The Walmart heirs' combined estimated net worth is nearly $380 billion.
All three of Sam Walton's surviving children have now made it into the $100 billion club.
In public, the Waltons live relatively modest lifestyles despite their wealth.
All three of Walmart founder Sam Walton's surviving children have made it into the $100 billion club as the retail giant's share price continues to soar.
The combined wealth of the Walmart heirs β which include founder Sam Walton's children, Rob, Jim, and Alice, as well as his grandson Lukas β is nearly $380 billion, according to the Bloomberg Billionaires Index.
Together, they're significantly ahead of the top individual names on the list, such as Jeff Bezos, Bernard Arnault, or Mark Zuckerberg, though Elon Musk has recently seen his fortune outstrip their collective net worth.
While some have worked in the family business β whether that's serving on the company board or working to manage the family's wealth β others chose to pursue areas of personal passion.
Sam Walton, the original man behind the company that now encompasses both Walmart and Sam's Club, set his family up for financial success when he divided the ownership before he died.
Most recently, the Walton children have expanded voting control to their own, giving eight of Sam's grandchildren a say in the family holdings.
Sam wasn't a man of flashy luxury, but you can see how his children are living a slightly more lavish life now. Here's a look at how the Walton family empire spends its money:Β
Sam Walton opened the first Walmart store in Rogers, Arkansas, in 1962.
He married Helen Robson on Valentine's Day in 1942.
Together, they had four children: Rob, John, Jim, and Alice.
By the time Sam died in 1992, he had set up the company ownership in a way that minimized the estate taxes anyone on the receiving end would have to pay.
He set up his ownership of Walmart's stock in a family partnership β each of his children held 20% of Walton Enterprises, while he and Helen each held 10%. Helen inherited Sam's 10% tax-free when he died.
John served in Vietnam as a Green Beret. When he returned from the war he held a series of jobs β like the Walmart company pilot, a crop duster, and the owner a few yachting companies β before becoming a Walmart board member.
In 2013, Christy decided to sell their Jackson Hole mansion. She also sold the family's ranch for an undisclosed price in 2016 after listing it for $100 million in 2011.
James "Jim" Walton is the youngest son of Walmart founder Sam Walton. He is 76 years old.
He is chairman of the board of the family's Arvest Bank Group. One of the state's largest banks today, Arvest Bank has assets totaling more than $26 billion.
He also served on the Walmart board, starting in 2005 to fill the vacancy after his brother John died. Jim Walton's son, Steuart, took over his father's seat on the board in 2016.
Now, he presides over Walton Enterprises β the private company that deals with the investments and finances of the Walton family only β from modest offices in Bentonville, Arkansas.
The youngest of founder Sam Walton's children, Alice Walton is worth $112 billion, according to Bloomberg. She has been divorced twice and has no children. She is 75 years old.
Alice has never taken an active role in running the family business.
Instead, she became a patron of the arts, which she fell in love with at a young age.
When she was 10, she bought her first work of art: a reproduction of Picasso's "Blue Nude" for about $2, she told The New Yorker.
She has an immense private art collection, with original works from Andy Warhol and Georgia O'Keeffe. Alice opened a museum in Bentonville called Crystal Bridges in 2011 to house her $500 million private art collection.
The collection includes a Georgia O'Keeffe painting that Alice spent $44.4 million on in 2014 β the biggest sale for a woman's piece of art in history.
Her Millsap, Texas, property, Rocking W Ranch, sold to the Three Amigos Investment Group of Kermit, Texas, in September 2017 for an undisclosed amount.
It had an initial asking price of $19.75 million, which was reduced to $16.5 million. The working ranch had over 250 acres of pasture and outbuildings for cattle and horses.
In January 2016, Alice donated 3.7 million of her Walmart shares β worth about $225 million at the time β to the family's nonprofit, the Walton Family Foundation.
Sam and Helen started the foundation as a way to teach their children how to give back and how to work together.
The charity awards millions of dollars in grants to causes that align with the foundation's values.
The foundation has three main areas of focus:
The foundation's focus on education was led by John. His brother Jim said John was really interested in being able to give parents choices when it came to their child's schooling.
Rob spearheaded the foundation's venture into environmental protection. One of the first grants they gave helped develop a sustainable fisheries label.
A commitment to the family's home of Arkansas is another large part of the foundation. The website says this area of focus is about "advancing our home region of Northwest Arkansas and the Arkansas-Mississippi Delta."
Walmart Inc., which owns Walmart and Sam's Club, is the largest retailer in the US in terms of revenue.
Even though the Walton family is raking in billions as a result of the company's success, they remain relatively under-the-radar in terms of flashing their wealth β much like their patriarch, Sam, did in the early years.
In December, Walmart disclosed that Sam's children had granted voting rights to eight of their own children, bringing the total number of voices in the family fortune from three to eight, and keeping with Sam's vision for his legacy.
The feature, available in the latest iOS 18.2 update, summarizes groups of notifications from an app on a user's iPhone to give them a quick rundown of what they missed at a glance.
Users, however, have pointed out at least two instances of it providing inaccurate information when attempting to summarize notifications from news organizations.
In one case, the summary falsely claimed the BBC reported that Luigi Mangione, the suspect in the killing of UnitedHealthcare CEO Brian Thompson, had killed himself. Mangione is alive and was extradited to New York on Thursday.
In another instance, the feature wrongly summarized a New York Times article to say that Israeli Prime Minister Benjamin Netanyahu had been arrested. The NYT article actually reported that the International Criminal Court had issued a warrant for Netanyahu's arrest, not that he had been arrested.
The nonprofit Reporters Without Borders has called on Apple to remove the feature.
"AIs are probability machines, and facts can't be decided by a roll of the dice," said Vincent Berthier, the head of the group's technology and journalism desk, in a public statement this week. "The automated production of false information attributed to a media outlet is a blow to the outlet's credibility and a danger to the public's right to reliable information on current affairs."
Apple, the BBC, the NYT, and Reporters Without Borders did not immediately respond to requests for comment from Business Insider.
A spokesperson from the BBC previously said the organization has filed a complaint with Apple "to raise this concern and fix the problem."
"It is essential to us that our audiences can trust any information or journalism published in our name and that includes notifications," the spokesperson previously said.
Staff at major companies have asked their leaders if there are plans to follow Amazon's full return to office.
Firms like Meta, Google, and Microsoft have a hybrid setup β however, execs say they're eyeing productivity.
Research findings on the subject are varied, and the debate will likely continue in 2025.
Executives at major companies are referencing a specific term to hedge when asked by employees if they plan to follow in Amazon's footsteps and implement a return to 5 days a week in the office.
That word? Productivity.
While Amazon has been the most high-profile example this year of a full return to office policy, set to go into effect in January, telecom giant AT&T has also elected to double down on in-person work with a similar 5-day policy, Business Insider first reported.
In the wake of Amazon's announcement, executives at both Google and Microsoft, which require employees to be in the office at least 3 days a week, have fielded questions from staff wondering if the days of hybrid work are numbered.
In October, Google CEO Sundar Pichai said the company had no plans to order employees back to the office, so long as employees remain productive during their at-home work days, BI previously reported.
Over at Meta, Mark Zuckerberg said last year that "early analysis of performance data,"indicated productivity increases for early-career engineers in the office at least 3 days a week. A few months later, the company announced it was requiring employees to return to the office 3 days a week.
Though Amazon did not explicitly name productivity as a reason for its full return to the office, CEO Andy Jassy emphasized a similar term: effectiveness.
Being back in person 5 days a week makes it "easier for our teammates to learn, model, practice, and strengthen our culture; collaborating, brainstorming, and inventing are simpler and more effective; teaching and learning from one another are more seamless; and, teams tend to be better connected to one another," he wrote at the time.
For those committing to a full return to office, preparing campuses for the influx of employees in the new year is its own challenge. Amazon has since delayed the announced January 2 effective date of the new mandate for some employees because it doesn't have enough office space in some locations, BI reported earlier this month.
