The actor, who has starred in films like Dazed and Confused and Interstellar, was at the DealBook Summit to talk about his new film Lincoln. He spoke on topics ranging from how he became an actor to what movies are worth watching.
The next guest at DealBook Summit is Matthew McConaughey. The Oscar-winning actor has been a noted supporter of President Donald Trump, saying that the president was “almost like an old soul” who may have seen his election as a chance to make America great again.
Actor Matthew McConaughey is the keynote speaker at the DealBook Summit, where he talked about politics.
I believe it takes strong men — and contemporary guys, to be honest — to really appreciate that they benefit as well. Paid parental leave is quite beneficial. It’s not just about the mom staying at home; it’s about what it does and how it links you as a family unit. However, it also motivates you to be able to return to work. If you are, and you know you can have that quality time without compromising your career or having to pick between your family and putting food on the table, the ripple effect will be enormous. Men, on the other hand, must have a role in this. But, Andrew, facts are also important. This is another example of perception vs. reality. So, in truth, many of these initiatives favor males. That is exactly the case. Pre-pandemic, I recall seeing some numbers regarding work from home or work flexibility schedules that astounded me. Men account for three-quarters of those who work from home. And I believe that the majority of people are unaware of this. Now, if they make up a higher percentage of the workforce in general, it makes a lot of sense. But I believe our natural tendency is that, prior to the epidemic, the woman was the one who need a flexible work schedule. She could, after all. However, the individuals who are now taking use of flexible work hours are males, and this has had no negative impact on their careers. Indeed, more than half of men with flexible work hours believe it has helped their career. So, if we know the facts, we can debunk falsehoods and acknowledge that the opportunity is open to everyone. It is not aimed towards a certain gender or demographic.
Meghan, Duchess of Sussex, has been phoning members of Congress in an attempt to get support for paid family leave in the United States.
She told Andrew Ross Sorkin at the DealBook Online Summit on Tuesday, “I simply grab the phone number and I call and have a discussion.” “I believe people are taken aback.”
Meghan’s approach comes as Democrats debate whether paid leave should be included in a broad policy agenda. The United States is the only developed country without a nationwide paid maternity leave policy. With the percentage of women working for pay at its lowest level since 1986, the government has met with business leaders to emphasize the significance of paid parental leave to the economy.
Meghan said, “This is one of those topics that isn’t red or blue.” “It not only positions us for economic development and success, but it also enables individuals to spend quality time with their families.”
“It takes strong guys, contemporary men, to really realize they benefit from it as well,” Meghan remarked, adding that “it is not only about the mom.”
Meghan also spoke on how “ambition” has become a “trigger word” for certain people, especially when it comes to women.
“There is nothing wrong” with women discussing “achievement, ambition, or financial prowess,” she remarked.
Meghan and Prince Harry have joined Ethic, a fintech asset manager in the fast-growing environmental, social, and governance, or E.S.G., arena, as “impact partners” and investors, as one of Meghan’s latest endeavors. Ethic manages $1.3 billion in assets and offers distinct accounts for social responsibility investments.
Mellody Hobson, co-chief executive and president of Ariel Investments, who attended the summit with Meghan, stated that as a female leader, she has sometimes felt the need to manage differently.
“I’ve discovered that in order to succeed, I’ve had to modify myself at times,” Ms. Hobson said. “I don’t see what’s wrong with it.” I can also be rather large at times.”
Ms. Hobson and Meghan also discussed diversity efforts in the workplace.
“I think white women have been the primary beneficiaries of diversity measures in this country,” Ms. Hobson said. “I believe the issue is that this situation is constructed, and it is presented as a zero-sum game — which it is not.”
What I believe is crucial is that you must be led by your company’s vision, principles, and when you believe it is appropriate to speak up. However, you should not be denied a place at the table because of this. If I say that, I think that individuals should have the right to vote as a basic right. Is this to say that I won’t be allowed to participate in discussions on a variety of other topics? So I don’t believe it’s a binary choice.
This year, two former CEOs of Fortune 500 firms took on a new sort of challenge, one they would have wanted to avoid, and one that has permanently transformed how corporate America approaches social concerns.
Ken Chenault, the former CEO of American Express, and Ken Frazier, the former CEO of Merck, led a group of business leaders who spoke out against a wave of voting-rights bills this spring, as states proposed and passed laws ostensibly addressing election fraud but disproportionately limiting ballot access for historically marginalized communities.
