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Hello! You can rest easy knowing Costco's beloved $1.50 hot dog combo is "safe," according to its new CFO.

In Friday's newsletter, I asked whether your opinion of former President Donald Trump had changed in light of his recent felony conviction. More than 78% said it hadn't.

In today's big story, we're examining Skydance's acquisition of Paramount and what it means for the streaming race.

What's on deck:

• Markets: Tech's run as the stock market's golden child could be coming to an end.
• Tech: Layoffs hit Microsoft's cloud business.
• Business: Inside a tight-knit circle of judges and attorneys that fueled a spectacular rise, and fall, of a Texas bankruptcy court.

But first, cut to black.

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The big story

Paramount's happy ending

In a town known for storylines, Paramount's sale didn't disappoint.

The media giant, which owns Paramount Pictures and CBS, has been in the news as an acquisition target since late last year. And just like its movies and television shows, Paramount's sale included twists, turns, and a slew of characters.

In the end, media company Skydance, with help from RedBird Capital Partners and KKR, secured the goods. The deal is expected to be announced in the coming days and values Paramount at $8 billion.

Paramount had no shortage of high-profile suitors. Warner Bros. Discovery chief David Zaslav, media entrepreneur Byron Allen, and private-equity giant Apollo, in collaboration with Sony, were among those who considered buying the company.

Skydance might not be as recognizable a name, but the company's owner and CEO David Ellison is. As the son of billionaire Oracle founder Larry Ellison, he's basically tech royalty.

But all the interest in Paramount this year didn't equate to smooth sailing. The day after broadcasting the Super Bowl it announced companywide layoffs. A few months later its CEO was shown the door. At least one high-profile investor headed for the exits as well.

All the while, Paramount's stock suffered. Even with a nice bump from reports of the deal, shares in Paramount are still down more than 11% on the year.

To make sense of the deal, I turned to one of Business Insider's media experts: Peter Kafka.

Talks of Paramount's sale have been brewing for a while. What are your initial thoughts on Skydance being the one to seal the deal?

Well, it's not sealed yet. This thing may still get derailed by a lawsuit from cranky investors. But if it does go through: It's the least-bad version for Hollywood, since owner-to-be David Ellison wants to keep Paramount making movies and TV shows, and that isn't a foregone conclusion with any other buyer.

Paramount has fallen pretty far behind its peers in streaming. What is its biggest pain point that Skydance will look to address?

Paramount loses money on streaming, like many of its peers. That's fixable. It has a subscale audience, and I don't know how a new owner fixes that.

The deal means one of the richest people in the world is tangentially connected to Paramount. How could that play a factor?

As I've written, the most important thing about David Ellison being Larry Ellison's son is that his dad is helping to finance the deal (what a dad!). But suggestions that Larry Ellison's tech background will help his son run a Hollywood studio make no sense.

As for other streamers, are any happy, or upset, by the outcome of this deal?

The most important question for Paramount isn't "who owns Paramount?" It's "is Paramount big enough to survive on its own?" And that question remains unanswered and unchanged by this deal.

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3 things in markets

1. The tech industry's crown as the stock-market king could be slipping. Tech stocks have had an incredible run in the market over the past decade. But Bank of America equity strategist Savita Subramanian sees a shift by year-end that favors other sectors due to several factors, including higher-for-longer interest rates.
2. How to hedge your portfolio against market volatility. Wall Street legend Gary Shilling offered investment rules to follow to avoid getting blindsided by the markets' sudden movements. That includes pivoting out of China and into India and betting on the US dollar.
3. Roaring Kitty is at risk. Trader Keith Gill, known as Roaring Kitty on social media, could get barred from E*Trade, sources told The Wall Street Journal. It comes after he posted a screenshot that appeared to show he had a $116 million stake in GameStop, causing the stock to surge.

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3 things in tech

1. The future of AI is in the hands of three tech giants. About 65% of global data centers' capacity is owned by three companies: Amazon, Google, and Microsoft. The rush to corner the market on data centers is a move by Big Tech to secure the keys to the coming AI kingdom.
2. Layoffs are hitting Microsoft. The company is cutting hundreds of jobs in its Azure cloud business, sources say. In a leaked memo viewed by BI, Microsoft exec Jason Zander blamed layoffs on the 'AI wave' and said they'll be doubling down on quantum computing.
3. Apple's big event is almost here. Apple's highly anticipated Worldwide Developers Conference kicks off next week, and it's gearing up to deliver some big announcements. Here's what we're expecting, from more on its AI strategy to iOS 18 and Siri updates.

