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US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani group</keyword> may be because its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation slammed by the SEBI head as "baseless" while Adani group said it never had any commercial relations with Buch. Hindenburg alleged that Buch and her husband had undisclosed investments in obscure offshore funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI, in October 2020, began a probe into the shareholding structure of Adani group companies after red flags were raised over the high concentration of foreign holdings in the conglomerate's listed companies. An investigation was launched to determine if the foreign investors were genuine public shareholders or acting as fronts for the promoters. SEBI, last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14-20% across five publicly traded stocks of the conglomerate. It hasn't stated if the two probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi Puri Buch and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice, has chosen to attempt character assassination in response to the same." Buchs further said they have no hesitation in disclosing any financial documents, including those that relate to the period when we were strictly private citizens, to any and every authority that may seek them. While the statement did not talk about the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Separately, Adani group in a regulatory filing called the allegations by Hindenburg as "malicious, mischievous and manipulative selections of publicly available information to arrive at predetermined conclusions for personal profiteering with wanton disregard for facts and the law." "The Adani Group has absolutely no commercial relationship with the individuals or matters mentioned in this calculated deliberate effort to malign our standing," it said. "We remain steadfastly committed to transparency and compliance with all legal and regulatory requirements". Rejecting the allegations, it said they were nothing but a "recycling of discredited claims that have been thoroughly investigated, proven to be baseless, and already dismissed by the Supreme Court in March 2023." "It is reiterated that our overseas holding structure is fully transparent, with all relevant details disclosed regularly in numerous public documents," Adani group said, adding Anil Ahuja was a nominee director of 3i investment fund in Adani Power (2007-2008) and, later, a director of Adani Enterprises until 2017. "For a discredited short-seller under the scanner for several violations of Indian securities laws, Hindenburg's allegations are no more than red herrings thrown by a desperate entity with total contempt for Indian laws," it added. Hindenburg on Saturday stated that the SEBI chairperson and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline, and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a full-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said the Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." Buch and her husband may have first opened their account with IPE Plus Fund 1 on June 5, 2015, in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani director through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod Adani, brother of Gautam Adani, used this structure to invest in Indian markets with funds allegedly siphoned from over-invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. "This raises fresh questions about Gautam Adani's two 2022 meetings in quick succession with Ms Buch shortly after she became SEBI chairperson. Recall that SEBI was supposedly investigating Adani transactions at the time," Congress leader Jairam Ramesh said. In January last year, Hindenburg Research, which in the past has shorted - or bet against - companies like electric truck maker Nikola Corp and Twitter, accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. Though the conglomerate vehemently denied all allegations, the damning report sent the group's shares into a free fall, wiping out over USD 150 billion in market value of the 10 listed entities at their lowest point. Most of the 10 listed companies have since recouped the losses. After the Hindenburg report, the Supreme Court asked market regulator SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalizing and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticized the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the conglomerate creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. The group led by billionaire Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that were raised pledging shares, reined in expenses, repaid some debt and refocused energies on core business. Adani is now ranked 12th richest in the world, one notch and USD 6 billion shy of rival billionaire Mukesh Ambani. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Adani has insisted the Hindenburg report has not changed operations at his companies, which include ports, airports, renewable parks generating electricity from sunlight and wind energy, gas distribution, cement processors, data centers, and even apple farms. 360 One Wam Ltd, formerly known as IIFL Wealth Management Ltd, separately said IPE-Plus Fund 1, a fully compliant and regulated fund, was launched in October 2013 and operated until October 2019. "Throughout the fund's tenure, IPE-Plus Fund 1 made zero investments in any shares of the Adani Group either directly or indirectly through any fund," it said. "At its peak, the fund's Assets Under Management (AUM) reached approximately USD 48 million, with over 90% of the fund consistently invested in bonds." The fund, it said, was managed as a discretionary fund by the Investment Manager. "No investor had any involvement in the fund's operations or investment decisions. Mrs. Madhabi Buch &amp; Mr. Dhaval Buch's holdings in the fund were less than 1.5% of the total inflow into the fund." Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funneled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI Wholetime Member, her husband, Dhaval Buch, wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval Buch requested to"be the sole person authorized to operate the accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval Buch is currently a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan. "In a later account statement dated February 26, 2018, addressed to Madhabi Buch's private email, the full details of the structure are revealed: "GDOF Cell 90 (IPEplus Fund 1)". Again, this is the same Mauritius-registered "cell" of the fund, found several layers deep in a convoluted structure, reportedly used by Vinod Adani," Hindenburg alleged. From April 2017 to March 2022, while Buch was a Wholetime member and Chairperson at SEBI, she had a 100 % interest in an offshore Singaporean consulting firm, called Agora Partners, it alleged adding On March 16, 2022, two weeks after she was appointed SEBI Chairperson, she quietly transferred the shares to her husband. To date, SEBI has taken no action against these funds, it claimed. "If SEBI wanted to find the offshore fund holders, perhaps the SEBI Chairperson could have started by looking in the mirror," Hindenburg said. In response to requests from the Supreme Court to investigate the Adani matter, SEBI is said to have hit a wall unveiling the holders of the offshore funds. The Supreme Court said that while SEBI seemingly agreed with its concerns over who funded Adani's offshore shareholders, "it is evident that SEBI has drawn a blank in this investigation", the firm alleged.

Hindenburg target SEBI chief, she calls charges baseless, Adani says no commercial relationship with SEBI head

