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CBS News plans to imminently cut dozens of employees as Bari Weiss remakes the broadcast network

CBS News is planning to shed dozens of staffers as top editor Bari Weiss reshapes the storied broadcast network, Business Insider has learned.

The network plans to announce the layoffs imminently, a source with direct knowledge told Business Insider.

Weiss foreshadowed these cuts some weeks ago, telling CBS News employees at a late-January all-hands meeting that a “tsunami of technological change” could force staffing changes at the network.

“I can’t stand up here and tell you that in a moment of incredible transformation that that’s not going to mean transformation of our workforce,” Weiss told staffers at the town hall.

When asked about specific personnel changes at the town hall, Weiss said CBS needs to shift away from undifferentiated “commodity news” toward exclusive reports that people “can’t get anywhere else.”

“If you can get what we’re selling in five other places, in 10 other places, in 100 other places — that’s probably not a thing we need to double down on,” Weiss said.

Eleven employees on “CBS Evening News” took buyouts last month as former “CBS This Morning” cohost Tony Dokoupil became anchor, multiple outlets reported. Business Insider could not independently confirm the figure.

CBS News is also growing in certain areas. The broadcast network brought on over a dozen new contributors in January, and Weiss has said she’s looking to hire more people who can help CBS transform into a digital-focused company.

“Our strategy until now has been to cling to the audience that remains on broadcast television. I’m here to tell you that if we stick to that strategy, we’re toast,” Weiss said in late January.

Weiss was hired by Paramount Skydance CEO David Ellison to shake up CBS News, whose ratings have long trailed broadcast peers ABC and NBC.

The former New York Times editor, who founded anti-establishment news site The Free Press, was a polarizing choice for the top spot.

Her decision to delay a story that criticized President Donald Trump’s deportation efforts, as Paramount tried to buy Warner Bros. Discovery, prompted backlash inside and outside CBS News. In response to a question from a staffer about political bias, Weiss said she’s not “a mouthpiece for anybody.”




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My parents had no retirement plans after selling their house. They now live in Airbnbs, and I’m worried about them.

Last fall, my mother was diagnosed with cancer, and, seemingly minutes later, my father had some heart problems and ultimately suffered a stroke.

I knew I was inching toward simultaneously caring for my young kids and aging parents. Suddenly, I was squarely in the sandwich generation.

I now had to deal with the terrifying reality that my parents did not have a plan for how to spend their retirement years — especially where they plan to live.

My parents had no retirement plans once they sold their house

As an only child, I have been aware that I might need to be more invested in my parents’ retirement plans, but I wasn’t prepared to feel like their therapist, estate planner, realtor, and case manager all in one.

My father’s unfortunate reality was that he had to retire while in the hospital recovering from his stroke. Like many men, my father struggles to find his identity outside work.

While I was home with my parents during my father’s recovery and before my mother’s cancer treatment, I broached the subject of their retirement plan by asking them about the sale of their home. They had long lamented that they no longer wanted to maintain their home. However, I did not realize how little my parents had discussed what would happen beyond this sale.

Once my mother and father recovered, they moved forward and sold their home in Florida. Shortly after that, they stayed near my family in Texas, in a long-term Airbnb. I soon realized they had no intention of settling.

They have since stayed in 15 Airbnbs.

Their planless lifestyle has continued to create issues

My parents like stability. I know that they don’t like living out of suitcases. They often go to an Airbnb in a new city and immediately contact the host about shortening their stay or finding a different place because they don’t like the area they are in. Additionally, they would rather have a plan, a home to call their own, and a city to set up some roots.

That’s why their Airbnb living doesn’t make much sense to me. When I push them to find a long-term plan, I realize they aren’t even having the conversation with each other.

The lack of actual conversations only came to a head when my father landed in the hospital again while traveling. Ultimately, my father learned he would need extensive open-heart surgery. They ended up going to the Cleveland Clinic and staying at two different Cleveland Airbnbs during their six-week stay, which, while you are recovering from open-heart surgery, is not necessarily the best plan.

