Category: Business

• The US and China's defense chiefs met for the first time in two years. 
• They discussed China's intimidation of Taiwan and issues around Ukraine. 
• Tensions are increasing between China and the US' east Asian allies. 

US and China defense chiefs held their first face-to-face meeting for two years amid escalating tensions over Taiwan and Ukraine.

US Defense Secretary Lloyd Austin met his Chinese counterpart, Minister of National Defense Adm. Dong Jun, at the Shangri-La Dialogue in Singapore, the US Department of Defense said Friday.

The meeting was part of a bid to repair the China-US relationship, which has become severely strained. Last month, China's top diplomat, Wang Yi, said there was a risk relations could "return to a downward spiral."

The meeting may be among the final opportunities to reset relations and deter Chinese aggression.

Taiwan tensions

Austin discussed China's military exercises around the Taiwan Strait, according to the Pentagon, and "reiterated that the PRC should not use Taiwan's political transition — part of a normal, routine democratic process — as a pretext for coercive measures."

The independent island is the main flash point between Washington and Beijing, with the US signaling that it would help defend it from China, which has long sought to bring it under its control.

Dong said that China opposes any US government intervention and that it regards Taiwan as an internal matter.

A central issue on the agenda was reestablishing communication channels between the militaries to head off potential misunderstandings that could result in direct conflict between the nuclear-armed powers.

Beijing's military drills last week, which were among the most threatening China has launched yet, were in response to the inauguration of President William Lai, a champion of Taiwan's independence who is hated by China's government.

China has also menaced US fighter planes and warships in the region, accusing Washington of seeking to encircle China and curtail what it claims to be its rightful regional ambitions.

The Pentagon said that "both sides will resume telephone conversations between theater commanders in the coming months," and Austin "welcomed plans to convene a crisis-communications working group by the end of the year. "

Ukraine remains a flash point

China and the US also clashed over Beijing's support for Russia in its invasion of Ukraine, which analysts believe China sees as a way of damaging US global power. The US has accused China of supplying Russia with vital dual-use components for its military industry, but China argues that the trade is legitimate.

But amid a steep downturn in the Chinese economy, China's President Xi Jinping has also softened his stance toward the US in recent months as he seeks US investment.

At a meeting on the fringes of the APEC summit in San Francisco last year, Xi and President Joe Biden agreed to reopen military communication channels.

In April, in a meeting with Secretary of State Antony Blinken, Xi said that the relationship between the US and China should be founded on "mutual respect, peaceful coexistence."

Analysts say the meeting between Austin and Dong is another positive indication of the desire to establish better communications.

"Even when direct diplomacy fails to resolve key issues, Washington's openness to engage demonstrates to the world that the United States is acting responsibly," Paul Triolo, an analyst at the Albright Stonebridge Group, posted on X.

"Moreover, such engagements provide opportunities to press the Chinese government to change its harmful policies, including support for Russia's war in Ukraine and other threatening actions."

The Pentagon emphasized in its statement that dialogue would continue.

"Department officials will continue active discussions with their PRC counterparts about future engagements between defense and military officials at multiple levels," it said.

But serious challenges remain."The trend for this year has been more engagement, more communications, but not more trust," Ian Bremmer, the president and founder of the political-risk consultancy Eurasia Group, told Bloomberg TV last month.

• Ukraine's special forces have developed new drone tech that Russia can't jam.
• Drones can now fly and hit targets without GPS or operator input, The Economist reported.
• Russia and Ukraine are in a drone and electronic warfare arms race.

Ukraine's special forces have developed new software that allows drones to fly without the use of GPS, limiting the impact of Russian jamming.

The software, called Eagle Eyes, allows unmanned drones to travel using sight rather than satellite-based GPS navigation, The Economist reported.

It uses AI to compare live video of the area below the drone to a map made from photos and video that a reconnaissance aircraft previously collected, the report said.

This means that drones can keep flying even if Russia tries to jam them.

The software can also recognize targets, like missile launchers and tanks, and can drop bombs or fly into them without the drone operator needing to give the order, according to The Economist.

Kurt Volker, a former US ambassador to NATO and former special representative for Ukraine, told the outlet that the technology could be a big factor in helping Ukraine turn the tide against Russia, but that it will take time to see how effective it is.

A commander in a special forces corps called White Eagle, which is helping develop the technology, said the software is already being used widely, and is cheap enough to be used on kamikaze drones: drones that are destroyed on impact, making them ill-suited to expensive upgrades.

