David Gross, an executive at a New York-based advertising agency, convened the troops over Zoom this month to deliver a message he and his fellow partners were eager to share: It was time to think about coming back to the office.
Mr. Gross, 40, wasn’t sure how employees, many in their 20s and early 30s, would take it. The initial response — dead silence — wasn’t encouraging. Then one young man signaled he had a question. “Is the policy mandatory?” he wanted to know.
Yes, it is mandatory, for three days a week, he was told.
Thus began a tricky conversation at Anchor Worldwide, Mr. Gross’s firm, that is being replicated this summer at businesses big and small across the country. While workers of all ages have become accustomed to dialing in and skipping the wearying commute, younger ones have grown especially attached to the new way of doing business.
And in many cases, the decision to return pits older managers who view working in the office as the natural order of things against younger employees who’ve come to see operating remotely as completely normal in the 16 months since the pandemic hit. Some new hires have never gone into their employers’ workplace at all.
banking and finance, are taking a harder line and insisting workers young and old return. The chief executives of Wall Street giants like Morgan Stanley, Goldman Sachs and JPMorgan Chase have signaled they expect employees to go back to their cubicles and offices in the months ahead.
Other companies, most notably those in technology and media, are being more flexible. As much as Mr. Gross wants people back at his ad agency, he is worried about retaining young talent at a time when churn is increasing, so he has been making clear there is room for accommodation.
“We’re in a really progressive industry, and some companies have gone fully remote,” he explained. “You have to frame it in terms of flexibility.”
In a recent survey by the Conference Board, 55 percent of millennials, defined as people born between 1981 and 1996, questioned the wisdom of returning to the office. Among members of Generation X, born between 1965 and 1980, 45 percent had doubts about going back, while only 36 percent of baby boomers, born between 1946 and 1964, felt that way.
most concerned about their health and psychological well-being,” said Rebecca L. Ray, executive vice president for human capital at the Conference Board. “Companies would be well served to be as flexible as possible.”
Matthew Yeager, 33, quit his job as a web developer at an insurance company in May after it told him he needed to return to the office as vaccination rates in his city, Columbus, Ohio, were rising. He limited his job hunting to opportunities that offered fully remote work and, in June, started at a hiring and human resources company based in New York.
“It was tough because I really liked my job and the people I worked with, but I didn’t want to lose that flexibility of being able to work remotely,” Mr. Yeager said. “The office has all these distractions that are removed when you’re working from home.”
Mr. Yeager said he would also like the option to work remotely in any positions he considered in the future. “More companies should give the opportunity for people to work and be productive in the best way that they can,” he said.
Daily Business Briefing
Even as the age split has managers looking for ways to persuade younger hires to venture back, there are other divides. Many parents and other caregivers are concerned about leaving home when school plans are still up in the air, a consideration that has disproportionately affected women during the pandemic.
At the same time, more than a few older workers welcome the flexibility of working from home after years in a cubicle, even as some in their 20s yearn for the camaraderie of the office or the dynamism of an urban setting.
I get to exercise in the morning, have breakfast with my kids, and coach little league in the evenings. Instead of sitting in an office building I get to wear shorts, walk our dog, and have lunch in my own kitchen.” Chad, Evanston, Ill.
V.A. issues vaccine mandate for health care workers: “I am a VA physician and strongly support this decision. Believe it or not, I know and work closely alongside several frontline healthcare workers who are not vaccinated for COVID-19, almost all of whom have chosen to avoid the vaccine as a result of misinformation and political rhetoric.” Katie, Portland.
As China boomed, it didn’t take climate change into account. Now it must.:“I think this article really highlights the fact that capitalism is, and always will be, completely incapable of addressing long term existential threats like climate change.” Shawn, N.C.
“With the leverage that employees have, and the proof that they can work from home, it’s hard to put the toothpaste back in the tube,” he said.
Fearful of losing one more junior employee in what has become a tight job market, Mr. Singer has allowed a young colleague to work from home one day a week with an understanding that they would revisit the issue in the future.
doctrinaire view that folks need to be in the office.”