As CEOs and company leaders keep an eye on how employees in remote or hybrid setups perform, various studies since the onset of the pandemic have attempted to measure and compare the productivity of employees who work at home and in-office. Research studies have produced conflicting results, further complicated by the matter of how best to define or measure productivity.
Goldman Sachs, which has a 5-day-in-office policy, reviewed several analyses that used different ways of evaluating changes in work-from-home productivity, from call-center workers who were randomly chosen to work from home to comparing the productivity of randomly assigned remote workers with their in-office peers.
In short, it's hard to say for sure, and executives are deciding what their long-term setup will be after a year in which some of the world's biggest companies put a renewed focus on being "lean" and "efficient."
Meanwhile, some employees have returned to commuting in (sometimes "coffee-badging" in and returning home), others have relocated to comply with a policy change, and some have resigned to pursue a hybrid or fully remote opportunity. As companies tighten their belts and conduct layoffs, other workers have taken to workplace forums to wonder if some of the RTO mandates have been a possible "quiet layoffs" tactic.
As more major global companies revisit their policies and make changes, CEOs are likely to face more questions on the topic going into the new year.
For some, the answer is simple: Stay productive and we'll stay flexible.
We asked recruiting pros for their top interview questions and how a candidate should answer them.
Here's what they told us.
When you're preparing for a job interview, one of the first things you can do is research what previous candidates have shared about their own interviews with that employer. Some of the most helpful information to glean, if you can find it, is what interview questions you might expect to be asked.
To help job seekers who might not be able to find common questions asked by a specific company, we asked five recruiting professionals for their favorite questions to ask in job interviews.
They also broke down how candidates should answer and what the answers can reveal about them. Of course, the slate of questions asked in an interview can vary based on the recruiter's personal preferences, the role, and other factors β but these go-to questions from recruiters are a good place to start.
Here's a look at questions recruiters love to ask that they say can be particularly telling about a candidate.
'Tell me a time when you found a way to improve a process, made something more efficient, or otherwise introduced an improvement when you weren't asked to do so.'
Kyle Samuels, who spent 20 years in senior-level executive recruiting and is now CEO of executive search agency Creative Talent Endeavors, said he likes this question because it helps identify "proactive leaders who are willing to answer difficult questions and drive business results."
He recommends candidates use the STAR method β focusing on the situation, task, action, and result β to answer this question and really highlight their "initiative and drive."
"I'm also looking for candidates who can stand up to additional questioning well and describe specifics within each example or story they share when responding," he said.
He shared with us one example of how a STAR-formatted answer to this question might look:
Situation: "Our SaaS solution isn't cutting it."
Task: "I was assigned to fix the problem."
Action: "I spoke to other CTOs to get recommendations, found a final list of five, and then evaluated them against the incumbent so we could make the right hiring decision."
Result: Explain the end result and what happened after taking the actions described.
'Tell me about a time when something went terribly wrong with a project.'
This question shows a candidate's "ability to take responsibility for mistakes, solve problems, communicate effectively, and collaborate with others," said Lauren Monroe, who leads the creative practice group at Aquent, a staffing agency for creative, marketing, and design roles.
An ideal answer would "name the specific challenge faced, acknowledge the mistakes made, and identify the actions taken, lessons learned, and solutions implemented to solve the problem," she added.
'What key elements need to be in your next role, and what would be a dealbreaker for you?'
Amri Celeste, a recruitment manager and interview coach, likes this question because it gets at "what a candidate is really looking for in a role and whether the role we're discussing matches what they expect in their next role."
"It's also an opportunity to open up a more honest dialogue about their values, work style, and career goals, which helps me learn about not only how well they suit the role, but also how well they might suit the team and management style of the manager," she said.
"After introducing myself and explaining how I've arrived to the point of this interview, I ask the candidate to do the same," he said.
"It relaxes the atmosphere a bit, makes it a bit more conversational, and allows the candidate to give a well-rounded summary of their experience and skills," he added.
'Tell me about the greatest impact you made at a company and what helped you achieve that impact.'
Tessa White, a former head of HR, is the CEO of The Job Doctor and the author of "The Unspoken Truths for Career Success."
Besides asking about a candidate's achievements, White also tries to gauge their ability to problem-solve by asking questions about challenges they've encountered in the past.
She'll ask, for example, "Tell me about a time you were at odds with someone or a department and you were able to successfully move through it."
Other times, she might say, "Tell me about a time when an initiative or project you were leading wasn't going the way you hoped. How did you handle it and what is your philosophy for addressing obstacles?"
For all of these questions, she said the ideal answer should be "authentic and real." If it's not, a recruiter can "sniff it a mile away," she said.
"I'm not looking for the answer you think I want to hear," she said. "I'm looking to see an imperfect person that has insight into their strengths as well as someone who understands how to learn from previous mistakes."
As US lawmakers worry the video-sharing platform, which is owned by Chinese company ByteDance, poses a danger to national security, TikTok is scrambling to fight a law requiring it be sold to a US owner by January 19 or else risk being banned in the country.
So who's leading the company through this turbulent period?
That would be Shou Zi Chew, TikTok's 41-year-old CEO from Singapore, who got his start as an intern at Facebook.
Here's a rundown on TikTok's head honcho:
Chew worked for Facebook when it was still a startup.
He earned his bachelor's degree in economics at the University College London before heading to Harvard Business School for his MBA in 2010.Β
While a student there, Chew worked for a startup that "was called Facebook," he said in a post on Harvard's Alumni website. Facebook went public in mid-2012.
Β
Chew met his now-wife, Vivian Kao, via email when they were both students at Harvard.
They are "a couple who often finish each other's sentences," according to the school's alumni page, and have three kids.
Chew was CFO of Xiaomi before joining Bytedance.
He became chief financial officer of the Chinese smartphone giant, which competes with Apple, in 2015. Chew helped secure crucial financing and led the company through its 2018 public listing, which would become one of the nation's largest tech IPOs in history.Β
He became Xiaomi's international business president in 2019, too.
Before joining Xiaomi, Chew also worked as an investment banker at Goldman Sachs for two years, according to his LinkedIn profile.
He also worked at investment firm DST, founded by billionaire tech investor Yuri Milner, for five years. It was during his time there in 2013 that he led a team that became early investors in ByteDance, as the Business Chief and The Independent reported.
For a while, Chew was both the CEO of TikTok and the CFO of its parent company, ByteDance.
Chew joined ByteDance's C-suite in March 2021, the first person to fill the role of chief financial officer at the media giant.
He was named CEO of TikTok that May at the same time as Vanessa Pappas was named COO. Bytedance founder and former CEO Zhang Yiming said at the time that Chew "brings deep knowledge of the company and industry, having led a team that was among our earliest investors, and having worked in the technology sector for a decade."
That November, it was announced that Chew would leave his role as ByteDance's CFO to focus on running TikTok.
TikTok's former CEO, Kevin Mayer, had left Walt Disney for the position in May 2020 and quit after three months as the company faced pressure from lawmakers over security concerns.
Some government officials in the US and other countries remain concerned that TikTok's user data could be shared with the Chinese government.
Donald Trump's administration issued executive orders designed to force ByteDance into divesting its TikTok US operations, though nothing ever happened.
Wall Street said his testimony didn't do much to help his case to keep TikTok alive in the US, though Chew seemed to win over many TikTok users, with some applauding his efforts and even making flattering fancam edits of him.
Now, Chew and TikTok are in the spotlight again as the company tries to stave off a looming potential ban.
The House of Representatives passed a bill on March 13 that would require any company owned by a "foreign adversary" to divest or sell to a US-based company within 180 days to avoid being banned in the US.
He called the vote "disappointing" and said the company has invested in improving data security and keeping the platform "free from outside manipulation."
"This bill gives more power to a handful of other social media companies," he added. "It will also take billions of dollars out of the pockets of creators and small businesses. It will put more than 300,000 American jobs at risk."
The Senate also passed the bill, and President Biden signed it into law in April.
In September, a hearing on the potential TikTok ban began in federal appeals court and in December, a three-judge panel from the US Court of Appeals for the District of Columbia Circuit ruled that the law is constitutional.
