China · US Congress · Republicans · Fortune Technology
If the GOP retains control, there could be outrage on the left
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Trust in capitalism.
Key facts
- Following a brutal selloff in tech stocks over the past week, OpenAI slashed the target on its latest fundraising round to $20 billion from $30 billion, Financial Times
- Wendy’s fortunes have declined so much that it’s now the target of Nelson Peltz’s Trian Fund Management, which is offering to take the restaurant private for $1.4 billion, a sum that’s not even 1%
- Meet a 38-year-old father rejecting a Trump account for his daughter: ‘the reporter will put $1,000 of their own money in an account before the reporter does that’ by Tatiana Sataua
- As one CEO said at a recent dinner: “Everything good gets forgotten when there’s grift
Summary
The midterms are tomorrow, and the outcome will determine more than which party controls Congress. This Fed chart shows how a rapidly increasing share of U.S. household wealth has gone to rich white Boomers since 1989. The reporter has interviewed several hundred CEOs over the past year, on and off the record, across a range of platforms and settings. As one CEO said at a recent dinner: “Everything good gets forgotten when there’s grift.” (A recent AP-NORC poll found 6 in 10 U.S. adults believe Trump is profiting off the presidency in unethical or illegal ways.) Trust in business leaders. When asked what they think tech leaders prioritize, 58% of participants chose “making money for themselves and shareholders.” A distant second was “creating exciting new products” at 34%. When asked what those leaders should prioritize, 58% said “protecting user safety and privacy,” while 12% cited making money.