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While Billie Eilish slams non-philanthropic billionaires, this CEO says telling people what to do with their cash is ‘invasive’ and to ‘butt out’

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Billionaires are increasingly being judged not just by what they earn, but by what they give. Take the feud between billionaire Elon Musk and celebrity singer Billie Eilish, for example. 

After shareholders approved a deal that could make the Tesla CEO the world’s first trillionaire, the Grammy-winning star blasted Musk in a social media post suggesting that he should put his efforts towards philanthropy initiatives—such as spending $40 billion annually to combat world hunger, $10 billion annually to vaccinate newborns, and $53.2 billion to rebuild Gaza.

Musk, worth about $482 billion, later clapped back at Eilish on X, saying, “She’s not the sharpest tool in the shed.” 

It’s not the first time the Gen Z pop star came down on the super-rich for not giving enough of their wealth. When the 23-year-old artist was honored in October at the WSJ Magazine Innovator Awards for her contributions to the music industry, she questioned the audience—which included billionaire Mark Zuckerberg—on why the ultra-rich have the right to exist.

“If you’re a billionaire, why are you a billionaire? No hate, but yeah, give your money away, shorties,” Eilish said, later it was revealed she’d be donating $11.5 million from her Hit Me Hard and Soft tour to the Changemaker Project, a charitable initiative that addresses climate change and food insecurity.

But one executive is arguing that what billionaires do with their money is no one’s business but their own.  

“I think those are personal things, and people ought to make personal decisions,” William Stone, CEO of SS&C Technologies told Fortune. “I understand the sentiment, but I think sometimes the sentiment is invasive.”

Do the ultra rich have an obligation to give? One billionaire says ‘not really’ 

Stone, who has a $3.8 billion net worth and has reportedly donated about $52 million in personal funds to his hometown of Evansville including a health sciences center, a mental-health research facility, and a new baseball stadium for his former high school. 

But he’s adamant that giving is a personal choice—and one that may not always make the headlines. Wealthy philanthropists are increasingly choosing to give their charitable donations anonymously.

“I think we make a mistake not allowing people to be personal and to do things anonymously,” Stone added. 

Even when giving away millions through personal funds, the 70-year-old said that philanthropy doesn’t translate to a prerequisite for giving when you get wealthy.

“I would say that I would support it much more than I would reject it, but again those are personal things, having other people tell you people what they should do with what I’m sure they view and what I view as my hard-earned money, I mostly say: butt out.

Stone believes giving should be handups—not handouts

Stone left KPMG in 1986 at age 30 to start his financial services company, SS&C Technologies in the basement of his house in Connecticut. Nearly four decades later, SS&C has grown to about 27,000 employees—serving some 23,000 clients across more than 35 countries. 

Having found success, he’s now paying it forward to others. But Stone said he likes to think of his donations as a handup, not a handout. 

For example, he has led efforts to combat the Rust Belt’s “brain drain” and donated to multiple local universities to grow their academic programs and contribute to the area’s economy.

“I like to think that I don’t give handouts,” Stone said. “I give people a handup  and try to help them help themselves, and try to do it in a way that gives them self-esteem.” 

Other billionaires have expressed an interest in giving away their wealth by signing Bill Gates, Melinda French Gates, and Warren Buffett’s Giving Pledge

Musk, Bezos’s ex-wife MacKenzie Scott, Michael Bloomberg, George Lucas, and Zuckerberg have all pledged to give away at least half their fortunes in their lifetimes or wills—yet so far, only John and Laura Arnold have actually followed through. 

But Musk, whose Musk Foundation was established in 2002, said  on an episode of the WTF podcast just last month that while he agrees with the “love of humanity” in philanthropy, it’s actually “very difficult to give away money well.” 

“The biggest challenge I find with my foundation is trying to give money away in a way that is truly beneficial to people.” 



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Netflix lines up $59 billion of debt for Warner Bros. deal

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Netflix Inc. has lined up $59 billion of financing from Wall Street banks to help support its planned acquisition of Warner Bros. Discovery Inc., which would make it one of the largest ever loans of its kind.

Wells Fargo & Co., BNP Paribas SA and HSBC Plc are providing the unsecured bridge loan, according to a statement Friday, a type of financing that is typically replaced with more permanent debt such as corporate bonds.

Under the deal announced Friday, Warner Bros. shareholders will receive $27.75 a share in cash and stock in Netflix. The total equity value of the deal is $72 billion, while the enterprise value of the deal is about $82.7 billion.

Bridge loans are a crucial step for banks in building relationships with companies to win higher-paying mandates down the road. 

A loan of $59 billion would rank among the biggest of its type, Anheuser-Busch InBev SA obtained $75 billion of loans to back its acquisition of SABMiller Plc in 2015, the largest ever bridge financing, according to data compiled by Bloomberg.



