Elon Musk, who is worth $468 billion, nearly doubled his net worth in 2024, owing in no small part to the stock market's rally after Donald Trump's election victory. Since Election Day, he's become more than $200 billion richer.

His fortune is predominantly made up of Tesla stock and equity in SpaceX. Even though sales of electric vehicles have slowed down, Tesla's stock price has jumped more than 70% this year. SpaceX, meanwhile, has doubled in value in the past year and is now worth a reported $350 billion.

Musk, who gave more than $200 million to Trump's reelection efforts, has become an advisor to the president-elect, who tapped him and Vivek Ramaswamy to lead his newly created Department of Government Efficiency. Investors are bullish that his relationship with the commander in chief will benefit his companies.

Mark Zuckerberg is riding on the success of Meta's strong year. The CEO, who is worth $213 billion, owns about 13% of the company's stock, making him its largest individual shareholder.

Meta's share price is up over 70% this year thanks to its strong ad business and push further into AI. The company announced its first-ever dividend in February, and its stock hit record highs multiple times this year.

The AI boom minted a new centibillionaire this year in Jensen Huang, who is worth $122 billion.

The Nvidia CEO and cofounder owns about 3.5% of the company, whose share price is up more than 175% year-to-date thanks to its dominance in the AI chip industry.

Larry Ellison, who is worth $193 billion, is the founder and chief technology officer of Oracle.

The database software company's stock, which makes up the largest share of his net worth, is up more than 60% year-to-date thanks to its cloud applications and infrastructure, which can be used to train AI.

Ellison also owns more than 1% of Tesla stock, which is worth $20 billion, according to Bloomberg.

Jeff Bezos, the Amazon cofounder, remains the company's largest individual shareholder, owning nearly 9% of the $2.4 trillion company. His stake in the retail and tech behemoth makes up more than 80% of his $246 billion fortune.

Amazon's stock, which is up more than 45% year-to-date, surged after Trump's election. The company has also benefited from its leadership in e-commerce and cloud computing.

This year was one of the worst years for luxury in recent memory, and Bernard Arnault has an 11-figure loss to show for it.

The CEO of LVMH, who is worth $176 billion, has a 48% stake in the company, which owns brands like Louis Vuitton and Christian Dior. Luxury labels have struggled this year, particularly in China, which has experienced a real estate crisis and high youth unemployment.

Francoise Bettencourt-Meyers, the heir to the L'Oréal fortune, is the second-richest woman in the world with a fortune of $75 billion.

The cosmetics company has struggled this year as sales in China took a hit. Its share price is down more than 26% year-to-date.

Mexican billionaire Carlos Slim, who is worth $82 billion, saw his fortune slip with telecommunications giant América Móvil's stock this year.

Nearly all of Colin Huang's $35 billion fortune lies in his stake in Pinduoduo, the parent company of fast-fashion retailer Temu, whose stock has fallen more than 30% this year.

In August, Temu announced it expected profits to fall in the future due to growing competition and changing consumer sentiment. The company took another hit following Trump's victory, given the uncertainty of how future tariffs may affect sales.

Francois Pinault's fortune is another casualty of the luxury downturn this year.

He founded the luxury group Kering, which includes brands like Balenciaga, Gucci, and Saint Laurent, and the majority of his $22 billion net worth is tied up in the company, whose stock is down more than 40% year-to-date.

Indian Creek Island, located in Biscayne Bay about 15 miles from Miami, is accessible only by a single bridge connecting it to the mainland.

The neighborhood has about 40 homes spread throughout its 300 acres, according to real-estate brokerage Miami Luxury Homes.

The Florida legislature incorporated Indian Creek in 1939 under a now-defunct law that allowed 25 or more neighbors to form a town, according to the Florida Auditor General.

The island has been home numerous ultrawealthy and high-profile residents, including Wall Street tycoon Carl Icahn, supermodel Adriana Lima, and singer Julio Iglesias.

The town has its own police force. About 15 police officers secure the island by land and sea, per the Indian Creek Village police directory.

To enter the island, you must be a resident or have your name added to a verified visitor's list.

Tom Brady is building an "eco-mansion" on the island.

In 2020, the seven-time Super Bowl champion and his ex-wife, supermodel Gisele Bündchen, acquired the two-acre lot for over $17 million, Page Six reported. 

The home has since been demolished to make way for an "eco-mansion" that Brady commissioned.

In July, Brady nabbed a $35 million loan for his two-story estate, likely replacing a previous $35 million construction loan he obtained the year prior. 

The Real Deal reported that the mansion is still under construction and plans to include a separate gym, cabana, waterfront pool and spa, sports court, and other luxurious amenities.

The area is home to aquatic wildlife like manatees, sea turtles, and sawfish, and dolphins are occasionally sighted. 

A national park protects its southern expanse and other ecosystems, including Florida's coral reefs.

Discretion is a top priority for the millionaire and billionaire residents, with some mansions hidden from view. 

Real-estate agent Dina Goldentayer said this "quintessential privacy" coupled with extensive security measures is a major draw for high-profile individuals.

It's less than 10 minutes to Surfside Beach, which fronts the Atlantic Ocean north of Miami Beach.

Bezos' Indian Creek holdings include a $68 million mansion bought in June 2023, a $79 million property adjacent to the first purchased in October 2023, and a $90 million property bought in 2024.

The seller of the second property has filed a lawsuit — but Bezos isn't involved.

Real estate brokerage Douglas Elliman handled the $79 million sale of the property — which has a seven-bedroom mansion with a home theater, a wine cellar, a library, and a pool — and received a commission of over $3 million. 

The former owner is suing Douglas Elliman for the $6 million difference between the listing and sale price, alleging he was misled about the buyer, The Wall Street Journal reported. 

Jay Parker, the Florida CEO of Douglas Elliman, denies knowing that Bezos was the buyer.

The former owner did not respond to requests for comment sent by Business Insider; Douglas Elliman declined to comment.

That price does not automatically include admission into the neighborhood's ultra-exclusive country club.

In the early 2000s, the country club was accused of discriminating against Black and Jewish residents, local outlets reported. The club denies the allegations.

Indian Creek Island Road is the neighborhood's single street — and it's a dead end.

"There's no action here," Goldentayer said. "But you're 10 minutes from the action."

Kushner and Trump, for example, rent an apartment in Miami's Surfside neighborhood, which is only about a mile away.

The two-story, six-bedroom duplex spans 7,000 square feet and is located in the oceanfront complex Arte Surfside. The unit includes two gourmet kitchens, personal direct beach access, and wraparound terraces.

In December, an unnamed plaintiff filed an amended complaint accusing Shawn Carter, better known as Jay-Z, and Combs of drugging and raping her in 2000, when she was 13 years old.

The incident occurred at a house party following the 2000 MTV Video Music Awards, the amended complaint alleges.

The complaint was initially filed in October and referred to Jay-Z as "Celebrity A." A third celebrity — as yet unnamed — "stood by and watched as Combs and Carter took turns assaulting the minor," the complaint says.

Carter has strongly denied the allegations.

Aaron Hall, an R&B singer who was part of the group Guy, was named as a defendant in a complaint filed against Combs last November in the New York Supreme Court ahead of the expiration date for New York's Adult Survivors Act, which provided a one-year window in which people could bring cases of sexual assault outside the typical statute of limitations.

The plaintiff, named Liza Gardner, accuses Combs and Hall of sexually assaulting her and a friend in Hall's apartment after a music-industry event hosted by MCA Records in 1990 when she was 16 years old. She says that Combs "coerced" her into having sex with him and that afterward, "Hall barged into the room, pinned her down, and forced" her to have sex with him too.

The plaintiff also alleges that Combs found her at her home and choked her until she passed out; he was worried his girlfriend would find out about the incident, the complaint says.

In one YouTube video cited in the complaint, Hall says in an interview that "Puffy" — what Combs was known as in the 1990s — had seen him have sex.

Hall couldn't be reached for comment. His lawyer wasn't yet identified in court documents as of April 8.

The music producer Harve Pierre was named as a defendant in two lawsuits filed against Combs ahead of the Adult Survivors Act's expiration date. Both lawsuits were filed anonymously, one in the New York Supreme Court and the other in the US District Court in the Southern District of New York, with the plaintiff listed as Jane Doe on both documents. He was also listed as a defendant in a lawsuit filed by Dawn Richard.

Pierre was Combs' first employee at Bad Boy Records and the president of his Bad Boy Entertainment, and he worked with artists such as The Notorious B.I.G. and Faith Evans.

In the first complaint, filed in November 2023, a former employee of Bad Boy who worked as Pierre's assistant accuses Pierre of using his position of power "to groom, exploit, and sexually assault her." The complaint says Combs and his companies enabled the abuse.

In a second lawsuit filed in December 2023, the plaintiff alleges that when she was 17 in 2003, Combs, Pierre, and an unnamed third defendant gang raped and sex trafficked her. Specifically, she alleges that Pierre smoked crack cocaine and then forced her to give him oral sex before bringing her from Detroit to New York City on a private jet.

