10 things in tech: Musk visits Branson – AI tiny homes – Amazon Prime Air issues

Elon Musk is shown next to Richard Branson

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Let’s get started.

1. Elon Musk went to Richard Branson’s house at 3 a.m. to wish him luck before his flight. Branson tweeted a photo of Musk visiting him on the morning of his historic flight to the edge of space. Jeff Bezos, who is heading to space on July 20, wished Branson well in an Instagram post. Miss Branson’s launch? Check out a video of him in space.

2. About 600 people reserved tickets to space with Virgin Galactic – including A-list celebs. Tom Hanks and Lady Gaga are among those who paid $250,000 for a ticket. Virgin Galactic isn’t the only company offering space tours – here’s what passengers will get when they fly with SpaceX, Blue Origin, or Virgin Galactic.

3. Amazon’s Prime Air drone-delivery team is experiencing more growing pains. Internal conflict, high turnover, and launch delays are threatening one of Amazon’s loftiest projects, which aims to deliver packages using fully electric drones. Here are some of its pain points.

4. Singapore-based Nestron is now shipping its futuristic tiny homes overseas. The company is introducing its artificial intelligence-powered, prefabricated tiny homes – some of which start at $34,000 – to the UK this year. Take a look inside the AI-powered houses.

5. Some of Google’s own employees told Insider the company is too large and complex and needs to be broken up. “Google is all over the place,” one senior employee said of the firm’s sprawling projects. More on their dissatisfaction here.

6. Bill Gates and Jeff Bezos were spotted at the Sun Valley “billionaire summer camp.” This marks Gates’ first appearance at a major event since the announcement of his divorce from Melinda French Gates. More on that here.

7. More than 10 new electric vehicles will go on sale in the US by the end of 2021. From Porsche’s $91,000 station wagon to an electric Hummer “supertruck,” here are nine of the coolest electric vehicles launching this year.

8. WhatsApp is trying to bring Snapchat-style disappearing photos and videos to iPhones. The Facebook-owned app rolled out the feature, called View Once, to iPhone beta testers on Friday. Read up on Facebook’s latest push to mirror Snapchat’s popular features.

9. Salesforce and Amazon are becoming each other’s best allies in the battle against Microsoft. The partnership brings them so many benefits that analysts even suggested an (admittedly unlikely) way they could be even stronger together: Merging the two companies.

10. “Digital nomads” are ruining tropical paradises. Unlike tourists who stay just a few days, nomads – people who’ve willingly moved three times in the last year – create a permanent strain on local infrastructure. Read our exclusive report on the invasion of remote workers.


Compiled by Jordan Erb. Tips/comments? Email jerb@insider.com or tweet @JordanParkerErb.

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We found Jeffrey Epstein’s other little black book, which revealed hundreds of new connections to the disgraced financier and convicted sex offender

Hello!

Welcome to this weekly roundup of stories from Insider’s Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we’re going over today:

Jeffrey Epstein's address book surrounded by ripped pieces of paper with select names from the book on a red background

What’s trending this morning:


Inside Jeffrey Epstein’s little black book

Insider has obtained a never-before-seen address book that appears to have belonged to Jeffrey Epstein in the ’90s, connecting him to a new network of prominent financiers and political figures:

The Epstein book came to light through a circuitous and unusual path: A self-described “enigmatic rock chick” living in Manhattan’s East Village found it on the sidewalk in the late 1990s.

Denise Ondayko, a former musician who now lives in the Bay Area, said she was walking down Fifth Avenue when she spotted a black address book on the ground. Flipping through, she found addresses and phone numbers for members of the Trump and Kennedy clans, and iconic chroniclers of wealth such as Robin Leach. She decided to hold onto it, slipped it into a box, and forgot about it.

In May 2020, Ondayko and a relative were cleaning out an old storage unit she had rented in Michigan when the long-buried book emerged from a box of odds and ends. Thumbing through it – and seeing the dozens of entries for Epstein’s myriad properties – the relative immediately recognized who the owner was.

