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Softbank-backed e-commerce firm <keyword id="19911893" type="General" weightage="20" keywordseo="Meesho" source="keywords" meta.keywordsubtype="org" meta.entityname="Meesho" meta.hostid="153" meta.entityid="Meesho">Meesho</keyword> will start its annual <keyword id="23217664" type="General" weightage="20" keywordseo="festival-sale" source="keywords">festival sale</keyword>, Meesho <keyword id="23217663" type="General" weightage="20" keywordseo="Mega-Blockbuster-Sale" source="keywords">Mega Blockbuster Sale</keyword>, from September 27 onwards with the highest number of sellers onboard among its competitors, the company said on Tuesday. The company has recorded about 42 per cent surge in sellers on a year-on-year basis to 20 lakh for the upcoming festival season. "Meesho's Annual 'Meesho Mega Blockbuster Sale' Starts on 27th September. With over 20 lakh sellers and 12 crore product listings across 30 categories, Meesho aims to make festive shopping more accessible, affordable, and convenient for shoppers across the country," the company said in a statement. Meesho claimed to have 14 lakh sellers onboard for Meesho Mega Blockbuster 2023. <keyword id="19910508" type="General" weightage="20" keywordseo="Amazon-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Amazon India" meta.hostid="153" meta.entityid="Amazon India">Amazon India</keyword> has seen a 14 per cent growth in <keyword id="23217665" type="General" weightage="20" keywordseo="seller-base" source="keywords">seller base</keyword> but remains lower than that of Meesho for their upcoming annual festival sale "<keyword id="23217666" type="General" weightage="20" keywordseo="The-Great-Indian-Festival" source="keywords">The Great Indian Festival</keyword>". "Our current seller base exceeds 16 lakh sellers from all across the country," Amazon India, Director, Selling Partner Services, Amit Nanda, said. Interest of sellers for <keyword id="19896939" type="General" weightage="20" keywordseo="Flipkart" source="keywords" meta.keywordsubtype="org" meta.entityname="Flipkart" meta.hostid="153" meta.entityid="Flipkart">Flipkart</keyword> has remained muted on a year-over-year basis. While announcing annual festival sale dates "The Big Billion Days" on Monday, <keyword id="19896940" type="General" weightage="20" keywordseo="Walmart" source="keywords" meta.keywordsubtype="org" meta.entityname="Walmart" meta.hostid="153" meta.entityid="Walmart">Walmart</keyword> group firm Flipkart had said it has over 50 crore users and more than 14 lakh sellers on the platform, including sellers of its other platform Shopsy as well. Flipkart had reported the same level of sellers onboard before the TBBD in 2023. SEE ALSO: <a href="https://www.businessinsider.in/business/ecommerce/news/amazon-great-indian-festival-sale-to-begin-on-september-27/articleshow/113445238.cms">Amazon Great Indian Festival sale to begin on September 27</a> <a href="https://www.businessinsider.in/business/auto/news/triumph-speed-t4-launched-in-india-with-a-price-tag-of-2-17-lakh/slidelist/113429766.cms">Triumph Speed T4 launched in India with a price tag of ₹2.17 lakh</a> <a href="https://www.businessinsider.in/tech/mobile/news/xiaomi-and-samsung-accused-of-colluding-with-amazon-and-flipkart/articleshow/113381204.cms">Xiaomi and Samsung accused of colluding with Amazon and Flipkart</a>

Meesho to begin annual festival sale from September  27, sees 42% surge in seller base

<ul class="summary-list"><li>Sam's Club CTO Cheryl Ainoa is leaving following a return-to-office mandate, a company spokesperson confirmed.</li><li>The company earlier this year required US corporate employees to work at one of three office hubs.</li></ul>A top Sam's Club executive is leaving their role following parent company <a target="_blank" class="" href="https://www.businessinsider.com/walmart-cuts-hundreds-us-corporate-jobs-pushes-return-office-hybrid-2024-5">Walmart's return-to-office mandate</a>.Sam's Club chief technology officer Cheryl Ainoa — who has been with Walmart for nearly five years and in her current role for one — will leave the position and won't be moving to Walmart's Arkansas headquarters, the company confirmed to Business Insider.Walmart earlier this year required US corporate employees to work at one of three office locations, near New York, in the Bay Area, and in the hometown of Bentonville.Last week, <a target="_blank" href="https://www.businessinsider.com/sams-club-ceo-chris-nicholas-interview-2024-10">Sam's Club CEO Chris Nicholas</a> told BI that in-person work is helping the company innovate more quickly."We deeply believe in the power of collaboration, and that power of collaboration by being together," he said. "It always has been a superpower, and it will continue to be."Ainoa, who did not respond to a request for comment from BI, has been based in San Jose, according to her LinkedIn profile.Bloomberg <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-10-21/senior-walmart-wmt-executive-to-leave-company-due-to-relocation-policy">reported</a> that Ainoa is exiting the company because of the RTO mandate along with personal reasons, and that many C-suite executives are expected to move to Bentonville. Walmart has been working on a sprawling new corporate campus that's slated to officially open early next year.Before she joined Sam's Club, Ainoa led <a target="_blank" href="https://www.businessinsider.com/people-revolutionizing-customer-experience-ai-2023-10">Walmart's emerging tech team</a>, helping to integrate generative AI into the company's suite of apps for employees and customers.Walmart is one of the biggest companies to require its corporate workforce to return to the office since the remote-work era of the pandemic. In September, <a target="_blank" class="" href="https://www.businessinsider.com/amazon-ceo-return-to-office-mandate-5-days-week-2024-9">Amazon announced</a> that employees would be expected to work in-person five days a week beginning next year.If you are a Walmart or Sam's Club employee who wants to share your perspective, please <a target="_blank" href="mailto:dreuter@businessinsider.com">contact Dominick via email</a> or text/call/Signal at 646.768.4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out

