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What Taylor Swift taught RBC CEO Dave McKay

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Good morning. My favorite event of this event-filled week was watching Iggy Pop, Jack White, and Johnny Marr perform at the CBGB Festival on Saturday. Held under the Brooklyn Queens Expressway in New York, the crowd featured punks old enough to be grandparents and fans who weren’t even born when the bands they came to see first sang their hits. Goldman Sachs estimates that global music revenue will double to $200 billion over the next decade, with live music doubling to more than $67 billion. And that’s just a subset of live entertainment space.

While CEOs understand the power of entertainment to delight people they’re trying to reach, they might not appreciate the business case—and how it’s shifting. Dave McKay of RBC told me he’s never been more popular than when the bank sponsored Taylor Swift’s Eras tour. It also helped RBC add more than 600,000 clients to its Canadian banking business last year. Here are some insights from CEOs shaping the next wave of live entertainment. 

Create a multigenerational experience. It’s not just mother-daughter Swifties. In organizing the CBGB event, entrepreneur Phil Sandhaus created a “Young Punk” category of $73 tickets, along with a separate stage area of younger acts that was buzzing with energy—and the sponsors who wanted to associate with that. He also livestreamed the key mainstage acts.

“We want to appeal to people who grew up with this music but make it accessible to a younger generation,” Sandhaus told me. “Different price points and experiences let us go after different sponsors and brands. We’re not trying to gouge people; we’re here for the long run.”

Pick a committed partner. As Terrapin Station Entertainment CEO Jonathan Shank notes, with ticket prices often starting at 10x what they were a generation ago, an experience needs to “be first class in order to cut through.” That means investing in technology—ABBA pulled in $2 million a week from a concert that featured their avatars—and the right partner. A pioneer in bringing intellectual property from Bob Marley to Disney to the live stage, Shank knows the importance of partnering on a franchise that matters to the owner. “If it’s a prioritized project within the studio, you have everybody going down the river in the same direction and at the same time,” Shank said. “If it’s not a huge priority, you can find yourself out on an island” and the project suffers. 

Create an ecosystem. Brooklyn Sports & Entertainment CEO Sam Zussman is proud of what he’s built around the Brooklyn Nets and New York Liberty, but his goal is to turn the Barclays Center into a destination for the community. (The latest example is the Brooklyn Basketball Training Center.) That vision is a big reason why Brooklyn Nets owner (and Alibaba Chairman and cofounder)  Joe Tsai chose Zussman. “Sam came in as an outsider and saw BSE Global as a venue-based entertainment business with IP that’s proprietary to us,” Tsai told me recently. “I was looking for someone who can create an ecosystem.” While Zussman says the goal is to “build generational fandom,” the BSE CEO views sports as “a vertical of entertainment” with talent, partners and facilities that let him woo a world of other customers.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top news

Trump says Gaza peace plan is close

The president said a deal to end the war between Israel and Hamas was in its “final stages.” Israel’s Benjamin Netanyahu will meet Trump at the White House on Monday. A statement from Hamas said it had not received the proposals.

Government shutdown would delay jobs report

The federal government is headed for a shutdown on Wednesday unless a deal is reached, and, if so, a contingency plan obtained by Bloomberg notes that the monthly jobs report won’t publish when scheduled on Friday. Bank of America analysts warn that the situation “would delay key economic data ahead of the Fed’s next meeting.”

GSK CEO Emma Walmsley stepping down

She will be replaced by chief commercial officer Luke Miels. Walmsley had been at the drugmaker for eight years. GSK shares initially rose on the news.

First Brands bankruptcy raises questions about private credit market risk

Auto parts supply company First Brands Group filed for bankruptcy on Sunday, owing $10 billion in debts, according to the FT. It follows the collapse of auto lender Tricolor a few weeks ago. The two cases are causing investors to ask questions about the safety of the private credit markets and corporate debt. “There’s been a very positive investment environment for a long time, with a large amount of money and a lot of optimism,” Howard Marks of Oaktree Capital told the WSJ. “The worst loans are made at the best of times.”

