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Yesterday β€” 7 January 2025Main stream

Business leaders and lawmakers react to Meta's content moderation changes

7 January 2025 at 13:11
Mark Zuckerberg attending the UFC 300 event in Las Vegas; Elon Musk attending the annual Breakthrough Prize ceremony in Los Angeles.
Mark Zuckerberg took a page from Elon Musk's playbook in announcing Meta is moving to a community notes model of content moderation.

Jeff Bottari/Zuffa LLC via Getty Images; Steve Granitz/FilmMagic via Getty Images

  • Meta announced Tuesday it's doing away with third-party fact-checking in favor of community notes.
  • Several lawmakers told BI the move is an indication Mark Zuckerberg is catering to Trump.
  • Some business leaders praised Meta for the change while others expressed concern.

Meta is carrying out the biggest overhaul to its content moderation system in years.

The company announced on Tuesday that it's replacing third-party fact-checking program with user-generated community notes, like those on Elon Musk's X, formerly Twitter.

In another page from Musk's playbook, Meta said it's moving some teams β€” specifically its trust and safety teams, responsible for writing the company's content policies and reviewing content β€” out of California into Texas and other locations in the US.

CEO Mark Zuckerberg said the decision was about getting "back to our roots and focus on reducing mistakes, simplifying our policies, and restoring free expression on our platforms."

Democrats: Zuckerberg's sucking up to Trump

Democratic lawmakers told BI at the US Capitol on Tuesday that they saw the move as a sign that Zuckerberg is trying to appease President-elect Donald Trump ahead of his return to the Oval Office.

Rep. Alexandria Ocasio-Cortez of New York said Zuckerberg was "kissing Trump's ass" in making the change.

"I think that Mark Zuckerberg is trying to follow in Elon's footsteps, which means that actually, they're going to use this guise of free speech to actually suppress critics of Trump and critics of themselves," Ocasio-Cortez said. "That's why they're moving to this system. It's a model for their own self-aggrandizement."

Sen. Elizabeth Warren of Massachusetts told BI that Big Tech CEOs "want a government that works for them, and they're making clear that sucking up to Donald Trump is one of the ways they think they'll get that."

Rep. Maxwell Frost of Florida said the change appeared to be symptomatic of authoritarianism.

"It's not just about the legislation they pass, or what they push, but it creates this environment of fear and self-censorship, and a place where companies will begin to do the things he wants them to do without him forcing them to do it," he said, referring to Trump.

"They're surrendering essentially to implied threats by the government, which is very dangerous," Rep. Jerry Nadler of New York said.

Trump himself told reporters Tuesday that he believed Zuckerberg's changes at Meta were "probably" in response to previous threats Trump has made to the Meta chief executive, including to jail him.

Republicans: A good sign, but we'll see

Republicans offered more mixed reactions to Zuckerberg's decision, with some expressing skepticism while others saw it as a win. Sen. Ted Cruz of Texas told reporters at the Capitol that what the Meta CEO said "sounds good" but that the "proof will be in the pudding."

He also said he saw Zuckerberg's move as the product of both political positioning and a sincere evolution in his thinking.

"I've had multiple conversations with Mark on this topic," Cruz said, "and I will say, he had previously expressed an interest in protecting free speech."

Sen. Marsha Blackburn of Tennessee, meanwhile, called the decision a "ploy to avoid being regulated." For several years, she's been pushing a bill to increase social media protections for kids.

"Can any of us assume Zuckerberg won't return to his old tricks?" wrote Sen. Mike Lee of Utah on X.

Republican Rep. Randy Weber of Texas, meanwhile, wrote on X that it was "a great day for freedom of speech."

"It seems like Meta is finally taking a page from Elon Musk's playbook & letting Americans make decisions for themselves. It's about time Meta owned up to censoring Americans," he added.

Tech and business leaders react

In the tech and business world, some of Zuck's peers congratulated him and Meta on the move.

Musk said in separate tweets that the decision was "cool" and "awesome."

X CEO Linda Yaccarino called it "a smart move by Zuck."

"Fact-checking and moderation doesn't belong in the hands of a few select gatekeepers who can easily inject their bias into decisions. It's a democratic process that belongs in the hands of many," she wrote.

David Marcus, the former Meta exec in charge of the company's Libra cryptocurrency project, said the change marked a "massive step in the right direction towards free expression for Meta."

Other tech and business figures were more skeptical of the decision.

Yoel Roth, the former head of Twitter's trust and safety department, said, "Genuinely baffled by the unempirical assertion that Community Notes 'works.' Does it? How do Meta know? The best available research is pretty mixed on this point. And as they go all-in on an unproven concept, will Meta commit to publicly releasing data so people can actually study this?"

And in response to a message from Zuckerberg saying Meta will work with Trump to "push back against foreign governments going after American companies to censor more," Mark Cuban wrote on Bluesky: "Translation: Americans are going to see Tariffs on products from countries you believe censor Meta services as a means of pressuring them into removing any restrictions that impact your profitability in those countries. Also: You'll have carte blanche to take posts that no longer have restrictions, making them a more explicit representation, and train your AI Models."

Meta did not immediately respond to a request for comment.

Read the original article on Business Insider

Before yesterdayMain stream

The massive CES tech show this week gives us a glimpse at how AI could be used in everything from TVs to bird feeders

6 January 2025 at 12:21
AI
AI is making as big a splash as you'd expect at the country's biggest tech trade show of the year.

Qi Yang/Getty Images

  • CES, a massive tech trade show in the US, is in full swing this week.
  • Product announcements and demos offer a look at how some companies are trying to use AI.
  • Here's some of the AI news from CES that caught our eye.

CES 2025 technically hasn't even started, but the AI product announcements and demos are already piling up.

The biggest tech trade show in the US, formally known as the Consumer Electronics Show, kicks off Tuesday but has already led to news of AI integration in TVs, grills, and even bird feeders.

Not everything that companies talk about at CES eventually makes it to market, but these announcements show the array of AI applications companies are exploring after the technology's explosive growth in popularity in 2024.

Here are some of the biggest, coolest, and kookiest ones we've seen so far.

TVs

Samsung and LG are bringing Microsoft's Copilot AI assistant to some of their smart TVs.

Samsung's AI offerings include Click to Search, which can help identify an actor onscreen, and Live Translate, which provides subtitle translations in real time.

Samsung Vision AI
Samsung Vision AI includes several AI-powered features meant to help people personalize their TVs.

Samsung

LG says its newest OLED TVs have AI-enabled features that tailor audio and visual settings to a user's preferences. AI also welcomes users by name, and an AI Voice ID feature can identify users' voices to switch between profiles and recommend what to watch.

LG says Copilot "further streamlines the process, allowing users to efficiently find and organize complex information using contextual cues."

Grills

This isn't your granddad's grill. The Zelos 450 electric wood pellet smoker from a startup called Brisk It uses generative AI (and WiFi connectivity) in the grilling process. Grillers can remotely adjust settings, get updates as their food cooks, and receive reminders about steps.

Bird feeders

Birding is getting high-tech with the Birdfy Feeder 2 Duo, which can capture avian visitors in slow-mo and high-res video. The accompanying app provides real-time notifications when a bird stops by and uses AI to help identify and catalog various species.

Vacuums

Roborock's Saros Z70 robot vacuum has an extendable arm that can help with housekeeping by picking up items and putting them back in their rightful place.

It can't pick up anything heavy and can help with only a few items, such as socks, but the company expects to add more items to the robot's visual inventory in the future.

Roborock's Saros Z70 robot with extendable arm to pick up items around your house
The arm can pick up items like socks, tissues, and lightweight sandals.

Roborock

Refrigerators

LG wants its newest smart fridges to not just tell you what food is inside but help you order more of what's not in them anymore.

Its new French Door refrigerator with ThinQ technology has a built-in AI camera designed to recognize food inside, suggest recipes based on what you have handy, and track expiration dates.

Samsung has a similar offering in its Bespoke refrigerators, partnering with Instacart on same-day grocery delivery for items it notices you're running low on.

Home security cameras

Kami says that its Fall Detect camera can identify falls with 99.5% accuracy by identifying patterns that could cause someone to trip and that it can detect falls even if a person's body is partially obscured from view.

It can send notifications to family members and caregivers or help with making an emergency call after a fall.

Monitors

Dell's new 32 Plus 4K QD-OLED monitor uses a camera under its display to track your head and adjust the placement of sounds coming out of its five speakers so they go straight to your ears.

