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The latest news from Business Insider

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    Michael Bloomberg Georgina

    • There aren't any royals with fortunes to envy in America, but there are many heirs and heiresses set to inherit millions from American brands.
    • These fortunes have been built across a variety of industries, from media to fashion; some are relatively new, while others could be considered "old money."
    • From Travis Knight of Nike to Ann Walton Kroenke of Walmart, take a look at some of America's most notable heirs and heiresses.

    America may not have royalty, but it does have plenty of heirs and heiresses set to inherit the thrones — or at least the riches — of the country's biggest brands. 

    Some of the wealthiest families in America have built their fortunes by creating megabrands in various industries, from media to fashion. As their wealth grows, it continues to be passed on to future generations, although some fortunes are newer than others. Alexa Dell is set to inherit part of her father, CEO of Dell Technologies Michael Dell's, fortune, a result of a company that's only been around for roughly 30 years.

    Other heirs and heiresses are in line for wealth that dates way back up the family tree, like Lydia Hearst, who shares an inheritance with more than 60 family members from media mogul William Randolph Hearst.

    Below, meet 16 heirs and heiresses to some of America's most notable brands — some names you may recognize, and others not so much.

    SEE ALSO: The rich keep getting richer — here are the billionaires who made the most billions in a single year

    DON'T MISS: Here's how much money 19 rich and famous power couples are worth

    Lydia Hearst

    Heir to: Hearst

    Granddaughter of media mogul William Randolph Hearst, Lydia Hearst, 33, shares the Hearst fortune among 67 family members. The heiress is an actress, model, writer, and socialite and has an estimated net worth of $100 million.



    Georgina Bloomberg

    Heir to: Bloomberg

    Georgina Bloomberg is an heiress to the $52 billion Bloomberg fortune. Her father, Michael Bloomberg, is the former New York City mayor and media mogul. The 35-year-old is an elite equestrian, novelist, and animal rights activist and has pursued numerous careers.



    Travis Knight

    Heir to: Nike

    An accomplished filmmaker and animator, Travis Knight, 45, is the son of Nike founder Phil Knight. According to Portland Business Journal, he was put in charge of a trust that controls 38 million shares of Nike stock. There's no word on how much he stands to inherit, but Nike is the most valuable fashion brand in America, valued at $28 billion.



    See the rest of the story at Business Insider

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    Elon Musk

    • Elon Musk told staff that Tesla is "very close to achieving profitability" in a company-wide email on Sunday.
    • In August Musk told investors that the company would be profitable in the third quarter. Tesla has had only two profitable quarters in its history.
    • Musk just agreed to pay the SEC $20 million after it filed a suit against him for making "false and misleading" statements that impacted Tesla's stock price.

    In an email, Elon Musk told Tesla employees on Sunday they have "one more day of going super hardcore" to close the quarter and the company is "very close to achieving profitability and proving the naysayers wrong."

    Musk assured investors that Tesla would turn a profit in the third quarter in a conference call in August. The company has never turned an annual profit, and has had only two profitable quarters in its history.

    Here's the full email:

    From: Elon Musk
    Sent: Sunday, September 30, 2018 1:08:45 AM
    To: Everybody
    Subject: One more day of going super hardcore and victory is ours!!
     
    We are very close to achieving profitability and proving the naysayers wrong, but, to be certain, we must execute really well tomorrow (Sunday). 

    If we go all out tomorrow, we will achieve an epic victory beyond all expectations.

    Go Tesla!!!

    Thanks for all your hard work,
    Elon
    This comes just after Musk came to a $20 million settlement with the SEC, which filed a lawsuit against him on Thursday that alleged he tweeted false and misleading statements about Tesla. 
    The SEC accused Musk of knowingly spreading false information about Tesla to manipulate its stock price. In August Musk tweeted that he was taking Tesla private for $420 a share with "funding secured." He did not have funding secured, and Tesla announced there would be no deal a few weeks later.
    As part of the settlement, Musk will have to step downs as Chairman of Tesla's board for at least three years, and there will be more oversight of his communication with investors, including how he uses Twitter. 
    Tesla did not immediately respond to a request for comment about the email. 
    (If you are a Tesla employee or customer who has a story to share about a car or experience with the company, give me a shout at llopez@businessinsider.com.)

    SEE ALSO: Here's what legal experts are saying about the SEC's settlement with Elon Musk

    Join the conversation about this story »

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    lebron james lakers

    • Teams around the NBA are still talking about LeBron James' move to the Los Angeles Lakers.
    • Teams in the Eastern Conference have acknowledged that their paths forward are easier with James out of the way, while teams in the West have accepted that the conference just got tougher.
    • James' Lakers will also have a tougher time getting into the playoffs because of the crowded Western Conference, but most expect them to do it.


    With the NBA season around the corner and teams reporting for media days and training camps this week, it appears one topic is still buzzing around the league — LeBron James' move to the Los Angeles Lakers.

    It's been nearly three months since James changed conferences, but around the league, there's still great interest into how that move will play out. In part, that's because of the odd team that's been assembled around James — a mix of young players and journeymen supporting cast.

    However, it is also rare to see a superstar of James' magnitude change conferences. James ruled the Eastern Conference for eight years, making the Finals from 2011 to 2018. He was the most consistent force in the league. Now, his departure (or arrival, depending on your vantage point) is set to cause a shake-up in the league.

    For instance, Eastern Conference teams are already thinking about the new opportunity that awaits them. Indiana Pacers head coach Nate McMillan described the need for a new face in the East.


    Washington Wizards head coach Scott Brooks seems refreshed.


    In a Players' Tribune conversation between Denver Nuggets point guard Isaiah Thomas and Philadelphia 76ers guard Markelle Fultz, the two players even discussed how the East was now wide open.

    "With LeBron coming west, that opens up opportunity for other teams," Thomas said.

    "Yeah, for sure, it opens up a lot," Fultz agreed.

    Even some teams in the Western Conference acknowledged their new member.


    Of course, James' Lakers team will have their hands full competing in what many consider to be the superior conference. Last season, the Nuggets missed the playoffs at 46-36. This year, the competition only figures to be tougher.

    Portland Trail Blazers guard Damian Lillard told The Athletic's Sam Amick that the move might be tougher for James, too, not just other teams.

    "So I'm sure [the Lakers will] figure it out," Lillard said. "It's just a matter of how fast can they figure it out because in the West it’' not like the Eastern Conference. If you fall behind in the West, that can be bad. It's a little tougher, so I think that's the question."

    Even if the Lakers aren't gaining attention for the right reasons, Golden State Warriors forward Andre Iguodala said it'll make his life easier.

    Most in the NBA expect the Lakers to make the playoffs, even if they might not have a clear road to the Finals as James' Cavs teams did.

    However, former Cavs forward Richard Jefferson told The New York Times' Marc Stein that people might be underestimating just how good James can make the Lakers.

    "When he went back to Cleveland, I promise you he didn't go there thinking, 'OK, it's time to go to four straight NBA finals,'" Jefferson told Stein. "But would anyone really be surprised if the Lakers made the conference finals? He's that good. Any time LeBron steps on the court, he's the best player on the court. There's a bigger gap than I think many people would really believe."

    It's a testament to James' power that virtually the entire league can shift based on which team he plays for.

