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We mapped out Netflix's 56 most powerful executives including its new co-CEO and CMO in an exclusive interactive chart (NFLX)

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  • Netflix, the global leader in streaming TV, is having a moment now that more people are staying home.
  • But it still faces pressure to hold on to its standing as legacy-media and tech rivals pursue their own streaming plays.
  • Business Insider spoke with current and former Netflix employees, as well as industry experts, to identify the 56 most powerful executives leading key growth areas at the company.
  • They include influential execs such as Chief Content Officer and new co-CEO Ted Sarandos, and new Chief Marketing Officer Bozoma Saint John, as well as some less familiar names, like Rochelle King, the vice president of creative production, and Ty Warren, the head of physical production.
  • View Business Insider's exclusive interactive chart below.
  • Click here for more BI Prime stories.

As Netflix stands apart as a bright spot among entertainment stocks amid the pandemic, the 22-year-old streaming-video company has made key exec appointments in recent weeks that are designed to set the company up for its next decade.

Netflix's longtime content chief Ted Sarandos was named co-CEO alongside cofounder Reed Hastings. Product chief Greg Peters took on the additional role of chief operating officer. And former Endeavor marketer Bozoma Saint John was hired as Netflix's marketing chief

The executive changes came as Netflix's global audience surged to more than 192 million paid subscribers in June. Netflix's stock also reached new heights in July ahead of the company's strong quarter.

That was despite new rivals like Disney Plus, HBO Max, Peacock, and Apple TV Plus.

Netflix's past decade of unrivaled subscriber growth and an equally impressive stock climb forced legacy media to take streaming seriously or risk irrelevance and tech titans to vie for a piece of the streaming-TV pie.

Business Insider spoke with current and former Netflix employees, as well as industry experts, to identify the 56 most powerful executives leading key growth areas at the company. Netflix has many leaders — not all of whom are included here — but this list gives an inside look at whom to watch in 2020.

This story is developing. Business Insider will continue to update this post as details emerge on how the recent changes at the top trickle down throughout the company's management.

Netflix declined to comment on this story.

At the top of the company is co-CEO Hastings, who cofounded Netflix in 1997 as a hub for online movie rentals, oversaw its move into streaming video 10 years later, and drove the company to become the first truly global TV service. He serves alongside Sarandos, the new co-CEO and content chief, whose official appointment at the top underscores how Netflix has become as much a Hollywood as a Silicon Valley tech company.

Hastings and Sarandos' core leadership team includes influential execs like Chief Product Officer Greg Peters, who is responsible for every aspect of the platform from its price to the option to turn off autoplay video, as well as keeping the global organization aligned in his new role as operating chief. Bozoma Saint John, Netflix's newly appointed chief marketing officer— and its third in the last year — brings with her experience from Endeavor, Uber, and Apple Music.

There are also execs driving key initiatives within Netflix whose names might not be as familiar as those in its C-suite.

They include Ty Warren, Netflix's head of physical production who is adapting to TV- and film-production stoppages around the world; movie boss Scott Stuber, who is turning the company into a major player in Hollywood; top animation exec Melissa Cobb, who is helping Netflix compete with Disney Plus; creative production lead Rochelle King, who is managing one of the fastest-growing teams at Netflix this year; Vice President of Product Todd Yellin, who is pushing Netflix to evolve entertainment with new formats like "Black Mirror: Bandersnatch"; and Bela Bajaria, who is developing content for crucial international audiences.

The following chart is interactive. Click on "core team" to get the full list of names. 

This post was last updated on July 20, 2020.

Do you have tips about working at Netflix? Email this reporter at arodriguez@businessinsider.com. Email for Signal number.


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A former exec from fully-remote GitLab has a new startup that makes it easy to hire people from anywhere in the world

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Job van der Voort CEO Remote

  • As remote work becomes more common and US visa laws are more restrictive, many in the tech industry are thinking about hiring more people outside of the US.  
  • For any company that's not a huge multinational corporation, though, that's actually pretty hard to do. The former VP of product at fully-remote GitLab, Job van der Voort, recently launched a startup called Remote to make it easier. 
  • Remote acts as the employer of record, so companies don't have to set up international entities in order to hire someone in a new country, and its subscription software platform handles hiring, onboarding, payroll management and benefits that comply with local employment laws around the world.
  • The company just launched publicly three months ago and raised an $11 million seed round of funding in April led by Two Sigma Ventures.
  • Van der Voort said his team is working quickly to grow the company and expand to 40 countries where it can hire by the end of the year. 
  • Click here to read more BI Prime stories.

Hiring people from anywhere in the world has never been so attractive for businesses of all sizes. Companies are starting to rethink making employees come to an office where after the coronavirus crisis proved how successful an all-remote work environment can be. Meanwhile, the Trump administration is banning work visas until the end of the year, which has the tech industry thinking about hiring outside of the US.  

However, for any company that's not a huge multinational corporation, international hiring is a lot easier said than done. Job van der Voort, the former VP of product at all-remote company GitLab, wants to change that: His new startup Remote aims to let companies to hire anyone in any country while staying compliant with local employment laws. 

GitLab is famously an all-remote company: None of its 1,200 employees work out of an office. Still, actually hiring and onboarding people in different countries was challenging, van der Voort said. When he made an offer to a product manager based in Germany, it took GitLab a year before it was finally was able to bring the candidate on board because it had to set up a German arm of the  company in order to hire them legally. 

That challenge happened every time GitLab wanted to recruit someone in a new country: It had to figure out how to legally hire them and pay them. That experience stuck with van der Voort, and Remote aims to make the whole process "as simple as signing up for Twitter" for a company. 

"There's no good solution to this other than setting up your own local entity, which is really complicated, really expensive, and it's different for every country in the world," van der Voort said. "I want to give more organizations the power to build a distributed company because the benefits are immense."

Though van der Voort started working on Remote in early 2019, the startup just launched and started taking customers three months ago. It raised an $11 million seed round of funding in April led by Two Sigma Ventures, with participation from Index Ventures, General Catalyst, GitLab CEO Sid Sijbrandij, and HackerOne cofounders Jobert and Kirsten Abma. Van der Voort, who declined to share the startup's valuation, says Remote will use the funding to continue developing the product and add more countries to its roster. 

"The interest is massive — it's  greater than we can help today, which is why we're quickly expanding to more countries," he said. "What we're seeing is that this is a clear need that many organizations have."

Here's how Remote can help businesses hire people anywhere 

Here's how Remote's platform works: It has set itself up in 15 countries where it can act as what's called an "employer of record." When a business wants to recruit someone in one of those countries, Remote can hire that person locally, managing payroll, taxes, and benefits for the remote employee through its onboarding and employee management software. The software costs $599 per month per employee, in addition to an invoice for that person's salary.

Remote has learned the local laws about taxes, benefits, and time off requirements and built them into its platform — with the startup doing all the logistical work of setting up entities in each country, all companies have to do is sign up. Remote aims to have entities in 40 countries by the end of the year. Though it declined to share how many customers it has so far, but said it just signed on GitLab in June. 

Van der Voort, who has a background in neuroscience not international employment law, says the process is not as simple as it sounds. Each country has different rules for registering as an employer of record and Remote has to open a local bank account and educate itself on employment laws, benefits and payroll in every country. 

There's always little quirks van der Voort's team has to watch out for. For example, in the Netherlands people can put aside part of their salary to save up for a bicycle as an employment benefit, so that's something that has to be built into Remote's software for any company who wants to hire in the Netherlands. 

Also, Remote itself is still a small company, with about 30 employees in 7 different countries, meaning that it's doing the work for itself, too, by setting up international arms of its business in so many countries. 

"We anticipated it was going to be very hard to do this. And I think it's at least ten times harder than we thought," van der Voort said. "So we keep reminding ourselves we are doing this so that others don't have to."

Got a tip? Contact this reporter via email at pzaveri@businessinsider.com or Signal at 925-364-4258. (PR pitches by email only, please.) You can also contact Business Insider securely via SecureDrop.

SEE ALSO: Meet the 24 rising stars at Salesforce who are playing key roles in helping CEO Marc Benioff grow the cloud computing powerhouse

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The best TV deals — save $700 on Samsung's brand-new Q90T QLED 4K TV

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LG B9 OLED TV

A quality TV is the centerpiece of any home entertainment system, but finding the right display for your needs and the right price for your wallet can be challenging. When shopping for a TV, there are many different aspects to consider, including size, panel type, resolution, HDR support, smart TV platform, and more. 

If you're looking for a display with genuine home theater performance in mind, then you'll likely want to opt for a 65-inch- or- larger premium 4K TV. The best 4K TVs typically use an OLED panel, or a high-end LED panel with quantum dots and local dimming. These display types will provide you with the best contrast, black levels, and brightness performance for dazzling high dynamic range (HDR) images.  

For buyers who simply want a reliable TV for casual viewing, however, a smaller screen and a more budget-friendly LED panel should get the job done just fine. Though picture quality won't be quite as impressive as more expensive display types, there are many affordable LED TVs out there with solid performance. And, while 4K resolution and built-in smart TV interfaces were once thought of as premium features, nowadays even entry-level TVs come with 4K panels and smart TV capabilities as default features. 

Once you've settled on the basics for what you're looking for in a new display, there are plenty of deals readily available from all of the major TV manufacturers, including Sony, Samsung, LG, Vizio, TCL, and Hisense. To help narrow things down, we've rounded up all of the best TV deals available right now. 

It should be noted, however, that many companies are currently in the process of rolling out their latest 2020 TV models to retailers. While these new displays rarely get discounts right away, manufacturers tend to use this time to provide big deals on their older stock. With that in mind, the TV deals highlighted below are primarily for 2019 models. If a 2020 model is included, we've noted that fact in the description for the deal.

Here are the best TV deals in July 2020:

Prices and links are current as of 07/20/2020. Added Samsung Q800T 8K TV and Toshiba Fire TV Edition HDTV. 

Best OLED TV deals

When it comes to picture quality, no other display type offers better overall performance than an OLED TV. Unlike traditional LED TVs (which use LCD panels), OLED TVs don't require a backlight. Instead, every pixel is able to produce its own light or shut off completely. This enables OLED displays to produce superior black levels, contrast, and viewing angles compared to regular LED models. With that said, OLED panels can't get as bright as LED TVs, and they can be susceptible to burn-in if you leave a static image on the screen for hours on end.

For most buyers, however, the pros of OLED tech far outweigh the cons. Of course, the high-end picture performance of an OLED TV typically comes with a high price tag. Thankfully, OLED TVs from LG and Sony often go on sale. 

The best OLED TV deal available right now is for the LG 65-inch CX 4K TV. The CX is LG's brand-new flagship OLED display model for 2020, and it's currently $300 off its regular price.



Best premium LED TV deals

Unlike OLED displays, LED TVs still use traditional LCD panels with backlights to produce their images. Though this tech does have some drawbacks when it comes to black levels and viewing angles, high-end LED TVs are still capable of very impressive picture quality with industry-leading brightness. High brightness is particularly desirable for the best HDR performance, allowing highlights to really pop from the screen. 

Many high-end LED TVs are branded as QLED TVs since they include quantum dot technology. This feature allows the displays to achieve a wide color gamut for more accurate and rich colors. Premium LED TVs typically include full-array local dimming as well, enabling the backlight to dim in specific zones across the screen. This enables the display to achieve much better contrast and black levels compared to LED TV models without local dimming. 

The best deal on a premium LED TV right now is for the Samsung 65-inch Q90T 4K TV. This brand-new 2020 model is $700 off its regular price, and it features full-array local dimming with quantum dots and HDR10+ support.



