Insider Finance - Business - Insider Today: Google's culture shock

December 22, 2023 • 5 min read

with Dan DeFrancesco

Happy Friday! If you’re going to the airport for some holiday travel, check out these tips from an expert so you don’t hold up the security line.

In today’s big story, we’re looking at how Google’s rocky year left some wondering if the tech giant’s culture has changed forever.

What's on deck

• Markets: Everyone Bobby Jain has hired ahead of his massive hedge fund launch.
• Tech: In a tough year for startups, only 44 companies reached unicorn status.
• Business: If you want to work multiple jobs, look for these roles.

But first, it's not like it used to be.

Google, Tyler Le/BI

The big story

Searching for a solution

The company synonymous with search had to do some soul-searching in 2023. 

Google’s tumultuous year included layoffs and participation in a hyper-competitive AI race. Now, some current and former staffers wonder if the past 12 months have changed the company’s iconic culture forever, Business Insider’s Hugh Langley reports. 

The January job cuts, which some perceived as being handled unusually coldly by Google, have been one sticking point. Coupled with how Google scrambled to respond to OpenAI’s ChatGPT, some view what was long considered the best place to work in Silicon Valley in a much different light. 

"It's pretty disappointing to see Google really make the final transformation into a typical big company, focused on short-term shareholders above all else," a former long-time Google employee who was laid off in January told Hugh.

But Google employees’ losses have been investors’ gains. 

Google’s year of efficiency has been a boon for its stock.

Shares of Alphabet, Google’s parent company, are up more than 55% this year. That’s far better than the S&P 500 — up roughly 24% — and on par with how fellow Big Tech companies Apple and Microsoft have fared. 

Focusing on the bottom line might be a tough pill to swallow for some Googlers, but it’s the natural progression for a company. Microsoft, for example, might not be some engineers’ dream job, but it’s still managed to stay ahead of the curve in many ways.

Meanwhile, the buzzy companies that tout their innovative ways aren’t always a shining example of stability, as demonstrated by OpenAI’s shocking ouster-turned-reversal.

Markets

🔔 Before the opening bell: US futures dipped early Friday ahead of the release of key inflation data.

Jared Siskin/Getty Images for Madison Square Park Conservancy; iStock; BI

1. Bobby Jain is planning a monster hedge fund launch in 2024. Here’s who he’s hired so far. Jain Global’s launch next summer has been highly anticipated by the industry. We’ve got a running list of the executives he’s scooped up from top firms like Goldman Sachs, Citadel, and Morgan Stanley.

2. Investors are enthusiastic about the market. But can it last? Stocks hit record highs during an eight-week rally. But the bullish perspectives might be going overboard and could be a sign the market is topping out.

3. US banks are on pace to take an absolute bath on commercial real estate. The industry could face a massive crash, leading to as much as $160 billion in additional losses for banks. According to a new paper, 44% of office loans are underwater, and 20% of all commercial real estate loans could default.

Tech

Justin Sullivan/Getty Images

1. The full list of unicorn startups in North America this year. Only 44 startups reached unicorn status ($1 billion) this year, compared to 195 in 2022. The newest unicorns include OpenAI and Liquid Death.

2. How startups are creatively celebrating the holidays amid an industry-wide cash crunch. Some are scaling back their holiday parties or foregoing them entirely. Meanwhile, others are offering PTO, planning work retreats, or attending industry events instead.

3. To make the most money working in tech, live in San Francisco. Pay in cities like Austin, Portland, and Denver increased during the pandemic but has since dropped. New data shows that San Francisco tech pay is up the most.

Business

Laoshi/Getty Images

1. Experts predict which companies will be the most active acquirers of advertising businesses. After a slow 2023, advertising M&A is expected to rebound next year. And industry experts predict that companies like Accenture and Walmart will lead the way.

2. The top jobs for people working multiple roles. Secretly working multiple remote jobs has helped some Americans earn well over six figures a year. Roles that accommodate flexible schedules can make this juggling act easier.

3. This year’s housing market was the least affordable since 2013. Only 15.5% of homes were affordable for the typical household, according to new data. That’s down from 20.7% in 2022 — and the lowest ever for around a decade.

In other news

• An epidemic of sexual abuse in schools.
• Are Airbnb cleaning fees too high? Tell us what you think.
• 18 influencer management firms and talent agencies with BIPOC leaders helping creators from underrepresented backgrounds.
• Harvard’s president looked like she was in the clear — but there are new concerns about attribution in her work.
• Check out this video of Mike Johnson taking his teenage daughter to a purity ball, where she signs a pledge to him not to have sex until marriage.
• Five Uber and Lyft drivers share why they plan to keep their ride-hailing jobs, even as pay declines.
• Dan Loeb shakes up Third Point's marketing department amid outflows and a private credit push.
• Cheers to Wall Street’s rising stars: take a look at photos from Business Insider’s celebration of finance’s finest.
• Insight Partners-backed startup Armory, once valued at more than $200 million, is selling itself to rival Harness for just $7 million.
• The rise and fall of Olaplex.
• Rudy Giuliani files for bankruptcy. It won't get him off the hook for the $148 million he owes.

What's happening today

• “Aquaman and the Lost Kingdom” is set to be released in theaters today. The “Aquaman” sequel is directed by James Wan.
• The FIFA Club World Cup final is today. Fluminense and Manchester City will face off in Saudi Arabia.
• Happy birthday, Latto! Meghan Trainor, DaBaby, and Joshua Bassett were also born on this day.

News Quiz

How well do you know the news?

Test your knowledge of the week's top stories with Insider's news quiz

• From Monday: What is the name of Elon Musk’s chatbot hoping to rival ChatGPT?
• From Tuesday: This tech giant has marketed itself as a trustworthy AI company.
• From Wednesday: A new law could require this popular chain to be open on Sundays.
• From Thursday: Which Wall Street bank is contemplating overhauling its management committee?
• From Friday: This hedge fund shook up its marketing department amid outflows from investors.

Check Saturday's edition of Insider Today for the answers.