Read the original article on Business Insider

Ex-director of Wharton MBA admissions says too many people mess up when answering a common interview question

6 January 2025 at 02:57
Concept image of a man being flattened by a red large speech bubble
A lot of job candidates ramble at length when answering "Tell me about yourself," which risks losing a recruiter's interest.

Fanatic Studio/Gary Waters/Getty Images

  • One of the most common job interview questions can also seem like one of the hardest to answer.
  • The simply phrased "Tell me about yourself," can lead to sprawling answers.
  • An ex-MBA admissions director shared a common mistake people make β€” and how they should answer instead.

For as common an interview question as it is, it can still trip up a lot of job candidates.

"Tell me about yourself."

One of recruiters' favorite questions, the simple prompt can be daunting because many candidates may try to squeeze too much of their professional experience and qualifications into their answers.

Thomas Caleel, former director of MBA admissions and financial aid at the Wharton School of the University of Pennsylvania, told Business Insider there is an effective approach to framing your answer to the question in both an academic or job interview context.

"Being able to clarify a question and re-frame it in a way that is respectful to the interviewer and shows that you can think and act under pressure, is, to me at least, a valuable skill in both the academic and corporate worlds," Caleel told BI.

Caleel talked more about the open-ended question on a recent episode of his "Admittedly" podcast.

"Most people when you ask them tell me about yourself, they will start to talk, and they will ramble and ramble and ramble," he said. "What happens is you lose your interviewer, like 30 seconds into that interview response, the interviewer's eyes glaze over, they kind of look at you and they're like, 'Oh my gosh.'"

So how exactly should you tackle the question?

Caleel recommends breaking your answer down into parts and posing a question back to the interviewer.

"What I say to do and what I think you should do instead is say 'Love to tell you about myself. There are three main areas that I'm involved in: academics, extracurricular activities, and sports (or volunteering.) Which one would you like to start with first?'" he told the podcast.

Compared to the common mistake candidates make of talking at their interviewer, this approach gets the interviewer's attention by making them "an active participant" in the conversation, Caleel said.

"By involving the interviewer in the conversation, you draw them in, you invest them in your answers instead of boring them with just a torrent of words," he added.

As a former admissions director, Caleel's advice is geared toward students applying to colleges β€” job candidates probably won't be talking much about academics or extracurriculars. However, for those applying to jobs, you might use as categories leadership, teamwork, and directly relevant experience, he told BI.

Regardless of the type of interview, his key point is "to try to engage the interviewer and set a more dynamic tone," he added.

Career experts also suggest highlighting some career accomplishments and focusing on the parallels and transferrable skills between your past experience and the position at stake when answering "Tell me about yourself." They say to try not to spend too long on this one question and aim to cap your response at around a minute.

"In my experience, candidates who can think on their feet, who are not cowed by the process and can remain genuine and engaged with the interviewer, usually fare well," Caleel told BI.

Read the original article on Business Insider

Bill Gates' net worth: How Microsoft's co-founder spends his $160 billion, including properties, cars, and philanthropy

Bill Gates smiles in a close-up photo.
Bill Gates is a centibillionaire worth roughly $160 billion.

Annette Riedl/picture alliance via Getty Images

  • Bill Gates, the co-founder of Microsoft, has a net worth of $160 billion.
  • The billionaire and philanthropist plans to give away most of his wealth to his charity foundation.
  • For now, he spends his wealth on luxuries, from his car collection to a vast real estate portfolio.

Bill Gates may be one of the 10 richest people on earth, but he doesn't plan to stay that way forever.

The billionaire philanthropist and co-founder of Microsoft has pledged to give away most of his wealth to charity, which he says will bump him off the world's richest people list.

Gates' net worth is $160 billion, according to Bloomberg's Billionaires Index. He is one of only a handful of moguls to reach centibillionaire status.

He's also made some lavish purchases over the years: Gates owns a mansion in Medina, Washington; a private airplane; and a luxury car collection. These indulgences comprise only a fraction of his massive fortune.

Gates has also given money to charitable causes through the Bill and Melinda Gates Foundation and vowed to give away most of his fortune through the Giving Pledge, which he and his ex-wife Melinda French Gates launched in 2010 along with Warren Buffett.

Here's a look at how Gates spends his billions.

Gates has an estimated net worth of $160 billion.
Bill Gates speaking at an event in Washington in 2014.
Bill Gates was once the world's richest person.

Chip Somodevilla/Getty Images

Gates long held the title as the world's richest person, up until 2018 when Jeff Bezos surpassed him.

Now, Gates is only the world's seventh-richest person and part of an exclusive club of centibillionaires β€” people worth over $100 billion.

Gates has invested in various stocks and assets and launched a $1 billion investment fund, Breakthrough Energy, alongside 20 other investors.

Despite his massive fortune, Gates previously told Ellen DeGeneres that when he became a billionaire at age 31 (which was history's youngest billionaire at the time), he didn't immediately start splurging. Gates' initial spending spree was limited to just two "crazy" purchases: a Porsche and a private jet.

Gates has splurged on some things, like his luxury car collection.
A blue Porsche 911 is parked in front of a large "911" sign in neon lights.
Gates' first major purchase was a Porsche 911, similar to this newer model.

Fabrice Coffrini/AFP/Getty Images

After founding Microsoft, Gates bought a Porsche 911 β€” his first big splurge, which he purchased in 1979, even before Microsoft's hit products like Windows and Word ever reached the market. Gates later sold the Porsche, and it was auctioned for $80,000.

Gates' car collection later included a Porsche 959.

Gates also owns a small fleet of private jets.

Gates invested heavily in his Washington estate called Xanadu 2.0.
Bill Gates' multistory lakefront mansion in Medina, Washington, is surrounded by trees.
Gates spent millions on his estate in Medina, Washington.

Ted Soqui/Corbis via Getty Images

Gates owns at least 12 parcels of land spanning about 10.5 acres in Medina. He purchased the land for a combined $34 million between 1988 and 2009. In 2023, the Gates' property taxes in Medina came to $1.3 million.

Gates' estate includes a 60-foot pool β€” in its own separate, 3,900-square-foot building β€” with an underwater sound system. He reportedly paid to import sand from St. Lucia in the Caribbean to the shore surrounding his house.

There's also a 2,100-square-foot library, home to a 16th-century Leonardo da Vinci manuscript that Gates bought at auction for $30 million in 1994. The home also features several famous paintings, including a Winslow Homer painting Gates purchased for $36 million in 1988.

The mansion has six kitchens, 24 bathrooms, a home theater, and various garages for his 23 cars.

Gates also has properties in Florida and Montana.
An aerial view shows homes, apartment complexes, and waterways in Wellington, Florida.
Gates owns multiple mansions in Florida.

Crystal Bolin Photography/Getty Images

Aside from his Washington home, Gates has a 20-acre estate in Wellington, Florida. The estate includes at least two mansions, one 6,668 square feet, and the other 5,716 square feet. He bought the properties over three years for about $35 million.

Gates' daughter, Jennifer Gates Nassar, is an accomplished equestrian, and he bought the property to support her passion. It serves as the home base of her horseback riding facilities, and the area is a hot spot for many other wealthy equestrians as well.

He also purchased property at the Yellowstone Club in Montana. The main house is 6,993 square feet and has eight full baths, eight bedrooms, a sauna, and a home theater, according to property records.

Additionally, Gates is the biggest owner of private farmland in the country, with a whopping 275,000 acres. Gates has faced questions in the past about what he is doing with the land, and has downplayed concerns about the farmland, saying it's managed by his investment team and makes up only a small fraction of total US farmlands.

Gates has several properties in California, too.
An aerial view shows the layout of Bill Gates' Del Mar Country Club in San Diego.
Bill Gates and Melinda French Gates' first San Diego property is on the grounds of the Del Mar Country Club.

EarthExplorer

In California, Gates owns the 228-acre Rancho Paseana, which he purchased for $18 million. When he bought it, the property had a racetrack, olive orchard, and five barns.

In 2020, he dropped $43 million on an oceanfront home in Del Mar with a 10-person Jacuzzi and 120 feet of Pacific coastline.

Gates also owns a 6-bedroom home on the grounds of Indian Wells' famous Vintage Club.

There's also another home on the grounds of a country club, Santaluz Club, in San Diego.

Some of the properties have likely been divvied up between Gates and French Gates following their divorce.

