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<ul class="summary-list"><li>KKR is in talks to acquire adtech firm Integral Ad Science, sources told Business Insider.</li><li>IAS appointed investment bank Jefferies to explore options after receiving takeover interest.</li></ul>Private equity firm KKR is in talks to acquire the publicly listed adtech company Integral Ad Science, three people familiar with the process said.It couldn't be immediately determined whether the discussions were at an advanced stage, and the plans could change.One of those people and an additional source said other potential acquirers had also expressed an interest in IAS but didn't offer further information. All of the people asked for anonymity to protect their business relationships; their identities are known to Business Insider.<a target="_blank" class="" href="https://www.bloomberg.com/news/articles/2024-10-25/integral-ad-science-is-said-to-explore-potential-sale?embedded-checkout=true">Bloomberg</a> reported last month that IAS had appointed the investment bank Jefferies to explore its options after receiving takeover interest. IAS shares popped more than 10% on the news at the time.KKR and IAS declined to comment.Founded in the US in 2009, IAS offers technology that advertisers use to measure the quality and performance of their ads and to help them avoid their campaigns appearing next to unseemly content. It also offers solutions to publishers that help them verify that their ads are viewable, fraud-free, and placed in suitable environments for brands.IAS has recently signed new or expanded partnerships with major tech companies like Google, Amazon, and Reddit. In its second quarter, the company grew revenue by 14% to $129 million and raised its full-year guidance. IAS is due to report its third-quarter earnings on November 12.A take-private deal by a private equity firm like KKR could help IAS grow further without the quarterly Wall Street scrutiny. IAS was previously private equity-owned after Vista Equity Partners acquired it in 2018. Vista retains a more than 40% stake in IAS, which went public in 2021.KKR already has an ad industry footprint. It has stakes in the public adtech company AppLovin, the corporate communications firm FGS Global, and the customer experience software provider Alchemer.(KKR was also a shareholder in Business Insider's parent company Axel Springer. In September, Axel Springer announced it would <a target="_blank" class="" href="https://www.axios.com/2024/09/19/axel-springer-kkr-break-up">separate</a> its media properties into a privately-owned company, while KKR retained the classifieds side of the business.)KKR has <a target="_blank" class="" href="https://ir.kkr.com/app/uploads/2024/10/KKR-Q324-Earnings-Release.pdf">over $600 billion</a> in assets under management.<a target="_blank" class="" href="https://www.businessinsider.com/private-equity-firms-investing-in-advertising-and-marketing-companies-2024-3#kkr-7">Ted Oberwager</a>, a partner at KKR who leads its gaming, entertainment, media, and sports verticals, told BI earlier this year that the firm was looking to invest in companies that had "great teams and leaders who can navigate the rapidly shifting advertising, marketing, and communications landscapes."IAS fiercely competes with ad verification rival DoubleVerify, which is larger in terms of annual revenue and has a market capitalization of $3.3 billion to IAS's $1.99 billion as of publication time.Both companies came under recent <a target="_blank" class="" href="https://www.businessinsider.com/doubleverify-integral-ad-science-face-fresh-brand-safety-scrutiny-2024-6">scrutiny</a> after a series of reports found their advertiser clients had run ads in <a target="_blank" class="" href="https://adalytics.io/blog/ai-brand-safety">unsavory</a> corners of the web, such as sites with graphically violent, racist, or pornographic content — despite using the companies' brand safety software. The companies have disputed those reports' methodologies and findings.Publishers have also <a target="_blank" class="" href="https://www.businessinsider.com/integral-ad-science-doubleverify-help-brands-avoid-coronavirus-news-2020-3">criticized</a> brand safety methods such as keyword blocking and exclusion lists — words that trigger ads to be blocked on a webpage — as blunt instruments that unfairly demonetize their content. IAS and DoubleVerify have said they have refined their brand safety tools by pushing further into areas like AI and other technologies that analyze the context and semantics of an article.

Private equity giant KKR is in talks to acquire the adtech company Integral Ad Science

<ul class="summary-list"><li>Sean "Diddy" Combs' private aircraft appears to be available to charter.</li><li>The Gulfstream G550, known as LoveAir, is also listed for sale, Combs' attorneys said.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/diddy-lawsuits-celebrities-list">Sean "Diddy" Combs</a>' luxe private jet is seemingly available to charter while the disgraced music mogul sits in jail.The<a target="_blank" class="" href="https://www.businessinsider.com/gulfstream-g550-2016-5"> Gulfstream G550</a>, known as LoveAir, appears to be available to rent through Silver Air, a private jet charter company based in Southern California.Federal Aviation Administration <a target="_blank" class="" href="https://registry.faa.gov/AircraftInquiry/Search/NNumberResult?nNumberTxt=1969C">records show</a> the jet, registered N1969C, is owned by LoveAir LLC, a Combs-owned entity. An aircraft of the same model and tail number is <a target="_blank" class="" href="https://www.flyvictor.com/en-us/aircraft-operators/silver-air/N1969C/">listed</a> on the private jet marketplace Victor, with Silver Air noted as the operator. The description and photos match an aircraft <a target="_blank" class="" href="https://www.silverair.com/fleet/gulfstream-g550-2/">listed</a> on Silver Air's website with no tail number shown. Silver Air declined to comment on the listing. Combs' attorneys and Victor did not immediately respond to a request for comment on this story.The G550 was built in 2015 and features a matte black exterior and beige interiors. It can hold 14 passengers, is pet-friendly, and features an entertainment system, according to the listing on Victor.Since <a target="_blank" href="https://www.businessinsider.com/sean-diddy-combs-arrested-grand-jury-indictment-2024-9">Combs' September arrest</a> and indictment on federal charges of racketeering conspiracy, sex trafficking, and transportation to engage in prostitution, the jet has taken 30 flights. This includes destinations like French Polynesia, New Zealand, San Francisco, Los Angeles, and Baja, Mexico, according to <a target="_blank" class="" href="https://jetspy.com/">JetSpy</a> data.Chartering the jet is likely a temporary <a target="_blank" class="" href="https://www.businessinsider.com/diddy-earnings-net-worth-billionaire-hip-hops-richest-business-men-2024-3">money-maker for Combs</a>. He is also trying to sell the plane, his attorneys said in his latest bid to be released from jail ahead of his criminal trial.Combs' attorneys filed that bail request on Friday. Combs has pleaded not guilty to the federal charges.Used jets of the same make and model are available for sale between $26 million and $30 million, according to listings by the private aviation company <a target="_blank" class="" href="https://www.libertyjet.com/private_jets_for_sale/Gulfstream/G550">Liberty Jet</a>.The plane, which prosecutors have argued could make him a <a target="_blank" class="" href="https://www.businessinsider.com/diddy-case-sean-combs-next-court-date-2024-10">flight risk</a>, is one of his remaining liquid assets.While the specific jet is not mentioned by name in any of the suits against Combs, several lawsuits accuse him of flying his alleged sexual abuse victims on private or commercial planes or of procuring illicit drugs via plane. Combs has repeatedly denied committing sexual assault.Since a slew of civil lawsuits began last year, <a target="_blank" href="https://www.businessinsider.com/sean-combs-diddy-business-income-dried-up-ciroc-music-deleon-2024-10">Diddy's business empire</a> — which at one point included a lucrative deal with Diageo, a catalog of music hits, and a successful clothing line — has crumbled.He maintains ownership of a <a target="_blank" href="https://www.businessinsider.com/p-diddy-miami-mansion-on-star-island-paid-off-mortgage-2024-9">mansion on Miami's Star Island</a> that is worth about $48 million, as well as valuable jewelry and art collections. Star Island home has been offered as collateral in <a target="_blank" class="" href="https://www.businessinsider.com/diddy-wins-third-chance-hearing-to-argue-for-bail-2024-11">Combs' three requests to be released from jail</a> on a $50 million bond package. Judges have previously denied Combs' first two bail bids. His latest bail request will be considered at a new court hearing set for next week.He also owns a mansion in Los Angeles that was put on the market for $61.5 million in September, weeks before his arrest.

