President Joe Biden is running out of time to reverse his meager approval ratings before the election.
Anna Moneymaker/Getty Images
President Joe Biden just hit an all-time low in one approval rating tracker.
According to FiveThirtyEight, Biden's approval on Monday is the lowest of his presidency.
Biden's previous dips occurred during a spike in gas prices and the US withdrawal from Afghanistan.
President Joe Biden's approval rating remains severely underwater just under five months before Americans will render their verdict on his reelection bid.
On Monday, Biden notched the unpleasant distinction of recording his lowest-ever mark in FiveThirtyEight's weighted tracker of his approval rating with a 37.4% approval.
His latest mark comes as polling shows worrying signs of his support among nonwhite voters. Some progressives have also hammered the White House over its response to Israel's handling of the war in Gaza in the aftermath of Hamas' October 7 attack.
Biden's approval cratered after the US's chaotic withdrawal from Afghanistan and has never recovered. His previous low came in July 2022, around the time gas hit over $5 a gallon.
In comparison, former President Donald Trump's approval rating has increased slightly since he left office in the wake of the Capitol riot. According to FiveThirtyEight's weighted average, Trump has a 41.6% approval rating. Trump is facing a potentially perilous time in the wake of becoming the first-ever former president to be convicted of a felony.
Neither man is widely popular, a fact that could signify the hyperpartisan era. In 2016, Gallup found that Trump and former Secretary of State Hillary Clinton were the least popular presidential candidates dating back to when they began measuring such popularity in 1956.
Biden's popularity puts him at significant risk of losing in November. According to Gallup, his most recent quarter in office (which ended on April 18) left Biden with the lowest approval rating in that span in decades.
Four other modern presidents had an average sub-50% approval rating at this same point in time. Only one, President Barack Obama, won reelection in November. Trump, whose Gallup average was 46.8% at this time in 2020 (higher than Biden's 38.7%) lost to Biden that November.
The president is hoping that this month can change the narrative. Biden is expected to increase his campaigning. He also pushed for a June debate, the earliest faceoff of two major presidential candidates. The pair will debate on June 27.
President Joe Biden waves to the audience after speaking in Superior, Wis., on January 25, 2024.
Stephen Maturen/Getty Images
Biden is currently trailing Trump in several critical battleground states ahead of November.
But of all the swing states, Wisconsin has largely been the most receptive to Biden's message.
Biden has retained a significant level of support from the state's bloc of white non-college voters.
In 2020, Wisconsin was one of Joe Biden's most important electoral victories, as he successfully clawed back the Midwestern swing state that was narrowly won by Donald Trump in 2016.
While Democrats need to perform strongly in the liberal population centers of Milwaukee and Madison in order to win statewide elections, the party still retains a significant level of support in many rural communities. And it's Biden's support among white voters without a college degree — a huge voting bloc in these areas — that's currently keeping him afloat in Wisconsin.
Among the seven major swing states, Biden currently trails Trump by at least three points in Arizona, Georgia, Nevada, and North Carolina, according to Real Clear Polling averages.
In Michigan and Pennsylvania, Biden has smaller deficits against Trump in the polling averages.
But in Wisconsin, Biden is often tied with Trump in polling, or has a slim lead. And it's the backing of many white working-class voters that has been critical for the president.
The most recent Quinnipiac University poll showed Biden leading Trump by six points (50% to 44%) among registered voters, while a recent Cook Political Report survey had Biden and Trump tied at 45% among Wisconsin voters.
In the Quinnipiac poll, Wisconsin voters gave Biden positive marks on issues like abortion rights and the preservation of democracy. But even on the question of who would better handle international conflicts — where Trump has opened up a lead in many recent polls — the former president only led Biden by one point (48% to 47%).
When it came to economic issues, Trump had an eight-point lead over Biden (52% to 44%) in Wisconsin, per Quinnipiac, a relatively stable number for the incumbent on an issue where he has struggled in national polling. For Biden, the Wisconsin number represents a much more positive outlook from voters compared to his standing in states like Arizona and Nevada.
Among white voters in Wisconsin, Biden actually led Trump by four points (50% to 46%) in the Quinnipiac poll. And college-educated white voters in Wisconsin backed Biden by 27 points (61% to 34%).
