• Sam Bankman-Fried's Anthropic stake was liquidated in bankruptcy court two years ago.
• The feds seized shares belonging to two co-conspirators, Caroline Ellison and Nishad Singh.
• The government quietly sold those Anthropic shares last year. It's unclear where the money will go.

A little over a year ago, the federal government acquired a stake in Anthropic without paying a penny.

The shares were seized from associates of the crypto fraudster Sam Bankman-Fried. From there, they disappeared into a legal black hole.

As Anthropic rockets toward what could be the biggest IPO in history, those shares could now be worth billions of dollars.

Bankman-Fried's own Anthropic stake was liquidated in the bankruptcy of his failed cryptocurrency exchange. The Anthropic equity owned by Caroline Ellison and Nishad Singh, two associates who invested alongside him, took a different path. The government seized those shares and sold them to existing Anthropic shareholders, according to a person familiar with the sale.

It's still unclear whether the proceeds will be paid out to victims of the $11 billion fraud case, or if the feds will just keep the money.

It also remains a mystery which investors bought Singh's and Ellison's stock and how much they paid, but Anthropic shares have been on such a dizzying climb that it's likely those investors made a killing on them.

Bankman-Fried was convicted in 2023 on fraud and money laundering charges and sentenced to 25 years in prison after the collapse of his cryptocurrency empire. Prosecutors said he used his crypto hedge fund, Alameda Research, to siphon billions of dollars from customers of FTX, his crypto exchange.

The story of the crypto criminals' Anthropic shares is a tale with extraordinary elements, including one of the biggest financial frauds in modern history, a messy bankruptcy docket, and a company that experienced one of the fastest appreciations in business history as the world suddenly realized AI's existential importance.

An intelligent investment

Bankman-Fried, Singh, and Ellison each invested in Anthropic's 2022 Series B funding round. Bankman-Fried bought $500 million worth, which according to court records represented 13.56% of Anthropic at the time. Singh acquired $40 million in shares, and Ellison acquired $10 million in shares, court records reviewed by Business Insider show.

The artificial intelligence company's valuation has soared over the past four years. On the secondary market, Anthropic has been valued at $1.5 trillion. It is the most valuable private company in the world, according to Crunchbase.

The Anthropic shares purchased by Singh and Ellison could together be worth between $4.17 billion and $5.03 billion today, based on the $965 billion valuation the company announced this May, according to Olav Sorenson, who teaches venture capital strategy at UCLA. Harrison Rolfes, an analyst at PitchBook, put the combined figure at $2.62 billion. If Anthropic went public at a $2 trillion valuation, the shares would be worth about $5.44 billion, Rolfes said.

Four of Bankman-Fried's close friends and executives at his companies pleaded guilty as co-conspirators. Three of them, including Singh and Ellison, testified against him.

Ellison was the CEO of Alameda Research, which traded and invested funds that belonged to FTX depositors. She was also Bankman-Fried's on-and-off romantic partner. Singh, an FTX executive and early employee, misrepresented the exchange's revenue to investors.

After the collapse of FTX, Bankman-Fried's Anthropic shares — which were owned by Clifton Bay, an entity affiliated with Alameda Research — ended up in bankruptcy court along with the other dredged-up remains of his companies. His Anthropic shares were liquidated to pay FTX's creditors.

The estate in 2024 sold Bankman-Fried's Anthropic shares to a few dozen buyers for a total of $1.3 billion, more than double what he paid. The largest stake went to an entity affiliated with a United Arab Emirates sovereign wealth fund, bankruptcy court filings show.

The feds take a stake in Anthropic

As part of their sentences, a judge required Singh and Ellison to forfeit their Anthropic shares, which prosecutors said could be considered proceeds of their crimes.

At Singh's sentencing hearing, one of his attorneys, Andrew Goldstein, said Singh purchased his shares before participating in the criminal conspiracy and "he actually may have had a legitimate legal claim" to the shares but agreed to give them up as part of his plea agreement "because it was the right thing to do."

Reached for comment for this story, Goldstein told Business Insider that Singh hopes the government is able to quickly distribute proceeds of the sale to FTX victims. An attorney for Ellison declined to comment.

A federal judge ordered Ellison's and Singh's Anthropic shares to be transferred to the federal government, which took ownership of Ellison's shares in February 2025 and Singh's in April of that year, according to previously unreported court records.

Ordinarily, victims of crimes are compensated through a restitution process, which is overseen by courts. But the number of potential FTX victims could be in the millions, prosecutors said in court filings. As a result, the judge ruled, victim compensation would be handled through a process called remission, which is overseen by the Justice Department.