    Join the conversation about this story »

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    Patrick Mahomes

    • Patrick Mahomes is the breakout star of the 2018 NFL season thus far.
    • The Chiefs quarterback, who had only made one start coming into the year, set an NFL record after throwing 13 touchdowns through the first three weeks.
    • One throw Mahomes made on Sunday encapsulated why so many are high on his future potential.


    Three weeks into the 2018 NFL season, the Kansas City Chiefs offense looks absolutely unstoppable.

    Leading the way for the Chiefs is Patrick Mahomes, who had just one NFL start under his belt before taking over for Kansas City with the departure of Alex Smith.

    The move has worked out brilliantly for the Chiefs so far, with Mahomes throwing 13 touchdowns through the first three weeks of the season — more than any other quarterback in NFL history.

    There's plenty to love about the skill that Mahomes — the 10th overall pick of the 2017 NFL Draft — has shown through the early going of the season. His arm is incredible, as shown on his deep balls to Tyreek Hill, and his accuracy has been phenomenal across the board, having not given up an interception yet this year.

    But what might stand out more than anything is Mahomes' vision and escapability, both of which seem far more developed than you would expect from a player with just four NFL starts.

    During the Chiefs win over the San Francisco 49ers on Sunday, Mahomes made one play that encapsulated why his name is already being discussed in early MVP conversations.

    On third-and-goal, the Chiefs offensive line got blown back off the snap, forcing Mahomes to retreat 20 yards behind the line of scrimmage to keep the play alive.

    Under normal circumstances, a young quarterback running risking a 20-yard loss in the red zone to save a broken play would be a risk you wouldn't want to see them take, but Mahomes pulled it off.

    After one final turn, Mahomes kept his eyes downfield and eventually found receiver Chris Conley in the corner of the end zone to extend Kansas City's lead to 21-7.

    The Chiefs would go on to win the game 38-27, and the team's offense, lead by Mahomes, is now averaging almost 40 points per game.

    Next week, Mahomes will head to Denver to face a Broncos defense that should present his toughest challenge yet in his young career, but based on what he's shown the first few weeks of the season, he shouldn't have a problem.

    SEE ALSO: Top 12 waiver-wire pickups for Week 4 in your fantasy football league

    Join the conversation about this story »

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    wealthy anonymous

    • Successful investing isn't about timing the market, it's about time in the market.
    • Financial advisor Eric Roberge says he hears frequently from clients who fear that the market is going to crash soon, so they would prefer to wait to invest their cash. 
    • This investing strategy might seem reasonable based on the current status of the market, however, while it has to crash eventually, it could be years before it actually happens. 
    • Even if you think investing right before a market crash is a bad idea, if you're goal is long-term growth, it's better to be in the market a long time than it is to time it. 

    Plenty of smart, successful people with cash to invest are currently refusing to invest it.

    As a financial advisor, I see this all the time. I have clients come to me and say, "You know, I have this cash sitting in my savings account and I know how important it is to invest so I can take advantage of compound returns...but the market is going to crash soon, so I'm going to wait."

    This approach is called 'timing the market,' and it's one of the fundamental mistakes even experienced investors make that causes them to miss opportunities  — or worse, lose money.

    The trouble with market timing

    On the surface, this train of thought seems pretty reasonable based on some basic facts about the current market:

    • It's been one of the longest bull markets in history
    • It just keeps going up.
    • It can't go up forever.

    A rational decision-making process would take true facts about the market into consideration. The problem, however, is when you throw in one final statement to that list: "It's going to crash soon."

    This is not a fact.

    The belief or assertion that the market will crash in the very near future is just that: a belief. To be more accurate, it's speculation.

    Absolutely no one can predict what the stock market will do next. It's worth repeating: anyone who thinks they can do it is speculating, guessing, or forecasting.

    Yes, the market must crash eventually… but no one knows exactly when 'eventually' is

    Again, it's pretty reasonable to think "what goes up must come down" when it comes to the stock market. You're right: It will crash— eventually.

    It could happen tomorrow, or it could happen in two years. Maybe it won't happen for another five. The point is that we don't know exactly when, and he fear that "eventually" means "tomorrow" keeps many from taking action. The aversion to loss prevents them from simply taking the cash they have sitting on the sidelines and investing it.

    But what if it does take two more years before we see a market correction? If that's the case, these people will just be sitting on cash, and potentially incurring massive opportunity costs because of two missed years of potential market growth. When they do buy in, they'll be buying at an even bigger peak than they thought they were avoiding.

    This isn't just a hypothetical scenario. Just take a look at this Marketwatch article from March 2015. It includes lines like this: "the Crash of 2016, one that promises in the end to become bigger and badder and far more dangerous than 2008, 1999 and 1929 combined.."

    This writer was so confident in a market crash that he began the article by saying, "It's time to start the countdown to the crash of 2016. No, this is not a prediction of a minor correction. Plan on a 50% crash."

    I don't know if you can remember back to 2016, but the S&P 500 returned 11.9% that year. Not exactly what I'd call a crash… and much less a loss of 50% of the stock market's value.

    And yet today, we still see articles showing how 58% of investors think the bull market is on its last legs and 2018 is the peak.

    Those investors could be right —  or they might end up being as wrong as the doom-and-gloom forecasters of 2016.

    What if you always invested at the worst possible time?

    This is all well and good, you might say, but what if this is actually the time the speculators guessed correctly?

    That's a valid fear. After all, chance says they have to be right eventually— the market will go down at some point.

    But even if that happened, even if you invest your cash today and the market tanks tomorrow, you are likely better off making that investment than continuing to sit on the sidelines, and missing out on time in the market — if your goal is long term growth.

    Because that's what investing success is really all about: time inthe market. Not market timing.

    Don't believe me? Look at the case study by Ben Carlson of A Wealth of Common Sense to see what actually happens in this very scenario:

    Meet Bob, the "World's Worst Market Timer." Bob does exactly what you think he would from that kind of title: he consistently invests at the absolute peak of the market, just before it suffers some of the worst crashes in its history.

    Bob is pretty much your worst nightmare if you're sitting on cash thinking "I'll wait to invest because I don't want the market to crash right after I contribute to my portfolio."

    From 1972 to 2007 he only invested in the market in the months before major market crashes:

    • in 1972, right before the market fell almost 50% in 1973
    • in 1987, when it crashed again and lost 37%
    • right at the end of 1999 just in time to see the market lose almost half its value again
    • in 2007, when the Great Recession delivered a 52% loss

    Surely, Bob is broke, destitute, and living in a cardboard box on the side of the road thanks to his awful decisions about when to invest — right?

    You might think so, but you'd be wrong. Remember: It's not about market timing. It's about time in the market

    In this scenario, Bob invested $184,000 in cash from 1972 to 2007. And what did he end up with in 2013? $1.1 million.

    Eric Roberge Official Headshot   Sept 2017

    While Bob invested at the worst possible times, he never sold any of his positions. He never pulled his money out of the market.

    Could he have had even more money if he chose different days to invest? Sure. But the original scenario set out to answer the question, "what happens if you invest cash right before every major market crash throughout your working career?"

    In this example, the answer is you'd still be a millionaire.