But among white voters without college degrees, Biden only trailed Trump by eight points (44% to 52%), a deficit that is much narrower than in virtually every other swing state.
That Biden has been able to hold on to a sizable level of support from this voting bloc — despite their overall migration to the GOP — shows the uniqueness of the president's electoral coalition in Wisconsin.
And it's a coalition that could help send him back to the White House, especially if he's also able to capture Michigan, Pennsylvania, and Nebraska's Omaha-anchored 2nd Congressional District — in addition to the core of blue states that are the foundation of any Democratic presidential victory.
"In order to win, Democrats have to overperform — by a lot — with white working-class voters in the state, because most voters in Wisconsin are white working-class voters," Wisconsin Democratic Party Chairman Ben Wikler recently told The Washington Post. "No one who's active in politics forgets that for a second."
US Marine Corps Sgt. Paul Butcher, an explosive ordnance disposal technician with Special Purpose Marine Air-Ground Task Force-Crisis Response-Central Command, flies a DJI Mavic Pro Drone while forward deployed in the Middle East on May 25, 2017.
US Marine Corps photo by Cpl. Shellie Hall
Army Futures Command Gen. James Rainey said it's too soon to establish a drone branch.
The House Armed Services Committee pushed forward the idea of creating a drone corps last month.
Army officials argue drone technology needs time to develop within formations.
US Army Gen. James Rainey, who serves as the commanding general of Army Futures Command, said it's too soon for the service to establish a new drone branch, reiterating a point made by other Army leaders.
"The bigger thing is getting UAVs into our formation at echelon right now so we can train," Rainey said in a conversation last week with Thomas Karako, a senior fellow at the Center for Strategic and International Studies.
As is, the Army already has a number of Unmanned Aerial Vehicle specialists. "I don't know that it's going to warrant its own branch," the general said.
"Certainly, I'd say it's too soon for that," he added.
Members of the House Armed Services Committee put forward the creation of a drone corps as a branch of the Army in proposed language in the 2025 defense authorization bill last month.
Rep. Rob Wittman of Virginia said in March that a drone branch would allow for "these systems' unique capabilities to grow beyond their role primarily as enablers to the current combat arms branches."
The moves within the House committee come as drones play a defining role in Ukraine, the largest land war in Europe since World War II. These systems have been used for strikes, reconnaissance, targeting, and more on a scale previously unseen, and Ukraine established a drone branch earlier this year.
The US military is adopting new capabilities and technologies to counter this threat, but it's a work in progress. That said, top Army officials don't feel a drone branch is needed right now.
Army Undersecretary Gabe Camarillo previously pushed back on the proposal to establish a drone corps. He believes drone technology still needs time to develop and integrate with the Army.
"My view is that creating a corps or other institutional kind of structure to get after it, in some ways, could take away some focus from some of the things that we're actually doing," he said during an event in May. "It's important, in my view, to get after giving units these … UAS capabilities to let them experiment."
And Army Chief of Staff Randy George told the Senate Appropriations Committee that drones are "integrated into our formation, not some separate piece." He added that "we need that kind of flexibility."
"I don't think it would be helpful to have a separate drone branch," he said.
Speaking at the CSIS event last week, Rainey explained that it is important to ensure UAVs have the proper capabilities before committing to acquisition.
"We [need to] have good requirements and good acquisition approaches for UAVs at echelon," Rainey said. "We need to stop buying a thing and buy a capability."
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The best 85-inch TVs offer a cinematic experience even in big spaces.
Steven Cohen/Business Insider
The best 85-inch TVs deliver a viewing experience that smaller displays simply can't match. Though sets this big used to be rare, manufacturers now sell 85-inch versions of several popular TV models. And while still expensive, they've come down in price a lot over the last few years.
To help you find the right extra-large display for your budget, our experts have compiled a carefully curated list of the best 85-inch TVs you can buy. The TCL QM8 offers the best balance between price and performance at this size thanks to its bright QLED panel and high-contrast Mini LED backlight. But if price isn't a concern, the LG G4 is a high-end OLED with stunning picture quality that beats every other 85-inch TV we've tested.
We also have picks for entry-level QLED and 8K models at this size, so all home theater needs are accounted for.
