What we’re reading (1/22)
“Elliott Management Takes Big Stake In Salesforce” (Wall Street Journal). “While details of the campaign couldn’t be learned, Elliott, one of the biggest and most prolific activists, often seeks board representation and pushes for companies to make operational improvements and other changes.”
“The ‘Greatest Tragedy’ Would Be If Central Banks Don’t Finish The Job On Inflation, Larry Summers Says” (CNBC). “Speaking on a CNBC-moderated panel at the conclusion of the World Economic Forum in Davos, Switzerland, on Friday, Summers said economists and business leaders at the summit were experiencing an ‘exhilaration of relief’ but cautioned policymakers against resting on their laurels.”
“Inside The Battle For The Future Of Amazon” (Vox). “[I]n early 2021, the tech and retail giant reported its largest quarterly profit ever. But a lot can change in just two years: Since then, founder Jeff Bezos stepped down and named a new CEO, the online shopping boom slowed, and Amazon had to dig itself out of a costly and overly aggressive warehouse and staffing expansion. The past two months have been a strange, even frightening, time inside the company, current and former employees told Recode: Amazon announced unprecedented layoffs of more than 18,000 corporate employees and began culling areas of the business, like its Alexa voice assistant division, that Bezos had long championed.”
“Bad News For Millennials: Things Have Never Looked Bleaker For First-Time Homebuyers” (Insider). “For first-time homebuyers like Talej, the outlook has never been bleaker. The double whammy of skyrocketing home prices and surging interest rates has pushed homeownership further out of reach, while a decade of underbuilding has left the latest generation of hopeful owners with fewer options and stiffer competition for listings.”
“Home Prices Hit A Record High Last Year” (CNN Business). “The real estate market took a downward turn in 2022, as rising interest rates rapidly slowed the frenzied sales activity seen the year before — but home prices still hit a record high. The median home sale price in 2022 was $386,300, up 10.2% from 2021 and the highest on record, according to data from the National Association of Realtors released Friday.”