Amanda Diaz, 28, feels relieved she doesn’t have to go back to the office, at least for now. She works for the health insurance company Humana in San Juan, P.R., but has been getting the job done in her home in Trujillo Alto, which is about a 40-minute drive from the office.
Humana offers its employees the option to work from the office or their home, and Ms. Diaz said she would continue to work remotely as long as she had the option.
“Think about all the time you spend getting ready and commuting to work,” she said. “Instead I’m using those two or so hours to prepare a healthy lunch, exercising or rest.”
Alexander Fleiss, 38, chief executive of the investment management firm Rebellion Research, said some employees had resisted going back into the office. He hopes peer pressure and the fear of missing out on a promotion for lack of face-to-face interactions entices people back.
“Those people might lose their jobs because of natural selection,” Mr. Fleiss said. He said he wouldn’t be surprised if workers began suing companies because they felt they had been laid off for refusing to go back to the office.
Mr. Fleiss also tries to persuade his staff members who are working on projects to come back by focusing on the benefits of face-to-face collaborations, but many employees would still rather stick to Zoom calls.
“If that’s what they want, that’s what they want,” he said. “You can’t force anyone to do anything these days. You can only urge.”
On a recent Tuesday evening, Jully Lee and her boyfriend curled up on the couch and turned on the TV to watch the Ovation Awards, a ceremony honoring stage work in the Los Angeles area that was held virtually this year because of the coronavirus pandemic. Ms. Lee, an actor, had been nominated for her role in the play “Hannah and the Dread Gazebo,” which was in production before the pandemic.
Ms. Lee, 40, had submitted a prerecorded acceptance speech in case she won. During the ceremony, each nominee’s photo was shown as his or her name was announced. When Ms. Lee’s category arrived, her name was called, and a photo appeared on the screen. A photo of the wrong Asian: her colleague Monica Hong. The announcer also mispronounced Ms. Lee’s name.
“I was just stunned,” Ms. Lee said. She added that after a pause, she and her boyfriend started cracking up. “When things are awkward or uncomfortable or painful, it’s much safer to laugh than to express other emotions. It’s like a polite way of responding to things.”
A Rise in Anti-Asian Attacks
A torrent of hate and violence against people of Asian descent around the United States began last spring, in the early days of the coronavirus pandemic.
Background:Community leaders say the bigotry was fueled by President Donald J. Trump, who frequently used racist language like “Chinese virus” to refer to the coronavirus.
Data: The New York Times, using media reports from across the country to capture a sense of the rising tide of anti-Asian bias, found more than 110 episodes since March 2020 in which there was clear evidence of race-based hate.
Underreported Hate Crimes: The tally may be only a sliver of the violence and harassment given the general undercounting of hate crimes, but the broad survey captures the episodes of violence across the country that grew in number amid Mr. Trump’s comments.
In New York:A wave of xenophobia and violence has been compounded by the economic fallout of the pandemic, which has dealt a severe blow to New York’s Asian-American communities. Many community leaders say racist assaults are being overlooked by the authorities.
What Happened in Atlanta: Eight people, including six women of Asian descent, were killed in shootings at massage parlors in Atlanta on March 16. A Georgia prosecutor said that the Atlanta-area spa shootings were hate crimes, and that she would pursue the death penalty against the suspect, who has been charged with murder.
The LA Stage Alliance, which hosted the ceremony, disbanded in the wake of outrage over the blunder.
The irony of a mix-up like this wasn’t lost on Ms. Lee. It was rare to even be performing with other Asian actors, rather than competing for the same part. “It’s so funny because when there’s so many Asians, then you can’t tell them apart, but in media there are so few Asians that you can’t tell us apart,” she said. “What is it?”
The invisibility of Asians in pop culture is part of what, scholars say, contributes to the “wrong Asian” experience: When people aren’t accustomed to seeing Asian faces onstage or onscreen, they may have more trouble telling them apart in real life. To put it another way: If all you really have to work with are John Cho, Steven Yeun, Aziz Ansari and Kal Penn, that’s not going to go a long way in training you to distinguish among men of Asian descent offscreen. In contrast, Hollywood has given everyone plenty of training on distinguishing white faces, Dr. Nadal said.
