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Insider Today: Meta's manager squeeze

Jun 16, 2024 - businessinsider.com
This week's dispatch highlights Apple's new AI system, Apple Intelligence, which was unveiled at the WWDC event. The system, which is partly powered by ChatGPT, is being praised for its application to a narrower set of everyday tasks, potentially driving users to switch to or stay with Apple. In other news, Abercrombie & Fitch has made a comeback, attracting millennial and Gen Z shoppers after a decade of struggle.

Meanwhile, Meta is planning to reduce the number of VPs from over 300 to about 250 as part of Mark Zuckerberg's efficiency strategy. Luxury developer Michael Shvo is facing challenges due to a soft real estate market and disgruntled business partners and customers. Lastly, the article discusses the potential negative effects of workplaces overly focused on mental health, suggesting that excessive discussion of struggles could worsen them.

Key takeaways:

  • Apple unveiled Apple Intelligence, a generative AI system partly powered by ChatGPT, at its WWDC event, which was applauded by many in the tech industry.
  • Abercrombie & Fitch has executed a remarkable turnaround, attracting millennial and Gen Z shoppers and gaining favor with Wall Street.
  • Meta is looking to trim the number of VPs from over 300 to about 250 as part of Mark Zuckerberg's efficiency strategy.
  • Michael Shvo, a luxury developer in New York City, is facing challenges due to a soft real estate market and a trail of angry business partners and customers.
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