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3 things in business

1. In a Texas bankruptcy court, conflicts of interest ran deep. New details have emerged about the tight-knit circle of attorneys and judges that fueled the rise — and spectacular fall — of one of the most influential bankruptcy courts.
2. Are we seeing a BuzzFeed-ification of the Washington Post? The struggling newsroom is launching a new news site focused on social media, for a broad audience. Creating another newsroom, while still operating the original one, is going to be hard to pull off.
3. 'Promised land' jobs are falling apart. Big Tech, finance, and consulting jobs are becoming harder to come by, upending the job search for young people. One survey found 21% of companies at large expect to decrease hiring this academic year, up from 6% in 2023 — and that's just the tip of the iceberg.

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In other news

• India's election is turning out far closer than expected, with Modi unlikely to win by a landslide.
• With AI writing so much code, should you still study computer science? This new data point provides an answer.
• Washington and Utah are the states with the best economies in 2024, while many in the South are struggling.
• Spotify CEO does damage control after his 'reductive' comments about creators spark backlash.

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What's happening today

• Today's earnings: Hewlett Packard Enterprise and other companies are reporting.

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

• Sam Mitchell lives comfortably in a tiny New York home on less than $30,000 a year from Social Security.
• He left a high-paying real estate career in 2008 before moving to Peru and road-tripping across the US.
• He said his fellow peak boomers should be more creative about approaching retirement.

Sam Mitchell, 64, has a yearly income of below $30,000 a year from Social Security. But he said he lives "perfectly comfortably."

He bought a 384-square-foot "little shack" on the side of a road in upstate New York, where he stays for half the year. He stays in a mobile home at the end of a dirt road in Florida the other half. It's a very different way of life from the corporate real estate job he had 15 years ago in Austin making six figures and owning five homes.

Last year, he made a "whopping" $15,000 from his Airbnb operation in the Finger Lakes region, all of which he reinvested in the business.

He thinks his way of life isn't that far out of reach for other people around his age.

"I have friends who are 80 years old who are still working because they're so terrified not having enough money, and I'm going, guys, look at me," he said. "I am making a fourth of the money I was making in 2008, but nobody is going to do it."

Across the country, many peak boomers — or those set to hit the traditional retirement age of 65 between now and 2030 — are worried they won't have enough saved for retirement. Some have told Business Insider they won't be able to retire ever, while others are concerned that with rising rent and food costs, Social Security payments won't be enough to cover basic expenses.

Mitchell, though, said people's definition of "comfort" may be too idealistic.

"I call it the 'C-word,'" he said. "A peak boomer's definition of comfort is the reason they're so freaked out and feeling FOMO. It's called stepping out of your comfort zone, but people are so terrified and can't do it. They have nobody but themselves to blame."

Leaving luxury behind

Mitchell was born and raised in Atlanta and went to college at the University of Florida. He worked as a journalist in Santa Cruz, California, for a few years, then switched to being a real estate agent, a transition he described as "absolutely absurd."

For two decades, he worked on and off at Keller Williams in the Austin market. He said he would "run up a bunch of money" one year, then take a few months off in countries like Costa Rica, before starting the whole process again. He also was a landlord and bought up rental properties across the state.

He recalled attending lavish parties with musicians performing at South by Southwest and Austin City Limits. He also had a nice car and truck, and he anticipated that by the mid-2000s, he was spending about $80,000 a year on expenses.

"The life I was leading in South Austin in 2008 was the life that 95% of this planet probably would have traded for," Mitchell said. "I had a beautiful four-bedroom, three-bath on the South Austin Greenbelt. I was up to five houses."

Around that time, he had a goal of wanting to own 40 houses in Austin by the time he turned 65, then sell one every six months until he was 85. He wanted to follow the path of one of his real estate investor friends.

But that year, he walked away from all of it.

"I made the decision to disentangle myself, this whole career hamster wheel," he said, noting he began liquidating his assets in April of that year. "The pressure just popped in 2008, even before the market crashed."