Out of Hollywood’s top 100 movies of 2018, only two lead roles went to Asian and Asian American actors (one male and one female), according to a study by the University of Southern California’s Annenberg School for Communication and Journalism.
Donatella Galella, a professor of theater history and theory at the University of California, Riverside, said that popular culture has long reflected the Western world’s xenophobic views toward Asians, which resulted in placing them in diminished roles onstage and onscreen — the villain, the sidekick. That entrenched a kind of marginalization feedback loop.
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Defund the Food Police
I am a senior leader in a large health care system. In my department’s break room, I noticed a small, empty wicker basket. I started to fill it (anonymously) with individually wrapped chocolates I buy personally, as a small morale booster. Every week or so I refill the basket. Last week I walked into the office of one of my direct reports for a brief meeting and noticed on their desk a small pile of Hershey Kisses, likely taken from the basket in the break room.
This employee is a high-performing, outstanding individual. They are also quite overweight. I said nothing of course, but now am wondering: am I contributing to this person’s weight problem, with all its attendant health risks, or am I just doing something nice for the office staff, or both? Do I continue to fill the basket with chocolates?
— Anonymous, New Hampshire
Your employee’s weight is not a problem. Your employee’s weight is none of your business. What they eat is none of your business. Your employee is a high-performing, outstanding individual, in your words. That is all that matters. Their health is not your business and you should not make assumptions about what their health is or is not. Keep filling the basket with chocolates or don’t but stop obsessing about someone else’s public body and private life. It is fatphobic and unkind and unnecessary.
I work as a contractor, freelancing on a large project I really enjoy for a project manager I love — with a co-worker who has me pulling out my hair. We are both working on the same project, for which we bill hourly. We do the same set of tasks, but my colleague works much less and bills more hours. On the list of nearly identical tasks for this project, I’ve completed 75 percent of the tasks to her 25 percent, and our project manager — who doesn’t seem to be aware of the division of labor — recently let slip that my colleague has been billing more hours than I have. I don’t think my colleague is patently dishonest or even a bad person. I think she’s very, very slow and fudges her hours.
I don’t know whether to bring this to my project manager’s attention. Normally, what another person earns is not my affair. And I don’t want to create bad feelings, especially between me and my project manager, for whom I’d like to work a lot more. But the other freelancer and I are paid out of the same pot of money. We’re actually competing for it — for time and for dollars.
My project manager is blinding herself to what’s going on because it’s easier than having to confront an often challenging person. Of course the injustice stings. But I’m not sure I should say anything, though I am the only person in a position to do so.
— Anonymous, California
Your colleague’s business is none of your business. This isn’t injustice. Injustice is … voter suppression or police brutality or any number of truly horrible things. This is frustrating and, perhaps, unfair. I hear your frustration. I do. Our co-workers often do maddening things. They seem to get away with behaviors we would never get away with or even attempt. I want you to think about why this bothers you so much. Why do you care? You don’t think your colleague is “patently dishonest or even a bad person,” right? Your colleague isn’t really taking money you would otherwise receive. She is earning money for work she performs, just like you. If you genuinely think your colleague is doing something nefarious, let your manager know and then it is up to her to handle the matter. If your colleague, however problematic in other ways, just works more slowly and differently, let it go. Or work more slowly, yourself. The only thing you can really control in this situation is you and I don’t think it serves you or your well-being to obsess over this.
In a small argument, not related to work, my husband basically told me I am worthless, that my salary (with benefits) does not make enough compared to the pension he started receiving at age 60 (he’s been unemployed for four years and he is still looking for work). How do I counter this language being thrown in my face?
Zhang Yiming, who helped found TikTok’s parent company, the Chinese internet conglomerate ByteDance, and turned it into a globe-straddling giant, will step down as chief executive at the end of the year to focus on long-term strategy, he wrote in a letter to employees dated Wednesday.
ByteDance’s co-founder and head of human resources, Liang Rubo, will take the reins as chief executive.
“After handing over my role as C.E.O., and removing myself from the responsibilities of daily management, I will have the space to explore long-term strategies, organizational culture and social responsibility, with a more objective perspective on the company,” Mr. Zhang wrote.