A White Eagle captain told The Economist that Russian jamming stations are the primary target, and Russia's S-400 air defense systems the second.

More drones have been used in Russia's invasion of Ukraine than in any other conflict in history.

Both sides use them to conduct reconnaissance and to attack troops and weaponry — all while developing electronic warfare to try to make the other side's drones less effective.

That has led to a new arms race, as both countries try to develop better drones and drone jamming technology.

In May 2023, the Royal United Services Institute, a UK think tank, said that Ukraine could be losing 10,000 drones a month, mostly due to jamming.

James Patton Rogers, a drone expert at the Cornell Brooks Tech Policy Institute, described the situation to Business Insider as "a battle within a battle."

"It's basically a cat and mouse game," Fabian Hinz, a drone warfare expert at the International Institute for Strategic Studies, told BI, with both sides frequently making big technological leaps.

Ukraine has used cheaper, civilian-grade drones for much of the war, but those are particularly vulnerable to electronic warfare, making new and affordable software like Eagle Eyes key.

Ukraine had responded to Russian jamming efforts by building new types of drones and drone software.

This includes a new drone that Mykhailo Fedorov, Vice Prime Minister of Ukraine for Innovation, Education, Science, and Technology, said late last year had a "powerful GPS antenna" that was resistant to Russian jamming and electronic warfare.

A Ukrainian company also said last year that it had developed drones resistant to Russian jamming technology and delivered the first batch to Ukraine's military.

• When Kevin Tien's restaurant abruptly closed, he took steps to reopen it on his own terms.
• All the unexpected costs of running a restaurant add up, so he gets everything he can out of his investment.
• He says it's important for AAPI entrepreneurs to look for local advocates who can help on the journey.

Chef Kevin Tien opened his first restaurant, Himitsu, in 2018. It quickly became a local favorite within the Washington, DC, food scene with its spicy fried chicken and colorful crudos infused with Vietnamese flavors like lemongrass and garlic. As a son of Vietnamese immigrants raised in Louisiana, he brought Southern and Southeast Asian flavors to his restaurants, garnering awards and a cult following across the Washington, DC, metro area.

He subsequently worked as an executive chef for several other restaurants. His restaurant Moon Rabbit abruptly closed in 2023 when its landlord decided not to unionize, something the hospitality staff was pushing for.

Tien opened Moon Rabbit again in the Penn Quarter neighborhood a year later — this time, as the chef/owner of the restaurant. The road to opening has come with challenges, and Tien has learned a great deal in preparing himself financially to open his restaurant under his terms.

Have your finances in order before you start

Tien recommends having at least three months of working capital saved to offset unexpected expenses. As he got ready to open Moon Rabbit, he sold his home, used the sales profit, and withdrew from his wife's 401(k) to raise money to open his restaurant.

He knew he had to be more frugal to open his restaurant. "We also started limiting our expenses at home. As a chef, I like to go out to eat on my days off, but I realized that I had to buckle down and eat more at home so we could save money along with consolidating our bills. Overall, we're around $1,500 a month," says Tien.

He advises against borrowing from friends or family, noting that such decisions can complicate personal relationships. Tien highlights the unforeseen costs that can impact a business, emphasizing that it is often not the major expenses like rent or labor but the myriad of smaller, unanticipated costs that add up.

Additionally, he stresses the necessity of being fully aware of all tax liabilities, including payroll and sales taxes, to avoid future financial complications. In his case, he sets aside his monthly taxes and places them in a savings account to ensure the funds are there when it's time to pay.

Prioritize your business spending

Tien emphasizes the importance of having adequate financial preparation before starting a business.

"We used our savings and everything we had to open Moon Rabbit. And one of the most important things was getting equipment and supplies as we made revenue. We opened on a slim budget," says Tien.

He stresses focusing on the essentials as you grow your business. "Things don't always go well, so keeping an eye on the numbers is crucial. Because we are very personally invested financially, we grow the space as we generate revenue. Many people want to get everything they can right from the beginning, but that's always very expensive. We focused on getting what we needed to provide a very nice service," explains Tien.

Tien also recommends using a business credit card, which allows you to accrue points with purchases.

"I have a Chase business credit card," Tien says, "which gives me 3 points per grocery purchase, and our restaurant ingredients are considered grocery expenses. I turn around and use those points to buy other items, like paper goods."

Managing money and preparing for the future

"I used to be bad at saving money," Tien recalls as he looks back at his financial outlook. "Operating a restaurant can be difficult as margins are small, but I make sure to save every week, no matter how small the amount is. Sometimes, I only saved $20 in a week. Once I build enough, I move it to a CD account to accrue a higher interest rate."

