Hi, I'm Matt Turner, the editor in chief of business at Insider. Happy Mother's Day to our readers in the US! Welcome back to Insider Weekly, a roundup of some of our top stories.
On the agenda today:
- Insider ranked 100 of the best early-stage investors in the United States.
- Meta instituted a hiring freeze expected to affect "almost every team" at the company.
- Seven JPMorgan employees shared fears and frustrations over its return-to-office policy.
- The mental-health startup Cerebral is facing an investigation as it comes under increased scrutiny.
But first, I'd love to share my dispatch from the Milken Institute Global Conference this past week in Los Angeles.
Subscribe to Insider for access to all our investigations and features. New to the newsletter? Sign up here. Download our app for news on the go — click here for iOS and here for Android.
What I got up to at Milken
I'm back in New York City after a busy few days at the Milken Institute Global Conference, where investors, founders, and CEOs met to discuss today's most pressing issues.
I was there to moderate a panel discussion (which you can watch here) about the erosion of trust and the responsibilities of big businesses — but I was also eager to get back to IRL networking. Attendees were similarly delighted to get back to seeing their clients, colleagues, and peers in person. There was a real energy to the event.
I was slightly surprised at how upbeat many of the attendees were given the challenges facing the global economy. Whether inflation, rising rates, and the risk of a recession in the US or the invasion of Ukraine and the move toward a more multipolar world, there's lots to worry about. While some people were more cautious, overall I found attendees to be pretty sanguine — though I can't help thinking the Los Angeles sunshine and the excitement about in-person interactions might have contributed to that.
I'll be headed to the World Economic Forum in Davos in a few weeks, where I'm looking forward to hearing from a diverse spread of participants. I'll write another dispatch while I'm there, so be sure to check back in for the latest from Switzerland.
Now, let's get to the rest of the stories.
Introducing the best US seed investors
Based on data from Tribe Capital, Insider identified the top seed investors, meaning those who repeatedly demonstrate extraordinary skill.
Among the best are Eric Paley, whose search for the "weird and wonderful" led to an early investment in Uber; Miriam Rivera, whose portfolio includes the unicorns BetterUp and Everlaw; and Avichal Garg, who's among the beneficiaries of a wave of capital pouring into Web3.
Read the full story here:
Also read:
- The Seed 25: The best female early-stage investors
- How the law firm Gunderson Dettmer's deal machine swallowed Silicon Valley
Leaked memo: Meta is going on a hiring freeze
In a leaked note to staff, Meta's CFO announced a hiring pause that would "affect hiring goals for almost every team across the company."
The freeze, which the CFO said was brought on by the invasion of Ukraine, data-privacy changes, and an "industry-wide downturn," is rare for Meta, which most recently froze hiring at the outset of the coronavirus pandemic.
Read the full story here:
Also read:
JPMorgan employees dish on return-to-office plans
Even with one of the most lenient return-to-office policies on Wall Street, JPMorgan's hybrid work plans have some workers concerned about their compensation, their performance at work, and the safety of their loved ones.
Insider spoke with seven JPMorgan employees, who described feeling betrayed and distrusted by the firm. And for some, leaving feels like the only answer.
Read the full story here:
Also read:
Cerebral is under investigation
Cerebral, one of a handful of online companies that prescribe controlled substances tightly regulated by the US Drug Enforcement Administration, such as Adderall and Xanax, has faced scrutiny in recent months over its prescribing practices.
Insider has learned DEA agents interviewed former Cerebral employees about the mental-health startup.
Read the full story here:
More of this week's top reads:
- From Tucker Carlson's childhood to his massively influential career, we're bringing you the Fox News host's origin story.
- People are ditching big cities to live in seven more-outdoorsy towns.
- Airlines have a bold new plan to make travel better: buses.
- Two Germans went to Ukraine to help fight Russians. Chaos ensued.
- Mortgage lenders and startups are laying off thousands of employees — and it may get way worse.
- Things are about to get ugly for home flippers.
Plus: Keep updated with the latest business news throughout your weekdays by checking out The Refresh from Insider, a dynamic audio news brief from the Insider newsroom. Listen here tomorrow.
Event invite: With the rise of hybrid and work-from-anywhere models, companies need to proactively tackle cybersecurity challenges. Join Insider's editorial conference on Tuesday, May 12, at noon ET, presented by Cisco, for a front-row seat to the best practices in cybersecurity and data protection. Register here.
Curated by Matt Turner. Edited by Jordan Parker Erb, Hallam Bullock, and Lisa Ryan. Sign up for more Insider newsletters here.