Sam's Club's CTO is leaving following parent company Walmart's return-to-office mandate

New Delhi, Retail giant <keyword id="80487" type="General" weightage="50" keywordseo="walmart" source="Orion">Walmart</keyword> has reportedly paid $1.4 billion to acquire VC form <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword>'s remaining shares in the e-commerce major. According to a report in Wall Street Journal, <keyword id="80487" type="General" weightage="50" keywordseo="walmart" source="Orion">Walmart</keyword> has paid the money to boost <keyword id="6354742" type="General" weightage="100" keywordseo="flipkart" source="Orion">Flipkart</keyword>'s stake. "Purchase of shares from <keyword id="526777" type="General" weightage="50" keywordseo="tiger-global" source="Orion">Tiger Global</keyword> values the Indian e-commerce company at about $35 billion," the report said late on Sunday. Walmart purchased Tiger Global's remaining holding in <keyword id="6354742" type="General" weightage="100" keywordseo="flipkart" source="Orion">Flipkart</keyword> to further cement its control of the Indian e-commerce giant. Tiger Global made an overall gain of $3.5 billion on an investment of $1.2 billion, reports mentioned. Flipkart was earlier valued at $37.6 billion in a 2021 funding round. Walmart had 72 per cent share in Flipkart as reported last. Tiger Global held a 4 per cent stake in the e-commerce leader. Last month, Flipkart began a "one-time discretionary" cash payment of $700 million to employees following its separation from fintech firm PhonePe. In an email to employees, <keyword id="3515858" type="General" weightage="50" keywordseo="flipkart-group" source="Orion">Flipkart Group</keyword> chief executive <keyword id="6379357" type="General" weightage="50" keywordseo="kalyan-krishnamurthy" source="Orion">Kalyan Krishnamurthy</keyword> said, "We have exciting times ahead, and as we continue to grow across businesses, I look forward to your continued dedication and determination to bring about the future that we envision and scale new heights together." The <keyword id="15154047" type="General" weightage="50" keywordseo="phonepe-group" source="Orion">PhonePe Group</keyword> was acquired by the <keyword id="3515858" type="General" weightage="50" keywordseo="flipkart-group" source="Orion">Flipkart Group</keyword> in 2016. The Flipkart Group is one of India's leading digital commerce entities and includes group companies Flipkart, Myntra, <keyword id="7116339" type="General" weightage="50" keywordseo="flipkart-wholesale" source="Orion">Flipkart Wholesale</keyword>, Flipkart Health+ and Cleartrip. Started in 2007, Flipkart has enabled millions of consumers, sellers, merchants, and small businesses to be a part of India's digital commerce revolution, with a registered customer base of more than 400 million, offering over 150 million products across over 80 categories. --IANS na/dpb

Walmart buys Tiger Global's residual Flipkart stake for $1.4 billion

<ul class="summary-list"><li>The corporate supply chain team for <a target="_blank" class="" href="https://www.businessinsider.com/history-of-sams-club-walmart-owned-warehouse-2023-5">Sam's Club</a> is merging with that of its parent company, Walmart.</li><li>In a memo, Walmart's head of supply chain operations said the move will aid growth.</li></ul>Sam's Club's corporate supply chain team is merging into the supply chain team of its parent company, Walmart, according to a memo obtained by Business Insider.In an email to staff, Walmart's head of supply chain operations, David Guggina, welcomed the wholesale club team into the fold and said the move will aid growth for the companies."This is a big step in our growth journey, bringing together a supply chain that is future-ready to serve both Sam's Club and Walmart for the long-term," he said. "This change will enable us to move even faster and better leverage enterprise systems and infrastructure available to us."A Sam's Club spokesperson told BI the plan gives Sam's Club supply chain employees more seamless access to Walmart's vast enterprise resources, as well as providing a clearer career path within the company.Job cuts are not expected under the plan, the spokesperson said.Sam's Club's revenue has grown by nearly 50% over the past five years on a flat US store count, as the broader <a target="_blank" class="" href="https://www.businessinsider.com/sams-club-popular-gen-z-shoppers-trouble-for-costco-2024-6">wholesale club segment continues to boom</a>.To keep that sales growth rate high, Sam's Club has invested in new tech, like Scan-and-Go and the new <a target="_blank" class="" href="https://www.businessinsider.com/sams-club-ai-receipt-checks-exit-success-2024-4">AI-powered exit gateways</a> unveiled earlier this year.It also said last year it <a target="_blank" class="" href="https://www.businessinsider.com/walmart-sams-club-plans-open-30-new-warehouses-us-2023-1">plans to open 30 locations</a> in the next four to six years.Walmart, meanwhile has directed considerable resources at modernizing its distribution centers with AI and robotics to improve speed and accuracy.The moves could further extend Sam's Club's technological and logistical advantage over its larger rival, Costco, where features like <a target="_blank" class="" href="https://www.businessinsider.com/costco-app-update-in-stock-items-warehouse-availability-2024-9">in-stock information are just now beginning</a> to be rolled out on the company's website and app.<h2 id="9e96a6e8-1fdf-48e3-9532-b8933478b03e">Read the full memo:</h2>If you are a Sam's Club worker who wants to share your perspective, please <a target="_blank" href="mailto:dreuter@businessinsider.com">contact Dominick via email</a> or text/call/Signal at 646.768.4750. Responses will be kept confidential, and Business Insider strongly recommends using a personal email and a non-work device when reaching out.

