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Meet Fidji Simo, OpenAI's latest top hire — who rose from a small French fishing village to the heart of Silicon Valley

Meet Fidji Simo, OpenAI's latest top hire — who rose from a small French fishing village to the heart of Silicon Valley

For 39-year-old Fidji Simo, joining OpenAI as its new CEO of applications is but another chapter in her storied career in tech.
On Wednesday, OpenAI announced that it had hired Instacart's chair and CEO to join its C-suite. OpenAI's CEO, Sam Altman, wrote in a blog post that Simo is "uniquely qualified" for the role and will report to him directly.
Altman said Simo "has already contributed a great deal to our company" since she joined OpenAI's board in March 2024. She is expected to join OpenAI's leadership team later this year after she begins her "transition from her role at Instacart over the next few months."
The hiring of Simo, who spent much of her career at Meta, has signaled to some in the industry that OpenAI is serious about building a social network. The Verge reported last month that OpenAI was in the early stages of building an X-like product.
"It looks like they want to go after Facebook, after every consumer mobile app that is successful because they can and because she has the background to do it," Julien Codorniou, a partner at 20VC who worked alongside Simo at Facebook, told Business Insider. "It's a very big signal to the competition, to the market, and to the users."
Simo did not respond to a request for comment from BI. OpenAI referred BI to Altman's blog post on Simo's hiring.
'The crew comes before you, always'
Simo's story began in Sète, the French fishing port town where she grew up.
"My family, all the men in my family, whether it's my dad, my grandpa, great grandpa, and all my uncles were fishermen and one of them, my uncle became a fish monger, after you know, stopping fishing," Simo told Bloomberg in an interview that aired in November.
"And so we have been very deep into the fishing industry for many generations," Simo added.
Simo started her corporate career at eBay as a strategy manager in 2007, after graduating from HEC Paris, one of France's top business schools.
The French-American joined Meta, then known as Facebook, in 2011.
Simo's rise at Facebook was meteoric. Even her job application was remarkable. She applied for a marketing communications role — an area in which she had no previous experience.
In a 2021 interview on "The Twenty Minute VC" podcast, she recalled how she spent an entire Thanksgiving weekend inventing a new product called "Facebook Stores," and recorded a webinar and produced marketing materials to promote it. The presentation helped her get the role, but Simo said the hiring manager later laughed that she would never have been considered just on her previous experience alone. (Facebook later launched a very similar initiative, called Shops.)
Simo later switched from marketing to product — another role where she had no prior experience — and worked on some of the most influential product launches at Facebook. She was put in charge of monetizing mobile shortly after its 2012 IPO, at a time when there were concerns about whether the company could ever make a successful mobile business. She led the launches of video products like Facebook Live and Facebook Watch and eventually rose to lead the Facebook app.
"I think a lot of my career took off around moments where I made bets other people didn't think were obvious bets," Simo said on the "Twenty Minute VC" podcast interview.
Simo became popular among coworkers and business partners alike. Dominique Delport, who sat on Facebook's client council for eight years when he was managing director at the French advertising giant Havas Group, told BI that "openness" is a big part of Simo's leadership philosophy.
"Big Tech sometimes has an image of arrogance — and Facebook has been through some phases — and I think she was among the ones who helped change the perception among the advertising community," Delport said.
Simo joined Instacart's board in January 2021 and became its CEO in August 2021.
Simo said in her interview with Bloomberg that her childhood growing up in a fishing village influenced her career choices.
"I think it was incredibly special because there is a craft and a respect that fishermen have. It's interesting, in Silicon Valley, the people who are most respected are like tech people, whereas here, the people who are most respected are the people who feed the town," Simo said.
"So in a way, becoming CEO of Instacart is kind of bridging these two things for me, where I love tech but I always had a passion for feeding people, and so it's a really special thing to be able to bridge the two," Simo added.
In a profile published by Sequoia in February 2024, Simo said her leadership style was shaped by her father and grandfather, who were both boat captains.
"The crew comes before you, always," Simo said of their leadership ethos.
Leaving Instacart
Simo's exit comes in the same week Instacart reported its best quarterly order growth in more than two years. It also forecast positive growth for the second quarter, bucking the trend of a bleak retail sector.
Rachel Wolff, an analyst at EMARKETER, a BI sister company, said the upbeat earnings showed "how successfully the company has positioned its service as a necessity for many households."
In a letter to Instacart employees on Wednesday evening, Simo said it was an "incredibly hard decision" for her to leave the company.
Simo said her decision was partly driven by her passion for AI and its "potential to cure diseases," which made OpenAI a difficult opportunity to pass up. Simo is currently the president of the Metrodora Institute, a for-profit healthcare clinic that focuses on treating complex neuroimmune diseases.
While she will remain CEO of Instacart while the company searches for a successor, Simo is preparing her next chapter. Simo has previously said her favorite book is "The Night Circus," a fantasy novel about two magicians preparing to take each other on in a deadly duel. Now working for Sam Altman, Simo is set to go into battle with her former mentor, Mark Zuckerberg, as OpenAI bids to dominate the world of apps.
"For that job, she's absolutely perfect," said Codorniou. "She has something very special — she's one in a billion."

