Rep. Alexandria Ocasio-Cortez, a New York Democrat, offered her support to President Joe Biden even as her colleagues consider pressuring him to drop out.
Ellen Schmidt/Las Vegas Review-Journal/Tribune News Service via Getty Images
Rep. Alexandria Ocasio-Cortez doubled down on her support of President Joe Biden.
The New York Democrat said "the matter is closed" and Biden is the party's nominee.
Some House Democrats have called for Biden to step aside following his disastrous debate performance.
Rep. Alexandria Ocasio-Cortez of New York has declared she is firmly behind President Joe Biden, even as some of her fellow House Democrats continue to fret about the president's standing.
"The matter is closed," Ocasio-Cortez told reporters on Monday after returning to Washington. "He had reiterated that this morning. He has reiterated that to the public. Joe Bidenis our nominee. He is not leaving this race. He is in this race, and I support him."
Ocasio-Cortez said she had spoken to Biden over the weekend.
Considering her enormous following and popularity among the party's base, Ocasio-Cortez's backing will boost Biden. While six House Democrats have called for Biden to step aside following his disastrous debate performance, the president has managed to contain a massive public outcry for now.
On Monday, Biden made clear that it is time for the party to move on from its soul-searching after his debate performance raised questions about his ability to defeat former President Donald Trump. Biden has repeatedly made clear he's not going anywhere.
"The question of how to move forward has been well-aired for over a week now," Biden wrote in a letter to House Democrats. "And it's time for it to end."
Ocasio-Cortez, who endorsed Biden last summer, is no stranger to delivering support at critical times. Her decision to endorse Sen. Bernie Sanders' presidential campaign in 2019 following Sanders' heart attack greatly boosted the senator's campaign during a difficult period. Ultimately, Sanders lost the primary to Biden, but Ocasio-Cortez's endorsement remains a major moment of the 2020 campaign.
I tried every burger I could get at the fast-food chain Wendy's.
Lucien Formichella
I spent over $120 to try 22 burgers available at the fast-food chain Wendy's.
The pretzel Baconator was good, but I thought it had too much meat.
The Baconator was my favorite, and it felt like the perfect meal.
I love grabbing a quick, hot meal on the go, and lucky for me, there are plenty of great fast-food chains around. Fast-food giant Wendy's is known for its "fresh, never frozen" square burgers, making it a go-to spot for many customers craving the diner classic.
Wendy's, which has over 7,000 locations worldwide, carries seven distinct burger categories: Jr. burgers, Double Stacks, Big Bacon burgers, Baconators, Dave's burgers, bacon jalapeño cheeseburgers, and pretzel cheeseburgers. Lately, I've been wondering which Wendy's burger is the best, so I decided to do my own ranking.
Buying all of these burgers wasn't cheap, which, considering fast-food chains' increasing prices, didn't surprise me. Over multiple trips to Wendy's, I spent about $120 and tried 22 burgers. I assigned each order a division and pitted the winners against each other to compile a master ranking.
Here's how the burgers stacked up.
Editor's Note: This piece includes items that are no longer available but may return.
Division 1: The Double Stacks consisted of 2 contenders
These burgers are known for having two 2-ounce patties and not too many toppings — just cheese, pickles, onions, ketchup, and sometimes mustard.
The first of this bracket, the original Double Stack, was understandably smaller in real life than in the menu picture
The Double Stack had simple toppings.
Lucien Formichella
First Impression: In real life, this burger looked a lot smaller than the picture, which I probably should have expected. Its only toppings are ketchup, pickles, and onions.
I thought this one would be pretty good, as you can never go wrong with two patties and some pickles — White Castle understands this.
It reminded me of a quarter pounder with cheese, but not quite as good
The Double Stack wasn't super special but it was still good.
All in all, this was a solid burger, even if it wasn't unique. Every establishment needs a menu item like this.
The bacon Double Stack lacked condiments
The bacon Double Stack had ketchup, mustard, pickle, and onion.
Lucien Formichella
First Impression: I spent a while trying to figure out the difference between the bacon Double Stack, the Baconator, and the Big Bacon Classic double.
They each have bacon, cheese, and two patties, but there are a few differences in the toppings. The Big Bacon Classic double has crisp lettuce, tomato, pickle, ketchup, mayo, and onion.
This burger's rank came down to the value I placed on condiments. Here, I thought having mustard — an oft-forgotten topping among fast-food chains — was a good move.
I enjoyed the mustard, but this option lacked in other departments
I liked the meat that was in the bacon Double Stack.
Lucien Formichella
Review: Again, this felt like a quarter pounder with cheese and bacon. Was it better than McDonald's? I honestly wasn't sure. It was a little saltier, which could go either way.
I thought the meat — although underseasoned — was top-notch. The mustard was a nice touch, but the meal could've used a dash more of it. That said, I missed the lettuce and tomato.
Division-1 winner: The bacon Double Stack triumphs for having bacon
The bacon Double Stack had a decent variety of toppings.
Lucien Formichella
Although these burgers had many good qualities, a lack of toppings held the Double Stacks back.
The bacon alternative slightly beat out the original one, but only because bacon beats no bacon.
Division 2: All 3 burgers in the Dave's category seemed promising
This collection of burgers is named after the chain's founder, Dave Thomas.
Each toasted bun is stacked with a select number of quarter-pound beef patties, cheese, lettuce, tomato, pickles, onion, ketchup, and mayo.
The smallest of the options, Dave's single, still has a large patty
Dave's single was basically a classic hamburger.
Lucien Formichella
First Impression: The single patty on this burger looked about the size of the Double Stack's two. The only difference was this option genuinely looked like a burger, with onion, lettuce, tomato, pickle, mayo, ketchup, and a toasted bun.
This is Wendy's version of a classic hamburger, so I was excited to taste the chain's interpretation.
This burger impressed me
I'd definitely order Dave's single again.
Lucien Formichella
Review: This was an excellent burger. The pickles and lettuce actually crunched, even after I waited to eat it at home. I also liked the addition of mayo and look forward to eating this burger again.
Dave's Double looked like a total classic
I had high expectations for Dave's Double.
Lucien Formichella
First Impression: This order was a great baseline for all of the double burgers since it's such a classic.
I took this from the Wendy's wrapper and thought, "Yeah, that's a good-looking burger."
This was a quintessential American hamburger
I loved the mayo and the crunch in Dave's Double.
Lucien Formichella
Review: Once again, I was confronted with a great burger. I wanted some bacon, but there was magic in the ketchup and mayo team. I loved the onion as well.
Dave's triple was a massive burger
Dave's triple intimidated me.
Lucien Formichella
First Impression: Wendy's website says to "use both hands" while eating this one, and that's a solid piece of advice.
It was just too … much … food
Dave's triple was just too beefy for me.
Lucien Formichella
Review: Wendy's said to use both hands — I needed a third.
The delicious pickles, onions, lettuce, and tomatoes were lost in this sea of beef. I can't see myself eating this option again unless dared to do so.
Division-2 winner: Dave's Double easily won this set
I preferred Dave's Double.
Lucien Formichella
Emblematic of the quintessential American hamburger, this meal made me want to get a soda pop and go to the sock hop.
Division 3: The Big Bacon burgers, which had 4 competitive options
The Big Bacon burgers are, unsurprisingly, all stacked with Applewood smoked bacon, but can also include other toppings like lettuce, tomato, pickles, onion, ketchup, and mayo.
I was excited to dig into the Big Bacon Classic
The Big Bacon Classic had a lot of sauce.
Lucien Formichella
First Impression: This burger wasn't a whole lot larger than a Dave's single, but it did have bacon on it.
It also had a liberal amount of sauce, and I liked that it came with two pieces of cheese.
I liked that Wendy's didn't skimp on the cheese
The Big Bacon Classic had plenty of cheese.
Lucien Formichella
Review: This burger was excellent. The two pieces of cheese were a highlight of this burger since a single slice would've gotten lost.
I grew up near a hole-in-the-wall burger place, and this sandwich reminded me of it. The bacon was super crispy, and the seemingly fresh ingredients stood out.
This option was better than the Dave's single, but only because bacon makes any burger better.
If you need a big meal, look no further than the Big Bacon Classic double
The Big Bacon Classic double was a manageable size.
Lucien Formichella
First Impression: I honestly thought the double cheeseburgers were the perfect size overall.
I noticed that Wendy's didn't increase the serving of condiments, either. The meal just oozes meat — in a good way.
It was a classic burger with just the right amount of toppings
The Big Bacon Classic double was pretty good.
Lucien Formichella
Review: This was the ultimate straight-up burger. I liked that Wendy's didn't increase the number of toppings and just added more cheese — it was the right call.
This was a lot of meat, and if there was twice as much bacon, it would've felt like overkill.
The Big Bacon Classic triple seemed to have too much meat
The Big Bacon Classic triple seemed like a lot of meat.