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Stocks: Facing a vast wave of incoming liquidity, the S&P 500 prepares to surf to a new record high

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The S&P 500 index ticked up 0.3% yesterday, its eighth straight upward trading session. It is now less than half a percentage point away from its record high, and futures were pointing marginally up again this morning. Nasdaq 100 futures were even more optimistic, up 0.39% before the open in New York. The VIX “fear” index (which measures volatility) has sunk 12.6% this month, indicating that investors seem to have settled in for a calm, quiet, risk-on holiday season.

They have reason to be happy. Washington is preparing a wave of incoming liquidity that is likely to generate fresh demand for equities.

For instance, the CME FedWatch index shows an 87% chance that the U.S. Federal Reserve will deliver an interest rate cut next week, delivering a new round of cheaper money. Further cuts are expected in 2026.

Furthermore, Wall Street largely expects President Trump to announce that Kevin Hassett will replace Fed chairman Jerome Powell in May—and Hassett is widely regarded as a dove who will lean in favor of further rate cuts.

Elsewhere, the Fed has begun a series of “reserve management purchases,” a program in which the central bank will buy short-term T-bills—a move that will add more liquidity to markets generally.

Banks, brokers and trading platforms are also lining up to handle ‘Trump Accounts,’ into which the U.S. government will deposit $1,000 for every child. The trust fund can be invested in low-cost stock index trackers—a new source of investment demand coming online in the back half of 2026.

So it’s no surprise that nine major investment banks polled by the Financial Times expect stocks to rise in 2026; the average of their estimates is by 10%.

The Congressional Budget Office also estimates that the One Big Beautiful Bill Act will add 0.9% to U.S. GDP next year largely because it allows companies to immediately deduct capital expenditures from their taxes—spurring a huge round of corporate spending. 

With all that fresh money on the horizon, it’s clear why markets have shrugged off their worries about AI and Bitcoin. The only shock will be if the S&P fails to hit a new all-time high by the end of the year.

Here’s a snapshot of the markets ahead of the opening bell in New York this morning:

  • S&P 500 futures were up 0.2% this morning. The last session closed up 0.3%. 
  • STOXX Europe 600 was up 0.3% in early trading. 
  • The U.K.’s FTSE 100 was up 0.14% in early trading. 
  • Japan’s Nikkei 225 was up 2.33%. 
  • China’s CSI 300 was up 0.34%. 
  • The South Korea KOSPI was down 0.19%. 
  • India’s NIFTY 50 is up 0.18%. 
  • Bitcoin was flat at $93K.



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Gen Z fears AI will upend careers. Can leaders change the narrative?

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Good morning. Are you communicating the purpose of AI with your younger employees? According to new data from Harvard, most fear AI is going to take their jobs.

The Institute of Politics at Harvard Kennedy School released the fall 2025 Harvard Youth Poll on Thursday, which finds a generation under profound strain. The nationwide survey of 2,040 Americans between 18 and 29 years old was conducted from Nov. 3–7. For these respondents, instability—financial, political, and interpersonal—has become a defining feature of daily life. 

Young Americans see AI as more likely to take something away than to create something new. A majority (59%) see AI as a threat to their job prospects, more than immigration (31%) or outsourcing of jobs to other countries (48%).

Nearly 45% say AI will reduce opportunities, while only 14% expect gains. Another 17% foresee no change and 23% are unsure—and this holds across education levels and gender. 

In addition, young people fear AI will undermine the meaning of work. About 41% say AI will make work less meaningful, compared to 14% who say it will make work more meaningful and 19% who think it will make no difference; a quarter (25%) say they are unsure.

In my conversations this year with CFOs and industry experts, many have said that the goal of using AI is to remove the mundane and manual aspects of work in order to create more meaningful, thought‑provoking opportunities. However, that message does not yet seem to be resonating with younger employees.

There is a lot of public discussion and widespread fear that AI will mostly take away jobs, but research by McKinsey Global Institute released last week offers a different perspective. According to the report, AI could, in theory, automate about 57% of U.S. work hours, but that figure measures the technical potential in tasks, not the inevitable loss of jobs, as Fortune reported.

Instead of mass replacement, McKinsey researchers argue the future of work will be defined by partnerships among people, agents, and robots—all powered by AI, but dependent on human guidance and organizational redesign. The primary reason AI will not result in half the workforce being immediately sidelined is the enduring relevance of human skills. 

The Harvard poll also found young people have greater trust in AI for school and work tasks (52% overall, 63% among college students) and for learning or tutoring (48% overall, 63% among college students). But trust drops sharply for personal matters. 