Note: LCD-based TVs (LED, QLED) are often manufactured in an 85- or 86-inch screen size, but OLED displays are sold in a slightly smaller 83-inch size. For that reason, we've included 83-inch OLED TVs in this guide.
When it comes to balancing price and image quality, TCL's QM8 QLED is the best 85-inch TV you can buy. It's incredibly bright while maintaining excellent contrast thanks to the precision of its Mini LED backlight with local dimming. And despite its extra-large size, it's often available for $1,700, an unbeatable value for a big display with this level of performance.
Though we typically recommend OLED models, like the Samsung S90C, as the top picks in our other best TV guides, OLEDs at this screen size jump up dramatically in price, and many are missing color and brightness features found on their smaller counterparts. An OLED will still deliver the best overall image quality, but at this size, the QM8 QLED has a big edge in value for most people.
The QM8's color volume is especially impressive thanks to its quantum dot filter, which you won't find on any OLED over 77 inches. Quantum dots also help the TV achieve a peak brightness of around 2,000 nits, which is more than enough to enjoy the full benefits of most HDR content.
It has a leg up over cheaper QLED models thanks to the QM8's high number of local dimming zones, which helps it achieve deep black levels without major halos around bright objects. However, contrast still can't match the pixel precision of an OLED panel, so you might see the dimming zones at work during certain scenes when watching TV in a dark room.
When reviewing the QM8, we also noticed slight issues with shadow details getting lost in dimmer scenes, but this can be mitigated by adjusting some of the display's settings. But the QM8's biggest weakness is its viewing angles. Colors and contrast distort when you sit off to the side of the screen. If you want a similar 85-inch QLED TV with better off-axis viewing, we recommend Samsung's more expensive QN90C. Otherwise, you'll need to pay substantially more for an OLED like the Samsung S90C or LG C3.
With Google TV built-in, the QM8 offers a reliable interface and easy access to all of the best streaming services. The TV is also a great fit for gamers with up to a 144Hz refresh rate when paired with a compatible PC. The TV's build and design aren't as premium as more expensive models, but the QM8's strengths far outweigh its cons.
A 2024 version of this TV is now available as well. TCL says the new model can hit a whopping 5,000 nits, which is a notable step up. However, it's rare for HDR videos to call for that level of extreme brightness. And since the 2024 model costs much more, the 2023 QM8 remains our top recommendation while supplies last.
Samsung's 83-inch S90C OLED is more than double the price of many similarly sized QLED TVs, but its picture quality is a clear step above. The S90C delivers an infinite contrast ratio with true black levels and wider viewing angles than any QLED, leading to a notable upgrade in overall image performance, especially if you like to watch TV in a dim home theater environment.
We still think our top pick, the TCL QM8 QLED, is a better overall value at this size, but if you're willing to spend twice as much, this midrange OLED has key perks. In a dark room, the S90C's pixel-level contrast control outmatches any QLED we've tested, offering one of the best movie-watching experiences you can get from an 83-inch TV.
Though not as bright as the QM8 or LG's more expensive G4 OLED, the S90C still gets bright enough for most needs. However, unlike smaller versions of the S90C, the 83-inch model does not use quantum dots in its panel. This means bright colors won't look quite as vivid as they do on sets with quantum dots, like the QM8. And while smaller S90C models do support a 144Hz refresh rate with a PC, the 83-inch S90C maxes out at 120Hz. This will still enable high frame rate support on consoles like the PS5 but could be a drawback for dedicated PC gamers.
In this performance class, there's also the 83-inch LG C3 OLED to consider. At this size, the C3 and S90C both use similar, if not identical, display panels. Their prices tend to fluctuate, so one is often on sale for less than the other. Though we lean toward recommending whichever happens to be cheapest at the moment, there are some small differences worth noting.
Both TVs support the standard HDR10 format, but the C3 also supports Dolby Vision, while the S90C supports HDR10+. Dolby Vision and HDR10+ offer similar perks, but Dolby Vision is more widespread on streaming services. Check out our HDR TV guide for more details on each format. On the other hand, the S90C has the bonus of supporting the Xbox Game Pass app directly through its smart TV interface. With this app, Game Pass members can stream Xbox games without a console.