Lucien Formichella
First Impression: This burger had three patties and three slices of cheese. The question here became whether a burger could truly have too much meat. It was so big it needed two foils to cover it.
It was literally too much of a handful
The Big Bacon Classic triple was kind of hard to eat.
Lucien Formichella
Review: The burger was delicious, but I only really tasted the meat. Even the three slices of cheese got lost. The beef also tasted underseasoned to me.
Although promising, this burger lacked the balance of the double. As I ate the massive burger, it nearly slipped out of my hand.
The things that make a good burger great, like lettuce, tomato, and onion, were virtually nonexistent. In this case, less would have been more.
The Big Bacon cheddar cheeseburger looked delicious
The Big Bacon cheddar cheeseburger had a cheesy bun.
Lucien Formichella
First Impression: I thought this burger looked quite good. I was interested in the cheesy bun — the only completely new ingredient that I could see — and liked how it stacked. I also appreciated that Wendy's picked several classic burger toppings, including bacon and crispy onions.
Plus, I was optimistic about the addition of cheddar and American cheese.
This burger had a great balance of flavors
The Big Bacon cheddar cheeseburger had a good combination of flavors.
Lucien Formichella
Review: The onions were excellent. They were greasy and a little chewy, but the fried flavor didn't overpower them.
The combination of cheddar and American cheese was also fantastic. The American cut the sharpness of the cheddar, and it all mixed wonderfully with the bacon. The cheddar bun, however, wasn't very noticeable and tasted a bit like a dull Cheez-It.
That said, the bacon-jam sauce held everything together and then some. It added the perfect amount of sweetness to this savory dish.
Division-3 winner: The Big Bacon cheddar cheeseburger came out on top
The Big Bacon cheddar cheeseburger was a standout.
Lucien Formichella
Like most of its contenders, this burger was impressively good. Bacon truly is a game-changing ingredient. However, the delicious sauce made this Big Bacon option a standout.
Division 4: The Baconators, which both looked like strong contenders
Applewood smoked bacon takes a leading role on top of these meaty options — just the name should tell you that — and each burger is paired with just cheese, ketchup, and mayo.
The Baconator seemed like overkill
I thought the Baconator looked like a bad decision.
Lucien Formichella
First Impression: This burger was bun, patty, cheese, bacon, patty, cheese, and more bacon. I like lettuce and tomato, so staring the Baconator down was a little nerve-racking.
There's a reason this is considered Wendy's flagship burger
The Baconator was honestly so good.
Lucien Formichella
Review: My first impression was off — the Baconator lived up to its hype. I would've liked a pickle, just for something a little green, but it was so good.
There's something to be said for giving the people what they want. The patty meat and bacon went well together, and the cheese held everything in place.
There was also something so right about the mayo on this sparse burger. It added a mellow flavor to the meat. The ketchup was a nice finishing touch.
The Son of Baconator looked like it'd be good for someone who wanted a somewhat average portion
The Son of Baconator had two smaller patties.
Lucien Formichella
First Impression: The only difference between this one and the regular Baconator is that this is made with two smaller patties.
I probably don't need to eat half of a pound of beef plus however much pork the bacon is, so it's nice to have this option, but I can't see myself ever choosing it. Even using a big knife, I struggled to cut through it.
The small version should've been enough, but it wasn't
Overall, the Son of Baconator was cute.
Lucien Formichella
Review: Because of the size difference, this burger wasn't quite as good as its papa. This option is probably enough food for most people, but I wanted more.
Division-4 winner: The Baconator was just better
Wendy's kept it simple with this one and gave the people what they wanted — more meat.
The cheese perfectly held the meats together, and the flavors of the combined ketchup and mayo brought out the very best in this burger.
Division 5: There are 4 Jr. burgers, but I didn't expect any of them to go far
Wendy's line of Jr. burgers is exactly what you'd expect: smaller portions with the heart of a full-sized one.
The toppings vary based on your order, but the base ingredients include pickles, onions, ketchup, and mustard.
The Jr. cheeseburger deluxe didn't have too much going on, which I liked
The Jr. cheeseburger deluxe seemed OK.
Lucien Formichella
First Impression: This is a cheeseburger, all right. I felt like I knew what it would taste like before I bit in.
I was curious if this stripped-down burger could stand on its own without bacon and extra patties.
There was a little too much sauce on it, but this was a good burger
I felt like the patty on the Jr. cheeseburger deluxe was a little small.
Lucien Formichella
Review: This burger had more pickles, mayo, and ketchup than some of the other ones I tried. The lettuce was a little bit larger than the meat, which made me feel better about eating it.
However, I thought the patty was a bit too small, and the sauces felt a little too overpowering. Still, it was refreshing to have a burger that felt normal.
The Jr. bacon cheeseburger looked solid
The Jr. bacon cheeseburger looked promising.
Lucien Formichella
First Impression: This looked like a solid cheeseburger, similar to the Jr. cheeseburger deluxe, but with bacon.
The size of this burger was the only thing holding it back
The lettuce on my Jr. bacon cheeseburger was larger than the whole sandwich.
Lucien Formichella
Review: This burger was pretty good. The bacon added something nice, even if the serving of mayonnaise was a little heavy-handed, but that might have been the human element at fast-food chains.
I thought Wendy's used great cheese, even if it was more processed-tasting than the produce. Really, the size was the only thing holding this one back.
The Jr. cheeseburger seemed cute
The Jr. cheeseburger seemed pretty basic.
Lucien Formichella
First Impression: Enveloped in a warm bun, this option looked cute. With no lettuce and tomato, this order was stripped down to its most basic flavors.
The pickles and onions were a great combo
The Jr. cheeseburger was pretty good.
Lucien Formichella
Review: This burger was very nice. I liked the pickle-onion combination, and the ketchup stood out, too. It was a step above the kind of frozen patty you'd make at home on a hot plate, but certainly not as good as the one you'd get at a cookout.
The flavors went well together, but unless you walk into Wendy's thinking, "Wow, I just want a hamburger," I'd say get something else.
The Jr. hamburger looked very plain
The Jr. hamburger seemed underwhelming.
Lucien Formichella
First Impression: This kind of looked sad compared to the behemoths that it stood next to on the menu.
Honestly, if the Jr. hamburger is the worst thing on this list, I think it will reflect how fantastic all of the other burgers are rather than how bad this one is.
But it's a hamburger. You don't go to Wendy's for just a hamburger.
This was so small that I felt like I was eating Charlie Brown's Christmas tree
I wouldn't get the Jr. hamburger again.
Lucien Formichella
Review: The pickles were crunchy, the onion had zip, and the ketchup was good, but the meat was pretty underseasoned.
It was so small, with just a single sliver of onion and a couple of tiny pickles. I felt like I was eating the tiny "Charlie Brown" Christmas tree.
Division-5 winner: The Jr. bacon cheeseburger was the best of this large pool
The Jr. bacon cheeseburger was my favorite in this category.
Lucien Formichella
Honestly, an argument could be made for the deluxe, but I think the bacon helped push this option over the edge — it also slightly seasoned the meat.
That said, I didn't see this winner advancing very far in the ultimate playoff.
Division 6: The bacon jalapeño burgers had 3 formidable-looking contenders
Wendy's added a kick of spice to its menu with its bacon jalapeño burgers. Each order is topped with pickled jalapeños, bacon, cheese, fried onions, cheese sauce, and jalapeño sauce.
I loved seeing crispy onions on the bacon jalapeño cheeseburger
The bacon jalapeño cheeseburger had crispy onions.
Lucien Formichella
First Impression: I was excited about the addition of crispy onions, which are always good on a burger. Jalapeño would never be my first move, but I was interested to see what Wendy's did with that choice as well.
Again, this one had no other vegetables, but that hadn't been a dealbreaker so far.
The hot jalapeños made this burger
The bacon jalapeño cheeseburger was delicious.
Lucien Formichella
Review: This burger was excellent. The cheese sauce was good but not on Taco Bell's level, which knocked it down a peg.
The jalapeños were delicious and gave the burger a real kick, and the crispy onions elevated the whole thing. I liked that Wendy's took a shot with the cheese sauce, even if it didn't quite hit.
Overall, the onions and jalapeños made this better, but the cheese sauce brought it down.
The bacon jalapeño double cheeseburger looked especially promising
The bacon jalapeño double cheeseburger seemed like a good size.
Lucien Formichella
First Impression: The double burger was the best size, and this seemed to be where the bacon jalapeño double cheeseburger separated itself from the rest.
This burger was one of my favorites
I wished the bacon jalapeño double cheeseburger had more crunch.
Lucien Formichella
Review: This was one of my favorite burgers. The jalapeño had a lot of bite, and the cheese balanced everything out. It was like ballpark nachos between a bun.
My only complaint was that it didn't have produce. I'd love a crisp, fresh onion or tomato on here.
The bacon jalapeño triple cheeseburger looked like the best triple
The bacon jalapeño triple cheeseburger made my mouth water.