US short-seller <keyword id="20016892" type="General" weightage="20" keywordseo="Hindenburg-Research" source="keywords" meta.keywordsubtype="org" meta.entityname="Hindenburg Research" meta.hostid="153" meta.entityid="Hindenburg Research">Hindenburg Research</keyword> has alleged that it suspects <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords" meta.keywordsubtype="org" meta.entityname="Sebi" meta.hostid="153" meta.entityid="Sebi">SEBI</keyword>'s unwillingness to act against <keyword id="19955648" type="General" weightage="20" keywordseo="Adani-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Group" meta.hostid="153" meta.entityid="Adani Group">Adani Group</keyword> may be because of its head Madhabi Puri Buch had stakes in <keyword id="20311680" type="General" weightage="20" keywordseo="offshore-funds" source="keywords">offshore funds</keyword> linked to the conglomerate - an allegation that the SEBI head called "baseless" and an attempt of "character assassination". Hindenburg alleged that Buch and her husband had undisclosed investments in <keyword id="22746661" type="General" weightage="20" keywordseo="obscure-offshore" source="keywords">obscure offshore</keyword> funds in Bermuda and Mauritius, the same entities allegedly used by <keyword id="20283220" type="General" weightage="20" keywordseo="Vinod-Adani" source="keywords">Vinod Adani</keyword> - the elder brother of group chairman Gautam Adani - to round-trip funds and inflate stock prices. SEBI in October 2020 began a probe into the shareholding structure of Adani Group companies after red flags were raised over high concentration of foreign holdings in the conglomerate's listed companies. Investigation was launched to determine if the foreign investors are genuine public shareholders or acting as fronts for the promoters. SEBI last year had told a Supreme Court-appointed panel that it was investigating 13 opaque offshore entities that held between 14 per cent and 20 per cent across five publicly traded stocks of the conglomerate. It hasn't stated if the two incomplete probes have since been completed, something which Hindenburg used to attack the market regulator. Madhabi and her husband Dhaval Buch in a joint statement strongly denied the "baseless allegations and insinuations made in the report". The same, they said, "are devoid of any truth". "Our life and finances are an open book," they said. "It is unfortunate that Hindenburg Research against whom SEBI has taken an enforcement action and issued a show cause notice has chosen to attempt character assassination in response to the same." While the statement did not talk on the questions Hindenburg raised over SEBI probe, the duo promised to come out with a detailed response. Hindenburg on Saturday stated that the Madhabi and her husband invested in offshore entities that were allegedly part of a fund structure managed by India Infoline and in which Vinod Adani also had investments. These investments reportedly date back to 2015, well before her appointment as a whole-time member of SEBI in 2017 and the subsequent elevation as chairperson in March 2022. It said Bermuda-based Global Opportunities Fund, which allegedly was used by entities connected to Adani Group to trade in shares of group companies, had sub-funds. Buch and her husband were investors in one of these sub-funds in 2015. Citing "whistleblower documents", Hindenburg said, "<keyword id="22743118" type="General" weightage="20" keywordseo="Madhabi-Buch" source="keywords">Madhabi Buch</keyword>, the current chairperson of SEBI, and her husband had stakes in both obscure offshore funds used in the Adani <keyword id="22743230" type="General" weightage="20" keywordseo="money-siphoning" source="keywords">money siphoning</keyword> scandal." SEBI, it claimed, has "shown a surprising lack of interest in Adani's alleged undisclosed web of Mauritius and offshore shell entities." The Buchs may have first opened their account with IPE Plus Fund 1 on June 5, 2015 in Singapore. IPE fund is a small offshore Mauritius fund set up by Vinod Adani through India Infoline (IIFL), a wealth management firm with ties to the Wirecard embezzlement scandal. "Vinod...used this structure to invest in Indian markets with funds allegedly siphoned from over invoicing of power equipment to Adani Group," claimed Hindenburg. Latching on to the Hindenburg allegations, Congress said the revelations only reinforced its demand for setting up a "joint parliamentary committee to investigate the full scope of the Adani mega scam" while the Trinamool Congress said the SEBI chairperson must resign. In January last year, Hindenburg accused Adani Group of pulling "the largest con in corporate history" by using a web of companies in tax havens to inflate its revenue and manipulate stock prices, even as debt piled up. After the Hindenburg report, the SC asked SEBI to complete its investigation and set up a separate expert panel to look into regulatory lapses. The panel did not give any adverse report on Adani and the apex court too stated that no other probe other than one being done by SEBI was required. On June 26 this year, SEBI in a show cause notice charged Hindenburg of "deliberately sensationalising and distorting certain facts" as well as working with a New York hedge fund to make its bet. Hindenburg had responded to that saying it made just USD 4.1 million from its declared positions on Adani stocks and criticised the regulator for not focusing its investigation into the January 2023 report "providing evidence" of the group creating "a vast network of offshore shell entities" and moving billions of dollars "surreptitiously" into and out of Adani public and private entities. Gautam Adani, who was the world's third-richest man before Hindenburg, in an epic comeback strategy raised USD 15 billion in equity and debt, sold some assets, repaid loans that was raised pledging shares, reined in expenses and refocused energies on core business. Adani is now ranked 12th richest in the world. The group has also made some acquisitions, buying cement company Sanghi Industries and the news agency IANS. Hindenburg on Saturday alleged that just weeks before Buch's appointment to SEBI, her husband requested the transfer of their investments into his sole control, potentially to avoid any scrutiny related to her new regulatory role. The couple's investments were reportedly funnelled through a complex, multi-layered offshore structure, raising questions about their legitimacy and purpose. On March 22, 2017, just weeks ahead of Buch's appointment as SEBI whole-time member, Dhaval wrote to Mauritius fund administrator Trident Trust. That communication was regarding his and his wife's investment in the Global Dynamic Opportunities Fund (GDOF), the US firm alleged. "In the letter, Dhaval requested to "be the sole person authorised to operate the Accounts", seemingly moving the assets out of his wife's name ahead of the politically sensitive appointment," Hindenburg alleged. Dhaval is a senior advisor at Blackstone and at Alvarez &amp; Marsal. He also serves as a non-executive director on the Board of Gildan.

After Adani, Hindenburg targets SEBI chief, she calls allegations baseless, character assassination

