Tag: News

• The US will keep growing for several quarters, but 2025 will see a hard landing, Apollo's Torsten Slok told Bloomberg TV.
• Debt is fueling the growth, and both consumers and corporations are already feeling distress.
• These problems will come to the forefront when unemployment starts to meaningfully rise.

The US economy will stay afloat through the next few quarters, but growth drivers could turn into headwinds as soon as next year, Torsten Slok said.

According to the Apollo chief economist, that's because current strength stems from high debt loads, both among US consumers and the corporate world. Eventually, those trends will start to falter, triggering a hard landing in 2025.

Slok pointed out that delinquencies are rising on credit cards and auto loans, despite an economy with low unemployment. Meanwhile, economic momentum hasn't done away with highly-levered firms, which extend across industries.

"That tells you once people do begin to lose their jobs, once the economy does begin to slow down, you already have a lot of distress," he told Bloomberg TV. "Imagine what the process would look like if you finally get the unemployment to move higher."

Slok also pointed to commercial real estate, a sector that's been the source of widespread fears amid higher interest rates. These hikes have caused borrowing costs to rocket for the industry, and many fear a tsunami of debt defaults if rates don't come down soon. 

Office properties have been a particular sore spot, impacted heavily by remote work and faced with declining values. In April, office loans made up 54% of new 60+ delinquency volumes, Fitch Ratings reported last week. 

For his part, Slok expects the Federal Reserve to deliver no rate cuts this year, citing that it would require a dramatic slowdown for the central bank to meet its 2% inflation mandate anytime soon. 

But while that keeps a hard landing on the table, the next few quarters will still deliver solid performance, he said.

"We still have behind us a very strong tailwind. That comes from easy financial conditions," he said, adding: "And on top of that we also have a tailwind from fiscal spending. We still have strong spending in the pipeline from the Chips Act, Inflation Reduction Act, the Infrastructure Act." 

Looking into 2025, others have also cited caution, citing deteriorating labor-market conditions as proof of a looming recession. 

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Apple launched new iPad Air and iPad Pro models, as well as new iPad accessories, during its video-streamed online event on May 7. 

The iPad Air and iPad Pros got significant updates, including a brand new iPad Air with a larger display, and iPad Pros with a brand new Apple processor, a focus on AI, OLED display panels, and a thinner design.

Apple also revealed a new Apple Pencil Pro that can register squeezes and rolls to enable customizable functions, as well as a new Magic Keyboard for the iPad Pros with a sturdier design and laptop-like controls.

All products are set for release on May 15 and are available to order now from Apple and retailers like Amazon and Best Buy. 

New iPad Pros with AI and OLED displays

The new iPad Pros come with several significant updates. Of them, the most notable is a previously unreleased Apple M4 processor and a focus on AI for creative work with updates of the Final Cut Pro and Logic Pro apps, as well as third-party apps. 

Almost as exciting are the OLED 11-inch and 13-inch displays for the Pro models. Apple is using its own "Tandem OLED" panels, which the company says are essentially two OLED panels layered together to achieve a high brightness level that a single panel couldn't. Apple calls its new OLED iPad display "Ultra Retina XDR." There's also a nano-textured glass option designed to reduce glare. 

We haven't yet tried the OLED displays on the new iPad Pros, but they have the potential to bring dramatic improvements to viewing videos and whatever you do on an iPad that uses the display. 

An unfortunate consequence of the superior displays is even higher price tags than the previous iPad Pro series, which started at $799 and were already the most expensive devices among the best iPads. The new 2024 iPad Pros start at $999 for the 11-inch model and $1,299 for the 13-inch model. 

Beyond a totally new display, the new iPad Pros have noticeably thinner designs at 5.3mm for the 11-inch iPad Pro, and an even thinner 5.1mm for the 13-inch iPad Pro. Apple says the 2024 iPad Pros are their "thinnest" products to date, and they're just as strong despite their new thin design. 

The front-facing cameras have also been moved to the horizontal long edge for a more centered video of yourself while on a video call.

As mentioned above, the 11-inch iPad Pro starts at $999, and the 13-inch iPad Pro at $1,299. Both are available to order now from Apple, Amazon, and Best Buy, with full availability on May 15.

New iPad Airs and a first-ever large model 

Apple announced not one but two new iPad Airs, including a fairly typical 11-inch model and a brand new 13-inch model with 30% more screen space. Anyone who's wanted a larger iPad but couldn't justify the 12.9-inch iPad Pro's previous $1,100 price should rejoice at the news. 

Like the 2024 iPad Pros, Apple also moved the front-facing camera to the horizontal long edge on the new iPad Airs for a more frontal and centered video calling experience. The new iPad Airs also feature landscape stereo speakers, and the 13-inch iPad Air has twice the bass as the 11-inch model. 

The 2024 iPad Air models are upgraded from Apple's M1 processor to Apple's M2 processor, which was introduced in 2022 for various Mac laptops, like the 2022 MacBook Air and 2022 13-inch MacBook Pro. It's a welcome upgrade for professionals using the iPad Air for creative visual work, but it's unlikely to make much of a difference for basic iPad use, like video streaming, social media scrolling, web browsing, emailing, or even playing games. 

Base storage for the iPad Airs also starts at 128GB — double the 64GB storage of the previous iPad Air.

The 11-inch iPad Air starts at the same $599 price as the previous generation, and the 13-inch iPad Air starts at $799. You can order both now, with availability on May 15.

An Apple Pencil 'Pro' you can squeeze

The brand new Apple Pencil Pro contains a new squeeze sensor for novel interactions with the 2024 iPad Pro and Air models, like bringing up a new tool palette while drawing.

The Apple Pencil Pro delivers a haptic response when you squeeze it to give you control and feedback while using the feature. Third-party app developers will be able to add squeeze controls to their apps to offer various functions for their apps, too. 

The Apple Pencil Pro also supports Find My tracking and a new control feature called Barrel Roll that uses a gyroscope to let you roll the Pencil for more control, like changing the angle of the Pencil's input on the iPad display. 

The Apple Pencil Pro starts at $129. It's available to order now, with full availability on May 15.

An upgraded Magic Keyboard

The new Magic Keyboard designed for the 2024 iPad Pros has an aluminum palm rest and a larger trackpad. It also features a new function row for controls similar to what you'd find on a Mac laptop, like screen brightness and playback. 

The Magic Keyboard for the 11-inch iPad Pro starts at $299, and $349 for the 13-inch iPad Pro. You can order both now, and they'll be available on May 15.

