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<ul class="summary-list"><li>Lee Thiam Wah, the founder of Malaysian mini-mart chain 99 Speed Mart, is Asia's latest billionaire.</li><li>The company went public on Monday, becoming the largest Malaysian IPO in seven years.</li></ul>Lee Thiam Wah started selling snacks at a roadside stall. Now, he's Asia's latest entrepreneur to reach billionaire status.He founded the <a target="_blank" href="https://markets.businessinsider.com/news/stocks/the-convenience-store-market-in-malaysia-2019-2022-the-industry-is-witnessing-fast-developments-and-presents-huge-potential-for-convenience-store-players-1029242346">convenience store</a> chain 99 Speed Mart and officially became a billionaire on Monday after his company went public in Kuala Lumpur.The $531 million initial public offering on Monday shattered a seven-year record in the country for the largest IPO, at 1.65 Malaysian ringgit, or $0.38, per share. This brings Lee's net worth to $3.3 billion, according to <a target="_blank" href="https://www.bloomberg.com/news/articles/2024-09-08/malaysia-s-biggest-ipo-in-7-years-to-turn-99-speed-mart-founder-into-billionaire?srnd=homepage-asia">Bloomberg's</a> Billionaires Index.Born in 1964 in the Malaysian city of Klang, Lee grew up in a family with 11 children. His parents, a construction worker and a hawker, struggled to make ends meet, per Bloomberg. Lee contracted polio as a child and lost the use of his legs, making it difficult to find work. He turned to entrepreneurship, selling snacks from a stall to support himself."I have to help myself. Nobody would hire me due to my physical limitation," Lee told <a target="_blank" href="https://www.forbes.com/global/2010/0315/entrepreneurs-malaysia-speedsmart-handicaps-king-of-mini-marts.html">Forbes</a> in 2010.He opened his first grocery store in 1987 at the age of 23. Over the next decade, his business grew into a chain of eight stores under the name Pasar Mini 99.Lee's wife, Ng Lee Tieng, joined the company in 1997 as a purchasing executive. Together, they built what would become the largest mini-mart chain in Malaysia, with 2,651 stores nationwide, according to the company's IPO <a target="_blank" href="https://anns.sgp1.cdn.digitaloceanspaces.com/3473571.pdf">prospectus</a>.Until this week's IPO, the couple fully owned the business. Lee will remain its majority shareholder, controlling up to a combined 79.7% stake. He will continue as the company's CEO. Ng will hold a 3.2% stake in the company.The company has a 40% share of the mini-mart market in Malaysia and controls nearly 12% of the overall grocery sector, according to the prospectus.The IPO attracted 14 major investors, including firms like abrdn Asia and UOB Asset Management, Bloomberg reported. The company plans to use over half of its IPO proceeds to add another 250 stores a year until it reaches about 3,000 outlets in three years, set up new distribution centers, and purchase new delivery trucks.The company saw a second-quarter profit of 125.5 ringgit — a 66.3% year-over-year increase, <a target="_blank" href="https://www.reuters.com/business/retail-consumer/99-speed-mart-opens-121-higher-debut-malaysias-biggest-ipo-7-years-2024-09-09/#:~:text=99%20Speed%20Mart%2C%20founded%20by,%2C%202023%2C%20its%20prospectus%20showed.">Reuters</a> reported on Monday. 99 Speed Mart also posted a revenue of over 9,000 million ringgit in 2023, over four times that of its main competitor, 7-Eleven Malaysia, per its IPO prospectus.99 Speed Mart didn't immediately respond to a request for comment from Business Insider.

Asia's newest billionaire founded a grocery store in 1987 and never gave up any stake — until this week's IPO

