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Rani Molla

Apple and its shareholders stand firm on DEI

Apple shareholders today rejected a shareholder proposal from conservative think tank National Center for Public Policy Research to abolish the iPhone maker’s diversity, equity, and inclusion “program, policies, department and goals,” preliminary voting tabulation showed.

Apple CEO Tim Cook at the shareholder meeting today:

We've never had quotas or targets for Apple.  Our strength has always come from hiring the very best people and then providing a culture of collaboration, one where people with diverse backgrounds and perspectives come together to innovate and create something magical for our users time and time again.  Our unique culture enables us to create the best products and services in the world.  

Now, as the legal landscape around these issues evolves, we may need to make some changes to comply.  But our North Star of dignity and respect for everyone, and our work to that end will never waver.  We'll continue to work together to create a culture of belonging where everyone can do their best work, and we'll remain committed to the values that have always made us who we are.

Apple’s board had previously recommended voting against the proposal, saying it’s “unnecessary” and that it “inappropriately attempts to restrict Apple’s ability to manage its own ordinary business operations, people and teams, and business strategies.”

The move puts Apple at odds with the Trump administration and the prevailing corporate trend of dismantling DEI initiatives — or at least not talking about them. Apple joins the ranks of Costco, which last month defeated a similar initiative by the same group, and Delta Air Lines in standing behind its DEI efforts.

Apple recently got on the good side of the Trump administration, with a commitment to spend $500 billion expanding in the US over his term. Let’s see how this one lands.

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Nate Becker

Tesla CEO Elon Musk wins appeal for his 2018 pay package

Tesla CEO Elon Musk has won an appeal to the Delaware Supreme Court, restoring his 2018 pay package that was worth $56 billion at the time but has since ballooned in value, Reuters reports.

Two years ago, a lower court had struck down the compensation deal, calling it “unfathomable,” and Musk has been fighting for it since then.

Of course, Musk was recently awarded an even bigger pay package that could potentially award him $1 trillion over time. Tesla shares were recently up 0.5% in after-hours trading.

Of course, Musk was recently awarded an even bigger pay package that could potentially award him $1 trillion over time. Tesla shares were recently up 0.5% in after-hours trading.

tech
Jon Keegan

OpenAI’s reported fundraising valuation keeps jumping by hundreds of billions of dollars

OpenAI is reportedly in talks to raise as much as $100 billion, with a valuation of....$500 billion...$750 billion $830 billion?

This is getting ridiculous. This week we have read multiple reports that OpenAI is in early discussions with potential investors about a significant fundraising round of up to $100 billion, to help cover its cloud computing costs.

  • On Tuesday, The Information reported a major $10 billion investment from Amazon in OpenAI, with a valuation higher than $500 billion

  • On Wednesday, The Information reported that the $100 billion round would give OpenAI a valuation of $750 billion

  • Today, the Wall Street Journal is reporting that the $100 billion round would give OpenAI a valuation of as much as $830 billion

The spread from $500 billion to $830 billion is pretty wild, and we are wondering what it might be by next week.

  • On Tuesday, The Information reported a major $10 billion investment from Amazon in OpenAI, with a valuation higher than $500 billion

  • On Wednesday, The Information reported that the $100 billion round would give OpenAI a valuation of $750 billion

  • Today, the Wall Street Journal is reporting that the $100 billion round would give OpenAI a valuation of as much as $830 billion

The spread from $500 billion to $830 billion is pretty wild, and we are wondering what it might be by next week.

tech
Jon Keegan

Report: OpenAI in early talks for new fundraising round with $750 billion valuation

Just yesterday, we were reading about how Amazon was in talks to invest as much as $10 billion in OpenAI, with an eye-popping valuation of more than $500 billion. But those numbers might already be old.

A new report by The Information says that OpenAI is in early talks to raise as much as $100 billion, with a $750 billion valuation.

The company is reportedly estimating its fast-growing revenue will hit $100 billion by 2028, but it also expects to burn $115 billion in cash through 2029.

The company is reportedly estimating its fast-growing revenue will hit $100 billion by 2028, but it also expects to burn $115 billion in cash through 2029.

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