• Alma Rex-Ezonfade took a yearlong sabbatical after years of working non-stop.
• She saved $51,300 for her sabbatical, which she spent on travel and exploring personal interests.
• Despite initial struggles, she found joy in her time off and plans on taking more sabbaticals in the future.

This as-told-to essay is based on a conversation with 31-year-old Alma Rex-Ezonfade based in Toronto, Canada. The following has been edited for length and clarity.

On my 29th birthday, I opened a savings account and put $500 in it. I had told myself that for my 30th birthday, I would gift myself a one-year sabbatical, and this was my first step in making that dream of taking an "adult gap year" a reality.

I was tired of working and always being on top of things. I immigrated to Canada from Nigeria when I was 22 for my master's degree and started working right after graduating. It felt like I had been running on a hamster wheel, and I was just going, going, going, going.

I calculated my budget for the year

Before taking my gap year, I was a customer success manager at Astreya, making around 110,000 CAD ($80,500). I was also a content creator and was making nearly 200,000 CAD ($146,600) a year between my 9-to-5 salary and my income from working with brands and doing campaigns.

I calculated how much I actually needed to save based on my spending at the time.

For necessities like rent, car payments, groceries, gas, phone bill, and utilities, I estimated around 4,200 CAD ($3,100) a month. I also decided I wanted to travel, which I knew would be a bit pricey because I'm not a budget traveler. I planned for 18,000 CAD ($13,200) for two big trips and a number of smaller ones.

Altogether, I calculated that I would need to save around 70,000 CAD ($51,300) for my sabbatical, which I did by putting most of my content creator income into my sabbatical fund. If I didn't have my job as a content creator, I would've picked up a part-time job to generate that supplemental income.

I also cut back on expenses. I was never too shy to just say, "I can't afford that" or "I can't do that activity," because I was planning for something that had way higher priority than going out and spending $200 in one night.

I left my job but struggled to not do anything

Saving up took me a little longer than I had planned, but in April 2023, I quit my job.

The day I quit, I just spent the whole day at home, watching the TV blankly. I didn't do anything else; I just needed my brain to shut off.

On Monday, I woke up at 8 a.m. as usual because I forgot that I didn't have a job. Then I remembered I could sleep in, but I was already awake, so I tried to figure out what my new routine would be.

I started to put together a plan, and then I realized that would just defeat the whole purpose. The plan was to let go.

Still, I didn't feel like I could just not do anything. I found myself planning for my upcoming trips, brainstorming content ideas for my YouTube channel, and posting more regularly on my Instagram page. I had thought about starting my own clothing brand for years, so I started working on ideas for that too.

One of my friends said to me, "The whole point was for you to not work. Why can't you not work?"

The week after I quit, I checked myself into a hotel for a couple of days, ordered room service, and cried the entire time. They were tears of gratitude, tears of exhaustion, tears of relief. I was letting myself feel like, "Okay, I did it, and I'm here."

I was used to being a high performer, managing a team, having deliverables, and doing all these things. I had to get used to the idea of not working and get over feeling like I wasn't useful because I wasn't being productive. I had to shift to having my validation come from my own happiness and seeing my value beyond my work output.

Three weeks into my sabbatical, one of my former bosses reached out to me to tell me about a contract role at Google that she wanted me to interview for. Honestly, I almost took it because I wasn't used to the idea of not having work.

It took some getting used to, but eventually, I was able to go a whole week without doing any work.

Did I make the right decision?

The first few months when I was on sabbatical, I was so sad.

I looked at all the money that I had put in my sabbatical account and thought of everything else that I could have done with that money rather than lounge for a whole year.

Maybe I should just take it out and buy a house, I thought. I even asked my real-estate agent friend to look up properties for me, but I knew that if I bought the house instead, I'd be miserable, always wondering what I could've achieved if I just took the year off.

I remember talking to my therapist and trying to validate the decision time after time. At the end of the day, I realized that I was at the best point of my life to give this gift to myself. And when I settled with that a few months later, I started to have fun with the idea that I was on a sabbatical.

I learned to enjoy myself

I enjoyed having the luxury of time to do whatever I wanted.

I fell in love with working out again. I started coloring, drawing, and doing ceramics. I started reading again and got back into writing. I spent more time with myself and with my family. I picked up childhood hobbies again, like building Legos and taking Polaroid photos. I also cooked more and tried new coffee spots in Toronto.

Some of my favorite memories from my sabbatical are the many days I spent just sitting on my couch watching TV and only getting up to eat. I finished all six seasons of Downton Abbey in one week. I also watched all of Schitt's Creek as well as a lot of Korean shows.

Working on my clothing brand became a passion project. I learned about fabrics and the fashion industry — I enjoyed just learning things for the sake of learning.

I visited friends and family in other countries, did some birthday trips with friends, went on a seven-day cruise to the Caribbean, and spent four weeks traveling Europe.

I plan to take many more sabbaticals

After a full year of my sabbatical, my sabbatical funds are almost fully drained, and my income as a content creator is keeping me afloat now. I thought I would be panicking about my finances, but taking this time off helped me develop a mindset shift; I know I'll figure it out one way or another.

My fashion brand is launching this month, so I'm giving myself until around September to figure out what's next. My plan is to then work in a corporate job for another three years to get more experience and knowledge, and then take another year off at 35, and I'll repeat that cycle until I retire.

One of the biggest things I'm taking away from this sabbatical is realizing that a lot of things are not that serious. When you're an immigrant, a lot of things are that serious; I had to start life over again in Canada and I had to excel at this life. But I realized that I needed to enjoy life.

I've never been this happy, and I'm the most broke I've ever been. To me, this year has really been about redefining what happiness looks like at different points in my life. My loved ones have pointed out that I'm less grumpy and controlling, and I shout less.

I just feel kind of sad that I had to take a whole year off of work to find joy in my life.

If you took a sabbatical and would like to share your story, email Jane Zhang at janezhang@businessinsider.com.

• Chinese fighter jets are targeting Australian aircraft able to detect submarines with risky air maneuvers.
• China is making efforts to strengthen its submarine fleet and access deep waters.
• Chinese aircraft interfering with Australian aircraft is reminiscent of Soviet Cold War-era harassment.

Chinese fighter jets keep targeting Australian aircraft capable of finding and defeating submarines with hazardous maneuvers, suggesting that subs may be what the Chinese jets are guarding so fiercely.

