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Welcome back to our Sunday edition, a roundup of some of our top stories. You've likely heard the term "supercommuter," but you might have wondered… why? Someone who does it from Washington, DC, to NYC admits she's not sure the job is worth the commute. Still, she's not regretting doing it.

On the agenda today:

• Musicians billed US taxpayers for luxury hotels, shopping sprees, and million-dollar bonuses.
• Their mother inherited a priceless archive. Then a messy legal battle tore their family apart.
• Zillow's price estimates are screwing up homebuying — but Americans don't care.
• Inside Citi's unpopular annual review process.

But first: Blackstone's feeling festive.

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Some warmth from a Blackstone

Blackstone released its annual holiday video for the seventh consecutive year, which might elicit the reaction: Why is a firm managing $1 trillion worried about holiday videos?

The videos — full of self-deprecating jokes and Blackstone-backed product placement (of course) — have become a bit of an annual tradition on Wall Street. Last year's notched 8 million views across platforms, a spokesman told BI. We've got a full rundown and ranking of all seven videos here.

Some people are laughing at Blackstone as opposed to with Blackstone, but that's kind of the point. In an industry full of super serious people doing super serious business for super serious clients, Blackstone's willing to make itself the butt of the joke.

Ok, yes, there is a business case for the videos. Jay Gillespie, the head of Blackstone's video team and one of the brains behind the holiday extravaganza, spoke to BI's Alex Nicoll about the evolution of his role at the firm.

Blackstone's not alone in its outside-the-box approach to marketing on the Street. More firms are getting a bit — to borrow a phrase from my British colleagues — cheeky in pitching themselves to the general public.

Take BlackRock, which a few years ago took to social media to make clear it's not Blackstone. (The firms have a long history together and have sometimes lean into the confusion between the two. BlackRock CEO and cofounder Larry Fink made a cameo in Blackstone's holiday video this year: "Can you believe people confuse US for THEM?")

Wall Street's marketing frenzy isn't foolproof. For an industry that prides itself on what kind of business you are bringing to a firm, marketing's impact isn't as direct as landing a massive deal or hitting the perfect trade.

COVID relief money funded musicians' lavish lifestyles

Wealthy musicians received millions of dollars from the Shuttered Venue Operators Grant, a pandemic relief program intended for struggling independent venues and arts groups. However, stars like Lil Wayne and Chris Brown used the program as a piggy bank to keep the party going, exclusive reporting from BI shows.

Thousands of pages of accounting documents reveal how artists directed millions in taxpayer funds toward their own bank accounts, luxury purchases, and entertainment expenses — often outweighing what they spent on touring crew members.

How musicians spent the grant money.

The cursed inheritance

Luisa Isabel Álvarez de Toledo, a Spanish duchess, devoted much of her life to cataloging the Archive of Medina-Sidonia, a priceless collection that had been in her family for generations. Comprising of 6 million documents, the archive details the secrets of the kings, dukes, and explorers of medieval Spain.

After Luisa Isabel died, she left her three children just 743,000 euros. However, the bulk of her estate — and control of the archives — went to the woman she'd married on her deathbed. What ensued after was a bitter legal battle that would shatter the family, captivate Spain, and throw the fate of the archives into doubt.

Inside the palace showdown.

Don't trust that Zestimate

There is perhaps no real-estate metric more loved — and loathed — than Zillow's automated home valuation tool. The Zestimate draws casual clickers to the site, whether it's to lurk on previous residences, friends' or colleagues' homes, or the value of your neighbor's property against yours.

The problem is that the Zestimate is often misguided, and Americans' obsession with it can create crushing reality checks when homes actually hit the market.

But that's not a problem for Zillow.

Citi's controversial curve

Earlier this month, Citigroup welcomed 34 managing directors, marking its biggest class in years. Behind the scenes, however, the bank's promotion process can be political and pit employees against each other, four current and former managing directors told BI.

The bank rates its employees on a forced curve, assessing them from best to worst. These rankings influence whether an employee might receive a promotion or lose their bonus.

Managing directors break down how it works.

This week's quote:

"What we're having to speak of already sounds like we're lying — it already sounds like a movie because it's so horrible."

— Adria English worked as a dancer at Sean "Diddy" Combs' famous white parties and filed a lawsuit in July accusing him of sex trafficking. Combs has vehemently denied all accusations of sexual assault and sex trafficking.

More of this week's top reads:

• How Gwyneth Paltrow's Goop lost its glow amid layoffs and pivots.
• Is it too late to buy bitcoin? Why some Wall Street experts say no — and 4 ways to start investing now.
• Amazon is delaying full RTO for some employees because it doesn't have enough workspace, internal notifications show.
• The American dream is shrinking.
• A chip company you probably never heard of is suddenly worth $1 trillion. Here's why, and what it means for Nvidia.
• Meet the 33 women in venture capital who made partner or higher at firms like Andreessen Horowitz and IVP in 2024.
• AppLovin has rocketed to a $100 billion valuation. Some industry insiders are skeptical its run can last.
• America is one big casino now.
• Want to break into VC in 2025? MBAs and consulting backgrounds are out. Technical skills, especially AI, are in.
• Inside India's 'Silicon Valley.'
• AT&T's CTO tells his US team there won't be 'one-for-one seating' upon the return to 5 days in office — read the memo.

• Leaked MrBeast docs reveal 'Beast Games' contestant terms — including a $500K penalty for divulging info.

  ---

  The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Happy (early) holidays! If you're already thinking about what to do with money you might receive this season, perhaps follow this family's lead. They spent their $75,000 inheritance on a bucket list trip to South Africa. They say it helped them grieve.

On the agenda:

• For Generation Alpha, learning to read is becoming a privilege.
• How to pull off the quiet-luxury style, even if you're not rich.
• She stayed at an "otherworldly" Norwegian ice hotel. She'll never do it again.
• Inside the daily routine of a biohacker who wants to live to 150.

But first: A time to say thank you.

If this was forwarded to you, sign up here. Download Insider's app here.

This week's dispatch

Dip into your holiday cheer fund

Even as many Americans are dealing with tipping fatigue, the holiday season can be a time to thank the workers who make their lives easier — with a tip.

According to Bankrate's 2024 Tipping Culture Survey, which surveyed 2,445 US adults earlier this year, many Americans plan to tip their teachers, childcare providers, housekeepers, landscapers, and mail carriers.

Etiquette expert Nick Leighton told Business Insider that it's important to ask those in your community how much they intend to tip since a tip amount is "made up of a constellation of factors, including the nature and length of the relationship with a person and what's considered 'typical' in your area."

Still, if you're wondering how much to tip the people who've helped you all year, here's some general guidance.

Etiquette expert Diane Gottsman told BI that a good tip is typically how much you'd pay childcare providers, housekeepers, and lawn care professionals for a normal visit. However, it may not be legal for teachers and mail carriers to accept tips. Instead, thoughtful non-cash gifts may be more appropriate.

Why our kids can't read

There has never been a golden age for reading scores in America, but a report from last year has raised alarm bells. Reading performance among 13-year-olds has hit its lowest level since 2004, the report found.

Legislators and school districts are touting new, expensive reading programs to improve literacy rates. However, teachers and parents say that's still not helping kids discover the joy of reading. Families who can afford it are moving their kids to different schools or hiring tutors, driving a deeper societal wedge.

Inside the reading wars.

Luxury on the low

Quiet-luxury style is still in vogue. It's all about using high-quality, understated pieces to create chic, effortless looks that say, "I'm rich."

Celebrities like Gwyneth Paltrow nail the trend. Luckily, quiet luxury is easy to duplicate. A personal stylist shared the tips to keep in mind for achieving the look.

Don't go overboard with logos.

Iced out

Dana McMahan and her husband spent $475 for one night in a Norwegian hotel straight out of "Frozen." Staying in the lodge, McMahon writes, was a "once-in-a-lifetime" experience with an "otherworldly" glow.

But would she do it again? Absolutely not. As it turns out, sleeping on ice isn't the most comfortable arrangement.

An Arctic abode.

Biohacking and business

Every morning, longevity clinic co-owner Kayla Barnes-Lentz, 33, spends 2.5 hours biohacking. Her routine includes her first round of electromagnetic field therapy, a workout, sun exposure for her circadian rhythm, sauna time, a shower, and more — all before breakfast. Her goal is to live to 150.

Barnes-Lentz told BI that her longevity habits — many of which aren't fully scientifically proven — have helped her reverse her biological age by 11 years.

Her daily routine.

What we're watching this weekend

• "Virgin River": Netflix's drama series about a small town returned for season six this week.
• "Juror No. 2": Clint Eastwood's courtroom drama film is now streamable following a quiet theatrical release earlier this year.
• "Beast Games": YouTuber MrBeast's new game show kicked off this week on Prime Video, featuring 1,000 contestants vying for a hefty $5 million cash prize.

See the full list

What to shop

• Not too late to save on jewelry: Though it might be too late to get them for Christmas, Blue Nile's jewelry makes incredible gifts for yourself or a loved one. During its holiday sale, rings, bracelets, earrings, and more are up to 50% off.
• Actually comfy ankle boots: A good pair of ankle boots is versatile, comfortable, and durable. But not all pairs are created equal, so we've rounded up 17 styles to meet your needs, like waterproofing, affordability, and everyday wear.
• Avoid another price hike: YouTube TV will join the wave of streaming services raising prices next year. If you're planning a switch, these are some of the best alternatives to consider.

More of this week's top reads:

• Mark Cuban says 60 is the new 40. He follows 3 habits to stay youthful.
• BI's Rachel Hosie tried microtox: the antiaging treatment that smoothes without freezing the face.
• Ultraluxury hotel brands are turning to cruise ships and private jets.
• A gut-health scientist who trained as a chef shared her 2 easy, go-to breakfasts.
• A travel reporter stayed at one of the most expensive lodges next to the Serengeti National Park, where she fell asleep listening to lions roaring.
• The cancellation of 'Freaks and Geeks' broke Linda Cardellini's heart. It also taught her a valuable lesson.
• Review: The 6 best places to order last-minute Christmas dinner online in 2024.
• A Greek Mediterranean diet expert shared the best advice for Americans who want to eat better on a budget.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York City. Grace Lett, editor, in New York. Lisa Ryan, executive editor, in New York. Amanda Yen, associate editor, in New York.

Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of startups. Want it in your inbox every Friday? Sign up here. This week was full of news, likely because it is also the last “real” week of 2024. Which is another way for us to say goodbye for […]

© 2024 TechCrunch. All rights reserved. For personal use only.

• This post originally appeared in the Insider Today newsletter.
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Hello there! Value meals are practically extinct these days, but one place is holding the line: Chili's. The chain's CMO told BI why deals like the Triple Dipper and the 3 for Me combo aren't going anywhere.

In today's big story, the Fed is likely to cut rates again today, but don't bank on more coming after that.

What's on deck

Markets: This $19 billion hedge fund's old-school approach still relies on its founder's big bets.

Tech: AppLovin is a Wall Street darling, with shares up more than 780% this year. Can its incredible run last?

Business: How Sean "Diddy" Combs' professional and personal life crumbled amid a flurry of allegations.

But first, it might be the last one for a while.

If this was forwarded to you, sign up here.

The big story

Here today, gone tomorrow

Enjoy today's rate cut because it might be the last one for a while.

The Fed is expected to make its third-straight rate cut this afternoon, but the certainties end there, write Business Insider's Ayelet Sheffey and Madison Hoff.

Plenty of people on Wall Street believe today marks the end of the Fed's three-month rate-cutting spree, writes BI's Matthew Fox. Yardeni Research and Goldman Sachs both warned the Fed might take a breather when it meets again at the end of January.

Apollo's top economist, Torsten Sløk took things a step further, suggesting a potential rate hike in 2025.

So what's giving the Fed … pause? (Sorry. I had to do it.)