Gates has made numerous investments through his personal investment firm.
A close-up photo shows Bill Gates smiling.
Gates is an active investor.

Metin Pala/Anadolu via Getty Images

Using his personal investment firm, Cascade, Gates has made several investments, including partial ownership of the Charles Hotel in Cambridge, Massachusetts.

In 2013, Gates and several unnamed buyers paid $161 million for the Ritz-Carlton in San Francisco.

Gates takes luxurious vacations.
Bill Gates' superyacht Serene is docked at a wharf in Auckland, New Zealand.
Gates chartered the superyacht Serene for a family vacation.

Phil Walter/Getty Images

Gates never took weekends or vacations during the early days of Microsoft, and has said startup founders shouldn't, either. However, Gates made time for some splashy trips later in his career.

In 2014, he treated his family to a Mediterranean vacation on board the 439-foot superyacht Serene, which he chartered for $5 million a week. It included a helicopter.

He's also traveled to Australia, Croatia, Belize, and the Amazon in Brazil.

He previously said that he likes to play tennis and go skiing. He's also been spotted at tennis matches.

But Gates' downtime isn't always so adventurous. Gates loves books, and is an "avid bridge player," as he told Reddit in a 2013 AMA.

Gates is a well-known philanthropist.
Bill Gates, wearing a microphone earpiece at an event, smiles and rests his face on his hand.
Gates frequently donates to charitable initiatives and invests in healthcare ventures.

Sean Gallup/Getty Images

Gates has sometimes said he has no use for money, and often speaks of his philanthropic giving and healthcare investments.

A grant from Gates and his then-wife Melinda led to the creation in 2003 of Amyris, a synthetic biology company that originally produced precursors to malaria drugs and hydrocarbon-based biofuel but also uses the technology for things like fragrances, skincare, and sweeteners. The company filed for Chapter 11 bankruptcy in 2023.

In November 2017, Gates invested $50 million into Alzheimer's research. In 2018, he invested another $30 million with a group of investors in the Diagnostics Accelerator, a "venture philanthropy" fund to diagnose Alzheimer's earlier.

Gates and his former wife also pledged about $2 billion to defeat malaria, donated over $50 million to fight Ebola, and pledged $38 million to a Japanese pharmaceutical company working to create a low-cost polio vaccine.

During the pandemic, their foundation announced a 5-year, $1.6 billion commitment to Gavi, the Vaccine Alliance, to deliver vaccines in the world's poorest countries.

The Gates Foundation also funds education through its $1.6 billion initiative known as the Gates Millennium Scholars Program.

The foundation said it made $77.6 billion in grant payments from its inception through Q4 2023. Gates' total giving to the foundation during that time period totaled $59.5 billion.

Its 2024 budget is $8.6 billion, and the foundation is targeting a $9 billion yearly budget by 2026.

In the future, Gates has pledged to give most of his wealth away.
Bill Gates and his daughter Phoebe arrive for TIME 100 Gala at Lincoln Center in New York on June 8, 2022.
Gates has said he wants to fall off the list of richest people by donating his billions away.

ANGELA WEISS/AFP/Getty Images

Gates is frequently named among the most generous philanthropists in the United States.

He has vowed to give away most of his fortune through the Giving Pledge, which he helped launch in 2010.

In July 2022, he reiterated that he plans to give virtually all his wealth to his and French Gates' foundation, saying that he'll eventually fall off the list of the world's richest figures.

Read the original article on Business Insider

Mark Zuckerberg's big year gave the CEO and Meta some newfound swagger

30 December 2024 at 09:14
Meta CEO Mark Zuckerberg
It was a strong year by the numbers for Meta and Mark Zuckerberg.

David Zalubowski/ AP Images

  • Meta and Mark Zuckerberg have a lot to celebrate as 2024 comes to a close.
  • Meta's stock and Zuckerberg's fortune are both up significantly, and the company made headway on AI, hardware, and more.
  • Here's a look back at the year for Meta and its chief executive.

Mark Zuckerberg was busy this year.

He allocated billions to keep Meta competitive in the AI race.

He worked to thaw out a frosty relationship with President-elect Donald Trump and likely caused Apple to sweat over Meta's flashy smart glasses demo.

And he debuted a new look that many on social media applauded as more relatable.

In short, as 2024 comes to a close, Zuckerberg and Meta have plenty of cause for celebration.

Meta's stock is up 66% year-to-date, and Zuckerberg is more than $84 billion richer today than he was at the start of this year, according to the Bloomberg Billionaires Index.

The company reported an earnings beat in every quarter (though some were followed by brief stock drops) and declared its first-ever dividend in February.

"From a bird's-eye view, all in all, it was a successful year for Meta," said Minda Smiley, a senior analyst at EMarketer, a sister company to Business Insider. "Despite the massive amounts of spending they've been doing, they were still able to have growth each quarter in their earnings."

Meta made headway on a number of products this year.

The company said in September that its Meta AI chatbot is on track to be the most-used AI assistant in the world by year's end. The company alsoΒ announced new versions of its AI model Llama in AprilΒ and has continued releasing improved models, including Llama 3.3, which came out earlier this month.

"Meta's sheer size paired with its AI capabilities have really been a boon for them this year," said Smiley. "Advertisers are already spending so much, they were even before the AI really took off, and this has only really supercharged that."

It was also a big year for the company's hardware business.

At the company's annual Meta Connect developer conference, it unveiled its Quest 3S mixed-reality headset. Meanwhile, Meta's Ray-Ban smart glasses got AI features like the ability to help wearers remember things and translate speech in real time, and the company debuted a prototype of its first augmented-reality glasses, called Orion, at Connect, though they're not yet for sale.

The flashy Orion announcements signaled to developers and antsy investors where Meta's vast R&D spending on smart glasses was going. Wall Street was impressed; Meta's stock hit a record high coming off of Connect, though the record has since been broken again. Citi analysts called the newest Ray-Bans a "must buy." Jefferies analysts wrote that Connect left them "more bullish on Meta's consumer & enterprise AI opportunities."

"I still think there's a long way to go from the consumer adoption perspective and even just what they're actually doing with their technology, but they're certainly making strides and trying to really illustrate the real world use cases," said Smiley. But "regardless of what Meta does on their end, a lot of it is going to depend on if and when regular people are ready to use some of this."

Meta has faced some setbacks this year, though, largely in court and tied to past scandals.

After the Supreme Court denied Meta's appeal in November, the company will have to face a multibillion-dollar class-action lawsuit from investors alleging Meta misled shareholders regarding the Cambridge Analytica data-harvesting scandal. The company earlier this month agreed to a settlement of $50 million Australian dollars, or roughly $31 million US dollars, for Facebook users in Australia impacted by the scandal.

In the US, Meta will pay Texas $1.4 billion to settle claims the company unlawfully captured the biometric data of millions of the state's residents without their knowledge or consent through a tagging suggestions feature that rolled out in 2011.

An unapologetic Zuckerberg with swagger

Mark Zuckerberg
Mark Zuckerberg at the UFC 300 event in Las Vegas in April.

Jeff Bottari/Getty Images

Apart from Meta's success, it's also been a good year for Zuckerberg as the face of the company.

He helped sell out part of a stadium for a taping of a live podcast episode in which he spoke in front of around 6,000 people. During the appearance, he said his "20-year mistake" was taking responsibility for issues he felt Meta wasn't to blame.

Now, he said he's done apologizing.

His image transformation continued this year as he introduced graphic tees with Latin, gold chain necklaces, and flashy watches into his wardrobe.

Though some of his shirts are custom-made and his outfits can cost thousands of dollars, compared to the suit-and-tie era of Zuck 1.0, his tees and chains make him appear "more accessible," which makes him look "relatable to his customer base," says Joseph Rosenfeld, an image consultant whose clientele includes business executives and Silicon Valley elites.

Zuckerberg also seemed to win over some people when he commissioned a 7-foot statue of his wife, surfed with a beer and American flag in hand to celebrate the Fourth of July, and released a cover of "Get Low" with T-Pain.

As The Information asked in May, "Wait, when did Mark Zuckerberg get cool?"

Taken together, the past year was one of change as the company leaned away from frequently talking about the metaverse and into AI.

In public and behind the scenes, Zuckerberg also carefully positioned himself for the next presidential administration.

