Google Wants to Work With the Pentagon Again, Despite Employee Concerns

Three years after an employee revolt forced Google to abandon work on a Pentagon program that used artificial intelligence, the company is aggressively pursuing a major contract to provide its technology to the military.

The company’s plan to land the potentially lucrative contract, known as the Joint Warfighting Cloud Capability, could raise a furor among its outspoken work force and test the resolve of management to resist employee demands.

In 2018, thousands of Google employees signed a letter protesting the company’s involvement in Project Maven, a military program that uses artificial intelligence to interpret video images and could be used to refine the targeting of drone strikes. Google management caved and agreed to not renew the contract once it expired.

The outcry led Google to create guidelines for the ethical use of artificial intelligence, which prohibit the use of its technology for weapons or surveillance, and hastened a shake-up of its cloud computing business. Now, as Google positions cloud computing as a key part of its future, the bid for the new Pentagon contract could test the boundaries of those A.I. principles, which have set it apart from other tech giants that routinely seek military and intelligence work.

contract with Microsoft that was canceled this summer amid a lengthy legal battle with Amazon. Google did not compete against Microsoft for that contract after the uproar over Project Maven.

The Pentagon’s restart of its cloud computing project has given Google a chance to jump back into the bidding, and the company has raced to prepare a proposal to present to Defense officials, according to four people familiar with the matter who were not authorized to speak publicly. In September, Google’s cloud unit made it a priority, declaring an emergency “Code Yellow,” an internal designation of importance that allowed the company to pull engineers off other assignments and focus them on the military project, two of those people said.

On Tuesday, the Google cloud unit’s chief executive, Thomas Kurian, met with Charles Q. Brown, Jr., the chief of staff of the Air Force, and other top Pentagon officials to make the case for his company, two people said.

Google, in a written statement, said it is “firmly committed to serving our public sector customers” including the Defense Department, and that it “will evaluate any future bid opportunities accordingly.”

The contract replaces the now-scrapped Joint Enterprise Defense Infrastructure, or JEDI, the Pentagon cloud computing contract that was estimated to be worth $10 billion over 10 years. The exact size of the new contract is unknown, although it is half the duration and will be awarded to more than one company, not to a single provider like JEDI.

Project Maven in 2017 and prepared to bid for JEDI. Many Google employees believed Project Maven represented a potentially lethal use of artificial intelligence, and more than 4,000 workers signed a letter demanding that Google withdraw from the project.

Soon after, Google announced a set of ethical principles that would govern its use of artificial intelligence. Google would not allow its A.I. to be used for weapons or surveillance, said Sundar Pichai, its chief executive, but would continue to accept military contracts for cybersecurity and search-and-rescue.

weapons or those that direct injury.”

Lucy Suchman, a professor of anthropology of science and technology at Lancaster University whose research focuses on the use of technology in war, said that with so much money at stake, it is no surprise Google might waver on its commitment.

“It demonstrates the fragility of Google’s commitment to staying outside the major merger that’s happening between the D.O.D. and Silicon Valley,” Ms. Suchman said.

Google’s efforts come as its employees are already pushing the company to cancel a cloud computing contract with the Israeli military, called Project Nimbus, that provides Google’s services to government entities throughout Israel. In an open letter published last month by The Guardian, Google employees called on their employer to cancel the contract.

The Defense Department’s effort to transition to cloud technology has been mired in legal battles. The military operates on outdated computer systems and has spent billions of dollars on modernization. It turned to U.S. internet giants in the hope that the companies could quickly and securely move the Defense Department to the cloud.

awarded the JEDI contract to Microsoft. Amazon sued to block the contract, claiming that Microsoft did not have the technical capabilities to fulfill the military’s needs and that former President Donald J. Trump had improperly influenced the decision because of animosity toward Jeff Bezos, Amazon’s executive chairman and the owner of The Washington Post.

In July, the Defense Department announced that it could no longer wait for the legal fight with Amazon to resolve. It scrapped the JEDI contract and said it would be replaced with the Joint Warfighting Cloud Capability.

The Pentagon also noted that Amazon and Microsoft were the only companies that likely had the technology to meet its needs, but said it would conduct market research before ruling out other competitors. The Defense Department said it planned to reach out to Google, Oracle and IBM.

But Google executives believe they have the capability to compete for the new contract, and the company expects the Defense Department to tell it whether it will qualify to make a bid in the coming weeks, two people familiar with the matter said.