Diddy's private jet is available for rent amid his sex trafficking case

<ul class="summary-list"><li><keyword id="23113277" type="General" weightage="20" keywordseo="flyjets" source="keywords">FlyJets</keyword> CEO Jessica <keyword id="21219601" type="General" weightage="20" keywordseo="fisher" source="keywords">Fisher</keyword> said customers can fly private for cheaper by booking empty legs.</li><li>The startup has developed a new "fly empty" concept that matches customers flying opposite routes.</li></ul>While <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-private-jet-flights-hidden-again-faa-2024-7">flying private is largely reserved for the rich</a> and famous, online aviation charter marketplace FlyJets says it can offer the average traveler a cheaper way to experience the luxury. <a target="_blank" class="" href="https://flyjets.com/">FlyJets</a> CEO Jessica Fisher told Business Insider that the startup doesn't own or operate planes but works like an <a target="_blank" class="" href="https://www.businessinsider.com/built-vacation-house-tulum-mexico-airbnb-investment-2024-8">Airbnb</a> for private aviation. Its core business is serving as a middleman between aircraft providers and customers to secure and schedule charters. Within that is a cheaper alternative Fisher calls "fly empty," which she said can cut the cost of charters by nearly half. It's the latest way aviation companies are trying to make <a target="_blank" class="" href="https://www.businessinsider.com/affordable-luxury-air-travel-on-the-rise-private-jets-2024-6">private flying more affordable.</a> Fisher said that these charter aircraft might otherwise fly "empty legs" without passengers to return planes and crew to a home base after dropping off a client. Charter companies typically charge for a roundtrip regardless of whether anyone is on board, so it's cheaper to find another paying party for that empty leg. This concept isn't new. Several well-known <a href="https://www.businessinsider.com/taylor-swift-vistajet-private-jet-global-7500-jet-lag-tips-2024-3" target="_blank">private aviation companies, like VistaJet</a>, sell empty legs at a discount after someone else books a round-trip flight. However, Fisher said there's no guarantee the legs will sell, and they are <a target="_blank" class="" href="https://www.businessinsider.com/flying-on-75-million-bombardier-global-7500-private-jet-vistajet-2022-11'">typically pre-determined routes</a>, which means fewer options and flexibility for customers. Instead of taking other people's empty legs, Fisher explained that FlyJets fills empty planes by coordinating the entire trip as two separate legs from the start and splitting the price. "There's a lot we can do in terms of being very cost-effective for flyers and advantageous for aircraft providers in terms of aircraft utilization and, therefore, revenue," Fisher said. "It's a win-win." <h2>Flyers can save 40% on 'empty-leg splits'</h2>Fisher said customers can create empty legs online via the company's paid <a target="_blank" class="" href="https://www.instagram.com/p/C8mnNC4Mjcx/">FlyJets+</a> membership, which costs $290 annually, and flights are matched with another full party flying the opposite route. "If two parties need to <a target="_blank" class="" href="https://www.businessinsider.com/blade-one-private-jet-seat-new-york-miami-photos-review-2022-12">fly between New York and Miami</a> and they can commit to opposite legs, then they both save 40%, and the operator gets 10% more income from both of us," she said, adding that it's also better for the environment to have fewer empty planes flying. For example, Fisher said a seven-seater <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-21-million-embraer-praetor-600-with-advanced-tech-2024-7">midsize plane</a> can cost $25,000 roundtrip for one party. But if FlyJets secures an "empty-leg split" for $15,000 in each direction, customers would pay about $2,100 per seat, and the aircraft provider could secure $5,000 more. <div type="image" title="The cabin as viewed from the aisle of an Embraer Praetor 600" height="3024" width="4032" msid="112720657" hostid="261"></div>Most fares for the same route on Delta Air Lines or <a target="_blank" class="" href="https://www.businessinsider.com/upgrading-united-polaris-review-business-class-2024-8">United Airlines</a> sit between $500 and $1,000 one-way through November. Fisher said when a match on the opposing route can't be found, customers won't get the "fly empty" price but can still book the plane outright at the market rate for the charter. She said this scenario will be less likely as FlyJets' network of planes and customers grows. The company also plans to launch a new "FlyJets Exchange" tool this fall that would allow flyers to buy seats on existing trips booked by other members, she said. <h2>There's a growing trend of affordable charters</h2>FlyJets joins a growing list of companies offering more affordable <a target="_blank" class="" href="https://www.businessinsider.com/embraer-phenom-300e-most-flown-aircraft-in-the-us-photos-2024-6">private air travel</a>. The experience remains pricey, but travel experts say people are willing to splurge. <keyword id="23113279" type="General" weightage="20" keywordseo="oliver-bell" source="keywords">Oliver Bell</keyword>, the cofounder of luxury travel company Oliver's Travels, told BI's <keyword id="23113280" type="General" weightage="20" keywordseo="mikhaila-friel" source="keywords">Mikhaila Friel</keyword> in June that this trend could be partly attributed to <a target="_blank" href="https://www.businessinsider.com/what-travelers-splurge-on-for-vacation-trends-2023-11">"revenge travel,"</a> where people are "willing to spend more for incredible experiences" after the lockdowns of the pandemic. In addition to the luxury, people who shell out for private travel save time. Charters are direct flights and typically <a target="_blank" class="" href="https://www.businessinsider.com/flew-out-of-general-aviation-airport-now-dread-commercial-flying-2022-1">operate out of small aircraft service stations</a> that require little or no security checks. This means customers can arrive within minutes of departure and avoid the busy airport terminal crowds. Take the <a target="_blank" class="" href="https://www.businessinsider.com/flying-semi-private-carrier-jsx-burbank-to-phoenix-flight-review-2023-4">semi-private air carrier JSX</a>, which offers flights across the US and Mexico as a shared plane but with the perks of a private trip. Shorter flights, like Las Vegas to Burbank, cost around $275 one-way, while longer routes along the East Coast corridor start around $700. <div type="image" title="JSX plane inside a private terminal." height="2268" width="3024" msid="112720655" hostid="261"></div><a target="_blank" class="" href="https://fly.kinectair.com/flex/">KinectAir</a> — a company selling empty legs in the traditional way — touts itself as a ride-share for the sky. <a target="_blank" class="" href="https://www.cnn.com/travel/cheaper-private-airplanes-kinectair/index.html">CNN</a> reported it sells short empty-leg repositioning flights across the US and keeps prices as low as $111 by using cheaper piston and turboprop aircraft instead of jets. The catch, however, is that the company can't sell individual seats, so the flyer has to book out the entire charter plane. "Of course, [flying private] is by no means a "cheap" way to fly as it still will typically be more expensive than flying commercial," Bell said. "But it is much more accessible than people think, which could be why we're seeing an increase now that people are becoming more aware." Correction: August 23, 2024 — An earlier version of this story mistakenly included NetJets as one of the companies that sell empty flight legs at a discount.

The CEO of a private aviation company explains the 'empty-leg' trick that can make chartering jets cheaper