First, inflation is still very much a thing. While prices have improved since 2022, we're not at the 2% target Fed chair Jerome Powell set as a long-term goal. It's also ticked up a bit, with the consumer price index hitting a 2.7% year-over-year growth rate in November.

Meanwhile, the recent jobs report also shows the labor market is in a decent spot.

Those figures aren't exactly where the Fed would like them to be, but they're also not so bad that the central bank would adjust rates after today's announcement to enact change.

One other factor has market watchers unsure about the Fed's next move: the incoming president.

President-elect Donald Trump has made clear he intends to make big changes once he's in office. Talk of widespread tariffs, in particular, has some investors on edge.

Many economists believe Trump's trade plans will lead to higher inflation, as companies raise prices to pass on the taxes they face to customers.

(It's not a bulletproof prediction. Trump implemented tariffs during his first term and inflation decreased, and some believe that could happen again.)

There's another twist: Trump might not do anything with tariffs. The president-elect's tough talk could be a negotiation tactic to get better terms from China, Canada, and Mexico on various topics.

All that uncertainty puts the Fed in a tricky spot. Powell recently said the Fed couldn't make policy changes based on something that "lies well into the future." Instead, it needs to focus on the here and now.

So that means a rate cut today, and who knows tomorrow.

News brief

Top headlines

• Luigi Mangione indicted on first-degree murder charge 'in furtherance of terrorism.'
• Nima Momeni, the man accused of stabbing Cash App founder Bob Lee in April 2023, found guilty of second degree murder.
• Biden backs congressional stock-trading ban with just weeks left in office.
• Amazon commits another $10 billion to Ohio data centers amid questions about energy costs and supply.
• Verily's plan for 2025: Raise money, pivot to AI, and break up with Google.
• Walmart is testing body cameras for some front-line employees in Texas.
• Nvidia stock's correction has accelerated since Microsoft's CEO hinted the frenzied demand for AI chips may be waning.

3 things in markets

1. Some Citi employees review of the bank's annual review process: Not great! Citi uses a forced curve to evaluate employees, meaning managers rank employees from best to worst and there are a finite number of top ratings. Current and former MDs told BI the bank's promotion process can pit employees against each other. Here's how it works and why some people aren't a fan.
2. In a sea of multistrats, Rokos stands apart. Unlike its peers, $19 billion Rokos largely relies on its billionaire founder making big bets. Its strategy starkly contrasts the rest of the industry, where diversified multistrategy funds rule the roost. Going against the grain has served them well.
3. The best bet for investing in 2025, according to Morgan Stanley's top stock strategist. It's time to hit the gym (sort of), as Mike Wilson recommends a barbell investment strategy. That means a mix of high and low-risk assets, which could be a good bet with potential market uncertainty in 2025.

3 things in tech

1. SantaGPT. Artificial intelligence has been changing the e-commerce game. AI should make the process easier since it's more integrated into online shopping. But BI's Amanda Hoover found you still might have to lend the AI elves a helping hand.
2. Wall Street is lovin' AppLovin. Mobile ads and gaming company AppLovin recently had its market value surpass the $100 billion milestone, and shares are up more than 780% this year. However, some ad industry insiders are skeptical about how long its run can last.
3. A $3 billion AI startup added Stripe's CFO to its board. Vercel, which offers AI tools to developers, said on Tuesday that Stripe CFO Steffan Tomlinson was joining as a director on Vercel's board. Tomlinson has experience taking tech companies public, even though Vercel is early in its life cycle.

3 things in business

1. Rapper unraveled. Since his rise to fame in the late 1990s, Sean "Diddy" Combs had built a business empire and become one of the richest and most well-connected entertainers of all time. But it all began to unravel when he was hit with a criminal indictment — which he pleaded not guilty to — and dozens of civil lawsuits. How his world fell apart in a year.
2. Rich musicians got millions in pandemic relief — and American taxpayers footed the bill. Stadium performers like Lil Wayne and Chris Brown billed US taxpayers for luxury hotels, private jet flights, and shopping sprees. They did it by taking advantage of a pandemic relief program intended for smaller arts organizations, a BI investigation found.
3. Don't trust that Zestimate. Zillow's popular automated home valuation is wrong. A lot. But Americans still love it — and that obsession is a big win for Zillow.

In other news

• The cancellation of 'Freaks and Geeks' broke Linda Cardellini's heart. It also taught her a valuable lesson.
• 56 million Americans don't have access to a retirement plan at work — and Social Security may not be enough to keep them afloat as they age.
• How Alex Karp built the 'cult' of Palantir — 'with no sex and very little drugs.'
• Wealth strategies that used to be reserved for billionaires are becoming more accessible.

• Juror 'misconduct' battle brewing in Trump hush-money case.

  ---

  What's happening today

• Federal Reserve interest rate decision.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Amanda Yen, associate editor, in New York. Milan Sehmbi, fellow, in London.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Hello there! Have you ever watched a Hallmark movie (it's ok to admit it) and wondered: Where did they film this thing? The answer is usually Victoria, British Columbia. Someone who lives there describes what it's like living in a place built for the perfect happy ending.

In today's big story, we're looking at how the uproar over mysterious drones has people doing some investigating of their own.

What's on deck

Markets: Bitcoin predictions for 2025 are rolling in, and there's a wide range of possibilities.

Tech: Amazon's RTO plans have one problem: There's not enough office to return to.

Business: Not as big and a lot more expensive. Welcome to the new American dream.

But first, what is everyone droning on about?

If this was forwarded to you, sign up here.

The big story

It's a bird, it's a plane, no it's…

Mysterious aircraft have taken over the night sky this month, but they probably aren't bringing us gifts on the 25th.

Santa Claus might have some company in the sky as dozens of unidentified aircraft continue to pop up across the East Coast. See for yourself some videos of the sightings that are sparking concern.

The good news: Officials have stressed drones aren't the work of a foreign adversary or a public threat. The bad news: That's about all they are saying.

Donald Trump addressed the buzzy topic Monday during his first press conference since his election win. The president-elect criticized the government for not providing more details to the general public and said he canceled an upcoming weekend trip to his golf club in Bedminster, N.J.

The entire episode also reflects a growing challenge for the US military, writes Business Insider's Jake Epstein. Multiple military installations have spotted drones in their area, which could be spying on military bases or become a hazard to their operations.

The lack of information isn't stopping people from taking matters into their own hands.

Videos captured with Ring doorbells of potential drone sightings are being widely shared, writes BI's Ana Altcheck. The app's "Neighbors" section, typically for sharing info about lost pets or stolen packages, has become inundated with written reports and videos speculating about mysterious aircraft.

Of course, give the internet an inch, and it'll take a mile. While some of the posts are earnest, there's plenty of trolling going on. In some cases, users have gotten annoyed they're being bombarded with notifications about drone posts.

Trying to explain the phenomenon behind the drones represents the perfect thread for conspiratorial minds to pull on, writes BI's Katie Notopoulos.

To be fair, it's only natural to want to do a bit of investigating. I admit, I've spent a bit more time staring at the sky than I normally would, hoping to glimpse our new "friends" (hopefully).

If you do decide to do a bit of sky gazing, it's important to remember there are plenty of things up there that aren't mysterious. The Federal Aviation Administration handles 45,000 flights every day.

So before you get excited about what you think is another drone flying over your backyard, check out this piece from BI's Taylor Rains on how to distinguish what's flying overhead.

News brief

Top headlines

• Trump's hush-money conviction survives his 'immunity' challenge — for now.
• Bernie Sanders says Amazon's warehouse worker injury rates are far worse than the company lets on.
• Elon Musk wants to turn SpaceX's Texas 'Starbase' into its own city.
• Trump is threatening the press. We should take him seriously — and literally.
• Ads took over streaming this year — and they're just getting started.
• The head of Russia's chemical weapons was killed when a scooter bomb exploded in Moscow.
• TikTok's CEO met with Trump as the fight to delay the app's ban heads to Supreme Court.
• The latest change for Starbucks under its new CEO? Baristas can get triple the amount of paid parental leave.

3 things in markets

1. Enjoy this week's rate cut because it might be the last one for a while. Wall Street forecasters aren't banking on the string of rate cuts to continue into early next year. A strong economy coupled with sticky inflation has experts projecting the central bank will pause easing its policy for a bit.
2. Two sides of the same (bit)coin. The crypto bears see bitcoin dropping to $45,000 in 2025 (BCA Research), while the bulls see the asset climbing as high as $500,000 next year (Fundstrat). President-elect Donald Trump's plan for bitcoin will have a massive impact, but there are also big moves being made at the state level.
3. SoFi's head of investment wants to vibe-check the market. Liz Young Thomas told BI it's hard to ignore all the positive signals in the market. However, aggressive speculation that the rally won't end despite stocks being overvalued could create a situation where the market gets too "frothy," she added.

3 things in tech

1. Exclusive: Amazon delays its five-day RTO mandate for some employees. The retail giant doesn't have enough office space in certain locations, and internal notifications reviewed by BI show some RTO policy delays stretching as late as May. But this isn't the first time Amazon has run into workspace capacity issues.
2. Inside Wiz's plans to become the world's biggest cybersecurity company. The cloud security startup has expanded at a breakneck pace, raising $1.9 billion in just four years and passing on a $23 billion acquisition offer from Google. Raaz Herzberg, Wiz's VP of product strategy, told BI where it plans to go from there.
3. Klarna says it will start drug testing workers in Sweden. The buy-now, pay-later firm, which is gearing up for an IPO, said the move was part of a wider effort to "strengthen security" in an internal Slack message sent Monday.

3 things in business

1. The American dream is a lot smaller these days. Fewer kids. Smaller homes. Less free time. Oh, and everything costs a lot more, and you probably won't be happy. The American dream sure looks a lot different than it used to.
2. Move over, Bluesky. Thousands of users have ditched X in the wake of the 2024 presidential election, with many flocking to platforms like Bluesky. But instead of shouting into the void and giving in to doomscrolling, some are turning to their group chat with friends for more meaningful interactions.
3. Introducing BI's 10 industry innovators of 2024. What do the CEO of Nvidia, the commissioner of the WNBA, and the head of Amazon Prime Video have in common? They're all shaking up and transforming their industries in their own ways.

In other news

• Why Arm and Qualcomm's legal battle could have big implications for the chip world.
• How rising US debt could compound into a crisis, according to 'bond king' Jeffrey Gundlach.
• Reid Hoffman says he's not planning on leaving US, but puts odds of Trump retaliation at over 50%.
• Chipotle's new CEO is trying to keep robots out of your burrito assembly line.

• Apple is working on a foldable iPad that has no screen crease, reports say.

  ---

  What's happening today

• Electoral College meets to certify presidential election results.
• Federal Open Market Committee meeting.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Amanda Yen, associate editor, in New York. Milan Sehmbi, fellow, in London.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back to our Sunday edition, a roundup of some of our top stories. Bummed about your Spotify Wrapped? Maybe this explanation from a former Spotify engineer about what was different this year will help.

On the agenda today:

• How Luigi Mangione went from a privileged upbringing to a suspect in a high-profile murder case.
• Paul Singer's son is more powerful than ever at his father's $70 billion firm.
• CEOs of young American startups are seeing their salaries drop.
• The hottest thing in tech is talking up the power of your supercomputer.

But first: Keeping track of DOGE.

If this was forwarded to you, sign up here. Download Insider's app here.

DOGE today, gone tomorrow

With a little more than a month until Inauguration Day, one of the most fascinating parts of the new administration isn't being led by President-elect Donald Trump.

The Department of Government Efficiency, or DOGE, has arguably garnered more attention than Trump's plans for tax cuts, tariffs, and immigration.

Co-heads Elon Musk and Vivek Ramaswamy have targeted $2 trillion in budget cuts by July 4, 2026, but concrete details on how it plans to get there remain a bit of a mystery.

