Department of State Health Services, told Business Insider that it is very difficult to stop the spread of measles. Not only does an unvaccinated person have a 90 percent chance of being infected if exposed, an infected person can be contagious without knowing it for up to four days, Anton said.

"When people register their children for school in kindergarten through seventh grade, they provide updates to us and the school districts on the vaccination coverage in their district," Anton said. "Generally the coverage level statewide has dipped down in recent years."

Measles death is uncommon. The last reported measles death of an adult in the US occurred in 2015 when a Washington woman contracted it at a health clinic, CDC data shows. Anton said a child also died of measles in Texas in 2018.

Robert F. Kennedy Jr., a vaccine critic, was confirmed as US Health Secretary this month despite opposition from medical professionals and some members of Congress. He has, however, pledged to maintain existing vaccination programs.

"We are following the measles epidemic every day," Kennedy said during a meeting with President Donald Trump's cabinet at the White House. "Incidentally, there have been four measles outbreaks this year. In this country last year there were 16. So, it's not unusual. We have measles outbreaks every year."

He also mentioned that two people had died in the outbreak, but the Texas DSHS was only able to confirm one death so far.

The Centers for Disease Control and Prevention and the Department of Health and Human Services did not immediately respond to requests for comment.

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Meet Dan Caine, the retired lieutenant general turned venture capitalist Trump tapped for the military's top spot

26 February 2025 at 18:08
Dan Caine.

USAF

  • Trump fired General Charles Q. Brown Jr. and nominated Lt. Gen. Dan Caine as Joint Chiefs chairman.
  • Caine's background includes combat experience, entrepreneurship, and roles in national security.
  • Experts say Caine may be missing important qualifications compared to past picks for chairman.

President Donald Trump has announced his intention to nominate venture capitalist and retired Air Force Lieutenant General Dan "Razin" Caine as the new Joint Chiefs of Staff chairman, after firing General Charles Q. Brown Jr. from the job Friday night.

While Trump praised Caine as a "national security expert" and "warfighter," he would be an unusual choice for the country's highest-ranking military leader.

The former fighter pilot is "a serial entrepreneur and investor," according to his military biography. He is now listed as a partner at Shield Capital, a venture capital firm.

Dan Caine and Shield Capital did not respond to requests for comment.

Donald F. Kettl, an emeritus professor and former dean of the University of Maryland School of Public Policy, told Business Insider that it was unusual for a president to appoint a retired general to head the joint chiefs, especially one with less experience.

"Experience plus trust are the keys," Kettl said. "A gap in either can create problems in shaping policy and in leading the armed services."

General Brown had previously served as Commander of Pacific Air Forces, US Air Forces Central Command, and as Chief of Staff of the Air Force, with more than 3,100 flight hours as a command pilot. The four-star general and former fighter pilot was also the first African American to lead a branch of the US Armed Forces.

Mark Cancian, a retired colonel and senior adviser with the CSIS Defense and Security Department, said Caine may be missing important qualifications: he was a three star general and did not serve at the highest levels before retiring, unlike Brown who was Chief of Staff of the Air Force before being promoted to Chairman of Joint Chiefs of Staff. However, based on regulations, Caine could still hold this position legally if the president signs a waiver.

"It's not like Caine is a junior person, but that step to four star is a big one," said Cancian, "He will need to get up to speed and change his perspective from what it had been before, which was more Air Force focused, and that will be an extra challenge though not impossible."

Cancian said the only time he could think someone coming out of retirement to be appointed chairman of Joint Chiefs would be when John F. Kennedy appointed General Maxwell Taylor to the position in 1962. Maxwell, however, was already a four-star general, and his predecessor was not fired.

"The US military is ultimately under civilian control and the President is commander in chief of the military," said Jonathan Adler, a law professor at Case Western Reserve University School of Law, "So while it is not common to fire the Chairman of the Joint Chiefs, the president has that authority."

Who is Dan Caine?

Caine graduated from the Virginia Military Institute in 1990 with a degree in economics and later earned a master’s in air warfare from the American Military University.

He would go on to log over 2,800 hours flying the F-16 fighter jet, including over 150 combat hours, and later served as an associate director for military affairs at the CIA.

Trump has long expressed admiration for Caine. In a 2019 speech to the Conservative Political Action Conference, he recalled meeting Caine in Iraq, when Caine told him that the Islamic State group could be destroyed in as little as a week instead of years.

"'We're only hitting them from a temporary base in Syria,'" Trump said Caine told him. '"But if you gave us permission, we could hit them from the back, from the side, from all over β€” from the base that you're right on, right now, sir. They won't know what the hell hit them.'"

"General 'Razin' Caine was β€” he's some general. He's a real general, not a television general," Trump added at an appearance in Miami last Wednesday, where he criticized the current military leadership.

Announcing his nomination on Truth Social, Trump described Caine as "an accomplished pilot, national security expert, successful entrepreneur, and a 'warfighter' with significant interagency and special operations experience." Trump also credited Caine for the "complete annihilation" of ISIS during his first term.

Shield Capital announced in January that Caine had joined its team as a "venture partner."

In a press release at the time, the tech-focused firm described Caine as a "distinguished leader" who would bring both military and entrepreneurial experience to the position.

According to his LinkedIn profile, Caine has held a number of private sector roles, including cofounding Texas-based private airline RISE Air.