Samsung and LG also sell 2024 versions of each TV, called the S90D and C4. While they both get a little brighter than their 2023 counterparts, they cost substantially more. For now, we think the 2023 editions remain the better buys.
LG's 83-inch G4 OLED is the ultimate high-end TV in this size. It's the most advanced OLED available at 83 inches, besting the overall picture quality of all our other picks. Of course, it also has the highest price tag of any TV you'll find in this guide.
First things first, buyers should note that the 83-inch G4 is designed with wall mounting in mind. So much so that it doesn't include a traditional TV stand. Instead, you get a bracket that lets you mount it flush to your wall with virtually no gap. It looks beautiful hung up this way, but you can still buy a stand separately if wall mounting isn't an option for your room.
Outside its elegant style, the G4 is a picture-quality powerhouse. Using LG's latest OLED Evo panel, it offers all the benefits that OLEDs are known for, including an infinite contrast ratio, perfect black levels that disappear into a dark room, and wide viewing angles so you get a great image no matter where you sit.
The 83-inch G4 doesn't include a stand but LG sells stands separately for an extra cost.
Steven Cohen/Business Insider
In addition, the 83-inch G4 incorporates MLA (Micro Lens Array) technology to boost its brightness. This feature was missing from the 83-inch edition of last year's G3, and it enables a sizable upgrade in luminance over competing 83-inch OLEDs, like the Samsung S90C. During our tests, we measured a peak of around 1,550 nits on the 65-inch G4, which should carry over to the 83-inch option.
Though the Samsung S95D OLED can get brighter in short bursts, that model is not available in 83 inches. As it stands, the 83-inch G4 is the brightest OLED you can get in such a large screen size, and it delivers gorgeous HDR highlights while maintaining great performance even in rooms with a lot of light.
LG's solid webOS smart TV interface rounds out the package with access to every major app and nice perks like hands-free voice control and a remote that supports motion controls. You can navigate menus by waving the remote at the screen to move a virtual cursor.
Our top pick, the TCL QM8 QLED, still delivers a better price-to-performance ratio, and our midrange OLED pick, the Samsung S90C, offers similar contrast capabilities for less money. But, if budget isn't a concern and you want the absolute best image quality you can get at this size, the LG G4 is the 83-inch TV to beat.
Best 8K display
Though we think most buyers are better off with a high-end 4K TV, 8K displays like the Samsung QN900C have their fans, especially at extra-large screen sizes. At 85 inches, an 8K TV will offer some benefits over 4K thanks to higher pixel density, which means you can sit very close without seeing individual pixels like you would on a 4K set this large.
However, it's important to remember that the perks of 8K are subtle. There's still no native 8K content to watch outside a few YouTube videos, and though the TV's upscaling looks great, it's not a huge improvement over watching the same content on a 4K TV with similar capabilities.
Samsung's QN900 TVs deliver incredible image quality, but their 8K resolution isn't a big selling point. (2024 QN900D model pictured above.)
Steven Cohen/Business Insider
But even ignoring its 8K resolution, the QN900C is just a stunning QLED TV. Its Mini LED backlight is one of the best out there, and it gets about as close to OLED-level contrast as we've seen on a display like this. It also has an incredible peak brightness of about 2,300 nits, and it can sustain that brightness much better than an OLED.
This is one of the best Samsung TVs you can buy, but its impressive picture quality is more a result of its dimming performance and quantum dot colors rather than its actual pixel count. If you're willing to spend top dollar for high-end picture quality, we still think you're better off with a 4K OLED like the LG G4, but if you're set on buying an 8K display, the QN900C is easily one of the best 85-inch TVs to snag.
Buyers should note that Samsung now sells a 2024 edition of this display, called the QN900D. We also tested that model, and it performed much like the QN900C during our evaluation. But since the QN900D costs much more, we still recommend the older model as the better value.
Best on a budget
The best 85-inch TVs don't come cheap. Even basic models rarely dip below $800, and those sets make many performance sacrifices to get that cheap. However, there is one 85-inch TV that still manages to deliver solid image quality for just under $900: the TCL Q6 QLED.