    (Another look at Bob's situation, by the way, showed what would have happened had he used dollar cost averaging instead of trying to time the market. Had Bob done this with his $184,000, he would have turned it into $4.4 million.)

    So rather than worrying about market timing, focus on setting up a systematic way to invest money so you make strategic, rational decisions, and not falling victim to cognitive and emotional biases that cause you to make silly investment choices.

    Worrying about investing right before a market peak is a valid concern — and it's also distracting you from what really matters. It's far more important to find systems and processes to help you manage your own behavior so you can invest with greater success.

    Eric Roberge is a certified financial planner and the founder ofBeyond Your Hammock.

    SEE ALSO: I'm a financial planner, and this is the best advice I can give to people who are new to investing

    Join the conversation about this story »

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    Ian Poulter as a post box at the 2018 Ryder Cup

    • Europe just battered the United States in the 2018 Ryder Cup.
    • The resounding victory led to wild celebrations as Francesco Molinari took a beer shower, Tommy Fleetwood crowd-surfed, and Ian Poulter dressed up as a red post box.
    • Sergio Garcia's singles victory over Rickie Fowler saw him become the all-time points scorer in Ryder Cup history, moving half a point clear of Nick Faldo, with 25.5 career points.
    • Watch all the chest-beating action right here.

    Francesco Molinari, Tommy Fleetwood, and Ian Poulter led wild celebrations after Europe wrestled the Ryder Cup trophy away from the United States in a truly dominant fashion.

    Team USA was only ahead once throughout the week, when it recorded a 3-1 win after the morning fourballs session had finished on Friday.

    But ever since, Europe mercilessly battered its opponents— opponents who were pre-tournament favourites before a ball had even been struck.

    In the end, the status of favourites mattered little. Europe overturned the morning deficit by winning eight matches in a row, looking invincible in Friday's afternoon foursomes session, and in Saturday morning's fourballs session. On Saturday afternoon, the United States managed to stop the rot by drawing the foursomes 2-2.

    But with a 10-6 lead before Sunday's singles session, Europe only needed 4.5 points to guarantee the win. And after the day was over, the score was 17.5 to 10.5.

    It was a victory as massive for the Europeans, as it was humiliating for the Americans, and it inspired wild celebrations as Molinari — unbeaten all week, winning a maximum of five points — took a beer shower when he broke through the barrier to cuddle his fans.

    Fleetwood, Molinari's excellent partner during the group sessions on Friday and Saturday, grabbed an England flag and crowd-surfed, before getting carried away by security.

    And Poulter, Europe's go-to motivator, dressed up as a British post box. Why? Because he always delivers in the Ryder Cup.

    This is the moment supporters chucked their beer all over Molinari:

    Here's Fleetwood on the shoulders of security staff:

    Tommy Fleetwood, 2018 Ryder Cup

    And here's Poulter, beating his chest, inside a post box:

    Europe was not short of Ryder Cup heroes this year.

    Molinari returned an unblemished record and even sunk the putt that guaranteed the trophy would change hands.

    But, by beating Rickie Fowler on Sunday, Sergio Garcia became the all-time leading point scorer in Ryder Cup history. Garcia's victory moved him to 25.5 career points, half a point more than Nick Faldo.

    Once victory for Europe was confirmed, a huge crowd gathered around the 18th green…

    … to watch Europe captain Thomas Bjørn lift the Ryder Cup trophy aloft, in front of a raucous Garcia, an excitable Rory McIlroy, and a jubilant team in general.

    SEE ALSO: Europe is absolutely battering Tiger Woods, Dustin Johnson, and Team USA's top guns — and looks set to reclaim the Ryder Cup in style

    DON'T MISS: The US golf team played a cruel but funny prank on Tiger Woods ahead of the Ryder Cup

    Join the conversation about this story »

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    Night School Universal

    • The Kevin Hart-Tiffany Haddish comedy "Night School" wins the weekend box office with $28 million.
    • The Warner Bros. animated movie "Smallfoot" took in a respectable $23 million.

     

    It was a close race for the top spot at the domestic box office this weekend, as Universal's "Night School" finished the weekend below industry projections and Warner Bros' "Smallfoot" kept a steady pace.

    But when the smoke cleared, "Night School" was the winner, raking in an estimated $28 million.

    The latest comedy from the director of "Girls Trip," Malcolm D. Lee, the equalizer for "Night School" was that it has Tiffany Haddish and Kevin Hart as its stars, two of the most popular actors working today.

    Despite coming in under its projected $30 million opening, Universal can't frown with a $28 million start for "Night School." Most studio comedies would beg for that kind of box office coin its opening weekend.

    WB's family friendly "Smallfoot"— featuring the voices of Channing Tatum, James Corden, Zendaya, LeBron James, and Danny DeVito — came out at the right time as there hasn't been an attractive kids title in theaters for a while.

    That led to a $23 million opening, which is stronger than the studio's 2016 animated release, "Storks" ($21.3 million).

    Holdovers "The House With a Clock in Its Walls" and "A Simple Favor" continue to make good bank. "Clock in Its Walls" had an impressive $12.5 million second weekend, just a 53% drop after winning the box office last week, and "Simple Favor" has been impressive since its September 14 opening, taking in $6 million this weekend and a domestic total of over $43 million.

    SEE ALSO: HBO Sports exec says the future of the network will be "high access, high ambition" programming now that it's dropped boxing after 45 years

    Join the conversation about this story »

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    kanye west adam driver snl.JPG

    • At the end of Saturday's "SNL" premiere, Kanye West took a moment to deliver a speech while wearing a "Make America Great Again" Hat.
    • While performing the song "Ghost Town," West talked politics, referenced possibly running in 2020 again, and addressed why he supports Trump.
    • West also claimed he was bullied to not wear his "MAGA" hat on stage backstage.
    • Comedian and actor Chris Rock was in attendance and captured a lot of it on video, which you can watch below.

    Kanye West performed three times on "Saturday Night Live," but there’s one more moment of his that was cut during the final broadcast.

    As the "SNL" credits rolled, West took the stage at the show's end to perform a suprise third song, "Ghost Town," wearing a "Make America Great Again" hat. 

    The rapper used the song as a moment to address the crowd in a pro-Trump speech that touched on everything from the possibility of running in 2020 to why he supports Trump. 

    "I wanna cry right now. Black man in America, you’re supposed to keep what you feel inside right now," West sang, according to People. "And the liberals bully you and tell you what you can and cannot wear, where you and they can’t not stare. And they look at me and say, 'It’s not fair. How the hell did you get here?'"

    kanye west speech

    "Actually, blacks weren't always Democrats," he continued in a speech. "It’s like a plan they did to take the fathers out the homes and promote welfare. Does anybody know about that? That’s the Democratic plan."

    In video that made it to YouTube from the end of the show, West also claimed on the "SNL" stage he was "bullied" backstage to not wear the "MAGA" hat on television. 

    "They bullied me backstage. They bullied me and then they say I'm in the sunken place," West told the SNL crowd. "You want to see the sunken place? OK. I'm gonna listen to y'all now. I'm gonna put my Superman cape on because this means you can't tell me what to do."