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I couldn't afford private school anymore, so I enrolled my kids in a public high school. They're thriving.

26 February 2025 at 16:08
a high school student opening up her locker
The author's kids attended private school before enrolling in a public high school.

Halfpoint Images/Getty Images

  • I was raised in private schools, and I had my children go to private schools, too.
  • However, we couldn't afford a private high school, so they were forced to attend a public school.
  • In the public high school, they have amazing opportunities and are better set for college.

I grew up going to private schools. For eight years, my daily uniform was a blue plaid jumper and blouse with a Peter Pan collar. High school loosened some of the reins with only a (relatively strict) dress code to contend with: no jeans, no shirts with slogans, and definitely no short skirts. My private school education continued through my college years at my ivy-on-the-walls East Coast school and even into graduate school. I never knew anything different.

When I had kids, I assumed I'd send them to private schools, too. It felt like the only choice, as that is what I grew up with.

When our family moved to California, and my oldest was ready to start kindergarten, we didn't even consider sending her to public school. Instead, we picked from among a few private schools near where we would be living. Uniforms made the morning hours easy, and I enjoyed the supportive community we found at our small private school.

I had to change my thinking about private schools when my kids entered high school.

Everything changed with high school approaching

As my oldest kid reached eighth grade and it was time for us to consider high school, private school was no longer an option. The tuition cost was too high, and we couldn't afford $20,000+ a year (plus books, lunch money, activity fees, etc.), especially considering that we'd eventually have three kids in high school at once.

We registered our daughter for our local public high school, knowing very little about it. The months leading up to the start of school were filled with anxiety as most of her classmates and friends were continuing at private high schools. I was worried she'd be starting school without knowing a single person.

Luckily, our high school had a summer program that helped with the transition, and two of her former classmates ended up going to her school as well. All of this made the transition a bit easier.

Public school was the right path for my family

I now have two kids in our public high school, and my third will be joining them in the fall. While I initially felt nervous about the unknowns of public school, I can confidently say that public high school was the best thing that could have happened for us.

My son would likely say that the free lunches (including brunch-time cinnamon rolls!) are the highlight of public high school, but I can see many more benefits.

When signing up for electives, I learned that not only did they offer traditional options like art and music classes, but kids could also take woodworking, metalworking, or set-building classes. My son was proud to bring home the metal toolbox he welded for his final metalworking project. I love that these options are available.

When it came time to choose a science class, I was surprised to learn that our school, located in the heart of California's Silicon Valley, has its own on-site farm. The kids can raise pigs, chickens, and other animals as part of their coursework.

My kids raised a pig last year and will do it again this year. They also participated in a community plant sale, and my son joined the school's Milk and Cheese Tasting Team, which competes at regional Future Farmers of America events.

Who would have thought these would be options at our suburban high school?

The public high school is setting my kids up for success in college

For her junior year, my daughter was accepted into our high school's middle college program. This allows juniors and seniors to take their classes full-time at the local community college, setting them up to graduate from high school with college credits or even their associate degree if they are especially motivated. She has no Friday classes, which allows her to work and pay for gas and other expenses.

I know my other kids will follow in her footsteps, allowing them to be better prepared for their college years.

While I never anticipated that my kids would go to public high school, I now see it as a blessing in disguise, as it offered programs we wouldn't have had access to at our local private schools.

Read the original article on Business Insider

11 billionaires who've won Oscars

26 February 2025 at 13:36
Steven Spielberg and George Lucas at the 64th Academy Awards.
Directors Steven Spielberg and George Lucas are two of the billionaires who have won Oscars.

Frank Trapper/Corbis via Getty Images

  • These billionaires have been recognized for their film achievements at the Oscars.
  • Some are filmmakers behind commercially successful franchises.
  • Others are billionaires who have accumulated their wealth through other avenues.

When thinking about Oscar winners, NFL team owners and computer-science researchers might not immediately come to mind.

But some of these icons of their industries have joined other, more famously creative billionaires to accept Hollywood's highest honors.

Here are 11 billionaires who have won Academy Awards for movies, documentaries, and short films they've worked on as directors, producers, writers, executive producers, or in other capacities.

Steven Rales
Steven Rales attends the 91st Oscars - Oscar Week: Animated Features at the Academy of Motion Picture Arts and Sciences on February 23, 2019.
Rales has worked closely as a producer in Wes Anderson films since 2006.

Rodin Eckenroth/Getty Images

Estimated net worth: $8.3 billion, per Forbes

Rales, the chairman and cofounder of medical manufacturer Danaher, founded the film production company Indian Paintbrush in 2006 and has worked closely with director Wes Anderson ever since.

Rales also owns film distributors Janus Films and The Criterion Collection and has a 20% in the NBA Indiana Pacers.

He won the best live-action short film award in 2024 with Anderson's "The Wonderful Story of Henry Sugar," which he produced.

Jeffrey Lurie
Jeffrey Lurie.
The Philadelphia Eagles owner has won three Oscars.

Brooke Sutton/Contributor/Getty Images

Estimated net worth: $5.3 billion, per Forbes

The Boston businessman purchased the Philadelphia Eagles for $185 million in 1994 and has won two Super Bowls since. But Lurie has a background in film, and has produced and executive-produced more than a dozen movies.