Other options that cost a bit less, like the Hisense A7 and the step-down TCL S4, use regular LED panels without quantum dots, which limits their color volume and brightness performance. But the Q6 offers a more vibrant and accurate HDR image while remaining competitively priced for its size.
That said, the Q6 still has drawbacks compared to pricier models. Viewing angles are narrow, so picture quality takes a big hit if you sit to the side of the screen. This is common for TVs in this class, so if viewing angles are a priority over color gamut, we recommend going with an alternative budget model like the 86-inch LG UQ75. And like many TVs in this class, the Q6 is limited to a 60Hz screen rather than 120 or 144Hz, which makes it less suited for high-end 4K gaming.
Though brighter than cheaper 85-inch sets, the Q6 maxes out at around 500 nits. That's just under the 600-nit range we typically recommend as a starting place for budget HDR TVs. It also lacks local dimming, so it can't adjust brightness across different zones on the screen. This leads to elevated black levels compared to step-up models, like the TCL Q7.
For most screen sizes, our go-to budget pick is the Hisense U6K which does have local dimming. Unfortunately, that model isn't offered in sizes above 75 inches. As it stands, the Q6 is the most affordable 85-inch QLED TV you can buy, and compared to its direct competitors, it delivers great value for the money.
How we test 85-inch TVs
A peak brightness test pattern displayed on an LG OLED TV.
Steven Cohen/Insider
To choose the best 85-inch TVs, our team relied on a combination of hands-on testing and research informed by more than a decade of experience covering the home entertainment product market.
When reviewing TVs, we typically evaluate each model's 65-inch option since that's considered the industry's flagship size. However, a specific model's overall performance often remains comparable across sizes 55 inches and up. For example, an 83-inch LG C3 OLED and a 65-inch C3 OLED have the same specs. The only notable difference is the size of each panel.
However, there are instances when certain TV models have more dramatic differences across their sizes. For instance, the Samsung S90C uses quantum dots on its 55-, 65-, and 77-inch models but does not use quantum dots on its 83-inch model. This means the 83-inch model can't match the color performance of its smaller counterparts. We take all of these differences into account when recommending TVs and detail these instances when they pop up.
To evaluate displays, we look at key picture quality elements like color performance, clarity/sharpness, contrast control, HDR brightness, refresh rate, smart TV interface speed, off-angle viewing, and overall value. We use an X-Rite iDisplay Plus colorimeter and test patterns on the Spears & Munsil HDR Benchmark 4K Blu-ray disc to check brightness and other objective image attributes.
We also rely on various movies and TV shows to look at real-world performance in bright and dark rooms. We've selected specific scenes to compare quality across TVs with black levels, shadow detail, HDR capabilities, and upscaling in mind. Sources include 4K, 1080p, and standard definition (SD) material from Blu-rays, streaming services, and cable TV.
85-inch TV FAQs
The subtle benefits of 8K resolution are more noticeable on an 85-inch TV than on smaller sizes.
Steven Cohen/Business Insider
Is 85 inches a good TV size?
The best 85-inch TVs can provide a level of immersion that smaller displays can't achieve, and they're especially good for larger rooms since you can sit farther away and still get a cinematic experience. Though there are fewer 85-inch models to choose from compared to smaller screen sizes, several of our picks for the best 4K TVs are sold in 83 to 85-inch versions.
However, many rooms simply can't accommodate a TV this big, and 85-inch sets are typically pricey. If you need a smaller display, check out our guides focused on other sizes:
Generally, you should expect to pay at least $900 to snag one of the best 85-inch TVs, though top high-end models cost $5,000 or more.
We've seen entry-level 85-inch LED TVs on sale for as low as $750, but budget QLED models typically start at around $1,000, and midrange options with local dimming and higher brightness capabilities sell for around $1,500 to $1,800. High-end 85-inch QLED 4K TVs with the best performance usually cost around $2,000 to $3,000, and 8K models can be between $5,000 and $7,000.
If you want one of the best OLED TVs in this class, 83-inch options start at around $3,500, while high-end OLEDs this big can cost as much as $6,500.
Check out our full QLED vs. OLED guide for details on how OLED and QLED TVs compare in performance.
Is 4K resolution enough for an 85-inch TV?