On the heels of the bad news, Chew met with the president-elect at Mar-a-Lago several days later.
Trump said in a press conference on the day they met that he has a "warm spot" for TikTok, which he has criticized in the past, because he says it helped him win over young voters in the 2024 election.
Also on the day of their meeting, TikTok asked the Supreme Court to block the law that requires it be sold to avoid a shutdown, arguing that it violates Americans' First Amendment rights.
When he's not fighting efforts to ban TikTok, Chew makes appearances at some pretty high-profile events.
Alex Karp pursued a Ph.D. and invested on behalf of wealthy European clients before founding Palantir.
The secretive and controversial big-data company went public in 2020 and recently posted strong quarterly earnings.
Karp is an outspoken CEO who hasn't held back in defending the company against critics.
Alex Karp, longtime CEO of data mining company Palantir, has been taking a victory lap on the heels of the company's latest blowout earnings and rising stock price.
Palantir, which creates software to manage, analyze, and secure data, saw its stock hit an all-time high earlier this month.
Karp, who has been CEO since 2004, is known as an unusual leader, even by Silicon Valley standards. He pursued a Ph.D. in philosophy before joining the startup and sometimes works from a barn.
He and the company have courted controversy over the years, and he's known to be outspoken in defending the company's work with government agencies and the military, saying at a recent talk that he's proud "the death and pain that is brought to our enemies is mostly, not exclusively, brought by Palantir."
Here's how the 57-year-old Karp got his start, took the helm of the secretive startup, and built it into a multi-billion-dollar company.
Alex Karp grew up in Philadelphia.
His parents were a pediatrician and an artist who Karp has described as hippies, saying they often took him to labor rights demonstrations and anti-Reagan protests when he was young. A 2018 Wall Street Journal profile called Karp a "self-described socialist."
Karp got his bachelor's degree at Haverford College in Pennsylvania before attending law school at Stanford University.
After law school, Karp began working on a Ph.D. in philosophy at Goethe University in Frankfurt, Germany, studying under famed philosopher Jurgen Habermas.
Karp is fluent in German and speaks French as well.
Around the same time, an inheritance from his grandfather sparked an interest in investing.
According to Forbes, he quickly became successful at it and created a London-based firm called Caedmon Group, named after his middle name, investing on behalf of high-net-worth clients.
By 2003, Thiel, Karp's law school classmate, had already founded and sold PayPal to eBay for $1.5 billion.
He decided to launch Palantir, along with Stanford computer science graduates Joe Lonsdale and Stephen Cohen, plus Nathan Gettings, a PayPal engineer. By 2004, Karp joined as CEO.
Karp is known for being an eccentric leader.
He often wears brightly colored athletic wear, keeps Tai Chi swords in his offices, and was known to practice martial arts on his Palantir cofounders in the office hallways.
Karp is a fan of fitness and wellness who practices Qigong meditation and keeps vitamins and extra swim goggles stocked in his office.
He told Forbes that the only time he isn't thinking about Palantir is "when I'm swimming, practicing Qigong or during sexual activity."
Despite a net worth of around $7.1 billion by Forbes' estimates, Karp doesn't appear to spend lavishly.
Karp has been known to sometimes work out of a barn in New Hampshire. He has never been married and told Forbes that the idea of starting a family gives him "hives."
Palantir is also pretty secretive. Because of the company's contracts, many employees have government security clearances and receive five-figure bonuses for choosing to live close to the office, according to the Journal.
Palantir has courted numerous controversies over the years.
The company has been criticized for licensing its technology to law enforcement, which has used it for practices like predictive policing and tracking cars' routes using just their license plates.
Palantir has also come under fire for its contracts with US Immigration and Customs Enforcement.
The company provides software that helps the agency gather, store, and search through data on undocumented immigrants. After employees pressed Karp on ending the company's contracts with ICE, he denied that its technology was being used to separate migrant families.
Karp has responded boastfully to criticism of the company's contracts with the military.
"The death and pain that is brought to our enemies is mostly, not exclusively, brought by Palantir," he said at a talk in December 2024.
"You may not agree with that and, bless you, don't work here," Karp said in 2023 of tech workers who have qualms about the company's data mining.
The company went public in 2020.
It went public via a direct listing on the New York Stock Exchange in September 2020 at an estimated $20 billion valuation.
Following Palantir's Q3 2024 earnings report, Karp boasted about the company's performance and defended himself from critics.
"This is a US-driven AI revolution that has taken full hold," he said in an earnings release. "The world will be divided between AI haves and have-nots. At Palantir, we plan to power the winners."
During the subsequent earnings call, he said, "Given how strong our results are, I almost feel like we should just go home."
Responding to criticisms of his leadership, he said, "Instead of going into every meeting saying, 'Oh, yes, Palantir is great, but their fearless leader is batshit crazy, and he might go off to his commune in New Hampshire,' whatever thing we're saying, it's now like, yes, the products are best, and we have great products."
Palantir's stock has since hit an all-time high in December.
Now, Karp has a forthcoming book.
Slated for release on February 18, 2025, his book "The Technological Republic" argues that Silicon Valley has become complacent and lost its ambition.
He cowrote the book with Nicholas Zamiska, Palantir's head of corporate affairs and legal counsel to the office of the CEO.
Starbucks is expanding its paid parental leave policy for baristas, the latest change under its new CEO.
It'll offer up to 18 weeks of paid parental leave for birth parents and 12 weeks for nonbirth parents.
However, baristas will reportedly get smaller raises this year due to the company's performance.
Starbucks is giving baristas up to three times the paid parental leave they previously had access to.
Starting in March, the coffeehouse giant said it will offer up to 18 weeks of paid leave for birth parents and up to 12 weeks for nonbirth parents.
The expanded benefit applies to US store employees averaging at least 20 hours of work a week. In general, Starbucks' parental leave policy applies to parents welcoming children by birth, foster placement, or adoption.
The company currently offers US store employees 6 weeks of paid parental leave and up to 12 weeks unpaid.
"Our benefit was already the best in retail, but after hearing from some partners who shared the leave as new parents wasn't adequate, we reviewed the program and have decided we're making a change," the chain's new CEO, Brian Niccol, wrote in his announcement Monday.
The expansion is the latest change amid Starbucks' turnaround effort under Niccol, who took over in September after leading Chipotle, which offers its workers up to 12 weeks of paid parental leave. Starbucks retail employees trying to unionize at various stores across the country have named increased parental leave as one of their requests.
Starbucks Workers United said its union partners had put forth a bargaining proposal seeking to double parental leave. "We are proud of this victory for all baristas," Starbucks Workers United partner Michelle Eisen said in a statement.
It's been a tough year for the chain, which saw sales decline in multiple quarters. In its fiscal fourth quarter, the company reported its steepest quarterly sales drop in four years.
On the heels of the company's disappointing quarterly reports, baristas will reportedly get smaller raises this year compared to last and many corporate employees will only get 60% of their bonuses, Bloomberg recently reported. Starbucks did not immediately respond to a request for comment.
"A visit to Starbucks is about connection and joy, and of course great coffee. Many of our customers still experience this magic every day, but in some places β especially in the U.S. β we aren't always delivering," he wrote. "It can feel transactional, menus can feel overwhelming, product is inconsistent, the wait too long or the handoff too hectic. These moments are opportunities for us to do better."
You can make a Genmoji inspired by someone you've identified in your photo library or start fresh with instructions describing what you'd like your emoji to look like. If you don't like the initial result, you can keep refining it by tweaking the description. If you're happy with it, you can send it in a text or use it as a sticker or Tapback reaction.
Genmoji is available in iOS 18.2 on all iPhone 16 models, iPhone 15 Pro, and iPhone 15 Pro Max.
ChatGPT's integration in your iPhone
Apple's iOS 18.2 software update launched the ChatGPT integration shown off earlier this spring.
Those with an iPhone 15 Pro, 15 Pro Max, or iPhone 16 can now access ChatGPT through Siri and Writing Tools by saying or typing their inquiries, without having to go back and forth between apps. Users can tell ChatGPT to generate written content in Writing Tools or generate images to go alongside their written content.