During Ellison's sentencing hearing, Justice Department prosecutors told the judge that the DOJ would either set up its own claims administration process to compensate victims, or work with the FTX bankruptcy process to identify victims and provide forfeited funds to them.

At the time, FTX's bankruptcy process was in full swing. A Delaware court appointed Sullivan & Cromwell, the elite Wall Street law firm, to untangle the company's assets, figure out who was owed money, and pay them.

The creditors in the FTX bankruptcy, prosecutors noted, largely overlapped with FTX's victims. They were generally depositors, lenders, and investors who were defrauded by Bankman-Fried and other executives. Prosecutors said the Justice Department could work with the bankruptcy estate's lawyers to get money back to them, as it had in previous large-scale financial frauds such as Bernie Madoff's Ponzi scheme.

There was an unusual twist that set the FTX bankruptcy apart. Bankman-Fried's investments — especially the Anthropic shares, along with some cryptocurrency — had grown substantially in value since FTX's collapse. Earlier in 2024, the Sullivan & Cromwell lawyers who'd taken over FTX projected that all the creditors would be repaid in full, with interest.

The Marshals take control

While prosecutors said they intended to use Singh's and Ellison's Anthropic shares for remission, the Justice Department could technically do whatever it wanted with them, according to Duncan Levin, a white-collar defense attorney who teaches a course on forfeiture at Harvard Law School.

"It's a very opaque process," he said. "It's completely at the discretion, by law, of the attorney general of the United States."

Typically, when the feds seize shares of private companies through criminal asset forfeiture, they send the shares to the US Marshals Service Complex Assets Unit for liquidation. The unit tries to value the shares as any other investor would, said Michael Bachner, a white-collar criminal and securities litigation attorney.

"They may look to: What would an institutional purchaser pay for these securities?" Bachner said. "Are there funds that are valuing the securities? Is there a secondary market already out there?"

For the sale of the Anthropic shares, timing was crucial. The Marshals Service is supposed to preserve as much value as possible, Bachner said. By the time the feds got hold of the shares, Anthropic had become an economy-shifting AI giant. In its March 2025 Series E fundraising round, Anthropic was worth $61.5 billion. By its Series G round at the start of 2026, it was worth $380 billion.

At the same time, each fundraising round diluted the Series B shares. The FTX estate told the bankruptcy court that Bankman-Fried's shares, which in 2022 represented 13.56% of Anthropic, represented 7.84% of the AI company in January 2024.

The Marshals Service sold Singh's and Ellison's shares to existing Anthropic investors sometime last year, according to the person with knowledge of the sale.

It's not clear when exactly the agency sold the shares, to which investors, how those investors were chosen, at what price the shares were sold, or how much money the government made in the sale. Depending on when they were sold in 2025, the combined shares could have been worth between $300 million and $1.1 billion, according to Sorenson, the UCLA professor. Rolfes, the PitchBook analyst, estimated a range between $250 million and $630 million, depending on the timing.

The Marshals Service declined to comment. A representative for the Justice Department said information about asset sales and victim compensation is confidential.

The revenue from the sale of Singh's and Ellison's Anthropic shares doesn't appear to have been transferred to the FTX estate as of the end of June this year, according to bankruptcy court filings from the estate, which continues to compensate victims and creditors.

The FTX estate received $638 million last year from assets seized by the Justice Department, according to the estate's annual report for 2025. It's not clear from the filings where those funds came from. The estate expects to receive about $400 million more from the government at some point in the future, according to the annual report. That would include proceeds from cryptocurrency and other investments made by Bankman-Fried.

One of Bankman-Fried's victims, Sunil Kavuri, told Business Insider that the Justice Department should use the proceeds of Ellison's and Singh's Anthropic shares to compensate victims. It would be "diabolical" for the government to hold onto the proceeds, he said.

Victims haven't actually been made whole, he said, because the bankruptcy court calculated the losses of FTX depositors using the time of FTX's bankruptcy declaration, when crypto prices were at a low ebb. Kavuri previously argued in bankruptcy court that the FTX estate should have held on to its Anthropic shares for longer to take advantage of the company's swift growth.

Representatives for the FTX estate declined to comment. The Justice Department spokesperson said the matter was ongoing, and that the DOJ "prioritizes victim compensation from forfeiture and takes all steps to ensure forfeited funds are provided to victims."

The government could end up just keeping the money, Bachner said.

"They've invested millions and millions and millions of dollars in prosecuting Bankman-Fried. And they want to get at least reimbursed for their costs, so sometimes they'll do that," he said. "It's really a unilateral government decision."

Jack Newsham and Katie Roof contributed reporting for this story.

Correction: August 31, 2026 — An earlier version of this story misstated the number of co-conspirators who testified against Sam Bankman-Fried. It was three.

