Ever wonder why the sound of rain makes you instantly drowsy, but a ticking clock drives you up the wall? Thats because not all noise soothes the brain in the same way. Sleep sounds might seem like just background buzz, but they’re carefully engineered to allow your brain to let go. Behind every babbling brook or rainforest storm track is an intricate design meant to quiet the mind, block out distractions, and nudge you toward sleep.
As more people rely on sleep sounds to wind down, the industry behind them has surged, which is evidence of just how common this nightly ritual has become. Mediation and mindfulness app Headspace, says 51% of listeners use its sleep content (the app has been downloaded more than 70 million times).
Ozlo, a company that created bluetooth earbuds that mask noise with sleep sounds, launched its flagship product in October 2024 after a successful Kickstarter. Since then, the company has sold nearly 100,000 units worldwide. Meanwhile, platforms like YouTube and Spotify are packed with deep sleep playlists, sound baths, and endless loops of ambient noise.
Color noisewhite, brown, or pink, which emit sound energy at different frequenciescan be surprisingly effective at helping you fall and stay asleep. But we often oversimplify how they work, says Ethan Cohen, a music and sound composer at Ozlo Sleepbuds, and these sounds alone arent a cure-all.
There’s often this tendency to say, this sound does X, Y, or Z. But you don’t just press a button and conk out, he says. Theyre facilitating the conditions for healthy sleep or relaxation. Theyre giving you your best chance at sleeping well.
A lot of what makes a sound effective is personal. People tend to like certain frequency ranges based on nature, says Scott Sorenson, audio engineer for Headspace. White noise is what rain sounds likeits really high pitched. Brown noise is a much lower frequency rangeit sounds like youre underwater or even in the womb. We all have that maternal connection.
Memory plays a huge role, too. If you grew up next to a highway, the rumble of trucks might feel oddly soothing. If your childhood nights were filled with crickets and light wind, even the low hum of traffic might keep you awake. There’s a lot of preference involved based on what is happening in the person’s life and in their environment, Cohen says.
Thats why both Ozlo and Headspace have built full libraries of sleep soundsto meet people where they are. Sound composers like Cohen and Sorenson go way beyond simple static. They build immersive sound environments: layers of familiar, soothing textures help create a feeling of safety and ease, quietly occupying the mind just enough to help you drift off.
Inside the craft of sleep sound design
Building the perfect sleep sound is part science, part art. And most sounds are designed to serve two main purposes: mask disturbances (like traffic or snoring), and calm the mind.
Ozlos most popular request is for sleep maskssounds built specifically to block out noisy environments. To design one, Cohen studies how these external sleep disturbances sound at a frequency level. I look at what the noise sounds like on its own. Then what it sounds like once our headphones are sitting in your ears, he says. From there, he builds layers to cover the gaps, often at a similar frequency as the offending sound.
The goal is that any time an external sound is also heard, it just blends into that bed of sound, he says. Were gently raising the threshold of what sounds a person is hearing so that if something does bubble up in their external environment, nothing pokes through the quiet and causes a disturbance.
Calming tracks that quiet racing thoughts take a slightly different approach. Instead of just covering up noise, they aim to transport you somewhere elsesomewhere your brain instinctively feels safe. It should evoke positive or calming memories, says Cohen.
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Sorenson describes this process as constructing an audio diorama: layering field recordings, ambient noise, and subtle musical motifs to build a miniature world for a listeners mind to explore. I want to create things that are hidden inside of the sound. That if you listen, you can peel back the layers and go deeper and deeper, he says. That kind of mindset allows the mind to drift into that other space when we sleep.
Right now, Cohen is working on re-creating the experience of being on a train. He started with a field recording he made on a recent ridethat becomes the foundation. Then, he gets deeper to fill in the gaps that the audio didnt pick up: What materials is the train made out of? Does it feel like a safe, well-running train? Does it feel crowded? he asks. Every detail matters, even if listeners dont consciously recognize it.
Once he sets the scene, Cohen begins layering in other sounds: rain tapping against the window (either digitally created or carefully edited from a sample), the soft chatter of other passengers, intermittent gusts of wind, the distant call of a train horn. Those will all be separate elements that I’m mixing together to create a sense of realism, he says.
Keeping the brain engagedbut not awake
Even though personal preference shapes what we find soothing, good sleep sounds share a few key traits.
First: predictability. A well-studied aspect of what makes something relaxing is that there’s formal predictability, says Cohen. There won’t be anything that is surprising or shocking or jolting in the experience. Think about how a sudden car alarm or barking dog snaps you wide awake.
But too much predictability backfires. If it’s too simple, too monotonous, it becomes annoying, says Sorenson. Think of the maddening tick of a clock or rhythmic drip of a faucet. The best sounds strike a balance: steady enough to be calming, but varied enough to keep your brain gently engaged. Rain is a classic example. If you listen to the rain, there’s an immense amount of randomness and variation within a larger predictable phenomenon, says Cohen.
