Latest news with #Ellison
Miami Herald
2 days ago
- Business
- Miami Herald
Lowe's CEO has a tough message for young workers
Corporate America is drastically changing at a rapid pace. After the Covid pandemic came to an end, remote work began suddenly disappearing from company cultures across the country, as more CEOs mandate employees to return to working in the office five days a week. Don't miss the move: Subscribe to TheStreet's free daily newsletter Also, diversity, equity, and inclusion policies, which were developed to advance workplace opportunities for people of various backgrounds, are fading away from workplaces nationwide amid pressure from consumers and after President Donald Trump said the policies cause "illegal and immoral discrimination." Related: Amazon CEO warns employees of a harsh new reality In addition, artificial intelligence is growing rapidly and creeping into U.S. workplaces, which is worrying Americans. A survey from YouGov last year found that more than one-third of U.S. workers are worried that AI will result in job loss or fewer work hours. Bloomberg/Getty Images Amid this AI boom, Lowe's CEO Marvin Ellison said during Business Roundtable's CEO Workforce Forum in Washington, D.C., on June 17 that while AI threatens to take over corporate jobs, it can't complete front-line work. "AI isn't going to fix a hole in your roof," said Ellison. "It's not going to respond to an electrical issue in your home. It's not going to stop your water heater from leaking." He also said that young workers should seek these blue-collar jobs to maintain employment stability as AI expands. Related: Dell CEO's harsh new policy for employees isn't going as planned "When young people come to me and they desire to work in the corporate office, my advice to them is: stay as close to the cash register as you can," said Ellison. "Stay close to the customers, because you will always have employment opportunities to grow." Ellison also promoted Lowe's (LOW) education benefit program, which offers its employees tuition-free education for select degrees, boot camps, certificates, etc., allowing them to move on to jobs outside of Lowe's. "It could be a general contractor, could be a builder, and we're perfectly OK with that," said Ellison. "It fills the need that is much greater." Ellison's comments come after companies such as Amazon, IBM, Chipotle, JPMorgan Chase, and even the IRS have welcomed AI into their workplaces with open arms. Amazon CEO Andy Jassy even said in a memo to employees on June 17 that AI will replace some of the company's corporate jobs as it will "automate a lot of tasks that consume our time." More Labor: Amazon CEO gives hard-nosed message to employeesIRS has an alarming solution to a growing problem after layoffsJPMorgan Chase CFO issues stern warning to employees "As we roll out more Generative AI and agents, it should change the way our work is done," said Jassy. "We will need fewer people doing some of the jobs that are being done today, and more people doing other types of jobs. It's hard to know exactly where this nets out over time, but in the next few years, we expect that this will reduce our total corporate workforce as we get efficiency gains from using AI extensively across the company." AI use in U.S. workplaces has almost doubled over the past two years, according to a new Gallup survey. The survey found that 41% of employees use AI to generate ideas, 39% use it to consolidate information, and 39% use the technology to automate basic tasks. It also discovered that 27% of white-collar U.S. workers use AI regularly, compared to the 9% of blue-collar workers who use it often. While AI has grown in popularity in workplaces across the country, it still has more ground to cover. About 7 in 10 employees in the survey said they never use AI, while 1 in 10 say they use it at least weekly. Related: Lowe's CEO flags alarming consumer trend that's hurting sales The Arena Media Brands, LLC THESTREET is a registered trademark of TheStreet, Inc.
Time of India
2 days ago
- Business
- Time of India
Larry Ellison once spied on Bill Gates' Microsoft. Now he is the second richest man: Is this the ultimate revenge?
