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John Summit went from working 9 a.m. to 9 p.m. in a $65,000 job to a multimillionaire DJ—‘I make more in one show than I would in my entire accounting career’

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It wasn’t too long ago that John Summit, 31, (born John Schuster) was commuting home from a grueling day of accounting work in Chicago and chugging cold brews to find the energy to make music. Working at a Big Four firm like Ernst & Young meant some days ended up being nine-to-nine instead of nine-to-five. 

At the time, it was numbers by day, music by night. His day job paid a $65,000 annual salary, but his real passion was making music. Whether in his college dorm or parents’ basement, music became a creative escape that would later become the launch pad for his emerging empire.  

After quitting Ernst & Young for its grueling 12 hour days, another accounting job promised better hours—so he pivoted. It only lasted a couple months before he was let go, after showing up to work with bloodshot eyes from a weekend DJ shift playing underground sets from 2 a.m. to 6 a.m. Turns out his co-workers were more focused on crunching numbers than spinning tracks.  

“But by then I was kind of asking for it because I kind of saw a path to being a full time DJ producer. It didn’t matter bc at that point, I already had record label releases,” Summit tells Fortune.

He had more free time to work on music, and his DJ career and his career began to flourish, thanks in part to an online fan base. Pandemic wide shutdowns further fueled a crowd that was eager for live events. 

“I was like, okay, thank God, now I can go full all in on this,” he recalled. 

So that’s what he did. Before the pandemic wide shutdowns, he was only making a few hundred dollars a gig. In 2020, Summit’s hit “Deep End,” took off on TikTok and launched his career. 

It would be an understatement to say days look a little bit different now. 

Swapping the monotonous cubicle for full-time party life, Summit is now a multi-millionaire DJ, producer and owner of his own music label “Experts Only.”

“I make more in one show than I probably would make in my entire accounting career now,” Summit said. 

John Summit on his first millions: ‘It felt like I was signing an NFL contract’

After signing a music publishing deal in the six-figure range, Summit saw more breathing room to fully pivot. After all, he wasn’t able to afford paying rent in his early days—so the advance gave him the chance to practice music more independently. His breakout year culminated in a full-circle moment at Lollapalooza 2022, where the hometown crowd confirmed what Summit already knew: he was in the perfect career.

The moment he describes “he really made it” was when he signed for millions with LIV as a part of the resort Fontainebleau Las Vegas, that took him into the seven figure range. The agreement was 20 shows a year in a three year deal. 

“So it’s like 60 shows. It felt like I was signing, like an NFL contract, you know, like three years X amount of millions,” Summit said. From there, the financial security allowed him to place bets on bigger shows. 

Summit describes growing his live audiences from hundreds to tens of thousands. 

“It changes every weekend,” he said. “I just played Austin City Limits, and that felt like the biggest show ever—around 80,000 people. Every week, I’m trying to top myself.”

“The first party we did was three years ago at Floyd here in Miami, to 200 people, and then we just did Experts Only for 50,000 people a couple weeks ago. So I guess that’s a good showcase of how it’s scaled over three years,” he said. 

The start of “Experts Only” and becoming an entrepreneur 

In between touring continents in 2022, the entrepreneur found time to start his own label “Experts Only.” 

When planning for sets up to 10 hours long, Summit began building a community of underground, unsigned artists, playing up to 15 of them at his shows. Having a niche for being a trend setter, he thought “why not use my platform for other artists?” 

“I feel like I’m very much a good taste maker nowadays,” he said. “Someone will send me a record, it goes off during my set, and I sign it. That gives them the marketing push from me playing it out and championing it—which, of course, makes other DJs start playing it too.”

He finds Experts Only rewarding because it allows him to focus on cultivating talent from others too. 

“When I just work on John Summit, it does feel like very me, me, me,” he said. 

“Experts Only” is still growing.  The company now has 10+ core employees (marketing, radio, management, etc.) and hundreds of event staff per festival. Summit says he thinks of the brand as a community, where his fans represent him like they would a favorite sports team. 

As promoters hit him up to bring Experts Only from Los Angeles to Japan, the final goal of his new empire is to throw parties without even playing at them. He drew the comparison to how Jeff Bezos operates at Amazon since stepping down as CEO. “It still operates without him. That’s the dream.”

“The hardest thing about it is I’m just one person,” he added. 

Despite ditching accounting–he’s still far out of the business world

Despite escaping the nine-to-five world and going full-on artist mode, the label owner hasn’t escaped business life. In fact, he still attends all his meetings and Zoom calls with his salaried staff that work in offices. Like other workers in the corporate world, he prefers work-life balance, putting off assignments at 5 p.m. and treating Sundays as his hibernation days.

“I don’t let anyone talk to me after, like, five o’clock, really, unless it’s just quick little things,” he said. “It’s kind of funny that I escaped the accounting world, but you can never escape the business world,” he said. 

“I take Sundays off, that’s my hangover day, but I think that’s kind of everyone’s day off across the globe, right?”

Summit used to do 250 shows a year (four to five shows a week), but now he’s changed his business model to two big shows a week. He’s also active on social media, working with the team on multiple posts a day. 

