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<a target="_blank" href="https://www.businessinsider.com/category/e-commerce">E-commerce</a> is great for a lot of things — <a target="_blank" href="https://www.businessinsider.com/amazon-prime-shopping-rule-saves-me-money-2024-4">snagging sales</a>, stocking up on staples, buying stupid stuff we really do not need. But people's voracious appetite for online shopping does appear to have its limits, specifically when it comes to luxury.The expectation has long been that e-commerce would revolutionize luxury, just as it has so much of retail. It killed many <a target="_blank" href="https://www.businessinsider.com/shopping-mall-rise-fall-timeline-1950s-to-today-2023-1">malls</a> and bookstores; it made Walmart <a target="_blank" href="https://www.businessinsider.com/what-is-walmart-marketplace-for-third-party-sellers2023-12">go digital</a>; it transformed shipment and logistics operations across the globe. So why wouldn't it disrupt such an expensive, lucrative space?It turns out we still like to buy the nicest, most expensive items in real life, in large part because we want a luxury experience when we spend the big bucks. We like to feel fancy when we shop fancy, and dropping stuff into a virtual cart on a random website in between meetings is far from most people's definition of fancy.A recent survey from Morning Consult, a business intelligence company, explored how consumers look at luxury. It found that people generally have a strong preference for a brick-and-mortar experience when buying luxury items. Of those surveyed, 49% said they would consider buying luxury clothing or shoes from a brick-and-mortar store and 48% said the same of jewelry and watches. Thirty-nine percent said they would consider buying handbags and 40% said they would consider buying cosmetics and fragrances in a store. In every category, under 20% of consumers said they would consider making those purchases online. Gen Z was slightly more open to e-commerce and less interested in the brick-and-mortar experience, but not always by a meaningful margin. Less than 10% of all consumers said they'd buy luxury products through social media, though that number got up to the high teens for Gen Z.Consumers also said customer service was the second-most-important attribute in defining luxury shopping, right behind the quality of the product. In other words, they don't just want to buy something special — they want to be treated special while they do it."The No. 1 reason people like to shop in stores is because they want that experience of browsing and touching things and playing with things," Claire Tassin, a retail and e-commerce analyst at Morning Consult, said. "Customer service, especially in a luxury environment, is such a big part of how you justify the additional expense."Online luxury sales <a target="_blank" class="" href="https://www.businessinsider.com/americans-feel-financially-insecure-wont-stop-luxury-shopping-millennials-genz-2024-5">picked up during the pandemic</a> but have since come back down to earth. Some important names in the fashion e-commerce space, such as Matches Fashion and Farfetch, have cratered. The German-based platform Mytheresa is doing OK — its net sales grew by 18% in the quarter ending in March — but its stock is still down by more than 80% from its IPO price in January 2021. The private companies Moda Operandi and Ssense seem to be selling merchandise and retaining customers, experts say, but the sites have a niche appeal, so that's hardly made a dent. The overarching theme is that many consumers haven't warmed up to shopping luxury — namely, ultra-luxe items and brands — online. Jason Goldberg, the chief commerce strategy officer at Publicis Groupe, a global marketing firm, said the jury is still out on whether e-commerce will ever take over luxury retail, but for now, there aren't great examples of <a target="_blank" class="" href="https://www.businessinsider.com/internet-biggest-businesses-have-growth-problem-2024-1">"runaway successes" in the space</a>. There's no single answer as to why. One reasonable hypothesis could be that people simply prefer to get high-consideration and high-priced items in store, he said. What they get out of a luxury in-store experience hasn't been translated online."We try to treat luxury with the same e-commerce experience we use for paper towels, and that just doesn't work," Goldberg said. "In general, online, we have gotten very, very good at needs-fulfillment buying, but we are sucky at discovery. Nobody goes to Amazon because they go, 'I'm just in the mood to treat myself.'"When unplanned purchases happen online, they tend to happen through social discovery. You see something <a target="_blank" class="" href="https://www.businessinsider.com/social-shopping-what-social-media-sites-doing-win-e-commerce-2022-10">on Instagram or TikTok </a>and then you buy it. Those types of <a target="_blank" class="" href="https://www.businessinsider.com/impulse-spending-retirement-delayed-2024-5">impulse purchases</a> are fine to make with a few clicks, but when people spend the big bucks, they want to feel a little pampered."It is fair to say that going to a luxury store is part of the pleasure of buying a luxury product," said Luca Solca, a senior analyst covering global luxury goods at Bernstein. "Buying online is convenient and fast. But buying in store is a pleasure."An analysis from Bain &amp; Company found that the share of luxury goods sold online fell to 20% in 2023, after hitting 22% in 2020 and 2021. Solca believes 20% is on the high side and said that on average, the percentage of online sales in the luxury market hovers around the mid-teens, and sometimes even lower, noting that Burberry recently told him they were at 9%.For the most part, luxury brands prefer that customers would rather shop in-store. Sure, they all have some kind of online presence — it is 2024 after all — but not all of their products are always available online, and the internet is far from the primary area of focus. For the most high-end products, <a target="_blank" class="" href="https://www.businessinsider.com/things-learned-buying-luxury-watches-2023-11">there can even be waiting lists</a>. The general aversion to e-commerce makes sense: One way to convince people you're selling a luxury item, and price it accordingly, is to make it scarce and elusive, on top of providing the in-store luxury experience. It helps companies create and keep an aura around their brands."Luxury brands historically have actually stayed away from being very strong in the online channel, largely to do with the fact that they didn't want to be a cheap marketplace," said Nora Kleinewillinghoefer, a partner in the consumer and retail practice at Kearney, a strategy and management-consulting firm. "For them, it's about the storytelling." There are some exceptions here. The online diamond dealer Blue Nile is a giant in the engagement-ring space, and consumers are increasingly comfortable with buying their cars online. High-end beauty products can do well in e-commerce — once you know what shade of foundation or eye shadow you like, you don't need to keep going into the store. The online marketplace <a target="_blank" href="https://www.businessinsider.com/guides/style/the-real-real-review">The RealReal</a> sells a fair amount of secondhand designer and luxury merchandise, though it has long struggled with profitability. But outside these niche exceptions, high-end, luxury e-commerce isn't really a big thing yet. There's no super-prosperous Amazon for Gucci and Prada out there.So much of the fun of buying a luxury item is sensory — seeing the packaging, experiencing the store, chatting with associates whose attention is focused on you. It's a personal, rarefied experience."That dopamine rush you get from buying something fun and fancy and special is meaningful, even if it doesn't last," Tassin said.It's tough to translate to e-commerce. <a target="_blank" class="" href="https://www.businessinsider.com/avoiding-blackout-shopping-saving-money-frugal-living-youtuber-finances-2024-4">Clicking around a website</a> to buy something and a week later grabbing a box on your doorstep next to your monthly delivery of cat litter <a target="_blank" class="" href="https://www.businessinsider.com/shoppers-are-doom-spending-to-cope-with-financial-stress-2023-11">does not provide the same rush</a>.While brands want to sell to consumers however they can, including online, brick-and-mortar matters for their cultural and economic cache. When people have a premium experience in a Chanel or a Louis Vuitton store, it reinforces the brand's premium image. It's part of their top-funnel brand building. And, hey, it helps if you snap a picture in the store and post it online, whether or not any purchase ever happens there."They're not just having a premium experience to trick you into buying a handbag. They're having a premium experience to make sure that you continue to associate Louis Vuitton with this extreme luxury premium that makes you feel better about spending that money on their goods now and in the future," Goldberg said. "Part of the luxury experience is less about conversion and more about long-term brand equity."Ultra-luxe brands don't want their products to be ubiquitous in the way the internet can deliver. Companies know their high-end clients want one-of-a-kind items and personalized recommendations. These customers expect a salesperson to shoot them a text or give them a call to let them know a new shoe came in that they'll love, and they've only got one pair available in their size."Unless you have those relationships and connections with your reps, you actually will not get access to these products," Kleinewillinghoefer said. "It's that personalized touch that makes it truly unique."With their highest-net-worth clients, the in-person buying experience often doesn't feel transactional, she added — people's cards are kept on file, so no one has to think of the whole business relationship thing. And even with more aspirational consumers — people who'd be more likely to do some poking around online — brands are careful to craft their images. Companies want people to come in and feel like they're living the dream and making what they see as an investment in a high-end piece. Companies don't want to "water down" their value proposition by serving too many products to those consumers, which is what the open nature of the internet risks."The level of luxury and the type of consumer are critical factors that intersect to define a brand's approach to its consumers, shaping both engagement strategies and the practices to avoid," Kleinewillinghoefer said.While it might not feel like it, e-commerce is still in its early days. Amazon has only been around for 30 years and the iPhone for 17 years. Retailers have figured out how to make a digital version of a Target, but they haven't yet cracked the code for a digital Prada. It doesn't mean they never will. And, hey, if you want to buy your next designer watch online, go for it! But let's be honest here … you probably don't. Part of the whole schtick is going to the store and feeling fancy about it.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