He sold his primary residence and three other homes, and his license expired at the end of that year. He paid off all his credit cards, got rid of many of his belongings, and left behind the luxurious life, knowing he could always go back to it and make $100,000 "without getting out of my chair."

Moving to New York and Florida

To start life anew, he bought a farm in Peru and built a small house. He lived in Peru and Ecuador for four years, mostly off the grid, before coming back to the US in 2012. He kept one Austin home that he rented to a tenant, who paid him $650 a month.

Upon moving back, he decided to live out of his pickup truck and drive through California, Oregon, and Washington at first. He had a bedroom in the Austin home he could resort to, but he spent 10 months of the year traveling with his dog, Sancho Panza. He did this for about seven years, getting to see much of the US.

He eventually found a home outside of Ithaca, New York, for $35,000 on 14 acres of land. He had almost no money left and was still three years from getting Social Security, but his sister helped him cover the cost with the promise that he would sell the Austin home to pay back his debt.

He put the Austin home on the market on March 9, 2020, perhaps the "single worst day to put a house up for sale in the 21st century," he said, coming just days before the COVID-19 pandemic would lead to lockdowns across the country. With the money, he bought a "new" 2013 truck that had 200,000 miles on it and been wrecked previously.

Once Social Security payments kicked in, he relied on the $900 a month to get by. He didn't have many expenses, as he had no children to support, no mortgage, and no health insurance. Though the $900 a month could not compare to his salary 15 years ago, he said it's enough to get by and live comfortably.

He started an Airbnb business on his property after constructing his first tiny house from an eight-foot by eight-foot toolshed. He moved into this property and rented out the 384-square-foot house to tenants who take care of the home during the winter.

He worked with a local Amish family to build two other tiny houses on the property. He also built a little community kitchen measuring eight feet by 20 feet. When all homes are rented, he lives in a 96-square-foot camper.

He said he's still on the red on this business, as he's only open five months a year, but he's hopeful it will soon be profitable. He has a small side hustle buying vacant lots in Florida with two friends, sometimes doubling the money on their initial investments and using their returns to purchase more real estate. Still, it's zero annual income as none of it lands in his pocket.

He also goes to Florida each November for a few months, living near a swamp in a 600-square-foot mobile home.

"If you are willing to do this, then you can easily live comfortably in these beautiful surroundings making less than $30,000 a year," he said. "I'm living proof of it. I have other friends who have made similar decisions, and we're all getting a little sick and tired of the whining."

He said many of his fellow peak boomers need to reconsider what they need to live comfortably, arguing that they need to get more creative with income streams.

"I'm not living under a bridge — I'm running a business," he said. "I live in these absolutely beautiful surroundings, but you just have to trim down on all your gadgets. I just traded in my beautiful i7 computer that was going haywire for a Pentium processor. The guy at BestBuy was absolutely horrified that I was making this decision."

Have you recently moved to a new state? Are you worried about retirement? Reach out to this reporter at nsheidlower@businessinsider.com.

• Indonesia is building a new capital from scratch, with Jakarta threatened by rising sea levels.
• Two top officials resigned on Monday, raising questions about the $35 billion Nusantara project.
• Indonesia's government has used influencers and Tony Blair to help promote the grand project.

Indonesia's plans to build a new capital city from scratch have been hit by the unexpected resignation of the two top officials overseeing the project.

Bambang Susantono and his deputy Dhony Rahajoe both quit their roles at the Nusantara Capital City Authority on Monday, outlets including Reuters reported.

State Secretary Pratikno said President Joko Widodo had received Susantono's resignation, Asia News Network reported.

They're expected to be temporarily replaced by two ministers from Widodo's government until permanent appointments are made.

Widodo said on Instagram that work on Nusantara would proceed "according to the shared vision," the South China Morning Post reported.

However, the resignations could be a setback for the new city being built on Borneo's eastern coast.

Indonesia's capital and largest city, Jakarta, faces flood risks due to rising sea levels, so Widodo's administration decided to build a replacement.

Nusantara will cost an estimated $35 billion and won't be finished until 2045. However, about 6,000 government workers are expected to move there in time for the new president's inauguration in October.

Indonesia's government has recruited high-profile figures, including former UK Prime Minister Tony Blair and Abu Dhabi's Crown Prince Mohammed bin Zayed Al Nahyan, to promote the project.