Here’s what we discovered in Epstein’s book:

Also read:


Spotify employees are frustrated with Joe Rogan and his show

Joe Rogan

Spotify has benefited from Joe Rogan’s unfiltered style – but not everyone at the company is a fan. Some employees are frustrated with his controversial show, and say he’s making the company so much money it refuses to rein him in:

Rogan, who has a $100 million licensing deal with Spotify, is one of the most powerful figures in media, and one of the most controversial. On his show, he’s aired COVID-19 misinformation, laughed as a guest described sexual harassment, and hosted a prolific conspiracy theorist three times.

Spotify, which owns the exclusive rights to stream “The Joe Rogan Experience,” has stood by him, despite removing a few dozen episodes from his archive. But some of the company’s employees have been irritated by Spotify’s largely hands-off approach and have pushed leadership to rein Rogan in. Spotify hasn’t budged.

See what employees are saying:

Also read:


America is experiencing “The Great Reshuffle”

A cartoon businessman runs up steps, with money falling out of his briefcase.

Millions of Americans are voluntarily leaving their jobs for better ones at a speed we haven’t seen since the turn of the millennium:

In the 25 years that Dawn Fay has been in the recruiting business, she’s seen a hot job market several times. But nothing, she says, comes close to the frenzy she’s seeing right now, as the economy begins to boom in the wake of the pandemic. “There is so much movement in the market,” Fay, a senior district president at the staffing firm Robert Half, said. “The churn is amazing to see.”

“Churn” may be something of an understatement: It’s downright chaos at HR departments across the US. So many Americans have quit their jobs this spring that the resignation rate has skyrocketed to a two-decade high. And people aren’t just looking to switch employers – some are jumping into new professions altogether, while others are climbing the ladder at their current workplace.

The result is an economy-wide game of musical chairs – a wholesale transformation of the job market that has left employers scrambling to retain employees and attract new ones. Call it The Great Reshuffle.

Here’s what that means for the American economy:

Also read:


This secret club helps prepare young CEOs to take over the world

young presidents organizations 4x3

Young Presidents Organization, or YPO, is an ultra-exclusive social group that offers business leaders a chance to speak openly about what it’s really like running a company:

Founded in 1950, YPO has a reputation as a fraternity for ultra-rich white men who inherited their family’s business, and, for a time, it was.

But over the years, it has recruited more entrepreneurs, who tell Insider that the exclusive club is worth the price of admission: a $7,950 upfront fee and chapter dues ranging from $2,000 to $7,000 annually. Plus, the club’s secrecy doesn’t hurt.

Confidentiality is required by a code of conduct, and members say that clandestine atmosphere is part of the appeal. Executives can unload about work or their personal lives, trusting that nothing will slip out. In fact, the group’s code of conduct has an often-repeated line – “Nothing, Nobody, Never” – that serves as an unofficial slogan.

Take a look at the organization that boasts 30,000 members worldwide:

Also read:


Finally, here are some headlines you might have missed last week.

– Matt

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10 things in tech: Richard Branson is space bound, Instacart’s next CEO, Dodge’s electric muscle car

Virgin Galactic founder Richard Branson and Blue Origin founder Jeff Bezos.

Good morning and welcome to 10 Things in Tech. If this was forwarded to you, sign up here.

Let’s get started.

1. Billionaire Richard Branson is set to beat Jeff Bezos to space on Sunday. Their launches will differ in three big ways, including that Branson will ride a space plane, not a capsule launched by a rocket – and some say he won’t even reach space. Watch the flight live.

2. Instacart poached Fidji Simo from Facebook to be its next CEO. In August, Simo will take over the role from Instacart founder Apoorva Mehta, who is transitioning into the position of executive chairman of the board. More on that here.

3. Square is building a hardware crypto wallet. The payments firm wants to make bitcoin more mainstream. More on the plans.

5. Trump’s presidency drove a wedge between Facebook’s Mark Zuckerberg and Sheryl Sandberg. A new book claims the execs often disagreed over how to tackle Trump’s hate speech and misinformation on the platform. Read more from the book.

5. Dodge is making an electric muscle car that will debut in 2024. Future models will be able to hit 62 mph in as little as two seconds – rivalling the Tesla Model S Plaid, currently the world’s quickest production car. Here’s what we know about the car so far.