[Images: Courtesy of Headspace]
Another detail most listeners wont consciously notice: the key of the music itself. Sorenson has found that sleep sounds built around major keysrather than minor onestend to feel lighter and more relaxing.
The best sleep sounds don’t just drown out the worldthey create a new one that’s easy to get lost in. And right now, theyre one of the gentlest tools we have to improve sleep. In a world obsessed with quick fixes, Sorensen says, theres something powerful about finding rest through creativity, memory, and sound.
Art is important. Sound and music have a healing effect on people, says Sorenson. Potentially at some point, there could be a pill for everything. But right now, this is what we have.
Digital banking fintech firm Chime disclosed a rise in 2024 revenue in its IPO filing on Tuesday for a long-awaited U.S. stock market launch.
Financial technology companies have increasingly entered the U.S. lending space, aiming to wrest market share from major players such as JPMorgan Chase, Bank of America and Citigroup.
Chime’s revenue rose to $1.67 billion in the fiscal year ended 2024, up from $1.28 billion, a year earlier.
The IPO window has reopened as markets recover sharply amid progress in trade talks, offering companies an opportunity to list their shares after months of turbulence driven by tariffs.
A strong debut by Chime could pave the way for other IPO candidates, particularly in the technology sector, to move forward with their listings.
“We led the 2017 Series B when few Silicon Valley investors believed, driven by our conviction that Chime could become a category-defining company,” said Simon Wu from Cathay Innovation.
“Today’s IPO filing marks an exciting new chapternot just for Chime, but for the future of inclusive, technology-driven consumer finance.”
San Francisco-based Chime, cofounded by Chris Britt and Ryan King in 2012, provides financial services via a mobile app.
The company has raised $2.65 billion from private investors since its inception, according to data from PitchBook. Its last fundraise round attracted high-profile investors including SoftBank Investment Advisers, General Atlantic and Tiger Global Management.
In August 2021, Chime achieved a valuation of $25 billion during a fundraise. However, the company did not disclose the number of shares it intends to sell or the estimated price band for its listing.
The startup will trade on the Nasdaq Stock Exchange under the ticker symbol “CHYM”.
Morgan Stanley, Goldman Sachs and J.P.Morgan are heading a syndicate of Wall Street investment banks chosen to underwrite the offering.
Jaiveer Shekhawat and Manya Saini, Reuters
Ikea just debuted its first-ever rewards program for customers in the U.S., and it could mean a major discount on your next plate of Swedish meatballsor even a price cut on a new vintage-inspired piece of furniture.
The rewards program launches today, and it allows shoppers to accrue points for a range of actions and then redeem them for various discounts. The rewards are a free add-on to Ikea Family, the stores existing loyalty program (which is also free to join and currently boasts around 24 million members). Any current members of Ikea Family will automatically be enrolled in the rewards program, and new members who sign up will start earning points automatically.
Like most rewards programs, the points system is designed to give shoppers a feel-good boost every time they interact with the Ikea brand. For a company that thrives on cultivating a dedicated fan base through frequent product drops, a store layout designed to cultivate an experience, and plenty of nostalgic callbacks, its a move that feels like it’s been a long time coming.
New system reflects how consumers expect to shop
Currently, members of Ikea Family gain access to a few benefits including reduced delivery fees, discounts on certain products, complimentary in-store beverages, and free in-store workshops. According to Nicole King, customer engagement and loyalty manager at Ikea U.S., the new rewards are meant to recognize and add more value for this core set of Ikea devotees. The U.S. will join Ikea stores in Portugal, Australia, and Italy, which have already introduced the rewards program to shoppers.
We are working to create a more accessible and convenient retail experience for our customers, King says. Meeting them with a rewards offer that allows them to earn points for interacting with Ikea reflects how consumers expect to shop today.
How the Ikea rewards points work
There are a variety of ways that members can earn points. To start, every dollar spent online and in person equals 1 point; sharing a gift registry earns 10; and logging into an online account or saving a wish list scores 25. Bigger actions like attending an Ikea event, creating an Ikea Family profile, or making a gift registry garner 50 points.
As these points tally up, they can then be redeemed for a range of perksthough it might take some time, or a lot of aspirational online shopping, to earn anything substantial. At 65 points, members can grab free food at the Ikea Restaurant and Bistro; 175 points allows for a $5 discount on product purchases. And starting at 350 points and more, members can receive $10 off delivery. Beyond 350 points, King says, other potential earnings could include $20 off a product or delivery and $50 off an assembly service.
Rewards from Ikea Family is based on helping customers bring their ideas to life throughout the journey of dreaming, planning, and implementing their projects, King explains. Its the first step in redefining how we work with loyalty and member engagement in order to enable and sustain a lifetime value for both members and Ikea.
The new program won’t exactly reinvent the wheel, but it might just help draw Ikea’s cult following even closer.
