Ray Dalio’s Risk Outlook | Dorsey’s Decision | Google’s Labor Headache

Plus: Forbes Under 30 Hall Of Fame

Good morning.

In announcing his departure from Twitter, Jack Dorsey sought to challenge the importance of a company being “founder-led,” a characteristic he defined as a “single point of failure.” We’re also covering billionaire Ray Dalio’s new book and his bleak warning about the risks facing the U.S., and the so-called Thanksgiving Four’s dismissal returning to haunt Google. Tomorrow we’re unveiling our annual Forbes 30 Under 30 list. Today, take a walk down the list’s Hall of Fame and meet 30 all-time all-stars.

In The News Today

The U.K.'s competition regulator ordered Facebook’s parent company, Meta, to sell the animated image-sharing platform Giphy, 18 months since the deal was first announced.

Moderna CEO Stéphane Bancel's warning that existing Covid-19 vaccines are likely to be less effective against the new omicron coronavirus variant has spooked markets.

Top Take-Aways

Twitter cofounder Jack Dorsey is stepping down from his role as CEO, with CTO Parag Agrawal taking over. Dorsey, whose $11.8 billion fortune largely stems from his payments startup Square, said it was time for Twitter to be led by someone other than a founder.

Billionaire Ray Dalio has built his business and net worth on figuring out where the world is going and designing investment strategies to profit from it. In his new book, he argues that rising U.S. debt and income disparities, along with America’s diminished influence, has put the country at risk of not just economic hardship, but also war.

Three former Google engineers—Rebecca Rivers, Sophie Waldman and Paul Duke—are suing the search giant for slander, breach of contract and termination in violation of public policy in a lawsuit filed two years after they were fired.

Anticipation over the opening of Tesla’s Berlin Gigafactory is running high, propelling a rise of more than 5% in the electric automaker’s shares as the company’s first European plant is expected to help boost production.

A steep drop in Bumble shares since the dating app owner’s quarterly earnings call on November 10 has knocked the fortune of cofounder and CEO Whitney Wolfe Herd—previously the world’s youngest self-made woman billionaire—below $1 billion.

Italian banking billionaire Ennio Doris, who ascended from poverty to the ranks of the world’s richest, died at 81. He was Italy’s 17th-richest person, largely thanks to his 40% stake in Banca Mediolanum, the publicly traded financial services firm he founded in 1982.

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