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<ul><li>The $7.5 billion venture capital arm of <keyword id="6359140" type="General" weightage="100" keywordseo="binance" source="Orion">Binance</keyword> will be headed by Binance co-founder <keyword id="14635309" type="General" weightage="50" keywordseo="yi-he" source="Orion">Yi He</keyword>. </li><li>This comes after Bill <keyword id="351019" type="General" weightage="50" keywordseo="qian" source="Orion">Qian</keyword>, the former head of <keyword id="8918130" type="General" weightage="50" keywordseo="binance-labs" source="Orion">Binance Labs</keyword>, resigned in June 2022. </li><li>Binance Labs intends to support web 3 projects that can withstand the crypto winter. </li></ul> <a href="http://secure-web.cisco.com/1eUTpMeQsKQLhW2SuCZDfoWmSFfrYz1Nrni8PqK_krbLSHuipKw8Wsfkb5SlCs43zsziJi-sB5pJ5EWDQbhYAe1YrbKTEnE4BpLdGQrlCUqzXDlS3ig8yGkEYS2dBhe_8cLOniFRJkEbq7VaVFPz4jK0BNYJLfn8YcPIDMNpNUHL4HVUq70luewf1F6RWkewKLQaDBxpCnTzD9pGP5lmidxxRPBx4HbOrDCVMtslig7CerNVymr1E11rS32cg3vIDXvXLrbOsxPtyWEx1JRZN29YbWL4gG4jgWPmTFjb6BoN7HdqkJurikK5xF6eKHeGL2g-EgnbAqUeYMlRVyznvrg/http%3A%2F%2Fbinance.com%2F">Binance</a>, the world’s largest cryptocurrency exchange, said that its co-founder Yi He will now head its VC arm Binance Labs. The VC arm that manages assets worth $7.5 billion, was founded in 2018. “As part of the founding team, Yi has been actively involved in Labs since its inception. This is the perfect moment for her to take on a larger role, as this market presents an unparalleled opportunity to identify those projects with the tenacity to thrive in tough market conditions,” said Binance CEO Changpeng Zhao. The appointment comes after Bill Qian, the former head of Binance Labs, resigned in June 2022. Qian was the second top-tier executive to resign from Binance in the last two months. <keyword id="14635310" type="General" weightage="50" keywordseo="nicole-zhang" source="Orion">Nicole Zhang</keyword>, executive director of Binance Labs <a href="https://www.linkedin.com/in/nicolejianqiaozhang/?original_referer=https%3A%2F%2Ffinance.yahoo.com%2Fnews%2Fhead-binance-labs-bill-qian-091701577.html">quit</a> in May 2022. Both Qian and <keyword id="16963" type="General" weightage="50" keywordseo="zhang" source="Orion">Zhang</keyword> had joined Binance in March 2020. Binance Labs, the venture capital and incubation arm of Binance, is one of the world’s largest crypto VC firms. It has a portfolio of over 200 projects. The appointment comes amidst a crypto bear market that wiped off over $2 trillion from the crypto industry since January 2021. “My goal is to help define the industry standard by identifying and supporting sustainable projects and building an ecosystem of quality blockchain solutions that empowers the entire industry,” said Yi. Binance Labs has incubated some of the industry’s most successful projects, including <keyword id="2462624" type="General" weightage="50" keywordseo="polygon" source="Orion">Polygon</keyword>, <keyword id="2966084" type="General" weightage="50" keywordseo="ftx" source="Orion">FTX</keyword>, Certik, Nym, and Dune Analytics. According to a <a href="https://www.binance.com/en/blog/leadership/cofounder-yi-he-to-lead-binances-$75b-venture-capital-arm-7305725005116378288">company statement</a>, the VC firm has had a 2100% rate of return since its inception. The VC firm recently closed a <a href="https://secure-web.cisco.com/1MHuoc3LaGAwIAhxr4F3IZ6RLnBfdYztLDrCAjBIIcHwBXZF8Du3RgeifJ9InPhuxKkFfj2oOsFKqBmoW2gHnJbo7POWDZPNm4RvGgk7LHMGx7vQXvRElB-u4xifhsLttHWg3ubMlNuOorLXHIxtmR4oePTlkOJtiZEqF404LLFKT2l2UAzGXU8k_isT3lwLzRmh5I0XpmV3yOAjNNhGeTidKg9lEaE28AHd0EqhDGESiGGQWLjr9H7WMGLWJ5jm7VUiIEVd0k5PQ6-AQB6ZKd6YtYoBoLkzRpgCrlz-k7BBLbblrGDUZlvQPYNmUqXLx-85AHOe6enmfpCTcZ5mo3A/https%3A%2F%2Fwww.binance.com%2Fen%2Fblog%2Fecosystem%2Fbinance-labs-closes-%24500m-investment-fund-to-boost-blockchain-web3-and-valuebuilding-technologies-421499824684903944">$500 million investment fund</a> that includes participation from global institutional investors such as DST Global Partners and Breyer Capital. “It is a foregone conclusion that Web3 will reach one billion new users in the next five years. However, Web3 will only truly become mainstream when its products weave seamlessly into users’ lives,” added Yi. Yi will continue leading and supporting the organization’s key business initiatives and units including customer support, institutional business, marketing along with Binance P2P. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/the-path-to-cyber-security-2030/articleshow/93337901.cms">The path to cyber security 2030</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/markets-expected-to-open-higher-after-a-6-session-gaining-streak/articleshow/93336524.cms">Markets expected to open higher after a 6-session gaining streak</a>