Lucien Formichella
First Impression: This was the only triple that I actually believed might have been as good as the originals, but only because I thought the jalapeño had a strong enough flavor to carry across three patties.
Still, I just didn't know why I needed this much meat.
I could not have opened my mouth any wider
The bacon jalapeño triple cheeseburger was a little much.
Lucien Formichella
Review: My first impression was spot on. The jalapeños added enough variety to avoid making this one taste like a meat sandwich. Still, the double was more manageable and, therefore, better to eat.
Division-6 winner: The bacon jalapeño double cheeseburger was the best in this bracket
The bacon jalapeño double cheeseburger had a good meat-to-toppings ratio.
Lucien Formichella
I may have been skeptical about the cheese sauce and lack of vegetables, and although those points still stand, this burger was still good on its own.
Division 7: I expected stiff competition between the burgers with pretzel buns
Each burger in this category had a thick pretzel bun. This line of Wendy's burgers is dressed to the nines in toppings and upgrades, though the contents of each sandwich vary.
The pretzel Baconator looked like a meat-heavy yet delicious option
The pretzel Baconator featured cheese, bacon, ketchup, and mayo.
Lucien Formichella
First Impression: This two-patty burger certainly looked filling. The pretzel bun excited me, but I was slightly disappointed that it didn't have salt on top. However, I was sure the burger would be salty enough.
I also appreciated that the burger came with ketchup, mayo, and two slices of cheese.
I wished there was less meat in this burger
I liked the individual ingredients in the pretzel Baconator, but I didn't think they worked too well together.
Lucien Formichella
Review: This sandwich had everything — to the point where I thought it was a little too much. I couldn't handle all that meat, and although there was ample cheese, it was overpowered. At first, I thought the burger needed more ketchup, but it definitely had enough.
Each ingredient was fine by itself. Even the pretzel bun tasted good, though it lacked crispness and was slippery from the glossy sheen on top.
The bacon seemed high quality — I liked it better than what I've had at other fast-food chains — but sadly contributed to the meat takeover. Those patties just overpowered everything.
This could've been a balanced burger with a pickle or some vegetables. As it was, I felt there was too much meat.
The Pretzel Bacon Pub cheeseburger looked like a delicious mess
The Bacon Pretzel Pub cheeseburger had honey mustard.
Lucien Formichella
First Impression: This certainly looked like the best burger on the list. Forget the beer-cheese sauce, the fact that Wendy's included honey mustard on this is incredible.
Fried onions are classic, but the thing that caught my eye was the Muenster cheese. That was a bold move for a fast-food restaurant, and I wouldn't have trusted any other place to get it right.
The onion bits smelled incredible, and I was excited to dig in.
I shouldn't have let this one get cold
The Pretzel Bacon Pub cheeseburger was a solid choice.
Lucien Formichella
Review: This was a delicious burger, but don't let it get cold.
Temperature doesn't usually make a huge difference, but there were too many moving parts here to let it sit — I'm talking about even the time it takes to get back home.
The Muenster cheese, onion, pretzel, and beer-cheese sauce, which I couldn't really taste, were very heavy. The light pickle flavor and fluffy pretzel bun held this meal together.
I had to hand it to Wendy's. I've had worse pub burgers, but this was a solid offering.
The Pretzel Bacon Pub double was more balanced
The Pretzel Bacon Pub double seemed like it would have a good combination of flavors.
Lucien Formichella
First Impression: I was optimistic that having two patties could help balance out the flavors in this burger.
However, I was slightly worried the honey mustard would get lost in the meat.
It was the only double I liked less than the single version
The pickle was the saving grace on the Pretzel Bacon Pub double.
Lucien Formichella
Review:I liked this option less than the first one. Throughout most of this taste test, two patties had been the perfect amount of meat for a burger, but the toppings felt like they got lost in this case.
The Pretzel Bacon Pub triple probably shouldn't exist
The Pretzel Bacon Pub triple seemed like too much.
Lucien Formichella
First Impression: I didn't think I'd be able to get my mouth around this burger.
I also couldn't imagine it would be better than the double, which had already lost so many of the delicious flavors and textures of the original — but I had to eat it.
This burger was way too meat-heavy
The Pretzel Bacon Pub triple didn't make any sense to me.
Lucien Formichella
Review: As expected, this burger was a wall of meat. Frankly, I was disappointed it didn't have cheese between every layer of meat, which likely would've made this meal better. Muenster must be pretty expensive.
The burger wasn't bad by any means, but it felt like an odd mix of ingredients.
The original Pretzel Bacon Pub Cheeseburger eked out a victory
Overall, this division was kind of disappointing compared to the other burgers I had tried so far, but I liked the single version the most. It was balanced enough for me to enjoy each ingredient separately.
Finally, I sat down to calculate my results
By the end, I tried 22 Wendy's burgers.
Lucien Formichella
I sat back to catch my breath, trying not to think about all that I'd consumed over four trips to Wendy's.
I feel sodium in my blood and cheese sauce coursing through my veins. Still, I was able to determine Wendy's best burger.
Let's start at the bottom of this ranking. The Jr. burgers have to occupy the lowest spot. Every self-respecting burger joint needs to have a section like this, so you can't fault Wendy's.
The pretzel-bun burgers came next, which was an upset considering I had high hopes for them. As a group, these burgers were just too much. The flavor profile was just too busy, and I couldn't get my mouth around them in every sense of the phrase. Even the single Pub burger couldn't quite cut it.
Dave's line of burgers was also solid, but it suffered from some of the same issues as the Jrs. I don't go to Wendy's to have a regular burger, no matter how high it ranks on the list of offerings from the fast-food chain.
Despite some strong competition, the Baconator won the gold
The Baconator was my favorite burger.
Lucien Formichella
The bacon jalapeño double cheeseburger, Big Bacon cheddar cheeseburger, and Baconator all had excellent qualities.
The pepper on the bacon jalapeño double cheeseburger offered a unique kick, but as a whole, this option suffered from an underwhelming cheese sauce and couldn't compete with the winner.
I didn't want to rank the Big Bacon cheddar cheeseburger above the Baconator after one taste test — that would feel sacrilegious. It was absolutely the second-best burger, but if somebody wants to buy me another one, I'll tell you if I change my mind.
Xavi Lopez/SOPA Images/LightRocket via Getty Images
Nike's been having a tough time, with shares down more than 30% this year and sales set to fall.
The sportswear brand has started implementing a turnaround plan, but the results are yet to be seen.
Nike's reliance on its lifestyle business seems to be hurting it, one analyst said.
Nike's lost its stride — and is finding it hard to get its pace back up.
In December, the company announced a cost-cutting initiative that included simplifying its assortment of products and cutting jobs.
The aim was to deliver up to $2 billion in savings over the next three years, which "will be invested to fuel future growth, accelerate innovation at speed and scale, and drive greater long-term profitability."
Two quarters on, Nike still appears to be looking for ways to turn its business around.
The latest effort is rehiring Tom Peddie, an executive with 30 years of experience at Nike who came back out of retirement, Bloomberg reported on Monday.
Peddie will serve as vice president of marketplace partners, which involves managing Nike's relationships with retailers like Foot Locker. Nike spent years trying to sell less at third-party retailers and more through its own website and stores, which hasn't been going well recently.
More recently, though, Nike has changed course and tried to mend fences with those retailers.
The new old hire comes hot on the heels of an earnings report that laid bare some of Nike's biggest challenges.
In late June, Nike delivered a lackluster set of Q4 results and said it expects sales for its 2025 fiscal year to fall by mid-single digits, including a 10% drop in the first quarter alone. That shocked investors, especially as analysts had expected a 1% increase this year, according to Reuters.
None of it impressed investors much. Nike's shares closed down 20% that day; the company has dropped more than 30% since the start of the year.
Some major reasons included a tougher sales environment in China, ongoing challenges with its digital platform, and what Nike CFO Matthew Friend described as "muted" forward wholesale orders with "newness not yet at scale."
It doesn't look like it's going to get better very quickly, either, with Friend saying on the earnings call that the "next few quarters will be challenging."
Meantime, CEO John Donahue said that 2025 "will be a transition year for our business."
After the report, Nike cofounder and former CEO Phil Knight expressed "unwavering support" for Donahue in a statement.
Nike needs more key sports products
So, how can the biggest name in sneakers get its stride back?
One answer rests in what the company calls its "lifestyle" business — basically, shoes and clothing meant for casual wear. Nike's "performance" segment, meanwhile, includes many of its core sports products, such as basketball shoes.
While revenue from performance products grew in Q4, declines in its lifestyle business overshadowed them, contributing to the worse-than-expected results.
In its last fiscal year, lifestyle products have grown to about 60% of Nike's business, UBS analyst Jay Sole estimates.
Dividing sales more evenly between performance and lifestyle products would help Nike "restore its image as a sports brand and make its top-line growth rate more sustainable for the long term," he wrote in a note.
