The agreement Facebook struck with the Federal Trade Commission this week to end the agency’s investigation into its alleged privacy violations was a good deal for the company. Facebook can easily afford the $5 billion penalty, and the FTC could have legitimately assessed it a much higher fine. The supposed restrictions in the agreement on its business are fairly meaningless – they generally don’t limit its ability to collect personal data from consumers...
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Uber Just Lost 2 Board Members, Including Ariana Huffington, an Ally of Ousted Founder Travis KalanickRead Full Article
- Ariana Huffington and Matt Cohler have resigned from Uber's board of directors, the company said Wednesday.
- Huffington joined the board in 2016 at the request of the ousted founder Travis Kalanick.
- Their departures were not acrimonious, the company said.
- Visit Business Insider's homepage for more stories.
Ariana Huffington and Matt Cohler are leaving Uber's board of directors effective immediately, the company said Wednesday...
Facebook Just Got Clobbered With a Record $5 Billion Penalty Over the Cambridge Analytica Data BreachRead Full Article
- The Federal Trade Commission just slammed Facebook with a record $5 billion penalty over its handling of user data following the giant Cambridge Analytica breach last year.
- Facebook said last month that it had set aside $3 billion to $5 billion for the settlement...
Warburg Pincus Landed a $1 Billion Deal with a Twist — One Brother is on Warburg's Energy Team, Another is an Exec at the Company it Backed.Read Full Article
- An executive of an oil-and-gas company that Warburg Pincus just backed is the brother of one of the private-equity firm's energy-focused managing directors, Business Insider has learned.
- The unusual situation, a potential conflict of interest, meant that Warburg managing director David Habachy could not be involved in decision-making on the deal, according to a person familiar with the matter...
Jeffrey Epstein Was the Sole Director of Private Equity Guru Leon Black's Family Foundation for More than a Decade. Epstein Stayed on Even After Pleading Guilty to Soliciting Prostitution.Read Full Article
- Jeffrey Epstein, the financier charged with sex trafficking minors, was the sole director for private equity giant Leon Black's family foundation for more than a decade, tax filings seen by Business Insider reveal. Epstein stayed on even after pleading guilty to soliciting prostitution.
- Black co-founded $247 billion Apollo Global Management. He and his wife started a foundation in 1998 that donates to groups including a charter school network and religious organizations...
Breaking News: Deutsche Bank is Cutting 18,000 Jobs, Exiting the Stock Sales and Trading Business, and Shuffling Leadership in a 'radical transformation'Read Full Article
- Deutsche Bank announced that as part of a "radical transformation," it's cutting 18,000 jobs by 2022.
- The bank says it's dropping its stock sales and trading unit, and creating a new "Corporate Bank" to focus on commercial and corporate clients.
- The bank also announced that Chief Regulatory Officer Sylvie Matherat and retail head Frank Strauß will be leaving the company...
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Slack's non-IPO was no doubt the big story of the week, with its success leading some to predict the market could soon see many more direct listings.
Colin Stewart, Morgan Stanley's lead banker on Slack's public debut, told Bloomberg we could see as many as five direct listings in 2020. To put that into context, the only two high profile direct listings in the last two years have been Slack and Spotify...
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- Tesla CEO Elon Musk had harsh criticism of ousted Tesla co-founder Martin Eberhard over the weekend.
- In a now-deleted tweet, Musk said "Tesla is alive in spite of Eberhard, but he seeks credit constantly & fools give it him."
- The billionaire also tweeted that he had deleted his Twitter account (which was not true as of Monday morning), and received criticism for comments about the necessity of crediting artists for their work...
Elon Musk got ‘paid’ $2.3 billion last year but actually earned $0, and this shows how complicated CEO compensation has becomeRead Full Article
Elon Musk got ‘paid’ $2.3 billion last year but actually earned $0, and this shows how complicated CEO compensation has become By - June 11, 2019 A recent report from The New York Times indicated that Tesla CEO Elon Musk received stock options worth nearly $2.3 billion in 2018, more than 17 times the reported compensation of the next-highest executive on the list.
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There's a record number of women on the boards of Fortune 500 companies. Racial and ethnic minorities, not so much. Allana Akhtar twitter Women filled 183 of the 462 open board room positions at Fortune 500 companies , according to a new report. Racially diverse candidates did not see the same gains, though. African-American candidates filled just 11% of new board seats. Greater diversity in leadership leads to fewer errors and greater innovation, according to research.
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- Baillie Gifford, the largest institutional investor in Tesla, increased its stake in the company during the first quarter despite all the controversy surrounding the electric carmaker.
- We recently asked Andrew Telfer, the $252 billion asset manager's joint senior partner, what it takes for the firm to sell a company it has invested in for the long haul...
Facebook Shareholder Revolt Gets Bloody: Powerless Investors Vote Overwhelmingly to Oust Mark Zuckerberg as ChairmanRead Full Article
It’s now clear that independent Facebook investors voted overwhelmingly in support of proposals last week to fire Mark Zuckerberg as chairman and scrap the firm’s share structure. According to the results of votes at Facebook’s annual shareholder meeting, 68% of outside investors want the company to hire an independent chairman. The majority was up from 51% last year...