The complaint alleges that in New York, at a studio owned by Combs, the defendants provided the plaintiff with drugs and alcohol before raping her.

Pierre's lawyer didn't respond to a request for comment from BI. He has denied the accusations made in both complaints.

"This is a tale of fiction. I have never participated in, witnessed, nor heard of anything like this, ever. These disgusting allegations are false and a desperate attempt for financial gain," he said in a statement obtained by TMZ.

An amended complaint filed in March in the US District Court in the Southern District of New York by Rodney Jones Jr. — a music producer who goes by Lil Rod — lists Cuba Gooding Jr. as a defendant. Jones accuses Gooding of sexual harassment and sexual assault.

Specifically, Jones accuses Combs of grooming him to "pass him off" to Gooding. The complaint says the two were left alone in a makeshift studio on a yacht rented by Combs.

There, Gooding began "touching, groping, and fondling Mr. Jones' legs, his upper inner thighs near his groin, the small of his back near his buttocks, and his shoulders," the complaint alleges.

The actor previously pleaded guilty to a misdemeanor count of forcible touching.

Gooding's attorney didn't respond to a request for comment from BI.

While not necessarily a celebrity in his own right, Justin Dior Combs — Combs' 30-year-old son — is a defendant in Jones' amended complaint in the US District Court in the Southern District of New York.

In a wide-ranging list of allegations, Jones accuses Justin Combs of soliciting sex workers and underaged girls, as well as engaging in "freak-offs."

He also says the younger and older Combs were the only other people present in the room when "G," a friend of his, was shot at a recording studio — implying one of them shot G.

Justin Combs was at Combs' Los Angeles home when it was raided by feds and was seen handcuffed on the lawn outside, though he wasn't arrested.

Justin Combs' lawyer, Jeffrey Lichtman, said on his radio show, "Beyond the Legal Limit," that the complaint was "utterly bonkers."

"It's clearly written in an effort to get as much publicity as possible, not only for the case but for the lawyer whose name I don't even remember, literally some maniac," he said.

Lichtman didn't respond to a request for comment from BI.

Jacob Arabo, better known as Jacob the Jeweler, is named as a defendant in a complaint filed against Combs by Adria English in July.

In the lawsuit, English accuses Combs of sexual assault, sexual harassment, and sex trafficking. The complaint alleges that she worked at Combs' famous white parties as a go-go dancer for years and that, at at least one of the parties, he forced her to have sex with Arabo, one of the party guests.

"Plaintiff, fearing not only her safety, but her and her then-boyfriend's job security, did as instruct and went with Defendant Jacob where she engaged in forced sexual intercourse with Defendant Jacob at the demand and behest of Defendant Combs. Plaintiff knew refusing Defendant Combs demands was not an option," the complaint says.

The complaint also says English saw Arabo "solicit and ingest narcotics." In a photograph included in the complaint, English and Arabo are together.

Arabo has been a character on the hip-hop scene for decades, with early clients including Notorious B.I.G. and Combs. Jay-Z raps about him in Beyoncé's "Upgrade U," as does Kanye West in Rick Ross' "Live Fast, Die Young."

"I really wanted to make statement pieces," he told BI in 2016 about the flashy pieces that became his signature.

"They would stand there waiting for me to be available to see them to show them jewelry. A line of people waiting," he added of his A-list clientele. "Before you know, you have Michael Jackson as a client, you have David Beckham, you have Madonna, you have all these celebrities."

The complaint against him is not Arabo's first run-in with the law. In 2006, he was arrested on money-laundering charges. As part of a plea deal, he was sentenced to 2 ½ years in prison for falsifying records and making false statements, CBS reported.

Arabo didn't respond to a request for comment from BI.

Yung Miami, a member of City Girls, is mentioned in Jones' amended complaint, filed in the US District Court in the Southern District of New York. She isn't a defendant, nor is she accused of sexual misconduct.

She's listed as being a part of Combs' sex-trafficking operation and accused of bringing Combs tuci, a drug sometimes called "pink cocaine," on a private jet.

The complaint says she was retained on a monthly stipend as one of Combs' sex workers. It also alleges that her cousin, named as Jane Doe 1, assaulted Jones, forcibly giving him oral sex without consent.

A representative for Yung Miami didn't respond to a request for comment from BI.

Jones alleges in his amended complaint filed in the US District Court in the Southern District of New York that the Grammy winner Stevie J, Combs' longtime collaborator, recruited sex workers and participated in Combs' "freak-offs," though he doesn't name Stevie J as a defendant.

Jones accuses Combs of instructing Stevie J to teach him "the type of sex workers to solicit, and way to solicit them."

Jones also accuses Stevie J of sending threatening messages when Jones publicly asked Combs to pay him for his work on Combs' "The Love Album."

The complaint also says Combs used his connection to Stevie J — Jones' "idol" — to pressure Jones into sex.

"I've never seen my man doing anything foul like they talking about," Stevie J told TMZ earlier this month, adding: '"I've never seen it. I've known him for 29 years."

His attorney didn't reply to a request for comment from BI.

Kalenna Harper was a member of the group Diddy — Dirty Money, along with Dawn Richard and Combs.

In Richard's complaint, she says she and Harper were at Combs' home, where they witnessed him yell at and choke Ventura before throwing a "scalding hot pan of eggs" at her and dragging her up the stairs.

Richard's complaint says that Harper led her out of the house but that the two of them later spoke to Ventura and encouraged her to leave the relationship. Combs responded by threatening them, the complaint says.

The complaint also says that Combs forced Richard and Harper to work for days on end without breaks to sleep or eat and that the two weren't properly compensated for appearances.

In response to the lawsuit, Harper posted on Instagram.

"While I fully respect Dawn's right to recount her experiences, l want to emphasize that her account reflects her personal perspective and should not be interpreted as a universal truth applicable to everyone involved," she wrote in an Instagram story, according to People.

"It's important to understand that while I was present in some of the same professional settings mentioned, many of the allegations and incidents described in this suit are not representative of my experiences, and some do not align with my own truth."

Harper was also mentioned by federal prosecutors during Tuesday's bond hearing, during which prosecutors argued that Combs shouldn't be released ahead of trial.

The prosecutor, discussing Combs' contact with witnesses, said that between September 10, the day Richard filed the lawsuit, and September 14, the day Harper made her statement on Instagram, Combs called or texted Harper 58 times.

Richard's complaint also includes mention of Jimmy Iovine, the cofounder of Interscope Records and Beats Electronics.

The complaint recounts a dinner party held by Combs in the months leading up to a deal between his Bad Boy Entertainment and Iovine's Interscope Geffen A&M Records.

The complaint says that at the dinner, in front of Iovine, as well as the dinner guests Ne-Yo and Usher, Ventura and Combs had an argument that resulted in Combs punching her in the stomach, "causing her to double over in visible pain, crying."

"Even after Mr. Iovine watched Mr. Combs commit a violent assault in front of numerous high-profile witnesses, the Bad Boy-Interscope deal took place and remained in effect, providing Mr. Combs with immense financial rewards and enabling him to commit further acts of violence without fear of repercussions," the complaint says.

Usher, Ne-Yo, and Iovine didn't reply to a request for comment from BI about the allegations in Richard's complaint.

The CEO of Universal Music Group and father-in-law to Sofia Richie, Lucian Grainge, was originally listed as a defendant in Jones' amended complaint filed in the US District Court in the Southern District of New York, along with Universal Music Group and its label Motown Records. He has since been removed.

He was initially accused of aiding and abetting Combs, specifically in racketeering and sex trafficking. Universal's Motown Records had a licensing agreement with Combs' Love Records.

The complaint says that as CEO, Grainge "had a duty to ensure that the financial support they provided to Sean Combs and Love Records was not being used for sex workers, drugs, and laced alcohol."

Attorneys for Grainge filed a motion to dismiss, in which they called the accusations "offensively false." In a sworn statement to the court, Grainge called the accusations "completely untrue and absurd" and said he planned to "pursue both plaintiffs and his counsel for having made such false accusations."

Grainge also noted that he's the CEO of a "multi-national public company" — and said he wasn't involved in the "day-to-day operations" of the company's "thousands of agreements."

In a statement to BI when the lawsuit was first filed, Grainge's attorney Donald S. Zakarin called the complaint "offensively reckless" and said they would seek legal repercussions against Jones' attorney.

"The plaintiff has now attempted to amend his claims against Sir Lucian, removing the original set of outrageous falsehoods related to Sir Lucian, replacing them with wholly contradictory new falsehoods that are equally absurd," he said. "Not only will we demonstrate the offensive falsity of these claims, but we will seek recovery of every penny of cost and damage caused by their assertion."

In May, Jones' attorney dropped the claims against Grainge, Motown Records, and Universal Music Group with prejudice — which means they cannot be refiled at a later date.

