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Mortgage Interest Rates Today, May 10, 2024 | Rates Finally Dropped This Week
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Average 30-year mortgage rates dropped this week and have been hovering in the upper 6% range, according to Zillow data. But depending on how some incoming inflation data shakes out, we could see mortgage rates fluctuate next week.
Mortgage rates are unlikely to drop substantially until inflation slows further. On Wednesday, the Bureau of Labor Statistics will release April's Consumer Price Index data. If prices rose faster than expected last month, mortgage rates could tick up. But according to the Federal Reserve Bank of Cleveland's inflation nowcast, core CPI may show some signs of slowing in April's report. This would be good news for mortgage rates.
As inflation slows and the Federal Reserve is able to start lowering the federal funds rate, mortgage rates should go down. Investors are currently betting that the first Fed cut will come in September, according to the CME FedWatch Tool. This means mortgage rates could start trending down later this year.
Current Mortgage Rates
Current Refinance Rates
Mortgage Calculator
Use our free mortgage calculator to see how today's mortgage rates would impact your monthly payments. By plugging in different rates and term lengths, you'll also understand how much you'll pay over the entire length of your mortgage.
Click "More details" for tips on how to save money on your mortgage in the long run.
Mortgage Rates for Buying a Home
30-Year Fixed Mortgage Decrease Somewhat (-0.18%)
The current average 30-year fixed mortgage rate is 6.85%, down 18 points from where it was this time last week, according to Zillow data. This rate is up compared to a month ago, when it was 6.61%.
At 6.85%, you'll pay $655 monthly toward principal and interest for every $100,000 you borrow.
The 30-year fixed-rate mortgage is the most common type of home loan. With this type of mortgage, you'll pay back what you borrowed over 30 years, and your interest rate won't change for the life of the loan.
20-Year Fixed Mortgage Rates Drop (-0.38%)
The average 20-year fixed mortgage rate is 38 points down from where it was last week, and is sitting at 6.33%. This time last month, the rate was 6.30%.
With a 6.33% rate on a 20-year term, your monthly payment will be $736 toward principal and interest for every $100,000 borrowed.
A 20-year term isn't as common as a 30-year or 15-year term, but plenty of mortgage lenders still offer this option.
15-Year Fixed Mortgage Rates Go Down (-0.18%)
The average 15-year mortgage rate is 6.11%, 18 basis points lower than last week. It's flat compared to this time last month, when it was 6.11%.
With a 6.11% rate on a 15-year term, you'll pay $850 each month toward principal and interest for every $100,000 borrowed.
If you want the predictability that comes with a fixed rate but are looking to spend less on interest over the life of your loan, a 15-year fixed-rate mortgage might be a good fit for you. Because these terms are shorter and have lower rates than 30-year fixed-rate mortgages, you could potentially save tens of thousands of dollars in interest. However, you'll have a higher monthly payment than you would with a longer term.
7/1 ARM Rates Decrease (-0.20%)
The 7/1 adjustable mortgage rate is down 20 basis points from a week ago, currently at 7.59%. It's up compared to a month ago, when it was at 6.69%.
At 7.59%, your monthly payment would be $705 toward principal and interest for every $100,000 borrowed — but only for the first seven years. After that, your payment would increase or decrease annually depending on the new rate.
5/1 ARM Rates Are Down Slightly (-0.16%)
The average 5/1 ARM rate is 7.31%, a 16-point decrease from last week. It's up compared to where it was a month ago, when it was 6.84%.
Here's how a 7.31% rate would affect you for the first five years: You'd pay $686 per month toward principal and interest for every $100,000 you borrow.
30-year FHA Rates Tick Up (-0.13%)
The average 30-year FHA interest rate is 6.18% today, which is 13 basis points up from last week. This rate was 5.74% a month ago.
At 6.18%, you would pay $611 monthly toward principal and interest for every $100,000 borrowed.
FHA mortgages are good choices if you don't qualify for a conforming mortgage. You'll need a 3.5% down payment and 580 credit score to qualify.
30-year VA Rates Inch Down (-0.07%)
The current VA mortgage rate is 6.16%, seven basis points lower than this time last week. This rate was 5.83% a month ago.
With a 6.16% rate, your monthly payment would be $610 toward principal and interest for every $100,000 you borrow.
Mortgage Refinance Rates
30-Year Fixed Refinance Rates Fall (-0.28%)
The average 30-year refinance rate is 6.99%, 28 basis points lower than last week. It's also down slightly compared to a month ago, when it was 7.06%.
Here's how a 6.99% rate would affect your monthly payments: You'd pay $665 toward principal and interest for every $100,000 borrowed.