Mr. Zhang, 38, is also ByteDance’s chairman. The letter, which ByteDance posted on its website, did not address whether the leadership transition would affect his role in that position.
ByteDance, founded in 2012, is China’s first truly global internet company. With TikTok, it has achieved a level of commercial success and cultural influence that none of the country’s other tech powerhouses have managed outside China’s borders.
By the time Melinda French Gates decided to end her 27-year marriage, her husband was known globally as a software pioneer, a billionaire and a leading philanthropist.
But in some circles, Bill Gates had also developed a reputation for questionable conduct in work-related settings. That is attracting new scrutiny amid the breakup of one of the world’s richest, most powerful couples.
In 2018, Ms. French Gates wasn’t satisfied with her husband’s handling of a previously undisclosed sexual harassment claim against his longtime money manager, according to two people familiar with the matter. After Mr. Gates moved to settle the matter confidentially, Ms. French Gates insisted on an outside investigation. The money manager, Michael Larson, remains in his job.
On at least a few occasions, Mr. Gates pursued women who worked for him at Microsoft and the Bill and Melinda Gates Foundation, according to people with direct knowledge of his overtures. In meetings at the foundation, he was at times dismissive toward his wife, witnesses said.
public view, Ms. French Gates was unhappy. She hired divorce lawyers, setting in motion a process that culminated this month with the announcement that their marriage was ending.
a public appearance in 2016.
Long after they married in 1994, Mr. Gates would on occasion pursue women in the office.
In 2006, for example, he attended a presentation by a female Microsoft employee. Mr. Gates, who at the time was the company’s chairman, left the meeting and immediately emailed the woman to ask her out to dinner, according to two people familiar with the exchange.
“If this makes you uncomfortable, pretend it never happened,” Mr. Gates wrote in an email, according to a person who read it to The New York Times.
in a column in Time magazine announcing the pledge.
money manager, earning solid returns on the Gateses’ and the foundation’s combined $174 billion investment portfolio through a secretive operation called Cascade Investment. Cascade owned assets like stocks, bonds, hotels and vast tracts of farmland, and it also put the Gateses’ money in other investment vehicles. One was a venture capital firm called Rally Capital, which is in the same building that Cascade occupies in Kirkland, Wash.
Rally Capital had an ownership stake in a nearby bicycle shop. In 2017, the woman who managed the bike shop hired a lawyer, who wrote a letter to Mr. Gates and Ms. French Gates.
The letter said that Mr. Larson had been sexually harassing the manager of the bike shop, according to three people familiar with the claim. The letter said the woman had tried to handle the situation on her own, without success, and she asked the Gateses for help. If they didn’t resolve the situation, the letter said, she might pursue legal action.
The woman reached a settlement in 2018 in which she signed a nondisclosure agreement in exchange for a payment, the three people said.
While Mr. Gates thought that brought the matter to an end, Ms. French Gates was not satisfied with the outcome, two of the people said. She called for a law firm to conduct an independent review of the woman’s allegations, and of Cascade’s culture. Mr. Larson was put on leave while the investigation was underway, but he was eventually reinstated. (It is unclear whether the investigation exonerated Mr. Larson.) He remains in charge of Cascade.
published an article detailing Mr. Gates’s relationship with Mr. Epstein. The article reported that the two men had spent time together on multiple occasions, flying on Mr. Epstein’s private jet and attending a late-night gathering at his Manhattan townhouse. “His lifestyle is very different and kind of intriguing although it would not work for me,” Mr. Gates emailed colleagues in 2011, after he first met Mr. Epstein.
(Ms. Arnold, the spokeswoman for Mr. Gates, said at the time that he regretted the relationship with Mr. Epstein. She said that Mr. Gates had been unaware that the plane belonged to Mr. Epstein and that Mr. Gates had been referring to the unique décor of Mr. Epstein’s home.)
The Times article included details about Mr. Gates’s interactions with Mr. Epstein that Ms. French Gates had not previously known, according to people familiar with the matter. Soon after its publication she began consulting with divorce lawyers and other advisers who would help the couple divide their assets, one of the people said. The Wall Street Journal previously reported the timing of her lawyers’ hiring.