<ul class="summary-list"><li>The Federal Reserve will make its next interest rate decision at the end of July.</li><li>Some economists said the economy is ready for the Fed to cut interest rates.</li></ul>After years of high interest rates to combat soaring inflation, some economists think the time has finally come for the nation's central bank to give Americans financial relief by cutting those rates.Lower rates would allow Americans to take out cheaper loans, helping out businesses and consumers.Mark Zandi, chief economist at Moody's Analytics, said that when cuts do come, he expects them to "provide immediate relief" to small businesses, consumers, and lower- and middle-income households. Business owners may find it easier to take out bank loans and consumers who rely on credit cards could end up with cheaper borrowing costs.But those cuts may not be here just yet. At the end of July, the Federal Open Market Committee will announce its <a target="_blank" class="" href="https://www.businessinsider.com/fed-interest-rate-cuts-should-happen-in-july-not-september-2024-7">next decision on interest rates</a>. <a target="_blank" href="https://www.cmegroup.com/markets/interest-rates/cme-fedwatch-tool.html">CME FedWatch</a>, which estimates interest rate probabilities based on market trades, forecasts a 93% chance the Fed will hold rates steady — and Fed Chair Jerome Powell has emphasized that the Committee needs to feel confident inflation is cooling enough before the Fed starts to cut.It's a delicate balancing act between risking a recession and renewed price spikes. "If we loosen policy too late or too little, we could hurt economic activity," Powell <a target="_blank" href="https://www.youtube.com/watch?v=vv6n0oTJMRU">said</a> before the Senate Committee on Banking, Housing, and Urban Affairs on July 9. "If we loosen policy too much or too soon, then we could undermine the progress on inflation."But many long-time Fed watchers and macroeconomists think the war on inflation has been won, and it's time to cut.Zandi thinks the Fed has "achieved their objective of full employment and inflation at target."Claudia Sahm, founder of Sahm Consulting and former Fed economist, agrees. "Frankly, it's been time for a while," Sahm told Business Insider. "We have seen the US economy has been getting back on track, normalizing, rebalancing, all of the Fed's catchwords for some time now."The consumer price index, which measures inflation, <a target="_blank" href="https://www.businessinsider.com/inflation-cpi-june-prices-food-energy-fed-interest-rate-cuts-2024-7">rose 3.0%</a> year over year in June — a decrease from May's 3.3% reading — showing that inflation is inching toward the Fed's 2% target. Real US GDP has already been growing at a cooler rate. It increased 1.4% at an annualized rate in the first quarter of 2024 after a 3.4% increase in the fourth quarter of 2023. The <a target="_blank" class="" href="https://www.businessinsider.com/unemployment-rate-job-growth-june-economic-data-2024-7">labor market</a> has seen the unemployment rate climb to above 4%, and job gains have cooled, though the <a target="_blank" class="" href="https://www.businessinsider.com/what-is-going-on-with-economy-recession-unemployment-inflation-gdp-2024-5">US remains far from a recession</a>.As Powell has consistently said, cutting interest rates too early could end up hurting Americans if it requires the Fed to hike again at a later time. But keeping interest rates high for too long also has consequences — it's keeping <a target="_blank" href="https://www.businessinsider.com/how-do-interest-rate-hikes-impact-housing-market-rent-mortgages-2024-3">housing costs high</a>, businesses are struggling to invest, and Americans are finding it more expensive to take out loans and different forms of credit.While economists who talked to BI described the current economy as good, they also noted that cutting interest rates could give Americans financial relief and help the economy thrive."Right now, the Federal Reserve with keeping interest rates high is putting pressure on the economy, is making it harder for consumers to buy," Sahm said. "They have to take out credit. It's making it harder for businesses to invest."<h2 id="fa2a601e-28f1-43b0-846d-f43eee7bd384">Why economists say it's time to cut interest rates</h2>For months, some Democratic lawmakers have been urging Powell to cut interest rates sooner rather than later to give Americans financial relief. Sen. Elizabeth Warren joined three of her Democratic colleagues in <a target="_blank" href="https://www.businessinsider.com/when-will-fed-cut-interest-rates-elizabeth-warren-powell-rent-2024-1">writing a letter</a> in January to Powell saying that "interest rates are still too high for many American families, who already cannot afford to pay rent or buy their first homes."Some economists have recently been pointing to similar concerns with the Fed keeping interest rates high. "We got inflation under control, but we could end up in a recession, or we could just end up in a much weaker economy than was necessary because it just waited too long," Sahm said.As Sahm pointed out, it would take time for reduced interest rates to "flow through to the economy.""You want to begin a process of taking the pressure off of the economy," Sahm said. "The best way to do this would be gradually."Waiting longer to start this gradual process of cuts could mean being up against unwelcome scenarios, such as the labor market taking "a turn for the worst," Sahm said. In that case, that could mean the Fed may have to make cuts more quickly.Brian Rose, senior US economist at UBS, told BI that if the Fed doesn't cut rates soon, there could be a "more serious slowdown in the labor market, undesirable rise in the unemployment rate, or more layoffs, and things like that.""The economy seems like it's already growing below trend, and if you leave rates at this level, which is quite restrictive, you can only expect the economy to slow further," Rose said.True to form, Powell has not given any indication as to when interest rate cuts might happen, but when they do, it could provide relief to businesses and consumers alike.Zandi said interest rates on credit cards and Buy Now, Pay Later rates could come down, along with a decline in auto lending rates and mortgage rates."Right now, we're at a 7% fixed mortgage rate, and that's just unaffordable for almost everyone," he said. "But if it gets closer to six, then I think that would make a big difference for people. And we see more home sales and transactions."Even Fed officials are pointing at recent economic data as proof relief will soon be warranted. Chicago Federal Reserve President Austan Goolsbee <a target="_blank" href="https://www.wsj.com/livecoverage/stock-market-today-bank-earnings-07-15-2024/card/interest-rate-cuts-will-soon-be-warranted-chicago-fed-s-goolsbee-says-MnwqFjEttmPMZIf9OvTc">told</a> The Wall Street Journal that the US economy has proven it's ready to ease up on tight monetary policy."You only want to stay this restrictive for as long as you have to, and this doesn't look like an overheating economy to me," Goolsbee said.

Lower interest rates could be coming soon. Here's what's at stake if they aren't.

<ul class="summary-list"><li>OpenAI plans to restructure as a for-profit benefit corporation, according to reports.</li><li>Since 2019, the company behind ChatGPT has had what Sam Altman called an "unusual" hybrid structure.</li></ul>After operating under what Sam Altman called an "unusual" structure for over four years, <a target="_blank" class="" href="https://www.businessinsider.com/history-of-openai-company-chatgpt-elon-musk-founded-2022-12">OpenAI</a> is reportedly preparing to become a for-profit business.It's a move that could see the OpenAI chief gain more decision-making power, a legal expert told Business Insider.OpenAI is considering a change under which it would no longer be governed by its nonprofit board, according to reports by Reuters and Bloomberg on Thursday, hours after <a target="_blank" rel="noopener noreferrer" class="c-link c-link--focus-visible" href="https://www.businessinsider.com/mira-murati-openai-cto-leaving-executive-memo-staff-2024-9">the sudden exit of the company's CTO Mira Murati</a> triggered a wave of speculation about the company's future.It comes more than a year after Altman said OpenAI's structure was atypical but a deliberate setup because "AI is an unusual technology."Altman is also in discussions to receive a 7% equity stake in OpenAI, per Bloomberg, a move that would mark his first ownership claim in the company. However, at an OpenAI all-hands on Thursday, Altman denied that there are plans for him to receive a "giant equity stake" in the company, according to CNBC. According to Bloomberg, OpenAI could be structured as a public benefit corporation, an entity that balances profit with mission. It's a structure resembling that of rivals Anthropic and Elon Musk's startup xAI.An OpenAI spokesperson told the outlet that the nonprofit entity "will continue to exist" and was core to its mission.OpenAI was established as a nonprofit in 2015, but in 2019 created a "capped profit" subsidiary with the creation of OpenAI LP. This allowed it to accept a cumulative investment of more than $13 billion from Microsoft.Restructuring to a public benefit corporation would likely make OpenAI more attractive to further investment at a time when it is reportedly <a target="_blank" class="" href="https://www.businessinsider.com/openai-fundraising-150-billion-valuation-new-funding-round-altman-thrive-2024-9">raising money at a $150 billion valuation</a>. Altman would stand to get as much as <a target="_blank" class="" href="https://www.businessinsider.com/open-ai-sam-altman-equity-stake-valuation-private-nonprofit-9">$10.5 billion richer</a> from the rumored equity stake.<h2 id="3abd25e1-cbdf-4850-b634-16bcc3a650f3">Altman could have more decision-making power</h2>The new for-profit structure could be "better for Altman" in other ways, Anat Alon-Beck, a researcher focused on corporate law and governance at Case Western Reserve University's School of Law, told BI. It could give "more power to shareholders over decision-making," she said, especially if they are a controlling shareholder, which Altman could become.Alon-Beck said the new entity's shareholders will need to elect the board of directors members at an annual meeting, and the directors are then responsible for the company's policy and direction and for hiring the officers.While public benefit corporations and nonprofits share commitments to social or environmental goals, Alon-Beck said their structures and purposes differ. Chief among those is that the new entity would be owned by shareholders who expect the company to make a profit and return some of that money to them as dividends, she said. Unlike OpenAI's previous arrangement, there would be no cap on profits. <h2 id="5b4065f4-0d9a-4b3d-9a4e-175f83c56f99">OpenAI will no longer enjoy nonprofit tax benefits</h2>OpenAI, which is registered in Delaware, may see its tax status change. Delaware public benefit corporations must submit a report to shareholders every two years, laying out how much progress they've made toward their goal of positively impacting society. Like any other US company, benefit corporations must pay taxes on their profits."The emphasis will now be on making a profit, and any tax benefits that it enjoyed as a result of its nonprofit status will go away," Eric Chaffee, a business law professor at Case Western Reserve University, told BI.Chaffee said that for-profit benefit corporations are a relatively new business entity, and the law surrounding them is still evolving. In his view, the potential restructuring is partly happening to make it easier for investors to cash out and see large returns.OpenAI didn't immediately respond to a request for comment from Business Insider.