<ul class="summary-list"><li>Goldman Sachs on Thursday promoted 95 executives to its partnership.</li><li>It's the largest class to be promoted under David Solomon since he took over as CEO in 2018.</li></ul>Goldman Sachs on Thursday dropped the names of its newest partner class, elevating 95 members to its highest designation of leaders outside the C-suite.The 2024 class is the largest since David Solomon took over as CEO in 2018 and <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-3q-results-dealmaking-trading-resurgence-david-solomon-2024-10">reflects the bank's growth expectations</a> in dealmaking and asset and wealth management.This year's class is also one of Goldman's most diverse, representing a record 26 females and a record level of Hispanic executive promotions, a company executive said on Thursday."A spirit of partnership has been at the heart of Goldman Sachs' culture for more than 155 years, with the firm's partners exemplifying the best traditions of leadership," Solomon and President and COO John Waldron said in a joint statement on Thursday.The last time Goldman tapped new partners in 2022, it elevated 80 members. In the 2020 cycle, it appointed <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-2020-banking-wall-street-2020-11">just 60 new partners</a>, which helped reduce the size of the overall partnership to fewer than 440 members, down from 484 in 2018.While the bank does not break out the size of its partnership at any given time, it has generally hovered around 400 to 450 members, representing less than 1% of Goldman's workforce. As of the end of September, the Wall Street bank employed about 46,000 people, filings show.Since taking the top job in 2018, Solomon has been shrinking <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partner-class-perks-privileges-cross-ruffing-process-2024-10">the bank's partnership ranks</a> in a bid to increase its exclusivity. The Goldman executive said this year's larger size isn't an about-face from that goal, but rather a reflection of the firm's commitment to its key businesses like <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-2q-earnings-david-solomon-investment-banking-forecast-2024-7">investment banking</a> and <a target="_blank" class="" href="https://www.businessinsider.com/tips-ipo-rich-founders-manage-wealth-according-to-goldman-sachs-2024-8">money management</a>. The executive said that the total size of the class has remained largely constant even as the firm has grown under Solomon.The bank has, in recent years, <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-investment-bank-leaders-lay-out-winning-strategy-2024-6">adjusted its course back to historic strengths</a> like trading and advising on <a target="_blank" class="" href="https://www.businessinsider.com/megamergers-deals-m-a-wall-street-comeback-2024-9">mergers</a>, after it fumbled the ball on its <a target="_blank" class="" href="https://www.businessinsider.com/whats-going-wrong-at-goldman-sachs-marcus-consumer-bank-unit-2022-8">consumer-banking ambitions</a>. Goldman has also experienced <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-david-solomon-ceo-partners-departures-strategy-2023-9#:~:text=According%20to%20the%20former%20partners,they%20had%20no%20industry%20experience.">a slew of high-profile partner</a><a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon"> exits</a> driven, in part, by demand for its executives at high-paying hedge funds and other buy-side firms.The process for becoming a partner is rigorous, requiring months of interviews across the firm in a process known internally as cross-ruffing, as <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-is-about-to-promote-another-round-of-partners-2022-10">Business Insider has reported</a>.The title, which opens the door to special perks and privileges, is a vestige of Goldman's history as a private company run by its partners, who often contributed their own capital to deals. Goldman is now a publicly traded company, but its partners maintain influence over the strategic direction of the 150-year-old firm.After several years of sluggish dealmaking across Wall Street, Goldman's investment-banking fees — from advising on mergers to debt and stock underwriting — shot up 24% at the end of September versus the first nine months of 2023.The bank has also grown its asset- and wealth-management business, with assets under supervision surging to more than $3 trillion for the first time at the end of the third quarter, fueled in part by growth in assets from high-net-worth clients.<div type="image" title="A bald man in a suit smiles" height="1917" width="3000" msid="115063726" hostid="261" sizebytes="224422"></div>Here are some key figures about Goldman's 2024 partner class:<ul><li>42% of the class started at Goldman as campus hires and 29% started as summer interns with the firm.</li><li>The average tenure of the partner class is 16 years at Goldman Sachs.</li><li>26 promotes are women, or 27% of the class.</li><li>The percentage of women promoted is not a record. In 2022, 23 women were promoted, representing 27% of the total class. (Goldman Sachs has seen a number of high-profile female exits in recent months, raising criticisms about the bank's commitment to its female executives in an article published by the Wall Street Journal. Among the exits have been Beth Hammack, the former treasurer and an unsuccessful contender for chief financial officer; Stephanie Cohen, <a target="_blank" class="" href="https://www.businessinsider.com/stephanie-cohen-leaving-goldman-sachs-cloudflare-2024-3">the former chief strategy officer</a> and head of its platform solutions group; and Katie Koch, the former chief investment officer of its public-equity business in asset management. <a target="_blank" class="" href="https://www.businessinsider.com/goldman-sachs-internal-memo-women-leaders-russell-horwitz-2024-3">Executives have vowed to do better.</a>)</li><li>6% of the class is Hispanic, another record.</li><li>18% are Asian.</li><li>4% are Black, down from 7% in 2020. This is an area the Goldman executive acknowledged is a place the firm wants to improve.Here's the full list that Goldman released featuring all of its new partners.</li></ul>Marine Abiad, Global Banking &amp; Markets, ParisBenny Adler, Global Banking &amp; Markets, New YorkShahzad Ali, Controllers, New YorkAsh Ang, Global Banking &amp; Markets, SingaporeLucia Arienti, Global Banking &amp; Markets, LondonMatthew Armas, Asset &amp; Wealth Management, New YorkPatrick Armstrong, Asset &amp; Wealth Management, New YorkSebastian Ayton, Global Banking &amp; Markets, ParisAmitayush Bahri, Asset &amp; Wealth Management, LondonRob Barlick Jr, Asset &amp; Wealth Management, MiamiDavid Bear, Global Banking &amp; Markets, New YorkAmanda Beisel, Controllers, New YorkJeff Bernstein, Asset &amp; Wealth Management, New YorkLyla Bibi, Global Banking &amp; Markets, New YorkAnne Bizien, Global Banking &amp; Markets, ParisTristan Blood, Asset &amp; Wealth Management, LondonBrittany Boals Moeller, Asset &amp; Wealth Management, AtlantaMarc Boheim, Asset &amp; Wealth Management, LondonChris Bonner, Global Banking &amp; Markets, New YorkKevin Boova, Global Banking &amp; Markets, New YorkOonagh Bradley, Compliance, LondonTimothy Braude, Asset &amp; Wealth Management, New YorkSteven Budig, Asset &amp; Wealth Management, New YorkJacqueline Cassidy, Global Banking &amp; Markets, New YorkSorubh Chandani, Asset &amp; Wealth Management, New YorkPamela Codo-Lotti, Global Banking &amp; Markets, New YorkBracha Cohen, Asset &amp; Wealth Management, New YorkShaun Cullinan, Asset &amp; Wealth Management, New YorkMarc d'Andlau, Global Banking &amp; Markets, ParisAdam Davis, Global Banking &amp; Markets, New YorkMatthew Doherty, Asset &amp; Wealth Management, New YorkJason Eisenstadt, Global Banking &amp; Markets, New YorkAshley Everett, Global Banking &amp; Markets, New YorkAlex Finston, Global Banking &amp; Markets, New YorkAlison Flood, Global Banking &amp; Markets, New YorkArvind Giridhar, Global Banking &amp; Markets, New YorkAshwin Gupta, Asset &amp; Wealth Management, New YorkSonia Gupta, Global Banking &amp; Markets, San FranciscoTerry Hagerty, Global Banking &amp; Markets, New YorkRobert Hamilton Kelly, Asset &amp; Wealth Management, West Palm BeachAxel Hoefer, Global Banking &amp; Markets, FrankfurtDylan Hogarty, Global Banking &amp; Markets, New YorkTim Holliday, Corporate Treasury, LondonKazuya Iketani, Global Banking &amp; Markets, TokyoSumedh Jaiswal, Global Banking &amp; Markets, LondonKyle Jessen, Global Banking &amp; Markets, San FranciscoLotfi Karoui, Global Investment Research, New YorkFeroz Khosla, Global Banking &amp; Markets, New YorkLarry Kleinman, Tax, New YorkJared Klyman, Asset &amp; Wealth Management, New YorkDaniel Korich, Global Banking &amp; Markets, New YorkRebecca Kruger, Global Banking &amp; Markets, New YorkKosuke Kurosawa, Global Banking &amp; Markets, TokyoShane Lee, Global Banking &amp; Markets, CalgaryMichael Leister, Global Banking &amp; Markets, New YorkMatthew Leskowitz, Global Banking &amp; Markets, New YorkHilary Lopez, Asset &amp; Wealth Management, LondonCedric Lucas, Asset &amp; Wealth Management, New YorkMazen Makarem, Global Banking &amp; Markets, New YorkMatthew Mason, Global Banking &amp; Markets, Hong KongJans Meckel, Global Banking &amp; Markets, ParisPatrick Moran, Legal, New YorkLeonie Morel, Global Banking &amp; Markets, LondonJohn O'Connor, Global Banking &amp; Markets, New YorkSteve Orr, Global Banking &amp; Markets, New YorkLeke Osinubi, Engineering Division, New YorkElizabeth Overbay, Platform Solutions, New YorkJonathan Perry, Engineering Division, LondonThomas Plank, Global Banking &amp; Markets, SingaporeCaitlin Pollak, Global Banking &amp; Markets, New YorkLing Pong, Asset &amp; Wealth Management, Hong KongJoe Porter, Global Banking &amp; Markets, San FranciscoVishaal Rana, Global Banking &amp; Markets, New YorkAlexandre Reinert, Global Banking &amp; Markets, Hong KongMonique Rollins, Corporate Treasury, New YorkMarcos Rosenberg, Asset &amp; Wealth Management, RichardsonMarc Schaffer, Global Banking &amp; Markets, New YorkJan Scheffel, Global Banking &amp; Markets, LondonRahul Sharma, Engineering Division, Menlo ParkEric Sheridan, Global Investment Research, New YorkSalil Sheth, Global Banking &amp; Markets, New YorkJonathan Shugar, Global Banking &amp; Markets, New YorkAlyson Shupe, Asset &amp; Wealth Management, New YorkAaron Siegel, Global Banking &amp; Markets, New YorkAdam Siegler, Global Banking &amp; Markets, New YorkCraig Smart, Global Banking &amp; Markets, New YorkAndre Souza, Global Banking &amp; Markets, LondonThom Spoto, Asset &amp; Wealth Management, West Palm BeachLesley Steele, Risk, LondonTeppei Takanabe, Global Banking &amp; Markets, TokyoLaura van Alkemade, Global Banking &amp; Markets, LondonDennis Walsh, Asset &amp; Wealth Management, New YorkAlexandra Wilson-Elizondo, Asset &amp; Wealth Management, New YorkSylvia Yeh, Asset &amp; Wealth Management, New YorkPiotr Zurawski, Global Banking &amp; Markets, LondonThis post is breaking and will be updated with additional information.Emmalyse Brownstein contributed reporting.Are you an insider at Goldman Sachs or on Wall Street? Get in touch with this reporter. Reed Alexander can be reached at <a target="_blank" href="mailto:ralexander@businessinsider.com">ralexander@businessinsider.com</a>, or SMS/the encrypted app Signal at <a target="_blank">(561) 247-5758</a>