President Donald Trump told Gulf leaders on Wednesday he urgently wants “to make a deal” with Iran to wind down its nuclear program but Tehran must end its support of proxy groups throughout the region as part of any potential agreement.Iran “must stop sponsoring terror, halt its bloody proxy wars and permanently and verifiably cease pursuit of nuclear weapons,” Trump said in remarks at a meeting of leaders from the Gulf Cooperation Council hosted by Crown Prince Mohammed bin Salman in the Saudi capital. “They cannot have a nuclear weapon.”The U.S. and Iran have engaged in four rounds of talks since early last month focused on Iran’s nuclear program. Trump has repeatedly said that he believes brokering a deal is possible but that the window is closing.The Republican president’s strongly worded push on Iran to cease support of Hamas in Gaza, Hezbollah in Lebanon and the Houthis in Yemen come as its proxy network has faced significant setbacks in the 19 months since Hamas launched its Oct. 7, 2023, attack on Israel.In Iran, Foreign Minister Abbas Araghchi called Trump’s remarks “deceitful” but did not directly address the U.S. leader’s call on Iran to cease support of proxy groups.Trump added that he believed the moment was ripe “for a future free from the grip of Hezbollah terrorists.” Hezbollah is severely weakened after its war last year with Israel in which much of its top leadership was killed, and after losing a key ally with the fall of former Syrian President Bashar Assad, a conduit for Iran to send arms.
Lifting sanctions on Syria
Trump’s comments on Iran came after he met Wednesday with Syrian President Ahmad al-Sharaa, a face-to-face engagement with the onetime insurgent leader who spent years imprisoned by U.S. forces after being captured in Iraq.Trump agreed to meet al-Sharaa at the end of his stay in Saudi Arabia. He was headed next to Qatar, where he will be honored with a state visit. His Mideast tour also will take him to the United Arab Emirates.Al-Sharaa was named president of Syria in January, a month after a stunning offensive by insurgent groups led by al-Sharaa’s Hayat Tahrir al-Sham, or HTS, stormed Damascus and ended the 54-year rule of the Assad family.Trump said he decided to meet with al-Sharaa after being encouraged to do so by Prince Mohammed and Turkish President Recep Tayyip Erdogan. He also pledged to lift yearslong sanctions on Syria.“The sanctions were really crippling and very powerful,” Trump said. “It’s not going to be easy anyway, so it gives them a good, strong chance” to rebuild the country, he added.Prince Mohammed joined Trump and al-Sharaa for the meeting, which lasted 33 minutes. Erdogan also took part in the talks via video conference.The prince said Trump’s decision to engage with al-Sharaa and lift the sanctions will “alleviate the suffering of the Syrian people” and spur a “new chapter” for the nation.Formerly known by the nom de guerre Abu Mohammed al-Golani, al-Sharaa joined the ranks of al-Qaida insurgents battling U.S. forces in Iraq after the U.S.-led invasion. He still faces a warrant for his arrest on terrorism charges in Iraq. The U.S. once offered $10 million for information about his whereabouts because of his links to al-Qaida.Al-Sharaa returned to his home country of Syria after the conflict began in 2011 and led al-Qaida’s branch called the Nusra Front. He changed the name of his group to Hayat Tahrir al-Sham and cut links with al-Qaida.The sanctions go back to the rule of Assad, who was ousted in December, and were intended to inflict major pain on his economy.Both the Biden and Trump administrations left the sanctions in place after Assad’s fall as they sought to take the measure of al-Sharaa.
State visit to Qatar
After meeting with members of the GCCwhich includes Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab EmiratesTrump was heading to Qatar, the second stop in his Mideast tour.Qatar, like the other Gulf Arab states, is an autocratic nation where political parties are banned and speech is tightly controlled. It is overseen by its ruling emir, Sheikh Tamim bin Hamad Al Thani. Sheikh Tamim took power in June 2013 when his father stepped down.Qatar has also played a central role in pay-to-play-style scandals around the globe.In Israel, authorities are investigating allegations that Qatar hired close advisers to Israeli Prime Minister Benjamin Netanyahu to launch PR campaigns to improve the Gulf nation’s image among Israelis.Two European Union lawmakers were accused of taking money from Doha in a scandal dubbed “Qatar-gate.” U.S. prosecutors in 2020 accused Qatar of bribing FIFA executive committee members to secure the tournament in the country in 2022.In 2024, RTX Corp., the defense contractor formerly known as Raytheon, agreed to pay more than $950 million to resolve allegations that it defrauded the U.S. government and paid bribes to secure business with Qatar. Doha always has denied wrongdoing.Qatar follows an ultraconservative form of Sunni Islam known as Wahhabism born out of Saudi Arabia. However, Qatar struck a different tack in the Arab Spring by backing Islamists, including Egypt’s Muslim Brotherhood and former Egyptian President Mohammed Morsi, as well as those who rose up against Assad.Its support of Islamists, in part, led to a yearslong boycott of the country by Bahrain, Egypt, Saudi Arabia and the United Arab Emirates. That boycott only ended as then-President Joe Biden prepared to enter the White House in 2021.Qatar also has served as a key mediator, particularly with the militant group Hamas as the international community pursues a ceasefire for the Israel-Hamas war in the Gaza Strip. Qatar also served as host of the negotiations between the United States and the Taliban that led to America’s 2021 withdrawal from Afghanistan.Qatar is home to Al-Udeid Air Base, a sprawling facility that hosts the forward headquarters of the U.S. military’s Central Command.The oil-rich country is also in the center of a controversy over its offer to provide Trump with the gift of a luxury Boeing 747-8 that the U.S. could use as Air Force One while new versions of the plane are under construction by Boeing.The Qatari government has said a final decision hasn’t been made. But Trump has defended the idea even as critics argue it would amount to a president accepting an astonishingly valuable gift from a foreign government.Trump has indicated he would refurbish the aircraft and it would later be donated to his post-White House presidential library. He says he would not use the plane once he leaves office.