He also has a side hustle consulting for other restaurants. As he provides similar consulting services for Moon Rabbit, he bills the restaurant his fee instead of taking a salary to keep his accounts separate.

Insurance is another essential expense for Tien. He purchases life insurance and personal injury insurance to protect himself financially in case of an accident. To get the best life insurance deal, he advises going with an insurance broker who can offer a bundle deal with multiple policies. "In our case, the same company that provides our workers' comp insurance also manages my life insurance policy."

Choose your partners wisely

Tien says it's important to choose the right partners in business, highlighting the value of long-standing relationships and mutual support. "For me, it's about finding the right people to be partners with. Many of our co-chefs and co-owners, like Judy Beltrano, Susan Bae, and Alan Vo, have worked with me since I was a kid at Momofuku. We have a relationship spanning over 10 years, where we understand each other intuitively," says Tien.

He explains that these colleagues supported him through the best and worst times, so he chose them as partners. "When things were at their lowest, they stuck with me and helped find solutions to create a business we are proud of," Tien adds.

Look for community resources

Tien contacted his friends in the tight-knit Washington, DC, restaurant industry to learn best practices in opening Moon Rabbit. "I have a lot of really great friends in the industry who helped walk me through the permitting and application process. I think this is the best way to do it," says Tien.

He stresses the importance of preemptively going through the steps of permitting and application before signing a lease, which helps expedite the overall process and save money by operating as soon as possible.

For AAPI entrepreneurs looking to lay their financial groundwork for starting a business, Tien suggests leaning into your local community. "Lean on organizations serving the AAPI and restaurant advocacy organizations for guidance. There are people in your local government are there to help and provide resources," he says.

Tien mentions the Washington, DC, Mayor's Office of Asian Affairs and the Restaurant Association Metropolitan Washington as significant resources that supported his entrepreneurial journey.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Happy Friday! Ancient Egyptians still left us a few secrets as archaeologists may have just found a hidden chamber at the base of the Great Pyramid of Giza.

In today's big story, we're looking at the historic guilty verdict against former President Donald Trump.

What's on deck:

• Markets: Take a trip down memory lane as top investors relive the best trades of their careers.
• Tech: A leaked trove of Google Search documents has a corner of the internet up in arms.
• Business: It lives! The housing market is showing signs of life.

But first, the verdict is in.

If this was forwarded to you, sign up here.

The big story

A Presidential verdict

Guilty on all counts.

In a historic verdict, former President Donald Trump was convicted of all 34 criminal counts related to a hush-money payment made to a porn star, write Business Insider's Laura Italiano, Jacob Shamsian, and Natalie Musumeci.

It's the first time a US president has become a convicted felon. According to a veteran court sketch artist who captured the moment for history, Trump looked "demolished" by the verdict.

It took the jury less than 10 hours over two days to reach a verdict on the case, which focused on a $130,000 hush-money payment to adult film actor Stormy Daniels made 11 days before the 2016 election.

A key piece of deliberations could have been the judge's "rain metaphor" instructions. On Thursday, jurors asked to rehear the concept — you can infer it's raining by seeing a wet umbrella even if you don't see actual rain — suggesting they were weighing Trump's intent.

Trump's sentencing is scheduled for July 11, where he could face up to four years in prison, but don't expect things to move quickly.

A legal expert told BI's Lloyd Lee that Trump likely won't face any consequences before the election due to what's sure to be a lengthy appeals process. (There's also a slim chance Trump will see the inside of a jail cell for these charges anyway.)

In the meantime, the 77-year-old, who is the likely Republican presidential nominee, didn't mince words after the verdict was announced.

"This was a disgrace. This was a rigged trial by a conflicted judge that was corrupt," Trump told reporters in the Manhattan courtroom hallway.

"I'm a very innocent man," he added.

Trump also didn't waste time leveraging his conviction into a fundraising opportunity. A graphic on his campaign's website labeled him "a political prisoner."

So what does this conviction really mean for Trump?

He can still run for president as a convicted felon. In fact, two previous candidates did it behind bars, although, unlike Trump, they were long shots.

And the conviction won't even stop him from voting — as long as he's not in jail on Election Day — according to an attorney who spoke with NBC News.

You could even argue feelings about Trump, for better or worse, will remain unchanged despite the guilty verdict. If anything, it might cause supporters and detractors to dig their heels in deeper.