In general, 4K resolution is plenty to deliver a sharp and detailed image on an 85-inch TV. That said, the higher pixel density of an 8K display can improve picture clarity if you sit very close to your TV.
Improvements in pixel smoothness on an 85-inch set should become most visible if you sit less than five feet from your display. However, for most people, this subtle benefit is not worth the extra money that an 8K TV costs.
Do 85-inch TVs offer good sound quality?
Though there are exceptions, even the best 85-inch TVs tend to offer middling audio performance. Built-in TV speakers typically use small drivers placed in areas that muffle sound. They can get the job done for casual viewing, but we recommend shoppers invest in a dedicated speaker system or soundbar to get the best audio performance.
Check out our various soundbar guides to see our top recommendations for various needs:
Waze cofounder Uri Levine said CEOs need to be able to make hard decisions.
Anthony Harvey/Getty
Waze's cofounder said underperforming employees drive away top performers and can harm a company.
Cofounder Uri Levine said he uses a 30-day test to determine if he should fire a new employee.
He said a similar test can be used for other things in life, like relationships or career paths.
Waze cofounder Uri Levine has founded 10 companies, served on the board of 20, and advised more than 50 — and he believes underperforming employees can be a liability to a startup.
Levine said on an episode of "Lenny's Podcast," released Sunday, that when there are people who shouldn't be on a team, top performers leave. Then, it becomes "mission impossible" to achieve success.
That's why Levine likes to cut to the chase when it comes to firing, as he detailed in his new book "Fall in Love with the Problem, Not the Solution: A Handbook for Entrepreneurs." In his chapter about firing and hiring, he said in the interview that he implemented a 30-day test to determine whether to fire a new employee.
The test involves marking his calendar 30 days after the person starts the job. Levine said once it hits the 30-day mark, he asks himself, "Knowing what I know today, would I hire this person?"
If the answer is yes, he suggests reaching out to the employee immediately, giving them more equity in the company, and buying "their loyalty for life." If the answer is no, he said the employee should be fired immediately.
"They're already set on a trajectory of not being successful," Levine said. "And they are creating damage to you, to the rest of the team, and to themselves."
Levine said the employee deserves to be successful, but in this hypothetical case, it's not going to happen there. The test prevents a situation in which a team faces long-term issues that came from a single employee and were clear out of the gate. Levine said this was often the case when he spoke with entrepreneurs whose startups failed.
Levine said that's part of why he named one of his book chapters "Firing and Hiring" instead of the reverse. The cofounder said CEOs need to learn how to make hard decisions before easy ones.
Waze did not immediately respond to Business Insider's request for comment ahead of publication.
Levine said this test can be applied to "everything in your life," including relationships and directions you're going in life.
"Ask yourself, knowing what you know today, would you do something different? If the answer is yes, then do something different today," Levine said. "Today is the first day of the rest of your life."
The cofounder said he has five children in their 20s and early 30s, and they struggle with figuring out their career paths. He said he tells them to ask themselves why they don't like their jobs and if they can change something. Levine said he would follow up in 90 days, and if it's still the case, they should quit.
"If you don't set a timeline, it'll never happen," Levine said.
Speaking with a job candidate's references can help you decide whether or not they're a good fit for the job. But what exactly do you ask them?
Uri Levine, cofounder of traffic and navigation app Waze, has a few questions he always falls back on. He discussed his process in an episode of Lenny's Podcast released Sunday.
"Even in the hiring process most of us are going to interview candidates and then decide that they like or dislike the candidate, but they don't know," Levine said. "Then speak with someone that does know. Speak with the reference."
"Would you hire him or her?" he asks them. "If they tell me yes, then I would ask them, 'Why didn't you?'"
In some cases, the hiring decision is clearer, as he recalled.
"Someone asked me for a reference on someone that I really enjoyed working with, I really think highly of them," he said. "And he asked me if they can schedule a call for half an hour and I said, 'Look I'm traveling, I don't really have time. But if you want an email in one word, take the guy.' And then he was trying to outsmart and ask me back, 'Can I have that in two words?' And I said, 'Yeah, take the guy fast.' When you know, you know. That's it."
Levine also discussed other hiring tips from his recent book, "Fall in Love with the Problem, Not the Solution: A Handbook for Entrepreneurs."