AP writers Suzan Fraser in Ankara, Turkey, Tia Goldenberg in Tel Aviv and Nasser Karimi in Tehran, Iran contributed.
Zeke Miller, Jon Gambrell and Aamer Madhani, Associated Press
The day has finally arrived for those hoping to get in on shares of crypto and stock trading firm eToro Group Ltd. The fintech company is holing its initial public offering, with its shares expected to begin trading on the Nasdaq Wednesday after a monthslong delay. Heres what you need to know about eToros IPO.
What is eToro?
eToro is a brokerage company. The fintech firms official name is eToro Group Ltd., and it offers a trading platform for people to buy and sell stocks, cryptocurrencies, and other assets.
In the financial services space, eToros more traditional competitors are the likes of Charles Schwab, Fidelity, and Vanguard. However, because eToro is a digital-first company, it more closely resembles other digital-first trading platforms like Robinhood.
But eToro has some differentiating features that set it apart from other trading platforms. The platform is perhaps most well-known for its CopyTrader feature, which allows eToro users to follow other traders and mimic their trades. The idea behind this feature is that it could help novice traders invest more successfully by replicating the moves of more seasoned investors.
Despite going public now, eToro has actually been around for a while. The company was originally founded in 2007. It is headquartered in Tel Aviv, Israel, and has offices around the globe.
eToro has a long history of attempted public offerings
Today is the first time that eToro has gone public, but its not the first time the company has tried to.
As noted by CNBC, the company originally tried to go public via a merger with a special purpose acquisition company (SPAC) in 2022. SPACs were all the rage in the early pandemic years, but by 2022, they had started to wane as equity markets took a fall.
Then in March of this year, eToro announced its intention to go public againthis time via a traditional initial public offering (IPO). While eToro at the time did not give a date for its IPO, it was assumed that it would happen relatively quickly.
But eToros IPO announcement at the end of March couldnt have been more badly timed. It was announced little more than a week before President Donald Trump announced his disastrous Liberation Day tariffs, which sent stock markets around the world tumbling.
In April, eToro chose to delay its IPO. However, in early May, as Trumps trade war stance had begun to soften, Bloomberg reported that eToro was once again on the cusp of launching its IPO.
And now it’s doing just that.
eToro by the numbers
On May 5, eToro filed an updated Form F-1 with the U.S. Securities and Exchange Commission (SEC). This form is little changed from the earlier F-1 the company filed in March. In the F-1, eToro reported the following metrics as of December 31, 2024:
A global footprint that spreads across 75 countries.
Approximately 3.5 million Funded Accounts.
Net Contribution of $787 million (up 41% from $557 million in 2023).
Total Commission of $931 million (up 46% from $639 million in 2023).
Net income of $192 million (up 1,161% from $15 million in 2023).
Adjusted EBITDA of $304 million (up 159% from $187 million in 2023).
As noted by CNBC, eToro makes its money by charging fees on associated trading transactions, including buy and sell orders, withdrawals, and currency conversions.
When is eToros IPO?
eToros priced its shares on Tuesday. It is expected to begin publicly trading today (Wednesday, May 14, 2025).
What is eToros stock ticker?
eToros stock ticker is ETOR.
What exchange will eToro shares trade on?
eToro shares will trade on the Nasdaq Global Select Market.
What is the IPO share price of ETOR?
The IPO price of ETOR shares is $52, according to a company press release. This exceeds the high end that eToro originally said it was going to sell its shares for.
In its F-1 filing, the company said it had planned to sell its shares between $46 and $50 apiece.
The higher IPO price suggests that eToro believes there is more substantial demand for its shares than originally thought.
How many ETOR shares are available in its IPO?
In total, eToros IPO offered 11,923,018 Class A common shares for sale.
Nearly six million shares were sold directly by eToro, with most sold by existing eToro shareholders.
How much did eToro raise in its IPO?
Though roughly 11.9 million shares were available under eToros IPO, the company will not receive the proceeds for half of them, because existing private shareholders are selling those shares.
That leaves 5,961,509 from which eToro profited. Selling those 5.9 million shares for $52 each netted eToro around $310 million.
How much is eToro worth?
At its $52 IPO price, CNBC says eToro now has a market cap of approximately $4.2 billion.