(Either way, I'm curious if you feel differently about Trump. Vote here.)

In reality, Trump's fate still comes down to November's election. Trump told reporters Thursday the "real verdict is going to be November 5 by the people."

At least one person agrees: President Joe Biden.

3 things in markets

1. Wall Street vets run through their greatest hits. Top investors like Rob Arnott and Bob Elliott detail the best trades of their careers and the lessons they learned from them. From a 93% gain in three months to betting big against the volatility index, these are the bets that stand out.
2. Elliott Management just raised a ton of cash. Here's what it's gonna do with it. Paul Singer's vaunted hedge fund raised $8.5 billion, according to a letter to investors seen by BI. The $66 billion firm is preparing for a potential market downturn where distressed opportunities, its specialty, will arise.
3. Tech-savvy hedge funds are hiring top AI talent. BI collected salary data from eight hedge funds and prop-trading firms for AI roles. Check out who's paying the most at firms like Bridgewater, Two Sigma, Jane Street, and more.

3 things in tech

1. The SEO industry isn't happy with Google these days. A trove of 2,500 documents containing highly coveted secrets about how Google ranks its search results pages was circulated this week. SEO experts said the documents showed Google hasn't always been honest when answering questions about how it ranks websites.
2. In more Google news, the company is scaling back its AI search plans. The tech giant's head of search Liz Reid confirmed in a blog post on Thursday that Google would roll back the use of AI-generated answers after the feature made several errors, including telling users to put glue in their pizza sauce.
3. Microsoft seems concerned about an OpenAI deal with Apple. CEO Satya Nadella met with Sam Altman to discuss the deal, The Information reported. Nadella was reportedly worried about the potential impact it could have on Microsoft's product ambitions.

3 things in business

1. The Shopify Plus brand will no longer be used. According to a leaked internal memo, Shopify Plus, a more premium version of Shopify's SaaS product, has "outlived its usefulness." The company will stop referring to Shopify Plus as a stand-alone brand.
2. The housing market appears to be entering a recovery period. In a recent note, Charles Schwab said supply, price growth, and home sales all look to be improving from past conditions — but that doesn't mean we'll be seeing a booming expansion.
3. Laid-off TikTok staffers speak out. The company started letting go of employees across its ops and marketing teams last week after it had previously bucked the Big Tech trend by holding fire on cost-cutting efforts. Several ex-staffers told BI how they're feeling about the layoffs.

In other news

• Tesla accuses advisory firm of 'scaremongering' after it urged investors to vote against Musk's pay package.
• Elon Musk says he hasn't discussed taking a role in a second Trump administration.
• Apple lets YouTuber MKBHD inside its stress-test labs, where machines subject iPhones to water jets and drop tests.
• Apollo CEO Marc Rowan defends private credit from Jamie Dimon, saying shadow banking 'makes the system safer.'
• Disney's Bob Iger may be celebrating today after Nelson Peltz's latest move.
• 'The Apprentice' producer says Donald Trump used the n-word on set.
• 15 rising stars in influencer management building impressive talent rosters and making waves in the creator economy.
• My coworker hated me and badmouthed me to everyone. Leaving the job I loved was the best decision I ever made.
• The IRS says its direct file program saved Americans $5.6 million in filing fees. Now they're making it permanent.

What's happening today

• The Bureau of Economic Analysis will publish April's PCE inflation data, which is the Federal Reserve's preferred measure of inflation.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. George Glover, reporter, in London.

• Elon Musk's X is planning a live town hall event with Donald Trump, The Wall Street Journal reported.
• The platform is reportedly partnering with NewsNation and will show the events on both outlets.
• The relationship between Trump and Musk appears to be warming up.

Elon Musk's X appears to be planning to host a live town hall event with Donald Trump.

The social media platform, which has been pushing toward video content, is partnering with cable network NewsNation and will air the events on both outlets, The Wall Street Journal reported.

Its unnamed source said a date for the event had not been finalized.

The Journal reported that X also plans to host a similar town hall event with rival presidential candidate Robert F. Kennedy Jr.

X did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

The plan would bring Trump back to Musk's platform, where he was previously an influential and active user before his account was banned following his supporters' attack on Congress on January 6, 2021.

Musk reinstated the account in late 2022 after he took control of Twitter, but Trump has only posted once since then.

The personal relationship between Trump and Musk also appears to be strengthening.

In a separate report, The Journal said that Trump was considering giving Musk an advisory role if he regains the White House in November.

