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Good morning! Fyre Festival is back, and it's officially got a date and location. The sequel to the infamous festival will occur from May 30 to June 2 in Isla Mujeres, Mexico. Additional details are scant, but I'm sure that's definitely not a red flag.
In today's big story, the debate continues over how best to respond to DOGE's "What did you do last week?" email. (Got an opinion? We want to hear from you.)
What's on deck
Markets: Jamie Dimon's sorry about cursing, but he still wants you back in the office.
Tech: AI could spell trouble for some software engineers, but it's far from a death knell for the entire profession.
Business: For these companies, layoffs are never an option.
But first, singing for my supper.
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The big story
Dealing with DOGE
From "Should they stay or should they go?" to "Should they send or just no-show?"
A few weeks after considering buyout offers, federal workers faced another dilemma: Responding to Elon Musk's "What did you do last week?" email.
The message, which asked federal workers to reply with five accomplishments from the previous week, left Washington in chaos.
Agencies differed on their recommendations to employees before the deadline, which was yesterday at 11:59 p.m. The deadline may have passed — but conflicting guidance persists.
The Social Security Administration initially told workers it was "an opportunity to highlight the important work you do." Although it later clarified that responses were voluntary.
The Department of Defense was less welcoming. The Pentagon publicly told its employees to "pause any response" to the email, adding that it "is responsible for reviewing the performance of its personnel."
Of course, it wouldn't be a DOGE mandate without getting the lawyers involved.
All of that begs the question: What would YOU do?
Business Insider's Katie Notopoulos, who wrote about how people might choose to respond to the email, wants to hear from you. She created a nifty form for you to share how you might respond.
Interest in DOGE, for better or worse, doesn't seem to be waning.
President Donald Trump's political operation is actually selling DOGE membership cards. For only a $47 donation, you can be the proud owner of a black metal card that says "Trump DOGE member." There are also t-shirts for $40 or $28.
Jamie Dimon is hopeful DOGE will be successful. "More effective government — more efficient government — isn't bad. It's actually a good thing," the JPMorgan CEO said in a recent interview.
Meanwhile, Rep. Rich McCormick said he's worried DOGE might be moving too quickly after getting an earful from his constituents at a recent town hall. The Georgia Republican said he's "not against anything he's doing," but added that he's "concerned that maybe we're moving a little bit too fast."
And then sometimes things are just getting plain weird. Some Department of Housing and Urban Development employees had a brutal start to their day on Monday. TVs in the office were showing an AI-generated video of President Trump sucking Musk's toes underneath a text that read, "LONG LIVE THE REAL KING."
News brief
- Starbucks is laying off 1,100 corporate staff this week.
- Sam Bankman-Fried's long-dormant X account is alive again — and posting about DOGE and leadership advice.
- Joann plans to go out of business and close all remaining fabric and craft stores.
- Microsoft stock slips after analysts say it canceled two AI data center leases, suggesting possible 'oversupply position.'
- The agency that regulates vehicle safety — and Elon Musk's Tesla — is another target of DOGE layoffs.
- Advertisers hit back at Rumble lawsuit in a new filing, calling it an attempt to 'weaponize' antitrust laws.
- Grok briefly censored criticism of Musk and Trump. It was blamed on a new hire who hadn't 'fully absorbed' the startup's culture.
3 things in markets
1. YOLO traders can now literally bet the farm. The CME Group debuted a suite of agricultural "micro" contracts one-tenth the size of corn, wheat, and soybean futures. The move is part of CME's larger plan to pull retail investors into a market largely dominated by institutional players. On top of offering more opportunities to a wider part of the market, these bite-size options can also help smaller farmers.
2. The markets are about to feel the burn of Trump's policies, Steve Cohen says. The billionaire Point72 founder warned that slowing immigration, tariffs, and cuts to government spending could slow economic growth and create a "significant correction." For investors, the best may be behind them.
3. Jamie Dimon is sorry … but not about criticizing WFH. The JPMorgan CEO apologized for cursing during a fiery rant he made against remote work at an internal town hall meeting that was leaked. But he didn't back down from his main point about the importance of in-office attendance: "I'm not against work from home. I'm against where it doesn't work."
3 things in tech
1. The AI coding apocalypse. Generative AI is beginning to shake up the engineering profession and entry-level coders could pay the price. The recent changes have software engineers worried they're coding themselves into obsolescence. But industry experts say that's unlikely to happen anytime soon. Plus, there's more to the job than just writing code — and AI has yet to catch up.
2. Donald Trump doesn't want anyone regulating Big Tech but himself. Last week, the president seemed to issue conflicting messages. On the one hand, he criticized European regulators for being too harsh on US tech companies. On the other hand, the Trump administration said it would regulate American tech companies because they have "too much power." BI's Peter Kafka breaks down what it all means.
3. Elon Musk isn't the only one who hates OpenAI's for-profit plan. Sam Altman is trying to transform OpenAI from a non-profit into a more conventional business, but the process is complicated thanks to its complex corporate structure. Musk, an OpenAI cofounder who split from Altman, has vocally opposed OpenAI's plan. He's not alone, with a growing chorus of entrepreneurs, companies, and charities saying it could be a grave mistake for the AI leader.
3 things in business
1. POV: Your company has never conducted layoffs. Companies laying off their employees — even outside a recession — have become commonplace in the professional world. But some purposefully refrain from making cuts. Not only is the no-layoff approach good for employees, but the CEOs of these companies said they think it's good for business, too.
2. MrBeast's secrets to success. The YouTuber knows the negativity he receives — from viewers and former employees — is part of the job. But in a recent interview on "The Diary of a CEO" podcast, MrBeast said it's helped him cultivate a stronger sense of self. He shared some key traits to his success, like his propensity for risk and what he looks for when hiring.
3. AT&T and Verizon's rivalry takes a modern twist. While AT&T navigates a rocky return to office, Verizon is seemingly looking to capitalize on its rivals' employees who aren't as keen on the mandate. In a recruiting email obtained by BI, Verizon's talent team encouraged AT&T workers to check out the company's hybrid and remote job opportunities. The outreach highlights how RTO mandates have become a sticking point for workers recently.
In other news
- Coffee is about to get way more expensive — and mediocre.
- Video: Satellite images show reality of Saudi Arabia's $2 trillion megacity.
- Palantir CEO Alex Karp reveals what he would do if he weren't running the company.
- Shopify acquihired six startups for their AI talent last year as it competes in a 'white-hot' market.
- Four charts show how Warren Buffett's Berkshire Hathaway piled up cash, dumped stocks, and made a record tax payment in 2024.
- Hedge funds are trimming their Magnificent 7 holdings — here's what they're buying instead.
- Starbucks is removing these 13 menu items from its menu next week
- Apple braces for DEI showdown at annual shareholder meeting.
What's happening today
- Apple shareholders vote on whether to abolish DEI program.
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Grace Lett, editor, in Chicago. Ella Hopkins, associate editor, in London. Hallam Bullock, senior editor, in London. Amanda Yen, associate editor, in New York. Elizabeth Casolo, fellow, in Chicago.