Refinancing into a 30-year term can land you lower monthly payments, but you'll ultimately pay more by refinancing into a longer term.
20-Year Fixed Refinance Rates Tick Down (-0.14%)
The current 20-year fixed refinance rate is 6.60%, which is down 14 basis points compared to a week ago. This rate was 6.38% this time last month.
A 6.60% rate on a 20-year term will result in a $751 monthly payment toward principal and interest for every $100,000 you borrow.
15-Year Fixed Refinance Rates Decrease a Bit (-0.12%)
The average 15-year fixed refinance rate is 6.15%, which is 12 points lower compared to last week. It's also down compared to this time a month ago, when it was at 6.44%.
A 6.15% rate on a 15-year term means you'll pay $852 each month toward principal and interest for every $100,000 borrowed.
Refinancing into a 15-year term can save you money in the long run, because you'll get a lower rate and pay off your mortgage faster than you would with a 30-year term. But it could result in higher monthly payments.
7/1 ARM Refinance Rates Up Somewhat (+0.16%)
The average 7/1 ARM refinance rate is 7.88%, up 16 points from where it was last week. It's up from a month ago, when it was 7.61%.
Refinancing into a 7/1 ARM with a 7.88% rate means your monthly payment toward principal and interest will be $725 for every $100,000 you borrow. This will be the payment for the first seven years, then your rate will change annually unless you refinance again.
5/1 ARM Refinance Rates Barely Inch Up (+0.04%)
The 5/1 ARM refinance rate is 7.63%, which is just four points higher than it was this time last week. It's up compared to this time last month, when it was 7.17%.
A 7.63% rate will result in a monthly payment of $708 toward principal and interest for every $100,000 borrowed. You'll pay this amount for the first five years of your new mortgage.
30-Year FHA Refinance Rates Fall (-0.27%)
The 30-year FHA refinance rate is 5.79%, which is 27 points lower than last week. This rate was 5.76% this time last month.
A 5.79% refinance rate would lead to a $586 monthly payment toward the principal and interest per $100,000 borrowed.
30-Year VA Refinance Rates Drop (-0.12)
The average 30-year VA refinance rate is 5.88%, which is down 12 points compared to where it was was last week. This rate was 5.79% a month ago.
At 5.88%, your new monthly payment would be $592 toward principal and interest for every $100,000 you borrow.
Are Mortgage Rates Going Down?
Mortgage rates started ticking up from historic lows in the second half of 2021 and increased over three percentage points in 2022. Mortgage rates also rose dramatically in 2023, though they started trending back down toward the end of the year. Though rates have been somewhat elevated recently, they should go down by the end of 2024.
For homeowners looking to leverage their home's value to cover a big purchase — such as a home renovation — a home equity line of credit (HELOC) may be a good option while we wait for mortgage rates to ease further. Check out some of our best HELOC lenders to start your search for the right loan for you.
A HELOC is a line of credit that lets you borrow against the equity in your home. It works similarly to a credit card in that you borrow what you need rather than getting the full amount you're borrowing in a lump sum. It also lets you tap into the money you have in your home without replacing your entire mortgage, like you'd do with a cash-out refinance.
Current HELOC rates are relatively low compared to other loan options, including credit cards and personal loans.
China is untangling its economy from the West. It could be preparing for long-term tensions — and an invasion of Taiwan
Sergei Savostyanov/Pool/AFP/Getty Images
China is trying to make its economy less reliant on the West.These efforts could boost the Chinese economy but also prepare it for an invasion of Taiwan. Self-reliance has helped the Russian economy stay afloat amid the invasion of Ukraine.China is taking steps to make its economy less reliant on the West. It likely has both economic and military motivations for doing so, experts say.
In recent years, China has invested billions to boost its production of semiconductor chips, electric vehicles, batteries, and solar panels. Over the past year, Southeast Asia overtook the US and Europe as China's largest export market. The Chinese government has also decreased its holdings of US treasuries, taken steps to reduce its reliance on Western food imports, and has worked to improve its energy security.
From an economic perspective, these efforts could both provide a short-term boost to China's slumping economy and help it prepare for long-term geopolitical tensions with the West, experts told BI. But these strategies also help it accomplish another objective: preparing the country for war.
"Reunifying Taiwan with the mainland is one of Xi Jinping's clearest aspirations, and it only makes sense that, if he's trying to game it out, he would want to do so in a way that minimizes the exposure to the Chinese economy," Vivek Chilukuri, national security expert at the Center for a New American Security, a think tank, told Business Insider.
However, if an attempt to reunify by force was around the corner, some experts say there are a few other signals one might expect to see.
