Author: openjargon

  • Caviar, champagne, and IPOs: At the Jefferies Private Internet Conference, tech dealmaking was back

    Nobu Malibu
    The closing party for theJefferies Private Internet Conference 2024 was held at Nobu

    • Jefferies hosted a conference to bring together late-stage tech founders, investors and bankers.
    • At the conference, there was talk of IPOs and M&A being back.
    • Jefferies has significantly bulked up its tech investing division in recent years.

    As bankers and venture capitalists nibbled on caviar sushi and sipped champagne and sake this week at Nobu Malibu, there was a gleeful mood at the beachside closing dinner of the Jefferies Private Internet Conference.

    IPOs and M&As are finally back, and on top of that, there is an exciting new catalyst for rising tech valuations — generative AI.

    "We surveyed a lot of the 140 entrepreneurs that are coming here and found 'IPO' is not a dirty word anymore," said Cameron Jefferies, Co-Head of Technology, Media and Telecom Investment Banking at Jefferies. "People are thinking maybe they will go public."

    After a Covid pause, Jefferies resumed this conference in 2022 to bring together late-stage tech founders, investors, and bankers. But there was not much to talk about in the way of actual deals. Now the logjam is finally breaking.

    "We're as busy today as we were in 2021," said Jason Greenberg, Co-Head of Global Technology, Media, and Telecom Investment Banking at Jefferies.

    "We ultimately succeed and get paid on the success of deals happening and closing. I don't think as many deals we're on today will turn into announced deals in 2024 or early 2025 compared to 2021. But even if they don't close at the same rate, you're going to see a market that was down 60% peak to trough recover a lot."

    AI is driving many of those deals, according to Greenberg; The theme of this year's conference was "In the Age of AI."

    "Beyond typical deal considerations, AI has emerged as the single biggest new influence today in tech M&A," according to Greenberg.

    Reports that Salesforce is in talks to buy the $10 billion data management software firm Informatica is another sign dealmaking is back (though some people at the conference were skeptical the deal would ultimately go through).

    This week, there was also promising news that Goldman Sachs reported its investment banking division saw fees rise 32% in the first quarter thanks to strong underwriting and advisory work growth.

    "It's clear that we're in the early stages of a reopening of the capital markets," said David Solomon, the bank's chairman and CEO, told investors.

    Reddit went public in March, though the stock is down from its opening price. Other companies in the IPO pipeline include Databricks. Epic Games, and Getir.

    Marc Andreessen speaks at the Jefferies Private Internet Conference 2024
    Venture capitalist Marc Andreessen (right) with Jefferies CEO Rich Handler at the Jefferies Private Internet Conference 2024

    Aside from the lavish Nobu dinner, attendees at Jefferies also heard from Andreessen Horowitz cofounder Marc Andreessen and Anthropic's head of business development, Neerav Kingsland.

    Jefferies has significantly bulked up its tech investing division to better compete against more established players like Goldman and JP Morgan Chase.

    "In the last 18 months, we've increased the number of MDs [managing directors] in our investment bank by 70%, which is kind of crazy given what's happened to our industry in terms of the decline over the past couple of years," Lester said.

    Now that deals are finally happening again, Lester is hoping the investment pays off.

    "People don't typically choose a banker in a 30-day period," Lester said. "They choose it based on relationships built over a couple of years."

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  • These are the world’s 10 best airports for 2024, according to passengers. None are in the US.

    Hamad International Airport in Doha, Qatar — Doha, Qatar Trip 2021
    Doha, Qatar's Hamad International Airport.

    • Doha Hamad International Airport in Qatar tops Stytrax's world's best airports list for 2024.
    • Only European and Asian airports made the top 10, with none in the US even breaking the top 20.
    • Skytrax named Newark Liberty International Airport's Terminal A the best new terminal of 2024.

    In its 25th year of judging airports based on passenger surveys, the aviation ranking website Stytrax revealed on Thursday the world's best airports for 2024.

    The results are based on customer surveys collected between August 2023 and March 2024 that ask about the airport experience from curb to gate.

    Of 570 airports worldwide, Doha Hamad International Airport in Qatar beat out Singapore Changi Airport in what has been a back-and-forth battle for years. Doha won in both 2021 and 2022 but took second to Changi last year.

