Insider Today: Nike’s Airball – Business Insider

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I’ll be here this weekend to break down some of the biggest stories in business and help you move forward.

On the agenda today:

But first: How Nike lost its footing.

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This week’s dispatcher

Nike air ball

It’s been a rough few years for the house of the Swoosh.

The sports giant has seen declining sales, cost-cutting and a share price that has fallen sharply from 2021 highs. Attempts to go direct to consumers rather than through retailers have shown mixed results, while faces greater competition in China.

Perhaps worse than that, Nike has lost its role as the primary purveyor of cool. Asics, New Balance, Hoka, On and others have stolen a step into the sneaker business. And Nike’s efforts to expand its lifestyle business have missed the mark.

Now she hopes the new CEO can help get him back on track. The Oregon company announced last week that Elliott Hill will return to the company as CEO, replacing John Donahue. One analyst said his appointment would lead to “an immediate morale boost”.

Nike’s stock price hit the news. Investors are hoping for a change in form.

Larry Page’s Money Man

Wayne Osborne has guarded the Google founder’s fortune since 2012. For years, Osborne kept his employer shrouded in secrecy. “Wayne operates in the shadows,” as one industry colleague put it.

Now he comes out. Osborne is looking to promote his new company, Way2B1, whose software can put his trade secrets to work for other investors.

There’s just one catch: How does Page maintain his privacy while spilling the secrets to his success?

In Osborne’s playbook.

RIP, remote work

Amazon has officially put the kibosh on remote work, announcing that all corporate workers must return to the office five days a week starting in January. In a note, CEO Andy Jassy said the company is getting back to the way “we were before the onset of COVID.”

An internal FAQ document obtained by Business Insider outlined how the RTO plan would work. According to the brief, Amazon also ended a policy that gave employees the option to work up to four weeks a full year remotely.

See all the details in the internal document.

Read also:

The reign of terror of the Alexander brothers

The brothers were rich. They were strong. They were beautiful. They weren’t so secretly terrorizing women.

In the past three months, more than a dozen women have said they were raped or assaulted by Oren, Alon and Tal Alexander, whose family made a fortune in real estate and private security. Concerns about their behavior stretch back decades — and yet they got away with decades of alleged abuse.

“I’m a threat.”

A new way of working

Overwork and side gigs are nothing new. But as demand for full-time workers slows, more people may be looking for a change. Enter: the portfolio career.

The term refers to maintaining a collection of gigs, whether or not you keep a 9-to-5 job. Diversifying your income stream can help protect you from the vagaries of the job market and give you more flexibility, but it has some disadvantages.

How to make a portfolio career work.

Read also:

This week’s quote:

“But you can’t. That is not available to you.”

— Mark Zuckerberg, after his daughter said that she she wanted to be like Taylor Swift when she grew up.

More top reads this week:

• In Amazon’s new AI sales machine: More pressure, more pay, more speed.
• Introducing the hottest new dating app: Instagram?
• How far the limousines left cool for craigslist junk.
• Silicon Valley vibes for 2021, with AI startups raising back-to-back funding rounds.
• OpenAI and Anthropic AI bots wreaking havoc and driving up costs for websites.
• Trump’s crypto allies brag lavish lifestyles amid a streak of debt.
• Illegal maneuvers the rich use to get rich.

• Go behind the scenes with the reporter who discovered the RFK Jr./Olivia Nuzzi story.

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  The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Grace Lett, publisher, in Chicago. Amanda Yen, colleague, in New York.