"China's operating under the assumption now that tensions with the United States and the West are quite severe and unlikely to recede anytime soon," Scott Kennedy, an expert on China's economy at the Center for Strategic and International Studies, a research organization, told BI. "At the same time, doing that is still quite different from preparing for an actual war and what would come after."
It's not just about war: China has several other reasons to invest in its economy
Growth in China's economy has slowed as the country grapples with a real-estate debt crisis, high youth unemployment, an aging population, and reduced demand for its exports. And while China reported GDP growth in April that beat expectations, these challenges are expected to persist. The country's big investment in clean energy technology, in particular, is intended to boost its economy. However, it's worth noting that some experts are skeptical of the accuracy of Chinese economic data.
At the same time, China is building up its military at a rapid rate and is expected to have the forces needed to seize Taiwan in a few years — China has long claimed the island as its own. In the event China does invade or blockade, it would likely have to deal with the sanctions and trade restrictions of the US and other countries, which gives the country all the more reason to shore up its domestic industries.
It's possible that China could be taking some lessons from Russia, which took steps to shore up its resources prior to its invasion of Ukraine in 2022. While Russia's economy has taken a toll since then, Russian efforts to boost its domestic food supply and diversify its trade partners have helped it stay afloat and minimize the impact of Western sanctions — and Chinese imports of Russian oil have played a key role in this. Self-sufficient production of critical commodities like oil, natural gas, and wheat has also aided Russia, in addition to a large defense sector that's helped supply its military.
While China may have been accelerating efforts in recent years to "de-risk" its economy, this process started as long as a decade ago, Chilukuri said. He pointed to the country's "Made in China 2025" policy, launched in 2015, which was intended to make China the global leader in the manufacturing of key technologies like chips and EVs.
De-risking efforts like these would ultimately leave China better-positioned in the event of an invasion or blockade of Taiwan, or an unforeseen development like a pandemic. But Chilukuri said he thinks much of China's recent manufacturing push is about getting its economy back on track after the country's zero-COVID-19 policy brought it to a halt — and caused some in China to lose trust in Xi Jinping and his government.
"The fundamental trade that China's made with its people is you give up your aspirations for human freedom in exchange for sustained historically unprecedented economic growth," he said. "And Covid, I think, shook the confidence of a lot of people in China that that deal was going to be fulfilled."
That's why, even if an invasion or blockade doesn't happen anytime soon, growing tensions and loosening trade ties with the West could give China plenty of motivation to invest in its economy.
Despite its precautions, a seizure of Taiwan could still have a 'disastrous' impact on China's economy
China already has some experience in asserting its dominance over a territory and navigating blowback from the West.
In 2020, China passed a national security law for Hong Kong that eroded the city's freedoms, autonomy, and democracy and led to the arrest of pro-democracy activists. In response, the US issued sanctions against 11 Chinese and Hong Kong officials, and some US companies left the city.
Some experts believe China's intervention in Hong Kong served as a "test case" for how it would approach a takeover of Taiwan. If China follows the Hong Kong model, it might threaten Taiwan into capitulation without having to invade.
The other ways China might try to take control include a naval blockade that circles Taiwan and cuts it off from the rest of the world. An invasion is a third possibility — experts disagree on the likelihood and timing of this option.
In recent years, China has staged provocative military exercises around the island. What's more, Xi Jinping has told the Chinese military to prepare for war and said that reunification with Taiwan is inevitable. Some experts think a war could be on the horizon.
But not everyone thinks a Chinese military move is necessarily imminent. If China was actively preparing for a near-term invasion of Taiwan, Kennedy said there are a few things he might expect to see first.
First, China would begin preparing its citizens for war.
"You would see a steady drumbeat of propaganda preparing people for conflict and for potentially substantial economic sacrifices," he said.
Second, Kennedy said he'd expect to see China invest more heavily in materials like carbon fiber, which has a variety of military applications.
Third, he'd also expect to see many Chinese diplomats, business people, and students start returning to China, as well as significant movements in Chinese financial assets in an effort to avoid future sanctions.
As long as the US and Taiwan don't cross any of China's "red lines," the chance of a war involving Taiwan is "quite low," Kennedy said. He said those red lines include a Taiwan referendum on its statehood and the placement of significant US and Western military assets in Taiwan.
If China does invade, the global economic impact would be huge, and despite its efforts to secure its economy, China would likely be far from unscathed.
"Any action against Taiwan would be disastrous for China's economy," Chilukuri said. "But China's shown that it's willing to bear a considerable cost for ideology."
