Stark Bank, one of the few Latin America startups to receive funding from Jeff Bezos’ family office, is generating profits from its business of helping companies handle payments, while leaving cash raised from its funding rounds nearly untouched.
The Sao Paulo-based company handled 155 billion reais ($31 billion) of payments in 2023, a three-fold jump from a year earlier, while more than doubling net income to 71.5 million reais, founder Rafael Stark said in an interview, disclosing the closely held firm’s 2023 financial results for the first time.
The startup, which assists companies in processing payments, invoices and receivables, is focused on gaining domestic market share from large corporate banks, said Stark, who owns 38% of the firm. Its list of 600 or so clients includes Gol Linhas Aereas Inteligentes SA, Localiza Rent a Car SA, Cia Ultragaz SA and fellow startups Loft and QuintoAndar.
“While a lot of tech companies are trying to stop losing money we’re posting high levels of profitability,” Stark, 35, said. “There’s no need to keep raising money and diluting my stake. It’s better to grow and create much more value further down the road.”
Series B
In its Series B round in 2022, Stark raised $45 million from investors including Bezos Expeditions, the Amazon.com Inc. founder’s family office, and Ribbit Capital at a valuation of $250 million. Earlier investors included Fabio Igel of Monashees Capital, Stewart Butterfield of Slack Technologies Inc., Brian Armstrong of Coinbase Global Inc. and Arash Ferdowsi of Dropbox Inc.
Stark said the firm’s market share in various metrics remains small among corporate banks in Brazil, showing potential for growth. While Stark doesn’t have a formal banking license, it’s able to lend from its own cash on hand, and is planning to spend more on marketing in 2024 after years of keeping a low profile to build the product.
Stark said the company allows its clients to automate time-consuming tasks like billing and payroll.
“When a company manages a lot of transactions they can misplace information, and if they’re not organized they can lose a lot of money,” he said. “We allow the company to be more efficient. That means sometimes a team of 30 people that do manual tasks and commit human errors can be reduced to about five people to do the same work.”
About 30% of its nearly 90 employees are engineers.
Stark’s focus on helping fellow tech companies and the ability to customize solutions for clients is an advantage compared with large Brazilian banks, said Bruno Diniz, a managing partner at consulting firm Spiralem, which works with fintechs.
‘Interesting Niche’
“They found a very interesting niche,” Diniz said. “They’re very lean in their tech stack, which allows them to provide this custom type of service for the big players. And once they create a customer solution for one player, they replicate that and start offering to all the other clients.”
Born Rafael Castro de Matos in the central state of Goias, Stark studied engineering in Brazil and later received a scholarship in the US, where he attended California Polytechnic University and Stanford University. He founded his firm in 2018 and legally changed his surname to Stark on all official documents.
In drawing parallels to digital bank Nu Holdings Ltd.’s growth path, he anticipates a potential initial public offering about a decade after founding — or close to 2029 — and is focused for now on Brazil and Sao Paulo, where the bulk of the country’s biggest firms are based.
One glaring difference at Stark from other tech startups is that employees are expected to be in the office five days a week. To sweeten the deal, he’s built out the top floor of the building to soon house a bar, restaurant and meeting areas for employees. Stark also says he pays above market wages while offering a stipend for those living close to the office.
“I don’t believe in remote work,” he said. “We need people who are aligned with what we’re building. So someone who is aligned with their own comfort zone and remote work isn’t aligned with the values of Stark. To do big things, you need to leave your comfort zone.”
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Jeff Bezos arrives at the Dolce&Gabbana Party during the Milan Menswear Fall/Winter 2024-2025 on January 13, 2024 in Milan, Italy. Jacopo Raule/Getty Images
Jeff Bezos could be making a play for the title of the world’s richest person after losing it to Elon Musk in 2021. Amazon (AMZN) disclosed earlier this month (Feb. 2) that the e-commerce billionaire will sell up to 50 million company shares over the next year, which could potentially boost his net worth to over $200 billion.
Bezos already sold 12 million Amazon shares worth about $2 billion on Feb. 7 and Feb. 8, according to a company filing to the SEC on Feb.9. All 50 million shares would be worth over $8 billion, depending on Amazon shares’ market price.
It’s unclear why Bezos is selling such a large chunk of Amazon equity. He owned 988 million Amazon shares worth about $170 billion (just shy of 10 percent of the company) at the end of 2023, according to Amazon 2023 proxy statement.
On Bloomberg’s real-time billionaires rankings, Bezos currently sits behind Musk by a thin margin of $9 billion. The Amazon founder is worth $200 billion, while the Tesla (TSLA) and SpaceX CEO is worth $209 billion. Bezos was the world’s richest person from 2017 (overtaking Bill Gates) to 2021 before being dethroned by Musk. French luxury mogul Bernard Arnault, who owns the fashion and beauty conglomerate LVMH (LVMHF), also often traded places with Musk and Bezos in the top ranks.
The majority of Bezos’s and Musk’s wealth is tied to stock of their respective companies. The recent slump of Tesla’s share price and the sharp rise of Amazon is giving Bezos an opportunity to surpass Musk.
Since the beginning of 2024, Tesla stock is down more than 24 percent, costing Musk about $20 billion in paper wealth. Over the same period, Amazon stock is up 15 percent, adding $23 billion under Bezos’s belt.
Bezos stepped down as Amazon CEO in 2021 while remaining as the company’s board chairman. He has been moving about $1 billion a year to fund his space company, Blue Origin, and expanding his philanthropic efforts since then.
Why not just send our “genius” billionaires to Mars, and let them report back?
Unfortunately, in the short time we homo sapiens have existed on this 4.5-billion-year-old Planet Earth, we have trashed the place. Climate change, deforestation, desertification, plastics in everything, etc.
Fortunately, though, we large-brained hominids have evolved an almost-magical resource that promises to be our salvation: Billionaires!
One of the priceless benefits of amassing a multibillion-dollar, self-regenerating pile of wealth is that it automatically establishes you as “a Genius.” Never mind that you’ve most likely acquired your stash through some combination of inheritance, grift, rank exploitation, tax dodging and such; you’re suddenly treated as a savant whose most fanciful nonsense is now taken seriously by the establishment.
Thus, we presently have two overstuffed money hogs, Elon Musk and Jeff Bezos, preaching that Earth is a lost cause. But, no problem, for they are designing space technologies that will let a cadre of select humans escape doom by colonizing the Moon and Mars. Using untold billions of our tax dollars, the two are in a PR race to land their spaceships first. But — hey, bozos! — what then? You think our blue-green planet is hell, try living with no air, water, soil, little gravity and zero protection from the incessant bombardment of cosmic radiation.
Well, postulate the billionaire space cadets, “we” (actually meaning us taxpayers) will just geoengineer Mars and the Moon, terraforming them into an Earthlike oasis. But, wait — as astrophysicist Neil DeGrasse Tyson pointed out a decade ago — “If you had the power to terraform Mars into Earth, then you have the power to turn Earth back to Earth.”
Tyson later said he’d only go to Mars if the designer of the colony “had sent their mother first.” Nice… but I have no doubt Musk and Bezos would gladly sacrifice their moms to advance their egos.
Forget Millionaires. A Few Billionaires Are Now Stealing Our Country
In the serious business of politics, a little humor can be your best friend.
I saw its impact 30 years ago in Austin when a group of young, irreverent democracy activists decided to try limiting corporations that were drowning our local elections in their special-interest campaign cash. The upstart group named their grassroots effort a name that was a bit whimsical, yet pointed: “Austinites for a Little Less Corruption.”
It caught on. Even though the entire corporate, political and media establishment united in furious opposition to the reform, 70% of voters rather joyously shouted, “YES!”
Now more than ever, we need to rally grassroots Americans in a high-spirited, openly rebellious campaign to save our people’s historic democratic values. An autocratic coterie of plutocratic supremists with unlimited corporate funding already dominates our elections, public policy, agenda and our highest courts. It’s not a secret conspiracy; they’re quite open about it!
But forget the days of million-dollar donors; the arsenal of the systemic corruptors has now been nuclearized. For example, Charles Koch has just injected $5 billion in his 2024 political operation. Tim Dunn, an ultra-right-wing Texas oil baron and extremist GOP sugar daddy, has just sold his fracking empire for $12 billion, gaining a new gusher of cash to weaponize his intention to impose laissez-faire rule over America.
It’s hard to visualize how much more anti-democratic firepower one gets by spending billions instead of mere millions. Think of the difference not in terms of dollars, but time. If you have a million seconds, that’s 11 days. But a billion seconds — that’s more than 31 years!
We can have no progress — no democracy — without getting corporate money out of America’s political system. For info and action, go to citizen.org.
National radio commentator, writer, public speaker, and author of the book, “Swim Against The Current: Even A Dead Fish Can Go With The Flow,” Jim Hightower has spent three decades battling the Powers That Be on behalf of the Powers That Ought To Be – consumers, working families, environmentalists, small businesses, and just-plain-folks.
Twice elected Texas Agriculture Commissioner, Hightower is a modern-day Johnny Appleseed, spreading the message of progressive populism all across the American grassroots.
He broadcasts daily radio commentaries that are carried in more than 150 commercial and public stations and on the web.
In the mid-1990s, a $10,000 investment in a nascent online bookstore seemed risky, but for Jeff Bezos’s siblings Mark and Christina, the decision may have catapulted them into the ranks of billionaires. A Bloomberg report reveals that in 1996, they each purchased 30,000 Amazon.com Inc. shares for $10,000. This investment has since grown exponentially, with each sibling’s stake potentially reaching over $1 billion today, a 10,249,900% gain.
According to an article by Luxury Launches, referencing a Bloomberg report from July 31, 2018, the stakes held by Jeff Bezos’s siblings were valued at $640 million each, based on Amazon’s stock closing price of $91 at the time. Fast forward to the present, and with Amazon’s stock price at $149, their stakes are now valued at $1.044 billion each.
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Bezos, recognizing the emerging potential of e-commerce, embarked on an ambitious venture by founding Amazon in July 1994. This was a time when the internet was primarily used by government and educational institutions. Despite these limitations, Bezos was undeterred and pursued his vision, seeing the broader possibilities that the internet could offer.
Convincing investors, including his family, of the venture’s potential despite a high risk of failure was a monumental task. Bezos cautioned his parents about the 70% risk of losing their investment. According to the book “The Everything Store: Jeff Bezos and the Age of Amazon,” he said, “I want you to know what the risks are because I still want to come home for Thanksgiving if this doesn’t work.”
In 1994, Bezos reportedly held 60 meetings with family members, friends and potential investors in an attempt to persuade them to invest in his online bookshop idea. Out of the 60 people he approached, 38 were not convinced. Years later, Bezos reflected on these early rejections, noting how some of those who declined his offer were still affected by their decision, either accepting it as part of life or finding it too painful to discuss.
Amazon’s journey to success was fraught with challenges. It went public on May 15, 1997, at $18 per share, navigating through the turbulent times of the dot-com bubble. Yet, under Bezos’s leadership, the company not only survived but flourished, expanding beyond online retail and achieving a market cap of $1.5 trillion.
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Mark and Christina Bezos, despite their low public profiles, have been integral to Amazon’s story. Mark Bezos, diverging from the Amazon path, carved out a successful career in advertising and philanthropy, while Christina Bezos has maintained a discreet presence, focusing on family and philanthropic efforts.
The Bezos siblings’ journey with Amazon, from a high-risk investment to a billion-dollar return, underscores the power of visionary entrepreneurship and the potential of the digital economy. Their story, intertwined with the rise of one of the world’s most influential companies, highlights the far-reaching impact of strategic risk-taking in the rapidly evolving world of technology and commerce.
The story of the Bezos siblings and their investment in Amazon is more than a tale of financial gain; it’s an example of the potential of startups. Their success is a reminder that investing in a startup, while risky, can lead to extraordinary outcomes. It’s about spotting opportunities in visionary ideas and the courage to back them, even when the future seems uncertain.
Imagine being part of something that starts small but grows into a global phenomenon. That’s the allure of investing in startups. Today’s small online bookstore could be tomorrow’s tech giant.