He follows a "30-day test," for example, in which he puts a note on his calendar for 30 days after he's hired someone to ask himself if, knowing what he knows now about them, he'd still bring them onboard. If not, it's probably best to let them go, in Levine's opinion.
Levine did not immediately respond to a request for comment.
LinkedIn cofounder Reid Hoffman blasts business leaders who support Trump in 2024.
Hoffman argues in The Economist that a robust legal system is essential for US business prosperity.
Trump, Hoffman argues, would upend that system.
The billionaire cofounder of LinkedIn, Reid Hoffman, slammed business leaders who support former President Donald Trump, arguing that a 2024 win for the Republican would actually be bad for the economy.
Hoffman, who cofounded LinkedIn in 2002, wrote an op-ed in The Economist last week criticizing his fellow executives for their "myopia" in backing Donald Trump's run for presidency.
He argues that a "robust legal system" is critical for American business to prosper because it keeps things in check. Courts of law and impartial juries are necessary to "enforce contracts and punish fraud."
"But a robust, reliable legal system is not a given," Hoffman wrote. "It is a necessity we can ill afford to live without. We trade it away at our peril."
"Which makes it all the more lamentable that a growing number of America's corporate and financial leaders are opening their wallets for Donald Trump," he added.
Hoffman argues that, if elected this November, Trump — who was convicted of 34 felonies for falsifying business records to cover up an alleged affair with adult film actress Stormy Daniels — could upend the entire legal system that the American economy and American businesses rely on.
So why would business leaders ever support someone who could lead to their downfall? Hoffman has a few explanations. Some are merely kidding themselves that Trump can be "normal and controlled."
Others, Hoffman argues, believe Joe Biden would be even more dangerous to American business than Trump would. Although that position, he says, is misguided because the stock market, oil and gas production, employment, and GDP growth have hit record highs during Biden's presidency.
Some business leaders believe, Hoffman argues, that a Trump presidency would skyrocket them to the top of a new oligarchy, while others simply fear retaliation if they don't pledge themselves to Trump.
But what many business leaders really want, Hoffman argues, is lower taxes and fewer regulations — even at the expense of an impartial judicial system and democracy itself.
Blackstone CEO Steve Schwarzman and venture capitalist Douglas Leone have already endorsed Trump, while over a dozen other billionaires have pumped money into Trump's campaign.
A senior Moelis employee has been placed on leave, the bank confirmed on Monday.
Tom Szczerbowski/Getty
Investment bank Moelis & Co. is investigating a "serious incident" involving one of its employees.
On Sunday, a video showing a man appearing to punch a woman in Brooklyn, New York, surfaced online.
The employee has been placed on leave, the bank told Business Insider on Monday.
A senior banker at boutique investment firm Moelis & Co. has been placed on leave after a "serious incident" over the weekend in Brooklyn, New York.
On Sunday, a video circulated online appearing to show a man punching a woman in the face in the street. The video's uploader identified the man as a senior Moelis banker.
"We are aware that one of our employees was involved in a serious incident in Brooklyn on June 8," a Moelis spokesperson told Business Insider.
"We take this matter very seriously, and this employee is on leave as we continue to conduct our investigation."
The statement came after a nine-second clip was shared on X, appearing to show a man throwing a punch at a woman, who subsequently falls into the road.
"This guy punched me in the face today and broke my nose and busted up my friends arm," reads the text on the video.
The video also shows a second individual lying on the road. What occurred before the filmed incident is unclear.
"She fucking threw shit all over me," the man can be heard saying in the clip as he walks away. An apparent stain can be seen on the back of his pale blazer.
"You are an asshole, you are a horrible person," one onlooker says to the man.
At the time of publication, the post had over 12 million views on X.
The user who posted the video on X said the incident took place on Saturday during Brooklyn Pride. They also identified the man as Jonathan Kaye, a managing director and partner at Moelis.
Moelis confirmed to BI that the employee placed on leave was Kaye.
Kaye attended Duke University School of Law and has worked in the investment banking industry for 20 years, according to his company profile.
He joined Moelis from Citi in 2013 and currently runs the firm's global business services franchise.
