Goldman Sachs’s Top Image Maker, Jake Siewert, Will Leave

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Elliott may start a fight at GlaxoSmithKline. The big activist hedge fund has taken a multibillion-pound stake in the British medical and consumer products giant, DealBook has learned. The Financial Times, which first reported the news, said it came as other investors expressed worries that the company was underperforming, particularly in its drug pipeline.

Amazon published its founder’s latest letter to shareholders yesterday. It is likely the last such letter written by Jeff Bezos as C.E.O., since he plans to step down later this year and become executive chairman. In the letter, Mr. Bezos, the richest man in the world, laid out his view of Amazon’s impact during his 27-year tenure.

Mr. Bezos calculated the value he thinks Amazon creates for society. The total came to $301 billion last year, he said, with more than half going to customers (via time savings and the cost improvements of cloud computing), followed by employees (via compensation), third-party sellers (via profits from selling on Amazon) and finally shareholders (via the company’s net income). “Draw the box big around all of society, and you’ll find that invention is the root of all real value creation,” Mr. Bezos wrote. “And value created is best thought of as a metric for innovation.”

  • But “money doesn’t tell the whole story,” he wrote, and there is naturally a lot left out of such an expansive equation. If anything, using net income to measure Amazon’s value to shareholders understates its impact, since the company’s market cap grew by more than $700 billion last year. Elsewhere in the letter, Mr. Bezos noted that Amazon’s market value has grown by $1.6 trillion since its founding, which suggests that shareholders (Mr. Bezos among them) might rank higher — if not highest — in the accounting of who benefits most from Amazon’s operations.

Mr. Bezos said that Amazon’s goal is to become “Earth’s Best Employer and Earth’s Safest Place to Work.” He disputed the characterization of Amazon warehouse employees as “being treated as robots” (the jobs have been criticized over workplace safety measures during the pandemic, algorithmic management and productivity quotas), and highlighted Amazon’s $15 minimum hourly wage, which one study suggested led to increased wages at other businesses nearby.

  • Mr. Bezos also addressed the recent union election at an Amazon warehouse in Bessemer, Ala., which Amazon won by a wide margin. “Does your Chair take comfort in the outcome of the recent union vote in Bessemer? No, he doesn’t,” Mr. Bezos wrote, adding that Amazon needs to “do a better job for our employees.”

The letter ended on a philosophical note. “We all know that distinctiveness — originality — is valuable,” Mr. Bezos wrote. “We are all taught to ‘be yourself.’ What I’m really asking you to do is to embrace and be realistic about how much energy it takes to maintain that distinctiveness. The world wants you to be typical — in a thousand ways, it pulls at you. Don’t let it happen.”


— Jane Fraser, the C.E.O. of Citigroup, reporting a tripling of profit in its latest quarter.


Greenlight Capital’s quarterly report is out and the hedge fund’s founder, David Einhorn, has a lot to say.

He blames Chamath and Elon for the GameStop frenzy. “The real jet fuel on the GME squeeze came from Chamath Palihapitiya and Elon Musk, whose appearances on TV and Twitter, respectively, at a critical moment further destabilized the situation,” Mr. Einhorn wrote.

  • He questioned Mr. Palihapitiya’s intentions in joining the trading craze. “Mr. Palihapitiya controls SoFi, which competes with Robinhood, and left us with the impression that by destabilizing GME he could harm a competitor.” (Mr. Palihapitiya’s SPAC announced a deal to acquire SoFi in January, which Mr. Palihapitiya disclosed in his tweets about Robinhood.)

He’s not a fan of payment for order flow, which is how Robinhood makes money on free trading. It’s “just disguised commission,” Mr. Einhorn said.

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