The hottest parties right now are happening in the metaverse.
VRChat, a video-game-like social platform hosted in virtual reality, saw more than 130,000 people in attendance on New Years Day 2025, according to a VR culture blog. Before 2020, VRChat had hardly seen more than 20,000 concurrent users, according to Wired.
While virtual clubbing began in the early 2000s on platforms like Second Life, VRChat, and AltspaceVR, the COVID-19 lockdowns brought a new wave of virtual ravers as traditional nightclubs closed and people looked for online alternatives. Today, VR clubbers line up each week for dozens of fully immersive virtual parties hosted across the U.S., Europe, and Asia.
Thanks to major advances in motion tracking, haptic suits, and customizable avatars, people can now dance to popular DJ sets and socializeall without leaving their homes.
Aside from the up-front hardware cost, events are free. But, like popular in-person clubs, there are often long lines for the most in-demand virtual nights, which are usually limited to around 80 guests due to software constraints.
VR clubbing carries its own risks. Psychiatrists and ER doctors have reported some attendees going on digital benders, partying to the point of total exhaustion, according to Psychology Today. One partier told Wired hes had friends hospitalized after binge-drinking on VRChat. Another said he partied for nearly 12 nights straight last Augustwithout once stepping outside his apartment.
Still, virtual partying has its perks. If the musics too loud, you can just turn it down. Ready to go home? No need to worry about Ubers or navigating public transport at 3 a.m. Personal safety and harassment are also less of a concern. Wired spoke to a trans woman from rural Ohio who described VRChat as offering a safer environment than a real-life club setting, adding, the music is better than at the clubs in Ohio.
In the article’s comments, a middle-aged IT manager shared how she and her fiancé, who met in VRChat, now spend their weekends dancing in VR instead of going out, noting, At the end of the night we just take off the headsets and go to bed.
REI has long enjoyed a reputation as a progressive company that promises strong benefits and promotes a culture of inclusion and sustainability. As a consumer cooperative, the outdoor retailer has also eschewed a typical corporate structure.
But in recent years, against the backdrop of a union drive, some workers have described a culture at odds with REI’s purported values. Despite successful union efforts at 11 of its 180 total stores, REI workers have not managed to successfully negotiate a contract with the company. The National Labor Relations Board is also currently looking into dozens of unfair labor practice charges brought by workers. Last week, REI members voted against the company’s slate of board candidates, following a union campaign urging them to protest that REI did not allow labor-backed candidates on the ballot.
A new report from the National Employment Law Project finds that many REI workers say they have encountered discrimination on the job. In a survey of 219 workers across 10 unionized stores, nearly half47%said they had witnessed or experienced some kind of racial discrimination. Among workers of color, one in five said they had personally faced discrimination at the company.
In a statement to Fast Company, REI said the following: “Discrimination has no place at REI. The safety, well-being, and inclusion of our 15,000 employees are non-negotiable priorities for our co-op. We take any concerns about our work environment seriously, including those expressed by the 219 survey respondents. REI has strong policies, procedures and resources in place to help prevent bias and foster a workplace where all individuals are treated with dignity and respect.”
REI’s own accounting of its demographics indicates the company has struggled to attract and retain Black and Latino workers. In its 2023 Impact Report, the company said 3.3% of its retail workforce was Black, while 9.6% identified as Hispanic and 6% as multiracial. REI acknowledged that the company was “not as racially diverse as the communities we serve.”
Many workers surveyed by NELP also claimed that the company’s DEI strategy had been noticeably pared back since 2021, and that REI’s commitment to conducting racial equity trainings and investing in other initiatives to promote inclusion had wavered. (The company had brought on a chief diversity and social impact officer in 2021 but reportedly eliminated her position when she departed in 2023.)
“Diversity, equity and inclusion are foundational to who we are as a co-op, and we recognize that building a truly inclusive business is an ongoing journey,” REI added in its statement to Fast Company. “We remain committed to learning, improving, and driving meaningful progress. Our goal is to ensure that every employee feels valued, respected, and able to bring their whole self to workevery single day.”
The workers surveyed by NELP suggested that one reason REI has struggled to maintain a more diverse workforce is because people of color were more likely to be disciplined or pushed out of their jobs. Over 30% of workers of color alleged they had witnessed or experienced racial discrimination in layoffsand REI’s own data on termination rates in 2022 showed higher rates of termination among employees of color and especially Black workers. Many workers of color (29%) also claimed to have seen or personally faced discrimination in the company’s promotion practices.
While employees have reported decreased staffing across the company following a reorganization in 2023, workers of color were much more likely to be scheduled for shorter shifts or fewer hours per week. According to the NELP report, 64% of REI’s workers of color logged fewer than 20 hours a week on average, as compared to 38% of their white counterparts. Over half of workers of color also said they want to work more hours, while only 41% of white workers said the same.
Workers also expressed concerns over other types of workplace discrimination: They recounted instances of alleged gender bias, discrimination against transgender workers, and issues with accommodations for workers with disabilities.