When it comes to shopping, the ultimate status symbol is IRL

<ul><li>The basis of the allotment of the <keyword id="6354763" type="UNKNOWN" weightage="20" keywordseo="ipo">IPO</keyword> will be announced tomorrow (February 23).</li><li>The ₹100 crore <keyword id="35216" type="ENTERTAINMENT" weightage="20" keywordseo="initial-public-offering">initial public offering</keyword> (IPO) of healthcare and wellness products distributor <keyword id="10777082" type="UNKNOWN" weightage="20" keywordseo="Nureca">Nureca</keyword> Limited received a tremendous response from investors.</li><li>The IPO was subscribed 40 times and generated bids for 5.59 crore <keyword id="6455672" type="UNKNOWN" weightage="20" keywordseo="equity-shares">equity shares</keyword> against an offer size of 14.01 lakh shares. </li><li>However, after this stellar response that Nureca IPO has garnered, one thing is certain — not all investors will get the same amount of shares that they had subscribed for. </li><li>Here’s how to check Nureca IPO allotment status on the stock-exchange and <keyword id="61912" type="COMPANY" weightage="20" keywordseo="Registrar">registrar</keyword> website.</li><li>Check out the latest news and updates on <a href="https://www.businessinsider.in/">Business Insider</a>. </li></ul>The ₹100 crore initial public offering (IPO) of healthcare and wellness products distributor Nureca Limited received a tremendous response from investors. And, now all the investors are waiting for the allotment date. The basis of the allotment of the IPO will be announced tomorrow (February 23). The company, incorporated in 2016, engages in the business of home healthcare and wellness products. It sells blood pressure monitors, pulse oximeters, thermometers, nebulisers, and self-monitoring glucose devices under the brand name Dr Trust. The IPO was subscribed 40 times and generated bids for 5.59 crore equity shares against an offer size of 14.01 lakh shares. The retail investors' portion received an overwhelming response and was subscribed 166 times. The portion for qualified institutional buyers was subscribed 3.1 times. However, after this stellar response that Nureca IPO has garnered, one thing is certain — not all investors will get the same amount of shares that they had subscribed for. Nureca’s asset-light business model was successful in attracting investment experts. It would be worth watching if this high demand will reflect as listing gains on February 26, when the stock will hit the bourses. The model allows Nureca to enter into agreements with vendors who manufacture the products as per the specifications. This allows the company to quickly scale its operations at a predetermined cost without incurring any capital expenditure on manufacturing facilities. The shares were also trading at a premium of <a href="https://www.ipowatch.in/2021/02/nureca-ipo-gmp-ipo-grey-market-premium.html">₹150-160</a> a piece in the grey market, ahead of the listing. The grey market is not an official measure of the market premium, but it is a fair indicator of demand for the shares in the market. <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Nureca IPO </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Qualified Institutional Buyer </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Non-institutional Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Retail Individual Investor </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Employee </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Total </td></tr><tr><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Offer size </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3.10x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">31.59x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">166.65x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">4.82x </td><td style="border-left:solid #000000 0.9907650000000001pt;border-right:solid #000000 0.9907650000000001pt;border-bottom:solid #000000 0.9907650000000001pt;border-top:solid #000000 0.9907650000000001pt;vertical-align:bottom;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">39.93x </td></tr></tbody></table>Here’s how to check Nureca IPO allotment status: If you have subscribed for the Nureca IPO, you could check your allotment status by following these simple steps: To check on the stock-exchange website: <ul><li>To check Nureca IPO allotment status, go to the<a href="https://www.bseindia.com/investors/appli_check.aspx"> BSE website</a> or <a href="https://www1.nseindia.com/products/dynaContent/equities/ipos/ipo_login.jsp">NSE website</a> here.</li><li>On <keyword id="35140" type="COMPANY" weightage="20" keywordseo="BSE">BSE</keyword>, Select ‘Equity’ and then from the dropdown, select ‘Nureca’. </li><li>Now, enter your application number and PAN.</li><li>Click on ‘Search’.</li></ul>Please note the details will only be available once the shares are allotted. You can also visit the Registrar website (Link Intime) to check your application status. <ul><li>Visit the registrar’s website <a href="https://kfintech.com/">here</a>.</li><li>Click on ‘Select company’ and click on ‘Nureca’. It will only appear post allotment on February 23.</li><li>Once the company is selected, you will have to enter either your PAN detail, the application number, or client ID.</li><li>Enter the captcha and click ‘submit’. </li></ul>Once you hit ‘submit’ the status of your application will appear on the screen. Please ensure the details that you provide are correct. It will show the number of shares that you subscribed to and the number of shares that have been allotted to you. SEE ALSO: <a href="https://www.businessinsider.in/entertainment/news/pewdiepies-lyrics-targeting-cocomelon-and-jk-rowling-that-may-have-gotten-youtube-angry-enough-to-pull-the-video-down/articleshow/81102941.cms">PewDiePie's lyrics targeting CocoMelon and JK Rowling may have gotten YouTube angry enough to pull the video down</a> <a href="https://www.businessinsider.in/business/ecommerce/news/flipkart-gets-leaner-with-a-300-million-jabong-write-off-as-ceo-kalyan-krishnamurthy-lists-out-the-priorities-for-2021/articleshow/81105083.cms">Flipkart gets leaner with a $300 million Jabong write-off as CEO Kalyan Krishnamurthy lists out the priorities for 2021</a> <a href="https://www.businessinsider.in/stock-market/news/happiest-minds-is-leveraging-its-partnerships-with-big-players-like-google-microsoft-aws-salesforce/articleshow/81105035.cms">Happiest Minds is a smaller company that does the same thing as MindTree and L&amp;T Infotech — but clearly it is doing it a lot better</a> <a href="https://www.businessinsider.in/tech/news/india-may-require-twitter-facebook-and-others-to-remove-unlawful-content-within-36-hours/articleshow/81104740.cms">India may require Twitter, Facebook and others to remove unlawful content within 36 hours</a>

Nureca IPO: Here’s how to check share allotment status

<div class="KonaFilter image-container display-table"><div><div class="image on-image">John Sciulli/Getty Images for LyftLyft Co-founder John Zimmer attends the Lyft driver rally</div></div></div><ul class="summary-list"><li><a href="https://www.businessinsider.com/category/lyft">Lyft</a> publicly filed for an IPO on Friday.</li><li>As part of the paperwork, Lyft founders Logan Green and John Zimmer published a letter outlining the company's vision for the future.</li><li>In the letter, they detail their philosophy about ride-hailing and the reason they spell Lyft with a Y.</li></ul>Ride-hailing startup<a href="https://www.businessinsider.com/lyft-ipo-public-s-1-filing-details-2019-2"> Lyft officially unveiled its plans to go public on Friday.</a> The long-anticipated move comes after the company <a href="https://www.businessinsider.com/lyft-reportedly-filed-paperwork-to-go-public-with-an-ipo-in-early-2019-2018-12">confidentially filed</a> for an initial public offering with the Securities and Exchange Commission in December.The filing includes a letter from Lyft founders John Zimmer and Logan Green, who created the company in 2012. In the letter, they discuss the ride-hailing business as their "life's work.""We were told we were crazy to think people would ride in each other's personal vehicles," the founders write of the service's early days. The move puts Lyft ahead of its biggest rival Uber as well as several other high-profile startups, including Pinterest, Postmates, and Slack, all of which are <a href="https://www.businessinsider.com/tech-startups-going-public-2019-rumored-ipos-2019-2">expected to go public</a> this year. See below for the full letter, which can also be found here. OUR LIFE'S WORKA letter from our co-foundersIt's time to redesign our cities around people, not cars.Over the last 50 years, urban development has centered around the automobile, but imagine for a minute, what our world could look like if we found a way to take most of these cars off the road. It would be a world with less traffic and less pollution. A world where we need less parking - where streets can be narrowed and sidewalks widened. It's a world where pedestrians, bikers, and children can navigate a city just as quickly and safely as an automobile. That's a world built around people, not cars.Every day, millions of people connect in Lyft rides, helping demonstrate that people from all backgrounds, neighborhoods and walks of life can come together - even when just for a short trip. This happens when a rider who had a tough day is comforted by their driver's kind words. It happens when a driver and rider with opposing political views meet on common ground. And it happens when someone gets a safe ride home, a ride to the doctor or a ride to a job interview.Focusing on purpose and people isn't just the right thing to do, it provides a lasting competitive advantage.Life is Better When You Share the RideFor us, this work is personal. Growing up in Los Angeles traffic, Logan was inspired to find a better way to get around. As a student at the University of California, Santa Barbara, Logan launched the university's first car-sharing program and was the youngest member to serve on the board of the Santa Barbara Metropolitan Transit District.At the same time, John was studying at Cornell's School of Hotel Administration, looking for ways to apply the principles of hospitality outside of hotels and restaurants. He took a city planning course, Green Cities, which sparked his interest in infusing hospitality with <keyword id="34991" type="ORGANIZATION" weightage="60" keywordseo="transportation">transportation</keyword> to improve people's quality of life.We came together in 2007 to launch Zimride, a carpool matching service for universities and companies. In 2012, we launched Lyft and pioneered the idea of on-demand peer-to-peer ridesharing. In those early days, we were told we were crazy to think people would ride in each other's personal vehicles. One billion rides later, we're able to look back on an industry that has been defined by the products Lyft pioneered-and we're able to look forward with excitement to the next generation of transportation services that will be led and created by our team.The World's Best TransportationToday's transportation status quo is unacceptable. Americans spend over $1 trillion every year owning and operating their cars, making it the second highest household expense (more money than Americans spend on food).28 Yet, each car is only used five percent of the time. On top of all that, every year there are 37,000 traffic-related deaths, and an additional 58,000 deaths caused by air pollution coming from U.S. road transportation. People and our cities are trapped in an unhealthy and inefficient car ownership ecosystem, and it's time for a solution.The good news is that recent innovation has helped redefine entire industries around a simple reality: you no longer need to own a product to enjoy its benefits. We've seen this play out in the entertainment industry with the introduction of streaming (Netflix, Apple, Spotify) and in computing with the shift to the Cloud (AWS, Google, Salesforce), but never before, and possibly never again, will an industry this large flip from an ownership model to a service model.A full shift to Transportation-as-a-Service that offers more safe, affordable, reliable and enjoyable experiences across ridesharing, bike and scooter sharing and transit is finally possible. And, we're beginning to see the early signs of this transition. Based on internal data, we estimate over 300,000 Lyft riders have given up their personal cars because of Lyft, and in 2018, 46% of our riders said they used their cars less because of Lyft.32 By providing riders with the best way to enjoy all modes of transportation in one place, Lyft will deliver the one thing people really want: the true freedom to ride.The Y in LyftThe why in what Lyft is doing is most important to us, as well as the cities and communities we serve, and it will always be our company's North Star.Lyft's mission is to: improve people's lives with the world's best transportation.We work to improve people's lives in three key ways: <table style="margin-left: 40px;" border="0" width="100%" cellspacing="0" cellpadding="0"><tbody style="padding-left: 40px;"><tr style="padding-left: 40px;"><td style="padding-left: 40px;" width="4%"> </td><td style="padding-left: 40px;" align="left" valign="top" width="4%">1.</td><td style="padding-left: 40px;" align="left" valign="top">Socially: by providing a tangible means to bring millions of people and their communities together.</td></tr></tbody></table> <table style="margin-left: 40px;" border="0" width="100%" cellspacing="0" cellpadding="0"><tbody style="padding-left: 40px;"><tr style="padding-left: 40px;"><td style="padding-left: 40px;" width="4%"> </td><td style="padding-left: 40px;" align="left" valign="top" width="4%">2.</td><td style="padding-left: 40px;" align="left" valign="top">Economically: by unlocking affordable transportation access and flexible earnings to improve individuals' economic mobility.</td></tr></tbody></table> <table style="margin-left: 40px;" border="0" width="100%" cellspacing="0" cellpadding="0"><tbody style="padding-left: 40px;"><tr style="padding-left: 40px;"><td style="padding-left: 40px;" width="4%"> </td><td style="padding-left: 40px;" align="left" valign="top" width="4%">3.</td><td style="padding-left: 40px;" align="left" valign="top">Environmentally: by redesigning the way consumers access transportation, Lyft will play a large role in driving carbon out of the transportation ecosystem.</td></tr></tbody></table>We've been able to drive industry-leading growth against many odds, fueled by a company culture that attracts and retains top talent who is passionate about our shared purpose. In today's world, operating with a genuine mission is essential to establishing an enduring brand and successful business.The Road AheadOver the last 10 years, we've made early progress towards our vision, and today Lyft is a thriving business addressing one of the largest market opportunities of our lifetime. In 2018, we served over 30 million riders and nearly 2 million drivers, achieving $8.1 billion in Bookings and $2.2 billion in revenue.As Lyft's business impact expands, so too does its social impact. Our driver community has earned more than $10 billion since inception. In 2018, Lyft riders increased their local spending by more than $2.5 billion due to more accessible transportation.33 And we made all Lyft rides carbon neutral by purchasing offsets for over one million tons of carbon emissions in 2018.We're proud of the momentum and even more excited by what lies ahead. Just 1% of miles traveled in the United States happen on rideshare networks.34 The road ahead represents a massive opportunity to serve our communities and drive value for our stockholders.We take this responsibility to serve our communities and stockholders seriously, and we look forward to proving that with actions and results. If we told you we were building the world's best canal, railroad or highway infrastructure, you'd understand that this would take time. In that same light, the opportunity ahead requirescontinued long-term thinking, focus and execution. In order to best deliver long-term value, we will drive the business forward with three key principles: <table style="margin-left: 40px;" border="0" width="100%" cellspacing="0" cellpadding="0"><tbody style="padding-left: 40px;"><tr style="padding-left: 40px;"><td style="padding-left: 40px;" width="4%"> </td><td style="padding-left: 40px;" align="left" valign="top" width="4%">1.</td><td style="padding-left: 40px;" align="left" valign="top">We first serve drivers and riders.</td></tr></tbody></table> <table style="margin-left: 40px;" border="0" width="100%" cellspacing="0" cellpadding="0"><tbody style="padding-left: 40px;"><tr style="padding-left: 40px;"><td style="padding-left: 40px;" width="4%"> </td><td style="padding-left: 40px;" align="left" valign="top" width="4%">2.</td><td style="padding-left: 40px;" align="left" valign="top">We prioritize the long-term health of the business, over day-to-day reactions of the markets.</td></tr></tbody></table> <table style="margin-left: 40px;" border="0" width="100%" cellspacing="0" cellpadding="0"><tbody style="padding-left: 40px;"><tr style="padding-left: 40px;"><td style="padding-left: 40px;" width="4%"> </td><td style="padding-left: 40px;" align="left" valign="top" width="4%">3.</td><td style="padding-left: 40px;" align="left" valign="top">We thoughtfully balance investments in growth and profitability considerations, while deliberately leaning more towards growth (especially in these early days).</td></tr></tbody></table>Lyft has the opportunity to deliver one of the most significant shifts to society since the advent of the car. We do not take that lightly, and we intend to lead this shift with integrity, humanity and strong execution.Thank you to our community of drivers, riders and team members for making this possible.Onward,Logan Green, Co-FounderJohn Zimmer, Co-Founder <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/amazon-jeff-bezos-divorce-hq2-wild-year-2019-2">What's going on with Jeff Bezos and Amazon</a></h3> <div> </div> </div>