Billionaire <keyword id="19916798" type="General" weightage="20" keywordseo="Mukesh-Ambani" source="keywords">Mukesh Ambani</keyword>'s Reliance Industries and <keyword id="19924335" type="General" weightage="20" keywordseo="Tata-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Tata Group" meta.hostid="153" meta.entityid="Tata Group">Tata Group</keyword> have made it to the prestigious TIME's list of 100 World's Most Influential Companies of 2024. TIME called Reliance 'India's Juggernaut'. This is the second time that Reliance has found its way into the TIME list. Jio Platforms, the firm that holds digital properties of the conglomerate, was included in the inaugural TIME 100 Most Influential Companies List of 2021. Serum Institute is the other Indian company on the list. TIME listed Reliance in the 'Titans' category (one of the five categories under which the companies were divided, other being Leaders, Disrupters, Innovators, and Pioneers). Tata was listed in 'Titan's' category while Serum under 'Pioneers'. "Reliance Industries was founded as a textile and polyester company 58 years ago by Dhirubhai Ambani. Today the sprawling conglomerate -- which has aligned its growth with Indian Prime Minister Narendra Modi's vision for a 'self-reliant' India -- is the country's most valuable company, with a market capitalisation of more than USD 200 billion," TIME said. Now led by Dhirubhai's son Mukesh, the Mumbai-based company has ventures in energy, retail, and telecommunications, among others, and has made its chairman Asia's richest man, it said. The publication went on to stated that in February, Reliance came out on top in a fiercely competitive race to dominate India's burgeoning streaming market by striking a USD 8.5 billion merger deal with Disney's India business. "The deal will bring together more than 100 television channels and give the combined group around a 31 per cent share of India's streaming market compared to rivals Netflix and Amazon Prime with 8 per cent each," according to analytics firm Comscore. Reliance has revolutionised several economic sectors in the world's most populous country by making world-class products and services available at affordable prices with multiple innovations. Under Mukesh Ambani, the firm's telecom arm Jio revolutionised India's digital landscape and drove digital inclusion on an unprecedented scale with the most affordable mobile data tariffs in the world. It set up the world's largest single location refining complex. Reliance Retail is ranked among the top 100 retailers globally and in FY24 it registered 1.06 billion footfalls across its 18,800+ stores (67 per cent of which are in small towns and villages). Reliance is investing USD 10 billion in building the most comprehensive ecosystem for new energy and new materials in India and has set an ambitious goal to reach net-zero carbon by 2035. TIME described Serum as the world's biggest vaccine maker, churning out billions of vaccines. The company makes 3.5 billion doses every year, including for measles, polio, and most recently, HPV. "Serum's CEO Adar Poonawalla says the company's success can largely be chalked up to its private ownership. Not being beholden to shareholders allows it to keep vaccine prices low (the R21 will cost USD 4 a shot)," the publication said. Tata Group, it said, was founded in 1868 and has a vast portfolio extending from steel, software, watches, subsea cables, and chemicals, to salt, grains, air-conditioners, fashion, and hotels. "But as rivals have aggressively courted new businesses, it struggled to keep up with stiff competition. In 2017, after over a century of family management, N Chandrasekaran took over as chairman despite having no personal ties to the family -- highly unusual when India's business landscape is ruled by family succession plans," TIME said. As chair, he has transformed the group by investing in tech manufacturing, AI, and semiconductor chips. In 2023, it became the first Indian company to assemble iPhones, and is building another plant, it said, adding that in September, Tata announced a partnership with Nvidia to develop an AI cloud in India. "And this year, it announced plans for the country's first major semiconductor manufacturing facility. The moves seem to be paying off: in February, Tata's combined market capitalisation reached a whopping USD 365 billion, more than the entire economy of India's neighbour and rival, Pakistan," it added. This is the fourth edition of annual TIME100 Most Influential Companies list, highlighting companies making an extraordinary impact around the world. To assemble the list, TIME solicited nominations across sectors, and polled its global network of contributors and correspondents, as well as outside experts. Then, TIME editors evaluated each on key factors, including impact, innovation, ambition, and success. The result is a diverse group of 100 businesses helping chart an essential path forward. SEE ALSO:<a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank"></a> <a href="https://www.businessinsider.in/india/news/lok-sabha-exit-poll-2024-what-are-they-when-will-they-be-announced-and-all-you-need-to-know/articleshow/110565608.cms" target="_blank">Lok Sabha Exit Poll 2024 – what are they, when will they be announced and all you need to know</a><a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/apps/news/truecaller-can-now-detect-if-the-caller-is-using-ai-how-to-use-it-to-prevent-ai-call-scams/articleshow/110556100.cms" target="_blank">Truecaller can now detect if the caller is using AI – How to use it to prevent AI call scams</a><a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/indias-t20-world-cup-team-matches-and-everything-you-need-to-know/slidelist/110551798.cms" target="_blank">India’s T20 World Cup team, matches and everything you need to know</a>