Binance co-founder Yi He to head its $7.5 billion VC arm

Business Insider Awards and Recognition 

<ul class="summary-list"><li>TikTok has created a new generation of digital stars who have built massive audiences on the app.</li><li>But many creators are still figuring out how to use TikTok to make money.</li></ul>TikTok ushered in a new wave of digital stars. But for many creators, it can be difficult to make money from TikTok alone.Unlike YouTube, which has a well-established <a href="https://www.businessinsider.com/how-much-money-youtube-stars-make-per-month-creator-income-2020-5?r=tiktok-creators-lp">ads program</a> that shares a percentage of ad revenue for longer videos with qualifying creators, TikTok has only recently begun experimenting with <a href="https://www.businessinsider.com/tiktok-pulse-ad-revenue-share-payments-creators-2022-11?r=tiktok-creators-lp">splitting ad dollars with some influencers</a>.Outside of ad-revenue sharing, TikTok has several built-in monetization tools like <a href="https://www.businessinsider.com/how-tiktok-creator-made-34000-livestreaming-sleep-sleepfluencer-2022-6?r=tiktok-creators-lp">virtual "gifts,"</a> as well as a Creativity Program fund that rewards creators for posting longer content. It also launched a $6 million fund for<a href="https://www.businessinsider.com/tiktok-6-million-pay-augmented-reality-effect-creator-rewards-2023-5"> augmented-reality effect creators</a> in the middle of 2023. Read more about <a href="https://www.businessinsider.com/how-much-tiktok-creativity-program-pay-creators-long-form-video-2023-8?r=tiktok-creators-lp">how much seven TikTok influencers earned</a> from the Creativity ProgramIt previously operated a <a href="https://www.businessinsider.com/how-much-creators-like-mrbeast-making-from-tiktok-creator-fund-2022-1?r=tiktok-creators-lp">Creator Fund</a> for users that met certain follower and view count criteria, but sunsetted the program in December.Despite its early tests in ad-revenue sharing and a slew of different payment programs, many TikTok creators still rely on brand deals for the bulk of their earnings.Alex Ojeda, a waterpark creator who has around 8.4 million followers on TikTok, told Business Insider in 2022 that his rate for a single sponsored video on the app was $20,000. Read more about how Ojeda is using <a href="https://www.businessinsider.com/how-much-water-park-creator-alex-ojeda-earns-tiktok-instagram-2022-8?r=tiktok-creators-lp">TikTok to make money</a> and build a career in the waterpark industry<h2>How much TikTokers make from its ad-revenue sharing program, Pulse</h2>TikTok shares some ad revenue with creators through a contextual-advertising program called Pulse.In May 2022, the company announced <a href="https://www.businessinsider.com/tiktok-to-share-half-ad-revenue-with-creators-pulse-program-2022-5?r=tiktok-creators-lp">brands could buy ads</a> alongside "the top 4%" of content in different categories like cooking, beauty, and fashion. It said it would split 50% of the revenue with the creator whose video appeared before the in-feed ad. Only creators with at least 100,000 followers qualify for the program.Early payments from TikTok Pulse were disappointing, creators told BI in 2022.Eight influencers who shared their monthly payouts, view counts, and revenue for every 1,000 video views (RPM) from Pulse earned between a few pennies and $17 in their first two monthly payments. The creators had between a few hundred thousand and a few million followers; Several make content around gaming, while others film lifestyle videos.Read more about <a href="https://www.businessinsider.com/tiktok-pulse-ad-revenue-share-payments-creators-2022-11?r=tiktok-creators-lp">how much TikTokers are earning from Pulse</a> as the app starts to share ad revenue<h2>TikTok is testing new funds to pay longer-form and AR creators</h2>In 2023, the company introduced two other fund-based programs designed to encourage specific types of content creation.The first, its Creativity Program meant to reward creators that post videos longer than one minute, is restricted to users that have at least 10,000 followers and have achieved 100,000 video views in the past 30 days. Unlike the sunsetted Creator Fund or Pulse, early participants in the Creativity Program have scored huge paydays since its rollout, with some garnering five-figure earnings in a single month."The money we've been earning has been life-changing, and we just really hope it continues," said lifestyle creator Hunter Cordle.Read more about how <a href="https://www.businessinsider.com/how-much-tiktok-creativity-program-pay-creators-long-form-video-2023-8?r=tiktok-creators-lp">the Creativity Program is helping some creators earn</a> tens of thousands of dollarsTikTok's Effect Creator Rewards program, announced in May, offers augmented-reality creators payment for effects that appear in at least 500,000 videos. At launch, the $6 million fund was only available to users who were at least 18 years old and based in the US, the UK, France, Italy, Spain, and Germany. The company later expanded the program in October to make it available in more regions and to a wider group of creators by lower the threshold for payment to effects that appear in at least 200,000 videos.Read more about <a href="https://www.businessinsider.com/tiktok-6-million-pay-augmented-reality-effect-creator-rewards-2023-5?r=tiktok-creators-lp">TikTok's fund for augmented-reality creators</a><h2>The TikTok Shop affiliate program</h2>As part of its e-commerce platform, Shop, TikTok offers an affiliate program where creators can earn a commission for sales they help drive by tagging products in videos or livestreams. Influencers can also package products from various sellers into a dedicated catalog on their profiles for their followers to browse.Creators told BI that TikTok Shop commissions have meaningfully contributed to their earnings.Jeneen Sahtout, who posts beauty and shopping videos to around <a href="https://www.tiktok.com/@jeneen_sahtout" target="_blank" rel="noopener">751,000 TikTok fans</a>, earned a little under $6,000 in commissions in April 