Best mid-range LED TV deals

Like premium LED TVs, the best mid-range LED TV models also offer many impressive picture quality features, including quantum dots or other wide color gamut technologies. Brightness levels aren't quite as high as more expensive models, however, and contrast isn't as precise since there are typically fewer dimming zones or no dimming zones at all. 

Still, if you're a buyer who wants to save a bit without losing support for the latest display technologies, like HDR, then a mid-range LED TV model will likely be a good fit. There are a lot of enticing deals on mid-range LED models right now, including the Hisense 75-inch H8G 4K TV. The TV features impressive image quality for its price, and includes Dolby Vision and HDR10+ support.



Best budget LED TV deals

For buyers who are less concerned about picture quality and more interested in simply finding an affordable display with reliable smart TV connectivity, there are plenty of budget-friendly options to consider. These models don't include advanced image features like local dimming or quantum dots, but you can find some entry-level models with basic 4K HDR playback capabilities.

Budget LED TVs can also be found in smaller screen sizes for people who want to purchase a TV that's suitable for a smaller living room or bedroom. And, while 4K is pretty much the standard for most new TV models, you can still save some money by opting for a lower resolution HDTV. 

A decent smaller screen size option on sale right now is the Insignia 43-inch Fire TV Edition display. This affordable 4K TV is on sale for $249.99, and it includes built-in support for the Amazon Fire TV platform.



Coinbase, one of the Bitcoin Twitter accounts compromised last week, said it blocked $278,000 from being transferred to the attackers

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  • Crypto exchange site Coinbase said it saved almost $280,000, or 30.4 bitcoin, from transferring to the attackers that orchestrated last week's hack on Twitter, per a Forbes report.
  • The company said just 14 users sent a total of $3,000 to the hackers before Coinbase blacklisted the scam address.
  • The attackers were found to have collected $121,000 from users on July 15 in the hack that Twitter is still investigating.
  • Visit Business Insider's homepage for more stories.

Bitcoin exchange service Coinbase said it blocked bitcoin amounting to almost $280,000 from being transferred to the attackers behind the massive hack that took over Twitter last week, according to a Forbes report. 

On July 13, hackers compromised 130 high-profile Twitter accounts, including that of former President Barack Obama, Tesla CEO Elon Musk, and Kanye West. Hijackers used the accounts to advertise a scam asking customers to donate bitcoin to phony cryptocurrency addresses. They ultimately got away with $121,000 from unsuspecting victims.

But per the report, that sum could have been much more than that had Coinbase — the largest exchange platform for bitcoin and cryptocurrency in the US — not intervened. Philip Martin, the company's chief information security officer, told the outlet that just 14 Coinbase users sent a collective $3,000 to hijackers before the company blacklisted the fraudulent address, halting transaction from more than 1,000 customers.

"We noticed within about a minute of the Gemini and Binance tweets," Martin told Forbes, referring to tweets posted from the two fellow crypto exchange services during the hack. The San Francisco-based Coinbase is prepping to go public as early as this year.

The news comes as Twitter continues to investigate who was behind the hack, which resulted in 45 accounts publishing tweets advertising the bitcoin scam. At least eight users had their data scraped, including direct messages. The company has confirmed that hackers conducted the attack with an internal administrative tool used to manage accounts that they obtained from a Twitter employee. 

Cybersecurity experts told Business Insider's Lisa Eadicicco that the hack could have been much worse than it was or could possibly be a distraction for conducting a more sophisticated cyberattack, though there's currently no evidence to support that.

"I can only speculate about the true intentions behind this scam, but at the surface level, it appears their goal was to show off, get some attention, have a little fun, and walk away with a pocket full of cash in the end," Luis Corrons, a security evangelist for antivirus software-maker Avast, said.

SEE ALSO: Culprits behind the Twitter hack that ground the site to a halt may include a 21-year-old British man, new evidence shows

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Stop trying to make more Silicon Valleys, VC Brad Feld argues in a new book that comes just as techies are relocating to cities across the US

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Techstars co-founder Brad Feld.

  • Startup communities are too unique to be replicated or controlled, Techstars founder Brad Feld and researcher Ian Hathaway write in their new book: "The Startup Community Way: Evolving an Entrepreneurial Ecosystem."
  • "The Startup Community Way" is a deep, theoretical take on what makes startup communities thrive due out July 28.
  • Local tech scenes are special because they unpredictably come up with powerful new ideas, Feld and Hathaway write.
  • One way to cultivate idea generation is to avoid letting startup communities like those in Silicon Valley, Boston, and Boulder be dominated by local government or any one person within those communities, they argue.
  • Visit Business Insider's homepage for more stories.

Stop trying to be like Silicon Valley. 

That's the message from venture capitalist Brad Feld to cities and regions around the world trying to cultivate their own tech scenes.

"Many researchers, consultants and community builders search for a blueprint to become the next Silicon Valley," write Feld and researcher Ian Hathaway in "The Startup Community Way: Evolving an Entrepreneurial Ecosystem," a new book due out on July 28.

"Such ideas," they argue, "are flawed because each startup community is unique and deeply influenced by local history and culture."

Feld knows a bit about the subject. In 2006 he cofounded Techstars, a VC fund focused on early stage startups, in Boulder, Colorado, more than 1,200 miles from the tech capitals of San Francisco and Palo Alto, Calif.

The book, which Business Insider obtained an advanced copy of, is particularly timely as the coronavirus pandemic and resulting lockdowns have prompted many techies to leave Silicon Valley and relocate to places where the cost of living is lower. Tech companies like Twitter have said they will allow staffers to permanently work remotely.

According to the book's authors, startup communities, like those in Silicon Valley, Boston and Boulder are each so unique that attempts to replicate or control them are futile.

"There is an urge (almost an obsession)," they write, "to compare startup communities to one another by tabulating a set of standardized metrics," like startup rates, total venture capital, and how many exits a community has.

The misguided mentality is evident even in the monikers adopted by fledgling tech hubs — Silicon Slopes in Utah, Silicon Forest in Oregon, to name a couple.

The real value of these tech scenes, Feld and Hathaway write, lies in "emergence," their ability to unpredictably generate influential ideas. But the creative potential of startup communities, they argue, which thrives on a free-flowing exchange of ideas between entrepreneurs, diminishes when tightly controlled by larger authorities like a local governments.

"The process of value creation occurs naturally without a plan or controlling authority," they write. "This requires a different approach to building startup communities from the traditional command-and-control strategies applied in the industrial era that linger on today."

Local governments should instead focus on providing support to local entrepreneurs by listening to their needs and providing them with resources, the book argues.

Even individual startups shouldn't have an outsize influence within their communities, the authors write.

"Accepting that you are not in control is one of the most powerful actions that a participant in a startup community can take," Feld and Hathaway write. Aspiring tech hubs must accept this messy nature, they argue, since "attempting to control a complex system is a futile attempt to impose a complicated view on it. It won't work."

Feld co-founded seed accelerator Techstars in 2006 and early-stage venture capital firm Foundry Group in 2007, and frequently publishes his thoughts on his blog. Analyst Mark Fidelman named him the most respected venture capitalist in 2011.

SEE ALSO: These far-flung US regions could become the next big startup hubs as techies abandon Silicon Valley and embrace remote work

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What is alt text on Instagram? How to add the image-description element and make your photos accessible

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A group sitting together and uploading Instagram photos

  • Alt text on Instagram is the description that identifies the content of an image and allows screen readers to describe your photos to blind or visually impaired users. 
  • Instagram uses object recognition technology to automatically describe your posts to visually impaired users. 
  • You can also manually add alt text to Instagram photos blind and visually impaired users get more accurate information from their screen reader.  
  • To add alt text to your Instagram photos, use the "Advanced Settings" link after you choose a filter when creating a post. 
  • Visit Business Insider's Tech Reference library for more stories.

In recent years, the social photo platform Instagram has become more friendly to blind and visually impaired users through the alt text feature.

Alt text is a short text description of a photo that's read aloud by a screen reading program. This text is an essential way for the visually impaired to get the clearest image of internet photos, which is why you should add alt text to photos you post on Instagram.

Instagram automatically creates alt text for your Instagram posts through object recognition technology. This determines what's in your photo and passes that on to screen readers. But automatic alt text is highly inaccurate. It doesn't understand the most important part of the photo and lacks the context to explain why you posted a particular photo. 

If you manually enter your own alt text when you post a photo to Instagram, your post can be understood and appreciated by the largest possible audience. 

Here's how to write and include alt text with your Instagram posts. 

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How to write good alt text on Instagram

Remember that your alt text is describing the photo to someone who may not be able to see the photo, or who has trouble seeing its details. Here are some things to keep in mind:

  • Briefly describe the most important aspect of the photo. Be specific.
  • Don't begin with a phrase like "Picture of…" or "Photo of…" Just describe the scene. 
  • Try to limit your description to fewer than 100 characters including spaces.  

How to add alt text when you create an Instagram post

1. Using the Instagram app on your phone, start to create a post in the usual way. 

2. After you select a photo and choose your filter, tap "Next."

3. On the screen in which you add the caption, tag people, and add a location, tap "Advanced 4. Settings" at the bottom, below the option to connect to other social networking sites. 

What is alt text on Instagram 1

4. In the Accessibility section of the Advanced Settings page, tap "Write Alt Text."

What is alt text on Instagram 2

5. Write a short description of the photo and then tap "Done" 

6. Finish posting your photo in the usual way. 

How to add alt text to an existing Instagram post

You may go back to existing posts and add alt text. 

1. Using the Instagram app on your phone, tap an Instagram post. 

2. Tap the three-dot menu next to your photo.

3. Choose "Edit" in the pop-up menu.

What is alt text on Instagram 3

4. If the hashtag menu obscures the photo, tap a different part of the caption to make it go away. 

5. In the lower right corner of the photo, tap "Edit Alt Text."

What is alt text on Instagram 4

6. Write a short description of the photo. 

7. Select "Done" and then tap "Done" again to save your post. 

Related coverage from Tech Reference:

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Microsoft, Citrix, VMware, and 4 'hot private vendors' are getting the biggest boost from the work-from-home shift due to the coronavirus crisis, according to a Wall Street analyst (MSFT, VMW, CTXS)

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  • Microsoft, VMware and Citrix have emerged as the strongest players in the work-from-home tech market which continues to grow amid the coronavirus crisis and the shift to remote work, according to a survey conducted by William Blair.
  • The trend is also benefiting four 'hot private vendors' — Aviatrix, HashiCorp, Morpheus Data, and Clumio — which are getting upbeat reviews from clients looking to strengthen and expand their work-from-home networks, analyst Jason Ader told clients in a note.
  • The hottest IT deals are clearly focused on building and expanding work-from-home networks, with an emphasis on collaboration and video conferencing tools and security, Ader noted: "Anything related to work-from-home [is] closing fast."
  • Click here for more BI Prime stories.

Demand for work-from-home tech is getting hotter due to the coronavirus crisis, providing a big boost to Microsoft, Citrix, VMware, and four "hot private vendors," a Wall Street analyst said Monday.

The massive shift to remote work has heightened the need for cloud and collaboration technology, and IT resellers have been increasingly turning to Microsoft, Citrix and VMware, a William Blair analyst wrote to clients, citing its recent quarterly survey of 107 resellers.

Analyst Jason Ader also highlighted four smaller tech players — which he called "hot private vendors" in the market shift to remote workplaces — which have also been attracting the attention of corporate customers.

They include: Aviatrix, a cloud networking company; HashiCorp, a cloud automation company; Morpheus Data, which offers cloud management tools; and Clumio, a cloud-based data backup company.

"All saw a step up in mentions as customers accelerated their digital transformation initiatives," Ader told clients in a note.

