October 22, 2023 • 4 min read |
Hello! Welcome back to Insider Today's Sunday edition, a roundup of the week's top stories. I'm Matt Turner, the editor in chief of business at Insider. | |
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Florian Gaertner/Photothek via Getty Images |
The rapid rise of AI, growing geopolitical risk, and the fight against inflation have dominated the discourse about the markets in 2023. It's time to add the emergence of weight-loss drugs like Ozempic and Wegovy to the conversation. These drugs could lead millions of Americans to alter their diet and lifestyles in the years ahead, reshuffling huge amounts of spending in the process. Research on the effects of these drugs has sent stock prices for kidney dialysis providers and CPAP manufacturers plunging. The same is true for companies that make insulin-delivery systems. Walmart has said it's seen customers on the drugs pull back on spending on food. There are obvious beneficiaries, too. Novo Nordisk, which makes Ozempic and Wegovy, is now Europe's most valuable company. Insurers and pharmacy benefit managers could cash in. Doctors are rushing to get certified to treat obesity. There are real questions over how these drugs will be paid for, with one Blackstone exec saying the cost of covering them to help people lose weight could put some companies out of business. And the science is developing quickly, with another drug, Eli Lilly's Mounjaro, showing signs it could be more effective than Ozempic for weight loss. As with any medication, drugs won't be the answer for everyone. Still, it's possible to picture a world where millions or even tens of millions are eating less, losing weight, and feeling differently about themselves. The impact that has on companies' bottom lines and on the economy will be one of the big stories of the next decade. |
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Microsoft CEO Satya Nadella. JASON REDMOND/AFP via Getty Images |
Insider obtained Microsoft's pay guidelines, shedding light on how the tech giant pays new hires by varying levels. The leaked guidelines included ranges for base pay, hiring bonuses, and annual stock awards. The highest pay package, according to the guidelines viewed by Insider, included a $316,000 salary, a $1.2 million hiring bonus, and roughly $1 million in annual stock awards. The lowest, meanwhile, was a $42,500 salary with no hiring bonus or guaranteed stock award. See how much Microsoft pays new hires by level. Also read: |
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Dan Simkowitz. Michael M. Santiago/Getty Images; Chelsea Jia Feng/Insider |
Morgan Stanley's long-shot CEO candidate |
Dan Simkowitz very well might end up being a CEO at some point in his career. But most likely, it won't be at Morgan Stanley. Morgan Stanley's head of investment management is viewed as smart, poised, and "CEO-esque" by former colleagues. But his chances of taking over for CEO James Gorman have been overshadowed by two fellow candidates: the investment-banking head Ted Pick and the wealth-management head Andy Saperstein. That's not to say Simkowitz isn't a name worth knowing. "He is going to be a CEO somewhere if he doesn't get this job," said one former colleague. Read more on Dan Simkowitz's rise. Also read: |
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John Lamparski/Getty Images; Rebecca Zisser/Insider |
Peter Thiel has worn many hats over the years: Silicon Valley founder, Trump megadonor, cryptocurrency booster, democracy skeptic. But there is yet another facet to Thiel, one that has remained secret until now: FBI informant, which he became in the summer of 2021, Insider has learned. Read the story. |
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The myth of the Great Boomer Wealth Transfer |
Boomers are sitting on a massive amount of wealth, but younger generations shouldn't bank on getting most of it. A life-changing inheritance from a relative isn't the reality for most people. Only families in the wealthiest 1% of Americans said they'd received a six-figure inheritance. In reality, most boomers' wealth will go toward long-term care and end-of-life costs. Why many will be disappointed by their inheritance. |
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"To paraphrase Yoda: Leave or do not. There is no threat." |
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More of this week's top reads: |
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The Insider Today Sunday team Matt Turner, editor in chief of business, in New York City. Dan DeFrancesco, senior editor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Grace Lett, associate editor, in Chicago. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York City. Get in touch insidertoday@insider.com To read unlimited articles, subscribe to Insider. |
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