Latest news with #DealBookSummit
The Star
3 days ago
- Business
- The Star
Netflix co-founder and former CEO Reed Hastings joins Anthropic board
FILE PHOTO: Reed Hastings, founder and Co-C.E.O. of Netflix, arrives at the DealBook Summit in New York City, U.S., November 30, 2022. REUTERS/David 'Dee' Delgado/File Photo (Reuters) -Anthropic has appointed Netflix co-founder Reed Hastings to the board of directors, the artificial intelligence startup said on Wednesday. Hastings, 64, is also a board member at Bloomberg. He has previously held director positions at Microsoft and Facebook, and served as the CEO of Netflix for 25 years. "Anthropic is very optimistic about the AI benefits for humanity, but is also very aware of the economic, social, and safety challenges. I'm joining Anthropic's board because I believe in their approach to AI development, and to help humanity progress," Hastings said. At Anthropic, Hastings will help the company navigate its rapid growth while maintaining its commitment to safety and minimizing AI's potential negative impacts on society. Hastings co-founded Netflix in 1997 and transformed from a fledgling DVD mail-order service into a global streaming platform. He recently contributed $50 million to Bowdoin College to establish an AI and Humanity research initiative, focusing on AI's impact on work, relationships and education. In addition to Hastings, the board includes Daniela Amodei, her brother and Anthropic's CEO Dario Amodei, investor Yasmin Razavi, and Confluent CEO Jay Kreps. (Reporting by Kritika Lamba in Bengaluru; Editing by Alan Barona)
Yahoo
03-05-2025
- Business
- Yahoo
Jeff Bezos Says The 'Hardest Thing' Was Landing Amazon's First Million, Says He Warned Potential Backers Of A '70% Chance' They'd Lose Their Money
Jeff Bezos says the toughest test of his career wasn't building a trillion‑dollar tech empire — it was scraping together Amazon's first million dollars. What Happened: Speaking at The New York Times DealBook Summit in December 2024, the Amazon founder recalled 1995, when "to raise the first $1 million of seed capital for Amazon, I [Bezos] sold 20% of the company at a $5 million valuation... to 22 angel investors, roughly $50,000 each." Trending: Maker of the $60,000 foldable home has 3 factory buildings, 600+ houses built, and big plans to solve housing — He said it took 60 pitches to secure those checks. "The 40 'no's were hard‑earned 'no's... The whole enterprise could have been extinguished then." Potential backers' first question: "What's the Internet?" Bezos even warned prospects that there was a "70% chance they would lose their investment." 'It was the hardest thing I've ever done," he added. The gamble aged well. Amazon's market capitalization hovers near $1.99 trillion today, according to TradingEconomics, making that early 20 percent stake, had it survived dilution, worth roughly $400 billion. A single $50,000 slice would be about $18 billion. Bezos told moderator Andrew Ross Sorkin that the ordeal shaped Amazon's culture of persistence. "Conviction matters," he said, adding that overcoming early skepticism was "the hardest thing I've ever done." Amazon, launched from a Seattle garage to sell books online, now spans cloud computing, streaming, groceries and artificial intelligence. Yet Bezos noted that success began with convincing two dozen believers when the Internet itself was a curiosity. "If those 22 had said no," he said, "none of this would exist."What To Know: Bezos, in the same talk, told DealBook that founders often "overestimate risks and underestimate opportunities," so he deliberately tilts the other way. What looks like confidence, he said, is really "compensating for that human bias." Thinking small, he added, is "a self‑fulfilling prophecy" — act modestly and your results will match. Bezos, at the time, also sounded upbeat about Donald Trump's second term as president, saying lighter regulation could spur business. He urged Washington to pair spending restraint with faster growth, aiming for 3‑5 percent annual GDP gains so the national debt rises more slowly than the economy. Image via Shutterstock Read next: Invest Where It Hurts — And Help Millions Heal: Invest in Cytonics and help disrupt a $390B Big Pharma stronghold. Deloitte's fastest-growing software company partners with Amazon, Walmart & Target – Many are rushing to grab 4,000 of its pre-IPO shares for just $0.30/share! Send To MSN: Send to MSN UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets. Get the latest stock analysis from Benzinga? This article Jeff Bezos Says The 'Hardest Thing' Was Landing Amazon's First Million, Says He Warned Potential Backers Of A '70% Chance' They'd Lose Their Money originally appeared on © 2025 Benzinga does not provide investment advice. All rights reserved.