See the 95 executives Goldman Sachs tapped to join its exclusive partnership — a record high under David Solomon

<ul class="summary-list"><li>Stocks for the parent companies of Tinder and Bumble wavered this week after the companies reported earnings.</li><li>Tinder cautioned investors it expected another drop in paying users in the fourth quarter.</li></ul>Singles aren't the only ones feeling the ache from<a target="_blank" class="" href="https://www.businessinsider.com/dating-apps-find-love-romance-online-tinder-match-total-scam-2024-10"> dating app fatigue</a> — Wall Street is too.Match Group shares dropped more than 18% on Thursday after the company said paying users on its largest app, Tinder, fell 4% to 9.9 million in the third quarter, compared to the same period a year ago. The company projected another year-over-year decline in paying users in the fourth quarter, as well. Hinge was a highlight, with third-quarter revenue growing 36% year-over-year — although the app has not yet reached the scale of sibling app Tinder.Bumble Inc., meanwhile, said Wednesday it saw 10% growth in paying users on its signature app in the most recent quarter, to 2.9 million. But average spending per user dropped 10%. Bumble users can pay for different subscription tiers ranging from $59.99 to $79.99 per month, which allows them to extend time on matches and filter through their swipes.Bumble, Inc. revenue overall was relatively flat — dropping 0.7% to $274 million year-over-year. Its shares are down 45% year-to-date. Match shares are down more than 16% in the same period.Deflating investor energy around dating apps mirrors a national outcry of "swipe fatigue," following a decade of the apps' meteoric rise. A national survey by Forbes Health in July reported that 78% of respondents, across all generations, sometimes felt "emotionally, mentally, or physically exhausted" by dating apps like Tinder, Hinge, and Bumble.The major dating apps are fighting to prove their continuing relevance, especially with hungry startup founders waiting in the wings to disrupt the $5 billion industry, according to research firm Business of Apps."I want to scare the shit out of Hinge and Bumble — all of them," influencer Serena Kerrigan, who started her own <a target="_blank" class="" href="https://www.businessinsider.com/instagram-dating-app-dm-era-of-swipe-fatigue-2024-9">dating service on Instagram</a>, told Business Insider in August. "I want to really disrupt the space."<h2 id="90a2f6a2-b0eb-433e-ac67-c1b6ccfa0e5e">Dating apps scramble to stay on top</h2>Dating app leaders are pivoting to tackle swipe fatigue and encourage more meaningful user experiences through limits on matches and changes to who can start conversations.Bumble, for example, was built on the premise of letting women make the first move in a match. Only women could send the first message in a conversation. In April, the company announced a new feature called "Opening Moves" that lets men message first in response to a pre-selected question from the woman in the match.Similarly, Hinge announced in September that it would limit users' simultaneous match conversations to reduce unanswered messages. The company said it helped "daters shift their mindset from quantity to quality of matches" and encouraged users to follow through with their matches. On Match Group's earnings call, the company signaled that this new feature was already helping increase response rates on the app.The apps are also trying to expand beyond dating.Earlier this year, Bumble acquired Geneva, a group chat app for niche communities like book clubs, for $17 million. Bumble founder and chair Whitney Wolfe Herd said during Bloomberg's Technology Summit in May that the platform "will not be a dating app in a few years" and instead one for broader "human connection."<a target="_blank" class="" href="https://www.businessinsider.com/new-bumble-ceo-lidiane-jones-underdog-work-to-her-advantage-2023-11">Bumble CEO Lidiane Jones</a> said in an earnings release that the company is executing "plans to reimagine Bumble App to enable the next generation of online-to-real-world connections."To that end, the company has a lineup of product releases prepared for 2025, a Bumble spokesperson said.As users grow frustrated with dating app fees and algorithms, <a target="_blank" href="https://www.businessinsider.com/new-dating-startups-and-apps-disrupting-the-industry-2024-8">new startup founders are entering the space</a>. Some are building new styles of finding love like <a target="_blank" href="https://www.businessinsider.com/how-friends-quit-healthcare-jobs-built-dating-app-together-2024-9">Fourplay's double date</a> experience, prioritizing date-planning in the app like <a target="_blank" href="https://www.businessinsider.com/pitch-deck-first-rounds-on-me-dating-app-raises-seed-2024-8">First Round's on Me</a>, or testing ways to turn an AI chatbot into a matchmaker like Sitch. Others are ditching the app experience altogether too with businesses focused on IRL events that get people off their phones and meeting people face-to-face.If dating giants like Match and Bumble continue to report slow growth and see shaky stocks for quarters to come, some of these smaller startups might stand a chance to break through and compete.