When Silicon Valley stories are told, the rivalry between Steve Jobs and Bill Gates often takes the spotlight—two visionaries locked in a dramatic dance of respect, competition, and reinvention. But there's another tech feud that simmered with far more intensity and far less grace: Larry Ellison vs. Bill Gates. Nearly 50 years after Ellison co-founded Oracle , 2025 may be the year he finally got his revenge. While Jobs and Gates shared a history of mutual admiration despite business clashes, Ellison and Gates operated from a very different playbook. As Oracle went head-to-head with Microsoft in the database and cloud computing space, the competition became deeply personal for Ellison, who once bluntly stated, 'It's not enough that we win; all others must lose.' A Rivalry Rooted in Aggression, Not Admiration According to a report by Barchart, Ellison was long irritated by what he saw as Microsoft's underhanded market strategies—undercutting prices, bundling products, and squeezing out competition. Unlike his more diplomatic peers, Ellison didn't shy away from going public with his distaste. 'Well, what's new is nothing's new,' he said in a now-iconic rant reported by Business Insider. 'Microsoft continues to do what they always do, which is to keep the price of Windows high and copy other people's software and just add it to Windows. That is the absolute opposite of innovation, and Bill claiming that's innovation—I guess it is innovation in business practice, it's anti-innovation in technology.' For Ellison, this wasn't just about business tactics—it was about principle, and he made it clear that he viewed Gates' leadership as the embodiment of corporate opportunism. You Might Also Like: Jeff Bezos' father did not know about him until 2014, all because of one 'big mistake'. He died a year later — seanpk (@seanpk) From Spreadsheets to Surveillance: The Trashgate Episode The rivalry hit its most bizarre peak in the early 2000s with a scandal now remembered as Trashgate. Oracle suspected that Microsoft was covertly funding academic groups and think tanks to manipulate public and regulatory opinion. In response, Ellison hired a PR firm to dig up evidence—literally. The firm, in turn, employed private investigators to rummage through the trash of buildings tied to Microsoft. Critics called the move absurd, unethical, and bordering on corporate espionage. But Ellison was unfazed. 'All we did is try to take information that was hidden and bring it to light,' he said. 'I don't think that was arrogance. I think it was a public service.' To him, this wasn't a smear campaign—it was a counterstrike in a war Microsoft had started. — sandykory (@sandykory) The 2025 Reality: Ellison's Triumph Over Gates Fast forward to June 2025, and Ellison may finally be having the last laugh. According to Forbes' real-time billionaire list, Larry Ellison is now the second-richest person in the world, with a staggering net worth of $254 billion—second only to Elon Musk. In a twist of fate, Ellison's fortune now more than doubles that of Bill Gates, who has vowed to give away his wealth in his lifetime and owns less than 1% of Microsoft today. The secret behind Ellison's explosive financial rise lies in Oracle's booming presence in AI. Since 2023, his net worth has more than doubled—up from $107 billion—thanks to Oracle's aggressive AI strategy and his commanding ownership stake. He currently controls about 40% of Oracle , far more than Jeff Bezos's 10% share in Amazon or Mark Zuckerberg's 13% in Meta. You Might Also Like: Elon Musk has finally named the three smartest people in the world While Microsoft remains the world's most valuable company, according to CompaniesMarketCap, the symbolic win seems to have swung in Ellison's favour. Oracle may be ranked only 16th in valuation, but Ellison now holds far greater individual power, wealth, and ownership than his longtime rival.
Miami Herald
3 days ago
- Business
- Miami Herald
Trump endorses Paramount merger with David Ellison's Skydance
President Trump has endorsed David Ellison's takeover of Paramount Global - an $8-billion merger that has been complicated by his $20-billion lawsuit over CBS' "60 Minutes." On Wednesday, Trump was asked about the hold-up in the federal review of Skydance's takeover of the storied entertainment company. The question came as reporters clustered around the president on the White House lawn to watch the installation of a flagpole. The Paramount-Skydance deal has been pending at the Federal Communications Commission since late last fall. Trump said he hoped the deal goes through. "Ellison is great. He'll do a great job with it," Trump said. Then he appeared to connect the merger-review delay to his lawsuit against CBS and its parent Paramount over last fall's "60 Minutes" interview with then-Vice President Kamala Harris. Trump has maintained since last October that the Harris interview was edited to burnish her chances in the November election. CBS has denied the allegations, saying the edits were routine. The raw footage showed Harris was accurately quoted, but Trump's team said he suffered "mental anguish" from the broadcast. "They interviewed Kamala. Her answer was horrendous," Trump said Wednesday. "I would say election-threatening. ... Her answer was election-threatening it was so incompetent." 1st Amendment experts have called Trump's case frivolous, but Paramount wants to avoid waging an extensive legal fight. Paramount's leaders have pursued a settlement to help clear a path for the company's sale to Skydance - a deal that needs the approval of the FCC. The mediation process to resolve the lawsuit, filed in a Texas court, has become protracted. "They're working on a settlement," Trump said Wednesday. He mentioned that two high-level CBS executives - the head of CBS News and the executive producer of "60 Minutes" - had abruptly departed as the merger review dragged on. "They're all getting fired," he said. Late last week, Trump's legal team filed court documents asking for a deadline extension in the discovery process, disclosing the two sides were working to reach a resolution. Earlier this month, Ellison met Trump briefly while the two men were sitting ringside at a UFC fight in New Jersey, according to video footage shared online. Skydance declined to discuss Ellison's interaction with Trump. It marked the second time this year that Ellison chatted with the president at a UFC match. The first was in April. It's been nearly a year since Paramount's controlling shareholder Shari Redstone and fellow Paramount directors approved the two-phased $8-billion deal that will hand the company to the son of tech billionaire Larry Ellison, who is a Trump supporter. The deal will also see the Ellison family buy the Redstone investment vehicle, National Amusements Inc. Santa Monica-based Skydance intends to consolidate the company that boasts the Melrose Avenue Paramount film studio, Paramount+ streaming service, CBS and cable channels including Comedy Central, Showtime and BET. Skydance operations and personnel will be folded into Paramount. The deal faces one final regulatory hurdle: FCC Chairman Brendan Carr's consent to transfer 29 CBS television station licenses to the Ellisons from the Redstones. This week, the Senate approved Trump's second Republican appointment to the panel, Olivia Trusty. Copyright (C) 2025, Tribune Content Agency, LLC. Portions copyrighted by the respective providers.