To get a better sense of what DOGE might ultimately do, we mapped out all the areas Musk and Ramaswamy have hinted at making cuts. What is clear is there's no shortage of ideas on where the government is wasting money, according to the duo.

However, tweeting that you'll "delete" an entire agency is one thing. Executing that plan is another thing entirely.

That's not to say there's no value in the endeavor. A Pimco economist highlighted DOGE as one of the key ways Trump can reduce the risk from America's soaring debt.

This gets to a wider point: DOGE's goal of cutting government spending comes at a crucial time for the global economy.

Government debt across the globe has spiraled out of control and the current trajectory represents "the most serious threat to macroeconomic and financial stability," according to a senior economist at the Bank for International Settlements.

Inside the life of Luigi Mangione

Before he became a suspect in the murder of UnitedHealthcare CEO Brian Thompson, Luigi Mangione came from a prominent Baltimore family and received an education at elite schools. Friends described him as whip-smart, kind, and unassuming. A former classmate told BI, "I would set my sister or friend up with him."

For years, however, Mangione suffered from debilitating back pain, which he detailed in dozens of Reddit posts, that "put my life on hold in my 20s." The experience appears to represent a significant — and excruciating — engagement with the American healthcare system.

From Ivy League to a murder charge.

Also read:

• In the age of social media, the myth of Luigi Mangione preceded the man

The rise of the son

Gordon Singer, the son of Elliott Management founder Paul Singer and the head of its London office, is now the only one of the firm's 14 partners based abroad. He has less autonomy over the office and fewer big-hitting portfolio managers reporting to him.

Yet within the firm, the younger Singer has more power than ever. Thanks to a recent reorg, his voice is now one of the most influential inside it.

What's next for Gordon.

Early-stage startup CEOs take a pay cut

A recent study from Kruze Consulting found the average salary for the CEO of a seed-stage startup in the US is $132,000 a year — which is down from $142,000 in last year's study. The average founder is also likely to be making less than other people on the leadership team.

The consultancy, which analyzed 450 VC-backed startups' payroll records, also says employee compensation accounts for around 75% of the total operating costs for its startup clients.

A breakdown of how much startups are paying talent.

Also read:

• Public salary data reveals how much xAI pays some workers compared to OpenAI

Who really has the fastest supercomputer?

Both Oracle and xAI love to flex the size of their GPU clusters. Back in the day, it used to be a lot simpler to figure this out. But it's getting harder to tell who is actually right, no matter how much CEOs love to brag.

Plus, size isn't the only important factor. Power efficiency is a vital indicator in AI computing since energy is an enormous operational expense in AI.

But that gets lost in the measuring contest.

This week's quote:

"In case it was unclear before, it is clear now: GM are a bunch of dummies."

— Cruise founder Kyle Vogt on X following GM's announcement that it would stop funding Cruise and fold it into the company's other driver-assistance efforts.

More of this week's top reads:

• The biggest supermarket merger in US history is dead.
• Why your local Chipotles and Sweetgreens may not be around for long.
• Some workers are warming up to AI and think it will help their career.
• America is doing retirement all wrong.
• Elon Musk and Jeff Bezos are trying to liberate us from slide decks. Good luck with that.
• BuzzFeed survives by selling 'Hot Ones' to George Soros.
• Meet America's real Golden Girls: Some unmarried older women without kids at home are doing great.

• An entire team of lawyers jumped ship to a major US law firm.

  ---

  The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Happy Saturday! A new study uncovered more evidence linking cancer to inflammation from diets high in ultra-processed foods. Researchers are now pointing to these foods that may heal the body. (There's more below on a concerning colon cancer trend.)

On the agenda:

• Colon cancer is increasingly becoming a young person's disease.
• Successful men share the luxury items that make their lives easier.
• Work out smarter, not harder, with these efficient, low-impact moves.
• A luxury travel planner shares the six destinations she's recommending to clients right now.

But first: AI fixed Christmas.

If this was forwarded to you, sign up here. Download Insider's app here.

This week's dispatch

ChatGPT, Santa edition

If you're wondering what to get your friends and family this holiday season, perhaps you should follow Caroline Brew's lead. She's a Business Insider fellow who asked ChatGPT what to get her family for Christmas.

The AI-powered tool "gave me 19 suggestions," Brew wrote, "along with additional ideas under categories suggesting quirky and personalized gifts."

I decided to try it for my mom, who is hard to shop for, using the prompt: "What should I get my mom for Christmas? She's the woman who has everything and loves books, reading, tea, and taking a bath. I want it to be thoughtful."

ChatGPT gave me seven suggestions, touching on each theme I provided. The first suggestion was my favorite: "Get her a custom book where you can write and design a book filled with reasons you love and appreciate her."

It's an idea I wouldn't have thought of myself, but one that my mom would cherish, especially because our immediate family lives in three different states.

If you're still wondering what to get your tribe, we've also compiled a list of suggestions for Generation Alpha and ideas for the teenagers in your life. You can also check out our gift-giving guides, curated by BI's Reviews team, that make holiday shopping fun, not a chore.

Colon cancer's rise in young people

Colorectal cancer rates in people under 50 are increasing all over the world. New data from the Lancet Oncology showed that colon cancer rates in young people went up in 27 of the 50 countries the study examined during a 5-year period.

This spike also appears to be happening in richer countries. The study's authors identified detrimental dietary exposures and sedentary lifestyles associated with economic wealth as potentially being connected to the trends.

Where the disease is on the rise.

The luxe items that make men's lives easier

When it comes to the gift-giving season, there's one thing most people want: something that will make their lives easier.

Whether it's a spa package or a fancy alarm clock, there are plenty of options to choose from. BI asked successful men about the luxury items they swear by to make their lives easier, from a Herman Miller chair to $400 headphones.

Here's what they said.

Doing less for better results

Lia Bartha is a 41-year-old pilates instructor who spent years working out too hard. She felt like she was "plateauing" and that higher-impact workouts weren't intuitive to how her body was aging.

She's now prioritizing longevity exercises and says low-impact routines work better for her body. Her brand, B The Method, combines pilates with other wellness techniques like breathwork and flowing gentle movements.

Low impact for the win.

Under-the-radar travel destinations

A luxury travel advisor based in Los Angeles books five-star hotels and vacations for her wealthy clients. She said many prefer traveling to spots that feel exclusive without the large crowds of tourists.

From St. Barts for a warm getaway to the Dolomites for those who want to hit the snowy slopes, she recommends these destinations to her clients looking to get out of town this winter.

Wealthy winter getaways.

What we're watching this weekend

• "Conclave": The papal drama starring Ralph Fiennes and Stanley Tucci has been meme fodder for social media — and now it's finally streaming on Peacock.
• "Yellowstone": The hit neo-Western's season (or series) finale airs this weekend.
• "Maria": Angelina Jolie stars as the opera singer Maria Callas in a new biographical drama on Netflix.

See the full list

What to shop

• Last-minute gifts: Time is running out for gift shopping, but luckily, we have a guide to the best last-minute gift ideas for when you're in a pinch. Options like in-store pickup and digital delivery features (think subscriptions and gift cards) make all the difference.
• Seriously comfy slippers: Bombas makes some of our favorite socks of all time, so it shouldn't come as a surprise that the brand's new memory foam slippers rock. Our style team tried both versions — and they've basically refused to take them off.
• Don't forget the ham: For many, ham is a must-have for Christmas dinner. Rather than spending your day in line, check out our roundup of the best hams that will arrive in time for the holiday meal.

More of this week's top reads:

• Review: BI's Erin McDowell tried chicken tenders from 5 major chain restaurants, and one emerged as MVP.
• Three modern-day 'Golden Girls' spent $1.2 million to build a compound to live communally as they age. Take a look.
• Taylor Swift spent 484 hours — the equivalent of over 20 straight days — singing onstage during the Eras Tour.
• One woman and her husband moved to an Italian town with $1 homes. She said they were considering buying one, but was glad they didn't.
• The jewelry brands 'it girls' will be shopping at this holiday season.
• Meet the former Soho House exec who wants to bring old-school luxury back to private members' clubs.
• One couple traded Seattle's nightmarish traffic and expensive housing for quiet streets and a big yard just an hour away.
• Why Luke Wilson says he was never competitive with his brother Owen for roles.
• Office parties are back — and that's good news for Gen Z.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York City. Grace Lett, editor, in New York. Lisa Ryan, executive editor, in New York. Amanda Yen, associate editor, in New York.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

(Slightly) new name, who dis? I didn't catch enough sun in Florida to get a proper tan, but I am bringing a fresh look to the newsletter. All your favorite parts are still here, just with an updated feel. Like that friend who suddenly has a great hairline a few months after their trip to Turkey.

In today's big story, Luigi Mangione, the 26-year-old charged with the killing of UnitedHealthcare CEO Brian Thompson, made a vocal first appearance in court.

What's on deck

Markets: Microsoft investors take a pass on holding bitcoin on the balance sheet.

Tech: Amazon's pharmacy business is quietly crushing it.

Business: It turns out taking it easy during retirement isn't all that easy.

But first, all rise.

If this was forwarded to you, sign up here.

The big story

Heading to the courtroom

The case against the man accused of killing UnitedHealthcare CEO Brian Thompson is coming into focus.

Luigi Mangione appeared in a Pennsylvania court Tuesday for a hearing about his extradition to New York, where he faces a second-degree murder charge in the death of Thompson last week.

The high-profile case already included fireworks, as Mangione shouted at the press while being escorted into the local courthouse. Although it wasn't entirely intelligible, Mangione called something "completely out of touch" and "an insult to the American people." There was also a reference to a "lived experience."

Mangione brought some of that fight into the courtroom, as his lawyer, Thomas Dickey, said he was contesting his extradition to NY. Doing so won't ultimately stop him from being brought back to New York to be arraigned, but it could delay the process by weeks.

A key piece of the case will likely be a "ghost gun" — or untraceable firearm that can be assembled at home — that police say they found on Mangione. Joseph Kenny, the New York Police Department's chief of detectives, previously told reporters the gun could have been made on a 3D printer.

Shares in health insurers have also taken a dip as the market wonders if Thompson's death will lead to wider scrutiny of the industry.

One thing that does seem clear is the gap between how much health insurance companies spend on executive security compared to their Big Tech peers.

In the meantime, details on Mangione continue to emerge.

A review of Mangione's deleted X posts by Business Insider's Jack Newsham and Katherine Long offers a look inside the 26-year-old's mind.

His deleted social media posts show skepticism toward doctors, President-elect Donald Trump, and President Biden. One repost also suggests he supported Robert F. Kennedy Jr.

It's just some of the vast online trail the Ivy League graduate created. An app founder who talked about AI on X, Mangione attended elite schools and wrote a favorable review of the Unabomber Manifesto.

News brief

Top headlines

• Bankruptcy judge rules against The Onion's acquisition of Infowars.
• GM gives up on robotaxis after a string of troubles with Cruise.
• Jay-Z's response to sexual assault allegations was missing one key thing, according to PR pros.
• Scoop: Particle Health lands $10 million in funding after lobbing antitrust lawsuit against medical records giant Epic.
• The US is striking targets across Syria, and it isn't the only one dropping bombs in this uncertain moment.
• Trump said he'd consider raising the minimum wage. Here's where it stands in every state and the raises both parties have proposed.
• LinkedIn wants to have its TikTok era.

3 things in markets

1. Microsoft shareholders shut down a bitcoin investing bid. A think tank proposal called for Microsoft to evaluate the benefits of adding bitcoin to its corporate balance sheet. But investors shut the proposal down, saying it prefers to stick with less volatile assets.
2. The market's green flags could actually be red ones for 2025. Contrarian investor Edward Yardeni explains why seemingly strong market indicators, like an elevated Bull/Bear ratio and the S&P 500 trading above its 200-day moving average, might lead to a pullback.
3. Speaking of cautious outlooks… Some Wall Street forecasters see the stock market's good times hitting a wall in 2025. Whether it's concerns over consumer spending waning or a feeling that stocks are just too pricey, some experts see a market correction coming early next year.