Fewer than one in 10 workers told NELP they believed REI took adequate action in response to discrimination, whether racial in nature or otherwise. Amid ongoing negotiations over a union contract, some employees also allege they have faced retaliation for speaking out about their working conditions and taking protected actions like walking out on the jobclaims that are in line with reports that the company has taken a strong position against unionizing efforts.
Perhaps most notably, however, a majority of workers surveyed believe that REI is no longer living up to its reputation as a progressive employerwith 64% of them saying it is becoming a worse place to work.
Its feeling like the end of an era. On May 8, Bill Gates announced plans to sunset the Gates Foundation, the standard-bearing charitable organization he started with his now ex-wife Melinda French Gates 25 years ago. The foundation is set to give away more than $200 billion over the next 20 years, including virtually all of Gatess $112 billion fortune, before winding down in 2045. Gates revealed the plans shortly after longtime Foundation ally Warren Buffett announced hell be retiring from Berkshire Hathaway this year, leaving his own $160 billion fortune to a charitable trust, which his children are to disburse within a decade of his death. Now everythings about to change.
The announcements from both Gates and Buffett mark a dramatic shift in the world of philanthropy. They point toward a near-future when the two most visible benevolent billionaires of the 21st century will have put their last-ever dollars toward humanitarian causes. Considering that 2025 is a volatile, transitional time for the billionaire class and humanitarian efforts in general, its unclear whether a new wave of ultrawealthy philanthropists will emerge to continue their work.
The idea of billionaires giving back has been part of American lore since Andrew Carnegie and John D. Rockefeller started donating from their massive industrialist fortunes in the late 1800s. The Gates Foundation took it to a new level, however. With a cumulative $43 billion in assistance from Buffett since 2006, the foundation has spent $100 billion in 25 years to bring vaccination and other treatments to some of the worlds poorest areas, preventing the spread of infectious diseases like HIV and malaria. Beyond their own contributions, though, the foundations leaders hoped to spur a sense of moral obligation in their fellow billionaires.
The Giving Pledge era
In 2010, inspired by Carnegies essay, The Gospel of Wealth, Buffett, Gates, and French Gates introduced the Giving Pledge, whose signatories publicly promised to donate more than half their total wealth to charitable causes. It was more than just a way to shame some of the worlds richest people into stepping up their generosity; by getting 240 titans of tech and other industries to sign on, the founders helped promote and normalize the idea that giving away a huge fortune is more impressive than building one.
By 2015, when signees Mark Zuckerberg and Priscilla Chan committed $45 billion to their own charity, philanthropy appeared to be in fashion.
Not all of the worlds billionaires had signed on, though. Notable absences included Mark Cuban, Jeff Bezos, and Googles Sergey Brin and Larry Page. Of those who did sign the pledge, some seemed to take advantage of its lack of accountability. Elon Musk stayed quiet about his philanthropic activity after signing, before donating $5.7 billion to his own foundation in 2021. Other signees signaled that they were waiting to leave huge donations in their wills eventuallya move that is easy to back out of and ignores all near-term humanitarian needs.
Of course, many of those who signed the pledge ultimately ended up lumped together with those who didnt. As wealth inequality became an increasingly hotter topic in the late-2010s, the concept of billionaire benevolence came under closer scrutiny.
No trust in charitable trusts
While some billionaires sincerely strive to help as many people as possible with their philanthropy, its no secret that others seem to merely use their philanthropy to help themselves. Some treat their foundations as tax shelters, either to avoid paying estate taxes on an inheritance or to claim deductions immediately and then slowly dole out funds over decades. Others use it as a mechanism to launder their reputations. The Sackler family, for instance, donates enormously from its vast pharmaceutical fortune, perhaps in the hope that more people will remember what they gave to museums, rather than their contributions to the opioid epidemic.
As the decade ended with Donald Trump, still in his first term as president, becoming legally barred from operating a charitable organization in New York over his misuse of funds, many Americans could be forgiven for entering the 2020s with a more cynical view of billionaire philanthropy.
Whatever shred of Giving Pledge goodwill still clings to the collective reputation of billionaires in 2025 is now hanging on by a thread. Trump has stocked his second administration with billionairesand put Musk, the worlds richest man, in charge of rooting out government waste. One of Musks first moves after Trumps inauguration was to dismantle the U.S. Agency for International Development, which provides humanitarian aid for millions around the globe.
If ever there were a moment for benevolent billionaires to demonstrate a commitment to doing tangible good with their philanthropy, its right now. A Harris poll from last August indicates Americans would love to see it, too, with 68% agreeing that billionaires have an ethical responsibility to address humanitarian crises happening around the world.
The path forward
So, what will the next era of billionaire benevolence look like? As much as the Gates Foundation has performed life-saving, landmark work over the past quarter century, the organization has not been without its issus. Gates and Buffett reportedly disagreed on how the foundation should be managed toward the end, with Buffett warning about the dangers of arrogance, bureaucracy, and complacency in any large organization, while French Gates exited the foundation to pursue philanthropy in her own way in 2024, three years after her divorce from Gates. Since then, French Gates has joined MacKenzie Scott in charting a new path forward for philanthropy.