His grandfather founded the General Cinema movie-theater chain, which operated 1,500 screens at its peak in 1991 before it was acquired by AMC in the early 2000s.

Lurie has won three Oscars for best documentary as executive producer of "Inside Job" in 2011, "Inocente" in 2013, and "Summer of Soul" in 2022.

Steven Spielberg
Steven Spielberg at the Oscars.
The filmmaker is regarded as the most commercially successful film director of all time.

Amy Sussman/WireImage

Estimated net worth: $5.3 billion, per Forbes

The film director and producer has worked on some of the most successful films of the past 30 years, directing films like "Jurassic Park," "Jaws," and "E.T. the Extra-Terrestrial."

He's regarded as the most commercially successful film director of all time and a pioneer of the modern blockbuster, with his films amassing a box-office total of over $10.7 billion over 37 films, as reported by The Numbers.

He won the Oscar for best director in 1999 with "Saving Private Ryan" and in 1994 with "Schindler's List," which also won best picture that year.

Jeff Skoll
Jeff Skoll, Ricky Strauss, Davis Guggenheim, winner Best Documentary Feature for "An Inconvenient Truth" and Lawrence Bender during The 79th Annual Academy Awards
The former eBay president (left) has executive produced two best picture award-winning films.

Jeff Vespa/WireImage

Estimated net worth: $5.2 billion

Skoll, who was eBay's first president from 1996 to 1998, founded film production company Participant Media in 2004 to create films that increased awareness of social issues.

He won best picture as executive producer of "Spotlight" in 2016 and "Green Book" in 2019.

In total, Participant Media has won 21 Academy Awards over 86 nominations, including best international film for "Roma."

George Lucas
George Lucas holds Irving G. Thalberg Memorial Award at the 64th Annual Academy Awards
The Lucasfilm founder sold his production company to Disney in 2012.

Frank Trapper/Corbis via Getty Images

Estimated net worth: $5.2 billion, per Forbes

The creator of the "Star Wars" and "Indiana Jones" franchises founded the film production company Lucasfilm in 1971 and sold it to Disney for $4 billion in 2012.

In 1992, he won the Oscars' Irving G. Thalberg Award, which awards "creative producers whose bodies of work reflect a consistently high quality of motion picture production." He was also nominated for best director and best original screenplay for "American Graffiti" and "Star Wars" in 1973 and 1977, respectively.

Oprah Winfrey
Oprah Winfrey speaks onstage during the 87th Annual Academy Awards at Dolby Theatre on February 22, 2015 in Hollywood, California.
The media mogul was nominated for best supporting actress in 1985 and won an honorary award in 2011.

Kevin Winter/Getty Images

Estimated net worth: $3 billion, per Forbes

The TV host and media mogul has been often regarded as the most powerful woman in media and was once the world's only Black billionaire.

She won the Oscars' Jean Hersholt Humanitarian Award, which recognizes "outstanding contributions to humanitarian causes" in 2011. She was also nominated for best supporting actress in 1985 for "The Color Purple."

Pat Hanrahan
Pat Hanrahan arrives at the Academy Of Motion Picture Arts And Sciences' Scientific And Technical Awards Ceremony at Beverly Hills Hotel on February 15, 2014.
Pat Hanrahan has won multiple Academy Awards.

Valerie Macon/Getty Images

Estimated net worth: $2.3 billion, per Forbes

The computer graphics researcher, founding Pixar Animation Studio employee, and computer-science and electrical-engineering professor at Stanford University has worked on groundbreaking animation software that led to films like "Toy Story."

He won a scientific and engineering Academy Award in 1993 and two technical achievement Oscars in 2004 and 2014.

Steve Tisch
"Forrest Gump" producers Steve Starkey, Wendy Finerman, and Steve Tisch at the Shrine Auditorium in Los Angeles, California
The New York Giants co-owner (right) has produced over 40 films, including "Forrest Gump."

Jim Smeal/Ron Galella Collection via Getty Images

Estimated net worth: $1.6 billion, per Forbes

The chairman, co-owner, and executive vice president of the New York Giants has produced over 40 films and has worked closely with Columbia and Sony Pictures.

He won the Oscar for best picture in 1995 with "Forrest Gump."

Peter Jackson
Peter Jackson, winner of Best Director for "The Lord of the Rings: The Return of the King"
The "Lord of the Rings" and "Hobbit" creator has amassed over $6.5 billion at the box office.

Albert L. Ortega/WireImage

Estimated net worth: $1.5 billion, per Forbes

The "Lord of The Rings" and "Hobbit" filmmaker has written, directed, and worked on over 20 films and is the fifth highest-grossing director of all time, with his films surpassing $6.5 billion at the box office, per The Numbers rankings.

In 2004, he won Oscars for best director, best adapted screenplay, and best picture for "The Lord of the Rings: The Return of the King."

Tyler Perry
Tyler Perry holding his Oscar statue.
The Madea creator has an estimated net worth of $1.4 billion.

ABC via Getty Images

Estimated net worth: $1.4 billion, per Forbes

The filmmaker and playwright created the Madea character in 1999 and founded his own production company, Tyler Perry Studios, in 2006. In 2019, he unveiled the new 330-acre studio grounds in Atlanta. His films have made over $765 million at the box office.

He received the Oscars' Jean Hersholt Humanitarian Award in 2021.