    Among the top 10 were only European and Asian airports — none in the US made the cut. In fact, the only North American airport to break the top 20 was Vancouver International Airport in Canada at number 17.

    Seattle-Tacoma International Airport was the highest-ranking US airport on Skytrax's 2024 list but came in at only number 24, according to Skytrax. It made the top 20 last year at number 18.

    New York City metro airports, including LaGuardia Airport and John F. Kennedy International Airport, made the top 100 at numbers 33 and 93, respectively. Both have seen multibillion-dollar improvement projects in recent years.

    Newark Liberty International Airport in New Jersey, meanwhile, notched an award for the best new terminal of 2024. The Houston airport system also won an award for having the world's best airport art.

    Here's a closer look at Skytrax's top 10 airports in the world for 2024.

    10. Istanbul Airport

    People are walking in Istanbul airport with the "Instabul" sign in the center frame.
    Istanbul Airport.

    Country: Turkey

    2023 Ranking: 6

    Skytrax Awards: Best Airport in Southern Europe, Best Airport Dining Experience

    9. Zurich Airport

    Zurich Airport.
    Zurich Airport.

    Country: Switzerland

    2023 Ranking: 8

    Skytrax Awards: Best Airport: 20-30 million passengers, The Cleanest Airport in Europe

    8. Munich International Airport

    Munich Airport.
    Munich Airport.

    Country: Germany

    2023 Ranking: 7

    Skytrax Awards: Best Airport Staff in Europe, Best Airport in Central Europe, Best Airport Hotel in Europe (Hilton Munich Airport)

    7. Dubai International Airport

    Purple coloring on spiral outside design at airport.
    Dubai International Airport.

    Country: UAE

    2023 Ranking: 17

    Skytrax Awards: None

    6. Paris Charles de Gaulle Airport

    Paris CDG airport.
    Charles de Gaulle Airport.

    Country: France

    2023 Ranking: 5

    Skytrax Awards: Best Airport in Europe, Best Airport in Western Europe, Best Airport: 60-70 million passengers, Best Low-Cost Airline Terminal (CDG Terminal 3)

    5. Tokyo Narita International Airport

    Narita International Airport.
    Narita International Airport.

    Country: Japan

    2023 Ranking: 9

    Skytrax Awards: World's Best Airport Staff, Best Airport Staff in Asia, Best Airport: 30-40 million passengers

    4. Tokyo Haneda Airport

    Tokyo Interational Haneda Airport
    Tokyo Haneda Airport.

    Country: Japan

    2023 Ranking: 3

    Skytrax Awards: World's Cleanest Airport, World's Best Domestic Airport, Best PRM and Accessible Facilities, Best Airport: 70+ million passengers, The Cleanest Airport in Asia

    3. Seoul Incheon International Airport

    Seoul Incheon International Airport exterior.
    Seoul Incheon International Airport.

    Country: South Korea

    2023 Ranking: 4

    Skytrax Awards: World's Most Family-Friendly Airport

    2. Singapore Changi Airport

    Singapore's Changi Airport.
    The Jewel is attached to Singapore Changi Airport.

    Country: Singapore

    2023 Ranking: 1

    Skytrax Awards: Best Airport in Asia, Best Airport Immigration Service, Best Airport: 50-60 million passengers, Best Airport Hotel in the World and Asia (Crowne Plaza Changi Airport)

    1. Doha Hamad International Airport

    Hamad International Airport in Doha, Qatar — Doha, Qatar Trip 2021
    Doha, Qatar's Hamad International Airport.

    Country: Qatar

    2023 Ranking: 2

    Skytrax Awards: World's Best Airport, Best Airport in the Middle East, World's Best Airport Shopping, Best Airport: 40-50 million passengers, The Cleanest Airport in the Middle East

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  • Mark Zuckerberg is bringing out the chains and leaning hard into his version of mob chic

    Mark Zuckerberg has been leaning into his own version of mob chic lately. The Meta founder has been wearing chain necklaces like a rapper straight out of the 2000s.
    Mark Zuckerberg has been leaning into his own version of mob chic lately. The Meta founder has been wearing chain necklaces like a rapper straight out of the 2000s.