A viral TikTok showed Southwest passengers baffled when a woman climbed into an overhead locker and just lay there
Jeffrey Greenberg/UCG/Universal Images Group via Getty Images
A TikTok went viral showing a woman on a Southwest Airlines plane lying in the overhead locker.The video was viewed over 5 million times before appearing to be deleted.It's not the first time this has happened, a flight attendant was spotted lying in an overhead locker in 2019.A TikTok video recently went viral showing a woman lying in the overhead locker of a Southwest Airlines plane, leaving passengers baffled.
The video was viewed over 5 million times on TikTok, according to The New York Post. As of Friday morning, it appears to have been deleted from the platform.
"Southwest is wildn," the TikTok user @gmonique_123 captioned the video.
People in the comments were puzzled over the incident.
"That looks way more comfortable than the actual seats. give me a pillow and close the hatch," read one comment that The Daily Mirror reported.
"Southwest does allow you to choose your own seat," another commenter joked.
The passenger was found by a flight attendant before the plane took off from Albuquerque to Phoenix, according to ABC News.
It isn't clear how long she was in the locker, or how she got in.
Southwest Airlines didn't respond to a request for comment from Business Insider made outside normal working hours.
Perhaps surprisingly, it is not the first time this sort of behavior has been seen on a Southwest flight.
Back in 2019, a Southwest Airlines flight attendant was spotted lying in the overhead lockers. A passenger on the plane, Veronica Lloyd, posted a video to social media showing the bizarre moment.
"I can't get over how weird I find this," she said. "@SouthwestAir please get it together."
The flight attendant was reportedly lying on her side in the locker for 10 minutes, Lloyd told Fox News. After she came down from the bin, the rest of the flight was compeltely normal, Lloyd added.
The overhead lockers can be a point of contention between passengers on a flight looking to secure a spot for their bags.
One travel influencer laid out etiquette rules around the overhead bins and argued that a lot of people tend to get it wrong. He said that the overhead locker directly above your seat doesn't belong to you. Instead, it's a first-come, first-serve.
Another TikToker sparked debate after telling people not to put their bags in the overhead lockers over other people's seats.
Overhead locker space is a hot-button issue for passengers, so it's probably wise to avoid using it as a seat, too.
Google's lawsuit history: The biggest legal cases against the search giant, including antitrust and class-action suits
Tayfun Coskun/Anadolu via Getty Images
Google has faced numerous lawsuits over privacy, intellectual property, monopoly tactics, and more.Google is currently battling two key antitrust cases over its search engine and advertising tactics.Google also recently settled two class-action lawsuits concerning privacy and antitrust violations.Google is one of the world's largest and most influential companies, and the most popular search engine by far. So it's no surprise that the search giant's rapidly evolving and boundary-pushing technology would attract litigation over the course of its 25-year history.
Google has been sued in dozens, if not hundreds of high-profile controversies over privacy, intellectual property, discrimination, advertising, and even defamation, and has racked up both wins and losses over the years.
Some of Google's most consequential legal cases have occurred in 2023 and 2024, including two major antitrust cases and several class-action lawsuits. Here's what you need to know about the biggest recent cases to land on Google's docket.
Why did the US government sue Google over antitrust violations?
The US government's battle against Google has resulted in two major antitrust cases that are both still ongoing.
One case culminated in a landmark monopoly trial in the fall of 2023, which is still awaiting a verdict. The dispute centered on whether Google has illegally abused its monopoly over the search engine industry, spending billions of dollars each year to suppress competition. The US government argued that Google's business dealings have blocked innovation in the search business to the detriment of internet users.
Google CEO Sundar Pichai testified in the antitrust trial in October 2023, and defended instances in which Google pushed companies like Apple and other smartphone makers into revenue-sharing agreements that would make Google the default search engine on phones and computers.
CEO Sundar Pichai was Google's star witness who testified on the company's deals with smartphone makers to make Google the default search engine.Drew Angerer/Getty Images
The Google CEO even acknowledged on the stand that company executives knew that becoming the default search engine on smartphones "would lead to increased usage of our products and services."
The second major antitrust case against Google concerns its online advertising strategies, and is set to go to trial in September 2024. The US government has alleged that Google illegally abused its monopoly over the digital advertising market by acquiring its competitors and forcing website publishers to adopt Google's tools, such as Google Ads, thereby suppressing the rise of rival technologies.
Google has denied any wrongdoing in both cases. The search giant argued during its 2023 trial that Google dominates the search business because it's superior to its rivals, not because of its business dealings. Google has similarly denied the claims in the advertising-related monopoly case, saying its acquisitions were legal and actually enable innovative new advertising technologies, and that the federal government's lawsuit could undo years of industry progress.
What happens if Google loses its antitrust cases?
It's unclear who will win the antitrust case on Google's search engine. Judge Amit Mehta will be the one to decide the outcome, rather than a jury, and Mehta vigorously questioned both sides during closing arguments in May 2024.