6. Uber and Lyft could be avoiding $135 million in Canadian taxes every year. By taking advantage of lax financial disclosure requirements and classifying drivers as contractors, the companies could be skirting millions of dollars worth of taxes. Get the full rundown here.

7. Funding into Chinese startups has peaked. New data indicates that China’s share of global venture funding has been waning. Dealroom’s CEO pointed to a drop in mega-rounds, and geopolitical tensions.

8. A senior Google exec will reportedly work remotely after opposing it for staff. Urs Hölzle is moving to New Zealand to work remotely, a decision that sparked outrage as he had opposed remote work for lower-ranking employees. More on Google’s remote-work drama.

9. Amazon is struggling to get Aetna and other health plans to cover its medical-care service. Securing health-insurance coverage would be a crucial milestone as Amazon Care seeks to expand to more people and companies. Here are the roadblocks it’s facing.

10. Our flow chart explains Amazon’s controversial system for fixing or ousting employees. As part of our investigation into the company’s employee review program, we created a chart that takes you through each step in the process. See our exclusive chart here.


Compiled by Jordan Erb. Tips/comments? Email jerb@insider.com or tweet @JordanParkerErb.

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Tracking Delta in vaccinated people – What we know about mixing shots – Where Delta’s spreading

Hello,

Welcome to Insider Healthcare. I’m Lydia Ramsey Pflanzer, and today in healthcare news:

If you’re new to this newsletter, sign up here. Comments, tips? Email me at lramsey@insider.com or tweet @lydiaramsey125. Let’s get to it…


coronavirus testing
A nurse administers a COVID-19 test at a testing site in Suffolk County, New York, on December 18, 2020.

The CDC stopped tracking most COVID-19 cases in vaccinated people. That makes it hard to know how dangerous Delta really is.

Find out more>>


johnson & johnson covid vaccine

Some experts say J&J vaccine recipients should get an mRNA booster. Here’s what we know about mixing shots.

Here’s what we know>>


Spc. Demetrie Barnett of the Nevada National Guard administers a COVID-19 test to Josiah Smith, 12, of Nevada, during a preview of a free drive-thru COVID-19 testing site in the parking garage of the Texas Station Gambling Hall & Hotel on November 12, 2020 in North Las Vegas, Nevada.
Spc. Demetrie Barnett of the Nevada National Guard administers a COVID-19 test.

The Delta variant is causing more than 80% of new COVID-19 infections in 4 US states, including 96% of new cases in Missouri

Get the full story>>


More stories we’re reading:


– Lydia

Read the original article on Business Insider

Great Jones’ pastel-colored cookware became a must-have for millennials. Behind the scenes, a war was brewing between the estranged best-friend founders.

Hello!

Welcome to this weekly roundup of stories from Insider’s Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

Hope you’re all having a nice July 4th holiday. Here’s what we’re going over today:

Burning photo of Great Jones co-founders Maddy Moelis and Sierra Tishgart with colorful dutch ovens behind them, on top of a pink background

What’s trending this morning:

One more thing before we start: We’re relaunching our Insider Advertising newsletter, featuring original analysis from media and advertising editor Lara O’Reilly. Sign up here to get it in your inbox Thursday.


Great Jones’ unraveling

When Sierra Tishgart appeared to push her cofounder, Maddy Moelis, out of the company, Great Jones employees launched an uprising, arguing they saw “no successful path forward” with Tishgart as their leader. But the mutiny didn’t go as planned:

By September 2020, all six of the full-time staff had quit.

How, exactly, did Great Jones’ staff implode so spectacularly? Emails reviewed by Insider depict a war between two estranged friends over the future of the company, with a group of big-name investors and advisors providing ammunition on both sides. But employees caught in the middle just saw an image-obsessed boss whose poor management and decision to oust her well-respected cofounder during a pandemic left them no choice but to resign.

“It just got super ugly,” an employee who led the operations team said, adding that her mental health suffered because of Tishgart’s leadership. “I had hit my breaking point. I was, like, ‘I can’t see a path forward in which I can work with this person.'”