When aging is avoided, it creates more issues

Going through all of these experiences with my parents has made it clear that avoiding retirement conversations can be rooted in other issues, like not wanting to face our mortality or that we might disappoint other family members by making a clear decision for ourselves.

It’s not like my parents don’t have a will or aren’t organized, and I am certainly lucky that they have saved diligently for their retirement.

I do not feel fortunate, however, about their lack of a concrete plan. As their only child with children of my own, the uncertainty of their future adds a layer of stress for me. I often worry about their Airbnb accommodations, whether the roads nearby are well lit, and whether they have social support nearby.

I suspect their decision to wing it has been driven by a desire to sidestep the discomfort of planning for one’s golden years. By opting to stick with short-term rentals rather than anything more permanent, they avoid confronting their own individual desires —and the risk that they might not be in alignment.

While I am only in my 40s, I am already working on a retirement plan. I am well aware that my children will have things to worry about; that just comes with the territory of aging parents. But confronting the inevitability of aging and embracing a concrete plan for my retirement is a gift I am giving to my children.

Having honest conversations about making definitive plans is incredibly challenging, but it also has huge payoffs: a season of life rooted in desire and as much agency as this time can offer.




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Savannah Guthrie and her siblings have issued a video plea for their mother's safe return home.

NBC says Savannah Guthrie plans to return to ‘Today’ show as the search for her mother drags on

Savannah Guthrie and her siblings have issued a video plea for their mother’s safe return home.

  • Savannah Guthrie stopped by the Manhattan studio of the “Today” show on Thursday.
  • The morning show co-host has been on hiatus from the NBC program since her mother’s disappearance.
  • A “Today” spokesperson said Guthrie has plans to return to the show one day.

“Today” show host Savannah Guthrie visited the New York City studio of the NBC morning program on Thursday as the search for her missing mother entered its 33rd day.

Guthrie has been on hiatus from the show and with her family in Arizona since her mother’s mysterious February 1 disappearance. Last month, Guthrie dropped out of NBC’s coverage of the 2026 Winter Olympics in Milan amid the crisis.

Authorities believe that Guthrie’s 84-year-old mom, Nancy Guthrie, was abducted from her ranch-style home just outside Tucson, AZ, more than four weeks ago.

“Savannah Guthrie stopped by the studio this morning to be with and thank her ‘TODAY’ colleagues,” a “Today” show spokesperson told NBC News in a statement on Thursday. The “Today” show and NBC did not immediately respond to Business Insider’s request for comment.

The spokesperson added that Savannah Guthrie plans to return to co-hosting the morning show at some point, though no timeline was provided.

“While she plans to return to the show on air, she remains focused right now supporting her family and working to help bring Nancy home,” the spokesperson said.

Last week, Savannah Guthrie announced that her family is offering as much as $1 million for the return of her mother, while acknowledging that the elderly woman may be dead.

Memorial outside of Nancy Guthrie's home.
Arizona locals have set up a makeshift memorial outside of Nancy Guthrie’s home.

The veteran anchor said in an Instagram video message that her family still believes “in a miracle,” but said, “We also know that she may be lost.”

The reward offered by the Guthrie family is on top of the $100,000 that the FBI has already offered for information related to Nancy Guthrie’s disappearance.

As the search for Nancy Guthrie drags on, local law enforcement and the FBI are still trying to identify the masked and armed man who was captured on footage from the woman’s missing Nest doorbell camera the night she vanished.

The Pima County Sheriff’s Department has said investigators found drops of blood on Nancy Guthrie’s porch that were later confirmed to be hers.

Read the original article on Business Insider

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My dad died at 56 and never made it to retirement. The 3 lessons he taught me changed my own plans and perspective.

In 2023, my dad called to tell me he’d dropped down to four days a week at work.

He’d had a long career as an insurance underwriter, though it didn’t define him. At one point, he even left the profession to become a plasterer for a decade to better balance out his schedule. Still, it served him well enough.