    Chris Rock, who was in the audience, captured most of the moment that didn't make it on TV on his Instagram story

    "So many times I talk to a white person about this and [they] say, 'How could you like Trump he’s racist?' Well, if I was concerned about racism I would’ve moved out of America a long time ago," West can be heard saying. 

    During the filming of the Instagram story, Rock can be heard laughing to himself saying, "My God."

    According to Deadline and People, West received a "smattering of boos." A few claps can be heard in the videos posted to YouTube and Rock's Instagram, but it's mostly an overwhelming silence as West speaks.

    "I think the universe has balance," West said as his speech came to a close. "90 percent of news are liberals — 90 percent of TV, LA, New York, writers, rappers, musicians. So, it's easy to make it seem like it's so, so, so one-sided. I feel kinda free. I thought this country said I could be me."

    You can watch most of West's speech here:

    You can watch Rock's Instagram story below:

    Before his appearance on "SNL," West announced on Twitter he was changing his name to "Ye." The artist was expected to drop a new album, "Yandhi," Saturday night.

    Earlier in the evening, West dressed up as a bottle of Perrier to perform "I Love It" with Lil Pump. 

    Expect to see West back on "SNL" this season. The rapper said he spoke with "SNL" creator Lorne Michaels who agreed he "would host before the year is out."

    Visit INSIDER's homepage for more.

    Join the conversation about this story »

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    David Kenny

    • IBM launched a series of new artificial-intelligence tools and services this month. 
    • Companies like Google, Facebook and Amazon are receiving a lot of press attention for their AI work, much of it on consumer-focused products like digital assistants.
    • IBM has its sights on AI for enterprise,  an area where few of the challengers has anywhere near the same amount of experience. 

    There's a high-stakes race among the biggest tech companies, from Google to Amazon, to carve out turf in the burgeoning artificial intelligence market.

    But ask IBM, and it will tell you it has the home-field advantage. 

    After all, in 1957, the company helped prove that AI had practical uses when it programmed an IBM 704 to play checkers and to learn from its experiences. In 2011, an IBM super-computer named Watson became the champ of the TV trivia game show "Jeopardy."

    And although IBM's focus is on technology for enterprise customers, rather than direct to consumer products, the 107-year-old company is not about to let its AI reputation be stolen by upstarts like Google, Facebook, Amazon.  

    On Monday, IBM announced that it has released AI specially “pre-trained” for nine industries, including human resources, supply chain, manufacturing, and advertising.

    These AI tools, part of the Watson Decision Platform, come pre-programmed to understand the language, tasks and challenges of each industry. The pre-trained AI still allows customers to customize for their specific situation. Among the companies already signed up are H&R Block, Ingersoll Rand, and Subway.

    Earlier this month, IBM launched a new tool that scans AI software and uncovers all kinds of nasty bias. If an insurance company isn’t giving loans to members of a particular minority group, this tool will expose it.

    David Kenny, senior vice president of IBM Cognitive Solutions, told Business Insider that IBM’s AI has more than 16,000 applications applied in more than 20 industries and across 80 countries.

    Project Debater, IBM, supercomputer

    “AI is becoming a better way for people to make decisions,” Kenny said. “We are focused on helping businesses improve their work flows and get more out of all their data.”

    For IBM, all the attention paid to the likes of Facebook, Google, and Amazon over their AI efforts must be strange. Part of that is due to the skill the tech companies have in putting on a good show.

    Google Home and Amazon Alexa are consumer AI, digital assistants that speak with their owners. This is the kind of futuristic tech that sparks the public’s imagination. In May, when Google unveiled Duplex, the appointment-making software that can carry on conversations in a human-sounding voice, the tech press couldn’t write enough.

    That doesn’t rattle IBM’s brass says Kenny. First of all, IBM has also showcased its own talking AI, called Debater, that received its own positive press. Secondly, much of what the other guys are doing involves consumers.

    IBM has some experience with consumer goods. The company was once among the dominant PC makers. But that was an anomaly for IBM, according to Kenny. With AI, Big Blue has its sights squarely on the enterprise market, an area where it has more than a century of experience.

    See Also: A former TV comedy writer learned three ways to succeed at impossible tasks when he taught an IBM computer how to argue

    “The digital assistants are in a big, broad market,” Kenny said. “I don’t see us going into the crowded consumer space.”

    IBM says it recently surveyed 5,000 executives, asking them where AI could provide the greatest value. Some of the areas the execs identified were IT, information security, customer service and risk management.

    “Those are clearly areas where IBM has both deep experience and street cred,” said Charles King, principal analyst at Pund-IT, an IT research company.  "There are problems that are well beyond the current capabilities of Amazon Alexa and Google Voice so IBM has what you might call great field advantage.”

    SEE ALSO: We tested Google's AI booking service Duplex, and it fooled us into believing it was human

    SEE ALSO: IBM's new AI supercomputer can argue, rebut and debate humans

    Join the conversation about this story »

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    Evernote founder Phil Libin sitting on a couch on August 1, 2018 in the San Francisco headquarters of All Turtles, a startup incubator where he serves as CEO.

    • Artificial intelligence (AI) is developing rapidly and starting to be adopted widely.
    • The technology has the potential to transform society.
    • But it could lead to lots of negative outcomes, such as massive unemployment, and could be put to plenty of deleterious uses, such as large-scale violations of privacy.
    • The best way to avoid those harms would be to focus on creating products that use the technology in socially beneficial ways, said Phil Libin, best known as the founder of Evernote, whose new startup, All Turtles, incubates AI projects.

    When it comes to how artificial-intelligence technology might affect society, there are a host of things to worry about, including the massive loss of jobs and killer robots.

    But the best way to avoid such negative outcomes may be to ignore them, more or less.

    That's the advice of Phil Libin, CEO of All Turtles, a startup that focuses on turning AI-related ideas into commercial products and companies. In a recent conversation with Business Insider, Libin likened the situation to some advice he received when he was learning to ride a motorcycle.

    His instructor taught him that if an accident happened in front of him while he was riding on the highway, such as a semi truck flipping over, the worst thing to do would be to stare at the truck. Instead, his instructor said, he should focus on the point he needed to get to to avoid colliding with the truck.

    "If you look at what you're trying to avoid, then you're going to run into it," said Libin, who previously founded Evernote. "You've got to look at where you want to be."

    The tech industry would do well to follow that admonition when it comes to developing artificial intelligence, he said.

    Years in the making, AI is starting to progress rapidly. It's being used by consumers in the form of intelligent assistants such as Amazon's Alexa to answer trivia questions and make purchases. And it's being used by corporations to help them make business decisions.

    AI has the potential for good — and evil

    Many observers think the technology could transform society in profound ways, and not necessarily for the better.

    Indeed, there are some potentially dangerous and dystopian outcomes and uses of AI. It's already starting to be used in China as part of a mass surveillance scheme. It could be used to track people basically from their birth on, collecting intimate insights into their every thought and desire. It could be used to perpetuate or worsen discrimination against particular people or groups. And it could be used to power terrifying new weapons.

    Technologists and policy makers ought not ignore such potential uses of the technology, Libin said. They should be aware of them. But the best way to avoid them would be to concentrate on developing ways to use AI in socially beneficial ways, he said.

