Business

Billionaire Steve Cohen Predicts That a Four-Day Workweek Is Coming

In today’s news, we look at a Wall Street billionaire’s prediction that the the four-day work week is coming.

What’s on deck:

But first, all work and no play makes Jack a boring boy.


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The big story

Work for the long weekend


Steve Cohen

Dave Kotinsky/Getty Images for Lincoln Center; iStock; Rebecca Zisser/BI



Defenders of the four-day work week rejoice! One of the most powerful people on Wall Street has joined your ranks.

Billionaire hedge fund manager and Owner of the New York Mets Steve Cohen said a four-day work week is inevitablewrites Matthew Fox of Business Insider.

Cohen’s thesis, as laid out in an interview with CNBC on Wednesday, is partly fueled by the rise of artificial intelligence and the fact that no one seems to be doing much work on it anyway. Friday.

(As a Mets fan, I would suggest Cohen focus on getting the team, which is 0-4, to work even one day a week. Cohen, who considers his ownership as “a civic responsibility“, compared the difficult start to a hedge fund experiencing a few down days in January.)

Cohen walked his talk on the four-day work week. Her recent investment in the PGA Tour fits into the theme of people having more free time due to a shorter week.

His support comes as momentum continues to build toward shortening the work week, particularly among younger workers. pushing for broader changes in the workplace.


A calendar with missing Fridays.

iStock;Rebecca Zisser/BI



There is a catch to Cohen’s endorsement.

As a new member of the Four Days of Work fan club, Cohen must be interested in implementing this measure at his hedge fund, Point72.

RIGHT? RIGHT?!

“If they take off on Friday and they have a portfolio, that’s a problem, right, if the markets are open,” Cohen said when asked about his company’s plans.

And therein lies the problem. Businesses and executives are in favor of no Fridays off — towards a point.

Many small businesses conducted pilot programs. Massive study conducted in 2022 in several countries revealed the 32-hour week increased revenue and improved employee health and well-being. Basis Technologies, an adware company, has implemented a 4.5 day work week this year.

But large-scale adoption of a shortened workweek by a major company remains a pipe dream. Preview companies offering four-day work weeks by Tech.co has some big names, but most are either small pilots or serious caveats.

I understand. No one wants to be the first to do something so controversial only to have it backfire or be used against them. But the result is that people agree that the work week could use an overhaul, but no one is willing to do the work to make it happen.

Workers have leverage. The mandates to return to power have strained the employee-employer relationship. Perhaps the four-day workweek represents the olive branch that companies can extend to get people back to their desks.


3 things about the markets


People walk in front of the New York Stock Exchange.

Yuki Iwamura/AP



  1. A graduate project could possibly be the best way to detect insider trading by politicians. The AI ​​tool, which is still in “private beta”, can contextualize lawmakers’ stock trades with things like committee assignments and sponsored legislation to detect suspicious activity. A 2021 BI survey found that lawmakers routinely violated a conflict of interest law with few consequences.

  2. The Federal Reserve does not make policy. Fed Chairman Jerome Powell has made clear any decision regarding lowering interest rates. will have nothing to do with the November presidential election. Speaking of cuts, Powell said the Fed needs more data to be able to make them with confidence.

  3. Tesla shares are on ice, says JPMorgan. The bank reiterated its “underweight” rating on the electric vehicle maker and reduced its price target to just $115, implying a 32% decline from current levels. The downgrade comes after Tesla failed to meet Wall Street’s delivery targets for the first quarter.


3 things in technology


A rain cloud with an upside down Amazon logo.

Brooks Kraft LLC/Corbis via Getty Images



  1. Amazon is laying off hundreds of employees in its cloud division. Job cuts will have impact, according to internal emails Amazon Web Services Sales and Marketing Employees and the team that develops the technology for its retail stores. The layoffs follow Amazon cutting about 160 advertising positions last week.

  2. Google just scored a big victory in the war for AI talent. The company hired former OpenAI developer relations manager Logan Kilpatrick for its AI Studio. A person called Kilpatrick Google’s new “secret weapon”.

  3. Apple is planning its next big thing. The tech giant is in the early stages of plans to build robots for smart homesSources familiar with the matter told Bloomberg, as it tries to exit the multibillion-dollar electric car project it decided to abandon earlier this year.


3 things in business


A lobster sitting on a pile of diamonds.

Carl Godfrey for BI



  1. Wall Street’s favorite restaurants are gaudier than ever. Forget the recession and forget minimalism. New York’s culinary scene is back with a bangand its gastronomic elite is louder, prouder and more extravagant than ever.

  2. Bob Iger has one more really important thing to do. After winning the long and costly proxy battle against Nelson PeltzIger still has to find someone to succeed him. After a few false starts, he has promised to get it right this time around, insisting he will have someone waiting for him to leave in 2026.

  3. The boss of Goldman Sachs, David Solomon, is once again under fire. Institutional Shareholder Services proxy advisor is lobby for the bank to separate its chairman and CEO roles, Reuters reported. Goldman’s annual shareholder meeting is expected to take place later this month.


In other news

What’s happening today

The Insider Today team: Dan DeFrancesco, associate editor and presenter, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, editor, in London. George Glover, journalist, in London.

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