Reliance, Tata on TIME's list of world's most influential companies

The experience of lying in bed late at night and scrolling through a nearly infinite feed of homes is a modern miracle — not merely because of all the tech packed into your iPhone, but for the simple reason that all those houses are gathered in one place. Open up Zillow, Redfin, or any of their competitors, and you'll have a clear picture of almost all the homes up for grabs around the country.That may be about to change. Real estate's power players are engaged in a bitter standoff over who exactly gets to see the millions of homes listed for sale in the US each year. At the center of the debate are the <a target="_blank" class="" href="https://www.businessinsider.com/real-estate-agents-lawsuits-buy-sell-homes-forever-housing-market-2023-6">multiple-listing services</a>, or MLSes, local databases that gather pictures and details of homes for sale. Almost as soon as a real-estate agent starts touting a home publicly — via an email blast, a post on their website, or a sign in a front yard — they'll throw the listing on the MLS to be fed to other agents and aggregator sites like Zillow. Smart business move? Sure. But agents also don't have a choice, thanks to a rule handed down five years ago by the <a target="_blank" class="" href="https://www.businessinsider.com/lawsuits-verdict-realtors-brokerages-real-estate-agents-home-buying-selling-2023-11">powerful National Association of Realtors</a> called the "clear-cooperation policy," which requires them to list a home on the MLS within one business day of marketing it to the public.Some of the industry's high-profile figures are pushing for the NAR to loosen the rule or get rid of it, which they say would give sellers and their agents more freedom to choose where — and to whom — they advertise their properties. The NAR's top brass are set to consider the change in the coming months.The cynical take is that those in favor of a shake-up — including the leaders of some of the country's largest real-estate brokerages, like Compass and Anywhere Real Estate, the owner of big-name brands like Coldwell Banker and Century 21 — just want to hoard listings on their own websites. As gatekeepers, the thinking goes, they'll be able to lure agents and clients with exclusive access to these properties, growing their businesses and padding their bottom lines. The result would be a more fractured market; instead of going to just Zillow or Realtor.com, a buyer might have to comb through individual brokerages' websites. Agents might be emboldened to share listings among private networks of in-the-know brokers rather than market them to everyone. More homes could trade hands out of view of the average homebuyer."If you were to ask people, 'Should houses be hidden?' most people would say no," Brian Boero, the CEO of 1000Watt, a brand and marketing agency for real-estate companies, told me. "If you asked people, 'Should everybody be able to see the houses that are for sale on the market at any time and have, at least, access to them?' I think most people would say absolutely."It's not quite so cut-and-dried. Opponents of the rule say sellers should be able to market their homes however they see fit, arguing that there are all kinds of reasons someone might not want to list their home on the MLS. And if the goal is a transparent market that prioritizes consumers, the clear-cooperation policy is a flawed tool. It contains a glaring loophole that critics say may have actually pushed more home sales into the shadows.This latest conflict pits Goliath against Goliath, but the stakes are highest for the millions of Davids just trying to put roofs over their heads. The typical buyer wants to see all the homes available, while the typical seller wants a quick sale and a good price. Which kind of housing market will get them there? Both sides claim to know the answer, but their visions for the future of homebuying are miles apart.In the not-so-distant past, MLSes distributed home listings via books — thick, unwieldy tomes that were outdated by the time they made it into a real-estate agent's hands. The introduction of the online MLS around the turn of the century was a revelation, providing a central repository of reliable info on an area's available homes. The system isn't perfect: Access to the MLS is often restricted to licensed agents who pay hundreds of dollars in dues each year to belong to their local, state, and national Realtor associations, on top of MLS fees. Since there are more than 500 local MLSes in the US, an agent might have to pay dues to several of these groups just to see all the homes within an hour's drive of their office. But the databases are still widely considered a model for the rest of the world.While an agent doesn't technically have to participate, the MLS's trove of data is practically a necessity to do the job. And in order to play in the MLS sandbox, you have to follow the MLS rules. About 97% of local MLSes are effectively controlled by the NAR, a trade group with roughly 1.5 million members who pay for the "Realtor" designation and agree to abide by the organization's ethical and professional guidelines. The NAR doesn't own the MLSes directly, but it sets the rules for most of them. Five years ago, the organization's leaders pinpointed a growing problem: Some agents weren't playing fair. They were keeping select listings off the MLS and marketing them on their own websites or among clubby groups of brokers known as private listing networks. The prevalence of so-called pocket listings has always been hard to quantify, but pretty much everyone agrees they were on the rise in the years leading up to the COVID-19 pandemic. Redfin estimated that in the second quarter of 2019, about 1.7% of listings, or some 18,000 homes, were likely pocketed. Those homes were marked "sold" or "pending sale" the same day they were put in the MLS — a sign that the transaction may have already been wrapped up in private. Agents promoting pocket listings might argue that they were acting in the best interests of their clients; a seller going through a messy divorce, for example, may prefer a quiet sales process rather than the fanfare of a public listing. The MLS also displays information that may not be favorable to a seller. It shows the number of days a home has been on the market and keeps track of price cuts, offering buyers leverage points that would never be found on a listing broker's website. There are, of course, self-serving reasons an agent might prefer to advertise a home off the MLS. If they find an unrepresented buyer, they may be able to pocket the portion of the commission that would have otherwise gone to the buyer's agent, upping their haul from the sale to, say, 6% instead of the typical 3%. Belonging to private listing networks could also help drum up business: Work with me, an agent could tell a buyer, and you'll get access to all these listings that Joe Schmo at XYZ Brokerage doesn't even know about. Indeed, Top Agent Network, a destination for high-achieving brokers to share "not-yet-on-MLS properties" with each other, claims on its website that agents can help buyers find their dream homes "by staying ahead of the market."The whole point of the MLS, though, is to have all listings in one place for everyone to find — the system falls apart if agents get to pick and choose which ones to contribute. The NAR's answer to this chaos was the clear-cooperation policy. The rule, which went into effect in May 2020, tightened the screws on agents by requiring them to put a listing on the MLS within one business day of marketing it to the public. For-sale sign in the front yard? Better get it on the MLS pronto. Gush about it on your Facebook page? Clock's ticking. Teasing homes in a private listing network without also posting on the MLS was a no-go.The idea was that any alternative to the MLS would harm both consumers and their agents. A seller risks getting a lower price if there are fewer eyeballs on their listing. A buyer might know of only a fraction of homes for sale at any time, limiting their options. Agents can't make money off shadow listings that they don't even know about. MLSes are also <a