The outlet said the pair had discussed ways for Musk to provide input on border security and economic policies, though the title and details of Musk's role remain unclear.

Musk later denied the report on X: "There have not been any discussions of a role for me in a potential Trump Presidency."

The Tesla CEO also defended Trump after a Manhattan jury convicted him of 34 counts of falsifying business records in his hush-money trial, calling the case a "trivial matter."

Despite the Thursday verdict making him the first former president to become a convicted felon, some billionaires are nevertheless revealing their support for Trump.

Bloomberg reported that prominent business and finance figures were starting to embrace the possibility of another Trump presidency.

Following the Thursday verdict, Omeed Malik, president of 1789 Capital, said the ruling would have "less than zero impact" on his support for Trump.

According to multiple reports, Pershing Square Capital Management CEO Bill Ackman is also considering a public announcement backing Trump.

• Allison Chen studied to be a pastry chef and worked in a kitchen while attending Duke University.
• She was passionate about baking but worried about pursuing a low-paid career after college.
• After posting about her job on TikTok, Chen was able to multiply her income using brand deals.

This as-told-to essay is based on a transcribed conversation with Allison Chen, 21, from New York, about using TikTok as a source of income. The following has been edited for length and clarity.

During my sophomore year at Duke University, I decided to move to France for a sixth-month pastry school. I was a biology major then but had lost interest in my degree. I've always loved cooking, particularly baking, and I decided to take some time off from college to pursue that passion.

Since studying at pastry school, I've worked as a pastry chef and have been building a baking TikTok account alongside my degree. My creator side hustle has been much more lucrative than any of my work in an actual kitchen, but I still don't think I'll be a content creator full-time immediately after university.

I went to a pastry school in France

France has the best pastries, and during my semester-long break from Duke in 2022, I attended École Ducasse to get my pastry diploma. This one was the most modern of the pastry programs I looked at. My parents were paying for my college education, so I used the money they would have spent on the semester and put it toward pastry school instead.

I learned about fundamental pastry techniques and French desserts. We made things like chocolate, croissants, and ice cream. I went to school six hours a day, four days a week. The school was based in rural France, so it was also a nice change of pace. I feel so lucky that I could have this experience; it was life-changing.

I finished the program in June 2022 and did a stage — which is an unpaid internship — in a patisserie in Paris.

I knew that I wanted to finish my bachelor's degree, and returned to Duke in August. I started a part-time job the following January, working back-of-house as a pastry prep cook in a restaurant near my university campus. I wanted to continue to practice my baking skills in a commercial setting.

While at pastry school, I started making baking content on TikTok

I downloaded the TikTok app a month before going to pastry school. I had made a few TikToks before, but while there, I'd film the chef's demonstrations, showing what my pastry looked like and filming myself eating it at the end. I wanted to document my experience so people back home could see what I was up to.

My videos started to go semi-viral, and over a month into posting, I had a video that hit a million views. I shared videos daily, and people seemed interested in what I'd learn next. I didn't intend to monetize my videos, but when I got back to the US, brands started reaching out to me with deal offers.

Most brands I work with are in the lifestyle space; they want me to help promote their products to a college-aged audience. I've done ads for a TV show and language app in the past.

Most of the time, the brands let me plan the video. I typically cook or make a dessert in line with the company's theme or the product they were promoting. I'd promote the product in the video, disclosing it was an ad.

Content creation made me an income, but I wanted to work in a restaurant for the experience. It's always good to work in different kitchens to learn how they operate and to learn new skills.

I was able to make more from content creation than pastry work

My part-time job as a pastry cook paid around $17 an hour. I worked between 10 and 12 hours a week on average. When I left in May 2023, at the end of the school term, I'd made around $3,000 over the five months.

It solidified that being a pastry chef alone was not a lucrative career. While I would love to continue to bake all day, I'm not sure I'm cut out for the long hours and low pay of restaurant work.

When I was working at my part-time restaurant job, I posted five ads for three different companies on TikTok and made $23,600 — over $20,000 more than the $3,000 I made from the actual job.

I now have almost 350,000 followers on TikTok, around 260,000 followers on Instagram, and 200,000 subscribers on YouTube. In addition to the money I can make from brand deals, I make as much as $500 a month through these platforms, including YouTube ad revenue and the Creator Rewards Program.

Content creation has given me an extra source of income; I don't need to worry so much about my future salary

It's hard to be a really good pastry chef. It requires a lot of work and doesn't always come with appropriate compensation. I think it's cool I've been able to supplement my pastry work with money from content creation. But content creation is essentially freelance work, and the income isn't consistent, which can be stressful. I'm still making money from content and hope someday to turn it into my full time job.