An OpenAI shake-up wouldn't just make Sam Altman richer — he'd have more control, too

<ul class="summary-list"><li>Trump and Biden are set for a rematch this fall, and the stakes couldn't be higher.</li><li>Yet some voters are likely to sit out the election for a variety of reasons.</li></ul>President Joe Biden and former President Donald Trump are <a target="_blank" href="https://www.businessinsider.com/biden-trump-november-election-abortion-israel-gaza-swing-states-2024-5">set for a rematch</a> this November — and most Americans aren't happy about it.An April survey from the Pew Research Center found that 49% of voters <a target="_blank" href="https://www.pewresearch.org/politics/2024/04/24/in-tight-presidential-race-voters-are-broadly-critical-of-both-biden-and-trump/">would replace both candidates</a> if they could. Poll after poll has shown that the race is essentially tied at the national level.The stakes of the election couldn't be higher. Voters face a choice between a continuation of the status quo — and perhaps a more <a target="_blank" href="https://www.businessinsider.com/democratic-agenda-2025-control-house-senate-president-2024-4">aggressive slate of progressive reforms</a>, if Democrats regain control of both chambers of Congress — and a <a target="_blank" href="https://www.businessinsider.com/what-would-donald-trump-do-second-term">radically different vision for America</a> that could bring mass deportations and fewer restraints on executive power. Some believe that American democracy itself is at stake.Yet plenty of voters are likely to choose neither candidate in November, either casting protest votes for third-party candidates or staying out home altogether.<h2 id="a07bb1f7-fde3-4a49-8474-a9716bcc12ee">Voter apathy and non-voting are very common</h2>We've never had an election where voter turnout is 100%.In the last six elections since 2000, between one-third to one-half of eligible voters have failed to cast ballots, either because they chose not to do so, forgot to do so, or were prevented from doing so for some other reason.It's difficult to make generalizations around why some Americans don't vote, but there are some broad theories that could apply. One theory posited by the 2017 book <a target="_blank" class="" href="https://affiliate.insider.com?h=4f394eacbfa6a234c7b4def099ea9558a42e2aa7a3cb1a3309e9275038e53e7c&amp;postID=6661bc7eb38735ca9de38bd7&amp;postSlug=why-people-wont-vote-trump-biden-rematch&amp;site=bi&amp;u=https%3A%2F%2Fwww.amazon.com%2FAmerican-Nonvoter-Lyn-Ragsdale%2Fdp%2F0190670711">"The American Nonvoter"</a> is that a sense of uncertainty, especially driven by a national crisis such as a pandemic, plays a key role in motivating less engaged people to vote.This year's election presents a scenario that's relatively rare: Both Biden and Trump have been president, they have both been fairly unpopular, and everyone knows who they are.More importantly, almost every voter — aside from the most recent immigrants — has a sense of what life in America is like when one or the other is in office.While a Trump versus Biden presidency has massive implications writ large, some Americans may not feel especially impacted in their day-to-day lives by who sits in the Oval Office.<h2 id="aa363235-11b5-42f2-af33-3b5611110ecc">Some are intentionally sitting out over the war in Gaza</h2>Aside from pre-existing reasons of voter apathy, some voters are intentionally planning to stay home out of protest.The single biggest driver of such protests this year are left-wing voters who would otherwise support President Joe Biden but wish to protest his support for Israel's war in Gaza, which has killed over 35,0000 people and led to dire humanitarian conditions.In the Democratic presidential primaries this year, hundreds of thousands of voters have <a target="_blank" href="https://www.businessinsider.com/uncommitted-democrats-biden-gaza-israel-trump-blame-michigan-2024-3">cast "uncommitted" ballots</a> to signal their displeasure.Depending on whether a cease-fire agreement is reached before the election, those voters could sit out November, at least at the presidential level. And more radical groups like "Abandon Biden" are already pushing for voters to do that, regardless of what happens between now and then.These voters, many of whom are Arab or Muslim Americans, say that they know what a Trump victory would mean for them. The former president has long made Muslims a scapegoat for his brand of politics, and he has vaguely pledged to expand upon the so-called "Muslim ban" that he enacted when he was president.Yet they're preparing to stay home anyway, arguing — in the <a target="_blank" href="https://www.businessinsider.com/uncommitted-democrats-biden-gaza-israel-trump-blame-michigan-2024-3">words of Dearborn Mayor Abdullah Hammoud</a> — that "a genocide outweighs all of this."

The Trump-Biden rematch has incredibly high stakes. Here's why some Americans might not vote anyway.