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Op-ed: It's time for U.S. to treat rare earth metals as instruments of geopolitical power. China already does
Op-ed: It's time for U.S. to treat rare earth metals as instruments of geopolitical power. China already does

CNBC

time22 minutes ago

  • CNBC

Op-ed: It's time for U.S. to treat rare earth metals as instruments of geopolitical power. China already does

In April 2025, China imposed new export controls on seven rare earth elements and the permanent magnets derived from them — materials that form the foundation of modern life and modern warfare. Fighter jets, missiles, electric vehicles, drones, wind turbines, and even data centers rely on high-performance magnets made from these critical minerals. By restricting their flow, Beijing did not just flex its industrial muscle, it revealed America's and the rest of the world's dangerous vulnerability. China's latest actions show their readiness and ability to weaponize American and global dependence. This is not a new challenge. The United States has known for over 15 years that its critical mineral supply chains were too concentrated, too fragile, and too exposed to Chinese leverage and control. And yet, across Democratic and Republican administrations, we have failed to respond with urgency or coherence. Now, the consequences of those failures have grabbed us by the neck and are cascading across our commercial and defense sectors. Following the London talks, Washington and Beijing announced on Friday a new trade framework under which China will resume approving export licenses for rare earths over the next six months. U.S. officials have publicly extolled the breakthrough — but have offered few details about what was given in return. That leaves major questions unanswered: What were the U.S. trade-offs? How will the deal be enforced? And what happens when the six months are up? Skepticism is high. Ford recently halted production at its Chicago plant due to a magnet shortage — underscoring that even short-term supply interruptions have real consequences. Paper agreements are not supply chain solutions. Without transparency, timely approvals, and long-term planning, this could easily become another diplomatic cycle of one step forward, two steps back. Even this limited reprieve carries risks. Dozens of companies in Europe and North America have described China's export license process as highly invasive — requiring firms to submit detailed production data, end-use applications, facility images, customer names, and transaction histories. Some applicants have been denied for not providing photographs or documentation of their end users. Executives say the process amounts to "official information extraction." While firms are advised not to share sensitive IP, omitting key details can mean indefinite delays. For companies in defense supply chains, the implications are alarming: valuable commercial intelligence could be used to map competitors, disrupt pricing, or advance Chinese substitutes. This isn't just licensing — it's competitive surveillance. And until the U.S. builds secure, independent capacity across the critical minerals supply chain, it remains exposed to both disruption and data risk. This vulnerability did not happen overnight. Many have been watching this slow-motion train wreck for years. In 2010, China cut off rare earth exports to Japan during a maritime dispute, a clear warning shot the U.S. observed but brushed off. In 2014, the Obama administration won a WTO case against China's export restrictions but wrongly assumed that legal success would deter further manipulation. The first Trump administration identified rare earths as critical but notably exempted them from 2018 China tariffs, perhaps an unspoken acknowledgment of U.S. dependence. Biden took the most structured approach to date: Executive Order 14017, the Critical Minerals Working Group, and funding from the IIJA and IRA. Strategic partnerships like the Minerals Security Partnership emerged. But progress was slow, hampered by permitting delays and uneven ally commitments. The second Trump administration has returned with more aggressive measures, invoking Section 232, activating the Defense Production Act, and proposing major funding boosts in FY2026. A National Energy Dominance Council now coordinates efforts. Yet these measures, like China's six-month reprieve, still fall short of dislodging Beijing's grip. And crucially, the defense sector remains cut off, with