Sam's Club's corporate supply chain team is merging into Walmart. Read the internal memo announcing the 'big step.'

<ul><li>The <keyword id="12594925" type="General" weightage="50" keywordseo="netflix-hub" source="Orion">Netflix Hub</keyword> will roll out into more than 2,400 <keyword id="80487" type="General" weightage="80" keywordseo="walmart" source="Orion">Walmart</keyword> stores with a new streaming gift card.</li><li>Through specially crafted Concession Kits, the <keyword id="6590294" type="General" weightage="100" keywordseo="hub" source="Orion">Hub</keyword> is bringing a theatre experience home.</li><li>Seasonal product releases will keep popular trends available all year long for customers.</li></ul> Retail giant Walmart has announced a partnership with <keyword id="128682" type="General" weightage="80" keywordseo="netflix" source="Orion">Netflix</keyword> to bring the Hub, which claims to bring viewers closer to their shows and movies. The Netflix Hub will roll out into more than 2,400 Walmart stores with a new streaming gift card. "Walmart customers will find even more music, apparel, collectibles, games and seasonal items from all their favourite shows and films including 'Stranger Things', 'Squid Game', 'The Witcher' and more," the company said. Additionally, the retail company will sell discounted streaming gift cards. Customers now have the option to stream popular trends without using a credit or debit card. Through specially crafted Concession Kits, the Hub is bringing a theatre experience home. The company brings themed kits with everything customers need to enhance the couch-centric watching experience, including popcorn, candy and collectible cups. Seasonal product releases will keep popular trends available all year long for customers. Recently, the retail giant was reportedly raised up to $3 billion for its e-commerce giant <keyword id="6354742" type="General" weightage="50" keywordseo="flipkart" source="Orion">Flipkart</keyword> to further expand its operations in the country. With new funds, Flipkart's valuation was set to soar to more than $40 billion, giving a fillip to the Indian funding scene which was going through a harsh winter. <keyword id="3515858" type="General" weightage="50" keywordseo="flipkart-group" source="Orion">Flipkart Group</keyword> in July last year raised $3.6 billion to grow and advance the digital commerce ecosystem in India. The investment valued the group at $37.6 billion post the money then. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/sensex-shrugs-off-weak-global-cues-to-hit-60000/articleshow/95135992.cms">Sensex shrugs off weak global cues to hit 60,000</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/environment/news/over-150-million-kids-in-africa-in-the-grip-of-poverty-climate-disaster-report/articleshow/95135176.cms">Over 150 million kids in Africa in the grip of poverty, climate disaster: Report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/news/musk-is-now-twitter-boss-fires-indian-origin-ceo-agrawal-other-top-execs/articleshow/95134427.cms">Musk is now Twitter boss, fires Indian-origin CEO Agrawal, other top execs</a>