3 things in tech

1. Amazon Pharmacy's potential sales boom. A record 45% of Amazon's customers are "very interested" in buying medications from its pharmacy business, an Evercore analysis found. As shopper interest skyrockets, Amazon Pharmacy's revenue is expected to reach $2 billion this year, according to the report.
2. YouTube star Marques Brownlee has some questions for OpenAI. The AI giant recently released Sora, an AI video generator, to help creators like popular tech reviewer Brownlee. But Brownlee didn't sugarcoat his skepticism in his review of the AI tool and wanted to know if OpenAI used his videos to train Sora without his knowledge.
3. Google's Gemini woes. As Google pours money into AI, the tech giant is hoping products like Gemini for Google Workspace will turn the investment into revenue. However, according to internal documents reviewed by BI, Workspace's Gemini tools trailed its key rivals when it came to brand familiarity and usage.

3 things in business

1. Kroger's $25 billion acquisition is not to be. Kroger's proposed acquisition of Albertsons was blocked by a federal judge, who agreed with the FTC that the merger would weaken competition for US grocery shoppers. It would be the largest supermarket merger in history, but the ruling could ultimately sink the deal.
2. Ball is not life, after all. Warner Bros. Discovery CEO David Zaslav was widely criticized by Wall Street after losing NBA rights to competitors. But WBD is doing just fine, securing higher rates for most of its TV networks from Charter and Comcast, the two largest cable providers in the US, people familiar with the terms of the deals told BI. (NBA execs, on the other hand, are fighting an early-season ratings slump with an NBA Cup they hope will reignite interest.)
3. America is doing retirement all wrong. Plenty of older Americans envision themselves strolling through golf courses, lounging by pools, or binge-watching TV shows in retirement. But research suggests a life of pure leisure doesn't make you happier or healthier. In fact, it may even prevent you from living longer.

In other news

• Timothée Chalamet's Bob Dylan can really sing, even if 'A Complete Unknown' doesn't hit all the right notes.
• I asked ChatGPT to help me decide what to get my family for Christmas. It gave me suggestions I never would've thought of.
• Ex-Abercrombie and Fitch CEO requests a hearing to determine if he's mentally fit to be tried on sex trafficking charges.

• Was your 2024 Spotify Wrapped disappointing? A former engineer explains why it felt like a flop this year.

  ---

  What's happening today

• Macy's reports earnings.
• The White House hosts a conference on women's health research.
• CPI data is released.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Amanda Yen, associate editor, in New York. Milan Sehmbi, fellow, in London.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Hello. Luigi Mangione, a 26-year-old Ivy League graduate, has been charged with murder in the fatal shooting of UnitedHealthcare CEO Brian Thompson.

Mangione was arrested in Pennsylvania on Monday and initially faced local gun and forgery charges. Our team has been covering this developing story — keep up with our coverage here.

In today's newsletter, the $13 billion Omnicom-IPG megamerger reflects a new era as Big Tech and AI upend the ad industry.

What's on deck:

• Markets: Nvidia shares fell after China hit the chipmaker with an antitrust probe.
• Tech: Former Google employees on being laid off from the tech giant and their advice for those in a similar position.
• Business: Rupert Murdoch lost a 'Succession-like' legal battle over future control of his media empire.

But first, a new ad-venture.

If this was forwarded to you, sign up here.

The big story

The ad industry's new era

It's already been a big week for the ad industry.

Omnicom Group said it had reached an agreement to acquire Interpublic Group, a merger worth more than $30 billion that would create the world's largest ad conglomerate.

Across the pond at Paris-based Publicis Groupe, the party hats might be staying in the drawer. Just last week, Publicis recruited Snoop Dogg for a video to help celebrate the firm usurping London's WPP to become the world's largest ad holding company.

But it's not just about being No. 1. For ad industry insiders, the proposed takeover reflects an ad sector under threat from Big Tech and AI, writes Business Insider's Lara O'Reilly. By creating a larger company, Omnicom-IPG will have a bigger base to deploy data and technology, which could give it leverage to secure beneficial and exclusive deals with partners such as cloud providers.

Keep in mind, however, that in the short term mergers can be highly disruptive.

Concerned clients. Bruised egos. Job cuts.

Integrating two companies with 100,000 people combined, dozens of different agency brands, and hundreds of offices across the globe will not be a simple task. There will likely be synergies — including job cuts. "It will be harder to climb the career ladder. Superstar creators and creatives will also be in demand, as well as good strategists, in all disciplines. But, lots of other roles will become diminished," Simon Francis, who leads the marketing consultancy Flock Associates, told BI.

However, as Lara highlights, that could create opportunities for smaller agencies, especially as the merged company works its way through the disruption caused by integration, egos being knocked out of joint (it wouldn't be the first time), and potential client conflicts where the new entity suddenly works with two or more fierce rivals in the same sector.

"From an M&A perspective, it's only going to add fuel to the fire."

That's according to William Ritchie, founding and managing director of advisor firm WY Partners. "I'd expect there is going to be more competition for the best assets and more focus on building a streamlined data and tech-first offering which can compete," he told BI.

Private equity has been circling the ad industry, too. Apollo, KKR, and Blackstone have shown interest in media and entertainment. Industry insiders have speculated for months that WPP could be taken private — or at least some parts of it could be.

News brief

Top headlines

• What we know about Luigi Mangione, the Ivy League grad charged with murder in UnitedHealthcare CEO's killing.
• Jay-Z asks judge to unmask Jane Doe who said in a lawsuit that he and Diddy raped her when she was 13 years old.
• Trump says he's 'having dinner' with Jeff Bezos. It's the latest development in their long history.
• AMD downgraded after BI report on weak demand for its AI chips among AWS customers.
• Post-Assad Syria will be a new challenge for America's Middle East strategy.

3 things in markets

1. Nvidia stock drops as China probes the chipmaker over potential antitrust violations. China's government is looking into Nvidia's acquisition of chip design firm Mellanox, which it previously approved. Nvidia stock fell by more than 2.5% early Tuesday.
2. Microsoft and Amazon investors are eyeing pieces of the bitcoin pie. Shareholders at Microsoft and Amazon will decide this week if their respective companies should consider investing in bitcoin. The cryptocurrency recently blew past a $100,000 milestone that bestowed great gains on MicroStrategy, which saw triple-digit gains after buying up bitcoin this year.
3. Some advice from Citi's newly minted MDs. Citi appointed its largest class of managing directors under CEO Jane Fraser last week. Five of the new MDs told BI their best career advice and reflected on the bank's massive transformation.

3 things in tech

1. Life after Google. The past few years have been rough for those in the tech world as the industry faced historic layoffs. Eight ex-Googlers — including one who has since returned — shared what it was like to lose what some considered their "dream job," and how they found their footing after.
2. Inside MrBeast City. Jimmy Donaldson, the creator better known as MrBeast, shared photos of the "city" he built for his upcoming "Beast Games" show. He said it cost more than $14 million to build.
3. OpenAI's shiny new video generator is open to the public. Sora, which can generate videos up to 20 seconds long from written prompts, went live Monday. Its product lead said a team of about five or six engineers built the generator in months.

3 things in business

1. Murdoch's "Succession" battle. Life imitates art, or perhaps, art imitates life. Rupert Murdoch lost a legal case over the future of his media empire in a real-life succession battle on Monday. Rupert, 93, and his son Lachlan took on three other Murdoch children in court — and lost, for now.
2. Thinking outside the deck. For better or worse, slide decks have been at the crux of how Americans work in the nearly four decades since PowerPoint launched. But they've also faced a lot of backlash, including from CEOs like Elon Musk and Sundar Pichai. Does that mean the deck is in jeopardy? Next slide.
3. AI's pollution price tag. AI-related emissions will soon rival that of all the cars in California, according to a new study. In just six years, the study found, AI electricity consumption could pollute the air so much that asthma-related deaths could spike by more than a third. By 2030, researchers calculated, AI's health impact could total up to $20 billion.

What's happening today

• Israeli Prime Minister Benjamin Netanyahu testifies at his corruption trial in Jerusalem.
• Treasury Secretary Janet Yellen speaks at Wall Street Journal CEO Council Summit.
• Nobel Prizes, including the Nobel Peace Prize, are presented in Stockholm, Sweden.

The Insider Today team: Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York Milan Sehmbi, fellow, in London.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back to our Sunday edition, a roundup of some of our top stories. Business Insider's Mia de Graaf recently got the chance to sit down with Sen. Bernie Sanders to discuss the incoming administration. He talked about the common ground he sees with Elon Musk regarding government spending, and why he's in favor of Robert F. Kennedy Jr. shaking up the nutrition system.

On the agenda today:

• Meet the 45 rising venture-capitalist stars of 2024.
• Yeti's untold origin story includes a shocking murder in the Philippines.
• Hiring is up for almost everyone — except middle managers.
• Baby boomers got rich from skyrocketing home prices. Now they can't find homes to retire.

But first: Let's go shopping!

If this was forwarded to you, sign up here. Download Insider's app here.

Shop until you drop

The holiday shopping season is in full swing, but judging by the numbers, you might have already bought all the gifts you need.

Black Friday and Cyber Monday were monster days for retailers. And while some took the old-school approach of braving the crowds, online shopping was the real star.

Adobe's data showed $10.8 billion in Black Friday e-commerce sales, while Cyber Monday hit $13.3 billion, new records for both days.

TikTok Shop also did well, with over $100 million in single-day sales on Black Friday. Viewers had plenty to swipe through, as creators hosted more than 30,000 livestream sessions during the day.

It was a demonstration of the power influencers and affiliate marketers now hold in the retail industry, as they drove 20% of US e-commerce revenue on Monday.

The social platform's success shows shoppers have overcome the stigma of buying things, especially big-ticket items, from their phones. More than half of Cyber Monday's sales were done via mobile, according to Adobe.

Customers shelling out big during Cyber Week might come as a surprise to those seeing reports about consumers feeling the pinch of inflation.

But the economy's one constant during a volatile few years has been a resilient US consumer that hasn't slowed down spending. (And if you are hurting from inflation, what better time to shop than when the deals are the best?)

How some shoppers are paying for all those purchases could be an issue, though. Buy now, pay later options got plenty of play, which could spell trouble for users as those bills come due. That's been particularly tough for Gen Z, which is acquiring debt at a faster rate than any other age group.

VC's rising stars

BI asked readers and top venture capitalists to name the promising young VCs in their networks. This year's investors come from a wide array of backgrounds and a range of different roles.

The artificial-intelligence startup boom has created more opportunities than ever for early-career investors to shine. Many who made the list are making a name for themselves by betting on AI startups, but investors in healthcare, defense tech, and more, were also included.

Meet the 45 who made the list.

Yeti's stone-cold origin story

Brothers Roy and Ryan Seiders launched the wildly successful drink cooler brand Yeti — a business now worth $3.5 billion — out of their father's backyard.

But years ago, the shocking murder of their business partner triggered a succession battle that nearly stopped the company in its tracks.

A tale with a deadly twist.

It's a bad time to be a middle manager

Over the past two years, American businesses have been undergoing rapid corporate restructuring and waging war on middle managers.

The displaced managers who lost their jobs in the Great Flattening are facing a new horror: There just aren't enough supervisory jobs anymore. And for those who have swallowed their pride and applied to jobs lower on the corporate food chain, their overqualified experience has become a liability.

Why the Great Flattening is here to stay.

Baby boomers' retirement housing woes

Over the past decade, baby-boomer homeowners were big winners in the US housing market as home prices skyrocketed amid a shortage. Now, as the generation approaches 80, they're struggling to find homes to retire.