Wall Street feels swipe fatigue as Match Group shares tumble, signaling an opening for new dating startups

<ul class="summary-list"><li>OpenAI exec Kevin Weil told BI the company has a "great bench" after CTO Mira Murati abruptly quit.</li><li>Weil, the buzzy AI firm's chief product officer, said he didn't know what Murati would do next.</li></ul>The hundreds of attendees at Ray Summit, an AI conference in San Francisco, were originally hoping to hear from <a target="_blank" class="" href="https://www.businessinsider.com/mira-murati-openai-cto-leaving-executive-memo-staff-2024-9">Mira Murati</a>, the chief technology officer of <a target="_blank" class="" href="https://www.businessinsider.com/cathie-wood-ark-venture-openai-funding-2024-10">OpenAI</a>, on Wednesday.But over the weekend, there was a last-minute change of schedule, with Murati replaced by the startup's chief product officer, <a target="_blank" class="" href="https://www.businessinsider.com/sam-altman-new-colleagues-openai-sarah-friar-kevin-weil-2024-6">Kevin Weil</a>.The reason: Just days before, <a target="_blank" class="" href="https://www.businessinsider.com/mira-murati-exits-openai-venture-capitalist-startup-2024-9">Murati had abruptly left OpenAI</a>.Weil's talk — a fireside chat with Anyscale cofounder Robert Nishihara, whose company hosted the conference — largely played it safe, with no mention of Murati's exit, or <a target="_blank" class="" href="https://www.businessinsider.com/cathie-wood-ark-venture-openai-funding-2024-10">the $6.6 billion funding round</a> that OpenAI announced minutes before he went on stage.In a brief interview with Business Insider immediately afterwards, Weil praised Murati while downplaying the impact of her departure."Mira is amazing. She's a huge part of why OpenAI is in the position that we're in," he said. "I've really enjoyed working with her. At the same time, we have a great bench."Weil, a former Instagram executive, highlighted Mark Chen as an example of the talent still around at OpenAI. Chen is the startup's <a target="_blank" class="" href="https://www.linkedin.com/in/markchen90/">senior vice president of research</a>. "He and I actually worked together like 20 years ago at a company you've probably never heard of when we were both just out of grad school," Weil said. "So I'm really excited to partner with him and I'm really optimistic about what we're building."Chen joined the organization in October 2018, and previously worked at Integral Technology LLC, Tech Square Trading, and Jane Street after studying at MIT, according to his LinkedIn profile. Murati has yet to address specific reasons for her departure. In a message to OpenAI employees that <a target="_blank" class="" href="https://x.com/miramurati/status/1839025700009030027">she also posted on X</a>, she wrote: "I'm stepping away because I want to create the time and space to do my own exploration."Her departure came a few days before OpenAI's massive new funding round. It also coincides with a reported plan to reorganize the startup to shed its non-profit structure, though <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.bloomberg.com/news/articles/2024-09-26/openai-s-altman-executive-departures-unrelated-to-restructuring">CEO Sam Altman has said</a> her departure was unrelated. Asked if he knew of any link, Weil also gave a flat "no."It's not yet clear what Murati's next act will be, and Weil said he didn't know what her plans were. Whatever it is, Silicon Valley is hungry to get in on the action: On Monday, Business Insider reported that<a target="_blank" class="" href="https://www.businessinsider.com/mira-murati-exits-openai-venture-capitalist-startup-2024-9"> venture capital investors are rushing to try to meet with her</a> in the expectation that she will launch a new company.She's one of a wave of high-profile exits from OpenAI over the last few months, including cofounder Ilya Sutskever, superalignment co-leader Jan Leike, and cofounder John Schulman. Vice president of research Barret Zoph and chief research officer Bob McGrew also left on the same day as Murati.Asked if he was worried about the exodus, Weil said: "We have a really strong group of people. When you look at — I mean, people like Bob and Mira, they were at the company six-and-a-half years in Mira's case, eight years in Bob's case. I think that alone says something about their commitment to OpenAI, and the depth of work that they've done. "He added: "So we've got an awesome team and we're going to keep shipping. We've got a lot of fun stuff coming."Do you work at OpenAI? Contact this reporter via encrypted messaging app Signal at +1 <a target="_blank" rel="noopener noreferrer" class="c-link">650-636-6268</a> or email at rprice@businessinsider. We can keep sources anonymous. Use a non-work device to reach out.