"One of our big takeaways from Nike's 4Q report is its lifestyle business needs a major reset," Sole said.
The company has also lost ground to rivals when it comes to connecting directly with customers.
Members of run clubs in Portland, near Nike's headquarters, say that they have been visited by representatives from smaller brands like Hoka and New Balance — but no one from Nike, The Wall Street Journal reported in June.
CEO Donahue noted that road running "remains a competitive battlefield that we are playing to win" on the call.
Another issue is Nike's pipeline of new products.
Nike has been cutting back on some popular shoe lines to get people hyped about new ones. On the latest earnings call, Donahue pointed to areas where Nike has introduced new products, from fitness leggings aimed at female consumers to shoes specifically for road runners.
That could help drive performance sales — especially those through Nike's digital business, a major pain point at the moment for the company. It could also help the re-instated Peddie rebuild relationships with and sales through retail partners.
But Donahue also referenced products that were still in development or months away from release. He teased new versions of Nike's Pegasus and Vomero running shoes, for instance, that aren't scheduled to hit shelves until the second half of fiscal 2025 while referencing a "strong wholesale order book" for coming seasons.
"Talking about newness not in stores doesn't work anymore," Jefferies analyst Randal Konik wrote.
While CFO Friend said management is "confident that we are repositioning Nike to be more competitive," investors have yet to be convinced.
"This is still [Nike] and the right strategy could turn the business," BMO analyst Simeon Siegel wrote in a note after June's earnings report. "But we're not convinced that strategy is presently in place."
Sen. Jim Inhofe of Oklahoma speaks during a news conference after a Senate Republican luncheon in June 2020.
Caroline Brehman/CQ-Roll Call/Getty Images
Former GOP Sen. Jim Inhofe of Oklahoma has died at age 89.
Before his election in 1994, he served in the US House, as mayor of Tulsa, and in both state legislative chambers.
He famously threw a snowball in the Senate in an attempt to debunk climate change in 2015.
Former Sen. Jim Inhofe, a Republican from Oklahoma, has died at age 89, Tulsa World and Politico report. He is survived by his wife, Kay, along with 4 children and over a dozen grandchildren.
He died after suffering a stroke on July 4, according to Politico.
First elected to the Senate in 1994 in a special election to replace the retiring Sen. David Boren, Inhofe himself triggered a special election when he abruptly announcement his retirement in February 2022.
"It has been the greatest honor to serve the people of Oklahoma since I first entered public service in 1967, but after much prayer and consideration, Kay and I feel the time has come to stand aside," wrote Inhofe in a letter to Oklahoma's Secretary of State announcing his resignation.
Inhofe was among the chamber's most conservative members, and was known for his hawkish views on national security and his denial of the science behind climate change.
Following the late Sen. John McCain's death in 2018, Inhofe led Senate oversight of the nation's military as chairman of the Senate Armed Services Committee before becoming ranking member when Democrats retook the Senate majority in January 2021.
'The greatest hoax ever perpetrated on the American people'
Inhofe and then-ranking member Democratic Sen. Barbara Boxer of California at a Senate Environment and Public Works Committee hearing in January 2015.
Tom Williams/CQ Roll Call
Born in Iowa in 1934, Inhofe served in the military from 1957 to 1958 and embarked on a career in real estate, insurance, and aviation; even into 80s, Inhofe was an avid pilot himself and frequently piloted his own small plane.
His career in public service began over 55 years ago, when he was elected to the Oklahoma House of Representatives in 1967. He went on to hold numerous offices, including stints as a state senator (1969-1977), mayor of Tulsa, the state's second largest city (1978-1984), and as a member of the US House of Representatives (1987-1994).
The Oklahoma Republican first became chairman of the Senate Environment and Public Works Committee in 2003, and served as the committee's top Republican until 2017. His time on the committee overlapped significantly with that of former Democratic Sen. Barbara Boxer of California, who served as chair of the committee from 2007 to 2015.
Inhofe's position as chair of the environmental committee offered him a prominent platform from which he denied the science behind climate change.
"With all of the hysteria, all of the fear, all of the phony science, could it be that man-made global warming is the greatest hoax ever perpetrated on the American people?" asked Inhofe in a July 2003 floor speech. "It sure sounds like it.''
In 2009, he claimed that a trove of leaked emails from a group of researchers at the University of East Anglia in the United Kingdom had proven that the science behind climate change "has been pretty well debunked."
Former Democratic Vice President Al Gore, who's focused on advocating for solutions to climate change and global warming since his time in office, was also a frequent target of Inhofe's. In 2010, the senator told ABC News that the planet is "in a cycle now that all the scientists agree is going into a cooling period" after giving a speech earlier that year drawing attention to an igloo built by his grandchildren dubbed "Al Gore's New Home."
He even wrote an entire book, "The Greatest Hoax: How the Global Warming Conspiracy Threatens Your Future," in 2012.
But Inhofe's most infamous moment may have come in February 2015, when he tossed a snowball on the Senate floor as part of a speech aimed at disproving climate change.
"We keep hearing that 2014 has been the warmest year on record," said Inhofe as he removed the snowball from a plastic bag. "It's very, very cold out. Very unseasonable."
But despite his record on climate change, Inhofe notably had a warm friendship with his counterpart Boxer, a liberal Democrat who was outspoken about the need to address climate change. The duo worked together on legislation to regulate toxic chemicals, improve transportation systems, and securing $200 million in emergency funds to address the water crisis in Flint, Michigan.
"She has every right to be wrong," Inhofe quipped in an interview with the Associated Press in 2016. Boxer, for her part, said she and Inhofe "respect each other and we don't waste a lot of time arguing."
And that partnership was widely recognized in the Senate.
"I hate to see the Boxer-Inhofe team come to an end," said then-Senate Majority Leader Mitch McConnell at the time, remarking on Boxer's planned retirement.
And Inhofe even earned praise from Independent Sen. Bernie Sanders of Vermont, a liberal firebrand and 2-time Democratic presidential candidate. Asked in March 2016 which Republican he is closest to, yet shares significant disagreements with, Sanders named Inhofe.
"Jim is a climate change denier, he is really, really conservative," said Sanders, noted that even praising Inhofe had the potential to "probably ruin his political career."
"But you know what? He's a decent guy, and I like him, and he and I are friends," he said.
Some discoveries are valuable snapshots of ancient economies, while others are total mysteries.
Glacial archaeologists must race against time, decipher puzzling clues, and avoid dangerous viruses.
Hikers and mountaineers are stumbling on mysterious ancient objects in the Swiss Alps, and their discoveries are keeping archaeologists busy.
From the Iron Age to the Ancient Romans to the Middle Ages, people traveled across the Alps's icy mountain passes with cows, mules, oil, wine, skis, weapons, and more.
Archaeologists gave Business Insider an inside look at some of their most mysterious and most revealing discoveries.
Melting glaciers in the Swiss Alps are revealing objects that humans have left behind over the ages.
This Iron Age statuette is one of the most mysterious objects to surface on Switzerland's melting glaciers.
Morgan McFall-Johnsen
Switzerland has more glaciers than any other European country, and they're receding quickly as global temperatures rise. In 2022 and 2023, the country lost 10% of its total glacier volume, according to the Swiss Academy of Sciences.
People who find unique artifacts lying on the ice sometimes take them as keepsakes.
Pierre-Yves Nicod shows off a mysterious wooden figure recovered from a melting glacier in the Alps.
Morgan McFall-Johnsen
This wooden statue, for example, hung on a mountaineer's living room wall for nearly 20 years before museum curator Pierre-Yves Nicod saw an old email about it and reached out.
The mountaineer had found the statue soaked in meltwater in 1999 and wiped it down with modern cleaning products, which could have damaged the ancient object.
Still, after he donated it in 2018, archaeologists managed to date the wood to the 1st or 2nd century BC — the Iron Age.
As the ice melts and discoveries accelerate, archaeologists in the town of Sion collect these objects for research.
The Valais History Museum is inside an old chateau atop a rocky hill in the middle of town.
Morgan McFall-Johnsen
The Valais History Museum sits atop a steep hill towering in the center of town. It's at the forefront of the new field of glacial archaeology. The museum has even sent its artifacts on a traveling glacial archaeology exhibit.
The archives, where additional artifacts are kept and studied, are in a discrete building in a different part of town. Glacial findings are hidden in a giant freezer in the basement and rooms full of bins.
In the museum's archives, researchers are studying new objects closely.
Archaeologist Nicod stands in the basement of the museum archives.
Morgan McFall-Johnsen
Findings from glaciers are revealing more about human history and ancient economies in the region.
But it's a challenge. Up on the glacier, there's often nothing else associated with the artifact. There are no structures, roads, ancient cities, or other objects that can offer clues about an artifact's origins or purpose.
"It's one of the difficulties of glacial archaeology that we find these objects in the ice, and therefore out of all archaeological context," Nicod said.