"Based on my examination of all of the papers submitted in support of both motions to dismiss, which addressed the issues I had, I have concluded that there is no legal basis for the claims and allegations that were made against the UMG Defendants," Jones' attorney wrote.

October 16, 2024: This story has been updated with new details from a lawsuit.

Jennifer Gates Nassar, who goes by Jenn, is the oldest of the Gates children at 28 years old.

A decorated equestrian, Gates Nassar started riding horses when she was six. Her father has shelled out millions of dollars to support her passion, including buying a California horse farm for $18 million and acquiring several parcels of land in Wellington, Florida, to build an equestrian facility.

In 2018, Gates Nassar received her undergraduate degree in human biology from Stanford University, where a computer science building was named for her father after he donated $6 million to the project in 1996.

She then attended the Icahn School of Medicine at Mount Sinai, from which she graduated in May. She will continue at Mt. Sinai for her residency in pediatric research. During medical school, she also completed a Master's in Public Health at Columbia University — perhaps a natural interest given her parents' extensive philanthropic activity in the space.

"Can't believe we've reached this moment, a little girl's childhood aspiration come true," she wrote on Instagram. "It's been a whirlwind of learning, exams, late nights, tears, discipline, and many moments of self-doubt, but the highs certainly outweighed the lows these past 5 years."

In October 2021, she married Egyptian equestrian Nayel Nassar. In February 2023, reports surfaced that they bought a $51 million New York City penthouse with six bedrooms and a plunge pool. The next month, they welcomed their first child, Leila, and in October, Gates Nassar gave birth to their second daughter, Mia.

"I'm over the moon for you, @jenngatesnassar and @nayelnassar—and overjoyed for our whole family," Bill Gates commented on the Instagram post announcing Mia's birth.

In a 2020 interview with the equestrian lifestyle publication Sidelines, Gates Nassar discussed growing up wealthy.

"I was born into a huge situation of privilege," she said. "I think it's about using those opportunities and learning from them to find things that I'm passionate about and hopefully make the world a little bit of a better place."

She recently posted about visiting Kenya, where she learned about childhood health and development in the country.

Rory John Gates, who is in his mid-20s, is Bill Gates and Melinda French Gates' only son and the most private of their children. He maintains private social media accounts, and his sisters and parents rarely post photos of him.

His mother did, however, write an essay about him in 2017. Titled "How I Raised a Feminist Son," she describes as a "great son and a great brother" who "inherited his parents' obsessive love of puzzles."

In 2022, he graduated from the University of Chicago, where, based on a photo posted on Facebook, he appears to have been active in moot court. At the time of his graduation, Jennifer Gates Nassar wrote that he had achieved a double major and master's degree.

Little is publicly known about what the middle Gates child has been up to since he graduated, but a Puck report from last year gave some clues, saying that he is seen as a "rich target for Democratic social-climbers, influence-peddlers, and all variety of money chasers." According to OpenSecrets, his most recent public giving was to Nikki Haley last year.

The same report says he works as a congressional analyst while also completing a doctorate.

Phoebe Gates, 22, is the youngest of the Gates children.

After graduating from high school in 2021, she followed her sister to Stanford. She graduated in June after three years with a Bachelor of Science in Human Biology. Her mom, Melinda French-Gates, delivered the university's commencement address.

In a story that Gates wrote for Nylon about her graduation day, she documented her graduation day, including a party she cohosted that featured speeches from her famous parents and a piggyback ride from her boyfriend Arthur Donald — the grandson of Sir Paul McCartney.

She has long shown an interest in fashion, interning at British Vogue and posting on social media from fashion weeks in Copenhagen, New York, and Paris. Sustainability is often a theme of her content, which highlights vintage and secondhand stores and celebrates designers who don't use real leather and fur.

That has culminated in her cofounding Phia, a sustainable fashion tech platform that launched in beta this fall. The site and its browser extension crawl secondhand marketplaces to find specific items in an effort to help shoppers find deals and prevent waste.

Gates shares her parents' passion for public health. She's attended the UN General Assembly with her mother and spent time in Rwanda with Partners in Health, a nonprofit that has received funding from the Gates Foundation.

Like her mother, Gates often publicly discusses issues of gender equality, including in essays for Vogue and Teen Vogue, at philanthropic gatherings, and on social media, where she frequently posts about reproductive rights.

She's given thousands to Democrats and Democratic causes, including to Michigan governor Gretchen Whitmer and the Democratic Party of Montana, per data from OpenSecrets. According to Puck, she receives a "giving allowance" that makes it possible for her to cut the checks.

Perhaps the most public of the Gates children — she's got over 450,000 Instagram followers and a partnership with Tiffany & Co. — she's given glimpses into their upbringing, including strict rules around technology. The siblings were not allowed to use their phones before bed, she told Bustle, and to get around the rule, she created a cardboard decoy.

"I thought I could dupe my dad, and it worked, actually, for a couple nights," she told the outlet earlier this year. "And then my mom came home and was like, 'This is literally a piece of cardboard you're plugging in. You're using your phone in your room.' Oh, my gosh, I remember getting in trouble for that."

It hasn't always been easy being Gates's daughter. In the Netflix documentary "What's Next? The Future With Bill Gates," she said she lost friends because of a conspiracy theory suggesting her father used COVID-19 vaccines to implant microchips into recipients.

"I've even had friends cut me off because of these vaccine rumors," she said.

Elon Musk is by far the richest person to sign up to work for Trump, with a net worth of $435.5 billion.

Musk, the cohead of Trump's government efficiency commission, will work with conservative entrepreneur Vivek Ramaswamy outside the federal government on the "Department of Government Efficiency." The duo has said they want to cut more than $2 trillion from the federal budget.

For now, Musk, the world's richest man, is not subject to divestment requirements as he's outside the Trump administration. Ethics experts say it remains to be seen if DOGE will meet the definition of the Federal Advisory Committee Act. This 1970s-era law sought to bring order to the external and sometimes secretive panels that advised the federal government. If DOGE does, Musk and Ramaswamy may be required to file financial disclosure forms. Most critically, DOGE may also have to hold open meetings and make its records available to the public.

Musk's approach to the federal government may mirror the one he takes at his companies, including Tesla, SpaceX, and xAI, which has made him very rich. His stakes in EV company Tesla — he owns about 13% of the trillion-dollar company — and rocket manufacturer SpaceX make up the bulk of his fortune. Musk illustrated his power when he played a leading role in killing an initial spending deal to avert a government shutdown. Congress later passed a pared down package, which billionaire said he approved.

Musk is known for his "hardcore" management style and has shown no problem conducting extensive layoffs, requiring his teams to work "long hours at a high intensity," and relentlessly cutting corporate perks.

He spent about $119 million boosting Trump's campaign — and his bet on the president-elect paid off. Since the election, Musk's fortune has grown by about $90 billion. The success of his companies, particularly SpaceX, has been tied to the government before. The New York Times reported that Tesla and SpaceX signed nearly $3 billion of government contracts last year.

Houston Rockets owner Tilman Fertitta is Trump's pick to be US ambassador to Italy.

Fertitta, worth an estimated $10.4 billion, previously starred in CNBC's "Billionaire Buyer," which chronicled his travels around the nation to find new potential products for his restaurants and casinos.

He is president and CEO of Landry's, a privately-owned restaurant and entertainment company. Among its properties are Bubba Gump Shrimp Co, Rainforest Cafe, and Del Frisco's Double Eagle Steakhouses. Fertitta also owns Golden Nugget Casinos.

Fertitta is a major GOP donor.

Stephen Feinberg is the secretive co-founder of Cerberus Capital Management, a major private equity firm.

Cerberus has a number investments in the defense industry, including through its majority stake in Navistar Defense, a specialized military automaker. As one of the top Pentagon officials, Feinberg will likely face major potential conflicts of interest given that if he is confirmed by the US Senate his post would give him sway over the Defense department's budget.

Feinberg, Trump's pick to be deputy defense secretary, is worth an estimated $5 billion. During the first Trump administration, the billionaire investor led the president's Intelligence Advisory Board.

The investor's love of privacy is well known. In 2007, The New York Times reported that Feinberg was said to have jokingly threatened anyone who had his photo during Cerberus' annual meeting.

"If anyone at Cerberus has his picture in the paper and a picture of his apartment, we will do more than fire that person," Feinberg said, per the Times. "We will kill him."

Feinberg's firm took a major hit when its gamble on Chrysler Financial looked to not have paid off when the automaker filed for bankruptcy. In 2010, Cerberus sold its stake to Toronto Dominion bank for $6.3 billion, recouping most of its money, Forbes reported.

Investor banker Warren Stephens is Trump's nominee to be the next US ambassador to Britain.

Stephens, who is worth $3.4 billion, operates the Little Rock, Arkansas-based investment bank, Stephens Inc., which has been tied to his family since the 1930s. The firm was a major player in Walmart's 1970 IPO and later helped finance the construction of the Superdome, home to the NFL's New Orleans Saints.