OpenAI executive says the startup has a 'great bench' after CTO's abrupt departure

<ul class="summary-list"><li>Americans' favorite tech gadgets could surge in price under Donald Trump's proposed tariffs, per a new report.</li><li>The president-elect vowed to install tariffs of 10% on US imports and 60% on Chinese goods.</li></ul>Buying a <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/best-tv">new television</a> now instead of next year could save you hundreds of dollars.Under President-elect Donald Trump's proposed tariff plans, consumers will likely see <a target="_blank" class="" href="https://www.businessinsider.com/mark-cuban-donald-trump-tariffs-raise-prices-inflation-economists-agree-2024-11">prices surge</a> on big-ticket purchases, including several popular tech items and gadgets, according to a Consumer Technology Association <a target="_blank" class="" href="https://shop.cta.tech/products/how-the-proposed-trump-tariffs-increase-prices-for-consumer-technology-products">October report.</a>Trump has vowed to install a blanket tariff of 10% to 20% on all imports and a flat, additional tariff of at least 60% on Chinese goods — a move many economists have warned will <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump-election-win-high-inflation-risk-tariffs-deportations-taxes-2024-11">raise prices for American consumers</a> and lead to inflation.During his first term, Trump made good on many of his campaign economic promises, <a target="_blank" class="" href="https://www.businessinsider.com/trump-china-trade-war-list-of-goods-tariffs-2018-9">imposing a wave of tariffs</a> in 2018 and 2019 on certain US imports from China, including steel, semiconductors, and EVs.Economists <a target="_blank" class="" href="https://www.cato.org/blog/americans-paid-trump-tariffs-would-do-so-again">cited</a> in a Cato Institute report from earlier this year estimated that Trump's first-term tariffs cost the average American household about $830 a year.Trump has said his proposed tariffs would not increase prices for US consumers. But the former president's <a target="_blank" class="" href="https://www.businessinsider.com/trump-tariffs-hit-company-stock-profits-hardest-china-investing-manufacturing-2024-11">tariff plans</a> would impact more than just a few key items this time: The consumer technology sector would be hit especially hard, and prices would rise on some of the most common tech items bought by US shoppers, the CTA report found.The pre-election report used Trade Partnership Worldwide, LLC research to examine how Trump's tariffs would affect 10 consumer technology products found in nearly every American home, including non-automobile lithium-ion batteries commonly used in portable electronics, TVs, computer accessories, connected devices, headphones, monitors, PCs, laptops and tablets, video games, and <a target="_blank" class="" href="https://www.businessinsider.com/xiaomi-laptop-apple-inventec-china-2015-9">smartphones.</a>The report found that tariff effects on those products alone would shrink US consumers' <a target="_blank" href="https://www.businessinsider.com/personal-finance/investing/purchase-power">spending power</a> in the sector by $90 billion, assuming no countries or products are excluded from the blanket tariff ring.Products for which <a target="_blank" class="" href="https://www.businessinsider.com/chinese-brands-crept-into-life-tiktok-lenovo-tencent-xiaomi-dji-2023-8">China is the major supplier</a> would see the most dramatic price increases. China's economy is a more vulnerable state than it was when Trump previously implemented tariffs. The country is combating low wages and high unemployment among young people, leaving China's household spending far below the global average, <a target="_blank" href="https://www.reuters.com/world/china/why-chinas-economy-is-more-vulnerable-trump-tariffs-this-time-2024-11-06/">Reuters</a> reported earlier this year.In 2023, China accounted for 87% of US video game console imports, 78% of smartphone imports, and 79% of <a target="_blank" class="" href="https://www.businessinsider.com/china-smart-devices-market-2013-2">laptop and tablet imports</a>, the Consumer Technology Association reported.Under Trump's tariffs, the average price of <a target="_blank" class="" href="https://www.businessinsider.com/guides/tech/best-budget-gaming-laptops">laptops and tablets</a> could skyrocket 45%, jumping an additional $200-$350 from their current prices, the CTA report found.Similarly, smartphones would see a more than 25% increase in consumer price, surging more than $200 from their average October price, the report said, which also drew on trade and tariff data from the World Integrated Trade Solution, the US Census Bureau, and the Global Trade Analysis Project.Under Trump's tariffs, video game consoles, meanwhile, could cost nearly $250 more than they currently do, and monitors could increase by more than $100, the report found. Televisions will see a 9% increase in consumer price, costing an additional $48 on average, according to the CTA report.To combat rising prices, US consumers would likely <a target="_blank" class="" href="https://www.businessinsider.com/retirement-saving-inflation-cost-of-living-crisis-investing-401k-pensions-2024-11">slow their spending</a> on such items, decreasing laptop purchases and tablets by 54% and smartphones by 44%, the report found.Gary Shapiro, CEO of the Consumer Technology Association, and Vice President of International Trade Ed Brzytwa warned in the organization's October report that the tariff's impacts on consumer technology could extend beyond the sector."The proposed tariffs will not create more employment or manufacturing in the US," the CTA executives wrote. "In fact, the opposite may happen where our productivity decreases and jobs may be lost over time when workers and businesses have less affordable access to technology."

Here's how much more laptops, TVs, and smartphones could cost under Trump's proposed tariffs, consumer group says

Citi is betting big on high-profile executives to turn things around 

Billionaire Gautam <keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword>'s group on Tuesday said it will prepay USD 130 million of debt as it looks to boost investor confidence post being targeted by a US short-seller. <keyword id="895682" type="General" weightage="20" keywordseo="Adani-Ports" source="Orion">Adani Ports</keyword> and <keyword id="6365230" type="General" weightage="50" keywordseo="special-economic-zone" source="Orion">Special Economic Zone</keyword>, the ports company of the <keyword id="6367820" type="General" weightage="80" keywordseo="adani-group" source="Orion">Adani Group</keyword>, had last month floated a tender to buy back as much as USD 130 million of its July 2024 bonds and similar amounts in each of the next four as it looked to regain investor confidence by showing that its liquidity position is comfortable. In a stock exchange filing, APSEZ said an aggregate principal amount of USD 412.7 million was validly tendered. "Since the principal amount of notes validly tendered and not validly withdrawn on or prior to the early tender date (of May 8) exceeded the maximum acceptance amount of USD 130 million in aggregate principal amount of the outstanding notes, the company will accept such notes for purchase subject to the proration factor of 34.2649 per cent," it said. Shares of Adani group companies pummelled after <keyword id="9916845" type="General" weightage="50" keywordseo="hindenburg-research" source="Orion">Hindenburg Research</keyword> in a January 24 report accused it of accounting fraud and improper use of offshore tax havens for stock manipulation. The group has denied all allegations. APSEZ said the buyback programme for its 3.375 per cent 2024 maturity dollar-denominated bonds closed on May 8. "The purpose of the tender offer is to partly prepay the company's near-term debt maturities and to convey the comfortable liquidity position," it had said in a statement last month. The company had engaged Barclays Bank, DBS Bank, Emirates NBD Bank PJSC, <keyword id="4370138" type="General" weightage="50" keywordseo="first-abu-dhabi-bank" source="Orion">First Abu Dhabi Bank</keyword>, PJSC, <keyword id="17366045" type="General" weightage="50" keywordseo="mufg-securities-asia-singapore-branch" source="Orion">MUFG Securities Asia Singapore Branch</keyword>, <keyword id="616606" type="General" weightage="50" keywordseo="smbc-nikko-securities" source="Orion">SMBC Nikko Securities</keyword> (Hong Kong) and <keyword id="127691" type="General" weightage="50" keywordseo="standard-chartered-bank" source="Orion">Standard Chartered Bank</keyword> to serve as dealer managers for the offer. In addition to the principal amount, the company will pay accrued interest, in respect of any notes purchased in the tender offer from, and including, the last interest payment date. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/possibility-of-rival-bids-for-go-airlines-it-is-a-hypothetical-question-says-ceo-kaushik-khona/articleshow/100100179.cms">Possibility of rival bids for Go Airlines? It is a hypothetical question: says CEO Kaushik Khona</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/need-to-step-up-quickly-to-install-refining-capacity-anand-mahindra-on-lithium-reserves-discovery-in-rajasthan/articleshow/100099312.cms">Need to step up quickly to install refining capacity: Anand Mahindra on lithium reserves discovery in Rajasthan</a>