target="_blank" class="" href="https://www.businessinsider.com/bad-real-estate-agents-realtors-homebuyers-sellers-housing-market-2023-7">huge sources of revenue</a> for the many local Realtor associations that own and operate them — the NAR has a direct interest in making sure they remain valuable."Everybody benefits when we all pool our listings, and we do so in a timely manner," Saul Klein, a longtime real-estate executive who's the CEO of the San Diego Multiple Listing Service, told me. "And people are hurt, potentially, when we don't do that."The new rule, however, included a loophole. It allows agents to market a home to other agents within their brokerage without sharing it on the MLS, a practice known as "office exclusives." The carveout effectively allows for private gardens within each brokerage, filled with homes you can't find anywhere else. Large brokerages like Compass, which has more than 30,000 agents across the country, can make a pitch to a seller like this: "We'll maintain your privacy by keeping your home off Zillow and test your chosen price across our huge network. We can limit the showings so you don't have random people traipsing through your home. And if you're not satisfied, we can always turn to the MLS later."Today, many large brokerages tout offerings that attempt to capitalize on this state of play. Compass, for instance, will offer to list your home as a "private exclusive" within its brokerage before launching it to the public. Howard Hanna's "Find It First" program allows sellers to "benefit from broad exposure without compromising on control," the company's CEO, Howard Hanna IV, said in a statement. In a lawsuit after the unveiling of the rule, Top Agent Network accused the NAR of privileging large brokerages (which belong to the association) while stamping out the competition from alternatives to the MLS. It complained that the organization's rule was "a transparent attempt at protecting its turf, not helping consumers."The clear-cooperation rule faded into the background as the pandemic upended the industry. But as the market settled and other big changes, like the class-action lawsuits over agent commissions, <a target="_blank" class="" href="https://www.businessinsider.com/homebuyers-real-estate-revolution-nar-lawsuits-new-rules-realtors-agents-2024-4">reached a resolution</a>, a group led by Compass' CEO, Robert Reffkin, began publicly pressuring the NAR to reconsider clear cooperation. <a target="_blank" class="" href="https://www.businessinsider.com/real-housewives-mauricio-umansky-agency-daily-schedule-2022-8">Mauricio Umansky</a>, a celebrity agent and brokerage CEO known for appearing on "Buying Beverly Hills," "Real Housewives," and "Dancing with the Stars," was already part of the opposition to the rule, having sued the NAR over his attempts to start an MLS alternative known as the PLS, or the Property Listing Service. Executives at Anywhere Real Estate, one of the largest brokerage companies in the country, have pushed for the rule to be loosened but not eliminated — one suggestion is to give agents more time to market a home publicly before listing it on the MLS. On the other side, executives at Zillow and Redfin decried the potentially disastrous consequences of a fractured housing market. In a recent op-ed article, Redfin's president and CEO, Glenn Kelman, argued that the end of clear cooperation would allow large brokerages to control more inventory, forcing buyers, sellers, and their agents to flock to big players rather than smaller outfits."The goal in weakening Clear Cooperation is to make being bigger matter — more than being better," Kelman wrote. "That is the law of the jungle, masquerading as freedom."It's not clear, though, that the clear-cooperation rule made things much better for consumers. In a hot market, it's easier for brokers to market a home off the databases and still get it sold. Redfin estimates that in the second quarter of 2021, the share of listings that were likely pocketed increased to 2.8%, or almost 35,000 homes. <a target="_blank" class="" href="https://www.businessinsider.com/housing-market-ice-age-higher-home-prices-fewer-sales-inventory-2023-5">The market has since slowed</a>, and Redfin's estimation of pocket listings was down to 1.8% of sales in the second quarter of this year, roughly in line with the same period in 2019. These are imperfect estimates; it's possible for a home to debut on the MLS in the morning and have a sale pending by the end of the day without anything unscrupulous happening. They could also be undercounts, since some homes may never be listed in the MLS at all. Ultimately, the data from one of clear cooperation's biggest advocates doesn't prove that the rule has actually reduced off-MLS sales. What has changed since the rule went into effect is brokerages' eagerness to control access to home listings. Home sales volume has plummeted since the heady days of 2021, which means <a target="_blank" class="" href="https://www.businessinsider.com/compass-layoffs-robert-reffkin-housing-market-2023-1">less revenue for the businesses that make their money by taking a cut of their agents' sales commissions</a>. Without clear cooperation, brokerages could drive more traffic to their own websites by publicly advertising homes that aren't available in the MLS or on sites like Zillow. And they could continue to tease office exclusives that are accessible only if you work with their agents.Both sides of this debate can reasonably claim that the industry will face legal trouble if they don't get their way. The Department of Justice, which has been fighting to reopen a wide-ranging investigation into the NAR, has signaled that the organization's control of the MLSes could be anticompetitive, stifling the development of alternative databases. What incentive is there for someone to start an MLS rival, the thinking goes, if basically everyone who uses the new database would still have to put their listings on the MLS anyway? On the other hand, proponents of clear cooperation argue that not showing homes to everybody could run afoul of fair-housing laws designed to ensure that buyers have equal access to the market."The fact that every listing is contributed to the MLS and that every consumer has access to that information is an enormous and overwhelming benefit to support fair housing," Victor Lund, a founder and managing partner of Wav Group, a consulting firm for real-estate companies, told me. "There is too much opportunity for housing discrimination without it."There are a lot of ways this could go. The final call will rest in the hands of top leaders at NAR, whose board will likely mull over the issue at its annual convention in the second week of November. It could be months before a decision, however, especially since it's not clear what kinds of actions the DOJ may take against the organization. NAR leadership could keep clear cooperation as is, repeal it entirely, or revise it in ways that might not even be obvious right now. Several people I spoke with, including Kelman, told me they'd like to see the office-exclusive loophole closed — no more exceptions for agents marketing homes within their brokerages."If you haven't bought a home yet," Kelman told me, "there is nothing more unsettling than seeing a moving van outside a house that never showed up in any of your searches." An imperfect rule, he argued, is better than no rule. Those in Kelman's camp say a housing market without the current version of the MLS would be more divided and more difficult to parse. At the same time, it's impossible to brush aside the criticisms of the rule. There's no guarantee it will remain as it is when the dust settles.The lawsuits over agent commissions last year were seismic, but they were ultimately about the practical matter of consumers' wallets: how much they were paying agents and what they were getting in return. The debate over clear cooperation strikes me as much more existential. Its result will determine the kind of housing market we have in the future. Buckle up.<a target="_blank" rel="" href="https://www.businessinsider.com/author/james-rodriguez">James Rodriguez</a> is a senior reporter on Business Insider's Discourse team.