“You really are getting old, then,” I joked. Dad laughed — he was only in his 50s.

We talked about his retirement and how he planned to wind down gradually over the next few years, before pulling the trigger and paying a full-time job’s worth of attention to the golf course.

That step was the first, and last dad took toward retiring. A year later, he told me he had cancer.

His diagnosis marked the beginning of a period in which I spent every day with him. He had been exceptionally fit, competing in triathlons, marathons, and Ironman races, but went from Hyrox to hospice care in just eight weeks.

Then on June 19, 2024, at the age of 56, Dad’s oesophageal cancer snatched away his future, and any prospect of a retirement.

I later realized our conversations during his illness were a textbook of the values by which he had lived his life. I’d heard him talk along similar lines in the past, but it wasn’t until I was lucky enough to spend each day for two months with him as his peer that I was able to distill them into three lessons.

Now, at the age of 32, these guide me in my career and life, and frame the way I think about retirement.

Live as if you might never make it


Man jumping in the air in front of a mountain

Dad while doing the Tour De Mont Blanc.

Callum Macauley-Murdoch



It may sound a morbid start, but I see this principle as both pragmatic and a call to action.

I see it as pragmatic because, of course, it is true: You might very well not make it to your retirement. And thinking about death in this way can help you take important practical steps, like ensuring you have an updated will and, at the very least, start thinking about granting powers of attorney.

And I see it as a call to action because, when loss helps you understand that life is precarious, it shines a light on how we often live without confronting the inevitability of death.

With that understanding, a more fulfilling life can emerge years earlier than it might otherwise have; one that, perhaps, you dreamed might come in retirement.

This principle led my dad to travel widely, a habit he passed to me. I’m due to visit New Zealand soon, the place he unknowingly took his final big trip. It also led him to take up the sports that piqued his interest over the years, and achieve a genuine sense of contentment.

It took me a lesson in the brutality of life, and the illuminating chaos of grief, to truly understand the importance of living it.

Build a life that gives you choices


Man on a bicycle

Dad finishing an Ironman in Wales.

Callum Macauley-Murdoch



One of the pitfalls of the first lesson is that, if taken literally, it could lead to financial ruin.

If it were a certainty I’d never make it to retirement, I’d spend everything I had now. However, in a classic catch-22, living life like I’d never make it there would delay my retirement in perpetuity.

So instead, I keep an eye on the future and try to resist the urge to part with all my money in exchange for experiences now, so that I can have some freedom of choice when I retire.

For Dad, working hard and getting an education meant having choices, and that influenced many of my decisions in life, including the one to pursue a career in corporate law.

In the end, that didn’t align with the life I wanted, but the experience gave me the skills and financial backing to choose a different legal career for myself.

Because of my job and savings I’ve built up from it, I had choices when Dad died. I was able to pause, reassess my life, and temporarily step away from my busy career.

During that time, I thought about how he used to ask me about work and I’d sometimes tell him how I wished I could just retire now to travel the world and write. He’d remind me I had a long way to go.

But now, those passions I always thought I’d save for later, like planning a trip to New Zealand or getting my master’s in creative writing, have become present pursuits.

Soon enough, though, I’ll pick up some legal work again. Why? Because unless I write a bestselling novel by the end of the year, I still want choices in retirement, should I make it there.

Find the adventure in everything


Man with hat on a mountain leaning on a stone

My dad on a hike at Arthur’s Pass in New Zealand.

Callum Macauley-Murdoch



Dad took a keen interest in all aspects of life, and didn’t take much of it seriously — because of that, not in spite of it, he was still successful in much of what he did.

This lesson applies to every aspect of life, including retirement, which I’m viewing as simply another opportunity to experience a new pocket of life.

It even applies to terminal illness. When my dad was nearing the end of his life, he said something in an attempt to comfort me, which has ended up being the most transformative lesson of the three.

“Life is one series of adventures. This is just another one.”

That impacted me profoundly, and taught me to seek joy even in life’s darkest corners.