    "There really is a flipped-over truck, and there's all sorts of bad things that can happen. And we definitely need to work towards not hitting it," Libin said. "But the best way to do that is to [say] … this is where we want to go. Here's a vision of certain products that are like obviously good, and virtuous, and the world needs them, and they solve real problems, and let's make those products."

    Indeed, that's what he sees as a big part of All Turtles' mission. One of the first projects the company helped incubate is a chatbot called Spot that is designed to make it easier for employees to document and report incidents of sexual harassment and discrimination. Another is Disco, a plug-in for collaboration software Slack that helps employers give timely positive feedback to workers.

    The projects All Turtles works on "is all stuff that we should be able to, right from beginning, right by design, feel good about," he said.

    SEE ALSO: This former judge is heading the World Economic Forum's approach to AI — here's why she thinks regulation is unlikely, and what should be done about AI instead

    SEE ALSO: The founder of a beloved productivity app thinks Hollywood has a better blueprint for innovation than Silicon Valley —and he's taking his cues from Netflix to fix it

    SEE ALSO: The founder of a beloved productivity app thinks the startup model is broken — here's how he's trying to keep the tech industry from 'making the same 10,000 mistakes over and over again'

    Join the conversation about this story »

    NOW WATCH: Everything we know about Samsung’s foldable phone


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    woman work thinking

    • The 15 minutes before your job interview are crucial. 
    • You need to stay calm, get focused, and be confident.
    • Remember to show up no earlier than 10 minutes before the interview, and to check a mirror before you walk into the office.


    The 15 minutes before a job interview 
    can be harrowing. Job seekers are never quite sure what to do with that time — but experts suggest that you look in a mirror, take deep breaths, and do whatever else it takes to get focused and stay calm.

    "Those 15 minutes are your opportunity to get yourself into the right frame of mind, and set your energy and focus on who you'll be meeting with, what you want them to remember about you, and what you want to ask them," says Deborah Shane, a career author, speaker, and media and marketing consultant.

    Here are 11 things you should do in the 15 minutes before a job interview:

    SEE ALSO: 13 things successful people do in the first 3 months at a new job

    Stay calm

    When you become stressed, your body releases stress hormones such as cortisol and epinephrine. Depending on the level of your stress, these can inhibit your ability to think clearly, said David Parnell, a legal consultant, communication coach, and author.

    "Ensuring that you remain calm, collected, and cool in the minutes leading up to the interview is necessary to avoid this hormonal elixir, and keep your mind clear," Parnell said. 

    Career coach Anita Attridge added that staying calm before and during an interview allows you to listen better and to stay focused on how to best respond to questions.

    "In addition, you are better able to think how you can best present your accomplishments in alignment with what is important to the interviewer — and being calm also demonstrates your ability to deal with stressful situations," Attridge said.



    Arrive early, but don’t go inside

    Few things can shake you more than running late to an interview, so always arrive early — but no more than 10 minutes early.

    If you're earlier than that, wait in your car or a nearby café, as being too early can place unnecessary pressure on your interviewer and start the meeting off on the wrong foot, Parnell said.

    Rita Friedman, a Philadelphia-based career coach, agrees. "It can come across as an imposition, as if you are expecting the interviewer to drop whatever he or she is doing to attend to you."



    Be friendly to all receptionists and security guards

    When you do walk into the office's waiting room (which should be about 10 minutes before your scheduled interview time), remember to be nice to the receptionist, security guards, or whoever greets you.

    "It's very likely that he or she will be reporting back to the hiring manager about how you behaved," Friedman said.

    Hopefully, you were planning on being friendly anyways.



    See the rest of the story at Business Insider

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    Brett Kavanaugh testimony

    • The FBI's supplemental background check on Supreme Court nominee Brett Kavanaugh is far more constrained by Republicans and the White House than previously known.
    • Legal experts suggested the restrictions are intended to handicap the investigation and shield Kavanaugh from legal exposure related to sexual-misconduct allegations and a potential perjury charge.
    • "There isn't a finder of fact in the country that would hamstring investigators like this," said one DOJ veteran. "It would be comical if it wasn't so important."

    A steady trickle of revelations over the weekend indicates that the FBI's supplemental background check into Supreme Court nominee Brett Kavanaugh is much more limited than previously known.

    The original parameters, Republican lawmakers said, were that the inquiry should be constrained to "current credible" allegations against Kavanaugh and that it should be completed within one week.

    But NBC News and The New York Times reported on Saturday that in addition to those limitations, Republicans and the White House gave the FBI a list of just four witnesses to interview.

    Investigators have also reportedly not been permitted to scour certain records that could be critical to ascertaining the credibility of Dr. Christine Blasey Ford, the first woman to accuse Kavanaugh of sexual misconduct.

    The FBI will probe aspects of sexual misconduct allegations made by all three women who have come forward against Kavanaugh, but it does not reportedly plan to directly question the third, Julie Swetnick, about her claims.

    The White House counsel Don McGahn, who is in charge of guiding Kavanaugh's confirmation process, is also directing the FBI on the scope of its background check.

    "That seems like a clear conflict of interest," said Carl Tobias, the Williams Chair in Law at the University of Richmond and an expert on federal judicial selection.

    Norm Eisen, who served as the Special Counsel for Ethics and Government Reform under President Barack Obama, said he helped vet "hundreds" of presidential nominees when he worked at the White House.

    "Every one got an FBI background check," he added. "We never told the FBI which witnesses they could and could not interview. It's not just [Democrats] who want an investigation--so do Flake, Collins & Murkowski. But it must be a real one."

    He was referring to GOP Sens. Jeff Flake, Susan Collins, and Lisa Murkowski, all of whom have expressed concerns about Kavanaugh's nomination in light of the allegations against him. All three backed a one-week delay in the final vote in order for the FBI to investigate the claims.

    But the way the investigation is currently being conducted, said Susan Hennessey, the managing editor of the national-security blog Lawfare, is a "sham."

    President Donald Trump disputed some of the reporting on Saturday night, tweeting that he wants the FBI "to interview whoever they deem appropriate, at their discretion."

    'The FBI will do what the committee didn't'

    Christine Blasey Ford

    The four witnesses the FBI has been permitted to question so far are Deborah Ramirez, Mark Judge, Leland Keyser, and PJ Smyth.

    Ramirez has accused Kavanaugh of exposing himself to her at a dorm-room party at Yale during the 1983-1984 school year.

    And Ford said Judge, Keyser, and Smyth were present at a high school gathering in 1982 during which she alleges Kavanaugh assaulted her.

    Testifying before the Senate Judiciary Committee on Thursday, Ford said she was pushed into a bedroom from behind and that an inebriated Kavanaugh pinned her down on the bed, groped her over her clothes, and covered her mouth when she tried to yell for help. She said she was able to escape before things escalated.

    Ford added that Judge, Kavanaugh's longtime friend, was an eyewitness to the attack and was also intoxicated at the time. Keyser and Smyth say they do not recall such a gathering. Judge denies the incident occurred, and his and Keyser's lawyers said this week that their clients are ready to fully cooperate with the FBI.

    "The FBI will do what the committee didn't and work to corroborate aspects of what Dr. Ford said," said Jeffrey Cramer, a longtime former federal prosecutor in Chicago.

    One of the first things the FBI will do, Cramer said, is talk to Judge, who was the only other eyewitness to the alleged assault.