Realtors are fighting over hidden listings. Their battle could make it harder to find a home.

<ul><li>Market watchers have been hoping that India might head to a <keyword id="1067776" type="General" weightage="20" keywordseo="capex-cycle" source="Orion">capex cycle</keyword> as seen in 2003-08.</li><li>While there are similarities, the global demand scenario is different, say economists.</li><li>In terms of announcements, most of them relate to airlines where the benefits flow to the manufacturers outside India. </li></ul>The Indian markets are hitting new highs every day and the government is hopeful that this will translate to a higher capital expenditure (capex) cycle starting soon. However, even as hopes build for a repeat of 2003-08, the early indicators are mixed, as per economists. “There have been affirmative statements made by several companies on investment in FY24 which is positive as it is premised on a recovery in consumption demand. The picture for the first quarter of the year is, however, quite expectedly mixed. Therefore the announcements are definitely not broad-based and are restricted to a handful of sectors,” say economists at Bank of Baroda. What’s common with 2003-08? Most experts say that levers are in place for a repeat for the 2003-2208 high capex phase, which was led by private investment. Tailwinds for a capex recovery are similar — like higher utilisation levels which are also expected to pick up in demand. Strong bank and corporate balance sheets, an infrastructure push by the Indian government in the form of highways, railways, rural infra, Jal Jeevan Mission and defence spending should augur well for this. Moreover, the Production Linked Incentive (PLI) is also another added positive for domestic manufacturing, in addition to the push for energy transition. The amplified need for data centres and China+1 strategy are providing a fertile ground for revival of the capex cycle, says India Strategy report by Prabhudas Liladher. “This is likely to be the first industrial led capex cycle after the 2003-08 cycle was led by power and infra,” says the Prabhudas Lilladher report. A Kotak Institutional Equities report agrees that the levers are in place but remains cautious, it believes that the space for a sustained pace of <keyword id="4875151" type="General" weightage="20" keywordseo="government-capex" source="Orion">government capex</keyword> is limited. “Private capex cycle would require visibility of long-term high demand growth (including global growth), which is still missing. For now, even as the long-term growth fundamentals remain strong, we remain cautious in calling out for a broad-based sustained capex cycle,” Kotak says. Without a global impetus and visibility of medium to long-term demand, the capex cycle over the next 5-7 years may be much narrower and slower than 2003-08, the report adds. Airlines invest, but where? As much as ₹5.96 lakh crore worth of investments have been announced for Q1FY24 – of which 74% share comes from the airlines sector. “Investments in this industry are unique in so far as it involves purchase of aeroplanes which are imported. Hence while it does add to the capital stock of the country it would not be generating backward linkages with other sectors and hence other related industries may not benefit much from such purchases. The boost is more for the global manufacturers of these aircrafts,” says Bank of Baroda. The share of power sector is 10%, and is from the conventional space. The chemicals sector has a share of 8% followed by machinery with 3% and the auto sector with 2%. ‘Optimism in the long-term’ Data from the funds raised in the corporate bond market also provides a clue into the mood of private investments. As per BoB data, the total amount of funds raised was impressive at ₹2.33 lakh crore as against ₹0.97 lakh crore in the last year. Here too, 89% of the funds mobilised was from the financial sector of which asset financing companies accounted for 72% – indicating limited fund raising by non-finance companies. “Therefore, the investment story looks blurred when looked at from the point of view of the debt market. There could be reasons to be optimistic of the future. However, in the short to medium term the heavy lifting has to be done by the government on investment,” say BoB economists.

India on the brink of witnessing a 2003-08 kind of capex push but challenges remain

<ul class="summary-list"><li>A group of former CEOs published an op-ed Tuesday endorsing <a target="_blank" class="" href="https://www.businessinsider.com/kamala-harris">Kamala Harris</a> for president.</li><li>They wrote that Donald Trump would be bad for business and bad for the US economy.</li></ul>A group of former CEOs who led major US companies — including American Airlines, LinkedIn, Xerox, and American Express — made the case for Kamala Harris in an op-ed one week before <a target="_blank" class="" href="https://www.businessinsider.com/election-impact-companies-trump-harris-2024-10">Election Day</a>.The 17 business leaders said they were voting for Harris because they thought she'd be better for the economy than former <a target="_blank" class="" href="https://www.businessinsider.com/donald-trump">President Donald Trump</a>. They made their case in <a target="_blank" class="" href="https://fortune.com/2024/10/29/ceos-america-largest-companies-voting-for-harris-not-trump-leadership-elections-politics/">Fortune</a> on Tuesday.The group included former LinkedIn CEO <a target="_blank" class="" href="https://www.businessinsider.com/reid-hoffman">Reid Hoffman</a>, former American Airlines CEO Doug Parker, former American Express CEO Ken Chenault, former Sony CEO and current Snap chairman Michael Lynton, and others who led large, publicly traded companies."Many Americans continue to believe that the CEOs of the nation's largest companies are largely Donald Trump supporters — but nothing could be further from the truth," they wrote.The group said current CEOs may not be able to speak out publicly because of potential consequences to their businesses. Because of that, they said they felt obligated to speak up as former leaders who are in touch with active CEOs.They said Trump has taken "extreme anti-business" positions, including proposing "draconian" tariffs on imports. They also criticized <a target="_blank" class="" href="https://www.businessinsider.com/trump-control-federal-reserve-jerome-powell-tariffs-inflation-2024-9">Trump's talk about eliminating the Fed's independence</a>.The group said they come from different political backgrounds but are supporting Harris in part because of the state of the US economy. They cited <a target="_blank" class="" href="https://www.businessinsider.com/imf-us-economy-growth-outlook-forecast-china-gdp-ai-microchips-2024-10">GDP growth</a>, record stock market valuations, wage growth, and employment levels, among other measures.The op-ed comes after <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk">Elon Musk</a> has become increasingly involved in supporting Trump's presidential bid. "I haven't been politically active before; I'm politically active now because I think the future of America and the future of civilization is at stake," <a target="_blank" rel=" nofollow" class="" href="https://www.youtube.com/watch?v=8ugENmbDL8k">Musk said at a town hall</a> he hosted last Saturday in Swatara Township, Pennsylvania.Other <a target="_blank" class="" href="https://www.businessinsider.com/which-billionaires-support-donald-trump-campaign">business leaders have publicly supported Trump</a>, including Blackstone CEO Stephen Schwarzman, who said this week that Trump would be "efficient and effective."Meanwhile, some business leaders have avoided taking a position publicly even if they support one candidate or another in private.Jeffrey Sonnenfeld, a professor at the Yale School of Management and founder of the Chief Executive Leadership Institute, who is listed as one of the two non-CEO authors of Tuesday's op-ed, previously told Business Insider that most <a target="_blank" class="" href="https://www.businessinsider.com/jamie-dimon-bill-gates-ceo-avoid-criticizing-trump-2024-10">chief executives don't publicly endorse candidates</a> because they're "concerned about alienating customers and employees needlessly."

Former CEOs of American Airlines, LinkedIn, Amex, Xerox, and 13 other companies make the pitch for Kamala Harris