These days, I view my retirement, career, and life much differently


Author Callum Macauley-Murdoch and his dad

Dad and I at my wedding.

Callum Macauley-Murdoch



Losing Dad changed how I think about my life, career, and the very concept of retirement.

Most of all, it prompted me to stop deferring what I truly wanted to my final years while still setting myself up to have choices in the future.

Now that I’m taking incremental steps towards something I’d be happy to do well into my old age, the dream of retirement crosses my mind less often.




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Elon Musk discussed plans to party with Jeffrey Epstein on his Caribbean island, newly released emails show

In November 2012, Jeffrey Epstein emailed Elon Musk about sending a helicopter to whisk the Tesla and SpaceX CEO to his private island in the Caribbean.

“how many people will you be for the heli to island,” Epstein asked Musk in an email exchange, which was made public Friday by the Justice Department.

Musk said he’d need just two seats — for himself and his then-partner, Tallulah Riley.

“What day/night will be the wildest party on your island?” Musk asked.

The emails, released Friday, were part of a cache of 3 million files the Justice Department released from its yearslong investigation into the convicted sex offender. They include several exchanges between Epstein, Musk, and their assistants.

Responding to the revelations early Saturday on his social media platform, X, Musk said: “No one pushed harder than me to have the Epstein files released and I’m glad that has finally happened.

“I had very little correspondence with Epstein and declined repeated invitations to go to his island or fly on his ‘Lolita Express’, but was well aware that some email correspondence with him could be misinterpreted and used by detractors to smear my name.

“I don’t care about that, but what I do care about is that we at least attempt to prosecute those who committed serious crimes with Epstein, especially regarding heinous exploitation of underage girls.”

Epstein — who counted President Donald Trump, Bill Clinton, Prince Andrew, and various other prominent politicians and businessmen among his acquaintances — killed himself in jail in 2019 while awaiting trial on federal sex-trafficking charges. He had registered as a pedophile in 2008, after pleading guilty to less severe sex offenses.

Shortly after Epstein’s arrest in July 2019, Musk said he had declined invitations to Epstein’s island in the US Virgin Islands and recounted only one meeting with him. Musk has not been accused of wrongdoing.

“Several years ago, I was at his house in Manhattan for about 30 minutes in the middle of the afternoon with Talulah [Riley], as she was curious about meeting this strange person for a novel she was writing,” he told Vanity Fair at the time. “We did not see anything inappropriate at all, apart from weird art. He tried repeatedly to get me to visit his island. I declined.”

Musk has since said in social media posts that he “refused” to visit Epstein’s island despite multiple attempts from Epstein.

The emails released Friday appear to show him planning to visit Epstein’s island at least twice.

In addition to the November 2012 planned visit, Musk indicated he would visit Epstein’s island in January 2014.

“Will be in the BVI/St Bart’s area over the holidays,” Musk wrote to Epstein in December 2013, referring to the British Virgin Islands. “Is there a good time to visit?”

Epstein said he’d be available for the first week of January.

“always space for you,” Epstein told Musk.

After some back-and-forth about their schedules, Musk appeared to confirm that he would visit Epstein on January 2 of 2014.

“When should we head to your island on the 2nd?” Musk wrote.

Epstein later canceled on Musk, according to another email. He said he looked forward to spending time with Musk with “just fun on the agenda.”

“I was really looking forward to finally spending some time together with just fun as the agenda,” Epstein wrote. “so i am very disappointed. Hopefully we can schedule another time in the near future.”

The emails show Epstein planning to meet Musk on other occasions as well.

In February of 2013, Musk’s personal assistant tried to nail down plans for a meeting at SpaceX’s offices in California. Epstein’s assistant said Musk had suggested the location.

“Shall we organize a lunch for Elon and Jeffrey to get together at SpaceX in the coming weeks?” Musk’s assistant wrote. “Elon is generally available at SpaceX on Mon, Thurs and Fri each week.”