I graduated from Duke in mid-May after switching my major from biology to visual media studies. For now, I think I will get a job in addition to being a content creator. I'm thinking of applying for an internship in marketing to try something different and then returning to a pastry shop when I start to miss baking.

Content creation has helped me to pay for more of my expenses. In 2024, I started paying for my college tuition, which has allowed me to alleviate that burden from my parents, who were paying for it previously.

It's also given me more professional freedom. When I get a full-time job, whether it's in marketing or pastry or something else, I can be more flexible about the salary I'm earning because I have this other source of income — I can do pastry work without having to worry about the low income from working in a kitchen.

• Brick Fest Live was promoted as the "UK's biggest Lego festival." It was not affiliated with the Lego company.
• Instead, the "bleak" convention hall left fans feeling like they'd been conned. 
• The event is being compared to the disastrous Willy Wonka experience that went viral for being so bad.

British Lego fans were left feeling less than impressed last weekend after a convention dubbed the "UK's biggest Lego festival" turned out to be a "bleak" half-empty room.

Brick Fest Live UK was held from May 25 to 27 in the British city of Birmingham. It promised to bring fans a "jaw-dropping collection of brick creations from across the globe under one roof."

It was not sponsored by or affiliated with Lego.

The poster promised a Lego brick pit, life-sized models, floor mosaics, derby races, and a "glow zone."

Instead, footage from the event appeared to show a large convention hall with a few large models scattered about the room, a shop, and a small children's playpit.

The event's disappointing offering has been compared to the Willy Wonka experience fiasco held in Scotland last February, which went viral because it was such a letdown.

'It's as bad as that Willy Wonka experience in Scotland, hardly anything there, both of my kids were so disappointed," one mother told Birmingham Live.

Another attendee shared a video of his experience at Brick Fest Live on his Youtube channel, saying he paid $50 for a VIP ticket and was "filled with regret."

"Most of the event is empty space and piles of loose Lego," the Lego enthusiast, whose channel is called Block Party UK, said.

"It is one of the biggest cons I've ever experienced, and I've been coming to conventions for 15 years."

Fellow angry fans commented on the video, agreeing that the festival had been a disappointment and was "utter rubbish." Several said that they were demanding a refund.

"They shouldn't be allowed to get away with this blatant false advertising," commented a father who had brought his 10-year-old son to the event.

Brick Fest Live UK's website and social media sites were all inactive when Business Insider tried to contact the organizers.

"We are aware that Brick Fest Live is potentially not delivering for adult-level enthusiasts, and there are elements of the show that are not of satisfaction for this sector of customers," Brick Fest Live UK said in a statement shared with The Sun.

It confirmed that it was considering customer feedback.

The convention originated in the US nearly a decade ago and is supposed to be a showcase and fan celebration of all Lego creations.

• MrBeast criticized copycat creators for lacking originality and relying on his formula.
• Copying MrBeast's content misses what drives his success, and knockoffs probably won't succeed.
• Experts agree that a unique voice is vital for longevity in content creation.

MrBeast is the most successful YouTuber of all time, but copying him isn't likely to yield the same results.

In a recent interview with the journalist and YouTuber Jon Youshaei, Jimmy Donaldson, AKA MrBeast, said some creators attempt to "copy and paste" successful content, while others are inspired by their peers.

YouTube is full of creators trying to imitate MrBeast's style. Some have the same type of thumbnail, same overlay text, and even visit the same places Donaldson does. Many even try to impersonate him by mimicking his voice and characteristics.

Youshaei said there's a difference between "plagiarism, which is not good, and remixing and elevating."

'Copy with taste'

He describes the latter as "copy with taste," which "is elevating the past, giving credit, and then blending from different sources."

Donaldson agreed that copycat content is noticeable because a creator will post a video where the only difference between his and theirs is their level of resources.

"We don't need someone else doing my videos with lower budget and less effort," Donaldson said. "We need people doing their own version of it with their own unique spin and taste."

Donaldson pointed to Ryan Trahan, a YouTuber with 15 million subcribers, as an example of a creator who was inspired by him but has developed his own original style.

"Ryan has his own voice; he's quirky," Donaldson said. "We need more people like that."

Xavier English, the founder of content creation agency Supermix, told Business Insider that simply copying the surface layer of a popular video is "missing the point."