2023 after driving around $40,000 in product sales, according to her talent manager Shawn Jacobson. BI viewed documentation to verify her earnings.Read more about how much <a href="https://www.businessinsider.com/tiktok-shop-creators-earning-thousands-affiliate-commissions-2023-7?r=tiktok-creators-lp">creators are making from TikTok Shop's affiliate program</a><h2>Other built-in TikTok monetization features</h2>Some TikTokers also make money by receiving virtual "<a href="https://www.businessinsider.com/tiktok-live-paying-agencies-coach-creators-grow-gifts-livestream-revenue-2023-9?r=tiktok-creators-lp">gifts</a>" during livestreams or in <a href="https://www.businessinsider.com/tiktok-expands-tipping-gifts-for-some-creators-fyp-videos-2021-8?r=tiktok-creators-lp">other parts of the app</a>, which can be converted into cash. ASMR content creator Lucy Davis told BI she earns between $20 and $300 each time she goes live, for example.Jakey Boehm, an Australian creator who livestreams on TikTok <a href="https://www.businessinsider.com/how-tiktok-creator-made-34000-livestreaming-sleep-sleepfluencer-2022-6?r=tiktok-creators-lp">while he sleeps</a>, earned $34,000 from TikTok Live in a single month."It's seriously life-changing money," he told BI. "The first week I made about $5,000 dollars, and that's where I thought 'This is big, I can do something really crazy here.'"Read more about how creators are making money from TikTok's built-in monetization features:<ul><li><a href="https://www.businessinsider.com/how-much-gen-z-artist-instagram-tiktok-earned-this-year-2022-9?r=tiktok-creators-lp">Manasi Arya, an artist and creator (about 43,000 followers), shares her Creator Fund earnings</a></li><li><a href="https://www.businessinsider.com/how-tiktok-creator-made-34000-livestreaming-sleep-sleepfluencer-2022-6?r=tiktok-creators-lp">Jakey Boehm (about 1.2 million followers) explains how he makes money by </a><a href="https://www.businessinsider.com/how-tiktok-creator-made-34000-livestreaming-sleep-sleepfluencer-2022-6?r=tiktok-creators-lp">sleeping</a><a href="https://www.businessinsider.com/how-tiktok-creator-made-34000-livestreaming-sleep-sleepfluencer-2022-6?r=tiktok-creators-lp"> while going live on TikTok</a></li><li><a href="https://www.businessinsider.com/how-much-money-tiktoker-makes-with-1-million-followers-2021-8?r=tiktok-creators-lp">Vi Luong (about 980,000 followers) shares her monthly earnings from the Creator Fund and brand deals </a></li><li><a href="https://www.businessinsider.com/how-much-money-tiktok-asmr-creator-earns-livestreaming-tipping-2021-9?r=tiktok-creators-lp">ASMR creator Lucy Davis (around 609,000 followers) discusses how much she earns from TikTok livestreams</a></li><li><a href="https://www.businessinsider.com/how-much-creators-like-mrbeast-making-from-tiktok-creator-fund-2022-1?r=tiktok-creators-lp">Hank Green (8 million followers) and MrBeast (92.3 million followers) share how much they've earned from the Creator Fund</a></li><li><a href="https://www.businessinsider.com/how-much-money-tiktok-pays-creator-fund-one-million-followers-2021-6?r=tiktok-creators-lp">Personal finance influencer Preston Seo (around 2.5 million followers) on Creator Fund earnings, affiliate revenue, and sponsorships </a></li><li><a href="https://www.businessinsider.com/how-much-money-tiktok-pays-creator-fund-1-million-followers-2022-1?r=tiktok-creators-lp">Lifestyle influencer Victoria Paris (about 1.9 million followers) discloses her monthly Creator Fund earnings</a></li><li><a href="https://www.businessinsider.com/how-much-hijab-wearing-tiktoker-creator-earned-this-year-2022-9?r=tiktok-creators-lp">Model and student Rahan Alemi (about 413,000 followers) shares her Creator Fund earnings</a></li><li><a href="https://www.businessinsider.com/how-much-money-tiktokers-earn-from-creator-fund-daily-rates-2022-8?r=tiktok-creators-lp">6 TikTok creators told BI how much they've earned from the Creator Fund</a></li><li><a href="https://www.businessinsider.com/tiktok-pulse-ad-revenue-share-payments-creators-2022-11?r=tiktok-creators-lp">8 creators share their TikTok Pulse payments</a></li></ul><h2>How TikTok creators make money from brand sponsorships</h2>Because built-in TikTok monetization features don't always cover a creator's bills, many influencers turn to brand deals to earn money from their TikTok content. Rates for a sponsored post can vary widely depending on a creator's follower count and content niche.Colin Rocker, a TikToker who posts videos offering career advice, told BI in 2023 that he charges between $400 and $600 per sponsored post.Other TikTok influencers earn money by making content for companies to use on a brand's own TikTok account. Fitness creator Salha Aziz, for instance, charges hundreds of dollars to create UGC content for brands to use in marketing campaigns. Here's how much creators are earning from brand deals:<ul><li><a href="https://www.businessinsider.com/micro-influencer-media-kit-tiktok-instagram-brands-bilingual-latinx-creator-2023-3?r=tiktok-creators-lp">Paulina Perez (roughly 89,000 followers) charges between $1,250 to $1,750 for sponsored posts on TikTok</a></li><li><a href="https://www.businessinsider.com/career-advice-tiktok-tech-startup-earnings-per-month-consulting-internships-2023-4?r=tiktok-creators-lp">Colin Rocker (114,000 followers) shares his rates for sponsored TikTok videos and his monthly earnings from brand deals</a></li><li><a href="https://www.businessinsider.com/media-kit-tiktok-instagram-influencer-creator-medical-resident-brand-deals-2023-4?r=tiktok-creators-lp">Sally Choi (205,000 followers), a medical resident, charges $1,500 for a TikTok endorsement</a></li><li><a href="https://www.businessinsider.com/how-much-nil-money-college-athlete-2m-tiktok-followers-earns-2022-11?r=tiktok-creators-lp">College football player Jon Seaton (1.8 million followers) shares how much he made from brand deals in 18 months</a></li><li><a href="https://www.businessinsider.com/how-much-tiktoker-creator-500k-followers-earns-brand-deals-2022-11?r=tiktok-creators-lp">Naomi Melanie Leanage (about 513,000 followers) shares her minimum