Walmart, Netflix partner to expand Hub experience to more viewers

<a href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon"></a><ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Happy Friday! If you're a big fan of Céline Dion, I have the perfect town for you. Some residents of Porirua, New Zealand, have spent the better part of a year <a href="https://www.insider.com/new-zealand-plagued-cars-blasting-celine-dion-songs-all-night-2023-10">blasting the singer's songs</a> while driving around town at night to win the title of "siren king." In today's big story, we're taking a deeper look at the <a href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon">number of partner departures at Goldman Sachs</a> under CEO David Solomon.What's on deck: <ul><li>Markets: The economy was booming last quarter, but a <a href="https://www.businessinsider.com/strong-gdp-us-recession-mohamed-el-erian-interest-rates-fed-2023-10?miRedirects=1">recession is still in the cards</a>.</li><li>Tech: People who <a href="https://www.businessinsider.com/quit-high-paying-tech-jobs-2023-10">quit high-paying tech jobs</a> share what drove them to do it.</li><li>Business: <a href="https://www.businessinsider.com/sam-bankman-fried-takes-stand-in-criminal-trial-2023-10">Sam Bankman-Fried takes the stand</a> in his criminal trial.</li></ul>But first, how many people have left?<h3>The big story</h3><h2>Goldman exits, by the numbers</h2><a href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon"></a><div type="image" title="David Solomon with employees walking out behind him" height="1440" width="1920" msid="104761290" hostid="261" sizebytes="124194"></div>At least 210 Goldman Sachs partners have left on David Solomon's watch.Insider came to that number after an exhaustive search of regulatory filings, media reports, and conversations with sources by Dakin Campbell, Emmalyse Brownstein, Walt Hickey, and Kaja Whitehouse. When broken down by year, that amounts to an <a href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon">average annual departure rate of 43.4</a>, per our calculations, slightly above Goldman's projections of 30 to 40 annual partner exits. It's also higher than Insider's analysis of yearly partner exits during the 14 years before Solomon took over as CEO, which came to 40.4. Tracking the departure rate of Goldman's top executives was done to understand the reality — or myth — behind the much-discussed concept of a partner exodus under Solomon.You <a href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon">can view all 210 names here</a>, along with an analysis of the years they left and what division they were in. Goldman, for what it's worth, wasn't a fan of our work, suggesting there are a "number of discrepancies" in our "back-of-the-napkin math," per bank spokesperson Tony Fratto.<a href="https://www.businessinsider.com/goldman-sachs-partners-who-have-left-under-david-solomon"></a><div type="image" title="people in suits jumping through computer screen" height="525" width="700" msid="104761293" hostid="261" sizebytes="19930"></div>As is always the case with data, there are a few ways to interpret partner departures under Solomon.<h3>The case for Solomon</h3>While partner departures under Solomon have increased, according to our analysis, it hasn't been a massive bump. The average annual departure rate is up less than 7% during his tenure, per our calculations. And when you factor in how bloated the partnership got under former CEO Lloyd Blankfein — hitting 472 at one point — it's fair to say some trimming was due. The highest number of departures also came during Solomon's first year in charge, which seems normal. New leadership typically leads to more churn as the new boss gets their house in order.It's also important to remember Solomon isn't beholden to partners. As valuable as these executives are, it's not pre-1999 anymore when partners funded the business. Goldman's shareholders — not its partners — are the people Solomon has to answer to at the end of the day.<h3>The case against Solomon</h3>With that being said, the partner exits aren't all easily explained. The departure of newly minted execs — at least two who were named partner in 2022 are already gone — seems particularly troubling. Goldman also likes to pitch departing partners as an extension of the firm. Former Goldman partners become future Goldman clients, the bank likes to say. And while that sounds great on paper — and is often the case — it doesn't always work like that. Consider Omer Ismail, who <a href="https://www.businessinsider.com/walmart-reportedly-lures-goldman-sachs-bankers-to-lead-fintech-venture-2021-2">departed Goldman</a> after being tapped to head its entire consumer business to lead a Walmart-backed fintech and took <a href="https://www.businessinsider.com/walmart-fintech-one-top-executives-consumer-banking-2022-9">some top executives with him</a>.<h2>3 things in markets</h2><a href="https://www.businessinsider.com/gdp-recession-outlook-economy-gross-domestic-product-third-quarter-2023-10"></a><div type="image" title="A discount sign is displayed in the window of a shop in Miami Beach, Florida, on January 12, 2022" height="975" width="1300" msid="104761295" hostid="261" sizebytes="80602"></div><ol><li> The US economy was booming in the third quarter. Real GDP for the quarter rose 4.9% at an annualized rate, <a href="https://www.businessinsider.com/gdp-recession-outlook-economy-gross-domestic-product-third-quarter-2023-10">more than double the growth in the previous two quarters</a>. However, concerns remain about consumer spending maintaining such a high growth rate, meaning the <a href="https://www.businessinsider.com/strong-gdp-us-recession-mohamed-el-erian-interest-rates-fed-2023-10?miRedirects=1">threat of a recession</a> remains.</li><li> Wall Street's reaction to Big Tech earnings. Meta's stock fell Thursday following comments during the company's earnings call that indicated softer ad spend at the start of the fourth quarter. Here's <a href="https://markets.businessinsider.com/news/stocks/meta-stock-q3-earnings-analyst-reaction-ai-advancement-driving-engagement-2023-10">what analysts are saying</a>. But the AI hype among tech giants can't help the fact that <a href="https://www.businessinsider.com/amazon-microsoft-google-cloud-sales-growth-stalled-2023-10">customers are trying to cut costs</a>.</li><li>Here's what central bankers are saying ahead of their next meeting. The Fed meets next week to decide what to do with interest rates. These eight quotes from Fed Chairman Jerome Powell and other central bankers <a href="https://www.businessinsider.com/recession-outlook-jerome-powell-fed-policymakers-central-bank-investors-rates-2023-10">provide clues regarding their next move</a>.</li></ol><h2>3 things in tech</h2><a href="https://www.businessinsider.com/amazon-stock-earnings-report-q3-call-live-updates-2023-10"></a><div type="image" title="an Amazon Prime box" height="960" width="1920" msid="104761297" hostid="261" sizebytes="58546"></div><ol><li> Amazon had a pretty strong third quarter, leading to a bump in its stock. The tech giant's sales and profit figures <a href="https://www.businessinsider.com/amazon-stock-earnings-report-q3-call-live-updates-2023-10">beat analyst estimates</a>. Investors were focused on details about how Amazon's Prime Big Deal Days event went.</li><li> "I quit my high-paying tech job." Insider spoke with 10 people who shared what it was like to leave well-paying tech jobs. Some bounced from prestigious roles to <a href="https://www.businessinsider.com/quit-high-paying-tech-jobs-2023-10">pursue their passions</a>, while others left the entire tech industry due to burnout.</li><li> Microsoft jumped headfirst into the AI race — now it's cashing in. The tech giant's early investment might already be paying off. One analyst said its success has already reached a "<a href="https://www.businessinsider.com/microsoft-generative-ai-race-chatgpt-openai-cashing-in-2023-10">flex the muscles</a>" moment, adding that the tech giant is "controlling the narrative when it comes to AI."</li></ol><h2>3 things in business</h2><a href="https://www.businessinsider.com/sam-bankman-fried-takes-stand-in-criminal-trial-2023-10"></a><div type="image" title="Sam Bankman-Fried" height="750" width="1000" msid="104761299" hostid="261" sizebytes="98986"></div><ol><li> Sam Bankman-Fried took the stand to testify. The judge dismissed the jury before SBF started his testimony. Judge Lewis Kaplan said some of the testimony would occur without the jury present so that he could decide <a href="https://www.businessinsider.com/sam-bankman-fried-takes-stand-in-criminal-trial-2023-10">whether it could be used as evidence</a>.</li><li> A CEO resigned after making remarks on Israel. The Web Summit (former) CEO is a case study on failing to read the room. He <a href="https://www.businessinsider.com/ceo-israel-gaza-remarks-web-summit-paddy-cosgrave-2023-10">received online backlash</a> after appearing to accuse Israel of "war crimes."</li><li>Thanks for letting me work from home. Sure, you can monitor my DMs. There's a gap between in-person and remote employees' willingness to let companies encroach on their privacy. Sifting through <a href="https://www.businessinsider.com/wfh-privacy-employer-monitoring-work-communications-2023-10">emails, chat messages, and virtual meeting transcripts</a> can help companies better understand what life is like for workers.</li></ol><h2>In other news</h2><ul><li>The police search for the suspect in <a href="https://www.insider.com/mass-shooting-maine-suspect-lewiston-gunman-gun-deaths-2023-10">Wednesday's mass shooting</a> in Lewiston, Maine, continues.</li><li>Everything we know about newly-elected Speaker Mike Johnson's <a href="https://www.businessinsider.com/mike-johnson-personal-finances-net-worth-stocks-debt-house-speaker-2023-10">personal finances</a>.</li><li>The <a href="https://www.businessinsider.com/highest-paying-jobs-college-degree-engineering-business-science-majors-earnings-2023-10" target="_blank" rel="noopener">14 highest-paying</a> bachelor's degrees.</li><li>McDonald's is scrapping its <a href="https://www.businessinsider.com/mcdonalds-removes-mcflurry-spoon-ice-cream-machine-dessert-spindle-mix-2023-10">iconic McFlurry spoon</a>.</li><li>How Bank of America trains young grads to <a href="https://www.businessinsider.com/inside-bofa-private-bank-analysts-training-program-2023-10">work with its richest clients</a>.</li><li>A culinary judge reveals eight <a href="https://www.insider.com/best-time-saving-dinner-shortcuts-from-culinary-judge-2023-10">time-saving dinner shortcuts</a>.</li></ul><h2>What's happening today</h2><ul><li>Home run! The MLB World Series begins. The Arizona Diamondbacks and Texas Rangers face off in Arlington, Texas.</li><li>A lot of new music is coming out today. Duran Duran is releasing a new album "Danse Macabre," Taylor Swift is releasing a rewritten album "1989 (Taylor's Version)," and Blake Shelton and Gwen Stefani are releasing a new compilation album "A Tribute to The Judds."</li><li>Earnings today: ExxonMobil, Chevron, AutoNation, <a href="https://markets.businessinsider.com/earnings-calendar">and other companies</a>.</li></ul>The Insider Today team: <a href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, senior editor and anchor, in New York City. <a href="https://www.businessinsider.com/author/diamond-naga-siu">Diamond Naga Siu</a>, senior reporter, in San Diego. <a href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a href="https://www.businessinsider.com/author/lisa-ryan">Lisa Ryan</a>, executive editor, in New York.