It isn’t clear from the emails reviewed by Business Insider if that meeting took place. Musk has previously said that Epstein never “toured” SpaceX’s facilities.

In early March of that year, Epstein directly asked Musk about his availability.

“now its time for fun,” Epstein told Musk.

In the emails, Musk told Epstein he was busy with work at Tesla and SpaceX. Epstein suggested he get more sleep.

“benefit analysis would probably show , tesla doing better with you getting more sleep,” he said.

Musk disagreed.

“Normally I would agree, as I have found that my total daily productivity is optimal at around 6 to 6.5 hours of sleep.”

The two may have met later that spring. In another email exchange, dated April 2013, Epstein’s assistant said he planned to meet Musk at the Milken Institute economic conference.

The Justice Department emails also show Epstein inquiring with Musk about Solar City, a solar electricity company that was later acquired by Tesla. Epstein said in September 2012 that he wanted to use its services for his properties in the US Virgin Islands and New Mexico.

“is there any one at Solar City that my guys can talk to about electriying the caribean island?” Epstein asked. “or the new mexico ranch”

This story has been updated.




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Nike plans to cut 775 employees in a push to accelerate automation

  • Nike plans to cut 775 jobs at its distribution centers in Tennessee and Mississippi.
  • The layoffs aim to streamline operations amid supply chain and tech enhancements.
  • Companies, including Amazon and HP, have cited tech advancements among the reasons for recent layoffs.

Sportswear giant Nike is set to cut hundreds of jobs as it consolidates its US distribution center operations.

The company said it plans to let go of 775 employees across Tennessee and Mississippi, citing efforts to “streamline” operations. Nike operates warehouses in both states.

“We are sharpening our supply chain footprint, accelerating the use of advanced technology and automation, and investing in the skills our teams need for the future,” Nike said in a statement to Business Insider on Monday.

The move is a part of CEO Elliott Hill’s larger comeback plan, known as the “win now” strategy, which aims to return Nike’s revenue to growth. Hill took over the sportswear giant in October 2024 as it faced significant challenges, including declining sales and increased pressure from rivals.

Nike made previous cuts in 2024 and last year, reducing its corporate workforce by 1% in 2025 as part of its realignment plan under Hill. The senior leadership team also saw a shake-up in 2025, with Nike eliminating the chief technology officer and chief commercial officer roles, among other changes.

In its statement, Nike said it’s taking steps to move faster, serve consumers better, and reduce the complexity of its operations footprint. The company had about 77,800 employees worldwide as of May.

The latest cuts come as concerns that AI will replace human workers grow stronger, with companies like HP and Amazon citing AI-related efficiency as a factor in recent workforce reductions. A recent study by researchers at the Massachusetts Institute of Technology found that AI’s skills overlap with over 11.7% of the US labor market.

The company said it expects the reduction to support its “path back to long-term, profitable growth.”




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Major airlines are making it free to change travel plans ahead of a huge winter storm

Major airlines are making it free to change your flights ahead of a dangerous winter storm.

Southwest Airlines, American Airlines, United Airlines, and JetBlue are waiving rebooking fees for flights to and from affected regions this weekend.

If your travel plans this weekend include major cities such as Dallas, Austin, Oklahoma City, Nashville, Atlanta, Charlotte, Washington, DC, Baltimore, Philadelphia, New York City, and Boston, you may want to contact your airline to avoid prolonged delays or cancellations at the airport. The National Weather Service is warning that more than 230 million Americans will be affected, from the Southwest to New England.

Even if you won’t change your plans, your flight may still get canceled. Delta Air Lines said Thursday it is canceling flights at airports in Texas, Oklahoma, Arkansas, Louisiana, and Tennessee, citing safety concerns caused by heavy snow, sleet, and freezing rain. The airline will also be bringing in cold-weather specialists.

As of Thursday evening, based on the Misery Map, which tracks real-time flight disruptions, there hasn’t been a spike in delays or cancellations.