It can create videos up to 1080p resolution lasting up to 20 seconds from your written prompts or make up for missing frames by completing a scene or extending the length of an existing video.
OpenAI initially made a Sora preview available to some creators, designers, and filmmakers in February, but it's now available to ChatGPT Plus ($20 a month) and Pro users ($200 a month).
First demoed in the spring, ChatGPT can now see through your phone's camera or examine what's on your screen if you need to give the assistant visual context to help answer your questions.
The new video feature is rolling out this week in the latest version of the mobile app to ChatGPT Team and most ChatGPT Plus and Pro users.
Google Deep Research
Announced on Wednesday, Google Deep Research is Gemini Advanced's new agentic feature that can do deep dives on complex subjects for you.
Ask it a question, and it can browse the web "the way you do," Google said in a blog post. It'll ultimately generate a report you can export to Google Docs that contains key points and links to sources if you want to dig deeper.
Google Deep Research started rolling out this week in English on desktop and mobile web and will be available in the mobile app early next year.
Donald Trump is getting donations left and right from the biggest names in business.
OpenAI CEO Sam Altman was the latest to give $1 million to Trump's inaugural fund.
Tech leaders are angling to get or stay in his good graces and help shape his tech policy.
The latest business trend? Donating $1 million to Donald Trump's inauguration.
Business leaders across industries are trying to get on the president-elect's good side ahead of his return to the Oval Office, and some are breaking out their wallets β or their company's β to do so.
The president-elect is receiving donations to his inaugural fund from Mark Zuckerberg through Meta, Jeff Bezos through Amazon, and OpenAI CEO Sam Altman.
OpenAI's Altman plans to kick in $1 million of his personal money to the inauguration fund, Fox News reported Friday, citing a source who works with Altman. Amazon and OpenAI did not immediately respond to requests for comment from BI.
Some of the tech leaders are trying to make peace with Trump after he repeatedly criticized them in his first four years at the White House and subsequently sued some of them. Trump has been vocal about wanting to go after Big Tech in his second term as well.
Trump's victory in November set off a chorus of CEOs publicly congratulating him β as well as taking phone calls with the president-elect and trips to Mar-a-Lago.
Trump told CNBC on Thursday that Bezos would visit him "next week" for a dinner, and The Information reported that Google CEO Sundar Pichai would also travel to meet with Trump. In its landmark antitrust case against Google, the Justice Department asked a judge to force Google to sell off Chrome, its web browser.
Zuckerberg and Trump shared dinner at Mar-a-Lago last month months after Trump had threatened to imprison Zuckerberg if reelected. Meta's president of global affairs, Nick Clegg, told reporters earlier this month that Zuckerberg "is very keen to play an active role" in Trump's tech policymaking.
Other big names in business watched Trump ring the opening bell at the New York Stock Exchange on Thursday, the same day he was named Time's Person of the Year.
Onlookers reportedly included Pershing Square CEO Bill Ackman, Citigroup CEO Jane Fraser, Target CEO Brian Cornell, Mastercard CEO Michael Miebach, Goldman Sachs CEO David Solomon, and Verizon CEO Hans Vestberg.
The media and entertainment giant is reportedly trying to rein in some of its employee perks, including its parental leave policy, The Wall Street Journal reported Wednesday.
The company is trying to discourage employees from using the unlimited time off it gave parents for a year following the birth or adoption of a child, the Journal reported, citing internal communications and interviews with current and former employees.
"We did not plan for employees to use 1-year as the starting point for evaluating how much time away they needed for bonding and care, nor did we assume that employees would view this as a 1-year-leave," one HR official wrote to managers, according to the Journal, which said that Netflix has been trying to curb usage of the full year of leave since 2018.
Among employees, taking more than 6 months of parental leave is now "widely understood to be an unwise career move," the Journal reported. A Netflix spokesperson told the Journal that over the last four years, US employees at the company averaged 6.3 months of parental leave, and employees outside the country averaged 7.5 months.
A Netflix spokesperson told BI in a statement, "Employees have the freedom, flexibility and responsibility to determine what is best for them and their family. Our parental leave policy has always been to 'take care of your child and yourself.'" Sergio Ezama, Netflix's chief talent officer, said the company has "not pulled back" on its parental leave policy.
The company has also implemented a limit of $300 in company swag such as coffee mugs or sweatshirts per year that each employee can order, the Journal reported.
Meanwhile, the streamer has asked managers to tighten the purse strings on compensation. It previously let them pay above market rates to attract and retain talent; now, managers are asked to ensure salaries stay within 50% to 95% of employees' peers, per the Journal, citing emails.
Netflix updated its well-know culture memo in June, removing the "freedom and responsibility" section and adding one called "People Over Process" which spoke of hiring "unusually responsible people" who thrive on openness and freedom.
Netflix co-CEO Ted Sarandos said at The Wall Street Journal's Tech Live conference in October that he received pushback for changing the memo.
"We are constantly working on improving the culture," he said. "And so when anyone says, 'Hey, the culture is changing.' Yes, of course it needs to. We definitely change the culture. We wanted to reflect how we work, not dictate how we work."
He said that the company had fewer than 300 employees when he and Netflix cofounder Reed Hastings wrote the memo. While the initial memo was "perfectly suited" for the company's size at the time, the revised version "actually reflects much more today our 14,000 employee business culture," he said.
The changes signal a culture shift at the streamer as it contends with pressure from Wall Street and other challenges. The company has recovered from shedding subscribers for the first time in a decade in 2022, but in recent years has cracked down on password-sharing to boost its subscription numbers.
They've recommended countless books over the years that they credit with strengthening their business acumen and shaping their worldviews.
Here are 20 books recommended by Musk, Bezos, and Gates to add to your reading list:
Jeff Bezos
Some of Bezos' favorite books were instrumental to the creation of products and services like the Kindle and Amazon Web Services.
"The Innovator's Solution"
This book on innovation explains how companies can become disruptors. It's one of three books Bezos made his top executives read one summer to map out Amazon's trajectory.
"The Goal: A Process of Ongoing Improvement"
Also on that list was "The Goal," in which Eliyahu M. Goldratt and Jeff Cox examine the theory of constraints from a management perspective.
The final book on Bezos' reading list for senior managers, "The Effective Executive" lays out habits of successful executives, like time management and effective decision-making.
"Built to Last: Successful Habits of Visionary Companies"
This book draws on six years of research from the Stanford University Graduate School of Business that looks into what separates exceptional companies from their competitors. Bezos has said it's his "favorite business book."
This Kazuo Ishiguro novel tells of an English butler in wartime England who begins to question his lifelong loyalty to his employer while on a vacation.
Bezos has said of the book, "Before reading it, I didn't think a perfect novel was possible."
The Tesla CEO has recommended several AI books, sci-fi novels, and biographies over the years.
"What We Owe the Future"
One of Musk's most recent picks, this book tackles longtermism, which its author defines as "the view that positively affecting the long-run future is a key moral priority of our time." Musk says the book is a "close match" for his philosophy.
"Superintelligence: Paths, Dangers, Strategies"
Musk has also recommended several books on artificial intelligence, including this one, which considers questions about the future of intelligent life in a world where machines might become smarter than people.
"Life 3.0: Being Human in the Age of Artificial Intelligence"
In this book, MIT professor Max Tegmark writes about ensuring artificial intelligence and technological progress remain beneficial for human life in the future.
"Zero to One: Notes on Startups, or How to Build the Future"
Peter Thiel shares lessons he learned founding companies like PayPal and Palantir in this book.
Musk has said of the book, "Thiel has built multiple breakthrough companies, and Zero to OneΒ shows how."
The Microsoft cofounder usually publishes two lists each year, one in the summer and one at year's end, of his book recommendations.
"How the World Really Works"
In his 2022 summer reading list, Gates highlighted this work by Vaclav Smil that explores the fundamental forces underlying today's world, including matters like energy production and globalization.
"If you want a brief but thorough education in numeric thinking about many of the fundamental forces that shape human life, this is the book to read," Gates said of the book.