“When you’re signing a record to the label, you’re getting not just the community that we have, but this giant marketing arm as well,” he said. “I’m not the person that’s going to negotiate money or contract, I think you have to assign certain people to different tasks. I think I’m a good cop in most scenarios.”

John Schuster vs. John Summit 

Despite starting his own brand, Summit says he is a reserved introvert. He doesn’t like public speaking but still has the confidence to play in front of crowds of 50,000 people. 

“DJs are traditionally introverted nerds. That’s what we are—we’re on our computer. So to really channel that energy, it’s almost like I’ve had to create a split persona to force myself on stage.”

His album, Comfort in Chaos is a lens into his personal journey of bridging his public and private worlds. He says his personalities are categorized into two: John Summit and John Schuster. 

“John Schuster, is the at home introvert that makes music all day, every day, and then John Summit is my stage name, and it is like a persona and a mentality. You have to force yourself to be in front of people,” he said. 

To cope with the nerves, he tries to crank out a bunch of push-ups before getting on stage like playing at a big sports game. “It helps me not overthink everything,” he said. 

Summit didn’t know he’d be a DJ from a super young age, his nonlinear path is what made him into who he is today. His advice for coping with career imposter syndrome: fake it till you make it. 

Despite turning DJing into a lucrative lifestyle path—Summit said he’d still be “over the moon” to do it if he only made $65,000. 

“I could pretty much retire right now, if I wanted to, but now I just really just do it for the love of the game.” 



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Rivian CEO says it’s a misconception EVs are politicized, with a 50-50 party split among R1 buyers

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If Rivian’s sales are any indication, owning an electric vehicle isn’t such a partisan issue, despite President Donald Trump’s rollbacks of mandates, incentives, and targets for EVs.

At the Fortune Brainstorm AI conference in San Francisco on Tuesday, Rivian CEO RJ Scaringe said it’s a misconception that electrification is politicized, explaining that most customers buy a product based on how it fits their needs, not their ideology. The questions car buyers ask, he said, are the same whether they’re purchasing one with an internal-combustion engine or a battery: “Is it exciting? Are you attracted to the product? Does it draw you in? Does the brand positioning resonate with you? Do the features answer needs that you have?”

Buyers of Rivian’s R1 electric SUV are split roughly 50-50 between Republicans and Democrats, Scaringe told Fortune’s Andrew Nusca. “I think that’s extraordinarily powerful news for us to recognize—that this isn’t just left-leaning buyers,” he added. “These are people that are saying, ‘I like the idea of this product, I’m excited about it.’ And this is thousands and thousands of customers. This is statistically relevant information.”

Buying an EV was once an indication of left-leaning politics, but the politics got scrambled after Tesla CEO Elon Musk became the top Republican donor and a close adviser to Trump. That drew some new customers to Tesla, and turned off a lot of progressive EV buyers, with many existing owners putting bumper stickers on their Teslas explaining that they bought their cars before Musk’s hard-right turn. Trump and Musk later had a stunning public feud, in part over the administration’s elimination of EV and solar tax credits.

But Scaringe said he started Rivian with a long-term view, independent of any policy framework or political trends. He also insisted that if Americans have more EV choices, sales would follow. Right now, Tesla dominates a key corner of the market, namely EVs in the $50,000 price range. Rivian’s forthcoming R2 mid-size SUV will represent a new choice in that market, with a starting price of $45,000 versus the R1’s $70,000.

Ten years from now, Scaringe said he hopes—and believes—that EV adoption in the U.S. will be meaningfully higher than it is today across the board, explaining that the main constraint isn’t on the demand side. Instead, it’s on the supply side, which suffers from “a shocking lack of choice,” especially compared to Europe and China, he added. EV options in the U.S. are limited by the fact that Chinese brands are shut out of the market.

More choices for U.S. EV buyers would presumably create more competition for Rivian—and indeed, the flood of low-priced Chinese EVs in other auto markets has created a backlash, with countries such as Canada imposing steep tariffs on them. But Scaringe appears to view more competition as positive for the market overall.

“I do think that the existence of choice will help drive more penetration, and it actually creates a unique opportunity in the United States,” he said.



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Powell warns of a ‘very unusual’ economy as inflation remains high amid a weakening job market

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Federal Reserve Chair Jerome Powell on Wednesday described the U.S. economy as “very unusual,” saying policymakers are navigating a rare combination of tariff-driven goods inflation and a labor market that may already be weaker than official data suggests.

The Fed cut interest rates for the third consecutive meeting, a quarter-point reduction Powell framed not as a confident pivot toward easier policy, but as a defensive move meant to keep the labor market from slipping further. He repeatedly emphasized risks to employment have risen “in recent months,” and noted that behind the headline numbers, job creation may already be negative.

Powell made the striking admission the Fed believes the official payroll figures—which have slowed sharply since the summer—are overstating job growth by roughly 60,000 per month. 

“Forty thousand jobs could be negative 20,” he said, adding this dynamic is not well understood by the public because unemployment claims remain historically low—something both economists Mark Zandi and Claudia Sahm recently toldFortune could be giving people a false sense of security about the job market.