Business Insider spoke with Nicod in French and translated his words into English.
Some discoveries are total mysteries, like all these sticks.
Researchers were processing all these sticks from one col when BI visited their archives.
Morgan McFall-Johnsen
All these sticks come from the same pass, or "col," between mountain peaks. Since that's far above the tree line, the sticks wouldn't be there unless humans brought them.
Some of the sticks date to the time of the Romans, who used the Celtics as guides over the glaciers and through the Alps, according to Romain Andenmatten, a local archaeologist. He thinks the Celtics used sticks to mark the passage.
But the archaeologists were still working on radiocarbon dating the sticks. And they continue to find more sticks each season when they visit the glacier.
"We go back, we go back, and we still find wood," Nicod said. "This is really a research in progress."
Archaeologists still aren't sure what the little wooden statue was for, either.
Nicod thinks the statue could be a religious totem, but it's hard to say.
Morgan McFall-Johnsen
Maybe when people walked across the col, they placed this object there for "divine protection," Nicod speculated. Or maybe it marked a border. Maybe someone simply lost it on their long mountain trek.
Like the statue, many glacier artifacts are organic materials — wood, plant materials, leather — things that don't survive well at lower altitudes where they aren't frozen.
That means artifacts like these are not common in archaeological digs. They don't have analogs in ancient cities or tombs — places that provide the context to figure out an item's purpose.
In the case of this statue, "We have no comparison," Nicod said.
Other discoveries, like these valuable belongings of a 17th-century man, shed light on the ancient Alps economy.
A selection of items recovered from the site where a wealthy traveler was frozen in the ice.
This wealthy traveler is a mystery archaeologists believe they've solved.
Based on his fine clothes, coins from Northern Italy, and weapons from present-day Germany, the archaeologists think he was a merchant. Two mules whose remains were discovered nearby may have been carrying his wares.
Archaeologists suspect the man died in an accident, such as falling into a crevasse in the glacier.
He's a remarkably detailed snapshot of an ancient economy that stretched across the Alps. For centuries, people have braved treacherous cols and glaciers to reach settlements on the other side of the mountains.
Some artifacts could carry long-extinct diseases like the Black Plague.
This hoof comes from the remains of a mule discovered on a melting glacier.
Morgan McFall-Johnsen
Archaeologists have to be careful and wash their hands after handling the remains of animals or people since they could carry viruses or other microbes that are still viable from being frozen.
Researchers have previously found active viruses frozen in Tibetan glaciers and Arctic permafrost, tens of thousands of years old. Those viruses were prehistoric and suited to plants or amoebas, but there are also more recent, human-adapted pathogens like plague or smallpox that could easily be preserved in the ice.
There are relics in the Alps glaciers from the Middle Ages, including the peak of the Black Plague. The Valais archaeologists haven't had any infections from ancient microbes, Andenmatten told BI, but he doesn't want to become an "archaeological experiment."
"We know that in other regions they have problems with that," Andenmatten said.
For example, thawing permafrost in Siberia released anthrax that infected dozens of people and killed a child in 2016.
Nicod is convinced this wooden artifact is a handle for some kind of tool. It fits perfectly in his hand.
A smooth, twisted piece of wood that Nicod believes to be the handle of an ancient tool.
Morgan McFall-Johnsen
It's from the Iron Age. Nicod speculated that it was the handle of a hooked blade for cutting back plants. Whatever it is, it's impeccably preserved.
"These are exceptional wooden objects that would have been destroyed elsewhere," he said.
Many objects are vulnerable once the ice around them melts. Archaeologists have to hurry.
Archaeologists uncover mule bones on the Theodule glacier in Switzerland, near Zermatt.
Once they melt out to the surface of a glacier, leather and other organic materials can be destroyed by the elements and the meltwater in just two years, Andenmatten said.
Some of the wood sticks from the Col Collon, for example, had fungus growing on them. In glacial archaeology, that's an emergency. They had to dry the wood as quickly as possible, then put it in an anoxic (oxygen-deprived) chamber for several weeks to kill the fungus.
"You have to have a rapid response, which is problematic for glacial archaeology," Andenmatten said.
To help save as many objects as possible, the archaeologists created an app for hikers to report their findings.
Archaeologists believe this small barrel was used to carry wine.
Morgan McFall-Johnsen
The IceWatcher app is an example of a growing practice of citizen science, where researchers recruit enthusiasts to help them collect information in the field.
Hikers reported about 30 discoveries on the app in its first two years, according to Andenmatten. About half of those discoveries were recent human remains or old bombs, which became the police's responsibility, while the rest have been interesting finds for the archaeologists, he said.
Some objects that melt out may not be found until they've decomposed.
"We say that glacial archaeology is to find a needle in an iceberg," Andenmatten said.
"I think the citizen science is a good solution," he added.
Eye-color bracelets are the latest jewelry trend for Gen Z.
Getty Images; Jenny Chang-Rodriguez/BI
Couples, friends, and pet parents are sharing DIY beaded bracelets on TikTok and Instagram reels.
The carefully chosen beads in each bracelet match their loved one's eye color.
This trend echoes the sentiment and imagery of Georgian "lover's eye" jewelry.
If you stumble across the song "Trees and Flowers" by '80s group Strawberry Switchblade on TikTok or Instagram reels, you'll find a slew of beaded bracelets looking back at you — literally.
In a recent trend, romantic partners, friends, and pet owners are using each other's eyes as inspiration for their DIY summertime accessory of choice.
Some of the most popular videos are racking up over a million likes and over 15 million views on Instagram and TikTok.
And whether the creators know it or not, they're connecting to a rich history of eye-related tokens of affection, too.
The trend starts with color-matching beads to a loved one's eyes
Creators use multiple beads to recreate their loved one's eye color in a bracelet.
Ben Bailey/Getty Images
This modern trend starts at a craft store. There, creators root around for the beads that most resemble their loved one's eye color — a step executed with varying degrees of success.
Some of the beads, though, are striking matches, with the chosen eye reflected down to the undertones and small flecks of color.
Then, it's time to string them together. Among the finished products, you might see a pair of besties rotating back and forth between their green- and blue-eye-inspired beads or find pet parents incorporating their fur babies' eye colors into their jewelry strands.
After all, wearing the colors of someone's eye is even more personal and less obvious than wearing their initial.
As antique jewelry dealer and owner of 21st Finds Anne Bos put it, knowing the fine details of someone's eye color is a sign of a deep, intimate connection.
"To know someone that closely that you know their eye color is a sign of personal connection," she told BI. "For instance, I know the color of my husband's eyes pretty well, but I don't know the color of my neighbor's eyes — even though we chat quite frequently."
Gen Z isn't the first generation to incorporate eyes into jewelry
Eye imagery has been integrated into jewelry for thousands of years.
The style and sentiment behind this modern occurrence, though, is particularly reminiscent of Georgian eye miniatures, later termed "lover's eyes."
"They were sentimental pieces of jewelry created with the notion that an individual's eye conveys something intimate and deeply personal about an individual," said Graham Boettcher, art historian and coauthor of "Lover's Eyes: Eye Miniatures from the Skier Collection."
Lover's eyes became particularly popular in the late 18th century.
Social customs at the time often required young people to be separated from their potential romantic partners, which is why Bos describes one's gaze as far more intimate and powerful.
You may be most familiar with such formalities from "Bridgerton" and its "Queen Charlotte" spin-off. Incidentally, the mythology behind lover's eye jewelry is rooted in the tangled love story of Queen Charlotte and King George III's son, the future King George IV.
George, then the Prince of Wales, became enraptured by a woman named Maria Fitzherbert. This royal romance was controversial at the time because Fitzherbert was twice-widowed and Catholic.
A portrait of Maria Fitzherbert.
Print Collector/Getty Images
As the story goes, George still pursued her and professed his love by sending her a miniature portrait of his eye.
Bos said a portrait of his eye was seen as far more romantic and intimate than a full portrait of himself. Apparently, it worked. Maria eventually became George's longtime companion.
After the royal's big move, lover's eyes became an even bigger trend.
"You'd go to a miniaturist and say, 'I want to give my eye to my wife, my mistress,'" Boettcher told BI. "Both genders were commissioning them."
Bos said lover's eyes were huge for about 50 years — until around the time the photograph was invented.
The beauty of the current and past trend is that it can be a secret for the person wearing it
Some lover's eyes were worn openly as bracelets or brooches, and others were tucked away in layers of clothing or hidden inside lockets.
Regardless, part of the charm of this jewelry was that the identity of the eye was a secret kept between the subject and the wearer — or, as Boettcher added, an open secret (as was the case with the Prince of Wales).
With Gen Z's modern take, the fact that the eye "has been reduced to just the eye color adds that element of secrecy even with it being out in the open because only the wearer knows who it refers to," Boettcher added.
Like a Georgian lover's eye, the modern bracelets are a physical link of love — and they can still carry a secret (but perhaps only if your video about making them doesn't go viral).