While it may help in the short term by generating a good number of views, there will remain a lack of understanding about why it worked in the first place, and that will backfire, he said.

Creators that do this also "ooze fakeness," English said, which "audiences can smell a mile away."

"You could drop MrBeast at a Neanderthal campfire 50,000 years ago, and he'd probably tell a story with a 70% audience retention rate," English said.

"His content doesn't succeed because of what you can see on the surface or flash-in-the-pan trends. It's because of a deeper understanding of timeless human psychology."

Copycats are 10 steps behind

Katya Varbanova, the owner of content marketing firm Viral Marketing Stars, told BI that being yourself is in, and copying what others do is out.

"The difference between pioneers like MrBeast and copycats is that pioneers are 10 steps ahead," she said, "making it impossible for copycats to win because the pioneer is learning from and making mistakes the copycat hasn't even gotten to yet."

Knockoffs of popular creators aren't likely to win in the long run, Varbanova said, because "they'll always be a few steps behind."

The main difference between copying and inspiration is "lazy research," Varbanova added.

"Copying is where you simply follow what your competitors do," she said. "Inspiration is when your competitors' content is only one piece of the puzzle in your research."

Donaldson, for instance, started out performing challenges in his bedroom (like counting to 100,000 in one sitting). He gradually increased the ambition, budget, and scale of his stunts until he is where he is now: recreating Squid Game, shredding Lambourginis, burying himself alive, or stranding himself on a desert island.

Isla Moon, a fishing influencer and OnlyFan star, told BI it's difficult to find "a truly original idea" as a content creator. But copying is not the answer.

"It just leaves a sour taste in your mouth because it's simply a lack of effort on their part," she said.

Copying Donaldson will also not work because he has such vast resources that almost nobody else has access to, so any copycats are likely to be underwhelming.

"If you're basing your whole content idea on what someone else is doing, you'll run out of ideas eventually because you're solely dependent on what someone else is doing without throwing in anything new," she said. "It's just not sustainable."

Kaye Putnam, a psychology-based brand strategist at Freewyld, told BI that originality pays off in the end, not being a "secondary version" of someone you aspire to be like.

The key to building a strong brand is for creators to understand who they are and how they can express that to the world — looking inward before focusing on others for inspiration.

"Stop trying to model what success looks like," Putnam said. "Yes, it's natural to model success, but the less you try to be like someone else, the more attention that you get for your work."

• Jason Cooper discovered a stegosaurus fossil on his Colorado property in May 2022.
• The fossil, named Apex, is about 70% complete and could fetch up to $6 million at auction.
• Apex will be sold by Sotheby's in July, with some paleontologists arguing it belongs in a museum.

On his 45th birthday in May 2022, Jason Cooper was strolling through his Colorado property when he came across part of a stegosaurus bone sticking out of a rock wall.

He began excavating it, cleaning and assembling the skeleton, and named it Apex.

As a professional commercial fossil hunter, Cooper knew that Apex was an impressive find. The fossil stands about 11 feet tall, spans over 20 feet long, and is about 70% complete, he told BBC News.

But he might have been surprised to learn that Sotheby's believes it could fetch up to $6 million at auction.

Apex is "virtually complete" and well preserved, with 274 possible bone elements mounted on a steel armature, Sotheby's said in a press statement.

According to the auction house's global head of science and popular culture, Cassandra Hatton, it is "one of the best fossils of its kind ever unearthed."

Apex will be auctioned in July during Sotheby's annual "Geek Week" sale. It's estimated to be worth $4-6 million, with the auction house describing it as one of the "most valuable dinosaur fossils ever offered."

The stegosaurus was discovered in the Morrison Formation in Colorado, a stretch of sedimentary rock dating back to the Jurassic period.

The area is a rich source of dinosaur fossils, according to the National Park Service.

BBC News reported that Cooper and his family live on a property with just under 100 acres of land.

According to the BBC, Cooper recorded data about where the fossil was found, covered up the bones, and then began cleaning and reassembling the skeleton using a pneumatic chisel, microscopes, and sand-blasting jets.

Sotheby's said there were no signs of combat or predation-related injuries on the fossil, but there was evidence of arthritis, which suggests the dinosaur lived to an old age.

The upcoming sale is attracting some controversy.

While the skeleton will be on exhibition at Sotheby's galleries in New York before being auctioned, some paleontologists argue it shouldn't be privately sold.

Steve Brusatte, a professor of paleontology at the University of Edinburgh, told CNN that Apex belongs in a museum.

