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The serial entrepreneur and prolific startup investor Gil, who is part of Business Insider's 2024 AI Power List, has <a target="_blank" class="waffle-rich-text-link" href="https://pitchbook.com/news/articles/exclusive-prominent-solo-vc-elad-gil-raises-1b-for-3rd-fund">raised $1 billion</a>, reportedly bringing his personal war chest to <a target="_blank" class="waffle-rich-text-link" href="https://techcrunch.com/2024/02/01/renowned-investors-elad-gil-and-sarah-guo-on-the-risks-and-rewards-of-funding-ai-tech-the-biggest-threat-to-us-in-the-short-run-is-other-people/">more than $2 billion</a>, to deploy into AI startups. Gil, who invested early in Airbnb, Stripe, and Square, has backed some of the most notable AI startups, such as <a target="_blank" class="waffle-rich-text-link" href="https://www.businessinsider.com/sequoia-funding-round-legal-generative-artificial-intelligence-startup-harvey-2023-4">Harvey</a>, Mistral, Pika, Magic, and <a target="_blank" class="waffle-rich-text-link" href="https://www.businessinsider.com/nea-generative-ai-search-engine-perplexity-funding-venture-capital-2023-3">Perplexity</a>. Gil, a former operator at Twitter and Google, <a target="_blank" class="waffle-rich-text-link" href="https://www.businessinsider.com/elad-gil-investors-ai-app-wave-coming-2024-2">recently told Business Insider</a> that he believed the "AI app layer" would start to crystalize this year, bringing the power of rapidly advancing foundation models to the masses.See Business Insider's full <a target="_blank" class="" href="https://businessinsider.com/ai-power-list-2024">AI Power List</a>

Elad Gil raised $1 billion to invest in leading AI startups

<ul class="summary-list"><li>Before he was the vice president-elect or a senator, <a target="_blank" class="" href="https://www.businessinsider.com/trump-vice-president-jd-vance-career-facts-2024-7">JD Vance</a> was a venture capitalist.</li><li>He maintains ownership stakes in several funds, according to his disclosure forms.</li></ul><a target="_blank" class="" href="https://www.businessinsider.com/election-results-congress-historic-firsts-2024-11">JD Vance</a> is a man of many careers: attorney, author, senator, vice president-elect, and, perhaps less well-known, venture capitalist.For about six years between graduating from law school and becoming a United States senator from Ohio, Vance held various positions in the space before eventually starting his own fund, Narya Capital.Over his career, Vance has been involved in investments across a broad range of business areas. Through Narya, he continues to hold a portfolio of investments in several startups, though he gave up his role as a partner there in 2022 and doesn't actively run or advise any of the companies.<h2 id="4b0a6db6-89d6-4a96-93e8-e561475e4b10">Vance's early VC career</h2>After a brief stint at a now-defunct biotech startup, Vance got a job at his benefactor <a target="_blank" href="https://www.businessinsider.com/peter-thiel">Peter Thiel's</a> venture fund Mithril Capital.He went on to work as a managing partner at <a target="_blank" class="" href="https://www.businessinsider.com/rise-of-the-rest-steve-case-jd-vance-2018-1">Rise of the Rest</a>, part of Steve Case's Revolution venture firm. The fund's mission is to invest in companies outside major tech hubs — New York, Silicon Valley, Boston — and Vance, whose outsider persona was cemented by his memoir <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-hillbilly-elegy-transformation-trump-vice-president-2024-7">"Hillbilly Elegy"</a>, was <a target="_blank" class="" href="https://www.businessinsider.com/jd-vance-venture-capital-opioid-nonprofit-tech-record-ohio-senate-2021-8">seen as a perfect fit for the fund</a>.Vance was active in a number of deals for the firm, including leading investments in storage-sharing startup Neighbor, agtech company AppHarvest, and AI outfit Pryon, Rise of the Rest confirmed.