"Meta as a company may not exactly be in turmoil, and neither is he personally, but there's a lot rolling and shifting and changing with the nature of the business right now β€” how it is growing, where is it going," said Rosenfeld. "And he is a reflection of exactly that kind of growth that is happening within the company; things are not exactly settled right now."

Zuckerberg notably declined to endorse a candidate for US president and dined with Donald Trump at Mar-a-Lago earlier this month. The Meta CTO is "very keen" to play a role in his tech policymaking (whether or not he'll have Trump's ear like Elon Musk has yet to be seen).

Meta also seemingly kicked off the trend of major companies and CEOs donating $1 million to Trump's inaugural fund.

And in a move that signals Meta's lobbying ability in a new political era, the company also recently scored a big win in Congress when the Kids Online Safety Act failed to pass. Meta poured almost $19 million into federal lobbying efforts in the first nine months of the year.

Zuckerberg enters 2025 in a strong position

So what does 2025 have in store for Zuckerberg and Meta?

The company might focus more on potential opportunities with WhatsApp, which it's mostly just "kept in its back pocket over the years," Smiley says.

Meta in June ran an ad for the messaging platform that featured the cast of "Modern Family." The following month, Meta announced it had notched 100 million monthly active users in the US on WhatsApp.

Meta may also try to draw more digital creators to Instagram, especially as TikTok's future in the US remains uncertain amid the DOJ's ongoing case that threatens to shutter the app's domestic business.

It'll also likely continue trying to convince more people to defect from Elon Musk's X over to Threads, which recently hit 275 million monthly active users.

Zuckerberg said in December that "next year is a big year for Meta glasses" and predicted that "glasses will be the next major computing platform."

And no one will be surprised to see AI remain top-of-mind for Meta in 2025.

While the company plans to continue to extend the spirit of its "year of efficiency" that Zuckerberg announced in 2023, don't expect it to pinch any pennies when it comes to AI spending in the new year.

Meta estimated its capital expenditures for 2024 would be $38 to $40 billion, up significantly from its total of $28.10 billion last year, driven largely by spending on AI β€” and it expects the heavy spending to continue as it further integrates AI into its suite of products and invests in related infrastructure.

"It's something that investors are always sort of on their toes about, but Mark has been good about kind of tempering those worries," said Smiley. "As long as their advertising business remains strong and can almost provide a buffer to some of this, that will make investors feel more at ease, and clearly they're still having a lot of strength there."

For Zuckerberg, the past year of flexing the strength of Meta's business and doubling down on the AI race means he's heading into 2025 with something he hasn't always had: momentum.

Read the original article on Business Insider

A year in wealth: The biggest billionaire winners and losers of 2024

28 December 2024 at 02:07
Bernard Arnault and Elon Musk
Bernard Arnault lost more money than any other billionaire this year β€”Β while Elon Musk's fortune nearly doubled.

Chesnot/Getty Images; Marc Piasecki/Getty Images

  • In 2024, the rich largely got richer as tech stocks flew and markets experienced a postelection bump.
  • However, some luxury titans shed billions amid an industry downturn.
  • Here are the biggest billionaire winners and losers of the year, according to their net worth.

2024 was a good year to be a billionaire.

The S&P 500 gained 25% this year, while the Nasdaq grew 33%. The uberwealthy, many of whom are invested in companies on each index, benefited greatly.

The five billionaires who gained the most wealth in 2024 saw their net worths climb a collective $542 billion, according to the Bloomberg Billionaires Index as of December 27.

These billionaires all come from the tech sector, where AI fever and a postelection rally pushed many stocks to all-time highs.

There were, though, those whose fortunes took a hit. Some billionaires whose money comes from luxury retail, which struggled this year, lost double-digit billions.

Here are the billionaires who gained and lost the most this year β€”Β and just how much their fortunes changed as of December 27.

The biggest winners of the year are…
Elon Musk: $239 billion richer
Elon Musk at Madison Square Garden
Musk, who backed Donald Trump's campaign, has become $200 billion richer since the election.

Getty Images

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: $85 billion richer
Meta founder and CEO Mark Zuckerberg.
Zuckerberg, Meta's largest individual shareholder, saw his fortune thanks to a strong year for the company.

@zuck via Instagram

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.

Jensen Huang: $78 billion richer
Jensen Huang holding a microphone.
A newly minted centibillionaire, Huang has become one of the best-known figures in the booming AI industry.

I-hwa Cheng/Getty

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: $70 billion richer
Larry Ellison, a billionaire cofounder of Oracle.
Larry Ellison, the billionaire founder of Oracle.

Phillip Faraone/Getty Images

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: $69 billion richer
Jeff Bezos speaks onstage during The New York Times Dealbook Summit 2024 at Jazz at Lincoln Center on December 04, 2024 in New York City.
Jeff Bezos remains Amazon's largest shareholder and has benefited from the company's 2024 rally.

Eugene Gologursky/Getty Images for The New York Times

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.

Meanwhile, some billionaires did experience hits to their fortunes.
Bernard Arnault: $31 billion poorer
Bernard Arnault
By the numbers, Arnault is the biggest billionaire loser of the year.

Tefano Rellandini/Getty Images

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.

Françoise Bettencourt Meyers: $25 billion poorer
Francoise Bettencourt-Meyers
Francoise Bettencourt-Meyers' net worth is derived from her stake in L'OrΓ©al.

Martin Bureau/AFP/Getty Images

Francoise Bettencourt-Meyers, the heir to the L'OrΓ©al 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.

Carlos Slim: $23 billion poorer
carlos slim
Carlos Slim has a diversified fortune, with stakes in many public companies in Latin America.

AP Photo/Rebecca Blackwell

Mexican billionaire Carlos Slim, who is worth $82 billion, saw his fortune slip with telecommunications giant AmΓ©rica MΓ³vil's stock this year.

Colin Huang: $17 billion poorer
An image of former Pinduoduo boss Colin Huang Zheng
Colin Huang's fortune is derived from Temu, the fast-fashion retailer he founded.

VCG/Getty Images

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: $14 billion poorer
francois pinault
Francois Pinault founded the luxury group Kering, whose stock plummeted this year.

REUTERS/Charles Platiau

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.

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The work trends that dominated the headlines in 2024

24 December 2024 at 13:06
Silhouettes of people walking to work.
The continued RTO push was one of the most defining aspects of the state of work in 2024.

EschCollection/Getty Images

  • "Quiet vacationing," "coffee badging," and "ghost jobs" were part of the corporate lexicon in 2024.
  • These are just some of the trends that came to dominate our conversations around work.
  • Here's a look back at work in 2024.

Ghost jobs. Coffee badging. Quiet firing. Quiet vacationing.

The buzziest workplace trends this year didn't just become well-known tropes but also highlighted an ongoing power struggle between workers and bosses after the pandemic shook up the way people do their jobs.

The year's biggest movements reflect "shifts in work models, technological integration, and employee expectations," says Lauren Winans, CEO and HR consultant at Next Level Benefits.

While some of these are by no means new fads, they all featured prominently in the discourse around work this year. Here are the trends that dominated the cultural conversation in 2024:

Ghost jobs

Ghost jobs are nothing new but got a lot of attention this year.

These are roles which employers claim to be looking to fill even though they may not actually be hiring for such positions.

Employers may list ghost jobs for a few reasons. They might want to suggest they're doing well and growing; they could be trying to ready a talent pool for actual positions opening in the future; or they may want to imply to overworked employees that they'll get some additional help soon.

Quiet vacationing

This one pretty much explains itself, but just in case: When employees go on vacation without using any time off or telling their bosses, they're said to be quiet vacationing.

overemployed remote worker
Some remote workers might take quiet vacations without letting their bosses know.

Vasil Dimitrov/Getty Images

RTO

Return-to-office mandates continued rolling out at big firms this year. Amazon, one of the country's biggest employers, became one of the highest-profile companies to announce a full 5-day-a-week return to the office. (Its implementation has been delayed for some employees though, due to a lack of space.)

Hushed hybrid

As employers tightened the reins on remote work, some employees started carving out a new working arrangement under the table.

Enter the hushed hybrid schedule, in which employees skirt RTO mandates by getting their manager's approval to continue working from home on days they're technically required to be in the office.

Managers, for their part, might agree to do this to keep their employees happy (or to keep them, period). They also probably have a more personal connection with the workers affected by a mandate than the executives enforcing it. And of course, managers who are themselves opposed to RTO plans might also cut employees some slack out of sympathy.