If Google loses the lawsuit, Mehta is expected to take some sort of action that would boost competition in the search-engine business. Google could face consequences like fines, orders to adjust its business practices, or even a total ban on its contracts to make Google the default search engine.
Both antitrust cases carry potentially massive implications for internet users — Google could face sanctions that alter its operations so dramatically that it loses its ubiquity in the search and advertising industries, paving the way for new companies and technologies to flourish.
Google's antitrust cases will also likely influence the outcomes of other antitrust lawsuits the US government has filed against major tech companies. Currently, Amazon, Apple, and Meta all face similar antitrust lawsuits against their business practices that could threaten their market dominance.
What to know about Google's class-action settlements and who can claim money
Google has been the subject of two major class-action lawsuits that were resolved or nearing resolution in late 2023 and 2024.
One of the most hotly anticipated resolutions was that of a class-action case involving personal data collected from 136 million Google Chrome users. The lawsuit accused Google of tracking the internet activity of users who had switched to Google's "incognito" setting.
As part of a settlement agreement, Google said it would delete the search data collected from those 136 million users, which Google said was merely "old personal technical data that was never associated with an individual and was never used for any form of personalization."
Lawyers initially sought a $5 billion payout for consumers, but anyone expecting to receive a chunk of that money will need to sue Google individually to receive any damages. The settlement agreement for the class-action case did not include any monetary damages to be paid out by Google.
Google settled a class-action antitrust case involving the Google Play Store for $700 million.SOPA Images/Getty Images
Google does, however, have to pay out roughly $700 million as part of a separate class-action case involving the Google Play Store. Attorneys general from five states accused Google of using monopoly tactics to box out competitors to the Google Play Store and limited users' ability to download Android apps from other app stores.
An estimated 102 million consumers were affected between August 16, 2016, and September 30, 2023, and are entitled to compensation of at least $2, the settlement agreement stipulated. Consumers who are eligible for the Google settlement don't need to submit any sort of claim to get that money, however. Consumers will receive automatic payments through PayPal or Venmo.
Google's battle over Europe's "right to be forgotten" laws
Google lost a landmark "right to be forgotten" case in 2014, but won a victory in 2019 when an EU court said the ruling was limited only to the European Union.picture alliance/Getty Images
One of Google's biggest legal battles in the 2010s concerned the European Court of Justice's "right to be forgotten" ruling and whether Google was responsible for personal data that appears in its search results. Google lost its case in 2014, and the EU court ruled that individuals have the right to remove information about themselves from search engine results.
Under the ruling, Google must respond to legitimate requests from individuals to delist webpages from its search results. Larry Page, one of Google's founders and a former CEO, spoke out vehemently against the EU court's "right to be forgotten" ruling at the time, warning that repressive foreign governments could abuse the ruling.
However, in 2019, Google won a "right to be forgotten" victory in a subsequent EU court ruling, which stipulated that Google only has to delist content from search results in Europe, and the "right to be forgotten" does not apply globally.
Recent research has suggested that Google and Microsoft together have received some 150,000 "right to be forgotten" requests to delist search results each year since the EU court's ruling in 2014. The vast majority of the links targeted for delisting were from Facebook, X, and YouTube.
A woman was found living inside a grocery store's rooftop sign for a year
Talia Lakritz/Business Insider
A woman lived inside the rooftop sign of a Michigan grocery store for about a year, police say.Contractors working at the store found the woman, the Midland PD said.She'd decorated the space with a mini desk, flooring, pantry, and houseplant.A woman spent about a year living inside the rooftop sign of a grocery store in Midland, Michigan, police say.
Brennon Warren, the public relations officer at Midland Police Department, told Business Insider that the woman was found on April 23 by contractors who discovered an extension cord on the roof. Police determined she had been living there for about a year, he said.
The Midland Daily News first reported on the woman being found.
Warren confirmed to BI that the woman was 34 and had a job. She'd decked out the space with a mini desk, flooring, pantry, and houseplant, he said.
Per ABC News, Warren said the woman also had a Keurig coffee maker, a printer, and a computer.
"She was homeless," he added. "It's a story that makes you scratch your head, just somebody living up in a sign."
Warren told BI that it was unclear how the woman accessed the roof. However, he said that once on the roof she was able to enter the inside of the sign using a 3'x4' access door.
He added that the woman had refused an offer for contact information for housing assistance in the area and that police didn't know where she had been living since she left the roof.
The woman wasn't formally charged, he said.
Warren told The Midland Daily News that police had nicknamed her the "Rooftop Ninja."
"I've never seen anything like this before in my career," he told the publication.
Little is known about the woman, including what led her to living on the rooftop.