Time of India
03-05-2025
- Business
- Time of India
Amazon founder Jeff Bezos on the 'Hardest test' he has ever faced
Amazon founder Jeff Bezos said that raising the company's first $1 million was the hardest thing he had ever done. Speaking at The New York Times DealBook Summit in December 2024 with moderator Andrew Ross Sorkin, Bezos recalled that in 1995, to raise the first $1 million in seed funding for Amazon, he sold 20% of the company at a $5 million valuation to 22 angel investors, each contributing around $50,000. It took him about 60 pitches to secure those investments. At the time, many potential investors did not even know what the Internet was, Bezos said. He added that he warned them that there was a 70% chance they would lose their money. "If those 22 had said no," he said, "none of this would exist." Bezos said the early struggle shaped Amazon's culture of persistence. 'Conviction matters', explaining that overcoming skepticism in the beginning was crucial. Amazon was founded by Bezos in 1994. He started the company in a garage in Seattle, Washington, originally selling books online. Over time, Amazon expanded into other areas like cloud computing, streaming, groceries, and artificial intelligence. The early gamble turned out to be very successful. Today, Amazon's market value is close to $1.99 trillion, according to TradingEconomics. If the original 20% stake had not been diluted over time, it would be worth about $400 billion today. A single $50,000 investment from 1995 would now be worth around $18 billion. Jeff Bezos shares advice for founders Bezos also spoke about how founders often "overestimate risks and underestimate opportunities." He said he tries to think differently by focusing more on the possibilities than the dangers. What appears as confidence, he explained, is actually "compensating for that human bias." He added that thinking small leads to small results because it becomes a "self-fulfilling prophecy." Amazon founder on Trump's second term During the conversation, Bezos also talked about Donald Trump 's second term as US president. He said that lighter regulations could boost business activity and suggested that Washington should focus on controlling spending while encouraging faster economic growth. He said the goal should be to grow the economy by 3% to 5% each year, so the national debt grows more slowly than the economy itself. AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Yahoo
30-04-2025
- Business
- Yahoo
Florida men fight and make up: Donald Trump calls Jeff Bezos amid Amazon tariff reports
President Donald Trump and Amazon founder Jeff Bezos's newfound congeniality was nearly upended on April 29 when it looked like the company would display the impact of tariffs on its prices. A report from news outlet Punchbowl indicated Amazon was planning to display how much a cost hike is due to the Trump administration's tariffs against imports from most countries, with top trade partner China facing steep rates. The White House quickly attacked the retail giant over the move. Press Secretary Karoline Leavitt called it a "hostile and political act by Amazon." Hours later, Amazon quickly vowed that it was not displaying the tariff breakdown price increases. Trump said he spoke to Bezos directly in the interim. More: Temu adds import charges, more than doubling some prices after Trump's tariff on China A tariff is a tax on imports, and economists agree that they can raise prices and slow economic growth as businesses pass those import costs onto consumers. In a growing trade war with China, some items are subject to more than 200% tariffs and a loophole for low-value packages from places like Shein, Temu and Amazon Haul will be closed as of May 2. Temu and Shein have already raised their prices in response to the tariffs. The White House said Trump called Bezos after the report surfaced that Amazon would break down those tariff costs next to the total price of the item, USA TODAY reported. 'The team that runs our ultra low cost Amazon Haul store considered the idea of listing import charges on certain products. This was never approved and is not going to happen," a spokesperson for Amazon said in a statement provided to USA TODAY. Trump credited Bezos with Amazon's assurance it was not going to be displacing tariff costs. "Jeff Bezos is very nice. Terrific. He solved the problem very quickly," Trump told reporters, according to a pool report. "He did the right thing. Good guy." Trump was harsh on Bezos and his companies during his first term in office. Since then, Bezos, the second-richest man in the world after Elon Musk, has stepped down as CEO of Amazon and bought an estate in South Florida's Billionaire Bunker near Ivanka Trump and Jared Kushner. Bezos said at New York Times' DealBook Summit in December Trump has calmed down. 