Here’s what we know about the founders’ infighting:

Also read:


The other side of Bill Gates

One image of a smiling Bill Gates on the left, a stern Melinda Gates in the center, and a thinking Bill Gates to the right on a black backgroundWe spoke with people who worked with Bill Gates, who said he was known for swearing and berating underlings, and for pursuing women in and out of the office:

In the summer of 1988, Bill Gates took a helicopter to Les Arcs ski resort in the French Alps for an international sales meeting for Microsoft. He was in the mood to let loose.

One night, Gates joined his employees for drinks in a Swiss chalet and partied until the sun came up, recalled Dan Graves, a former Microsoft export manager. At about 5 in the morning, Graves nearly tripped over Gates, who was lying on top of a woman out on the lawn. The pair were “just snuggling,” Graves told Insider.

It’s not the kind of story most people think of when they imagine Gates, with his oversized glasses, boyish haircut, and nerdy persona. Till very recently, he was better known for quirky Reddit AMAs, publicly advocating for COVID-19 vaccines, and pumping billions into philanthropic work, alongside Melinda, his wife of nearly three decades.

Take an inside look at a different side of Bill Gates:

Also read:


Experts are bracing for a post-pandemic “burnout wave”

GettyImages 1252382020 Exhausted businessman

In an Insider survey of 1,000 employed Americans across the country, 72% of respondents who are returning to an office after working remotely said they’re feeling burned out – compared to 60% of those who have been going into the office consistently:

Ariane Ollier-Malaterre studies the future of work, focusing specifically on how people set boundaries between their personal and professional lives. She answered my call from Canada, excited to share some of her research findings – despite that she had the day off.

This blurring of boundaries is a trap Ollier-Malaterre knows that others will fall into as well. She is especially worried now that many people are returning to the office after more than a year of working remotely. She keeps picturing a nightmare scenario in which employees commute to the office, spend a full day there, and then return home just to continue answering emails and calls.

“It would be the worst of both worlds,” for employers and employees, Ollier-Malaterre said.

Read more about what she’s calling the post-pandemic “burnout wave”:

Also read:


Paul Weiss’ lucrative relationship with Apollo

Brad Karp, chair of Paul Weiss, and Leon Black, former CEO of Apollo Global Management with an alternating pattern of Paul Weiss and Apollo Global Management's logos on a blue backgroundOver the past decade, Paul Weiss has boosted its profits with the help of legal fees from its large private-equity client, Apollo Global Management. The account also changed the law firm’s culture, insiders say, and opened it up to criticisms about its independence:

The relationship has pumped up the law firm’s sizable earnings and lifted its dealmaking profile, leading to nearly 100 mergers and acquisitions in which Paul Weiss advised Apollo and its affiliates.

But there has also been a cost to the cozy relationship, according to interviews with 13 people who have worked in its corporate department over the past decade.

Insider also interviewed dozens of others, including current and former Paul Weiss attorneys, consultants, and recruiters, as well as competitors, to offer an account of how Paul Weiss became so involved in Apollo’s business – a relationship one former firm lawyer likened to a plot line in the TV show “Mad Men,” when executives at a fictional ad agency scrambled to please its Big Tobacco client, Lucky Strike.

Read more from our exclusive report:

Also read:


Finally, here are some headlines you might have missed last week.

– Matt

Read the original article on Business Insider

What it takes to keep up with the digital health boom

Hello,

Welcome to Insider Healthcare. I’m Lydia Ramsey Pflanzer, and this week in healthcare news:

If you’re new to this newsletter, sign up here. Tips, comments? Email me at lramsey@insider.com or tweet @lydiaramsey125. Let’s get to it…


We’ll be off next Monday for the holiday! Hope you all have a great weekend, and we’ll see you again on Tuesday.


A check with the words "paid to the order of digital health" written on it surrounded by dollar signs on a blue background.

Keeping up with the digital health boom

Dealmaking is heating up in healthcare.

Case in point: Ro on Wednesday made its third acquisition in the last year, buying at-home diagnostics startup Kit.

Megan Hernbroth spoke to some of the folks involved in inking digital health deals. They’ve been working overtime amid the boom – pulling all-nighters and working seven days a week.

The boom has led to a new crop of healthcare startups.

With the help of the VC team here at Insider, we pulled together a list of 23 of the most promising healthcare startups of 2021.

Read the full list here>>

Blake Dodge meanwhile has spent the past few weeks searching out the bankers that every digital health company should know.