"Why We're Polarized"
Ezra Klein argues that the American political system has became polarized around identity to dangerous effect in this book, also on Gates' summer reading list in 2022, that Gates calls "a fascinating look at human psychology."
"Business Adventures: Twelve Classic Tales from the World of Wall Street"
Gates has said this is "the best business book I've ever read." It compiles 12 articles that originally appeared in The New Yorker about moments of success and failure at companies like General Electric and Xerox.
"Factfulness: Ten Reasons We're Wrong About the Worldβand Why Things Are Better Than You Think"
This book investigates the thinking patterns and tendencies that distort people's perceptions of the world. Gates has called it "one of the most educational books I've ever read."
Salesforce isn't investing as much in AI as some of its competitors, and its CEO likes it that way.
Marc Benioff said some of its rivals are in "a race to the bottom" with "excessive" AI spending.
Benioff's plan? "I'm going to take advantage of their spending to make my products better," he said.
Salesforce's CEO says the company isn't spending as lavishly on AI as some of its tech peers β and he isn't worried about falling behind.
Instead, Marc Benioff says the company will capitalize on the vast AI spending gap between it and some of its competitors and avoid a "race to the bottom."
"I think they're going to keep spending and it's going to be expensive for them and it's going to drive their margins down," he said on a Monday episode of the "On with Kara Swisher" podcast. "I'm going to take advantage of their spending to make my products better and lower cost and easier for my customers."
Salesforce offers multiple enterprise AI products, including Agentforce, its newly announced suite of AI agents that automate workplace tasks, and its AI Cloud, which hosts LLMs from partners like Amazon Web Services. It also offers Einstein Copilot, a generative AI-powered assistant for customer relationship management.
The Salesforce CEO said "the way we've architected our platform" has allowed the company to spend less on AI and its AI models "are incredibly efficient."
"We do things a little differently, the way we train, the way we write the software," he said. "And also we tend to use other people's data centers, so we will use Amazon and Google and others and not rely on too much of our own hardware β although we have some, it's not our philosophy."
Benioff said some of Salesforce's competitors were "excessive" with their AI spending and "it's becoming a race to the bottom for some of these companies."
"While there is a big movement of a lot of companies into these kind of public clouds I think that we have to be careful exactly how much we're investing," he added.
It's not clear exactly how much Salesforce has invested in its own AI efforts. However, the company's research and development costs for the third quarter were $1.35 billion, a year-over-year increase of around 12.6%.
Benioff said the spending by Salesforce's rivals was evident in the companies' energy use, which he said should also be managed. He also highlighted that some have invested in nuclear energy and nuclear power plants.
"This is really an unusual development," he said.
Some of the biggest names in tech have announced major deals to source nuclear energy to power their data centers.
While Wall Street has been keen to hear from CEOs when the billions invested in AI will start bearing fruit, there are signs the spending isn't slowing down.
Aravind Srinivas, the CEO of Perplexity AI, touched on a similar sentiment as Benioff when he said in a recent talk at Stanford that building proprietary AI models is extremely costly and his startup would much rather build off of other firms' models.
"We had a conviction that, number one, models are going to get increasingly commoditized and if you do want to be one of those players that are a provider of the models, you need to have an insane amount of funding and you need to be a company that is losing billions of dollars a year and it's still fine," he said.
"We were not in a position to be and we didn't want to be either," the Perplexity CEO said. "So we decided to use other people's models and shape them to be really good for end-to-end consumer experience."
Jeff Bezos and Donald Trump have been at odds over the years.
However, Bezos says Trump has "probably grown in the last 8 years" and he'd like to help him in "reducing regulation."
The two men recently had dinner at Mar-a-Lago.
A dinner between Donald Trump and Amazon founder Jeff Bezos is the latest development in their history, which has seen both men criticize each other publicly.
Bezos has spoken out against Donald Trump in the past β and vice versa. However, Bezos has changed his tune on the president-elect, saying he is feeling optimistic now about Trump's return to the Oval Office.
"What I've seen so far is he is calmer than he was the first time and more settled," he said. "You've probably grown in the last eight years. He has too."
The billionaire Amazon founder and Trump have been contentious at times. In 2016, Bezos said Trump's wish to lock up Hillary Clinton or refuse to accept a loss in that election "erodes our democracy around the edges."
"One of the things that makes this country as amazing as it is, we are allowed to criticize and scrutinize our elected leaders," Bezos said at the time.
"An appropriate thing for a presidential candidate to do is say, 'I am running for the highest office in the world, please scrutinize me,'" he continued. "That's not what we've seen. To try and chill the media and threaten retribution and retaliation, which is what he's done in a number of cases, it just isn't appropriate."
Following Trump's election that year, Bezos was one of several tech leaders who met with the president-elect in a summit Bezos later described as "very productive." Introducing himself in the meeting, Bezos added that he was "super excited about the possibilities this could be the innovation administration."
In 2017, he tweeted that the company was "doing great damage to tax paying retailers" and that "towns, cities and states throughout the U.S. are being hurt."
"Why is the United States Post Office, which is losing many billions of dollars a year, while charging Amazon and others so little to deliver their packages, making Amazon richer and the Post Office dumber and poorer?" he tweeted in 2017. "Should be charging MUCH MORE!"
The company said in the complaint that Trump swayed the decision to "pursue his own personal and political ends" and to harm Bezos, "his perceived political enemy." Amazon said Trump made "repeated public and behind-the-scenes attacks" about the company and Bezos, who was still CEO at the time.
In 2021, theΒ DoD canceled the contract with Microsoft and announced a multi-vendor contract to seek proposals from Microsoft and AWS as "the only Cloud Service Providers (CSPs) capable of meeting the Department's requirements."
In 2019, Trump bashed Bezos and the Post as he appeared to talk about Bezos' divorce from MacKenzie Scott.
"So sorry to hear the news about Jeff Bozo being taken down by a competitor whose reporting, I understand, is far more accurate than the reporting in his lobbyist newspaper, the Amazon Washington Post," Trump wrote on X. "Hopefully the paper will soon be placed in better & more responsible hands!"
After the assassination attempt on Trump at a Pennsylvania rally in July 2024, Bezos broke a hiatus of nearly nine months on X, formerly known as Twitter, to write, "Our former President showed tremendous grace and courage under literal fire tonight. So thankful for his safety and so sad for the victims and their families."
Following Trump's second election win, Jeff Bezos congratulated him on "an extraordinary political comeback and decisive victory," wishing the president-elect "all success in leading and uniting the America we all love."
CEOs and business leaders quickly began making the journey to Mar-a-Lago in Florida to meet with the president-elect, and Trump mentioned that a dinner with Bezos was planned.
β³Mark Zuckerberg's been over to see me, and I can tell you, Elon is another and Jeff Bezos is coming up next week, and I want to get ideas from them," Trump told CNBC's Jim Cramer in December.
After Meta confirmed plans to donate $1 million to Trump's inauguration fund, Amazon followed suit with its own $1 million donation.
Bezos and Trump ended up dining together, and were joined by Musk, who said it was a "great conversation."
Many of PayPal's early employees went on to become major names in tech and the venture capital world, founding, funding, and otherwise developing successful companies. This elite group came to be known as the "PayPal Mafia," a nickname that gained popularity after Fortune used the term in a 2007 piece alongside a photo of some of the members dressed in gangster attire.
Members of the group include Elon Musk, Peter Thiel, Reid Hoffman, and over a dozen others. Here's a rundown of the most prominent members of this exclusive group and what they're up to over two decades later.
Peter Thiel: PayPal's founder and the so-called "don" of the PayPal Mafia
Peter Thiel cofounded the company that would become Paypal β called Confinity β in 1999 alongside Max Levchin and Luke Nosek. Confinity was launched as a developer of security software for hand-held devices like the PalmPilot, but it later pivoted toward digital money transfers.Β
Thiel served as CEO of PayPal until October 2002, when eBay acquired the company for $1.5 billion. Thiel's 3.7% stake was worth a $55 million, according to SEC filings.