The hottest IT deals are clearly focused on building and expanding work-from-home networks, with an emphasis on collaboration and video conferencing tools and security.

"Anything related to work-from-home [is] closing fast," Ader wrote, referring to the speed of deals. 

Microsoft has enjoyed a robust position in this trend as the second most dominant cloud platform and with its host of cloud applications, including Microsoft Teams and Office 365. Citrix and VMware, for their part, are leading providers of virtualization software which enables businesses to access and run disparate computer systems, reducing the need for network hardware.

Meanwhile, the pandemic continues to hurt companies that sell products for private, on-premise data centers as businesses focus more on strengthening their cloud-based networks to support remote workers.

William Blair said there has been "a customer shift from tactical to strategic planning as the timeline stretches out for a safe return to the office."

Got a tip about Microsoft, VMware, Citrix or another tech company? Contact this reporter via email at bpimentel@businessinsider.com, message him on Twitter @benpimentelor send him a secure message through Signal at (510) 731-8429. You can also contact Business Insider securely via SecureDrop.

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SEE ALSO: $15 billion cloud security company Zscaler is a 'freight train' as its stock soars more than 145% this year, says a Wall Street analyst who just boosted his price target

SEE ALSO: Citrix and Microsoft are teaming up to help businesses reluctant to send employees back to the office: 'It's going to be a rough environment until there is a vaccine.'

SEE ALSO: The CTO of $6.8 billion AI startup Automation Anywhere explains why the hot startup is hiring despite the pandemic, including jobs that pay more than $200,000 a year

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Microsoft cut its losses in significant ways this quarter as it shutters retail stores and Mixer — and analysts say they're key examples of CEO Satya Nadella's strategy that transformed Microsoft from an also-ran to a cloud leader (MSFT)

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  • Microsoft shuttered two major initiatives in June, the last days of its fiscal year: First, it announced that Mixer, its video game streaming service, would be shut down. Next, it announced the closure of most of its retail stores
  • Both of those moves represented Microsoft cutting its losses in businesses where it faced stiff competition and limited traction — Microsoft's stores were never as popular as their Apple counterparts, while the streaming market is dominated by Amazon's Twitch. 
  • Analyst say the cuts are examples of CEO Satya Nadella's philosophy of ruthlessly prioritizing Microsoft's strengths, particularly in the cloud business, even if the company has made big investments in a business it plans to close or scale back.
  • This strategy, the analysts say, has transformed Microsoft from an also-ran in many business, to a leader in the cloud business – and they expect Microsoft will continue to make cuts to maintain that focus.
  • Are you a current or former Microsoft employee? Contact this reporter via encrypted messaging app Signal (+1-425-344-8242) or email (astewart@businessinsider.com).

Microsoft typically makes its most significant changes around the time of its new fiscal year, which always begins on July 1. This year, those changes included a pair of major announcements in the waning days of June, as it announced it would be permanently closing retail stores and shutting down video game streaming service Mixer.

Those decisions, analysts say, indicate the company is honing its strategy to ruthlessly prioritize its strengths in the cloud software and infrastructure markets — and cut out anything that doesn't fit into the strategy.

Those strengths, the analysts expect, will be on display Wednesday when the company reports earnings for its fourth quarter and fiscal year. Analysts expect strong results driven by the company's cloud business, which is a typical headline for Microsoft's earnings reports. Analysts are expecting quarterly earnings of $1.37 per share, on revenue of $36.5 billion.

Microsoft will take a $450 million charge for closing the stores, and it's unclear exactly how Mixer might impact results, but analysts expect both will have a minimal impact on the company's overall financial performance. Despite the challenges in the pandemic, Microsoft has largely benefitted from the shift to remote work amid the pandemic, and its stock has soared more than 50 percent in the past year.

Analysts credit CEO Satya Nadella's strategy for laying the foundation for this strength, instituting a widely-lauded cultural shift at the company that turned around its reputation as an also-ran in the market.

"Under Steve Ballmer, Microsoft deteriorated into just another stodgy tech titan. Nadella did something extraordinary in turning the company around," Forrester analyst Glenn O'Donnell told Business Insider. "It was excruciating to many of the troops in Redmond, but it was just what Microsoft and its customers needed."

But to pull that off, it's necessary to make difficult decisions about what's working and what's not.

"The ability to quickly pivot from what used to work, to what will work, separates the most dynamic companies from the rest," Futurum Research analyst Daniel Newman said. "Often businesses pine on legacy models, Microsoft has shown a shift away from sticking with anything that doesn't add value to its customers and shareholders."

Meanwhile, Microsoft last week cut a small number of jobs as it transitioned to its fiscal year. One person familiar with the situation told Business Insider the cuts affected less than 1,000 jobs.

It's unclear if, or how many of, the job cuts are related to the changes at Mixer and in retail stores. Microsoft typically makes staffing changes when a new fiscal year rolls around, and this year's cuts were relatively small compared to previous years', such as 2017 when Microsoft cuts thousands of jobs in a reorganization to better align its sales organization with its cloud business.

Microsoft announced plans to close physical retail locations and Mixer in June, in a sign of a more 'dynamic' strategy

Microsoft in June announced plans to permanently close nearly all of its physical retail stores. The stores were part of Microsoft's decade-long effort to take on Apple in consumers PCs, Forrester analyst J.P. Gownder told Business Insider – but the strategy just wasn't working.

"Unfortunately, the spaces were too often underutilized; while crowds thronged Apple Stores in the same mall or on the same street, the foot traffic, revenue per square foot, and usage of services didn't match up to Apple Store," Gownder said in June.

RBC Capital Markets in a research note last week said the firm believes the pandemic accelerated a strategy Microsoft was already planning to shrink its retail footprint and transition aggressively to a partner model with large displays at retailers like Best Buy and Target.

"The exit from retail is a great example of a faster, more dynamic Microsoft that has been thematic throughout Nadella's tenure," Newman, the Futurum analyst, said.

Days earlier, Microsoft announced plans to permanently shut down its video game streaming service Mixer. The news came as a surprise to the industry, particularly because Microsoft had just spent tens of millions of dollar luring top streamers like Tyler "Ninja" Blevins from Twitch, the Amazon-owned and market-dominating streamer.

Employees told Business Insider the company's strategy of paying top streamers to join the platform wasn't enough to overcome what they described years of issues — from technical fumbles, to business miscalculations, and allegations of a "toxic" working environment.

When it comes to Mixer, however, expert opinions are more divided on whether Microsoft was right to pull the plug. 

"Microsoft threw in the towel too quickly on this," Moor Insights & Strategy analyst Patrick Moorhead said. "I think it will conjure up images of the company walking away from first-party gaming services and may have people speculate about it exiting consumer services."

To O'Donnell, the Forrester analyst, shutting retail stores and Mixer are examples of Nadella's philosophy to cut the company's losses when its investments aren't working out. Nadella made his first big proclamation of this philosophy early on in his tenure when he made the decision to write off nearly the company's $7.6 billion Nokia acquisition and lay off 18,000 employees.

"It will continually assess each of its businesses and make the right decision to do it themselves or to partner where that makes more sense," O'Donnell said. "This will continue to be its strategy going forward and it will continue to bear fruit."

While analysts say the cuts are smart business decisions, they have had real consequences for employees

While Microsoft has said the retail store closures will not result in any layoffs, sources and emails provided to Business Insider last week revealed employees can only keep their jobs in most cases if they agree to certain conditions, such as work a set schedule between 8:30am and 5:30pm Monday through Friday, and working out of a corporate office, even if that office is distant.

If they can't meet the conditions, Microsoft has asked them to find a new role within the company — which is in a partial hiring freeze— or resign without severance by July 26, according to the sources.

When it comes to Mixer, Microsoft has said it the company is "committed to redeploying people and technology across our team wherever possible," but it's still unclear how many jobs will be affected by the closure.

Still, analysts including Newman, of Futurum Research, expect Microsoft's prioritization to continue, meaning that they'll be looking for signs of where the company might make further cuts.

"It is hard to say until we see the next quarter's results," Newman said, "but what I do believe is the company will be decisive in maneuvering to meet changing customer needs — especially those where the pandemic could be indicative of a longer term shift."

Got a tip? Contact Ashley Stewart via email at astewart@businessinsider.com, message her on Twitter @ashannstew, or send her a secure message through Signal at 425-344-8242.

SEE ALSO: Microsoft quietly cut under 1,000 jobs across its business this week, as it enters its new fiscal year

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In March, Trump announced Google would build a coronavirus testing tool. Some employees working on it describe exhausting conditions, stress, and tears as they work around-the-clock to pull it off. (GOOG)

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  • In early March, Verily Life Sciences, one of Alphabet's biotech arms, announced it would turn its attention to fighting the pandemic.
  • Internally, it was called "Code Red."
  • Many employees were already unhappy with the way the company was being run. When Code Red kicked in, some employees say things only got worse.
  • These employees also say the culture is very different from Google's.
  • "At Google, people are quite vocal and outspoken and speak their minds. That's definitely different at Verily," one employee said.
  • Visit Business Insider's homepage for more stories.

In early March, as the reality of the COVID-19 pandemic was finally sinking in, a manifesto was being passed among some employees at Google's sister company Verily Life Sciences.

"Leadership must be held accountable for pervasive toxicity at Verily," the title of the document read. In it, the author, a Verily employee, said the company had fostered an unhealthy work culture.

The document, which was viewed by Business Insider, also referenced a Stat News article from 2016 that chronicled what former employees described as an "exodus" of top talent at the company, a "demanding, erratic, and unforgiving" work environment, and a "divisive CEO" in Andrew Conrad.

The anonymous employee who wrote the document suggested little had changed in the four years since the article was published. "Have we all just gotten better at appearing happy?" they wrote. "People are crying. They are leaving. Some admit to leaving because they are unhappy, others to leaving against their will."

They added: "Simply put, Verily is a toxic place."

Meanwhile, sources said Verily was in upheaval. Conrad knew that with his connections in the medical field and potential access to testing kits, Verily had an opportunity to help fight the pandemic, so he swerved the company toward the global crisis, they said.

Internally, it was referred to as "Code Red": Verily would pivot from its work on Project Baseline — a longitudinal study launched in 2017 to build a "map" of human health — and other programs to start fighting the COVID-19 pandemic.

Alphabet's most famous life-sciences arm suddenly found itself on a time-critical mission that had the potential to be its defining moment.

But it also launched employees into grueling hours and stressful working conditions that exacerbated an already difficult work environment reminiscent of "Game of Thrones," according to nine current and former Verily employees who spoke with Business Insider on the condition of anonymity for fear of losing their jobs or retaliation from the company.

'Every single issue is a major fire drill'

Code Red got off to a strange and noteworthy start. On March 13, President Donald Trump announced Google was building a virus-screening and test-scheduling tool — but that wasn't entirely correct.

It was another Alphabet division, Verily, that was building the triaging service, which screens participants for COVID-19 symptoms, then lets them schedule an appointment at a nearby testing site — and later delivers their results.

Two days after Trump's announcement, Verily launched its pilot service, which was far more limited in scale than the nationwide program the president had promised. Verily became the subject of national attention, which some employees said fueled an even greater sense of urgency to deliver.

The company has since set up a handful of its own testing sites around California in conjunction with the state Department of Public Health. It also partnered with Rite Aid for others across the US.

A company spokeswoman told Business Insider that Verily now has more than 300 sites across 15 states, and 31,000 people across 49 states have opted into COVID-19 research.

But according to some of Verily's employees, all this has come at a high cost to their well-being. "The difference between pre- and post-COVID at Verily is night and day," one said.