The Michigan Homeless Policy Council estimated that in 2022, about 32,589 homeless people lived in the state, an 8% increase on the previous year, which it attributed to an "uncertain housing market" and the winding down of pandemic-related programs.
Family Fare is owned by SpartanNash and has 80 stores, mainly in Michigan.
A spokesperson for Family Fare said the company was "proud" of its associates for responding to the situation "with the utmost compassion and professionalism.
"Ensuring there is ample safe, affordable housing continues to be a widespread issue nationwide that our community needs to partner in solving," they added.
Adam Neumann says Jeff Bezos came up to him at an event and gave him a tip for running better meetings
Dave J. Hogan/Getty Images; Shahar Azran/Getty Images
Jeff Bezos recently advised Adam Neumann to speak last in meetings.Neumann said he's evolving his leadership approach in his apartment company, Flow.Bezos' "speak last" strategy is supported by organizational psychologists like Adam Grant.Jeff Bezos recently gave Adam Neumann some unsolicited advice: Speak last in meetings, a leadership style espoused by a leading organizational psychologist.
Neumann said Bezos came up to him with the recommendation after the WeWork cofounder spoke at an event.
"I was so happy he wanted to give me any type of advice," Neumann said on stage at Thursday's Bloomberg Tech Summit in San Francisco.
He said he's evolving as a leader at Flow, his apartment company.
"I have investors around the table who are not only comfortable pushing back, I think they like it," Neumann said on Thursday. Flow's main backer is famed venture capital firm Andreessen Horowitz, while WeWork's primary investor is Japanese titan SoftBank.
At WeWork, Neumann was famous for his eccentric leadership style. His alcohol-fueled executive meetings could stretch well into the night, Business Insider previously reported. He often talked about superpowers — including with former BI editors in a 2019 interview — and about the importance of authenticity.
"The way you build a relationship is authenticity, with really connecting to the person. And listening," Neumann told BI in 2019.
Bezos, meanwhile, is known for much more corporate leadership, including tightly orchestrated meetings. On a December podcast with Lex Fridman, he highlighted the importance of leaders holding back. Bezos said he aims for a culture that allows junior staff to overrule their senior counterparts when data supports their thinking.
Bezos recommended that the most junior person participates in a meeting first, and then the meeting flows in order of ascending seniority.
"I know from experience that if I speak first, even very strong-willed, highly-intelligent, high-judgment participants in that meeting will wonder, 'Well if Jeff thinks that, I came in this meeting thinking one thing, but maybe I'm not right,'" Bezos said on the podcast.
Bezos' strategy isn't new — organizational psychologists like Adam Grant, a professor at the Wharton School of the University of Pennsylvania, have long championed the idea.
If you want to fight conformity in meetings and hear everyone's original ideas, have the leader speak last.#WorkHuman
— Adam Grant (@AdamMGrant) May 31, 2017A representative for Neumann did not immediately respond to a request for comment from Business Insider sent outside normal business hours.
Jack Dorsey said Twitter's board 'has always been a problem' and that he plotted his exit from the firm because of its activist investor
MARCO BELLO/AFP via Getty Images
Jack Dorsey said Twitter's board — and its activist investor — prompted him to plan an exit from the firm."I was happy to see it end," Dorsey said of the board when Elon Musk took Twitter private.Before leaving Twitter in 2021, Dorsey faced pressure from investors looking to replace him as CEO.Jack Dorsey, the cofounder of Twitter, slammed the board that oversaw the social media firm during his tenure at its helm, saying the group had "always been a problem."
"I was extremely challenged by my board," Dorsey said during an interview published Thursday by Mike Solana, the head of marketing for VC firm Founders Fund and editor of digital media brand Pirate Wires.
"The board has always been a problem at that company, and I was happy to see it end," Dorsey continued. "But there was only one way for it to end, which is going private. And I think that's the greatest act."
Twitter was sold for $44 billion in October 2022 to Elon Musk, who took the platform private, radically changed its approach, and rebranded it to X. By then, Dorsey had already stepped down from the company, leaving it in 2021 to its new CEO, Parag Agrawal.
Dorsey told Solana that earlier on, he'd tried to bring Musk onto Twitter's board but was stopped twice. That was partially why he decided to ditch the platform, he said.
In April 2022, Musk joined Twitter's board of directors after taking a 9.2% stake in the company.
But Dorsey said he was also unhappy with the board because of an activist investor seeking to boot him, he said.
"I didn't want to be on a board with an activist," he said. I didn't want to run a company like that. It's just a Wall Street mess. It's not creative, it's diminishing."
That investor was Elliott Management, an investment firm led by Paul Singer that wanted to replace Dorsey because he was spending time on his other venture, Square, while running Twitter as CEO.