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On the day before the opening of Art Basel Miami Beach, architect and artist Peter Marino was sitting in a room that he designed, looking out at the ocean, wearing what for him passes for swimwear: black leather pants, black leather jacket, motorcycle boots, black leather cap, black aviator sunglasses, a necklace featuring two small meat cleavers, and brass knuckles with rats on them. Nearby was a bowl full of M&Ms. Those were all black too.
“I like to adopt damaged cats—I mean, I like damaged buildings,” Marino said, in his trademark English-adjacent lilt. “I think in architecture, quite seriously, a lot is wasteful in America. People are always busy knocking everything down and building new shit. And I’m very respectful of architecture that was very good and old.”
Marino was talking about the Raleigh Hotel, the classic art deco crash pad that opened in 1940, was made famous by swimming Hollywood starlets, was nearly demolished as Collins Avenue went abandoned during the Miami Vice decade, spearheaded the Miami Beach revival in the ’90s, got bought by André Balazs in 2002 shortly after the arrival of Art Basel Miami Beach, was sold again, and then again, and has been shuttered since Hurricane Irma in 2017.
The Raleigh, though, will soon return. Developer Michael Shvo, who, along with his backers, has spent billions on real estate since the beginning of the pandemic, has acquired the property and its adjoining real estate to create a three-acre beachfront parcel. Shvo hired Marino—best known for designing storefronts for Chanel and homes for the Qatari billionaire HBJ,Larry Gagosian, and Steven Schwarzman—to design the sprawling hotel cluster and residential high-rise that will go up next door. It was a big get. Apart from some boutiques and private homes, Marino is not big on Miami projects.
“Peter’s moving into the buildings, so finally he’s going to have a home in Miami,” Shvo said. “The level of Miami is just now getting elevated. There was nowhere to go, right?”
“Well, there was some place to go—you could buy a house in Coconut Grove, which is an hour away, which is like living in northern Westchester and saying, ‘I live in New York,’” Marino said. “They’re very nice communities, I think. But they’re far away. And with traffic, it’s not conducive to a weekender such as myself.”
We were speaking in a temporary structure built to evoke Marino’s plans for the Raleigh, with the stately deco look shaking hands with his more brash style. There was a precise replica of the original bar downstairs, serving VIPs gratis martinis and dishes from Langosteria, the Milan seafood spot popular among the mega-yacht set. We moved over to the model of the Raleigh, Shvo looming over his yet-to-be-built empire with its pool to be viewed from the high-rise condo building. The 40 units start at $10 million.
“Yes, a lot of these buyers here are second, third, fourth home buyers, but they’re spending a lot more time here,” Shvo told me. “They’ll spend six months out of the year, four months out of the year.”
I asked him what pushed Miami toward its transformation into a city where such people live and work. He responded immediately.
“Covid was an accelerant,” he said. “Miami was transitioning from being a weekend city, a resort city, to being what I call an urban resort. So the idea is that: you can live here, you can vacation here, you can eat here, you can play here. The restaurant scene has obviously evolved. The culture has evolved, the museums have evolved. Those are things that you didn’t have five years ago.”
Art Basel Miami Beach is not the best art fair in the world. It’s not the coolest. It’s not the most fun, or the chicest, or the most lucrative. Then why, year after year, does it only get bigger? It’s just the nature of Miami, a perpetual boomtown. About this time last year, we were talking about how no other city in America had tethered its fortunes closer to the crypto boom than Miami. The mayor took his salary in Bitcoin, and a large portion of the sector seemed to operate out of bay-adjacent office clusters. Until recently, the Miami Heat’s arena bore the name for the now infamous Sam Bankman-Fried–run crypto exchange, FTX.
Surely such a place might see some of its enthusiasm dampened in the last nine months. And yet after the crypto crash, Miami was doing just fine as far as I could tell. Now the real banks have moved in, most recently Ken Griffin’s Citadel, following Carl Icahn’s shop and Paul Singer’s Elliott Management.
“We’ll see how big Wall Street South becomes,” Griffin said in an interview with
Bloomberg News at the Citadel Securities Global Macro Conference in Miami. “We’re on Brickell Bay, and maybe in 50 years it will be Brickell Bay North how we refer to New York in finance.”
As Shvo says, people are indeed moving here, and staying here. Jeff Bezos and his fiancée, Lauren Sánchez, have purchased two neighboring properties on a beachside island called Indian Creek, the so-called billionaire’s bunker that counts Julio Iglesias and Tom Brady as residents. Also on the bunker are Jared Kushner and Ivanka Trump, who have been soft-launching their return to polite society on the local dining scene. Last week, Ivanka went to see The Black Keys with the actor Rachel Korine, who lives nearby with her husband, the artist and filmmaker Harmony Korine. A source said that Harmony has been coming over to the Kushner-Trump house to study the Torah with Jared. (A rep for Kushner did not immediately respond to a request for comment.)
The Guild is asking for 4% raises a year for three years, while the company is offering 2.25% for the first year of the contract, and 2% the next two years. “We deserve a contract that has job security protections and that respects seniority and the value of the employees who have given multiple decades of their lives to this company,” said Kaplan. “We deserve a buyout process that is fair and truly voluntary, and that is not deceptively a worse deal than the company claims it is. And most of all we just deserve to be dealt with fairly by our employer.”
“We respect the rights of our Guild-covered colleagues to engage in this planned one-day strike. We will make sure our readers and customers are as unaffected as possible,” a Post spokesperson said in a statement. “The Post’s goal remains the same as it has from the start of our negotiations: to reach an agreement with the Guild that meets the needs of our employees and the needs of our business.”
With hundreds of staffers pledging support for the walkout earlier this week, a second Post staffer said “it’s going to be noticeable,” but questioned “whether it’s going to be effective.” In some cases, entire departments, such as the Metro and investigative teams, committed to walking out, Post reporter Marissa Lang said, as did “colleagues on the commercial side, and in the print plant,” who walked off their jobs in the early hours of Thursday morning. “A walkout of 750 people touches every part of the Washington Post organization,” said Lang. Earlier this week, Post Guild released an open letter asking readers to “respect our walkout by not crossing the picket line,” meaning “do not engage with any Washington Post content.” If you did read the Post on Thursday, though, you may have noticed some stories—like one about a new crime center in DC to the paper’s own coverage of its labor protest —had a general byline: “By Washington Post Staff.” Either reporters had their names stripped off stories, or the generically bylined pieces were written by editors.
Staffers I spoke to had mixed feelings about how much this action will really do. “I think people are genuinely impressed by how this young contention of leaders has revived the union, and doubled its membership,” said a third Post staffer. But “a lot of the same people are disappointed to see that they’re acting out in this way that doesn’t seem to be connected to any real prospect of progress on pay of jobs.” I’m told that there was internal second-guessing on Thursday among reporters who’d agreed to walk out but were now wondering, among other things, what would come next. Some high-profile staffers signed onto the strike out of fear of being publicly called out if they didn’t participate, according to a Post staffer. A piece in Semafor did just that to two top New York Times reporters, Peter Baker and Michael Shear, last year when the two opted out of the Gray Lady union’s walkout—an article, the Post staffer said, that had been circulating in recent days.
Asked about the Guild’s plan following the strike, Lang said they would “extend another one-day invitation to the company to sit down with us and meaningfully bargain over the terms of our contract. If they refuse and continue to engage in some of the behavior we’ve seen, we’re prepared to continue to pressure them,” she said.
The Post Guild’s decision to walk off the job amid lagging contract negotiations comes nearly one year to the day that the Times’s unionized staffers rallied outside the newspaper’s headquarters in their own historic act of protest. Several months later, the Times’s bitter labor fight came to an end as the staff union and company agreed to a contract. In August, Axios reported that members of the Times union briefed staffers from the Post union as the Post considered a walkout of its own.
There are distinctions between the staff appeals at the two papers. Part of the Times union’s rallying call last year was tied to the company having increased compensation for some top officers and increased its dividend payout to shareholders. The Post’s walkout, on the other hand, comes as the company has admitted it’s been operating on faulty financial projections and is buying out—or, potentially, laying off—about 10% of its workforce. While one Post staffer acknowledged its New York–based rival is on firmer financial footing these days, they also pointed out the Times is “not owned by the second richest guy in the world.”
The OpenAI saga was, in many ways, a perfect story for The Information. Reporters at the influential tech site spent the week of Thanksgiving obsessively chronicling the chaos inside the company behind ChatGPT, after its board of directors abruptly ousted its CEO Sam Altman. Five days later, Altman, the generative AI poster boy, was reinstated. By then, The Information had published 17 exclusive news articles on the company that had been picked up hundreds of times by other news outlets. “His firing was announced, and then everyone on my team was sending me all these tweets, where people were saying, ‘Oh, if The Information gets the scoop on this, I’ll subscribe,’ or ‘I really hope my Information subscription’s worth the money,’” editor in chief Jessica Lessin recalls. “And so it really felt like game on.” Lessin—who has followed Altman from the start, writing the first extensive profile on him back in 2005—supported her team throughout the week by, among other things, “reporting in bathrooms while serving my friendsgiving” and at the ENT doctor with her four-year-old.
The small-but-mighty Silicon Valley publication, which turns 10 this week, has spent the past decade rolling out ad-free scoops and analysis to a targeted audience willing to cough up $399 a year for total access. Back in 2013, when Lessin left TheWall Street Journal to start her company, it was generally accepted that “legacy media was where serious journalism was. And then there were a couple of upstarts trying to do new things, but trying to fuel it with venture capital and ad dollars,” she says, adding, “Those businesses have evaporated.” But The Information, fueled by subscriptions, has survived and seemingly paved the way for a new cohort of outlets offering niche industry reporting at a premium price, from Puck to Punchbowl News. Today, more outlets, like Axios and Politico, are also offering B2B subscription products along with their free content.
“There were a number of media start-ups around that moment, and she was very unconventional—that she was doing paid subscriptions and was not that interested in social,” says Ben Smith, a former editor in chief of BuzzFeed News, who last year founded Semafor, one of the start-ups in which Lessin has invested. “It kind of pains me to say it, but obviously, she’s been totally vindicated, and most of her competitors are no longer around.” Those former competitors include BuzzFeed News, the Pulitzer Prize–winning online news site that shut down in April. There was also Recode, a brand Vox retired in March; Quartz, which is still around but has changed hands multiple times over the years, most recently to G/O Media; and Vice, which, the Times, while reporting that the company had filed for bankruptcy in May, referred to as a “decayed digital colossus.” Lessin was ahead of her time with the business model she adopted and the story she wanted to own. “She’d come out of The Wall Street Journal, and there was a sense that The Information was applying the kind of East Coast financial reporting rigor to an ecosystem that the East Coast publications didn’t really seem to understand very well,” says Smith. Longtime subscriber Roelof Botha, the head of Sequoia Capital and former CFO of PayPal, agrees, noting that when Lessin started The Information, “The conventional wisdom at the time was, Oh, you’re not going to build a successful subscription-only business at that price point. Who knows if the market is big enough for people who are deeply passionate about technology news of the sorts that they would cover?” He adds, “She was on the right side of history.”
“There is no CEO of any company of significance that was not paying attention to OpenAI over the past week,” Lessin tells me. “I think that was a fundamental bet we took 10 years ago—that you cannot be ahead or even keep up in business without immersing yourself in what’s happening in these companies and technologies.”
Today, per Lessin, The Information has 475,000 active readers (i.e., paid subscribers and unpaid newsletter subscribers). According to Lessin, they expect to be profitable this year. The company will grow its overall revenue by 30% year over year in 2023. They’ve been disciplined when it comes to growth, with only 65 full-time employees working across offices in San Francisco, New York, and Hong Kong, as well as remotely. Lessin is focused on growing The Information’s presence in Asia; they currently have three people assigned to the Hong Kong bureau and two hires in the works. Lessin, meanwhile, traveled with US commerce secretary Gina Raimondo to China in August—a trip she later recapped during a special event for subscribers.