Verily campus

Verily, which has about 850 employees, according to internal data seen by Business Insider, brought in 1,000 volunteers from within Alphabet during the onset of the COVID-19 programs.

When Code Red started, some employees said they were thrown into an extremely stressful period of feeling pressured to work around-the-clock to scale the company's COVID-19 programs.

"The recalibration was reshuffling resources rather than adding new resources to the mix, which is why everyone was being overworked," one employee said.

"When the shutdown happened, we were expected to work 24/7," a former employee said. "My own team worked every day, sometimes until as late as 2 a.m. We were expected to be available as needed. Pushing back against that was frowned upon."

Several employees told Business Insider they were working seven-day weeks until after midnight when Code Red kicked in, and many continue to do so. "If you're not working on the weekend, you're seen as slacking off," one of them said. "There are people working seven-day weeks and trying to avoid burnout."

It's not only the screening and testing service keeping employees busy. Verily has since launched more COVID-19-related initiatives, including an antibody study and a "Healthy at Work" program that combines COVID-19 screening, testing, and analysis to help businesses bring employees back to the office.

For some teams, work conditions have begun to improve as Code Red has slowed its momentum, sources said, but many are still working around-the-clock to scale Verily's various COVID-19 programs — sometimes without additional compensation for the extra hours.

"There are still teams working seven days a week, 12 hours a day," one employee said. "Every single issue is a major fire drill. Your adrenaline is constantly pumping with every message or chat you receive because you know that could result in the next two to three hours of heads-down work rushing to get something out of the door."

In response to the negative work-condition characterizations, Verily spokeswoman Carolyn Wang provided Business Insider this statement:

First off, I want to confirm that it is a stressful working environment at Verily. I can't imagine it's anywhere near as stressful as being a frontline healthcare worker, but we are throwing everything we have at the current pandemic. In fact - I don't know a single person that is working on COVID-19 at any organization (developing a treatment, diagnostic or service related to one of the most unique global pandemics we've ever confronted) that isn't working 24/7. We have many employees who are working long hours, with little time off, and who are at it because they feel they can have an impact on public health during this critical time.

Verily employees are mission driven, and at the beginning of the pandemic many reached out to leadership with their own ideas on how we could support public health efforts. The team has risen to every challenge presented and I'm really proud to be a part of it. It's rare that a company of our size and scope could put so many relevant tools and resources towards a crisis like this, where we're operating physical COVID-19 testing centers, running or supporting multiple research programs in COVID-19 (HERO program, Baseline COVID-19 Research Project), launching a free and open-source tool for hospitals and health systems to use for community support, and endeavoring to get employees and students back to work and school with a new Healthy at Work program.

I don't know if it says more about the entitled Silicon Valley culture or the state of journalism today that a few disgruntled employees could drive this type of narrative on a company (and its many hard working employees) that is committed to supporting the broader community around it.

But insiders said the pandemic exacerbated what was already a "toxic" work culture where employees are overworked, publicly humiliated, and discouraged from speaking their minds. And according to current and former employees, leadership "cares more about the work than the workers."

"It's 'Game of Thrones' in there," one former employee of Verily's leadership said. "There are people who are under pressure because they're afraid of Andy, and they turn around and put immense pressure on the people below them."

They added: "It trickles down to the rest of the company. You hope in big companies there will be some sort of leadership style, and there is zero at Verily. They are just there to make money and get stuff done."

Insiders said it was not uncommon for Verily employees to be openly berated, belittled, and "called out" during conference calls and on emails.

"It's a culture of arrogance," one insider said. "If you're really vocal that you want to introduce change, whether it's from leaders or somewhere else, the people there are so political that they will blacklist you and then eventually not involved in conversations that are important to you. And then possibly fire you."

The culture at Verily has led to a high turnover rate where "quiet exits" are a common occurrence, insiders said.

"You don't realize that people have gone until the email bounces back," one employee said. According to sources inside the company and LinkedIn data viewed by Business Insider, there has been a steady stream of departures in the first half of this year.

Multiple sources told Business Insider that Verily laid off a wave of employees in late March and early April. "We have done performance eliminations this year as we do on a regular basis," the company's spokeswoman said when asked whether these layoffs were because of performance or pandemic-related reasons.

But the pandemic has caused an uptick in voluntary departures. The immense pressure on Verily's legal team, which had already lost several members this year before the pandemic hit, led to several resignations during Code Red.

"Even yesterday, I got an email that one more legal person was leaving," an employee who spoke with Business Insider last week said. "It's pretty obvious that the legal team is shedding."

Another employee said the legal team, which oversees Verily's numerous partnerships and collaborations, "felt they were being disregarded," which has led to the high number of exits in recent months.

"Andy and other leaders are going to do whatever they want and legal just has to catch up and make sure the agreements are favorable and well-written," they said.

One senior member of the legal team, who left in late June, sent around an email peppered with song lyrics that apparently alluded to the tough working culture at Verily.

"Although things are looking a little like a Ghost Town right now and it may simultaneously feel like A Hard Rain's a Gonna Fall and that the Beds are Burning, I know that you Will Survive like the Dragonslayers that you are!" they wrote in the email, which was seen by Business Insider. "Although you Didn't Start The Fire, keep showing up, being Brave, and Dreaming the Impossible Dream."

At the bottom of the email was a picture of the "Game of Thrones" character Tyrion Lannister.

'It was a slap in the face'

Sources said tensions between employees and management came to a head that same week when leadership announced it was canceling spot bonuses, a type of bonus that recognizes employees for exemplary performance and achievements. The money, employees were told, would instead be redirected into internal and external diversity programs.

"It was a slap in the face," one current employee said. "When we were sacrificing our weekends and time away from our family, we felt it was ultimately worthwhile. But we kind of assumed there was a light at the end of the tunnel."

Some employees said they were not only annoyed that they wouldn't be rewarded for the extra work but also felt that the diversion of the money to causes such as Healthy@Work for HBCUs (historically Black colleges and universities) was a knee-jerk response to the Black Lives Matters movement. They thought it was strange that the Alphabet-backed company couldn't source this money from elsewhere.

A group of employees wrote a petition to management, undersigned by one of Verily's product managers, asking it to explain their reasoning and reverse the decision. 

"Verily taking away employee spot bonuses after what many consider to be the most grueling and difficult time of our careers shows a lack of recognition and gratitude," read the letter, which was seen by Business Insider and questioned why the social-justice programs Verily funded weren't "worthy of their own investment."

During a video call with the Baseline team a few days later, Conrad dismissed the petition, according to an employee who was present. Verily denied Conrad was dismissive. "He expressed concern that people didn't feel they could come directly to him with their questions and disagreement," Verily's spokeswoman said.

One employee wanted to sign the letter but didn't, saying they feared retaliation. They said they felt vindicated for not signing after seeing Conrad's response to the letter. The company has not changed its policy.

'We all know Andy is desperate for an IPO'

Conrad joined Google's life-sciences arm in 2013, but it wasn't until 2015 that it became its own company under Alphabet and was named Verily.

Conrad is one of the better-known figures in Alphabet's portfolio of characters — and one of its more controversial. The 2016 Stat News article on the company described the CEO as "impulsive," one who "rashly diverts resources from prior commitments to the next hot idea that might bring in revenue."

Several employees who spoke with Business Insider and had interacted with Conrad described him as "erratic." One called him "an aggressive entrepreneur." Another employee used the word "mercurial."

"If he sees you're on your laptop, but you're on Facebook while he's walking by, he'll call you out and make a fuss and let your manager know," one said.

"He's not an emotional leader at all," another former employee said. "If anything, the thing he focuses on is moving the company forward, and he pushes that down to the leadership team below him."

That former employee said Verily has a "command and control" process from the top down.

"Andy Conrad says if you can't work the hours, you shouldn't come there," they said. "He also says that for every person that we hire, we should let another person go. That was a phrase I heard many times when I was there — the idea that if we have to hire another person, someone wasn't working hard enough."

At all-hands meetings — which are now done over videoconference — Conrad is often present with Jessica Mega, Verily's chief medical officer. Casimir Starsiak, the head of Baseline and a Verily veteran who insiders said climbed the ranks as Conrad's "strategy guy," has also been a more prominent internal figure as the company has scaled its COVID-19 efforts.

Verily has also undergone some leadership changes this year. Scott Burke, Verily's head of software, joined the company in January and replaced Thomas Stanis, who left to launch a new project.

That same month, Deepak Ahuja, the Tesla chief financial officer who helped take Elon Musk's company public, was named Verily's new chief financial officer. Duncan Welstead, the company's prior chief financial officer, is still at Verily and oversees financial operations.

But every current and former employee who spoke with Business Insider underlined the same thing: Everything starts and ends with Conrad.

"Everyone is afraid of Andy," one employee said. "If they were not under that fear, I don't think they would behave in the same way."

"You have to keep in mind that he's well-respected in the industry," another said. "He's known as the father of rapid viral testing. He has made a lot of impact. But he's definitely an eccentric character."

As the pandemic has aggravated resentment for some employees, much of it has been directed at Conrad. A few days before the company nixed spot bonuses, Variety reported that Conrad and his wife had bought Malibu's Sundance Ranch for $10.5 million. Conrad also owns a property on the Hawaiian island of Lanai and, according to Variety, a house in the Malibu Colony community.

"Meanwhile, the company was talking about shared sacrifice," one current employee said. "There was definitely some eye-rolling because of that."

But the pandemic could be Conrad's defining moment at Verily, and as the company continues to grow, so do its chances of eventually finding independence from the bank of Alphabet.

The company has already landed outside investment, and insiders said Verily was hoping to go public in 2020 before the pandemic hit.

"We all know Andy is desperate for an IPO," one former employee familiar with the company leadership's thinking said.

"There are not, and have been no plans to take Verily public at this time," Verily's spokeswoman said.

Two employees told Business Insider an initial public offering had been mentioned on multiple occasions in 2019, with a goal to go public as soon as this year. The possibility of going public this year was also brought up during interviews for prospective new hires, according to multiple sources.

Then COVID-19 hit.

Verily is still tethered to Google, but insiders who have worked at each company described two very different cultures. "Verily try to treat themselves as a wholly different company, just with the Google benefits and perks," one former employee said. "You're working much harder than you would if you were at Google or another Alphabet company. It's a sexy part of Alphabet, but it's a smaller company."

Since Google cofounders Larry Page and Sergey Brin relinquished control of Alphabet last year, insiders said the two have had little to do with Verily, but they said Alphabet CEO Sundar Pichai and Conrad communicate frequently. "Verily is very much the darling of Alphabet's bets right now," one employee said.

About 30% of Verily's hires are from Google or other Alphabet companies each year, according to insiders familiar with the company's hiring practices.

One employee said that they and their colleagues sometimes talk about keeping an eye on Google Health jobs so they can transfer out of Verily and into the Google mothership.

"At Google, people are quite vocal and outspoken and speak their minds. That's definitely different at Verily," they said. "Even at Verily all-hands sessions, questions are very tame."

They added: "Feedback, dissent, and criticism are less encouraged or less fostered than it is at Google."

Are you a Verily insider with insight to share? You can contact this reporter securely using encrypted messaging app Signal (+1 628-228-1836) or encrypted email (hslangley@protonmail.com).

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The best investment apps to use right now

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Investing feels more accessible than it's ever been.

Whether you prefer a hands-off approach or love to pour over market research and make trades — or fall somewhere in between — the right investment app can make it that much easier to reach your goals.

