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1. Amazon burns through workers so quickly that execs worry they’ll run out of people to employ. The company has been on a massive hiring spree, but those employees are quitting almost as fast as they can be hired, according to The New York Times. More on Amazon’s 150% turnover rate.
2. Pink Floyd’s Roger Waters said he won’t let Facebook use one of the band’s songs. The company offered a lot of money to use “Another Brick in the Wall, Part 2” in an Instagram ad, Waters said. Why he told Facebook “No f—ing way.”
3. Top Uber execs are discussing easing up on its return-to-office plans after a backlash. Under the current policy, employees are required to be in the office three days a week starting in September – but a new idea would allow a few members from each team to be fully remote. Read more from our exclusive report.
4. Airbnb spends $50 million a year on guests and hosts who have bad experiences. And not just because the rental didn’t look like the pictures – that money has included counseling sessions, patching bullet holes, and hiring body-fluid crews to clean up blood. Here are some examples of Airbnb’s payouts.
5. Larry Ellison’s indoor farming company is working toward feeding the world. Sensei Ag’s Tesla solar-powered greenhouses grow produce that’s distributed throughout Hawaii – and soon, its CEO hopes, the world. Take a look at the company’s plans.
6. SpaceX president Gwynne Shotwell said the company has a “no a–hole” policy. This stops staff shutting down conversations and allows people to propose big ideas, she said. Here’s what else she said.
7. World Wide Web creator Tim Berners-Lee is auctioning his source code as an NFT. The NFT includes the source code, which is about 9,555 lines long, as well as an animation and a letter written by Berners-Lee. Get the full rundown here.
8. Antivirus mogul John McAfee said he’ll spend the rest of his life in prison if he’s extradited to the US. McAfee, who is currently in Spain, is wanted in Tennessee for tax-related charges for his alleged failure to disclose income. Read up on his arrest and testimony.
9. How much does Intel pay its employees? We examined how much the chip giant pays engineers, managers, and more as it aims to turn around slowing growth and invests $20 billion in building new US factories. Here’s a peek at the salaries.
10. Steve Burns, the CEO of Tesla-wannabe Lordstown Motors has resigned. Insiders say he exaggerated demand and hired interns to do his engineering. We spoke with 17 former employees from Burns’ startups to better understand what happened.
Back to Reality. Reality Winner, the ex-NSA contractor convicted of leaking a report about Russia’s meddling in the 2016 election, has been released from prison. Winner was sentenced to five years behind bars in 2018. “Her release is not a product of the pardon or compassionate release process,” Winner’s attorney pointed out, “but rather the time earned from exemplary behavior while incarcerated.”
Oh Joe you didn’t. Johnson appeared to twice wave away President Joe Biden’s interruptions Saturday while he was hosting a roundtable of world leaders at the G7 summit. Biden had wrongly suggested Johnson hadn’t introduced South African President Cyril Ramaphosa. Yes, there’s video.
Despite an estimated net worth of $3 billion, DeLuca eschewed designer suits, flew coach, and berated his daughter-in-law if she dared to pay up for organic produce at Whole Foods.
Frugality didn’t always translate into modesty, though. As DeLuca grew Subway from a tiny submarine chain into a behemoth with 27,000 locations and $17 billion in global sales in its heyday, he refused to relinquish much control.
He ran Subway like a titan, maintaining a tight grip on the company operations and surrounding himself with employees who loved and feared him. DeLuca devised a system that gave him the final say and even philandered with some franchisees’ wives, two sources said.
And he got away with it.
Read our full profile on the man who built – and ultimately hobbled – the Subway empire:
We asked top venture capitalists to name the most promising US startups so far in 2021. The result is an exciting list of rising startups at every stage from a range of industries:
Anis Uzzaman of Pegasus Tech Ventures and Hans Tung of GGV Capital both highlighted a sleep and meditation app Calm.
The pandemic shone a spotlight on wellness and mental health. Calm was already one of the biggest names in wellness tech, and it’s poised to expand as the world emerges from pandemic lockdowns, Uzzaman said. Before the start of the year, it scored a $2 billion valuation in its Series C round.
“Mental health is often overlooked yet is among the most important aspects of healthcare,” Tung said.
Biogen’s new Alzheimer’s drug stumbled through testing, but will nonetheless become available in the US with a price tag of $56,000. Experts say the drug’s approval could make it more difficult to enroll people in tests of better treatments, and are worried about its effectiveness:
The arrival of the first new Alzheimer’s drug in two decades should have been a moment of celebration. But so far, the healthcare industry is feeling concerned.
On Monday, the US Food and Drug Administration approved a new medication called Aduhelm. The drug, made by the biotech company Biogen, is designed to remove a sticky plaque that builds up in the brains of some people with Alzheimer’s, which it did in clinical trials. But it isn’t clear that using the drug to clear this plaque leads to an improvement in memory and cognition.
“I don’t believe that the drug provides benefits,” Dr. David Knopman, a neurologist at the Mayo Clinic, told Insider.
See why the new medicine has the health community worried:
Pegasus California School seemed impressive. The class sizes were significantly smaller than other Val Verde schools, and it offered dedicated evening study sessions overseen by faculty. The school guaranteed parents, in writing, that every graduate would gain admission to one of the top 100 US universities. But there was a hitch:
Even though it was a part of an American public-school district, tuition and fees at Pegasus added up to more than $34,000 a year. And even though it was largely staffed by Val Verde teachers and administrators, it was actually a boarding school. And even though it conferred a Val Verde diploma to graduates, Pegasus California School was really a private academy exclusively serving Chinese students in Qingdao, China.
How it got there, and how it leveraged the resources and personnel of a middling public-school district for the benefit of private investors and wealthy families halfway across the globe, is the story of one businessman’s quest to monetize American public education with the help of California’s most powerful education official.
Read our full exclusive report on Pegasus California School here:
“Less than a thousand humans have ever been to space – fewer than 100 women, only a handful of moms – and my 3-year-old is going to watch her mommy become one of them,” Gerardi told Insider.
Startups to watch
Insider asked dozens of top VCs to name the most promising Startups of 2021. They were asked to nominate startups they had invested in as well as ones where they had no financial ties. And they delivered an exciting list of companies, across all stages from newly launched to unicorns, each thriving for different reasons.
In our first on a series of stories of the Most Promising Startups of 2021, we present a list of 46, many of whom were named by multiple VCs as being companies to watch this year.
For today’s digital generation, there’s nothing special about being able to view pictures right away, of course.
But perhaps the Polaroid has something better than mere nostalgia to offer Gen Z.
Scarcity is an increasingly foreign concept to those living in a time of super-low interest rates, bottomless social media feeds, on-demand streaming movies, and smartphone cameras that take infinite selfies. With a film camera – even a toy-like instant camera – you only get a finite number of pictures. Each shot needs to count. Imagine that.
There were a few surprises that came with the approval of the drug, Aduhelm. For one, there were no real limitations placed by FDA on who will be eligible for the new drug. And the drug costs roughly $56,000 a year.
Hi and welcome to Insider Advertising for June 11. I’m senior advertising reporter Lauren Johnson, and here’s what’s going on:
Programming note: This is the last daily edition of the newsletter. Thank you for reading! We’ll be taking a break for the next few weeks, but we’ll be back in inboxes in July – as a weekly newsletter from our colleague Lara O’Reilly. See you then.