Goldman exec exits revealed

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Hi! Be prepared to start scheduling your trips to Wendy's during off hours if you want to save money. The fast-food joint is <a target="_blank" href="https://www.businessinsider.com/wendys-surge-pricing-burgers-fries-2024-2">rolling out surge pricing</a> as early as next year. (More on why it could be a win for customers below.)Meanwhile, Donald Trump remains the frontrunner for the Republican presidential nomination, following a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-wins-michigan-gop-presidential-primary-results-haley-2024-2">win over Nikki Haley</a> in the Michigan primary.In today's big story, we're looking at Apple <a target="_blank" href="https://www.businessinsider.com/apple-is-shutting-down-its-ev-project-2024-2">scrapping its plans for an electric car</a> after a decade of work.What's on deck:<ul><li>Markets: The engine driving stocks up <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-signal-corporate-profit-margins-weaken-inflation-recession-risk-2024-2">might be about to stall</a>.</li><li>Tech: Elon Musk <a target="_blank" href="https://www.businessinsider.com/elon-musk-google-war-x-gemini-ai-chatbots-2024-2">has picked a fight with Google</a>.</li><li>Business: Wall Street <a target="_blank" href="https://www.businessinsider.com/home-equity-investments-heloc-refinance-loan-investors-homeownership-housing-market-2024-2">wants a stake in your house</a>.</li></ul>But first, 10 years of EV work down the drain.If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3>The big story</h3><h2>Fallen Apple</h2><div type="image" title="A graphic of a fictional Apple Car." height="1334" width="2000" msid="108080779" hostid="261" sizebytes="129146"></div>Apple is calling it quits on its electric-vehicle ambitions after a decade of work.The tech giant <a target="_blank" href="https://www.businessinsider.com/apple-is-shutting-down-its-ev-project-2024-2">blindsided the nearly 2,000 employees</a> on its EV team with the news, Business Insider's Aaron Mok writes. Many workers will transfer to Apple's artificial intelligence division to work on generative AI projects.There will reportedly be an opportunity for hardware engineers and car designers to apply for open roles at Apple, but layoffs are also in the cards.The ending is abrupt, but Apple's EV ambitions weren't easily realized.The project had multiple changes in leadership and strategy since it launched in 2014, according to Bloomberg, which first broke the news. The most recent goal for launching an EV was 2028.Never one to miss a chance to chime in, Tesla CEO Elon Musk quoted a tweet about the news on X <a target="_blank" rel="noopener" href="https://www.businessinsider.com/apple-car-dead-elon-musk-speaking-at-its-funeral-2024-2">with a salute and cigarette emojis</a>. (I'm all ears for your interpretations.)<div type="image" title="Graphic of an EV" height="1000" width="2000" msid="108080781" hostid="261" sizebytes="117168"></div>Apple's departure shows <a target="_blank" href="https://www.businessinsider.com/electric-car-ev-sales-prices-problem-transportation-2024-1">how challenging the once red-hot EV market</a> has become.EV demand has slowed considerably, forcing manufacturers to <a target="_blank" href="https://www.businessinsider.com/electric-cars-evs-biggest-discounts-2024-2">cut costs</a> and <a target="_blank" href="https://www.businessinsider.com/automakers-back-to-the-drawing-board-ev-plans-2024-2">rethink plans</a>. That's been evident in two of the biggest players in the space this year.Rivian <a target="_blank" href="https://www.businessinsider.com/rivian-cutting-10-of-workforce-faces-slower-growth-than-predicted-2024-2">recently cut 10% of staff</a>, and its CEO evaded a question about whether it had <a target="_blank" href="https://www.businessinsider.com/rivian-ceo-seemed-evasive-whether-enough-cash-for-r2-cnbc-2024-2">enough money to build its next vehicle</a>. Tesla's <a target="_blank" href="https://www.businessinsider.com/tesla-stock-earnings-report-q4-call-tsla-price-live-updates-2024-1">Q4 earnings disappointed</a> as Chinese automakers <a target="_blank" href="https://www.businessinsider.com/china-xi-jinping-crush-tesla-elon-musk-american-ev-industry-2024-2">pose a serious threat</a> to Musk's company, which has seen its stock plummet this year.So, while Apple invested plenty of resources into the space, it's better to get out now than slip into the sunk-cost fallacy.Besides, Apple has no shortage of other issues to deal with. Tensions are sky-high between its two biggest markets (US and China), and it's less than a month removed from its biggest product launch in eight years (Vision Pro). And then there's that whole AI race.Investors seemed to agree with the move, at least initially, as Apple's stock surged as much as 2% in the immediate aftermath of the news.In the long run, Apple's exit could even be spun as a win for the EV market.Less competition is rarely good, but some of Apple's employees could land at rival EV makers, providing a much-needed boost. For others, a departure from Apple might be a launching pad for their endeavors in the space.<h2>3 things in markets</h2><div type="image" title="Traders work on the floor of the New York Stock Exchange on October 20, 2023." height="999" width="2000" msid="108080782" hostid="261" sizebytes="151600"></div><ol><li>What's driving stocks higher might be slowing down. (And no, it's not AI.) Corporate profit margins might have peaked, and that's bad news for stocks, according to JPMorgan equity strategist Mislav Matejka. Interest rates and inflation are <a target="_blank" href="https://markets.businessinsider.com/news/stocks/stock-market-signal-corporate-profit-margins-weaken-inflation-recession-risk-2024-2">starting to catch up with companies</a>.</li><li>The economy needs to brace for impact, according to Morgan Stanley's top US economist. Ellen Zentner said <a target="_blank" href="https://www.businessinsider.com/recession-outlook-economy-inflation-fed-rate-cuts-hard-landing-2024-2">a hard landing is guaranteed</a>, as high rates and geopolitical risks remain prevalent. "We are in the camp that we haven't seen all of the tightening impacts of monetary policy," Zentner added.