<h2 id="114f37cf-0035-49cd-8b40-1bd02d5bdb6c">Vance co-founded Narya Capital in 2019</h2>After two years, Vance broke out on his own, cofounding <a target="_blank" href="https://www.businessinsider.com/hillbilly-elegy-jd-vance-launches-vc-fund-backed-by-thiel-2020-1">Narya Capital</a> in 2019 with investments from Thiel, former Google CEO Eric Schmidt, and VC veteran Marc Andreessen.Vance still owns pieces of the funds that he helped advise. According to his vice president and senate disclosure forms, he has a stake in Narya Capital Fund I, Narya Capital Fund II, and Rise of the Rest Seed Fund.His stake in Narya Capital Fund I is worth between $500,001 and $1 million. His holdings through Narya's Capital Fund II and the Rise of the Rest's Seed Fund are smaller, worth as much as $15,000 and $250,000, respectively, according to his disclosure forms.Through all three funds, he holds a portfolio of investments in dozens of startups. He doesn't actively run or advise any of the companies, and gave up his role as a partner in Narya in December 2022 after winning his senate seat, according to disclosure forms.It's not entirely clear which Rise of the Rest companies Vance has a stake in. The fund has two $150 million investment vehicles and did not disclose which portfolio companies are in which fund.Narya, meanwhile, has only completed one fundraise so far — its $120 million Fund I. The fund has a dozen active investments, according to its website, and because Vance has a stake in the fund, he technically owns a stake in each.The companies vary in their mission: One is a gene therapy company founded by Vivek Ramaswamy's brother, while another is a Catholic meditation and prayer app. Thiel, one of Vance's mentors, is listed as a separate investor in many of the companies, per PitchBook.Some are the type of companies that could work with the government.True Anomaly, an aerospace company for which Narya participated in two rounds of funding, <a target="_blank" class="" href="https://www.trueanomaly.space/newsroom/true-anomaly-selected-for-30m-space-systems-command-contract-in-support-of-victus-haze-tactically-responsive-space-mission">won a $30 million government contract</a> from the US Space Force in April. ValueBase, a property valuation software, lists local governments among its customer base on its website.Nayra has had two exits: <a target="_blank" class="" href="https://www.businessinsider.com/what-is-rumble-conservative-video-youtube-competitor-joe-rogan-2022-2">Rumble</a>, the conservative-leaning social video platform that went public in 2022, and AppHarvest, which went public in 2021.Criminal conflict of interest laws do not apply to the president and vice president.Luke Schroeder, a spokesperson for the vice president-elect, said that Vance has complied with all required disclosures and is not directly involved in the funds.<h2 id="883278a9-d442-4e81-aeb4-b282861515b7">Here are Narya's current portfolio companies</h2>Deal details, unless noted with a comment from the company, come from PitchBook.<table style="width: 652px"></colgroup></colgroup><tbody><tr><td>Company</td><td>Industry</td><td>Deal Description</td></tr><tr><td colspan="1" rowspan="1">AcreTrader</td><td colspan="1" rowspan="1">Farmland investment</td><td colspan="1" rowspan="1">Narya contributed to AcreTrader's $12 million Series B round in 2021. "Senator Vance has no involvement in AcreTrader's operations or strategic direction," the company said.</td></tr><tr><td colspan="1" rowspan="1">AmplifyBio</td><td colspan="1" rowspan="1">Biotech</td><td colspan="1" rowspan="1">Narya took part in the company's $200 million, early-stage investment round in 2021.</td></tr><tr><td colspan="1" rowspan="1">Atomic Industries</td><td colspan="1" rowspan="1">Manufacturing</td><td colspan="1" rowspan="1">In 2023, Narya contributed to a $16.5 million early-stage round.</td></tr><tr><td colspan="1" rowspan="1">Branch</td><td colspan="1" rowspan="1">Insurance</td><td colspan="1" rowspan="1">Narya took part in Branch's 2022 $147 million Series C. During his time at Rise of the Rest, Vance led an investment in Branch.</td></tr><tr><td colspan="1" rowspan="1">Chapter</td><td colspan="1" rowspan="1">Medicare advisory</td><td colspan="1" rowspan="1">Narya contributed to three of Chapter's fundraising rounds: A 2021 $17 million Series A round, 2022 $42 million Series B round, and 2024 $50 million Series C round. Peter Thiel is also an investor in Chapter.</td></tr><tr><td colspan="1" rowspan="1">Hallow</td><td colspan="1" rowspan="1">Religion</td><td colspan="1" rowspan="1">Narya invested in Hallow's 2021 $40 million Series B round."We worked with another partner at the fund on the investment - not with JD at all," Alex Jones, Hallow's CEO, told BI. Thiel is also an investor in Hallow.