rate and earnings for sponsored content</a></li><li><a href="https://www.businessinsider.com/how-much-content-creator-spends-earns-tiktok-instagram-youtube-2022-10?r=tiktok-creators-lp">Software engineer and creator Matt Upham (about 515,000 followers) shares his brand deal earnings</a></li><li><a href="https://www.businessinsider.com/how-much-nil-earned-basketball-tiktokers-brandon-jayden-beloti-d2-2022-10?r=tiktok-creators-lp">Basketball creators Brandon (about 1.3 million followers) and Jayden Beloti (1.3 million followers) share their monthly earnings from the Creator Fund and brand deals</a></li><li><a href="https://www.businessinsider.com/how-much-a-new-york-tiktoker-earns-from-paid-partnerships-2022-9?r=tiktok-creators-lp">Comedy creator Pooja Tripathi (about 58,000 followers) shares her earnings from sponsored posts</a></li><li><a href="https://www.businessinsider.com/how-much-tiktok-micro-influencers-earns-how-she-sets-rates-2022-9?r=tiktok-creators-lp">Lillian Zhang (about 72,000 followers), lists her rates for sponsored posts</a></li><li><a href="https://www.businessinsider.com/how-much-personal-finance-tiktok-creator-earns-spends-a-month-2022-7?r=tiktok-creators-lp">Personal finance influencer Erin Confortini (around 284,000 followers) lists out her earnings from brand deals, UGC, and affiliates</a></li><li><a href="https://www.businessinsider.com/how-much-creator-with-under-10k-followers-charges-sponsored-posts-2022-4?r=tiktok-creators-lp">Jalyn Baiden (about 25,000 followers) is a TikTok nano influencer who charges around $1,000 for a sponsored post</a></li><li><a href="https://www.businessinsider.com/how-much-tiktok-creator-tejas-huller-makes-six-revenue-streams-2022-6?r=tiktok-creators-lp">Tejas Hullur (around 587,000 followers) said his fee for a sponsored TikTok post starts at $3,000 </a></li><li><a href="https://www.businessinsider.com/how-much-tiktok-creator-earns-user-generated-content-ugc-brands-2022-8?r=tiktok-creators-lp">Salha Aziz (about 22,000 followers) charges brands $160 for a single video</a></li><li><a href="https://www.businessinsider.com/how-much-tiktok-instagram-creator-influencer-earns-from-brand-deals-2022-3?r=tiktok-creators-lp">Deanna Giulietti (around 1.8 million followers) made over $500,000 from brand partnerships across TikTok and Instagram in 2021</a></li><li><a href="https://www.businessinsider.com/how-beer-chugging-tiktok-star-harry-raftus-built-business-2021-7?r=tiktok-creators-lp">College influencer Harry Raftus (about 1.3 million followers) explains how much he earns from song promos and alcohol-related brand deals</a></li><li><a href="https://www.businessinsider.com/tiktok-thrifting-creator-pay-rates-brand-deals-200-thousand-followers-2020-12?r=tiktok-creators-lp">Symphony Clarke (about 207,000 followers), who makes videos about thrift shopping, shares her rates for brand sponsorships</a></li><li><a href="https://www.businessinsider.com/how-much-money-tiktok-influencer-makes-brands-200-thousand-followers-2020-10?r=tiktok-creators-lp">Fashion creator Carolina Freixa (around 766,000 followers) tells us how much money she makes from brand campaigns</a></li><li><a href="https://www.businessinsider.com/day-in-the-life-tiktok-skincare-influencer-1-million-followers-2020-10?r=tiktok-creators-lp">Skincare influencer Young Yuh (about 1.7 million followers) shares how he calculates his pay rate</a></li><li><a href="https://www.businessinsider.com/how-much-money-tiktok-star-makes-sponsorship-1-million-followers-2020-10?r=tiktok-creators-lp">Dana Hasson (around 2.9 million followers), who posts recipes and lifestyle videos, explains how much she makes from brand deals</a></li><li><a href="https://www.businessinsider.com/how-much-money-tiktok-star-mcfarland-family-charges-for-sponsorships-2020-12?r=tiktok-creators-lp">TikTok family The McFarlands (about 4.1 million followers) on how much they earn from brand deals</a></li></ul><h2>How TikTok creators make money from song promotions</h2>Another popular way to earn money as a TikToker is by promoting songs in videos. Music marketers and record labels regularly pay TikTok users to post on the app in an attempt to make a new track go viral. TikTok-creator trio Nicole, Natalie, and Nika Taylor, who have around 12.8 million followers on the app, told BI in 2021 they charge $750 to promote a song in a single video, $1,400 for two videos, and $2,000 for three videos.Read more about<a href="https://www.businessinsider.com/how-much-tiktok-creators-get-paid-to-promote-songs-marketers-2021-6?r=tiktok-creators-lp"> how much TikTok creators get paid to promote songs</a> on the appMusic producers can also make money on TikTok by creating sped-up, slowed-down, or remixed versions of tracks for artists and record labels.Read more about how much creators get paid to promote new tracks on TikTok:<ul><li><a href="https://www.businessinsider.com/how-much-tiktok-music-producers-earn-from-song-remixes-mashups-2022-9?r=tiktok-creators-lp">Music producers on TikTok reveal how much they get paid to make song remixes and mashups</a></li><li><a href="https://www.businessinsider.com/how-much-tiktok-creators-get-paid-to-promote-songs-marketers-2021-6?r=tiktok-creators-lp">Creators and marketers share how much song promotions cost on TikTok</a></li><li><a href="https://www.businessinsider.com/tiktok-marketers-using-hydraulic-press-and-slime-videos-music-promotions-2021-10?r=tiktok-creators-lp">Why creators who make hydraulic press videos and DIY slime posts are getting paid to post songs</a></li><li><a href="https://www.businessinsider.com/tiktok-music-marketers-are-hiring-micro-influencers-over-mega-stars-2021-6?r=tiktok-creators-lp">Why TikTok music marketers are hiring micro influencers over superstars</a></li><li><a href="https://www.businessinsider.com/tiktok-music-marketers-explain-pay-rates-for-influencer-campaigns-2020-12?r=tiktok-creators-lp">2 music marketers discuss how much TikTok influencers can earn from song promotions</a> <a href="https://www.businessinsider.com/tiktok-music-marketers-explain-pay-rates-for-influencer-campaigns-2020-12?r=tiktok-creators-lp"></a></li></ul>

