Welcome to this weekly roundup of stories from Insider’s Business co-Editor in Chief Matt Turner. Subscribe here to get this newsletter in your inbox every Sunday.
What we’re going over today:
What’s trending this morning:
Inside Jeffrey Epstein’s little black book
Insider has obtained a never-before-seen address book that appears to have belonged to Jeffrey Epstein in the ’90s, connecting him to a new network of prominent financiers and political figures:
The Epstein book came to light through a circuitous and unusual path: A self-described “enigmatic rock chick” living in Manhattan’s East Village found it on the sidewalk in the late 1990s.
Denise Ondayko, a former musician who now lives in the Bay Area, said she was walking down Fifth Avenue when she spotted a black address book on the ground. Flipping through, she found addresses and phone numbers for members of the Trump and Kennedy clans, and iconic chroniclers of wealth such as Robin Leach. She decided to hold onto it, slipped it into a box, and forgot about it.
In May 2020, Ondayko and a relative were cleaning out an old storage unit she had rented in Michigan when the long-buried book emerged from a box of odds and ends. Thumbing through it — and seeing the dozens of entries for Epstein’s myriad properties — the relative immediately recognized who the owner was.
Here’s what we discovered in Epstein’s book:
Spotify employees are frustrated with Joe Rogan and his show
Spotify has benefited from Joe Rogan’s unfiltered style — but not everyone at the company is a fan. Some employees are frustrated with his controversial show, and say he’s making the company so much money it refuses to rein him in:
Rogan, who has a $100 million licensing deal with Spotify, is one of the most powerful figures in media, and one of the most controversial. On his show, he’s aired COVID-19 misinformation, laughed as a guest described sexual harassment, and hosted a prolific conspiracy theorist three times.
Spotify, which owns the exclusive rights to stream “The Joe Rogan Experience,” has stood by him, despite removing a few dozen episodes from his archive. But some of the company’s employees have been irritated by Spotify’s largely hands-off approach and have pushed leadership to rein Rogan in. Spotify hasn’t budged.
See what employees are saying:
America is experiencing “The Great Reshuffle”
Millions of Americans are voluntarily leaving their jobs for better ones at a speed we haven’t seen since the turn of the millennium:
In the 25 years that Dawn Fay has been in the recruiting business, she’s seen a hot job market several times. But nothing, she says, comes close to the frenzy she’s seeing right now, as the economy begins to boom in the wake of the pandemic. “There is so much movement in the market,” Fay, a senior district president at the staffing firm Robert Half, said. “The churn is amazing to see.”
“Churn” may be something of an understatement: It’s downright chaos at HR departments across the US. So many Americans have quit their jobs this spring that the resignation rate has skyrocketed to a two-decade high. And people aren’t just looking to switch employers — some are jumping into new professions altogether, while others are climbing the ladder at their current workplace.
The result is an economy-wide game of musical chairs — a wholesale transformation of the job market that has left employers scrambling to retain employees and attract new ones. Call it The Great Reshuffle.
Here’s what that means for the American economy:
This secret club helps prepare young CEOs to take over the world
Young Presidents Organization, or YPO, is an ultra-exclusive social group that offers business leaders a chance to speak openly about what it’s really like running a company:
Founded in 1950, YPO has a reputation as a fraternity for ultra-rich white men who inherited their family’s business, and, for a time, it was.
But over the years, it has recruited more entrepreneurs, who tell Insider that the exclusive club is worth the price of admission: a $7,950 upfront fee and chapter dues ranging from $2,000 to $7,000 annually. Plus, the club’s secrecy doesn’t hurt.
Confidentiality is required by a code of conduct, and members say that clandestine atmosphere is part of the appeal. Executives can unload about work or their personal lives, trusting that nothing will slip out. In fact, the group’s code of conduct has an often-repeated line — “Nothing, Nobody, Never” — that serves as an unofficial slogan.
Take a look at the organization that boasts 30,000 members worldwide:
Finally, here are some headlines you might have missed last week.