The revelations in The Times were especially upsetting to Ms. French Gates because she had previously voiced her discomfort with her husband associating with Mr. Epstein, who died by suicide in federal custody in 2019, shortly after being charged with sex trafficking of girls. Ms. French Gates expressed her unease in the fall of 2013 after she and Mr. Gates had dinner with Mr. Epstein at his townhouse, according to people briefed on the dinner and its aftermath. (The incident was reported earlier by The Daily Beast.)
For years, Mr. Gates continued to go to dinners and meetings at Mr. Epstein’s home, where Mr. Epstein usually surrounded himself with young and attractive women, said two people who were there and two others who were told about the gatherings.
Ms. Arnold said Mr. Gates never socialized or attended parties with Mr. Epstein, and she denied that young and attractive women participated at their meetings. “Bill only met with Epstein to discuss philanthropy,” Ms. Arnold said.
On at least one occasion, Mr. Gates remarked in Mr. Epstein’s presence that he was unhappy in his marriage, according to people who heard the comments.
Leon Black, the head of Apollo Investments who had a multifaceted business and personal relationship with Mr. Epstein, according to two people familiar with the meeting. The meeting was held at Apollo’s New York offices.
It is unclear whether Ms. French Gates was aware of the latest meetings with Mr. Epstein. A person who recently spoke to her said that “she decided that it was best for her to leave her marriage as she moved into the next phase of her life.”
“I don’t know if it’ll solve it in the long run,” said Mr. Gigante of Proskauer Rose. “But I do think that’s what we’re talking to people about and talking to clients about.”
Requiring tests before an employee can come to work doesn’t fully protect other employees from contracting the disease. Tests vary in accuracy, and results refer only to the moment tests were administered. The more frequent the tests, the more informative they are. Mr. Gigante said he most commonly hears of companies mandating tests twice a week, though some situations, like a movie set or a courtroom, may require daily testing.
Some companies may not want to deal with considerations that come with such a program — like the cost, the need to figure out where and how to administer the tests, and the headache of keeping track of the results.
“Logistics and costs were making it less likely to be relied on by employers as an avenue, but as tests are becoming more available and less expensive, employers are looking at testing as a good layer of protection,” said David Schwartz, who runs the labor group at the law firm Skadden, Arps, Slate, Meagher & Flom.
Can employee wellness programs reward vaccinations?
Laura Godfrey in Saugatuck, Mich., is curious about the relationship between vaccinations and employee health care plans. “Companies have been focused on wellness to a determined level,” she writes. “So to ask for a vaccine seems reasonable.”
“It’s definitely something that’s on a lot of employers’ minds,” said Emily Zimmer, a partner who specializes in employee benefits at the law firm Troutman Pepper.
That’s particularly the case for companies with established wellness programs, she said. For example, if a company already rewards employees who receive annual flu shots, it would be easier to do the same for employees who receive the Covid-19 vaccine.
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Costs of Living
I live and work in a small European country where the cost of living is less than in the United States. I have someone clean for a half day each week. When I asked for her hourly rate when I hired her, she told me a price much lower than I expected and much lower than I paid in the U.S. I asked several sources, and it seemed to be about the “going rate” for household cleaning. I thought it was enough to be a living wage. It is clear to me now that it is not, and we have raised it to a more just level, I hope.
But I would appreciate your thoughts on how to determine if you are being a just employer when you are a temporary resident of a foreign culture. I am pretty sure some co-workers would think me foolish for paying above the norm, and some would — and have — argued that I am doing her a long-term disservice, because she is unlikely to get the same salary from her next employer. I’m OK with being thought foolish but hope the second part is wrong. What do you think?
There is nothing foolish about paying someone well or, at the very least, paying them fairly. The mental gymnastics your co-workers are engaging in by suggesting you are doing someone a disservice by paying them too much, are ridiculous. It is a poor reflection on them and how they value the people among whom they live and work. In general, yes, you pay people the wage expected for a local area, but this is not something that should be exploited. The reality is that, particularly for domestic work, people are almost always underpaid. You are not paying your employee too much. In fact, pay her more. Treat her kindly and respectfully. Treat her the same way you would treat an American employee whose labor you value. That is the just thing to do.