Thiel went on to cofound Founders Fund, a venture capital firm that has helped launch companies like SpaceX and Airbnb.
Thiel, now a billionaire with a net worth of $15.9 billion, according to Bloomberg, cofounded the big data analysis firm Palantir in 2003. He was the first major outside investor in Facebook and contributed early funding to Yelp and LinkedIn, along with a number of other ventures launched by his PayPal peers. Thiel's also a partner of Founders Fund, a venture capital fund based in San Francisco.
Thiel has also drawn criticism in recent years for his support of President Donald Trump and for secretly funding Hulk Hogan's lawsuit against Gawker Media, which resulted in the company shutting down Gawker and selling the company's assets.
After facilitating talks between Trump and now Sen. JD Vance, Thiel gave a record-breaking $15 million to Vance's campaign, the largest donation ever given to a single senate candidate.Β
Thiel later told The Atlantic he was taking a break from politics. Business Insider later reported that he served as an FBI informant.
After PayPal was bought by eBay, Levchin founded a media-sharing service called Slide that was later bought by Google. He was also an early investor in Yelp β at one point he was the company's largest shareholder β and he served asΒ chairman of Yelp from its founding in 2004 until July 2015.
He founded fintech company Affirm, which allows consumers to finance online purchases at the point of sale and pay for them over time. Affirm went public in 2021, raising $1.2 billion in its IPO. Levchin is also the chairman of Glow, a fertility-tracking app that helps users improve their odds of conceiving.
Ken Howery: PayPal cofounder and CFO from 1998 to 2002.
After eBay bought PayPal, Howery stayed on as eBay's director of corporate development until 2003. After PayPal's acquisition, he served as cofounder and partner of Founders Fund alongside Peter Thiel.
Howery recently served as US ambassador to Sweden.
He was appointed by former President Trump in January 2019 and confirmed in September of that year. He also donated $1 million earlier this year to America PAC, a pro-Trump super PAC created by fellow PayPal mafia member Elon Musk.
Howery is active in several nonprofits and serves as a founding advisor to Kiva, an organization that facilitates loans to low-income entrepreneurs. Kiva was founded in part by Premal Shah, PayPal's former product manager.
Elon Musk: founder of (the other) X.com, which merged with Thiel's Confinity to become PayPal
In 1999, Elon Musk founded a payments company called X.com, which merged with Thiel's Confinity in 2000. He briefly served as CEO of PayPal before he was ousted by the board in September 2000 and replaced with Thiel. But as the company's largest shareholder, he still walked away from the PayPal sale to eBay with a cool $165 million.
Musk is currently the world's richest person.
Perhaps the best-known of all the members of the PayPal mafia now, Musk's estimated net worth is $362 billion.
Musk, who has been a vocal supporter of Trump's 2024 presidential campaign and donated more than $200 million to Republican election efforts, will also co-lead the newly created Department of Government Efficiency alongside former Republican presidential candidate Vivek Ramaswamy, Trump announced after winning the election.
Luke Nosek: PayPal cofounder and vice president of marketing and strategy.
Nosek was also reportedly the person who clued in Peter Thiel to cryogenic preservation, which Thiel has since invested in heavily.
Nosek explored angel investing.
In 2005, Nosek joined Thiel and Howery as a partner at Founders Fund. In 2017, Nosek left Founders Fund to launch investment firm Gigafund, which helped raise money for SpaceX.
Nosek was also the first institutional investor in SpaceX and is a board member. He also joined the board of ResearchGate, a platform where scientists and researchers can ask questions, follow topics, and review one another's papers.
Roelof Botha: PayPal's director of corporate development, vice-president of finance, CFO
Botha went to school to be an actuary. He said he never planned to get into tech, but when he saw the opportunity in Silicon Valley, his intuition told him it was where he needed to be.
He started as PayPal's director of corporate development, went on to become vice-president of finance, and later served as CFO.
Botha is now a partner at venture capital firm Sequoia Capital
Sequoia Capital has funded tech giants like Apple, Google, YouTube, and Instagram.Β
Botha as served on the board at more than a dozen companies, including Square, EventBrite, Weebly, Tumblr, Instagram, YouTube, as well as 23andMe, which he resigned alongside the rest of the board in September over CEO Anne Wojcicki's proposal to take the company private.
Reid Hoffman: board of directors at PayPal, COO
LinkedIn cofounder Reid Hoffman served on the board of directors when PayPal was founded.
He eventually joined the company full-time as PayPal's COO. In a New York Times interview, Peter Thiel referred to Hoffman as PayPal's "firefighter in chief," noting that there were many fires that needed putting out in the company's early days.
When PayPal was acquired by eBay, Hoffman was the company's executive vice president.
Hoffman cofounded LinkedIn and is one of Silicon Valley's most prolific angel investors.
Hoffman has coauthored several books on startups and professional development. He hosts the "Masters of Scale" podcast, on which he interviews founders about how they launched and scaled their companies, and is a partner at VC firm Greylock Partners. He was an early investor in OpenAI and used to serve on its board, and cofounded Inflection AI.
Hoffman has also recently criticized business leaders, including his fellow PayPal mafia members, for supporting Trump.
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David Sacks: PayPal COO
Like Hoffman, Sacks also served as COO at PayPal. Previously a management consultant for McKinsey & Company, David Sacks joined PayPal in 1999.
After PayPal was bought by eBay, Sacks produced and financed the box office hit "Thank You For Smoking," which would go on to be nominated for two Golden Globes. In 2006 he founded Geni.com, an online tool for building family trees.
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Sacks founded several companies, became an angel investor, and was named Trump's AI and crypto 'czar'
Sacks is a serial entrepreneur and investor, with angel investments in Airbnb, Postmates, Slack, and many more.Β
He's also a member of Elon Musk's inner circle and, like the Tesla CEO, is an avid Trump supporter, hosting a fundraiser for the president-elect at his home. Sacks reportedly urged Trump personally to choose Vance as his running mate, whom he was introduced to by fellow Paypal mafia member Thiel.
Jawed Karim, Chad Hurley, and Steve Chen met at PayPal during its early days.
Karim and Chen were engineers, while Hurley was a web designer.
In 2005, the trio launched the video-sharing platform YouTube. Karim uploaded the platform's very first video, "Me at the zoo," an 18-second clip of Karim in front of the San Diego Zoo's elephant exhibit. It's been viewed over 292 million times.
Today, Karim, Hurley, and Chen remain active entrepreneurs and investors with a hand in projects from finance to music.
Karim launched venture fund YVentures in 2008, through which he invested in Palantir, Reddit, Eventbrite, and Airbnb.
Hurley stepped down as CEO of YouTube in 2010. Since then, he's backed education startup Uptime and invested in several sports teams.
Chen invested in actor Joseph Gordon-Levitt's musical collaboration platform HitRecord, which in February secured $6.4 million in Series A funding.
Andrew McCormack: assistant to Peter Thiel at PayPal
In 2003, McCormack started a restaurant group in San Francisco. In 2008, he joined Thiel Capital and worked there for 5 years.
McCormack went on to launch VC firm Valar Ventures
McCormack partnered up with Thiel again in 2010 to found Valar Ventures, a venture capital fund.
Valar Ventures has invested in technology startups well beyond Silicon Valley, including some in Europe and Canada. In August, Crunchbase reported the firm had closed on a $150 million funding round for a new venture capital fund, Valar Fund V.
McCormack continues to serve as a managing partner of the firm.
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Keith Rabois: PayPal's executive vice president
Entrepreneur Keith Rabois served as PayPal's executive vice president from 2000 to 2002.
He would go on to join his PayPal colleague Reid Hoffman at LinkedIn as its vice president for business and corporate development from 2005 to 2007. He was an early investor in startups like Square, where he spent two-and-a-half years as COO.Β
Rabois joined Thiel, Howery, and Nosek as a partner at Founders Fund.
He was a general partner at Founder's Fund, where he cofounded OpenStore, before returning to Khosla Ventures in early 2024.
Russel Simmons and Jeremy Stoppelman: worked on technology at PayPal.
Simmons was an engineer and Stoppelman was the vice president of technology after joining PayPal from X.com.