Richard Anthony Wolf
Dick Wolf attends Variety Power of Law presented by City National Bank.
The "Law & Order" producer won best short film as a producer for "Twin Towers" in 2003.

Araya Doheny/Variety via Getty Images

Estimated net worth: $1.2 billion, per Forbes

The film producer, best known for creating the "Law & Order" franchise, founded Wolf Entertainment in 1988. It has become one of the most prolific companies in the television business.

He won the Academy Award for best short film as a producer with "Twin Towers" in 2003.

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A US Air Force general says more than just new fighters and bombers is needed to win the next war

26 February 2025 at 13:29
A US Air Force F-22 Raptor flies above a blue and cloudy sky.
The Air Force can't just rely on reinventing its fleet for a future fight in highly contested environments.

US Air Force photo by Tech. Sgt. Natasha Stannard

  • Radically reinventing the Air Force won't win a future fight, its director for force design said.
  • The Air Force has been analyzing and wargaming what it'll need to defeat a top adversary.
  • The service is now prioritizing how to tailor systems for countering very specific threats.

New fighter jets or bombers won't be enough to win the next war, the US Air Force director for force design, integration, and wargaming said this week.

Instead, the service needs to focus on what specific threats top adversaries like China or Russia pose to Air Force operations to tailor solutions for defeating them.

At a Hudson Institute event on Wednesday, Maj. Gen. Joseph Kunkel, who oversees force design for the Air Force, talked about how the service is evolving its capabilities and strategies at what other leaders have described as a critical time.

Kunkel said that the Air Force has been on a decade-long journey to redesign and reinvent. That conversation started like this: "We probably just need to look at new fighters. We've always had fighters, so let's look at new fighters, and we've always had bombers, so let's look at new bombers."

The US military has fielded new fighters, such as the Boeing F-15EX Eagle II and the Lockheed Martin F-35 Lightning II Joint Strike Fighter, and new bombers, like the Northrop Grumman B-21 Raider.

But just upgrading to next-generation aircraft isn't enough to prepare the US Air Force and larger Joint Force for future warfare. "When we do the analysis," Kunkel said, "what we find is just reinventing the Air Force doesn't win."

Instead, he said, combat success is more about integrating capabilities and systems together, using autonomy and all-domain sensing, for example. "Those are things that we're finding as game-changers," Kunkel said, because they address specific challenges to the force.

US Air Force B-1B bombers, F-22 fighter jets, and South Korean Air Force F-35 fighter jets
US Air Force B-1B bombers, F-22 fighter jets, and South Korean Air Force F-35 fighter jets fly during a joint air drill at an undisclosed location in South Korea.

South Korean Defense Ministry via Getty Images

The problems facing the Air Force in a future fight could look similar to the fight in Ukraine today, where the skies are contested, with neither side being able to secure air superiority like what the US and its allies enjoyed in the Middle East.

American adversaries are fielding their own next-gen fighters, and air and missile defense systems are becoming increasingly sophisticated, demanding more from pilots. And there are also growing missile threats, both in Europe and the Indo-Pacific, to bases the service relies on to conduct air operations.

One of the Air Force's priorities in recent years has been Agile Combat Employment, which aims to boost survivability by having air assets operate from unconventional runways and outposts, thus complicating enemy targeting of US aircraft. Bases are fixed, but American adversaries can't target every piece of concrete, every road and highway.

ACE has been a major focus as China has been building an intimidating missile force that could overwhelm US airfields and airpower in a missile strike. The Air Force is now building on this thinking, looking to ideas that go beyond new aircraft.

Air Force Guam agile combat employment
US Air Force, US Marine Corps, Japan Air Self-Defense Force, and Royal Australian Air Force personnel participate in fueling operations during the Agile Combat Employment exercise at Andersen Air Force Base in Guam.

US Air Force/Master Sgt. JT May III

Kunkel said the Air Force's focus is on something it hadn't really done before: tailoring attributes for capabilities based on the threat. The first step, he said, is to define the threat and how it's impacting US Air Force operations.

When the Air Force understands how potential enemies can pressure both air and ground missions, then it can determine what capabilities it needs to counter specific threats and deliver more than just an upgraded aircraft. Instead, it brings a targeted response.

The Air Force has faced tough questions about generating readiness and maintaining overmatch in a time of great-power competition. And last year, the service announced widespread changes in its focuses, more specifically in how it trains its airmen and develops capabilities needed for various threats.

At the time, then-Air Force Secretary Frank Kendall said the service was "moving forward with a sense of urgency to ensure we are ready to deter and, if necessary, win."

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Photos and videos show the 'Tesla takedown' protests that have sprung up in US cities

26 February 2025 at 13:29
People holding posters to boycott Tesla in Seattle.
Hundreds gathered at entrances to the University Village shopping mall on February 22 in Seattle.

David Ryder/Getty Images

  • "Tesla Takedown" protests have happened in cities around the country in opposition to Elon Musk's DOGE work.
  • Protesters are calling for Tesla owners to sell their stock and cars. Some owners have seen their vehicles vandalized.
  • Tesla's stock price taken a hit this month and some shareholders told BI they want to sell their shares.

Criticism of Elon Musk has spilled out from the virtual walls of social networks and into the streets.

Demonstrators have gathered in cities around the US in recent days and weeks to participate in "Tesla Takedown" protests of varying sizes. Meanwhile, some Tesla owners have said they have faced insults or vandalism amid the Musk criticism.