"Concealing its submarines and discretely accessing deep waters are seen as ongoing challenges for China," Justin Burke, a senior policy advisor at the National Security College, wrote for the Sydney-based Lowy Institute's publication The Interpreter.

"It is therefore worth contemplating that Australia's aircraft are being targeted because of their crucial role in submarine detection and the undersea balance of power," he said.

Earlier this month, a Chinese People's Liberation Army Air Force fighter jet released flares in the path of a Royal Australian Navy MH-60R helicopter over the Yellow Sea, compelling the Australian military to release a statement calling the risky maneuver "unsafe and unprofessional."

Two years earlier, a Chinese fighter jet dropped chaff in front of a P-8 Poseidon aircraft operating above the South China Sea. At least some of the metallic debris entered the plane's engine. That same year, a Chinese warship was accused of using lasers to interfere with another P-8.

Burke says this may be a way for China to give warning and protect its undersea capabilities that have been in the works, noting that "while a detectable submarine is virtually useless, a stealthy one is priceless."

MH-60R helicopters, like the P-8, are anti-submarine warfare platforms. They are able to detect submarines using detachable sonar and sonobuoy mechanisms.

"Even if these aircraft are performing routine flights, their known capabilities may simply lead to the assumption by the Chinese military that they are 'spying,'" Burke said.

China's undersea presence is not insignificant, as submarines are able to act as a survivable nuclear strike option, preserving China's second-strike capabilities. China has been working to expand its fleet to 65 submarines by 2025 and 80 submarines by 2035, according to the Pentagon.

These incidents remind Burke of harassment cases from Soviet ships during the Cold War in which a Soviet vessel would purposefully bump into a US ship as a means to disturb US sea operations and also make a "diplomatic point."

• Crypto markets are booming again.
• Now crypto companies are advertising on TV — just like they did in the first boom.
• It still doesn't feel exactly like the last crypto boom, though. At least not yet.

One sign we're in a crypto revival: Crypto prices are roaring again.

Another sign: Crypto companies are advertising on TV again.

If you've been watching the NBA playoffs, then you may have noticed this ad, from Crypto.com:

And if you haven't, the notable elements are:

• A general tone of they hate us because they ain't us boastful defensiveness: "They ignored your potential. Dissed your achievements. Mocked your ambition. But it's not the critics who count. And you know that."
• A narrative that suggests that crypto investors are as brave and tough and strong as UFC fighters.
• Voiceover work by 51-year-old rapper Eminem.
• The pointed re-emphasis of the company's "fortune favors the brave" slogan, which I last saw on a TV ad during the 2022 Super Bowl — the event that's now shorthand for crypto's overreach into popular culture. That particular ad, starring Matt Damon, has been (mostly) scrubbed from the internet, but not before it generated a South Park parody, and a halting, carefully worded interview where Damon explains why he did the ad (for charity, he says).

Crypto.com isn't the only one pushing crypto on TV again. Coinbase, which also bought time during the 2022 Super Bowl, is back as well. Grayscale Investments has one, too. But those aren't nearly as aggressive as the Crypto one: Coinbase cheekily argues that crypto makes more sense than traditional money, and Grayscale simply says that you're better off buying crypto through funds like its ETF than buying on your own.

Crypto, meanwhile, goes right for your feelings — assuming you have the feelings of a young man who thinks the world doesn't appreciate you and your desire to get mega-rich. That is: You're the perfect target for crypto or any other thing that lets you put your money at risk in hopes of a bigtime payout. It makes perfect sense to run it side-by-side with ads telling you how fun it would be to bet on the very game you're watching (unless you're an NBA player).

All that said, the 2024 crypto revival still seems more like an echo of the last boom than a replay. I don't run into random people who confidently want to explain their meme stock strategy the way I did a few years ago. And beyond Jack Dorsey, I don't hear anyone arguing that bitcoin, or any other crypto, is going to rebuild/reorder society — just that the number could go up, so why not take a flier?

But you never know. Maybe The Onion was right, and we are experiencing an "exponentially decreasing retro gap," which means that the early 2020s are now fuzzy, sepia-toned memories some of us want to bring back.

That would explain a few different things, including this one: Roaring Kitty, the GameStop day-trading hero, is back, and so is GME stock. It's up 60% Monday.

To the moon! Again?

• Elon Musk won a legal victory in Australia Monday about content moderation.  
• The fight revolves around footage on X of a church stabbing in a Sydney suburb.
• Musk, a self-proclaimed "free speech absolutist," is fighting on multiple international fronts.

An Australian court handed Elon Musk a victory Monday in what he described as an ongoing fight for "free speech."

The court ruled it would not extend a temporary block on footage posted to X of a church stabbing that occurred in a Sydney suburb on April 15.

X had opposed the block, which was initially ordered on April 22, the Australian Broadcasting Corporation reported.

X never fully complied with the order, though X did geoblock footage of the Wakeley church attack in Australia, according to the ABC.

Australia's online regulator, the eSafety Commissioner, wanted a global block.

That said, Musk isn't completely in the clear. A final hearing is set to decide the matter in coming weeks, according to the ABC.

"Not trying to win anything," Musk wrote in response to a commenter on X. "I just don't think we should be suppressing Australian's rights to free speech."

Musk has publicly feuded with Australian government officials over the issue, with Australia's environment minister Tanya Plibersek calling him an "egotistical billionaire."

It's just one of many international battlegrounds where Musk is waging war in the name of content moderation. He's been feuding with a judge on the Brazilian supreme court over an order to block accounts and has announced he will fund legal challenges to Ireland's upcoming hate speech laws.

When Business Insider asked about the ruling, X's press office sent an automated response it's been using for months: "Busy now, please check back later."

The eSafety Commissioner didn't respond to a request for comment from Business Insider made outside business hours.

• Eric Trump live-tweeted from his dad's Manhattan hush-money trial on Monday.
• Donald Trump's son bashed Michael Cohen on X as he was on the witness stand in the historic trial.
• "I have never seen anything more rehearsed!" Eric Trump posted.

Eric Trump on Monday took the opportunity to live-tweet from the Manhattan courtroom where his father, Donald Trump, is standing trial on criminal charges related to a hush-money payment made to a porn star.

As Michael Cohen, the former president's personal-attorney-turned-nemesis, was testifying as the prosecution's star witness in the case, Eric Trump slammed his dad's ex-"fixer" in a post on the social media site X.

"I have never seen anything more rehearsed!" Eric Trump, who was seated in the courtroom's front row during the historic trial, posted in reference to Cohen's testimony.

