Good morning,
I’m excited to see what the markets and workers can expect over the next few days after watching develop a strange phenomenon last Friday.
After Google parent Alphabet and online retailer Wayfair were among the latest major companies to announce sweeping layoffs, Their stocks recovered. Analysts believe this could continue throughout the year as companies resort to downsizing to contain costs and prepare for a potential recession. Indeed, it could boost market values, but potentially push millions of people out of work – adding to everyone’s fears of a recession.
At the beginning of the week, let us be inspired by the New Year of the Rabbit, which symbolizes prosperity and peace.
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BREAKING NEWS
Investigators from the Los Angeles County Sheriff’s Department Homicide Bureau walk away after briefing the media in Monterey Park, California.
AFP VIA GETTY IMAGES
At least 10 people were killed in a mass shooting at a Los Angeles-area dance studio Saturday night, police officials said the deadliest gun violence in the country Incident from 2023 so far. Two people disarmed the 72-year-old suspected shooter at a second dance hall, the Los Angeles County Sheriff said. (Photo: AFP VIA GETTY IMAGES).
Members of the bipartisan House of Representatives are negotiating a proposal that would set the federal government’s debt ceiling at a specific ratio to the country’s total economic output, rather than a fixed sum as required by lawmakers prevent the state from defaulting on its debts after exceeding the debt ceiling last week.
ECONOMY + FINANCE
Google parent Alphabet will cut 12,000 jobs worldwide, with CEO Sundar Pichai citing the need for “tough decisions” to “take full advantage of” future opportunities. Meanwhile, furniture e-commerce company Wayfair is also set to shed 10% of its workforce as recession fears linger into 2023. So far this year, about 60,000 employees have lost their jobs due to layoffs at large companies in the US, according to Forbes tracking
crypto lenders Genesis filed for Chapter 11 bankruptcy protection in New York federal court, becoming the latest major player to quit in the sector struggling to recover from the infamous collapse of Sam Bankman-Fried’s FTX exchange.
Investors invested $3.5 billion in hedge fund manager Nancy Davies’ inflation-hedged ETF, which launched in 2019. How did the ETF return just 3% when inflation is at decade highs?
WEALTH + ENTREPRENEURSHIP
More than 600 companies have received investments by ABC’s Shark Tank judges for the past 13 years. These are some of the most successful, including a healthcare unicorn, a popular brand of socks, and some colorful and tasty drinks.
Despite a rocky stock market that caused many fortunes to plummet, the country’s most generous billionaires spent more money than in the previous two years. Forbes unveils its 2023 America’s Top Givers list, highlighting the 25 most philanthropic billionaires including Warren Buffett, MacKenzie Scott and Sergey Brin.
TECHNOLOGY + INNOVATION
Forbes has the exclusive report of a suspected killer who joined a private Facebook group for passing on children’s items in an attempt to find them pregnant mothers and possibly abduct them, following a federal search warrant. The group’s moderators claim they never knew, and some moms say neither the FBI nor Meta informed them their dates were involved in a homicide investigation.
Allegedly a Swiss hacker got their hands on a cybersecurity jackpot: the Transportation Security Administration’s no-fly list, which draws attention to some of the US’s aging aviation systems that have been making headlines lately.
PHARMA + HEALTHCARE
An Abbott Laboratories plant in Michigan is under federal investigation for unsanitary working conditions manufacture of baby food. This is the latest investigation by one of the country’s largest baby formula makers after the plant’s closure last year led to a nationwide shortage.
Vaccines, treatments and other public health measures have helped contain the spread of Covid-19, but as the pandemic enters its fourth year, the disease is still killing more than 500 Americans a day.
Daily Cover Story
TikTok’s secret “heating” button can make anyone go viral
TikTok’s “heater” button is helping content go viral.
GRACELYNN WAN FOR FORBES
Top line: TikTok and ByteDance staff regularly engage in “heating,” a manual push that ensures certain videos “reach a certain number of video views,” according to six sources and documents reviewed by Forbes.
That contradicts TikTok’s claim that the ever-powerful For You page is a curated, personalized feed ranked by an algorithm that predicts your interests based on your behavior on the app. Tech giants who boost certain posts for users are at least partly not unknown, but usually this content is clearly labeled. Without labels, it’s impossible to tell what is or isn’t an ad or sponsored content.
Employees have also abused heating privileges, sources told Forbes. They have used the feature to pull views – sometimes millions of them – on content created by themselves or others with whom they have personal relationships.
Why it matters: Visibility on TikTok may not be as democratic as you think. Sources told Forbes that the company tends to heat up influencers and brands for partnerships, suggesting the practice has benefited those with whom TikTok has sought business relationships at the expense of others with whom it has none.
More: EXCLUSIVE: TikTok spied on Forbes journalists
FACTS AND COMMENTS
37 million: The number of T-Mobile customers whose personal information was compromised in a major data breach.
96 million: How many times was the song “Flowers” by Miley Cyrus streamed on Spotify from January 13-19, crowning it as the most-streamed song in a single week on the platform.
50 million dollars: The value of the media deal causing a clash between right-wing pundits Ben Shapiro and Steven Crowder.
STRATEGY AND SUCCESS
Let’s talk about all those late or non-existent business email replies. Researchers tell us that email fatigue causes about 38% of employees to quit their jobs. And that’s especially true for remote workers who feel bombarded with emails, messages and virtual meetings. To avoid employee burnout and dissatisfaction, here is a checklist of why your employees aren’t reading your emails – and what you can do about it.
Video
Ivana Trump left $34 million. Here’s what — and who — is in her will, including a Manhattan townhouse and her dog, Tiger Trump
QUIZ
Despite its goal of an all-battery electric vehicle portfolio by 2035, General Motors announced a whopping amount Invested $918 million in four US plants focused on manufacturing internal combustion engines. Which city will host one of the locations?
A.Flintstone, Michigan
B. Beaumont, Texas
C. Albany, New York
D.Columbus, Indiana
Check here if you got it right.
OPPOSITE THE NEWSROOM
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BEYOND THE NEWSROOM
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