Participants of the protests have called for a boycott of the EV giant in response to Musk's involvement with the Trump administration and DOGE's efforts to decrease the size of the federal workforce.

The "Tesla Takedown" effort started on BlueSky, a competitor to Musk's X platform, and now has a dedicated website. The site calls for Tesla owners to sell their vehicles and stock in an effort to "stop Musk now."

The website's organizer, "Bill & Ted" actor and filmmaker Alex Winter, wrote in a RollingStone op-ed that demonstrations have happened at over 100 Tesla showrooms and other locations.

Tesla owner and shareholder David Abrams told Business Insider he's heard about multiple protests but wasn't aware of the "takedown" effort specifically. Abrams said he added "Anti Elon Tesla Club" and "I Bought This Before Elon Went Crazy" stickers to his car window, and is hoping that's enough to keep it from getting vandalized.

"I absolutely want to sell my car and my shares," Abrams said, adding that he's waiting for the stock price to go up and would have sold his car already if it made financial sense.

While boycotts aren't always effective at materially impacting a company's bottom line, Wedbush analyst and Tesla bull Dan Ives wrote in a Monday note that Musk's role in DOGE had a "visible perceived downside impact" on the company's stock. Tesla's share price has dropped this week after figures showed a 45% year-over-year drop in Tesla sales in Europe last month amid Musk's vocal support of Germany's far-right AfD party.

Musk addressed some of the protests while speaking at CPAC last week, calling them "fake rallies" with "hardly any people" and saying the demonstrations didn't have "popular support."

Here's a closer look at some of the protests and anti-Tesla vandalism attempts that have taken place in recent weeks in the US.

Demonstrators gathered in Seattle on Saturday to protest against Musk and Tesla
Boycott Tesla sign on poster with Tesla logo behind
Demonstrators protesting against Elon Musk and electric car maker Tesla on February 22, 2025, in Seattle.

David Ryder/Getty Images

Protesters gathered at various entrances to the University Village shopping mall in Seattle, as well as outside the Tesla showroom at the mall. Some of the signs called to "boycott Tesla" and "defund Musk."

Protesters rallied in front of a Tesla dealership in Fort Lauderdale
Cybertruck riding past Tesla dealership
Protesters lined up on Fort Lauderdale Federal Highway in front of a Tesla dealership on Saturday.

Mike Stocker/South Florida Sun Sentinel

Demonstrators gathered in a line on Federal Highway in Fort Lauderdale in front of the Tesla dealership on Saturday to protest Musk and his work with DOGE. Over 200 people gathered outside of the dealership, local publication Sun Sentinel reported on February 22.

Multiple protests happened in San Francisco
Protestors Van Ness location California
Protesters outside Tesla's Van Ness location on February 17.

Lloyd Lee

The above image shows protesters gathered on February 17 outside Tesla's Van Ness location in San Francisco. Demonstrators chanted "No hate. No fear. Immigrants are welcome here."

Other protests have appeared outside Tesla showrooms on several occasions recently, some of which clipped posters to the glass doors.

Some of the protests have included stints with cardboard cutouts of Musk
Uncle Sam cutout burning in a Tesla
A protest in Arlington on February 25.

Anadolu/Anadolu via Getty Images

A demonstration outside a Tesla dealership in Virginia on February 25 included an elevated cardboard cutout of Uncle Sam burning in a Cybertruck. Next to the cutout, a woman held a sign with the words "Nobody elected Elon!"

Protesters gathered outside a Tesla dealership in New Jersey
@hollowayryan2025 🚨 They don’t want you to see this. 🚨 We protested outside Tesla Cherry Hill because we’re DONE letting billionaires like Elon Musk and Donald Trump buy our democracy. Musk is pushing Trump’s agenda while crushing workers’ rights and platforming extremists. And we’re supposed to just take it? NOPE. πŸ‘€ Comment β€œπŸ›‘β€ if you’re over it. Share this to keep the momentum going. #ProtestTesla #NoToElon #NoToTrump #BanTheBillionaires #Indivisible #WorkersOverWealth #RejectTheRight #TakeBackDemocracy ♬ original sound - HollowayRyan2025

Rebecca Holloway, who posted the video, told BI that "people are fed up with the unchecked power of the ultra-wealthy" and are responding in their own way.

"The Tesla Takedown movement is about holding powerful people accountable β€” whether it's Elon Musk normalizing extremism or billionaires using their influence to shape our economy and politics to benefit themselves," Holloway, who posted the video, told BI.

Efforts to convince people to sell their Teslas were also seen in New York
Windshield with paper that says sell your car
On February 25, a Tesla in Brooklyn was spotted with a piece of paper on the windshield that read, "Sell your car."

Graham Rapier

A "sell your car" leaflet with a photograph of Musk's widely criticized gesture during a January 20th event celebrating Trump's election was spotted in Brooklyn.

Demonstrators also gathered in the Meatpacking neighborhood of New York City, and close to 300 demonstrators showed up outside the city at a Mount Kisko Tesla showroom to protest, News 12 Westchester reported.

An anti-Tesla ad made its way to a bus stop in London

London Guerrilla Ad-fare: #Tesla the #Swasticar ... from 0 to 1939 in just 3 seconds #Musk pic.twitter.com/y96FiQ5g1Z

β€” Peter Speetjens (@PeterBeirut) February 24, 2025

An ad at a London bus stop went viral on social media for displaying Musk in a Tesla with the caption "goes from 0 to 1939 in 3 seconds."