Coffee badging

Another method of evading RTO is coffee badging β€” though it still technically requires that an employee return to the office.

The practice involves going to work to swipe your badge so your attendance is logged. But instead of spending the rest of the workday there, you kill some time by grabbing a coffee, or showing face with a quick lap around the office, before returning home to do most of your actual work there.

Woman passing through security check in a office building holding coffee and scanning in her employee ID badge
Coffee badging refers to workers who swipe in at the office to meet return-to-office requirements before leaving quickly to finish their work elsewhere.

kotijelly / Getty Images

PIPs

Performance improvement plans, or PIPs, usually consist of a series of goals set for an employee to improve in areas where a boss says they're underperforming. If they're not completed in the allotted time, usually a few months or less, the employee will face termination.

PIPs are certainly not unique this year but statistically have been more frequently issued in recent years. They got renewed attention in 2024 as part of the discussion around ways employers trim headcount unannounced.

Quiet firing, silent layoffs, and stealth sackings

Yes, these are all somehow different things.

Between RTO mandates and PIPs, "quiet firing," which gained a lot of buzz in recent years, stayed in the spotlight in 2024. It refers to a boss or employer's unspoken attempt to encourage employees to quit by making the role more uncomfortable, as opposed to facing the monetary and reputational costs associated with explicitly laying them off.

Related phrases include "silent layoffs," which refers to giving employees severance packages but asking them to be discreet about their exiting the firm.

There's also "stealth sackings," coined by the Financial Times to describe firing employees over minor offenses. The newspaper cited Meta's dismissal of two dozen staff for using $25 GrubHub meal credits to buy non-food items as an example, and EY's firing of dozens of staffers for watching multiple online training courses simultaneously.

Other key trends

There were also other trends that, though they lack flashy names, also shaped how we worked in 2024.

The main one, of course, was the growing adoption of AI in the workplace, the "standout trend" of the year, according to Amy Schabacker Dufrane, CEO of the Human Resource Certification Institute and the Human Resource Standards Institute.

AI
The continued integration of AI into the workplace is this year's "standout trend," says Dufrane.

Chen

Winans says other trends included an emphasis on upskilling and reskilling to keep up with technological advancements and changing job requirements, as well asΒ increased labor organizing efforts.

What can we expect in 2025?

Next year, the integration of AI at work will no doubt continue.

"Employees expect training and transparency about AI's role, while employers navigate concerns about job security and ethics," says Dufrane.

Other themes to watch include an emphasis on skills-based hiring and employee wellness programs, as well as ongoing changes to companies' ESG and DEI strategies.

Employee engagement in the US hitting an 11-year low in 2024, coupled with the possibility it may be easier to change jobs in 2025 mean that revenge quitting may also be the next big thing in workplace trends come next year, according to a Glassdoor report.

The phrase refers to dissatisfied employees being vocal with their discontent and resigning, often with little or no notice, knowing it could negatively impact their employer.

Heading into 2025, "monitoring employee satisfaction will be more important than ever," says Dufrane.

"We may see an increase in trends like bare-minimum attendance or revenge quitting as return-to-work mandates require employees to be on-site more than the post-COVID norm," she adds. "Prioritizing open communication, as well as autonomy, fairness, and a high-trust environment, will be critical for organizations to succeed."

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Marc Benioff explains what it was like going to 'guru' Steve Jobs for advice

24 December 2024 at 08:33
Steve Jobs
Steve Jobs gave Marc Benioff advice when Benioff had what he called "entrepreneur's block."

Justin Sullivan/Getty Images

  • Salesforce CEO Marc Benioff has no shortage of stories about the late Apple cofounder Steve Jobs.
  • Benioff interned at Apple in college and got to know Jobs as he moved on to Oracle and Salesforce.
  • On a recent podcast episode, he recalled advice Jobs gave him when he had "entrepreneur's block."

Ask a major tech CEO for a Steve Jobs story, and you'll probably get one.

Salesforce CEO Marc Benioff certainly has his fair share of stories about the late Apple cofounder.

Benioff interned at Apple while in college, and the two got to know each other as Benioff moved on to Oracle and ultimately cofounded Salesforce.

On a recent episode of "Lenny's Podcast," Benioff recalled some advice Jobs dispensed when Benioff was going through "entrepreneur's block."

He recalled Jobs telling him that there were "three things you need to do right now."

First: "Your company, it better get 10 times larger than it is now in 24 months or it's over."

Second: "You better sign a huge customer for this Salesforce automation product, like Avon." (Benioff added, "The CEO of Avon was on his board at the time, so that was on his mind.")

And finally: "You better go build an application economy."

Benioff recalled being confused. He said he asked Jobs what he meant by that, to which Jobs responded, "I don't know, but you're going to go figure it out."

Benioff described the conversation as "like meeting with your guru and getting a Zen koan or something where now you have a puzzle I have to solve."

"I literally went away, and I had all the notes from the meeting," he said. "I went through it over and over again. And then finally I'm like, I think he wants me to build an app store."

Salesforce launched AppExchange, its apps and services store, in 2006. Apple launched its app store in 2008. Benioff later gave Apple the App Store trademark and the appstore.com domain as a gift.

Benioff said he was "very grateful to have that relationship" with Jobs, adding that it "dramatically influenced me in my career and my whole life."

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People keep talking about 'agentic' AI — here's what that means

23 December 2024 at 02:09
AI conversation bubbles
Big Tech is working on agentic AI, or AI agents capable of autonomously taking action on behalf of human users to complete multi-step tasks.

Andriy Onufriyenko/Getty

  • You've heard of generative AI, but agentic AI might sound a little less familiar.
  • Major industry players are working on AI agents for what some say marks the third wave of AI.
  • But what exactly is agentic AI? Here's a quick rundown of the tech everyone's talking about.

Generative AI has been the talk of tech for a while now, but tune into your favorite business podcast and you'll probably hear a different phrase tossed around: "agentic" AI.

So what's the difference?

The two are closely related. You couldn't have agentic AI without generative AI. Definitions vary, but in general, agentic AI refers to AI technology that's capable of performing agent-like behavior that can autonomously accomplish complex tasks on your behalf.

Companies working on AI agents say they are intended to one day be digital coworkers or assistants to human workers in fields spanning from healthcare and supply chain management to cybersecurity and customer service.

Here's how some Big Tech companies explain the concept:

  • Nvidia's definition says agentic AI "uses sophisticated reasoning and iterative planning to autonomously solve complex, multi-step problems."
  • IBM says agentic AI is a system or program with "agency" that can "make decisions, take actions, solve complex problems and interact with external environments beyond the data upon which the system's machine learning (ML) models were trained."
  • Microsoft says AI agents "range from simple chatbots, to copilots, to advanced AI assistants in the form of digital or robotic systems that can run complex workflows autonomously."

Some leaders in the field say agents are ushering in a new frontier in AI.

"In just a few years, we've already witnessed three generations of A.I.," Salesforce CEO Marc Benioff told The New York Times earlier this month. "First came predictive models that analyze data. Next came generative A.I., driven by deep-learning models like ChatGPT. Now, we are experiencing a third wave β€” one defined by intelligent agents that can autonomously handle complex tasks."

Salesforce, which launched its Agentforce suite earlier this year, has said it plans to have more than 1 billion AI agents in use for companies by the end of next year.

Google CEO Sundar Pichai recently said the company has been "investing in developing more agentic models" over the last year. (He defined agentic AI as being able to "understand more about the world around you, think multiple steps ahead, and take action on your behalf, with your supervision.") The company made agentic AI a major focus of its Gemini 2.0 launch this month.

OpenAI plans to launch an AI agent code-named "Operator" in January that would be able to use a computer on a person's behalf to do things like write code or book flights, Bloomberg reported last month, citing two people familiar with the matter.

The company previewed its latest AI model, o3, on Friday as the final announcement of its 12 days of "Shipmas" campaign.

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The Walton family empire: Inside the lives of the billionaire Walmart heirs

the walton family walmart
The Walton siblings.

AP/April L. Brown

  • 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.
sam walton
The original Wal-Mart name tag used to look like this one, worn here by Sam Walton.

Associated Press

As he grew his retail empire, Walton, an experienced pilot, would often fly in unannounced to check in on a particular store location.

He married Helen Robson on Valentine's Day in 1942.
Helen Robson
Sam and Helen had a Valentine's Day wedding.

April L. Brown/Associated Press

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.
Walton family
Sam Walton died at the age of 74 of cancer.