She’s also focused on building out The Information’s finance coverage, especially following their coverage of the Silicon Valley Bank crisis earlier this year. That was a “real eye-opener for me,” says Lessin, both in terms of how they were serving their audience—“a lot of subscribers said we saved them a lot of money,” she notes—and that they could compete on the finance beat, which she says has “led to a host of coverage around the banking sector overall.” Legacy media outlets like the Times, the Journal, and Bloomberg, says Lessin, are “going to be around forever,” but “they’re not as relevant” in “my world, and I think in business,” because of the size of the audience they aim to serve. “That model really limits how indispensable you can be, especially to a certain class of reader,” says Lessin.
Among that targeted class is Jeff Bezos. “I read it all the time and have been a subscriber for years,” the Amazon founder told me in an email. “Jessica has done a terrific job. Always insightful on tech.” Another longtime subscriber is Netflix cofounder Reed Hastings. “Check it every day,” he tells me, noting that he’s “thrilled from a business-model standpoint that she’s succeeded”—he is, after all, “a subscriber guy”—but “as a reader, what I care about is the thoughtfulness. She curates amazing reporters, and the pieces, from my perspective, are written in-depth, as opposed to clickbaity. Probably subscription is the key to that because then they don’t get paid on clicks,” says Hastings. “People care enough about the stories to continue to renew.”
Lessin maintains full ownership of the company and says she has no plans to sell. “I’m in this for the long term,” she says, a view that she says has been key to the site’s success. “You need the talent, you need the right business model, and kind of that alignment that we’re not going to go chase the latest fancy revenue thing,” she says. “Over the course of the 10 years, I’ve seen every legacy publication build a Snapchat team, and then a TikTok team, and then a video team. We built none of those teams and instead hired journalists or paid our journalists what they were worth. It’s a different formula, and it takes a lot of patience.”
It’s worth noting that Lessin used her own money—“less than $1 million,” she previously said—to start The Information. Her father is a partner at the private equity giant TPG, and her husband, the tech entrepreneur Sam Lessin, won big on Facebook stock he received when Harvard pal Mark Zuckerberg bought his start-up in 2010. And there’s a perception that Lessin has worked to distance herself from—that she’s too close to the people she covers. Her personal relationship with Zuckerberg, for one, has come under scrutiny. “You learn to have dinner with people one night and then edit a tough but true piece about them the next day,” Lessin says, when I asked about the dynamic. “That’s what we do time and time again.”
“Finding the truth and telling people why it matters is a fabulous business. It’s just really hard.” That’s why, she suggests, others haven’t been able to figure it out in the same way. “They don’t want to sit in a closet during Thanksgiving taking source calls,” she tells me.
Amazon.com Inc. AMZN, +0.64% said Friday it has hired Elon Musk’s SpaceX for three Falcon 9 rocket launches to support deployment plans for Project Kuiper, Amazon’s low Earth orbit satellite broadband network. The deal, the first between the companies, is considered a surprise since the Kuiper system is likely to compete with SpaceX’s Starlink in the satellite broadband market. Amazon previously ordered launches from three of SpaceX’s top rocket rivals, including Jeff Bezos’ Blue Origin. Amazon declined to comment on terms of the new deal with SpaceX.
We all have a hill that we’ll gladly die on. My roommate routinely goes on tirades about how no movie should be over 90 minutes (sorry, Scorcese). A lot of people on the internet are currently committed to the hill (read: conspiracy theory) that Kylie Jenner and Timothee Chalamet are a PR stunt engineered by Kris.
I’ve said it once and I’ll say it over and over for the rest of my life: mine is that the Kim and Kanye Vogue cover of September 2014 caused a major vibe shift.
This, to me, is the first cultural domino to fall and we’re still living in its aftermath. It’s the hill I hope they bury me on. So let me explain.
The September issue of Vogue is a big deal. It’s an extra thick, extra coveted issue because it’s usually the highest circulation month and advertisers literally fight — and bribe — for their spots in it. So do models, celebrities, and brands. Therefore, the unveiling of the September cover is always a big deal. In 2014, Vogue took a giant gamble: putting Kim and Kanye on the cover to celebrate their wedding.
These days, a Kim K cover would be a no-brainer — she was just GQ’s Man of the Year, for example, and posed on the cover with a bag of Cheetos — and a Kanye cover would be unfathomable — he’s in Wyoming somewhere, canceled. But in 2014, Kanye was a certified rap royalty and Kim Kardashian was still only known for her reality show and penchant for bandage dresses.
Almost a decade ago now (do you feel old yet?), the cultural landscape was completely different. Rap music, for example, had been popular for years but was only just going from a fringe genre to a welcomed part of the mainstream. So, although Kanye was a household name, he was a surprising choice for the cover. His fashion foray, Yeezy, was still getting its sea legs and not yet the giant it would become. And as for Kim? She was pretty much a joke.
But this Vogue cover changed it all. People were outraged— saying Vogue had lost the plot and that it was going downhill — but Anna Wintour stuck to her guns. She took a risk, made a bet that KimYe would be fashion’s next hottest couple, and, against all odds, she was right.
After that cover, fashion changed. So did culture itself. Slowly but surely, we entered the streetwear and hypebeast era. Ruled by sneakers and sweatsuits, this era embraced a hip-hop-inspired take on fashion that contrasted with the business-casual attire of the late 2000s and the millennial hipster chic of the early 2010s. Supreme became the hottest brand on the market. Sweatpants became acceptable club attire. And meanwhile, KimYe was proving Anna Wintour right one Yeezy ensemble at a time.
Anna’s gamble also foreshadowed how intertwined fashion would become with celebrity culture. These days, front rows of fashion shows are filled with actors, singers, and internet personalities over editors and industry vets. Budding industry darlings make names for themselves by becoming “fashion girls” and partnering with brands like Loewe, Schiaparelli, and Jacquemus. Even Kylie Jenner just launched a fashion line — maybe we’ll see her grace the cover of Vogue next.
But now, Anna has taken yet another risk.
Out of nowhere, just days ago, Vogue Magazine posted a very surprising pair on social media: Amazon billionaire CEO Jeff Bezos and his new wife Lauren Sanchez.
The write-up was even weirder. From comparing Bezos to Iron Man (he wishes) to revealing that Lauren once outbid Kim Kardashian on a dress for $200,000… this Vogue spread felt like a paid advertisement for Jeff Bezos’s mid-life crisis. Don’t get me wrong, I love it when hot girls have post-divorce revenge eras — like Em Rata or even Jeremy Allen White — but Jeff Bezos? We can’t give him the validation.
And I’m not alone in thinking this. Vogue readers were fuming. Just check the comment section or the TikTok video essays. In the court of public opinion, billionaire Bezos is not winning. Some readers asked how much Bezos was shelling out for this profile, while others pointed out that Mackenzie Scott, his ex-wife who has committed to donating her fortune, would have been a better feature.
But I can’t help but wonder: what does Anna Wintour know? Could another vibe shift be imminent? Now that we’re used to seeing celebrities leverage fashion in service of their fashion brand, will we be seeing tech moguls and billionaires do the same? Next thing you know, Elon Musk will be the face of Balenciaga and all the tech kingpins will stop trying to go to space and instead try to score invites to the Met Gala and Vogue World.
If that’s where all this is headed, it’s looking pretty bleak. Not to undermine Anna’s judgment, but in this scenario, I hope she’s wrong.
Amazon founder Jeff Bezos’ fund to support homeless families announced $117 million in new grants on Tuesday to organizations across the U.S. and Puerto Rico, part of a $2 billion commitment that the billionaire made in 2018 to support homeless families and to run free preschools.
That brings the amount granted by the Bezos Day 1 Families Fund to benefit homeless families to almost $640 million.
Bezos’ partner, former news anchor Lauren Sánchez, who is also the vice chair of the Bezos Earth Fund, thanked the grantee organizations in a video posted to both her and Bezos’ social media accounts.
Bezos, the world’s third richest person with a fortune of $170 billion, last year told CNN he planned to donate much of his fortune to charity over his lifetime. That came after Bezos had come under fire for what critics said was a lack of philanthropic initiatives, especially amid the charitable activities of his ex-wife, Mackenzie Scott.
Scott, who divorced Bezos in 2019, is the world’s 39th richest person with a fortune of $34 billion, according to the Bloomberg Billionaires Index.
The Bezos Day 1 Families Fund did not give a timeframe for when the pledged $2 billion would be distributed or what portion would go to homeless families.
Bezos stepped down as CEO of Amazon in 2021 to spend more time on his other projects, including the rocket company, Blue Origin, and his philanthropy. Bezos and Sánchez have not signed the Giving Pledge, which asks billionaires to make a similar commitment.
Flexible grants
The Salvation Army of Greater Charlotte received a second grant this year after first being awarded $5 million by the fund in 2018. Deronda Metz, director of social services, said they can use the funding in more flexible ways than the government grants they receive, including the renovation of a 100 room hotel, hiring additional staff and expanding the facility for an on-campus Boys & Girls Club.
Rents rose sharply in her city following the pandemic, as it did in many cities, meaning that more families are losing their housing and that the cost of getting them into apartments has risen, she said.
“When you have flexible dollars in a rental market like this, you could pay your high rent, you could pay a higher deposit,” Metz said.
Here are the 38 recipients
Abode Services, Fremont, CA — $5 million
American Indian Community Development Corporation (AICDC), Minneapolis, MN — $5 million
ARVAC Inc., Russellville, AR — $1.25 million
BronxWorks, New York, NY — $5 million
Bolivar County Community Action Agency, Inc., Cleveland, MS — $1.25 million
Catholic Charities of the Archdiocese of Miami, Inc., Miami, FL — $5 million
Catholic Community Services of Western Washington, Seattle, WA — $5 million
Champlain Valley Office of Economic Opportunity, Burlington, VT — $5 million
Community Action Partnership of Kern, Bakersfield, CA — $5 million
Community of Hope, Inc, Washington, DC — $3.75 million
Council for the Homeless, Vancouver, WA — $5 million
Crossroads Rhode Island, Providence, RI — $5 million
Everyone Home DC, Washington, DC — $2.5 million
Family Promise of Athens, Athens, GA — $400,000
Family Promise of Cheyenne, Cheyenne, WY — $150,000
Family Promise of the Triangle, Raleigh, NC — $1 million
Family Service Lincoln, Lincoln, NE — $2.5 million
Hogar Ruth para Mujeres Maltratadas, Inc., Vega Alta, PR — $2.5 million
Hospitality House of Northwest North Carolina, Boone, NC — $2.5 million
Interfaith Community Services, Escondido, CA — $5 million
Ka Mana O Na Helu, Pearl City, HI — $2.5 million
La Fondita de Jesús, San Juan, PR — $2.5 million
Mid-Willamette Valley Community Action Agency, Salem, OR — $5 million
Native American Connections, Phoenix, AZ — $5 million
Neighborhood Place of Puna, Puna, HI — $2.5 million
Northern Circle Indian Housing Authority, Ukiah, CA — $2.5 million
Primavera Foundation, Tucson, AZ — $5 million
Shelter House, Inc, Fairfax, VA — $2.5 million
Stewpot Community Services, Inc., Jackson, MS — $1.25 million
Tarrant County Homeless Coalition, Fort Worth, TX — $2.5 million
Temporary Emergency Services, Inc., Tuscaloosa, AL —$1 million
The Salvation Army, Fort Myers Area Command, Fort Myers, FL — $2.5 million
The Salvation Army of Greater Charlotte, Charlotte, NC — $3.75 million
UMOM New Day Centers, Phoenix, AZ — $5 million
United Communities Against Poverty, Inc. (UCAP), Capitol Heights, MD • $1.25 million
United Way of Yellowstone County, Billings, MT • $2.5 million
Wisconsin Balance of State CoC, Eau Claire, WI — $1.25 million
YWCA Greater Cincinnati, Cincinnati, OH — $1.25 million
Lauren Sánchez made headlines in 2019 when she and her fiance, Amazon founder Jeff Bezos,went public with their relationship, and she’s since made a name for herself in the world of philanthropy — and soon, space exploration.
The formerbroadcast journalist and founder of aviation company Black Ops Aviationrecently sat down with Vogue in a tell-all interview, where she shed light on her relationship with Bezos, her plans to travel out of the atmosphere, and how philanthropy plays a role in her life.
On the lavishness of the couple’s upcoming nuptials
“We’re still thinking about the wedding, what it’s going to be. Is it going to be big? Is it going to be overseas? We don’t know yet,” she told Vogue. “We’ve only been engaged five months!”