The Defense Department has previously said it hopes to award a contract by April.

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James Bond, Meet Jeff Bezos: Amazon Makes $8.45 Billion Deal for MGM

“The real financial value behind this deal is the treasure trove of I.P. in the deep catalog that we plan to reimagine and develop together with MGM’s talented team,” Mike Hopkins, senior vice president of Prime Video and Amazon Studios, said in a statement.

Amazon’s appetite for movies became ravenous during the pandemic. It paid $125 million for the rights to “Coming 2 America,” $80 million for “Borat Subsequent Moviefilm,” and $200 million for “The Tomorrow War,” a Chris Pratt adventure that will arrive on Prime on July 2. Amazon also has Oscar ambitions, buying the rights to “Sound of Metal,” which was nominated for best picture and other top awards at this year’s ceremony.

When it comes to making its own hit films, Amazon has long struggled. MGM managers could help: Michael De Luca, MGM’s movie chairman, has a track record that includes, at various companies, the “Rush Hour,” “Austin Powers” and “Fifty Shades of Grey” franchises.

MGM also has a 17,000-episode television library and a TV studio that makes “Vikings,” “The Handmaid’s Tale,” “Fargo” and various “Real Housewives” shows. In 2014, MGM acquired Mark Burnett’s production company, One Three Media, which holds rights to competition series like “The Voice.” Mr. Burnett, a contentious figure in Hollywood because he helped shape Donald J. Trump’s image with “The Apprentice” and remained close to him during his divisive presidential term, serves as MGM’s television chairman.

Anchorage Capital, a New York investment firm, has been the majority owner of MGM for more than a decade. Before that, MGM was tossed between owners and, bitten by falling DVD revenue, eventually ending up in bankruptcy. It was worth about $2 billion in 2010, according to analysts.

Kevin Ulrich, Anchorage’s chief executive and MGM’s chairman, formally put the studio on the block late last year. Anchorage has been under pressure from various stakeholders to exit the investment, with some agitators complaining that Mr. Ulrich was overly enamored with Hollywood and should have sold years ago.

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The Mogul in Search of a Kinder, Gentler Capitalism

A self-made multimillionaire who married into a revered European banking dynasty, Lynn Forester de Rothschild now spends her time calling for higher taxes on the wealthy, stricter regulation of big business and a wholesale reordering of the capitalist system that has delivered her such privilege.

It is an unlikely reformation for a woman who came from modest origins, made a fortune in the 1980s and could have spent her later years enjoying a sumptuous life of aristocracy.

Born to a middle-class family in the New Jersey suburbs, Ms. Rothschild began her career at the white shoe law firm Simpson, Thacher and Bartlett, then started working with John Kluge, a telecommunications mogul, in the 1980s. Ms. Rothschild eventually struck out on her own, working for, running and founding a series of successful media companies.

In 2000, she married Sir Evelyn de Rothschild, a British financier. (Henry Kissinger introduced them at the Bilderberg conference; the Clintons invited them to honeymoon at the White House.)

Despite her pedigree, Ms. Rothschild has in recent years come to understand that while she and her associates have enjoyed the fruits of capitalism, not all have fared so well. Many workers are struggling to get by. The environment is in serious trouble. Government often cleans up the private sector’s messes.

Sociable and well-connected, Ms. Rothschild has tapped her expansive network to launch a multipronged assault on the status quo. In 2014, she founded the Coalition for Inclusive Capitalism, an effort to get business leaders more engaged in environmental and social issues. And she has parlayed that into a related group, the Council for Inclusive Capitalism, that is working with Pope Francis, and a new fund focused on socially responsible investing she founded with Jeff Ubben, a successful hedge fund manager.

This interview was condensed and edited for clarity.


Back when you were starting out in your career, were you concerned about some of the negative impacts of capitalism in the same way you are today?

It was really different. I don’t think we realized how bad it was. Graduating from law school in 1980, I believed I was living the American dream. I was a skinny girl from nowhere who knew no one, who had aspirations for an interesting life that would make a difference. And I believed that was available to me if I worked hard and played by the rules. The mantra at that time, that was not said disparagingly, was “Greed is good.” There was an Ayn Rand view that if you pursue your interests, all of society is lifted. So I really did believe that all I needed to do was to pursue my career in a legal, ethical, exciting way, and I didn’t have to worry about society.