The ambassador to the Court of St. James, as the post is formally known, is considered one of the poshest assignments in the foreign service. Presidents often name major donors to the role. Trump's first ambassador to the UK was Woody Johnson, co-owner of the NFL's New York Jets.

Stephens donated $3.5 million to pro-Trump causes, including $2 million to Make America Great Again Inc., the main super PAC for the former president.

Stephens hasn't always been supportive of Trump. In 2016, he donated $2 million to a group trying to block him, The New York Times reported. Before Trump locked up the nomination, Stephens supported Arkansas Gov. Asa Hutchinson, former Vice President Mike Pence, former New Jersey Gov. Chris Christie, and former UN Ambassador Nikki Haley.

"Over the last 38 years, while serving as the President, Chairman, and CEO of his company, Stephens Inc., Warren has built a wonderful financial services firm, while selflessly giving back to his community as a philanthropist," Trump wrote in his statement announcing Stephens' nomination.

Trump has chosen Jared Isaacman, who is worth $1.8 billion, to head up NASA.

A high school dropout, Isaacman made his money through two companies: payment processing firm Shift4, which is publicly traded, and aviation venture Draken International, which he sold to Blackstone.

Isaacman would bring real space experience to his role as NASA administrator.

He's been to space twice on SpaceX's civilian flights that he funded and he conducted the first-ever commercial spacewalk in September.

Isaacman said that leading NASA would be "the honor of a lifetime."

Trump's pick for Commerce Secretary, Howard Lutnick, is worth more than $1.5 billion thanks to his decades on Wall Street. He's been CEO of Cantor Fitzgerald, a financial services firm, since 1991 and of its spinoff brokerage firm, BGC Partners, since its formation. Cantor Fitzgerald's deals include Johnson & Johnson's $1.9 billion acquisition of Ambrx.

In addition to his work at Cantor Fitzgerald, Lutnick is chairman of the Newmark Group, a roughly $2.6 billion commercial real estate giant.

Trump said that Lutnick would be his point person on trade, even though the US Trade representative, a Cabinet-level post, typically fills that role. If confirmed, Lutnick would oversee 13 agencies, including the Census Bureau and the Patent and Trademark Office. During Trump's first term, Commerce Secretary Wilbur Ross, another former banker, was central to the White House's trade war with China.

Musk will co-lead the DOGE with fellow billionaire Vivek Ramaswamy.

Ramaswamy, who made his fortune in the biotech and pharmaceutical industry, is worth $1.1 billion.

He founded Roivant Sciences, a drug company that went public in 2021. The company has a market cap of nearly $9 billion, and Ramaswamy, who was the company's CEO before stepping down in 2021 to focus on politics, owns about 10% of its outstanding shares.

In 2022, Ramaswamy cofounded Strive Asset Management, an investment company that takes a non-ESG approach to money management. The company counts Vice President-elect JD Vance, who attended law school with Ramaswamy, as an investor.

Like Vance and Trump, Ramaswamy built his political reputation on the foundation of his business experience. Ramaswamy was harshly critical of corporate ESG and DEI initiatives, which he railed against in his 2021 best-selling book "Woke, Inc.: Inside Corporate America's Social Justice Scam."

During the 2024 Republican presidential primaries, Ramaswamy stood out from the rest of the field by just how much he embraced Trump — a sign of loyalty that he quickly noticed. Despite his lack of political experience, Ramaswamy repeatedly qualified for debates while other more conventional picks struggled to meet the polling and donor thresholds. He dropped out of the field after finishing fourth in the Iowa Republican caucuses and quickly endorsed Trump.

During the summer, Ramaswamy bought a stake in BuzzFeed to remodel the online publication in his conservative image.

Linda McMahon, Trump's nominee for Secretary of Education_, is the cochair of his transition team and led the Small Business Administration during the president-elect's first term.

According to multiple reports, McMahon hoped to be named Commerce Secretary, but that post fell to Lutnick after failing to get the Treasury Department role.

She doesn't have much experience in education policy, but she has spent the past few years leading the America First Policy Institute, a think tank that many in Trump's orbit flocked to after he lost the 2020 election.

When he announced her role, Trump pledged that McMahon would champion school choice, a long-sought-after conservative goal to allow public funds to cover the costs of sending children to private and charter schools. Some in the Republican Party have even argued for the dissolution of the Education Department entirely and ceding the policymaking power to state and local governments.

While not a billionaire in her own right, McMahon donated $15 million to Trump's campaign and is married to Vincent McMahon, the former executive chairman of WWE-owner TKO Group Holdings, worth $3 billion.

The McMahons cofounded and ran WWE, and Linda served as CEO for over a decade. Vincent resigned from TKO's board of directors earlier this year after a former employee filed a lawsuit accusing him of sexual misconduct.

Former US Sen. Kelly Loeffler is Trump's pick to lead the Small Business Administration.

Georgia Gov. Brian Kemp appointed Loeffler to serve out former Sen. Johnny Isakson's term which he resigned from early due to health concerns. Loeffler went on to lose the 2020 Georgia Senate runoff to Sen. Raphael Warnock, part of a pair of Peach State defeats that handed Democrats control of the US Senate.

She led cryptocurrency company, Bakkt, which is connected to the Intercontinental Exchange. Loeffler's husband, Jeffery Sprecher, is CEO of the Intercontinental Exchange and chairman of the New York Stock Exchange. Sprecher is worth an estimated $1.1 billion.

According to The New York Post, Trump Media and Technology Group, Truth Social's parent company, is nearing a deal to buy Bakkt.

Loeffler is among a handful of failed US Senate candidates whom Trump is set to tap to new roles in his second administration.

Steven Witkoff will serve as Trump's special Middle East envoy, as well as the cochair of his inaugural committee.

A real estate developer, Witkoff is worth at least $1 billion thanks to his stake in the development company the Witkoff Group, which is responsible for luxury condos, hotels, and office space across the country, and his personal portfolio of homes in New York City, the Hamptons, and Florida. He's also partnered with Trump on the cryptocurrency project World Liberty Financial.

Witkoff, like many on this list and in the broader Trump cabinet, has no formal experience in his role. During Trump's first term, the president-elect relied on Jared Kushner, his wealthy son-in-law, to play a similar role, which later resulted in the Abraham Accords, a series of deals to normalize relations between Israel and four Arab states.

Hedge fund manager Scott Bessent, Trump's nominee for Treasury secretary, is likely a billionaire — though Forbes has not yet crowned him one.

A Wall Street veteran, Bessent has worked for George Soros twice and was behind two of the financier's most lucrative bets, the shorting of the British pound and Japanese yen. In 2017, he launched his own firm, Key Square Capital, which has struggled to produce consistent returns.

While he has supported Democrats in the past, Bessent is now fully aligned with Trump. This election cycle, he donated $3 million to Trump-aligned PACs and Republican committees.

Bessent prevailed amid intense private jockeying to lead the Treasury Department, securing the role without Musk's blessing, who had backed Lutnick instead. Markets reacted positively to Bessent's appointment, but Trump soon clarified that this more conventional pick would not limit his tariff commitment.

Cargill, the largest privately owned company in the US, is slashing 5% of its workforce.

The company, which is the world's largest agricultural commodities trader, will lay off thousands of workers from its 164,000-strong workforce, Bloomberg reported on Monday, citing an internal memo it had seen.

"To strengthen Cargill's impact, we must realign our talent and resources to align with our strategy," a Cargill spokesperson told BI.

The cuts would impact workers across all professional levels from countries in Asia, Latin America, North America, Europe, the Middle East, and Africa.

The layoffs will not touch its executive team but will impact its "next level senior leaders," Bloomberg reported, citing people familiar with the matter.

"The majority of these reductions will take place this year," Chief Executive Officer Brian Sikes said in the memo, seen by Bloomberg. "They'll focus on streamlining our organizational structure by removing layers, expanding the scope and responsibilities of our managers, and reducing duplication of work."

Microchip Technology, a chipmaker for a variety of consumer products, on Monday said it was closing a facility in Tempe, Arizona, as it deals with slower-than-anticipated orders.

The closure is expected to affect about 500 jobs from the company's total of 22,300, Microchip said. The closure will progress in stages and end in September 2025.

"While the company has taken steps to right size inventory and reduce expenses— including temporary pay reductions and company-wide and factory shutdowns—these measures have not been enough," a spokesperson for Microchip said in a statement on Tuesday.

Microchip also updated its revenue guidance for the quarter ending in December quarter to $1.025 billion, which is at the lower end of its earlier forecast.

The company's stock fell about 3% in after-hours trading and is down 22% year-to-date.

The owner of publications including Esquire and Cosmopolitan is conducting a round of layoffs, The Hollywood Reporter said in a November 21 report.

The exact number of positions impacted is not clear.