It's also tapped up influencers, with Widodo taking dozens of social media stars on a tour last year in a bid to address concerns about deforestation.

There are also rising concerns about how Nusantara will be funded. The Indonesian government has only committed to covering about 20% of the cost, and it's struggled to find other sources of cash. In March 2022, Japan's SoftBank pulled out of investing in the project.

Neither Susantono nor Rahajoe immediately responded to requests for comment from Reuters or Business Insider.

• Jean Jordison, a retired teacher, said her family covered bridesmaid costs at her daughters' weddings.
• She said it didn't feel right to ask the bridesmaids to pay since they were throwing the wedding.
• Bridesmaids spend an average of $1,900, according to The Knot, with some taking on debt.

When Jean Jordison's eldest daughter spent an entire month's salary just to be a bridesmaid in a friend's wedding, she was shocked.

It was around the year 2000, and Jordison's daughter was a brand-new teacher, fresh out of college. She had to pay for a specific bridesmaid dress, alterations, a flight, a hotel stay, and more.

"As the mother of three daughters, I just thought, 'Oh my gosh, there has to be a better way,'"Jordison, who lives in Iowa City, Iowa, told Business Insider.

Jordison, who worked as a school librarian and preschool teacher before retiring, said that when her daughters got married in the aughts, they opted to pay for all the bridesmaids' expenses.

"It just didn't seem right to ask people to pay for stuff," she said.

Today, the average amount spent on being a bridesmaid is $1,900, according to data compiled by The Knot. Those costs include a bridal shower and wedding gift, the bachelorette party, dress, and hair makeup — which are all on top of other potential wedding guest costs, like flights and hotels.

It's not unheard of for bridesmaids to go into debt just to stand by their friend's side at the altar. Three women recently told The Cut they took on debt to fulfill their role as bridesmaids, with one saying she spent a total of $3,200 even without doing everything the bride wanted.

The high expenses associated with being a bridesmaid have been controversial, with countless articles offering advice for people who say they can't afford to be in a bridal party.

But to Jordison there's a straightforward solution: the bride, or whoever is paying for the wedding, covers the bridesmaid costs, so they only get what they can actually afford.

"I just think nobody should have to go in debt to be in your wedding," she said.

For her first daughter's wedding, Jordison said she knew they wanted to cover the bridesmaid expenses. The bridesmaids included the bride's two sisters, a close friend who had just graduated from college, and a close family friend who was in her teens, as well as one other person.

She said they picked out affordable bridesmaid dresses, shoes, and jewelry. They didn't skimp on anything, but they found options that were within their means — and there wasn't a big destination bachelorette party, which has become increasingly common.

"We're not millionaires, but we're not in poverty either, and it just seemed like we should be figuring out how to pay for this wedding because it was our wedding, our party," she said.

One of Jordison's other daughters eloped, but when her youngest got married, they again covered the costs for the bridesmaids, which included her two sisters and two sisters-in-law.

Jordison said she thinks too many people get caught up on traditions or trying to do things they can't afford. She said for her first daughter's wedding they were able to have 400 guests, but opted not to do a sit-down dinner and didn't have any wedding favors.

She said it often seems that couples getting married have big ideas for their events that they want other people, like guests or the bridal party, to help pay for.

Jordison said covering the bridesmaids' expenses was well worth it.

"I know the young women that were involved all appreciated it, too, because none of them were in a position where it would've been easy to pay for those things," she said.

While Jordison said it felt right for her family to cover those costs, wedding etiquette experts say the best thing to do is be transparent about expenses from the jump. They also say there are some costs bridesmaids expect to pay, like for their dress, while others should be optional or covered by the bride, like hair and makeup.

Jordison's advice to others is to think of your wedding more like a family event than an entertaining event and to do what's right for your family, regardless of traditions and expectations.

"I just think in this day and age, you can have the wedding you want," she said. "And it doesn't have to be this extravaganza."

Have a news tip or a story to share about the costs of being in a bridal party? Contact this reporter at kvlamis@businessinsider.com.

• Ukraine has deployed special forces to Syria to fight Russian mercenaries there, per the Kyiv Post.
• They are backing Syrian rebels in fighting the Assad regime in the southwest, per the outlet.
• Ukraine is also fighting Wagner mercenaries in Sudan, the outlet previously reported.