Adani group to prepay USD 130 million debt to boost investor confidence

<ul class="summary-list"><li>Sarah Rose Siskind had a revelation during a psychedelic sound bath in Manhattan. </li><li>It changed her approach to running her business and strengthened her relationship with colleagues.</li></ul>Sarah Rose Siskind was feeling anxious about work. After months of tense negotiations, she'd just bought her cofounder out of <a target="_blank" href="https://markets.businessinsider.com/news/stocks/why-ai-shouldnt-be-boring-1032133806">Hello SciCom</a>, a science-comedy consulting firm in New York City."I had just paid more money than I'd ever paid for anything in my life," she said. Now she had to determine the company's strategy as chief operating executive.For inspiration, she turned to a psychedelic <a target="_blank" href="https://www.businessinsider.com/we-tried-sound-meditation-san-francisco-2018-2">sound bath</a>.Siskind is one of a growing number of entrepreneurs and executives seeking out psychedelics — including LSD, <a target="_blank" href="https://www.businessinsider.com/magic-mushrooms-psilocybin-psychoactive-drug-brain-denver-legal-2019-5">psilocybin mushrooms</a>, ayahuasca, and MDMA — for work-related inspiration and guidance.This trend certainly isn't new: Psychedelics have been seeping into Silicon Valley workplaces for decades. <a target="_blank" href="https://www.businessinsider.com/steve-jobs-lsd-meditation-zen-quest-2015-1">Steve Jobs</a>, for example, once said LSD helped him prioritize quality over revenue.What is new, though, is the number of professionals <a target="_blank" href="https://www.businessinsider.com/microdosing-psilocybin-mushrooms-for-creativity-startups-2024-3">openly talking about their psychedelic</a> use in the news, on social media, and in conversations with peers and friends. Now, business leaders of all sorts are turning to mind-altering drugs for inspiration.Some professionals pay thousands of dollars for exclusive retreats in Peru or Mexico, while others take a more do-it-yourself approach.NYC-based Siskind didn't have to travel far.<h2>A Manhattan psychedelic sound bath</h2><div type="image" title="Sarah Rose Siskind in a blue t-shirt and beanie pointing to a white board with red writing during a meeting with work colleagues." height="5078" width="7609" msid="108684666" hostid="261" sizebytes="2468672"></div>In an apartment in Noho, Manhattan, Siskind took a combination of MDMA and magic mushrooms and then sat in the dark with other attendees, listening in silence to live music performed with gongs, singing bowls, and a guitar.It was the gong that got her.As the drugs took effect, Siskind felt increasingly agitated by its incessant ringing. "I almost got up to ask him to stop," she said. She didn't, though, and when the ringing finally ended, she felt "an <a target="_blank" href="https://www.businessinsider.com/work-productivity-tip-helped-me-focus-careers-strategy-2022-6">energetic state of clarity</a>."Through that clarity, she realized her personal values were essential to her professional success and happiness. When Siskind arrived at work on Monday, she called a staff meeting to share the company's new value-oriented direction.A year later, she said, work is going better than ever, and her relationship with her coworkers has never been stronger.Others have reported similar benefits.The CEO of a clean energy technology company in the Bay Area, who asked to remain anonymous, said he has found psychedelics to be helpful tools for changing his frame of reference when thinking about challenging or complicated <a target="_blank" href="https://www.businessinsider.com/work-life-balance-expectations-flexible-work-boundaries-manager-boss-challenges-2023-9">work-related problems</a>."Seeing things from other perspectives is very useful in the creative process," he said.In a 2022 paper, researchers documented over a dozen top-level professionals — from scientists to architects — who likewise <a target="_blank" href="https://journals.sagepub.com/doi/full/10.1177/20503245221097649">credited psychedelics with major work-related insights</a>. Breakthroughs pertained to subjects as varied as quantum mechanics and neuroscience.Across professional fields, psychedelics seem to open people up to "those ah-ha moments of insight," said study co-author David Luke, an associate professor of psychology at the University of Greenwich in London.He added that during a trip, people are, "able to inspect their vast accumulation of knowledge in a new way, sometimes giving rise to a new solution."<h2>Be cautious when discussing psychedelics</h2><div type="image" title="Henrik Zillmer outside Pisac, on the way up to Huchuy Qosqo, an Incan archaeological site in Peru." height="1536" width="2048" msid="108684667" hostid="261" sizebytes="599394"></div>Those in leadership positions need to be cautious when <a target="_blank" href="https://www.businessinsider.com/microdosing-psychedelics-entrepreneurs-founders-new-business-ideas-2020-7">discussing their experiences with psychedelics</a> among coworkers, said Henrik Zillmer, founder of AirHelp, a Berlin-based company."If you're in a position of power and authority and you're introducing this subject to colleagues or employees, they might feel pressured to do psychedelics, too.""It's an individual journey and people need to decide for themselves if they want to try them out," Zillmer added.It's also possible that that journey will not produce the desired results. "There's no guarantee if you take a psychedelic you'll get interesting insights, but it's more likely than if you just stay home and watch TV," said John Gilmore, a Silicon Valley entrepreneur turned advocate for more relaxed drug policy after his personal experiences with illegal substances, including psychedelics.Gilmore tried LSD shortly before becoming the fifth employee of Sun Microsystems in 1981. He said that before he took LSD he had "a very rationalist point of view about things" and a tendency to think his way of doing things was the best way.LSD showed him that there are radically different ways of seeing the world and that all can be equally valid, he said.This realization had practical value for his role as a manager. He stopped correcting employees who took different problem-solving approaches from him and focused more on whether those approaches resulted in a solution.