It's a problem they had a hand in making. Homeowners — disproportionately older homeowners — who oppose new and denser housing in their neighborhood are a major reason so many US communities are short on homes.

Now, they're stuck.

This week's quote:

"For a car from a company that had never produced a vehicle before this year, the SU7 simply shouldn't drive this well."

— Mark Andrews' review of the Xiaomi SU7, a Chinese EV that's a favorite of Ford's CEO.

More of this week's top reads:

• A health insurance CEO was murdered. The internet lashed out against insurers.
• Amazon plans to ramp up cloud work with consulting firms, according to an internal document.
• Citi promoted its largest class of managing directors under Jane Fraser. Check out the 344 names here.
• KPMG's AI chief explains how to make AI work for your business.
• I worked with Jeff Bezos for 15 years, and my biggest Amazon failure taught me important lessons.
• Marketing experts say Jaguar's rebrand is either 'bonkers' — or a genius disruption.
• Australia may hold the key to happier homebuying.

• Americans used to hate sharing their data. Then came Spotify Wrapped.

  ---

  The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York. Lisa Ryan, executive editor, in New York.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back to our Saturday edition! One couple celebrating their anniversary thought Gordon Ramsay's restaurant, Hell's Kitchen in Atlantic City, New Jersey, was completely worth it. Here's why.

On the agenda:

• White-collar men are spending a lot to look good — they just don't want anyone to know about it.
• Millennials and Gen Zers are 'de-modernizing' their bathrooms and tapping into nostalgia.
• Ryan Reynolds' personal trainer shared the 11 supplements that help him stay fit as he ages.
• A $62 lunch at The Kitchen, an American bistro owned by Elon Musk's brother.

But first: How to win your company holiday party.

If this was forwarded to you, sign up here. Download Insider's app here.

This week's dispatch

Come and stay, but leave before the balloons deflate.

We've all heard the same advice around this time of year when company holiday party invitations abound. Don't drink too much, don't sit in a corner, and don't wear something inappropriate.

Still, one piece of advice that may have gone in one ear and out the other is strictly about timing. When you arrive at your company's holiday party — and when you leave, for that matter — is just as important as the other oft-told advice you've probably heard.

Professional etiquette expert Diane Gottsman told writer Alyshia Hull that employees should feel that company parties are mandatory. And even if you don't feel like going, being the first to leave is not OK.

"If you get there and you leave 20 minutes later, people are going to notice," she said.

Still, being the last to leave is also a bad look, Gottsman said. If you don't want to leave your coworkers, she suggests going to another location to keep the party going.

Have fun!

White-collar men's beauty secrets

Men in corporate America want to look good at work — and they're spending thousands of dollars to do so. They're getting routine botox procedures, pricey hair-loss treatments, and splurging on time-consuming routines, all in an effort to gain a competitive edge at their job.

Still, many of them remain uncomfortable discussing the intensive procedures they're getting. BI spoke to four corporate men who are spending loads to strike the perfect balance of a youthful, experienced appearance.

The rise of "brotox."

Young people want their grandma's bathrooms

Neutral-colored, "modern" bathrooms are out. The old-fashion look, which typically features pastel colors with intricate tiles and frilly decor, is back.

Once considered dated, "grandma bathrooms" are driving homebuying and interior design trends, even among millennials and Gen Z. Some homeowners are spending thousands to restore their bathroom's original vintage look — or they're paying extra to re-do the space altogether.

Bathrooms go granny.

A personal trainer's daily supplements

New York-based personal trainer Don Saladino, 47, has worked with celebrities, including Ryan Reynolds, Blake Lively, and Anne Hathaway. As someone who takes his health and fitness seriously, Saladino told BI he's dedicated to eating and training optimally — and said he's stronger now than he was in his 20s.

Aside from training, nutrition, and sleep, supplements are also a part of his lifestyle. Saladino shared the 11 he takes every day, from creatine to magnesium.

His supplement regimen.

A meal in Musk's Kitchen

After making millions in 1999 from a deal with his brother, Kimbal Musk attended culinary school in New York.

Five years later, the younger Musk went on to open a restaurant with chef Hugo Matheson in Boulder, Colorado. The Kitchen Group now has restaurants in Chicago, Denver, and Austin, Texas. Emily Hart said lunch at the original bistro in Boulder lived up to the hype.

See her review.

What we're watching this weekend

• "Beetlejuice Beetlejuice": The long-awaited Tim Burton sequel is finally streaming on Max.
• "Black Doves": Keira Knightley stars in Netflix's latest thriller, about a spy whose lover is murdered.
• "Speak No Evil": The horror remake starring James McAvoy and Scoot McNairy is now on Peacock.

See the full list

What to shop

• Holiday helpers: Need some gifting inspiration? We're here for you! We've got a list of clever gifts for under $100.
• The coziest robes: There's nothing better than a warm robe on a cold morning. We've tested dozens to bring you the best robes for men and for women.
• Slipper season: What better to pair with a new robe than a new pair of slippers? Our style editors have spent several years putting the best slippers for men and for women to the test, and these are our favorites.

More of this week's top reads:

• Fans lined up at Target to buy Taylor Swift's self-published book. It turned out to be riddled with errors.
• A millennial bought a ski house in Japan for $6,000. He says people shouldn't buy them just because they're cheap.
• BI's Joey Hadden stayed in 2 of Arizona's top hotels, and said they couldn't have been more different. Take a look.
• A top scientist shared 3 tips for getting fermented foods into your diet.
• A travel writer shared the two European cities she'd visit again and the two she won't return to.
• A life coach for children of the ultrawealthy said she sees the same problems over and over again.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York City. Grace Lett, editor, in New York. Lisa Ryan, executive editor, in New York. Amanda Yen, fellow, in New York.

• This is an excerpt from the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

The crypto community keeps racking up wins.

President-elect Donald Trump lived up to his self-appointed title of "crypto president" by picking a big supporter of digital assets to lead the Securities and Exchange Commission.

Trump nominated Paul Atkins, who served as an SEC commissioner under George W. Bush, for the role of Wall Street's top cop. Atkins has been a part of the Token Alliance, an advocacy group for crypto, since 2017.

That wasn't the only victory the "hodlers" were celebrating. Bitcoin surpassed the all-important $100,000 mark for the first time on Wednesday. It's the latest in a historic run for an industry still basking in the afterglow of what a Trump win means for its market.

Atkins, if confirmed, is a stark contrast to current SEC Chair Gary Gensler, who already announced his intentions to step down in January.

A former Goldman Sachs partner who also taught a class on blockchain at MIT, Gensler didn't initially draw the ire of the crypto world. It wasn't long before he started ruffling feathers — to put it mildly — with his push for more oversight and attempts to stop some new products from coming to market.

So while the bar for getting an SEC leader the crypto community liked more than Gensler was essentially on the floor, Atkins, who has spent the past few years advising crypto companies, is a best-case scenario for digital-asset supporters.

Trump's picks for the key people overseeing the economy and Wall Street are now mostly in.

While some of his nominations have turned heads — leading a few to even withdraw from consideration — Trump's finance-focused selections are viewed as more traditional.

Howard Lutnick, Trump's pick for commerce secretary, found success beyond the financial services firm (Cantor Fitzgerald) and the brokerage (BGC Group) he runs.

He also orchestrated the purchase of commercial real estate services firm Newmark in 2011 for a little more than $60 million. In the years since he's helped turn Newmark into a real-estate powerhouse with a market cap of roughly $3.8 billion, writes Business Insider's Dan Geiger.

Meanwhile, Scott Bessent, Trump's Treasury pick, is also unsurprising. (Elon Musk even labeled him a "business-as-usual pick.") The billionaire investor spent time as George Soros' righthand man before launching his own hedge fund.

The picks haven't elicited the strong reactions other members of his proposed Cabinet have, but maybe that's the point. What the market hates more than anything is uncertainty, and with this group, it seems, what you see is what you get.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Spriha Srivastava, UK bureau chief, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Hello. South Korea's president rescinded his martial law declaration. Its government is still in crisis, and opposition lawmakers have started impeachment proceedings. Our global news team has been covering this developing story — keep up with our coverage here.

In today's newsletter, Amazon's touting new hardware it hopes can help it unseat Nvidia as the king of AI chips.

What's on deck:

• Markets: These charts show how stretched stock market valuations are.
• Tech: Keep an eye on these 45 VCs who are set to do big things in 2025.
• Business: Gen Z's credit-card debt is becoming a problem.

But first, I don't need the name-brand stuff.

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The big story

Amazon's affordable AI

'Dupes' are all the rage these days, so why not make one for AI chips?

That's basically Amazon Web Services' idea for breaking Nvidia's stranglehold on the AI market. The cloud giant made several announcements at its annual re:Invent conference focused on the cost efficiencies its tech can bring to AI development.

At the core is AWS' Trainium chip. The tech giant's homegrown chip is its answer to Nvidia's all-powerful GPUs, which are widely used for training AI models.

Chips are only half the battle, though. As the expectations for AI models keep rising, so does the number of chips needed to train them. Companies have to be creative about combining so many chips (and avoid overheating issues), and Amazon thinks it has a solution for that, too.

AWS CEO Matt Garman detailed how customers can get the most out of their AI chips with 'UltraServers' — multiple Trainium servers smartly pieced together — and the 'UltraCluster' — what you get when you combine multiple 'UltraServers.'

That might sound like a lot of fancy names and confusing terminology (and it is), but it boils down to AWS pitching itself as a cheaper way to leverage more compute as concerns grow about AI bottlenecks.

Amazon can't just rely on offering a cheaper alternative when taking on Nvidia.

Yes, diversifying your supply chain so you don't have to rely on a single company for a key piece of hardware is a good selling point.

Nvidia has a trump card, though: CUDA. The acronym (I could tell you what it stands for, but would it really matter?) represents a big moat Nvidia has around its business.

CUDA is a software platform that developers use to work with Nvidia GPUs. What started small in 2007 has evolved into a trove of training data, tools, and other assets that are helpful for customers building with AI.

It's a problem AWS has even acknowledged, at least internally. Documents viewed by BI's Eugene Kim repeatedly cited CUDA as the biggest hangup stopping customers from leaving Nvidia.

The CUDA conundrum could come to a head soon. AI startup Anthropic, which also uses Nvidia GPUs, is helping AWS build out its 'UltraCluster.' It's part of a $4 billion investment Amazon recently made in the AI startup, which includes Anthropic using AWS as its "primary cloud and training partner."

News brief

Top headlines

• A grad student who joined a protest against martial law in South Korea last night told BI what he saw.
• Marc Benioff ruptured his achilles tendon. He said he doesn't give a 'Fakarava' as Agentforce hope stirs Salesforce stock.
• Elon Musk lost his Tesla pay fight. Here's what he can do next.

3 things in markets

1. Crypto investing for dummies. Bitcoin is nearing the $100K mark off the back of President-elect Donald Trump's victory last month. A financial advisor who specializes in alternative assets shared common mistakes to avoid before diving into crypto investing. (Rule No. 1: Just because it's good now doesn't mean it'll stay that way, so don't go crazy on crypto.)
2. See how the stock market has been pushed to the limit. The S&P 500 is up more than 27% and notched over 50 record closing highs. But stocks' sky-high valuations have some analysts concerned the market is stretched too thin. These five charts show how pricey things have gotten.
3. How Bank of America sees 2025 shaping up. The bank forecasted US GDP growth of 2.3% next year, but it sees sticky inflation as a potential headwind. BofA is also predicting three more rate cuts — December, March, and June — before the Fed settles on a rate of 3.75% to 4%. (However, Ned Davis Research sees 2025 being an uphill battle for stocks.)