In response to higher-than-expected tax revenue and a record surplus transfer from the Reserve Bank of India (RBI), the Indian government is considering an 8-10% increase in <keyword id="20018917" type="General" weightage="20" keywordseo="capital-expenditure" source="keywords">capital expenditure</keyword> (capex) for the fiscal year 2025, according to Pantomath Group's quarterly report, "Market Kaleidoscope: Quarterly Market Insights." This adjustment could raise the capex from the previously allocated Rs 11.11 lakh crore, aiming to bolster infrastructure and economic growth. This fiscal boost comes as India reaches a historic financial milestone. The total market capitalization of all stocks listed on the Bombay Stock Exchange (<keyword id="19895774" type="General" weightage="20" keywordseo="BSE" source="keywords">BSE</keyword>) briefly surpassed $5 trillion for the first time, placing India among global giants such as the US, China, Japan, and Hong Kong. India's primary market is set for a dynamic period, with 55 companies planning to raise over Rs 68,000 crore through Initial Public Offerings (IPOs). The first half of FY2025 has already seen 35 mainboard IPOs, collectively raising around Rs 32,000 crore with an average subscription rate of 61 times. The Indian market maintained a positive outlook in the first quarter of FY2025, driven by strong Q4FY24 earnings, favorable economic data, and positive global cues. Despite early June volatility following the 2024 <keyword id="19895394" type="General" weightage="20" keywordseo="lok-sabha" source="keywords">Lok Sabha</keyword> election results, market sentiment improved with the BJP securing 272 seats and a total of 292 seats for the NDA with allied support. This political stability under Prime Minister Narendra Modi's leadership is expected to promote long-term economic growth, with a focus on infrastructure, electric mobility, startup support, power distribution, digital privacy, and healthcare initiatives. Corporate India's performance in the March quarter of FY2024 met expectations, showing double-digit growth in net profit and single-digit revenue increases. Non-lending companies experienced moderate operating margin expansion due to favorable commodity prices and cost controls. The peaking interest rates and continuity of <keyword id="19978691" type="General" weightage="20" keywordseo="government-policies" source="keywords">government policies</keyword> are anticipated to support healthy corporate growth in FY2025. <h2>Growth to continue</h2>The government's push for increased <keyword id="20068449" type="General" weightage="20" keywordseo="ethanol-production" source="keywords">ethanol production</keyword> targets a 20% blending by 2026, benefiting ethanol-heavy sugar companies and promoting biofuel goals. The real estate market is projected to grow significantly, requiring Rs 14 lakh crore in debt financing from 2024 to 2026. This growth will positively impact the banking and financial sectors. Major telecom operators have raised tariffs post-election, potentially improving sector financials and paving the way for sector re-rating. Major cement players are expanding through acquisitions, with an expected 6-7% compounded growth and market dominance by the top five players by March 2025. FMCG Companies expect recovery in rural business due to factors like a normal monsoon, robust crop yields, and government measures, maintaining robust rural demand. The potential roll-out of the FAME 3 Scheme to support <keyword id="19963112" type="General" weightage="20" keywordseo="electric-vehicle-sales" source="keywords">electric vehicle sales</keyword> is anticipated, with a budgetary allocation of around Rs 10,000 crore. Sectors such as auto, cement, defence, railways, consumer durables, energy, and banking are expected to outperform. Lagging sectors like IT and specialty chemicals offer value-buying opportunities at lower levels. The structural bull market for Indian equity is supported by strong domestic fundamentals and government reforms, with a positive medium- to long-term market outlook. Globally, the US market showed resilience, except for the Dow Jones. The Federal Reserve maintained interest rates at 5.25-5.50%, awaiting inflation to move towards the 2% target before considering rate cuts. The US GDP grew at 1.4% annually in Q1 2024, with mixed economic indicators highlighting both strengths and challenges. The Indian <keyword id="19926041" type="General" weightage="20" keywordseo="IPO-market" source="keywords">IPO market</keyword> has seen significant growth, with a surge in companies seeking to list shares and a rise in capital raised. The first half of 2025 saw strong retail investor participation, reflecting confidence in India's growth prospects. Mahavir Lunawat, Managing Director, Pantomath Capital Advisors Private Limited, said, "Favourable market conditions, high liquidity, a conducive growth environment with stable interest rates, and benign inflation have facilitated a boom in the IPO market. The IPO market will experience a stronger pull post-budget. India is set to become the new equity funding frontier for global corporations." He further added. "We are on the brink of sustained, long-term momentum in the IPO market, with this year potentially becoming the best for IPOs. India's solid macroeconomic environment and promising growth prospects create an ideal backdrop for this vibrant IPO market. Additionally, there is robust participation from both domestic institutional investors and retail investors." With the Indian government's potential capex increase and the robust primary market activity, the <keyword id="19948184" type="General" weightage="100" keywordseo="Indian-economy" source="keywords">Indian economy</keyword> is poised for sustained growth. The upcoming period is expected to see heightened market activity, further IPOs, and economic stability, creating a conducive environment for investment and development.

India may boost FY25 capex by 8-10% amid surging revenues and record RBI surplus, says Market Kaleidoscope report

<ul class="summary-list"><li>The creator and marketing company Triller is finally trading on the Nasdaq under the ticker ILLR.</li><li>The company went public via a reverse merger with a Hong Kong-based company called AGBA.</li></ul>The creator services, entertainment, and marketing company Triller — which once positioned itself as a rival to <a target="_blank" class="" href="https://www.businessinsider.com/how-tiktok-is-changing-music-industry">TikTok</a> — made its stock market debut on the Nasdaq Wednesday.The company went public via a reverse merger with AGBA Group Holding Limited, a Hong Kong-based wealth management and healthcare firm. A reverse merger occurs when a private company goes public by acquiring a publicly listed company.Triller's stock was down about 20% in its first hour of trading.It's been a tough few years for other creator startups that have made public market debuts, as companies like <a target="_blank" class="" href="https://www.businessinsider.com/faze-clan-decline-says-more-about-influencer-startups-than-esports-2023-10">FaZe Clan</a> and Clubhouse Media Group have struggled to show the type of growth that keeps investors happy. The creator economy has largely <a target="_blank" class="" href="https://www.businessinsider.com/the-creator-economy-is-having-an-identity-crisis-2024-1">failed to live up to lofty valuations set by VCs</a>, though <a target="_blank" class="" href="https://www.businessinsider.com/acquisition-spree-in-influencer-marketing-is-bolstering-the-creator-economy-2024-9">influencer marketing</a> remains a bright spot in the category.Triller's journey to a public listing has been a winding one. It explored going public via a special purpose acquisition company (SPAC) in late 2020, <a target="_blank" class="" href="https://www.reuters.com/article/uk-triller-m-a-exclusive-idUSKBN26W0V3/?">Reuters</a> reported. That didn't come to fruition, and in December 2021, the company announced plans to complete a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/triller-plans-public-reverse-merger-key-takeaways-revenue-losses-users-2022-3">reverse merger</a> with a company called Seachange International. It shut down that effort in June 2022 to instead do a <a target="_blank" rel="noopener noreferrer nofollow" href="https://www.businessinsider.com/triller-ends-reverse-merger-new-plan-to-go-public-2022-6">direct listing</a>. That also didn't last, as Triller switched again to a reverse merger with AGBA in April and withdrew its direct filing with the SEC in May.Now that investors can buy Triller stock, listed as ILLR, what is the company's pitch?Triller's business today includes a <a target="_blank" class="" href="https://www.businessinsider.com/investor-deck-shows-triller-pitch-aims-to-go-public-2023-5">mix</a> of creator, marketing, and entertainment services. It owns its <a target="_blank" class="" href="https://www.businessinsider.com/triller-gives-up-on-making-money-from-its-namesake-app-2023-8">namesake TikTok-style video app</a>, as well as a fan engagement tool called Fangage, an influencer-marketing platform called Julius, a combat-sports streamer called TrillerTV (formerly dubbed FITE), and a text-marketing tool Cliqz, among other products.AGBA's investor materials around Triller talk about how its different products interact to serve marketers and creators. Creators on Fangage can connect to services like Julius or the Triller app, for example.In filings, AGBA also highlights Triller's work in the buzzy area of AI. The company described Triller's business in an August filing as "a global, artificial intelligence powered technology platform that serves a broad constituency of creators and brands around the world."It's not the first time that Triller's tapped into a trendy topic in tech to connect with investors. In October 2022, as <a target="_blank" rel="" href="https://www.businessinsider.com/facebook-new-name-meta-rebrand-metaverse-zuckerberg-apps-2021-10">Big Tech</a> and startups alike were captivated by the idea of digital worlds called "metaverses," Triller <a target="_blank" rel="noopener nofollow" href="https://www.prnewswire.com/news-releases/triller-introduces-the-metaverz-your-all-access-pass-to-global-entertainment-301651110.html">announced</a> it was launching its own version called the Metaverz. AGBA said in its August filing that the Metaverz could offer augmented reality and virtual experiences, including virtual merchandise stores, for creators and brands.<h2 id="97d853f9-c0dc-41c2-a32b-f81609fd067b">Who are Triller's customers?</h2>Creators, brands, and consumers are the main cohorts that AGBA touts as central to Triller's business in its recent filings. In its description of those stakeholders, the company has discussed both customers that Triller worked with directly and others that it "tracked" but did not have direct relationships with.For example, in an August preliminary proxy statement, the company said Triller's creator accounts grew from somewhere around 2.37 million at the start of Q1 2021 to around 2.47 million in the first quarter of this year. But that tally includes creators the company doesn't directly work with but rather tracks to help "brands identify creators that may be appropriate for their marketing activities."The company had a similar approach for tallying brand partners, examining both brands that it worked with directly and brands that it tracked but were not actively using its products. The number of direct brands it worked with declined from around 250 in Q1 2021 to around 200 in Q1 2024, per a chart in AGBA's August filing.AGBA's tally of consumer accounts for Triller, which includes people who use its products like its Triller app and its combat streamer TrillerTV, also counted accounts that were not directly tied to its owned-and-operated products.AGBA said that as of March 2024, Triller had about 337 million consumer accounts, including inactive accounts, across platforms like the Triller app, TrillerTV, and its combat business BKFC. It separately counted an additional 109 million consumer accounts tied to properties it didn't own but established on behalf of brands and creator partners, including a "Triller brand customer's social media account on Facebook, Instagram, YouTube, or other platforms."Triller's approach to reporting on its user base has come under scrutiny in the past. In 2020 and 2021, former employees and other people with knowledge of Triller's reporting told media outlets like <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.businessinsider.com/some-former-triller-employees-wary-of-monthly-active-user-count-2020-9">Business Insider</a> and <a target="_blank" rel="noopener noreferrer" class="c-link" href="https://www.billboard.com/pro/triller-inflating-public-user-figures/">Billboard</a> that its public monthly active user numbers were inflated compared to internal data and what it shared with rights holders. Former Triller CEO Mike Lu told BI in October 2021 that the former employees were "disseminating inaccurate information." Lu told Billboard in February 2021 that Triller would no longer share monthly active users or daily active users as they didn't accurately represent its business and that it had "never inflated any user numbers."<h2 id="091877de-6fa2-45d6-8bd7-e25fc6976d54">What do Triller's financials look like?</h2>Here's a rundown of what Triller's financials were as of early 2024, per AGBA's filing.<ul><li>As of March 31, 2024, Triller had cash and cash equivalents of $800,000, a working capital deficit of $270.7 million, and an accumulated deficit of $1.6 billion, AGBA wrote in its filing.</li><li>In the first three months of 2024, the company earned about $9.9 million in revenue and saw a net loss of $43 million, compared to about $9.2 million in revenue and a roughly $29 million net loss over the same period in 2023.</li><li>The company earned $45.5 million in revenue in 2023, a 4.5% decline from 2022. Its comprehensive loss in 2023 was around $299 million, up from around <a target="_blank" class="" href="https://www.businessinsider.com/triller-heads-nyse-public-tightening-losses-tweaking-pitch-key-takeaways-2023-8">$196 million</a> in 2022. The company previously told BI that some earlier losses were tied to acquisition costs.AGBA wrote in its August filing that Triller has incurred losses each year since its inception and may not become profitable in the future. It said the company has financial obligations which have come due in the past six months and are coming due over the next twelve months and it may not be able to meet its cash obligations as those amounts come due.Triller has been embroiled in legal disputes with music platforms that it previously licensed songs from, contract claims from former employees and business partners, and a dispute over rent payments to the company it leased office space from. AGBA wrote that Triller "may not be able to generate sufficient cash flow to meet its current and any future debt service and other obligations, including amounts owed pursuant to new and ongoing litigation matters."A spokesperson for AGBA did not provide comment by time of publication. Triller did not reply to Business Insider's request for comment.</li></ul>