Dorsey said he offered to step down, an offer that was rejected by the board. Still, he said Elliot Management's presence took a toll on his relationship with the firm.
"So at that point, I'm like, okay, I have to plan an exit," Dorsey told Solana. "It's not going to be right now, but it has to be over the next two years, because I just don't want to live this way."
His comments align with reports that a fed-up Dorsey was receptive to Musk buying Twitter and revamping the platform.
During the interview, Dorsey didn't address allegations that he was practically an "absentee" at both Twitter and Square because he was split between companies. He was accused of being more of an advisor at either firm than the decision-maker and CEO he needed to be.
Dorsey made his recent remarks just after quitting Bluesky, a social media platform he helped create with an open-source protocol. He then urged users to use X, calling it "freedom technology."
Since taking over, Musk has pushed for X to become an ideal "digital town square" free of censorship, reversing prior bans on controversial figures such as former President Donald Trump and white supremacist Nick Fuentes.
The billionaire's repeated controversial remarks eventually led to major advertisers leaving X, though Dorsey has also said he believes that the path forward for the platform is to ditch advertising as a main revenue stream.
More companies would move to Miami if there were more private schools, says billionaire Miami convert Barry Sternlicht
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More companies would move to Miami if there were more private schools, said Barry Sternlicht.Miami's business-friendly environment and tax savings have attracted companies like Citadel.However, the city faces a private school shortage due to the recent population boom.One hiccup prevents Miami from attracting more money and talent, according to billionaire real estate fund manager and Miami transplant Barry Sternlicht.
The city doesn't have enough private schools, he said in an interview on Thursday with Bloomberg Television.
"There are a lot of companies that would move down if they could get their employees' kids into schools, which is impossible," said Sternlicht, the CEO of Starwood Capital Group.
Sternlicht announced in 2018 that he would move Starwood from Connecticut to Miami, and the firm relocated during the pandemic. The company managed $115 billion of assets and has 5,000 employees globally, according to its website.
While he expected better weather and tax savings, Sternlicht was pleasantly surprised by how welcoming Florida is to business, he said in the interview.
Sternlicht is one of several real estate moguls and billionaires who moved their company from the northeast to Miami in recent years.
In 2022, Citadel and Citadel Securities founder Ken Griffin moved the headquarters of both of his companies from Chicago to Miami after complaining about Illinois taxes and politics. Late last year, former Amazon CEO Jeff Bezos announced he was relocating from Seattle to Miami, a move that could save him $600 million in taxes.
Florida is one of only nine US states with no state income tax, and high-earners moving to the state are often called "tax refugees."
The shortage of private schools in the area is due to a recent population boom in Miami and the state overall.
Florida's population jumped by 1.9% from 2021 to 2022, with a net gain of 417,000 new residents, more than any other state in the country. Miami saw the number of millionaires rise 78% in the last decade, to 35,300, per a report released Tuesday by immigration consultancy Henley & Partners.
The spike is in part due to employees of Goldman Sachs, Blackstone, D1 Capital Partners, and other firms that have moved in. High-earning employees want to send their children to elite schools that match the quality of New York area's schools, BI previously reported.
Newcomers to the city face long waitlists to get into elite schools because of the small number of such schools in the city and developers dropping plans to build new ones.
Despite the school challenge, Sternlicht said that Miami's growth story is not over.
"I don't think Miami has peaked. I think Miami and Florida have cycles because they get overbuilt, but they're ever-higher cycles," he told Bloomberg. "You just have to have stamina to stay with it."
Kris Jenner, 68, says she has no plans to retire
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Kardashian-Jenner clan matriarch and "momager" Kris Jenner, 68, says she won't retire.Working gives her "all sorts of different qualities" in life, Jenner said on "This Life of Mine with James Corden."But there's no denying the money's good: Jenner has an estimated net worth of $230 million, per Forbes.There's a saying on the internet that goes "The devil works hard, but Kris Jenner works harder." And true enough, Jenner, 68, has no plans to retire.
In an interview with James Corden on SiriusXM's "This Life of Mine with James Corden," the matriarch of the Kardashian-Jenner clan says she has no desire to stop working anytime soon.
"Because my mom retired when she was 82 and she talks about her job every single day when we're together, and she will say to me, 'Oh, my job kept me young, and with purpose, and with joy,'" Jenner told Corden.
Jenner is responsible for catapulting her family into superstardom in 2007, having spearheaded the launch of her family's reality series, "Keeping Up With The Kardashians."
Known as her family's "momager," Jenner also manages the careers of her famous daughters — Kourtney Kardashian, Kim Kardashian, Khloe Kardashian, Kendall Jenner, and Kylie Jenner.