</li><li>Jamie Dimon shares his perspective. The JPMorgan CEO pegged the chances of a soft landing at half of the 70% to 80% odds many market commentators predict. But he's not worried about commercial real estate becoming a crisis…<a target="_blank" href="https://www.businessinsider.com/jamie-dimon-commerical-real-esate-crisis-soft-landing-economy-jpmorgan-2024-2">unless the economy falls into a recession</a>.</li></ol><h2>3 things in tech</h2><div type="image" title="A photo of Elon Musk against a green background." height="867" width="1300" msid="108080783" hostid="261" sizebytes="187536"></div><ol><li>Elon Musk is at odds with Google. Since the launch of Google's Gemini image generator, he's shared and replied to more than 100 posts about the company, <a target="_blank" href="https://www.businessinsider.com/elon-musk-google-war-x-gemini-ai-chatbots-2024-2">many of which were critical</a>. The tech billionaire also had issues with his new PC laptop, and <a target="_blank" href="https://www.businessinsider.com/elon-musk-calls-out-microsoft-ceo-laptop-issues-2024-2">took the matter straight to the top: Microsoft CEO Satya Nadella</a>.</li><li>Why is Reddit losing so much money? One big answer: It's been hiring a lot of engineers. Last year, Reddit spent <a target="_blank" href="https://www.businessinsider.com/why-reddit-loses-money-ipo-research-development-revenue-2024-2024-2">55% of its revenue</a> on research and development.</li><li>OpenAI fires back at The New York Times. In response to the Times' lawsuit against the artificial intelligence company, OpenAI's lawyers alleged the Times <a target="_blank" href="https://www.businessinsider.com/openai-accuses-new-york-times-hiring-someone-hack-its-products-2024-2">hired someone to "hack" its platforms</a>. They also wrote that the Times gamed the system to produce misleading evidence for the case.</li></ol><h2>3 things in business</h2><div type="image" title="A graphic of a mailbox with images of dollar bills on it." height="1500" width="2000" msid="108080785" hostid="261" sizebytes="234362"></div><ol><li>Wall Street wants a stake in your house. American homeowners have seen the value of their houses boom over the past few years, and <a target="_blank" href="https://www.businessinsider.com/home-equity-investments-heloc-refinance-loan-investors-homeownership-housing-market-2024-2">investors are offering some people big bucks</a> for a piece of their place. But home-equity investments come with risks and could be a better deal for investors than homeowners.</li><li>AI is fueling a culture clash inside hedge funds. Like the rest of the world, hedge funds are eager to join the generative AI bandwagon. But AI leaders are used to a level of collaboration among peers that <a target="_blank" href="https://www.businessinsider.com/hedge-funds-artificial-intelligence-talent-culture-clash-citadel-2024-2">isn't welcomed in the cutthroat world of finance</a>.</li><li>WTF, Wendy's? The fast-food chain announced it would start surge pricing its menu items, causing instant frustration across the internet. Even though Wendy's botched the announcement, variable pricing is the norm across industries, and <a target="_blank" href="https://www.businessinsider.com/wendys-surge-dynamic-pricing-controversy-fast-food-cost-uber-airlines-2024-2">isn't as crazy as it sounds</a>.</li></ol><h2>In other news</h2><ul><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/tumblr-selling-user-data-ai-trianing-openai-midjourney-weird-2024-2">Tumblr is selling user data to train AI. Things could get weird</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/russia-economy-china-no-limits-partnership-yuan-bank-loans-sanctions-2024-2">2024 is already straining the seams of China and Russia's 'no limits' partnership</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/sam-bankman-fried-parents-sentencing-submission-danger-2024-2">Sam Bankman-Fried's parents are begging a judge to keep him out of prison, warning their son's social awkwardness could put him in 'extreme danger'</a>.</li><li><a target="_blank" rel="noopener noreferrer" href="https://www.businessinsider.com/jon-stewart-arab-nato-israel-gaza-palestine-work-experts-doubt-2024-2">Jon Stewart says the Israel-Gaza solution could be a DMZ governed by an Arab NATO. Some experts say it's a pipe dream</a>.</li><li><a target="_blank" rel="noopener" href="https://www.businessinsider.com/mark-zuckerberg-is-the-ultimate-american-tourist-in-japan-2024-2">Mark Zuckerberg is the ultimate American tourist in Japan</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/ralph-drollinger-capitol-ministries-trump-advisers-is-ready-for-2024-2">God's Man in Washington</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/boeing-disasters-faa-no-presence-ed-pierson-interview-2024-2">FAA had 'no presence' in Boeing's factory, despite its headquarters being 20 minutes away, former employee says</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/oldest-living-american-elizabeth-francis-lifestyle-longevity-tips-secrets-2024-2">A 114-year-old Texan is now the oldest living American. Here are 6 lifestyle choices that may have helped her stay healthy for so long</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/how-overtime-grew-revenue-to-projected-100-million-advertising-sponsorships-2024-2">How Overtime is turning new sports leagues with young athletes into a $100 million business</a>.</li><li><a target="_blank" href="https://www.businessinsider.com/walmart-spark-accounts-hit-by-hackers-2024-2">Walmart says hackers took over some Spark drivers' accounts and had access to their Social Security numbers</a>.</li></ul><h2>What's happening today</h2><ul><li>Today's earnings: Paramount, HP, and other <a target="_blank" href="https://markets.businessinsider.com/earnings-calendar">companies are reporting</a>.</li></ul>The Insider Today team: <a target="_blank" href="https://www.businessinsider.com/author/dan-defrancesco">Dan DeFrancesco</a>, deputy editor and anchor, in New York. <a target="_blank" href="https://www.businessinsider.com/author/hallam-bullock">Hallam Bullock</a>, editor, in London. <a target="_blank" href="https://www.businessinsider.com/author/jordan-parker-erb">Jordan Parker Erb</a>, editor, in New York.