3 things in tech

1. Introducing VC's rising stars. BI readers and top venture capitalists named 2024's best up-and-coming investors. They come from firms both big and small, and invest in startups across all sectors and stages.
2. Intel could consider splitting off its chip factories. Intel's former CEO Pat Gelsinger opposed this strategy. The recent news of his exit has reopened the question, but a break up wouldn't be easy since the company must maintain majority control for its CHIPS Act funding. Regardless, Intel's interim leaders and Gelsinger's successor face an uphill battle. The contest to become the new CEO is on, and the chipmaker is reportedly looking at two candidates, including an outsider.
3. This year's Cyber Monday just shattered e-commerce records. Depending on which you ask, US shoppers spent $13.3 billion (per Adobe) or $12.8 billion (per Salesforce) on Monday alone. Deep discounts made the e-tail holiday the biggest online shopping day ever.

3 things in business

1. Life with plastic is fantastic, but beware of all that debt. Gen Z is much more comfortable using credit cards than their millennial counterparts were at that age. The younger generation tends to prioritize fun over finances, and it's led them to rack up debt at a faster rate than any other age group.
2. Call Her Bartender. Recent trademark filings suggest the "Call Her Daddy" podcaster is looking to launch her own alcohol brand under the name "Popular Vodka by Unwell." The product would make her the latest to join the celebrity booze-biz game.
3. Is time up for BuzzFeed? The digital publisher was supposedly worth $2 billion a few years ago. It's now worth much less and has been scrambling to solve a looming $124 million debt problem. All of it is expected to come to a head this week, and BuzzFeed may have to sell assets, like its interview show "Hot Ones."

What's happening today

• US Supreme Court hears case on gender-affirming care for transgender youth.
• French Prime Minister Michel Barnier's minority government faces two votes of no confidence in Parliament.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Spriha Srivastava, UK bureau chief, in London. Amanda Yen, fellow, in New York. Lisa Ryan, executive editor, in New York. Milan Sehmbi, fellow, in London.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Good morning! We've officially entered the season of company holiday parties. An etiquette expert shared some helpful tips to follow. (Take it easy on the booze.)

In today's big story, an automaker CEO's resignation shows how tough a year the industry is having.

What's on deck:

• Markets: Hedge funds' November report cards are in.
• Tech: Tesla shareholders approved Elon Musk's massive pay package. A judge didn't agree.
• Business: Incorporating more auctions for buying US homes could help ease the process.

But first, I'm just trying to get out of first gear.

If this was forwarded to you, sign up here.

The big story

Running on fumes

As dealerships look to clear their lots to make room for next year's models, automakers are also doing some housecleaning.

Stellantis CEO Carlos Tavares resigned this weekend as the Jeep and Chrysler owner battles sliding sales. His expedited departure — Tavares was scheduled to leave in 2026 — shows how choppy the automotive industry remains.

Stellantis' struggles have been particularly bad. Tavares's cost-cutting approach initially helped, but more recently the company's US sales were down 17% this year compared to last year, writes Business Insider's Nora Naughton.

The new boss will have plenty of issues to sort through, including a legal battle with the United Auto Workers union, writes BI's Tom Carter.

So, what's got the auto industry stuck in gear?

There are three big issues at play here:

The EV problem: Arguably the biggest issue facing automakers is slowing demand for electric vehicles. While EV sales are still rising, they aren't pacing how they were a few years ago. That's forced automakers to recalibrate strategies that were anticipating the EV good times would keep rolling. Hybrid cars are also making a comeback, further complicating plans.

The China problem: As if the EV market wasn't hard enough, there's the added challenge of Chinese competitors gaining market share. Their budget-friendly EVs are proving to be a huge hit in the world's largest auto market (China), much to the annoyance of Tesla. They also turned heads at Europe's largest auto show this year. Even Ford CEO Jim Farley acknowledged how much he enjoyed a Chinese EV. (It hasn't been a complete lovefest; he also called China's auto industry an "existential threat.")

The tariff problem: President-elect Donald Trump's surprise announcement to enact a 25% tax on goods imported from Mexico is the newest hurdle for automakers. The US imported more than $65 billion worth of car parts from Mexico last year. Tesla also previously announced plans for a new $10 billion factory in Mexico. Trump's trade plans might not ultimately be implemented, but the uncertainty means car manufacturers could reconsider their supply chains.

News brief

Top headlines

• Exclusive: Tesla tells workers on Cybertruck line no 'need to report to work' for the next three days.
• Trump ramped up trade threats. Here's what the US buys from nine new countries at risk.
• Jaguar released a concept for its new EV model after a fierce controversy over its rebranding.
• Fidelity just boosted the value of its stake in Elon Musk's xAI by 70%.

3 things in markets

1. Balyasny tops among multistrat giants last month. The Chicago-based fund posted a 3.9% gain in November, pushing its year-to-date performance to 11.6%. Check out how other top hedge funds like Citadel, Millennium and Schonfeld Partners fared.
2. What does "de-dollarization" even mean? President-elect Donald Trump recently threatened countries that are trying to move away from using the US dollar as a reserve currency. "De-dollarization" is about trying to reduce reliance on the dollar in cross-border trade and investments, undermining the US along the way.
3. Explaining BlackRock's latest big push into private credit. The massive money manager announced plans to acquire HPS Investment Partners, a private credit behemoth managing $148 billion, for $12 billion. The deal shows how BlackRock sees big opportunities growing its business in the lucrative private markets.

3 things in tech

1. Elon Musk's Tesla pay package gets shut down — again. A Delaware judge decided against reinstating Musk's $55 billion pay package despite shareholders approving it in June. The judge, who had previously ruled to void the agreement in January, stuck to her earlier finding that Tesla's board was unduly influenced by Musk when it came to creating his compensation package. Musk wrote that the ruling was "totally crazy" and "absolute corruption" in posts on X.
2. Intel tries to regroup after its CEO's surprising exit. Intel's top boss Pat Gelsinger stepped down as the US chipmaker looks to right the ship and reverse a massive slide in its stock price. The company's interim co-CEOs addressed the workforce Monday in what one Intel employee described as "damage control."
3. Exclusive: Amazon plans to ramp up cloud work by leveraging consultants. Amazon Web Services wants to work with more consulting services, like Accenture, as part of its broader goal to spur growth, according to an internal document. It's a notable shift, as AWS previously has done a lot of work with customers through in-house cloud advisors.

3 things in business

1. The secret to eliminating some of the guesswork out homebuying might be Down Under. About a third of homes sold in Australia are done by auctions giving sellers and buyers a clearer picture of how the winning bid is reached. Some companies are trying to bring the US a version of the approach.
2. Why Netflix could raise prices again — and soon. Some on Wall Street think the streaming giant will raise prices soon to keep its growth going. New survey data from Evercore ISI suggests it has room to do so. Almost half of the respondents said they'd be more likely to keep Netflix if more live content — like the Jake Paul and Mike Tyson fight — was added.
3. How Disney's 'Moana 2' won at the box office. The sequel to the 2016 movie hit broke Thanksgiving box office records and brought in $380 million globally. Its success was much needed for Disney, but none of it would have happened if the company kept its original plans to make "Moana 2" a Disney+ series. It's now Disney's "hottest IP."

What's happening today

• Today is Giving Tuesday, where people around the globe celebrate generosity.
• Salesforce reports earnings today after the bell.
• Billboard reveals the top pop star of the 21st century.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Spriha Srivastava, UK bureau chief, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back! Didn't scratch that consumerism itch enough during Black Friday? Cyber Monday kicks off today, and we've got a rundown on all the best deals.

In today's big story, Corporate America doesn't seem interested in bringing back the middle managers it's spent the past few years kicking out.

What's on deck:

• Markets: A $14 trillion market with little transparency is a growing concern to the rest of the financial world.
• Tech: How Netflix absolutely crushed it this year.
• Business: The incredible — and heartbreaking — untold story about the invention of Yeti Coolers.

But first, we're managing just fine.

If this was forwarded to you, sign up here.

The big story

Middle managers' new reality

Missing: Open positions for middle managers.

Corporate America's push to flatten organizations isn't going away, and it's put middle managers on the endangered species list, writes Business Insider's Aki Ito.

Data Aki collected from workforce analytics provider Revelio Labs shows hiring for white-collar jobs is bouncing back with one noticeable exception: middle managers. According to Aki's analysis, employers are advertising 42% fewer middle-management positions than they did in April 2022.

A hiring slump is one thing — Aki has covered the ongoing white-collar recession extensively — but the diminishing need for middle managers could be a new reality for the role. Companies keep touting the benefits of shrinking the distance between leaders and people on the front lines doing the work.

If anything, it could get even worse. Elon Musk and Vivek Ramaswamy have already signaled plans for significant layoffs via the new Department of Government Efficiency. Their strategy includes only keeping the minimum number of staffers needed for departments to function effectively, which might spell more trouble for middle managers.

In the meantime, recovering middle managers are left fighting for anything they can get.

In desperate need of work, some people are heading further down the corporate totem pole, applying for entry-level jobs.

That's led to an interesting dynamic. Applicants are trying to appear less qualified over fears their senior-level experience might scare away recruiters of lower-level jobs.

As Aki points out, things could eventually turn around for middle managers. The downsides of fewer middle managers — burnt-out supervisors, fewer mentors for young employees — are already coming to light.

The clock is ticking, though. The middle-management culling is largely impacting people in their late 40s to 50s who are starting to eye retirement. That age demographic, which is prime Gen X, is already dealing with challenges around personal finances.

If their struggle to find work continues, limiting their ability to save, it could further strain a system already having a hard time helping retirees who didn't save enough.

News brief

Top headlines

• President Joe Biden has issued a pardon for his son, Hunter Biden, for federal gun and tax evasion charges.
• Elon Musk is seeking an injunction against OpenAI to stop it from dropping its nonprofit status.
• Donald Trump threatened 100% tariffs on BRICS nations if they try to 'move away' from the US dollar. That could hurt the US.
• Zelenskyy agrees on X to a '3 hour' Lex Fridman podcast appearance as Musk touts another win for the platform.

3 things in markets

1. Risks in the private markets could become very public. A note from Rosenberg Research warned of the growing leverage in the $14 trillion market, which includes investments in startups, real estate, and direct lending. Fund managers "are resorting to an ever more creative array of temporary fixes" which is "increasing the interdependence and circular lines of credit between parties in the system," the note said.
2. A longtime Tesla investor isn't sold on it getting a Trump bump. Ross Gerber disagrees with the widely held belief that the close ties between Elon Musk and President-elect Donald Trump will benefit the EV giant. Gerber, whose fund has been selling down its stake in Tesla since late last year, told BI problems around Tesla's tech can't be fixed by Musk's new friends in Washington.
3. Thanks for the memories, small-cap stocks' rally. The surge in US small-cap equities following Trump's win doesn't have legs, according to some market experts. Adam Turnquist, LPL Financial's chief technical strategist, said small-cap revenue growth has been disappointing, especially compared to the S&P 500.

3 things in tech

1. Five factors behind Netflix's totally awesome, very good year. Netflix emerged as the clear winner of the streaming wars this year, boasting a soaring stock and forecasting billions of dollars in profits. Strategies like pushing into live sports and overhauling film leadership helped push it to the top of the streaming game.
2. Buying Twitter? Bad move. Owning X? Not a bad idea. When Elon Musk bought Twitter for $44 billion, an analyst called it, "One of the most overpaid tech acquisitions in the history of M&A." Two years later, it's looking like it could be a steal. Musk used the platform, now called X, to train his xAI venture that's valued at $50 billion. It was also the focal point for his advocacy for Donald Trump, whose reelection sent Tesla's stock and Musk's personal wealth soaring.
3. We drove the Chinese EV Ford's CEO loves. Jim Farley, Ford's CEO, didn't want to give up his "fantastic" Xiaomi SU7, despite the fact it was made by a rival car company. BI's reviewer took it for a test spin in China to see what the fuss was about, and said it was one of the best-handling Chinese EVs he'd driven. Impressive for a company that hadn't made a car before this year. Just don't expect to get it outside China, unless you're Jim Farley.