'I'm very hopeful — he seems to have a lot of energy around reducing regulation,' Bezos said at the summit. 'And my point of view is, if I can help him do that, I'm going to help him, because we do have too much regulation in this country.' Amazon donated $1 million to Trump's inaugural fund and Prime Video aired the ceremony, Reuters reported. Bezos also dined with Musk and Trump at Mar-a-Lago ahead of the swearing-in ceremony. Contributing: Francesca Chambers, Anthony Robledo, Mary Walrath-Holdridge, USA TODAY Kinsey Crowley is the Trump Connect reporter for the USA TODAY Network. Reach her at kcrowley@ Follow her on X and TikTok @kinseycrowley or Bluesky at @ This article originally appeared on Palm Beach Post: Jeff Bezos 'is very guy:' Trump says after Amazon spat
Yahoo
08-04-2025
- Business
- Yahoo
Trump is hurting middle class with tariffs, warns billionaire Republican donor
Donald Trump's tariffs are a 'huge policy mistake' that will end up hurting America's middle class, the hedge fund billionaire Ken Griffin has said. Mr Griffin, the founder of hedge fund giant Citadel, said the US president's levies on imports amounted to a tax on middle-class families as he became the latest high-profile billionaire to turn on Trump in the wake of his 'liberation day' announcement. Speaking at an event at the University of Miami, Mr Griffin said: 'It's going to cost you 20pc, 30pc, 40pc more for your groceries, for your toaster, for a new vacuum cleaner, for a new car. 'Even if the dream of jobs coming back to America plays out, that's a 20-year dream. It's not 20 weeks. It's not two years. It's decades.' Mr Griffin's comments, which were reported by Bloomberg, follow similar interventions from top financiers including Bill Ackman and Jamie Dimon over the impacts of Trump's trade war. Mr Ackman, the billionaire founder of Pershing Square Capital Management, on Monday called on Trump to reverse the tariffs, warning they risk an 'economic nuclear winter'. In his annual letter to JP Morgan's shareholders, Mr Dimon, the bank's chief executive, said the tariffs amount to 'one large additional straw on the camel's back'. Hedge fund bosses including Daniel Loeb and Stanley Druckenmiller have also spoken out against the levies, in a sign of growing opposition to Trump among some of Wall Street's most influential people. Mr Griffin founded Citadel in 1990, just a year after graduating from Harvard University where he studied economics. Today, the Miami hedge fund manages more than $60bn (£47bn) worth of investments, making it the world's third-largest hedge fund in terms of assets, behind Paul Singer's Elliott Management and Israel Englander's Millennium. Mr Griffin has a net worth of $41.8bn, making him the 31st richest person in the world, according to Bloomberg's Billionaire Index. His comments come after he previously suggested Trump's presidency would be an opportunity to end the 'regulatory and litigation-induced paralysis' of the Biden administration. Speaking at the DealBook Summit last December, Mr Griffin said he believed Trump's presidency could 'bring America back to a nation of principles, of strength, of prosperity and possibility'. The tacit endorsement marked a turnaround for Mr Griffin, who had previously criticised Trump for being a 'three-time loser' in 2022. In the run-up to the elections last November, the Cidatel chief executive, who has donated millions to the Republican Party, also held back from funding Trump's campaign. Mr Griffin is heavily involved in Republican Party politics and has donated millions of dollars to various candidates who have campaigned in opposition to Trump, including Ron DeSantis, the Florida governor. In an interview with the Chicago Tribune in 2012, Mr Griffin previously described himself as a 'Reagan Republican' and said he believes the 'government is way too involved in financial markets these days'. Broaden your horizons with award-winning British journalism. Try The Telegraph free for 1 month with unlimited access to our award-winning website, exclusive app, money-saving offers and more.