Apple's EV exit shows the challenges of the once red-hot market

<keyword id="35621" type="General" weightage="20" keywordseo="e-commerce" source="Orion">E-commerce</keyword> major <keyword id="6354742" type="General" weightage="20" keywordseo="flipkart" source="Orion">Flipkart</keyword> is reportedly planning to reduce its <keyword id="52626" type="General" weightage="20" keywordseo="workforce" source="Orion">workforce</keyword> by 5-7 per cent in early 2024 that may affect nearly 1,500 <keyword id="6357081" type="General" weightage="20" keywordseo="employees" source="Orion">employees</keyword>. The Walmart-owned company currently has around 22,000 employees. According to sources, Flipkart has initiated the exercise via performance reviews and the job cuts are likely to be implemented by March-April. The Economic Times was first to report about the upcoming move by Flipkart. The company is also looking at internal restructuring to optimise its resources in order to remain profitable. The company did not immediately comment on the move. Annual job cuts based on performance reviews at Flipkart have happened in the past too. E-commerce major Flipkart had total revenue of Rs 56,013 crore in the 2023 financial year, according to data from business intelligence platform Tofler. The revenue saw a 9 per cent growth in FY23 from FY22 at Rs 51,176 crore. The company reported a net loss of Rs 4,834 crore in FY23, marking a substantial 42 per cent increase from the earlier fiscal year. "Net loss for the financial year ending as on March 31, 2023, was Rs 48,393 million as against that of the previous year ending as on March 31, 2022, of Rs 33,624 million witnessed an increase of 44 per cent in the net loss," according to the financial report.