The best investment apps right now

Brokerage

Editor's rating (out of 5)

FeesBest for
E*TRADE4.50

$0 trading

0.30% AUM fee;

0.65%-1.25% AUM fee for higher balances

Fee-free trading and low-cost automated investing
SoFi Invest4.25

$0 trading

No AUM fee

1.25% markup on cryptocurrency

Fee-free automated investing and active trading
Fidelity Go3.88

0.35% AUM fee

No fund fees

No-frills automated investing
Robinhood3.57$0 tradingActive investing
Acorns4.0$1/month - $5/monthBeginners
Ellevest4.5$1/month - $9/monthGoal-driven investing
Charles Schwab Intelligent Portfolios4.0

No AUM fee;

$300 one-time + $30/month for higher balances

Automated investing large balances

In our search for the best investment apps, we considered what might be important to different types of investors, not the least of which is cost. You often need to spend money to make money, but it's possible to minimize fees and still maintain a quality investment strategy.

Our list skews toward so-called robo-advisers — which use an algorithm to manage your investments — because, in many ways, they feel most accessible to average investors; fees and balance minimums are generally low and your big-picture goals can help create an individualized and diverse portfolio that doesn't require much ongoing maintenance.

Table of Contents

PFI Best E*TRADE Banner

E*TRADE: Best investment app overall 

Why it stands out: E*TRADE is a one-stop-shop for investing. Whether you're a seasoned investor or a beginner, you'll find what you're looking for. E*TRADE recently eliminated all stock and ETF trading fees and offers over 4,000 no-load, no transaction-fee mutual funds.

If you're not interested in self-directed investments, E*TRADE's Core Portfolios are a great option. After you fill out a risk profile to share your goals, time horizon, and risk tolerance, you'll get a recommended tax-sensitive portfolio of ETFs.

You can further customize your portfolio as "socially responsible," which shifts your allocation to include an ETF with companies that have progressive social, environmental, and corporate practices, or "smart beta," which favors growth stocks in an attempt to outperform the market. To start investing, you'll need at least $500. 

If you're investing $25,000 or more, E*TRADE's Blend, Dedicated, and Fixed Income Portfolios are worth considering. In addition to a more customized portfolio, these plans include one-on-one advising with a financial consultant.

Through E*TRADE's two mobile apps, you can access your accounts, make trades, view charts and research, and watch Bloomberg TV.

Fees: 

  • For the active investor: $0 stock, ETF, and options trading
  • For the passive investor: 0.30% annual AUM fee for a Core Portfolio (minimum balance of $500)
  • For the high net worth investor: 0.65% to 0.90% annual AUM fee for a Blend Portfolio (minimum balance of $25,000); 0.95% to 1.25% annual AUM fee for a Dedicated Portfolio (minimum balance of $150,000); 0.35% to 0.75% annual AUM fee for a Fixed Income Portfolio (minimum balance of $250,000)

Account types: Individual, joint, and custodial brokerage accounts; traditional, Roth, and SEP IRAs (includes rollovers)

Look out for: While you're able to open an account and choose a Core Portfolio with $0 down, you'll need to fund the account with at least $500 to get started investing.

Learn more about E*TRADE »

 

PFI Best SoFi Logo Banner

SoFi Invest: Best fee-free investment app

Why it stands out: You won't be charged any advisory fees, stock or ETF trade fees, or subscription fees to invest with SoFi.

For those with a set-it-and-forget-it attitude, SoFi's automated investing platform will recommend a portfolio made up of ETFs, based on your risk tolerance. Once you decide which portfolio is appropriate, you can get started investing with as little as $1.

You won't have to bother rebalancing your portfolio since SoFi will do it for you at least once a quarter, but if your goals or overall financial situation changes, you can adjust your portfolio and even set up an appointment with a SoFi financial planner at no extra cost. Keep in mind that you'll still have to pay fees to the funds you're invested in within your portfolio.

Active investors don't pay transaction fees when buying and selling fractional shares, stocks, or ETFs. You can also invest in cryptocurrency but SoFi charges a markup of 1.25% on those transactions.

SoFi Money (Member FDIC), a checking/savings account hybrid with a competitive interest rate, a debit card, and unlimited ATM fee reimbursements, can store money you're not ready to invest yet.

Fees: $0 for automated investing and stock and ETF trades; 1.25% markup on crypto transactions.

Account types: Individual and joint brokerage; Traditional, Roth, SEP IRAs (includes rollovers)

Look out for: There are only five portfolio options available for passive investors, ranging from conservative to aggressive. Despite no advisory charges, you'll still incur fees from the ETFs included in your portfolio.

Learn more about SoFi Invest »

 

Fidelity Go: Best investment app for hands-off investors

Why it stands out: Fidelity Go is an easy-to-understand investment app for those who don't want to spend a lot of time or incur too many fees building wealth.

After answering a set of questions about your age, risk tolerance, and goals, a team of experts will select an appropriate portfolio made up exclusively of Fidelity Flex mutual funds, none of which charge additional management fees or fund expenses. That means you pay a flat 0.35% advisory fee, regardless of what you invest in.

You only need $10 to get started investing, and the professionals behind Fidelity Go — not an algorithm — will rebalance your portfolio periodically. You can change your investment strategy at any time from seven different allocations ranging from conservative to aggressive.

Fees: 0.35% annual AUM fee

Account types: Individual and joint brokerage accounts; Traditional, Roth, SEP IRAs (includes rollovers)

Look out for: There is customer support, but no option to connect with a human adviser one-on-one for financial planning. No tax-loss harvesting, which can be especially valuable for higher balances. Investments are limited to Fidelity Flex mutual funds, which may be limiting.

Learn more about Fidelity Go »

 

PFI Best Robinhood Banner

Robinhood: Best investment app for active investors

Why it stands out: Robinhood is as simple as a commission-free trading app can be. Investors can buy and sell US-exchange listed stocks and ETFs (and fractional shares of both), options, and cryptocurrency without paying any fees. The minimum amount required to invest is just $1, but you need at least $25,000 in your account to day trade.

For access to larger instant deposits, research reports from Morningstar, and NASDAQ market data, investors can upgrade to Robinhood Gold for a 30-day free trial and then $5 a month after that. The membership includes up to $50,000 in instant deposits, plus $1,000 of margin and a 5% interest charge on any excess margin used.

Robinhood also has a no-fee, high-yield cash management account, which comes with a debit card and up to $1.25 million in FDIC insurance.

Fees: $0 for daily trading of stocks, ETFs, options, and crypto; $5 for Robinhood Gold membership

Account types: Individual brokerage

Look out for: Robinhood has faced intensified public scrutiny throughout the coronavirus-induced market chaos. The New York Times reported that the app's gamelike interface encourages young and inexperienced investors to take too-big risks, often through "behavioral nudges and push notifications." After the suicide of a 20-year-old user who expressed confusion about the negative six-figure balance in his account after a complex options transaction, Robinhood announced a slew of changes, like adding more educational content around sophisticated options trading and hiring a specialist to assist users.

Learn more about Robinhood »

 

PFI Best Acorns Banner

Acorns: Best investment app for beginners

Why it stands out: A "micro-investing account" that lets you build your stake in the market a few cents and dollars at time, Acorns is one of the most approachable investment apps available.

Portfolios are built around Modern Portfolio Theory to help investors achieve maximum returns at an appropriate risk level. As such, there are five pre-built portfolios, ranging from conservative to aggressive risk tolerance. Each includes up to seven ETFs from companies like BlackRock and Vanguard and is automatically rebalanced to maintain proper asset allocation.

When you link your debit or credit card, Acorns will automatically round up each purchase to the nearest dollar and invest the unspent change in your portfolio. Through Acorns Found Money, an additional percentage of each purchase at select brands, including Walmart, Nike, and Airbnb, will be deposited into your investment account. It's like cash back, but the money goes directly toward your investments. 

For most people, those round-ups and additional retailer contributions don't add up to much, however, so we'd recommend supplementing with direct or recurring transfers to get the most out of Acorns.

Fees: 

  • Acorns Lite: $1/month for a brokerage account ($5 minimum to start investing)
  • Acorns Personal: $3/month for a brokerage account, IRA, and checking account with debit card ($5 minimum to start investing)
  • Acorns Family: $5/month for a brokerage account, IRA, investment account for kids (UTMA/UGMA), and checking account with debit card  ($5 minimum to start investing)

*Note that Acorns recently restructured its subscription tiers, eliminating the $2 a month option. If you signed up for a $2 a month account prior to May 20, 2020, you will continue to pay that fee unless you change plans.

Account types: Individual brokerage account; Traditional, Roth, SEP IRAs; individual checking account

Look out for: Acorns isn't as customizable as some of the other automated investing platforms. If you're looking to create your own portfolio so you can invest in specific companies or sectors, this investment app probably isn't right for you. Also, the monthly subscription fees may not seem high, but they could represent a hefty portion of your assets if you keep a small balance.

Learn more about Acorns »

 

PFI Best Ellevest Banner

Ellevest: Best investment app for goal-driven investing

Why it stands out: Ellevest encourages you to build an investment philosophy around your goals, whether that's starting a business, having kids, splurging on a vacation or other big purchase, buying a home, retiring on time, or simply building wealth.

Then, this female-forward online adviser takes it a step further and considers your gender, lifespan, and earning potential to create a custom portfolio of mostly ETFs. You can also opt for a socially responsible allocation, if that's important to you.

As a fiduciary, Ellevest automatically rebalances and regularly updates your performance forecast, taking into consideration fees, taxes, and the occasional market crisis to show you whether you're on track to meet each of your goals — and what you can do to make up for it if you're not. The app also provides financial and career coaching and workshops — both within the membership offerings and à la carte — and most recently, banking accounts.

Ellevest recently changed its pricing model and now charges a monthly membership fee ranging from $1 month to $9 a month. There are no additional investment advisory fees on top of the monthly membership, but there are underlying fees charged by the ETFs in your portfolio.

Fees: 

  • Ellevest Essential: $1/month for a brokerage account, a no-fee checking account with a debit card, a no-fee savings account, and 20% off financial and career coaching sessions.
  • Ellevest Plus: $5/month for everything included in Ellevest Essential, plus access to retirement planning specialists and help with account rollovers and 30% of coaching sessions.
  • Ellevest Executive: $9/month for everything included in Ellevest Plus, in addition to up to six customized investment accounts for different goals, 50% of coaching sessions.

Investment account types: Individual brokerage; Traditional, Roth, SEP IRAs (includes rollovers); checking and savings accounts.

What to look out for: You'll have to spring for the higher-tier offerings if you want more specific guidance for your goals beyond "build wealth." Ellevest does not offer automated tax-loss harvesting, which can be valuable for investors with higher balances. As with any investment app that charges monthly fees rather than per-account advisory fees, it's important to note how much of your balance they represent.

Learn more about Ellevest »

 

PFI Best Charles Schwab Banner

Charles Schwab: Best investment app for auto-investing large balances

Why it stands out: You'll find any type of investment you're looking for at Charles Schwab, from self-directed stock trading to mutual funds to retirement accounts, but it's the Schwab Intelligent Portfolio, the brokerage's robo-adviser, that ultimately outshines competitors.

The Premium version requires a minimum investment balance of $25,000, but combines automated investing with ongoing financial planning. Your risk tolerance profile will help experts design a custom portfolio of Schwab ETFs that will be rebalanced regularly. All portfolios include a cash allocation, which is deposited in a Schwab high-yield account. A free add-on feature called Schwab Intelligent Income can help you generate a monthly paycheck from your brokerage or retirement accounts.

You'll pay an initial planning fee of $300 to meet with a certified financial planner and a flat $30 a month for ongoing guidance whenever you need it, but no asset under management fee. Once your balance reaches $50,000, free tax-loss harvesting is available.

There are also comprehensive online financial planning tools available that let you to link up various accounts to track your progress toward goals and forecast different scenarios on your own.