    • Mark Zuckerberg must really love his chain necklaces. 
    • The Meta chief wore a rapper-style outfit to a Saturday UFC event.
    • He then wore a similar outfit on Thursday when announcing Meta's new AI products.

    Mark Zuckerberg isn't done channeling his inner Eminem just yet.

    Zuckerberg wore a navy blue t-shirt and chain necklace while announcing his company's latest AI products on Thursday.

    "Big AI news today," Zuckerberg said in a video he posted on Instagram.

    But while Zuckerberg may have been hoping to hype up Meta's new offerings, people on social media found themselves drawn to something else — what appeared to be the billionaire's newfound love for rapper swag and "mob chic."

    "Zuck looks like the type of guy that would steal your girl, deeply regret it, then try to help you win her back," one person wrote on X, formerly Twitter, on Thursday.

    Some, on the other hand, felt that Zuckerberg could take his new look to the next level if he grew out his facial hair. This was after a doctored image of him went viral on social media.

    "Zuck with a beard would become World Emperor in months, if not weeks," another person wrote on X.

    https://platform.twitter.com/widgets.js

    Zuckerberg debuted his new look on Saturday when he attended the UFC 300 event with his wife, Priscilla Chan. At the UFC event, Chan leaned into the "mob wife" aesthetic, pairing her all-black outfit with a gold necklace.

    To be sure, Zuckerberg isn't the only billionaire who has been reinventing their style.

    Amazon founder Jeff Bezos got a major glow-up after stepping down as CEO of the e-commerce giant.

    Apart from getting super fit, Bezos also makes plenty of bold fashion choices with his fiancé, Lauren Sánchez. The couple turned heads when they sported the "mob chic" look at the Dolce & Gabbana Party at the Milan Fashion Week in January.

    The stark shift in clothing choices by tech titans Bezos and Zuckerberg reflects a growing preference for the trappings of loud luxury.

    In the past year, Zuckerberg has ditched his stale uniform of gray t-shirts and hoodies for more adventurous choices like a shearling brown jacket. And it looks like he's eager to trade fashion tips with his billionaire brethren.

    "Jersey swap," he wrote in an Instagram post last month, along with a photo of him trading jackets with Nvidia CEO Jensen Huang.

    Representatives for Zuckerberg at Meta did not immediately respond to a request for comment from Business Insider sent outside regular business hours.

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  • Huawei just gave Tim Cook a new headache in China

    Tim Cook opens an Apple store in Shanghai in March.
    Tim Cook opens an Apple store in Shanghai in March.

    • Bad news for Apple: iPhones have yet another new competitor in China.
    • Huawei just released a new line of smartphones called the Pura 70.
    • The devices give Chinese consumers another reason to abandon their iPhones.

    Tim Cook would like you to think everything is going swimmingly for Apple in China.

    A highlight reel of the Apple CEO's recent trip to the country, posted to his Weibo account, showed him being papped by fans at the opening of a new store in Shanghai's Jing'an district, taking selfies on an iPhone with celebrity models, and casually strolling the historic Bund.

    "Every time I am in China, I can feel the unique charm here again. Thank you very much for the warm reception!" Cook wrote in the social media post.

    Here's the thing. The Apple chief actually had a major dilemma facing him in China at the time he posted the video last month: iPhone sales were down by an alarming 24% in the first six weeks of the year, per data from Counterpoint Research.

    And despite the charm offensive from Cook, there's a risk that downward spiral is about to get a whole lot worse.

    On Thursday, Huawei released a new series of smartphones called the Pura 70. They come fitted with an advanced new camera system that looks similar to the trio of lenses on the back of the iPhone Pro models, and starts at $760.

    Huawei's new Pura70 phone
    Huawei's new Pura70 phone has three cameras, just like the iPhone Pro.

    Critically, the new phones give Huawei a fresh opportunity to take a bigger bite out of Apple's share of the China smartphone market. It's already won over some consumers since launching the Mate 60 Pro series last year.

    The Mate 60 raised some fears in the US last year after the discovery that they were being powered by advanced chips that Washington had sought to prevent China obtaining by imposing tight export controls.

    Those chips, made domestically, helped Huawei make huge gains in China by enabling features that rival those seen in iPhones. They're now believed to be in the new Pura 70 devices too, per Reuters, which spoke to a customer who tested their network speed.