Today in Business
No More Social Media
I am a photo archivist for a large corporation, recently hired to preserve its historic photography collection. As I process the images, I pull out interesting photos each month to create an internal newsletter showing ones never seen before. Naturally, the social media group wants to use them, and I provide those I have scanned and search for others on request. Recently, members of that team have asked me to write copy for Facebook and Instagram posts. I have done it, but I don’t love it, mostly because the posts are written as a quote with my name attached. I’m comfortable writing background information, not copywriting. Now they are asking me to “do little videos, just 30 seconds long” to talk about my favorite photos. I have severe stage fright and no desire to be on social media. I have expressed my concerns and they are dismissed, and even laughed at. The head of social media used to be a television news reporter, is always camera-ready, and doesn’t understand my trepidation.
I am lucky to have kept this nonessential job during the pandemic and I don’t want to be seen as difficult, but shouldn’t the social media department create this content? Am I out of line?
— Anonymous, Colorado
You are not out of line to not want to add social media content creation to your workload. That is a specialized field beyond your purview. You are not difficult for having professional boundaries and thus far, you have been as much a team player as anyone could expect. That’s lovely of you and it’s something most of us are willing to do, within reason. I am guessing you’re being asked to do this work because as the archivist, you’re the person who works with these images every day and knows them best. That said, you clearly don’t want to do it. Your concerns matter and shouldn’t be dismissed or mocked. Given that your reluctance to make these posts is related to both stage fright and an aversion to social media, it would be totally reasonable to say you’re not willing to do it. Hold that line. It’s also often easier to say no to a request by offering an alternative. Maybe suggest that you can offer two or three talking points for others to draw from as they produce the videos. I don’t get the impression that you report to the social media team, so if you can’t work this out with them, it may be time to discuss the issue with your supervisor so that he or she can clarify, to the social media team, your work responsibilities, and allow you to do the work you were hired for and do best.
Goldman Sachs became one of the first big banks to put an end to remote work on Tuesday, when it asked a majority of its workers in the United States and Britain to return to the office in June.
In a memo to employees, Goldman executives asked that workers “make plans to be in a position to return to the office” by June 14 in the United States and June 21 in Britain.
“We are focused on progressing on our journey to gradually bring our people back together again, where it is safe to do so,” said the memo, which was signed by David M. Solomon, the firm’s chief executive, as well as his two top lieutenants, John E. Waldron and Stephen M. Scherr. The executives said the bank was “now in a position to activate the next steps in our return to office strategy.”
Exceptions would be made where warranted, according to the memo, which noted that in India and Latin America, where Goldman also employs workers, the health challenges remained substantial. But in New York, where the bank has its headquarters, pandemic restrictions are being lifted on May 19 as coronavirus cases fall and vaccination rates increase. The city is expecting fuller offices, restaurants and subways over the summer.
JPMorgan Chase, the nation’s biggest bank, plans to open all its U.S. offices on May 17 for employees who wish to return voluntarily. A compulsory return will follow in July, when workers will rotate in and out of the office in accordance with safety measures that will limit capacity at each office.
Jamie Dimon, JPMorgan’s chief executive, who has previously spoken about the advantages of working from the office, reiterated his comments at a Wall Street Journal C.E.O. conference on Tuesday morning.
“We want people back at work, and my view is that sometime in September, October it will look just like it did before,” Mr. Dimon said. “And yes, the commute, you know, yes, people don’t like commuting, but so what.”
Mr. Dimon, who said he was “about to cancel all my Zoom meetings,” also acknowledged some pushback to the return-to-office news. “The wife of a husband sent me a nasty note about ‘How can you make him go back?’” he said.
Other banks have not yet mandated a return.
Citigroup has said that while it will invite additional workers back to the office in July, it expects to have only about 30 percent of its North America-based employees back by the end of the summer. Bank of America plans to issue 30-day notices to employees it wants to invite back, a spokeswoman said. The firm has not announced a schedule for doing so, although Brian Moynihan, its chief executive, said recently that the transition would not occur until after Labor Day.