</td></tr><tr><td colspan="1" rowspan="1">Kriya Therapeutics</td><td colspan="1" rowspan="1">Gene therapy</td><td colspan="1" rowspan="1">Narya contributed to three of Kriya's funding rounds, including a $87.6 million Series A in 2020, $100 million Series B in 2021, and $430 million Series C in 2023. Kriya Therapeutics is founded by Shankar Ramaswamy, the brother of Vivek Ramaswamy.</td></tr><tr><td colspan="1" rowspan="1">Realm Alliance</td><td colspan="1" rowspan="1">Security services</td><td colspan="1" rowspan="1">Earlier this year, Narya took part in Realm Alliance's seed round.</td></tr><tr><td colspan="1" rowspan="1">Strive</td><td colspan="1" rowspan="1">Asset Management</td><td colspan="1" rowspan="1">Narya invested in Strive's $20 million seed round in 2022 and $30 million Series B earlier this year. Thiel is also an investor in Strive.</td></tr><tr><td colspan="1" rowspan="1">True Anomaly</td><td colspan="1" rowspan="1">Space</td><td colspan="1" rowspan="1">Narya contributed to True Anomaly's $100 million Series B in 2023 and $17 million Series A in 2022. The company won a contract from the US government earlier this year.</td></tr><tr><td colspan="1" rowspan="1">ValueBase</td><td colspan="1" rowspan="1">Property valuation</td><td colspan="1" rowspan="1">Narya took part in ValueBase's $6.3 million seed round earlier this year.</td></tr></tbody></table>

Before politics, JD Vance had a career in venture capital. Here are the startups he's invested in.

<keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">Startups</keyword> in <keyword id="19895063" type="General" weightage="20" keywordseo="India" source="keywords">India</keyword> have high expectations from this year's upcoming <keyword id="19908389" type="General" weightage="20" keywordseo="Union-Budget" source="keywords">Union Budget</keyword>. Early-age startups hope for the removal of angel taxes, while <keyword id="20677283" type="General" weightage="20" keywordseo="health-tech-startups" source="keywords">health tech startups</keyword> expect increased <keyword id="19913964" type="General" weightage="20" keywordseo="funding" source="keywords">funding</keyword> for the sector. Startups function as engines of economic growth, playing a crucial role in generating new jobs, ideas, products, and services. As of December 2023, the Department for Promotion of Industry and Internal Trade (DPIIT) had recognised 1,17,254 startups. These startups have reportedly created over 12.42 lakh direct jobs, significantly impacting the economy. Eklavya Gupta, CEO and Co-founder of Recur Club, stated, "We are confident that India's business credit landscape is on the brink of a major digital overhaul. FinTechs are at the forefront of this change, deploying innovative technologies and utilising in-depth data analytics to streamline and expand <keyword id="20974354" type="General" weightage="20" keywordseo="credit-access" source="keywords">credit access</keyword>." He added, "While the current allocation of Rs 10,000 crore is an excellent initial step, realising the full capabilities of India's SME and startup ecosystem will necessitate greater investment, especially in credit guarantee schemes." Vinod K Singh, Co-Founder and CTO of Concirrus, expressed his expectations from the budget: "As the Union Budget 2024-25 approaches, we hope the government will address the pressing issue of the 'angel tax.' Eliminating this tax will enhance capital formation and attract vital <keyword id="19895633" type="General" weightage="20" keywordseo="investments" source="keywords">investments</keyword>. Streamlining the duty structure and reducing high tariffs on electronic inputs are also crucial to bolstering the startup ecosystem and driving innovation. Expanding the Fund of Funds and introducing low-interest loans would be beneficial." Rajiv Lamba, co-founder and CEO of AI-enabled customer feedback platform Surveysensum, added, "Just as the government has prioritised financial inclusion, it should now focus on <keyword id="22405441" type="General" weightage="20" keywordseo="technological-inclusion" source="keywords">technological inclusion</keyword> to propel India to the next stage of growth. By training youth in AI, the government can make a strategic investment in the nation's technological future. Given the rapidly