"After a thorough review of our business, we've decided to reallocate resources to better support our goals and continue our focus on digital innovation while strengthening our best in class print products," Hearst Magazines president Debi Chirichella told staff in a memo obtained by THR. "We will scale back in areas that do not support our core strategy and will eliminate certain positions as we reimagine our team structures to drive long-term growth."

In October, Boeing said that it would cut 10% of its 170,000-strong global workforce. The reduction plan will include 2,199 employees in Washington and another 50 in Oregon, according to the company's filings.

As part of the cuts, Boeing is laying off more than 400 workers who are part of its professional aerospace labor union. The Seattle Times reported that 438 members of the Society of Professional Engineering Employees in Aerospace (SPEEA) received pink slips.

These included engineers, scientists, analysts, technicians, and other jobs, the outlet reported.

In a note to employees on October 11, CEO Kelly Ortberg said Boeing was in a "difficult position" and that "restoring our company requires tough decisions."

The layoffs come at a difficult time for Boeing. Its share price has fallen more than 40% since the start of the year as it grapples with the fallout from a seven-week strike and technical faults like a door plug coming off an Alaska Airlines 737 Max midflight in January.

Representatives of Boeing and the SPEEA didn't immediately respond to a request for comment from Business Insider.

ExxonMobil is cutting about 400 employees from Pioneer Natural Resources, the oil and gas company it acquired earlier this year.

The cuts will come in seven stages and will be completed in May 2026, Exxon said in a notice to the Texas Workforce Commission.

The cuts represent almost 20% of Pioneer's pre-merger workforce and will mostly affect employees in Pioneer's suburban Dallas offices, the notice said.

AMD confirmed it would be reducing its global staff, which numbered around 26,000 total employees as of December 2023.

″As a part of aligning our resources with our largest growth opportunities, we are taking a number of targeted steps that will unfortunately result in reducing our global workforce by approximately 4%," an AMD representative said in a statement to Business Insider. "We are committed to treating impacted employees with respect and helping them through this transition."

The cuts are reportedly targeting sales and marketing roles in areas like consumer PC and gaming PC, according to Bloomberg.

The computer chipmaker is focusing efforts on the artificial intelligence industry as it chases rival Nvidia in the GPU market. In October, AMD raised its 2024 GPU sales estimates from its initial $4.5 billion to over $5 billion.

Online education site Chegg is laying off staff for the second time this year as generative AI platforms obliterate its business model.

Chegg said it is cutting 319 employees, or 21% of its staff, as it faces strong competition from platforms like ChatGPT. The company slashed global headcount by 23% in June.

"The speed and scale of Google's AIO rollout and student adoption of generative AI products have negatively impacted our industry and our business," Nathan Schultz, Chegg's CEO, said in an earnings release. The company reported a loss of $212.6 million for the third quarter.

Chegg's stock has fallen nearly 85% since the start of this year.

Genetic testing company 23andMe is cutting 200 employees, or 40% of its workforce, to reduce costs and refocus its business.

The Bay Area-based company is also discontinuing further development of all its therapeutics programs, it said in a mid-November statement.

Anne Wojcicki, 23andMe's CEO and cofounder, has been trying to take the struggling company private since April.

23andMe debuted on the stock market in 2021 but fallen from its peak valuation of $6 billion — its market cap is now north of $100 million. Financial and strategic missteps, as well as high-profile user data hacks, have dragged the company down.

The parent company of Bed Bath & Beyond, Overstock, Zulily, and other brands revealed its decision to slash a fifth of its staff in an October SEC filing.

The workplace reduction was taken to create a more "variable, leverageable cost structure" and to help align the company with its "asset-light business that supports an affinity and data monetization model with a strong technology focus," Beyond Inc. said in the filing.

The cuts are estimated to save roughly $20 million annually in fixed costs and are expected to be "substantially implemented" in the fourth quarter of 2024.

The news came shortly after Beyond Inc. and Kirkland announced a partnership that means physical Bed Bath & Beyond stores will return in smaller-format "neighborhood" locations.

Meta is eliminating some roles on units including Instagram, WhatsApp, and its VR and AR division Reality Labs.

"A few teams at Meta are making changes to ensure resources are aligned with their long-term strategic goals and location strategy," a Meta spokesperson told BI on October 17. "This includes moving some teams to different locations, and moving some employees to different roles."

It's unclear how many roles will be affected, but Meta has trimmed its staff significantly in the year and a half, with more than 20,000 job cuts since 2022. CEO Mark Zuckerberg proclaimed 2023 a "year of efficiency" at the company, and continued cost-cutting measures this year as the tech giant gets flatter in structure.

TikTok is cutting employees in various locations as part of changes to its content-moderation strategy.

A spokesperson for the China-owned company told Reuters in October that 80% of content that violates its policy is now removed through automated technology.

The company did not provide details on the exact number of positions that it eliminated but told Reuters the cuts would affect "several hundred" employees.

Big Four accounting firm PwC is cutting 1,800 workers, which is about 2.5% of its staff. The cuts will impact staffers ranging from associates to managing directors — half of them offshore. Those affected by the cuts will be informed in October.

In an emailed statement to Business Insider, Tim Grady, PwC's US chief operating officer, said, "To remain competitive and position our business for the future, we are continuing to transform
areas of our firm and are aligning our workforce to better support our strategy, including attracting and moving the right talent and skill sets to the areas where we need them most. Right now, we are focused on running our business well and adapting to meet the needs of our clients and the rapidly changing market."

Nike announced its cost-cutting plans in a December 2023 earnings call, discussing a slow growth in sales. The call subsequently resulted in Nike's stock plunging.

"We are seeing indications of more cautious consumer behavior around the world," Nike Chief Financial Officer Matt Friend said in December.

On January 10, Google laid off hundreds of workers in its central engineering division and members of its hardware teams — including those working on its voice-activated assistant.

In an email to some affected employees, the company encouraged them to consider applying for open positions at Google if they want to remain employed. April 9 was the last day for those unable to secure a new position, the email said.

The tech giant laid off thousands throughout 2023, beginning with a 6% reduction of its global workforce — about 12,000 people — last January.

Discord employees learned about the layoffs in an all-hands meeting and a memo sent by CEO Jason Citron in early January.

"We grew quickly and expanded our workforce even faster, increasing by 5x since 2020," Citron said in the memo. "As a result, we took on more projects and became less efficient in how we operated."

In August 2023, Discord reduced its headcount by 4%. According to CNBC, the company was valued at $15 billion in 2021.

The layoffs announced in January are part of a larger Citigroup initiative to restructure the business and could leave the company with a remaining head count of 180,000 — excluding its Mexico operations.

In an earnings call that month, the bank said that layoffs could save the company up to $2.5 billion after it suffered a "very disappointing" final quarter last year.

Twitch announced on January 10 that it would cut 500 jobs, affecting over a third of the employees at the live-streaming company.

CEO Dan Clancy announced the layoffs in a memo, telling staff that while the company has tried to cut costs, the operation is "meaningfully" bigger than necessary.

"As you all know, we have worked hard over the last year to run our business as sustainably as possible," Clancy wrote. "Unfortunately, we still have work to do to rightsize our company and I regret having to share that we are taking the painful step to reduce our headcount by just over 500 people across Twitch."

Larry Fink, BlackRock's chief executive, and Rob Kapito, the firm's president, announced in January that the layoffs would affect around 600 people from its workforce of about 20,000.

However, the company has plans to expand in other areas to support growth in its overseas markets.

"As we prepare for 2024 and this very exciting but distinctly different landscape, businesses across the firm have developed plans to reallocate resources," the company leaders said in a memo.

In the fashion company's January announcement, COO and president Anushka Salinas said she will also be leaving the firm, Fast Company reported.

Around 1,800 jobs at the video game software company will be affected by the layoffs announced, Reuters reported in January.

In a January 23 memo, CEO Jamie Iannone told employees that the eBay layoffs will affect about 9% of the company's workforce.

Iannone told employees that layoffs were necessary as the company's "overall headcount and expenses have outpaced the growth of our business."

The company also plans to scale back on contractors.

Microsoft will be laying off hundreds of employees in its Xbox gaming division, Bloomberg first reported in September.

The job cuts will mainly affect workers in corporate and support functions, the outlet reported, citing a memo sent by Microsoft Gaming chief Phil Spencer.

However, he reportedly added that the company is not planning to close any studios or remove any games or devices.

This comes after the company also slashed 1,900 workers at Activision, Xbox, and ZeniMax in late January.

Nearly three months after Microsoft acquired video game firm Activision Blizzard, the company announced layoffs in its gaming divisions. The layoffs mostly affect employees at Activision Blizzard.

Xbox in May also reportedly offered some employees voluntary severance packages after shutting three units and absorbing a fourth earlier in the month.

Salesforce announced a round of layoffs that the company says will affect 1% of its global workforce, The Journal reported in late January.

The cuts followed a wave of cuts at the cloud giant last year. In 2023, Marc Benioff's company laid off about 10% of its total workforce — or roughly 7,000 jobs. The CEO said the company over-hired during the pandemic.