They shared with her predictions for the future of the industry.

Meet digital health’s go-to bankers>>

12 top bankers break down how tech is driving record deals and the next generation of giants


mental health illness depression anxiety headache migraine therapy

The cost of inequity

Over the last few months, the Insider newsroom has been busy reporting on a series that quantifies the cost of inequity in the US.

The healthcare team contributed some articles:

Find the whole project here>>

How inequity persists in America


Tia Office

What’s fueling women’s-health startups

It’s Patricia Kelly Yeo’s last week with us here on Insider’s healthcare team! In her final few weeks, she went deep on what’s happening in women’s health.

On the heels of Ro’s announced deal to buy Modern Fertility, we started wondering what the future of women’s health looks like: Is it possible to grow a startup focused on something like fertility, or contraception? Or is the fate ultimately to become an acquisition target?

Kelly spoke to experts in the field to understand how women’s-health startups could benefit from all the dealmaking.

Meanwhile, Kindbody last Friday raised $62 million, valuing the fertility clinic startup at $612 million.

That puts Kindbody as one of the top-funded women’s-health startups.

Get the full list here>>

From birth-control delivery to online pregnancy care, here are the 9 highest-funded women’s-health startups


More stories we covered this week:


– Lydia

Read the original article on Business Insider

10 things in tech: Amazon employees spill, Bill Gates’ other side, SpaceX launch

Jeff Bezos and Andy Jassy surrounded by images of workers and robots in Amazon warehouses

Good morning and welcome to 10 Things in Tech. If this was forwarded to you, sign up here.

Let’s get started.

1. Employees reveal what it’s really like working at Amazon. We’ve been investigating what the company is like when it comes to hiring, firing, performance reviews, and more. Here’s everything you need to know about working there.

2. SpaceX had to reschedule yesterday’s rocket launch. Tesla CEO Elon Musk said the launch was called off because an aircraft entered the so-called “keep out zone.” Here’s what that means – and why Musk isn’t too thrilled about it.

3. Insiders say Bill Gates’ squeaky-clean image was merely good PR. People who worked with Gates told us that he was a hot-tempered office bully who pursued sexual affairs with older women. Here’s what else they said about Gates’ other side.

4. Facebook is worth $1 trillion after a US court’s dismissal of two antitrust lawsuits. The company’s court victory spurred a jump in stock – making it the youngest US company to reach the trillion-dollar milestone. More on that here.

5. Some Amazon warehouse workers in Seattle are struggling to cope with the heatwave. While the company gave iced scarves to workers at some facilities, others said Amazon had been “ill-prepared” for the weather. A look at working conditions amid the record heat.

6. A modified Tesla Model S Plaid sped 3,400 feet up Pikes Peak in less than seven minutes. The drive was part of this year’s Pikes Peak International Hill Climb, which the modified Tesla won. Watch it rip up Pikes Peak here.

7. Trump reportedly would have joined social-media site Parler – if it banned his critics. According to an excerpt from an upcoming Michael Wolff book, Parler balked at the suggestion, which was made by Trump’s reps. Read more from the excerpt.

8. You can still buy a new Windows 10 laptop – but Windows 11 requires specific hardware. The system requirements for Windows 11 are steeper than 10, but most laptops sold in the past four years will meet them. Here’s what you’ll need to keep in mind.

9. Amazon is building out its influencer program. As part of the e-commerce giant’s push toward working directly with creators, it’s now recruiting YouTube and Instagram stars to join its livestreaming platform and sell products. How the program works.

10. Tech companies are revamping their return-to-office plans. Uber decided to replace its initial plan to send employees back to the office with something a bit more flexible. Plus, a leaked memo shows that Google employees can return to the office in July – and won’t have to wear masks if they’re vaccinated.


Compiled by Jordan Erb. Tips/comments? Email jerb@insider.com or tweet @JordanParkerErb.

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10 things in tech: Great Jones mutiny, Uber competitor, Foldable Kindle

Mark Zuckerberg, Facebook

Good morning and welcome to 10 Things in Tech. If this was forwarded to you, sign up here.

Let’s get started.