How much money TikTokers make, according to top creators

<div class="KonaFilter image-container display-table"><div><div class="image"></div></div></div><ul class="summary-list"><li>Goldman Sachs announced its 2019 class of managing directors, with 465 new promotes getting the nod.</li><li>Of the 465 promoted, 29% are women, and 34% identified as an ethnic minority or LGBTQ.</li><li>The firm announces managing-director promotions every two years.</li><li>It's one of the most coveted positions on Wall Street, a step below partner at the premier investment bank.</li></ul><a href="http://markets.businessinsider.com/stock/GS-Quote"> Goldman Sachs</a> just announced a new class of 465 managing directors, and millennials comprised nearly two-thirds of it. The promotions, which are announced once every two years and are among the most coveted on Wall Street, put recipients one step <a href="https://www.businessinsider.com/goldman-ceo-solomon-offering-buyouts-to-partners-shrink-senior-ranks-2019-9">below partner</a> at the prestigious investment-banking firm.The 2019 class is smaller than the record-setting class of 509 in 2017, but larger than the class of 2015, which had 425 new MDs.It's also one the youngest classes the bank has promoted - 62% are millennials, up from 44% in 2017 and <a href="https://www.businessinsider.com/goldman-managing-director-list-2015-11">30% in 2015</a>.Other headline stats about the class:<ul><li>66% started their careers as analysts or associates at Goldman Sachs, equal with 2017.</li><li>29% of the class is women, up from 24% in 2017.</li><li>34% of the identified as an ethnic minority or LGBTQ: 26% are Asian, 4% are black, 2% are hispanic/Latino, and 2% are LGBTQ. </li></ul><h2>Here's the full list of all 465 new managing directors:</h2>Rashid Abdalla Angela Abramian-Katz Meredith Adams Keren Adan Vikas Agrawal Mike Ahern Edward Ainsworth Danny Akerman Temidayo Akinola Aaron Albert Eyas Aldossari Marsha Alexander Daniel Alger Asad Ali Brendan Ames Dipam Amin Rebecca Anderton-Davies Junnosuke Ando Ash Ang Timothy Arblaster Kenan Arkan Patrick Armstrong Cameron Arrington Cindy Au Anne-Victoire Auriault John Aurre Frederick Baba Andrew Bailey Tanya Baker Victoria Baker-Duly Venkatesh Balasubramanian Nick Baltas Maria Barron Baratech Luke Barrs Robert Bartlett Dennis Beeson Angus Bell Bob Bengtson Kerryann Benjamin Jeff Bernstein Adam Berry Michel Beshara Justin Betzen Praveen Bhagavathula Peter Biggs Ersen Bilgin Nathan Bird Simon Birtwistle Barnali Biswal Brittany Boals Moeller David Bodenstein Vanessa Bogaardt Kevin Boova Andrea Bora Said Boujnah Jeff Boyd Rachel Boyd Glyn Braganza Joyce Brayboy Pierre Brunet Keith Brunini Steven Budig Francisco Cabeza Kimberly Carabetta Sarah Card Marie Cardoen Gloria Carreno Jonathan Carter Osmar Castellani Junior Lucia Catalan Federico Ceresole Jeffrey Chao John Chappell Yogesh Chati Frank Chen Selina Chen Hakim Cherrouk Christopher Yiu Chung Cheung Tak Cheung Siddharth Chhabria Liz Chick James Chilcott Jon Child Naveen Choppara Leonard Chung George Cole Greg Collett James Colletti Kevin Conniff Simon Constant Charles Corke Krystal Cowan Ben Coward-Talbott Nerissa Cumberbatch Ryan Cunn Nadim Daban Brook Dane Abigail Darby Michael Daub Bill Davis Christopher Dawe Jeffrey Dawkins Adam Dawson Philipp de la Chevallerie Camille de Lamotte Frederik De Neree Joaquin de Soto Dan Deighton Manuel Deijk Stefanie D'Elia Lena Demashkieh Michael Dente Philippe Derimay Bradley Diener Michel Dimitri Angelo Diotisalvi Natalia Dobrinskaya John Doherty Matthew Doherty Jerome Dortmans Hamish Douglas Crista Downey Andre D'Souza Alexander Dupont Brett Durick Tsuyoshi Egawa Gaudenz Eichenberger Nnaemeka Eke Bill Elfsten Abel Elizalde Russell Elliott Scott Epperson Robert Fama Meriem Feghoul Xinyi Feng Roger Fenningdorf David Fernandez Morgan Fitzpatrick Ryan Flanagan John Flood Kellan Florio Kerry Flynn Jeremy Follett Anneliese Foster Fabrice Francois Marissa Freund Anders Furuhed Sebastien Gagnon Timothy Galligan Francesca Gardner Raj Garigipati Brian Garrett Douglas Gilman Aaron Goldman Jeremy Goldman Sanyam Goyal Ricky Grant Steven Gray Jules Gruner Shao Ping Guan Anushka Gupta Sonia Gupta Arvind Guruprasad Itir Guvenc Mungan Raymond Haagen Andrew Haave Sylvia Hadjimamas Terry Hagerty Sharon Hall Jeff Haller Scott Hankey Sara Hanlon Tom Haraldsson Alex Harman Lauren Havens Ken Hayahara James Hayward Tom Healy Victoria Hegan Michael Heller Paula Hendrickson Evan Herring Schuyler Heuer Daniel Hibbert Andrew Hine Megan Hogan Yoomin Hong John Hooton George Horton Dan Howard Christine Hu Katie Hyde Nicole Irvin Ahmed Ismail Kumar Iyer Philip Jacob Raphaelle Jacquemin Rajan Jain Rich James Marene Jennings Kyle Jessen Natasha Jhunjhunwala Brandon Johnson Geddes Johnson Milind Joshi Sojin Jung Amy Jupe Michael Kagan William Kallop Jordan Kaufman Charlotte Keenan Maxime Kennel Aron Kershner Ronald Keung Eugene Khafizov Feroz Khosla Kieron King Tom Knott Simon Knowles Sarah Kong Scott Konicki Robert Koslow Kunal Koya Elisabeth Kozack Joanna Kozlowski Kristin Kramer Jason Kreuziger Daniel Krinsky Kristin Kuney Casey Laflamme Beyrouthawit Lakew Mikael Lang Mark Langham Francesca Lau Karmen Lau Victoria Ledda Adrian Lee Sara Lee Niall Leguillon Chip Lemkau Marie Claire Lennon Matthew Leskowitz Ryan Lester Curtis Leung Jacky Leung Giulia Lewandowski Christian Lhert Aihua Liang Chi-Yu Liang Mony Lim Nyan Lin Tobias Lindemann Jon Lindgren Ada Liu Adrian Loh Syida Long Lorenzo Pasquale Longo Alexandre Lucas Michelle Luk Amanda Lynam Chris Lyon Srivats Madhavan Alok Madhukar Devasish Majumdar Salome Makharadze Shun Manabe James Mann Todd Mansfield Corey Maple Ivan Martinez Farzad Mashayekhi Morad Masjedi Michael Mastropaolo Moe Matar Colin Mathews Ritesh Mathur Brooke Mayne Jordan McCallum Mark McCaskill Catherine McCormack Paul McGregor Andrew McLennan Brian McMahon Nehal Mehra Ramiro Menchaca Mark Midle Giuseppe Milicia Kristin Milot Yusuke Minowa Aric Mizrahi Sherry-Ann Mohan Stacy Mohr Mohammed Mohsinali Helen Moloney Matthew Mottram Richard Mulley Ken Murata Sarah Murray Usman Naeem Soumik Nandy Satish Narang Vijay Narayanan Jamil Nathoo Joseph Natoli Sean Navin Aziz Ndiaye Ryan Newman Sara Nielsen Eyal Nirenberg Quinn O'Bryen Joanna Obstoj Jackie O'Connor Nonso Ogbonna Laide Oginni Mari Oishi Scarlett Omar-Broca Enrico Orlandi Jean Otrakji Edouard Panie Francesco Papa Pratik Pareek Gemma Parrott Atul Pawar Arnaud Payement Yuriy Podoshev Mitesh Popat Matthew Popper Arnaud Porchet Nicole Poulson Joseph Pozzi Anant Prasad Frederic Pripp Chaitra Purushotham Benny Quek Conor Quinn Thomas Radberg Stephanie Raimo Kamal Ramnani Michael Rand Olivia Rascoe Jibraan Rasheed Varun Rastogi Seth Reagen Nikhil Reddy Adil Rehman Elaine Rene Salveen Richter Fabian Riedel Helen Rigley Joe Ritchie Ilan Rochman David Rockliff Pearl Rodrigues Mark Romanczuk Mairin Rooney Delia Rosoga Ranjith Roy Mark Ruffles Benjamin Runnacles Ashley Ryan Eric Ryckman Takeshi Saito Sushil Sancheti Neha Santiago Vijay Saraswat James Sarvis Christian Schaefer Heather Schuyler Katelyn Seager Gowri Sekar Chris Semones Vikram Sethi Hui Shan Adi Sharma Praharsh Sharma Nicole Sharp Inna Shaykevich Jenna Shen David Shih Michael Shin Aekloveya Shyam Haris Siddiqi Adam Siegler John Sienkiewicz Craig Singer Peter Smith Brian Snyder Tejas Sodha Doug Spencer Mark Spitzer Anushree Srivastava Christian Stassen Holger Staude Emily Stecher Becky Steinthal Samuel Su Vivek Sukhatme Danny Suwanapruti Andy Tai Stephanie Tan Kei Tanaka Jacky Tang Hekmat Tannous Michael Tarulli Luigi Tavella Archana Tayade Emma Taylor Lori Taylor Asher Teren Gurtaran Thethi Jonathan Thomas Neil Thomas Bryn Thompson-Clarke Todor Todorov Steven Torbeck Sidney Tordjman Stephen Tripi Clemens Tripp Michael Trokoudes Jason Tsang Christian Tschirdewahn Candice Tse Vicki Tung Mateo Ugas Alekhya Uppalapati Rucha Vaidya Steven Valentic Peter VanDeventer Kyle VanFleet Alexandre Virolle Christopher Volmut Neel Vora Danielle Walsh Jordan Walter Bingwen Wang Phyllis Wang Zac Wang Brandon Watkins James Weaver Deborah Wei* Steven Weiss Robert Whelan Andrew White Anna Whitlow Eva Maria Wiecko Liz Wilcockson Lennart Wilhelm Rob Williams Henry Willoughby Jim Wiltshire Maggie Wojcik William Wolcott Jean Xu Xiao-ou Kevin Xu Susan Yan Julien Yoo Wael Younan Laura Young Nick Young Ali Zaidi Kirill Zavodov Thilo Zeidler James Zhang Wanjing Zhang Yun Zhang <a href="https://www.businessinsider.com/intelligence/10-up-and-coming-fintechs-2019?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=10-up-and-coming-fintechs-2019-2"></a>

Goldman Sachs' new managing-director list is out, and millennials dominated the class