Yes, AI will create a jobs crisis, CEOs say

Quote of the day from Axios: “Last week, Mike Allen and I talked privately with 20 different CEOs of a wide range of companies. Every single one of them said they’re reducing their hiring ambitions at the dawn of AI.”

Can outside help keep Intel together?

Struggling chipmaker Intel has received emergency cash infusions from the U.S. government and Nvidia—and the company’s former CEO told Fortune that it will need about $40 billion in total to stay afloat. Is a new CEO and external help enough?

The rise of prediction markets

Prediction market platforms Kalshi and Polymarket surged during the 2024 election, attracting more than $3 billion in wagers on the outcome. The sites’ founders have moved towards sports-related bets since, but how they make money and remain compliant with regulators is still up in the air.

Moldova rejects pro-Russian interference

Moldova has elected the pro-E.U. PAS party’s Maia Sandu as its president. The vote was marred by harassment from pro-Russian interests, according to the BBC. PAS won 50% of the vote. The pro-Russian Patriotic Electoral Bloc received under 25% of the votes.

The markets

S&P 500 futures were up 0.5% this morning. The index closed up 0.59% in its last session. STOXX Europe 600 was up 0.34% in early trading. The U.K.’s FTSE 100 up 0.54% in early trading. Japan’s Nikkei 225 was down 0.69%. China’s CSI 300 was up 1.54%. The South Korea KOSPI was up 1.33%. India’s Nifty 50 was up 0.14% before the end of the session. Bitcoin rose to $112K.

Around the watercooler

Everyone’s wondering if, and when, the AI bubble will pop. Here’s what went down 25 years ago that ultimately burst the dot-com boom by Dave Smith

Larry Ellison once predicted ‘citizens will be on their best behavior’ amid constant recording. Now his company will pay a key role in social media by Jason Ma

‘There’s so much pressure to be the company that went from zero to $100 million in X days’: Inside the sketchy world of ARR and inflated AI startup accounting by Allie Garfinkle

Walmart CEO wants ‘everybody to make it to the other side’ and the retail giant will keep headcount flat for now even as AI changes every job by Nino Paoli

CEO Daily is compiled and edited by Joey Abrams and Jim Edwards.

This is the web version of CEO Daily, a newsletter of must-read global insights from CEOs and industry leaders. Sign up to get it delivered free to your inbox.



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European leaders’ text messages to Trump reveal a very different tone than their Greenland saber-rattling

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While Europe is pushing back publicly against U.S. President Donald Trump over Greenland, the language appears softer behind the scenes.

Trump published a text message on Tuesday that he received from French President Emmanuel Macron, confirmed as genuine by Macron’s office.

Starting with “My friend,” Macron’s tone was more deferential than the criticism that France and some of its European partner nations are openly voicing against Trump’s push to wrest Greenland from NATO ally Denmark.

Before broaching the Greenland dispute, Macron opted in his message to first talk about other issues where he and Trump seem roughly on the same page.

“We are totally in line on Syria. We can do great things on Iran,” the French leader wrote in English.

Then, he added: “I do not understand what you are doing on Greenland,” immediately followed by: “Let us try to build great things.”

That was the only mention that Macron made of the semi-autonomous Danish territory in the two sections of message that Trump published. It wasn’t immediately clear from Trump’s post when he received the message.

Trump breaks with tradition

World leaders’ private messages to each other rarely make it verbatim into the public domain — enabling them to project one face publicly and another to each other.

But Trump — as is his wont across multiple domains — is casting traditions and diplomatic niceties to the wind and, in the process, lifting back the curtain on goings-on that usually aren’t seen.

This week, a text message that Trump sent to Norway’s prime minister also became public, released by the Norwegian government and confirmed by the White House.

In it, Trump linked his aggressive stance on Greenland to last year’s decision not to award him the Nobel Peace Prize.