When did it click for you that something wasn’t working?

We didn’t anticipate the kind of disparity that developed over those 20 years when we started in 1980. And I don’t think people practicing shareholder primacy were evil. There was just too much greed. But by 2008 it was impossible to ignore. The concentration of wealth in America at that time already was back to levels we had during the Gilded Age. In the 1960s the ratio of C.E.O. pay to average worker pay was 25 to one. Today it is 320 to one.

That has very conveniently created enormous personal wealth, which became the objective, as opposed to: What wealth have you left behind in society? How have you made the world better for your children, for your community? “Greed is good” was never a concept for Adam Smith.

What do you see as the most problematic symptoms of our economic system today?

Inequality of opportunity. We have to be honest that in each of our two recent crises — the great financial crisis and the Covid crisis — the government came to the aid of the wealthiest. Some have called it “socialism for the rich and capitalism for everyone else.” There’s something to that.

The elites turn to government when the financial system is blown up or we have a health crisis. Government got us out of both of those problems, and it got us out with too much of the benefit going to the richest. So how do we equalize that?

I personally am fine with higher taxes, if higher taxes lead to better distribution of opportunity, particularly for people of color and people in the lower part of the socioeconomic environment. I also believe that it is time that we listen more to our employees. It’s time that we create a more level playing field with respect to worker voice and worker involvement. This is hard stuff, because it can impact profit.

A year ago you said Covid was going to change capitalism forever. In what way did you think it was going to change capitalism, and how do you think that all has actually played out?

I’m probably always guilty of being overly optimistic. I believed that our moral compass would tell us that we need to take better care of the people who take care of us. But we saw starkly how we treated the people we called essential, how we were exposing them to this deadly disease. I personally find it difficult to understand why that is so hard for us as a society, and that’s why I founded the Council for Inclusive Capitalism.

I had the disease. I was really sick. I thought I was going to die. I had a really bad case and I’m scared to death of it.

What were the origins of the Council for Inclusive Capitalism?

In June of 2015, Laudato Si was written by Pope Francis. By September, the Sustainable Development Goals were agreed to by the United Nations. By December, the Paris climate accord had been signed. You had every reason to believe that there was a sense of the common good.

And if you go back and read Laudato Si, Pope Francis writes: “The lessons of the global financial crisis have not been assimilated, and we are learning all too slowly the lessons of environmental deterioration.” He goes on to say that “by itself the market cannot guarantee integral human development and social inclusion.”

What are some of the reforms you’d like to see? The Business Roundtable can put out as many press releases as it wants about stakeholder capitalism, but we still have companies losing billions of dollars, laying off tens of thousands of workers and still rewarding their C.E.O.s with tens of millions of dollars.

Something is really broken. I do believe that C.E.O.s and boards are willing to share the wealth and do more. But the Chamber of Commerce and the Business Roundtable are going to go for tax policy and trade policy as their primary objective.

I remember a person who was very senior in a previous administration told me that in his four years in office, only one C.E.O. asked to go and see him about an issue of the common good. Everyone was coming in to push what they needed for their own book. We need to profitably solve the problems of people and planet. That’s why business exists.

Who’s to say that there shouldn’t be a government policy that prices the negative externalities that companies cost the taxpayer when full-time workers have to be on public assistance to lead a decent life? Why can’t there be a tax and a penalty on that? Why is Jeff Bezos the richest man in the world? He’s a nice guy, and at the same time he has tens of thousands of employees on public assistance. Why is that OK? Why do we have a government that lets that happen?

Which do you think is more broken, American politics or capitalism?

I think their problems feed upon each other. They’re creating a death spiral together and it’s got to be stopped. Politics and capitalism needs to return to a basic sense of decency.

And that is actually why I reached out to the Holy Father, because I think that a lot of what it will take to change behavior is a moral and ethical reawakening. It’s not just one policy, it’s not just taxes, it’s not just reforming labor laws — all of which are important, and we need competent ethical people to do it. But at the core of it, it has to come from common decency.

God did not invent the corporation. Society allows a corporation to exist, gives shareholders limited liability, and expects something in return. But we don’t just expect cheap widgets.

How do you reconcile your critique of shareholder capitalism with the fact that you’re now working with a hedge fund manager?

If there is going to be a system change, the capital markets need to reward shareholders. That is only going to happen if there are really talented investors who find the new levers of value creation, and are engaging actively with companies that are transforming at scale to become cleaner and more inclusive, and those companies become the ones that are the most valuable. Then we’ve created a race to the top.