no such licensing window available. The recent G7 summit in Canada underscored the global stakes. European Commission President Ursula von der Leyen directly accused China of "weaponizing" its control over key materials like rare earths, calling for a united G7 response. The result: a G7 Critical Minerals Action Plan. Though China was not mentioned by name, the subtext was unmistakable. The plan commits G7 members to raise ESG and traceability standards for key resources; mobilize capital for new projects in critical mineral mining and processing; and cooperate on innovation in recycling, substitution, and refining technologies. Predictably, Beijing reacted with fury. The Chinese Ministry of Foreign Affairs dismissed the plan as "a pretext" for protectionism, claiming the G7 was instigating confrontation out of fear of losing market share. Brussels is now signaling that trade negotiations with Beijing are effectively stalled, so the odds of Chinese retaliation — particularly against the EU — are rising. If China doubles down, it risks pushing the EU, Japan, South Korea, and India more tightly into Washington's orbit — precisely what Beijing hopes to avoid. The raw numbers are staggering. China accounts for roughly 70% of global rare earth mining but over 90% of refining capacity. It produces 92% of the world's neodymium-iron-boron (NdFeB) magnets — used in everything from submarines to Teslas. This dominance is no accident. China subsidized processing, focused on global acquisitions across the supply chain, and scales up production much faster than the West can approve and issue permits for a single mine. U.S. sites like MP Materials' Mountain Pass and Round Top remain incomplete without downstream processing. The DoD and DOE have offered grants, and the FY2026 Trump budget looks to expand U.S. mining capacity and secure access to critical minerals. But all this remains dwarfed by China's head start and longtime industrial command-and-control of the sector. China moved early and decisively into Africa and Latin America, partnering with governments in the Democratic Republic of Congo, Bolivia, and Chile; investing in ports, rails, and refining infrastructure. In contrast, U.S. efforts and engagement on these sets of issues has been piecemeal and values-forward, prioritizing transparency and governance, important issues indeed, but delivering limited momentum of the critical mineral issues. Even recent MOUs with Ukraine and the Democratic Republic of Congo remain, for now, symbolic, hindered by conflict and instability in those countries. The London talks and recent trade deal progress bought time. But time without a strategy is not fruitful. China's licensing regime remains intact, its data demands unabated. The defense sector remains shut out. Meanwhile, congressional threats to rescind clean energy and industrial policy funding could stall rare-earth projects just as they gain traction. This is a decisive moment. China is betting that America's internal divisions — between labor, industry, environmentalists, tribal nations, and political factions — will prevent the kind of unified, sustained effort needed to compete. They may be right. The U.S. needs to proves them wrong. The United States must now treat critical minerals not as commodities, but as instruments of geopolitical power. China already does. Escaping its grip will require more than mine permits and short-term funding. It demands a coherent, long-term strategy to build a complete supply chain that includes not only domestic capabilities but also reliable allies and partners. From mining and refining to magnet production and recycling, every link must be strengthened through targeted investment, permitting reform, and strategic coordination. A successful and sustainable policy requires commitment from one presidency to the next. Nor can the U.S. afford to engage allies and partners only rhetorically. Countries like the Democratic Republic of Congo, Chile, and Indonesia (among others) need sustained partnerships backed by financing, technology transfer, and critical infrastructure investments, not just our lectures on governance. The six-month export reprieve from China is not a solution — it is a stress test. It reveals whether the U.S. can finally focus and act, or whether it will retreat again into complacency. Beijing is betting it will be the latter. Washington must respond with urgency, unity, and a strategy equal to the scale of the challenge. There is still time, but not much. —