In 2004, the pair came up with the idea for a platform where users could leave recommendations about businesses in their area. They pitched the idea to Levchin, who provided an early investment of $1 million, and Yelp was born.
Simmons left his official role at Yelp in 2010, while Stoppelman continues to serve as Yelp's CEO.
In 2017, Selby was revealed to be the generous tipper behind "Tips for Jesus."
Selby later helped manage Thiel Capital, the Thiel's family office, and started his own venture capital fund, AZ-VC, where he serves as managing partner. He still serves as managing director at Thiel Capital.
Starting in 2013, Selby began anonymously leaving tips for unsuspecting waitstaff, ranging into the thousands, and signing them "Tips for Jesus." His identity was confirmed by a New York City bartender who served him prior to receiving a $5,000 tip.
Dave McClure: PayPal's director of marketing
McClure served PayPal's director of marketing as for four years beginning in 2001.
According to McClure's LinkedIn, he began a program called the PayPal Developer Network, which consisted of about 300,000 developers that were using PayPal.Β
He's since become an investor and owner in a professional sports league for ultimate frisbee and cofounded Practical Venture Capital, according to his LinkedIn.
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Several more former PayPal employees went on to have careers both in and out of tech.
Yishan Wong was an engineering manager who later served as CEO of Reddit from 2011 to 2014. He then founded the reforestation company Terraformation in 2020, where he now serves as CEO.
Jason Portnoy worked in finance at PayPal, and went on to work at Clarium Capital and Palantir. He's now a partner at VC firm Oakhouse Partners.Β
Premal Shah was a product manager at PayPal beginning in 2000, then went on to work at technology nonprofit Kiva. He's now president at financial-services startup Branch.Β
David Gausebeck was a technical architect at PayPal. Now, he serves as chief scientist at 3D modeling company Matterport. He cofounded 3D modeling company Matterport, where he now serves as chief scientist.
Joe Lonsdale started his career as a finance intern at PayPal before moving into venture capital β he's worked at VC firms Clarium Capital, Formation 8, and 8VC. Lonsdale also cofounded Palantir, and has reportedly contributed to a Trump PAC.
Eric Jackson was director of marketing at PayPal and went on to write a book about the company called "The PayPal Wars." He's currently the CEO of CapLinked.Β
The CEO of Perplexity AI shared some principles that guided him as a startup founder.
Aravind Srinivas talked about having "an extreme bias for action" in a recent talk at Stanford.
He also said he believes in taking chances on hiring people who have "some chips on their shoulders."
Where do you start when hiring for your startup? The CEO of Perplexity AI has some tips.
Aravind Srinivas, who cofounded the AI startup in 2022, discussed his approach to leading Perplexity in a recent interview at the Stanford Graduate School of Business.
In the earliest days of the startup, Srinivas said he looked to bring on cofounders and "people with complementary skills."
"You don't want to be as good as them in what they excel at β I think they should be a lot better. Also, you don't want to step on their toes when they do that."
Over time, you build the team out further with a similar approach, targeting people who can "bring in new skills," he added.
The AI CEO also talked about his approach to running a company as it grew.
"I would say there's an extreme bias for action that I try to bring in and try to encourage everybody else in the company to adopt," he said. "And I think that's what's helping us continue to be fast, even when you've gotten to about 100 people."
Srinivas recalled advice he once received from a founder who said, "Once you get to 100 people, you're guaranteed to move slow."
While it's "so far, so good" at Perplexity, Srinivas said that at some point "you're going to hit the problems of scale and how to move fast, so I'm determined to solve that problem."
Srinivas also spoke of the importance of taking chances on people who have "some chips on their shoulders."
"Giving people who haven't necessarily become experts at one thing the opportunity to go do something they're not yet proven for is something I've done a lot," he said. "That's something that I wish more people did, the sort of experimentation, putting someone in the waters and letting them figure out how to swim. Rather than hiring the most well-known expert at that topic."
Srinivas told The Associated Press in June that Perplexity "never ripped off content from anybody" and that its AI-powered search engine, which aggregates material generated by other companies' AI models, "is not training on anyone else's content."
"We are actually more of an aggregator of information and providing it to the people with the right attribution," Srinivas said at the time.
He reiterated the startup's position in the interview at Stanford.
"What we are trying to say is we are trying our level best to summarize, synthesize from diverse sources, and make sure to give credit to all the original sources," he said.
"We are doing our best to make sure the credit attribution part is clear," Srinivas said.
OpenAI is reportedly looking into dropping a key clause from its multibillion-dollar Microsoft deal.
The clause ends Microsoft's access to OpenAI's advanced models when OpenAI achieves AGI.
It's meant to prevent misuse of AGI for commercial ends; nixing it could encourage more investment.
OpenAI is reportedly considering removing a clause from its contract with Microsoft in a move that could help it attract further investment from the tech giant.
Citing people with knowledge of the discussions, the Financial Times reported Friday that the ChatGPT maker was weighing whether to eliminate a clause that closes off Microsoft's access to its most advanced AI models when the startup achieves artificial general intelligence, or AGI.
OpenAI's website defines AGI as "a highly autonomous system that outperforms humans at most economically valuable work," adding that it's "explicitly carved out of all commercial and IP licensing agreements."
The clause is meant to prevent AGI from being misused for commercial purposes. The Financial Times noted that removing it could encourage Microsoft to keep cash flowing to the AI company. Microsoft has invested at least $13 billion in OpenAI.
OpenAI's website says its nonprofit board will both decide when AGI is achieved and take ownership of the technology.
The report said that OpenAI's board was still discussing options and no decision had been made.
OpenAI CEO Sam Altman remains bullish that the company will achieve AGI in the near future.
"My guess is we will hit AGI sooner than most people in the world think and it will matter much less," he said at The New York Times' DealBook Summit this week.
Altman also touched on the company's financial needs.
"When we started, we had no idea we were going to be a product company or that the capital we needed would turn out to be so huge," he said. "If we knew those things, we would have picked a different structure."
Reuters reported in September, citing sources familiar with the matter, that OpenAI was working on plans to restructure to a for-profit benefit corporation that would no longer be controlled by its nonprofit board and that would give Altman equity in the business for the first time.
Some Spotify listeners were frustrated by the recap's aesthetic and missing metrics from years past.
Some also said Spotify relied too heavily on generative AI in the recap.
Spotify Wrapped came out Wednesday, and some of the platform's users are already eager to put it behind them.
The streaming company's year-end recap gives people insight into their listening habits each year, via stats like their top songs, artists, and minutes spent listening.
This year, however, seemed to miss the mark for many. Listeners took to social media to air their frustrations with what they said was an inaccurate or underwhelming year-in-review that lacked the personality and insightful metrics they appreciated from Spotify's recaps of yesteryear.
"I'm not usually one to complain but this was one of the most boring Spotify Wrapped recaps I've been a part of and I've been a member since 2017," one Reddit user said.
This year's Wrapped did away with some of last year's features. It didn't, for example, reveal listeners' top genres or give them "sound towns," which told you a town with similar music taste as yours.
Instead, this year Spotify introduced features like the Wrapped AI podcast, powered by Google NotebookLM, featuring two AI voicebots discussing your listening habits. There was also Your Music Evolution, which gave highly specific, yet also inscrutable, names like "pink pilates princess strut pop" to describe your musical genres in certain months.
Some users felt particularly disappointed with what they saw given they also had to wait longer for their recaps this year. Spotify Wrapped came out on December 3 this year, a few days later than the November 29 release of last year's recap.
"This is what we waited for? This is so lame and anticlimactic. No top genres, no music aura and all the other cool stuff that was there before," another person said on Reddit.
"It's giving turned in homework late for participation points it feels so lame," one person said on TikTok, writing in the video's text overlay that this year's Wrapped felt "inaccurate" and "disappointing."
One user even said they were moved to cancel their Spotify Premium subscription and switch over to Apple Music, which recently made available on a monthly basis its Wrapped equivalent, Replay.
"Spotify wrapped so bad and full of AI garbage i cancelled my spotify and got apple music," one person said on X.