That’s why I’m in partnership with Jeff, who’s such a legend in shareholder value creation and transforming companies. I have 1,000 percent confidence in the integrity of Jeff, even though he’s been on the opposite side for many years. I trust many billionaires.

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The Gateses’ Public Split Spotlights a Secretive Fortune

The fortune of Bill Gates and Melinda French Gates exceeds the size of Morocco’s annual economy, combines the value of Ford, Twitter and Marriott International and is triple the endowment of Harvard. While few know how their wealth will be divided in the divorce, one thing is clear: breaking it up can’t be easy.

Mr. Gates built one of the great fortunes in human history when he founded Microsoft in 1975 with Paul Allen. The Gateses’ net worth is estimated to be more than $124 billion, and includes assets as varied as trophy real estate, public company stocks and rare artifacts.

There’s a big stake in the luxury Four Seasons hotel chain. There are hundreds of thousands of acres of farmland and ranch land, including Buffalo Bill’s historic Wyoming ranch. There are billions of dollars’ worth of shares in companies like AutoNation and Waste Management. There’s a beachfront mansion in Southern California. And one of Leonardo da Vinci’s notebooks.

“The amount of money and the diversity of assets that are involved in this divorce boggles the imagination,” said David Aronson, a lawyer who has represented wealthy clients in divorce cases. “There have rarely been cases that are even close to this in size.”

2019 divorce between the Amazon founder Jeff Bezos and his now ex-wife, the novelist and philanthropist MacKenzie Scott, was bigger. Mr. Bezos had an estimated fortune of $137 billion, though mostly in Amazon stock, and Ms. Scott kept 4 percent of Amazon’s shares, worth $36 billion at the time.

But Mr. Gates has for decades been diversifying his holdings; he owns just 1.3 percent of Microsoft. Instead, his stock portfolio includes stakes in dozens of publicly traded companies. He is the largest private owner of farmland in the country, according to The Land Report. In addition to the Four Seasons, he has stakes in other luxury hotels and a company that caters to private jet owners. His real estate portfolio includes one of the largest houses in the country and several equestrian facilities. He owns stakes in a clean energy investment fund and a nuclear energy start-up.

Forbes, or $146 billion, according to the research firm Wealth-X. Including the Gates Foundation’s endowment and the Gates personal fortune, Cascade most likely oversees assets that put it on par or beyond some of the world’s biggest hedge funds in size.

Mr. Larson operates Cascade with an obsessive level of secrecy, going to great lengths to cloak the firm’s transactions so that they can’t easily be traced back to the Gateses. In a 1999 interview with Fortune magazine, Mr. Larson said he chose the name “Cascade” because it was a generic-sounding name in the Pacific Northwest.

that questions about the future of the Gates Foundation immediately arose following news of the divorce. The foundation directs billions to 135 countries to help fight poverty and disease. As of 2019, it had given away nearly $55 billion. (In 2006, Mr. Buffett pledged $31 billion of his fortune to the Gates Foundation, greatly increasing its grant making.)

Since he stepped down from day-to-day operations at Microsoft in 2008, Mr. Gates has devoted much of his time to the foundation. He also runs Gates Ventures, a firm that invests in companies working on climate change and other issues. Over the decades, Mr. Gates shed the image of a ruthless tech executive battling the United States government on antitrust to be viewed as a global do-gooder. And he appears to be keenly aware of the stark contrast between the scale of his wealth and his role as a philanthropist. “I’ve been disproportionately rewarded for the work I’ve done — while many others who work just as hard struggle to get by,” he acknowledged in a year-end blog post from 2019.

told The New York Times last year. “There’s just none.”

Matthew Goldstein contributed reporting.

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Bidding Opens for a Seat on Blue Origin’s First Passenger Space Flight

Blue Origin, the rocket company founded by Jeff Bezos, will launch a rocket into space with passengers on board for the first time in July, the company said on Wednesday.

One seat on the flight, which will carry six astronauts on a short jaunt to the edge of outer space, is up for auction.

The first astronaut flight of New Shepard, a suborbital spacecraft, is scheduled for July 20, the 52nd anniversary of the Apollo 11 moon landing.

“We’ve spent years testing, so we’re ready,” Ariane Cornell, director of astronaut sales for Blue Origin, said at a news conference on Wednesday.

millions of people eventually living and working in space.