Jeff Bezos' Venice Wedding Was Relatively Cheap
Jeff Bezos' Venice Wedding Was Relatively Cheap

Newsweek

time25 minutes ago

  • Newsweek

Jeff Bezos' Venice Wedding Was Relatively Cheap

Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. Jeff Bezos' multimillion dollar wedding to Lauren Sanchez in Venice was relatively him. The cost of the nuptials on Friday was estimated between $47 million and $56 million, according to Reuters, citing Luca Zaia, president of the Veneto region where the Italian city of canals is based. And while this sum may appear lavish to any ordinary American, it amounted to just 0.0193-0.0230 percent of the Amazon founder's estimated $244 billion net worth, as recorded by the Bloomberg Billionaires Index. The average and median net worth of an American family is $1,063,700 and $192,900 respectively, according to the most recent data from the U.S. Federal Reserve. This means Bezos' wedding was financially similar to an average American spending less than $250 on their wedding—about the cost of a family dinner or a new pair of sneakers. To put that percentage into further context, Newsweek analyzed what similarly proportioned wedding spending would look like for Americans in professions such as construction, nursing and law. Lauren Sanchez Bezos, left, and Jeff Bezos depart from the Aman hotel during wedding celebrations on June 28, 2025, in Venice, Italy. Lauren Sanchez Bezos, left, and Jeff Bezos depart from the Aman hotel during wedding celebrations on June 28, 2025, in Venice, Italy. Luca Bruno/AP Photo Why It Matters Bezos is currently the third richest person in the world, after Tesla CEO Elon Musk and Facebook founder Mark Zuckerberg, according to the Bloomberg Billionaires Index. The comparatively negligible impact of the billionaire's wedding bill on his total wealth highlights the vast and growing gap between the world's richest individuals and the average American worker. Half of regular Americans anticipate going into debt to pay for their weddings, according to a survey earlier this month by U.S. News. What To Know Newsweek used ChatGPT to help calculate the dollar amount U.S. workers in several professions would need to spend on a wedding to match the same fraction of net worth as Bezos did. Breaking Down the Proportions A construction worker, whose average net worth is approximately $60,000, would only spend between $11.58 and $13.80 on their wedding, as that amount is 0.0193 percent to 0.0230 percent of their net worth. This is roughly the equivalent of two small lattes from Starbucks. Nurses, whose average net worth was calculated to be approximately $125,000, could spend between $24.13 and $28.75 on their wedding. This is less than the cost of two bacon cheeseburgers from Five Guys. According to the AI, journalists have a lower net worth than nurses, with just $100,000 as their total net worth, meaning they have even less to spend on their weddings if sticking to Bezos' budget ratio. Journalists could spend between $19.30 and $23 on a nuptial celebration—about as much as one fancy cocktail in New York City. Teachers have a slightly higher budget of $38.60 to $46 based on an estimated $200,000 net worth. Meanwhile, the average American lawyer can afford to splash out, with $96.50 to $115 on their wedding, if sticking to spending a maximum of 0.0230 percent of their estimated $500,000 net worth. How Net Worth Estimates Were Calculated The AI constructed the approximate net worth figures from publicly available U.S. salary data, industry wage reports and national wealth surveys. For construction workers, median annual wages of $46,050 from the Bureau of Labor Statistics informed an estimated 30-year career saving a modest percentage of income, landing at a net worth of $60,000. Nurses, with average salaries near $89,000 and consistent retirement contributions, were estimated with net worth ranging from $125,000 to $175,000. Journalists—often burdened by lower salaries and potential student debt—were projected at $100,000. Teachers, benefiting from defined-benefit pensions, could reach $200,000 or more, while lawyers, despite student loan burdens, commonly reach at least $500,000. Actual net worth can vary significantly due to factors such as debt levels, regional cost of living, career interruptions, investment returns and household dynamics. These figures should be viewed as illustrative models—not precise financial portraits of individual workers in these professions. These calculations also do not take into account the age at which people in these professions reach this level of net worth. Most weddings occur when people are younger, meaning they may not have reached their highest earning potential by the time they get married. Activists stage a protest against the Bezos wedding on the Rialto Bridge on June 28, 2025, in Venice, Italy. Activists stage a protest against the Bezos wedding on the Rialto Bridge on June 28, 2025, in Venice, Italy. Antonio Calanni/AP Photo Bezos, 61, and Sanchez, 55, both getting married for the second time, tied the knot over the weekend in Venice after a nearly two-year engagement. The wedding was met with protesters in the city who said the city should not be rented by "oligarchs," with lead protester Marta Sottoriva saying "our city has been sold to the highest bidder." City officials disagreed with Sottoriva's "No Space for Bezos" campaign, saying Bezos donated money to Venetian causes, such as restoring council homes, as part of his agreement with the city. Bezos, Sanchez and their approximately 200 celebrity guests, including Leonardo DiCaprio, several Kardashians and Oprah Winfrey, partied in Venice for several days, shutting off portions of the city from its residents. What People Are Saying Marta Sottoriva, leader of "No Space for Bezos," told The Guardian: "There's a lot of anger in the air because once again the council has enslaved itself to the logic of profit—our city has been sold to the highest bidder. Every time an event of this kind happens, the city comes to a standstill, certain areas become inaccessible and even more tourists arrive. This wedding really is the symbol of all that is wrong with Venice." Hannah Holland, writing for MSNBC, said: "This wedding—the tenor, the clothes, the cost—indicate a callous indifference toward the realities the rest of the world is facing." Usher leaves a hotel during celebrations for Jeff Bezos and Lauren Sanchez Bezos' wedding, in Venice on June 28, 2025. Usher leaves a hotel during celebrations for Jeff Bezos and Lauren Sanchez Bezos' wedding, in Venice on June 28, 2025. Luigi Costantini/AP Photo What Happens Next The wedding industry in the U.S. continues to be a highly lucrative business, with people spending more on weddings than ever before, according to Grand View Research. However, some couples are starting to reconsider their spending, opting to save up for a home or for children instead of a wedding party.