Eric Trump sat directly behind his father with Alina Habba, a lawyer for Donald Trump, to his right and a pair of Secret Service agents to his left.

Cellphones are banned for most people in the courtroom, including journalists (credentialed press are permitted to use their laptops). However, there is an exception for lawyers and those in attendance in the first row, court officers told Business Insider.

Prosecutors called Cohen to the witness stand Monday. He began his testimony by describing an allegedly conspiratorial hey-day before Cohen and Trump's relationship went sour.

One of Cohen's roles included shaping the perception of Trump in the press and trying to keep negative stories out of the papers. Cohen testified that he sometimes lied for Trump and and bullied people to please him.

"The only thing that was on my mind was to accomplish a task to make him happy," Cohen told jurors.

The Manhattan district attorney's office has charged Trump with 34 felony counts for falsifying business records.

Prosecutors allege Trump illegally disguised records reimbursing Cohen for a $130,000 hush-money payment made to adult film actor Stormy Daniels in the days before the 2016 election.

The payment, according to prosecutors, was to buy Daniels' silence over a one-time sexual encounter the porn star says she had with Trump at a Lake Tahoe hotel suite in 2006 during a celebrity golf tournament.

Prosecutors are hoping Cohen's testimony will bolster their argument that Trump orchestrated the payment to Daniels as part of an illegal conspiracy to influence the 2016 election.

• Walmart CEO Doug McMillon delivered this year's commencement address at the University of Arkansas.
• Speaking at his alma mater, McMillon shared three pieces of career advice for new graduates.
• He also revealed the mistake that could have ended his career before it started.

Walmart CEO Doug McMillon returned this weekend to his alma mater, the University of Arkansas, where he delivered the commencement address to the class of 2024.

In his seven-minute speech, the 57-year-old Arkansas native shared three pieces of advice from his career, which has seen him rise from Walmart's loading docks to the company's top job.

McMillon also revealed how some plans didn't work out — like being rejected from the top MBA programs — and how a mistake could have ended his career before it began.

Doug McMillon's remarks, as delivered

The following transcript has been lightly edited for length and clarity.

Thank you for the invitation to be your speaker. My goals are to hopefully say something helpful and to be brief.

Being brief is something I can control, so here goes: I've got three pieces of advice.

First, be present. Life goes by fast, so try to enjoy every moment. I'm wired to think more about what's coming next than the moment right in front of me. Planning is important, but enjoying the present is, too.

When I was sitting in your chair, I had a plan. It was 1989, and in one of my final classes, our Professor Jim Webster required us to write what he called a life plan.

Jim had us write out the professional, financial, and personal goals we had for our life. I still have it, and I was mostly wrong.

I planned to make more than $24,000 a year in my first real job out of school. I made less than that.

I planned to get into business school at Harvard, Stanford, or Wharton. They all rejected me.

I planned to start my own business, make a new product, launch a brand, and make it in the USA, and that didn't happen.

But thankfully, I got the more important personal stuff right. In the plan, I named who I wanted to marry, and Shelly said yes. And we have two children — that was in the plan, too — and they're now successful adults, and they continue to be the highlights of our life.

So, not all things will go exactly like you have in mind. Some will, some won't, and that's great. Anything else would be boring.

Career-wise, the first thing I tell anyone who asks for guidance is to do today's job well, be present, drive change, deliver results, and do it the right way.

Being present in today's role and earning trust leads to the next job opportunity. The chapters in life personally and professionally go by so fast, so try to enjoy every moment and every phase of it. Be present.

My second piece of advice is to pursue a career that does not feel like work. Life is too short to invest so much time doing something you don't enjoy.

I grew up in a house where my dad was professionally unhappy. Being a dentist just wasn't for him.

Now, I believe some of you are going to be dentists. Thank you very much, thank God, God bless you. My brother married a dentist, and she loves it. It just wasn't for my dad, and too often, it robbed us of some joy in our house.

So, I set myself up for flexibility. I got a degree in accounting because I felt that would apply to any business, and I followed it up with an MBA, thinking that would help me move companies or even industries if I wasn't happy.

Ironically, I found my happy place immediately and never had to leave. I love the challenge of retail. The purpose and culture of Walmart, and the people I've worked with over the years have become my lifelong friends.

I hope you find your spot quickly like I did. But if you don't, my advice is that you shouldn't give up until you do.

I'm not suggesting you run from hard things or adversity when they come up, and they will. In fact, your connection to your purpose and what gives you energy is what will enable you to persevere. If you're in the right place, most days, work won't even feel like work.

My third and final piece of advice is to assume positive intent from others and show them some grace. Know that you'll get more joy from what you give than what you get.

Sam Walton's wife Helen said it's not what you gather, but what you scatter that tells what kind of life you've lived. She was right.

If you find yourself feeling stuck or negative, go do something to help someone else, then notice how you feel. It works. It's unselfish and kind of selfish in a way.

There's a lot of conflict in our world today. Lots of worrying and too much suffering. We have a lot of challenges to be solved.

I've been traveling all over the world for more than 30 years now, and years ago, I was advised to focus on the differences from country to country.

I was in South Africa with our associates last week, and I was reminded of the same thing I've seen everywhere else: people have so much more in common than we do differences. We should focus on that.

The things we care about are largely the same: we want our kids to have it better than we do, we want to be loved and accepted, and we want to make a difference.

My encouragement to you is to realize that, and when you encounter others, assume positive intent, show some grace, and be forgiving.

My first day on the job with Walmart I rear ended my boss's car. It's a true story, his name is Benny Bridwell, he lives in Rogers, you can ask him.

I showed up to work at the warehouse, but he decided to take a few of the rookies across town to help decorate the high school gym for the shareholders meeting in 1984.

Benny stopped at a stop sign, and I thought he had gone through. My car didn't have air conditioning or radio, so I had a cassette tape boombox in the passenger seat blaring really loud, and my windows were down I didn't want him to hear me.

So I leaned over to the seat to turn the volume down — I think it was Bryan Adams playing at the moment. I then punched the gas, and I hit him really solid.

He gets out of the car, walks around, looks at his bumper, looks at mine, shakes his head, and he says, "McMillon, you are not too smart, are you?"

And I remember shrugging like, "I guess not."

He showed me some grace and forgiveness. I don't even know if he ever told anyone. I guess my career could have ended right then.

Realize that we're more alike than different, and remember that you'll get more joy from giving than receiving. Show people some grace.