Musk has responded to criticism of his January 20th gesture with jokes on X.

Some of the posters at protests refer to fascism, with posters at the Seattle protest labeled, "Make Nazis afraid again." Others say "Your Tesla paid for fascism."

Some Tesla owners have been subject to insults

Earlier today a group of people (elderly, at that) exited a BMW and as they walked past my Tesla, among other comments, called it a "Swastika car".

I also have seen several recent posts in San Diego of Teslas being randomly vandalized.

Since it appears fewer people than ideal… pic.twitter.com/lHHp6LDAYv

β€” Jed Bratt (@Jed_Bratt) February 26, 2025

"Look at yourself in the mirror and ask yourself how you can live with so much hate in your heart," Jed Bratt said in the post on X addressing Musk's critics.

At a Manhattan protest in Tesla's Meatpacking neighborhood, protesters shouted insults at Tesla vehicles, The Verge reported on Tuesday.

Some owners say their Teslas have been vandalized

One Tesla owner said he came back from a birthday dinner to writing on his car with an expletive aimed at Musk. While he was able to remove the writing, he said it still made him feel "violated" and want to get another truck.

@WholeMarsBlog @SawyerMerritt @Guylouis @elonmusk @Tesla_AI @realMeetKevin @Teslaconomics @Gfilche came back from my birthday dinner to this surprise. Sucks so bad when this happens to your truck even though it’s just a Permanent marker. Fortunately it came out with alcohol but… pic.twitter.com/GBpFsZKE0L

β€” DrT (@ariteymoorian) February 25, 2025

It's not the first time Teslas have been vandalized. In June, a 35-second video showing a fleet of Cybertrucks spray painted with expletives about Musk went viral.

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Michelle Trachtenberg's friends and costars react to the 'Buffy' and 'Gossip Girl' star's sudden death at 39: 'I wish I could have helped'

26 February 2025 at 12:53
Michelle Trachtenberg dressed in black
Michelle Trachtenberg's friends and former costars paid tribute to the actor on social media.

JC Olivera/WireImage/Getty

  • Michelle Trachtenberg was found dead on Wednesday morning. She was 39.
  • She began her acting career as a child star and is best known for "Buffy" and "Harriet the Spy."
  • Trachtenberg's famous friends and former costars paid tribute to the actor.

After Michelle Trachtenberg's death on Wednesday morning, celebrities and fans are paying tribute.

The NYPD told Business Insider that Trachtenberg had been found dead in a luxury apartment in Manhattan near Central Park. No cause of death has been given, and authorities said they're not treating the death as suspicious.

Trachtenberg, who began acting in commercials at age 3, had a decadeslong career in Hollywood, appearing in memorable films like "Harriet the Spy" and "EuroTrip" and TV series like "Buffy the Vampire Slayer" and "Gossip Girl."

As the news of her death spread, her famous friends and former costars shared their reactions and heartfelt messages online.

Rosie O'Donnell said she wished she could've helped Trachtenberg.
Rosie O'Donnell and Michelle Trachtenberg
Rosie O'Donnell costarred with Trachtenberg in the younger actor's film debut.

Evan Agostini/Liaison

In a statement to Us Weekly, Rosie O'Donnell, who played the beloved nanny of Trachtenberg's character in her 1996 film debut "Harriet the Spy," called the younger actor's death "heartbreaking."

"I loved her very much. She struggled the last few years. I wish I could have helped," O'Donnell told the publication.

Alyson Hannigan said her thoughts are with Trachtenberg's family and friends.
'Buffy' cast members Emma Caulfield, Nicholas Brendon, Alyson Hannigan, James Marsters, Sarah Michelle Gellar and Michelle Trachtenberg.
Alyson Hannigan (third from left) and Trachtenberg (far right) appeared on "Buffy the Vampire Slayer" together.

Kevin Winter/Getty Images

Alyson Hannigan, who played Willow Rosenberg in "Buffy the Vampire Slayer," shared a series of photos of herself and Trachtenberg on Instagram. Trachtenberg joined the series as Buffy's sister, Dawn Summers, in season five.

"I am deeply saddened by the news of Michelle's passing. She brought a loving energy to the set of Buffy. My thoughts are with Michelle's family and friends," Hannigan wrote in her caption.

Emma Caulfield shared a throwback photo of herself and Trachtenberg.
Emma Caulfield and Michelle Trachtenberg
Emma Caulfield and Trachtenberg appeared on "Buffy the Vampire Slayer" together.

Albert L. Ortega/WireImage

"I'm so sorry your bright light died so young," Emma Caufield, who played Anya on "Buffy the Vampire Slayer," wrote in her Instagram story caption. "Our Buffy family lost a little sister today... Rest in peace lovely Mish Mish. You were loved."

Trachtenberg's "Buffy" costar James Marsters shared a heartfelt message.
Michelle Trachtenberg and James Marsters
James Marsters met Trachtenberg when she joined the cast of "Buffy" in 2000.

Kevin Winter/Getty Images

James Marsters, who played Spike in "Buffy the Vampire Slayer," worked closely with Trachtenberg from the time she joined the series as a teen in 2000.