    A customer tries out Huawei Mate 60 smartphone at a Huawei flagship store on September 4, 2023 in Shanghai, China.
    The Huawei Mate 60 rivals the latest iPhone.

    Counterpoint estimated a 64% surge in smartphone sales for Huawei in the first six weeks of the year. The Pura 70 could continue that momentum. Ivan Lam, senior analyst at Counterpoint, told Reuters he thinks Huawei could almost double phone shipments this year to 60 million units.

    This is not the sort of thing Apple wants to hear, of course.

    China has been its most important international market for several years, but that's under threat from the rise of domestic rivals that can entice Chinese consumers with devices that look and feel nearly identical to iPhones.

    Apple has already shown weakness in the face of domestic competition in China. Net sales in the Greater China region were $20.8 billion in the final three months of last year, down from $23.9 billion in the same period of 2022.

    Wedbush analysts wrote last week that Apple is "navigating one of the more difficult China demand environments we have seen the last five years." They expect another decline in iPhone sales in the region in Apple's quarterly earnings on May 2.

    Cook might be putting on a brave face, but iPhone sales in China may keep sliding if Huawei has its way.

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  • China just made it even harder for people in the country to access WhatsApp and Threads

    Tim Cook in China in March 2024
    Tim Cook traveled to China last month.

    • Apple has removed WhatsApp and Threads from its Chinese app store following a government order.
    • WhatsApp has been blocked in China since 2017 and its parent company Meta since 2009.
    • Other Western platforms like Gmail, YouTube, Snap, and Spotify have also been censored in China.

    Apple removed WhatsApp and Threads from its app store in China after being told to do so by the Chinese government, according to the Wall Street Journal.

    China's top internet regulator asked Apple to remove the two apps because of national security concerns.

    "We are obligated to follow the laws in the countries where we operate, even when we disagree," an Apple spokesperson told The Journal.

    The Chinese government has blocked WhatsApp since 2017, while its parent company, Meta, has been blocked since 2009. Other Western media platforms, including Gmail, YouTube, Snapchat, and Spotify, have also been censored in China.

    Some users find ways to access these platforms through virtual private networks, but removal from the app store may prevent this.

    Apple did not immediately respond to Business Insider's request for comment sent outside normal business hours.

    A Meta spokesperson referred BI to Apple for comment.

    WhatsApp has over 2 billion users globally, while Instagram Threads, which launched in July, has over 130 million global users, CEO Mark Zuckerberg said in February.

    China is an important manufacturing and consumer market for Apple. CEO Tim Cook visited the country last month to open a new store in Shanghai and rub elbows with top policymakers. That visit came after iPhone sales dropped earlier this year. And in January, Chinese chipmakers drew up plans to create chip production lines to supply processors to local smartphone makers. The move stands to hurt Apple, which has so far benefited from tight export restrictions.

    China's direction to Apple comes as US policymakers debate a ban on TikTok, the popular Chinese app. Some lawmakers are concerned about data harvesting and political influence. The bill would prevent Apple and Google from distributing TikTok's app in their app stores and ban US websites from hosting TikTok.

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  • Oil disruption fears in the Middle East are getting real after reports of an Israel strike on Iran

    Oil rig
    • Oil prices jump and stocks sink on reports of escalating Middle East tensions.
    • Israel struck Iran early Friday morning, multiple agencies reported, citing US officials.
    • Potential wider conflict in oil-rich Middle East could disrupt energy supplies.

    Oil prices jumped while stocks sold off after reports of an escalation in Middle East tensions.

    Israel struck a site in Iran early Friday morning, multiple outlets reported, citing US officials.

    International benchmark Brent crude oil futures rose as much as 4.2% before trading 2.8% higher at $89.54 a barrel at 11:15 p.m. EDT. US West Texas Intermediate futures were 3.2% higher at $85.40 a barrel.

    The strike on Friday came days after Iran attacked Israel on Saturday with a barrage of more than 300 missiles and drones. On April 1, Iran's embassy in Damascus, Syria, was hit with a strike. Israel didn't claim responsibility for the strike, but Iran held it accountable and vowed retaliation.

    Earlier this week, Israel pledged retaliation over Iran's missile and drone attack. Oil markets shrugged off Iran's attack on Israel as the market assessed the conflict would remain contained. Friday's reports changed this.