Read the letter Lyft's founders wrote to investors that was included in the company's IPO filing

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li style="font-weight: 400;">Startups, investors and journalists convened in San Francisco this week for the 3-day TechCrunch Disrupt conference, a bellwether of the trends dominating Silicon Valley's boardrooms and venture capital firms </li><li style="font-weight: 400;">This year, many investors discussed the <a href="https://www.businessinsider.com/tech-ipo-struggling-to-keep-investors-happy-uber-fiverr-lyft-2019-9">disappointing returns</a> from some of the industry's most anticipated tech IPOs, and<a href="https://markets.businessinsider.com/news/stocks/ipo-market-outlook-trends-why-investors-rebelling-against-unicorns-implications-2019-9-1028570687"> blamed big banks for overhyping private companies on public markets</a>.</li><li style="font-weight: 400;">Several investors pointed to direct listings as a viable option for startups and investors alike following <a href="https://www.businessinsider.com/insiders-employees-getting-rich-on-slack-ipo-2019-4">generally positive results from Spotify and Slack</a>.</li><li style="font-weight: 400;"><a href="https://www.businessinsider.com/prime?module=article&amp;area=summary">Click here for more BI Prime stories</a>.</li></ul>The Disrupt conference in San Francisco, organized by Tech Crunch, is a longstanding showcase for cutting-edge startups and products. But the star of this year's show was not a buzzy new app for swapping selfies or a new cloud platform; it was an arcane process for companies to sell their stock to the public. The so-called direct listing was inescapable during the three-day conference, debated on stage by venture capital investors and founders, and discussed in the halls by the software developers, journalists and other guests.With the conference taking place just days after WeWork shelved its highly-anticipated initial public offering, the focus on going public - a celebrated milestone in the startup world - was not entirely surprising. And in the wake of <a href="https://www.businessinsider.com/tech-ipo-struggling-to-keep-investors-happy-uber-fiverr-lyft-2019-9">a string of disappointing IPOs this year, </a>from Uber and Lyft to Peloton, there was a palpable need among the guests to commiserate about the state of affairs, prognosticate about the future and find someone, or something, to blame.Some VCs at the event were quick to point the finger at financial institutions like JPMorgan and Goldman Sachs - these banks overhyped companies like Uber and Lyft, running up private valuations so much ahead of the IPOs that there was nowhere for them to go on the public markets but down. For many of the VC investors on hand, the remedy was simple: a direct listing, that sidesteps the traditional, banker-controlled IPO process."As someone who invests in companies that are upending the status quo, there is something innately appealing about a financial vehicle, an instrument, that is upending how things have been done for a long time," said Spark Capital's Megan Quinn, during a panel.<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>"Rather than having underwriters, lineup investors set the price themselves, you just let the market have at it and come what may," Quinn said.In all, direct listings were discussed in at least three major panels throughout the first two days of the Disrupt conference. <h2>What is a direct listing, anyway?</h2>In a direct listing, a company simply lists its shares on a public exchange and the stock begins trading. Unlike in an IPO, there is no bank underwriting the offering, setting a price and selling it to institutional shareholders. The startup does not actually raise any money in a direct listing, but its employees and early investors can sell their shares right away. While not an option for every startup, GV's David Krane explained that a direct listing is an appealing option for startups and investors hoping to bypass the traditional IPO process with those big banksIt doesn't hurt to be able to exercise your options on the first day, either, he added.Several investors told Business Insider <a href="https://www.businessinsider.com/insiders-employees-getting-rich-on-slack-ipo-2019-4">that Slack's direct listing in June</a> helped prove the strategy a reliable option for a wider range of private companies than previously thought.<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div>Still, in a panel with Slack cofounder Cal Henderson and Spark Capital's Quinn, the pair reiterated that a direct listing is best for a startup that doesn't need an influx of cash that normally comes with a traditional IPO, and so would not work for a<a href="https://www.businessinsider.com/weworks-nightmare-ipo"> company like WeWork, which is facing a cash crunch.</a>The discussions at the Disrupt conference are the latest signs of a shifting landscape in Silicon Valley, after years of skyrocketing private market valuations that produced hundreds of "unicorns" - the glittering startups valued at $1 billion or more in the private markets. On Tuesday, a dozen VC firms <a href="https://www.businessinsider.com/silicon-valley-investors-execs-want-new-ipo-system-report-2019-10">organized a private summit </a>with guest speakers such as the author Michael Lewis to discuss direct listings and other IPO alternatives.For the entrepreneurs and techies who convened at the Disrupt conference, the fixation on the direct listing underscored the eternal optimism that runs through Silicon Valley. The biggest IPOs are flopping, but there's an explanation and a solution. And as long as VCs are still writing checks, for many startups at the event, there was no reason to panic.