Oracle cofounder Larry Ellison is a billionaire with a reputation that precedes him.
Kim Kulish/Getty Images
Larry Ellison, the 79-year-old cofounder of Oracle, is one of the most interesting men in tech.
Whether yacht racing, buying Hawaiian islands, or trash-talking competitors, he keeps it lively.
Now, he's one of the world's richest people with a net worth of about $152 billion.
Larry Ellison is the founder and chief technology officer at software company Oracle. Now, he's also the world's seventh richest man and has a net worth of $160 billion, according to the Bloomberg Billionaires Index.
The billionaire's fortunes have surged by $14 billion thanks to spiking demand for generative AI. The windfall puts him ahead of tech execs like Google cofounder Sergey Brin and former Microsoft chief executive Steve Ballmer.
The 79-year-old started Oracle in 1977, and decades later he's still one of the top dogs in Silicon Valley despite living in Hawaii full time — and owning an entire island. Ellison has also been a major investor in Tesla, Salesforce, and even reportedly had a seat on Apple's board of directors for a while.
Outside the office, the billionaire boasts an impressive watch collection and indulges in hobbies like yacht racing. His children have made their own names in the film industry, and his son David Ellison is set to become the CEO of Paramount after its merger with his Skydance Media production company.
Here's a look at the life and career of Ellison so far.
Lawrence Joseph Ellison was born in the Bronx on August 17, 1944, the son of a single mother named Florence Spellman.
The view of Manhattan from the Bronx.
ANDREW HOLBROOKE/Corbis via Getty Images
When he was 9 months old, Larry came down with pneumonia, Vanity Fair reported. His mom sent him to Chicago to live with his aunt and uncle, Lillian and Louis Ellison.
Vanity Fair reported that Louis, his adoptive father, was a Russian immigrant who took the name "Ellison" in tribute to the place in which he entered the US: Ellis Island.
Ellison is a college dropout.
A view of the campus at University of Illinois at Urbana-Champaign.
Jeffrey Greenberg/Universal Images Group via Getty Images
Ellison went to high school in Chicago's South Side before attending the University of Illinois at Urbana-Champaign. When his adoptive mother died during his second year at college, Ellison dropped out. He tried college again later at the University of Chicago but dropped out again after only one semester, Vanity Fair reported.
In 1966, a 22-year-old Ellison moved to Berkeley, California — near what would become Silicon Valley and already the place where the tech industry was taking off.
A mainframe computer room in the 1970s.
H. Armstrong Roberts/ClassicStock/Getty Images
He made the trip from Chicago to California in a flashy turquoise Thunderbird that he thought would make an impression in his new life, Vanity Fair reported.
Ellison bounced around from job to job, including stints at companies like Wells Fargo and the mainframe manufacturer Amdahl. Along the way, he learned computer and programming skills.
In 1977, Ellison and partners Bob Miner and Ed Oates founded a new company, Software Development Laboratories.
Larry Ellison in 1990.
James Leynse/Corbis via Getty Images
The company started with $2,000 of funding.
Ellison and company were inspired by IBM computer scientist Edgar F. Codd's theories for a so-called relational database — a way for computer systems to store and access information, Britannican said. Nowadays, they're taken for granted, but in the '70s, they were a revolutionary idea.
The first version of the Oracle database was version 2 — there was no version 1.
Ellison was at the forefront of the tech industry before the dot-com crash.
Eric Risberg/AP
In 1979, the company renamed itself Relational Software Inc., and in 1982, it formally became Oracle Systems Corp., after its flagship product.
In 1986, Oracle had its initial public offering, reporting revenue of $55 million.
Oracle's offering price was $15 a share.
AP Images
As one of the key drivers of the growing computer industry, Oracle grew fast. The company is responsible for providing the databases in which businesses track information that is crucial to their operations.
Ellison became a billionaire at age 49. Now, he has a net worth of roughly $152 billion, according to Forbes, after racking up $50 billion in gains thanks to Oracle and Tesla stock. That makes him the seventh-richest person in the world.
Still, in 1990, Oracle had to lay off 10% of its workforce, about 400 people, because of what Ellison later described as "an incredible business mistake."
A plane branded with the Oracle logo.
Scott Olson / Getty Images
Oracle reported a loss of $36 million in September 1990 after admitting that it had miscalculated its revenue earlier that year, The New York Times reported.
It didn't get the decade off to a great start. After adjusting for that error, Oracle was said to be close to bankruptcy. At the same time, rivals like Sybase were eating away at Oracle's market share.
It took a few years, but by 1992, Ellison and Oracle managed to right the course with new employees and the popular Oracle7 database.
Ellison is known for his willingness to trash-talk competitors.
Ellison has often been the subject of Silicon Valley gossip.
Business Insider
For much of the '90s, he and Oracle were locked in a public-relations battle with the competitor Informix, which went so far as to place a "Dinosaur Crossing" billboard outside Oracle's Silicon Valley offices at one point, Fortune reported in 1997.
His financial success has led to some expensive hobbies.
Ellison spends his billions on real estate, water sports, and more.
Ian Mainsbridge/AP Images
With Ellison as Oracle's major shareholder, his millions kept rolling in. He started to indulge in some expensive hobbies — including yacht racing. That's Ellison at the helm during a 1995 race.
He also partly financed the BMW Oracle USA sailing team, which won the America's Cup in 2010, according to Bloomberg.
Ellison was an early investor in Salesforce.
Marc Benioff was an early mentee of Ellison.
Stephen Lam/Reuters; Kimberley White/Getty Images
In 1999, Ellison's protégé, Marc Benioff, left Oracle to work on a new startup called Salesforce.com. Ellison was an early investor, putting $2 million into his friend's new venture.
When Benioff found out that Ellison had Oracle working on a direct competitor to Salesforce's product, he tried to force his mentor to quit Salesforce's board. Instead, Ellison forced Benioff to fire him — meaning Ellison kept his shares in Salesforce.
Given that Salesforce is now a $267 billion company, Ellison personally profits even when his competitors do well. It has led to a love-hate relationship between the two executives that continues to this day, with the two taking shots at each other in the press.
The dot-com boom of the late '90s benefited Oracle.
Other companies weren't so lucky.
Laurent Gillieron/AP Images
All of those new dot-com companies needed databases, and Oracle was there to sell them. Although investors lost out in the dot-com crash, Oracle came out of it stronger due to its acquisitions and the demand for software solutions.
With the coffers overflowing, Ellison was able to lead Oracle through a spending spree once the dot-com boom was over and prices were low.
Ellison used the company's success to bet on other businesses.
David Paul Morris/Getty Images
In 2005, for example, Oracle snapped up the HR software provider PeopleSoft for $10.3 billion.
And in 2010, Oracle completed its acquisition of Sun Microsystems, a server company that started at about the same time as Oracle, in 1982. That acquisition gave Oracle lots of key technology, including control over the popular MySQL database.
Ellison has also spent lavishly over the years, so much so that his accountant, Philip Simon, once asked him to "budget and plan," according to Bloomberg.
Ellison at the BNP Paribas Open at Indian Wells Tennis Garden in March 2024.
Matthew Stockman/Getty Images
Ellison has expensive taste. Over the years he's built up an impressive collection of Richard Mille watches, an expert previously told BI. The timepieces start in the six-figure range and can go for over $1 million in some cases.
In 2009, the billionaire purchased the Indian Wells tennis tournament for a reported $100 million, The Los Angeles Times reported.
In 2010, Ellison signed the Giving Pledge.
Has donated millions to charity with plans to give away billions if he follows through with the Giving Pledge.
AP
By signing the pledge, Ellison promised to donate 95% of his fortune before he dies. And in May 2016, Ellison donated $200 million to a cancer treatment center at the University of Southern California, Forbes reported.
Starting in the 2010s, Ellison started to take more of a back seat at Oracle, handing more responsibilities to trusted lieutenants, like Mark Hurd and Safra Catz, then Oracle's copresidents.
Hurd and Catz shared the helm until Hurd's death in 2019.
AP
Ellison hired Hurd, a former CEO of HP, in 2010, Inc reported. Catz has made a reputation for herself among analysts for what they describe as brilliant business strategy.
But Ellison's spending didn't slow down. In 2012, he bought 98% of the Hawaiian island of Lanai.
He has millions of dollars worth of real estate on the Hawaii Islands.
Andre Seale/VW PICS/Universal Images Group via Getty Images; Noah Berger/Reuters
Ellison founded a startup called Sensei in 2016 that does hydroponic farming and owns a wellness retreat on Lanai.
In 2014, Ellison officially stepped down as Oracle CEO.
Hurd and Catz became co-CEOs when Ellison stepped down.
Getty
Ellison handed control over to Hurd and Catz, who became co-CEOs. Ellison now serves as the company's chairman and chief technology officer. Following Hurd's death in 2019, Catz became the sole CEO.