“I think a world where job creation is negative… we need to watch that very carefully,” Powell said. 

It is this weakening backdrop Powell said makes the current moment “very unusual”: Inflation remains elevated, but most of the remaining overshoot comes from goods categories directly affected by tariffs, as opposed to domestic economic overheating, which he said the Fed has worked hard to cool since its 2022 highs; inflation excluding tariff-affected goods is “in the low [two percent],” he said. Services inflation is cooling, wage pressures are easing, and neither the labor market nor business surveys suggest a “Phillips-curve” kind of inflation threat, Powell said, referring to the inverse relationship between inflation and unemployment. 

Instead, Powell said, the bulk of the problem is a “one-time price increase” pushing up goods categories as import levies work their way through supply chains. Goods inflation, he noted, should peak around the first quarter of 2026, assuming no additional tariff rounds.

Those crosscurrents have fractured the Fed. Three officials formally dissented from the rate cut on Wednesday, and several others offered what Powell described as “soft dissents,” when an official’s personal projection falls out of what they ultimately voted for. There were six such “soft dissents” this time, during one of the deepest divides inside the FOMC in years, driven by disagreement over how to weigh the risks of lingering inflation against the possibility that job growth is weaker—and much more fragile—than reported.

Powell stressed that policymakers cannot simply choose one mandate to prioritize. 

“There is no risk-free path,” he said, a refrain he’s repeated for months. “When both sides of the mandate are threatened, you should be kind of neutral.” 

He characterized the current stance as being at the “high end” of neutral, allowing the Fed to “wait and see” how the data evolve.



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Top economist Diane Swonk: Jerome Powell risks losing the Fed’s credibility on a gamble about AI and immigration

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Federal Reserve Chair Jerome Powell warned Wednesday afternoon that the U.S. labor market may be significantly weaker than the official data suggest. But according to KPMG chief economist Diane Swonk, the Fed may be drawing the wrong conclusion—and in doing so, risks undermining its hard-won credibility on fighting inflation.

In a new analysis shared with Fortune, Swonk argues that Powell is treating the slowdown in hiring as a sign of weakening demand that must be offset with lower interest rates. But if that weakness is being driven instead by structural forces—specifically, AI adoption and sharp declines in immigration—then cutting rates won’t fix the underlying problem and could worsen inflation.

“Powell risks the Fed’s inflation-fighting credibility if the weakness in employment is due more to AI and curbs in immigration than weak demand,” Swonk wrote.

That warning comes after one of the most contentious Federal Open Market Committee meetings in years. The Fed cut rates by a quarter point for the third meeting in a row, taking the federal funds rate down to 3.5%–3.75%, but the vote fractured the committee. Swonk notes it was the first time since 2019 that there were three dissents, and they came “in opposite directions.”

Governor Stephen Miran — currently on leave from the White House Council of Economic Advisers — voted for a half-point cut, while Kansas City Fed President Jeff Schmid and Chicago Fed President Austan Goolsbee voted to hold rates steady.

Swonk highlights that the Fed’s statement resurrected language meant to indicate a pause: “In considering the extent and timing of additional adjustments… the Committee will carefully assess incoming data, the evolving outlook and the balance of risks.” Powell reinforced that stance, saying “We are well positioned to see how the economy evolves” and emphasizing that policymakers would need to “be a bit skeptical” of data distorted by the government shutdown.

But the bigger issue, Swonk argues, is that Powell kept pointing to imminent downward revisions to employment, revisions she warns may not mean what the Fed thinks they do.

If job growth is negative because automation is replacing workers or because the labor force is shrinking due to immigration policy, then monetary policy can’t solve the problem. That’s because rate cuts can stimulate demand, but they cannot create workers or reverse automation decisions already made by firms. 

“The challenge is if that weakness is due to AI and curbs on immigration, then rate cuts will not do much to shore up the labor market. More could show up in inflation,” she wrote.

Powell, during the conference, acknowledged that AI may be “part of the story” behind the cooling labor market, citing major employers like Amazon that have linked hiring freezes and job cuts to automation. But he stressed that it’s “not a big part of the story yet,” and said it’s too early to know whether this wave of technological change will ultimately destroy more jobs than it creates.

He also noted that labor supply has “come down quite sharply” due to a drop in immigration and participation.

A misread could become especially dangerous given the fiscal backdrop. Swonk notes that “expansions to tax cuts last year will show up as a record high tax refunds in early 2026,” warning that the windfall could “further entrench inflation much like we saw in the wake of the pandemic.” 

At the same time, federal debt is projected to surpass GDP for the first time since World War II, marking a level of issuance that is “a lot of debt for bond markets to absorb.”

Swonk also flags mounting risks to credibility inside the Fed itself.

Six participants wanted to hold rates steady, and the market openly dismissed Powell’s attempt at a hawkish spin: investors “priced in more cuts after the meeting,” she notes. Powell now appears to be one of the more dovish voices on the committee, raising questions about the direction of policy if the administration installs a new chair aligned with Miran’s more aggressive easing stance.

Swonk expects the Fed to pause early next year, but warns that if inflation fails to cool as expected, “the bond market could grow more skittish about rate cuts.”



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