How much money TikTokers make, according to creators

REUTERS/Chaiwat SubprasomCarlos Ghosn, international man of mystery.<ul class="summary-list"><li>As recently as 2017, <a href="https://www.businessinsider.com/category/carlos-ghosn">Carlos Ghosn</a>, the automotive executive leading a triple alliance of companies, was raking in tens of millions of dollars in compensation and had homes on multiple continents. </li><li>Today he's an international fugitive, having skirted Japanese authorities in an escape that's captured the world's attention. </li><li>The 65-year-old is assumed to be in Beirut, where he holds citizenship and can avoid extradition to Japan, where he faces multiple charges of financial malfeasance. </li><li>Through press reports spanning Ghosn's 14 months of drama, Business Insider has pieced together a comprehensive account of the industry superstar's epic rise - and messy fall.</li><li><a href="https://www.businessinsider.com/prime">Click here for more BI Prime stories.</a></li></ul>In 2018, Carlos Ghosn was one of the most powerful automotive executives in the world.As chief of the Renault-Nissan-Mitsubishi Alliance, the Brazilian-born and French-educated businessman oversaw vehicle sales totaling more than $243 billion in revenues worldwide by 2018. Along the way, he earned nicknames like "<a href="https://www.telegraph.co.uk/finance/2942490/Le-Cost-Killer-faces-toughest-test.html">le cost killer</a>" and "the Ice Breaker" for helping turn around failing automotive businesses. But by Tuesday, the 65-year-old was no longer a cosmopolitan boss but rather an international fugitive, having somehow slipped out of house arrest in Japan while awaiting trial for charges of financial misconduct and personal use of company assets. He has categorically denied all allegations since his first arrest in November 2018.Theories of how Ghosn apparently hoodwinked authorities swirled after he confirmed a safe arrival in Lebanon, which has no extradition treaty with Japan, making the continuation of his trial difficult, if not impossible. MTV, a Lebanese television channel, reported Ghosn may have hidden inside a musical-instrument carrying case brought by a band playing at his Tokyo home for a holiday party. The station did not cite any sources for the instrument-case escape theory.Other accounts said Ghosn, who held multiple international passports, may have evaded authorities by using forged papers and a false identity at a smaller under-the-radar airport. One Beirut official said Ghosn entered the country with a French passport, <a href="https://www.nytimes.com/2019/12/31/business/carlos-ghosn-escape-japan.html">The New York Times reported</a>.Regardless of his methods, Ghosn's international escapade is yet another wrinkle in a saga likely to define three decades of intense competition and dealmaking in the auto industry - a trend that began when electric vehicles were still largely a pipe dream and scandals like <a href="https://www.businessinsider.com/category/dieselgate">Dieselgate</a> would be hard to imagine.<h2>The turnaround artist earns his chops</h2><a class="zoomin" href="https://static-ssl.businessinsider.com/image/5e0baef9855cc26ccc581aee-960/carlos ghosn time.png"></a>TIMEAfter graduating from France's most elite engineering programs, a younger Ghosn joined the French tire maker Michelin. There, he worked his way up through plant-manager roles and research-leadership roles, eventually being tasked with repairing the company's South American operations and restructuring the North American division after an acquisition, according to a <a href="https://time.com/vault/issue/2003-05-19/page/66/">2003 Time magazine profile</a>.His reputation eventually landed him a job as CEO of Renault when the French automaker was privatized in 1996."Within two years, Renault had recovered with record profits," researchers at Coventry University's center for Sustainable Regeneration, <a href="https://web.archive.org/web/20130903080634/http://www2.cddc.vt.edu/digitalfordism/fordism_materials/Donnelly.pdf">wrote</a> in 2004. Cost savings from production streamlining and the introduction of a third manufacturing shift helped the automaker shore up enough profits to buy a 37% stake in Nissan just before the end of the decade.After the deal was signed, Nissan's gross margins grew quickly, peaking at more than 10% in the 2000s before the global financial crisis gutted automotive businesses. Even as the world's economy struggled to rebound, Nissan's profits quickly returned to the black.The alliance of Nissan and Renault would flourish into the 2010s, with Ghosn's pay increasing the entire time. In 2014, Ghosn was <a href="https://www.bbc.com/news/business-46321097">taking home more than $15 million</a> in his annual salary from both automakers and a bonus from Renault.Compared with other auto executives, Ghosn's pay was astronomical. The superstar executive's income - or at least, what's available, given authorities' accusations of massive underreporting - shows he <a href="https://www.reuters.com/article/us-nissan-ghosn-compensation-factbox/factbox-how-carlos-ghosns-pay-compares-with-other-top-auto-executives-idUSKCN1NS0P5">outearned all but General Motors' Mary Barra in recent years</a>, with her stock options helping her slightly edge out Ghosn.Jetting between the two companies' headquarters on different continents meant he was racking up miles on Nissan's corporate jet too. The company <a href="https://www.businessinsider.com/carlos-ghosn-flew-on-nissan-gulfstream-jets-report-2018-12">in 2016 bought a Gulfstream G650</a> - one of the most popular and opulent private jets - to replace an aging Gulfstream model. G650 jets can sleep up to 10 people and easily cost upward of $67 million.Jacob Russell/Getty ImagesThere was a heavy security presence outside Ghosn's Beirut mansion on Tuesday.Throughout 2016, according to The Wall Street Journal, the jet made stops at more than 35 different airports on more than 80 travel days that year. It also departed Beirut eight times in the seven weeks before his November arrest, The Journal reported, citing flight records. Among other corporate amenities Japanese prosecutors likely think Ghosn misused for personal gain include an €8,000-per-month apartment in Amsterdam leased exclusively for the executive. <a href="https://www.bloomberg.com/news/articles/2018-12-10/ghosn-s-homes-spanned-the-globe-now-nissan-is-seizing-the-keys">Bloomberg reported in 2018 </a>Nissan also leased properties in Brazil, France, Beirut, and Tokyo.By 2016, the alliance was so successful that it easily acquired a 34% stake in Mitsubishi after the automaker was hit by several scandals.<h2>Alliance 2022</h2>Nine million vehicles. Four common platforms. Six years.That's the audacious plan set out by Ghosn in 2017, heralding a "new milestone" for the three-company alliance as it also welcomed a new logo for a new era."Our total annual sales are forecast to exceed 14 million units, generating revenues expected at $240 billion by the end of the plan," <a href="https://www.alliance-2022.com/news/alliance-2022-announcement/">Ghosn said at the time</a>.There's still time for the alliance to hit the goals, but the likelihood of its success was thrust into chaos in November 2018, when Ghosn was arrested as he tried to depart on the company jet in Tokyo alongside Nissan Director Greg Kelly.Kyodo News via Getty ImagesJunichiro Hironaka.For more than a year since the initial arrest, Ghosn had been in Japan, either in custody or on house arrest, until this week's escape. After a 3 1/2 month stay in a Japanese jail - with limited access to the outside world, 30 minutes of exercise daily, and only two baths a week - Ghosn and his legal team worked out a bail deal with prosecutors.The $9 million bail conditions stipulated that Ghosn's legal team retain his three passports, and prosecutors also requested he have minimal contact with his wife for fear the duo could plot to tamper with evidence and witnesses or escape.Even Ghosn's lawyer Junichiro Hironaka is unsure how he pulled it off, he <a href="https://www.nytimes.com/2019/12/31/business/carlos-ghosn.html?action=click&amp;module=RelatedLinks&amp;pgtype=Article">told reporters</a>."It would have been difficult for him to do this without the assistance of some large organization," Hironaka said, according a New York Times report. "I want to ask him, 'How could he do this to us?'" Ghosn even apparently left all his things in Japan, the lawyer added.OSEPH EID/AFP via Getty ImagesGhosn on a publicity billboard in his support in Beirut on December 6, 2018.<h2>What happens next? That's anyone's guess. </h2>In a brief statement on Monday, while most Japanese government and business offices were closed for New Year's, Ghosn said he was fleeing persecution and what he called a "rigged" justice system."I am now in Lebanon and will no longer be held hostage by a rigged Japanese justice system where guilt is presumed, discrimination is rampant, and basic human rights are denied, in flagrant disregard of Japan's legal obligations under international law and treaties it is bound to uphold," Ghosn <a href="https://www.nytimes.com/2019/12/30/business/carlos-ghosn-left-japan.html">said through a spokesperson</a>."I have not fled justice - I have escaped injustice and political persecution," the statement said. "I can now finally communicate freely with the media, and look forward to starting next week."Ghosn is expected to make a more formal appearance next week from Lebanon, a country that has largely embraced both Ghosn the superstar and Ghosn the fugitive."We are all Carlos Ghosn," a billboard in Beirut said in December 2018.But on Twitter, as speculative theories swirled, one asked: Will the same <a href="https://twitter.com/shiringhaffary/status/1212026021005840384?s=21">postage stamp that bore Ghosn's likeness in 2003</a> also show him in an inmate's jumpsuit?That's something we'll all have to wait and learn. Japanese authorities, meanwhile, will have plenty of questions to answer after the holiday.Additional reporting by Matthew DeBord, Benjamin Zhang, Taylor Nicole Rogers, Callum Burroughs, and Meira Gebel. <h3>NOW WATCH: <a href="https://www.businessinsider.com/boeing-737-max-airplane-crash-incidents-recover-lawsuits-scrutiny-2019-7">Boeing 737 Max production is being halted. Will the aviation giant recover from the 737 Max crisis?</a></h3>