Update: August 31, 2026 — This story has been updated to reflect Singh's role in the FTX fraud case.

Correction: October 27, 2026 — FTX bankruptcy court filings don't make clear where the Justice Department obtained the $638 million it transferred to the estate. A previous version of this story mischaracterized the filings.

• Machenta raised $40 million in seed funding led by Creandum and Union Square Ventures.
• It says robots can learn tasks from one demo using a model trained entirely in simulation.
• The startup remains focused on research as it takes on multibillion-dollar rivals.

A London-based robotics startup is betting it can teach robots new tricks without collecting the mountains of real-world data its much bigger rivals are chasing.

Machenta, founded by researchers from Imperial College London, has raised a $40 million seed round to build an AI model that can teach robots new physical tasks after seeing them performed just once, the company exclusively told Business Insider. Venture capital firms Creandum and Union Square Ventures co-led the round. Machenta declined to disclose its valuation.

While rivals building general-purpose AI models for robots are scrambling to amass real-world data, Machenta is taking a contrarian approach. Edward Johns, the startup's CEO and cofounder, and an Imperial professor, said the company trains its model in computer-generated environments that mimic how objects move and interact, without using a "single pixel of real-world data."

Once trained, the model can direct a robot to perform a new task, such as tidying a table or putting objects into a box, after watching it done just once, without further training, Johns said. In a video shared with Business Insider, three robots pack and close a box on an assembly line, a task Johns said they learned this way.

The startup has 11 employees and remains focused on research, with no near-term plans to commercialize its technology. Its model can learn some tasks immediately, but more precise tasks and complex movements remain challenging.

Machenta faces rivals with multibillion-dollar valuations in one of robotics' most competitive and well-funded fields. Its California-based competitors include Physical Intelligence, valued at roughly $11 billion, and FieldAI, which is raising funding at a $10 billion valuation, Business Insider reported this month.

Another rival, Skild AI, which is valued at over $14 billion, is already selling technology with similar capabilities. In August, Skild unveiled a model that it said could perform previously unseen tasks lasting up to 10 minutes after a single video demonstration. Last month, it said that it had reached $100 million in annual recurring revenue from more than 60 customers.

From research lab to startup

Six years ago, Johns began investigating whether robots could learn new physical tasks as quickly as humans at his Imperial College lab.

In the lab's early experiments, researchers physically guided a robot through a task, such as picking up a spatula and scooping an object. The robot then spent about 30 minutes collecting additional data about the object and its surroundings before it could perform the task on its own.

Johns and former Ph.D. student Vitalis Vosylius spent the next few years working to eliminate that extra step, founding Machenta late last year after seeing early signs that their model could perform new tasks immediately after a demonstration.

Companies are increasingly buying and collecting data to teach robots how to interact with the real world. But Johns believes simply collecting more data isn't the answer. It also remains unclear how much training data will be needed to make general-purpose robots a reality. Johns said that Machenta is taking on the harder challenge of designing algorithms that can generate synthetic data useful for teaching robots physical tasks.

Machenta plans to use the funding to expand its team and train its model with more computing power and simulated data, hoping to teach robots to perform more precise and complex tasks.

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• Amazon launched a series of new devices this month, including Alexa tablets and Bee AI wearables.
• Rising memory costs forced "difficult trade-offs" on Amazon's device prices, sales, and profit.
• Amazon is seeking more Alexa revenue from enterprise sales, licensing, and ads.

Amazon launched a flurry of new consumer devices this month. Behind the scenes, rising memory costs are adding pressure to its already money-losing hardware business.

An internal planning document obtained by Business Insider shows Amazon forecasting a $612 million gross loss this year for its first-party devices business, compared with a leadership target of a $438 million loss.

The document said rising memory costs were "putting pressure" on the business's profitability, forcing "difficult trade-offs" among sales volumes, average selling prices, and gross profit.

The projected $612 million loss was at the gross profit level, meaning it did not account for all operating expenses, such as R&D, sales and marketing, and administrative costs.

The figures offer a rare glimpse into the pressure on Amazon's hardware business as it absorbs rising component costs. Other tech hardware companies, including industry leader Apple, face similar pressure from surging memory chip prices.

An Amazon spokesperson declined to comment.

A new wave of AI devices

Despite the pressure, Amazon continues to expand its consumer hardware lineup. Even if the company loses money on device sales, it can make money in other ways, such as subscription services, as more customers use its gadgets.

In October alone, the company introduced new Kindles, Alexa-powered tablets, Ring smart locks, and AI wearables under its Bee brand. The August planning document identified Bee and new smart glasses as strategic products still in an investment phase.