3 things in business

1. An origin story with a deadly twist. Brothers Roy and Ryan Seiders launched the wildly successful drink cooler brand Yeti — a business now worth $3.5 billion — out of their father's backyard. But years ago, the shocking murder of their business partner triggered a succession battle that nearly stopped the company in its tracks.
2. How hard is home buying? See it to believe it. American homeowners are older, wealthier, and less likely to have kids than ever before, according to data from the National Association of Realtors. These nine charts show just how bad the affordability crisis has become.
3. Automaker CEO departs, effective immediately. Stellantis CEO Carlos Tavares has stepped down, the company announced on Sunday, and its shares fell by more than 8% on Monday. The automaker, which owns Chrysler, Jeep and Maserati, saw its profits shrink and stock slump dramatically this year.

What's happening today

• First Lady Jill Biden unveils 2024 White House Christmas decor.
• DEA hearing on proposed rescheduling of marijuana.
• Oxford's word of the year is announced.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Spriha Srivastava, UK bureau chief, in London. Jack Sommers, deputy editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Welcome back to our Sunday edition, a roundup of some of our top stories. We're running a shortened edition this week after the Thanksgiving break. Speaking of, what's your go-to out-of-office message? A viral TikTok has stirred up a fresh debate about what's appropriate.

On the agenda today:

• Auditing experts can't make sense of Macy's $132 million accounting error.
• Patagonia's big changes are disappointing some staffers.
• AI improvements may have hit a wall. Industry leaders share how to get over it.
• We spoke to 8 families who received universal basic income. Here's how it helped them.

If this was forwarded to you, sign up here. Download Insider's app here.

Macy's missing money raises questions

The retailer announced it was delaying its quarterly earnings after discovering an employee — who has since been fired — deliberately made accounting errors totaling between $132 million to $154 million.

Auditing experts told BI that Macy's must now explain how its controls broke down. One former KPMG partner said, "Somebody else should have been reviewing and catching it."

Why auditing experts are scratching their heads.

Is Patagonia losing sight of itself?

Since its founding in 1973, the beloved brand of mountaineers and Wall Street bros alike has blurred the lines between work and community.

But recently, the company has cut headcount and expedited service to strengthen its business. Some employees say it's lost sight of its values and the mission that once made it so special.

An outdoor brand's internal struggle.

Keeping the AI progress wheels turning

The recent debate over whether the rate of AI model improvement has hit its limit has pushed some CEOs to chime in. OpenAI boss Sam Altman recently took to X and posted, "There is no wall."

Twelve people at the forefront of the AI industry spoke to BI about the challenges and opportunities ahead in the quest for superintelligent AI.

They laid out some of the paths forward.

Does basic income work?

For the past five years, pilot programs in 150 cities have been handing out no-strings-attached cash to low-income Americans.

BI spoke to eight families who received at least $6,000 from these programs to see whether the extra cash helped. Even if it didn't immediately alleviate their financial struggles, most recipients said they found the support incredibly valuable.

Here's how they spent it.

This week's quote:

"The final boss on the way to Elon: Everything goes through him first."

— A former Tesla employee describing Omead Afshar, a longtime lieutenant of Elon Musk who was recently promoted to president of North American and European operations.

More of this week's top reads:

• Government workers on the prospect of DOGE-fueled layoffs: 'It kind of feels like we're being villainized.'
• The Art of the Tariff: Trump's latest trade threat is right out of his negotiating playbook.
• Walmart is scaling back some of its DEI initiatives.
• Marc Andreessen says you shouldn't bring your whole self to work.
• Elon Musk acknowledges something that was obvious about the new Twitter: It's no longer a good place for links.
• The future of customer service is here, and it's making customers miserable.
• How Aldi became America's fastest-growing grocery store.

• California proposed its own EV buyer credit, which could cut out Elon Musk's Tesla.

  ---

  The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York. Lisa Ryan, executive editor, in New York.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Happy Saturday and happy holidays! I hope you're spending this time with family and remembering late loved ones who made this time special. There's no special dispatch from me this week as I'm doing the same. Until next week!

On the agenda:

• Why it's nearly impossible to make money as a musician in 2024. (Unless you're Taylor Swift).
• French châteaus are cheap until you try to live in one.
• After drinking soda daily, one reporter decided to cut down to avoid ultra-processed foods.
• A look inside a private penthouse at the Four Seasons Jackson Hole.

If this was forwarded to you, sign up here. Download Insider's app here.

Want to make money as a pop star? Good luck, babe!

Music has always been a business, but it's no longer enough for artists to survive on talent or fame alone. Streaming, TikTok, and the ballooning costs of touring have all dramatically altered the industry's traditional routes to making money.

Artists today have to strategically post on social media, navigate the complexities of legal and financial bureaucracy, plan cost-efficient tours, and more. And after all of that, it's often still not enough to turn a profit.

The harsh reality of the music industry.

The French château dream-turned-nightmare

There's a glut of châteaus all around France on sale for next to nothing. But they come with a catch: they're huge money pits.

Real-estate agents say prospective château buyers should set aside at least 1.5% of the purchase price just for annual maintenance. Plus, if the place is classified as a historic monument, add some French bureaucracy to the process. It's a big reason the French aren't interested in châteaus.

And Americans are finding this out the hard way.

Quitting 'diet' drinks

Diet drinks may be marketed as healthier alternatives, but as one dietitian told BI's Rachel Hosie, "they're far from being a health drink."

Regularly consuming ultra-processed foods, like artificially sweetened diet sodas, have been linked to a myriad of potential health risks, like type 2 diabetes, and certain cancers. For a few months, Hosie tried cutting down her diet-soda intake. She said her tastebuds quickly adapted to the healthier options, but they're more expensive.

These are the 3 lessons she learned.

An opulent mountain getaway

Located near Grand Teton and Yellowstone National Park, the Four Seasons in Jackson Hole, Wyoming, offers a luxurious stay for about $11,000 a night. To even access one of its 31 private residences, guests take a special elevator.

BI's Joey Hadden toured the hotel's Granite Residence, a 4,355-square-foot penthouse, with five bedrooms, a full kitchen, and a spacious pantry. She said the space felt more like a luxury home than a hotel accommodation.

But the smallest room was her favorite.

What to shop

• Black Friday deals still live: Just because it's Saturday doesn't mean Black Friday is over! There's still time to shop great Black Friday deals from top brands like Apple, Dyson, and more, whether you're finishing up your holiday gift list or shopping for yourself.
• Cut the cord: All those streaming services can add up quickly, but we've got the scoop on the Black Friday streaming deals and bundle discounts you can still take advantage of.
• Dress for success: Forget to buy yourself that new pair of jeans? Don't worry — our style editors are sharing the best women's clothing deals you can still score today.

More of this week's top reads:

• Drake lost his rap battle with Kendrick Lamar. Now he claims the streaming game is rigged.
• Why journaling is now part of a regular wellness routine for many male fitness and 'hustle' influencers.
• A server at a winery shares the common mistakes customers make at a wine tasting.
• Miss Universe runner-up says she wasn't offended by the CEO calling the winner's blond hair and blue eyes the 'ultimate evolution' for the pageant.
• 'Parks & Rec' cocreator Mike Schur said the show would look 'hopelessly naive' if it were made today.
• A writer and his girlfriend spent 12 days at 5-star hotels in Morocco — and only spent $250 out of pocket.
• Dating apps are turning to matchmaking to lure in users.
• A couple moved to Japan and turned an abandoned $6,500 home into a guesthouse.
• A managing partner at R360 who runs a group for centimillionaires said the members want their kids to have purpose — and prenups.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York City. Grace Lett, editor, in New York. Lisa Ryan, executive editor, in New York. Amanda Yen, fellow, in New York.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Good morning! Hallam Bullock here, once again writing to you from London. Black Friday is upon us and Business Insider's Reviews team has rounded up the best deals on the products and brands they swear by.

In today's newsletter, we're looking at how Nvidia expanded nearly 20-fold in just over 20 years.

If this was forwarded to you, sign up here.

The big story

Nvidia's meteoric rise

A few years ago, Nvidia was largely unknown. It's difficult to believe, considering the company can now boast about back-to-back earnings beats, a market capitalization of more than $3 trillion, and a stock price that has climbed nearly 200% over the past 12 months — Citi analysts also recently eyed a catalyst that could push the stock a further 27% by January.

So, how can a company grow so much, so quickly? The data behind the evolution of Nvidia's workforce tells the story, BI's Emma Cosgrove writes.

Nvidia's workforce has grown nearly 20-fold since 2003. Beyond its historic rise in market value, this growth has been aided by a slew of employee incentives, including a futuristic headquarters that reflects the company's "no barriers and no boundaries" philosophy (it's easy to see why they named the building "Voyager").

This workforce growth continued through 2024, a particularly brutal year for the Tech industry, during which time Meta and Google made significant cuts.

It's one of the best-paying firms in Silicon Valley. In 2019, Microsoft's median employee salary was nearly $20,000 higher than a Nvidia worker. As of January 2024, Nvidia's median salary (excluding the CEO) had surpassed Microsoft and reached more than $220,000. As the above chart illustrates, it's also left other tech giants in the dust.

Nvidia's revenue per employee has recovered after years of investment. The company's revenue-to-headcount ratio showed a downward trend from 2003 until 2014, and then steady upward progress until the AI boom in 2023. During that year, this ratio doubled. This is in part due to early investment in building a programming software layer called CUDA — the main element that keeps AI builders from easily switching to competing hardware.

However, the company isn't as far ahead in other areas. Gender representation in the company's workforce and the semiconductor industry as a whole has remained relatively unchanged in the last decade, Emma writes.

News brief

Top headlines

• China reacts to Donald Trump's tariff announcement, calling the move ineffective and unjustified.
• Canada is Google's latest antitrust legal challenger, and it wants the tech giant to sell two of its adtech products.
• The five biggest swings Netflix took this year, from a massive push into live sports to overhauling its film strategy.
• Baby boomer homeowners got rich from skyrocketing house prices. Now they can't find retirement housing.
• Trump will decide the future of government money for healthcare plans. Letting it expire could save money, but the middle class might pay more.
• FTX scammer Caroline Ellison has already had nearly four months shaved from her scheduled release from prison.
• Turkey angles for Trump to break the deadlock on F-35 purchases, after the US barred the country from acquiring them five years ago.
• Uber and Lyft drivers say Waymo's robotaxis are hurting their earnings in Phoenix and LA.
• Meet the billionaires working with Trump on his second term.

3 things in deals

1. Holiday shopping, meet Black Friday: Our team has scoured the internet to bring you the ultimate roundup of Black Friday deals. From tech gadgets and home essentials to fashion finds and beauty must-haves, this is your go-to guide for scoring major savings across every category.
2. Wardrobe refresh: Our women's style team rounded up the best Black Friday sales from our favorite clothing and shoe brands on the internet. Score major discounts on comfy coats, rarely discounted cashmere, denim, and more.
3. Tech upgrades: Score major Apple Black Friday discounts on the latest iPhones, MacBooks, iPads, AirPods, and more. Whether you're upgrading your tech or getting a head-start on holiday gifts, now's the time to shop Apple at unbeatable prices.

The Insider Today team: Hallam Bullock, senior editor, in London. Ella Hopkins, associate editor, in London. Milan Sehmbi, fellow, in London.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Happy quasi-Friday! If you're bummed about being single during the holidays, maybe look to your friends for help. That's what dating apps are now doing, as new startups look to friends and family members to be matchmakers.

In today's big story, the world reacts to Donald Trump's latest trade plans, which could be a massive negotiation tactic.