Bezos, 59, and Sánchez, 53were engaged in May in a private moment inside their home, something the public was not aware of at the time. Sánchez told the outlet that she found the engagement ring box underneath her pillow, which she found right before heading to bed.
Sanchez is aware, of course, of what marrying Bezos and his fortune entails, and how the financials of such a major commitment will play out. Bezos is currently the No. 2 richest man in the world with $166 billion, per Bloomberg.
“I think there are a lot of opportunities that come with that, and I take those opportunities very seriously,” she said, noting that she will be taking Bezos’ last name. “We always look at each other and go, ‘We’re the team.’ So everything’s shared.”
On space exploration
Sánchez told Vogue that she will be traveling into space next year on Blue Origin’s New Shepard, though she left the details vague, noting that she will be flying alongside five (so far unnamed) women who are “paving the way.”
She also tried to shed light on why Bezos is so passionate about space exploration, and justified the practice as an informative and educational tool instead of just a joyride throwaway for the extremely wealthy.
“Jeff always says, ‘Building the road to space so that our children can build the future.’ And that’s what it’s about,” she explained. “Launch, land, repeat, over and over so that we can figure out how to have reusable rockets.”
Jeff Bezos and Lauren Sánchez speak onstage during the IWMF Courage in Journalism Awards on October 23, 2023 in Washington, DC. (Photo by Kevin Mazur/Getty Images for IWMF)
On the couple’s morning routine
Sánchez said she and Bezos try to keep off their phones when they wake up.
“We try not to get on our phones right away,” Sánchez says. “That’s what I’m working on.”
And through recommendations of famous friends, such as Diane Von Furstenberg (who reportedly hosted the couple’s engagement party last weekend), the couple has started journaling.
“We’re not quite there,” admits Sánchez. “We’ll do it, like, three days a week.”
On philanthropy
Sánchez, who now serves as the Vice Chair of the Bezos Earth Fund, also works with This Is About Humanity and the Bezos Day One Fund.
“We really want to do the most we can with the dollars that we put into things,” she said. “It’s not about just giving the money away. It’s about being involved … I think Jeff and I really are focusing on the long-term commitment to climate, and we’re extremely optimistic about it.”
Elon Musk’s SpaceX is known for its frequent launches, which now dominate the space industry. But thesatellites that the rockets send to space are just as important for the company as the launches. Starlink is SpaceX’s answer to providing global, high-speed internet coverage using a network of thousands of satellites buzzing around the planet in a region known as low Earth orbit (LEO), about 342 miles above the Earth’s surface.
SpaceX launched its first batch of Starlink satellites in 2019. Adoption of the service has ballooned since then. The company has said Starlink has more than 2 million active customers and is available on all seven continents and in over 60 countries.
“This growth is uncharacteristic in the sense of its magnitude. Whereas prior satellite service providers have ramped up to anywhere at most between 500,000 to a little bit over a million subscribers. And this has taken, you know, a ten-year period, Starlink’s race to 2 million subscribers has taken only the better part of two years,” says Brent Prokosh, a Senior Affiliate Consultant at Euroconsult.
A Falcon 9 rockets launches a Starlink mission on January 20, 2021.
SpaceX
Experts estimate that the global market for consumer satellite services, including TV, radio, and broadband internet, was worth over $92 billion in 2022. And Starlink could be in a good position to capture a big piece of the market. Although initially conceived for the consumer segment, Starlink’s offerings have expanded to serve enterprise customers including in the maritime and aviation industries.
“Starlink’s importance to SpaceX overall as a company is imperative. Euroconsult estimates that, optimistically, by the end of 2023, this business of Starlink could represent upwards of 40% of SpaceX’s overall business. This total would be somewhere in excess of $3 billion generated from Starlink,” Prokosh says.
Starlink has been praised for its ability to connect remote parts of the world that would otherwise not have access to reliable internet. The service has also become indispensable in areas hit by natural disasters, and, more recently, during times of conflict, particularly in the Russia-Ukraine war.
“The big benefit of Starlink and how it’s being used in Ukraine today is communications. It’s providing a pathway for the military, for civilians to stay connected to the outside world. It allows a pathway for the military to communicate with each other and to provide command and control direction to their forces,” says Kari Bingen who is the Director of the Aerospace Security Project at the Center for Strategic and International Studies.
Ukrainian forces set up Starlink satellite receivers to provide connection for civilians at Independence Square after the withdrawal of the Russian army from Kherson to the eastern bank of Dnieper River, Ukraine, on November 13, 2022.
Metin Atkas | Anadolu Agency | Getty Images
But Starlink’s growing influence is garnering condemnation from critics who say Musk is meddling in geopolitics. Meanwhile, the scientific community has its own concerns.
“The astronomical community got concerned about the first launch of the Starlink satellite a few years ago because the projection of the full constellation of several tens of thousands of satellites in low Earth orbit was immediately seen as an interference to both the optical observation and to radio observation,” says Piero Benvenuti, who is the Interim General Secretary, International Astronomical Union.
To find out more about Starlink’s rapid expansion and if it can continue, watch the video.
Amazon founder Jeff Bezos is relocating from his longtime home in Seattle to the beachside city of Miami.
In an Instagram post on Thursday, Bezos shared the news alongside a video from the Seattle garage where he established Amazon almost 30 years ago.
“As exciting as the move is, it’s an emotional decision for me,” Bezos wrote. “Seattle, you will always have a piece of my heart.”
The tech billionaire says he’s moving to be closer to his parents and the Cape Canaveral operations of Blue Origin LLC, Bezo’s space exploration company.
Last month, Bezos purchased a seven-bedroom mansion in Miami for $79 million located next door to his other Miami mansion, a 2.8-acre home, which Bezos purchased in August for $68 million. Both homes sit in Indian Creek, a man-made barrier island in the Miami area known as the “Billionaire Bunker.”
Along with his new Miami home — or homes? — Bezos has properties in Washington, D.C., New York City, Los Angeles, and Maui, along with a 300,000-acre ranch in Texas, which serves as the base for Blue Origin’s New Shepard rocket launch site.
Indian Creek in Miami, Florida. Jeffrey Greenberg/Universal Images Group | Getty Images.
As the world’s third richest person, Bezos boasts a net worth of $161 billion, according to the Bloomberg Billionaires Index.
Bezos’ announcement came on the same day that the FTC released a new, less-redacted lawsuit against Amazon, revealing new details about the accusations against the tech giant, including claims that Bezos “directly ordered” the advertising team to intentionally inundate its search results with irrelevant “defect” ads as a means to “drive up Amazon’s advertising profits.”
However, Amazon has refuted the accusations.
“The claim that Amazon leadership directed employees to accept more advertising defects that would degrade the customer experience is grossly misleading and taken out of context,” Tim Doyle, an Amazon spokesman, told Entrepreneur.
Amazon founder Jeff Bezos is moving to the Sunshine State.
In a sentimental Instagram post Thursday, which included old footage of the very first Amazon office located in Bezos’ former garage in the Seattle suburb of Bellevue, the billionaire said he’s moving to Miami. His reasons for relocating include a desire to be closer to his parents; his partner, Lauren Sanchez; and Cape Canaveral, where operations for his space exploration company Blue Origin “are increasingly shifting,” according to the post.
“As exciting as the move is, it’s an emotional decision for me,” Bezos said in the post. “Seattle, you will always have a piece of my heart.”
Bezos established Amazon in Seattle in 1994, contributing to the city’s transformation into a vibrant technology hub. He helmed the company until 2021, at which time he stepped down as CEO to focus on other ventures, such as his aerospace company.
Influx of billionaires
Bezos’ cross-country move comes months after the billionaire bought two South Florida mansions worth $79 million and $68 million, respectively, Bloomberg reported.
However, being close to friends and family won’t be the only perk to living in Miami for Bezos. The move could also save him loads of money on taxes.
Washington State, where Bezos currently lives, recently passed a 7% tax on capital gains, which could cost wealthy individuals like Bezos millions, according to the state’s Department of Revenue. Under that new tax, Bezos would owe $70 million in state taxes for every $1 billion of Amazon stock he sells, according to CNBC Wealth Reporter Robert Frank.
By comparison, Florida is one of nine states that does not have state income or capital gains taxes, according to Investopedia.
Several other ultra-wealthy individuals have recently made the move to Miami to take advantage of the state’s generous tax laws. Last year, Ken Griffin, the wealthiest man in Illinois, moved his family and his Chicago-based hedge fund to Miami. Hedge fund tycoons Dan Loeb and Josh Harris have also purchased palatial mansions in Miami Beach in recent years, Insider reported.
After launching Amazon from a garage in Seattle in 1994, centibilllionaire Jeff Bezos is leaving the Pacific Northwest behind and setting sail for Florida.
In an Instagram post, the world’s third wealthiest person—with a net worth estimated at $160 billion—said he wanted to be closer to my parents after they recently moved back to Miami.
“My parents have always been my biggest supporters,” he posted to his Instagram account, adding that his spacefaring company Blue Origin is increasingly shifting operations to Cape Canaveral.
Florida also offers a financial benefit to the Amazon founder—it doesn’t charge capital gains tax which, for a man who’s sold some $30 billion in stock since 2002, according to Bloomberg, can be quite substantial
Feeling at home
Even though Bezos said he’s relocating to Miami, not a whole lot will change for the owner of the Washington Post newspaper. He won’t need to scout the real estate market for a new residence, since he already reportedly bought in August a $68 million Miami mansion on the small, man-made island of Indian Creek popularly known as “Billionaires Bunker”. In October, he added his next-door neighbor’s $79 million property as well.
But Miami is not the only place where Bezos lives. In addition to his collection of luxury cars and private Gulfstream jets, Bezos owns multiple properties valued recently at a half billion dollars.
Washington’s historic tax
His move may have something to do with a Washington state supreme court decision in March of this year to uphold a 7% tax on capital gains that took effect in January 2022 despite a legal challenge.
The ruling is considered historic since legislators in Olympia took the opposite view of the Internal Revenue Service: they classified the tax as an excise tax rather than an income tax in order to circumvent the fact that Washington state does not have an income tax under state law. A majority of voters in Seattle are now in favor of a similar capital gains tax for the city itself.
Unlike most people, entrepreneurs and other ultra-high net worth individuals typically do not pay taxes on their personal earnings, since their wealth stems from assets rather than salaries and bonuses.
Instead, the IRS collects every time one of these assets is liquidated, a far more meddlesome issue for the super-rich. For this reason, Florida is popular among the billionaire class since the state does not impose its own levies on such disposals—as it has no income tax in the broader sense, either.
Even if Bezos’ tax dollars are set to move from the Pacific Northwest, the centibillionaire said he would still leave something behind as a token of his appreciation: “Seattle, you will always have a piece of my heart.”
Planetary scientist Alan Stern, who spearheaded NASA’s New Horizons mission to Pluto, enjoyed a spaceflight of his own Thursday, soaring to the edge of space and back aboard Virgin Galactic’s winged spaceplane, chalking up the company’s fifth commercial sub-orbital flight.
Stern, researcher and STEM “influencer” Kellie Gerardi, Italian investment manager Ketty Maisonrouge, two Virgin Galactic pilots and a company trainer were carried aloft by a carrier jet that released the Unity spaceplane at an altitude of about 44,700 feet above the New Mexico desert.
The hybrid motor powering Virgin Galactic’s Unity spaceplane ignites high above New Mexico Thursday, propelling the craft to the lower edge of space in the company’s tenth sub-orbital flight out of the discernible atmosphere.
Virgin Galactic
At the controls were Unity commander Michael Masucci and pilot Kelly Latimer, both veterans of earlier flights. Virgin astronaut trainer Colin Bennett joined the three passengers in Unity’s multi-window cabin.
Seconds after release, Unity’s hybrid rocket motor ignited with a rush of flame, propelling the ship up on a near-vertical trajectory, accelerating to nearly three times the speed of sound.
The motor then shut down and the crew enjoyed three to four minutes of weightlessness as Unity coasted up to an altitude of 54.2 miles — NASA recognizes 50 miles as the “boundary” between the discernible atmosphere and space — where it arced over and began the long fall back to Earth.