Thanks again for the invitation; it really is an honor. My congratulations to all of you. Now, go make this university proud.

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When shopping for a new TV, size is one of the first things you'll need to settle on. Models are available across a wide range of options, with 55 inches being a popular pick for people who want a medium-sized display. Entry-level 55-inch TVs can be found for under $300, and many brands sell 55-inch versions of their top TVs with all the advanced features you'd get on a bigger size. The best 55-inch TVs provide excellent picture quality while still being large enough to show off the benefits of 4K resolution. 

Based on a combination of hands-on testing and research bolstered by a decade's experience covering the home entertainment industry, we've picked the five best 55-inch TVs you can buy. Our top recommendation is the LG C3, which delivers fantastic contrast thanks to its OLED screen while often costing less than similar 55-inch sets from other brands. But if you want to spend under $500, we recommend the Hisense U6K. It produces a wide range of vivid colors and is the cheapest Mini LED TV on the market. 

Below, you can find all five of our picks for the best 55-inch TVs, including a high-end option for home theater enthusiasts and a cheap entry-level model great for casual buyers. 

Our top picks for the best 55-inch TVs

Best overall: LG C3 4K OLED TV – See at Amazon

Best premium option: Sony A95L 4K OLED TV – See at Amazon

Best anti-reflective display: Samsung S85D 4K OLED TV – See at Amazon

Best under $500: Hisense U6K 4K QLED TV – See at Walmart

Best entry-level model: TCL Q5 4K TV – See at Best Buy

Best overall

Under most circumstances, we recommend Samsung's S90C as the best TV you can buy right now, but LG's C3 has an edge if you're specifically looking for a 55-inch display. The key factor at this size is price and availability. The 55-inch C3 is easier to find in stock and is often cheaper than the 55-inch S90C. 

While the C3's peak brightness of 800 nits can't match the S90C's 1,000 nits, it still gets bright enough for average living rooms and delivers the same pixel-level contrast that all OLEDs are known for. This means you'll get deep black levels that disappear in a dark room and intense high-dynamic range (HDR) highlights without any of the halos that can appear around bright objects on some QLED TVs. 

And unlike even the best Samsung TVs, the C3 supports Dolby Vision to provide the most accurate HDR image from streaming services like Disney Plus and Netflix. We don't think Dolby Vision is a must-have, but it is a nice perk. Check out our HDR TV guide for more details on the differences between HDR formats. Viewing angles on the C3 are also excellent, so the picture doesn't dramatically fade or distort when you sit off to the side of the TV.

The display is a great pick for gamers, too, thanks to its low input lag and fast 120Hz refresh rate for smooth gameplay on a PS5 or Xbox Series X. LG's webOS smart TV platform is solid as well, and with the included Magic Remote, you can navigate through the menus via physical buttons or motion controls by pointing the remote at the screen and moving a mouse-like cursor. 

If you can find the 55-inch option in stock, the Samsung S90C is a strong alternative that can deliver a slightly more vivid image. But inventory for that model is scarce and it tends to be pricier than the 55-inch C3. LG also has a new 2024 version of the C3 called the C4. The new model can get a bit brighter, but it's more expensive. For now, we still recommend the C3 as the best 55-inch TV you can get.

Best premium option

The Sony A95L is the best 55-inch TV for high-end performance. Competing displays from LG and Samsung get close, but the A95L has an edge if you're willing to spend top dollar. 

The TV uses a QD-OLED panel to offer pixel-level contrast and industry-leading color performance. The A95L is also one of the brightest OLEDs we've ever tested. We measured a peak of around 1,500 nits in our brightness test pattern, a whopping 500 nits more than its predecessor, the A95K. The A95L can only hit that number when displaying small bright elements on the screen, but that's still an incredible feat for an OLED display. 

This impressive brightness allows the A95L to deliver exceptional HDR images. Black levels disappear into a dark room, while specular highlights shine with pinpoint accuracy and no blooming. If you watch TV in a home theater setting, the A95L simply dazzles. 

Samsung's brand-new S95D OLED can get even brighter with a peak of around 1,700 nits, but Sony's proprietary picture processing enables image accuracy that edges out rival brands. This processing also offers impressive upscaling that minimizes flaws in lower-quality sources, like HD feeds from streaming services, cable, and indoor TV antennas. Viewing angles are also top-notch, so you don't have to worry about colors distorting when sitting off-center. 

The A95L's Google TV operating system works well, too, and the included Google Assistant voice remote has a premium feel with a handy backlight that automatically turns on when you pick it up. A webcam is also included, which supports video calls and gesture controls. The TV's stand can even be configured in a high- or low-profile mode depending on whether you want to put a soundbar in front of it. 

The only notable feature missing is 144Hz support, which is something that Samsung, Hisense, and TCL offer on some of their higher-end TVs when you pair them with a gaming PC. But if you're using a console, like a PS5 or Xbox Series X, you can rest easy knowing you'll still get full 120Hz support. 

Given its price, the A95L is geared toward big home theater enthusiasts willing to pay a premium for top performance. Most buyers will be satisfied with any of the less expensive 55-inch TVs we recommend, but if money is no object, the A95L is the TV to get.

Best anti-reflective display

Samsung's high-end S95D has a unique matte screen that sets it apart from nearly every other 55-inch TV you can buy. Most competing displays use a glossy or semi-glossy panel, but the S95D's matte display enables it to reduce glare and reflections significantly. 

In fact, the S95D is the best anti-glare TV we've seen. If you have a room where reflections are a big problem, this set could be the solution you're looking for. However, there is a notable drawback. While the S95D's matte screen combats glare, it gives black levels a slightly elevated look in bright rooms. This can give dark scenes a hazy and flat quality when you watch TV with the lights on. So, there's a clear tradeoff, and whether you prioritize reducing reflections or preserving black levels comes down to personal preference. 

Thankfully, in a dark room, the S95D's black levels look just as impressive as any OLED's. The TV delivers exceptional picture performance that holds its own against top competitors from Sony and LG. It's also the brightest OLED we've ever measured, with a peak of 1,700 nits. Sony's A95L still has an edge when it comes to overall image quality and accuracy, but the S95D is easily one of the top high-end TVs there is.

The TV's design is also premium, with a uniformly thin profile and a One Connect Box to house its inputs instead of building them into the panel. And gamers get cool perks like a 144Hz mode when paired with a PC, and access to the Xbox Game Pass app to stream games.   