1. A judge has dismissed the United States’ antitrust lawsuit against Facebook. The FTC filed a lawsuit against Facebook in December, but a judge determined the FTC failed to show that Facebook had monopoly power in the social media market. Get the full story here.

2. Jeff Bezos is heading to space, but he’s not the only tech mogul obsessed with extreme experiences. A passion for the extreme seems to be common among the world’s billionaires. From racing yachts to meditating for 10 days straight, here are the wild ways tech elites spend their free time.

3. A cofounder war led every employee to quit Instagram’s trendiest cookware company. Great Jones was sent into a tailspin after one founder appeared to push her partner out of the company, causing employees to launch an uprising. More on the mutiny at Great Jones.

4. Tesla will recall about 285,000 cars in China as drivers are accidentally switching on Autopilot. Turning on the assisted driving software while in motion caused some vehicles to quickly speed up or slow down, an issue that Tesla will be fixing remotely. More on that here.

5. Corporations world wide are starting to embrace the four-day workweek. Proponents say a permanent three-day weekend would boost employee happiness and productivity – and these seven companies are giving it a shot.

6. Walter Isaacson is reportedly in early talks to write Elon Musk’s biography. Isaacson wrote the famous biography of Steve Jobs, which sold millions of copies. A look at what we know so far.

7. The Rock and Jeff Bezos are working together on a “big announcement” coming this week. Dwayne “The Rock” Johnson posted a photo on Instagram that teased a partnership between his production company and Amazon Studios. More on their mysterious news.

8. Amazon could debut a Kindle with a folding screen. After a decade on the market, the new Kindle would open and close like a real book. Get the details here.

9. Tech workers are flocking to seven US cities – and not a single one is on the coasts. A new LinkedIn report found that a handful of second-tier cities were luring tech employees away from coastal hubs like New York and San Francisco. See what cities are booming right now.

10. A former McKinsey partner raised $45 million to take on Uber. Will Coleman’s company, Alto, is a premium taxi service that in many ways flies in the face of what Uber and Lyft have built. How it plans to become the Starbucks of the ride-hailing world.


Compiled by Jordan Erb. Tips/comments? Email jerb@insider.com or tweet @JordanParkerErb.

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The junior banker shortage has gotten so bad some Wall Street firms are lowering the standard for new hires

Hello!

Welcome to this weekly roundup of stories from Insider’s Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.

What we’re going over today:

Banks are desperate to score more analysts and associates to help with mountains of deal work.

What’s trending this morning:


Investment banking’s labor shortage

The national dearth of employees hasn’t spared the banking industry. Without enough talent to handle workloads, banks are having to lower their hiring standards, and mid-level and senior bankers are having to roll up their sleeves:

Just months after junior bankers railed against management amid crushing levels of burnout, one of the root drivers of the problem has yet to be solved: Banks have too few hands on deck to handle their massive deal loads.

As a result, some senior bankers have been forced to work on deal processes that typically would have been relegated to the most entry-level employees, according to some banking insiders.

In some cases, the situation has gotten so dire that banks have had to turn away business.

Here’s what else you need to know:

Also read:


Shopify is pushing into advertising

Tobias Lütke shopify

In a major move for the e-commerce platform, Shopify is planning to unveil a tool to help advertisers target Facebook and Google ads. The tool would aggregate shopper data from Shopify’s 1.7 million businesses:

Shopify has not been directly involved in advertising, but that’s about to change.

The e-commerce-software company, which lets merchants sell products online, plans to roll out a tool called Shopify Audiences, according to retail and advertising sources familiar with Shopify’s plans.

Shopify will let advertisers use its data to target ads on Facebook and Google, according to these people, who said they saw a video tutorial that Shopify shared of the product.

Here’s how Shopify Audiences will work:

Also read:


Congressional staffers share their budgets

Capitol Hill staffer March 2021

Some congressional staffers make “poverty wages,” starting in the low $20,000s. We spoke with eight current and former staffers, who shared their budgets to show how thin they were stretched:

An entire paycheck going to daycare. Vending-machine ice cream for dinner. Tossing hundreds of dollars at a decade’s worth of credit-card debt. Relying on income-assisted housing to keep a roof over their head.

These are the real-life budgets of Capitol Hill staffers, whose pay starts in the $20,000s to work demanding jobs in one of the most expensive cities in the country.