Rick Wilking/Reuters

Source: Fortune

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.
sam walton
The stocks were carefully divided among the family.

Courtesy of Walmart

Source: Fortune

Samuel Robson "Rob" Walton is the oldest Walton child. He is 80 years old.
Rob Walton
Rob served as chairman of Walmart for many years.

Reuters

He served as chairman of Walmart from 1992 until 2015 and remained on the board until this year.
Rob Walton Walmart
He'll retire from the board in 2024.

Rick T. Wilking / Stringer / Getty Images

He retired from Walmart's board at the end of his term in 2024.

Rob made a splash in 2022 by leading an ownership group to buy the Denver Broncos.
Denver Broncos
The group was led by Rob Walton, his daughter Carrie Walton Penner, and her partner Greg Penner.

Joe Mahoney/AP

The group purchased the NFL team for a $4.65 billion in summer 2022 in a record-breaking sale at the time.

Rob has purchased a house in Paradise Valley, Arizona, near the base of Camelback Mountain.
Paradise Valley Arizona
Walton owns a house in Paradise Valley, Arizona.

Tim Roberts Photography/Shutterstock

In the past, protesters have rallied outside of his Arizona home to advocate for better wages and benefits for Walmart workers.
Walmart protest florida
Protesters at a Walmart in Boynton Beach, Florida, called for better wages and benefits.

J Pat Carter/Associated Press

Besides real estate, Rob has a large collection of vintage cars.
vintage cars
Walton's personal vintage car collection is not pictured.

Ben Pruchnie/Getty Images

In 2013, he ran his Daytona Coupe, which was worth $15 million at the time, off the tracks and wrecked it. The car was one of only five ever made.
Daytona Coupe
Walton's Daytona Coupe was totaled in a crash.

AP Photo/Tom Mihalek

Sam Walton's second-oldest child, John Walton, died in a plane crash in 2005.
John Walton
John (right) with his mother (center) and older brother, Rob (left).

April L. Brown/Associated Press

He was 58 years old.

He was married to Christy Walton and had one son, Lukas.
Lukas Walton
Lukas Walton, pictured here, is the grandson of Walmart founder Sam Walton.

Walton Family Foundation/YouTube

John left about 17% of his wealth to his wife, and he gave the rest to charity and to his son.
Christy Walton
John Walton left half of his fortune to charitable trusts and a third to his son.

AP

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.
John T Walton
John (second from left) pictured with members of his family.

AP Photo/Spencer Tirey

Source: Fortune

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.
Christy Walton Wal-Mart wyoming mansion
The family had a mansion in Jackson Hole, Wyoming.

Jackson Hole Real Estate

The 8,606-square-foot home was put on the market for $12.5 million.
Walton Jackson Hole Mansion
An aerial view of John and Christy Walton's mansion.

Google Maps

Source: Curbed

James "Jim" Walton is the youngest son of Walmart founder Sam Walton. He is 76 years old.
Jim Walton
Jim Walton is now 76.

Walmart

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.
Arvest
One of many Arvest Bank locations in Bentonville, Arkansas.

Google Maps

Source: Bloomberg

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.
Jim Walton
Jim served on the board for more than a decade.

Rick T. Wilking/Stringer/Getty Images

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.
walton enterprises inc
Jim now manages the family's finances.

Google Maps

Source: Fortune

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 Walton
Alice Walton is the youngest of Walmart founder Sam Walton's children.

AP/April L. Brown

Alice has never taken an active role in running the family business.
Alice Walton (Jim out of focus)
Alice Walton with Jim Walton in 2013.

REUTERS/Rick Wilking

Instead, she became a patron of the arts, which she fell in love with at a young age.
Alice Walton
Alice has spent millions building her art collection.

D Dipasupil/Getty Images

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.
Picasso Blue Room
Picasso's "The Blue Room."

Evan Vucci/Associated Press

Source:Β 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.
crystal bridges calder
The museum displays both paintings and sculptures, like this one by Alexander Calder (center).

Danny Johnston/Associated Press

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.
Georgia O'Keeffe
Georgia O’Keeffe, "Jimson Weed/White Flower No. 1" (1932), Sotheby's.

Courtesy of Sotheby's

Source: The Observer

Alice also breeds horses.
FILE - In this Sept. 4, 2013, file photo, mustangs recently captured on federal rangeland roam a corral at the U.S. Bureau of Land Management's holding facility north of Reno, in Palomino, Nev. Two House committee chairmen are trying to put the brakes on money for a new Trump administration proposal to accelerate the capture of 130,000 wild horses across the West over the next 10 years. (AP Photo/Scott Sonner, File)
Besides art, she loves spending time with horses.

Associated Press

Her Millsap, Texas, property, Rocking W Ranch, sold to the Three Amigos Investment Group of Kermit, Texas, in September 2017 for an undisclosed amount.
Rocking W Ranch
Alice Walton's ranch was called Rocking W Ranch.

Courtesy of WilliamsTrew

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.
Rocking W Ranch
It was also next to a large lake.

Courtesy of WilliamsTrew

Source:Β WilliamsTrew

Her other, 4,416-acre Texas ranch was previously listed at a reduced price of $22 million.
Fortune bend ranch
A huge fire pit was built in the backyard.

Courtesy of WilliamsTrew

The modest, three-bedroom, two-bathroom home overlooks the Brazos River.

Alice also bought a two-floor condo on New York's Park Ave. for $25 million in 2014.
park avenue new york
Park Avenue pictured above at night.

Getty Images/Arata Photography

It has more than 52 large windows overlooking Central Park plus a media room, a winding staircase, and more than 6,000 total square feet of space.
shutterstock_571830520
View of Central Park from the southeast.

evenfh/Shutterstock

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.
Walton Family Foundation
The Walton Family Foundation website.

Facebook/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.
Sam and Helen Walton
The Walton Family Foundation was established in 1987, when Walmart celebrated its 25th anniversary.

Walton Family Foundation/YouTube

The charity awards millions of dollars in grants to causes that align with the foundation's values.
Screen Shot 2018 12 05 at 5.29.18 PM
The foundation awarded $566.5 million in grants in 2022, according to its website.

Walton Family Foundation/YouTube

The foundation has three main areas of focus:
Screen Shot 2018 12 05 at 5.30.57 PM
A project put on by the Walton Family Foundation.

Walton Family Foundation/YouTube

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.
John Walton
The foundation was dedicated to supporting children's education.

Walton Family Foundation/YouTube

Rob spearheaded the foundation's venture into environmental protection. One of the first grants they gave helped develop a sustainable fisheries label.
Walton Family Foundation
Rob launched the environmental and sustainability branch of the foundation.

Walton Family Foundation/YouTube

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."
Home Range arkansas
The Bentonville town square.

Walton Family Foundation/YouTube

Walmart Inc., which owns Walmart and Sam's Club, is the largest retailer in the US in terms of revenue.
walmart 1
In fiscal year 2023, Walmart reported $648.1 billion in revenue.

Business Insider/Jessica Tyler

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.
the walton family walmart
The Walton siblings.

AP/April L. Brown

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.
Sam Walton flying in the late 1980s or early 1990s.

Walmart Museum

Source: SEC filings

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Apple faces calls to remove new AI notification feature on iPhones after it generated inaccurate news summaries

20 December 2024 at 09:38
Apple WWDC 2024
A new generative AI feature in iOS 18.2 has drawn backlash for inaccurately summarizing some news alerts.

Apple

  • Apple is facing backlash over one of its new Apple Intelligence features in iOS 18.2.
  • The feature meant to summarize iPhone notifications inaccurately summarized some news alerts.
  • Nonprofit Reporters Without Borders has called for Apple to remove the generative AI feature.

Apple is facing backlash over one of its newest generative AI features.

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.

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The word business leaders use to hedge when staff ask if they're planning a return to 5 days in the office

18 December 2024 at 16:47
walking to work
Executives at some major companies say they're sticking to hybrid work as long as workers stay productive.

Ezra Bailey

  • 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.

Microsoft's executive vice president of cloud and AI, Scott Guthrie, said the company wouldn't change the hybrid work policy unless it noticed a drop in productivity, BI reported in September.

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.

Executives at Dell called the company's sales team back to the office 5 days a week starting at the end of September, writing in a memo, "Our data shows that sales teams are more productive when onsite."

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.