Amazon has historically used low-cost hardware to pull customers into a broader ecosystem of shopping and digital content. Rising component costs could make that strategy more expensive, forcing the company to raise prices.

The clearest shift is in Amazon's tablets. Earlier this month, the company phased out Fire tablets after 15 years and replaced the budget-friendly lineup with pricier Alexa Tablets powered by Alexa+. The new devices cost between $229.99 and $499.99, a notable increase from previous generations.

Not just Amazon

The planning document was prepared in August, the same month Amazon raised prices on products including Echo speakers, Kindle e-readers, and Fire TV devices.

The pressure extends beyond Amazon. Apple has raised prices on some Macs and iPads, while Microsoft and Sony have increased console prices. Dell, HP, and Lenovo also face higher memory costs.

The AI boom is helping drive the squeeze. Huge data center investments have increased demand for memory chips, while manufacturers have devoted more capacity to high-bandwidth memory used in AI servers. That has tightened supplies and raised prices for components used across consumer electronics.

Amazon is experiencing both sides of the boom. It expects roughly $220 billion in capital expenditures this year, largely to expand AWS data centers for AI demand, while higher component costs squeeze its consumer hardware business.

The rising cost of Alexa+

The August planning materials show Amazon reassessing both Alexa+ revenue and operating costs. They called for updated forecasts, expansion through enterprise sales and advertising, and more detailed AWS cost modeling.

Amazon is now confronting the cost of operating Alexa+ at scale. Business Insider reported in July that internal forecasts put Alexa+'s AWS cloud costs at roughly $1.7 billion in 2026, nearly triple the prior year's figure. Amazon was working to lower those costs by relying less on Anthropic's AI models and routing more requests to its own, cheaper systems.

A separate project called Moonraker, intended to give Alexa more advanced AI-agent capabilities, was projected to require more than $100 million in GPU spending this year. Amazon internally considered delaying or scaling back the initiative as one option for easing cost pressure, Business Insider previously reported.

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Trump’s relentless campaign schedule in the home stretch before the midterm elections is something the White House says gives Republicans their best shot at emerging victorious.

The post Exclusive — White House: Trump’s Energy Infusing Republicans with Midterm Boost appeared first on Breitbart.

• Microsoft is offering buyouts to about 60,000 employees.
• The offers are individualized to each employee based on their level, location, and tenure.
• Business Insider reviewed offers to show what employees get when they leave the company.

As Microsoft sends out its buyout offers to more than a quarter of its workforce, specific offers reviewed by Business Insider reveal exactly what employees get if they choose to leave the company.

The offers are individualized for each employee based on their level, location, and tenure. Those reviewed by Business Insider confirm that the US buyouts align with the company's US standard severance offers. A Microsoft spokesperson said about 60,000 employees would be eligible for the buyout.

Microsoft uses a levels system to represent seniority, from entry levels starting at 59 to senior levels at 70, or vice president. The company offered buyouts to employees on select teams in the US, Canada, India, and the UK at level 70.

Offers reviewed by Business Insider show employees at internal levels 64 and below were offered one week of base pay per six months of service, and employees at levels 65 to 67 were offered two weeks of base pay per six months of service.

Buyout offers also include continued regular stock vesting and health insurance. The standard stock-vesting severance offer is six or 12 months for levels 67 and below, based on years of service.

Eligible employees will have until early December to decide whether to take the offer and exit at the end of the year, and there are no plans for another buyout at this time, a Microsoft spokesperson said.

Standard severance is capped at 39 weeks of base pay for levels 67 and below, while the standard severance offer for level 68 includes 12 months of salary.

Earlier this year, Microsoft rolled out a voluntary retirement program for employees. About 7% of Microsoft's US workforce, or about 8,750 people, were eligible at the time. As Business Insider previously reported, Microsoft's voluntary retirement program offer also aligned with the company's standard severance offer, including continued regular stock vesting for six or 12 months, based on years of service.

Earlier this year, another tech giant, Google, offered buyouts to staff in its business unit, Business Insider previously reported.

As more tech companies offer buyouts, some human resources professionals previously told Business Insider that this approach could soften job cuts, and also that when they're made available to workers of all tenures, companies risk losing talent.

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• Skydance, formed by the merger of WBD and Paramount, told employees to return to the office five days a week or take a buyout.
• Many Paramount employees had been working fully in person, while WBD staffers were generally at three days a week.
• Read the memo from Skydance's HR team detailing the standard buyout offer.

David Ellison's Skydance just shared its buyout offer for employees who don't want to return to an office five days a week.