Ukraine has deployed special forces units to Syria to combat Russians there, according to the Kyiv Post.

Ukrainian special forces are fighting side by side with Syrian rebels against Russian mercenaries and Syrian President Bashar Assad's regime in the Middle Eastern country, the outlet reported.

It released a video obtained from sources within the Ukrainian Main Directorate of Intelligence.

According to the outlet, the video, dated March 2024, shows Ukrainian special forces targeting Russian checkpoints, strongholds, foot patrols, and convoys of military equipment in southwest Syria.

The Ukrainian soldiers used rocket-propelled grenades, improvised "Tarab" mortars, and what looks like command wire or radio-controlled improvised explosive devices in the attacks, the outlet reported.

An unnamed Ukrainian intelligence source told the outlet that the troops had backed Syrian rebels in carrying out multiple strikes on Russian military facilities since the start of the year.

The Ukrainian Main Directorate of Intelligence didn't immediately respond to a request for comment from Business Insider.

Russia has been involved in Syria's civil war since 2015, when it launched a military intervention after the country's president requested support against opposition and the Islamic State.

By the end of April 2018, the Syrian Observatory for Human Rights reported that Russian aerial bombings had directly killed more than 7,700 civilians, a quarter of them children, as well as 4,749 opposition fighters and 4,893 members of ISIS.

Ukraine's military presence in Syria, however, has not been reported until now.

According to Alexander Libman, a professor of Russian and East European Politics at the Free University of Berlin, their presence in Syria would be "deeply" surprising as Ukraine faces "major" manpower issues on the battlefield back home.

"Sending any troops away from the country would be indeed rather strange," he told BI.

Even so, this is not the first time Ukrainian special forces have been seen fighting outside Ukraine.

Ukrainian special forces were reportedly seen interrogating captured Wagner mercenaries in Sudan in an undated video shared by the Kyiv Post in February.

Sergey Sukhankin, a senior fellow at the Jamestown Foundation, told BI at the time that the operation may have been part of "some sort of tacit agreement" between Western allies and Ukraine to battle Russian mercenaries in Africa, in exchange for certain military backing for Ukraine in its war against Russia.

• I bought a backpack from an Amazon seller that I thought was a genuine JanSport, but it broke.
• After trying to take advantage of JanSport's warranty, the company told me I had a counterfeit bag.
• Now, I verify the seller and review ratings before buying name-brand items on Amazon.

While doing back-to-school shopping for my kids in August 2022, I purchased a black JanSport backpack on Amazon.

Ordering school supplies online is easier than toting three kids to a store, and I'm a huge fan of JanSport backpacks because of their quality, durability, and limited lifetime warranty. I'm 43 years old and still use the same navy JanSport I had in high school.

Within a few months, one of the straps of the new backpack had torn off. I've never had this happen, so I sent the bag to JanSport, knowing their warranty covers defects.

Anytime I've had issues with a JanSport over the years, I've shipped my bag back to the manufacturer, and they've replaced the product for free.

But, instead of sending me a new bag, it was returned to me with this message: "We are sorry to inform you that your backpack is not an authentic product made by JanSport. It is an imitation and is not covered by our warranty."

At the time, I didn't understand how this could have happened.

Then, I discovered my backpack hadn't been sold to me by Amazon or even JanSport. It was shipped directly to me by a third-party seller.

Many Amazon sales come from third-party sellers, which can be hard to vet

Over 60% of Amazon's sales come from independent third-party sellers. Although this allows the online retailer to offer a greater range of products, it can also be challenging to monitor who's selling them.

An Amazon representative told Business Insider the company has "proactive measures in place to prevent counterfeit products from being listed and continuously monitor[s] our store." But some items, like my bag, fall through the cracks.

When I realized my JanSport was counterfeit, I contacted the seller through Amazon to request a refund. Even though I was well outside the return window, the seller replied the same day.

They told me I could keep the damaged backpack and they'd process my refund immediately. I wasn't surprised I was able to get my money back since Amazon has a zero-tolerance policy on the sale of counterfeit goods.

I now take a few extra precautions when shopping for name-brand items on Amazon

Now, when I buy name-brand items, I shy away from third-party sellers because it's harder to guarantee a product will be 100% authentic.