During their brief sojourn in weightlessness, Stern and Gerardi collected data with five experiments primarily focused on the physiological aspects of microgravity.
Stern wore a biomedical harness to monitor his body’s reaction to weightlessness and planned to practice procedures with a high-tech camera that will be used on a future NASA astronomical research mission. Gerardi planned to operate three experiments related to microgravity healthcare and fluid dynamics.
Unity carried two Virgin Galactic pilots and a company astronaut trainer, along with three paying customers: researcher Alan Stern, back right at window, European investment manager Ketty Maisonrouge, front left, and STEM educator/researcher Kellie Gerardi, center. Virgin Galactic astronaut trainer Colin Bennett is just out of view at bottom right.
Virgin Galactic
A former chief of NASA’s science division and principal investigator with the agency’s New Horizons mission to Pluto, Stern was sponsored by the Southwest Research Institute where he now helps lead the space science division.
“Our objective in developing requirements, procedures timelines and training runs is to maximize the value of this first spaceflight and to minimize risks to performance on the second flight while doing NASA experiment work,” Stern wrote before launch.
“And while there is always more one could do, I believe we have a solid plan both for flight ops and for training to perform those that’s commensurate with the low cost of this mission. Of course, the proof of that will come at showtime, in space, high above southern New Mexico!”
Gerardi’s trip was sponsored by the International Institute for Astronautical Sciences while her experiments were developed by the National Research Council of Canada. Maisonrouge is an investment manager who was born in Italy and grew up in Switzerland and France. She was among Virgin’s first customers, reportedly paying $250,000 for a seat back in 2005.
As it began descending, Unity’s two swept-back wings rotated upward, or “feathered,” earlier in the flight, working as designed to properly orient the spacecraft, increase atmospheric drag and reduce the “loads” acting on the ship during re-entry.
The view from a short visit to sub-orbital space.
Virgin Galactic
Back in the lower atmosphere, the wings rotated back down parallel to the fuselage and the pilots guided the spaceplane, now flying as a glider, to touchdown on Spaceport America’s 12,000-foot-long runway just west of the White Sands Missile Range at 11:59 a.m. EDT.
It was Unity’s 10th piloted flight above an altitude of 50 miles and Virgin’s fifth fully commercial flight in a row with paying customers aboard. Overall, Virgin Galactic has launched 49 company employees and commercial passengers in Unity’s 10 sub-orbital flights to date.
Jeff Bezos’ Blue Origin, which has launched six sub-orbital flights with 32 passengers using its more traditional New Shepard rocket and capsule, is currently in a standdown while resolving a booster problem that occurred during an unpiloted microgravity research flight last year.
Virgin Galactic’s next flight is planned for January. Blue Origin is expected to resume New Shepard flights before the end of the year.
Bill Harwood has been covering the U.S. space program full-time since 1984, first as Cape Canaveral bureau chief for United Press International and now as a consultant for CBS News.
“The buyout program that the Post has created is neither as generous as the Post has made it out to be nor truly voluntary,” Post Guild leadership says in a statement. “The Post has refused to expand eligibility to all employees rather than targeting certain departments; provide continued access to health insurance; or bolster pensions for long-tenured employees.
Guild leadership adds: “Our hard-working colleagues are going to lose their jobs because of the short-sighted business decisions made by management over the past few years.… The buyout program is funded almost entirely by Post employees’ retirement funds, and we will continue to demand a program that works for us.”
Meanwhile, there’s been lingering frustration with Buzbee’s low-key leadership style and questions about her vision for the Post, concerns that have only intensified amid the news of the buyouts, a reversal of the unprecedented newsroom expansion that Buzbee has helped oversee. Growth, more than anything, seemed to be her mandate. Which makes it even more unclear what the mission will be once these cuts shake out. Some people have complained directly to Stonesifer that Buzbee is part of the problem, according to two staffers.
“We have an editor who doesn’t know what she’s doing, a publisher who didn’t know what he was doing, and an owner who took his eye off the ball,” one of the staffers tells me.
It took some effort to get Bezos to pay attention. His visit in January came as the relationship between Buzbee and Ryan had grown increasingly untenable, and just before he visited, I’m told, Buzbee personally reached out to Bezos to discuss the situation. (The Post declined to comment on Buzbee’s outreach to Bezos.) Around this time, Bezos was also alerted to the breakdown between the editor and publisher by Bob Woodward, the legendary Post journalist who helped break the Watergate scandal. Woodward and Bezos have known each other for decades; in 2013, when Bezos visited the Post shortly after becoming its new owner, the two had a private breakfast together, and Woodward has publicly acknowledged that he’s communicated with him about the Post’s recent troubles.
When Bezos bought the paper in 2013, he said he sought to “figure out a new golden era at the Post,” in which it needed “not just to survive, but to grow.” The aspiration seemed to be to become the world’s leading news site, a mission echoed in the 2021 appointment of Buzbee, who’d spent her whole career at the Associated Press. “I came to the Post at the right time where it’s trying to become more of a global news organization,” Buzbee told me one year into her tenure. Ryan, then still publisher, told me the newsroom “added more roles”—over 150—”since she arrived in a single year than any year in our history.” Buzbee was trying to make the rest of the paper as strong as her predecessor Marty Baron had made national politics and investigations, creating two new departments, climate and wellness, and prioritizing technology and international news.
During the latest town hall, National editor Matea Gold, said a goal for 2024 was owning coverage about “politics, our divided nation, and threats to democracy”—but then rattled off a bunch of other corners of the newsroom, including sports, health and science, as well as culture, arts, media, and entertainment. As one Post reporter put it to me, “We thought they were probably just going to come out and say that all they cared about was politics. Instead, they said we care about all of you, but then couldn’t articulate a vision for what that meant.”
The Post’s national political coverage remains strong, but Joe Biden’s White House has made for comparatively dull reading following the leaky Trump team, rife with backstabbing and infighting that played out in the press. “We knew we’d lose some folks with Trump, but…we thought we’d be able to hold onto them, that the quality of the work we were doing in other areas would hold them. It didn’t hold,” Stonesifer told staff when she announced the staff reductions last month. (Not to mention, the Post—already competing against the likes of the Times, Politico, and Axios during the Trump years—is now also facing stiff competition on the congressional front from Punchbowl, whose cofounder, Jake Sherman, was just profiled this week in the Post’s own Style section.)
“The Post still gets plenty of wins, but not as many as before, and the leadership doesn’t seem to know what they want to do,” says one staffer. “More than anything, 2024 has to be the year where someone at the Post at a senior level delineates: What do we want to be?” says another staffer. “Are we going to have a business plan that hinges on politics and scales back other things? Are we going to acquire new things? There’s gotta be some answers on things that are above reporters’ pay grades.”
The Post hasn’t been shy about the need to increase traffic and subscriptions, as Stonesifer and Buzbee have both acknowledged in the town halls. Digital subscribers, currently 2.5 million, dropped more than 15% since 2021, according to the Post, and overall digital audience declined by 28% over the same period. Recently, the Audience team has been closely studying audience and traffic on a desk-by-desk basis, I’m told, putting together presentations for various teams—called “desk dives”—in which they discuss trendlines for the section and what readers are looking for.
Bezos himself gave staff a statement of editorial priorities last month, when he put out a rare note to the newsroom following “an invigorating 48 hours” at the paper. He shouted out the “great and important work from members of our Ukraine reporting team, the Climate team, Politics team, Opinions, and Well+Being” that he learned about during his visit. Notably, areas expected to be most affected by the buyouts—such as Metro, which the Post is aiming to trim by nearly a quarter, as well as audio and video teams—were not mentioned.
Billionaire Jeff Bezos’s latest real estate purchase hits quite literally close to home.
According to Bloomberg, Bezos purchased a $79 million estate in Indian Creek, Florida with a very familiar neighbor — himself.
Indian Creek, which has been dubbed “Billionaire Bunker,” is a 300-acre island village in Miami-Dade County with only 41 residential home lots. Amazon’s founder must love the neighborhood — in June, he bought the neighboring property for an estimated $68 million.
An aerial view of Miami Beach, Florida including Indian Creek and Alison Island (Getty Images)
Bezos’ newest purchase sits on 1.8 acres and was last sold for $28 million in 2014.
I should not have been surprised, but I still marveled at just how little it took to get under the skin of President Donald Trump and his allies. By February 2019, I had been the executive editor of The Washington Post for six years. That month, the newspaper aired a one-minute Super Bowl ad, with a voice-over by Tom Hanks, championing the role of a free press, commemorating journalists killed and captured, and concluding with the Post’s logo and the message “Democracy dies in darkness.” The ad highlighted the strong and often courageous work done by journalists at the Post and elsewhere—including by Fox News’s Bret Baier—because we were striving to signal that this wasn’t just about us and wasn’t a political statement.
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“There’s someone to gather the facts,” Hanks said in the ad. “To bring you the story. No matter the cost. Because knowing empowers us. Knowing helps us decide. Knowing keeps us free.”
Even that simple, foundational idea of democracy was a step too far for the Trump clan. The president’s son Donald Trump Jr. couldn’t contain himself. “You know how MSM journalists could avoid having to spend millions on a #superbowl commercial to gain some undeserved credibility?” he tweeted with typical two-bit belligerence. “How about report the news and not their leftist BS for a change.”
Two years earlier—a month into Trump’s presidency—the Post had affixed “Democracy dies in darkness” under its nameplate on the printed newspaper, as well as at the top of its website and on everything it produced. As the newspaper’s owner, Jeff Bezos, envisioned it, this was not a slogan but a “mission statement.” And it was not about Trump, although his allies took it to be. Producing a mission statement had been in the works for two years before Trump took office. That it emerged when it did is testimony to the tortuous, and torturous, process of coming up with something sufficiently memorable and meaningful that Bezos would bless.
Bezos, the founder and now executive chair of Amazon, had bought The Washington Post in 2013. In early 2015, he had expressed his wish for a phrase that might encapsulate the newspaper’s purpose: a phrase that would convey an idea, not a product; fit nicely on a T-shirt; make a claim uniquely ours, given our heritage and our base in the nation’s capital; and be both aspirational and disruptive. “Not a paper I want to subscribe to,” as Bezos put it, but rather “an idea I want to belong to.” The idea: We love this country, so we hold it accountable.
No small order, coming up with the right phrase. And Bezos was no distant observer. “On this topic,” he told us, “I’d like to see all the sausage-making. Don’t worry about whether it’s a good use of my time.” Bezos, so fixated on metrics in other contexts, now advised ditching them. “I just think we’re going to have to use gut and intuition.” And he insisted that the chosen words recognize our “historic mission,” not a new one. “We don’t have to be afraid of the democracy word,” he said; it’s “the thing that makes the Post unique.”
Staff teams were assembled. Months of meetings were held. Frustrations deepened. Outside branding consultants were retained, to no avail. (“Typical,” Bezos said.) Desperation led to a long list of options, venturing into the inane. The ideas totaled at least 1,000: “A bias for truth,” “Know,” “A right to know,” “You have a right to know,” “Unstoppable journalism,” “The power is yours,” “Power read,” “Relentless pursuit of the truth,” “The facts matter,” “It’s about America,” “Spotlight on democracy,” “Democracy matters,” “A light on the nation,” “Democracy lives in light,” “Democracy takes work. We’ll do our part,” “The news democracy needs,” “Toward a more perfect union” (rejected lest it summon thoughts of our own workforce union).
By September 2016, an impatient Bezos was forcing the issue. We had to settle on something. Nine Post executives and Bezos met in a private room at the Four Seasons in Georgetown to finally get over the finish line. Because of Bezos’s tight schedule, we had only half an hour, starting at 7:45 a.m. A handful of options remained on the table: “A bright light for a free people” or, simply, “A bright light for free people”; “The story must be told” (recalling the inspiring words of the late photographer Michel du Cille); “To challenge and inform”; “For a world that demands to know”; “For people who demand to know.” None of those passed muster.
In the end, we settled on “A free people demand to know” (subject to a grammar check by our copy desk, which gave its assent). Success was short-lived—mercifully, no doubt. Late that evening, Bezos dispatched an email in the “not what you’re hoping for category,” as he put it. He had run our consensus pick by his then-wife, MacKenzie Scott, a novelist and “my in-house wordsmith,” who had pronounced the phrase clunky. “Frankenslogan” was the word she used.
