Meta COO Sheryl Sandberg is stepping down after 14 years of steering the ship at Zuck’s side. Sandberg will stay on the Board of Meta, the parent company of Facebook, Instagram, and WhatsApp. Javier Olivan will take over Sandberg’s COO duties when she officially takes her leave in the fall - Bloomberg and NYTimes and WSJ and MarketWatch and Mashable and TechCrunch
Some early thoughts on what it means for Zuck & Co. - WSJ and Bloomberg and MarketWatch
It’s been all of 5 days since Elon was in the news, so here goes: the world’s richest man is “demanding that his workers return to the office,” sending a series of memos to employees at Tesla and SpaceX telling them they must “spend a minimum of 40 hours in the office per week” or face termination - NYTimes and WSJ and Bloomberg and MarketWatch
Speaking of sunshine and puppies, JPMorgan’s Jamie Dimon is warning of an “economic ‘hurricane’” ahead thanks to the “unprecedented combination of challenges, including tightening monetary policy and Russia’s invasion of Ukraine.” Dimon said JPM is prepping for the bad weather by “being conservative with its balance sheet” and acknowledged that the “strength of the consumer, rising wages and plentiful jobs” could help the cause - Bloomberg and NYTimes and WSJ and MarketWatch
More on those “plentiful jobs” thanks to new Labor Department figures - WSJ
And why Bana’s Brian Moynihan’s not boarding up the windows quite yet - MarketWatch
A former NFT marketplace employee has become the first ever defendant charged with insider trading involving digital assets. Nathaniel Chastain owns that dubious honor, thanks to his alleged practice of buying “dozens of NFTs shortly before they were featured” on his company’s homepage, “selling them later for two to five times more than he paid” - Bloomberg and WSJ and TechCrunch
Pamela Abdy and Michael De Luca, the former MGM execs who left the company after Amazon’s purchase in April, have joined Warner Bros. as co-chairs “of a pandemic-weary movie division” - NYTimes and WSJ
Checking in with Uber and Lyft’s work to push the latest gig worker ballot initiative forward—this time in Massachusetts. The twist: a state court there “has questioned whether the gig-work proposition violates state law,” and the measure may not even make it to the ballot in November - NYTimes
We won’t be declaring SPACs dead just yet, but it looks as if changing market conditions and regulatory action mean that the blank-check boom of the past two years is at least taking a breather - NYTimes
The “tricky task” facing Nelson Peltz at Unilever, the sprawling conglomerate that has “for years wrestled with the best way” to run its diverse empire - WSJ
Great feature on Gil Birmingham, the “Under the Banner of Heaven” and “Yellowstone” star who is finally (and much deservedly) having his moment - NYTimes
Stay safe,
MDR