Based on recent storms, such as the one that hit over Thanksgiving and coincided with the end of the government shutdown, mass cancellations may be inevitable. So it’s good to know your passenger rights and your options when things don’t go according to plan.

Know your rights as a passenger


A passenger checks the flight board at Boston airport.

Opt in to automatic flight updates via text or email so you don’t miss a flight delay or cancellation notification.

JOSEPH PREZIOSO/AFP via Getty Images



If your flight is canceled and you choose not to rebook, the airline is legally required to provide you with a cash refund — not a voucher or credit.

However, things are different for delays. The Trump Administration recently killed a proposal that would have required airlines to compensate passengers for long delays, so flyers largely have to rely on airline goodwill or their credit cards to get anything for the inconvenience.

Some airlines have committed to providing accommodations, transportation, and food during a controllable overnight delay or cancellation, as outlined in the Airline Customer Service Dashboard.

Controllable disruptions include issues such as maintenance or crew staffing. Frontier Airlines is the only carrier that does not offer accommodations in the event of a controllable overnight delay or cancellation, but it will provide a meal voucher.

It still doesn’t hurt to ask for a meal or hotel voucher when a non-controllable issue arises, such as the weather. The worst they can say is no.

Use your airline’s mobile app to change or cancel your flight


United mobile app.

Most airlines also offer a chat function if you prefer to text.

United Airlines



During disruptions, airlines often allow you to make changes via their mobile app or website, rather than waiting on clogged phone lines or in long customer service lines.

If this isn’t an option, try an online chat. Carriers like Delta Air Lines allow you to text a representative for help.

You can put yourself in the virtual queue and wait in line at the airport, potentially upping your chances of speaking with an agent sooner.

Here are the phone numbers for each airline:

  • Alaska: 1-800-252-7522 or text 82008
  • Allegiant: 1-702-505-8888
  • American: 1-800-433-7300
  • Avelo: 1-346-616-9500
  • Breeze: No phone number to call, but you can text the airline at 501-273-3931.
  • Delta: 1-800-221-1212
  • Frontier: No phone number. The best way to contact Frontier is via online chat or email.
  • JetBlue: 1-800-538-2583
  • Southwest: 1-800-435-9792
  • Spirit: 1-855-728-3555
  • Sun Country: 1-651-905-2737
  • United: 1-800-864-8331

Check if you have travel insurance through your credit card


Passport and Chase Sapphire Reserve credit card

Some travelers rely on their travel credit card to recoup costs during non-airline-controlled flight delays.

Evgenia Parajanian/Shutterstock



Travel credit cards, such as the Chase Sapphire Reserve and the American Express Platinum, offer built-in insurance that reimburses travelers for hotel, meal, and transportation expenses incurred due to certain flight disruptions.

The weather is typically covered. For this to work, the traveler would have needed to book their flight with that travel card.

If your credit card doesn’t offer travel insurance, it may be worthwhile to purchase a separate trip insurance policy before traveling. This type of insurance can help reimburse costs you might lose due to flight problems, such as prepaid hotel stays or cruise bookings.

However, you must purchase this insurance before any travel disruptions occur — once you know a flight might be affected, it’s likely too late.




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Meta plans layoffs in its Reality Labs unit

  • Meta plans layoffs in Reality Labs, affecting the teams behind VR headsets and Horizon Worlds.
  • The restructuring follows major financial losses and a strategic shift toward AI.
  • Reality Labs faces uncertainty as Meta leadership emphasizes 2025 as a decisive year for the unit.

Meta is preparing layoffs in its Reality Labs division, according to three people familiar with the matter who spoke with Business Insider.

The teams working on the company’s virtual reality headsets and Horizon Worlds, its VR-based social network, will be disproportionately affected, two employees said.

Roughly 10% to 15% of Reality Labs’ 15,000 employees are expected to be laid off, with the cuts set to be announced this week, The New York Times reported.

Meta declined to comment.

The move comes as Meta CTO and Reality Labs chief Andrew Bosworth has called a key division-wide meeting for Wednesday, describing it as the “most important” of the year and urging employees to show up in person, Business Insider previously reported.