What's on deck:

• Markets: Wall Street's love affair with sports investing is just getting started.
• Tech: A promotion for one of Elon Musk's longtime Tesla lieutenants puts him behind the wheel of the EV giant.
• Business: Unpacking Drake's beef with Spotify.

But first, the ball is in your court.

If this was forwarded to you, sign up here.

The big story

Tough trade

The man who dubbed himself a master negotiator is upending the global trade market with his latest tactic.

The world is reacting to President-elect Donald Trump's new trade proposals targeting China, Mexico, and Canada. There's a lot to unpack, so let's break it down:

So, Trump finally gave us an update on his tariff plans. Wasn't this expected? He's telegraphed his plans for hammering Chinese imports, but a 25% tax on Canadian and Mexican goods was a shock. It's the first time Trump has singled those countries out, although he promised 10-20% tariffs on imports across the board while campaigning. (Another interesting wrinkle: Trump negotiated the current trade deal between Canada, Mexico, and the US.)

Ok, but what does the US even import from our neighbors? Simply put: Oil (Canada) and autos (Mexico). More broadly, Mexico exported $475 billion worth of goods to the US in 2023, and Canada sent us $419 billion in exports.

What's Wall Street got to say about all this? The US stock market didn't really flinch Tuesday. The same couldn't be said for the rest of the world. Mexico and Canada's stock markets declined, their currencies dropped relative to the US dollar, and the fear spread to European and Asian markets.

Wait, why didn't the US market react if this was a surprise? Some investors believe the latest proposal is a negotiation tactic by Trump. His Truth social post positioned these taxes as a punishment for both countries' handling of the borders they share with the US. "This Tariff will remain in effect until such time as Drugs, in particular Fentanyl, and all Illegal Aliens stop this Invasion of our Country!" Trump wrote.

Will that work? It definitely got a reaction. Canadian Prime Minister Justin Trudeau said he had a "good" conversation with Trump. Mexican President Claudia Sheinbaum's response was mixed, as she floated retaliatory tariffs. But there's an incentive for both to find a solution. The US received 83% of Mexico's exports and 75% of Canada's last year.

So there's a chance none of this even happens? Maybe, but it's a high-stakes gamble. Some executives have made clear they'll have to raise prices if the tariffs are enacted. Best Buy's CEO recently said "the customer ends up bearing some of the cost of the tariffs."

Isn't there something they can do in the meantime? Companies could reroute shipments or stock up on supplies ahead of time, but changing your supply chain on the fly (especially during the holiday season) doesn't come cheap or easy. And then there's the risk that none of this comes through, and they wasted those resources for nothing.

News brief

Top headlines

• US says Israel approved a cease-fire deal aimed at ending nearly 14 months of devastating fighting with Hezbollah.
• Musk picked a fight with 'idiots' at Lockheed over the F-35. Going after the $2 trillion program would be an uphill fight.
• Why bitcoin stopped short of the $100,000 milestone — and when it might get there.
• Agility Robotics CEO tells BI how its humanoid robots are getting paid — and warns against empowering them with AI.

3 things in markets

1. Wall Street is having a ball investing in sports. Leagues have loosened ownership rules in recent years to allow investment firms a seat at the table. At the same time, sports franchise valuations have outpaced the S&P 500. A JPMorgan report outlined the main themes investors are excited about next year.
2. Deutsche Bank has bad news about rate cuts in 2025. The bank's chief economist said the Fed will pause interest rate cuts throughout next year, predicting a drop in unemployment coupled with an increase in growth and inflation. (For what it's worth, Goldman said earlier this month there would be deep cuts in 2025.)
3. Consider this a no-fly zone for investing. Scott Wren, Wells Fargo's senior global market strategist, sees 2025 being a good year for stocks with one catch. Defensive stocks — think utilities, healthcare, and consumer staples — will have a more muted year as the rest of the market takes off.

3 things in tech

1. Leaked documents reveal Amazon's top cloud growth initiatives. AWS is focusing on at least seven areas for growth next year, according to internal documents obtained by BI. Those include healthcare, business applications, and the Middle East region. (They've also got some fun codenames.)
2. Elon Musk's longtime lieutenant takes the reins at Tesla. Omead Afshar, known for his intense attention to detail, was described as the "final boss" before getting to Musk. As Musk focuses on politics, the 38-year-old Afshar was promoted to vice president of North American and European operations to help lead his car company through the EV market volatility.
3. How companies plan to fix AI's apparent plateau. A fierce debate over whether improvements in AI progress is slowing has brewed between Silicon Valley's tech leaders in recent weeks. BI spoke to 12 leaders in the space to see how companies could overcome AI bottlenecks.

3 things in business

1. Drake's taking his rap beef from mixtapes to the magistrates. The Canadian rapper lost his summer rap battle with Kendrick Lamar. Now he's taking aim at Spotify. In a legal filing, an LLC owned by Drake claims the streamer and Universal Music Group made "Not Like Us" — Kendrick's diss track about Drake — a bigger hit than it would've been naturally.
2. Patagonia's big changes are disappointing some staffers. The beloved brand of mountaineers and Wall Street bros alike has long established itself as a mission-driven workplace nirvana. Now, it's cutting jobs and expediting service to strengthen business — and employees say the new rigidity feels antithetical to the company's ethos.
3. How government workers are feeling about possible DOGE-fueled layoffs. Government employees told BI they're prepping for possible cuts by networking and touching up their resumes. Others said there could be some benefits to DOGE's aims, while HR software business Workday spots an opportunity for its product.

In other news

• Five follow-up questions Nvidia's CEO asks his AI to 'torture' it into teaching him new things.
• Many digital health startups are quietly raising down rounds and closing up shop. Here's why.

What's happening today

• Bureau of Economic Analysis releases revised Q3 GDP growth figures.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York. Milan Sehmbi, fellow, in London.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Hello there! Running out of space to cook your Thanksgiving dinner? Your slow cooker could actually be an under-the-radar star. Cookbook authors and chefs explain how you can make almost any part of your holiday meal in a Crock-Pot.

Today, we're looking at what Elon Musk's jab at the F-35 says about the debate over using manned fighters or drones in warfare.

What's on deck:

• Markets: Donald Trump announced plans to impose a 25% tariff on goods from Canada and Mexico — and a separate levy on China.
• Tech: Court documents show how Google strategists have been gaming out Apple's ad business.
• Business: Auditing experts weigh in on Macy's $132 million mystery.

But first, we're in a dogfight.

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The big story

Pilot ejection

F-35s are typically acquiring targets. Now they're finding themselves in the crosshairs.

The fighter jet was the butt of Elon Musk's joke on X about the declining relevancy of manned jets with the rise of drone tech, write Business Insider's Matthew Loh and Mia Jankowicz.

The billionaire criticized the "idiots" still building aircraft like the F-35, and said using crewed jets to extend the range of missiles or drop bombs was "inefficient" compared to "a reusable drone."

In the past, Musk's jabs on X might have ended there. Now, his status as the co-lead of President-elect Donald Trump's new Department of Government Efficiency puts the comment in a different light.

With promises of cutting trillions of dollars in government spending, DOGE will need to swing big. And the F-35 program, which is expected to cost more than $2 trillion over its entire lifespan and has a history of maintenance issues, could be a massive target for Musk.

The market took notice, as shares of Lockheed Martin, the F-35's lead manufacturer, dropped 3.75% yesterday. The S&P 500 Aerospace & Defense index finished Monday down more than 1%. (Reports of a potential Israel-Hezbollah cease-fire deal also pulled down the sector.)

Musk didn't specify plans to go after the F-35 or other crewed aircraft via DOGE, but an op-ed he wrote with co-lead Vivek Ramaswamy mentioned the Defense Department's $841 billion budget.

Ending support for crewed jets in favor of drones won't be easy.

Drone usage in combat is on the rise, as is evident in the Ukraine war, and offers benefits around cost. But in situations where air and sea combat are more prevalent, like the all-important Indo-Pacific theater, the tech isn't as good of a fit, write BI's Ryan Pickrell and Mia.

The jet-drone debate is a microcosm of the type of battles DOGE will likely encounter in its quest to slim down a government that spent $6.75 trillion in fiscal year 2024.

A fresh set of eyes can often find issues overlooked by those in the thick of it. And Musk has a history of doing what others thought was impossible. SpaceX's progress in returning its Super Heavy booster to its launch site is a good example.

The public and private sector are two very different animals, though.

Even with a Republican-controlled Congress, the government's checks and balances might make it harder to make the type of wholesale changes Musk is known for with his companies.

News brief

Top headlines

• Jack Smith moves to dismiss Trump's election interference case.
• Progressive news outlet NowThis made deep cuts to its staff for the second time this year.
• Diddy cites Trump in arguing he has the right to say almost anything while awaiting his sex-trafficking trial.
• Three-time Grammy nominee Raye says she's not making money in music: 'We're breaking even.'
• Elon Musk acknowledges something that was obvious about the new Twitter: It's no longer a good place for links.

3 things in markets

1. Trump announced sweeping tariffs on the US's closest neighbors. The president-elect said he'll impose a 25% tariff on all goods from Canada and Mexico. In a Truth Social post on Monday, he accused the two countries of failing to prevent migrants from entering the US. He wrote that both countries will "pay a very big price," and that the tariffs would remain until they "solve this long simmering problem." In a separate post on Truth Social, Trump said he plans to slap an additional 10% levy on Chinese goods. He had previously announced a 60% import tariff on China, which could hit its fast-fashion brands hard.
2. How the Treasury secretary pick thinks about investing. A 2017 presentation from Key Square Capital, Scott Bessent's macro hedge fund, offers some clues to his approach to finding investment ideas. The seven-year-old presentation said there is no "singular framework" for evaluating potential investments and the "guiding research principle is change."
3. Warren Buffett offered advice about estate planning. The legendary investor sent a letter to Berkshire Hathaway shareholders about his plans to donate $1.2 billion to family foundations. He also shared updates on how his massive wealth will be distributed after he's gone and why parents should have their kids read their wills before they die.

3 things in tech

1. Google kept tabs on Apple's ad business way before it really got started. A 2022 document unearthed in Google's ongoing antitrust case shows how Google strategists imagined Apple's entry into the industry it's dominated for years. Titled "Operation Black Walnut," it assesses Apple's potential and imagines an ad business its competitor might someday build.
2. Zoom goes camera off. The company best known for its videoconferencing software, had dropped video from its name. Zoom is taking an AI-first approach to corporate communications, CEO Eric Yuan wrote in a company blog post published Monday. In a major rebrand, it will now be known as "Zoom Communications Inc," and it's not the only company adapting its marketing strategy to the industry-wide AI boom.
3. Hybrid cars are so back. As EV sales hit a snag this year, automakers turned toward hybrid models, which are more practical and affordable than charge-only EVs. In the coming years, you can expect a greater menu of green vehicles on dealer lots.

3 things in business

1. Inside America's love affair with Aldi. Grocery prices have jumped by double-digits over the past few years, and Americans are feeling the sting. But the grocery chain Aldi has remained a safe space. Through a number of cost-cutting strategies, it's managed to maintain lower prices than its competitors and built a dedicated fan following.
2. The chatbots aren't alright. By corporate America's telling, AI is the answer to everything. Yet for many consumers, dealing with a robot customer-service agent actually makes the whole experience worse. Why are so many companies relying on inefficient AI — and will they ever improve?
3. Macy's missing millions. The department-store giant delayed its earnings report after discovering a single employee deliberately made an accounting error totaling between $132 million and $154 million. One former KPMG manager told BI that even in a situation where someone intentionally introduces errors, "your system of internal control should have caught it."

What's happening today

• Court hearing in the Justice Department's antitrust suit against Google, which it accuses of illegally maintaining a monopoly on search.
• Federal Open Market Committee meeting minutes are published.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Amanda Yen, fellow, in New York. Jack Sommers, deputy editor, in London.Milan Sehmbi, fellow, in London.