<ul class="summary-list"><li>Keith Gill scored a $79 million one-day gain on his GameStop bet on Monday.</li><li>The massive gains were initially sparked by Gill disclosing his bet on GameStop worth more than $100 million.</li></ul>Keith Gill still has diamond hands.That's based on a "GME YOLO update" post Gill <a href="https://www.reddit.com/r/Superstonk/comments/1d7e4uh/gme_yolo_update_june_3_2024/" target="_blank" rel="noopener">made to Reddit on Monday</a> after the market close, which included a screenshot of his E*Trade brokerage account.The screenshot showed that after GameStop stock's 21% surge on Monday, Gill still held onto all of his 5 million shares and 120,000 call options of the video game retailer.Monday's trading action in GameStop minted Gill a $33.6 million one-day profit on his stock position, and a $54.3 million gain on his call option stake, bringing his one-day gain to a whopping $79 million.Gill's GameStop call options expire on June 21. They give him the option to acquire 12 million shares of the company at the $20 strike price. Including total cash of $29.3 million, Gill has a total account value of $289.3 million, and he is also now the fifth largest shareholder in GameStop.The sharp rise in GameStop stock <a href="https://www.businessinsider.com/gamestop-stock-price-roaring-kitty-keith-gill-investing-markets-outlook-2024-6">was initially sparked by Gill himself</a> after he returned to Reddit for the first time in years to post a screenshot of his brokerage account on Sunday from his famed "DeepFuckingValue" account.The Reddit post came a couple weeks after Gill's "Roaring Kitty" Twitter account <a href="https://markets.businessinsider.com/news/stocks/gamestop-keith-gill-roaring-kitty-memes-stocks-gme-reddit-2024-5">posted a deluge of memes and sparked another rally in the meme-stock.</a>Business Insider could not confirm if Gill himself made the Reddit post on Sunday and Monday, nor if the screenshot of his brokerage statement was authentic. Gill's social media posts and the subsequent trading activity in GameStop stock has sparked concerns of potential market manipulation, with E*Trade <a href="https://www.businessinsider.com/e-trade-may-ban-roaring-kitty-gamestop-stock-surge-2024-6">reportedly weighing a decision to kick Gill off of its platform. </a> Some people online <a href="https://markets.businessinsider.com/news/stocks/gamestop-keith-gill-roaring-kitty-memes-stocks-gme-reddit-2024-5">have also speculated that Gill isn't actually posting</a>, and that he's no longer in control of the social media accounts that sparked the latest rally.

Keith Gill scored a one-day gain of $79 million after disclosing his GameStop stake on Reddit

<ul class="summary-list"><li>Past political gridlocks and the upcoming US presidential election have fueled concerns over future Ukrainian military aid.</li><li>Donald Trump, a critic of NATO, has questioned the large amount of support the US gives Kyiv.</li></ul>NATO is moving forward with a new initiative that will see it take greater control over Western efforts to arm and train Ukraine's military. The move comes as the alliance aims to solidify the long-term support for Kyiv as it battles the Russian invasion.The development also comes as uncertainty surrounds American reliability. It follows a political fight in Congress that jammed up critical aid for months and comes ahead of a pivotal US presidential election, which could see former president Donald Trump — an outspoken critic of NATO and some of its allies and a skeptic of the large amount of security assistance that has been sent to Ukraine — back in the White House.Growing concern about the potential change in US leadership has hung over the highly consequential NATO summit in Washington this week.Top government officials from various allied countries insist that they are ready to work with whichever administration is in the White House come November, but ensuring that Ukraine will continue to enjoy lasting Western support is a significant priority.Allied governments on Wednesday signed off on the decision to establish the NATO Security Assistance and Training for Ukraine, or <a target="_blank" href="https://shape.nato.int/news-archive/2024/nato-security-assistance-and-training-ukraine-nsatu-is-assisting-ukraine">NSATU</a>, to coordinate the future supply of military aid and training for Kyiv.<div type="image" title="Donald Trump glares in a meeting in which the NATO flag sits in the background." height="3119" width="4679" msid="111671062" hostid="261"></div>This new NATO initiative's "aim is to place security assistance to Ukraine on an enduring footing, ensuring enhanced, predictable, and coherent support," the allies said of the initiative in their summit declaration."NSATU will not, under international law, make NATO a party to the conflict," they said, explaining that the purpose is to "support the transformation of Ukraine's defense and security forces, enabling its further integration with NATO."<h2 id="bf0c5c1c-efa5-4949-ae74-f592abdb6e64">How it works</h2>NSATU will be headquartered in Germany with several logistics hubs along the alliance's front — in Poland, Romania, and Slovakia — and include a staffing of around 700 people reporting to a three-star general.The initiative will focus on coordinating the training of soldiers, facilitating the delivery of equipment, and future force development on behalf of allies, and it is expected to roll out over the following months.A NATO official who spoke to reporters Thursday on the sidelines of the summit said that the idea for the new initiative began to formulate earlier this year. The alliance essentially sought to "cohere" all the different ways that Ukraine has been supported throughout the war to make the different efforts more consistent and sustainable in the long run.The new NSATU program will not replace the US-led Ukraine Defense Contact Group, a coalition of nations that has met regularly for more than two years to coordinate the surge of security assistance from other countries to Kyiv. The NATO official said this group is more of a "diplomatic" forum.<div type="image" title="Ukraine's President Volodymyr Zelenskyy speaks as President Joe Biden listens in a NATO summit meeting." height="4907" width="7361" msid="111671057" hostid="261"></div>"What we're aiming for with Ukraine is to get a certain set of its forces interoperable with NATO," the official said, adding that "if it was not wartime conditions, and if resources were unlimited, then maybe we could achieve that within the course of five, eight years — something like that.""But during wartime, it's very difficult," they said.Beyond NSATU, the alliance is also taking other steps to ensure long-term military equipment, support, and training for Ukraine — including a pledge of at least $43.4 billion in security assistance within the next year. They also announced the transfer of additional air-defense systems at the onset of the summit, a day after <a target="_blank" href="https://www.businessinsider.com/russia-children-hospital-strike-before-nato-summit-is-backfiring-2024-7">Russian missile strikes killed dozens</a> of people in Ukraine and destroyed part of a children's hospital in Kyiv.<h2 id="bf951344-49db-4a55-a835-54a97efc2a07">The Trump factor</h2>The new initiative is NATO's attempt to help keep support flowing to Ukraine and has been referred to as a so-called <a target="_blank" class="" href="https://www.businessinsider.com/biden-trump-nato-summit-world-leaders-debate-2024-7">way to "Trump-proof"</a> long-term military aid should he win the upcoming presidential election. To what extent that's the case is unclear, but the former president's rhetoric has, at times, triggered concern."A big reason for the change is to Trump-proof the assistance effort to Ukraine," Ivo Daalder, the former US ambassador to Ukraine, <a target="_blank" class="" href="https://www.wsj.com/world/europe/nato-to-establish-new-kyiv-post-for-ukraine-81b4205c?mod=europe_news_article_pos1&amp;fbclid=IwY2xjawDwXTtleHRuA2FlbQIxMAABHfsoWBpR-9Smt7sbI_ub6p5cehiV7JObh9t9j_5jeg3pcAJMlZ67XmUcqQ_aem_HhG06NGkSa098GFdqYJ0Dw">told</a> the Wall Street Journal recently."Rather than having Washington in charge of managing the training and assistance, NATO will be in charge," he said, explaining that "even if the US reduces or withdraws support for the effort, it won't be eliminated."<div type="image" title="A rocket being launched from a HIMARS launcher." height="622" width="1024" msid="111671063" hostid="261"></div>Trump has <a target="_blank" href="https://www.businessinsider.com/biden-trump-nato-summit-world-leaders-debate-2024-7">previously criticized NATO</a> countries for not spending enough on defense, even going as far as to say that not only would he not protect countries not meeting their spending goals, but he would also encourage Russia to do whatever it wants with them.The former president has also threatened to cut off military aid to Ukraine and has criticized its president, Volodymyr Zelenskyy, for lobbying efforts to secure more support.The US has provided over $53 billion in security assistance to Ukraine since the start of the full-scale war, which is more than any single European country — one of Trump's grievances. However, according to the Kiel Institute for the World Economy, European countries have collectively spent <a target="_blank" href="https://www.ifw-kiel.de/topics/war-against-ukraine/ukraine-support-tracker/">some $30 billion more</a> than the US in support of Ukraine, underscoring the monumental effort across the continent to assist Kyiv.Allies will undoubtedly be closely watching the high-stakes US election in the fall, and no matter who wins, they are certain to say that they intend to work with Washington so that it will continue to invest in European security — which they assert is ultimately dependent on the outcome of the Ukraine war.There is no "safe and secure" Europe without US support, Laurynas Kasčiūnas, Lithuania's defense minister, said at an event hosted by Politico and German television outlet Welt on Tuesday. "We should be prepared to work with" Republican or Democratic leadership."There are 32 countries in the alliance," the NATO official who spoke on the condition of anonymity said Thursday. "Governments change on a regular basis, and the NATO work continues."