Mr. Frazier remarked, “Many of these rules may be taken on their face as neutral, could be considered as generally applicable, but they had the disproportionate impact on those who reside in urban areas,” speaking at the DealBook Online Summit about the Georgia legislation that drove him to act.
Even a few years ago, starting a campaign to increase corporate awareness about discriminatory legislation would have been inconceivable for business executives. Taking a public stand on such a divisive topic has never been done before, especially by Black corporate leaders like Mr. Chenault and Mr. Frazier, who are still outnumbered by white CEOs.
They claim that the decision to act — to gather signatures and publish a declaration of principles — was straightforward, and that they were able to mobilize fast. Mr. Chenault added, “It was not a difficult choice.” “We saw these legislation as a direct attack on our democracy.”
This made the law a business issue for Mr. Frazier and other CEOs. Mr. Frazier said, “Our firms are founded on investments we are able to make because we live in a nation where free capitalism exists.” “Democracy and free enterprise are cousins.”
Despite the fact that many of the corporate executives who came out stressed that ballot access is a nonpartisan issue, the limits were suggested in legislation introduced by Republican legislators, some of whom have vowed to penalize their firms in retaliation.
Mr. Chenault believes that this answer ignores the true problem. He said, “We may have political disagreement.” “What we need to agree on as a nation is what our core values and beliefs will be.”
Mr. Chenault went on to say that corporate executives should be led by their company’s objective when it comes to speaking out on policy or social concerns. And demonstrating does not imply abstaining from all other forms of involvement indefinitely.
“Having a seat at the table should not prohibit you from speaking up when you believe the moment is right,” he added. “Does saying I think people should have a basic right to vote exclude me from participating in discussions on a variety of other issues?” “I don’t believe it’s either/or.”
Someone recently questioned, “Did you believe the value you thought affected your management and management style?” Do you believe it made you more arrogant in your approach? That is an excellent question. And when we were doing this and the rest of the world was saying us, “You’re right, it’s working,” the value was simply another way for people to tell us we were accurate. Oh, everything is functioning fine, and we’re on the correct track. The value is increasing. Also keep in mind that our investors were the largest in the nation. They weren’t your typical financiers. They’re the finest of the best, and they’re blue chip. Yes, the value made us feel right, which made me feel like whatever style I was leading at the moment was the perfect style. So I believe it had an impact. I also believe Chase, and at some time, I believe that’s what’s being hinted at, that it may have gone to my head. I believe it did at one time.
Neumann, Adam has been silent in public about the near-collapse of the co-working business he co-founded since being driven out two years ago. However, during the DealBook Online Summit on Tuesday, he expressed remorse and attempted to correct the record.
In his first public interview since leaving the firm, he told DealBook’s Andrew Ross Sorkin, “I’ve had a lot of time to reflect, and there have been many lessons and several regrets.”
Among the errors he noticed were:
He said that WeWork’s meteoric growth — the firm was valued at more than $47 billion at its height in 2019 — may have corroded his thinking. He said, “It got to my head.” “You lose sight of the essence of your company and why it was created in the first place.”
“It was never my desire for the firm to fail,” he stated, expressing sympathy for the workers who joined WeWork only to watch their stock options plummet once the company’s worth dropped to about $9 billion.
He lamented WeWork’s overcomplicated accounting terms, such as the infamous “community-adjusted EBITDA,” which was mocked by analysts and potential investors. “It’s better to be dull when it comes to money,” he stated.
He also acknowledged to making a mistake a few years ago when he spoke too much during a 90-minute meeting with Tim Cook, Apple’s CEO. “It didn’t make any sense,” he said. “I wasn’t at the right position at the right time.”
Mr. Neumann also denied or attempted to downplay some of the more eye-catching WeWork tales that surfaced following his resignation in the interview:
He scoffed at the suggestion that he was given a golden parachute after being driven out, despite the fact that the company’s value had plummeted and hundreds of people had been laid off. “This impression that I benefitted somehow when the firm was falling down from a $47 billion value to a $9 billion valuation is simply incorrect,” he stated.
He contested the company’s claim that he sold the “We” trademark to them for $5.9 million before they tried to go public in 2019, and provided a detailed description of what he thought transpired. In the end, he expressed sorrow for how things had turned out: “I realise it sounds bad,” he remarked. “I would alter time and prevent that error if I could go back in time.”
When questioned about claims of workers drinking excessively and using drugs at WeWork events, Mr. Neumann stated, “We had a wonderful culture.” He believes the company’s culture should have evolved along with it as it grew: “I think it could’ve occurred sooner.”