Fees: 

  • Schwab Intelligent Portfolio: $0 advisory fee, but requires a minimum balance of $5,000 and does not include financial planner access 
  • Schwab Intelligent Portfolio Premium: $300 one-time financial planning fee and then $30 a month (minimum balance of $25,000)

Account types: Individual, joint, custodial brokerage accounts; Traditional, Roth, SEP, SIMPLE, and rollover IRAs; trust accounts.

Look out for: Minimum balance requirements disable anyone with less than $5,000 from investing in Schwab Intelligent Portfolios. As with any investment, you're responsible for paying the underlying fees in the ETFs in your portfolio.

Learn more about Schwab Intelligent Portfolios »

Others we considered and why they didn't make the cut

  • Betterment: Betterment comes up short on financial planning tools available to the average investor and its advisory fee increases for account balances of $100,000 or more.
  • Wealthfront: Wealthfront combines financial planning tools and robo-investing for a flat 0.25% advisory fee, but it also requires a $500 minimum balance to start investing, whereas Fidelity requires $10 and doesn't charge underlying ETF fees.
  • M1: A good option for active or passive investors who want fee-free trading, fractional share investing, or custom portfolio building, but its research and guidance is not as intuitive or robust as some of the others.
  • Wealthsimple: This investment app may be ideal for passive investors who want to invest in socially responsible companies, but the options are limited to three portfolios and the advisory fee is higher than competitors at 0.50% for balances under $100,000.
  • TD Ameritrade: An incredibly research-rich investment app that recently slashed all trading fees, TD Ameritrade has a lot to offer, but its AUM fee for Essential Portfolios — its robo-adviser — is slightly higher than Wealthfront with the same investment minimum.
  • Stash: Stash bundles a checking account, retirement accounts, and investments accounts together through a subscription model. It does make investing more accessible through fractional shares and customizable portfolios, but there are more cost-effective options for beginners.
  • Ally Invest: This bank offers commission-free trading, but for portfolio investing there's a 0.30% advisory fee unless you keep at least 30% of your holdings in cash at all times. 
  • Vanguard: An undeniable leader in investing, Vanguard is a worthy competitor to E*TRADE and a few other stalwarts, but it doesn't have as many clear options for passive investors who want to create a portfolio to match their goals, and its investment minimums are relatively high. 
  • Stockpile: A fine option if you want to invest in small amounts to start, but trades cost $0.99.
  • Merrill Edge: A convenient option for Bank of America users, but the lowest tier of managed portfolios command an annual fee between 0.30% and 0.45% on a minimum balance of $5,000. 

Frequently asked questions

Why trust our recommendations?

Personal Finance Insider's mission is to help smart people make the best decisions with their money. We understand that "best" is often subjective, so in addition to highlighting the clear benefits of a financial product, we outline the limitations, too. We spent hours comparing and contrasting the features and fine print of various products so you don't have to.

How did we chose the best investment apps?

People may have varying risk capacities and financial goals they're working toward, but you'd be hard-pressed to find someone who doesn't prefer a cheaper way to invest. For that reason, cost was a huge factor in determining our list. 

To find the best investment apps, we set out to identify the companies that offer platforms that keep fees to a minimum (generally below 0.50% of assets under management, or AUM, for balances under $100,000) and offer a high-quality experience. In some cases, that means access to free financial planning tools — or financial planners themselves — and clear and easy-to-understand investment options.

We compared nearly two dozen brokerages, placing heavy weighting on their advisory and trading fees, investment philosophy, investment options, and types of accounts available. User experience is also important, so we also looked at each brokerage's accompanying mobile app and scoured reviews on the Apple Store and Google Play to find out what regular users think of the product.

Finally, we cross-referenced our research against popular comparison sites like Bankrate, the Balance, and NerdWallet to make sure we didn't miss a thing. 

What is the best investment app for beginners?

In most cases, the best investment app for beginners is a robo-adviser that customizes a portfolio for you based on your goals and risk tolerance while keeping costs low, such as Fidelity, Acorns, or Ellevest. If you're just starting out investing, we don't recommend trading individual stocks and funds, unless you have guidance from an expert or a high capacity for risk. 

What is the best free investment app?

SoFi Invest is a fee-free investment app accommodating both passive and active investors. There are no transaction fees on stock and ETF trades and no advisory fees for portfolio management. Investing through SoFi also gives you access to a financial planner at no additional charge. Keep in mind that you will pay fees to the funds you're invested in within your portfolio.

Tanza Loudenback has been writing about money every day for more than three years. She is an expert on strategies for building wealth and financial products that help people make the most of their money. She is a candidate for the CFP® certification.

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Facebook's donations to politicians are dropping, even as it faces unprecedented attacks ahead of the 2020 election (FB)

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  • Facebook is slowing its donations to US politicians, even as a hotly contested presidential election approaches.
  • The social media company is on track to spend significantly less via its political action committee in 2020 than it did in either 2016 or 2018 — despite tripling revenues since 2016.
  • The company is also slowing the speed at which it is making donations, an analysis of FEC filings by Business Insider found.
  • And it is moving away from donating to candidates directly, instead directing its funds to Democratic and Republican Party committees only.
  • Facebook is facing intense political and regulatory scrutiny right now.

Facebook is taking an unusually conservative approach to political donations in 2020.

The social networking giant is on track to spend less this electoral cycle than in either 2018 or 2016 despite growing massively over the same time period, a Business Insider review of Federal Election Commission (FEC) filings found, and it is also dialing back its direct donations to politicians.

The change in strategy comes as Facebook faces intense political pressure over its perceived closeness to the Trump White House, increasing regulatory scrutiny, and even as rivals like Google maintain their own electoral spending.

A Facebook spokesperson declined to comment on Facebook's donation strategy for 2020.

Facebook, like many big tech companies, operates a political action committee (PAC) to route its donations to politicians in the US. (Companies cannot donate directly to candidates.) These PACS are largely fueled by donations from staffers at their respective companies (Facebook's donors have included CEO Mark Zuckerberg, CTO Mike Schroepfer, and CFO Michael Wehner, for example), and the donations are broadly bipartisan, fueling various campaign efforts for both Democrats and Republicans.

In the past, Facebook has funded Democratic Sen. Chris Coons of Delaware, Republican Sen. Steve Daines of Montana, and Republican Congressman Mike Rounds of South Dakota, among others, and typically gives slightly more to Republican candidates than Democrats, according to a previous analysis by OpenSecrets

On its corporate website, Facebook says its donations are aimed at "support[ing] the campaigns of candidates for public office in the United States who have certain policy stances that are consistent with Facebook's public policy views and business interests."

Facebook's donations are dropping

In 2016, Facebook's PAC spent roughly $675,600 over the two-year election period. The 2018 two-year election period's spend increased somewhat, to $721,750.

But if Facebook continues to spend at a comparable rate in 2020 as it did in previous years, it is likely to spend noticeably less: Around $580,000.

By July in the previous two election years, Facebook had spent roughly 73%-75% of its total spend for that two-year cycle. As of July 2020, Facebook has spent just under $430,000. Following a similar rate of spend, it would take the total for the cycle to around $100,000 less than it spent in 2016. (The company could still decide to make unusually large donations for the remainder of 2020, throwing off this prediction.)

facebook projected spend 2020

Meanwhile, Facebook's revenues have grown dramatically — from $5.4 billion in the first quarter of 2016 to $17.7 billion in the first quarter of 2020, along with its corresponding profits.

The frequency of Facebook's donations is also slowing. Unlike in previous years, Facebook is now only making donations roughly every three months, making either no or negligible disbursements the other months.

facebook pac jul 2020

And the company's PAC appears to now be backing away from making donations directly to candidates.

While in previous months and years Facebook has patronized a variety of politicians, in its July 2020 filing published Monday (that details donations from June 2020), it details donations to only four organisations: The Democratic Congressional Campaign Committee (DCCC), the Democratic Senatorial Campaign Committee (DSCC), the National Republican Congressional Committee (NRCC), and the National Republican Senatorial Committee (NRSC), of $15,000 apiece. 

Facebook is under attack

As the 2020 election ramps up, Facebook has found itself increasingly under fire from all sides.

Many on the right have accused the social network, without proof, of deliberately censoring conservatives. And increased awareness of the market power and dominance of tech companies has prompted growing calls on the left for antitrust action to be taken against Facebook. 

Meanwhile, the company's refusal to take action against posts by Donald Trump that critics said glorified violence sparked mass outrage, including among the company's employees, who in June staged a virtual walkout of several hundred workers — the largest show of worker unrest in the company's history.

And concerns continue to remain about the spread of fake news and hate speech on the social network. Throughout July, numerous high-profile advertisers are taking part in a boycott of the company's ad products, including Starbucks, Adidas, Unilever, and Ford.

Faced with this sustained hostility, the company may be trying to avoid any potential blowback from donations to individual candidates, without pulling the plug on its donations and the political goodwill they generate altogether. Google has previously faced scrutiny over its donations to controversial right-wing politicians— though it continues to donate directly to candidates' PACs, as of its July 2020 FEC filing.

Do you work at Facebook? Contact Business Insider reporter Rob Price via encrypted messaging app Signal (+1 650-636-6268), encrypted email (robaeprice@protonmail.com), standard email (rprice@businessinsider.com), Telegram/Wickr/WeChat (robaeprice), or Twitter DM (@robaeprice). We can keep sources anonymous. Use a non-work device to reach out. PR pitches by standard email only, please.

SEE ALSO: Mark Zuckerberg called the Trump administration's response to COVID-19 'really disappointing' in a Facebook interview with Fauci

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A turf war between 2 types of VC firms could reshape the venture business but turn startups into collateral damage

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SAN FRANCISCO, CA - FEBRUARY 06: (L-R) Megan Rose Dickey, TechCrunch Reporter and Roelof Botha, Partner of Sequoia Capital attend the TechCrunch 10th Annual Crunchies Awards on February 6, 2017 in San Francisco, California.

  • A war is brewing between behemoth VC firms like Sequoia and smaller firms that primarily invest in seed and early-stage startups.
  • Nikhil Basu Trivedi, the former managing director of Shasta Ventures, a boutique VC firm focused on early-stage investments, wrote a post on Substack that described these behemoths as "agglomerators."
  • Firms like Sequoia and Accel are seeking out higher returns and more ownership over their portfolio companies, which could pose an existential threat to the collaborative nature of the VC-funding ecosystem.
  • Stage specialist firms are fighting back by funding seed and early-stage startups more quickly, while "agglomerators" are writing fatter checks at higher valuations. 
  • Visit Business Insider's homepage for more stories.

The venture capital business is designed to identify the startups that will thrive and those that will perish.

Now the VC industry itself may undergo a similar survival of the fittest contest, as two of the most popular breeds of VC firms to emerge in recent years fight for the same deals.

Nikhil Basu Trivedi, the former managing director of Shasta Ventures, a boutique VC firm focused on early-stage investments, lays out the situation in a recent edition of his newsletter, "next big thing." In Trivedi's view, the VC landscape is now dominated by two distinct business models: "agglomerators" and specialists.  

Colossal VC firms like Sequoia Capital and Accel epitomize the aggolomerators, investing in startups at multiple stages and across practically every sector and geography, with fund sizes exceeding $1 billion and billions under management.

These behemoths have no problem writing large, attractive checks at sky-high valuations, and their business models make it difficult for them to collaborate with other VC firms on deals.

"They need as much ownership as possible to generate the highest returns, and they can get that ownership by investing in companies at every stage," Trivdei writes. "Most of the agglomerators are therefore zero-sum players in the ecosystem."