Staffers across the company, which was formed by the merger of Paramount and Warner Bros. Discovery, were told on Monday that they'd soon have to work fully in person. The company didn't say if there were any exceptions to its new RTO mandate.

Eligible employees who aren't willing to work in person can opt to take a standard buyout package of two weeks of severance for every year they've been at Paramount or WBD, two people familiar with the offer told Business Insider.

Most eligible employees will receive that offer, a person familiar with Skydance's proposal said, though there could be exceptions on the timing or the amount received.

Staffers who've been offered severance must decide whether they're leaving the company by 11 p.m. ET on November 8, an HR email viewed by Business Insider said.

Paramount staffers assigned to an office had been required to work from an office five days a week since earlier this year, while WBD workers had been working in an office at least three days a week.

"We recognize that as we bring our teams together, not everyone will see their future here," Skydance's HR team said in an email to staffers.

Skydance's HR email said this buyout "is a one-time offer" and told employees that there are "no additional" offers planned.

Read the full email Skydance's HR team sent below:

As David and Ynon shared earlier today, we recognize that as we bring our teams together, not everyone will see their future here. For some, it may be the in-office policy or the pace of change. For others, it may instead reflect personal or professional goals. To give employees the option to decide what is best for them, we are offering a one-time Voluntary Buyout (VBO) Program to eligible employees.

A VBO gives an eligible employee the opportunity to volunteer to leave the organization in return for a separation package. You are receiving this email because you meet the eligibility criteria and may choose whether to participate in this program. We recognize this is an important personal decision. Please carefully consider the opportunity and notify us of your decision to accept or decline no later than 8:00 p.m. PT on November 8, 2026.

Before you decide, please keep the following in mind:

• Participation is entirely voluntary.
• This is a one-time offer; no additional BO programs are planned.
• If you do not respond by the deadline, you will be considered to have declined the offer.
• Once submitted, your decision may only be changed during your opt-in window.
• You may wish to consult a personal financial, tax, or legal adviser before making your decision.

Please click here to indicate your decision and to review additional information, including an estimate of your severance and benefits.

We value your contributions and we want you to feel supported and informed as you consider your decision. For FAQs related to the VBO and our return-to-office policy, please visit the Skydance Integration Hub. For additional questions about the program or your individual offer, please visit My Paramount.

• Film producer Tommy Harper is shutting down his micro drama app VeYou after about six months.
• Harper, who sought to build the "HBO" of the genre, said he would still produce for other platforms.
• The micro drama space has shifted as tech giants push in.

The app that wanted to be the "HBO" of micro dramas is shutting down.

Prolific film producer Tommy Harper is shutting down his app, VeYou, after about six months. A message on VeYou said the service would end November 6.

Harper told Business Insider he would continue producing series, distributing them via TikTok's micro-drama app PineDrama, YouTube, and other partners.

Harper, whose credits include "Star Wars" and "Top Gun: Maverick," is one of several Hollywood vets trying to bring their prestige sensibility to micro dramas, the soapy, low-budget series that got their start in China and have exploded in the US.

The move shows how fast the space is changing as Big Tech companies lean in. Micro dramas — also called "verticals" — cost a fraction of a traditional feature-length movie, but apps often lose money because of the high cost of marketing, and VeYou didn't have massive financial backing.

"In the past year, TikTok, Meta, and YouTube all moved hard into short drama," Harper emailed. "When the three biggest attention platforms commit to a format, distribution is decided. The opportunity for an independent company is to be the best supplier to those platforms, not to compete with them for installs. So we're focused where we have the edge: making the shows."

Harper raised an undisclosed amount of seed funding for VeYou from investor S32, a venture firm started by Google Ventures founder Bill Maris, who's also backed 23andMe, Impossible Foods, and Nest. VeYou has made a handful of originals, starting with "Love Under Fire," a romance drama starring Kasey Esser, who wrote the series alongside Harper.

The micro drama market is changing fast

The micro drama space has changed dramatically in recent months.

In the past year, AI-generated characters have increasingly taken their place alongside human actors, and free, ad-supported offerings are competing with the "freemium" apps that had dominated the landscape.

A report by media consultancy Owl & Co. found two-thirds of films released by leading apps in the third quarter of this year outside China were AI-generated, up from 3% in the first quarter.

TikTok's free app PineDrama rolled out in January, and by the third quarter, it accounted for more than half of all micro drama views across 16 leading apps, according to the Owl & Co. report.

Other tech giants have also moved quickly into the space and made themselves bigger viewing destinations for micro dramas.

YouTube released a new feature that allows creators to bundle their short videos in a series of episodes or seasons, designed to be viewed sequentially.

On Meta, the dominant platform used by micro drama apps to acquire customers, some apps are running portions of their films lasting 20 minutes or more as ads to get people to subscribe.