Triller is finally a public company after years of false starts. Here's its pitch to investors.

<ul class="summary-list"><li>Anthropic has emerged as one of the primary contenders in the AI arms race.</li><li>The company was founded by a group of former OpenAI employees.</li></ul>Founded by a group of <a target="_blank" class="" href="https://www.businessinsider.com/former-openai-employees-who-left-launch-vc-backed-ai-startups-2024-1">former OpenAI employees,</a> Anthropic has emerged as a <a target="_blank" class="" href="https://www.businessinsider.com/heres-ai-company-amazon-betting-billions-on-anthropic-2024-3">serious contender in the race for AI dominance.</a> The flagship product is <a target="_blank" rel="" href="https://www.businessinsider.com/ai-models-can-learn-deceptive-behaviors-anthropic-researchers-say-2024-1">Claude</a>, an AI chatbot that rivals <a target="_blank" rel="" href="https://www.businessinsider.com/everything-you-need-to-know-about-chat-gpt-2023-1">OpenAI's ChatGPT</a>.Anthropic has <a target="_blank" class="" href="https://www.businessinsider.com/openai-rivals-anthropic-perplexity-on-prowl-after-wave-exec-departures-2024-10">sought to position itself as the safer,</a> more stable alternative to <a target="_blank" class="" href="https://www.businessinsider.com/category/openai">OpenAI,</a> and a company that risk-averse Fortune 500 companies can feel comfortable doing business with. That differentiation has only become more relevant as <a target="_blank" class="" href="https://www.businessinsider.com/openai-implosion-investors-vcs-2024-9">OpenAI continues to be mired in chaos and infighting.</a>Anthropic has raised <a target="_blank" href="https://www.businessinsider.com/amazon-invests-4-billion-in-anthropic-2023-9">over $7 billion</a> over the past year from tech giants like Google, Amazon, and Salesforce and is reportedly raising a new round of funding that could value the company at as much as $40 billion, <a target="_blank" href="https://affiliate.insider.com?h=75da8b58b44035e03575c048e5e7b373edd291ccfea0018026509f4fae0f42b8&amp;postID=67055e480c43543ec7aec56d&amp;postSlug=here-are-the-executives-running-anthropic-right-now-2024-10&amp;site=bi&amp;u=https%3A%2F%2Fwww.theinformation.com%2Farticles%2Fopenai-rival-anthropic-has-floated-40-billion-valuation-in-early-talks-about-new-funding">according to The Information.</a>Business Insider has put together a list of the most important people running Anthropic right now. The list is by no means exhaustive, but it includes thought leaders and researchers who are contributing knowledge to the understanding of machine learning, as well as the business people working to build Anthropic into an AI behemoth.Dario Amodei, Co-Founder and CEOBefore leaving to start Anthropic, <a target="_blank" class="" href="https://www.businessinsider.com/anthropic-ceo-cost-10-billion-train-ai-years-language-model-2024-4">Amodei</a> served as vice president of research at OpenAI where he led the development of breakthrough large language models like GPT-2 and GPT-3. His foundational research on reinforcement learning and scaling laws helped revolutionize the AI industry. Since its founding, Amodei has helped <a target="_blank" class="" href="https://www.businessinsider.com/anthropic-ceo-dario-amodei-universal-basic-income-ubi-ai-inequality-2024-6">establish Anthropic</a> as the safer, more business-friendly alternative to his former employer, OpenAI.Dario holds a Ph.D. in biophysics and computational neuroscience from Princeton University, where he was a Hertz Fellow. He completed a postdoctoral fellowship at the Stanford University School of Medicine, focusing on applying machine learning to biomedical data.Daniela Amodei, Co-Founder and PresidentAfter her career in international development, Amodei was in charge of risk management and compliance at Stripe before serving as vice president of safety and policy at OpenAI. She's <a target="_blank" class="" href="https://www.businessinsider.com/anthropic-cofounder-daniela-amodei-trust-safety-generative-artificial-intelligence-2023-4">been in the trenches</a> working to create sager, steerable, and reliable AI since the early days of this nascent industry.She, along with her brother Dario, was part of the team that left OpenAI with the goal of creating a more responsible AI company. Today, she oversees Anthropic's day-to-day operations and has been instrumental in shaping the company's defining ethos around safety and security.Jack Clark, Co-Founder and Head of PolicyClark made a <a target="_blank" class="" href="https://www.businessinsider.com/anthropic-cofounder-artificial-intelligence-newsletter-import-ai-2023-4">name for himself as a journalist at Bloomberg,</a> where he was quite possibly the world's first and, for a while only, neural networks reporter.He would go on to serve as policy director at OpenAI and now leads a team at Anthropic that produces research into AI bias and persuasion and conducts critical red-teaming that pushes the boundaries of understanding around AI-related risk. He has proven himself to be one of AI's most eloquent thought leaders, and his newsletter, Import AI, has become required reading for anyone interested in tackling big questions in machine learning.Jared Kaplan, Co-Founder and Chief Science OfficerKaplan, who boasts a PhD from Harvard, spent 15 years as a theoretical physicist in academia and continues to lecture on deep learning at Johns Hopkins University. While at OpenAI, he helped create GPT-3 and Codex, and his revolutionary work on AI scaling laws has been foundational for the entire AI industry.Kaplan helped pioneer Constitutional AI, an approach championed by Anthropic that aims to create AI systems that are constrained by and aligned with a set of predetermined principles.Chris Olah, Co-Founder and Research Lead, Mechanistic InterpretabilityOlah is a researcher in the field of mechanistic interpretability, which is essentially the science of translating neural networks into algorithms that are useful to humans. Olah's research focuses on mapping out the artificial "neurons" that are part of AI models. His team achieved a significant milestone earlier this year by successfully identifying distinct neuron clusters within Anthropic's most advanced models that are associated with specific concepts and tasks, such as detecting bias or identifying fraudulent emails.By selectively activating or deactivating these neuron groups, the team demonstrated the ability to modulate the model's behavior.Sam McCandlish, Co-Founder and Chief Technology OfficerMcCandlish oversees Anthropic's Large Language Model (LLM) Organization, which encompasses the Training, Inference, and Core Resources divisions. He also serves as the company's Responsible Scaling Officer, helping design and implement Anthropic's <a target="_blank" class="" href="https://www.anthropic.com/news/anthropics-responsible-scaling-policy">responsible scaling policy</a>.McCandlish was a former research lead at OpenAI, where he spearheaded AI Safety initiatives and pioneered scaling laws that influenced technological breakthroughs like GPT-3. He holds a Ph.D. in Theoretical Physics from Stanford University, specializing in quantum gravity and tensor networks, and an MS in Physics from Brandeis University, where he explored active matter to quantum field theory.Tom Brown, Co-Founder and Head of Core ResourcesBrown was part of the technical staff at OpenAI and Google DeepMind, and, like Anthropic's other founders, his research, particularly his work on how computational power influences model performance, has helped lay the groundwork for the entire AI industry.At Anthropic, Brown is focused on the compute side of LLM development, overseeing the company's use of scarce, valuable GPUs and leading its strategic partnerships with cloud and chip providers. Brown is also an alum of the legendary tech incubator <a target="_blank" class="" href="https://www.businessinsider.com/y-combinator-startups-application-review-demo-day-yc-w22-2022-12">Y Combinator.</a>Krishna Rao, Chief Financial OfficerAs any emerging AI company can attest, conducting groundbreaking research isn't enough. Anthropic, like most of its competitors, is also tackling the challenge of building a viable, profitable global business. Rao, who was<a target="_blank" class="" href="https://www.anthropic.com/news/krishna-rao-joins-anthropic"> hired in May</a> as the company's first CFO, is helping to formulate Anthropic's financial strategy during a period of explosive growth.He cut his teeth working at private equity giant Blackstone and management consultant Bain &amp; Company before becoming head of business development at Airbnb. In that role, he helped the company raise billions in private capital and steered the company through its <a target="_blank" class="" href="https://www.businessinsider.com/airbnb-confidentially-filed-for-an-initial-public-offering-2020-8">high-profile IPO.</a>Mike Krieger, Chief Product OfficerA native of São Paulo, Krieger <a target="_blank" href="https://www.anthropic.com/news/mike-krieger-joins-anthropic">joined Anthropic</a> as Chief Product Officer in May 2024. He currently leads the global product team, collaborating closely with customers across industries to shape the product vision and strategy for Anthropic's flagship model, Claude.In this role, he's building deep relationships with users and helping to turn Anthropic's research into a mass-market product.He is a cofounder of Instagram and served as its CTO, where he grew the engineering organization to more than 450 employees across the company's offices in Menlo Park, San Francisco, and New York.Brian Israel, General CounselAs generative AI opens up new avenues for technological innovation, it's also raising fraught questions about authenticity, creativity, and some of the core assumptions of our legal system.Like many of its competitors, Anthropic is deeply enmeshed in these questions, whether that's helping to guide the creation of new legal frameworks or <a target="_blank" class="" href="https://www.reuters.com/technology/artificial-intelligence/authors-sue-anthropic-copyright-infringement-over-ai-training-2024-08-20/">facing lawsuits</a> that could determine to future of the nascent AI industry. Israel is the point person helping Anthropic navigate this legal landscape. Before joining Anthropic, Brian spent nearly a decade in the US government, from the State Department to NASA, working to address the legal challenges created by emerging technologies.Sam Bowman, AlignmentBowman co-leads Anthropic's alignment team along with Jan Leike, a safety researcher <a target="_blank" class="" href="https://www.businessinsider.com/openai-jan-leike-joins-rival-anthropic-days-after-leaving-2024-5">who recently left OpenAI.</a> The team is responsible for confronting some of the thorniest questions associated with the development of advanced AI models.It works on forecasting when AI models will develop potentially dangerous abilities like deception or scheming and how humans will be able to tell when they do. The alignment team is also developing evaluations that can flag when a model reaches a concerning level of skill and reliable techniques for controlling them when they get out of line. These capabilities are essential to Anthropic's positioning of itself as the safer AI company.

Anthropic's power players: Here are the 11 leaders helping shape the future of the Amazon-backed AI company

<ul class="summary-list"><li>Jeff Bezos took delivery of a Gulfstream G700 in July, according to JetSpy.</li><li>The $80 million private jet is the fourth aircraft in the Amazon founder's collection.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-life-career-education">Jeff Bezos</a> has become the owner of a <a target="_blank" class="" href="https://www.businessinsider.com/see-inside-qatar-executives-75-million-g700-private-jet-2023-7">Gulfstream G700</a>, the newest private jet model on the market.That's according to data from JetSpy and Jack Sweeney, the college student known for tracking Elon Musk and <a target="_blank" href="https://www.businessinsider.com/taylor-swift-threatens-sue-college-student-who-tracks-private-jet-2024-2">Taylor Swift's aircraft</a>.The G700, which is worth around $80 million, appears to be the fourth jet in <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-private-jet-collection-two-gulfstream-g650ers-seattle-hangar-2024-5">Bezos' collection</a>.JetSpy data shows that he also owns two of its predecessor model, the Gulfstream G650, plus a smaller <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-private-jet-pilatus-pc-24-inside-unique-toilet-2024-6">Pilatus PC-24</a>. This suggests that with his latest purchase, Bezos' aircraft collection is worth more than $200 million.Like the PC-24, the Federal Aviation Administration lists the G700's owner as a company called TVPX Aircraft Solutions.TVPX's website says it provides trust services for US business aviation, either due to rules on citizenship or for "privacy enhancement."<a target="_blank" class="" href="https://www.businessinsider.com/worlds-newest-private-jet-gulfstream-g700-qatar-airways-photos-ebace-2024-7">The G700</a> was certified by the FAA in March, allowing it to fly passengers after nine months of anticipation. The first two jets were delivered to Qatar Airways' private jet division. <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-new-jet-gulfstream-g700-photos-tour-2022-11">Elon Musk</a> has also reportedly ordered one.Based on past flights, Bezos appeared to take delivery of his G700, registered as N11AF, on July 10.According to JetSpy, the aircraft then made several journeys using the FAA's Privacy ICAO aircraft address (PIA) program. It lets <a target="_blank" class="" href="https://www.businessinsider.com/elon-musk-appears-no-longer-masking-private-jet-tracking-pia-2023-10">private jet owners fly incognito</a> by using a temporary aircraft registration.Last Sunday, the G700 departed Ibiza. Around the same time, Bezos and his fiancée Lauren Sánchez were photographed on the island, walking toward his <a target="_blank" class="" href="https://www.businessinsider.com/jeff-bezos-yacht">$500 million superyacht</a>.JetSpy data shows the plane made 28 flights in 39 days, emitting 264 tons of carbon dioxide. That's about 17 times what <a target="_blank" class="" href="https://ourworldindata.org/co2-emissions#per-capita-co2-emissions">the average American emits</a> in a year.Business Insider contacted Amazon, where Bezos remains executive chairman, about the Gulfstream G700 but did not immediately receive a response.

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