evolving job market, a substantial increase of 20 to 25 percent in budget allocation should be considered for AI-based skill development and entrepreneurship." He further emphasised, "Incentivizing investment in <keyword id="20328842" type="General" weightage="20" keywordseo="AI-startups" source="keywords">AI startups</keyword> and R&amp;D initiatives can boost local innovation in the AI space. The last budget introduced a deep tech fund of Rs 1 lakh crore with a 50-year interest-free loan period; the government should now establish a clear and transparent mechanism for access to this fund." Raja S, founder and MD of Hearzap, highlighted the expectations of health tech startups: "Health tech startups are eagerly anticipating increased funding that could usher in transformative advancements. This crucial investment holds the promise of extending cutting-edge healthcare solutions to rural and underserved areas, effectively bridging existing gaps in care. The upcoming budget ensures that every individual in our diverse population, from the youngest to the oldest, can access essential health services, including specialised care." Discussing taxation for startups in India, Vvihan Gulati, Director of Mediagraphics PR, commented, "Removing the angel tax is a highly anticipated move that would benefit early-stage startups and their investors. It would foster a more favourable environment for innovation and growth, allowing startups to attract much-needed capital without the burden of excessive taxation. This change could significantly enhance the ease of doing business and contribute to the overall growth of the startup ecosystem in India." The Union Budget 2024 will be tabled on July 23 by Union Finance Minister Nirmala Sitharaman. With this, she will become the first Finance Minister to deliver seven consecutive budgets, surpassing Morarji Desai. She presented the interim budget on February 1 of this year.

Startups demand angel tax elimination, incentives on investments in upcoming budget

Finance Minister <keyword id="19916618" type="General" weightage="20" keywordseo="Nirmala-Sitharaman" source="keywords">Nirmala Sitharaman</keyword> on Tuesday announced abolishing <keyword id="20279287" type="General" weightage="20" keywordseo="angel-tax" source="keywords">angel tax</keyword> for all classes of investors in <keyword id="19945815" type="General" weightage="20" keywordseo="startups" source="keywords">startups</keyword>. In her Budget speech, she also announced various changes with respect to tax rates for e-commerce players and certain financial instruments in the context of long-term capital gains. "First of all, to bolster the Indian startup eco-system, boost the entrepreneurial spirit and support innovation, I propose to <keyword id="20469312" type="General" weightage="20" keywordseo="abolish" source="keywords">abolish</keyword> the so-called angel tax for all classes of investors," she said. The removal of the angel tax is expected to be a boost for startups as it will help in promoting a more conducive environment for them. Sitharaman also proposed to thoroughly simplify the I-T provisions for reopening and reassessment to reduce uncertainty and disputes. "An assessment hereinafter can be reopened beyond three years from the end of the assessment year only if the escaped income is Rs 50 lakh or more, up to a maximum period of five years from the end of the assessment year. "Even in search cases, a time limit of six years before the year of search, as against the existing time limit of ten years, is proposed. This will reduce tax-uncertainty and disputes," she said. Further, she said long-term gains on financial and non-financial assets will attract a tax rate of 12.5 per cent while the TDS rate will be reduced to 0.1 per cent from 1 per cent for e-commerce operators. SEE ALSO:<a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank"></a> <a href="https://www.businessinsider.in/budget/news/budget-2024-25-changes-to-tax-slabs-increased-standard-deduction-and-other-changes-to-direct-taxation/articleshow/111951205.cms" target="_blank">Budget 2024-25 – Changes to tax slabs, increased standard deduction and other changes to direct taxation</a> <a href="https://www.businessinsider.in/budget/news/union-budget-2024-live-updates-finance-minister-nirmala-sitharaman-key-announcements-23-july/liveblog/111942008.cms" target="_blank">Budget 2024 Live Updates: FM Sitharaman announces comprehensive review of the Income Tax Act 1961</a><a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/news/expectations-from-union-budget-2024-25-how-will-this-budget-impact-you/articleshow/111946291.cms" target="_blank">Union Budget 2024-25: How will this budget impact you?</a>