Next time I plan to buy something on Amazon, I'll check who's selling it. I can do this by looking under the "Buy Now" button on each listing.

In the future, I'll also spend a few extra minutes checking the ratings of any seller I'm thinking of ordering from. Sellers with only a few reviews, many one-star reviews, or comments that mention fake items, defective products, or lots of lost packages are all red flags to me.

Lastly, buyers can also report counterfeit products to Amazon Customer Service.

An Amazon representative told BI, "If you received a product from a third-party seller that you don't believe is authentic, we recommend customers contact the customer support team for a full refund of the order, stop using an item immediately, and dispose of it."

• Climate change has become one of the more polarizing issues dividing Americans in recent years.
• Biden and Trump have starkly different approaches in their handling of climate issues.
• Biden has sought to enact tougher regulations. Trump largely has the ear of oil and gas interests.

For millions of Americans, there's nothing more important than the well-being of the environment.

From the protection of lakes and streams to the battle to curb greenhouse gas emissions, many voters in the upcoming US presidential election want to see the federal government play an active role in climate issues.

But some voters also oppose stronger federal oversight of the environment, arguing that the economic benefits of increased oil drilling is paramount — while also dismissing global agreements on climate change as detrimental to the country's autonomy.

One thing is clear though: the lion's share of voters believe that climate change is real.

The latest quarterly survey from the Yale Program on Climate Change Communication revealed that 72% of Americans believed that climate change was occurring, while only 15% disagreed. That same survey showed that 58% of Americans felt global warming was caused by humans, while 29% believed it was a natural occurrence.

And the divergence in views on the cause of climate change has hardened political divides in recent years, with Democrats largely pushing for more protections while the GOP has been more receptive to energy interests who have largely opposed such rules.

Here's a look at President Joe Biden and former President Donald Trump's positions on climate — which is poised to be a defining issue for Gen Z and millennial voters this fall.

Where Joe Biden stands on climate

Biden has sought to position himself as one of the most pro-environment presidents in US history, following in the footsteps of his onetime boss, President Barack Obama.

Under Obama, the US joined the Paris Agreement, an international treaty which was crafted to significantly reduce the level of greenhouse emissions. But President Donald Trump withdrew from the plan while in office, blasting it as detrimental to the US economy.

On the same day as his January 2021 inauguration, Biden rejoined the Paris climate accord, putting the country back in line with nearly 200 countries that pledged to cut greenhouse gas emissions.

That same day, Biden also revoked a key presidential permit for the Keystone XL oil pipeline, a project championed by Trump but opposed by many Democrats, environmental groups, and an array of Native American communities.

In September 2023, Biden canceled seven Trump-era oil and gas leases in the Alaska National Wildlife Refuge (ANWR), which contains some of the most pristine lands in the country.

Biden has also pushed through new Environmental Protection Agency (EPA) rules that will limit tailpipe emissions from future trucks and passenger vehicles and strengthen the reporting requirements of methane emissions from oil and natural gas operations.

Where Donald Trump stands on climate

Trump's staunch opposition to the Paris Agreement is well-known.

During his first term in office, he rolled back key environmental protections, opening up lands to logging and even weakening efficiency standards for dishwashers and lightbulbs.

In April 2024, Trump suggested to a group of wealthy oil executives assembled at Mar-a-Lago that they should collectively raise $1 billion to help him win a second term in order to dismantle regulations that they oppose, according to The Washington Post. Per the newspaper, Trump then stated that such a sum would amount to a "deal," as the executives would avoid more stringent rules with him in the Oval Office.

Trump has also railed against Biden's strong support of electric vehicles, arguing that their ramped-up production will hurt the economy. The ex-president hopes that such a message will gain steam in places like Michigan — the Midwestern battleground state where he hopes to upset the incumbent in November.

The Project 2025 proposal, which outlines what Trump would do early in a second term, spells out the approach that his administration would likely take regarding oil and gas production — which the former president strongly advocated for while in office.

Two of goals for a Trump-run Department of Energy: "Unleash private-sector energy innovation by ending government interference in energy decisions" and "Stop the war on oil and natural gas."

• Indian stocks plummeted on Tuesday, suffering a $390 billion wipeout.
• The flagship NSE Nifty 50 index dropped nearly 6%, posting its worst day in more than four years.
• The losses came after Narendra Modi's party won far fewer seats than expected in India's election.