Investing in PTC (NASDAQ:PTC) five years ago would have delivered you a 116% gain
Investing in PTC (NASDAQ:PTC) five years ago would have delivered you a 116% gain

Yahoo

time39 minutes ago

  • Yahoo

Investing in PTC (NASDAQ:PTC) five years ago would have delivered you a 116% gain

When you buy shares in a company, it's worth keeping in mind the possibility that it could fail, and you could lose your money. But on the bright side, if you buy shares in a high quality company at the right price, you can gain well over 100%. Long term PTC Inc. (NASDAQ:PTC) shareholders would be well aware of this, since the stock is up 116% in five years. We note the stock price is up 1.4% in the last seven days. So let's assess the underlying fundamentals over the last 5 years and see if they've moved in lock-step with shareholder returns. Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. To paraphrase Benjamin Graham: Over the short term the market is a voting machine, but over the long term it's a weighing machine. By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. Over half a decade, PTC managed to grow its earnings per share at 62% a year. This EPS growth is higher than the 17% average annual increase in the share price. So one could conclude that the broader market has become more cautious towards the stock. The company's earnings per share (over time) is depicted in the image below (click to see the exact numbers). We know that PTC has improved its bottom line lately, but is it going to grow revenue? If you're interested, you could check this free report showing consensus revenue forecasts. PTC shareholders are down 6.8% for the year, but the market itself is up 15%. However, keep in mind that even the best stocks will sometimes underperform the market over a twelve month period. Longer term investors wouldn't be so upset, since they would have made 17%, each year, over five years. It could be that the recent sell-off is an opportunity, so it may be worth checking the fundamental data for signs of a long term growth trend. If you would like to research PTC in more detail then you might want to take a look at whether insiders have been buying or selling shares in the company. For those who like to find winning investments this free list of undervalued companies with recent insider purchasing, could be just the ticket. Please note, the market returns quoted in this article reflect the market weighted average returns of stocks that currently trade on American exchanges. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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