    Experts said that while the night of the alleged attack is etched in Ford's memory, for other witnesses, it may have been like any other night, which could be why Judge and others who Ford says were there say they don't recall the gathering.

    But Ford testified to the committee that six to eight weeks after the assault, she ran into Judge at the Potomac Safeway, a local supermarket where he worked, and that Judge was uncomfortable and "looked a little bit ill" when he saw her. She added, during her testimony this week, that she believed she could be "much more helpful" in providing details about her alleged assault if she knew the exact date or time period that Judge worked at the supermarket.

    NBC News reported that the FBI has not been authorized to pull Judge's employment records.

    "That is crazy," Cramer said of the constraint. "If he worked at the store where Ford says she saw him, it would corroborate one part of her testimony. Albeit, that is not a critical element, but it adds to the mix. The flip side is also true: if Mark Judge never worked at the store, then it calls into question one part of Ford's story."

    Ford's allegation is at the center of the FBI's background check, but Cramer said it's critical for investigators to talk to witnesses in addition to the four people currently on the list, because it would help them establish a fact pattern about Kavanaugh's behavior in high school and college.

    "Drinking habits are something that are regularly explored as part of routine background checks (along with drugs),"said the former FBI special agent Asha Rangappa. "It probably came up in one of his earliest checks, but without indications that it resulted in harm to others would not have been pursued. Now that has changed."

    For instance, if the FBI spoke to multiple witnesses who said they frequently saw Kavanaugh drink heavily or black out, it could undercut a key part of his defense against the allegations. Specifically, Kavanaugh says he is certain he did not assault anyone, and does not ever recall doing so, because he never drank so much that he could have forgotten his actions.

    But his high school yearbook appears to contain multiple references to partying and drinking that seem to contradict some of Kavanaugh's statements that were made under oath.

    Kavanaugh yearbook

    He said during his testimony that the term "Devil's Triangle," which shows up on his yearbook page and is slang for sex between two men and one woman, was a reference to a drinking game. Kavanaugh added that another comment in his yearbook that reads, "Judge — have you boofed yet?" referred to flatulence. 

    Kavanaugh also faced questions about two other yearbook entries, one that read "Georgetown vs. Louisville — Who Won That Game Anyway?" and another tha read "Orioles vs. Red Sox — Who Won Anyway?"

    In both cases, Kavanaugh told Sen. Sheldon Whitehouse, he didn't know which team won each game not because he was drunk, but because he was having too much fun with his friends.

    "By explicitly denying under oath that he ever drank to excess, which goes to his veracity and credibility with regard to Dr. Ford, he himself has made it a central issue," Rangappa said. "Had he been transparent about it, that would likely not be the case."

    Many of Kavanaugh's former classmates have since come forward to the media and said what Kavanaugh told the Senate Judiciary Committee does not square with what they witnessed when they knew him in college.

    None of those people are on the list of witnesses the FBI has been permitted to question.

    Rangappa suggested this was a deliberate move on the part of Senate Republicans and the White House.

    "This is why the [White House] doesn't want the FBI to inquire about [Kavanaugh's] drinking at Yale," she said. "[Because] there are classmates ready to directly contradict him, which would open him up to perjuring himself to the Senate (and therefore a disqualifier separate and apart from the Ford allegation)."

    Cramer agreed.

    "There isn't a finder of fact in the country that would hamstring investigators like this," he said. "It would be comical if it wasn't so important."

    Join the conversation about this story »

    NOW WATCH: Inside the Trump 'MAGA' hat factory


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    gergely dudas brain teaser

    • Hungarian artist Gergely Dudás creates puzzles of hidden images.
    • In a new illustration, he hid a magic wand among Halloween candy.
    • If you can't find the wand, keep scrolling for the solution.

    Gergely Dudás' viral (and adorable) works of art challenge people to pay attention to details. He's hidden a panda among snowmen, a card among gift bags, a heart among elephants, a lollipop among ice cream, and a bunny among cats.

    He's also released two books of brain teasers — one of holiday puzzles called "Bear's Merry Book of Hidden Things," and another called "Bear's Spooky Book of Hidden Things."

    With Halloween on its way, Dudás shared one of the illustrations from "Bear's Spooky Book of Hidden Things" to see if people could spot a magic wand hidden within closely-packed Halloween candy. Can you find it?

    Take a look at the image:

    gergely dudas brain teaser

    Can you see the magic wand?

    If you can't, try again.

    Still no sign of it?

    That's okay.

    The answer is below.

    If you want to see where it is, keep scrolling.

    Or if you want to look one more time, now's your chance to scroll back up.

    Ready to see the answer?

    Here it is:

    gergely dudas answer

    The wand looks like another piece of candy, but it has a star on top.

    Visit INSIDER's homepage for more.

    Join the conversation about this story »

    NOW WATCH: How an artist uses to turntable to fool your brain into seeing animations


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    jameis winston

    • Ryan Fitzpatrick was benched for Jameis Winston after the Tampa Bay Buccaneers trailed the Chicago Bears, 38-3 at halftime.
    • It was Winston's first game back from a suspension.
    • On Winston's first drive, he threw an interception.


    Ryan Fitzpatrick lit up the NFL for two weeks, but came crashing back down to earth in Week 4.

    After Fitzpatrick and the Tampa Bay Buccaneers scored just three points and trailed the Chicago Bears 38-3 at halftime, the Bucs sat Fitzpatrick and turned to Jameis Winston for the second half.

    Winston returned to the team in Week 4 after serving a three-game suspension for allegedly groping an Uber driver. The Bucs decided to stick with Fitzpatrick to start, riding the hot hand that got them to 2-1 to begin the season. But it didn't take long for them to switch back to Winston.

    Unfortunately, for the Bucs, on Winston's first drive, he was hit by Khalil Mack, then threw up a duck that was picked off by the Bears.

    Much was made about the Bucs' quarterback decision and who they'd go forward with. Fitzpatrick performed well and seemed to rejuvenate an offense that disappointed last season. Yet Fitzpatrick has never sustained a high level of play during his career, and the Bucs have invested in Winston. It would be tough to sit a No. 1 pick for a career journeyman QB.

    Whether it's Week 5 or some other time, it appears Winston will be the guy. Whether that actually helps the Bucs remains to be seen.

    Join the conversation about this story »

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    Warren Buffett

    • Berkshire Hathaway CEO Warren Buffett has long decried Wall Street's habit of providing quarterly earnings guidance.
    • But last year, S&P 500 companies issued forward guidance at the highest rate since 2008, according to a report by S&P Global Market Intelligence.
    • Executives have made fewer forecasts this year amid more calls to do away with the practice.

    Warren Buffett has long said that short-termism is bad for companies, but many didn't seem to concur last year.

    Companies on the S&P 500 issued quarterly earnings guidance 444 times in 2017, the most since 2008, according to a report by S&P Global Market Intelligence released on Thursday.

    Forward guidance remains a cornerstone of the quarterly ritual of earnings reporting. Public companies are not required by law to give investors hard estimates for the future, unlike their results. But many companies do so anyway to give analysts and shareholders a sense of their outlook, sometimes by popular demand.