Reality Labs has been a costly bet for Meta, racking up more than $70 billion in losses since 2020. It has faced repeated rounds of cuts as Meta shifts its attention — and spending — toward AI.

In a memo obtained by Business Insider last year, Bosworth called 2025 “the most critical” year of his tenure and warned the outcome would determine whether Reality Labs is remembered as visionary work or “a legendary misadventure.”

Have a tip? Contact Pranav Dixit via email at pranavdixit@protonmail.com or Signal at 1-408-905-9124. Use a personal email address, a nonwork WiFi network, and a nonwork device; here’s our guide to sharing information securely.




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I sold my company for hundreds of millions and have more money than I’d ever need. Yet at 66, I have no plans to retire.

This as-told-to essay is based on a conversation with David Chung, owner and chairman of Amare Global. It has been edited for length and clarity.

I couldn’t believe there was a banana just sitting on the kitchen table. In Korea, having a banana was a big deal, but when I immigrated to New York City at 12, we had fruit and even M&Ms. Everything was so luxurious.


David Chung and mom

David Chung and his mom moved to New York.

Courtesy of David Chung



My mother immigrated to the US in 1963 with less than $100. When she arrived in New York, she started a small, mom-and-pop gift shop. She grew the business through and eventually got her green card. I joined her about eight years later, in the middle of a New York winter. I didn’t speak the language, but I felt lucky to be in the US.

I decided to get into cosmetics after watching my mom’s business

My mother continued to grow her store, expanding into a drugstore and pharmacy. By the early 2000s, she had a business worth tens of millions.

She was very, very entrepreneurial. Watching her journey inspired me and has carried over even today. I have a lot of her DNA when it comes to business. Now that I’m 66, I’ll think, “I’m just like my mother!” It’s scary.

My mom’s business set the stage for mine. Working in her shop, I saw that beauty products provided a great business opportunity. The products are small, which reduces warehousing and shipping costs. They’re consumable, so customers return again and again. And even if the economy is bad, people don’t give up on their skin.

I started my first business at 23

I went to college, but I found it difficult to concentrate because I was always thinking about starting my business. Even today, I don’t drive much because I get so distracted thinking about running my companies (instead, I use a driver). Eventually, I graduated with a degree in engineering.

Right next to my school, there was a small video rental store. These were the days before Blockbuster. I bought that store when I was 23, and expanded it slowly to sell gifts and cosmetics.


David Chung in his first business

David Chung started his business at the age of 23.

Courtesy of David Chung



That was my start in business. Other than my mom, I’ve never worked for anyone else. That meant I had to learn hard lessons about business structure, processes, and systems on my own.

I have more money than I could ever spend, but still love building businesses

Over time, I pivoted from retail to research, design, and manufacturing. In 2018, I sold my shares in one company for $53.7 million. In 2021, I sold my company, Farmacy Beauty, for hundreds of millions (I’m not allowed to share the specific amount). I remember being at my computer on December 31st, watching the funds being deposited into my account. I didn’t feel anything. I didn’t think “I’m rich now.” I didn’t even go out to dinner to celebrate.

Entrepreneurship has never been about money for me. It’s more about the accomplishment and excitement of building something. I remember the first time I was in a room with people who had more credentials than me. I came up with an idea they hadn’t considered. That’s the first time I realized that I had a different way of thinking about things.

I have a huge amount of money now — I could never spend it all. And yet, when those funds hit my account, I didn’t buy a Rolex or a fancy car. I went out and bought another company to run.

I want to build wealth in order to give back

Recently, I told an employee that I’m going to retire in three years. She laughed and said I told her the same thing 15 years ago.

I don’t think I will ever retire fully. God has given me a talent for being business-minded and good at what I’m doing. I want to utilize that as long as I’m able to.

My mother was very passionate about giving back, particularly to the Korean American community. I figure the more money I make, the more I can give back. So, why not use this skill?




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