NATO is taking greater control of Western efforts to back Ukraine's fight as US politics raise questions about its reliability

<ul class="summary-list"><li>Elon Musk shouldn't be asking shareholders for a 25% stake in Tesla, according to longtime investor Ross Gerber.</li><li>"There's never been a more delusional CEO that I've ever invested with," the Gerber Kawasaki CEO said.</li></ul>Elon Musk is "delusional" to ask shareholders to give him a 25% stake in Tesla, according to a longtime investor.Ross Gerber, whose firm Gerber Kawasaki owns <a href="https://fintel.io/i/gerber-kawasaki-wealth-investment-management" target="_blank" rel="noopener">400,000 shares</a> in the EV maker, said Wednesday that he didn't agree with the world's richest man's recent assertion that he'd only make his company a leader in AI and robotics if he <a href="https://www.businessinsider.com/elon-musk-tesla-board-ultimatum-2024-1">owned a quarter of all stock</a>."Elon's pay package itself is <a href="https://www.businessinsider.com/elon-musk-tesla-pay-package-compensation-salary-not-typical-ceo-2022-10">worth $50 billion</a>, which you would think would incentivize any human on earth," Gerber told <a href="https://www.youtube.com/watch?v=v8AaLp1WZp4" target="_blank" rel="noopener">Fox Business</a> Thursday. "When you look at his pay package plus his stake, it's closer to 20% of the stock, and he fully controls the board." "What he's basically saying is 'I want you to give me $30 billion to $50 billion of compensation more for me to do my fiduciary responsibility to the company," he added. "There's never been a more delusional CEO that I've ever invested with."Musk <a href="https://www.businessinsider.com/elon-musk-tesla-board-ultimatum-2024-1">issued an ultimatum</a> to shareholders like Gerber earlier this month when he said he was unwilling to grow Tesla's AI and robotics businesses without a bigger stake. He currently owns 13% of its shares."I am uncomfortable growing Tesla to be a leader in AI &amp; robotics without having ~25% voting control," he wrote in a <a href="https://twitter.com/elonmusk/status/1746999488252703098" target="_blank" rel="noopener">post on X</a>. "Enough to be influential, but not so much that I can't be overturned."This isn't the first time Gerber has criticized Musk in recent months.In November, he slammed the Tesla boss's decision for calling an antisemitic post on X the "actual truth"."This isn't about me calling on him to step aside, he has stepped aside," Gerber told <a href="https://www.businessinsider.com/tesla-bull-shareholder-ross-gerber-elon-musk-ceo-antisemitism-x-2023-11">CNBC's "Last Call."</a> "None of his actions are to benefit Tesla. He thinks in some weird world that what he says matters, but what he's really doing is destroying everything he built."