Samsung's cheaper Frame TV uses a similar matte screen, but that model can't match the S95D's image quality. The brand also still sells the 2023 version of this display, called the S95C. The S95C offers similar performance for less money, but it doesn't have the S95D's new glare-free panel. Though pricey, the S95D is the best 55-inch TV you can buy if you want the most effective anti-reflective screen on the market.   

Read our Samsung S95D 4K TV review.

Best under $500

Buyers who want the best 55-inch TV under $500 should look no further than the Hisense U6K. Though the 55-inch model technically carries a full retail price of $580, it's almost always on sale for $450 or less. 

Unlike most TVs in this price range, the U6K doesn't skimp on advanced picture quality features. It's the most affordable TV on the market that has a Mini LED backlight with local dimming and quantum dots. This gives it unmatched color and contrast performance for the money. With a max of around 600 nits, the display gets bright enough to show off the benefits of HDR content, and it has solid black levels with minimal blooming. 

However, the U6K isn't as bright as more expensive QLEDs, and its contrast control isn't anywhere near as precise as an OLED. The display also demonstrated lackluster viewing angles during our testing, which means colors and contrast fade when you sit to the side of the TV. Hardcore gamers may also want to splurge for a step-up model since the U6K only has a 60Hz panel rather than a 120Hz one. 

The U6K uses the Google TV operating system, and its interface and Google Assistant voice remote are solid. However, navigation can be a bit sluggish compared to higher-end models. But despite a few drawbacks here and there, the U6K's picture quality beats every other TV in its class. Hisense does sell a new 2024 version of this set called the U6N. But it has very similar specs and costs more. As long as the U6K remains available for less money, it's still the best 55-inch TV to buy under $500. 

Read our Hisense U6K 4K TV review.

Best entry-level

Though we previously recommended TCL's step-down S4 model in this spot, a recent price drop has made the Q5 a much better value in this class. At under $300 for the 55-inch size, the Q5 is an excellent entry-level TV for buyers who favor affordability.

And despite its low price, the Q5 uses a QLED panel with quantum dots to provide a wide color gamut, just like the pricier picks in this guide. But the Q5 doesn't have a Mini LED backlight or local dimming to control contrast across specific areas. Instead, it has a standard direct-lit backlight. As a result, the TV's contrast is lower, and its black levels aren't as deep as the other displays we recommend. This means dark scenes could look washed out if you watch TV with the lights off. Colors and contrast also distort if you sit to the side of the screen, but that's common for any TV this inexpensive.

Peak brightness is limited to around 400 nits, which is fine for standard dynamic range (SDR) content but on the low side for HDR playback. We recommend you pay more for the Hisense U6K if you want a budget-friendly TV with HDR in mind. Gaming performance is also a mixed bag. The panel can support 120Hz when displaying 1440p or 1080p resolution, but it's limited to 60Hz with 4K.

However, the Q5 is a solid option if you just want basic 4K playback, and its color performance is noticeably better than most TVs in this price range. Integrated support for the Google TV platform and a voice remote round out the package, offering reliable playback from all the best streaming services.  

How we test 55-inch TVs

To select the best 55-inch TVs, our team relies on a combination of hands-on testing and research informed by more than 10 years of experience reviewing home entertainment products. 

When we review TVs, we focus on 65-inch units since that size is considered the industry's flagship offering. However, a TV model's overall performance usually remains comparable across sizes 55 inches and above. For instance, a 65-inch Sony A95L OLED and a 55-inch A95L have the same basic specs and capabilities. The only notable difference is the size of the screen. 

However, some TVs that use local dimming, like the Hisense U6K, will employ fewer zones in smaller screen sizes versus larger ones. This can lead to differences in contrast performance when comparing a 55-inch model to another size, but not enough to alter our general impressions of that model. Occasionally, there are bigger differences in design and features across different sizes, and we note those details when applicable.  

To test TVs, we look at picture clarity, contrast, peak brightness, color performance, viewing angles, gaming capabilities, smart TV navigation, and overall value. We measure HDR brightness with an X-Rite iDisplay Plus colorimeter and use test patterns on the Spears & Munsil UHD HDR Benchmark 4K Blu-ray disc to evaluate other objective display parameters. 

But test patterns can only reveal so much, so we watch plenty of actual movies and shows to see how a TV performs with real-world content on a day-to-day basis in both dark and bright rooms. We revisit various scenes on each TV we test that we've specifically chosen to examine black levels, shadow details, HDR highlights, and upscaling. Our demo content includes 4K, 1080p high definition (HD), and standard definition (SD) material from various sources like Blu-ray discs, streaming services, and cable TV.

55-inch TV FAQs

Is 55 inches a good size for a TV?

A screen size of 55 inches is a great choice for various rooms. This size is still big enough to feel immersive in smaller living rooms while offering a more compact alternative to 65-inch models that might be too big for some spaces. 

A 55-inch TV is also a great fit for a bedroom where you might want something smaller than what you've got in your living room but not so compact that you must sacrifice picture quality features. Most brands' best 4K TVs are available in 55-inch options, but many top displays are not sold in sizes below that. For instance, if you want one of Samsung or Sony's best OLED TVs, 55 inches is the smallest size available. 

How much should a 55-inch TV cost?

The best 55-inch TVs vary in price, with entry-level options starting at under $300 and high-end options costing $2,000 or more. 

If you want a midrange 55-inch TV, you should plan to spend about $400-$700. Several great 55-inch QLED models in that price range have quantum dots, local dimming, and Mini LED backlights to deliver good contrast and peak brightness levels as high as 1,000 nits.

Shoppers who want a 55-inch OLED TV rather than a QLED will have to pay more, with prices starting at around $1,000. Though notably more expensive than their QLED counterparts, OLED TVs offer pixel-level brightness control for superior contrast and black levels. 

How far should you sit from a 55-inch 4K TV?

The smaller a 4K screen is, the closer you'll need to sit to the display to see the full benefits of its resolution. To see the extra detail that 4K offers over 1080p Full HD, you'll want to sit at a distance of about one to 1.5 times the size of your display. For a 55-inch 4K TV, the recommended viewing distance is between 4.6 and 6.9 feet from your TV.    

Of course, you can still sit farther away from your TV and enjoy its image quality, but the recommended distance will allow you to see the best level of detail.

If you need to sit even closer to your TV or just have a small room to work with, check out our guide to the best 50-inch TVs.