Lori Golden-Stryer, the CEO of RIVR Media, a producing partner for VeYou, said VeYou's films set themselves apart through their scripts, acting, and direction. She said she was encouraged to see its series perform well on TikTok, based on platform data and her company's monitoring.

"People want live characters," she said. "I don't think they want AI. I've seen a lot of different verticals, and I'd like to think ours were a little cut above."

• Nvidia's sales and marketing leadership is changing as its sales pitch evolves.
• Veterans are retiring, opening the door to internal succession and outside hires.
• Nvidia CEO Jensen Huang's daughter Madison is also gaining influence.

Nvidia's sales and marketing organizations are seeing a changing of the guard as the AI boom reshapes demands on leadership.

Veterans at Nvidia are retiring, opening the door for longtime employees. And CEO Jensen Huang is tapping talent from outside the company — and outside the chip industry — to meet new challenges.

Nvidia's sales pitch has evolved. It has already convinced companies to choose its chips. To keep growing, it has to convince more businesses to adopt AI. These customers care less about hardware specifications than how Nvidia's AI can be put to work.

Leadership changes are most visible in sales and marketing, said former vice president of corporate marketing Greg Estes, while other areas of the company, such as finance, legal, operations, and software and hardware engineering, have remained relatively stable.

In marketing, Nvidia tapped Google Cloud executive Alison Wagonfeld to become its first chief marketing officer earlier this year, while Microsoft veteran Nick Parker became its new sales chief in August. Neither comes from the chip industry, though both bring years of experience helping businesses adopt software and cloud services.

At the same time, Huang's daughter Madison has gained influence beyond her formal marketing role, two former employees said.

Huang regularly reshapes Nvidia as the business evolves, said Scott Baker, a sales VP who retired in July after 26 years.

"It's truly a battleship spinning on a dime, and everyone gets aligned," he said.

Nvidia did not respond to requests for comment from Business Insider.

A 'deep bench' of younger Nvidia talent

Retirees this year include former sales EVP Jay Puri, VP of enterprise marketing Laura Fay, SVP of enterprise business Shanker Trivedi, and sales VP Kevin Connors.

Fay said Huang doesn't want to lose longtime executives, many of whom he personally recruited. But as they move on, the next generation is getting a chance.

Before leaving in April after 17 years, Trivedi made mentorship part of his mission. He was ready to pass the baton after years of grueling travel and seven-day workweeks.

"Time stops for nobody," the 69-year-old said.

Trivedi said Nvidia has a "deep bench" of younger sales and marketing talent who know its culture, market, and partners inside out, including Raj Mirpuri in AI cloud infrastructure, Kimberly Powell in healthcare, and Kari Briski in AI software.

When he retired, the company divided Trivedi's responsibilities among multiple leaders. As Nvidia's revenue soared during the AI boom, his job had ultimately become too big for one person.

"Better to flatten the structure and gain velocity," he said.

Another Huang is gaining influence

One insider bringing an unconventional background to Nvidia's marketing ranks is Jensen Huang's daughter, Madison Huang.

Madison formerly worked at French luxury conglomerate LVMH in hospitality marketing before joining Nvidia as an MBA intern in 2020. She has quickly ascended to senior director of product marketing for physical AI.

One former employee said Madison's experience working on luxury brands brought a fresh perspective to a marketing team traditionally staffed by semiconductor veterans.

Job titles can be fluid at Nvidia, and a second former employee said Madison's remit extends beyond physical AI marketing. They said she exerts authority across multiple parts of the company and directs teams at all levels on strategy and business decisions.

Madison is also among a small circle of executives known to travel with her father. And their close relationship gives her the ability to anticipate his needs during high-level meetings and appearances, the first former employee said.

"She 'speaks Jensen' very well," the former employee said, "so he doesn't have to explain himself to her."

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• Skydance announced new leadership for its ad business weeks after the Paramount-WBD merger.
• In a memo to staff, Jay Askinasi, chief revenue officer for advertising, named the leadership team.
• The announcement was the latest leadership shake-up following the merger earlier this month.

Skydance has announced new leadership for its combined advertising business following the Paramount-Warner Bros. Discovery merger, according to a memo viewed by Business Insider.

Jay Askinasi, Skydance's chief revenue officer for advertising, outlined the new leadership structure for the "unified Skydance Advertising organization." Following the completion of the $110 billion merger this month, Skydance's portfolio includes Paramount and Paramount+, Warner Bros., HBO and HBO Max, CBS, CNN, and more.