Read the original article on Business Insider

Recruiters share their favorite questions to ask in job interviews — and how candidates should answer them

18 December 2024 at 10:37
An illustration of a woman answering interview questions for a job.
Recruiters told BI what their go-to interview questions can reveal about a job candidate.

SB/Getty Images

  • One of the biggest parts of preparing for a job interview is running through practice questions.
  • 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.

'Tell me about yourself.'

It's a tried-and-true interview question, and Andrew Fennell, a former corporate recruiter and the founder of the rΓ©sumΓ©-builder website StandOut CV, leans on it to set the tone in interviews.

"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."

Read the original article on Business Insider

Meet Shou Zi Chew, the 41-year-old CEO leading TikTok as it fights a potential US ban

17 December 2024 at 10:04
shou zi chew tiktok ceo
Shou Zi Chew is the face of TikTok's effort to stay up and running in the US.

Kin Cheung/AP

  • TikTok CEO Shou Zi Chew is the public face of the company, rallying its fans and testifying before Congress.
  • He's 41 years old, went to Harvard Business School, and interned at Facebook when it was a startup.
  • He met with president-elect Donald Trump recently as he continues his fight to avoid a TikTok ban in the US.

TikTok is under a lot of pressure right now.

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.
facebook mark zuckerberg
Facebook's Mark Zuckerberg in 2010, before he took his company public.

Marcio Jose Sanchez/AP

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.
Shou Zi Chew and Vivian Kao attend The 2022 Met Gala
Shou Zi Chew and Vivian Kao attend The 2022 Met Gala.

Theo Wargo/WireImage

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.
Shou Zi Chew and Xiaomi CEO give thumbs up at the listing of Xiaomi at the Hong Kong Exchanges on July 9, 2018
Shou Zi Chew and Xiaomi's CEO give thumbs up at the listing of Xiaomi at the Hong Kong Exchanges on July 9, 2018

REUTERS/Bobby Yip

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.
TikTok CEO Shou Zi Chew in Washington, DC on Tuesday February 14, 2023.
TikTok CEO Shou Zi Chew in Washington, DC on Tuesday, February 14, 2023.

Matt McClain/The Washington Post/Getty Images.

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.
zhang yiming bytedance
ByteDance founder Zhang Yiming

Zheng Shuai/VCG via Getty Images

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.
Biden
The Biden administration has demanded that TikTok divest its American business from ByteDance or risk being banned.

Jacquelyn Martin, Pool

Donald Trump's administration issued executive orders designed to force ByteDance into divesting its TikTok US operations, though nothing ever happened.

President Biden signed an executive order in June 2021 that threw out Trump's proposed bans on the app.

Last year, the Biden administration demandedΒ that TikTok divestΒ its American business from its Chinese parent company or risk being banned in the US. In response, Chew said such a divestmentΒ wouldn't solve officials' security concerns aboutΒ TikTok.

In a TikTok last March, Chew announced the company has amassed 150 million monthly active users in the US and broached the subject of the ban threats.
Shou Zi Chew, TikTok's CEO
Chew took to TikTok to discuss the ban threats.

TikTok

"Some politicians have started talking about banning TikTok," he said. "Now this could take TikTok away from all 150 million of you."

Chew testified before Congress that month about the company's privacy and data security practices.

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.
TikTok CEO Shou Zi Chew testifies during a House Energy and Commerce Committee hearing on Thursday, March 23, 2023.
TikTok CEO Shou Zi Chew testifies during a House Energy and Commerce Committee hearing on Thursday, March 23, 2023.

Kent Nishimura / Los Angeles Times via Getty Images

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.

Chew put out a video response shortly after, asking users to "make your voices heard" and "protect your constitutional rights" by voicing opposition to lawmakers.

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.
Donald Trump
Chew and Trump recently met.

Jeff Bottari/Zuffa LLC via Getty Images

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.
TikTok CEO Shou Zi Chew departs after Congress Testimony
Shou Zi Chew leaves Congress on March 23.

Kent Nishimura / Los Angeles Times via Getty Images

He's been seen at the Met Gala, and also posted about attending the 2023 Super Bowl and even Taylor Swift's Eras Tour.

His hobbies include playing video games like Clash of Clans and Diablo IV, golfing, and reading about theoretical physics.

Read the original article on Business Insider

The career rise of billionaire Alex Karp, Palantir's outspoken CEO

17 December 2024 at 08:25
Alex Karp in a purple sweather talking at a conference
Palantir CEO Alex Karp took the company public in 2020 after launching the data firm in 2003.

Fabrice Coffrini/AFP

  • 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.
Alex Karp
Karp has described his parents as hippies.

Mustafa Yalcin/Anadolu Agency/Getty Images

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.
Stanford
Karp met Peter Thiel, one of several people with whom he'd later co-found Palantir, at Stanford University, pictured here.

Getty

At Stanford, he was classmates with PayPal cofounder and venture capitalist Peter Thiel.

After law school, Karp began working on a Ph.D. in philosophy at Goethe University in Frankfurt, Germany, studying under famed philosopher Jurgen Habermas.
Frankfurt, Germany
Karp also pursued a Ph.D. in philosophy in Frankfurt, Germany, pictured here.

Pigprox/Shutterstock

Karp is fluent in German and speaks French as well.

Around the same time, an inheritance from his grandfather sparked an interest in investing.
Alex Karp, the cofounder and CEO of Palantir, looks ahead
Before heading up Palantir, he got into investing on behalf of wealthy clients.

Stefani Reynolds for AFP via Getty Images

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.
: Entrepreneur and venture capitalist Peter Thiel visits "FOX & Friends" at Fox News Channel Studios on August 09, 2019 in New York City.
Palantir was founded by several Stanford and PayPal alums.

John Lamparski/Getty Images

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.
Alex Karp in a white jersey walking out of an SUV
Karp is known for some eccentric behavior.

Brendan McDermid/Reuters

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.
Person in nature practicing qigong
He's a fan of Qigong meditation.

Yasuyoshi Chiba/Getty Images

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.
Palantir palo alto
Palantir was previously based in Palo Alto, California, but since moved its headquarters to Denver.

Palantir

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.
Alex Karp Palantir
Palantir has drawn ire for licensing its tech to law enforcement.

Drew Angerer/Getty Images

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.
palantir protests
Palantir has also faced controversy for its ICE contracts.

Reuters/Shannon Stapleton

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.
Alex Karp
Karp has defended Palantir's use by military and intelligence agencies.

Kevork Djansezian/Getty Images

"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.
Palantir
Palantir began trading on the New York Stock Exchange in September 2020.

Noam Galai/Getty Images

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.
Palantir CEO Alex Karp
Palantir's US revenue increased 44% year-over-year, it said in Q3 2024 earnings.

Bertrand Guay/Getty Images

"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.
Alex Karp
Karp's book comes out in February.

BRYAN R. SMITH/AFP via Getty Images

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.

Read the original article on Business Insider

The latest change for Starbucks under its new CEO? Baristas can get triple the amount of paid parental leave

16 December 2024 at 13:56
Starbucks barista taking order
Starbucks will offer baristas up to 18 weeks of paid parental leave starting in March as it begins a turnaround effort under new CEO Brian Niccol.

Ted S. Warren / AP

  • 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.

Shortly after becoming CEO, Niccol, whose pay package includes up to $113 million in total compensation, wrote an open letter about his plan to improve the business.

"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."

Read the original article on Business Insider

5 new AI products worth trying from the avalanche of announcements this week

14 December 2024 at 02:32
A smartphone displays icons for AI apps including Gemini, ChatGPT, and Copilot.
This week brought lots of AI news, including the launch of OpenAI's video generator Sora for paid users.

Jaque Silva/NurPhoto

  • It was an overwhelming week in AI product launches.
  • OpenAI's 12 Days of "Shipmas" continued, Google launched a host of AI products, and new Apple Intelligence features arrived.
  • Here are 5 of the most helpful AI tools announced this week to consider giving a try.

There was a deluge of AI announcements this week as Big Tech pushed out releases and announcements ahead of the holidays.

It was a lot to keep up with β€” even for us β€” so we rounded up some of the most useful tools and features you can try out today.

Here are 5 of our recommendations from the last week that you might find helpful in your day-to-day life.

Genmoji in iOS 18.2 will up your texting game
Apple's Genmoji feature
Genmoji is a new Apple Intelligence feature available in iOS 18.2.