Flipkart may reduce workforce by up to 7%, affecting 1,500 employees

<ul><li>Flipkart is planning an IPO in the US by 2022. </li><li>Co-founder <keyword id="6364080" type="PERSON" weightage="20" keywordseo="binny-bansal">Binny Bansal</keyword> has also sold a part of his stake in the company for $76.4 million.</li><li>Reports have been doing the rounds about <keyword id="80487" type="COMPANY" weightage="20" keywordseo="walmart">Walmart</keyword> planning an exit from its biggest investment, because of India’s new e-commerce rules making the market complicated.</li></ul>Within a year of Walmart acquiring Flipkart, the global giant might exit it as Indian e-commerce player plans to raise money in the US markets. Flipkart<a href="https://economictimes.indiatimes.com/markets/ipos/fpos/flipkart-charts-roadmap-for-us-listing-by-2022/articleshow/69920934.cms"> is reportedly </a>heading for Initial Public Offer (IPO) in 2022 in the US, and this might mark the exit of its largest investor, Walmart. According to the ET report, Flipkart CEO Kalyan Krishnamurthy has already told his senior management to get ready for an IPO, and also aim at achieving profitability. Cashing out But it doesn’t stop there. Flipkart co-founder Binny Bansal, who had exited from all operational roles in the company over allegations of personal misconduct, has also sold a part of his shares for $76.4 million, according to filings sourced by paper.vc. Now, Bansal has a residual share of 3.52% in the company, down from 3.85%. Paper.vc also reported that Bansal had cashed out $159 million during the sale of Flipkart. Walmart had then acquired 77% stake in Flipkart for $16 billion. Reports have long been doing the rounds about Walmart planning an exit from the Indian retail company. While Flipkart’s latest revenue reports are not in, the company reported a loss of ₹11.6 billion in March 2018. <a href="https://yourstory.com/2019/06/ecommerce-walmart-funding-flipkart">Walmart</a> was also considering to pump in $1.2 billion more to fund Flipkart’s operations. Earlier in February 2019, Morgan Stanley also warned Walmart about its plans for the India market – the Indian e-commerce market was becoming “more complicated.” This report from Morgan Stanley had come after India’s new e-commerce rules which introduced tighter guidelines. As per the new rules, global players like Amazon or the Walmart-Flipkart entity, are barred from selling products from vendors they have own a stake in. Meanwhile, an Indian player which would be exempt from these rules is – Mukesh Ambani owned Jio along with <a href="https://www.livemint.com/companies/news/reliance-retail-testing-grocery-app-before-launch-of-e-commerce-platform-1556042589629.html">Reliance Retail</a>. It is planning its e-commerce debut which could also threaten the market share of the current players. See Also: <a href="https://www.businessinsider.in/govt-panel-on-new-e-commerce-rules-for-amazon-walmart-flipkart-and-snapdeal/articleshow/69892213.cms">A new government panel is looking at making e-commerce easier in India-- but it may be too soon to cheer for Amazon and Walmart</a>

Flipkart’s IPO in the US could see Walmart exit, Binny Bansal has already begun cashing himself out

<ul class="summary-list"><li><a target="_blank" href="https://www.businessinsider.com/amazon">Amazon</a> ran an uncover operation to gather information on rival retailers, according to a new report.</li><li>Dubbed "Big River Services International," it sold products through Walmart, eBay, and others.</li></ul><a target="_blank" href="https://www.businessinsider.com/amazon-trader-joes-wickedly-prime-employee-best-selling-items-data-2024-4">Amazon</a> is so obsessed with dominating the e-commerce world that it reportedly spent years gathering information about rivals like Walmart and eBay by selling products directly on their websites.The tech giant started a company called Big River Services International as part of "Project Curiosity," a 2015 effort to understand how Amazon's rivals in retail, logistics, and related fields ran their businesses, <a target="_blank" href="https://www.wsj.com/business/retail/amazon-secret-operation-intel-rivals-eb82ea3c?mod=djem10point">the Wall Street Journal reported</a> on Wednesday.Big River sold items like t-shirts, shoes, and beach chairs on competitors' platforms. Its goal was to get information from rivals that Amazon could then use to inform its own business decisions, according to the Journal.Big River employees also went to great lengths to hide their connections to Amazon, even when talking to other <a target="_blank" href="https://www.businessinsider.com/amazon-staff-complain-about-projected-pay-cuts-internal-messages-2024-4">Amazon workers</a>. They minimized electronic records of their work, even when informing Amazon's top brass about what they found. Executives viewed printed copies of the Big River team's reports and weren't allowed to keep them, though they were allowed to take notes, the Journal reported.The employees also used separate, non-Amazon email addresses when talking to other companies, the report says. They were even coached on how to respond if someone found out that they were actually working for Amazon, the Journal reported."Benchmarking is a common practice in business," an Amazon spokesperson told Business Insider, using an industry term for comparing itself to rivals. "Amazon, like many other retailers, has benchmarking and customer experience teams that conduct research into the experiences of customers, including our selling partners, in order to improve their experiences working with us."After Big River joined a fulfillment program for e-commerce sellers operated by FedEx, for instance, Big River employees relayed pricing and other terms for the service to Amazon's logistics team, which then made changes based on the information, the Journal reported.The Amazon spokesperson said that a review of internal documents has "not identified any instances of an Amazon employee having FedEx pricing information prior to its launch or using such information to adjust our own pricing or pricing discussions with any sellers.""The information we have reviewed indicates that pricing information was obtained after FedEx launched FedEx Fulfillment on February 7, 2017, and this information was one of many pieces of information considered as part of pricing discussions," the spokesperson told BI.Big River also developed its own brands to sell through rivals' marketplace websites. They include an India-based brand called Crimson Knot that sells photo frames on Indian e-commerce website Flipkart, as well as a streetwear brand called Not So Ape, which used a website hosted by Shopify to sell in the US, according to the Journal.Amazon has faced scrutiny for its treatment of sellers on its own platform before. <a target="_blank" href="https://www.businessinsider.com/amazon-uses-seller-data-copy-products-alleges-house-antitrust-report-2020-10">A congressional committee found in 2020</a> that the company had used data on sales by third-party sellers to create its own version of the products — usually to the detriment of the independent sellers and their businesses.A lawsuit from the FTC last year also claimed that Amazon effectively raised prices by increasing what the company charged its third-party sellers and punishing them for <a target="_blank" href="https://www.businessinsider.com/how-amazon-forces-customers-to-pay-more-ftc-lawsuit-2023-9">offering lower prices on websites besides Amazon.</a>

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Goldman exec exits revealed

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