Govt to abolish angel tax on investments in startups

Here are 49 of the most promising fintech startups transforming how we bank, invest, work, and pay, according to 27 top investors

<ul class="summary-list"><li>This post originally appeared in the Insider Today newsletter.</li></ul>Welcome back! The fast-moving, big business of weight-loss drugs is already shifting to its next stage. Here's a rundown of <a target="_blank" href="https://www.businessinsider.com/upcoming-glp1-weight-loss-drugs-to-watch-2024-11">five upcoming pills and injections</a> to keep an eye on.In today's big story, Microsoft's massive bet on AI with Copilot <a target="_blank" href="https://businessinsider.com/microsoft-ai-artificial-intelligence-bet-doubts-marc-benioff-satya-nadella-2024-11">has yet to live up to the hype</a>, potentially raising alarms for everyone else investing in the space.What's on deck:<ul><li>Markets: You can still bet on politics <a target="_blank" href="https://www.businessinsider.com/top-political-prediction-bets-trump-2028-nominees-election-kalshi-polymarket-2024-11">even though the election is over</a>.</li><li>Tech: Why the Trump-Musk relationship is unlike anything <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-elected-shadow-president-2024-11">we've ever seen in US politics</a>.</li><li>Business: Spirit Airlines has filed for Chapter 11 bankruptcy protection, but <a target="_blank" rel="noopener" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-restructure-low-cost-airlines-2024-11">tells customers it'll keep flying</a>.</li></ul>But first, is this thing even worth it?If this was forwarded to you, <a target="_blank" href="https://www.businessinsider.com/subscription/newsletter/insider-today">sign up here.</a><h3 id="7fa5f018-5b05-4a37-a8dc-d3f89138bcb3">The big story</h3><h2 id="5fd547b9-ec52-41fc-8e08-4f4b27dd8097">A Copilot conundrum</h2><div type="image" title="Microsoft logo glitching" height="1000" width="1334" msid="115423174" hostid="261" sizebytes="160900"></div>Microsoft's challenges with its flagship AI product could be another red flag for an industry with high hopes for the tech.Business Insider's Ashley Stewart, our resident Microsoft expert, has a deep dive on Copilot <a target="_blank" href="https://www.businessinsider.com/microsoft-ai-artificial-intelligence-bet-doubts-marc-benioff-satya-nadella-2024-11">coming up short on the big expectations laid out for it</a> when it launched over a year ago.CEO Satya Nadella didn't hold back initially, describing Copilot as something that would "fundamentally transform our relationship with technology" when it was unveiled.But internally and among clients, that doesn't always feel like the case. One Microsoft executive told Ashley that Copilot offers useful results about 10% of the time."The rest of the time it's: Why do we even try?" they said.It's an unsettling realization considering the stakes of AI. Many companies — and arguably the entire US stock market — are banking on generative AI being revolutionary. And while Microsoft's bet on AI dwarfs almost everyone else's, its hangup with the tech is something a company of any size can relate to: Is this stuff worth it?It's also not the only challenge the generative AI space is navigating.Reports about OpenAI's newest AI model struggling to show big improvements raised questions about the <a target="_blank" href="https://www.businessinsider.com/openai-orion-model-scaling-law-silicon-valley-chatgpt-2024-11">tech hitting a performance wall</a>. CEO Sam Altman appeared to address it with a cryptic tweet: "<a target="_blank" href="https://www.businessinsider.com/sam-altman-ai-wall-slowdown-openai-2024-11">there is no wall</a>."Still, it's feeding concerns about the timeline for artificial general intelligence. AGI is the concept that autonomous computer systems outperform humans at most economically valuable work, but it appears <a target="_blank" href="https://www.businessinsider.com/agi-predictions-looking-stretched-openai-sam-altman-google-ai-2024-11">harder to achieve than previously anticipated</a>, writes BI's Alistair Barr.