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- Johnson & Johnson CEO Alex Gorsky, Kinder Morgan executive chairman Richard Kinder, and FedEx CEO Frederick W. Smith all served overseas.
- Here are other Fortune 500 CEOs who have served in the military...
Uber's First Employee and one of Travis Kalanick's Last Allies has left the Company's Board just 2 weeks after IPORead Full Article
- Ryan Graves, Uber employee number 1 and its former CEO, is leaving Uber's board of directors, the company said in a filing Friday.
- It's unclear why Graves is leaving the board. The company said in its filing that the departure is not related to any disagreements.
- Graves' resignation comes just two weeks after Uber went public. Graves' personal stake in the company is valued around $1.4 billion...
The SEC is Reportedly Investigating Whether Boeing was Transparent Enough with Shareholders About Problems with the 737 MaxRead Full Article
- The Securities and Exchange Commission (SEC) is investigating whether Boeing gave shareholders sufficient information about problems with its 737 Max aircraft, Bloomberg reported.
- The agency is also reportedly examining financial documents from the aerospace manufacturer to determine whether it properly accounted for the potential impact of issues associated with the 737 Max.
- The SEC declined to comment. Boeing did not immediately respond to Business Insider's request for comment...
Jeff Bezos Blew off Amazon Employees' Proposal at the Shareholder's Meeting and they were Miffed: 'This is not the kind of leadership we need'Read Full Article
- Nearly 8,000 employees have signed an open letter asking Amazon to commit to become a climate-change leader instead of a climate change contributor.
- They expected to present their ideas directly to their boss, CEO Jeff Bezos, at the company's annual shareholder's conference where he was scheduled to appear.
- But Bezos didn't show up to listen to them.
- Although 50 of them were in the room, the company also did not allow any of them to ask a question of him...
BP's Chairman Says 'the world can't continue along its current path' and That The Energy Giant Will Become More Transparent in Response to Investor DemandsRead Full Article
- BP chairman Helge Lund promised a long-term transformation to a "low-carbon energy system" in a Financial Times editorial.
- At its annual general meeting on Tuesday, BP accepted a shareholder resolution to adopt transparency about how its strategy is in accordance with the Paris Agreement on climate change.
- BP and its competitors are facing significant pressure from investor groups for addressing climate change, including from CA100+, whose members control a total of $33 trillion AUM...
Deutsche Bank Pay is Driving a Wedge Between Veterans on 'Mickey Mouse Money' and a Slew of Better-Paid New Hires — and a $62 Million Bonus for the Board Adds Extra StingRead Full Article
- Deutsche Bank has been splashing out on new hires and paying out a big bonus to the board, infuriating veterans who saw their pay slump.
- Deutsche Bank's bosses may face shareholder wrath ahead of a key annual meeting on Thursday.
- Senior staff are forced to hold the stock as part of their pay. The shares reached record lows this week...
Amazon Air Pilots are Picketing the Company's Annual Shareholder Meeting as They Fight For Better PayRead Full Article
- Pilots for three airlines that operate much of Amazon's Air delivery service are set to picket Amazon's annual meeting on Wednesday.
- The group says the companies have purposefully stalled negotiating a new contract for more than three years.
- Pilots who spoke to Business Insider said their worried another accident — like that involving an Atlas Air jet in February — could happen again soon as crews are stretched thin...
Bernie Sanders is Planning to Crash Walmart's Next Shareholders Meeting and Argue Hourly Workers Deserve a Spot on the Company's BoardRead Full Article
- Sen. Bernie Sanders will attend Walmart's shareholders meeting on June 5.
- He reportedly plans to boost a shareholder proposal to include hourly employees on the company's board.
- A Walmart spokesperson told Business Insider that the company hopes Sanders will not approach the event as a "campaign stop."
Sen. Bernie Sanders, one of Walmart's biggest critics, is crashing the retail giant's annual shareholder meeting this year...
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- Amazon shareholders will stage an unprecedented vote on Wednesday on whether to stop the company from selling its facial recognition technology to government agencies.
- Activist shareholders are concerned that the technology, known as Rekognition, will be used for surveillance and has been found to produce inaccurate results...
Uber Wanted to IPO with a $120 Billion Valuation But Ran Into Trouble When Some of its Biggest Shareholders Held Out for a Lower PriceRead Full Article
- Uber wanted to go public with the $120 billion valuation pitched by bankers at Morgan Stanley and Goldman Sachs ahead of its initial public offering, but the company ultimately listed with a $75.5 billion market cap.
- One reason is that institutional investors, many who privately owned Uber stock, didn't want to buy more shares at the higher price, according to The New York Times...
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- Microbiome-testing company uBiome's board now only has one independent director, following a raid of the company by the FBI in April.
- In a letter to investors sent Tuesday, a special committee of uBiome's board of directors said that two board members, UCSF professor Joe DeRisi and early founder Witt Wisebram, have resigned...
Impact Investing is the Quiet Revolution Taking Shape Across our Economy — and it’s Just Getting StartedRead Full Article
- Jean Case is the CEO of the Case Foundation and chairman of the National Geographic Society.
- In this op-ed, she writes that businesses can be a powerful tool for social good, and that social impact-driven brands are generating compelling financial returns for investors.
- If the growth trend continues, it suggests that impact investing is on a track to hit a trillion dollars in the near future — bringing it toward the mainstream...