In 2016, Ellison scored a personal coup: the purchase of NetSuite.
He made billions off of his negotiations with NetSuite CEO Zach Nelson.
Nora Tam/South China Morning Post via Getty Images
Back in 1998, Ellison had made a $125 million investment in ex-Oracle exec Evan Goldberg's startup business-management software firm, NetSuite. It ended up working out well for Ellison when NetSuite CEO Zach Nelson negotiated the sale of the company to Oracle for $9.3 billion, netting Ellison a cool $3.5 billion in cash for his stake.
NetSuite investor T. Rowe Price tried to block the deal, citing Ellison's conflict of interest, but the sale closed in November 2016.
He's used his billions in a variety of ways: he invested in educational platform maker Leapfrog Enterprises and was an early investor in the ill-fated blood-testing company Theranos.
Theranos founder Elizabeth Holmes.
Mike Blake/Reuters
Ellison has held shares in some of the most recognizable companies, one of which was the infamous blood-testing company Theranos, founded by Elizabeth Holmes. It had a promising future until its flaws were exposed and Holmes received a prison sentence.
When Steve Jobs returned to Apple as CEO back in 1997, he asked Ellison to sit on the board. Ellison served for a while, but felt that he couldn't devote the time and left in 2002, according to Forbes. Compensation for his role was an option to buy about 70,000 shares, which would've amounted to about $1 million at the time of his departure.
Ellison owns homes on the East and West coasts as part of a multibillion-dollar real-estate portfolio.
The Astor Beechwood Mansion in Newport, Rhode Island.
Joe Sohm/Visions of America/UIG via Getty Images
Ellison reportedly owns the Astor Beechwood Mansion in Newport, Rhode Island, and a home in Malibu. Ellison also has houses in Palm Beach, Florida and more in a multibillion-dollar real-estate portfolio.
Both of his two children work in the film industry.
Ellison has two children: David and Megan.
Getty Images
His daughter, Megan, is an Oscar-nominated film producer and the founder of Annapurna Pictures. The company has produced films like "Zero Dark Thirty" and "American Hustle."
Ellison's son, David, is also in the film business. His company, Skydance Media, has produced movies like "Terminator: Dark Fate" and films in the "Mission: Impossible" franchise.
After months of discussions in 2024, Skydance Media and Paramount agreed to a deal, creating "New Paramount," which David will be CEO of. He has plans to "improve profitability, foster stability and independence for creators, and enable more investment in faster growing digital platforms," the companies said.
Ellison has a reputation as an international, jet-setting playboy.
Ellison and Kahn at the White House.
(Photo by Chris Kleponis-Pool/Getty Images)
Ellison has been married and divorced four times. He's most recently dated Nikita Kahn, a model and actress.
Ellison was one of the few tech leaders who had a friendly relationship with former President Donald Trump.
He spoke with Trump on the phone about Covid and TikTok.
Justin Sullivan/Getty Images
Ellison said publicly that he supported Trump and wants him to do well, and hosted a Trump fundraiser at his Rancho Mirage home in February, though he did not attend. The fundraiser caused an outcry among Oracle employees, who started a petition asking senior Oracle leadership to stand up to Ellison.
Catz, the CEO of Oracle, also had close ties to the Trump administration, having served on Trump's transition team.
Ellison and Trump remained close during Trump's time in office and reportedly spoke on the phone about possible coronavirus treatments. Trump also supported Oracle's bid to buy TikTok, calling Oracle a "great company."
In December 2018, Ellison joined the board of directors at Tesla, where he's been a major investor.
Tesla CEO Elon Musk is a close friend to Ellison.
Paul Hennessy/SOPA Images/LightRocket via Getty Images
Earlier in 2018, Ellison described Tesla CEO Elon Musk as a "close friend," and defended him from critics. When Musk acquired Twitter — now X — in 2022, Ellison offered to invest $1 billion.
In December 2020, Ellison revealed that he moved to Lanai full-time.
Although his company moved to Texas, Ellison went to the islands.
Michael Conroy/AP
The announcement came after Oracle decided to move its headquarters to Austin, leading Oracle employees to ask Ellison if he planned to move to Texas too.
"The answer is no," Ellison wrote in a company-wide email. "I've moved to the state of Hawaii and I'll be using the power of Zoom to work from the island of Lanai."
He signed the email: "Mahalo, Larry."
He left Tesla's board in August 2022.
It looks like Ellison and Musk are still close.
Getty Images
In a proxy filing in June 2022, the electric vehicle maker revealed that Ellison would be leaving the board. Since then, he and Musk have appeared to maintain their close relationship.
Oracle had a record-breaking 2023, and cemented itself in the new age of artificial intelligence.
Two decades later, and Oracle is still a key player in tech.
Sven Hoppe/picture alliance via Getty Images
Oracle's shares continued to hit records, CNBC reported. The company proved that it's not going any where any time soon.
In 2023, Oracle backed OpenAI rival Cohere.
Oracle backed Cohere when it comes to generative AI.
Kimberly White/Stringer/Getty
Oracle joined other tech giants, like Salesforce, in backing the tech startup in June 2023. It began offering generative AI to its clients based on tech made by Cohere.
"Cohere and Oracle are working together to make it very, very easy for enterprise customers to train their own specialized large language models while protecting the privacy of their training data," Ellison previously said.
Oracle announced in April that it would be moving its headquarters to Nashville, Tennessee.
Ellison said in April that the new Nashville location will be a "huge campus."
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Despite its big move to Austin only four years ago, Ellison said that Oracle is planning to move its world headquarters to Nashville, Tennessee.
In April 2024, the exec announced that Oracle has plans for a "huge campus" in Nashville that will one day serve as the software giant's world headquarters. The company relocated from the San Francisco area to Austin, Texas in 2020.
"It's the center of the industry we're most concerned about, which is the healthcare industry," Ellison said at the Oracle Health Summit in Nashville, CNBC reported.
Matt Weinberger and Taylor Nicole Rogers contributed to an earlier version of this story.
Correction: May 7, 2024 — An earlier version of this story misstated Larry Ellison's role at Oracle. He's the chief technology officer, not the CEO.
Ellison's wealth jumped $14 billion after record earnings from Oracle.
Oracle, and Ellison, are getting richer thanks to the generative AI gold rush.
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Oracle's cloud applications business saw its shares spike by 13% in June 2024 after the company posted strong annual earnings due to demand for generative AI, Fortune reported. Ellison, who now serves as Oracle's CTO and owns about 40% of the company's cloud sector, got a $14 billion boost to his fortune.
The company also announced a partnership with AI startup Cohere, enabling its enterprise customers to build their own generative AI apps. "Cohere and Oracle are working together to make it very, very easy for enterprise customers to train their own specialized large language models while protecting the privacy of their training data," Ellison said during the company's earnings call.
Hello! I'm Jordan Parker Erb, and I'll be filling in for Dan DeFrancesco all week while he's on vacation. Have you been seeing a lot of Alo accessories and Asics sneakers lately? They're just two of the status symbols that men are obsessed with this year.
In some cases, landing a job requires personality tests, on-site assessments, and several rounds of interviews (and that's assuming you don't get ghosted midway through).
But a new cohort of AI tools and startups is looking to make the interview process easier for candidates, Business Insider's Rob Price writes — by quietly telling them the right answers to interview questions in real time.
Some people have built homemade AI tools to help interviewees, releasing them online for free. Others, like Final Round AI, are trying to bring it into the mainstream.
A startup developing AI-powered tools for job seekers, Final Round AI offers an AI résumé builder, a cover letter writing service, and a mock interview tool. More controversially, it has its Copilot: an app that listens in on an interview and feeds answers to the interviewee.
Michael Guan, the startup's CEO, called it a "magical teleprompter" — but made it clear he doesn't consider it cheating. He's not the only one looking to AI to change the interview process.
iStock; Rebecca Zisser/BI
The use of artificial intelligence in job interviews is at the center of a heated debate in Silicon Valley.
Gaming the interview process is nothing new. As Rob reported in 2022, some people go as far as to hire stand-ins to do the interviews for them in risky bait-and-switch schemes.
But the use of AI, in particular, has the industry up in arms.
BI's Melia Russell found that no one can seem to agree upon the use of AI chatbots in technical interviews. Some say they want to see a candidate's abilities without a technical crutch. Others say banning AI chatbots in interviews is like prohibiting calculators during math tests — if workers can use the tech in their jobs, why not in the interview process, too?
Some startups, Melia found, are now changing their tests and asking applicants to complete chatbot-resistant tasks.
But for those who don't see AI assistance as cheating, it's irrelevant. Guan, the Final Round AI CEO, told Rob that if an applicant can use AI to ace an interview, then they should be able to use it "to become the top performer in their daily jobs."
Regardless of their take on AI-assisted interviews, several of the people who spoke with Rob and Melia said the industry's technical-interview process is broken. The question now, Rob writes, is whether chatbots will change the technical-interview process — for better or worse.