For the smaller, specialist firms that focus on funding seed and early-stage startups, this poses an existential threat, according to Trivedi. As the agglomerators continue to expand their reach, he writes, budding startups may be inclined to forgo working with seed-focused firms, which tend to offer less money. 

"This may not be in the best interest of founders"

The implications of a VC turf war could be significant, and not just for venture firms.

In many cases, startups receive funding from multiple sources, which helps them to expand their networks and connect with industry experts. But as agglomerators continue to expand their wealth and their reach, it may become more difficult for startups to collaborate with multiple funds.

"This may not be in the best interest of founders, who can benefit from working with multiple firms," Trivedi writes.

Plus, seed-focused funds and stage specialists can provide insights to founders that are tailored to their specific investment stage, Trivedi writes. Agglomerators, with investments in seed-stage as well as early-stage and growth-stage products, have other priorities. 

But the success of the agglomerators is no sure thing. The rise and fall of SoftBank's $100 billion VisionFund shows that size and money don't guarantee success — especially if the money is being pumped into questionable businesses with dysfunctional management.

And for some smaller VC firms, the best path to survival may ultimately be evolution.

The stage specialist funds that end up generating the highest returns, raising the most capital, developing standout products, and attracting more LP dollars may very well seek to topple the current behemoths and crown themselves the new agglomerators. 

SEE ALSO: Palantir employees say that the startup's workforce has been 'itching to go public' — and the pandemic may have helped speed the secretive company's IPO filing

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How to sum values in Excel automatically using the AutoSum tool, or manually with the SUM function

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  • You can sum up entire columns or rows in Microsoft Excel using the AutoSum feature. 
  • The AutoSum tool automatically selects a column or row of numbers, but you can select any set of numbers by clicking and dragging with the mouse.
  • You can also manually sum a series of numbers in Excel by typing in a simple SUM formula.
  • You can view the details of your calculation by clicking the sum cell and looking at the formula bar at the top of the screen. 
  • Visit Business Insider's Tech Reference library for more stories.

You can sum a series of numbers in Microsoft Excel manually by typing in a simple formula, or automatically by using the AutoSum tool in the toolbar on your screen. 

Both methods will always give you the same result, so use whichever one is more convenient for you.

Here's how to do it on a Mac or PC computer. 

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How to use AutoSum in Excel

AutoSum works best when you have a column or row of numbers you want to add up.

1. Click the empty cell underneath the column of numbers that you want to add up. Or, if you want to sum a row of numbers, click the empty cell to the right of the series.

2. On the "Home" tab, click the AutoSum button (which looks like a sigma sign) in the toolbar at the top of your screen.

excel sigma

3. You should see Excel draw a selection box around the numbers to be added. If the wrong numbers are selected, you can click and drag the mouse to choose the correct cells.

sum 1

3. Press "Enter" on your PC keyboard, or "Return" if you're using a Mac.

Your cells don't have to be laid out consecutively in a row or column to be added up — instead of dragging down a columb or across a row, you can also click on non-consecutive cells throughout your spreadsheet before hitting "Return" or "Enter" on your keyboard. 

How to manually sum in Excel

1. Click the cell you want the sum to appear in and click "=."

2. Type a number or click a cell that has a value.

3. Type "+."

4. Type another number or click the next cell that has a value.

5. Repeat until you have entered all the values you want to sum, and then press "Enter" on a PC keyboard or "Return" on a Mac keyboard. 

sum 2

To check your work, click the cell with the sum and look at the formula bar atop the screen. It will show the details of the calculation.

Related coverage from Tech Reference:

SEE ALSO: The best Apple MacBook laptops

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New details emerge in the Twitter hack that took over more than 100 accounts last week, including those of Bill Gates, Barack Obama, and Elon Musk (TWTR)

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  • Twitter is still piecing together information about a massive hack last week that compromised 130 accounts and ground the site to a halt for hours.
  • The hack's unprecedented scope initially gave rise to theories that it was carried out by a sophisticated nation-state actor, but it now appears it was conducted by young, less-experienced hackers.
  • New details about the scope of the hack came to light over the weekend, with Twitter disclosing that hackers also stole data from eight of the compromised accounts.
  • Meanwhile, lawmakers, cybersecurity experts, the FBI, and current Twitter employees are still trying to piece together exactly what happened.
  • Visit Business Insider's homepage for more stories.

As the dust settles from one of the biggest hacks in Twitter's history last week, investigators inside and outside the company are still trying to understand what happened.

The hack compromised some of the most prominent accounts on Twitter last Wednesday, including Barack Obama, Kim Kardashian, Bill Gates, and Elon Musk. The compromised accounts repeatedly posted fraudulent messages urging people to send bitcoin to a specific address. After more than two hours of mayhem, Twitter stopped the messages by blocking all verified accounts from posting tweets. But damage to the company's reputation was already done, and Twitter saw $1.3 billion in market value wiped out in premarket trading the next day.

Twitter disclosed new findings about the hack in a blog post published over the weekend. It said that 130 accounts were accessed by the hackers in total, and added that the perpetrators downloaded data from eight of those accounts.

"We're embarrassed, we're disappointed, and more than anything, we're sorry," the company said in the blog post Saturday. "We know that we must work to regain your trust, and we will support all efforts to bring the perpetrators to justice."

But Twitter has not yet publicly identified who might have been behind the hack. It's now the subject of investigations launched by the FBI and New York State regulators. Congressional lawmakers have also sent questions to Twitter demanding more information about the nature of the attack.

Looming unanswered questions include how the hackers gained access to the Twitter accounts, the hackers' motives, and whether Twitter has patched the vulnerabilities in question. Hackers appear to have pilfered over $100,000 through bitcoin sent to the wallet linked in the fraudulent tweets, but cybersecurity experts noted that hackers could have leveraged far more money if they had used compromised accounts in other ways, like playing the stock market. Experts have also questioned whether another attack could be imminent.

How the hack might have happened

Theories are still swirling about the specifics of the hack, but a few central facts have come into focus in the days that followed.

For one, it seems clear that hackers took over the accounts after gaining access to an internal dashboard meant for Twitter employees. The tool, the existence of which was first reported by Motherboard, apparently allowed hackers to take over accounts by changing their associated email addresses without notifying their owners.

And screenshots obtained by security researchers and shared with Business Insider show people discussing the internal tools in hacker forums in the days leading up to the attack. One person posted in the forum claiming that they could change the email address of any Twitter account for prices ranging from $250 to $3,000.

Twitter said last week that hackers targeted Twitter employees with a "social engineering" scheme in order to gain access to the internal dashboard, but it's not clear whether or not a Twitter employee was aware of hackers' plans prior to the hack. Hundreds of Twitter employees have access to the tools in question, former employees told CNN.

Since then, reports have suggested that the people discussing the hacks on the forums were relatively unsophisticated hackers. The New York Times reported Friday that the hack was carried out by a group of young people, citing interviews with people involved in the hack. Security researcher Brian Krebs traced the identity of one of the forum posts to a 21-year-old British man who may have been involved in the hack.

It's still unclear whether Twitter has adequately patched the vulnerability in order to prevent a similar hack in the future. Twitter said its "next steps" include securing its systems and rolling out company-wide training to guard against social engineering schemes, and the company promised transparency as investigations into the hack continue.

"Through all of this, we also begin the long work of rebuilding trust with the people who use and depend on Twitter," the company said.

Are you a Twitter employee with insight to share? Contact this reporter at (706) 347-1880 or aholmes@businessinsider.com, using a non-work device. Open DMs on Twitter at @aaronpholmes. You can also contact Business Insider securely via SecureDrop.

SEE ALSO: What's keeping Trump's Twitter from being hacked? A White House digital fortress — and perhaps some special help from Twitter

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IBM's CEO says that the economic recovery will take longer than expected as the company declines to give new 2020 guidance: 'We were a little bit optimistic' (IBM)

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  • IBM shares rallied late Monday after the tech giant posted second-quarter results that beat Wall Street's expectations.
  • But CEO Arvind Krishna said the company has decided not to offer a new financial guidance for 2020 due to the economic uncertainty caused by the pandemic.
  • "It's tough to give guidance, but it's likely that we see that the economic recovery is looking to be longer and more protracted then we might have hoped for back in March," Krishna said on the earnings call with Wall Street analysts.
  • IBM reported a second-quarter profit of $1.36 billion, or $1.52 a share, compared with $2.5 billion, or $2.81 a share for the year-ago period. Revenue slipped 5.4% to $18.1 billion from the year-ago quarter. Adjusted profit was $2.18 a share. Analysts were expecting a profit of $2.07 a share, on revenue of $17.72 billion.
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IBM shares rallied Monday after the company posted second quarter financial results that beat Wall Street expectations, despite the challenges posed by the coronavirus crisis. But new CEO Arvind Krishna warned that it will take longer for the economy to recover as the tech giant announced that it will not issue a guidance for 2020.

"It's tough to give guidance, but it's likely that we see that the economic recovery is looking to be longer and more protracted then we might have hoped for back in March," Krishna said on the earnings call with Wall Street analysts.

IBM reported a second-quarter profit of $1.36 billion, or $1.52 a share, compared with $2.5 billion, or $2.81 a share for the year-ago period. Revenue slipped 5.4% to $18.1 billion from the year-ago quarter. Adjusted profit was $2.18 a share.

Analysts were expecting a profit of $2.07 a share, on revenue of $17.72 billion.

IBM's cloud software division, which includes Red Hat, posted a modest revenue gain, but its two major services business units, which make up more than half of the company's total revenue, each saw revenue declines. Red Hat alone — which IBM acquired last year for $34 billion and which is a critical part of its push for a bigger piece of the cloud market — posted a solid 17% gain in revenue.

Noting that two of IBM's peers, Oracle and Accenture, recently provided financial guidance, a Morgan Stanley analyst asked Krishna whether there is "something different about your business, exposure, or what you see in the market that is holding you back from providing guidance?"

Krishna pointed to the "uncertainty in the economic environment around the globe." IBM had withdrawn its full-year guidance last quarter, saying it would reevaluate that decision depending on the impact of the pandemic.

"Maybe we were a little bit optimistic that we will get more stability of the health [situation] and that the curve will begin to flatten in three to four months," Krishna said. That view "turned out to be a misplaced expectation," he said.

Still, Krishna reaffirmed his strategy for IBM. When he took over in May, he stressed the tech giant's plan to dominate the hybrid cloud market which he has projected will eventually grow into a $1.2 trillion market. Krishna also said IBM will also focus on the growing AI market. IBM earlier this year said it would stop selling general purpose facial recognition or analysis software, but has continued to work on other uses for the technology. 

"While these are challenging times, we are excited about the opportunity that we have moving forward," he said.

IBM shares were up nearly 5% in late trades on Monday.

Got a tip about IBM or another tech company? Contact this reporter via email at bpimentel@businessinsider.com, message him on Twitter @benpimentelor send him a secure message through Signal at (510) 731-8429. You can also contact Business Insider securely via SecureDrop.

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SEE ALSO: The CTO of $6.8 billion AI startup Automation Anywhere explains why the hot startup is hiring despite the pandemic, including jobs that pay more than $200,000 a year

SEE ALSO: Meet 12 power players on new IBM CEO Arvind Krishna's team as he navigates the toughest leadership transition in the tech giant's history

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Jeff Bezos added $13 billion to his net worth on Monday, his highest one day increase yet

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Jeff Bezos, the owner of Amazon, added a record $13 billion to his net worth on Monday, Bloomberg reported. 

According to the Bloomberg Billionaires Index, Bezos' is now worth $189.3 billion. While the US economy has shrunk due to the coronavirus pandemic, the founder of the online shopping giant has gained $74 billion this year. 