Elon Musk's pursuit of a 25% stake in Tesla is 'delusional,' longtime shareholder says

<ul><li><keyword id="164924" type="General" weightage="100" keywordseo="mumbai-angels" source="Orion">Mumbai Angels</keyword> also announced the launch of two new funds -Category 1 <keyword id="239993" type="General" weightage="80" keywordseo="venture-capital-fund" source="Orion">Venture Capital Fund</keyword> - Angel Fund and Category 1 Venture Capital Fund (<keyword id="1349305" type="General" weightage="80" keywordseo="vcf" source="Orion">VCF</keyword>). </li><li>Mumbai-headquartered wealth and asset management firm 360 ONE has aggregate assets of more than ₹3.33 lakh crore under management. </li><li>Mumbai Angels, a platform for early-stage venture investments, will now be looking at a greater funnel of deals, with a deeper penetration in the early-stage startup pool. </li></ul>Wealth and asset management firm 360 ONE (previously IIFL <keyword id="16106147" type="General" weightage="20" keywordseo="wealth-asset-management" source="Orion">Wealth &amp; Asset Management</keyword>) on Wednesday said it had acquired a controlling stake in Mumbai Angels, a platform for early-stage venture investments. Financial details of the transaction were not immediately available. However, the investment platform Mumbai Angels also announced the launch of two new funds on Wednesday – Category 1 Venture Capital Fund - Angel Fund, and Category 1 Venture Capital Fund (VCF). The Category 1 VCF - Angel Fund does not involve pooling, i.e. each investment is treated as a separate scheme giving investors the freedom to invest in a larger number of select deals, the company statement said. The second fund, Category 1 VCF, is aimed at those looking at investments over a wider portfolio, without getting into the nitty gritty of all participating startups. This fund will enable investors to participate in every deal on the platform, the statement added. Mumbai Angels will now be looking at a greater funnel of deals, with a deeper penetration in the early-stage startup pool through this acquisition, it said. "Mumbai Angels has built an enviable platform to tap quality companies at an early stage. With this new set of offerings, we will be able to further provide clients some interesting investment opportunities at an early stage in companies, which have the potential to bring about disruptions in their respective industries," said <keyword id="142120" type="General" weightage="50" keywordseo="karan-bhagat" source="Orion">Karan Bhagat</keyword>, founder, MD and CEO, 360 ONE. Mumbai-headquartered wealth and asset management firm 360 ONE had aggregate assets of more than ₹3.33 lakh crore under management, as of September 30, 2022. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/how-vitamin-d-deficiency-can-affect-your-childs-mental-and-physical-health/articleshow/97078105.cms">Vit-D deficiency in children rose multifold after Covid — here’s how it can affect your child’s mental and physical health</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pakistan-is-south-asias-weakest-economy-world-bank-report/articleshow/97079183.cms">Pakistan is South Asia's weakest economy: World Bank report</a>

360 ONE takes controlling stake in Mumbai Angels; two new funds announced

<ul class="summary-list"><li>Ohio GOP Senate candidates Bernie Moreno and Frank LaRose have endorsed JR Majewski.</li><li>The GOP House candidate faces backlash after <a target="_blank" href="https://www.businessinsider.com/ohio-jr-majewski-ableist-slur-democrats-special-olympics-2024-2">calling</a> Special Olympics athletes "fucking retarded."</li></ul>Two high-profile GOP Senate candidates in Ohio won't say whether they still back House candidate JR Majewski after he <a target="_blank" href="https://www.businessinsider.com/ohio-jr-majewski-ableist-slur-democrats-special-olympics-2024-2">made a joke</a> referring to Special Olympics athletes as "fucking retarded."The MAGA House candidate was censured on Sunday by the Lucas County GOP — the largest party organization in the Toledo-area House district where Majewski's running — and has faced calls to drop out from members of his own party.Republicans have fretted that Majewski could once again cost the party a winnable House seat. As the GOP nominee in 2022, he <a target="_blank" href="https://www.businessinsider.com/results-marcy-kaptur-jr-majewski-ohio-9th-district-house-election-2022-11">handily lost</a> Democratic Rep. Marcy Kaptur.Spokespeople for Secretary of State <a target="_blank" href="https://www.businessinsider.com/frank-larose-ohio-senate-candidate-endorse-trump-election-claims-irresponsible-2023-7">Frank LaRose</a> and businessman <a target="_blank" href="https://www.businessinsider.com/bernie-moreno-ohio-shredded-documents-employee-massachusetts-lawsuit-2024-1">Bernie Moreno</a> did not respond to BI's inquiry as to whether their endorsements of Majewski still stand, or what they think about his comments.Neither did a spokesperson for Sen. JD Vance, who said he was "proud" to endorse Majewski in December.But State Sen. Matt Dolan, another Senate GOP candidate, told Business Insider in a statement that he agrees with the Lucas County GOP's condemnation of Majewski's "reprehensible remarks."And he called on his two opponents to rescind their support for the embattled House candidate."I find it shameful that Bernie Moreno and Frank LaRose are so blinded by ambition that they would support JR Majewski instead of people with disabilities," said Dolan. "They should rescind their endorsements not only because we have to defeat Marcy Kaptur, but because every Special Olympian in Ohio and across America is a hero."LaRose and Moreno were among the Ohio Republicans who <a target="_blank" href="https://www.businessinsider.com/ohio-republicans-jr-majewski-craig-riedel-trump-vance-2023-12">moved to endorse Majewski</a> after one of his opponents, former state Rep. Craig Riedel, was caught on tape criticizing former President Donald Trump.<div type="image" title="State Sen. Matt Dolan, seen here in May 2022, is calling on his GOP Senate primary opponents to drop their support for Majewski." height="1500" width="2000" msid="108119490" hostid="261" sizebytes="224600"></div>LaRose said in December that he was "proud" to endorse his "fellow veteran" Majewski, who was famously caught <a target="_blank" href="https://www.businessinsider.com/maga-gop-house-campaign-struggles-after-questions-about-military-record-2022-10">lying about serving in Afghanistan</a> when he ran for Congress in 2022.Moreno personally cut a $3,300 check to Majewski's campaign in December, FEC records show.LaRose, Moreno, and Dolan are locked in a competitive three-way contest to take on Democratic Sen. Sherrod Brown, with the primary election slated for March 19. The Senate race in Ohio, along with Montana, is <a target="_blank" href="https://www.businessinsider.com/us-senate-races-2024-election-landscape-democrats-republicans-2023-1">likely to determine</a> whether Democrats retain control of the Senate in 2024.As Business Insider <a target="_blank" href="https://www.businessinsider.com/ohio-jr-majewski-ableist-slur-democrats-special-olympics-2024-2">first reported</a> earlier this month, Majewski made the disparaging remarks during an appearance on a conservative podcast as he talked about "Democrats living in Mom's basement.""You know, no matter how hard you try, arguing on the Internet, it's like being in the Special Olympics," he said. "No matter how good you perform, you still have… you're still fucking retarded at the end of the day."Majewski later apologized, but he has defiantly <a target="_blank" href="https://www.businessinsider.com/majewski-ohio-house-wont-drop-out-insulting-special-olympics-athletes-2024-2">refused to quit</a> the race.In addition to lying about his military service, Majewski has also supported the "QAnon" conspiracy theory and brought a busload of people to Washington, DC on January 6 — though he says he didn't enter the Capitol."There was a quick second where it's like: do I go in, do I not go in," Majewski <a target="_blank" href="https://www.businessinsider.com/maga-gop-house-campaign-struggles-after-questions-about-military-record-2022-10">told BI</a> in 2022. "But at the end of the day, I made the responsible decision. I kept my faculties and I didn't go in."In an effort to avoid a repeat of 2022, national Republicans have recruited state Rep. Derrick Merrin to run for the seat. But Riedel has stayed in the race as well, raising the possibility that Majewski will win the three-win primary with a mere plurality of the vote.