The flopping of the IPOs: Tech's biggest investors came to San Francisco for a major startup conference, and one topic stole the show

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/ Argentine G20/HandoutSaudi Arabia's Crown Prince Mohammed bin Salman</div></div></div><ul class="summary-list"><li>Uber's S-1 filing showed that Saudi Arabia's Public Investment Fund owns 5% of the company.</li><li>The Public Investment Fund is also a top investor in Softbank's gargantuan Vision Fund, which owns 16% of Uber - not to mention sizable stakes in companies like Slack, WeWork, and DoorDash. </li><li>Saudi Arabia has been criticized for human rights abuses and repressive laws, so it's a problematic source of cash for Silicon Valley, which prides itself on changing the world.</li><li>But Silicon Valley is under attack like never before these days, and that's caused a cynical search for stability that seems to have made taking Saudi money a non-issue. </li></ul>Silicon Valley's relationship with an undemocratic regime that has a troubling human rights record is in the spotlight. President Donald Trump has spoken out about it. Lawmakers are debating ways to stop the flow of money and data between the two.The adversary in this cross-border drama is China, which has raised alarm bells in the US as it bulks up its homegrown tech industry and arouses suspicion of spying and influence.However, there's much less fuss about the cozy ties between another repressive foreign power and Silicon Valley. Saudi Arabia's presence in Silicon Valley is greater than it's ever been. That became especially clear on Thursday when <a href="https://www.businessinsider.com/uber-ipo-documents-filed-what-could-be-biggest-stock-offering-years-2019-4">Uber filed its IPO paperwork</a>. We learned from the S-1 filing that the kingdom's Public Investment Fund owns 5.2% of the ride-sharing company. The figure might actually under-count Saudi Arabia's influence within Uber. Softbank, the Japanese tech conglomerate, owns a 16.3% stake in Uber through its Softbank Vision Fund. The biggest investor in the Vision Fund is Saudi Arabia, <a href="https://www.bloomberg.com/news/articles/2018-10-05/saudi-arabia-doubles-down-on-softbank-bet-with-extra-45-billion">which contributed $45 billion of the fund's massive $100 billion bankroll</a>. <div class="KonaFilter image-container display-table"><div><div class="image on-image">ReutersSaudi Crown Prince Mohammed bin Salman and Softbank's Masayoshi Son</div></div></div>The Vision Fund is Silicon Valley's undisputed kingmaker today, writing big checks and amassing stakes in high-flying startups such as WeWork, Slack, DoorDash and GM Cruise. That means Saudi cash is essentially funding much of Silicon Valley's innovation.<a href="https://www.nytimes.com/2018/10/12/opinion/silicon-valley-saudi-arabia.html">As the New York Times pointed out in October</a>, this gusher of Saudi money is an inconvenient truth for an industry that prides itself on making the world a better place.<h2>From space to augmented reality, Saudi cash is everywhere</h2>Some basic facts about Saudi Arabia: It's a place where torture and arbitrary arrests are widespread, <a href="https://www.amnesty.org/en/countries/middle-east-and-north-africa/saudi-arabia/report-saudi-arabia/">according to Amnesty International</a>; a place where women are not allowed to travel abroad without the permission of a male "guardian." It's the leader of a coalition blamed for <a href="https://www.hrw.org/world-report/2019/country-chapters/yemen">airstrikes in Yemen responsible for thousands of civilian deaths and injuries. </a>And then there's the gruesome killing of Saudi dissident journalist Jamal Khashogghi, which, according to the CIA's initial conclusion, was ordered by Saudi Crown Prince Mohammed Bin Salman,<a href="https://www.wsj.com/articles/cia-concludes-saudi-journalist-was-killed-on-the-crown-princes-order-1542412388"> the Wall Street Journal reported.</a>In other words, Saudi Arabia is antithetical to everything tech companies' altruistic mission statements claim to stand for. Saudi money may be more prevalent in tech now, but it's not new. Prince Alwaleed bin Talal was an early investor in Twitter, and <a href="https://qz.com/519388/this-saudi-prince-now-owns-more-of-twitter-than-jack-dorsey-does/">at one point owned a stake larger than cofounder Jack Dorsey's.</a> (Alwaleed was himself detained - in a Ritz Cartlon hotel - for three months in 2017 by his cousin Prince Mohammed, the current leader of the country).And the Saudi Public Investment Fund is also a shareholder in Magic Leap, Tesla and Virgin Galactic, <a href="https://www.cbinsights.com/research/saudi-arabia-pif-tech-investments/">according to research firm CB Insights. </a>Whether you're in augmented reality or outer space, there's no escaping Saudi money.A <a href="https://qz.com/1426370/silicon-valley-is-awash-with-saudi-arabian-money-heres-what-theyre-investing-in/">2018 Quartz article cites an estimate by research firm Quid </a>that Saudi investors directly participated in tech investment rounds totalling at least $6.2 billion during the previous five years.<div class="KonaFilter image-container display-table"><div><div class="image on-image">FortuneUber CEO Dara Khosrowshahi</div></div></div>Uber CEO Dara Khosrowshahi <a href="https://www.cnbc.com/2018/10/12/uber-ceo-pulls-out-of-saudi-fii-conference-over-missing-journalist.html">backed out of a conference </a>organized by Prince Mohammed last year after the Khashogghi killing, as did now-former Google Cloud CEO Diane Greene. But for the most part, there's been little pushback among tech startups when it comes to accepting Saudi or Softbank money.<h2>Uber's winds of change</h2>So why is Silicon Valley okay with Saudi money? It's true that we live in a world that runs on oil - so drawing a moral line isn't easy when you're pumping gas into your car every day. Maybe the tech industry thinks it's bringing the winds of change.After all, when Uber announced its Saudi investment in 2016, women weren't allowed to drive."Of course we think women should be allowed to drive," Uber's Jill Hazelbaker told the New York Times at the time. "In the absence of that, we have been able to provide extraordinary mobility that didn't exist before - and we're incredibly proud of that."And two years later, change did happen when the<a href="https://www.nytimes.com/2017/09/26/world/middleeast/saudi-arabia-women-drive.html"> ban on women driving was officially lifted</a>.Did Uber's presence in Saudi Arabia cause the change? It's impossible to say with certainty, but I'd wager not. Much more likely is that Prince Mohammed, looking for a way to burnish his credentials as a "reformer" <a href="https://www.wsj.com/articles/the-making-of-saudi-arabias-energetic-ruthless-crown-prince-11555082281">when he rose to power in 2017</a>, saw the controversial driving ban as an easy and expedient thing to jettison in exchange for goodwill.The notion of working from the inside to bring about change has a long and not-so-great track record in tech. Think back to Google contorting itself into a pretzel to justify its introduction, and then <a href="https://www.theatlantic.com/technology/archive/2016/01/why-google-quit-china-and-why-its-heading-back/424482/">withdrawal</a>, of a search engine in China. When outrage recently erupted over <a href="https://www.businessinsider.com/google-may-still-be-working-on-dragonfly-2019-3">Google's secret plans to make a new censored search app for China</a>, the company didn't even try to justify itself with a "change from within" argument.<h2>Tech businesses don't really want a revolution</h2>You may ask, at this point, why more companies don't take a stand and turn down Saudi cash. The sad reality is that companies are more interested in preserving the status quo that their businesses are built on than in bringing about change; even the "disruptive" tech companies.That's especially true today, as tech companies are under siege from all sides, blamed for disrupting our privacy, our elections and our children's attention spans. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Reuters/Jonathan ErnstU.S. President Donald Trump (C) and other leaders react to a wall of computer screens coming online as they tour the Global Center for Combatting Extremist Ideology in Riyadh, Saudi Arabia</div></div></div>Thinking differently is great marketing copy when it sells gadgets. But there's little upside in leading a revolution if it scares away customers. Look no further than Google's app store. Thanks to an app called Absher, Saudi <a href="https://www.thisisinsider.com/absher-saudi-website-men-control-women-stop-escape-2019-1">men can direct where women travel, and receive alerts</a> when women use a passport to leave Saudi Arabia. After Insider's Bill Bostock investigation into this wife-tracking app, US lawmakers demanded that Google remove Absher from its app store.Google refused to pull the app. It argued that the app does not violate its terms of service.Right now, the tech industry's terms of service are clear. Whether it's about policies, products or investors, the golden rule is stability. <a href="http://read.bi/ai-101-free"></a> <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/netflix-disney-anime-shows-television-streaming-service-2019-4">Anime could give Netflix a major advantage against Disney in the streaming war</a></h3> <div> </div> </div>

The Uber IPO exposes how Saudi cash drives Silicon Valley innovation, and even the biggest tech companies can't stop it

We Interviewed The Forgotten Twitter Founder Who Will Make Almost No Money From The IPO