By then, we needed Bezos to take unilateral action. Finally, he did. “Let’s go with ‘Democracy dies in darkness,’ ” he decreed. It had been on our list from the start, and was a phrase Bezos had used previously in speaking of the Post’s mission; he himself had heard it from the Washington Post legend Bob Woodward. It was a twist on a phrase in a 2002 ruling by the federal-appellate-court judge Damon J. Keith, who wrote that “democracies die behind closed doors.”
“Democracy dies in darkness” made its debut, without announcement, in mid-February 2017. And I’ve never seen a slogan—I mean, mission statement—get such a reaction. It even drew attention from People’s Daily in China, which tweeted, “ ‘Democracy dies in darkness’ @washingtonpost puts on new slogan, on the same day @realDonaldTrump calls media as the enemy of Americans.” Merriam-Webster reported a sudden surge in searches for the word democracy. The Late Show host Stephen Colbert joked that some of the rejected phrases had included “No, you shut up” and “We took down Nixon—who wants next?” Twitter commentators remarked on the Post’s “new goth vibe.” The media critic Jack Shafer tweeted a handful of his own “rejected Washington Post mottos,” among them “We’re really full of ourselves” and “Democracy Gets Sunburned If It Doesn’t Use Sunscreen.”
Bezos couldn’t have been more thrilled. The mission statement was getting noticed. “It’s a good sign when you’re the subject of satire,” he said a couple of weeks later. The four words atop our journalism had certainly drawn attention to our mission. Much worse would have been a collective shrug. Like others at the Post, I had questioned the wisdom of branding all our work with death and darkness. All I could think of at that point, though, was the Serenity Prayer: “God grant me the serenity to accept the things I cannot change.”
But the phrase stuck with readers, who saw it as perfect for the Trump era, even if that was not its intent.
The Post’s publisher, Fred Ryan, speaks to the newsroom as the staff celebrates winning a Pulitzer Prize in 2016. (Chip Somodevilla / Getty)
We must have been an odd-looking group, sitting around the dining-room table in the egg-shaped Blue Room of the White House: Bezos, recognizable anywhere by his bald head, short stature, booming laugh, and radiant intensity; Fred Ryan, the Post’s publisher, an alumnus of the Reagan administration who was a head taller than my own 5 feet 11 inches, with graying blond hair and a giant, glistening smile; the editorial-page editor, Fred Hiatt, a 36-year Post veteran and former foreign correspondent with an earnest, bookish look; and me, with a trimmed gray beard, woolly head of hair, and what was invariably described as a dour and taciturn demeanor.
Five months after his inauguration, President Trump had responded to a request from the publisher for a meeting, and had invited us to dinner. We were joined by the first lady, Melania Trump, and Trump’s son-in-law and senior adviser, Jared Kushner. By coincidence, just as we were sitting down, at 7 p.m., the Postpublished a report that Special Counsel Robert Mueller was inquiring into Kushner’s business dealings in Russia, part of Mueller’s investigation into that country’s interference in the 2016 election. The story followed another by the Postrevealing that Kushner had met secretly with the Russian ambassador, Sergey Kislyak, and had proposed that a Russian diplomatic post be used to provide a secure communications line between Trump officials and the Kremlin. The Post had reported as well that Kushner met later with Sergey Gorkov, the head of a Russian-owned development bank.
Hope Hicks, a young Trump aide, handed Kushner her phone. Our news alert had just gone out, reaching millions of mobile devices, including hers. “Very Shakespearean,” she whispered to Kushner. “Dining with your enemies.” Hiatt, who had overheard, whispered back, “We’re not your enemies.”
As we dined on cheese soufflé, pan-roasted Dover sole, and chocolate-cream tart, Trump crowed about his election victory, mocked his rivals and even people in his own orbit, boasted of imagined accomplishments, calculated how he could win yet again in four years, and described The Washington Post as the worst of all media outlets, with The New York Times just behind us in his ranking in that moment.
Trump, his family, and his team had put the Post on their enemies list, and nothing was going to change anyone’s mind. We had been neither servile nor sycophantic toward Trump, and we weren’t going to be. Our job was to report aggressively on the president and to hold his administration, like all others, to account. In the mind of the president and those around him, that made us the opposition.
There was political benefit to Trump in going further: We were not just his enemy—we were the country’s enemy. In his telling, we were traitors. Less than a month into his presidency, Trump had denounced the press as “the enemy of the American People” on Twitter. It was an ominous echo of the phrase “enemy of the people,” invoked by Joseph Stalin, Mao Zedong, and Hitler’s propagandist, Joseph Goebbels, and deployed for the purpose of repression and murder. Trump could not have cared less about the history of such incendiary language or how it might incite physical attacks on journalists.
Whenever I was asked about Trump’s rhetoric, my own response was straightforward: “We are not at war with the administration. We are at work.” But it was clear that Trump saw all of us at that table as his foes, most especially Bezos, because he owned the Post and, in Trump’s mind, was pulling the strings—or could pull them if he wished.
At our dinner, Trump sought at times to be charming. It was a superficial charm, without warmth or authenticity. He did almost all the talking. We scarcely said a word, and I said the least, out of discomfort at being there and seeking to avoid any confrontation with him over our coverage. Anything I said could set him off.
He let loose on a long list of perceived enemies and slights: The chief executive of Macy’s was a “coward” for pulling Trump products from store shelves in reaction to Trump’s remarks portraying Mexican immigrants as rapists; he would have been picketed by only “20 Mexicans. Who cares?” Trump had better relations with foreign leaders than former President Barack Obama, who was lazy and never called them. Obama had left disasters around the world for him to solve. Obama had been hesitant to allow the military to kill people in Afghanistan. He, Trump, told the military to just do it; don’t ask for permission. Mueller, Attorney General Jeff Sessions, fired FBI Director James Comey, and FBI Deputy Director Andrew McCabe were slammed for reasons that are now familiar.
Two themes stayed with me from that dinner. First, Trump would govern primarily to retain the support of his base. At the table, he pulled a sheet of paper from his jacket pocket. The figure “47%” appeared above his photo. “This is the latest Rasmussen poll. I can win with that.” The message was clear: That level of support, if he held key states, was all he needed to secure a second term. What other voters thought of him, he seemed to say, would not matter.
Second, his list of grievances appeared limitless. Atop them all was the press, and atop the press was the Post. During dinner, he derided what he had been hearing about our story on the special counsel and his son-in-law, suggesting incorrectly that it alleged money laundering. “He’s a good kid,” he said of Kushner, who at the time was 36 and a father of three, and sitting right there at the table. The Post was awful, Trump said repeatedly. We treated him unfairly. With every such utterance, he poked me in the shoulder with his left elbow.
Baron’s office at the Post. (The Washington Post / Getty)
A few times during that dinner, Trump—for all the shots he had taken during the campaign at Bezos’s company—mentioned that Melania was a big Amazon shopper, prompting Bezos to joke at one point, “Consider me your personal customer-service rep.” Trump’s concern, of course, wasn’t Amazon’s delivery. He wanted Bezos to deliver him from the Post’s coverage.
The effort quickened the next day. Kushner called Fred Ryan in the morning to get his read on how the dinner had gone. After Ryan offered thanks for their generosity and graciousness with their time, Kushner inquired whether the Post’s coverage would now improve as a result. Ryan diplomatically rebuffed him with a reminder that there were to be no expectations about coverage. “It’s not a dial we have to turn one way to make it better and another way to make it worse,” he said.
Trump would be the one to call Bezos’s cellphone that same morning at eight, urging him to get the Post to be “more fair to me.” He said, “I don’t know if you get involved in the newsroom, but I’m sure you do to some degree.” Bezos replied that he didn’t and then delivered a line he’d been prepared to say at the dinner itself if Trump had leaned on him then: “It’s really not appropriate to … I’d feel really bad about it my whole life if I did.” The call ended without bullying about Amazon but with an invitation for Bezos to seek a favor. “If there’s anything I can do for you,” Trump said.
Three days later, the bullying began. Leaders of the technology sector gathered at the White House for a meeting of the American Technology Council, which had been created by executive order a month earlier. Trump briefly pulled Bezos aside to complain bitterly about the Post’s coverage. The dinner, he said, was apparently a wasted two and a half hours.
Then, later in the year, four days after Christmas, Trump in a tweet called for the Postal Service to charge Amazon “MUCH MORE” for package deliveries, claiming that Amazon’s rates were a rip-off of American taxpayers. The following year, he attempted to intervene to obstruct Amazon in its pursuit of a $10 billion cloud-computing contract from the Defense Department. Bezos was to be punished for not reining in the Post.
Meanwhile, Trump was salivating to have an antitrust case filed against Amazon. The hedge-fund titan Leon Cooperman revealed in a CNBC interview that Trump had asked him twice at a White House dinner that summer whether Amazon was a monopoly. On July 24, 2017, Trump tweeted, “Is Fake News Washington Post being used as a lobbyist weapon against Congress to keep Politicians from looking into Amazon no-tax monopoly?”
As Trump sought to tighten the screws, Bezos made plain that the paper had no need to fear that he might capitulate. In March 2018, as we concluded one of our business meetings, Bezos offered some parting words: “You may have noticed that Trump keeps tweeting about us.” The remark was met with silence. “Or maybe you haven’t noticed!” Bezos joked. He wanted to reinforce a statement I had publicly made before. “We are not at war with them,” Bezos said. “They may be at war with us. We just need to do the work.” In July of that year, he once again spoke up unprompted at a business meeting. “Do not worry about me,” he said. “Just do the work. And I’ve got your back.”
A huge advantage of Bezos’s ownership was that he had his eye on a long time horizon. In Texas, he was building a “10,000-year clock” in a hollowed-out mountain—intended as a symbol, he explained, of long-term thinking. He often spoke of what the business or the landscape might look like in “20 years.” When I first heard that timeline, I was startled. News executives I’d dealt with routinely spoke, at best, of next year—and, at worst, next quarter. Even so, Bezos also made decisions at a speed that was unprecedented in my experience. He personally owned 100 percent of the company. He didn’t need to consult anyone. Whatever he spent came directly out of his bank account.
In my interactions with him, Bezos showed integrity and spine. Early in his ownership, he displayed an intuitive appreciation that an ethical compass for the Post was inseparable from its business success. There was much about Bezos and Amazon that the Post needed to vigorously cover and investigate—such as his company’s escalating market power, its heavy-handed labor practices, and the ramifications for individual privacy of its voracious data collection. There was also the announcement that Bezos and MacKenzie Scott were seeking a divorce—followed immediately by an explosive report in the National Enquirer disclosing that Bezos had been involved in a long-running extramarital relationship with Lauren Sánchez, a former TV reporter and news anchor. We were determined to fulfill our journalistic obligations with complete independence, and did so without restriction.
I came to like the Post’s owner as a human being and found him to be a far more complex, thoughtful, and agreeable character than routinely portrayed. He can be startlingly easy to talk to: Just block out any thought of his net worth. Our meetings took place typically every two weeks by teleconference, and only rarely in person. During the pandemic, we were subjected to Amazon’s exasperatingly inferior videoconferencing system, called Chime. The one-hour meetings were a lesson in his unconventional thinking, wry humor (“This is me enthusiastic. Sometimes it’s hard to tell”), and fantastic aphorisms: “Most people start building before they know what they’re building”; “The things that everybody knows are going to work, everybody is already doing.” At one session, we were discussing group subscriptions for college students. Bezos wanted to know the size of the market. As we all started to Google, Bezos interjected, “Hey, why don’t we try this? Alexa, how many college students are there in the United States?” (Alexa pulled up the data from the National Center for Education Statistics.)
In conversation, Bezos could be witty and self-deprecating (“Nothing makes me feel dumber than a New Yorker cartoon”), laughed easily, and posed penetrating questions. When a Post staffer asked him whether he’d join the crew of his space company, Blue Origin, on one of its early launches, he said he wasn’t sure. “Why don’t you wait a while and see how things go?” I advised. “That,” he said, “is the nicest thing you’ve ever said about me.”
