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CEO at Softbank lands in hot water with multiple serious accusations

(BUSINESS NEWS) Softbank investment arm CEO gets accused of attempted extortion and other unethical behaviors in order to move into his current position.

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softbank rajeev misra

Despite its cuddly-sounding name, it appears that SoftBank, a large multinational holding company, may be run by some seriously hard-edged executives. Last week the Wall Street Journal reported that a top executive, Rajeev Misra, may have grappled his way to the top by waging a cutthroat campaign to sabotage his rivals.

In 2017, Misra became the CEO of SoftBank’s investment arm, Vision Fund, which is the largest tech-focused venture fund in the world and pours billions into startups. Misra landed the job just a handful of months after former COO Nikesh Arora, who appeared to be the clear heir to SoftBank’s founder, Masayoshi Son, failed to snag the top position and left the company.

According to the Wall Street Journal, Arora, as well as former CFO Alok Sama, were primary targets of Misra’s efforts to clear his path to the top. Sama left the company in 2019 after negative new stories damaged his reputation – news stories Misra is accused of leaking.

The Wall Street Journal was tipped off by insiders “familiar with internal dynamics” who accuse Misra of coordinating smear campaigns against two of his rivals. This included negative media stories, an orchestrated witch hunt by shareholders, and a botched attempt at sexual blackmail.

The most salacious story alleges that Misra hired Italian businessman Alessandro Benedetti to lure Arora into a hotel room with multiple women. The hotel room was reportedly wired with cameras which would capture compromising photos that Misra would later use to blackmail Arora. The scheme was a bust, as Arora declined to be lured into the “honey trap.”

Supposedly Misra also paid Benedetti $500,000 to leak negative news stores to media outlets about Arora. Misra says the money he paid Benedetti was for an oil investment. The Wall Street Journal also reported that Misra hired a law firm to help “unnamed SoftBank shareholders” accuse Arora of unethical behavior and attempt to oust him.

SoftBank denies the allegations, calling them “a campaign of falsehoods” that has apparently been on their radar for a number of years. Misra “did not orchestrate a campaign against his former colleagues,” according to a spokesperson for the company. The Wall Street Journal’s use of anonymous sources begs the question – is this accusation of a smear campaign just a smear campaign? We may never know the truth, but stories like these do little to soften stereotypes of the dog-eat-dog world of investment bankers.

And these internal dramas are only some of SoftBank’s worries. Vision Fund has evoked criticism for its reckless investments, particularly after WeWork failed to make its first public offering and flagrant spending on Uber, which has so far failed to return on investment. It appears that Vision Fund has mostly spent itself after a couple of rough quarters and large operating losses. SoftBank is currently working to generate new funds, with activist shareholders keeping a hawk eye on them and demanding more transparency.

Colin is a Web Producer at The American Genius that spends more time with reptiles than a normal person would expect. Care for animals is one of his many passions alongside writing, drawing, gaming, and thinking of things to add to bios.

Business News

Everyone should have an interview escape plan

(BUSINESS NEWS) A job interview should be a place to ask about qualifications but it seems more people are asked about their personal life. How do you escape this problem?

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interview from hell

“So, why did you move from Utah to Austin?” the interviewer asked over the phone.

The question felt a little out of place in the job interview, but I gave my standard answer about wanting a fresh scene. I’d just graduated college and was looking to break into the Austin market. But the interviewer wasn’t done.

“But why Austin?” he insisted, “There can’t be that many Mormons here.”

My stomach curled. This was a job interview – I’d expected to discuss my qualifications for the position and express my interest in the company. Instead, I began to answer more and more invasive questions about my personal life and religion. The whole ordeal left me very uncomfortable, but because I was young and desperate, I put up with it. In fact, I even went back for a second interview!

At the time, I thought I had to put up with that sort of treatment. Only recently have I realized that the interview was extremely unprofessional and it wasn’t something I should have felt obligated to endure.

And I’m not the only one with a bad interview story. Slate ran an article sharing others’ terrible experiences, which ranged from having their purse inspected to being trapped in a 45 minute presentation! No doubt, this is just the tip of the iceberg when it comes to mistreatment by potential employers.

So, why do we put up with it?

Well, sometimes people just don’t know better. Maybe, like I was, they’re young or inexperienced. In these cases, these sorts of situations seem like they could just be the norm. There’s also the obvious power dynamic: you might need a job, but the potential employers probably don’t need you.

While there might be times you have to grit your teeth and bear it, it’s also worth remembering that a bad interview scenario often means bad working conditions later on down the line. After all, if your employers don’t respect you during the interview stage, it’s likely the disrespect will continue when you’re hired.

Once you’ve identified an interview is bad news, though, how do you walk out? Politely. As tempting as it is to make a scene, you probably don’t want to go burning bridges. Instead, excuse yourself by thanking your interviewers, wishing them well and asserting that you have realized the business wouldn’t be a good fit.