    Markets have been on edge over fears of a widening of the conflict in the Middle East — a major oil-producing region. A broader conflict could disrupt energy supplies, which could impact the global economy.

    If the reports turn out to be true, "fears over further escalation will only grow, as well as concerns that we are potentially moving closer towards a situation where oil supply risks lead to actual supply disruptions," ING commodity strategists wrote on Friday.

    "It's a shoot first and ask questions later dynamic for investors. This is Israel's 'tat' to Iran's 'tit,' and the fear is that this tit-for-tat situation could spiral further out of control," Kyle Rodda, a senior market analyst at Capital.com, an online trading platform, told Business Insider.

    "Iran seems to be downplaying the attack for now, which says to me that it does not wish to inflame the situation further and create conditions in which it will be forced to retaliate with equal or greater force," Rodda said.

    "However, the event is fresh and fluid, so uncertainty prevails," he added.

    Stock markets are also selling off on the news while the price of gold, a safe haven, rose to near a record high.

    US stock futures fell, with S&P500 down 1.3%.

    Japan's Nikkei 225 index was 3.5% lower at 11:16 a.m. local time.

    The spot gold price was 1.2% higher at $2,406.92 an ounce.

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  • Satellite images show Russia’s been upgrading its Black Sea Fleet naval base after being pounded by Ukraine’s attacks: UK defense ministry

    Russia's Black Sea Fleet warships taking part in the Navy Day celebrations in the port city of Novorossiysk in July 2023.
    Russia's Black Sea Fleet warships taking part in the Navy Day celebrations in the port city of Novorossiysk in July 2023.

    • Russia has been fortifying its Black Sea Fleet naval base, says the UK's defense ministry.
    • The ministry added that the Black Sea Fleet has become less active after its commander was replaced.
    • Russia's navy has suffered significant losses since the Ukraine war began in 2022.

    Russia has been beefing up the defenses for its Black Sea Fleet naval base in Novorossiysk, the UK's defense ministry said in an intelligence dispatch on Thursday.

    The "maintenance, logistics and weapons-handling infrastructure at Novorossiysk has highly likely been improved," the ministry wrote in an X post, citing a satellite photo it had obtained.

    The UK's defense ministry noted in its update that the Black Sea Fleet "has largely withdrawn its ships and submarines from Sevastopol further eastwards to Novorossiysk."

    Basing the fleet at Novorossiysk, the ministry said, was the fleet's "best method of avoiding Ukrainian sea-borne attack."

    https://platform.twitter.com/widgets.js

    Russia's naval forces have suffered significant losses since the Ukraine war began in February 2022. In February, the head of the UK's armed forces, Admiral Sir Tony Radakin estimated that 25% of Russia's vessels in the Black Sea had been sunk or damaged.

    Ukraine's success in naval warfare also resulted in the replacement of the Black Sea Fleet's former commander, Admiral Viktor Sokolov, with Vice Admiral Sergei Pinchuk.

    "The fleet has been the least active since the war began," the UK's defense ministry said on Thursday, noting that the shift had taken place following Sokolov's removal in March.

    The focus on the Black Sea, by both the Russians and Ukrainians, underscores the importance of the maritime trading route. For Ukraine, access to the Black Sea has been critical for exporting the country's grain and foodstuffs.

    This isn't the first time the Russians have tried to shore up their naval defenses to stave off future Ukrainian attacks.

    Last month, the UK's defense ministry said it had "identified four barges positioned at the entrance to the Black Sea Fleet facility of Novorossiysk Sea Port."

    "Pinchuk, has likely sought to improve the survival chances of Russian vessels by adopting further preventative and defensive measures, including narrowing the entrance gap to port facilities," the UK defense ministry wrote on March 31.

    Representatives for the Russian defense ministry did not immediately respond to a request for comment from Business Insider sent outside regular business hours.

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  • Explosion heard in Iran, CNN reports, citing Iranian state media

    map of Iran
    Map of Iran. An explosion was heard in Iran, according to Iranian state media.

    • An explosion was heard in Iran, according to CNN, which cited Iranian state media outlet FARS.
    • It's unclear what has caused the reported explosion.
    • This is a breaking news story. Check back for updates.

    An explosion was heard in Iran, CNN reported, citing Iranian state media outlet FARS.