<div type="image" title="AI robot hand gripping a time bomb, displaying a countdown timer set to expire in 2025" height="1500" width="2000" msid="115423171" hostid="261" sizebytes="122298"></div>The counterargument is straightforward: It's still the early innings.Microsoft is adamant its Copilot investment is already paying off. Jared Spataro, a vice president of marketing for Microsoft 365, pointed Ashley to Copilot success stories like Lumen Technologies, which projects $50 million in annual savings from its sales team's use of Copilot.Some customers aren't necessarily worried either, as they continue to plow money into AI. A Flexera survey found OpenAI ranked fourth among vendors that IT leaders plan to <a target="_blank" href="https://www.businessinsider.com/openai-top-vendor-it-leaders-2024-11">spend the most with next year</a>.But tech players won't have forever to figure things out. Earlier this year, analysts at Barclays highlighted an under-the-radar risk to AI bets: <a target="_blank" href="https://markets.businessinsider.com/news/stocks/ai-stocks-risk-nvidia-gpus-blackwell-tech-outlook-depreciation-accounting-2024-8">the depreciation costs related to AI chips</a>. As firms look to stock up on GPUs, they run the risk of the tech no longer being relevant as new iterations emerge.And then there's the possibility of internal drama. Ashley previously reported on <a target="_blank" href="https://www.businessinsider.com/microsoft-pay-data-shows-how-much-more-ai-workers-make-2024-8">the pay disparity at Microsoft</a> between AI-focused employees and everyone else."AI is great and it might be the future, but when are you going to focus on your billpayers?" one employee told Ashley.<h3 id="77f31a4c-8462-4e3d-a71f-838cb79493fb">News brief</h3><h2 id="1fcd294b-3f53-425f-9f20-4093e8623b59">Top headlines</h2><ul><li>Meet the top four candidates Trump is <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-treasury-kevin-warsh-marc-rowan-howard-lutnick-scott-bessent-2024-11">considering for Secretary of the Treasury</a>.</li><li>Biden authorizes Ukraine to use powerful ATACMS to strike inside Russia. The move is a <a target="_blank" rel="noopener" href="https://www.businessinsider.com/biden-ukraine-russia-atacms-authorization-2024-11">significant shift in US policy</a>.</li><li>Trump, Musk, and new cabinet picks celebrate election victory with <a target="_blank" rel="noopener" href="https://www.businessinsider.com/trump-musk-celebrate-election-victory-ufc-309-cabinet-picks-2024-11">surprise appearance at UFC</a>.</li></ul><h2 id="8120060b-ae66-48dc-b149-f0489a30ffa2">3 things in markets</h2><div type="image" title="Photo illustration of judge's gavel on colorfulbackground" height="960" width="1920" msid="115423175" hostid="261" sizebytes="501366"></div><ol><li>A lawsuit about trade secrets has a corner of Wall Street's data industry enthralled. Yipit, a Carlyle-backed provider of credit-card data, filed a lawsuit accusing two former salespeople of <a target="_blank" href="https://www.businessinsider.com/inside-yipits-lawsuit-against-2-former-employees-who-joined-mscience-2024-11">stealing intellectual property to use in their new roles at rival MScience</a>. The suit has the attention of the young, fiercely competitive industry that sells non-traditional data to investors looking for an edge.</li><li>Just because the election is over doesn't mean you need to stop betting on politics. Who will be the Republican nominee in 2028? Will Matt Gaetz be confirmed as attorney general? Will Trump create a national Bitcoin reserve? The prediction markets <a target="_blank" href="https://www.businessinsider.com/top-political-prediction-bets-trump-2028-nominees-election-kalshi-polymarket-2024-11">have plenty of political outcomes</a> to scratch your gambling itch.</li><li>It's giving the year 2000 for one legendary investor. Rob Arnott compared the current market to the dot-com peak in 2000. Arnott told BI <a target="_blank" href="https://www.businessinsider.com/stock-market-crash-rob-arnott-warns-bear-market-tech-bubble-2024-11">why a bear market could be forthcoming in the next couple of years</a> thanks to high valuations and AI optimism that is largely priced in.