Indian stocks had their worst day in more than four years on Tuesday as Narendra Modi's narrower-than-expected election victory rattled markets.

Mumbai's NSE Nifty 50, the main stock market index, tumbled as much as 8.5% before ending 5.9% lower as investors reacted to news that the coalition led by the ruling Bharatiya Janata Party (BJP) is expected to win about 300 seats in the Indian parliament.

That would give Prime Minister Modi a slim majority, but fall well short of the 400-seat landslide predicted by earlier exit polls.

It was the Nifty 50's worst trading session since the start of the pandemic in 2020, erasing nearly $390 billion in market value, per data from Bloomberg.

Meanwhile, yields on 10-year government bonds edged up, and the Indian rupee fell by around 0.5% against the US dollar.

On Monday, stocks climbed to record highs as traders bet on a landslide win for Modi — but Tuesday's results could make it much tougher for him to push through policy, analysts said.

"The sudden shift in the early counts and polls that suggest a reduced majority for PM Modi and the BJP is proving to be a nasty shock for Indian financial markets," AJ Bell investment director Russ Mould wrote in a morning note.

"Just as the 10-year bond, rupee and headline Sensex equity index had strengthened as voting closed, in anticipation of a Modi landslide, all three are now giving up some of those gains."

• The former CEO of Yum! Brands Inc. David Novak increased the company's market cap by $28 billion. 
• In the award-winning executive's new book "How Leaders Learn," Novak shares insights for leadership.
• He said learning how to get honesty from people around is important to combat delusion. 

Shortly after Wendy and I got engaged, I went to Louisville to meet her parents. She was anxious to know what kind of impression I'd made, so at the first opportunity, she pulled her mother aside and said, "So, what do you think?" At that moment, they could hear me trash-talking her two brothers, Jeff and Rick, as we played basketball in the driveway.

"Well," my future mother-in-law, Anne, replied, "he's a very loud man."

She was right. Wendy says I'm like a big puppy dog, jumping around, barking, and wagging its tail. When you're in a position of leadership, that kind of enthusiasm can get you into trouble because people confuse it with excessive optimism, even delusion. They can assume you don't want to hear about the bubble-bursting realities of a situation — even if all you want is the truth.

Here's an example: I'm incredibly proud of my podcast, "How Leaders Lead." I think the conversations are inspiring and helpful to leaders around the world. Ask me about it, and you'll hear (and see) my enthusiasm pour out. After building it for a year, we hired an experienced podcast producer and brand builder, Tim Schurrer, who is now the CEO of David Novak Leadership, to help us improve it. During one meeting, when we were still getting to know each other, I asked him how we could improve. I could tell he was hemming and hawing. He gave me vague answers. I finally said, "Tim, the only thing I care about is getting to the best possible product. What do you think we should do?" That made it safe for him to give me the reality: compared to other highly successful podcasts, he said, our intros and outros just weren't good enough. We weren't drawing people in with a big idea to get them excited, and we weren't leaving them with a clear takeaway. It was hurting our audience engagement. "OK," I said. "What do we do to fix it?" He gave us a better model, we implemented it right away, and it made our podcast better.

Active learners deal in reality. They recognize an essential truth: delusional people don't learn well. They work hard to follow the often repeated advice of my mentor at Yum!, Andy Pearson: learn to see the world the way it really is, not how you wish it to be. If you assume that the best ideas and soundest knowledge are based in reality, what are the chances that you're going to be open to them if you're clinging to what you wish rather than acknowledging what is? And how can you possibly know where or how to grow and learn if you don't know your starting point?

Unfortunately, we don't usually see the world the way it really is. Our brains create stories (rooted in those categories, templates, and heuristics I described in the last chapter) about everything we perceive, based on our experiences, desires, and expectations. Along the way, when information seems to be missing or contradictory, the brain fills in gaps or makes choices about what information to use or discard. (Surprise, surprise, it really likes information that proves the story right, a problem called confirmation bias.) An example that neuroscientists point to all the time is the divergent stories different people will tell after witnessing the same event. They'll swear that what they saw was the truth, even though it often isn't, or at least not the whole truth. Optical illusions are the visual manifestation of the brain filling in the gaps. The brain interprets the information it receives in a certain way, and we can't unsee it, even though we know it's not the truth or reality.