    According to FARS, the explosion was heard in the city of Ghahjaworstan, which is located near Isfahan, Iran. The Iranian news outlet said that "the city of Ghahjaworstan is located near Isfahan Airport and the eighth hunting base of the Army Air Force."

    It's unclear what has caused the reported explosion.

    Air defense has been activated, per state media, and CNN, citing an announcement by an airline company spokesperson on Iranian TV, reported that all flights to Tehran, Isfahan and Shiraz have been suspended.

    The Israel Defense Forces, Pentagon, and US Central Command did not immediately respond to requests for comment on the matter from Business Insider.

    The explosion comes several days after Iran's unprecedented and large-scale attack on Israel last weekend, during which Tehran and its proxies fired more than 300 missiles and drones at Israel. Nearly all of the munitions were shot down by Israel and its partner forces in the region, including the US.

    Israeli officials earlier this week vowed to retaliate for the attack, despite many of its Western partners urging restraint, warning that any action could trigger a larger military confrontation and plunge the Middle East even further into violence.

    Tehran, meanwhile, has said that it will respond to any Israeli action.

    This is a breaking news story. Please check back for updates.

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  • Tesla tells some laid-off employees their separation agreements are canceled and new ones are on the way

    Elon Musk
    Tesla CEO Elon Musk weighed in on the severance offered to laid-off staff earlier in the week.

    • Tesla sent notices canceling some separation agreements, according to two laid-off employees and a notification seen by Business Insider.
    • Elon Musk previously stated some severance packages were "incorrectly low."
    • The cancellations came after some workers received severance offers for two months of pay.

    Some laid-off Tesla workers received a notification that their separation agreements had been canceled on Thursday and to expect new ones, two laid-off workers told Business Insider.

    The workers received a notification about a document titled "Your separation agreement," with "status: canceled," according to one of the emails obtained by BI. The notification said: "Canceled by sender: Cancelling to send updated agreement," according to a screenshot of the message. The email appears to be an automatic email from Adobe's Acrobat Sign e-signature tool.

    The notification comes after Elon Musk sent a companywide email to current Tesla employees on Wednesday, saying that "some severance packages are incorrectly low."

    "My apologies for this mistake. It is being corrected immediately," Musk said in the email that was viewed by BI.

    Some of the former employees who received the notification had been previously offered two months of severance. The severance packages didn't appear to be weighted based on the length of time workers had been with Tesla, as workers with anywhere from a few months to several years at Tesla received the same number of weeks paid out, five sources who received the offers told BI.

    Other workers told BI that as of Thursday afternoon, they'd still yet to receive any information about severance packages.

    Under the Worker Adjustment and Retraining Notification Act, companies that have more than 100 workers are required to provide 60 days of notice before a large-scale layoff. Violations of the WARN Act can entitle workers to up to 60 days of pay and benefits if they're not given proper advanced notice.

    Musk announced he planned to cut more than 10% of Tesla's workforce on Sunday night. Impacted workers received emails notifying them they'd been terminated within a few hours of Musk's internal announcement.

    A spokesperson for Tesla did not immediately respond to a request for comment.

    Do you work for Tesla or have a tip? Contact gkay@businessinsider.com from a nonwork email and device.

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  • 12 jurors — including 3 finance guys and a woman whose friend is a convicted fraudster — have been chosen for Trump’s Manhattan criminal trial

    In this courtroom sketch, former President Donald Trump smiles to the jury pool as he is introduced to them at the beginning of his New York criminal trial on April 15, 2024.
    In this courtroom sketch, former President Donald Trump smiles to the jury pool as he is introduced to them at the beginning of his New York criminal trial on April 15, 2024.

    • Seven men and five women have been selected as jurors for Donald Trump's criminal trial.
    • The jury skews male and white collar.
    • Jurors include 3 men who work in finance and 2 male lawyers.

    Twelve of Donald Trump's peers — 7 men, and 5 women — have been chosen to decide the first-ever criminal trial of a former US president.

    The jurors hail from throughout Manhattan. A majority have white-collar careers.

    Three jurors, all of them men, have careers in finance. Two jurors, both men, are practicing attorneys. Another two, both women, are health workers.

    On Thursday afternoon, New York Supreme Court Justice Juan Merchan selected the 12th juror in Trump's Manhattan criminal case.