Scott, who dissolved her marriage to Jeff Bezos in 2019, has given over $19 billion to nonprofit organizations in recent years. The red-tape-shedding speed of her donation spree has dramatically outpaced traditional foundations, underscoring the urgency of philanthropic work. Going the decentralized route has freed up Scott from all the business of keeping a foundation running in perpetuity, and French Gates has followed her example, donating funds through her investment company, Pivotal Ventures, rather than launching a new foundation.
Although critics argue that this approach fails to provide long-term stability to the organizations the donor assists, it avoids getting bogged down in the board-approved details that can forestall or derail a donation. (By charting an end date for the foundation that bears his name, Gates himself now seems to acknowledge that actually applying funds is more important than keeping the coffers filled forever.)
The new way forward for benevolent billionaires might also involve a no-strings-attached approach. While some foundations tend to get bogged down in micromanaging how their funds are disbursed, Scott has given the organizations she donates to free rein. According to her website, Yield Giving, Scotts donations have gone to more than 2,450 nonprofit teams to use as they see fit for the benefit of others. Critics contend this laissez-faire approach leaves nonprofits ill-equipped to handle Scotts donations, but a three-year study from the Center for Effective Philanthropy suggests otherwise. French Gates seems similarly engaged in trust-based philanthropy, reportedly asking some donation recipients to make their own decisions on how best to allocate her funding.
As for which kinds of organizations they donate to, Scott and French Gates are unapologetically driven by and focused on their own values. In a moment when all causes related to gender and equality have been demonized, they remain steadfast in their commitment to advancing womens power at home and abroad. Similarly, Laurene Powell Jobs balances marquee philanthropy, like her recent $3.5 billion pledge toward climate action, with smaller values-based acts like giving grants to local leaders for community projects. Meanwhile, some organizations, including the Chan Zuckerberg Initiative, have scrubbed their charitable works of seemingly anything that could be categorized as DEI.
The Giving Pledge movement wasn’t perfect, but it set a humanitarian benchmark and challenged the ultrawealthy to meet it. The culture of heavyweight charity it fostered created high expectations for billionaires, even if it failed to hold them to account upon not meeting them. A performative donation is still a donation, after all.
There are now more billionaires than ever, with nearly four new ones minted per week in 2024. Perhaps some of them will go on to forge the next iteration of the Giving Pledge, kicking off a new era of high-profile philanthropy and inspiring more MacKenzie Scotts. Considering the state of things in 2025, it sure looks like were going to need it.
Over the past few weeks, Ive traveled across the U.S. and Europe, attending back-to-back leadership conferences. These werent your average networking events; they were filled with C-suite executives asking difficult questions in a particularly charged moment: Whats next for DEI? How do we adapt and innovate when it comes to AI? How do we steer employees in a politically divided country? On stage, speakers repeated polished points, but to me, the most important part of what these gatherings offered wasnt the panel talksit was the smaller, informal meetings taking place, the standing around high-tops, and the walks to the various meals.
In these candid conversations, leaders spoke with a level of candor and vulnerability that there isnt always room for at the office. Some asked questions, others gave answers. What unified us all was a strong desire for connection, a resolve to make sense of the world together. Todays leaders are seeing the status quo rapidly dissolve and are looking for support and guidance. As often as not, theyre finding it in one another, not in town halls or board meetings.
At one conference I attended, an impromptu group debate over what it means for a brand to have a literal voice in the age of AI prompted a CMO to leave that session committed to developing a sonic identity for their brandnot because of extensive market research, but because of a single peer-driven conversation. More and more frequently, I see firsthand the necessity for executives to have a trusted community to turn to for advice.
No Longer Just a Nice-To-Have
Todays leaders need more than strategy decks. As we face political uncertainty, technological advancements, and cultural shifts, in this landscape, no leader can afford to try to go it alone. Yet, unfortunately, many leaders are, in fact, just thatalone.
Im no stranger to navigating executive circles, but even after years, walking into rooms with industry leaders can still be intimidating. No matter how confident you are, it still takes genuine vulnerability to approach someone, introduce yourself, and initiate a meaningful conversation. This discomfort isnt unusual: many executives Ive spoken to, regardless of their tenure, have expressed feeling awkward or isolated. A recent survey found that over 70% of CEOs experience work-related loneliness, and according to former U.S. Surgeon General Vivek Murthy, feeling lonely at work reduces task performance, limits creativity, and impairs other aspects of executive function such as reasoning and decision making.
In a time where clarity and creativity are crucial, building connections is now more necessary than ever. But the reality is, building connections takes work, and it can often be uncomfortable. The benefits are worth it, however, and for lonely or struggling executives, theres cause to be hopeful. Ive personally seen how many leaders openly embrace community and look out for one another, and Ive also seen how quickly things can change for the positive when leaders get themselves into the right rooms. The ability to speak openly, share notes and experiences, and weigh pros and cons with peers before making decisions is a lifeline.