Science fiction—particularly Isaac Asimov, Robert Heinlein, Larry Niven—had a huge influence on Bezos in his teenage years. He has spoken of how his interest in space goes back to his childhood love of the Star Trek TV series. Star Trek inspired both the voice-activated Alexa and the name of his holding company, Zefram, drawn from the fictional character Zefram Cochrane, who developed “warp drive,” a technology that allowed space travel at faster-than-light speeds. “The reason he’s earning so much money,” his high-school girlfriend, Ursula Werner, said early in Amazon’s history, “is to get to outer space.”
Baron and the Post’s owner, Jeff Bezos, in 2016 (The Washington Post / Getty)
From the moment Bezos acquired the Post, he made clear that its historic journalistic mission was at the core of its business. I had been in journalism long enough to witness some executives—unmoored by crushing pressures on circulation, advertising, and profits—abandon the foundational journalistic culture, even shunning the vocabulary we use to describe our work. Many publishers took to calling journalism “content,” a term so hollow that I sarcastically advised substituting “stuff.” Journalists were recategorized as “content producers,” top editors retitled “chief content officers.” Bezos was a different breed.
He seemed to value and enjoy encounters with the news staff in small groups, even if they were infrequent. Once, at a dinner with some of the Post’s Pulitzer Prize winners, Bezos asked Carol Leonnig, who had won for exposing security lapses by the Secret Service, how she was able to get people to talk to her when the risks for them were so high. It had to be a subject of understandable curiosity for the head of Amazon, a company that routinely rebuffed reporters’ inquiries with “No comment.” Carol told him she was straightforward about what she sought and directly addressed individuals’ fears and motivations. The Post’s reputation for serious, careful investigative reporting, she told Bezos, carried a lot of weight with potential sources. They wanted injustice or malfeasance revealed, and we needed their help. The Post would protect their identity.
Anonymous leaking out of the government didn’t begin with the Trump administration. It has a long tradition in Washington. Leaks are often the only way for journalists to learn and report what is happening behind the scenes. If sources come forward publicly, they risk being fired, demoted, sidelined, or even prosecuted. The risks were heightened with a vengeful Trump targeting the so-called deep state, what he imagined to be influential government officials conspiring against him. The Department of Justice had announced early in his term that it would become even more aggressive in its search for leakers of classified national-security information. And Trump’s allies and supporters could be counted on to make life a nightmare for anyone who crossed him.
Journalists would much prefer to have government sources on the record, but anonymity has become an inextricable feature of Washington reporting. Though Trump-administration officials claimed to be unjust victims of anonymous sourcing, they were skillful practitioners and beneficiaries as well. The Trump administration was the leakiest in memory. Senior officials leaked regularly, typically as a result of internal rivalries. Trump himself leaked to get news out in a way that he viewed as helpful, just as he had done as a private citizen in New York.
Trump had assembled his government haphazardly, enlisting many individuals who had no relevant experience and no history of previously collaborating with one another—“kind of a crowd of misfit toys,” as Josh Dawsey, a White House reporter for the Post, put it to me. Some were mere opportunists. Many officials, as the Post’s Ashley Parker has observed, came to believe that working in the administration was like being a character in Game of Thrones : Better to knife others before you got knifed yourself. Odds were high that Trump would do the stabbing someday on his own. But many in government leaked out of principle. They were astonished to see the norms of governance and democracy being violated—and by the pervasive lying.
Trump’s gripes about anonymity weren’t based on the rigor of the reporting—or even, for that matter, its veracity. Leaks that reflected poorly on him were condemned as false, and the sources therefore nonexistent, even as he pressed for investigations to identify the supposedly nonexistent sources. With his followers’ distrust of the media, he had little trouble convincing them that the stories were fabrications by media out to get him—and them. Conflating his political self-interest with the public interest, he was prone to labeling the leaks as treasonous.
At the Post, the aim was to get at the facts, no matter the obstacles Trump and his allies put in our way. In January 2018, Dawsey reported that Trump, during a discussion with lawmakers about protecting immigrants from Haiti, El Salvador, and African countries as part of an immigration deal, asked: “Why are we having all these people from shithole countries come here?” In March, Dawsey, Leonnig, and David Nakamura reported that Trump had defied cautions from his national security advisers not to offer well-wishes to Russian President Vladimir Putin on winning reelection to another six-year term. “DO NOT CONGRATULATE,” warned briefing material that Trump may or may not have read. Such advice should have been unnecessary in the first place. After all, it had been anything but a fair election. Prominent opponents were excluded from the ballot, and much of the Russian news media are controlled by the state. “If this story is accurate, that means someone leaked the president’s briefing papers,” said a senior White House official who, as was common in an administration that condemned anonymous sources, insisted on anonymity.
To be sure, sources sometimes want anonymity for ignoble reasons. But providing anonymity is essential to legitimate news-gathering in the public interest. If any doubt remains as to why so many government officials require anonymity to come forward—and why responsible news outlets give them anonymity when necessary—the story of Trump’s famous phone call with Ukrainian President Volodymyr Zelensky offers an instructive case study.
In September 2019, congressional committees received a letter from Michael Atkinson, the inspector general for the intelligence community. A whistleblower had filed a complaint with him, he wrote, and in Atkinson’s assessment, it qualified as credible and a matter of “urgent concern”—defined as a “serious or flagrant problem, abuse or violation of the law or Executive Order” that involves classified information but “does not include differences of opinion concerning public policy matters.”
Soon, a trio of Post national-security reporters published a story that began to flesh out the contents of the whistleblower complaint. The article, written by Ellen Nakashima, Greg Miller, and Shane Harris, cited anonymous sources in reporting that the complaint involved “President Trump’s communications with a foreign leader.” The incident was said to revolve around a phone call.
Step by careful step, news organizations excavated the basic facts: In a phone call with Zelensky, Trump had effectively agreed to provide $250 million in military aid to Ukraine—approved by Congress, but inexplicably put on hold by the administration—only if Zelensky launched an investigation into his likely Democratic foe in the 2020 election, Joe Biden, and his alleged activities in Ukraine. This attempted extortion would lead directly to Trump’s impeachment, making him only the third president in American history to be formally accused by the House of Representatives of high crimes and misdemeanors.
The entire universe of Trump allies endeavored to have the whistleblower’s identity revealed—widely circulating a name—with the spiteful aim of subjecting that individual to fierce harassment and intimidation, or worse. Others who ultimately went public with their concerns, as they responded to congressional subpoenas and provided sworn testimony, became targets of relentless attacks and mockery.
Lieutenant Colonel Alexander Vindman of the National Security Council, who had listened in on the phone call as part of his job, became a central witness, implicating Trump during the impeachment hearings. He was fired after having endured condemnation from the White House and deceitful insinuations by Trump allies that he might be a double agent. Vindman’s twin brother, Yevgeny, an NSC staffer who had raised protests internally about Trump’s phone call with Zelensky, was fired too. Gordon Sondland—the hotelier and Trump donor who was the ambassador to the European Union and an emissary of sorts to Ukraine as well—was also fired. He had admitted in congressional testimony that there had been an explicit quid pro quo conditioning a Zelensky visit to the White House on a Ukrainian investigation of Biden. The Vindmans and Sondland were all dismissed within two days of Trump’s acquittal in his first impeachment trial. Just before their ousters, White House Press Secretary Stephanie Grisham had suggested on Fox News that “people should pay” for what Trump went through.
The acting Pentagon comptroller, Elaine McCusker, had her promotion rescinded, evidently for having merely questioned whether Ukraine aid could be legally withheld. She later resigned. Atkinson, the intelligence community’s inspector general, was fired as well, leaving with a plea for whistleblowers to “use authorized channels to bravely speak up—there is no disgrace for doing so.”
“The Washington Post is constantly quoting ‘anonymous sources’ that do not exist,” Trump had tweeted in 2018 in one of his familiar lines of attack. “Rarely do they use the name of anyone because there is no one to give them the kind of negative quote that they are looking for.” The Ukraine episode made it clear that real people with incriminating information existed in substantial numbers. If they went public, they risked unemployment. If they chose anonymity, as the whistleblower did, Trump and his allies would aim to expose them and have them publicly and savagely denounced.
“We are not at war with the administration. We are at work.” When I made that comment, many fellow journalists enthusiastically embraced the idea that we should not think of ourselves as warriors but instead as professionals merely doing our job to keep the public informed. Others came to view that posture as naive: When truth and democracy are under attack, the only proper response is to be more fiercely and unashamedly bellicose ourselves. One outside critic went so far as to label my statement an “atrocity” when, after my retirement, Fred Ryan, the Post’s publisher, had my quote mounted on the wall overlooking the paper’s national desk.
I believe that responsible journalists should be guided by fundamental principles. Among them: We must support and defend democracy. Citizens have a right to self-governance. Without democracy, there can be no independent press, and without an independent press, there can be no democracy. We must work hard and honestly to discover the truth, and we should tell the public unflinchingly what we learn. We should support the right of all citizens to participate in the electoral process without impediment. We should endorse free speech and understand that vigorous debate over policy is essential to democracy. We should favor equitable treatment for everyone, under the law and out of moral obligation, and abundant opportunity for all to attain what they hope for themselves and their families. We owe special attention to the least fortunate in our society, and have a duty to give voice to those who otherwise would not be heard. We must oppose intolerance and hate, and stand against violence, repression, and abuse of power.
I also believe journalists can best honor those ideals by adhering to traditional professional principles. The press will do itself and our democracy no favors if it abandons what have long been bedrock standards. Too many norms of civic discourse have been trampled. For the press to hold power to account today, we will have to maintain standards that demonstrate that we are practicing our craft honorably, thoroughly, and fairly, with an open mind and with a reverence for evidence over our own opinions. In short, we should practice objective journalism.
The idea of objective journalism has uncertain origins. But it can be traced to the early 20th century, in the aftermath of World War I, when democracy seemed imperiled and propaganda had been developed into a polished instrument for manipulating public opinion and the press during warfare—and, in the United States, for deepening suspicions about marginalized people who were then widely regarded as not fully American.
Baron and his Boston Globe colleagues react to winning the 2003 Pulitzer Prize for Public Service for the paper’s coverage of sexual abuse by priests in the Roman Catholic Church. (The Boston Globe / Getty)
The renowned journalist and thinker Walter Lippmann helped give currency to the term when he wrote Liberty and the News, published in 1920. In that slim volume, he described a time that sounds remarkably similar to today. “There is everywhere an increasingly angry disillusionment about the press, a growing sense of being baffled and misled,” he wrote. The onslaught of news was “helter-skelter, in inconceivable confusion.” The public suffered from “no rules of evidence.” He worried over democratic institutions being pushed off their foundations by the media environment.
Lippmann made no assumption that journalists could be freed of their own opinions. He assumed, in fact, just the opposite: They were as subject to biases as anyone else. He proposed an “objective” method for moving beyond them: Journalists should pursue “as impartial an investigation of the facts as is humanly possible.” That idea of objectivity doesn’t preclude the lie-detector role for the press; it argues for it. It is not an idea that fosters prejudice; it labors against it. “I am convinced,” he wrote, in a line that mirrors my own thinking, “that we shall accomplish more by fighting for truth than by fighting for our theories.”
In championing “objectivity” in our work, I am swimming against what has become, lamentably, a mighty tide in my profession of nearly half a century. No word seems more unpopular today among many mainstream journalists. A report in January 2023 by a previous executive editor at The Washington Post, Leonard Downie Jr., and a former CBS News president, Andrew Heyward, argued that objectivity in journalism is outmoded. They quoted a former close colleague of mine: “Objectivity has got to go.”
Objectivity, in my view, has got to stay. Maintaining that standard does not guarantee the public’s confidence. But it increases the odds that journalists will earn it. The principle of objectivity has been under siege for years, but perhaps never more ferociously than during Trump’s presidency and its aftermath. Several arguments are leveled against it by my fellow journalists: None of us can honestly claim to be objective, and we shouldn’t profess to be. We all have our opinions. Objectivity also is seen as just another word for neutrality, balance, and so-called both-sidesism. It pretends, according to this view, that all assertions deserve equal weight, even when the evidence shows they don’t, and so it fails to deliver the plain truth to the public. Finally, critics argue that objectivity historically excluded the perspectives of those who have long been among the most marginalized in society (and media): women, Black Americans, Latinos, Asian Americans, Indigenous Americans, the LGBTQ community, and others.
