Musk passes Zuckerberg, Trump gets more, Jamie Dimon's 'booming' economy: Leadership news roundup

Former President Donald Trump pocketed more than $1 billion in paper wealth. Trump stood to earn 36 million earnout shares of Trump Media & Technology Group if its dollar volume-weighted average price (DVWAP) — the average share price for a period of time, weighted by volume of shares — is at least $12.50 for a minimum of 20 trading days within any 30 trading day period, according to a Securities and Exchange Commission filing last week.

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European companies are falling behind their American counterparts in innovation and technology because of a “mindset issue,” says Nicolai Tangen, CEO of the $1.6 trillion Norges Bank Investment Management.

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JPMorgan Chase & Co. CEO Jamie Dimon is feeling good about the U.S. economy — for now. The economy is “unbelievable” and is “booming,” and has been since the pandemic, Dimon said in an interview at an event at the Economic Club of New York. With the unemployment rate below 4% since January 2022 and Americans much wealthier than they were just a few years ago thanks to pandemic-era savings, Dimon is somewhat optimistic that consumers will be resilient.

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To lure workers back to the office, companies are looking for buildings that feature attractive amenities and are located in vibrant, buzzy neighborhoods.

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Investment bank Jefferies’ chief executive officer Rich Handler has sold off shares for the first time — to purchase a yacht, among other things, the firm said. “My sale of shares today was a gift to myself and my family, and I do not intend to sell any further shares,” Handler said.

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Music streaming giant Spotify is feeling the effects of its largest-ever round of layoffs — ones it would rather skip. Spotify chief executive Daniel Ek said its workforce reduction of 1,500 employees in December was one of the company’s major challenges in the first quarter during a call with investors after Spotify released its earnings report.

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Non-compete clauses are a thing of the past thanks to a new ruling from the Federal Trade Commission (FTC). The FTC issued a rule to ban non-compete clauses for employees, according to a release from the commission. It first proposed the rule to get rid of the practice last year.

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Tesla CEO Elon Musk is once again wealthier than Meta CEO Mark Zuckerberg, thanks to Meta’s big market capitalization loss this week. The Facebook parent company lost $132.2 billion in market capitalization on Thursday, even after it reported better-than-expected first-quarter earnings. The loss came as investors worried about the tech giant’s AI endeavors and subdued second-quarter outlook. During regular trading on Friday, Meta’s market cap slipped to $1.11 trillion.

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