Good morning.
Fortune’s new 40 Under 40 list is out this morning. And while I embrace some benefits of longevity, I am in awe of this group—both for the sweep of their ambitions and the swiftness of their accomplishments. As our editors wrote:
“The founders, executives, investors, and activists on this year’s list are creating and seizing opportunity. They’re empowering others. They’re exploring new treatments for diseases that affect millions. They’re connecting people. They’re building upon their successes as athletes and entertainers. They’re trailblazing in their industries. And they’re even building new ones.“
My guess is you won’t have heard of most of these folks. I was familiar with just a few—and one, 30-year-old Wemimo Abbey, only because he joined us two weeks ago at the Fortune CEO Initiative, where he wowed the crowd. (You can see his comments here.)
So take some time getting to know them. They are an impressive bunch. That said, the standard warning applies: Past performance is no guarantee of future success. Sam Bankman-Fried was on last year’s list. (More on his future here.)
Other news below. And check out Susie Gharib’s interview with Delta CEO Ed Bastian, who isn’t worried about recession. He told Susie:
“Business travel is strong. What I tell every CEO that I see, ‘We’re all traveling. We’re all very busy right now. If you’re not traveling, somebody else is traveling to see your customer. So you better get back out.’”
Alan Murray
@alansmurray
alan.murray@fortune.com
TOP NEWS
Musk pay
Elon Musk will this week defend his $52 billion Tesla pay package in court after a shareholder alleged Tesla’s board was insufficiently transparent when deciding on the remuneration. Tesla’s market cap is more than 10 times where it was when the package was agreed to. Either way, Musk will likely take the stand Wednesday. (Bonus read: Musk’s Twitter found a big advertising customer! Musk’s SpaceX.) Wall Street Journal
Chinese chips
Chinese manufacturers of chipmaking equipment should experience something of a boom thanks to U.S. export controls. However, domestic suppliers can’t quite match the equipment for which their products are substituting, so they may still lose out to Japanese and European rivals—and the Chinese chipmakers that are their customers may face shrinking businesses owing to the U.S. pressure. Financial Times
2022 Vision
SoftBank’s cursed Vision Fund suffered its the third huge quarterly loss in a row: a whopping $7.2 billion. (Then again, the tech investment arm lost $17 billion last quarter, so…well done?) That, plus SoftBank’s failure to announce an anticipated stock buyback, saw the Japanese conglomerate’s share price fall as much as 12% this morning. Reuters
AROUND THE WATERCOOLER
KPMG: The Pandemic Housing Bubble is bursting—U.S. home prices falling 15% looks ‘conservative,’ by Lance Lambert
One of the greatest financial writers alive has been embedded with FTX’s Sam Bankman-Fried for six months and has a book on the way, by Steve Mollman
Elon Musk fires outsourced content moderators who track hate and harmful posts on Twitter, by Associated Press
The Great Remorse takes over the Great Resignation as most workers who quit their job are having a hard time finding a new one, by Jane Thier
This edition of CEO Daily was edited by David Meyer.
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