Apple

Apple's iOS 18.2 software update came out Wednesday and introduced us to Genmoji, custom AI-generated emoji made possible with Apple Intelligence.

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 introduces ChatGPT integration.
Apple's iOS 18.2 introduces ChatGPT integration.

Apple

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.

OpenAI's Sora AI video generator launches
Sora screenshot explore page
OpenAI's video generator, Sora, is now available to ChatGPT Plus and Pro users.

screenshot/OpenAI

OpenAI's AI video generator, Sora, launched to public users this week as part of the company's "12 Days of Shipmas" slate of daily AI announcements.

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).

OpenAI's Advanced Voice Mode with vision
ChatGPT Advanced Voice Mode Demo
ChatGPT's Advanced Voice Mode can see what you show it through your phone camera or share with it on your screen.

screenshot/OpenAI

ChatGPT's Advanced Voice Mode can now "see."

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
Google Gemini Advanced 1.5 Pro with Deep Research: Get in-depth answers
Deep Research is available to Gemini Advanced users.

Google

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.

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Donating $1 million to Trump's inaugural fund is the latest trend for CEOs and companies

26 December 2024 at 08:02
Donald Trump
Donald Trump is raking in millions in donations to his inaugural fund from many notable business leaders.

Anna Moneymaker/Getty Images

  • Donald Trump is getting donations left and right from the biggest names in business.
  • Ford, GM, and Toyota are among the latest to give $1 million each to Trump's inaugural fund.
  • Business leaders are angling to get or stay in his good graces and help shape his policymaking.

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.

A handful of automakers recently joined the mix, with Ford, GM, and Toyota each planning to chip in $1 million to the President-elect's fund.

In finance, Citadel founder Ken Griffin also reportedly plans to give $1 million towards Trump's inauguration, and Goldman Sachs and Bank of America will donate unspecified amounts to the fund. Crypto exchange Coinbase is in for $1 million, and Robinhood for $2 million.

Tech leaders and firms kicked off the donations to Trump's inauguration.

Meta previously confirmed to BI that it's donating $1 million to Trump's inaugural fund. Amazon told the Financial Times it's giving $1 million to the fund and will also air the inauguration on Prime Video. Uber and its CEO, Dara Khosrowshahi, each gave an additional $1 million.

Sam Altman is kicking in $1 million of his personal money to the inauguration fund, OpenAI confirmed. Altman said in a statement to multiple news outlets, "President Trump will lead our country into the age of AI, and I am eager to support his efforts to ensure America stays ahead."

As for the tech leaders, some may be 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 making trips to Mar-a-Lago.

Trump and recently Bezos met for dinner, joined by Elon Musk, and multiple news outlets reported Apple CEO Tim Cook also traveled to Mar-a-Lago to dine with the president-elect.

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.

President-elect Donald Trump at the New York Stock Exchange.
President-elect Donald Trump at the New York Stock Exchange.

Spencer Platt/Getty Images

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 earlier this month on 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.

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All the ways Netflix is paring costs and perks, from parental leave to corporate merch

12 December 2024 at 12:00
Netflix on a phone
Non-English shows on Netflix accounted for a third of its views in the year's first half.

CFOTO/CFOTO/Future Publishing via Getty Images

  • Netflix is reportedly reining in some of the generous employee perks it's known for.
  • This includes its parental leave policy, salaries, and even merch, the Wall Street Journal reports.
  • The changes signal a culture shift at a firm that's grown considerably and faces investor pressure.

The tech industry's war on perks seems to have switched to its newest channel: Netflix.

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.

Netflix isn't the only company reining in perks. As a focus on efficiency sweeps the tech industry, spurring mass layoffs and cost-cutting initiatives, other companies are cracking down. Meta recently fired some employees who misused its $25 Grubhub meal perk. Google told staff last year it was reducing cafΓ© hours on campus and shifting fitness class offerings and shuttle schedules based on usage.

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20 books that Elon Musk, Jeff Bezos, and Bill Gates recommend you read

11 December 2024 at 08:01
side-by-side of Elon Musk, Jeff Bezos, and Bill Gates
Elon Musk, Jeff Bezos, and Bill Gates have some reading advice.

Yasin Ozturk/Getty Images; Paul Ellis/Getty Images; Michael Loccisano/Getty Images

  • Many executives say they've learned valuable lessons on business from books.
  • Elon Musk, Jeff Bezos, and Bill Gates are no exception.
  • Here are 20 books they've said taught them a lot about business, leadership, and the forces shaping our world.

You learn by doing β€” but you can also learn a lot by reading.

Many influential business figures, including Tesla CEO Elon Musk, Amazon cofounder Jeff Bezos, and Microsoft cofounder Bill Gates say they've learned some of the most important lessons in their lives from books.

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
Amazon founder and chair Jeff Bezos pictured here in front of a giant image of a book.

Mario Tama/Getty Images

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"
The Innovator's Solution book cover

Harvard Business Review Press

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"
'The Goal  A Process of Ongoing Improvement' by Eliyahu Goldratt

Amazon

Also on that list was "The Goal," in which Eliyahu M. Goldratt and Jeff Cox examine the theory of constraints from a management perspective.

Buy it here >>

"The Effective Executive"
The Effective Executive book cover

Amazon

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"
'Built to Last  Successful Habits of Visionary Companies' by Jim Collins

HarperCollins Publishers/Amazon

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."

Buy it here >>

"The Remains of the Day"
'The Remains of the Day' by Kazuo Ishiguro

Vintage International/Amazon

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."

Buy it here >>

"Lean Thinking: Banish Waste and Create Wealth in Your Corporation"
'Lean Thinking  Banish Waste and Create Wealth in Your Corporation' by James Womack and Daniel Jones

Simon & Schuster/Amazon

This book imparts lessons about improving efficiency based on case studies of lean companies across various industries.

Buy it here >>

Elon Musk
Elon Musk in 2020

Yasin Ozturk/Getty Images

The Tesla CEO has recommended several AI books, sci-fi novels, and biographies over the years.

"What We Owe the Future"
cover of the book "What We Owe the Future" by William MacAskill

Amazon

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"
superintelligence

Amazon

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.

Buy it here >>

"Our Final Invention: Artificial Intelligence and the End of the Human Era"
our final invention

Amazon

On the subject of AI, Musk said in a 2014 tweet that this book, which examines its risks and potential, is also "worth reading."

Buy it here >>

"Life 3.0: Being Human in the Age of Artificial Intelligence"
Life 3.0: Being Human in the Age of Artificial Intelligence book cover

Amazon

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"
Zero to One

Amazon

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."

Buy it here >>

"Einstein: His Life and Universe"
einstein

Amazon

Musk's reading list isn't without biographies, including this Walter Isaacson book on Albert Einstein as well as Isaacon's biography of Benjamin Franklin. Isaacson more recently published a biography of Musk himself.

Buy it here >>

Bill Gates
Bill Gates smiling.

Leon Neal/Getty Images

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"
cover of book How the World Really Works

Penguin Random House

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"
cover of book Why We're Polarized by Ezra Klein

Simon & Schuster

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"
business adventures

Amazon

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.

Buy it here >>

"Factfulness: Ten Reasons We're Wrong About the Worldβ€”and Why Things Are Better Than You Think"
"Factfulness: Ten Reasons We're Wrong About the World β€” and Why Things Are Better Than You Think," by Hans Rosling

Amazon

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."

Buy it here >>

"Origin Story: A Big History of Everything"
origin story david christian

Little, Brown and Company

David Christian takes on the history of our universe, from the Big Bang to mass globalization, in this book.

Buy it here >>

"The Sixth Extinction: An Unnatural History"
β€œThe Sixth Extinction: An Unnatural History” by Elizabeth Kolbert

Amazon

Elizabeth Kolbert plumbs the history of Earth's mass extinctions in this book, including a sixth extinction, which some scientists warn is already underway.

Buy it here >>

"The Myth of the Strong Leader: Political Leadership in the Modern Age"
the myth of the strong leader

Amazon

This Archie Brown book examines political leadership throughout the 20th century.

Buy it here >>

"The Coming Wave"
book cover of "The Coming Wave" by Mustafa Suleyman

Amazon

One of Gates' most recent book picks comes from the head of Microsoft AI.

Mustafa Suleyman's "The Coming Wave" explores the opportunities and risks posed by scientific breakthroughs like AI and gene editing.

"If you want to understand the rise of AI, this is the best book to read," Gates wrote of the book.

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