For now, most of Blue Origin’s business has stayed closer to Earth. It builds and sells rocket engines to another rocket company, United Launch Alliance. A rocket that would lift cargo to orbit is not expected to be ready for years, and the company recently lost a competition with SpaceX for a contract to build a moon lander for NASA’s astronauts (it has protested the award). Customers have also paid to fly science experiments for NASA and private scientists during test flights of the New Shepard spacecraft.

It has been preparing for years for the start of its space tourism program, which would offer suborbital trips to what is considered the boundary of outer space, 62 miles above Earth. A competitor, Richard Branson’s Virgin Galactic, also plans to fly space tourists on suborbital jaunts. Virgin Galactic’s space plane, known as SpaceShipTwo, is flown by two pilots, so it has carried people to space on test flights, but no paying passengers yet.

Blue Origin’s tourist rocket is named after Alan Shepard, the first American to go to space. It has undergone 15 test flights, none of which had passengers aboard. Ahead of the latest test, in April, a crew rehearsed boarding and exiting the capsule.

For July’s crewed launch, astronauts will arrive to the launch site in West Texas four days before their flight for safety training, Ms. Cornell said.

terms of agreement for the auction listed on Blue Origin’s website, the winning bidder must have a height and weight from five feet tall and 110 pounds to 6-foot-four and 223 pounds.

The astronaut must also be comfortable with walking at heights above 70 feet above ground level on the gangway, be able to climb the launch tower — equivalent to seven flights of stairs — in less than 90 seconds and be able to fasten his or her own harness in less than 15 seconds.

The astronaut must also be comfortable with lots of pressure pressing down on him or her for several minutes during both the ascent and descent.

Proceeds from the winning bid will be donated to Club for the Future, a science and technology education foundation affiliated with Blue Origin, Ms. Cornell said.

Ms. Cornell declined to comment on potential pricing for regular tickets, and when they might go on sale for the general public. But she said there would be “a couple more crewed flights before the end of the year.”

She also declined to answer whether Mr. Bezos would be on the first flight and did not say if and when he would go to space.

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Bill and Melinda Gates’ Divorce Has a Lot at Stake

Bill and Melinda Gates are divorcing after 27 years of marriage, raising questions about the fate of their vast fortune. Their split could yield the biggest divorce settlement on record, according to Forbes’s calculations, surpassing the $35 billion breakup of Amazon’s Jeff Bezos and MacKenzie Scott. Given the likely sums involved, what happens with the Gateses’ extensive investments and charity work will be monitored at the highest levels of government, business and the nonprofit sector.

What’s at stake: Mr. Gates is the fourth-richest person in the world, according to Forbes, with wealth estimated at $124 billion. The family is the largest owner of farmland in the U.S. His personal investment firm, Cascade Investment, owns big stakes in assets like the Four Seasons, the Canadian National Railway and the AutoNation chain of car dealerships.

The two have faced relationship struggles in recent years, Andrew, David Gelles and Nick Kulish report in The Times. Mr. Gates stepped down from the boards of Microsoft and Berkshire Hathaway in part to spend more time with his family.

What will happen to the Gates Foundation? The $50 billion nonprofit is one of the biggest philanthropies in the world, giving away about $5 billion each year to causes like global public health and childhood education. Most recently, it was instrumental in forming Covax, the global coronavirus vaccination program. For now, the foundation says little will change in how it is run day to day, but people in its orbit worry that an acrimonious split by its founders could cloud the nonprofit’s plans. “Together they have assured me of their continued commitment to the foundation that they have worked so hard to build together,” the foundation’s chief executive, Mark Suzman, told employees in an email.

Ms. Gates could separately become a big philanthropic force. She has already used her own investment office, Pivotal Ventures, to donate money to causes like women’s economic empowerment, and could use any settlement to amplify her giving to preferred groups. “You could imagine Melinda Gates being a much more progressive giver on her own,” said David Callahan, the founder of Inside Philanthropy. “She’s going to be a major force in philanthropy for decades to come.”

The Tristate area will reopen sooner than expected. The governors of New York, New Jersey and Connecticut said they would ease most Covid-19 capacity limits on businesses starting on May 19, thanks to declining coronavirus case numbers.

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Amazon’s profits soar 220 percent as pandemic drives shopping online.

