Hello, readers. Amazon is $4 its maximum base salary, and a new $4 can climb stairs.
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1. Amazon is increasing its maximum base salary. According to a leaked memo viewed by Insider, the company is $4 its base pay cap for US employees, from $160,000 to $350,000.
- The bump in base salary comes as employee angst over pay recently $4 Earlier this year, insiders told us that frustration with pay is leading to more employees and executives leaving Amazon.
- Even with the pay hike, $4 According to conversations with more than a dozen employees, many feel the increase could be more of a marketing ploy than a commitment to addressing the long-simmering issue.
- "Talk is cheap," said one mid-level employee in Amazon's retail organization. "I will believe it when I see the company walk the talk."
Plus: Last year, Insider created a searchable salary database with data from more than 250 companies from Amazon to Google. $4
In other news:
2. Peter Thiel is stepping down from Meta's board. Thiel, a venture capitalist and one of the board's longest-serving members, plans to step down to focus on supporting conservative politicians in the midterm elections. $4
3. Gopuff regularly stocks its warehouses with items purchased from Instacart. In one busy East Coast region, Gopuff employees regularly spend $12,000 a month or more ordering on Instacart, former managers told Insider. $4
4. In Spotify news… A conservative-leaning YouTube rival offered Joe Rogan $100 million $4, and an investor has demanded a report on the $4. Meanwhile, Spotify's CEO said he $4, and that the platform would invest $100 million $4
5. Shopify was just granted a patent for body-measuring
6. SoftBank's sale of UK chip manufacturer Arm to US tech giant Nvidia has collapsed. The deal, which was announced back in September 2020, has been scrapped due to a host of regulatory hurdles, the Financial Times reported. $4
7. Meta says it could have to shut down Facebook and Instagram in Europe. In its annual report, the company warned that it'd consider shutting down the platforms if it can't continue transferring user data back to the US. $4
8. Nike buying Peloton could have major perks — but analysts say it's still the wrong move. Peloton is exploring the idea of a sale, and Amazon and Nike are reportedly interested. But Wall Street analysts warn that Peloton's financial losses and reputational damage make $4
9. Elon Musk's Boring Company has finished digging a tunnel in Vegas. The tunnel, which runs from the Las Vegas Convention Center to Resorts World hotel, will form part of a 29-mile tunnel network called the Vegas Loop. $4
10. A new autonomous robot could be the next big innovation in delivery. The new robots can hit a maximum speed of 12.4 mph, and can climb stairs. $4
What we're watching today:
- Earnings are expected from Pfizer, Coinbase, Lyft, Peloton, and others. $4
- Axios is hosting a discussion on $4 at 12:30 p.m. ET.
Curated by Jordan Parker Erb in New York. (Feedback or tips? Email jerb@insider.com or tweet @jordanparkererb>$4.) Edited by Michael Cogley in London.