Askinasi said going forward that the leadership team would include:

• Danielle Carney, head of US sales
• Jill Steinhauser, head of ad partnerships
• Christine Hong, head of revenue operations
• Chris Brady, head of Skydance Media Labs
• Ed Romaine, head of ad marketing
• Evan Giamanco, head of product strategy and measurement

Askinasi said Steve Ellis would continue as chief operating officer for advertising, a position he has held at Paramount since 2022, and integration lead. He also said Lee Sears would continue to lead Paramount's international advertising business as part of its leadership team while execs "evaluate the WBD international business and determine the right structure for the new Skydance group."

Askinasi also thanked Ryan Gould, president of ad sales and go-to-market at Warner Bros. Discovery, and Bobby Voltaggio, president of ad sales and platform monetization at Warner Bros. Discovery, and said they would "continue to partner" with him "throughout the fourth quarter."

"This team reflects how we intend to work: with clear ownership, fewer layers, and leaders who are close to the work," Askinasi told staffers in the memo. "We will organize around how clients plan and buy, elevate our strongest IP and creative capabilities, and use shared data and intelligence to make faster, better decisions."

A representative for Skydance did not respond to a request for comment.

Several other leadership moves have been announced since the merger's completion. Another leaked memo on Thursday revealed changes to Skydance's product and tech team, which included the departure of four Warner Bros. Discovery executives.

• The CEO of ASML is tying his compensation to a personal mission to boost employee morale.
• Christophe Fouquet told employees in a memo seen by BI that ASML would link exec pay to employee satisfaction.
• It comes amid a major reorg at Europe's most valuable firm, which supplies chipmaking equipment to TSMC and Intel.

The CEO of Europe's most valuable company is linking his pay to a personal mission to boost employee morale.

Christophe Fouquet, the CEO of Dutch tech firm ASML, said last week that the company will incorporate employee satisfaction into its compensation strategy for top executives in an effort to quell discontent over a major reorganization, per a memo to employees obtained exclusively by Business Insider.

Fouquet was responding to the results of an annual survey that polled more than 38,000 of ASML's roughly 44,000 employees.

The survey results, seen by Business Insider, show that ASML's employee engagement index — a measure of worker satisfaction — fell from 78% last year to 73.5% this year.

In the memo, Fouquet said that the declining employee engagement scores "reflect a period of significant change" and acknowledged that it had been a "disruptive and emotional year" for the company.

He added that ASML's executive team had highlighted six questions in the survey and combined them into a new Workplace Experience Index, which would be incorporated into the company's Long-Term Incentive plan for executive compensation.

"In the coming years, it will directly influence the remuneration of senior leaders, including the Board of Management," Fouquet wrote, adding that strengthening the company's culture and reinforcing its values would be a personal priority in the coming year.

The six questions include whether employees feel they can share their opinions without fear of retaliation and if they have confidence in ASML's senior leadership team.

Employees will also be polled on whether they have a clear understanding of their role, whether they think their teams are operating efficiently and are well organized, and whether they feel their direct manager shows they care about them as an individual.

"We recognize the role that leaders play in creating a good workplace, and we now strengthen our commitment by including the workplace experience index in the remuneration of senior leadership, including our Board of Management," an ASML spokesperson told Business Insider.

It comes as ASML, the only firm on the planet capable of building the advanced EUV lithography machines critical for chipmakers like TSMC and Intel, attempts to slash bureaucracy with a sweeping org chart reorganization.

ASML announced in January that it could cut 1,700 jobs to reduce management layers and focus on engineering. Leaked documents previously reported by Business Insider show that these ongoing efforts have focused on reducing the number of managers at the company. The company later said it expected to cut fewer jobs than initially planned.

The ASML spokesperson said that its organizational changes were "necessary to strengthen ASML's ability to innovate" for its customers, but it also recognized they were "disruptive" for staff.

Going against tech's 'hardcore' trend

Major companies tying executive pay to employee satisfaction is uncommon, but not unheard of.

Companies like IBM and Aviva have previously included employee engagement in their compensation targets for top executives.

ASML's decision, however, runs counter to the cultural winds of Big Tech, which have seen some companies embark on relentless layoffs and push employees to work longer hours as part of a "hardcore" working shift.

Meta was an early, prominent leader of this push, with a series of layoffs that began in 2023 during Mark Zuckerberg's "year of efficiency" and, last year, cutting "low performers." CTO Andrew Bosworth at one point suggested that employees who disagreed with the company's direction should "consider working elsewhere."

Executives have since acknowledged internally that Meta went too far with its efficiency push, with Bosworth telling workers that morale at the company was almost the worst it has ever been.

Fouquet's memo to employees came days before ASML raised its 2026 sales forecast and pledged to accelerate production of its unique lithography machines as the AI boom fuels surging demand.