And for rooms where you'd need to sit farther from your display, we recommend opting for a larger screen size to get the full benefits of 4K. Check out our guides to the best 65-inch TVs, best 75-inch TVs, and best 85-inch TVs for our top recommendations.

Should you buy a soundbar to pair with a 55-inch TV?

Even the best 55-inch TVs tend to have mediocre built-in speakers. Audio drivers integrated into most TVs are small and often placed in areas that can lead to a muddy sound that lacks range and deep bass. For this reason, we recommend pairing your TV with a soundbar or full surround sound system to get the best audio quality for movies, TV shows, and video games.

For the most immersive experience, we suggest finding a system that supports Dolby Atmos, which can enable sound effects from all directions, even above your head. Performance varies depending on the model you get, but there are entry-level Atmos systems that can still provide a nice upgrade over your TV's built-in speakers.

Check out our guides to the best Dolby Atmos soundbars, the best soundbars, and the best budget soundbars to see our top recommendations for various needs.

Best overall

Under most circumstances, we recommend the Samsung S90C as the best TV you can buy, but LG's C3 has a slight edge if you're specifically looking for a 55-inch display. The key factor at this size is price. The 55-inch C3 is often at least $200 cheaper than the 55-inch S90C, while the 65-inch models of both TVs are typically sold at matching prices. 

When they cost the same, the S90C is the winner since it has a brighter image and higher color volume. But when you can save a couple hundred bucks going with the C3, we veer toward recommending LG's TV. While its peak brightness of 800 nits can't match the S90C's 1,000 nits, it still gets bright enough for average living rooms and delivers the same pixel-level contrast that all OLEDs are known for. This means you'll get deep black levels that disappear in a dark room, along with intense high-dynamic range (HDR) highlights without any of the halos that can appear around bright objects on some QLED TVs. 

And unlike even the best Samsung TVs, the C3 supports Dolby Vision to provide the most accurate HDR image from streaming services like Disney Plus and Netflix. Viewing angles on the C3 are also excellent, so the image doesn't dramatically fade or distort when you sit off to the side of the TV. The display is a great pick for gamers, too, thanks to its low input lag and fast 120Hz refresh rate for smooth gameplay on a PS5 or Xbox Series X. LG's webOS smart TV platform is solid as well, and with the included Magic Remote, you can navigate through the menus via physical buttons or motion controls by pointing the remote at the screen and moving a mouse-like cursor. 

If you don't mind paying a bit more, the Samsung S90C is a strong alternative that can deliver a brighter, slightly more vivid image, but for the money, we think the LG C3 is the best 55-inch TV overall. Buyers should keep in mind that LG will be releasing a 2024 "C4" version of this display later this year, but we don't expect a big performance increase and see little reason to wait for the updated model.

Best entry-level

The TCL S4 is a solid entry-level display for buyers who just want a basic smart TV but don't want to pay more to get better image quality. At under $300 for the 55-inch model, the S4 delivers good performance for the money but makes some key concessions to get there. 

The S4 uses a regular 4K LED panel, which means that it doesn't have quantum dots for expanded colors, and it doesn't have local dimming to dim and brighten its image across specific zones. Instead, it has a standard direct-lit backlight. As a result, the TV's black levels aren't as deep as the other displays we recommend, and it's more prone to uneven brightness across the screen, which can cause dark scenes to look washed out if you watch TV with the lights off. Colors and contrast also distort if you sit off to the side of the screen, but that's common for any TV this inexpensive.

Peak brightness is limited to under 300 nits, which is fine for standard dynamic range (SDR) content. But while the S4 technically supports HDR10 and Dolby Vision playback, its low brightness and lack of wide color support severely undercut its ability to render HDR videos properly. HDR content will still look better than SDR videos, but this isn't the model to get if you're buying a TV specifically for HDR capabilities. 

However, the TV still delivers a decent 4K image with solid contrast, considering its lack of dimming. The model we're recommending here comes with Amazon's Fire TV operating system built in, along with an Alexa voice remote, but TCL also sells a version of this same display that uses Google TV instead. App selection varies slightly between each platform, but they both support the most popular streaming services, so deciding between them depends on which ecosystem and interface you like the best. 

For under $300, the TCL 55-inch S4 offers good value, but only if you just want a simple TV for casual viewing. However, if you're willing to pay a bit more, you can get substantially better image quality with other budget-friendly models like the Hisense U6K, our "best under $500" pick. Before buying the S4, you should also check for what TCL's step-up model, the 55-inch Q5, is selling for. Though that model has a higher list price than the S4, both TVs are sometimes on sale for nearly the same amount. The Q5 is a similar TV but uses quantum dots for better color performance.

Best under $500

Buyers who want the best 55-inch TV under $500 should look no further than the Hisense U6K. Though the 55-inch model technically carries a full retail price of $580, it's almost always on sale for $450 or less. 

Unlike most TVs in this price range, the U6K doesn't skimp on advanced picture quality features. It's the most affordable TV on the market that has a Mini LED backlight with local dimming and quantum dots. This gives it unmatched color and contrast performance for the money. With a max of around 600 nits, the display gets bright enough to show off the benefits of HDR content, and it has solid black levels with minimal blooming. 

However, the U6K isn't as bright as more expensive QLEDs, and its contrast control isn't anywhere near as precise as an OLED. The display also demonstrated mediocre viewing angles during our testing, which means colors and contrast fade when you sit to the side of the TV. Hardcore gamers may also want to splurge for a step-up model since the U6K only has a 60Hz panel rather than a 120Hz one. 

The U6K uses the Google TV operating system, and its interface and Google Assistant voice remote are solid. However, navigation can be a bit sluggish compared to higher-end models. But despite a few drawbacks here and there, the U6K's picture quality beats every other TV in its class. This is the best 55-inch TV to buy if you want a budget display that doesn't sacrifice HDR performance. 

Read our Hisense U6K 4K TV review.

Best midrange option

The Hisense U7K is a midrange 55-inch TV that punches way above its class. Like the cheaper U6K, this model uses a QLED panel with a Mini LED backlight. But the U7K steps things up with a higher peak brightness of 1,000 nits and a refresh rate of up to 144Hz, which makes it an excellent gaming display.

The TV's local dimming delivers high contrast with great black levels, and its bright highlights allow it to deliver a more realistic HDR experience than the U6K. It still has fewer dimming zones than more expensive QLED models, which could create some brightness fluctuations. But for the money, the U7K's performance is impressive.