Inside Carlos Ghosn's epic fall from superstar auto executive to international fugitive

<div class="KonaFilter image-container display-table"><div><div class="image on-image">Petr David Josek/APCaster Semenya of South Africa crosses the finish line to win the women's 800 meters for Africa at the IAAF track and field Continental Cup in Ostrava, Czech Republic on September 9, 2018.</div></div></div><ul class="summary-list"><li>Olympic gold medalist Caster Semenya's body naturally <a href="https://www.insider.com/trump-administration-define-gender-sex-genitals-science-2018-10">produces testosterone at levels higher</a> than the average woman's body.</li><li>This prompted the International Association of Athletics Federations (IAAF) to dictate that Semenya must take medication to <a href="https://www.businessinsider.com/semenya-loses-appeal-against-iaaf-testosterone-rules-2019-5">reduce her testosterone levels in order to continue competing</a>. </li><li>The Court of Arbitration for Sport <a href="https://www.businessinsider.com/caster-semenya-ruling-sets-dangerous-precedent-2019-5">sided with the IAAF</a>, and now a scientist with the IAAF has presented research that supports the organization's new rules as well.</li><li>But according to two outside experts, the new policy presents a slippery slope, since it raises questions about what it really means to be a woman.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Businessinsider.com for more stories</a>.</li></ul><a href="https://www.google.com/url?sa=t&amp;rct=j&amp;q=&amp;esrc=s&amp;source=web&amp;cd=15&amp;ved=2ahUKEwiSrLCpxYLiAhWidt8KHY65AT4QFjAOegQIARAB&amp;url=https%3A%2F%2Fwww.businessinsider.com%2Fsemenya-loses-appeal-against-iaaf-testosterone-rules-2019-5%3Futm_content%3Dbuffera6746%26utm_medium%3Dsocial%26utm_source%3Dfacebook.com%26utm_campaign%3Dbuffer-sports&amp;usg=AOvVaw2cDPt40PW9AtOxaB-6ywAH">Caster Semenya</a> hasn't lost an 800-meter running race since 2015. The three-time South African world champion has won two Olympic gold medals.But on May 1, Semenya lost her ability to compete at the international level.Because Semenya's body <a href="https://www.insider.com/trump-administration-define-gender-sex-genitals-science-2018-10">naturally produces testosterone at levels higher</a> than the average woman's body, the International Association of Athletics Federations (IAAF) decided she must take medication to <a href="https://www.businessinsider.com/semenya-loses-appeal-against-iaaf-testosterone-rules-2019-5?utm_content=buffera6746&amp;utm_medium=social&amp;utm_source=facebook.com&amp;utm_campaign=buffer-sports">reduce her testosterone in order to continue running internationally</a>. The Court of Arbitration for Sport (CAS) <a href="http://ecrg.com/bigo/live/?fbclid=IwAR1dZhuAjCxiM37wdd0faYdlCMuDLZKWxNmNNaApzgL1A_LTvjE7vq5T1lY">sided with the IAAF</a>.Semenya has refused to meet the new demands, so she won't be allowed to compete in IAAF-approved events, which are the only qualifiers for the Olympic track and field competitions.Read More: <a href="https://www.businessinsider.com/caster-semenya-wins-final-race-before-iaaf-ruling-goes-into-effect-2019-5">The highest court in athletics told her she was no longer allowed to compete because her body produced too much testosterone. Caster Semenya responded: 'No man, or any other human, can stop me from running.'</a>On Tuesday, Angelica Lindén Hirschberg, who chairs the group of medical experts advising the IAAF on this issue, presented research that shows top female athletes in general are more likely to have higher-than-average testosterone levels. In a talk at <a href="https://www.ese-hormones.org/media/1693/ece-2019-preliminary-programme_awk-online.pdf">the annual meeting of the European Society of Endocrinology</a>, Hirschberg said sporting organizations are justified in taking those differences into account for rule-making."Elite female athletes want to compete fairly against other women, not those who have a more male physiology," she <a href="https://www.eurekalert.org/emb_releases/2019-05/esoe-sfr051619.php">said in a press release</a>."In the interests of fairness in sport for all, a policy that responds with sensitivity to those who may have a condition causing high testosterone is needed." But Katrina Karkazis, a bioethicist at Yale University, told Business Insider that this research is cause for concern - not only because <a href="https://bjsm.bmj.com/content/51/17/1309">the IAAF are using their own internal experts</a> to provide evidence in favor of their ruling, but also because the organization's new rules raise big questions about gender identities. "It relies on folksy ideas about who's really a woman and what traits make you a woman," Karkazis said.<h2>'Differences of sexual development'</h2>Semenya is considered to have "differences of sexual development" (DSD), a blanket term for conditions in which a person's reproductive organs or genitals <a href="https://www.nhs.uk/conditions/disorders-sex-development/">don't develop as expected</a>. Sometimes, individuals with DSD are called intersex, meaning they were born with "a reproductive or sexual anatomy that doesn't seem to fit the typical definitions of female or male," according to <a href="http://www.isna.org/faq/what_is_intersex">the Intersex Society of North America</a>. Females with DSD can sometimes have one X and one Y chromosome, or under-developed ovaries or clitorises. In some cases, DSD can lead to higher levels of testosterone. This is the case for Semenya. <div class="KonaFilter image-container display-table"><div><div class="image on-image">Alexander Hassenstein/GettySemenya competes at the international level for South Africa.</div></div></div>The IAAF's <a href="https://www.iaaf.org/news/press-release/eligibility-regulations-for-female-classifica">new rules</a> dictate that certain DSD women competing in races between 400 meters and one mile in distance must not exceed a designated threshold for testosterone: 5 nanomoles per liter of blood. That's half the previous limit."If we cannot maintain separate male and female categories, then women will no longer have a path to success in elite athletics, and the IAAF is committed to the principle of equal opportunity for female athletes," Nicole Jeffery, head of communications for the IAAF, said in a statement to Business Insider. "We have put the limit on testosterone rather than any other characteristic because this is the defining characteristic of the two categories ... It is about the larger principle of maintaining the separation between the male and female categories, which allows women to shine in athletics."If female athletes' testosterone levels are above the IAAF's new limit, they must use injections or oral contraceptives to artificially lower their testosterone for six months before rejoining international competition.