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! Hate to start your weekend off with some bad news, but here goes: <a target="_blank" href="https://www.businessinsider.com/costco-raising-membership-fee-gold-star-executive-cost-2024-7">Costco is raising the price of its membership</a>.In today's big story, Google risks facing a massive lawsuit <a target="_blank" href="https://www.businessinsider.com/google-artificially-raised-ad-prices-could-cost-it-100-billion-2024-9">over its Search business</a>. But it might have <a target="_blank" href="https://www.businessinsider.com/google-fast-growing-new-business-subscriptions-2024-9">a backup plan</a>.What's on deck:<ul><li>Markets: From the New York Knicks to the Army Rangers to Blackstone, Marshall Plumlee's career <a target="_blank" href="https://www.businessinsider.com/blackstone-career-path-internship-former-ny-knick-marshall-plumlee-2024-8">has had plenty of twists and turns</a>.</li><li>Tech: Amazon's AI chatbot <a target="_blank" href="https://www.businessinsider.com/amazon-q-ai-early-challenges-aws-chatbot-2024-9">is having some issues</a>, leaked messages reveal.</li><li>Business: Jessica Fern's 'Polysecure' promised a world beyond monogamy. <a target="_blank" href="https://www.businessinsider.com/jessica-fern-polysecure-book-consensual-nonmonogamy-polyamory-2024-9">She didn't say it would be easy</a>.</li></ul>But first, try searching "how to avoid a massive lawsuit."If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">Searching for a solution</h2><div type="image" title="google CEo" height="900" width="1200" msid="113133212" hostid="261" sizebytes="71180"></div>Google's no longer feeling lucky.The search giant is already facing a <a target="_blank" href="https://www.businessinsider.com/google-violated-antitrust-law-to-keep-search-monopoly-judge-rules-2024-8">federal judge's ruling</a> that it violated antitrust laws. The Justice Department and Google are scheduled to appear in court today to discuss the next steps for resolving the company's monopoly.Some of the <a target="_blank" href="https://www.businessinsider.com/google-search-index-monopoly-remedy-doj-antitrust-2024-8">proposed resolutions are extreme</a> — like breaking it up — but it's not Google's only problem.The ruling opens up Google to lawsuits alleging that it <a target="_blank" href="https://www.businessinsider.com/google-artificially-raised-ad-prices-could-cost-it-100-billion-2024-9">artificially raised ad prices for years</a>, writes Business Insider's Hugh Langley. Yelp has already filed one about search referencing, and advertisers could be next.Ultimately, Google could face a lawsuit seeking more than $100 billion in damages, according to one analyst.The rationale for the suit goes as follows. A judge ruled that Google suppressed competition in the search market. That meant Google was the only game in town, enabling it to raise its ad prices knowing customers had no other option but to pay up.But a 12-figure suit isn't just terrifying for Google. Apple, Meta, and Amazon are also dealing with antitrust suits. The judge's ruling <a target="_blank" href="https://www.businessinsider.com/google-monopoly-antitrust-ruling-should-make-apple-meta-amazon-nervous-2024-8">was bad enough for Google's Big Tech peers</a>. A hefty lawsuit could foreshadow even more trouble.<div type="image" title="Google's campus" height="1333" width="2000" msid="113133208" hostid="261" sizebytes="352696"></div>It's not all bad news for Google.While its search business might be in trouble, another part of the company is red hot.Subscriptions are <a target="_blank" href="https://www.businessinsider.com/google-fast-growing-new-business-subscriptions-2024-9">becoming a key way Google makes money</a>, writes Hugh. The group, described as "subscriptions, platforms, and devices," has had better revenue growth than Search the past three quarters.YouTube, which has <a target="_blank" href="https://www.businessinsider.com/youtube-has-become-must-have-service-ahead-of-netflix-2024-6">become a top streamer</a> and the <a target="_blank" href="https://www.businessinsider.com/youtube-is-taking-a-victory-lap-dominating-creator-economy-tv-2024-7">go-to spot for content creators</a>, is a big part of that segment. But it also includes its storage services and, potentially, AI.A premium version of Google's chatbot, Gemini, is being rolled out for $19.99 a month. But AI tools haven't necessarily been the revenue boon tech giants had been hoping for thus far, <a target="_blank" href="https://www.businessinsider.com/pharma-cio-cancelled-microsoft-copilot-ai-tool-2024-7">so don't hold your breath</a>.Still, Google is willing to take the risk. Even with Search's regulatory issues, advertising remains a volatile business. Investors view subscriptions as a better, stable bet.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>4 victims on Mike Lynch's yacht were <a target="_blank" href="https://www.businessinsider.com/4-mike-lynch-yacht-victims-trapped-air-bubbles-suffocate-report-2024-9">trapped inside air bubbles</a> before suffocating, report suggests.</li><li><a target="_blank" href="https://www.businessinsider.com/spacex-employees-told-not-to-travel-to-brazil-elon-musk-2024-9">SpaceX tells employees</a> not to travel to Brazil, as Elon Musk's fight with its Supreme Court over X intensifies.</li><li>Tesla stock rises as carmaker unveils full self-driving plans for China and Europe <a target="_blank" href="https://markets.businessinsider.com/news/stocks/tesla-stock-price-full-self-driving-release-fsd-robotaxi-outlook-2024-9">ahead of next month's Robotaxi reveal</a>.</li><li>How AuditBoard went from a potential IPO to a <a target="_blank" href="https://www.businessinsider.com/how-auditboard-potential-ipo-to-private-equity-hg-takeover-2024-9">$3 billion takeover</a> by private-equity firm Hg in just two months.</li><li>Mark Cuban offers to serve in <a target="_blank" href="https://www.businessinsider.com/mark-cuban-kamala-harris-sec-capital-gains-business-2024-9">the Harris White House</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Steve Eisman collage" height="1000" width="2000" msid="113133206" hostid="261" sizebytes="116556"></div><ol><li>The guy who called the last financial crisis isn't sold on it happening this time around. 'Big Short' investor Steve Eisman told BI <a target="_blank" href="https://www.businessinsider.com/steve-eisman-economy-outlook-financial-crisis-tech-bubble-artificial-intelligence-2024-9">he refuses to peddle negativity about a financial system he's not overly worried about</a>. "I'm not going out of my way to predict the end of the world when I don't see the end of the world," he said.</li><li>JPMorgan's surprising tool in its bid to attract wealthy customers. Bank branches might not be sexy, but they are a key part of JPMorgan Wealth Management CEO Kristin Lemkau's strategy. <a target="_blank" href="https://www.businessinsider.com/jpmorgan-kristin-lemkau-branches-wealth-management-advisors-2024-9">She told BI how they fit into her plan</a>, and who she's hiring to staff them.</li><li>Just your normal NBA-Army Ranger-Blackstone career path. Marshall Plumlee's road to Wall Street <a target="_blank" href="https://www.businessinsider.com/blackstone-career-path-internship-former-ny-knick-marshall-plumlee-2024-8">has been unique, to say the least</a>. The former New York Knick described transitioning from pro sports to the military before joining Blackstone's tactical opportunities group.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Amazon Q logo in a speech bubble cracking" height="1500" width="2000" msid="113133211" hostid="261" sizebytes="94766"></div><ol><li>Leaked messages show early challenges for Amazon's AI chatbot Q. In internal Slack discussions, <a target="_blank" href="https://www.businessinsider.com/amazon-q-ai-early-challenges-aws-chatbot-2024-9">Amazon employees voiced concerns</a> about high costs and lack of features for the nascent chatbot. As a result, some employees are worried the company could lose customers to Microsoft Copilot.</li><li>Can we keep TikTok, actually? Americans don't want to ban TikTok anymore. According to a Pew Research survey, <a target="_blank" href="https://www.businessinsider.com/the-ban-tiktok-movement-is-losing-momentum-among-americans-2024-9">support for a TikTok ban among US adults is declining</a>, down to a third of Americans from half of all US adults in March 2023. The clock is still ticking on the impending sale-or-ban ruling by early next year the app is facing.</li><li>Silicon Valley's split over "Founder Mode." An essay by Y Combinator cofounder Paul Graham about the best way to run a company has the tech scene forming factions. It weighs a hands-off approach against a hands-on approach of leadership. <a target="_blank" href="https://www.businessinsider.com/founder-mode-manager-dividing-silicon-valley-2024-9">Here's where SV's leaders stand</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="Jessica Fern" height="1333" width="2000" msid="113133209" hostid="261" sizebytes="108704"></div><ol><li>Meet the woman behind the polyamory movement. Jessica Fern's 2020 sleeper hit "Polysecure" has become the new polyamory bible — and a status symbol for the sexually enlightened. How she turned her failed open marriage <a target="_blank" href="https://www.businessinsider.com/jessica-fern-polysecure-book-consensual-nonmonogamy-polyamory-2024-9">into a literary phenomenon</a>.</li><li>Elon Musk is a Trump win away from serious federal power. In a speech at the Economic Club of New York, Trump outlined <a target="_blank" href="https://www.businessinsider.com/trump-adopts-elon-musk-plan-cut-government-spending-efficiency-reform-2024-9">a plan proposed by Elon Musk</a> to create a new government commission to cut government spending and regulation. Musk previously said he "can't wait" to work in Trump's White House should he win in November.</li><li>Frequent flyer fleecing? The feds want to make sure you're getting the most out of those airline rewards programs. The Department of Transportation is <a target="_blank" href="https://www.businessinsider.com/airlines-rewards-programs-investigation-united-delta-american-southwest-2024-9">probing the four largest US airlines</a> — Southwest, United, American, and Delta — to make sure customers are "getting the value that was promised to them," Secretary Pete Buttigieg said.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/jd-vance-lower-childcare-costs-grandma-grandpa-help-retirement-crisis-2024-9">JD Vance's plan to lower childcare costs</a>: have grandma and grandpa 'help a little bit more.'</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/telegram-ceo-breaks-silence-after-arrest-2024-9">Telegram's CEO broke his silence after his arrest</a>, saying it's not true that the platform is an 'anarchic paradise.'</li><li>Trump will mimic Harvey Weinstein's successful appeal to fight his own sexual assault verdict Friday. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-mimics-harvey-weinstein-arguments-e-jean-carroll-appeal-2024-9">It won't be as easy</a>.</li><li>There's a hiring frenzy for big ad sales roles in traditional media — <a target="_blank" href="https://www.businessinsider.com/legacy-media-ad-hiring-tear-to-fix-declining-business-2024-9">but that doesn't mean the industry is thriving</a>.</li><li>What Nvidia leadership should be doing <a target="_blank" href="https://www.businessinsider.com/nvidia-artifical-intelligence-department-of-justice-investigation-antitrust-2024-9">to prepare for a possible DOJ case</a>.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>Defense Secretary Lloyd Austin hosts Ukraine Defense Contract Group meeting in Germany.</li><li>Bureau of Labor Statistics releases August employment report.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jack Sommers, deputy editor, in London. Milan Sehmbi, fellow, in London. Amanda Yen, fellow, in New York.