MAGA House candidate JR Majewski's disparagement of Special Olympics athletes is reverberating in the high-stakes Ohio Senate race 

<ul class="summary-list"><li>Carl Icahn revealed a near-10% stake in JetBlue worth about $200 million on Monday.</li><li>The activist investor said the airline's stock is undervalued and he's seeking board representation.</li></ul><a href="https://markets.businessinsider.com/stocks/jblu-stock#:~:text=What%20was%20the%2052%2Dweek,from%20the%2052%2Dweek%20low.">JetBlue Airways</a>' fight to restore profitability after years of losses, and to refocus after its planned merger with <a href="https://www.google.com/search?q=spirit+airlines+markets+insider&amp;rlz=1C5GCEM_enGB1094GB1094&amp;oq=spirit+airlines+markets+insider&amp;gs_lcrp=EgZjaHJvbWUyBggAEEUYOTIHCAEQIRigATIHCAIQIRigATIHCAMQIRigATIHCAQQIRigAdIBCDQxNzRqMGo0qAIAsAIA&amp;sourceid=chrome&amp;ie=UTF-8" target="_blank" rel="noopener">Spirit Airlines</a> was <a href="https://www.businessinsider.com/spirit-airlines-debt-ceo-profitable-merger-jetblue-2024-2">blocked last month</a>, has caught the eye of a famous activist investor: Carl Icahn.The billionaire financier has built a 9.9% stake in the budget airline from scratch this year, he revealed in a <a href="https://www.sec.gov/Archives/edgar/data/921669/000153949724000264/n2779_x199-sc13d.htm" target="_blank" rel="noopener">SEC filing</a> on Monday.His fleet of investment vehicles spent about $120 million for 33.6 million shares, valued at $204 million as of Monday's close. Icahn and his team partly financed the purchases with margin debt, and own nearly 16 million of the shares through forward contracts.That makes Icahn the third-largest investor in JetBlue after BlackRock and Vanguard Group, Bloomberg reported.The Icahn Capital CEO and Icahn Enterprises chairman scooped up the shares because he believes they're "undervalued" and present an "attractive investment opportunity," he said in the filing.Icahn noted that he'd spoken to JetBlue management and directors about securing representation on the company's board, and plans to hold further talks on the subject.JetBlue's stock price has slumped by nearly two-thirds in recent years, from more than $20 in May 2021 to about $7 today, slashing the airline's market value to about $2 billion.Shares surged 15% in premarket trading on Tuesday, as Icahn's show of confidence spurred other investors to pile in.The company's operating revenues climbed to nearly $10 billion last year, its latest earnings report shows. However, it posted a $310 million net loss, partly due to almost $200 million in exceptional costs related to the blocked Spirit merger and union contracts.The airline's plan to acquire Spirit for $3.8 billion was nixed by a federal judge in January, but the company still hopes to close the deal.<h2>Shades of TWA</h2>It recently appointed a veteran employee as its new CEO, and rehired its former chief commercial officer as its president, as it seeks to revitalize its business.Icahn's latest bet comes months after his company was <a href="https://markets.businessinsider.com/news/stocks/carl-icahn-wealth-net-worth-billionaire-investor-short-seller-hindenburg-2023-5">targeted by a short seller</a>, and carries shades of his takeover of Trans World Airlines (TWA) in the 1980s. The corporate raider slashed costs and clashed with striking flight attendants as he fought to turn around the ailing airline.<div type="image" title="TWA 767" height="754" width="1006" msid="107665980" hostid="261" sizebytes="58806"></div>"The company would have been bankrupt if I hadn't come along and saved the damn thing," he said in a documentary released last year titled, "Icahn: The Restless Billionaire."At best, he delayed the inevitable: TWA filed for bankruptcy in 1992, about four years after he took it private via a leveraged buyout.There's no indication that Icahn plans to seize control of JetBlue, and he's probably not looking to run an airline again given his difficulties last time around. But he clearly sees JetBlue as cheap and believes he can help unlock its potential value.

Billionaire investor Carl Icahn takes near-10% stake in JetBlue, echoing his iconic TWA deal