“The hardest thing for us is when we see members who are charging progressive causes, and even after knowing everything we’ve been through this year, say, ‘Here’s a turkey club sandwich and a salary that wouldn’t even get you an apartment you can afford,'” one legislative aide of a House Democrat said.

See their budgets – and how they make them work – here:

Also read:


iBuyers like OpenDoor and Zillow are booming

One hand on the left holding a few one dollar bills and one hand on the right holding a house with Zillow, Opendoor, and Redfin logos patterned out on a blue background

A growing number of homeowners are choosing to sell to iBuying firms like Opendoor and Zillow, which offer convenience and certainty – but generally pay below-market prices:

Amy Melcher has two young daughters, a demanding job as a public defender, and the responsibility of taking care of her father, Gary, who just turned 81 and is in poor health.

So when it came time to sell Gary’s single-level, three-bedroom home in Phoenix earlier this year to help pay for his move to an assisted-living facility, Melcher decided to eschew hiring a broker, putting the house on the market and scheduling showings with prospective bidders. She sold to Opendoor, one of several instant buyers, nicknamed iBuyers, that promise to streamline the normally tedious task of selling a home.

But convenience has a cost.

Less than two months after it purchased Melcher’s house for $259,700, Opendoor relisted the property for $304,000, a sum that would net it a tidy 17% profit, if it is able to sell for that amount.

Read up on the burgeoning iBuyer industry:

Also read:


Finally, here are some headlines you might have missed last week.

– Matt

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10 things in tech: John McAfee has died, Apple’s warning, Top startups

John McAfee

Good morning and welcome to 10 Things in Tech. If this was forwarded to you, sign up here.

Let’s get started.

1. John McAfee has died by apparent suicide in jail while awaiting extradition on tax evasion charges. McAfee, 75, was found dead in a Barcelona jail cell on Wednesday. Earlier in the day, Spain’s National Court approved his extradition to face US-based charges. What we know so far.

2. Six Amazon employees reveal what’s driving people to quit. We spoke with half a dozen employees who all cited the same issues: surveillance, the work’s monotonous nature, and burnout. Here’s what else they told us.

3. These 19 companies are the most promising retail startups of 2021. Top VCs named the startups they’re most excited about this year – from Slice, a pizza delivery app, to Tonal, an at-home smart gym system. Check out our list of the ones to keep an eye on.

4. Apple warned that allowing iPhones to use apps from outside its App Store is a security risk. The warning comes as lawmakers seek to force Apple to allow apps from anywhere to be installed on iPhones. Why Apple says “sideloading” apps outside the App Store is dangerous.

5. Microsoft has hit a $2 trillion market valuation for the first time. It’s the second US-listed company – following Apple – to hit the $2 trillion mark. Get the full rundown here.

6. Mark Zuckerberg’s ghostly sunscreen application is back – this time, it’s plastered on his surfboard. It’s an image that haunts us all: Zuck surfing with a thick layer of sunscreen on his face. Now, you can see it immortalized on his surfboard.

7. Tech legend Marc Andreessen says the rise of remote work might be more important than the internet. It’s “a permanent civilizational shift” that has globally expanded the number of good jobs, he recently wrote. Wondering what the future of work should look like for you? Take this quiz to determine if you work best from home, an office or somewhere in between.

8. Apple CEO Tim Cook called Nancy Pelosi to ask her to slow down six tech antitrust bills. The bills – which Cook said would stifle innovation – are aimed at breaking up any market dominance tech giants like Apple, Google, and Facebook hold. More on Cook and Pelosi’s call.

9. Austin lured 67,000 new residents – including numerous tech execs and entrepreneurs – last year. We spoke with recent transplants who told us how no state income tax and a rollicking social scene drew them to the Lone Star State. Take an inside look at life in Texas.

10. Tractable survived near-death, then its founder turned it into a $1 billion unicorn. Just a few years ago, Tractable was hanging on by a thread. This year, the company announced a round of funding that valued it at $1 billion. How CEO Alex Dalyac and his cofounders transformed the startup.


Compiled by Jordan Erb. Tips/comments? Email jerb@insider.com or tweet @JordanParkerErb.

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