    Two men chosen in the afternoon filled seats that had been vacated earlier in the day. One seat was vacated by a woman who feared publicity, another for more mysterious reasons.

    One out of six alternate jurors, a woman, was also chosen.

    "We have our jury," Merchan announced to the courtroom after the 12th juror was chosen.

    Merchan must still choose five more alternate seats, a process that will likely be completed as soon as Friday. Opening statements are expected to begin Monday, the judge said.

    Trump's lawyers questioned the jurors about their feelings about the former president. One woman — who said her apartment was robbed before and has a "close friend" who was convicted of financial fraud — said she doesn't like Trump's "persona."

    Trump was "very selfish and self-serving" and "not my cup of tea," she said.

    But she believed she could set those feelings aside for the trial, she told the lawyers.

    "I don't like some of my coworkers, but I don't try to sabotage their work," she explained, drawing an outburst of laughter from the jury box.

    Others left a markedly less colorful impression. One of the attorneys chosen to serve is a middle-aged white man who works at a big law firm but says he knows "virtually nothing about criminal law" because he handles only civil cases.

    Then there's a guy with outdoorsy hobbies who said he doesn't really follow the news, but he does listen to podcasts on behavioral psychology.

    "It's my little hobby," he said.

    Several jurors are difficult to pigeonhole.

    There's a man who says he knows "little" about Trump's criminal cases and gets his news from The New York Times, The Daily Mail, Fox News, and MSNBC.

    Another is a young Black woman who said her friends carry strong opinions about Trump, but that she is "not a political person" and appreciates that he "speaks his mind."

    "I would rather that in a person than someone who's in office and you don't know what they're doing behind the scenes," the woman said.

    In this courtroom sketch, former President Donald Trump sits beside his lawyer Todd Blanche on the second day of jury selection in his New York criminal trial on April 16, 2024.
    In this courtroom sketch, former President Donald Trump sits beside his lawyer Todd Blanche on the second day of jury selection.

    Trump was more attentive to the jury selection process on Thursday compared to earlier in the week, where he frequently sat back, closed his eyes, and appeared to nod off.

    The courtroom was markedly colder than on the previous days, something Trump complained about throughout the day.

    He sometimes wrapped his arms around himself, as if trying to stay warm. He also looked at prospective jurors in the juror box, turning his body and draping his arm over the back of his chair.

    Thursday's jury selection process got off to an ominous start after prosecutors said Trump sought to intimidate prospective jurors through a post on Truth Social, asking that he be held in contempt. One of the jurors who had been chosen earlier in the week dropped out, saying she was concerned about her ability to be impartial given the public attention to the case.

    Prosecutors in the Manhattan district attorney's office allege Trump illegally falsified business records by covering up hush-money payments to Stormy Daniels, an adult film actress and director. The aim of those payments, according to prosecutors, was to keep her quiet about an affair she says she had with him ahead of the 2016 election so that he would not lose potential female voters.

    While jurors were not expected to be totally ignorant of Trump and the hush-money controversy, they were asked a series of questions meant to suss out whether they could put aside any preconceived views and deliberate the case based on the evidence presented in the trial.

    After all the chosen and prospective jurors were dismissed for the day, defense lawyer Todd Blanche acknowledged that testimony could begin as early as Monday.

    Blanche asked if prosecutors could disclose who they planned to call as their witnesses first so the defense could prepare.

    "That's been a courtesy we have been extending," prosecutor Joshua Steinglass responded.

    "But Mr. Trump has been tweeting about the witnesses," the prosecutor complained, adding that he would not give out the first witnesses' names this far in advance.

    Blanche asked if that would change if the defense promised that Trump would not "Truth" anything about the witnesses on social media.

    "What if he makes that promise?" Blanche asked.

    "That he would not be tweeting about any of the witnesses?" the judge responded. "I don't think that is a promise he can be making."

    As Trump left the courtroom Thursday, he complained about the indictment and the cold courtroom.

    "I'm sitting here for days now, from morning 'til night in that freezing room," Trump said in the hallway.

    "Freezing. Everybody was freezing in there and all of this," he said. "And this is your result. Look at that. Each one of them is stellar. And it's a very it's a very bad thing. Very bad thing."

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