Google could face a lawsuit seeking more than $100 billion in damages, but it's not all bad news for the tech giant

<ul class="summary-list"><li>SoftBank founder Masayoshi Son has spent his life putting bold bets on the future of technology.</li><li>A new book charts the journey of the Japanese businessman from social outcast to the pinnacle of the tech sector.</li></ul>On an evening at the turn of the millennium, <a target="_blank" class="" href="https://www.businessinsider.com/masayoshi-son-softbank-net-worth-lifestyle-silicon-valley-estate-photos-2019-6">Masayoshi Son</a> had a rousing message for the entrepreneurs who flocked to Tokyo's Roppongi district."Japan is going through its biggest social upheaval since the Meiji Restoration," he said with characteristic grandiosity. "Let's make it so that a millennium from now, people will look back on our time and remember that the kind of society they're living in was created by us today."<a target="_blank" class="" href="https://www.businessinsider.com/softbank-plans-openai-investment-boss-says-uses-chatgpt-every-day-2023-9">SoftBank</a>, the media-technology conglomerate Son founded two decades prior, was riding high on the glory it attained in the dot-com boom. Son himself had briefly seen his wealth surpass that of Bill Gates in the era's frenzy; he was the world's richest person for three days. Now, he was ready to see a new generation emulate his success.It's a story that Lionel Barber, the former editor of The Financial Times, recounts in his new book "Gambling Man: The Wild Ride of Japan's Masayoshi Son." Over 335 pages, he charts the journey of the 67-year-old — known to many as Masa — from a life in poverty to a dizzying career betting it all on technology.From his early years distributing software, he would go on to build a telecoms empire and mint a <a target="_blank" class="" href="https://www.businessinsider.com/inside-softbank-vision-funds-awful-year-former-employees-rival-vcs-2022-12">near-$100 billion investment fund</a> that would splash money on everything from Uber to WeWork.For Barber, who has stood face-to-face with leaders like Vladimir Putin at the Kremlin and Barack Obama in Washington, the allure of Son was simple. "This is a story of our times," he told Business Insider. "The cheap money, leverage, technology — he's ridden this wave right from when he started with software distribution, which has penetrated every aspect of society."As history shows, the hopes and dreams the SoftBank founder shared for the future that evening 24 years ago would crash back to reality days later. Having made a killing from <a target="_blank" class="" href="https://www.businessinsider.com/softbank-masayoshi-son-jack-ma-bet-ai-2024-2">an early $20 million bet on Jack Ma's Alibaba</a> and taking a share in Yahoo, Son was about to see an abrupt change in fortune as SoftBank's stock crashed.By March 2000, the dot-com bubble would burst altogether.<div type="image" title="Jack Ma, cofounder of tech giant Alibaba." height="2000" width="3000" msid="113763139" hostid="261" sizebytes="171736"></div>That said, Son's humiliation at that moment would not stop him from chasing visions of extraordinary scope again and again, even if it meant hard falls were to come once more. This is the career of a man whose ambition has taken him to the brink and back.And signs suggest he's not done just yet.<h2 id="acfaa085-1888-44a6-a2fd-d42c5ad1dbf6">Social pariah to technology visionary</h2><a target="_blank" class="" href="https://www.businessinsider.com/softbank-ceo-masayoshi-son-rewarded-ai-bet-arm-2024-5">Son's rise</a> to what Barber describes as a "place at the very pinnacle of the global plutocracy" was hardly guaranteed.Though he's now worth almost $17 billion, owns a mansion likened to Batman's Wayne Manor, and places himself among a peer group of Napoleon Bonaparte, Genghis Khan, and Qin Shi Huang, the first Emperor of China, Son was born in August 1957 to Koreans "on a dirt track with no name" on the Japanese island of Kyushu, according to the book. It recounts that "Masa's earliest memories were the smell of pigs and the sound of steam trains belching soot and smoke which filled his makeshift home."Discrimination was a part of his childhood, too, with postwar Koreans living in Japan labeled "Zainichi" — a term used as a pejorative to categorize the ethnic minority as second-class citizens. For Son, being born in poverty meant his early years involved a pariah-like experience.However, as Barber notes, the younger Son would go on to enjoy a <a target="_blank" class="" href="https://www.businessinsider.com/softbank-trump-50-billion-investment-not-what-it-seems-2016-12">future audience with the 45th President of the United States</a> and court royals in Riyadh. He would, more importantly, play a pivotal role in transforming the technology sector from a niche interest of computer obsessives into a global force that turns the world economy.In Barber's telling, a few key factors drove Son down this path. His inaugural visit to the US, where he attended Berkeley, coincided with the microprocessor revolution. Like Microsoft's Gates, he claims to have had an epiphany after seeing the Intel 8080 microprocessor for the first time in a copy of the Popular Electronics magazine; he foresaw a future in which the world could one day be powered by silicon.<div type="image" title="Bill Gates arrives at the 10th Breakthrough Prize Ceremony." height="1432" width="2050" msid="113763131" hostid="261" sizebytes="91348"></div>However, self-conviction in his own "genius" appears to be first and foremost. Combined with his outsider status, Son was a young man with a chip on his shoulder. Visiting Son's father, Mitsunori Son — creator of <a target="_blank" class="" href="https://www.businessinsider.com/what-is-pachinko-gambling-japan-2018-7">a gambling business built on arcade pachinko machines</a> — at their family home, Barber recalled how it felt like a shrine devoted to their son. "He was treated like a princeling from day one and behaved like a princeling. He was told he was special," Barber told BI.The early years are key to understanding how Son became preoccupied with unwieldy ambition that would take him too close to the sun time and again. He made his first major bet on his own genius when he founded SoftBank in 1981. It was the start of a two-decade chapter defined by high-profile encounters with the likes of Rupert Murdoch, Larry Ellison, and Jack Welch, acquisitions totaling billions of dollars, and an all-or-nothing attitude toward innovation.At that time, Son was akin to an "arm-waving internet prophet," Barber said, who devised the idea of distributing software. Years later, when Japan's economy began to collapse, he quickly maneuvered a return to the US, where he bought big assets such as the then-popular tech trade show Comdex, gaining access to the deep Silicon Valley networks that came with it.Though it ended with a spectacular crash, Son offset the damage that left SoftBank "virtually broke" by working 18-hour days, seven days a week, to bring the high-speed broadband revolution to Japan in the 2000s.A helping hand from <a target="_blank" class="" href="https://www.businessinsider.com/steve-jobs">Steve Jobs</a>, who he first met at the Comdex trade fair in Las Vegas in the 1980s, also came as SoftBank struck an exclusive carrier deal in Japan for the iPhone from 2008 to 2011. It gave him a front seat to the smartphone boom.<div type="image" title="Steve Jobs" height="2113" width="3000" msid="113763146" hostid="261" sizebytes="445370"></div>This cycle of rise and fall has made a curious reappearance throughout Son's career. As Barber puts it, Son is a gambler, which means his life has followed a familiar pattern that goes something like this: "A blizzard of ideas followed by intense enthusiasm and focus, leading to overreach, failure, and repentance — until the whole process started over again."He is also someone Barber deems ruthless, a fighter with a penchant for the "crazy" that sits at odds with the portrait of a more shy and self-conscious leader that the billionaire has often presented to the public.Nowhere have these elements shown themselves more than they have done in Son's leadership over SoftBank 2.0.<h2 id="451d95fb-964b-46cd-8cd5-8f606eec277c">A gambling man with $100 billion to play with</h2>In 2010, as the world was picking itself up from the financial crash, Son spent a lot of time thinking about 2040. He wanted to know how technology would shape society in 30 years' time.He concluded that the tech-enabled information revolution should mean "happiness for everyone." At that time, though, Son was getting bored of being an operator — it was time to be a "grand investor." In Barber's assessment, this is a period in Son's life that shows how he's "quite capable of serious hardball" to get what he wants while leaving himself entirely vulnerable to those who might dare to dream as big as he does.Enter the Vision Fund. <a target="_blank" class="" href="https://www.businessinsider.com/softbank-vision-fund-ceo-rajeev-misra-steps-back-2022-4">Rajeev Misra, a former trader at Deutsche Bank</a> who profited from a huge short bet against the subprime mortgages at the center of 2008's financial meltdown, was brought in to help lead Son's investment charge. So, too, was Nikesh Arora, a "fast-talking" former Google executive pulled away from a $50 million-a-year package.<div type="image" title="Rajeev Misra SoftBank" height="882" width="1354" msid="113763142" hostid="261" sizebytes="40208"></div>In the context of traditional Japanese corporate life, these hires were total anomalies. But Son's decision to bring them on board signaled the bold push he was ready to make. Buoyed by the credibility attained from the <a target="_blank" class="" href="https://www.businessinsider.com/alibaba-one-year-since-ipo-2015-9">2014 IPO of Chinese e-commerce giant Alibaba</a>, Son tapped Misra's ties to wealth funds in the Middle East to raise a combined $60 billion from Saudi Arabia's Public Investment Fund and Abu Dhabi's Mubadala.In particular, for Mohammed bin Salman, Saudi Arabia's ruler-in-waiting who led talks with SoftBank, Son's proposition gave him the opportunity he sought to present himself at home as a prince with a bold plan for the future. "He wants to be seen as the great modernizer transforming this petrostate into a truly modern economy where technology is at the forefront," Barber told BI.Eventually, almost $100 billion was raised for a startup investing vehicle known as the Vision Fund, which brought untold chaos to the technology sector. Silicon Valley's biggest funds before then were no bigger than a few billion dollars, and SoftBank was ready to outbid them all to lead blockbuster investment rounds. <a target="_blank" class="" href="https://www.businessinsider.com/michael-moritz-sequoia-partner-is-moving-to-vc-firms-wealth-division-2023-7">Michael Moritz</a>, lead partner at Sequoia Capital at the time, likened Son's arsenal of capital to Kim Jong Un's intercontinental ballistic missiles. Did Son care? Barber thinks not.But as previous cycles in Son's life dictate, the flurry of enthusiasm is typically followed by failure. Though he proved himself to be ruthless in the $32 billion acquisition of chip designer Arm in 2016 — its shares are up almost 200% since being re-listed last year — he would fall prey to the charms of WeWork cofounder Adam Neumann.The Israeli entrepreneur, who Son invited into the back of a taxi while en route to see Donald Trump, would eventually cause him trouble. Billions of dollars of investment were burned as the office space company masquerading as a tech one fell apart. A SoftBank <a target="_blank" class="" href="https://www.businessinsider.com/heres-why-softbank-didnt-let-wework-go-bankrupt-2019-10">bailout of WeWork cost $9.5 billion</a> in 2019.It wasn't the only blunder. SoftBank-backed Wirecard imploded after the Financial Times exposed large-scale fraud at the German payments provider. Greensill Capital, a supply chain finance firm that fell apart, forced the Vision Fund to write down a $1.5 billion investment.Defending his track record in 2020, <a target="_blank" href="https://www.businessinsider.com/softbank-ceo-masayoshi-son-compares-himself-to-misunderstood-jesus-report-2020-5">Son said Jesus was misunderstood.</a><div type="image" title="SoftBank founder Masayoshi Son." height="3333" width="5000" msid="113763135" hostid="261" sizebytes="793234"></div>As the misfires have mounted, critics have put Son's successful bets over the years down to luck. In Barber's view, the picture is more complicated. He told BI that he sees an "intelligent brain thinking ahead, anticipating," but also a reckless impulse to "put a chip on every board." There is a visionary that co-exists with a "gambling addict."Barber's book comes at a critical juncture. Since <a target="_blank" class="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">the launch of ChatGPT</a>, the technology industry has made artificial intelligence its central focus, with an arms race underway among global companies wanting to make smarter versions of the technology. For Son, an AI obsessive long before the current era of generative AI chatbots, it's a moment that seems tailor-made to his desires. But he has been slow to match that with the bold bets he has become known for.While SoftBank oversaw Arm's <a target="_blank" href="https://www.businessinsider.com/arm-ipo-stock-market-should-i-buy-invest-ai-semiconductors-2023-9">IPO</a><a target="_blank" class="" href="https://www.businessinsider.com/arm-ipo-stock-market-should-i-buy-invest-ai-semiconductors-2023-9"> in September 2023</a> and acquired chip firm Graphcore in July, it has not yet invested in companies developing the large language models powering the current boom, such as OpenAI or Anthropic. In 2019, it dumped its nearly 5% stake in Nvidia, the chip giant now worth over $3 trillion.Still, it's hard not to see a splurge coming soon. In June, the SoftBank boss told shareholders past investments were "just a warm-up" for the AI era. It's no surprise to Barber, who sees Son as never satisfied."He's definitely got another act," Barber said. "There's no question."'Gambling Man: The Wild Ride of Masayoshi Son' by Lionel Barber is published by Allen Lane on October 3 in the UK, and Atria/One Signal Publishers in January 2025 in the US.