Despite this, Mr. Neumann walked away with hundreds of millions of dollars and a large portion of WeWork’s stock, which went public earlier this year. (He took credit for assisting in the merging of the corporation with a special-purpose acquisition company, or SPAC.) Since then, he’s focused his own riches on a variety of enterprises, most notably bitcoin endeavors.
He did, however, provide some counsel to entrepreneurs based on his own errors. “In life, you have ups and downs,” he said. “You can use that lesson and it will be a tremendous part of your path and will become a positive thing, not a tragedy,” he added, adding that valuable lessons are learnt through difficult times.
Michael J. de la Merced (Michael J. de la Merced)
At the DealBook Online Summit, Adam Neumann spoke publicly for the first time since his departure. Credit… The New York Times’ Calla Kessler
Jamie Dimon, the CEO of JPMorgan Chase, may have played a key role in sparing WeWork from failure.
Mr. Dimon called Adam Neumann, the co-founder and former CEO of WeWork, on a Sunday in September 2019, shortly after the company had called off its initial public offering and was facing a cash crunch, as well as questions about Mr. Neumann’s leadership, and asked him to meet in the bank chief’s office, Mr. Neumann said at the DealBook Online Summit on Tuesday. Before putting the transaction on hold, WeWork had chosen JPMorgan to be the principal underwriter of its first public offering.
The encounter, which has been reported previously but which Mr. Neumann has never publicly addressed, was “impossible to forget,” according to Mr. Neumann. Mr. Dimon advised Mr. Neumann to resign at the discussion. As Mr. Neumann told Andrew Ross Sorkin of DealBook,
‘Adam, you’ve done a terrific job up to this point, but you’ll have to put the business first,’ he said. ‘Jamie, I’m always willing to put the firm first,’ I responded. ‘I believe you should resign,’ he replied. ‘You won’t be able to raise the money with you there,’ he replied. It will assist you in raising the funds even if you are not there.
“I looked up to Jamie and trusted him. “I still do,” Mr. Neumann said, adding that he hasn’t spoken to JPMorgan’s CEO in a while.
Mr. Neumann stepped down as CEO three days after their encounter, after a reportedly contentious meeting with WeWork’s board, but he remained as nonexecutive chairman for a while.
WeWork went public last month via a deal with a special purpose acquisition company, or SPAC, successfully completing the financial transaction that Mr. Neumann couldn’t, although at a value that was tens of billions lower than Mr. Neumann had envisioned.
On the day WeWork went public, Mr. Neumann said he celebrated with some of the company’s early workers. While the epidemic was difficult for WeWork, Mr. Neumann believes the company’s future is bright.
“Co-working during the coronavirus isn’t the greatest idea in the world,” he added. “In the post-corona era, when employment has moved, having a flexible workplace and community might be one of the finest ideas.”
What are your thoughts on cryptocurrencies right now, and whether or not Apple Pay will accept it? It’s something we’re thinking about. We don’t have any current plans to do so. I’d define it as there are certain things I wouldn’t do, such as our cash balance. I wouldn’t put that money into crypto, not because I wouldn’t put my own money into it, but because I don’t believe people purchase Apple shares to get exposure to cryptocurrency. So they can, you know, invest directly in crypto via other channels if they want to do that. As a result, I wouldn’t do so, and I have no plans to do so in the near future for our goods. But there are a few other things we’re keeping an eye on. What do you mean? I wouldn’t want to have anything to say today, for example. So, since you just mentioned you may not do it personally, let me ask you a different question. Do you have any Bitcoin or Ethereum cryptocurrency? Or do you experiment with it? Yes, I do. Yes, I believe it is appropriate to possess it as part of a diversified portfolio, and by the way, I am not providing anybody investing advice. When did you first get interested in it? I’ve been curious about it for a long time and have done some study on it. As a result, I find it intriguing.
While Apple may not provide people the ability to pay using Bitcoin anytime soon, its CEO has made a personal investment in it.
Tim Cook, Apple’s CEO, claimed on Tuesday at the DealBook Online Summit that he had purchased cryptocurrencies. Mr. Cook told DealBook’s Andrew Ross Sorkin, “I believe it’s appropriate to buy it as part of a diversified portfolio.” He swiftly added that he wasn’t offering investing advice.
It was a rare look at how Mr. Cook spends a piece of his multibillion-dollar wealth. He stated he’s done some crypto study and has been curious in it for “a time.” On Tuesday, the price of Bitcoin, which is notoriously volatile, reached a new high of almost $68,000.
