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| Let’s take a look at the week ahead in Business. Warm wishes to those celebrating this holiday as Thanksgiving approaches. Thank you! Arbër
p/Arber | |
| 1 | | What to look for: Sam Altman's possible return to OpenAI, as OpenAI's main investors are reportedly trying to convince him to return to OpenAI after his unexpected ousting from the board of directors on Friday. More details: The effort to bring Sam Altman back to OpenAI is reportedly being led by Microsoft, Tiger Global, and Thrive Capital. Microsoft has a 49% ownership share in the organization, while Tiger Global and Thrive are also significant investors. Vinod Khosla, the founder of VC firm Khosla Ventures, stated that Sam Altman is a "once-in-a-generation CEO" and wants Altman back at OpenAI. |     | |
| 2 | | What to look out for: Elon Musk has said that on Monday, Nov. 20, he will file a "Thermonuclear" lawsuit against Media Matters and all others involved in what he called a "fraudulent campaign" against X that resulted in Apple, Disney, Warner, IBM, Paramount, and other companies pausing their ad campaigns on X.com. More details: According to Musk, this lawsuit will expose the "dark network of money" that funds Media Matters and other organizations. Earlier this week, Media Matters reported that several companies' ads on X were being shown alongside content that "praised the Nazi party and Adolf Hitler." Musk denied the allegations, saying that content that implies direct violence will always be deleted from the platform. | | | |
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| 3 | | What look out for: U.S. airline companies expect to have 30 million passengers from Nov. 17 to Nov. 28, which would be an all-time record high. More details: The Sunday after Thanksgiving is expected to be the busiest day during this period, with nearly 3 million passengers expected to travel. American Airlines expects 7.8 million travelers from Nov. 16 to Nov. 28, up from 7 million in 2022. Delta Airlines expects to have around 6.2 million passengers, compared with 5.7 million last year and 6.25 million in 2019. United expects to fly 5.9 million passengers from Nov. 17 to Nov. 29. | | | |
| 4 | | What to look out for: Citigroup, the third largest lender in the U.S., is expected to announce a new round of layoffs on Monday, Nov. 20. It is unclear which divisions and how many of its 240,000 employees will be affected. More details: The layoff round is the next step in a multi-stage cost-cutting plan for the bank, which started being implemented in Sep. 2023. During this period, the bank cut almost 40% of its management layers. According to a statement made by the company in Oct. 2023, it is expected that 50% of its financial reporting team will also be laid off. | | | |
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| 5 | | What to look out for: Cheaper prices for basic items such as eggs, chicken, and seafood, as Walmart's CEO Doug McMillon stated that as the holiday season approaches, deflation is going to impact the market. More details: These claims seem to be backed by official government data, as inflation was flat month over month, according to the latest consumer price index report from the Labor Department on Tuesday, 14 Nov. 2023. As Thanksgiving approaches, the average cost of a dinner for ten people for 2023 is estimated to be $61.17, down 4.5% from 2022's $64.05, according to the American Farm Bureau Federation. Last year's cost was an all-time high. | | | |
| 6 | | What to look out for: Central banks in Nordic countries are expected to announce new rate hikes in an attempt to contain inflation and weakening currencies. More details: Scandinavia's largest economy by GDP, Sweden, is expected to hike rates to 4.25%, as the Swedish Krona has consistently weakened, resulting in higher prices for imported consumer goods. Norway, which has benefitted from increasing higher oil and gas prices in the last two years, is also expected to hike interest rates as the Norwegian Krona has weakened. However, other Nordic countries, such as Iceland, are expected to keep rates at the same level. The country currently has rates at 9.25%, having reacted much faster than its other counterparts in the region in terms of raising rates. | | | |
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Term of the Day Post-money valuation: A post-money valuation is a company's equity value after receiving cash from a round of financing. Question of the Week What perks would convince you to return to the office? Join the conversation |
 | Writer | | Arbër is an Inside writer who also has experience in entrepreneurship. He has experience covering Consumer Tech, Venture Capital, NFTs, Crypto, etc. Arbër holds a Bachelor's degree in Business from XAMK University in Finland. When he is not reading(and writing) business news, he chooses to watch sports or anime...and then read news about sports or anime. | | This newsletter was edited by Vibha Chapparike | |
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