Speaking of Big Tech, remember all the criticism employees in the industry got for doing “fake work”? Well, it turns out the real issue may not be lazy workers.

In today’s edition:

• The first major hire at a hedge fund whose launch Wall Street is eagerly awaiting.
• Inside OpenAI’s mysterious new headquarters.
• Working women got a massive boost from the work-from-home revolution.

Big Tech’s ‘lazy management’ problem

People don’t look kindly on our tech overlords, whether it’s because of the copious amounts of data they collect on us or the threat they might put us all out of a job one day.

So when word started trickling out about their employees doing “fake work,” the reaction was somewhat expected.

What a bunch of lazy, spoiled kids!

But as Insider’s Hugh Langley and Grace Kay write, categorizing these employees as lazy is a mischaracterization of the situation.

In reality, employees doing “fake work” are simply the result of a bigger issue: lazy managers.

Sure, tech workers pointing the finger back at their bosses might seem like a weak argument, but Hugh and Grace make a compelling case for why managers are the real culprit.

A core part of the issue stems from so-called empire-building efforts among managers. The more people you have reporting to you, the more important you’ll seem. It doesn’t matter what said people actually do — just make sure your org chart is looking robust.

That’s coupled with a tech culture in which “What’s next?” has always taken precedence over “What’s now?”

The day-to-day minutiae of keeping the lights on at a company may not get you noticed as much as a new tool or feature that ends up being a game changer.

One Google manager said the tech giant had “dozens” of teams that did “think-tank-like strategy work with no real practical way of impacting the business or a customer or user.”

“I do think that process favored the people who were better at bullshitting and storytelling,” he told Hugh and Grace.

Prime Day, Larry Nassar, & OpenAI

• Remote and hybrid roles have been a boon for working women. The pandemic initially led to mass layoffs in female-dominated sectors. But the WFH revolution has made it possible for young moms to build their careers while raising kids.
• “How much I made at Google, Meta, and LinkedIn.” Mitchie Nguyen, who spent six years in the tech industry, disclosed her salary journey. From a $50,981 base salary at LinkedIn to making $196,000 at Meta, she detailed how much she made at jobs across the industry.
• Gen Z workers need some help learning “soft skills” like giving presentations or collaborating. The accounting and consulting giant KPMG is offering young recruits extra classes on “soft skills.” The decision comes after execs noticed junior staffers seemed to be struggling with basic communication skills.
• Check out OpenAI’s mysterious new headquarters. The ChatGPT creator keeps its four-story, 59,000-square foot office in San Francisco pretty private. But planning and architectural documents revealed some of its spiffy features: nap rooms, a two-story library, and sunset/sunrise viewing decks.
• Former Google AR director says the company has an “unstable commitment and vision” toward the tech. Mark Lucovsky said the recent changes in augmented-reality leadership and Google’s attitude toward the tech had prompted him to leave the search giant. His departure follows the company’s AR/VR lead’s exit and Google killing its AR smart-glasses project “Iris.”
• The best Prime Day deals — updated live. Roombas, iPads, air fryers, and more. Throughout the 48-hour event, this page will help you keep track of all the best deals. Plus, Prime Day originally started internally at Amazon as “Project Piñata.” This annual event could now surpass $8 billion in sales this year.
• Larry Nassar was reportedly stabbed in prison. The former Team USA doctor, who abused female gymnasts and is serving a 175-year prison sentence, was said to be in stable condition as of Monday.

Recession, Bobby Jain, & bitcoin

• The five biggest reasons for, and against, a recession. Since no one can seem to decide whether we’ll have a recession, we’re presenting both sides of the argument. These are bullish and bearish takes on everything from falling leading indicators to a declining money supply.
• A hotly anticipated hedge fund made a key hire. Bank of America’s Jonathan Barton will serve as COO of the former Millennium executive Bobby Jain’s new hedge fund. Jain’s coming investment firm is expected to be one of the largest hedge-fund launches in history.
• Is bitcoin back? According to Standard Chartered, maybe. The digital currency could hit $120,000 by the end of 2024 thanks to miners limiting how much bitcoin they sell, per a bank analyst.

Threads, ‘richcession,’ & Nomad Monster

• Threads — Mark Zuckerberg’s Twitter competitor — is growing faster than ChatGPT. It just hit 100 million users in five days.
• A “richcession” has already hit the US. The economic downturn that started this year disproportionately affected well-off people.
• A retired couple transformed a dilapidated semitrailer into a mobile home. They call it the “Nomad Monster.” It boasts a spiral staircase, hot tub, movie theater, and more.

‘Barbie’ Premiere