Mr. Cook made the announcement as he said that Apple does not aim to join the rising number of large corporations that are implementing crypto into their operations. This year, Tesla, for example, started taking Bitcoin as payment for its electric automobiles and purchased $1.5 billion in the cryptocurrency to store in its corporate treasury.
Mr. Cook, on the other hand, said that with its nearly $200 billion in cash, Apple had no intentions to acquire any Bitcoin — “I don’t believe people buy Apple shares to have exposure to crypto,” he said — and that it had no ambitions to make crypto a recognized form of payment anytime soon. He remarked, “It’s not something we have imminent intentions to accomplish.”
Never say never, though: “There are other things that we are absolutely looking at,” Mr. Cook continued cryptically.
Michael J. de la Merced (Michael J. de la Merced)
I believe that as a firm, we have a duty to conduct business in as many areas as possible because I believe that business is such a powerful catalyst. I agree with Tom Watson’s statement that world peace may be achieved via global commerce. That is something I have always believed. So I believe we should focus on constructing bridges rather than bringing up the drawbridge. So I believe that’s important for business, and in terms of what we speak up about, we speak up about certain things privately and other things openly. We do it in a variety of ways. And you have to understand that there are various rules in every nation in the globe when you’re operating outside of the United States. Everyone has their own rules and traditions, which is both part of the world’s complexity and its beauty.
According to Tim Cook, Apple’s CEO, businesses have a duty to be a force for good in society. But figuring out how to do so isn’t always easy.
Mr. Cook discussed areas where he feels corporate America can and should make an impact in a wide-ranging discussion at the DealBook Online Summit on Tuesday. Mr. Cook singled out mental health, stating that not only does the subject need additional study, but that “all of us should care about developing things that benefit people’s mental health rather than playing against it.”
He referenced the iPhone’s screen time monitoring function as an example of how technology may assist individuals understand what is beneficial for their mental health. “I believe it’s awful if you’re browsing idly or allowing yourself to get spun up on negativity,” he remarked. “This isn’t good for your mental health, and it’s not good for others around you.”
Mr. Cook defended a low-key strategy, stating that Apple speaks out discreetly on areas of concern, in response to accusations that he hasn’t spoken out enough against charges of human rights violations in China. He said that the company’s obligation is to “conduct business in as many areas as we can.” That entails abiding by the rules of other nations and not ruffling too many feathers, which may cost you a seat at the table.
Mr. Cook said, “Being on the sidelines is never a nice place to be, at least for business.” “The appropriate strategy is engagement.”
Michael J. de la Merced (Michael J. de la Merced)
Top newsmakers from the realms of business, politics, and culture debate the future of technology, gender equality, the path of democracy, and life after the pandemic on the first day of the DealBook Online Summit, moderated by Andrew Ross Sorkin. To attend for free and catch up on any programs you may have missed, register here.
The following is the schedule for today (all timings are Eastern):
10:00 a.m. – 10:00 a.m.
Apple’s Tim Cook
The iPhone maker’s CEO discusses his vision for the future of privacy, payments, and the internet as a whole.
11 a.m. – 1 p.m.
WeWork’s co-founder and former CEO discusses his difficult pursuit for a workplace paradise, lessons learnt, and his next move.
2:30 p.m. – 2 p.m.
Meghan Markle, Duchess of Sussex, with Mellody Hobson, Ariel Investments
Two trailblazing women talk about how women may achieve economic and professional equality, as well as how their common experiences have shaped their views.
3:30 p.m. to 4:00 p.m.
Pfizer’s Albert Bourla
The CEO of the pharmaceutical behemoth muses on the rush to develop extremely powerful Covid vaccinations, the fight against new strains, and what life will be like after the pandemic.
4 p.m.-4 p.m.-4:30 p.m.
General Catalyst’s Ken Chenault and Merck’s Ken Frazier
Two of corporate America’s most powerful CEOs argue for expanding opportunities for minority talent and safeguarding all Americans’ voting rights.
4:30 p.m. to 5:00 p.m.
Matthew McConaughey is an American actor who is best known for his role in the
The Oscar winner, philanthropist, and self-described “poet-statesman” talks on how to fix a broken political system.
Matthew McConaughey, Actor of “Dallas Buyers Club” and “True Detective”, is speaking at the DealBook Summit in New York. He discusses how he became an actor, his thoughts on politics, and what it’s like to be a celebrity. Reference: matthew mcconaughey children.
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