Basically, it's easy to be a little delusional. Long before neuroscientists could begin to describe how we process information and create meaning from it, great philosophers and thinkers knew it was a challenge. In the early twentieth century, the influential lawyer Clarence Darrow said, "Man does not live by truth, but by the illusions that his brain conceives."

So, what's an active learner to do? Well, here's what else Darrow said: "Chase after the truth like all hell and you'll free yourself, even though you never touch its coat tails." 

I'm a little more optimistic. I think we can get close to the truth in many situations. It starts by inviting more truth-tellers into your life who will keep orienting you to reality. But you can't make your perception of reality somebody else's responsibility (or base your judgments on their judgments). If you want to see the world the way it really is, you've got to hunt for the truth. You've got to chase it like all hell.

Reprinted by permission of Harvard Business Review Press. Excerpted from "How Leaders Learn: Master the Habits of the World's Most Successful People" by David Novak with Lari Bishop. Copyright 2024 David C Novak. All rights reserved.

• Facebook's new strategy leans more into TikTok-like Discovery and less into friends and family.
• It wants to reach a young demographic that will like things like Marketplace and the Dating app.
• Don't roll your eyes — it just might work.

Meta just unveiled its plan for Facebook to win over a surprising demographic: Gen Z.

I say surprising because it's widely known that Facebook is "for old people" — many teens and young people think of it as something their mom or grandma uses. According to a 2023 Pew survey on teen internet use, only about a third of US teens ages 13-17 used Facebook. Compare that to Pew's 2014 survey, when 71% of teens used Facebook.

Meta's new plan for Facebook — and winning over younger people — revolves around two prongs:

First, more discovery in the feed. This basically means more recommended content like Reels and other posts in the feed instead of posts from friends and family — sort of like how the Instagram feed has lately been more about the discovery of people you don't follow. That's a big reversal from the 2018 change to Facebook's news feed that prioritized posts from your friends and family over publisher content.

Secondly, Facebook is hoping to lure back young adults with offerings like Marketplace, Dating, Groups, and Events.

Note that Facebook is looking for "young adults" rather than teens — this may be partly because Meta is anxious about promoting its products too directly to teenagers when the company is facing serious scrutiny and lawsuits about its apps' effects on teen mental health. It might not be a great look to be courting a teen audience at the moment.

But Facebook also has more to offer "young adults" than teens. In rolling out the latest changes, Facebook gives the example of a recent college grad, maybe 22, who has just moved to a new city. They need to furnish their apartment on the cheap — so they use Marketplace to get a used couch. That person might find fun things to do through Events and join some local Groups. They might also use Facebook Dating. And maybe they hang out on the app and watch some entertaining Reels in their feed, too. (Video accounts for about 60% of time spent on Facebook, according to Meta.)

Don't laugh — I think this actually might work. The real secret power here is Marketplace, the swap meet-like service that's incredibly useful for lots of people. I know several people who reluctantly joined Facebook just to be able to use Marketplace. I use Marketplace all the time.

Some of Facebook's plan does sound a little overly positive. I'm sure Meta would prefer us all to think of Groups as a nice place to find tips about houseplants rather than remembering Groups like Stop the Steal. And I don't think Facebook Dating is a huge hit. (Meta says Dating numbers are up 20% year-over-year but doesn't say how many people are using it.)

And there's another thing really going for Facebook that I won't be surprised if young adults, joining for the first time, are pleasantly surprised by: The site works pretty well. That sounds like a really low bar, but consider what it's competing with: Craiglist, Evite, Reddit. Not exactly the most user-friendly sites. What a 22-year-old who finally joins Facebook might discover is something of an "everything app" (much to Elon Musk's dismay, I'm sure).

Maybe it's not so much a social network anymore; it's a place to accomplish basic tasks and watch some video. It might not keep you glued to the app for hours when you're trying to go to sleep like TikTok does, but growing a younger demographic by offering utility is a good long-term strategy.

Not long ago, Instagram seemed against the ropes, mired in millennial avocado toast cringe. But it managed to get its mojo back and compete against TikTok, even with teens. Mark Zuckerberg has even managed to turn his reputation largely by wearing some new clothes. I know it seems improbable that Facebook could become cool for Gen Z, but don't count it out — they just might pull this off.