The company behind the Roomba Vacuum announced layoffs in late January around the same time Amazon decided not to go through with its proposed acquisition of the company, the Associated Press reported.

The UPS layoffs will affect 14% of the company's 85,000 managers and could save the company $1 billion in 2024, UPS CEO Carol Tomé said during a January earnings call.

Announced in late January, this round of layoffs will affect about 2,500 employees at the payment processing company.

"We are doing this to right-size our business, allowing us to move with the speed needed to deliver for our customers and drive profitable growth," CEO Alex Chriss wrote in a January memo. "At the same time, we will continue to invest in areas of the business we believe will create and accelerate growth."

The digital-access-management company announced its plans for a "restructuring plan intended to improve operating efficiencies and strengthen the Company's commitment to profitable growth" in an SEC filing in February.

The cuts will impact roughly 400 employees.

Okta CEO Todd McKinnon told staff in a memo that "costs are still too high," CNBC reported.

The company behind Snapchat announced in February that it's reducing its global workforce by 10%, according to an SEC filing.

The cosmetics company announced in February that it would be cutting 3% to 5% of its roles as part of a restructuring plan.

Estee Lauder reportedly employed about 62,000 employees around the world as of June 30, 2023.

The electronic signature company said in an SEC filing in February that most of the cuts will be in its sales and marketing divisions.

Zoom announced 150 job losses in February, which amounted to about 2% of its workforce. It had announced it was laying off 1,300 people the previous February.

In February, Paramount Global CEO Bob Bakish sent a memo to employees announcing that 800 jobs — about 3% of its workforce — were being cut.

Deadline obtained the memo less than a month after reporting plans for layoffs at Paramount. The announcement comes on the heels of Super Bowl LVIII reaching record-high viewership across CBS, Paramount+, and Nickelodeon, and Univision.

Morgan Stanley is laying off several hundred employees in its wealth-management division, the Wall Street Journal reported in February, representing roughly 1% of the team.

The wealth-management division has seen some slowdown at the start of 2024, with net new assets down by about 8% from a year ago. The layoffs mark the first major move by newly-installed CEO Ted Pick, who took the reins from James Gorman on January 1.

An Expedia spokesperson told BI that it was implementing cutbacks, as part of an operational review, that were expected to impact 1,500 roles this year.

The company's product and technology division is set to be the worst hit, a report from GeekWire said, citing an internal memo CEO Peter Kern sent to employees in late February.

"While this review will result in the elimination of some roles, it also allows the company to invest in core strategic areas for growth," the spokesperson said.

"Consultation with local employee representatives, where applicable, will occur before making any final decisions," they added.

The cuts at Sony Interactive Entertainment swept through its game-making teams at PlayStation Studios.

Insomniac Games, which developed the hit Spider-Man video game series, as well as Naughty Dog, the developers behind Sony's flagship 'The Last of Us' video games' were hit by the cuts, the company announced on February 27.

All of PlayStation's London studio will be shuttered, according to the proposal.

"Delivering and sustaining social, online experiences – allowing PlayStation gamers to explore our worlds in different ways – as well as launching games on additional devices such as PC and Mobile, requires a different approach and different resources," PlayStation Studios boss Hermen Hulst wrote.

Hulst added that some games in development will be shut down, though he didn't say which ones.

In early February, Sony said it missed its target for selling PlayStation 5 consoles. The earnings report sent shares tumbling and the company's stock lost about $10 billion in value.

On February 27, the dating app company announced that it would be reducing its staff due to "future strategic priorities" for its business, per a statement.

The cuts will impact about 30% of its about 1,200 person workforce or about 350 roles, a representative for Bumble told BI by email.

"We are taking significant and decisive actions that ensure our customers remain at the center of everything we do as we relaunch Bumble App, transform our organization and accelerate our product roadmap," Bumble Inc CEO Lidiane Jones said in a statement.

Electronic Arts is laying off about 670 workers, equating to 5% of its workforce, Bloomberg reported in late February.

The gaming firm axed two mobile games earlier in February, which it described as a difficult decision in a statement issued to GamesIndustry.biz.

CEO Andrew Wilson reportedly told employees in a memo that it would be "moving away from development of future licensed IP that we do not believe will be successful in our changing industry."

Wilson also said in the memo that the cuts came as a result of shifting customer needs and a refocusing of the company, Bloomberg reported.

IBM's chief communications officer Jonathan Adashek told employees on March 12 that it would be cutting staff, CNBC reported, citing a source familiar with the matter.

An IBM spokesperson told Business Insider in a statement that the cuts follow a broader workforce action the company announced during its earnings call in January.

"In 4Q earnings earlier this year, IBM disclosed a workforce rebalancing charge that would represent a very low single-digit percentage of IBM's global workforce, and we expect to exit 2024 at roughly the same level of employment as we entered with," they said.

IBM has also been clear about the impact of AI on its workforce. In May 2023, IBM's CEO Arvind Krishna said the company expected to pause hiring on roles that could be replaced by AI, especially in areas like human resources and other non-consumer-facing departments.

"I could easily see 30% of that getting replaced by AI and automation over a five-year period," Krishna told Bloomberg at the time.

Amazon is cutting hundreds of jobs from its cloud division known as Amazon Web Services, Bloomberg reported on April 3.

The reduction will impact employees on the sales and marketing team and those working on tech for its retail stores, Bloomberg reported.

"We've identified a few targeted areas of the organization we need to streamline in order to continue focusing our efforts on the key strategic areas that we believe will deliver maximum impact," an Amazon spokesperson told Bloomberg.

On March 26, Amazon announced another round of job cuts after the company said it was slashing 'several hundred' jobs at its Prime Video and MGM Studios divisions earlier this year to refocus on more profitable products.

"We've identified opportunities to reduce or discontinue investments in certain areas while increasing our investment and focus on content and product initiatives that deliver the most impact," Mike Hopkins, SVP of Prime Video and Amazon MGM Studios, told employees in January.

This year's cuts follow the largest staff layoff in the company's history. In 2023, the tech giant laid off 18,000 workers.

Apple slashed its California workforce by more than 600 employees in April.

The cuts came after Apple decided to withdraw from its car and smartwatch display projects.

The tech giant filed a series of notices to comply with the Worker Adjustment and Retraining Notification program. One of the addresses was linked to a new display development office, while the others were for the company's EV effort, Bloomberg reported.

Apple officially shut down its decadelong EV project in February. At the time, Bloomberg reported that some employees would move to generative AI, but others would be laid off.

Bloomberg noted that the layoffs were likely an undercount of the full scope of staff cuts, as Apple had staff working on these projects in other locations.

In late August, Bloomberg reported that Apple was slashing 100 jobs in its services group, citing people familiar with the matter.

The layoffs mainly involved people working on the Apple Books app and the Apple Bookstore, Bloomberg reported. Cuts were also made to other service teams like Apple News, the outlet added.

Representatives for Apple did not respond to a request for comment from Business Insider sent outside normal business hours.

Tesla CEO Elon Musk sent a memo to employees on April 14, at nearly midnight in California, informing them of the company's plan to cut over 10% of its global workforce.

In his companywide memo, Musk cited "duplication of roles and job functions in certain areas" as the reason behind the reductions.

An email sent to terminated employees, obtained by BI, read: "Effective now, you will not need to perform any further work and therefore will no longer have access to Tesla systems and physical locations."

On April 29, Musk reportedly sent an email stating the need for more layoffs at Tesla. He also announced the departure of two executives and said that their reports would also be let go. Six known Tesla executives have left the company since layoffs began in April.

Take-Two Interactive, the parent company of Rockstar Games, said on April 16 that it would be "eliminating several projects" and reducing its workforce by about 5%.

The move — a part of its larger "cost reduction program" — will cost the video game publisher up to $200 million. It's expected to be completed by December 31.

As of March 2023, the company said it employed approximately 11,580 full-time workers.

Peloton CEO Barry McCarthy is stepping down, the company announced May 2. Along with his departure, the fitness company is also laying off about 400 workers.

McCarthy is leaving his role just two years after replacing John Foley as CEO and president in 2022. Peloton said the changes are expected to reduce annual expenses by over $200 million by the end of fiscal 2025 as part of a larger restructuring plan.

Careers site Indeed says it will lay off roughly 1,000 employees, or 8% of its workforce, as it looks to simplify its organization.

CEO Chris Hyams took responsibility for "how we got here" in a memo in May but said the company is not yet set up for growth after last year's global hiring slowdown caused multiple quarters of declining sales.

Hyams said the latest cuts will be more concentrated in the US and primarily affect R&D and Go-to-Market teams. It comes after last year's across-the-board reduction of 2,200 workers.

Retail giant Walmart is cutting hundreds of corporate jobs and asking remote employees to come to work, The Wall Street Journal reported in May, citing people familiar with the matter.