<h2>How to harness psychedelics' powerful effects</h2><div type="image" title="magic mushrooms" height="1414" width="2119" msid="108684669" hostid="261" sizebytes="117972"></div>In the past decade, a handful of investigators have started to pursue rigorous, scientific research into psychedelics' profound <a target="_blank" href="https://www.businessinsider.com/how-psychedelics-change-brain-neuron-growth-2023-2">effect on the human psyche</a> — and if professionals and business leaders could harness these powerful revelations.Gül Dölen, a neuroscientist at the University of California, Berkeley, suspects, based on <a target="_blank" href="https://affiliate.insider.com?h=935f602fafc1992af936d7e3b7b1265157c436942e56db6c9629e0136cf559b7&amp;postID=65f9f68c48eec3d3e7917214&amp;postSlug=psychedelics-better-leaders-business-executives-2024-3&amp;site=bi&amp;u=https%3A%2F%2Fwww.nature.com%2Farticles%2Fs41586-023-06204-3">existing research</a>, that psychedelic-induced eureka moments have to do with how these drugs return the rule-based adult brain to a more childlike state of openness, playfulness, and creativity.When taken in the right setting, Dölen said, psychedelics could help the brain "break out of set, worn patterns, habits, and thoughts." But therein lies the key: the person typically has to be in the right setting and in the right mindset to invite any meaningful revelation.Case in point, in a 2022 study, a team of scientists recruited a group of healthy individuals to take LSD in a lab setting to see how the drug influenced creativity. They found that across tasks, <a target="_blank" href="https://pubmed.ncbi.nlm.nih.gov/35105186/">LSD increased the novelty of participants' ideas</a>. But those ideas weren't about to win any awards or revolutionize industries.For example, when asked to come up with a metaphor, one sober participant said, "My mother is as strong as a tiger," while a person on LSD said, "The philosopher is a hole in the ocean."This radically different way of processing information is not practical on a daily basis. But, in some cases, the ability to break away from normal patterns of thinking could be key to "great discoveries," said lead author Isabel Wiessner, a postdoctoral researcher in neuroscience at the Federal University of Rio Grande de Norte in Brazil.Sometimes, those discoveries exceed expectations. This was the case for Zillmer, whose revelation came during a 2016 <a target="_blank" href="https://www.businessinsider.com/my-scary-very-trippy-life-altering-experience-ayahuasca-cave-shaman-2022-6">ayahuasca retreat</a> in Peru geared toward business leaders.Zillmer went hoping to let go of some of the frustration that had built up inside him after years of struggling to make his company successful. The experience did that and more: it wound up changing his entire perspective on work and life.Zillmer had always put the company first, but during his psychedelic experience, he realized he should instead be prioritizing the people who work for him. "It opened my eyes that if people are happy, we'll make great products and services," he said.When he returned to work, he poured resources into revamping the bare-bones office space, creating a <a target="_blank" href="https://www.businessinsider.com/human-resources-leaders-redefining-innovation-inclusion-2022-3">robust HR department</a>, and introducing things for employees like satisfaction surveys, discussions about their long-term career goals and on- and off-boarding interviews. As a result, AirHelp began retaining employees for longer, Zillmer said, and happiness went up across the workforce.Zillmer also reaped benefits beyond his role as an employer. For example, his inner relationship with himself vastly improved, he said. "And that, in the end, will also improve your satisfaction and performance at work, and your relationship with colleagues."While Zillmer's breakthroughs came in Peru and with ayahuasca, these types of retreats for business professionals are popping up all over and with a variety of psychedelics.Other CEOs, for instance, have found revelations <a target="_blank" href="https://ww2.kiyumi.org/connected-leadership-for-a-regenerative-future/#">at a leadership program in the Netherlands</a> where facilitators legally administer psilocybin as part of a personal-growth program geared toward executives. Some of those executives recently participated in a pilot study, offering a glimpse of what's happening behind closed doors.<h2>Beyond bottom lines</h2><div type="image" title="A red brick building with white trim and sky lights." height="982" width="1638" msid="108684670" hostid="261" sizebytes="162462"></div>For the pilot study, researchers out of the University of Maryland recruited a group of 15 CEOs, founders, and other leaders from diverse backgrounds and countries who were already participating in the retreat, which is exclusively for people in leadership positions."One reason business leaders are an interesting population is because they have a great deal of economic, social, cultural, and political influence," said Bennet Zelner, a business and public policy researcher co-leading the study. "They have the ability to act as force multipliers."The four-month program includes five two-hour group workshops and six individual executive coaching sessions in which participants discuss topics such as ethical decision-making and personal development and fulfillment. The online prep work culminates in a week-long, in-person retreat at which participants undertake guided psychedelic journeys.After the pilot group completed their retreat, Zelner and his colleagues followed up one year later to see what, if anything, had changed.One executive said they'd restructured their venture to be more aligned with purpose and <a target="_blank" href="https://www.businessinsider.com/5-expert-tips-recession-proofing-your-business-2019-8">resistant to financial pressure</a>, including by exploring financing and governance structures that would reduce the company's dependence on traditional profit-driven investors.Others reported subtler changes, such as working better with colleagues and being clearer in their decision-making. On the other hand, one CEO had left their company to pursue something they felt was more in service to others.Indeed, sometimes the primary value that psychedelics can bring for business leaders is revealing to them that it's time to move on.In 2020, for example, John Allison, the co-founder of <a target="_blank" href="http://Customer.io">Customer.io</a>, a customer engagement platform, took MDMA at a friend's house in Brooklyn.It was supposed to be an evening of light fun, but Allison found himself spontaneously thinking about work. He had been feeling burnt out at the job, but had been too guilt-ridden about leaving to make any serious plans to do so.At the party, Allison suddenly had to stop dancing and step outside "because I had this epiphany moment where I accepted that leaving was the right thing to do," he recalled.Several months later, he resigned as chief technology officer but remained on as a board member and advisor, which allowed him to maintain good relations with his former colleagues.Quitting was "absolutely" the right decision, he said. "I probably already knew the answer unconsciously, but the MDMA resolved the internal struggle."

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