Genuine objectivity, however, does not mean any of that. This is what it really means: As journalists, we can never stop obsessing over how to get at the truth—or, to use a less lofty term, “objective reality.” Doing that requires an open mind and a rigorous method. We must be more impressed by what we don’t know than by what we know, or think we know.
Journalists routinely expect objectivity from others. Like everyone else, we want objective judges. We want objective juries. We want police officers to be objective when they make arrests and detectives to be objective in assessing evidence. We want prosecutors to evaluate cases objectively, with no prejudice or preexisting agendas. Without objectivity, there can be no equity in law enforcement, as abhorrent abuses have demonstrated all too often. We want doctors to be objective in diagnosing the medical conditions of their patients, uncontaminated by bigotry or baseless hunches. We want medical researchers and regulators to be objective in determining whether new drugs might work and can be safely consumed. We want scientists to be objective in evaluating the impact of chemicals in the soil, air, and water.
Objectivity in all these fields, and others, gets no argument from journalists. We accept it, even insist on it by seeking to expose transgressions. Journalists should insist on it for ourselves as well.
Jeff Bezos is one of the most recognizable names in business.
The 59-year-old tech titan worked at a hedge fund before he left to start Amazon as an online bookseller, ultimately growing it into one of the world’s largest companies by revenue. He’s also founded space tourism company Blue Origin, which has flown him to the edge of space.
He’s a fixture in the world’s wealthiest list; currently, Bezos is the third-richest person in the world with a net worth of $158 billion, according to the Bloomberg Billionaires Index.
Allana Akhtar and Avery Hartmans contributed to an earlier version of this story.
Jeff Bezos’ mom, Jackie, was a teenager when she had him on January 12, 1964.
Jeff Bezos with his father, Miguel “Mike” Bezos. Kevin Mazur/Getty Images for Statue Of Liberty-Ellis Island Foundation
She had recently married Cuban immigrant Miguel Bezos, who later adopted Jeff.
Jeff didn’t learn that Miguel, who often goes by Mike, wasn’t his real father until he was 10 years old, but he told Wired he was more fazed about learning he needed to get glasses than he was about the news.
In 1968, his mother told his biological father, Ted Jorgensen, who previously had worked as a circus performer, to stay out of their lives.
When author Brad Stone interviewed Bezos’ biological father for his 2013 book, “The Everything Store,” Bezos’ dad had no idea who his son had become.
Bezos showed signs of brilliance from an early age.
When he was a toddler, he took apart his crib with a screwdriver because he wanted to sleep in a real bed, according to an account in the book “The Everything Store.”
From ages four to 16, Bezos spent summers at his grandparents’ ranch in Texas, doing things like repairing windmills and castrating bulls.
Bezos said he would help vaccinate cattle, fix equipment, and do other chores while at his grandparents. AP Photo/Richard Drew via BI
“They wouldn’t let me anywhere near the customers. This was my acned-teenager stage. They were like, ‘Hmm, why don’t you work in the back?’” Bezos said.
Bezos has cited his grandfather, Preston Gise, as an inspiration.
Bezos said his grandfather was an intelligent, quiet man. AP Images via BI
As a child, Bezos fell in love with reruns of the original “Star Trek” and became a fan of later versions too.
Bezos’ interest in space goes way back. Paramount Pictures via BI
He even considered naming Amazon MakeItSo.com, a reference to a line from Captain Jean-Luc Picard, according to the book “The Everything Store.” Bezos also considered naming Amazon Cadabra.
Of course, he’s made that dream a reality: He now owns space exploration company Blue Origin.
“I do think we have all our eggs in one basket,” Bezos said according to a Wired interview in 1999.
To avoid spending a summer flipping burgers at McDonald’s, Bezos and his high school girlfriend started a summer camp.
The name of Bezos’ summer cap was Dream Institute. Kim Kulish/Getty images via BI
Dream Institute, an educational summer camp for kids, focused on science, math, and reading.
The camp had six kids who each paid $600 for the session — though two of them were Bezos’ siblings. “The Lord of the Rings” series was required reading, and science lessons focused on fossil fuels and space, according to the 1999 Wired article.
Upon graduating high school in 1982, Bezos matriculated at Princeton University, where he majored in computer science.
Princeton University. John Greim / Getty Images via BI
Upon graduation, he turned down job offers from Intel and Bell Labs to join a telecommunications startup called Fitel, according to the book “The Everything Store.”
After he quit Fitel, he went to Bankers Trust where he worked as a product manager.
Bezos worked at Banker’s Trust for about two years. Karl Baron/Flickr via BI
While at Bankers Trust, Bezos focused on selling software to pension-fund clients.
He left Banker’s Trust after two years for hedge fund D. E. Shaw.
D.E. Shaw was founded by David Shaw, pictured. D.E. Shaw via BI
He became a senior vice president after only four years, according to a Wired interview.
Meanwhile, Bezos was taking ballroom dancing classes as part of a scheme to increase what he called his “women flow.”
Bezos’ had an interesting dating strategy. Lisi Niesner/Reuters via BI
The term was a play on Wall Street’s “deal flow” and referred to the number of opportunities he had to meet women.
He ended up meeting his future wife, MacKenzie Scott Tuttle at work.
AP via BI
MacKenzie Scott Tuttle was a D.E. Shaw research associate. The pair married in 1993 and they went on to have four kids together.
By 1994, Bezos’s eye was on the internet, after reading about the web’s immense growth in one year.
This number astounded him, and he decided he needed to find some way to take advantage of its rapid growth. He made a list of 20 possible products to sell online and decided books were the best option, according to “The Everything Store” book.
He decided to leave D.E. Shaw — a stable and lucrative job — in 1994 to start what would become Amazon.
Amazon CEO Jeff Bezos is silhouetted during a presentation of his company’s new Fire smartphone at a news conference in Seattle, Washington June 18, 2014. REUTERS/Jason Redmond via BI
His boss at the firm, David E. Shaw, tried to persuade Bezos to stay, but Bezos was already determined to start his own company. Source: Wired
MacKenzie and Jeff flew to Texas to borrow a car from his father, and then they drove to Seattle, which would become Amazon’s headquarters.
Bezos worked on his business plan while the couple were driving across the country, according to Wired. Sara Jaye/Getty Images via BI
Bezos was making revenue projections in the passenger seat the whole way, though the couple did stop to watch the sunrise at the Grand Canyon.
Bezos started Amazon.com in a garage with a potbelly stove.
Bezos worked out of the garage of a rented house in Bellevue, Washington. Mike Segar/Reuters via BI
He held most of his meetings at the neighborhood Barnes & Noble — which would soon become a competitor.
In the early days, a bell would ring in the office every time someone made a purchase.
AP Photo/Andy Rogers via BI
Amazon’s employees would gather to see if anyone knew the customer.
But it took only a few weeks before it was ringing so often that the company put an end to the bell, according to the book “The Everything Store.”
In the first month of its launch, Amazon sold books to people in all 50 states and more than 45 different countries.
Bezos is also known for creating a frugal company culture.
An Amazon office. Business Insider
This contrasts with other big tech firms, which offer free food and perks.
Bezos told Business Insider in 2014 that Amazon did offer great amenities to its employees, but they just weren’t the same as other tech companies.
More than 20 years after going public, Amazon now has a market cap of $1.4 trillion.
Amazon has become one of the biggest companies in the world. Alex Wong/Getty Images via BI
Amazon is one of the world’s five largest public companies.
His time leading Amazon was not without controversy.
Amazon has come under the spotlight many times. AP/Pablo Martinez Monsivais via BI
During the COVID-19 pandemic, Amazon saw a surge in demand as more people were forced to shop online. But the company faced criticism over its treatment of workers, who said the company paid little attention to their health and safety at its fulfillment centers nationwide.
Amazon delivery drivers, who are contractors employed by third-party companies, have also spoken out about the demands of their jobs. Some drivers say Amazon’s emphasis on metrics has forced them to use their delivery vans as bathrooms or sacrifice safety to deliver packages on time.
Amazon has faced antitrust concerns, particularly over its treatment of third-party sellers on its platform. Bezos and other tech CEOs were called to testify before Congress in 2020.
He’s also gotten rich as an early investor in Google
Google cofounders Larry Page, left, and Sergey Brin, right. AP via BI
The property sold for $23 million, and with nearly 27,000 square feet of living space, it is the largest home in Washington, DC.
Bezos also owns five apartments at 212 Fifth Avenue in New York City.
Madison Square Park in New York City. Shutterstock via BI
His most recent purchase was in 2021, when he paid a reported $23 million for a four-bedroom unit. He’s spent a total of $119 million on apartments in the building.
In February 2020, Bezos became the new owner of the Warner Estate, a sprawling compound in Beverly Hills, California.
He purchased the property for $165 million, making it California’s most expensive real estate transaction at the time. Bezos bought the mansion from David Geffen, who had purchased it in 1990 for $47.5 million.
In 2021, Bezos bought a home in Hawaii located in an isolated area on Maui’s south shore near lava fields.
A home in Maui, Hawaii, although not the one Bezos purchased. ejs9/Getty Images via BI
Most recently, Bezos scooped up a $68 million waterfront mansion in Miami’s “billionaire bunker” island, Indian Creek Village.
Indian Creek was ranked the most expensive city in the US in 2021. Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images; Karwai Tang/WireImage via Getty Images via BI
The sale to Bezos was record-breaking on the island, which has also been home to Ivanka Trump and Jared Kushner, Tom Brady, and billionaire investor Carl Icahn.
In January 2019, Bezos and his wife, MacKenzie, announced they were divorcing.
The couple decided to split after more than two decades. Dia Dipasupil / Staff via BI
“As our family and close friends know, after a long period of loving exploration and trial separation, we have decided to divorce and continue our shared lives as friends,” the couple wrote in the statement. “If we had known we would separate after 25 years, we would do it all again.”
Jeff and MacKenzie announced on Twitter they had finalized the term of their divorce in April 2019.
MacKenzie was with Jeff before he ever started Amazon. Reuters via BI
Shortly after they announced their divorce, news broke that Bezos was dating TV host and helicopter pilot Lauren Sanchez.
Sanchez and Bezos originally met when both of them were still married. When they started dating is unclear. Simon Stacpoole/Offside/Getty Images via BI
“Rather than capitulate to extortion and blackmail, I’ve decided to publish exactly what they sent me, despite the personal cost and embarrassment they threaten,” Bezos wrote.
Since then, Bezos and Sanchez have had a whirlwind few years.
Sanchez and Bezos travel the world together. Reuters/Andrew Couldridge via BI
The couple are often captured traveling around the world together. They’ve been spotted attending Wimbledon together, yachting with other moguls and celebrities, and vacationing in Saint-Tropez and St. Barths.
Throughout the summer, they’ve frequently been spotted on Bezos’ new yacht.
In 2021, Bezos announced he would step down as Amazon’s CEO and transition to executive chairman after 27 years at the company’s helm.
Jeff Bezos was succeeded by Amazon executive Andy Jassy. Kevin Winter/Getty Images via BI
Bezos said that he planned to spend more time on philanthropy — including the Bezos Earth Fund and his Day 1 Fund — as well as his two other major endeavors: The Washington Post and his rocket company, Blue Origin.
That month, he took an 11-minute voyage to the edge of space aboard a Blue Origin spacecraft.
The rocket had flown 15 times before, but this was it’s first time with people onboard. Isaiah J. Downing/Reuters via BI
Though Bezos remains the third-richest person in the world today, his wealth took a tumble last year.
Jeff Bezos. AP Photo/Patrick Semansky, File via BI
In Forbes’ annual ranking of the world’s wealthiest individuals, Bezos came out as the biggest loser: His net worth fell $57 billion from March 2022 to March 2023 but still sat at a cool $114 billion at the time.
Amazon’s stock fell 50% in 2022, and it became the first public company to ever lose $1 trillion in market value. Don’t feel too bad for him — with Amazon’s stock bouncing back this year, Bezos’ wallet has largely recovered.