“Considering your Country decided not to give me the Nobel Peace Prize for having stopped 8 Wars PLUS, I no longer feel an obligation to think purely of Peace,” the message read.

It concluded, “The World is not secure unless we have Complete and Total Control of Greenland.”

On Tuesday, Trump also published a flattering message from Mark Rutte, secretary general of NATO, which the alliance also confirmed as authentic.

“I am committed to finding a way forward on Greenland,” Rutte wrote. “Can’t wait to see you. Yours, Mark.”

Rutte has declined to speak publicly about Greenland despite growing concern about Trump’s threats to “acquire” the island and what that would mean for the territorial integrity of NATO ally Denmark. Pressed last week about Trump’s designs on Greenland and warnings from Denmark that any U.S. military action might mean the end of NATO, Rutte said: “I can never comment on that. That’s impossible in public.”

Macron’s relationship with Trump

Macron likes to say that he can get Trump on the phone any time he wants. He proved it last September by making a show of calling up the president from a street in New York, to tell Trump that police officers were blocking him to let a VIP motorcade pass.

Guess what? I’m waiting in the street because everything is frozen for you!” Macron said as cameras filmed the scene.

It’s a safe bet that Macron must know by now — a year into Trump’s second spell in office — that there’s always a risk that a private message to Trump could be made public.

Macron said Tuesday that he had “no particular reaction” to the message’s publication when a journalist asked him about it.

“I take responsibility for everything that I do. It’s my habit to be coherent between what I say on the outside and what I do in a private manner. That’s all.”

Still, the difference between Macron’s public and private personas was striking.

Hosting Russia and Ukraine together

Most remarkably, the French leader told Trump in his message that he would be willing to invite representatives from both Ukraine and Russia to a meeting later this week in Paris — an idea that Macron has not voiced publicly.

The Russians could be hosted “in the margins,” Macron suggested, hinting at the potential awkwardness of inviting Moscow representatives while France is also backing Ukraine with military and other support against Russian President Vladimir Putin’s invasion.

Macron wrote that the meeting could also include “the danish, the syrians” and the G7 nations — which include the United States.

The French president added: “let us have a dinner together in Paris together on thursday before you go back to the us.”

He then signed off simply with “Emmanuel.”

Making nice only goes so far

Despite Macron’s persistent efforts, in both of Trump’s terms, not to ruffle his feathers, any payback has been mixed, at best.

Trump bristled on Monday, threatening punitive tariffs, when told that Macron has no plans to join Trump’s new Board of Peace that will supervise the next phase of the Gaza peace plan, despite receiving an invitation.

“Well, nobody wants him because he’s going to be out of office very soon,” Trump told reporters, even through the French leader has more than a year left in office before the end of his second and last term in 2027.

“I’ll put a 200% tariff on his wines and champagnes and he’ll join,” Trump said.

___

Lorne Cook in Brussels, Sylvie Corbet in Paris and Kostya Manenkov in Davos contributed.



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Billionaire Marc Andreessen spends 3 hours a day listening to podcasts and audiobooks—that’s nearly an entire 24-hour day each week

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If you want to think like a billionaire, you might want to stop scrolling on TikTok and pick up a book. For venture capitalist Marc Andreessen, it’s not just a habit—it’s how he makes sense of the world and continually reshapes his thinking about business.

“I’ve always been like this, I’m reading basically every spare minute that I have,” Andreessen told the How I Write podcast in 2023.

The billionaire previously carved out two hours of reading time on most weekdays, according to a detailed version of his weekly schedule he published in 2020. However, with the business world only becoming more pressurized, he’s ramped up his knowledge intake—something made possible from “the single biggest technological leap” in his life: AirPods. 

Andreessen now spends two to three hours a day glued to audiobooks—typically alternating between histories, biographies, and material in new subject areas like artificial intelligence. Collectively, his practice amounts to nearly an entire 24-hour day dedicated to learning, each week.

Research suggests that listeners retain roughly the same amount of information from audiobooks as they do from reading text, making Andreessen’s shift in format less a compromise than an optimization.