Young employees are considered AI natives. However, it is important to recognize that they have not experienced as many major technology shifts as more seasoned employees—like the dawn of the internet. It’s not to say that AI won’t change the workforce, but there’s still room and need for humans. It’s up to leaders to clearly communicate how AI will change roles, which tasks it will automate, and also provide ongoing training and guidance on how employees can still grow their careers in an AI-powered workplace.

Have a good weekend. See you on Monday.

SherylEstrada
sheryl.estrada@fortune.com

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Fortune 500 Power Moves

Amanda Brimmer was appointed CFO of leasing advisory and head of corporatedevelopment at JLL (No. 188), a global commercial real estate and investment management company. Reporting to JLL CFO Kelly Howe, Brimmer will partner with business leaders globally to drive financial growth and performance. Brimmer brings more than two decades of experience from Boston Consulting Group, where she most recently served as managing director and senior partner.

Galagher Jeff was appointed EVP and CFO of ARKO Corp. (No. 488), one of the largest convenience store operators and fuel wholesalers in the U.S., effective Dec. 1. Jeff most recently served as EVP and CFO for Murphy USA, Inc. Before that, he spent nearly 15 years in senior and executive finance roles with retailers, including Dollar Tree Stores, Inc., Advance Auto Parts, Inc. and Walmart Stores, Inc., in addition to a decade-long career in finance and strategy consulting at organizations including KPMG and Ernst & Young. 

Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition

More notable moves this week:

Barbara Larson, CFO of SentinelOne, a cybersecurity company, will transition from her role to pursue an opportunity outside of the cybersecurity industry. Larson will continue to serve in her role through mid-January 2026. Upon her departure, Barry Padgett, chief growth officer, will serve as interim CFO. Barry has more than 25 years of experience in operational leadership at enterprise software companies, including SAP and Stripe. SentinelOne has initiated a search for its next CFO.
Jessica Ross was appointed CFO of GitLab Inc. (Nasdaq: GTLB), a DevSecOps platform, effective Jan. 15. Ross joins the company from Frontdoor, where she served as CFO. She has more than 25 years of experience in finance, accounting, and operational leadership at companies like Salesforce and Stitch Fix, and spent 12 years in public accounting at Arthur Andersen and Deloitte.

Michele Allen was appointed CFO of Jersey Mike’s Subs, a franchisor of fast-casual sandwich shops, effective Dec. 1. Allen succeeds Walter Tombs, who is retiring from Jersey Mike’s in January after 26 years with the company. Allen brings more than 25 years of financial leadership experience. Most recently, she served as CFO and head of strategy at Wyndham Hotels & Resorts. Allen began her career with Deloitte as an auditor. 

Nick Tressler was appointed CFO of Vistagen (Nasdaq: VTGN), a late clinical-stage biopharmaceutical company, effective Dec. 1. Tressler brings over 20 years of financial leadership experience. Most recently, he served as CFO of DYNEX Technologies, and before that, he was the CFO at American Gene Technologies, International, and Senseonics Holdings, Inc. Tressler has also held senior finance roles at several biopharmaceutical companies.

Mike Lenihan was appointed CFO of Texas Roadhouse, Inc. (NasdaqGS: TXRH), a restaurant company, effective Dec. 3. Keith Humpich, who served as interim CFO, was appointed chief accounting and financial services officer of the company. Lenihan has nearly 30 years of finance experience, including the past 22 years in the restaurant industry. Most recently, he served as the CFO at CKE Restaurants, Inc.

Big Deal

The ADP National Employment Report, released on Dec. 3, indicated that private-sector employment declined by 32,000 jobs in November. ADP found that job creation has been flat during the second half of 2025, while pay growth has continued its downward trend. In November, hiring was particularly weak in manufacturing, professional and business services, information, and construction.

“Hiring has been choppy of late as employers weather cautious consumers and an uncertain macroeconomic environment,” said Nela Richardson, chief economist at ADP, in a statement. “And while November’s slowdown was broad-based, it was led by a pullback among small businesses.”

ADP’s report is an independent measure of labor market conditions based on anonymized weekly payroll data from more than 26 million private-sector employees in the U.S. The next major U.S. Jobs Report (Employment Situation) for November is scheduled for release on Dec. 16 by the Bureau of Labor Statistics.

Going deeper

Here are four Fortune weekend reads:

Overheard

“The Fed no more ‘determines’ interest rates than a meteorologist determines the weather.”

—Alexander William Salter states in a Fortune opinion piece. Salter is a senior fellow with the Independent Institute and an economics professor in the Rawls College of Business at Texas Tech University. He writes: “The Fed doesn’t set interest rates. As powerful as America’s central bank is, it’s still just one player in a globe-spanning ocean of financial markets. Instead, the Fed sets targets for short-term interest rates. Those target rates indicate the Fed’s general monetary policy stance, but they are not the substance of monetary policy.”



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