<a href="https://www.theguardian.com/sport/2019/may/01/caster-semenya-loses-landmark-legal-case-iaaf-athletics">The Guardian reported</a> that the two CAS arbitrators who voted in favor of this policy indicated that, because a higher testosterone level "confers significant advantages in size, strength, and power," the regulation was "necessary, reasonable and proportionate" to ensure fair competition. "The female category in sport is a protected category. For it to serve its purposes, which include providing females opportunities equal to males, it must have eligibility standards," Hirschberg and four other medical experts said <a href="https://www.iaaf.org/news/press-release/cas-dsd-experts">in a statement</a>.<h2>What Hirschberg's research says</h2>According to Hirschberg and her colleagues, testosterone levels in healthy men are between 7.7 to 29.4 nanomoles per liter of blood, and 0 to 1.7 nanomoles per liter for women.Previous studies in men indicated a relationship between their testosterone levels and enhanced performance, but that relationship had thus far remained tenuous among women. Now, Hirschberg's research has shown that "women with very high testosterone levels develop muscle mass and physical endurance more similar to that of men."Based on that data, the scientists recommended the testosterone maximum that the IAAF used in its new rule."We have focused specifically on defining the levels that really confer additional advantages on strength and speed in women, and setting an appropriate limit for competitive fairness," Hirschberg said in a press release. That limit, she added, "takes into account whether the levels are high enough to push women's physiology to be more similar to men's."<div class="KonaFilter image-container display-table"><div><div class="image on-image">Lintao Zhang/Getty ImagesAthletes with "differences of sexual development" can't compete in hurdles between 400m and a mile without lowering their testosterone levels.</div></div></div>But the abstract from Hirschberg's talk at the conference raised some red flags for Karkazis."The fact that [the IAAF] have turned to their in-house scientist to provide the evidence for their regulations really struck me," she said. "Normally what you'd do is have <keyword id="41551" type="ENTERTAINMENT" weightage="100" keywordseo="science">science</keyword> note something that could be a problem and consider regulating it. But here evidence is coming in with the idea to support a regulation. The cart's coming before the horse." <h2>Is the IAAF regulating what it means to be a woman?</h2>Not all women with higher-than-average levels of testosterone have DSD like Semenya. Many have polycystic ovary syndrome (PCOS), a condition in which a woman has ovaries and two X chromosomes but high levels of testosterone."If you have 100 women with high testosterone, 60% to 70% will have PCOS," Karkazis said.Thus far, female athletes with PCOS aren't subject to the IAAF's regulations because their <a href="https://www.sportsintegrityinitiative.com/wp-content/uploads/2018/04/Explanatory-Notes_-IAAF-Eligibility-Regulations-for-the-Female-Classification.pdf">testosterone levels generally still fall below the new limit</a>. But for Karkazis, the fact that the rules affect women with DSD but not PCOS is problematic."That's a strong piece of evidence that this isn't about testosterone at all, but rather medical intervention about gender norms," she said.Karkazis pointed to an IAAF <a href="https://www.iaaf.org/news/press-release/questions-answers-iaaf-female-eligibility-reg">question-and-answer sheet</a> in which the organization refers to the oral contraceptives that lower testosterone levels as "a gender-affirming standard of care." <a href="https://www.hopkinsmedicine.org/health/wellness-and-prevention/gender-affirmation-do-i-need-surgery">Gender-affirming care</a> typically refers to surgeries or treatments that help individuals change their bodies to conform to their gender identities.Vikki Krane, a professor of human development at Bowling Green State University, told Business Insider that she thinks this language suggests "the IAAF are claiming this is a medical issue that DSD women want to address."But many female athletes with DSD, Semenya included, don't want to undergo hormonal therapy. "These athletes have been socially and legally recognized as women their whole lives," Karkazis said. "So in what sense are these interventions 'gender-affirming?'"<div class="KonaFilter image-container display-table"><div><div class="image on-image"><a href="http://www.apimages.com/metadata/Index/Italy-Athletics-Golden-Gala/3108cb336b654c7f9200f61a445f2b78/4/0">Gregorio Borgia/AP</a>South Africa's Caster Semenya celebrates after winning the the women's 800m event at the Golden Gala IAAF athletic meeting, in Rome's Olympic stadium, Thursday, June 2, 2016.</div></div></div>Instead, Karkazis and Krane said, the ruling raises questions about whether DSD women with XY chromosomes are really women."It all comes down to the IAAF policing who gets to call themselves a female, all under the guise of fairness in sport," Krane said. "The ruling opens the door to greater policing of female bodies." <div class="margin-top"> <h3>NOW WATCH: <a href="https://www.businessinsider.com/beards-facial-hair-men-cant-grow-dermatologist-testosterone-2018-11">The reason some men can't grow full beards, according to a dermatologist</a></h3> <div> </div> </div>

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Binance co-founder Yi He to head its $7.5 billion VC arm

Eetika Kapoor

Business Insider Awards and Recognition

Business Insider

How much money TikTokers make, according to top creators

Dan Whateley

Goldman Sachs' new managing-director list is out, and millennials dominated the class

Alex Morrell,Dakin Campbell

How much money TikTokers make, according to creators

Dan Whateley

Inside Carlos Ghosn's epic fall from superstar auto executive to international fugitive

Graham Rapier

Some female runners now have to artificially lower their testosterone to compete. Experts say those rules create a slippery slope.

Aylin Woodward

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