“If nothing else is going on,” Andreessen added. “I’m always listening to something.”

Andreessen didn’t respond to Fortune’s request for further comment.

Mark Cuban and Bill Gates agree: reading will drive you to success

Andreessen’s approach is far from unusual among the ultra-wealthy. Reading ranks as the most commonly cited behavior tied to long-term success, according to a JPMorgan report that surveyed more than 100 billionaires with a combined net worth exceeding $500 billion.

Bill Gates, for example, has long championed reading—often finishing 50 books a year and releasing annual lists to encourage others to do the same.

“Reading fuels a sense of curiosity about the world, which I think helped drive me forward in my career and in the work that I do now with my foundation,” he told TIME in 2017.

Former Shark Tank star Mark Cuban has similarly cited reading as a critical habit that helped set him apart—and put him on the billionaire path.

 “I read more than three hours almost every day,” Cuban wrote on his blog in 2011.

“Everything I read was public,” the now 67-year-old added. “Anyone could buy the same books and magazines. The same information was available to anyone who wanted it. Turns out most people didn’t want it.”

Reading, as a whole, remains a cornerstone of nuanced thinking and communication—skills that are increasingly critical for business leaders, according to Brooke Vuckovic, a professor at Northwestern’s Kellogg School of Management.

“Reading long-form fiction, biography, and history demands focused attention, tolerance with ambiguity and unanswered questions or unrevealed nuance in characters and situations, and a willingness to have our preconceptions upended,” Vuckovic previously told Fortune. “All of these qualities are requirements of strong leadership [and] they are in increasingly short supply.”



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Mass texts and EZ-Pass phishing: $17 billion stolen in crypto scams, largely by the Chinese

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EZ-Pass final reminder: you have an outstanding toll. Such texts have become all too familiar to many Americans, and it is a Chinese-backed criminal network that is largely behind them. These scammers are using crypto to steal a record $17 billion from regular people, according to Chainalysis’s recent report

The severity of this fraud has reached the attention of the U.S. government. On Wednesday, Jacqueline Burns Koven, the head of cyber threat intelligence at Chainalysis, spoke in front of the Senate about the increase of this criminal activity, and how the U.S. can combat it. Her testimony was titled, ‘Made in China, Paid by Seniors: Stopping the Surge of International Scams.’

“Scams that leverage cryptocurrency are having a record year in terms of proceeds,” Burns Koven said, in an interview with Fortune. “The Chinese scam conglomerates are the market leaders in criminal fintech. They’ve been doing this for a long time.” 

The estimated $17 billion received in crypto scams is up from about 30% from last year, according to the report. These operations have become increasingly sophisticated and include the use of AI-generated deepfakes. Crypto is an essential part of the operation because the criminals frequently use digital currencies to finance their scamming operations, such as purchasing tools like SMS phishing kits. 

Nefarious actors have leaned heavily on impersonation techniques, where they pose as legitimate organizations to coerce victims into paying digitally. The most well-known example of this is the EZ-Pass phishing campaign, which targeted millions of Americans. The operation was traced back to a Chinese-speaking criminal group called “Darcula”, which also has a history of impersonating the USPS. 

While 2025 also saw a record number of crypto seizures by law enforcement, Burns Koven says that government and industry responses are still fragmented and reactive. Just as criminals are using advanced technology for scams, both the public and private sector could use AI to block these messages from appearing on people’s phones. Also, with criminals using crypto to facilitate these scams and because these transactions are public on the blockchain, this makes it easier to identify criminal networks and disrupt activity.  

“Scammers are taking advantage of the disjointed and reactive responses from both the public and private sector,” she said. “We need to use advanced technologies like AI enabled fraud prevention, to prevent a human being from ever being in contact with that scam in the first place.”

Fraud usually never sleeps, but these Chinese criminal networks actually do take breaks. Chainalysis and other researchers found a dip in criminal activity during the Chinese New Year and other of the country’s public holidays. 



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