    But Buffett, the CEO of Berkshire Hathaway, has refrained from this practice. In fact, his company's earnings statements are so unorthodox that they don't include any quotes from him or other executives — he reserves those for his annual letter and shareholder meeting.

    Buffett told CNBC in 2016 that earnings guidance "can lead to a lot of malpractice." That's because if companies know they are going to miss earnings expectations, they might try to find ways to make up for the shortfall.

    Several other chief executives — including JPMorgan's Jamie Dimon, BlackRock's Larry Fink, and General Motors' Mary Barra — weighed in on the topic in 2016 in an open letter titled "Commonsense Corporate Governance Principles." They wrote, among other things, that markets were too obsessed with quarterly earnings forecasts and that companies should issue guidance only if it would benefit shareholders.

    Even President Donald Trump weighed in, tweeting in August what he said was a quote from a business leader that companies should "stop quarterly reporting & go to a six month system."

    Buffett, Dimon, and nearly 200 CEO members of the Business Roundtable narrowed in on the issue again in June. In a Wall Street Journal op-ed article, they said that quarterly earnings contributed to a shift away from long-term investments.

    If the trend in 2018 is anything to go by, companies might be coming around to this viewpoint. S&P's data shows that guidance in the first and second quarters fell from a year ago. And according to a FactSet report released on Monday, companies were issuing third-quarter guidance at a pace below average.

    9 27 18 forward guidance COTD

    Now read:

    Join the conversation about this story »

    NOW WATCH: Ray Dalio says the economy looks like 1937 and a downturn is coming in about two years


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    munich houses

    • At least six cities around the world are at risk of having housing bubbles, according to UBS' 2018 Global Real Estate Bubble Index. 
    • There are affordability crises in many more cities because housing costs have risen faster than incomes. 
    • Policymakers will need to step in, but the appropriate response could be challenging to nail down. 

    Housing costs are rising in almost every major city in the world.

    At least six are at risk of being in a bubble, defined as a persistent rise in prices to the point where properties are well above their fundamental value.   

    "Most households can no longer afford to buy property in the top financial centers without a substantial inheritance," UBS said in its 2018 Global Real Estate Bubble Index.

    "Rents continue to consume a significant share of income."

    Policymakers will be required to intervene in affordability crises, by granting subsidies to first-time homebuyers, for example.

    But other policies could be more detrimental, UBS said. If governments impose heavy property taxes in expensive cities, they could chase away foreign investors. They could also cause prices to plummet too quickly, hurting existing homeowners who want to sell.   

    Bubbles are often hard to identify until they burst, but UBS has handpicked six cities that are at "bubble risk." Only two of the major cities they examined — Boston and Singapore — were considered "fairly valued."   

    Here's the list of cities on bubble watch in ascending order:

    SEE ALSO: A fund manager who's crushing nearly all of her peers breaks down 3 under-the-radar stocks driving her strong performance

    London

    "The UBS Global Real Estate Bubble Index score for London declined for the second straight year but remains in the bubble-risk zone. Overall, inflation-adjusted prices are more than 10% higher than in 2007, when the last bubble burst, while rents have stayed roughly stable and real incomes have gone down by 10%.

    ... The relative weakness of the city’s housing market can be attributed to a few causes. First, housing remains unaffordable for London’s citizens ... Second, the prime segment is hurt by higher stamp duties for luxury and buy-to-let properties ... Third, inflation continues to erode the purchasing power of local residents."



    Amsterdam

    "In the last four quarters prices climbed by 12% in inflation-adjusted terms. They are now 60% higher than in 2013.

    Their ongoing explosive growth was fueled by the strongest income increase since 2013 among all cities and attractive financing conditions. The city’s housing price rise has more than doubled nationwide averages in the last five years. Given the highly strained affordability, a tightening of lending conditions might end the boom rather abruptly."



    Vancouver

    "Imbalances increased again as house prices rose in the past four quarters at a double-digit rate in real terms. Real prices have doubled in 12 years. The imbalances are mitigated somewhat by income growth and above-average rental growth of 5–7% in nominal terms over the last four quarters.

    As the government tries to contain speculation, the tax burden is rising for high-end property buyers and foreign purchasers. The already strained affordability will become an acute issue if mortgage rates rise further, one that may halt the local market boom."



    See the rest of the story at Business Insider

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    James Comey

    • Former FBI director James Comey wrote in an op-ed Sunday that the FBI's background check into Supreme Court nominee Brett Kavanaugh will not be "as hard as Republicans hope it will be."
    • FBI investigators "know that little lies point to bigger lies," Comey wrote. "They know that obvious lies by the nominee about the meaning of words in a yearbook are a flashing signal to dig deeper."
    • It's unclear how deep the FBI will be able to dig, however, because Republicans and the White House have imposed significant constraints on the scope of the background check.


    The former FBI director, James Comey, weighed in Sunday on the recent firestorm surrounding Supreme Court nominee Brett Kavanaugh and the decision to order an FBI investigation into the sexual-misconduct allegations against him.

    In an op-ed published by The New York Times, Comey wrote that “the FBI is up for this,” referring to the background check. "It’s not as hard as Republicans hope it will be."

    Comey continued, "FBI agents are experts at interviewing people and quickly dispatching leads to their colleagues around the world to follow with additional interviews. Unless limited in some way by the Trump administration, they can speak to scores of people in a few days, if necessary."

    But multiple media reports this weekend have suggested that the FBI’s inquiry is far more constrained than previously known.

    Initially, Republicans set just two parameters: that the investigation had to be complete in under a week, and that it had to be limited to "current credible" allegations against Kavanaugh.

    But on Saturday, NBC News and The Times reported that the White House and Senate Republicans gave the FBI a list of just four witnesses to interview. Investigators are also reportedly barred from pulling records that could be critical to corroborating parts of the testimony given by Dr. Christine Blasey Ford, who says Kavanaugh sexually assaulted her in 1982, to the Senate Judiciary Committee earlier this week.

    Republicans and Kavanaugh’s defenders have argued that because the alleged assault happened 36 years ago, Ford may be remembering it wrong, and that it should carry less weight compared to Kavanaugh’s standing since then.

    "But FBI agents know time has very little to do with memory," Comey wrote. "They know every married person remembers the weather on their wedding day, no matter how long ago. Significance drives memory."

    Comey also alluded to the apparent discrepancy between statements Kavanaugh made to the committee about his drinking habits in high school and college, and what some of his former classmates remember based on their encounters with him.

    In particular, Kavanaugh claims that he was not a heavy drinker when he was young and that he never drank to excess or had gaps in his memory. His former classmates, conversely, have said that they recall multiple instances when Kavanaugh was heavily intoxicated and likely blacked out.

    Kavanaugh's high school yearbook also appears to contain multiple references to partying and heavy drinking. But the Supreme Court nominee said under oath that they were innocent references to inside jokes that had nothing to do with what the common meanings of those terms typically are.

    FBI investigators "know that little lies point to bigger lies," Comey wrote. "They know that obvious lies by the nominee about the meaning of words in a yearbook are a flashing signal to dig deeper."

    It's unclear how deep the FBI will be able to dig, however, given the additional limits that have been placed on the scope of the investigation.

    "There isn't a finder of fact in the country that would hamstring investigators like this," said Jeffrey Cramer, a longtime former federal prosecutor in Chicago. "It would be comical if it wasn't so important."