"Wrapped is an experience that fans look forward to every year, and our approach to the data stories did not change this year," Spotify told BI in a statement.
"We celebrated fan-favorite data stories like Your Top Artist and Top Songs with new insights like longest listening streak and top listening day," the company said. "We're always exploring ways to expand Wrapped and bring new data stories to users across more markets."
Google did not immediately respond to a request for comment about the criticisms around the AI features in Spotify Wrapped this year.
Other users who were disappointed highlighted that Spotify underwent layoffs in the last year.
Spotify cut more than 2,000 total employees across three rounds of layoffs last year. In an earnings call this year, CEO Daniel Ek stood by the December cuts as "the right strategic decision" but said it affected daily operations "more than we anticipated."
Spotify Wrapped debuted in 2016 and quickly became one of the most platform's celebrated features, and for many years was differentiated feature against rival music-streaming platforms.
Spotify Wrapped's popularity and easy ability to share the results to social media boosted its popularity and eventually helped pressure Apple to debut a similar recap feature for Apple Music in 2019, which began as a web-only feature.
Five years later, Apple Music finally made the feature available in the app itself.
"All four are, in one way or another, about making sense of the world around you," he wrote in his blog post. "This wasn't an intentional theme, but I wasn't surprised to see it emerge: It's natural to try and wrap your head around things during times of rapid change, like we're living through now."
Here are his top book picks of the year:
"An Unfinished Love Story" by Doris Kearns Goodwin
This autobiography from historian Doris Kearns Goodwin centers on her life with her late husband, Richard N. Goodwin, who was an advisor and speechwriter to Presidents John F. Kennedy and Lyndon B. Johnson.
"Doris is such a talented writer that the chapters about her love story are just as engaging and enlightening as the chapters about the Kennedy assassination and the Vietnam War," Gates said of the book.
"The Anxious Generation" by Jonathan Haidt
Social psychologist Jonathan Haidt argues in his book that smartphones and social media are changing how children grow up and contributing to mental health issues in adolescents.
"It made me reflect on how much of my younger yearsβwhich were often spent running around outside without parental supervision, sometimes getting into troubleβhelped shape who I am today," Gates said of the book. "Haidt explains how the shift from play-based childhoods to phone-based childhoods is transforming how kids develop and process emotions."
"Engineering in Plain Sight" by Grady Hillhouse
This book from civil engineer Grady Hillhouse offers an illustrated field guide to the modern constructed world.
"Hillhouse takes all of the mysterious structures we see every day, from cable boxes to transformers to cell phone towers, and explains what they are and how they work," Gates wrote in his blog post. "It's the kind of read that will reward your curiosity and answer questions you didn't even know you had."
"The Coming Wave" by Mustafa Suleyman
Suleyman cofounded AI firms Inflection AI and DeepMind, which was acquired by Google. He now heads Microsoft's AI division. His book focuses on future opportunities and risks posed by artificial intelligence as well as other scientific breakthroughs, including gene editing.
Gates said of the book: "If you want to understand the rise of AI, this is the best book to read."
"Federer" by Doris Henkel
Gates' bonus book pick is a visual biography of tennis player Roger Federer by sports writer Doris Henkel. It features never-before-published photos of the sports icon.
"I thought I knew pretty much everything about Roger's history with tennis, but I learned a ton, especially about his early years," Gates said.
Since 2016, the closed-captioning company The Captioning Group has compiled the list on behalf of the language platform Babbel, bringing together all the terms that newscasters, politicians, and public figures struggled to pronounce correctly on TV.
Esteban Touma, a linguistic and cultural expert at Babbel, told Business Insider this year's words were a snapshot of the political, cultural, and musical zeitgeist.
Ready to test your pronunciation chops?
In no particular order, here are the top 10 most mispronounced words of the year, according to Babbel's report.
Semaglutide
There is more to the hype surrounding semaglutide, the active ingredient of the weight loss medication Ozempic, than just its effects.
For those unfamiliar with the antidiabetic medication, pronouncing it can be a challenge.
Pronunciation: sem-ah-GLOO-tide
Pete Buttigieg
The transportation secretary and former mayor of South Bend, Indiana, was one of the Democrats' most articulate spokespeople when he took over the airwaves and tried to appeal to swing voters and moderates for Harris.
He's also been known to spar with Elon Musk online.
Pronunciation: peet BOOD-ih-judge
Shein
The name of the fast fashion company Shein is frequently mispronounced as "Sheen." The company is reportedly planning to debut on the London Stock Exchange early next year.
Pronunciation: SHE-in
Kamala Harris
Vice President Kamala Harris has often seen her name being mispronounced, most recently in the run-up to the November 2024 presidential election.
Her nieces, Amara and Leela, helped set the record straight onstage at the DNC in August.
"It's like a comma in a sentence," explained Amara. "Then you say 'la,' like 'la la la,'" added Leela.
Pronunciation: COM-a-la HAR-iss
Zendaya
Actress Zendaya starred as tennis prodigy Tashi Duncan in "Challengers" and as Chani in "Dune: Part II." Her name is frequently mispronounced "Zen-DIE-a."
She has humorously called out those who said [SHA-pel ROW-an] during a live performance, making it clear that it's actually [CHAP-uhl], which sounds like chapel, and [ROHN], which rhymes with tone.
Pronunciation: CHAP-uhl ROHN
SPECULOOS-3b
SPECULOOS-3b is an Earth-sized exoplanet that orbits a red dwarf that captured global attention in May when astronomers announced its discovery at a distance of 55 light-years.
Pronunciation: SPEK-yuh-lohss three bee
Phryge
The phryge, the mascot of theΒ Paris 2024 Olympics and Paralympics, was chosen as a symbol of freedom and to represent allegorical figures of the French Republic.
Pronunciation: FREE-je
Barry Keoghan
The Irish actor rose to prominence for his role in Emerald Fennell's "Saltburn" last year, though Sabrina Carpenter fans will also know him as the pop singer's boyfriend.
Though the letter "G" is often silent in Irish names, Keoghan's last name has a distinct "G" sound.
Pronunciation: BARR-ee key-OH-gin
Dutch Kooikerhondje
Shohei Ohtani's dog, a Dutch Kooikerhondje, "threw" the first pitch at a game at Dodger Stadium after the Dodgers' pitcher signed a historic 10-year, $700 million deal with the MLB team.
Mark Zuckerberg and President-elect Donald Trump have had a rocky relationship.
Still, a Meta exec said Zuckerberg was "keen to play an active role" in tech-policy conversations.
The exec didn't say what the two discussed at a dinner but described talks as "fairly high level."
Elon Musk already has Donald Trump's ear on policy discussions β and it sounds like Mark Zuckerberg wants in on that too.
"Mark is very keen to play an active role in the debates that any administration needs to have about maintaining America's leadership in the technological sphere" and "particularly the pivotal role that AI will play," Meta's president of global affairs, Nick Clegg, told journalists during a call on Monday, The Verge reported.
Clegg declined to share details of their talks but said that "the conversations at this stage are clearly fairly high level."
Zuckerberg and Trump met on several occasions during Trump's presidency. Trump has been highly critical of Facebook and Zuckerberg over the years, going so far as to say he'd jail Zuckerberg if reelected.
Facebook suspended Trump's account in 2021 over his comments during the Capitol riot; Zuckerberg said at the time that "the risks of allowing the President to continue to use our service during this period are simply too great." Two years later, the company reinstated Trump's Facebook and Instagram accounts.
Unlike Musk, Zuckerberg didn't endorse a presidential candidate this year. In an interview, the Meta CEO said Trump's reaction to being shot at a Pennsylvania rally this summer was "badass."
In his call with reporters, Clegg also discussed Meta's moderation efforts β over which the social-media company has faced criticism from both sides of the aisle β saying the company "overdid it a bit" during the COVID-19 pandemic.
"We know that when enforcing our policies, our error rates are still too high, which gets in the way of the free expression that we set out to enable," he said. "Too often harmless content gets taken down or restricted and too many people get penalized unfairly."