Jenner says she plans to continue working because it gives her "all sorts of different qualities" in her life.
"It's finding solutions for things. It's your organizational skills. It's your people skills. It's the love of life," Jenner said. "It's, you know, having somewhere to go, getting up, getting dressed, presenting yourself to the world a certain way, and interacting with the people that you love."
Soft skills aside, there's no denying that the money she makes is pretty good.
Jenner has an estimated net worth of $230 million. In 2022, she told Forbes that she takes a 10% cut from everything that her children earn, be it through television or other business ventures.
However, it's not always easy for Jenner to juggle her duties as a mom and a manager.
In November 2023, Kendall told Forbes that the line between her mother's roles is sometimes blurred.
"My mom is my mom, but she's also my manager," Kendall said. "We have moments when we're talking on the phone, and we're talking about business, maybe having a heated conversation about something, and then all of a sudden, she's like, 'OK I love you. How are you feeling today?' and I'm like, 'Oh my god, yeah, you're my mom, too!'"
Jenner's comments about working come right after she revealed in "The Kardashians" season five trailer that she has a tumor. The trailer, which was released on May 8, did not reveal any other information about the tumor.
A representative for Jenner did not immediately respond to a request for comment sent outside regular business hours.
Jack Dorsey defends Musk's Twitter leadership, saying the billionaire slashed the 'critical sin' of its business model
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In a new interview, Jack Dorsey explained Elon Musk's seemingly chaotic decisions at X.The mass layoffs, advertiser exodus, and blue-check revamp fit into a push for free speech, Dorsey said.It's all part of ditching Twitter's "core, critical sin" of advertiser control, he said.Elon Musk's handling of Twitter has been panned as erratic. But the platform's cofounder, Jack Dorsey, is defending his fellow billionaire's approach, saying Musk's sweeping job cuts and ditching of advertisers made sense for a shift toward free speech.
Dorsey spoke with Mike Solana, the head of marketing for VC firm Founders Fund and editor of digital media brand Pirate Wires, in an interview published Thursday. Dorsey said he shared Musk's goal of creating an internet bastion for free speech. But Dorsey said Twitter had been weighed down by its revenue model.
Twitter chose brand advertising as its main source of income, a "core, critical sin" that exposed the platform's moderation to the whims of corporations effectively financing the social-media platform, Dorsey said.
"And when you're entirely dependent on that, if a brand like P&G or Unilever doesn't like what's happening on the platform, and they threaten to pull the budget, which accounts for like 20% of your revenue? You have no choice," Dorsey told Solana.
Musk, who rebranded Twitter to X, triggered an advertiser exodus late in 2023 when he appeared to endorse an antisemitic post — the tipping point for many organizations after months of Musk's controversial and confusing remarks.
The Tesla and SpaceX owner appeared nonchalant when big players such as Disney, IBM, and Apple left his platform, publicly telling advertisers to "go fuck yourself" and calling them the "greatest oppressors of free speech."
Pundits were shocked. But Dorsey said Musk made the right choice to stick by his vision for a censorship-free "digital town square" and reduce the emphasis on advertisers.
"You have to build up a lot more than advertising to make that model work. You have to build subscriptions, which Elon is doing. You have to build commerce," Dorsey said.
That addresses another sore point for fans of old Twitter. Shortly after taking over, Musk revamped its subscription service by giving blue-check verification to paid users and aggressively promoting monthly memberships.
Building a different business model
To many, Musk seemed to be axing Twitter's entire business model. But Dorsey said the bleeding is part of decoupling from big advertisers' control and finding new revenue streams.
"Twitter was a $5 billion a year business," Dorsey said. "I don't know what it is now, but it's obviously nowhere near that, right? These are choices that can be made, but it doesn't mean that it's going to be the same level of business for quite some time, until you figure out a completely different model around it."
The mass layoffs at Twitter, in which Musk slashed global headcount by 80%, also made sense to Dorsey, who said the majority of employees were in sales.
Dorsey's comments come as he quit Bluesky, a platform he helped build after leaving Twitter, and told users to use Musk's X instead.
He then scrapped his entire Twitter follow list except for Musk, Edward Snowden, and the wife of WikiLeaks founder Julian Assange.
The Twitter cofounder has generally spoken approvingly of Musk, though he's previously said he felt Musk lacked finesse in handling big changes at X, like the messy, abrupt layoffs that led to lawsuits from former employees.
"It all looked fairly reckless," Dorsey said in June of Musk's moves.
Musk bought Twitter for $44 billion in October 2022, taking the company private. Less than six months later — after imposing wide-scale changes — he reportedly said that it was worth less than half of what he bought it for.
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