Los Angeles Times
3 days ago
- Business
- Los Angeles Times
Trump endorses Paramount merger with David Ellison's Skydance
President Trump has endorsed David Ellison's takeover of Paramount Global — an $8-billion merger that has been complicated by his $20-billion lawsuit over CBS' '60 Minutes.' On Wednesday, Trump was asked about the hold-up in the federal review of Skydance's takeover of the storied entertainment company. The question came as reporters clustered around the president on the White House lawn to watch the installation of a flagpole. The Paramount-Skydance deal has been pending at the Federal Communications Commission since late last fall. Trump said he hoped the deal goes through. 'Ellison is great. He'll do a great job with it,' Trump said. Then he appeared to connect the merger-review delay to his lawsuit against CBS and its parent Paramount over last fall's '60 Minutes' interview with then-Vice President Kamala Harris. Trump has maintained since last October that the Harris interview was edited to burnish her chances in the November election. CBS has denied the allegations, saying the edits were routine. The raw footage showed Harris was accurately quoted, but Trump's team said he suffered 'mental anguish' from the broadcast. 'They interviewed Kamala. Her answer was horrendous,' Trump said Wednesday. 'I would say it was election-threatening. I would say election-threatening because it was so incompetent.' 1st Amendment experts have called Trump's case frivolous, but Paramount wants to avoid waging an extensive legal fight. Paramount's leaders have pursued a settlement to help clear a path for the company's sale to Skydance — a deal that needs the approval of the FCC. The mediation process to resolve the lawsuit, filed in a Texas court, has become protracted. 'They are working on a settlement,' Trump said Wednesday. He mentioned that two high-level CBS executives — the head of CBS News and the executive producer of '60 Minutes' — had abruptly departed as the merger review dragged on. 'They're all getting fired,' he said. Late last week, Trump's legal team filed court documents asking for a deadline extension in the discovery process, disclosing the two sides were working to reach a resolution. Earlier this month, Ellison met Trump briefly while the two men were sitting ringside at a UFC fight in New Jersey, according to video footage shared online. Skydance declined to discuss Ellison's interaction with Trump. It marked the second time this year that Ellison chatted with the president at a UFC match. The first was in April. It's been nearly a year since Paramount's controlling shareholder Shari Redstone and fellow Paramount directors approved the two-phased $8-billion deal that will hand the company to the son of tech billionaire Larry Ellison, who is a Trump supporter. The deal will also see the Ellison family buy the Redstone investment vehicle, National Amusements Inc. Santa Monica-based Skydance intends to consolidate the company that boasts the Melrose Avenue Paramount film studio, Paramount+ streaming service, CBS and cable channels including Comedy Central, Showtime and BET. Skydance operations and personnel will be folded into Paramount. The deal faces one final regulatory hurdle: FCC Chairman Brendan Carr's consent to transfer 29 CBS television station licenses to the Ellisons from the Redstones. This week, the Senate approved Trump's second Republican appointment to the panel, Olivia Trusty.
Yahoo
3 days ago
- Business
- Yahoo
Lowe's CEO says young workers should stay away from the corporate office and close to the cash register
Lowe's CEO Marvin Ellison says corporate jobs are more at risk from AI than front-line work. The home improvement exec said there is unmet demand for skilled trades and customer-facing jobs. "AI isn't going to fix a hole in your roof," he said at a Business Roundtable forum in DC. Artificial intelligence can do a growing number of tasks, but there's a lot it can't do. "AI isn't going to fix a hole in your roof," said Lowe's CEO Marvin Ellison. "It's not going to respond to an electrical issue in your home. It's not going to stop your water heater from leaking." Speaking Tuesday at Business Roundtable's CEO Workforce Forum in Washington, DC, Ellison highlighted the large unmet demand for skilled trades workers in the US. The US Bureau of Labor Statistics estimated in April that there were nearly a quarter million job openings in construction and 381,000 in manufacturing. Whether on a construction site or in one of his 1,748 home improvement stores, Ellison said jobs working on the front lines will likely be some of the last to be disrupted by AI. "When young people come to me and they desire to work in the corporate office, my advice to them is: stay as close to the cash register as you can," he said. "Stay close to the customers, because you will always have employment opportunities to grow." Ellison's comments came within hours of Amazon CEO Andy Jassy posting a memo that said the tech giant would likely "reduce" its white-collar workforce in the coming years due to AI. He's the latest in a chorus of executives predicting significant workplace disruption from AI in areas like customer service, tech functions, and entry-level office work. The changes have led to more than a few younger workers shifting toward blue-collar work instead of the traditional debt-financed four-year undergraduate degree approach. Ellison highlighted one such opportunity for young workers at Lowe's: a program for Lowe's employees offers tuition-free education for completing a two- or four-year curriculum. He said that employees who complete the program sometimes go on to work for Lowe's customers. "It could be a general contractor, could be a builder, and we're perfectly OK with that," Ellison said. "It fills the need that is much greater." Read the original article on Business Insider
