Goldman Sachs names 638 new managing directors

 

Goldman Sachs named 638 new managing directors, a roughly 5% increase over 2023’s class of 608, in one of Wall Street’s most watched promotions. CEO David Solomon and President John Waldron praised the cohort’s client focus and scale, noting the choices were extremely difficult. More than 6,000 interviews fed the...

Meta shares slide on scam ads report

 

Mark Zuckerberg’s fortune fell by nearly $5 billion as Meta shares slid Thursday after Reuters reported internal documents projecting about 10% of the company’s revenue—estimated at $16 billion—could come from ads for scams and banned goods. The outlet also said the SEC is investigating Meta over financial scam advertising. Meta...

Telsa vote and policy shifts raise questions

 

All eyes turn to Thursday’s Telsa shareholder vote on Elon Musk’s potentially $1 trillion pay package, with Kalshi-implied odds of passage at 91 percent; Musk has warned he may step down as C.E.O. if it fails. In New York, corporate leaders are parsing Zohran Mamdani’s mayoral victory and his surprise...

Starbucks bearista mug sparks lines and resales

 

Starbucks rolled out its 2025 holiday menu this week, but the buzz centers on a $30 “bearista” mug — a honey-bear-shaped glass for cold drinks topped with a green silicone beanie. The cup sold out fast at many stores, with social posts showing pre-dawn lines, one-per-customer limits in some locations,...

Supreme Court Skeptical of Trump Tariff Defense

 

Supreme Court justices from both wings signaled deep skepticism toward the Trump administration’s defense of most tariffs, raising hopes for refunds on nearly $90 billion collected so far. Yet who would qualify and how remains murky. Justice Amy Coney Barrett pressed attorney Neal Katyal, who said his five client businesses...

Business leaders recalibrate after Mamdani victory

 

CEOs and billionaires spent more than $40 million to stop Zohran Mamdani from becoming New York City’s next mayor; he won anyway, and their reactions now range from exit threats to pragmatic outreach. Kathryn Wylde said her Partnership will work with him as he pushes a rent freeze, higher taxes,...

Shutdown forces flight cuts at major airports

 

Flights will be cut at 40 U.S. airports starting Friday as regulators pare traffic to maintain safety during the record federal shutdown, now in its 37th day. New York, Los Angeles, Chicago and other major hubs from Atlanta to San Francisco are affected, with reductions beginning at 4% and rising...

CEOs push conformity amid layoffs and AI

 

Corporate America’s tone has hardened as layoffs rise and AI reshapes work, with more bosses telling staff to conform or leave. Palantir’s Alex Karp touted an 'anti-woke' stance and attacked multiculturalism; AT&T’s John Stankey curtailed remote work; GitHub’s chief warned to embrace AI or exit; Shopify and Coinbase imposed AI...

Stocks Slip As Earnings Guide Uncertain Economy

 

U.S. stocks slipped Thursday morning as investors sifted fresh earnings amid a government shutdown that’s obscuring key economic data. The S&P 500 fell 0.4%, the Dow lost 185 points, and the Nasdaq dropped 0.7% by 10:25 a.m. Eastern. DoorDash sank 14% after flagging higher product-development spending next year, while Datadog...

Chan Zuckerberg Initiative Refocuses on AI Science

 

The Chan Zuckerberg Initiative announced its first major restructuring, sharpening its mission around science and A.I. The philanthropy acquired the team from A.I. start-up Evolutionary Scale and named its chief scientist, Alex Rives, head of science, without disclosing the amount. Mark Zuckerberg and Dr. Priscilla Chan pledged a tenfold boost...