"It is a great shame when a fossil like this, which could educate and rouse the curiosity of so many people, just disappears into the mansion of an oligarch," he told the news outlet.

BBC News reported in 2019 that celebrities like Leonardo DiCaprio, Russell Crowe, and Nicolas Cage are among the famous people who have bought prehistoric remains.

• JPMorgan just published its 25th annual summer reading list.
• The bank suggests 11 titles it believes capture a world experiencing "radical shifts."
• AI, Formula 1, and Matt Damon all feature on JPMorgan's recommendations.

JPMorgan's annual reading list might be the closest thing the US has to a billionaire's book club.

For a quarter of a century its private banking division has offered up its summer must-reads, based on recommendations from client advisors around the world.

JPMorgan Asset and Wealth Management's chief communications officer Darin Oduyoye touted the bank's picks as an attempt to capture a world experiencing "radical shifts." It may come as little surprise that the AI revolution is the main theme of one title on its list.

Other picks focus on Gen Z anxiety and Formula 1, while Matt Damon, Jake Gyllenhaal, and Google's productivity czar Laura Mae Martin are among the authors featured.

Check out the 11 books JPMorgan says you should be reading this summer.

1. "Supercommunicators" by Charles Duhigg

Charles Duhigg's "Supercommunicators: How to Unlock the Secret Language of Connection" is a deep dive into the latest research about how to have better conversations.

The former New York Times reporter zeroes in on a wide range of examples — including divided jury rooms and CIA agents tapping up foreign sources.  

2. "The Anxious Generation" by Jonathan Haidt

Jonathan Haidt's latest book tackles what the social psychologist calls "the great rewiring of childhood," referring to the massive impact smartphones are having on the lives of younger people.

He argues that parents and governments need to act now to address rising sleep deprivation, loneliness, and addiction among children.

3. "Giants: Art from the Dean Collection of Swizz Beatz and Alicia Keys"

"Giants" showcases selections from Swizz Beatz and Alicia Keys' Dean Collection, which coincides with an exhibition at the Brooklyn Museum. It celebrates the work of nearly 40 groundbreaking Black artists, including Jean-Michel Basquiat and Gordon Parks.

4. "Brave New Words" by Salman Khan

Earlier this month, Bill Gates took to social media to recommend "Brave New Words," by Salman Khan, the founder and CEO of the Khan Academy nonprofit.

The book argues that advances in AI will transform education and offers a guide for teachers, parents, and students on navigating a fast-changing world.

5. "Love & Whiskey" by Fawn Weaver

Fawn Weaver, who became the first African-American woman to head a major spirits brand when she founded Uncle Nearest in 2017, reflects on her journey to uncover the life of Nearest Green, who played a pivotal role in the development of Jack Daniel's.

6. "The Formula" by Joshua Robinson and Jonathan Clegg

Formula 1 is one of the fastest-growing sports in the US, thanks to the huge popularity of Netflix's "Drive to Survive" and new races in Miami and Las Vegas.

Clegg and Robinson, who also coauthored one of the definitive books about the rise of Premier League soccer, team up again to give readers an inside look at the history and future of F1.

7. "Secret Stays" by Melinda Stevens, Issy von Simson, and Tabitha Joyce

This coffee-table book published by Assouline introduces readers to 22 little-known travel spots, ranging from a secluded Croatian monastery to a Japanese townhouse.

JPMorgan describes the title as "a fresh look at the diverse and ever-evolving face of travel today."

8. "Finding Fortunato" by Adam Pearson

Adam Pearson's "Finding Fortunato" charts the history of the entrepreneurial Peruvian family that found the Nacional white cacao bean — setting the stage for it to start making what's become known as "the Rolex of chocolate."

9. "Uptime" by Laura Mae Martin

Google's productivity advisor Laura Mae Martin, who's worked for Alphabet for more than a decade, shares easy-to-follow steps to boost your output and avoid burnout in her new book.

10. "The Secret Society of Aunts & Uncles" by Jake Gyllenhaal, Greta Caruso and Dan Santat

Actor Jake Gyllenhaal, his childhood best friend Greta Caruso, and illustrator Dan Santat teamed up to write this ode to uncles, aunts, nieces, and nephews.

11. "The Worth of Water" by Gary White and Matt Damon

To mark its 225th anniversary, JPMorgan highlighted this book, reflecting its earliest predecessor's origins as a waterworks company.

Garry White and Matt Damon outline a trial-and-error approach to solving the water crisis, emphasizing the role that collective action could play.