His record is the highest anyone has earned in a single day since Bloomberg Billionaires Index was started in 2012.

Bezos founded Amazon in 1995 and the company has now grown to "one of the most valuable, powerful companies on the planet," as Business Insider previously reported. Business Insider also reported that Bezos is on track to be the first trillionaire by 2026. 

However, Bezos isn't the only billionaire to see his wealth grow throughout the pandemic. 

A new analysis by the Americans for Tax Fairness and the Institute for Policy Studies found that the more than 600 Americans billionaires had their wealth grow an average of $42 billion during each week of the coronavirus pandemic between March 18 and July 16, for a total of over $700 billion over the course of the pandemic. 

SEE ALSO: Jeff Bezos is on track to become a trillionaire by 2026 — despite an economy-killing pandemic and losing $38 billion in his recent divorce

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NOW WATCH: Inside London during COVID-19 lockdown

10 things in tech you need to know today

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Good morning! This is the tech news you need to know this Tuesday. Sign up here to get this email in your inbox every morning.

  1. UK officials have reportedly told Huawei its 5G ban could be revisited if Trump loses the 2020 election. UK officials told Huawei that the decision to ban it from the 5G network was partly geopolitical, and could be reversed, The Observer reported.
  2. Facebook is slowing its donations to US politicians, even as a hotly contested presidential election approaches. The social media company is on track to spend significantly less via its political action committee in 2020 than it did in either 2016 or 2018 — despite tripling revenues since 2016.
  3. Employees working at Google-owned health firm Verily have described the extreme pressure to create a nationwide COVID-19 testing service, after President Trump announced the service unexpectedly in March. When the project, nicknamed Code Red, started, some employees said they were thrown into an extremely stressful period of feeling pressured to work around-the-clock to scale the company's COVID-19 programs.
  4. Uber drivers are suing the company requesting access to personal data held on them. Drivers are concerned that information about late arrivals, cancellations, and complaints about attitude and inappropriate behaviour from customers is counted against them.
  5. Microsoft president Brad Smith has spoken to the United States House Judiciary Antitrust Subcommittee ahead of an antitrust hearing on big tech, according to The Information. Smith reportedly discussed Apple's approvals process for the App Store.
  6. Facebook CEO Mark Zuckerberg denied speculation that he and President Donald Trump have some sort of deal over how Facebook manages the president's posts, calling the allegations "ridiculous." "I've heard this speculation, too, so let me be clear: There's no deal of any kind," Zuckerberg told Axios.
  7. Chinese fintech giant Ant Group is preparing a dual public offering in Shanghai and Hong Kong, the company announced Monday. Ant is the parent company of Alipay, and was founded by billionaire Alibaba cofounder Jack Ma.
  8. IBM CEO Arvind Krishna said the company has decided not to offer a new financial guidance for 2020 due to the economic uncertainty caused by the pandemic.Krishna said economic recovery was looking longer and more protracted than the firm previously thought.
  9. Crypto exchange site Coinbase said it saved almost $280,000, or 30.4 bitcoin, from transferring to the attackers that orchestrated last week's hack on Twitter. The company said just 14 users sent a total of $3,000 to the hackers before Coinbase blacklisted the scam address.
  10. People are spending more time on TikTok daily in the US than on Instagram. Q2 data from financial services firm Cowen showed people who used TikTok were spending an average of 41 minutes daily on the app, while Instagram users were spending 33 minutes on that app.

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Some US investors of Bytedance, including Sequoia Capital, are reportedly considering buying a majority stake in TikTok

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  • Some US investors of Chinese tech giant Bytedance are considering buying a majority stake in TikTok, according to an Information report.
  • A decision has not been made yet. The US investors involved in the deal could possibly include Sequoia Capital, a famed Silicon Valley venture firm.
  • The report comes as Bytedance continues to prepare for a potential US ban on the popular video-sharing app that has played a part in strained US-China relations.
  • Other scenarios, such as TikTok spinning out of Bytedance and operating as its own US firm, are also being considered.
  • Visit Business Insider's homepage for more stories.

Some US investors of Chinese tech behemoth Bytedance are mulling over whether or not to buy control of subsidiary company TikTok, according to a report from The Information.

The small group of investors is discussing such a move with ByteDance's top officials, per the report. The US investors involved in the deal could include General Atlantic and Sequoia Capital, the latter of which has backed the likes of Apple, Google, and PayPal. Per a previous Information report, Bytedance founder and CEO Zhang Yiming has said he wouldn't be opposed to such a sale.

The report comes as TikTok's parent company continues to grapple with how to handle security concerns of the ultra-popular app, as ties between China and the US grow increasingly tense. The ubiquity of a China-owned app in the US has rattled lawmakers and called into question how accessible user data is to the Chinese government.

The House of Representatives has voted to ban the app from all federally-issued devices. President Trump and other government officials have also considered a broader ban on the app in the US altogether, as India has done. Yet another option, as White House economic adviser Larry Kudlow suggested last Thursday, would be for TikTok to spin out of Bytedance and stand as its own independent US firm to stave off jitters surrounding the company's China connections. As the Information notes, Bytedance could also sell TikTok to a US firm, though its sale to a competing tech company — such as Snap — could raise additional antitrust concerns of big tech.

TikTok is slated to add 10,000 employees to its US workforce over the next three years, according to an Axios report on Tuesday.

SEE ALSO: The Trump campaign is running several anti-TikTok ads on Facebook and Instagram accusing the Chinese app of 'spying on you'

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Does Hulu have ESPN? How to get the popular sports network packaged with your Hulu plan

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  • Yes, Hulu has ESPN, along with ESPN2, ESPN College Extra, ESPN U, and ESPN News.
  • Watching ESPN on Hulu requires at least a Basic Hulu + Live TV account, which starts at $54.99 per month and features commercials. 
  • A Hulu + Live TV subscription also allows you to record up to 50 hours of content for later viewing — or more for additional fees — so you never have to miss a game.
  • For a cheaper option, consider bundling your standard Hulu service with Disney+ and ESPN for only $12.99 a month. 
  • Visit Business Insider's Tech Reference library for more stories.

If you're subscribed to Hulu and love sports, then you'll be in TV heaven with the streaming service's ESPN channel package. Hulu users with a Basic or Premium Hulu + Live TV bundle have access to hours upon hours of sport-centric content, including sports talk shows, live sporting events,  sports news, sports docs, and classic sports programming.

In short, if it's on ESPN, it can be enjoyed on your phone, computer, or smart TV via a Hulu + Live TV subscription.

For those who aren't looking for a live TV package, the standard versions of Hulu and ESPN -- which are both Disney-owned -- can be bundled with a Disney+ subscription. 

Unfortunately, without opting into any of these paid options, you won't be to get ESPN with Hulu. 

If you want to add ESPN to your Hulu subscription, here's all the ways you can do it. 

Check out the products mentioned in this article:

Hulu + Live TV (From $54.95 per month at Hulu)

Hulu monthly subscription (From $5.99 at Hulu)

Apple Macbook Pro (From $1,299.00 at Apple)

Acer Chromebook 15 (From $179.99 at Walmart)

iPhone 11 (From $699.99 at Apple)

Samsung Galaxy S10 (From $699.99 at Walmart)

How to watch ESPN on Hulu + Live TV

1. Log in to your Hulu account

2. Click your profile photo.

3. Select "Account" from the drop-down menu. 

4. If prompted to enter your password, do so now.

5. Scroll down to the "Your Subscription" section and click "Manage Plan."

Can you get ESPN with Hulu 2

6. Scroll until you see the Hulu + Live TV section and click the toggle to the left of the Commercials or No Commercials options. 

Can you get ESPN on Hulu 3

7. If you want to do the Disney+, Hulu, and ESPN bundle, scroll farther down until you see it. Click the toggle to the left of the options you choose. 

Can you get ESPN on Hulu 1

8. Once you've selected the plan you want, click Review Changes. 

9. Double-check your plan change and your new charges, if applicable. 

10. Click Submit when you're ready. 

Can you get ESPN on Hulu 4

Related coverage from Tech Reference:

SEE ALSO: The best streaming services you can sign up for online

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Elon Musk is the 5th-wealthiest person in the world, according to Forbes

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  • Elon Musk became the fifth-richest person in the world on Monday, according to Forbes. His net worth is valued at over $74 billion.
  • The majority of Musk's wealth is tied to shares in his companies, Tesla and SpaceX.
  • Despite factory closures due to COVID-19, Tesla's value has increased by $200 billion since March, vaulting Musk up various indexes of the world's most wealthy individuals.
  • Visit Business Insider's homepage for more stories.

Elon Musk's net worth skyrocketed past the $74 billion mark on Monday afternoon, making him the fifth richest person in the world, according to Forbes

In mid-March, Musk was worth almost $25 billion and was ranked the 31st-richest person by Forbes. Since then, his net worth has nearly tripled, and he has vaulted up the list, passing Warren Buffet, Phil Knight, and Michael Bloomberg on the way.  

The majority of Musk's wealth is tied to shares in his companies, Tesla and SpaceX. Tesla's value has increased by $200 billion since March, frequently hitting record highs after delivering stronger-than-expected vehicle delivery numbers. 

A smaller fraction of his wealth — about $100 million — is tied up in real estate. But that's likely to change. In May, Musk announced that he planned to sell all of his worldly possessions, and listed nearly $40 million of property.

 

Like many automakers, Tesla has had a tumultuous few months as Americans increasingly stayed inside during shelter-in-place guidelines. Since March, the company's only US car factory faced shutdowns due to the coronavirus. Musk said that stopping production at the factory, based in Fremont, California, posed a "serious risk" to business, and went on to sue the local county over its shelter-in-place orders and reopen in spite of them.

Despite these hurdles, Tesla went on to deliver 90,650 vehicles to customers in Q2, topping Wall Street predictions by 20,000 vehicles.

In addition, Tesla's stock has been boosted by speculation that the company could be added to the S&P 500 after Wednesday's Q2 earnings report. Tesla also announced that it will be presenting new battery technology at a "Battery Day" in September.

Still, Tesla's meteoric stock price has perplexed analysts — and even Musk himself, who sent the stock tumbling after tweeting out that he felt it was overvalued.

 

Tesla's car output pales in comparison to its peers like Ford, GM, and Fiat-Chrysler, yet its market cap still dominates the legacy automakers. Tesla is now worth nearly $300 billion compared to Ford's $26 billion, General Motors' $38 billion, and Fiat-Chrysler's $16 billion.

Enthusiasm from young investors and day traders have made it a popular stock. Tesla is the 8th-most traded stock on Robinhood, according to trade-tracking website Robintrack. On some days, Tesla trading can be frenzied. Last week, 40,000 Robinhood users added Tesla shares during a four hour period, according to a Bloomberg analysis of Robintrack data.

Another of Musk's ventures, SpaceX, has also enjoyed positive publicity following the launch of the Crew Dragon spacecraft, which made Bob Behnken and Doug Hurley the first NASA astronauts to fly on a commercial rocket to the International Space Station. The space technology company is worth nearly $36 billion, according to Pitchbook data.

Despite recent gains, Musk's wealth is still dwarfed by four men: Jeff Bezos, Bernald Arnault of LVMH, Bill Gates, and Mark Zuckerberg. 

Yet, Tesla's fortunes, as well as Musk's, may change soon. Its second-quarter earnings report is scheduled for Wednesday after the market close. The earnings could propel the stock — and Musk's net worth — even higher, or reverse the big gains from recent weeks.

SEE ALSO: The future of Tesla's $200 billion winning streak hinges on this week's earnings report

DON'T MISS: These 2 charts show how Tesla's skyrocketing stock has become divorced from the rest of the auto industry

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