Kaye had taken down his LinkedIn page and did not immediately reply to a request for comment from BI.
In April, Moelis reported revenues of $217.5 million for the first quarter of 2024, up 17% from the same period in 2023, and announced it had hired four new managing directors, three in the Energy sector and one in the credit fund space.
Do you know more about the incident? Contact this reporter at pthompson@businessinsider.com.
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I have enough money for a 20% down payment, but I'd have to make too many compromises to own a home.
I wish homeownership were easier, but renting isn't holding me back from succeeding financially.
This article is part of "My Financial Life," a series helping people live and spend better.
In the US, the path to financial success seems set in stone: Get a degree, get a steady job, and buy a house. I was on this path myself, checking off the first two boxes on a predictable timeline. Yet at 36, married and with a toddler, I'm still renting a two-bedroom basement apartment in Seattle — not because I have to but because it's the best choice for us right now.
Despite the deeply ingrained cultural norm of glorifying homeownership, I've decided not to feel bad about renting. It affords us multiple luxuries: living in a beautiful neighborhood we could not afford to buy in, being near family and friends, paying far less in rent than we would on a mortgage, and spending almost no time or money on home maintenance.
I have enough for a down payment, even with rising housing costs
Technically, I have enough saved to afford a 20% down payment on the average American home — about $433,000 as of April, according to Redfin. This is an incredible privilege. While I did save quite a bit myself, the only reason I can even entertain the idea of owning is that I was left an inheritance two years ago.
As soon as I had enough, I started looking into buying. But then interest rates went up, while houses did not get cheaper, and supply did not increase. A typical monthly mortgage payment in our area is now higher than $5,000, and a recent report from Zillow found that to afford the typical home in Seattle, a household needed to earn more than $200,000 a year.
Meanwhile, I had a baby and shifted to freelance journalism, making my income more precarious.
So I faced the facts: We could afford to buy a house but not in our neighborhood, which is where I grew up and where my extended family still lives. Anywhere in the area, the ownership costs — including a mortgage, homeowner's insurance, and property taxes — would be far higher than our rent.
I'm not interested in compromising on my home
Right now, we have plenty of extra cash for fun social outings and small indulgences. That would not be the case if we owned. Factor in unforeseen expenses such as repairs, and we'd have to pinch pennies ruthlessly. In this season of life, when my kid is so young, and I'm still navigating a new career, living on such a tight budget seems deeply stressful.
While there are other compromises we could make, none of them seem worth it. We toured a townhouse awhile back that cost $400,000, but it was so cramped and charmless that the thought of spending our hard-earned savings on it was demoralizing. If I'm going to commit hundreds of thousands of dollars, I want to at least like the place.
Leaving the city is another option. The problem is, we love where we live, with its tree-lined streets and nearby waterfront. Plus, being near trusted relatives feels like a priceless resource now that we have a child.
Alternatively, I could get a job that pays more. But I love my work. It allows me to set my own hours, work from anywhere, and prioritize parenting at a time when my child has medical needs that require my attention. I earn more than enough for my modest needs.
I don't like the state of homeownership — but I like my choices
It wasn't always like this. In just 10 years, median home prices in Washington have increased by more than 170%. The housing-affordability crisis is largely a failure of policy. It's not right that gainfully employed people can't afford to buy a house in many cities anymore. We need more housing.
While I wish owning were more accessible, I also wish we had policies that made long-term renting an easier financial choice for those who prefer it for lifestyle reasons. Honestly, that would include me.
I write about houses for work, and I have interviewed hundreds of people about their remodels and DIY projects. Many of them see this as a labor of love, but there's no denying that it is labor. There's always something that needs fixing, painting, repairing, or updating. It's fascinating to learn about, but it makes me appreciate the relative ease of renting. Rather than spending my Saturdays at the hardware store, I can just hang out and relax.
I understand the financial case for homeownership, so if it makes sense in the future, I'd be happy to change my mind. However, it's not the only way to build financial security. We max out our tax-sheltered retirement accounts and put most of our money in a high-yield savings account with Betterment Cash Reserve. Ultimately, what I've realized is that a house is not merely a financial decision. It's my home, where I spend most of my time. If enjoying my home means renting for now, I'll continue to do that without shame.
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