On the downside, like the U6K, the U7K's Google TV OS can be a little sluggish, and the display's image quality degrades if you sit too far off to the side of the screen, but these issues are common for QLED models in this price range. The display is also prone to some minor uniformity issues that can cause a subtle "dirty screen" effect during some panning motions. However, this was rarely noticeable during our tests. 

The 55-inch U7K's price fluctuates, but it's almost always $650 or less, which makes it tough to beat. The TV's closest competitor is the 55-inch TCL Q7, which delivers similar performance but uses regular-sized LEDs rather than Mini LEDs. This gives the Q7 less control over local dimming. That said, if you find the Q7 on sale for less than the U7K, it's a worthwhile alternative. 

Read our Hisense U7K 4K TV review.

Best premium display

The Sony A95L is the best premium 55-inch TV you can buy. Competing displays from LG and Samsung get close, but the A95L has an edge. 

The TV uses a QD-OLED panel to offer pixel-level contrast and industry-leading color performance. The A95L is also the brightest OLED we've ever tested. We measured a peak of around 1,500 nits in our brightness test pattern, which is a whopping 500 nits more than its predecessor, the A95K, and just slightly more than this TV's closest rival, the LG G3. The TV can only hit that number when displaying small bright elements on the screen, but that's still an incredible feat for an OLED display. 

This impressive brightness allows the display to deliver exceptional HDR images. Black levels disappear into a dark room, while specular highlights shine with pinpoint accuracy and no blooming. If you watch TV in a home theater setting, the A95L simply dazzles. 

Sony's proprietary picture processing enables image accuracy that edges out rival brands, with impressive upscaling that minimizes flaws in lower-quality sources, like HD streams and cable feeds. Viewing angles are also top-notch, so you don't have to worry about colors distorting when sitting off-center. 

The A95L's Google TV operating system works well, too, and the included Google Assistant voice remote has a premium feel with a handy backlight that automatically turns on when you pick it up. A webcam is also included, which supports video calls and gesture controls. The TV's stand can even be configured in a high- or low-profile mode depending on whether you want to put a soundbar in front of it. 

The only notable feature missing is 144Hz support, which is something that Samsung, Hisense, and TCL offer on some of their higher-end TVs when you pair them with a gaming PC. But if you're using a console, like a PS5 or Xbox Series X, you can rest easy knowing you'll still get full 120Hz support. 

Given its price, the A95L is geared toward big home theater enthusiasts willing to pay top dollar for top performance. Most buyers will be satisfied with any of the less expensive 55-inch TVs we recommend, but if money is no object, the A95L is the TV to get.

How we test 55-inch TVs

To select the best 55-inch TVs, our team relies on a combination of hands-on testing and research informed by more than 10 years of experience reviewing home entertainment products. 

When we review TVs, most brands typically send us their 65-inch screen size, considered the industry's flagship offering. However, a TV model's overall performance usually remains comparable across sizes 50 inches and above. For instance, a 65-inch Sony A95L OLED and a 55-inch A95L have the same basic specs and capabilities. The only notable difference is the size of the screen. 

However, some TVs that use local dimming, like the Hisense U7K, will employ fewer dimming zones in smaller screen sizes versus larger ones. This can lead to slight differences in contrast performance when comparing a 55-inch model to another size, but not enough to alter our general impressions of that model. Occasionally, there are bigger differences in design and features across different sizes, and we note those details when applicable.  

To test TVs, we look at picture clarity, contrast, peak brightness, color performance, viewing angles, gaming capabilities, smart TV navigation, and overall value. We measure HDR brightness with an X-Rite iDisplay Plus colorimeter and use test patterns on the Spears & Munsil UHD HDR Benchmark 4K Blu-ray disc to evaluate other objective display parameters. 

But test patterns can only reveal so much, so we watch plenty of actual movies and shows to see how a TV performs with real-world content on a day-to-day basis. We revisit an assortment of scenes on each TV we test that we've specifically chosen to examine black levels, shadow details, HDR highlights, and upscaling. Our demo content includes 4K, 1080p high definition (HD), and standard definition (SD) material from various sources like Blu-ray discs, streaming services, and cable TV.

55-inch TV FAQs

Is 55 inches a good size for a TV?

A screen size of 55 inches is a great choice for a variety of different rooms. This size is still big enough to feel immersive in smaller living rooms while offering a more compact alternative to 65-inch models that might be too big for some spaces. 

A 55-inch TV is also a great fit for a bedroom where you might want something smaller than what you've got in your living room but not so small that you must sacrifice picture quality features. Most brands' best 4K TVs are available in 55-inch options, but many higher-end displays are not sold in sizes below that. For instance, if you want one of Samsung or Sony's best OLED TVs, 55-inches is the smallest size available. 

How much should a 55-inch TV cost?

The best 55-inch TVs vary in price, with entry-level options starting at below $300 and high-end options costing $2,000 or more. 

If you want a midrange 55-inch TV, you should plan to spend about $400-$700. Several great 55-inch QLED models in that price range include quantum dots, local dimming, and Mini LED backlights to deliver good contrast and peak brightness levels as high as 1,000 nits.

Shoppers who want a 55-inch OLED TV rather than a QLED will have to pay more, with prices starting at around $1,200. Though notably more expensive than their QLED counterparts, OLED TVs offer pixel-level brightness control for superior contrast and black levels. 

How far should you sit from a 55-inch 4K TV?

The smaller a 4K screen is, the closer you'll need to sit to the display to see the full benefits of its resolution. To see the extra detail that 4K offers over 1080p Full HD, you'll want to sit at a distance of about one to 1.5 times the size of your display. For a 55-inch 4K TV, the recommended viewing distance is between 4.6 and 6.9 feet from your TV.    

Of course, you can still sit farther away from your TV and enjoy its image quality, but the recommended distance will allow you to see the best level of detail. For rooms where you'd need to sit a lot farther from your display, we recommend opting for a larger screen size to get the full benefits of 4K. Check out our guide to the best 65-inch TVs for our top recommendations.

Melinda French Gates announced she's resigning as co-chair of the Bill & Melinda Gates Foundation.

"The time is right for me to move forward into the next chapter of my philanthropy," she wrote in a statement on X.

She added that she'll have "an additional $12.5 billion to commit to my work on behalf of women and families" thanks to an agreement with her ex-husband, Microsoft founder and billionaire Bill Gates.

French Gates' resignation is effective June 7.

In 2022, after the couple's divorce, French Gates said she was committed to staying on at their powerful charity and working together.

This is a developing story. Please check back for updates.