    SEE ALSO: The FBI's investigation into Kavanaugh is far more constrained than previously known, and experts say 'it would be comical if it wasn't so important'

    Join the conversation about this story »

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    Kevin Systrom

    • In a September 5th interview with Reid Hoffman on the Masters of Scale podcast, Instagram cofounder and then CEO Kevin Systrom spoke about his vision for the company — and it might have hinted at the reasons behind his recent departure.
    • Facebook's recent handling of Instagram is rumored to have been a headache for Systrom and fellow Instagram cofounder Mike Krieger. In a few interviews before his announcement, Systrom discussed how the initial relationship with Facebook was mutually beneficial, and crucial for Instagram's growth. 
    • The pair didn't provide a reason for quitting, however, and have yet to give an interview since the announcement.

    On Monday, Instagram cofounders Kevin Systrom and Mike Krieger made the unexpected announcement that they would be leaving the company in the the coming weeks.

    They didn't provide a reason for quitting, but in the last interviews he gave before announcing his departure, Systrom may have hinted at why he and Krieger decided to leave the company. 

    Systrom recently made an appearance on the Masters of Scale podcast hosted by Reid Hoffman, where he discussed his visions for Instagram and how the company came to be. In the interview, Systrom spoke about his decision to sell Instagram to Facebook, and how he was initially optimistic about the relationship. 

    "The decision to sell was mostly about whether or not we were aligned in our vision of Instagram, and I think Mark and I both saw at the time that Instagram was a special thing," Systrom said in the interview. "It wasn't going to be like, 'Oh, we'll buy this thing and it'll just be Facebook Photos.' Like, 'We’ll rebrand it as Facebook Photos.' It's a unique community and had a unique angle and he wanted to invest in it."

    Systrom also explained how Facebook's infrastructure had a huge effect on Instagram's growth, and the relationship between the two companies was mutually beneficial. However, according to Recode, this relationship began to decay as Facebook began to take Instagram in a different direction — a direction that was antithetical to Systrom's vision of keeping Instagram "simple" and distinct from Facebook. 

    "The whole idea of joining Facebook was that we could scale way more quickly than we would independently," Systrom said in a recent interview with The Wall Street Journal Magazine, which was conducted before his departure announcement. While the ability to quickly scale the Instagram platform was an upside to selling to Facebook, Systrom may have come to disagree with how the parent company was treating that relationship. 

    However, it's been rumored that the duo's departure came as a result of some headbutting with Facebook executives over their conflicting visions of what Instagram should be, and whether the social media app was competing with Facebook's userbase. Multiple sources told Recode that Systrom and Krieger were frustrated with how Facebook had been dealing with Instagram lately, after an initially smooth and co-beneficial relationship for the first six years.

    In the last year or so, Facebook lessened its promotion of Instagram, according to Recode, removing the Instagram label when pictures from the platform were shared to Facebook and decreasing the amount of Instagram promotion from within Facebook, in addition to testing Instagram notifications that would send people to Facebook. Recode is also reporting that there was conflict over the introduction of Instagram TV, and that Facebook was worried it would draw users away from Facebook's own in-app video service. Given the sum of these actions, Recode's sources claim Instagram executives were worried Facebook may have been intentionally slowing Instagram's growth.

    For now, Systrom isn't setting the record straight one way or the other, but that could change once the executive officially departs the company in coming weeks — or perhaps the next time he sits down with a reporter to talk about whatever new project he's working on next.

    You can listen to or read Systrom's interview with Hoffman on the Masters of Scale podcast here. You can read the full WSJ Magazine article here

    Join the conversation about this story »

    NOW WATCH: The Samsung Galaxy Note 9 is a $1,000 phone that's actually worth it


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    jensen huang drive nvidia ces

    • Nvidia shares hit an all-time high Monday after Goldman Sachs said it sees tremendous growth opportunities with its gaming cards.
    •  Shares touched a record $292.06 —up about 4% — on Monday.
    • Watch Nvidia trade in real time here.

    Nvidia shares hit an all-time high Monday after Goldman Sachs said it sees tremendous growth opportunities led by its new Turing architecture and inference capabilities. Nvidia shares rose about 4% — to a record high of $292.06 — on Monday.

    According to a note by Goldman, Nvidia's gaming business is on the verge of accelerating as its benefits from the introduction of Turing-based products. The bank expects the introduction of the Tesla T4 chip for servers and TensorRT software to boost inference capabilities in data centers. 

    "Google has already announced the adoption of Nvidia GPUs for inference applications on Google Cloud Platform," Goldman Sachs analyst Toshiya Hari wrote in a note to clients on Monday. 

    Hari expects the high-margin pr-visualization segment to show robust growth "as the launch of Turing assists Nvidia to gain share at the expense of CPUs." He has an "overweight" rating and a $324 price target. 

    In August, the chipmaker introduced its new technology — real-time ray tracing — which supports more cinematic and realistic rendering for animation and video games based on Nvidia's Turing architecture. The graphics cards deliver six times more performance than their predecessor. 

    The momentum comes despite the chipmaker trimming its third-quarter revenue forecast to $3.25 billion from $3.34 billion — due to declining sales from its crypto business."We're including no contributions from crypto in our outlook,"Nvidia's CFO Colette Kress had said during the earnings call with analysts in August.

    Nvidia is up 44% this year.

    Screen Shot 2018 10 01 at 1.57.09 PM

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    NOW WATCH: 3 compelling reasons why we haven't found aliens yet


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    Timothy J. Sloan, President and CEO of Wells Fargo

    • Wells Fargo's employee satisfaction has fallen since June 2018, according to a new analysis by UBS.
    • Employees' assessment of the bank's business outlook dropped to its lowest since 2015.
    • Wells Fargo has been struggling to restore its reputation since the fake account scandal.

    Employees' satisfaction at Wells Fargo has weakened since June, and staff's confidence in the firm's business outlook has dropped to its lowest since 2015, according to a new analysis on employment sentiment conducted by UBS Global Research. 

    The analysis, based on over 9,300 responses from Wells Fargo employees from jobs site Glassdoor, comes as the firm has been battling to revamp its reputation in the wake of the fake account sales scandal in 2016

    Wells Fargo's overall employee satisfaction score — which contains a number of factors like work/life balance, compensation and benefits, as well as career opportunities —  has declined significantly in the last three months. CEO Tim Sloan's approval score still lags behind its peers both from bulge bracket banks and regional banks, although it has remained stable this year. 

    Screen Shot 2018 10 01 at 2.09.07 PM

    Overall, employees' confidence in the bank's future dropped in September to 58.6% from 72.2% in June and its lowest level since 2015. The figure also stands at 11% below peer averages. 

    A Wells Fargo spokesperson declined to comment on the UBS report. 

    Wells have been hit with a range of problems over the last several years, beginning with the fake-accounts scandal in 2016, when the firm said employees had opened millions of customer accounts without their consent to meet sales targets. This forced the resignation of CEO John Stumpf. His replacement, Sloan, has been battling to overcome the scandal and a series of subsequent issues.

    In September, the bank denied a report that its board of directors had been reaching out to CEO candidates to replace Sloan. It also announced it would cut its staff by about 5% to 10% within the next three years.

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