The real value
The true value of these communities is deeper than getting access to prestigious circles or hitting a flashy number of followers or connections on LinkedIn. Rather, they help leaders grow and thrive by providing:
Space for vulnerability: Real conversations happen away from external pressures to perform. These communities invite leaders to be authentic, honest, and ask the hard questions.
Shared experiences: A group that can relate to your experiences and open opportunities for growth. Whether youre looking for new marketing strategies or ways to optimize your product pipeline, it helps to speak with those who get it.
Fresh perspective: Cross-industry conversations can spark new ideas and remove tunnel vision. A first-time fintech founder might have something to learn from a seasoned executive at a legacy brand, and vice versa.
Strength in numbers: Community provides the collective courage to act together, especially during difficult moments. Youll also get the comfort of knowing others around you are also trying to figure things out, and are willing to help you on your journey.
Even though the benefits of community are clear, it can be challenging to know how to find one for yourself. The types of trusting, deep relationships Im talking about arent fostered overnight or over Slack. It takes intentionality to grow your village. If youre wondering how to begin, Id start with the below.
Six Ways to Build Peer-to-Peer Connection
Be curious. Make a concerted effort to learn about others. Ask better questions, listen more deeply, and follow up in a way that shows you paid attention.
Prioritize depth over breadth. Its not all about the numbers. Five deep contacts who truly care about you and your success are better than 100 surface-level connections who dont.
Attend curated events. Not every conference is worth your time. Carefully select rooms where the guest list and topics align with your interests and where you have the most to contribute.
Give first, give often. Generosity builds trust, so focus on what you can do for others, not the other way around. From advice to introductions, share whatevers in your tool kit.
DIY. Its not always about receiving an invite. Sometimes, its better to send one. Whether its a monthly dinner, biweekly Zoom call, or simply a private group chat, consistency is key. Remember: you can always build your own table.
Lean into vulnerability. You cant earn trust without taking a risk. Be open and honest, and others will follow.
A Call to Lead Together
Often, leaders only prioritize communities in times of crisis and have to scramble to find the support they need. But the most important relationships arent built overnight, and its even more difficult to forge them when the pressure is already mounting.
Thats why the time to invest in community is now. Leaders should prioritize building connections just as intentionally as they do other aspects of their work. The future of business will be determined by those who connect and collaborate, and those who have built the trust required to make an emergency call at an odd hour.
If youre a leader, ask yourself today: Do you have a circle you can turn to when the stakes are high? If not, start creating one now. Start with just one conversation, and keep the momentum from there. Trust is built over timedont waste any more of it.
Welcome to Pressing Questions, Fast Companys workplace advice column. Every week, deputy editor Kathleen Davis, host of The New Way We Work podcast, will answer the biggest and most pressing workplace questions.Q: How do I make a good first impression?A: Since this is a work-life advice column Ill focus mostly on how you can make a good impression at work, but many of these tips work for other situations in life.
Be interested: Ask questions
Its a simple truism of most conversations and human interactions: People like to feel like they’re interesting and important. If you know whom youll be meeting, you can go one step further and do a little research in advance. Job candidates who ask questions about the interviewers own time at the company show that they are interested in both the company and the person they hope to work with. The same goes for meeting potential clients, networking connections, etc.Regardless of if you have the chance to prep or not, you can listen to little conversational doors and jumping-off points to be curious and dig further. Most people casually give little details as they talk. Be a good listener and you can ask a follow-up question that shows you’re engaged. In a world where most people are distracted, overwhelmed, or self-absorbed, paying attention goes a long way.
Be interesting: Say something memorable
While you should be a good listener and ask questions, you wont make a good impression if you don’t say anything of interest. Sharing an interesting did you know fact related to what you are talking about goes a long way.
Its a little harder to plan for this, and you certainly dont want to throw in a random non sequitur. But if you’re generally well-read and well-informed, hopefully a natural opportunity to mention something relevant will present itself.
Be helpful
People like others who help them. Fast Company contributor and psychologist Art Markman says starting your time with a new team by helping others reinforces a favorable first impression and also generates a sense of support from people you can rely on when you need help in the future.
He calls this a service mindset and says its particularly valuable for people taking on management roles. A leader who finds ways to help their team achieve their goals can develop loyalty from the people who report to them, which pays significant dividends down the line, he explains.
If youre not a manager, you can make a good impression at a new job by being proactive and developing your own plan for your first 90 days. It will help you to have goals laid out so you dont feel as lost and will make a great impression on your new boss and colleagues.Being helpful works in other areas to make a good first impression, too. If someone you are talking to mentions a problem they are having, following up with a recommendation will make a lasting impression.Want more advice on how to make a good impression? Here you go:
Four easy ways to make a memorable first impression
How to make a good first impression when starting a new job
3 ways to create a good first impression at your new job
2 surprising science-backed ways to make a great first impression (even virtually)