Masayoshi Son is the $100 billion gambler who went from dirt track to tech titan — and he isn't done betting yet     

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! The summer slowdown is ending, but don't let the ramp-up in work scare you. Work psychologists offered tips <a target="_blank" href="https://www.businessinsider.com/tips-work-life-balance-work-psychologists-2024-8">to improve your work/life balance</a>.In today's big story, a racquet sport that starts with "P" is gaining steam, <a target="_blank" href="https://www.businessinsider.com/padel-vs-pickleball-the-future-of-racket-sports-in-america-2024-8">but it's not the one you're thinking of</a>.What's on deck:<ul><li>Markets: Some baby boomers say relying on <a target="_blank" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">Social Security in retirement isn't enough</a>.</li><li>Tech: Silicon Valley is over the drama the presidential election <a target="_blank" href="https://www.businessinsider.com/election-a-distraction-silicon-valley-wants-to-be-over-2024-8">is causing their industry</a>.</li><li>Tech: Silicon Valley is over the drama the presidential election <a target="_blank" href="https://www.businessinsider.com/election-a-distraction-silicon-valley-wants-to-be-over-2024-8">is causing their industry</a>.</li></ul>But first, it's your serve.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="6bcf363e-bf84-4ecd-9575-694213758660">The big story</h3><h2 id="f4aea53a-331d-4ae1-9484-d2ab9fa5cd3e">You say pickleball; I say padel</h2><div type="image" title="padel" height="999" width="1500" msid="112812339" hostid="261" sizebytes="202656"></div>There's a new racquet sport on the block making noise, except this one's sound isn't <a target="_blank" href="https://www.businessinsider.com/pickleball-court-noise-driving-us-all-crazy-scientists-trying-solution-2023-11">driving people crazy</a>.<a target="_blank" href="https://www.businessinsider.com/padel-vs-pickleball-the-future-of-racket-sports-in-america-2024-8">Padel has gained steam this year</a> as a more active alternative to the widely popular pickleball, writes Business Insider's Kathleen Elkins, who's already been won over.Often described as a mix between tennis and squash, padel is played on a court smaller than tennis but bigger than pickleball. It's also surrounded by four glass walls with two openings, allowing players to chase shots outside the enclosure.The larger court and the ability to play balls off or outside the four walls mean the game requires a higher level of athleticism than the more stationary pickleball. (Settle down, pickleballers. Your game requires quicker reflexes.)While you might have heard of padel, there's a good chance you've never seen a court in person. The sport has been <a target="_blank" href="https://www.businessinsider.com/padel-isnt-just-rich-people-pickleball-heres-the-difference-2024-5">dominated by the ultrawealthy</a>. Some elite have <a target="_blank" href="https://www.businessinsider.com/padel-courts-miami-new-york-luxury-real-estate-development-amenity-2023-12">built courts in their backyards</a> after catching the padel bug.There's even a debate over the <a target="_blank" href="https://thepadelstate.com/how-to-pronounce-padel-in-u-s/">correct pronunciation of padel</a>. While some opt for "paddle," others pronounce it "Pa-DEL," because the rich love nothing more than adding a bit of flair to what they are doing.<div type="image" title="Paddleball and Pickleball" height="1000" width="2000" msid="112812334" hostid="261" sizebytes="163142"></div>Padel has aspirations of growing beyond the 1% in the US and taking on pickleball.The sport is already incredibly popular in Spain and Argentina. And padel's quick learning curve has some believing it has the potential to get big in the US. (The one exception in the US is Miami, where it has already taken off.)But access to courts is arguably padel's biggest hurdle. Pickleball courts can really be set up anywhere, with four courts fitting inside one tennis court. Padel courts' size and walls don't offer the same luxury.The scarcity of courts makes padel cost prohibitive. One spot near Kathleen's apartment runs about $38 per person for a 90-minute session.But padel's exclusivity could be both its biggest limitation and greatest asset. After all, a status symbol doesn't remain one if everyone has it.Sports can be restrictive. Paying for a country club is just as much about getting in as it is about keeping others out. Take golf, long a darling of the wealthy. The pandemic led to a surge in the sport, taking away some of its exclusive shine (and crowding courses).It's not a zero-sum game. High-end padel courts could remain while more affordable options become available. But watching how the elite's interest in the sport evolves with mass adoption will be interesting.<h3 id="d2d5d122-8b50-4364-bd02-628ca3ea096e">News brief</h3><h2 id="ae0e22da-b15d-4327-aa2c-be97a35575de">Top headlines</h2><ul><li>Israel and Hezbollah exchange strikes as <a target="_blank" rel="noopener" href="https://www.businessinsider.com/israel-hezbollah-exchange-fire-major-regional-escalation-2024-8">fears of an all-out war build</a>.</li><li>Harris is having a moment <a target="_blank" rel="noopener" href="https://www.businessinsider.com/harris-momentum-trump-presidential-election-standing-2024-8">but Trump isn't out of the race yet</a>.</li><li>Telegram CEO Pavel Durov <a target="_blank" rel="noopener" href="https://www.businessinsider.com/telegram-ceo-pavel-durov-arrested-french-airport-2024-8">arrested at French airport</a>.</li><li>An unprecedented legal move could let Trump <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-presidential-immunity-could-delay-hush-money-sentencing-legal-experts-2024-8">delay his hush-money sentencing</a> until after Election Day.</li><li>Why Black men's employment progress <a target="_blank" href="https://www.businessinsider.com/black-men-employment-progress-hurt-incarceration-discrimination-work-experience-2024-8">is worse than it looks</a>.</li><li>SpaceX is launching 4 people on a risky mission to fly through radiation belts and <a target="_blank" href="https://www.businessinsider.com/spacex-launch-risky-polaris-dawn-mission-first-commercial-spacewalk-radiation-2024-8">do the first commercial spacewalk</a>.</li></ul><h2 id="a3af7e08-66a7-43bb-a848-426e253d9267">3 things in markets</h2><div type="image" title="Jerome Powell in a hard hat in front of. houses." height="600" width="1200" msid="112812333" hostid="261" sizebytes="60052"></div><ol><li>Don't get your hopes up about the housing market. Economists expect an interest-rate cut in September, which has big implications for housing. Although lower rates would likely boost construction, they could also boost demand — <a target="_blank" href="https://www.businessinsider.com/buying-home-not-easier-interest-rate-cuts-prices-rent-crisis-2024-8">sending home prices soaring</a>.</li><li> Social Security isn't providing much security. More than 40 baby boomers spoke to BI about their financial struggles with retirement. Social Security, meanwhile, <a target="_blank" href="https://www.businessinsider.com/retirement-savings-social-security-baby-boomers-without-savings-401k-poverty-2024-8">isn't helping them stay out of poverty in their post-work years</a>.</li><li>Wall Street's bears haven't given up. From cracks in the job market to the Sahm Rule flashing, some strategists believe a recession is looming that could tank the market. Three experts share their bearish takes <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-crash-predictions-recession-warning-bears-roundup-jobs-decline-2024-8">on where they see things headed</a>.</li></ol><h2 id="c93a70d4-7f21-4ff6-8e90-f1a09fbcf494">3 things in tech</h2><div type="image" title="A composite photo of Kamala Harris and Donald Trump" height="1080" width="1440" msid="112812336" hostid="261" sizebytes="91288"></div><ol><li>Politics-talk makes Silicon Valley a hot mess. Political advocacy used to be taboo in tech, but this year, VCs are getting vocal and <a target="_blank" href="https://www.businessinsider.com/election-a-distraction-silicon-valley-wants-to-be-over-2024-8">taking sides on the presidential election</a>. That's caused fighting between firms, annoyed partners, and a dealmaking slowdown.</li><li>Amazon uses this sales pitch to steal customers from OpenAI, Microsoft, and Google. <a target="_blank" rel="noopener" href="https://www.businessinsider.com/amazon-aws-sales-guidelines-spread-doubt-about-openai-ai-capabilities-2024-8">Internal Amazon sales guidelines</a>, viewed by BI, instruct AWS salespeople to question OpenAI's security and customer support in pitches. They also takes digs at Microsoft and Google, telling salespeople to "cut through the hype" surrounding Microsoft's AI.</li><li>For promising young VCs, the path to partner is riddled with obstacles. Amid a funding slowdown for startups, <a target="_blank" href="https://www.businessinsider.com/tech-investors-face-tougher-path-to-promotion-partner-2024-8">it's getting harder for junior VCs to level up</a>. Fewer deals mean they have fewer chances to prove themselves, and for some firms, the money to promote simply isn't there.</li></ol><h2 id="487ad29c-39be-4565-9039-d5a5e4da3429">3 things in business</h2><div type="image" title="Photo collage of a tissue box, thermometer, and pills." height="1500" width="2000" msid="112812337" hostid="261" sizebytes="89838"></div><ol><li> Generation Call-In-Sick. Americans are taking more sick days than they used to and <a target="_blank" href="https://www.businessinsider.com/gen-z-sick-leave-pto-mental-health-work-from-home-2024-8">Gen Z is at the helm of the shift</a>. Despite just starting their careers, some are even taking sabbaticals. The trend highlights the work boundaries young workers are trying to establish early on.</li><li>RIP accountants. Fewer people than ever before are becoming accountants and it's putting the profession on the brink of extinction. The lack of accountants endangers the entire financial ecosystem — but <a target="_blank" href="https://www.businessinsider.com/accountant-shortage-sexy-taxes-business-school-pwc-kpmg-2024-8">rebranding America's most boring profession</a> is no easy feat.</li><li>A bleak outlook for "silver squatters." Gen X may be <a target="_blank" href="https://www.businessinsider.com/retirement-savings-crisis-gen-x-boomers-social-security-401k-pensions-2024-8">even less prepared for retirement</a> than boomers, wealth advisors say. A large cohort of adults in their mid-50s have less than $50,000 in retirement savings; many expect to work part-time or rely on family help after retiring.</li></ol><h2 id="c146218f-c309-47b9-9fd9-f3dafbaa69df">In other news</h2><ul><li>The return of the slur: <a target="_blank" href="https://www.businessinsider.com/return-of-slurs-in-left-liberal-language-2024-8">Canceled words are making a comeback on the left</a>.</li><li>It's a good time to get a deal on an EV <a target="_blank" href="https://www.businessinsider.com/ev-pile-up-dealer-lots-deals-discounts-leasing-2024-8">as they sit around on dealer lots</a>.</li><li>Tesla's AI supercomputer has a Silicon Valley town <a target="_blank" href="https://www.businessinsider.com/tesla-ai-data-center-electricity-demand-palo-alto-substation-2024-8">rushing to meet surging electricity demand</a>.</li><li>A necessary step or government overreach? <a target="_blank" href="https://www.businessinsider.com/kamala-harris-economic-plan-price-controls-gouging-food-inflation-election-2024-8">Economists are divided Kamala Harris' plan to clamp down on food inflation</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/lucy-guo-left-scale-ai-itch-build-startup-passes-2024-8">Lucy Guo's second act</a>: After the 29-year-old left Scale AI, she has the 'itch to build' something new.</li><li>Your landlord might be using an algorithm to raise rent. <a target="_blank" href="https://www.businessinsider.com/kamala-harris-ban-landlords-raising-rent-algorithms-realpage-2024-8">If Kamala Harris has her way, that could be banned</a>.</li><li>I'm quitting my job at a big tech company to travel. Hustle culture is overrated — <a target="_blank" href="https://www.businessinsider.com/quit-job-travel-after-stress-burnout-at-big-tech-company-2024-8">I'm taking a year off</a>.</li><li>One of SpaceX's biggest rivals on competing with <a target="_blank" href="https://www.businessinsider.com/spacex-rival-rocket-lab-competing-elon-musk-no-interest-mars-2024-8">Elon Musk and the new space race</a>.</li><li>A product manager who switched from Snap to Meta walks through her interview practice, <a target="_blank" href="https://www.businessinsider.com/how-meta-product-manager-prepares-big-tech-interview-questions-manager-2024-8">including her favorite question to ask the hiring manager</a>.</li></ul><h2 id="0de6750e-3fbb-4e0b-b7af-3d558ad0e423">What's happening today</h2><ul><li>The US Open begins in New York.</li><li>Federal court hearing in the FTC's attempt to block Kroger's acquisition of Albertsons.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, fellow, in New York.

