Monday, September 23, 2024

A “layoff influencer” goes back to work

Plus: Palantir's CEO is a lightning rod

You've probably seen—or heard of—the viral layoff video phenomenon, when someone hits "record" on Zoom while they're being laid off and then shares the moment. As Work Shift reporter Jo Constantz writes, it represents an attempt by some white-collar workers to turn the tables on their employers and reclaim some power. But what happens after internet fame? Plus: A milestone for Palantir, a tough job ahead for election administrators and five reasons to be hopeful about the entertainment industry

In January, 27-year-old account executive Brittany Pietsch, who was about to be fired from network services provider Cloudflare Inc., recorded her termination and posted a video of the contentious nine-minute call online. She told the Wall Street Journal shortly after she posted it that she didn't regret it, even as it amassed millions of views.

The clip became a lightning rod. "Not one part of me thought that it was going to blow up in the way it did," Pietsch explained onstage in March to an audience of thousands at an HR conference in Las Vegas. She was suddenly the face of employees everywhere who had a stable job and steady paycheck one day and nothing the next, left to grapple with the callousness of "changing business needs" alone.

The day after Pietsch got back from the conference, she broke down, struck by how big the video had become. "I really realized that when I went to that conference: How many people came up to me, asked to speak with me, asked to take pictures with me," she said in a post on TikTok. After that, Pietsch went dark for about three months, taking time away from social media to look for a new job and recover from the spotlight.

As the months of unemployment began to lengthen, she returned reluctantly to LinkedIn. "I feel embarrassed to be posting this, but desperate times as they say," she wrote in July. Six months without income, she added, "has now begun to put me in a scary financial situation, and I am asking my network for help."

She laid the situation bare. "When the video went viral, I received literally thousands of 'I would hire you in a heartbeat' or 'any company would be lucky to have you' messages. Yet when it comes down to it, it has been the opposite," she said. "The amount of conversations, interviews, presentations, and research I've done for companies I will never work for is beyond what I could have imagined."

Her break came as summer drew to a close. Right as my story about layoff influencers was published in Businessweek, Pietsch announced that she had landed the opportunity she had longed for. It was the kind of happy ending that eludes many job seekers. The number of Americans struggling with long-term unemployment (those out of work for more than six months) has crept up since March 2023 to 1.5 million.

Pietsch's job came as a result of those LinkedIn posts, the kind of raw self-disclosures many people view as career cyanide. A vice president at Navisite, an IT firm owned by Accenture Plc, saw them and reached out, advocating for her to join his team.

While everything worked out for Pietsch, she says she wants to continue to champion others who have lost their jobs. "Though I'm still figuring out how, I am committed to giving back and staying involved in the conversation around unemployment," she said in the post announcing her new role. "It's crucial to speak up for what's right if we want to drive meaningful change."

In Brief

  • Israeli airstrikes on southern Lebanon have killed more than 200 people as the conflict spirals.
  • The price of Ozempic and Wegovy is becoming tougher for Novo Nordisk to justify as sales will soon surpass research costs.
  • London's ultrarich are fleeing the threat of rising taxes under a Labour government.

Palantir's Unconventional Executive

Karp at the Allen & Co. conference in Sun Valley, Idaho, in July. Photographer: David Paul Morris/Bloomberg

Alex Karp, co-founder and chief executive officer of Palantir Technologies Inc., has a love-hate relationship with Wall Street.

First, the hate: Karp once said that being the leader of a public company made him feel like a "caged animal." He's said that analysts don't understand the company and that he prefers Palantir's loyal army of retail investors, more than 60,000 of whom have congregated on the subreddit r/PLTR and nicknamed him "Daddy Karp."

Karp particularly dislikes short sellers, recently suggesting on TV that they're addicted to drugs. "Almost nothing makes a human happier than taking the lines of cocaine away from these short sellers," he said. It was a tamer appearance than a few years earlier, when he used the word "f---ing" twice on an analyst call.

Nevertheless, Karp has long sought one of Wall Street's most coveted prizes: a spot on the S&P 500, a milestone the data analysis giant officially achieves on Monday. The inclusion in the S&P means the company will be added to index-tracking funds held by major investors, officially establishing it in the corporate American firmament. Despite its more than $80 billion market cap, Palantir for years hadn't met the criteria for inclusion because of its tight founder control and unprofitability. Now the S&P has relaxed requirements on multiple-class shares that can give founders supervoting rights, and the company marked its first profitable year in 2023.

The addition to the S&P is the culmination of a winning streak for Palantir, writes Lizette Chapman. Keep reading: Palantir's CEO and Wall Street Annoy Each Other Straight to the Bank

Voting Officials Are Feeling Threatened

In the US, all elections are local—even presidential ones. Before states certify results, appointed or elected leaders process ballots at the county or town level. Along with paid staff and temporary poll workers, the local election officials (LEOs) are the bulwark for basic democracy. New research from think tanks and universities shows their jobs are harder than ever.

In a series of charts like the one above, by Businessweek's Laura Bliss and Mark Glassman, you can see what those voting officials are most worried about this fall: Threats to Local US Election Officials Are Rising, and More Workers Are Quitting

Pop Culture Hasn't Lost Its Allure 

Illustration: Ariel Davis for Bloomberg Businessweek

Late last year, Bryan Lourd, the chief executive officer of Creative Artists Agency LLC, Hollywood's largest talent agency, was surveying the damage. The entertainment industry, his home of roughly four decades, seemed to be shrinking. The movie business was struggling to recover from the pandemic and multiple labor stoppages. Cable TV was speedily collapsing. Execs at Disney, Fox, Paramount and Warner Bros. had sought out mergers, cut staff and funneled billions of dollars into new streaming services—Max this, Plus that—that were losing money. Wall Street, which had encouraged the spending, was losing hope; Lourd, who represents movie stars such as Brad Pitt, George Clooney and Scarlett Johansson, was dismayed.

When times are lean, Hollywood tends to keep faith that it's one hit away from a turnaround. But many executives and filmmakers have begun to wonder if their industry is entering permanent decline. Barry Loudis ended a 20-year run at companies such as CBS Corp. and Warner Bros. Discovery Inc. to start a company in Atlanta selling awnings. Former Nickelodeon executive Jessica Brown Sassalos shifted to real estate. Kristen Huntley, who worked on Walt Disney Co.'s streaming services, went to Slack Technologies Inc. Phil Stark, who wrote the 2000 comedy Dude, Where's My Car?, is now a psychologist treating the industry's newly disillusioned workers.

And yet the doom and gloom can't obscure that people have never spent more time or money on entertainment, writes Lucas Shaw. Although they've moved on from specific formats, they've never lost interest in pop culture: Five Reasons to Be Optimistic About the Entertainment Business

Related: The Best Movies, Books, TV and Art Shows Coming in October

Also: The Screentime newsletter offers a front-row seat to the collision of Hollywood and Silicon Valley once a week. Subscribe here.

Campaign Finances

$5 million
That's how much more money the Kamala Harris campaign is spending each day compared with Donald Trump's. An influx of Wall Street and Silicon Valley donor support for the Democratic nominee is translating into a distinct campaign advantage as the presidential campaign enters its most expensive stretch.

Port Strike Threat

"A sleeping giant is ready to roar on Tuesday, Oct. 1, 2024, if a new Master Contract Agreement is not in place."
Harold Daggett
Leader of the International Longshoremen's Association
Some 45,000 dockworkers at every major eastern and Gulf coast port are threatening to strike, a jolt to the economy that could bring the kind of supply chain disruption and consumer discontent rife during the pandemic.

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