Your time, as well as your comfort, are important! If your gut is telling you something is wrong, it probably is. It isn’t easy, but if a job interview is crossing the line, you’re well within your rights to leave. Better to cut your losses early.

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Business News

Walmart delays the launch of its Amazon Prime competing service

(BUSINESS NEWS) Walmart+ is being delayed once again, but the service has yet to be cancelled. Will it be another flop?

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Walmart+ Amazon

Walmart+, the supposed Amazon Prime alternative of the century, has been delayed from launching until further notice. This marks the second delay of the year.

Vox reports that the Amazon Prime competitor was initially supposed to launch in the first quarter of 2020, but Walmart pushed the release back to July due to Coronavirus concerns. Now, Walmart+ doesn’t have a definitive launch date–indecision that’s easy to chalk up to both the ongoing pandemic and trepidation regarding profitability in an Amazon-dominated world.

Amazon Prime, a service which runs customers $119 per year, has well over 100 million members in the United States; that works out to at least one member in a little over 80 percent of households here. Between its ubiquitous nature and the fact that Amazon Prime members are more inclined to use Amazon frequently than non-Prime members, it isn’t hard to see why a premium Walmart subscription seems a little redundant.

But Walmart doesn’t see it that way. “Walmart executives have hoped the program would strike a balance of being valuable enough that customers will pay for it, while boasting different enough perks from Amazon Prime so that there aren’t perk-by-perk comparisons,” Vox posits. At $98 per year, Walmart+ would include things like same-day delivery, gas discounts, line-skipping, a dedicated credit card, and potentially even a video streaming service.

While there are some clear parallels between Amazon Prime and Walmart+, one can attribute those to convenience rather than imitation. People seem to enjoy having extra streaming options as a perk of Prime, so for Walmart+ to include something similar wouldn’t exactly be inappropriate.

The largest obstacle to Walmart+’s success in a post-Coronavirus world probably won’t have much to do with brand loyalty, but the fact remains that Amazon’s value is so far above and beyond Walmart’s that people who regularly use Amazon Prime aren’t likely to make the switch–and, as mentioned previously, the sheer number of people who have a Prime membership is high enough to be concerning to Walmart executives.

However, for customers who frequently shop at Walmart or live in relatively rural areas, Walmart+ doesn’t seem like a bad gig. It isn’t Amazon Prime, to be sure–but that’s the point.

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Business News

What COVID-19 measures do workplaces have to take to reopen?

(BUSINESS NEWS) Employers can’t usually do medical screenings – but it’s a little different during a pandemic.

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COVID-19 temp gun

Employers bringing personnel back to work are faced with the challenge of protecting their workforce from COVID-19. The Center for Disease Control (CDC) and the Equal Employment Opportunity Commission (EEOC) have issued guidelines on how to do so safely and legally.

Employee health and examinations are usually a matter of personal privacy by design through the American’s with Disabilities Act. However, after the World Health Organization declaration of the coronavirus as a pandemic in March, the U.S. EEOC revised its guidance to allow employers to screen for possible infections in order to protect employees.

Employers are now allowed to conduct temperature screenings and check for symptoms of the coronavirus. They can also exclude from the workplace those they suspect of having symptoms. The recommendations from the CDC also include mandatory masks, distant desks, and closing common areas. As the pandemic and US response evolves, it is important for employers to continue to monitor any changes in guidance from these agencies.

Employers are encouraged to have consistent thresholds for symptoms and temperature requirements and communicate those with transparency. Though guidance suggests that COVID-19 screenings at work are allowed by law, employers should be mindful of the way they are conducted and the impact it may have on employer-employee relations.

Stanford Health Care is taking a bold approach by performing COVID-19 testing on each of its 14,000 employees that have any patient contact. They implemented temperature scanning stations at each entrance, operated by nurses and clinicians. The President and CEO of Sanford Health Care said, “For our patients to trust the clinical procedures and trials, it was important for them to know that we were safe.”

Technology is adapting to meet the needs of employers and identify symptoms of COVID-19. Contactless thermometers that can check the temperature of up to 1,500 people per hour using thermal imaging technology are now on the market; they show an error margin of less than one-tenth of a degree Fahrenheit. COVID-19 screening is being integrated into some company time-clocks used by employees at the start and end of each shift. The clocks are being equipped with a way to record employee temperatures and answers to a health questionnaire. Apple and Google even collaborated to bring contact tracing to smart phones which could help contain potential outbreaks.

Fever, coughing, and difficulty breathing are the three most common symptoms of COVID-19. Transmission is still possible from a person who is asymptomatic, but taking the precautions to identify these symptoms can help minimize workplace spread. This guidance may change in the future as the pandemic evolves, but for now, temperature checks are a part of back to work for many.

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