Workers in smaller offices, such as those in Dallas, Atlanta, and Toronto, are also being asked to move to central locations like Walmart's corporate headquarters in Arkansas or those in New Jersey or California, the Journal reported.

Under Armour confirmed it was conducting layoffs in its quarterly earnings report, which was released May 16.

The company said it will pay out employee severance and benefits expenses of roughly $15 million in cash-related and $7 million in non-cash charges this year related to a restructuring plan, with close to half of that occurring in the current fiscal quarter.

"This is not where I envisaged Under Armour playing at this point in our journey," CEO Kevin Plank told investors on the company's full-year earnings call. "That said, we'll use this turbulence to reconstitute our brand and business, giving athletes, retail customers and shareholders bigger and better reasons to care about and believe in Under Armour's potential."

Disney's Pixar Animation Studios is cutting 175 people, about 14% of its staff, Reuters reported.

The cuts started on May 21 as the studio returns to its focus on feature-length movies. Former Disney CEO Bob Chapek, who was axed in 2022, had increased staff across studios to create more content for the company's streaming service, Disney+.

Pixar cut 75 jobs last year, Reuters previously reported, part of a larger restructuring across Disney.

In a regulatory filing, Lucid Motors said it would lay off about 400 employees as part of a restructuring plan that should be complete by the end of the third quarter.

"I'm confident Lucid will deliver the world's best SUV and dramatically expand our total addressable market, but we aren't generating revenue from the program yet," CEO Peter Rawlinson said in an email to employees obtained by TechCrunch.

The cuts come ahead of Lucid's launch of its first electric SUV later this year. It comes over a year after the California-based company laid off 1,300 employees, TechCrunch previously reported.

John Deere, maker of the iconic green-and-yellow tractors, is laying off over 600 employees at factories in Illinois and Iowa, the AP reported July 1.

In May, John Deere said sales fell for the third consecutive quarter and projected that the declines would continue in the second half of its fiscal year.

London-based luxury retailer Burberry is expected to cut hundreds of jobs in the coming weeks, the Telegraph reported July 6.

Employees learned about the cuts in late June when they were told in a Zoom meeting that their roles could be eliminated or that they would need to apply for other jobs, according to the Telegraph.

Intuit announced on July 10 that it's cutting its workforce by 10%. The layoffs will affect 1,800 employees nationwide, but the company plans to hire 1,800 new employees in "key areas" like engineering, InvestorPlace reports.

The refocus on other areas is following a shift in focus on AI within the company, according to the outlet.

Intuit's stock dropped by 4.01% on July 10 after the company announced the layoffs.

Match Group, the parent company of Tinder and Hinge, said on July 30 that it would reduce its global workforce by about 6%, or about 156 employees because it is exiting the livestreaming business.

Match said it would remove the livestreaming service from its app Plenty of Fish and sunset the Hakuna app, which focuses on Korea and Japan.

The reduction in workforce is expected to save the company $13 million in annual costs.

Deadline and Bloomberg reported in July that Disney was making cuts across its TV division, to the tune of roughly 140 jobs — or 2% of the staff at Disney Entertainment Television (DET).

Layoffs will impact National Geographic, owned television stations, the marketing and publicity departments, and Freeform, per a source close to the matter, which notes no teams have been eliminated.

While Disney's cable TV business generates billions, it's on the decline, Bloomberg reports, and the company is seeking to cut costs.

Last year, Disney slashed 7,000 jobs across multiple rounds of layoffs as part of a strategy implemented by returning CEO Bob Iger.

Intel plans to cut thousands of jobs in response to a second-quarter earnings slump, Bloomberg reported earlier this week, citing unnamed people familiar with the move.

It was officially announced on August 1, as it posted Q2 earnings. The company intends to reduce its workforce by 15% by the end of 2024.

"Our Q2 financial performance was disappointing, even as we hit key product and process technology milestones," Intel CEO Pat Gelsinger said in a statement. "Second-half trends are more challenging than we previously expected, and we are leveraging our new operating model to take decisive actions that will improve operating and capital efficiencies while accelerating our IDM 2.0 transformation."

Intel's stock was down following the lackluster earnings.

The layoffs come after the chip maker laid off about 5% of its workforce last year, bringing its head count down to around 124,000, Bloomberg reported.

During the last round of layoffs, announced in October 2022, Intel faced a drop in demand for processors for personal computers and estimated the layoffs would save $10 billion in costs by 2025, per Bloomberg.

Intel did not immediately respond to a request for comment.

Diet program creator WW International, formerly WeightWatchers, plans to lay off employees, it said in an earnings call on August 1.

The company did not specify the number of jobs it will cut. But the layoffs will largely focus on corporate positions, including a 40% cut in roles above and at the vice president level.

The cuts are expected to save the company $60 million, the company's chief financial officer said.

Dell is cutting jobs on its sales team, Bloomberg reported. It wasn't immediately clear how many jobs Dell planned to eliminate.

In a memo announcing the cuts, company executives said that the choice was part of a restructuring to focus more on selling AI products and data center services, Bloomberg reported.

Dell did not immediately respond to a request for comment from BI, but a spokesman told Bloomberg: "Through a reorganization of our go-to-market teams and an ongoing series of actions, we are becoming a leaner company."

Paramount Global is planning to cut about 2,000 jobs ahead of its merger with Skydance Media, CNBC reported.

The company identified $500 million in cost savings as it prepared to join forces with Skydance, totalling about 15% of its US workforce, according to the outlet.

The cuts will begin in a few weeks and will mostly be finished by the end of 2024. Paramount employees in marketing and communications, finance, legal, technology, and other support functions have been targeted, the company said on an earnings call.

The cuts come about a month after Paramount agreed to merge with Skydance. Paramount shares jumped more than 5% after hours.

In August, the owner of Jeep and Dodge announced it is cutting 2,450 factory workers from its Warren Truck assembly plant outside Detroit.

The layoffs come because the company is ending production of the Ram 1500 Classic truck, Stellantis said. These factory cuts came after white-collar jobs were axed earlier this year.

On March 22, the company said it would lay off employees on its engineering, technology, and software teams in an effort to cut costs, CNBC reported.

Stellantis announced plans for another round of layoffs on July 30, according to Bloomberg. The company is offering voluntary buyouts to non-unionized US employees to "assist those interested in pursuing other career options or retirement," Stellantis said in a message seen by Bloomberg.

The job cuts, the total number of which remains unknown, come after a difficult first half of the year, with unit sales sinking by 16% in the US.

The audio equipment company said it slashed roughly 100 jobs in August. The layoffs significantly targeted its marketing division, The Verge reported.

CEO Patrick Spence said in a statement to BI that the company is now focusing on departing employees and "ensuring they have the support they need."

"This action was a difficult, but necessary, measure to ensure continued, meaningful investment in Sonos' product roadmap while setting Sonos up for long term success," Spence said.

Sonos is also reducing some of its customer support offices and will close one in Amsterdam later this year, according to The Verge.

The company previously cut around 7% of its workforce in June 2023, a month after it announced a 24% revenue drop in the second quarter compared to the previous year.

In February, networking company Cisco announced it was slashing 5% of its workforce, upward of 4,000 jobs, Bloomberg reported.

The company said it was restructuring after an industry-wide pullback in corporate tech spending — which execs said they expect to continue through the first half of the year.

On August 14, in a filing, Cisco said it would further reduce its global workforce by 7% amid sales and revenue declines. Reuters reported earlier that the company was slashing around 4,000 jobs as it shifted attention to cybersecurity and artificial intelligence.

Per its latest annual filing, Cisco had about 85,000 employees as of July 2023.

Long-troubled GoPro is laying off 15% of its 925 current employees, the company said in a filing.

The action sports camera maker reported a net loss of nearly $48 million in the quarter that ended in June, adding to a streak of consecutive losses.

The company laid off 4% of its staff in March.

Oil giant Shell will slash its workforce in oil and gas exploration and development by 20%, according to an August 29 report from Reuters. Company sources reportedly cited intentions to cut costs in the highly profitable segments due to "deep cuts in renewables and low-carbon businesses."

Exploration, wells development, and subsurface units will face hundreds of layoffs globally, with offices in Houston, The Hauge, and Britain expected to take the biggest hit, the sources told Reuters.

A Shell spokesperson would not comment directly on the layoffs but told Business Insider that, "Shell aims to create more value with less emissions by focusing on performance, discipline and simplification across the business."

"That includes delivering structural operating cost reductions of $2-3 billion by the end of 2025, as announced at our Capital Markets Day event in June 2023," the spokesperson added.

The global investment bank is set to cut hundreds of employees during annual reviews this year, The Wall Street Journal reported, citing people familiar with the situation.

Goldman Sachs is targeting low performers with the intention of laying off between 3% and 4% of its global workforce, equaling somewhere between 1,300 and 1,800 people, according to the outlet.

The cuts are already underway and will continue in the coming months, one person told the outlet. Goldman typically tries to cut anywhere from 2% to 7% of employees each year, per The Journal.