With the pandemic shifting sales online and consumers flush with stimulus checks, Amazon on Thursday reported $108.5 billion in sales in the first three months of the year, up 44 percent from a year earlier. It also posted $8.1 billion in profit, an increase of 220 percent from the same period last year.

The first-quarter results surpassed Wall Street’s expectations. Shares were up as much as 5 percent in aftermarket trading.

The most profitable parts of Amazon’s retail business boomed. Revenue from merchants listing items on its website and using its warehouses was up 64 percent, to $23.7 billion. Its “other” business segment, which is largely its lucrative advertising business, increased 77 percent, to almost $7 billion.

Amazon previously disclosed that 200 million people pay for Prime memberships, and subscription revenue for that service and others reached almost $7.6 billion in the quarter. In addition to paying Amazon $119 a year or $12.99 a month for free shipping and other perks, households with Prime memberships typically spend $3,000 a year on Amazon, more than twice what households without the membership spend, according to Morgan Stanley.

step down as chief executive later this year and transition into the role of executive chairman.

Amazon’s total work force dipped slightly between December and the end of March, falling by 27,000 to 1,271,000 employees globally. That was still 51 percent more workers than the same period last year. On Wednesday, Amazon announced it would increase pay for half a million workers and was hiring “tens of thousands” more.

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The Week in Business: Time to Buy (or Sell) a House?

Good morning. Have you gotten your vaccine yet? The Biden administration is offering tax breaks to companies that give their workers paid time off to get their shot. Here’s what else you should know in business and tech for the week ahead. — Charlotte Cowles

Credit…Giacomo Bagnara

On Earth Day, President Biden kicked off a virtual climate summit with a guest list of who’s who in world power — including the pope, Bill Gates and President Xi Jinping of China. He put forth a high-flying goal for the United States to slash greenhouse gas emissions by 50 percent below 2005 levels by 2030, setting the bar for other leaders to follow suit. The plan is aggressive in scope but vague on specifics. Climate experts say it would require drastic changes in many areas of the country’s economy — too drastic, according to some critics. Think a rapid transition to electric cars, the end of coal-fueled power plants and a vast expansion of wind turbine energy.

Amazon’s founder, Jeff Bezos, who is stepping down from his role as the company’s chief executive next quarter, addressed a few elephants in the room in his latest (and last?) shareholder’s letter. Such as: Even though Amazon workers in Alabama recently rejected a major campaign to unionize, he still thinks that “we need to do a better job for our employees.” He also said that workers get bathroom breaks whenever they want (i.e. they do not have to pee in bottles, contrary to what you may read on Twitter). Anyway, what else is new at Amazon? The company is developing a furniture assembly service to compete with the home goods e-commerce giant Wayfair, for one thing. Oh, and opening a hair salon in London where you can preview hairdos virtually before trying them out in real life.

home prices up by about 16 percent since the pandemic began. Analysts believe the market will stay strong through the end of the year at least.

Credit…Giacomo Bagnara

Apple introduced its latest slate of products and software last week, including new computer colors — a mustard-yellow desktop monitor, anyone? As expected, it also revealed the AirTag, a $29 disc that attaches to keys, wallets and other items so they can be tracked down if lost. But slipped in with the jazzy stuff was new privacy software that will make it harder for advertisers to monitor people. The feature will require apps to get explicit permission from users before spying on — sorry, tracking — their digital behavior. If people decline, companies that rely on digital advertising (like, say, Facebook) are expected to gather less data about users’ activity.

Mr. Biden rolled out a new plan that would raise taxes on the rich to reduce costs for child care and education. The proposals align with his campaign promise to increase taxes on corporations and the wealthy, but not on households earning less than $400,000. Still, Wall Street wasn’t happy about it, and the stock market fell after his announcement. Mr. Biden is expected to defend his ideas when he gives his first address to a joint session of Congress on Wednesday.

The tobacco industry has heavily marketed menthol cigarettes specifically to Black communities for decades, and they are used by 85 percent of Black smokers. (Because of their flavor, menthol cigarettes are considered easier to get hooked on and harder to quit.) As a result, Black Americans suffer disproportionate health consequences of addiction to menthol cigarettes. This Thursday, the U.S. Food and Drug Administration will respond to a court order that compels it to take a position on whether to ban the product. But it’s complicated. Some critics of the ban say that it could cause police to more aggressively target Black Americans suspected of selling illegal cigarettes.

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

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.”

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.

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’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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