December 1, 2023 • 5 min read |
But first, the end could be near. |
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Slaven Vlasic/Getty Images |
Muhammed Selim Korkutata/Anadolu via Getty Images |
If this is the end of X, it's one of those unique situations where no one comes out a winner. Let's look at the major players in this saga: Elon Musk: The richest person in the world will always have fans, especially those who rode Tesla's share price to a personal fortune. But setting aside his sycophants, Musk's popularity has undoubtedly declined since his takeover of X. And as much as he likes to present himself as unbothered by critics, that's clearly not the case. Linda Yaccarino: She was an advertising titan before coming to X. Now she's been reduced to putting out fires set by Musk. And her reputation could be at stake, as she's reportedly getting texts from ad exes advising her to get out while she can. Banks: The loans used to finance Musk's deal for X are essentially radioactive. Back in October, The Wall Street Journal reported the lenders were prepared to take a $2 billion hit to offload them. With X's downward spiral, the $13 billion debt pile they're holding is only worsening.
People who enjoy using X: For all its faults, X was our fun little corner of the internet. From starting silly debates to drawing attention to serious issues that led to significant changes, X served many purposes. But the platform has suffered under Musk, as everything from downloads to usage rates have dropped.
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Markets đź”” Before the opening bell: US stock futures rise early Friday, after the Dow Jones Industrial Average finished its best month in more than a year. |
Arantza Pena Popo/Insider |
1. Inside the lonely life of Wall Street's junior bankers. A six-figure salary and the opportunity to work on billion-dollar deals might sound like a dream come true for some college grads. But the reality of working as an analyst at an investment bank includes a lifestyle that's much more secluded and isolated. 2. Bank of America's 2024 game plan for the market. The bank detailed its top 10 trades for next year, like going long on distressed tech stocks, along with its reasoning. It also outlined six signs that a bull market is here to stay. 3. A deeper look at GDP growth is cause for concern. The US's strong GDP growth during the third quarter led most to celebrate. But the gap between GDP and gross domestic income — total compensation given to production — hasn't been this large since 2007. Here's why that's a problem. |
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1. AWS's growth rate has slowed and a key sales team is struggling to meet its goal. It got ahead in cloud computing by catering to startups and small businesses better than competitors did. But the slowdown among startups has emerged as a major risk factor for the giant. 2. Sam Altman suddenly looks less powerful. After the OpenAI CEO's tumultuous employment, Silicon Valley realized that the fate of the world's most important AI company rests in the hands of just one person — Altman. Now, they're no longer accepting that fate. 3. Leaked Broadcom changes. During an all-hands meeting, CEO Hock Tan ordered all employees within 50 miles of an office to "get your butt in here" (aka, return to in-person work). That directive included employees from VMware, Broadcom's latest acquisition. During a meeting, Tan also shared plans to consolidate teams at VMware. |
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1. Inside the chaotic Thanksgiving-weekend collapse of construction unicorn Veev. Employees were stunned by a Friday night email saying the construction tech startup was folding. Here's what the CEO told staff via email and during an all-hands meeting on Monday. 2. Why millennials say they need more than double the salary of other gens to be happy. Millennials said they need $525,000 a year to be happy. Their high number is likely due to high debt loads along with childcare and housing costs. 3. The return of dad fashion shows how Americans feel about the economy. It's a humble throwback to the Kramercore of the 90s that followed a brief recession. The dad-core resurgence comes amid a more pragmatic economy as Americans worry about the downturn. |
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- It's the first day of winter. According to the meteorological season.
- "Renaissance: A Film by Beyoncé" is released in theaters. The documentary concert film showcases the singer during her world tour. The movie also gives a behind-the-scenes look at Queen Bey's creative process.
- Happy birthday, Zoë Kravitz! Janelle Monae, Bette Midler, and Richard Pryor were also born on this day.
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How well do you know the news? |
Test your knowledge of the week's top stories with Insider's news quiz |
- From Monday: A growing number of Gen Zers are asking for this workplace benefit.
- From Tuesday: We got a first look at this fast-food giant's secretive new spinoff restaurant.
- From Wednesday: This investing legend and Warren Buffett's right-hand man passed away peacefully.
- From Thursday: This billionaire tech executive had some strong words for advertisers fleeing his company.
- From Friday: This company's CEO is ordering employees living within 50 miles of an office to "get your butt in here."
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Check Saturday's edition of Insider Today for the answers. |
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