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Welcome back to our Sunday edition, a round-up of some of our top stories. Former Google leader Andrew Yeung has been called the Gatsby from Silicon Valley. He shared the coffee chat formula that’s helped him grow his seven-figure technology events business.
On the agenda today:
But first: What happens next after Donald Trump’s echo? American election victory.
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Preparing for 47
Donald Trump, now the 2024 President-elect, never really stopped running for office after losing the 2020 election.
AP Photo/Evan Vucci
The most expensive presidential election in history is over and the consequences of Donald Trump’s victory are already being felt in dollars and cents.
Shares rose to end the week higher record highs. Bitcoin also hit record highs, while Tesla surpassed a record Market cap of $1 trillion. Treasury yields also ended the week higher as investors counted on the Trump White House to do the same stimulate inflation.
Major companies are already weighing the potential impact of tariffs. Outdoor brand Yeti is looking for new suppliers. Steve Madden plans to reduce the offer purchasing goods from China. Airbus said it expects to pass on the costs of any tariffs airline customers.
In Silicon Valley, many venture capitalists and startup founders are cheering the prospect of less regulation increased deal activity.
There is also hope on Wall Street less burdensome regulationsespecially since several financiers offer advice to the incoming administration.
And at least one media CEO hopes that Trump’s victory will open the doors to consolidation.
Meet Goldman’s new partners
David Solomon
Jeenah Moon/Bloomberg via Getty Images
Goldman Sachs promoted 95 executives to the highest ranks of leaders outside the C-suite. The new class is the largest number of partners promoted under CEO David Solomon.
It is also one of Goldman’s most diverse. A record 26 women – a demographic group under close scrutiny after a series of exits of high-profile female partners – and a record level of Hispanic executive promotions, a company executive said.
View the list.
Also read:
Andy Jassy hates bureaucracy
F. Carter Smith/Bloomberg via Getty Images; Chelsea Jia Feng/BI
At an all-hands meeting this week, Amazon CEO Andy Jassy explained the company’s recent plan to reduce the number of managers. According to a recording of the meeting obtained by BI, Jassy said the move was aimed at eliminating bureaucracy.
The goal is to make faster decisions and reduce the layers of management that are destroying Amazon’s unique culture, Jassy said. “The reality is that the S-team and I hate bureaucracy,” Jassy said, referring to Amazon’s top leadership team.
More of the all-hands meeting.
Also read:
Risky business
Getty Images; iStock; Natalie Ammari/BI
There’s no such thing as a free lunch – or, in the case of one investor, a free dinner. As a retiree, he was used to avoiding the countless postcards offering a fancy dinner and a presentation on investment advice.
But once in 2010 he took the bait. There he met one of the hosts who would eventually advise him to invest in financial products that would ultimately cost him part of his retirement savings.
Why these ‘free lunch seminars’ are common in the industry.
The Great American Shoplifting
Getty Images; Jenny Chang-Rodriguez/BI
Ordinary Americans steal everything from stores, from measuring tapes to blocks of cheese. Rather than stealing out of real necessity, these shoplifters are opportunists: adults with decent jobs, firmly in the middle class.
And they don’t feel particularly bad about it. Some of them view shoplifting as a silly childhood habit that they have never kicked, while others see it as a way to fight back against goods that are unfairly expensive.
Behind the shoplifting of ordinary people.
Also read:
This week’s quote:
“I congratulate President Trump and we look forward to working with the new administration to support sound policies that promote economic growth and financial stability.”
— David Solomon, CEO of Goldman Sachs in an internal memo to staff.
More of this week’s most popular articles:
- Anthony Scaramucci tells BI four main reasons why Trump won.
- Sam Altman’s hiring strategy betting on talent, not age.
- Silicon Valley mourns Trump, but… quietly touting an emerging tech deal revival.
- After leadership changes and layoffs, Netflix’s gaming exec unveils new AI role.
- Donald Trump’s election victory did just that major consequences for Intel.
- Food delivery is becoming increasingly expensive but we can’t stop ordering.
- Your piggy bank is that of private equity giant Apollo “single biggest opportunity” for growth.
- This is evident from a leaked memo Google’s Workspace chief is resigning.
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Hollywood is becoming conservative and turning towards faith and family shows.
The Insider Today team: Dan DeFrancescodeputy editor and anchor, in New York. Grace Letteditor, in Chicago. Amanda Yendude, in New York. Lisa Ryaneditor-in-chief, in New York.
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