Goop is cutting 18% of its 216-person staff, citing a change to its organization, WWD wrote in September. It will now focus on beauty, fashion, and food — specifically its Goop Beauty and good.clean.goop beauty brands, G.Label clothing line, and Goop Kitchen restaurants.

That means it's moving away from wellness, home, travel, and sexual wellness, some of which are categories that once defined the brand.

Samsung is planning to cut jobs this year, a move that will impact workers in the US, Europe, Asia, and Africa, Reuters reported.

The electronic devices maker will cut up to 30% of staff in some divisions, the report says. It is unclear how many jobs will be impacted.

Samsung told Reuters in a statement that the workforce adjustments would not impact its production staff and that no specific targets for the cuts are in place.

Verizon is letting go of 4,800 US-based management employees in a voluntary separation program.

The company said in a Securities and Exchange Commission filing that more than half of these employees would exit in September, while the rest will leave by the end of March 2025.

The telecommunications giant expects severance charges to cost as much as $1.9 billion before tax in the third quarter of this year.

General Motors is laying off 1,695 employees at its Fairfax plant in Kansas, the company said in a Worker Adjustment and Retraining Notification notice in mid-September.

The layoffs will begin in mid-November, and a second phase will continue in January, Reuters reported, citing a GM spokesperson. It is unclear which departments will be affected, but about 1,450 of these employees will be laid off temporarily, the spokesperson said.

In August, the carmaker laid off over 1,000 workers, or 1.3% of its workforce.

The August layoffs came primarily from GM's software and services business, which it had bulked up over the past few years. Last year, the company brought on two former Apple executives to run the unit.

US logistics startup Flexport is laying off another 2% of its US staff this week as it aims to cut costs and reorganizes its retail delivery business.

The fulfillment center-focused cuts amount to about 40 people and were first reported by The Information, citing an internal memo.

In January, Flexport cut 15% of its staff, or around 400 people. Those cuts came after Flexport founder and CEO Ryan Petersen initiated a 20% reduction of its workforce of an estimated 2,600 employees in October 2023.

Flexport kicked off 2024 with the announcement that it raised $260 million from Shopify and made "massive progress toward returning Flexport to profitability."

New York Community Bancorp's Flagstar Bank will cut 8% of its workforce, or 700 jobs, as it aims to revamp its business, the company's CEO, Joseph Otting, said in a statement on October 17.

An additional 1,200 employees will be laid off at the end of the quarter after the company sells its residential mortgage business.

NYCB is also changing its name to Flagstar Financial as part of the turnaround efforts after losses from its commercial real estate portfolio.

Chief, which has positioned itself as the nation's largest network of senior executive women, confirmed to Business Insider on October 20 that it has shed roles.

The company told BI that the cuts, which had already been announced internally, mainly impacted "our technology and administrative functions."

"Like many companies, we are balancing growth and profitability," the spokesperson added.

In a June press release, the American company said 40% of its members were C-suite executives and that they represent more than 10,000 companies.

In April 2023, Chief cut 14% of its workforce in what the founders called a "challenging economic environment," TechCrunch reported at the time.

This January, the company said it would close its London offices — opened one year previously — to refocus on the American market.

Visa plans to lay off around 1,400 workers this year, The Wall Street Journal reported on October 29.

In a statement provided to BI, a Visa spokesperson said the company expects to grow its workforce for the foreseeable future but that it is continuously evolving to serve clients, innovate, and grow, "which can lead to the elimination of some roles."

"When this happens, we are committed to supporting our employees," the spokesperson added.

Workers affected by layoffs included employees and contractors, with more than 1,000 in technology roles, the Journal reported, citing unnamed sources familiar with the situation. Visa has more than 30,000 employees.

The cloud storage company is laying off 528 employees, targeting "over-invested or underperforming" areas, CEO Drew Houston announced in an email sent to employees.

"As CEO, I take full responsibility for this decision and the circumstances that led to it, and I'm truly sorry to those impacted by this change," Houston wrote.

The Dropbox chief cited diminishing demand and macro headwinds in the company's core business, as well as excessive management levels, as contributing factors.

The layoffs come as the company is undergoing a "transitional period" with its growing File Sync and Share (FSS) business and greater efforts on products like Dash, Dropbox's AI-powered work assistant.

Consulting giant KPMG informed about 330 people, or less than 4%, in its US audit workforce that they would be laid off within the next couple of weeks, a spokesperson told BI.

"The actions reflect our ongoing focus to align the size, shape and skills of our workforce to the market, while addressing continued low levels of attrition," the spokesperson said in a written statement.

This follows an earlier round of layoffs in March, as well as another one last summer, that also affected the company's audit unit, similarly due to low levels of voluntary exits, the spokesperson said.

Japanese automobile giant Nissan said during its November earnings release that it would be cutting 9,000 jobs in an attempt to save money.

The car company reported lower revenue for the period, which it attributed to higher selling and production costs. Nissan said it brought in about 32 million yen, or $208 million, at the end of the first half of the fiscal year — a steep drop from the $1.4 billion it reported for the same time last year.

In addition to a 20% production capacity reduction, CEO Makoto Uchida will give up 50% of his compensation and other executives have taken voluntary pay cuts.

NASA's Jet Propulsion Laboratory in California is cutting its workforce for the second time this year.

In November, the agency announced it plans to lay off 325 employees, or about 5% of its workforce. The cuts follow a round of layoffs in February, where JPL cut 530 employees.

"Although we can never have perfect insight into the future, I sincerely believe that after this action we will be at a more stable workforce level moving forward," JPL Director Laurie Leshin wrote in a company-wide memo.

Leshin added that the reductions affect all areas of JPL including technical, project, business, and support areas. The layoffs are the result of "continued funding challenges" Leshin wrote.

JPL is responsible for some of NASA's most daring feats like landing the Curiosity rover on Mars and guiding Voyagers 1 and 2 into interstellar space.

The Associated Press in November announced plans to reduce its staff by 8% through a combination of buyouts and layoffs.

"This is about ensuring AP's important role as the only truly independent news organization at scale during a period of transformation in the media industry," The Associated Press said in a statement about the cuts.

The union representing a portion of AP members indicated 121 of its guild members would be offered buyouts before layoffs began, per AP.

Less than half of the expected cuts will involve news employees, the outlet reported, and though the AP has bureaus around the world, a majority of the staff reduction will occur within the United States.

Sotheby's cut 100 employees from its New York offices on Tuesday, the company confirmed to multiple publications. The layoffs include back-office workers, junior staffers, and specialists, reports said.

The layoffs come as the auction market has experienced a recent slowdown in sales and earnings. The company also previously cut about 50 employees in its London location, Art News reported.

Sotheby's recently closed a deal in October for Abu Dhabi investment company ADQ to acquire a minority stake in the company. ADQ said in a press release about the deal that the $1 billion investment was meant to support Sotheby's domestic and international expansion plans.

Sotheby's did not immediately respond to a request for comment from BI.

Wells Fargo filed two WARN notices on December 4 sharing plans to lay off over 700 workers in Oregon, including 500 people from its Hillsboro location and 221 employees from its Salem office. It also plans to shut down both offices.

The company said in its filing that it verbally notified employees of the changes on December 3, and plans to deliver formal notices for displacement in the fourth quarter of 2025. Wells Fargo said it will provide more details on impacted roles at a later time.

Those who don't get relocated into other roles within the business are eligible to receive severance based on years of service and their opportunity to use the company health plan at active rates, the filing said.

"We continue to bring the majority of our non-customer facing positions together in locations best suited for our customers and our company," a Wells Fargo spokesperson told BI. "This effort does not impact our commitment to serving customers and clients."

CVS filed a WARN notice on Friday announcing 164 layoffs during a 14-day period beginning February 15.

The company shared plans in October to cut about 2,900 workers, which is less than 1% of the company, as part of a multi-year initiative to cut costs by $2 billion. The company said the vast majority of impacted workers were notified last week.

"Before taking this step, we prioritized finding cost savings everywhere we could, including closing open job postings," CVS said in a statement. "Decisions on which positions to eliminate were extremely difficult and do not diminish the value that impacted colleagues have brought to the company."

The company said most cuts would be corporate roles and wouldn't impact front line-line jobs in stores, pharmacies, and distribution centers.

The company also filed a WARN notice in October announcing 416 layoffs, 323 of which were remote. It filed another notice in November announcing 42 cuts, 30 of which were remote workers.

"We are committed to supporting these colleagues, who will receive severance pay and benefits, including access to outplacement services," the company said in a statement.

Party City sent an email to employees about mass layoffs at its New Jersey headquarters on Friday, CBS News reported. The company filed for bankruptcy protection in the Southern District of Texas the next day.

The company said in an announcement that the decision to "wind down" followed extensive efforts to continue operations in an "immensely challenging environment driven by inflationary pressures on costs and consumer spending."