The wealthy's new favorite sport is coming for pickleball's crown

<a target="_blank" href="https://markets.businessinsider.com/news/stocks/trump-media-stock-price-soars-djt-ticker-symbol-truth-social-2024-3">Donald Trump's newly public social-media company</a> is not the next Nvidia — or Meta or Google or <a target="_blank" href="https://www.businessinsider.com/x-worth-71-percent-less-after-elon-musk-takeover-fidelity-2024-1">whatever has happened with X/Twitter</a>.The share price of Trump Media and Technology Group, trading under the stock ticker DJT (because of course it is), <a target="_blank" href="https://www.businessinsider.com/meme-stocks-mania-donald-trump-tmtg-truth-social-hasbro-paramount-2024-3">surged following</a> the completion of its SPAC merger last week. A SPAC, or a special-purpose acquisition company, is a shell company — in this case, Digital World Acquisition — that goes public with the intention of buying an actual company later. For a while, TMTG's market cap was in the $9 billion range, making it more valuable than Etsy and Hasbro. That <a target="_blank" href="https://www.businessinsider.com/trump-wealth-tmtg-dwac-billionaires-stock-court-judgment-rich-list-2024-3">bumped up the former president's net worth</a> to $7 billion, though not in a way he can immediately take advantage of. Unless the company's board says otherwise, Trump can't sell his shares for six months.If I were Trump, though, I would cajole the board to speed up that lockup period so I could cash in. It seems, let's say, unlikely that his media company's stock price is going to stay so high forever. (It seems like investors agree — on Monday, after this story was first published, <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-shares-donald-trump-media-plunged-18-financial-liabilities-tmtg-2024-4">the stock tumbled</a> by more than 25%.)For one thing, TMTG, which owns the conservative Twitter copycat Truth Social, makes basically nothing. According to a new financial filing from the company released on Monday, its total revenue was $4.1 million in 2023. Extrapolate that out, and the stock is trading at something like 2,000 times the company's annual revenue. That is, um, high. Apple, for example, trades at about seven times its total revenue. And given TMTG's paltry revenue, it actually lost $58 million last year.Trump's company <a target="_blank" href="https://www.sec.gov/Archives/edgar/data/1849635/000119312524038590/d408563d424b4.htm#rom408563_8">says</a> it has bigger plans ahead, such as growing Truth Social and developing "one or more additional cutting-edge products and/or services" to complement Truth, including some sort of video-streaming situation that "provides a 'home' for cancelled content creators." What exactly this might look like, or how many people would flock to it, isn't clear.Truth Social <a target="_blank" href="https://www.axios.com/2024/03/27/truth-social-stock-facebook-twitter-ipo">had an estimated</a> 5 million monthly website visits in February of this year, according to third-party trackers, but the company isn't revealing exact metrics right now. By comparison, Facebook had 845 million monthly active users when it went public in 2012, and Twitter had 215 million when it IPO'd the following year. The long and the short of it is that TMTG is not a thriving business.But maybe other social-media outlets, which are designed to appeal to the widest possible base, aren't the right comparison. Truth Social and any other business Trump Media and Technology Group spins up is pretty much guaranteed to appeal just to Trump fans.Trump's media company isn't the first conservative outfit to go public via SPAC in recent years and <a target="_blank" href="https://www.vox.com/money/23755227/target-bud-light-pride-conservative-boycott-anti-woke-lgbt">try to make money off of right-leaning consumers and investors</a>. Its predecessors have not done so hot. Rumble, a Peter Thiel-backed YouTube for the right, <a target="_blank" href="https://www.bloomberg.com/news/articles/2022-09-19/peter-thiel-backed-rumble-heads-to-the-public-markets-via-spac-deal">rose by some 40%</a> on its first day of trading in September 2022 and has been hanging well below that ever since. Both Black Rifle Coffee, a Starbucks for Republicans, and Public Square, the GOP's supposed alternative to Amazon, have followed similar trajectories: a stock pop early on, then sitting under $10 ever since. None of them have achieved sustained profitability, though Black Rifle says it's on the path to it. Being in the business of anti-woke is not especially lucrative. As much as people say they want to shop and invest their values, it often doesn't turn out to be the case. Instead, most people opt for the convenient option and whatever they're most used to doing already. There's a reason most boycotts don't work — people are busy and tired. It's true on the left as well. Dig deep enough, and every company in the world can probably give you a reason not to want to give them your money.Might Trump and Truth Social be different, at least on the stock front? I mean, I suppose anything is possible. As my colleague Peter Kafka points out, investors <a target="_blank" href="https://www.businessinsider.com/trump-media-short-interest-meme-stock-gamestop-2024-3">aren't shorting the stock en masse yet</a>, in part because doing so is hard and in part because you can see DJT taking off with the meme-stock crowd. GameStop and AMC weren't doing particularly awesome from a business sense when they achieved meme status, yet small-time investors were eager to pile into them. For a good chunk of the country, tossing some cash into Trump's company is not only a way to stick it to The Man but also to The Woke Man. Trump has also spent years insisting that his literal name is worth a ton of money, and I guess we're about to find out just how much.Still, I'd guess Trump has much better odds of winning the White House (or ending up with some criminal convictions) than he does seeing his mediocre social-media company take off. He might want to call up someone on TMTG's board — say, his son Don Jr. — and see about them getting a meeting on the books to let him start offloading shares sooner rather than later.<a target="_blank" href="https://www.businessinsider.com/author/emily-stewart">Emily Stewart</a> is a senior correspondent at Business Insider, writing about business and the economy.

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