3 things in markets
Federal Reserve Bank Chair Jerome Powell announces that interest rates will remain unchanged during a news conference at the bank's William McChesney Martin building on May 01, 2024 in Washington, DC. Following the regular two-day Federal Open Markets Committee meeting, Powell said the U.S. economy continues to show momentum and inflation has remained high in recent months, informing the Fed's decision to keep their current 5.33 percent rate setting.
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Fed tees up for potential interest rate cut. The "coveted soft landing" is here, President Joe Biden's top labor official told BI, as the US continues to see a strong yet slowing jobs market. That could give the Fed the confidence it needs to cut rates in September.
Meet the Brevan Howard portfolio managers with the most capital. Since cofounder Alan Howard's departure in 2019, the $35 billion hedge fund Brevan Howard has changed considerably. Its five biggest portfolio managers are part of a much larger and diversified talent roster than when Howard had the reins.
TSMC rides Nvidia's hype to $1 trillion. Chip giant Taiwan Semiconductor Manufacturing Company, one of Nvidia's suppliers, briefly crossed the $1 trillion valuation mark on Monday after gaining as much as 4.8%. It comes after Nvidia's meteoric rise this year, which led it to surpass Apple to become the world's second-most-valuable company.
3 things in tech
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Personalized pricing makes it hell to pay. You might be willing to pay more for an airplane seat than the guy next to you — and airlines know it. In a world ruled by personalized pricing, you never know if you're being ripped off.
Robots in the real world. Startups are building robots that can perceive and react to the human world, and venture firms predict spatial intelligence will be the next big thing in AI. The goal is to develop robots that can handle a variety of complex tasks rather than a single repetitive motion.
Be there or be square. After pandemic-era lockdowns, San Francisco's techies are ready to hang out IRL. As they embrace an in-person culture, startup founders, venture capitalists, and tech workers are hanging out at these five hot spots.
3 things in business
Getty Images; Jenny Chang-Rodriguez/BI
How a scam killed a grandpa's retirement dreams. Leonid Shteyn was scammed out of $300,000 at 70 years old, forcing him to start from scratch in advanced age. He says Bank of America, which the deceptive transactions went through, and a lack of government oversight are to blame.
Confusion following the Paramount-Skydance merger. Paramount's top execs insisted it was "business as usual" following the mega media deal. But in the same breath, it notified employees of looming layoffs without saying who would be cut. Meanwhile, the company's CEO-to-be keeps calling it a "tech enterprise," raising doubts about his strategy.
How a sexting scandal rocked the romance world — and unmasked its most popular narrator. Joe Arden, known for narrating innumerable smutty audiobooks, built a career seducing women with his voice. Then, a sexting scandal turned BookTok against him.
The Insider Today team: Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York. Lisa Ryan, executive editor, in New York.
A "90 Day Fiancé" contestant is also one of the sperm donors in Netflix's "The Man with 1000 Kids."
Kyle Gordy appeared on "90 Day Fiancé: Love in Paradise" earlier this year.
Gordy, who claims to have fathered over 70 kids, also runs a sperm donation website.
Viewers who have watched the latest conversation-starting Netflix docuseries, "The Man with 1000 Kids," may be wondering what happened to the other prolific sperm donors featured.
For Kyle Gordy, the show wasn't his first brush with fame. He appeared on "90 Day Fiancé" earlier this year, and was the focus of a 2021 Vice documentary about sperm donation.
"The Man with 1000 Kids" docuseries spotlights Jonathan Jacob Meijer, a man from The Netherlands who has admitted to having 550 children around the world. In 2023, he was banned from donating sperm to new families.
The third episode suggests that Meijer was involved with a Facebook group, "Kenya Sperm Donors," made up of men who traveled the world to donate to fertility clinics. Gordy is an admin of this group.
It's unclear what motivated the men to donate repeatedly around the world, although the families who used Meijer as a donor suggest in the docuseries that they're driven by ego rather than profit or fame.
In the 2021 Vice documentary "36 Kids & Counting: The DIY Sperm Donor," he said: "Women want to have kids and I'm obviously not using my sperm so I mean… I figure I can help them out."
Fast forward three years, and Gordy was paired up with a German woman named Ani on "90 Day Fiancé." He was open with her about being a sperm donor and claimed that he had fathered over 70 children.
Gordy was criticized online after the third episode of the reality series aired, because he kept rearranging his genitals while on a date with Ani, claiming this would prevent his sperm from overheating.
"Sitting down too much kills your sperm. So I try to adjust them so they're not like getting overheated," he said. The couple broke up at the end of the series.
According to his Facebook and Instagram accounts, Gordy continued to travel the world after his appearance on "90 Day Fiancé."
This year, he has posted photos from Singapore, Japan, the UK, Ireland, Australia, Switzerland, France, and Norway.
It's not clear whether the photos are from consecutive trips or if some are older photos from previous vacations.
Gordy also runs a website, Be Pregnant Now, where he offers fertility advice to couples who are trying to have a baby.
"I live in Los Angeles and I have been donating for a few years and have had multiple pregnancies. I have helped create many happy families," the website reads.
It adds: "My fertility has increased since I started donating. This large increase in fertility has allowed me to help get many women pregnant; my years of being a sperm donor attribute to this success. I live a very strict lifestyle and avoid any factors that may harm my fertility."
Representatives for TLC did not immediately respond to Business Insider's request for comment.
Who is the most well-known person of their generation?
Charles McQuillan/TAS24 / Andrej Sokolow/dpa / Justin Setterfield/Getty Images)
Mark Zuckerberg said in a newly revealed email, "I am the most well-known person of my generation."
It's a bold statement, and it might be true.
But is he more popular than Taylor Swift and Cristiano Ronaldo? It's basically impossible to know.
Mark Zuckerberg, who just celebrated his 40th birthday, is a millennial. But is he the most famous millennial? He thinks so.
In a 2020 email exchange posted by the Tech Emails newsletter, Zuckerberg sent an email to Meta public policy head Nick Clegg, Peter Thiel (who was on the Facebook board at the time), Sheryl Sandberg, Antonio Lucio, and Marc Andreessen, discussing his public image as a millennial.
The emails were released as part of legal documents in Tennesee v. Meta, one of several lawsuits in which states are suing Meta over its role in harm to children.
In the email exchange, Zuckerberg said that he and Thiel have been having discussions about the future, how power will shift from baby boomers to millennials (sorry, Gen X, erased again), and how they should focus on thinking about policies that will affect the younger generation. (Meta declined to comment on these emails or Zuckerberg's fame standings.)
Then, Zuckerberg writes:
Finally, I think there's also some distinction between me and the company here. While our company has a special role in the lives of this generation, this is likely particularly important for how I show up because I am the most well-known person of my generation.
So, is he the most well-known person of his generation?
Put aside for a moment the ick of seeing someone say that in an email. And well, he does have a point. He's got to be at least one of the most famous millennials — especially if you're thinking globally, not just in the US.
Globally, there are billions of people who use Facebook. That doesn't necessarily mean everyone knows that it's run by a guy named Mark, but probably a good chunk of them do. Young people, old people, people in every country.
It's nearly impossible to fact-check his claim, however, because there isn't a clear way to quantify fame.
You can look at social media followings, focus group surveys like Q Score, or how many pages of Google results there are. There are also several academic papers that attempt to come up with new mathematical formulas to measure fame. A 2018 physics paper created a new model that attempted to calculate the fame of people who had died between 2016 and 2017, and came up with Muhammad Ali as the most famous (sounds about right).
Without a concrete measurement of fame, we can speculate on some other top contenders.
Who else could be the most well-known millennial?
Justin Bieber: Unlikely to be the most famous. Although he was intensely famous for a few years, I don't think his fame permeated enough past the membrane of his fellow millennial pop music fans.
LeBron James: He's a strong contender, but basketball isn't the most popular sport globally.
Cristiano Ronaldo: He has the most Instagram followers, although I think that's not a perfect measurement because it doesn't encompass all the young kids and others not using the app. His notoriety in the US is likely less than Zuckerberg's, but I'm pretty sure he'd beat the Meta chief on a global scale.
Lionel Messi: As a non-soccer fan, I don't want to attempt to litigate the popularity between Messi and Ronaldo, although I will say Ronaldo's Instagram stats seem to put him ahead.
Beyoncé: She is very, very famous. More famous than Zuck? Maybe. Probably? I think so.
Taylor Swift: Today, I think Swift would be the answer for most famous. But this email was from early 2020, just between "Lover" and "Folklore."Very well-known, but more so today than four years ago.
Shakira: Born in 1977! Not a millennial!
Prince William: Pretty well-known! But between him and Zuckerberg in 2020? I think it's a toss-up.
Kim Jung Un: I mean, he is a very well-known millennial.
Ultimately, reasonable people can disagree on who is the most well-known millennial. But Zuckerberg probably isn't too far off.