The Goldman Sachs memo on Tuesday targeted the roughly 20,000 employees who are based in the firm’s New York headquarters as well as other U.S. cities, including San Francisco and Dallas, a person familiar with the figures said. Goldman employs another 6,000 or so in Britain, where it operates in London and another, smaller office, this person added.
About a third of Basecamp’s employees have said they are resigning after the company, which makes productivity software, announced new policies banning workplace conversations about politics.
Jason Fried, Basecamp’s chief executive, detailed the policies in a blog post on Monday, calling “societal and political discussions” on company messaging tools “a major distraction.” He wrote that the company would also ban committees, cut benefits such as a fitness allowance (with employees receiving the equivalent cash value) and stop “lingering and dwelling on past decisions.”
Basecamp had 57 employees, including Mr. Fried, when the announcement was made, according to a staff list on its website. Since then, at least 20 of them have posted publicly that they intend to resign or have already resigned, according to a tally by The New York Times. Basecamp did not immediately respond to a request for comment.
Mr. Fried and David Hansson, two of Basecamp’s founders, have published several books about workplace culture, and news of their latest management philosophy was met with a mix of applause and criticism on social media.
details of a dispute within the company that contributed to the decision to ban political talk, Mr. Hansson wrote in another blog post that Basecamp had offered severance of up to six months of salary to employees who disagreed with the founders’ choice.
“We’ve committed to a deeply controversial stance,” Mr. Hansson, Basecamp’s chief technology officer, wrote. “Some employees are relieved, others are infuriated, and that pretty well describes much of the public debate around this too.”
Coinbase, a start-up that allows people to buy and sell cryptocurrencies, announced a similar ban last year, with a similar offer to give severance to employees who disagreed. The company said 60 of its employees had resigned, about 5 percent of its work force.
The S.E.C.’s new enforcement chief resigns unexpectedly. Days into her new job, Alex Oh, a former partner at Paul, Weiss, stepped down after a federal court ruling involving one of her former clients, Exxon Mobil. In a case involving claims of human rights abuses in Indonesia, the presiding judge rebuked Exxon’s legal team for derogatory comments about opposing counsel.
Endeavor will finally go public. The entertainment giant co-founded by Ari Emanuel, which owns the WME talent agency and the UFC mixed martial arts league, raised $511 million in its I.P.O. at a $10 billion valuation, the top of its expected price range. Its successful offering comes two years after it called off an I.P.O. amid a lukewarm reception from investors.
Verizon considers selling its old-guard internet media business. The telecom giant is exploring the sale of assets like AOL and Yahoo, according to The Wall Street Journal. Potential buyers include Apollo Global Management, and the WSJ reports that a deal could be valued at up to $5 billion. Verizon spent $9 billion buying the once-dominant web giants.
A Bitcoin E.T.F. dream deferred
For many cryptocurrency supporters and investors, U.S. regulatory approval of a Bitcoin exchange-traded fund represents the holy grail. It would allow the crypto-curious to get exposure to Bitcoin without having to buy the tokens themselves, signifying that digital assets are really, truly mainstream. But it’s not meant to be — yet. Yesterday, the S.E.C. delayed a decision on a Bitcoin E.T.F. proposal from the investment manager VanEck, saying it needs more time but offering no other explanation.
Delay is not denial,and it may be a good sign,Todd Cipperman, the founder of the compliance services firm CCS, told DealBook. When considering the concept of a crypto E.T.F. in 2018, the S.E.C. raised questions about investor protection issues and put a “wet blanket on the whole idea,” he said. Now crypto is much bigger, and Gary Gensler, who taught courses about blockchain technology at M.I.T., is chair of the S.E.C. His expertise doesn’t guarantee success for crypto E.T.F.s, but it will be easier for an expert in the field to approve them, Cipperman suggested.
The deadline can be extended again. The S.E.C. gave itself until mid-June, with the option to take more time, but it must decide before year’s end. The regulator has rejected every proposal to date, starting with the first Bitcoin E.T.F. pitch in 2013, presented by the Winklevoss twins, which was eventually rejected in 2017 (and again in 2018). There are several E.T.F. proposals on the table now, including one from the traditional finance giant Fidelity.