The bottom line
High-profile U.S. government officials and international business leaders lost more than $600 million when blood-testing startup Theranos collapsed following reports of fraud. The family of Education Secretary Betsy DeVos lost $100 million it had invested in the company, media executive Rupert Murdoch lost more than $120 million, and the Walton family, heirs to the Walmart fortune, lost $150 million.
The Wall Street Journal
A quarter-century ago, there were 56 teenagers in the labor force for every fast-food restaurant. Today, there are fewer than half as many—reflecting both teenagers’ decreasing participation in the workforce and the explosive growth in the number of fast-food restaurants.
The New York Times
Argentina’s central bank has hiked the country’s main interest rate to 40 percent—the world’s highest rate and an increase of more than 13 percentage points over the past two weeks—in a bid to curb runaway inflation and stop a steep slide in the value of the peso.
Americans received a record-breaking 3.4 billion robocalls in April, according to YouMail, which collects and analyzes calls through its blocking service. That’s nearly 900 million a month more than in April 2017.
Shares of Yageo, a Taiwan-based manufacturer of capacitors and resistors for companies including Apple and Intel, have increased more than any other company’s since the start of 2017—jumping 817 percent, for an increase in value of $8.1 billion.
When the boss overshares
CEOs have long tried to keep their insecurities and failings out of public view, said Rachel Feintzeig in The Wall Street Journal. But some executives are finding that “baring it all—even the bad stuff—can be good for business.” When James Rhee took the helm of Ashley Stewart, a nearly bankrupt plus-size clothing chain, he confessed at an all-staff meeting that he was “the least qualified person” to run the company and that he desperately missed his out-of-state family. His openness unnerved some workers, but others walked away inspired. Experts say that leaders who admit such vulnerabilities can “breed loyalty.” Rand Fishkin publicly blogged about his insomnia and depression while CEO of Moz, a Seattle-based marketing-software firm; staff said it caused heartburn but also camaraderie. “Whatever your dirty skeletons in the closet are,” Fishkin said, “just open the closet and show everyone.”