"My heart is heavy today. We have lost a beautiful soul. Michelle was fiercely intelligent, howlingly funny, and a very talented person," the actor wrote on Instagram. "She died much too young, and leaves behind scores of people who knew and loved her."

"My heart goes out to her family who are good people, and are suffering the greatest loss anyone could bear. I hope everyone can give them space to heal in this most difficult time. Godspeed Michelle. You are missed," Marsters added.

David Boreanaz sent prayers to Trachtenberg's family.
David Boreanaz shares news of Michelle Trachtenberg's death
David Boreanaz and Trachtenberg both starred on "Buffy."

David Boreanaz/Instagram

David Boreanaz played the vampire Angel, Buffy Summers's longtime love interest, onΒ "Buffy the Vampire Slayer."Β He was a series regular on the first three seasons of the show before departing for his own spinoff.

Michelle Branch shared a photo of Trachtenberg with broken heart emojis.
Michelle Branch's tribute to Michelle Trachtenberg
Michelle Branch reacted to Trachtenberg's death.

Michelle Branch/Instagram

Michelle Branch was a musical guest star on the sixth season of "Buffy the Vampire Slayer."

Blake Lively posted a lengthy tribute to Trachtenberg.
Blake Lively and Michelle Trachtenberg attend the 2009 CFDA Fashion Awards.
Blake Lively and Trachtenberg appeared in "Gossip Girl" together.

Kevin Mazur/WireImage

Blake Lively, who played Serena van der Woodsen in The CW teen drama "Gossip Girl," shared a photo of herself and Trachtenberg from the show on her Instagram story. Trachtenberg played fan-favorite antagonist Georgina Sparks in the show.

"This was the first day I met Michelle. She was electricity. You knew when she entered a room because the vibration changed. Everything she did, she did 200%," Lively wrote in her caption.

The "It Ends With Us" actor also recounted how Trachtenberg would always have "yummy caramel smelling lip gloss" on because "she didn't just want to sparkle on camera, she liked creating a nice experience for anyone who was in her orbit, even down to the subtle smell of her lipgloss because she cared about the sweet details."

Lively then called Trachtenberg "a kind person, through and through."

"Hold those you love and have loved dear. The world lost a deeply sensitive and good person in Michelle. May her work and her huge heart be remembered by those who were lucky enough to experience her fire," Lively wrote.

Ed Westwick shared a photo of Trachtenberg as her "Gossip Girl" character.
Ed Westwick's tribute to Michelle Trachtenberg
Ed Westwick starred with Trachtenberg on "Gossip Girl."

Ed Westwick/Instagram

Ed Westwick played reformed bad boy Chuck Bass throughout all six seasons of "Gossip Girl."

"So sad to hear of the passing of @MichelleTrachtenberg," he wrote in his Instagram story. "Sending prayers."

Chace Crawford shared photos of himself and Trachtenberg over the years.
Michelle Trachtenberg, publicist Lori Levine and actor Chace Crawford.
Chace Crawford and Trachtenberg appeared together on "Gossip Girl." They are pictured with publicist Lori Levine (middle) at a party in 2008.

Theo Wargo/WireImage

Chace Crawford played Nate Archibald on "Gossip Girl."

"Michelle was one of a kind. I remember her coming on set for the first time and just absolutely owning it. She was a force of nature and just so so unapologetically funny and magnetic.. remembering those years with a big smile. Just a terrible loss. Love you," Crawford wrote in his Instagram caption.

Shawn Ashmore called Trachtenberg an incredible person.
Shawn Ashmore and Michelle Trachtenberg
Shawn Ashmore previously dated Trachtenberg.

J.Sciulli/WireImage

Shawn Ashmore and Trachtenberg dated in the 2000s. In his post about her death, he called it an "incredible loss."

"Incredibly sad to hear about Michelle's passing. She was an incredible person and I will always remember the years we spent together fondly," he wrote. "She was loving, quirky and would never pass up a law and order SVU marathon:) My condolences to her mother Lana and sister Irene!"

Kim Cattrall shared a throwback photo of her and Trachtenberg.
Michelle Trachtenberg and Kim Cattrall
Kim Cattrall was in the 2005 movie "Ice Princess" with Trachtenberg.

Andrew H. Walker/Getty Images

Kim Cattrall and Trachtenberg acted together in the movie "Ice Princess" in 2005.

"Rest in peace sweet Michelle πŸ’”" Cattrall captioned the post.

Mara Wilson mourned the loss of her childhood friend.
Mara Wilson.
Mara Wilson mourned the loss of her childhood friend.

Amy Sussman/Getty Images

Fellow child star Mara Wilson posted a photo of Trachtenberg on her Instagram story.

"My heart is breaking for my childhood friend. Your memory will be a blessing Michelle," Wilson wrote in her caption.

Christy Carlson Romano said she and Trachtenberg "grew up in NY audition rooms" together.
Christy Carlson Romano
Christy Carlson Romano shared a heartfelt tribute to Trachtenberg on Instagram.

Andrew Toth/Getty Images

"My heart aches for Michelle Trachtenberg. We grew up in NY audition rooms together and our moms were friends. We reconnected in LA during our messy young Hollywood era. It was like no time passed. Her sassiness always made me laugh," Christy Carlson Romano wrote on her Instagram story.

The actor said she "wished" they had stayed in touch.