<ul class="summary-list"><li>AI godfather Yoshua Bengio says the risks of AI should not be underplayed. </li><li>In an interview with Insider, Bengio criticized peers dismissing AI's threat to humanity.</li></ul>Claims by Meta's chief AI scientist, Yann LeCun, that AI won't wipe out humanity are dangerous and wrong according to one of his fellow AI godfathers."Yann and others are making claims that this is not a problem, but he doesn't know — nobody knows," Yoshua Bengio, the Canadian computer scientist and deep learning pioneer, told Insider Thursday. "I think it's dangerous to make these claims without any strong evidence that it can't happen."LeCun, the storied French computer scientist who now leads Meta's AI lab, sparked a furious debate on X last weekend after accusing some of the most prominent founders in AI of <a target="_blank" rel=" nofollow" href="https://x.com/ylecun/status/1718670073391378694?s=20">"fear-mongering"</a> with the ultimate goal of controlling the development of artificial intelligence.LeCun argued that by overstating the apparently farfetched idea that AI will wipe out humans, <a target="_blank" href="https://www.businessinsider.com/ai-extinction-risk-openai-deepmind-anthropic-ceos-sam-altman-2023-5">these CEOs</a> could influence governments to bring in punitive regulation that would hurt their competition."If your fear-mongering campaigns succeed, they will inevitably result in what you and I would identify as a catastrophe: a small number of companies will control AI," LeCun wrote.Bengio, who once worked with LeCun at Bell Labs and was co-awarded the Turing Award with him in 2018 for their work in deep learning, told Insider that LeCun was too dismissive of the risks."Yann himself agreed that it was plausible we would reach human-level capabilities in the future, which could take a few years to a few decades and I completely agree with the timeline," he said. "I think there's too much uncertainty, and the stakes are too high."<a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/yoshua-bengio-artificial-intelligence-ai-existential-risk-humanity-technology-nyt-2023-6">Bengio has said</a> in the past that current AI systems are not anywhere close to posing an existential risk but warned things could get "catastrophic" in the future.AI's leading lights are unlikely to come to a consensus any time soon.Andrew Ng, cofounder of Google Brain, <a target="_blank" href="https://www.businessinsider.com/andrew-ng-google-brain-big-tech-ai-risks-2023-10">said this week</a> that big tech was over-inflating the existential risks of AI to squash competition from the open-source community.As AI's biggest names subsequently began piling in, Yann went on to call out his fellow Turing Award winners Geoffrey Hinton and Bengio in another post.In a response to Hinton, who has claimed AI poses an extinction risk, LeCun wrote on X: "You and Yoshua are inadvertently helping those who want to put AI research and development under lock and key and protect their business by banning open research, open-source code, and open-access models."Bengio did warn governments need to ensure they weren't only listening to tech companies when formulating regulation."In terms of regulation, they should listen to independent voices and make sure that the safety of the public and the ethical considerations are at center stage," he said."Existential risk is one problem but the concentration of power, in my opinion, is the number two problem," he said.

The 'stakes are too high' to ignore extinction risks of AI, AI godfather warns 

<ul class="summary-list"><li>Sam Altman has emerged from a boardroom battle at OpenAI bruised but victorious.</li><li>A takeaway for other founders: control matters.</li></ul><a target="_blank" href="https://www.businessinsider.com/sam-altman-chatgpt-openai-ceo-career-net-worth-ycombinator-prepper-2023-1">Sam Altman</a> has been back in the OpenAI hot seat as CEO for about a week now.On the surface, little appears different for the <a target="_blank" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">ChatGPT</a> boss who was fired and rehired last month. He is in charge at the start of December, as he was at the start of November.In practice, Altman will have relearned a valuable lesson about control.Typically as a venture-backed startup grows, a founder's majority stake is diluted by the growing number of investors. A founder's narrative control can wane too if board members disagree with a founder's vision.Altman did not, in practice, start with much control at OpenAI, despite being its CEO and, prior to the blowup, a board member. Firstly, he claims to have zero equity in the company. Secondly, the firm's unusual corporate structure places the board at a greater remove from its C-suite than the average startup.<div type="image" title="OpenAI structure" height="1266" width="1742" msid="105734259" hostid="261" sizebytes="36984"></div>There is evidence this created tension. After Altman's ousting, <a target="_blank" href="https://www.nytimes.com/2023/11/21/technology/openai-altman-board-fight.html">reports emerged of conflicts</a> between Altman and board member Helen Toner, a researcher who wrote a paper that could be read as being critical of OpenAI's commitment to safety. This didn't sit well with Altman, per the Times. With Altman's return, Toner is now out. Altman was likely already aware of the importance of founder control.In 2010, four years before Altman became president of startup accelerator Y Combinator, and five years before<a target="_blank" href="https://www.businessinsider.com/elon-musk-thinks-openai-sam-altman-made-dangerous-ai-discovery-2023-11"> OpenAI</a> even existed, he contributed to an essay about founder control written by his one-time mentor and boss, Y Combinator cofounder Paul Graham.Graham's post, <a target="_blank" href="http://paulgraham.com/control.html">from 2010</a>, is a scribbly answer to a question he had back then: How common is it for founder-CEOs to retain control of the board? Graham emailed startups who had been through his startup accelerator to ask. He found most still had control past their first major round of funding."I feel like we're at a tipping point here," Graham wrote. "A lot of VCs still act as if founders retaining board control after a series A is unheard-of. A lot of them try to make you feel bad if you even ask — as if you're a noob or a control freak for wanting such a thing."But the founders I heard from aren't noobs or control freaks. Or if they are, they are, like Mark Zuckerberg, the kind of noobs and control freaks VCs should be trying to fund more of." (For context, majority control is often lost at the Series A stage of venture capital funding.)Graham concluded that "the startups that can retain control tend to be the best ones. They're the ones that set the trends, both for other startups and for VCs."<h2>The refreshed OpenAI looks friendlier to Altman's ambitions</h2>Altman is not currently trying to sell a narrative that he is controlling OpenAI. He <a target="_blank" href="https://www.theverge.com/2023/11/29/23982046/sam-altman-interview-openai-ceo-rehired">told The Verge last month</a> that his big takeaway from the board drama was that the company could function without him.Still, look at what's changed. OpenAI's <a target="_blank" href="https://www.businessinsider.com/openai-criticized-for-lack-of-diversity-on-board-2023-11">only female board directors</a> have stepped down to be replaced with ex-Salesforce CEO Bret Taylor and former Treasury secretary Larry Summers — both friendlier to a more commercialized OpenAI. Microsoft, whose CEO is a keen supporter of Altman, will play parent to the new board as a non-voting observer.A <a target="_blank" href="https://www.newyorker.com/magazine/2023/12/11/the-inside-story-of-microsofts-partnership-with-openai">New Yorker article</a> published last week claimed Altman approached other board members individually about replacing Toner. One anonymous source told the publication he played board members off <a target="_blank" href="https://www.businessinsider.com/openai-sam-altman-firing-what-happened-with-helen-toner-2023-12">"against each other.</a>"OpenAI's version of founder control doesn't necessarily look like others: its CEO apparently doesn't hold the majority of stock. It might, however, now have a distinctly Altman-ish flavor.

You Searched For "controlling stake" and got 12 results

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The Trump-Biden rematch has incredibly high stakes. Here's why some Americans might not vote anyway.

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NATO is taking greater control of Western efforts to back Ukraine's fight as US politics raise questions about its reliability

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