</li></ol><h2 id="f4b54806-7f81-450c-ba32-92560d4fae9b">3 things in tech</h2><div type="image" title="Elon Musk" height="900" width="1200" msid="115423177" hostid="261" sizebytes="159876"></div><ol><li>Elon Musk's incredible hold on US politics. Politics and money have always been intertwined, but the current relationship between the world's richest man and the president-elect is unprecedented. The result is Musk <a target="_blank" href="https://www.businessinsider.com/elon-musk-donald-trump-elected-shadow-president-2024-11">acting almost as a shadow president</a>.</li><li>A potential Trump trade plan beneficiary: US semiconductor jobs. If Trump's proposed trade plan is enacted, the American semiconductor industry could see hiring growth. Industry experts told BI that tariffs on foreign-made chips <a target="_blank" href="https://www.businessinsider.com/trumps-tariffs-chips-could-create-more-american-jobs-increase-prices-2024-11">could help level the playing field for US chipmakers</a>, which have faced tough competition from their global counterparts.</li><li>The OpenAI mafia swells its ranks. Nearly two dozen former employees have left the AI juggernaut and founded startups of their own. The latest defectors include OpenAI cofounder and former chief scientist Ilya Sutskever and former chief technology officer Mira Murati. <a target="_blank" href="https://www.businessinsider.com/former-openai-employees-who-left-launch-vc-backed-ai-startups-2024-1">See what they're up to now</a>.</li></ol><h2 id="9260fa45-d397-4b3c-b4f8-4bb193976216">3 things in business</h2><div type="image" title="A $100 bill on top of a house" height="1500" width="1992" msid="115423179" hostid="261" sizebytes="339688"></div><ol><li>Four ways Trump's housing plans could hurt homebuyers and three ways it could help. Trump promised to make housing more affordable in part by deporting millions of immigrants, slashing construction regulations, and building houses on federal land. <a target="_blank" href="https://www.businessinsider.com/trump-high-home-prices-housing-mortgage-rates-deregulation-tariffs-immigration-2024-11">Here's how experts think that would actually pan out</a>.</li><li>Spirit Airlines has filed for Chapter 11 bankruptcy protection. The budget airline has struggled since a planned merger with JetBlue was called off in March. In an open letter to customers, it said people can continue to book tickets and fly as normal as it <a target="_blank" rel="noopener" href="https://www.businessinsider.com/spirit-airlines-chapter-11-bankruptcy-restructure-low-cost-airlines-2024-11">undergoes financial restructuring</a>.</li><li>Walmart might be just fine under Trump's proposed trade plan. Target, not so much. As America's grocery king, Walmart US makes nearly 60% of its revenue from groceries, which are predominantly domestic. But Target often relies on imported merchandise, such as apparel and beauty. <a target="_blank" href="https://www.businessinsider.com/target-walmart-trump-tariffs-exposure-analysts-2024-11">Walmart also has another key advantage: scale</a>.</li></ol><h2 id="1ad7b482-3f4b-44b4-81b6-a864aa386478">In other news</h2><ul><li>Disney CEO Bob Iger is moving to cement his legacy <a target="_blank" href="https://www.businessinsider.com/bob-iger-disney-earnings-guidance-succession-legacy-chapek-media-analysis-2024-11">by undoing his biggest mistake</a>.</li><li>Shoppers and businesses are <a target="_blank" rel="noopener" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=c30b8703d160410398dd34e9584c94a3&amp;_e=i25E5ONB4tMiXtE06VeSaaFdC9RBeKEf6Am3QwaEcB2E4JdSqnDqmYr-387ig-ruhUxPoPCaat-voaDbfD_6S9r_lRX7w-hriYUuLZLf0oBVVklUgTGSC4rQQEsaV2VrmBmyEJBbhb5t_4ii9kzf5mGNs24JHBU4kD2t77qvgLde0_hccfFyZJGyX-HSEOcVt3hm2j3fy4fJUboGG4PKvgV09z0iPgS9Sd9YYBa5vfJF0tPkg6nqTPSf_-4F-a8aB1csTjQJYq2n-O1Ho511puOlxNeZs4WzL5ZST0WJkZqjescVMWVojaLY68-GnLbrAONhAtYwR4sRYyo_gVAswrtOyO2OjgTQ7GPu_kEO5SvlrvfmHChZsIOFVxvPWR7cGcH5q-QsclhVCpi1tyVirT8OKMZUsBjylVY0fJJZOSkOO4NwglFhyDOfQDrbf0_ErXhpUTPhEJeNs9bRlNwOVGxCBs2oCYN7T81FPiuSVJw%3D">stockpiling to avoid potential price hikes</a> before Trump takes office.</li></ul><h2 id="9f5d80ac-3466-429f-a50a-2ffbb70c65ff">What's happening today</h2><ul><li>G20 summit begins in Rio de Janeiro.</li></ul>The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, fellow, in New York.Milan Sehmbi, fellow, in London.

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