"I never got to tell her that years before we reconnected I wrote and recorded this song for her movie 'Ice Princess.' It never made the cut, but every time I thought of her it would go through my mind and now it will forever. Rest in peace," she wrote.

Kate Beckinsale said her heart "aches" for Trachtenberg's mother.
Kate Beckinsale.
Kate Beckinsale shared a heartfelt tribute to Trachtenberg on Instagram.

Pascal Le Segretain/Getty Images for Chopard

Kate Beckinsale posted an old paparazzi photo of herself and Trachtenberg on her Instagram story.

"What a terrible shock and loss, my god. My heart aches for your mama. Fly safe little bird," Beckinsale wrote in her caption.

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TJX CEO says Trump's tariffs are creating a 'textbook' buying opportunity

26 February 2025 at 12:49
Accessories on display at TJ Maxx.
T.J. Maxx says it directly imports only a small percentage of products from China.

Danielle Bauter

  • TJX CEO Ernie Herrman says he's excited about the opportunity for businesses like his from tariffs.
  • "We've been to the movie before," he said of rising costs. "It's a different headline."
  • Herrman also pointed to several ways the off-price retailer is able to soften the impact of tariffs.

Tariffs are shaking up retail, but not all companies are looking at the changes in the same way.

For TJX, CEO Ernie Herrman says he's excited about the opportunity the new trade costs present for businesses like his.

"We've been to the movie before," he said of managing rising costs from inflation. "It's a different headline; it's just the same approach."

Speaking on a fourth-quarter earnings call Wednesday, Herrman said TJX β€” which owns brands like T.J. Maxx, Marshall's, Sierra, and Home Goods β€” directly imports only an extremely small percentage of its inventory from China.

As an off-price retailer, the company typically stocks up on merchandise that other retailers have already imported (and paid the relevant duties on) and could not sell themselves.

In other words, most new tariffs aren't coming directly from TJX's pockets. Meantime, higher prices could push US consumers to get even more cautions about paying full price for things β€” and as long as TJX can sell products for less than their traditional retail counterparts do, Hermann says the company will come out ahead.

"I'm excited about the sales and margin opportunity in this environment, because this is pretty much textbook situation coming up," he said.

In addition, Herrman noted that a large chunk of TJX's sales come from housewares and furnishings, which tend to be more exposed to Chinese tariffs.

To soften the impact of those β€” and to differentiate TJX's assortment from its competitorsβ€” Hermann said the company sources more of its home goods from Europe.

"It creates an umbrella of fashion and brand and quality that other home retailers don't do," he said. "Customers love that piece of our mix."

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Republicans labeled BlackRock as 'woke.' Here's a brief history of how the firm has tried to shed that description.

26 February 2025 at 12:43
Larry Fink
BlackRock CEO Larry Fink.

Associated Press

  • BlackRock removed DEI mentions from its annual report amid political pressure.
  • The asset manager has faced criticism from Republicans for being too "woke."
  • Here's how BlackRock has tried to distance itself from the themes it once championed.

Many big American companies have been quick to respond to President Donald Trump's pushback on DEI, but none of their steps carry more symbolic weight than a retreat by BlackRock, the world's largest asset manager.

An early advocate of diversity, equity, and inclusion, BlackRock has removed all mention of the strategy from its latest annual report. The asset manager and its CEO, Larry Fink, have over the years become targets for Republicans who claim the firm is too "woke."

What was the DEI section in the asset manager's last report has now been reframed as "connectivity and inclusivity" in the Tuesday filing. Last year, it said that it believed "a diverse workforce with an inclusive and connected culture is a commercial imperative and indispensable to its success."

This year it avoided mentioning the acronym or a diverse workforce, just "diverse perspectives."

When reached for comment, a BlackRock spokesman referred to the new paragraph in its annual report that said the firm's approach to "building a connected and inclusive culture is aligned with the firm's business priorities and long-term objectives. Delivering for the firm's clients requires attracting the best people from across the world.

"BlackRock is committed to creating an environment that supports top talent and fosters diverse perspectives to avoid groupthink."

BlackRock has also removed references to a three-pillar strategy, which included phrasing around cultivating a work environment where employees felt "seen, heard, valued, and respected."

The firm left out a section that previously broke down its US employees by gender and ethnicity. In its 2023 annual review, it introduced the statistics with a line saying that "BlackRock views transparency and measurement as critical to its strategy."

Companies have been quick to respond to President Donald Trump's executive order on "radical and wasteful" DEI programs, though a few big names such as JPMorgan Chase and Costco have reaffirmed their commitment to diversity initiatives.

Through his annual investor letters, Fink promoted stakeholder capitalism and environmental, social, and governance investing, becoming the unofficial corporate poster child for the movements. In the last few years, however, Fink has had to tone down his support for ESG and defend against the idea that the firm has an ideological agenda it's forcing on the many companies it invests in through its mutual funds and ETFs.

The firm also has critics on the political left. Climate activists have previously protested outside Fink's home and BlackRock's New York headquarters, calling for a divestment from fossil fuels.

"The only agenda we have is delivering for our clients," he said in 2023 LinkedIn post, which he drafted as a response to being called the "king of the woke industrial complex" in a Republican Party presidential candidate debate.

Here is a timeline of how BlackRock built and then knocked down its reputation as a social and environmental champion:

Read the original article on Business Insider

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