The company's machines are vital for producing the advanced semiconductors used to train and run AI models, and the rapid buildout of AI data centers has pushed ASML's shares up 45% this year.

One major prospective customer for the Dutch firm is Elon Musk, who is racing to build a massive semiconductor factory dubbed "Terafab" in Texas. Business Insider previously reported that Musk gave a virtual presentation to a private ASML employee conference in June to pitch Terafab, which is a joint project by Tesla and SpaceX.

Editor's note: October 23, 2026 — This story was updated to include a statement from ASML.

Do you work at ASML and have any information to share? Get in touch with this reporter at tcarter.41 on Signal or tcarter@businessinsider.com. Use a personal email address and a nonwork device; here's our guide to sharing information securely.

• Fox-owned Red Seat Ventures is going after Substack's turf with a new newsletter option.
• CEO Chris Balfe said the company has had an early success with Tony Hinchcliffe's paid offering.
• The home of Tucker Carlson and Nancy Grace is also on the hunt for more big creators.

Fox's Red Seat Ventures is coming for Substack.

Led by Chris Balfe, Red Seat made its name running sales and production services for podcasters including Tucker Carlson, Megyn Kelly, and Nancy Grace.

Now, as the lines between creators, podcasters, and writers continue to blur, it's adding newsletter functionality to its stack. The newsletter feature will live under Supercast, a company Red Seat bought this year that offers a menu of subscription options like livestreaming for creators. They can now build free and paid newsletters and track their performance on a dashboard. The newsletter feature is included in Supercast's base pricing of $0.59 per subscriber per month, with custom pricing available for big networks and media companies.

"We want to be a one-stop shop for creators," Balfe told Business Insider. "Whereas Substack has done a really good job going after written-first creators, and then adding podcasting capability on top of that, we're going at it from the other direction and saying, for most of the creators that we work with, their audio and video is their main business. So, let's add other features like email and livestreaming."

Balfe pointed to comedian Tony Hinchcliffe of "Kill Tony" as an early example of Red Seat's success in using a multifaceted approach. Since launching a subscription, Kill Tony+, Hinchcliffe has signed up thousands of people who get his uncensored, ad-free show and bonus content.

Hinchcliffe plans to create another, super-expensive tier where people would pay to get roasted by him, Balfe said.

"It would be like $10,000 or something like that to roast you," Balfe said. "We will sell out of these so bad."

He also pointed to an early pilot of Supercast's livestreaming with "This American Life," which drew more than 1,700 paying audience members.

Red Seat is aiming for 10 big deals

Balfe wants to make Red Seat a creator-economy juggernaut, with some 200 shows. The company has around 30 shows now and is looking to do a lot more deals quickly, especially in sports, lifestyle, entertainment, and tech. Red Seat's top creator deals generally pay a minimum guarantee against projected sales.

"We really want to accelerate our rate of dealmaking," Balfe said. "I think if we did 10 big deals in the next 12 months, that would be big."

Balfe disagrees with industry insiders like iHeartMedia CEO Bob Pittman, who say podcast distribution deals are getting too expensive. He said there was strong advertiser demand and that hosts have the ability to branch out into other areas. Balfe said he's doing deals where the show itself accounts for as little as 60% of the revenue, with the rest coming from other projects.

Balfe also sees the potential for creators to make longer deals. YouTubers are often used to getting short-term ad deals, while Red Seat is pushing for 12-month partnerships for its clients, he said.

"We're trying to do annual deals," he said. "YouTubers are attracted to that sort of consistency that the podcast business model has allowed."

Podcasts are TV now

Podcasting has become more of a video-first medium as it has evolved from its audio roots.

Forty-four percent of US podcast consumers watched a video podcast in the past week, up from 40% in 2025, according to a report from trade group Sounds Profitable released this month. YouTube is the top podcast platform, used by 63% in the past 12 months, ahead of Spotify (33%), Netflix (21%), and Apple Podcasts (15%).

Balfe thinks video will continue to grow its share of the pie. People are watching more podcasts on YouTube, especially on TV screens. Spotify is making the case that video consumption outperforms audio on its platform.

Major streamers are also hungry for podcasts, and linear TV players like Versant's MS NOW are looking for lower-cost programming to fill their schedules. Red Seat's shows aren't running on Fox's linear networks today, but Balfe said it's only a matter of time before that happens.

"I look at the next phase of video opportunities, and we have every streamer that wants our content now: Hulu, Peacock, and Amazon Prime, and Paramount Plus," Balfe said. "We also have the linear guys that are starting to come to us and say, 'Actually, what you're producing looks kind of like a talk show. Maybe we should just put it in late night or daytime.'"