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Gen Z are ‘overemployed,’ holding down 5 jobs and earning over $3k a day—and it’s totally legal

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As news of Soham Parekh, the software engineer who has been accused of working for several Silicon Valley startups at the same time, spreads on social media, bosses have been venting their suspicions about their own remote workers. 

Their instincts may not be wrong. Post-pandemic remote work has quietly created a loophole that many, like Parekh, have exploited to hold down several gigs at once.

Research by Paychex from back in 2023 found a staggering 40% of workers were juggling two jobs. But Gen Z were the most prolific “polyworkers,” with 93% of the youngest generation of workers splitting their time between multiple employers. In comparison, just 28% of baby boomers and 23% of Gen Xers admitted to holding down three or more jobs.

For workers, it can mean paychecks in the tens of thousands, the ability to maximise their earning potential while they’re young and child-free (and not yet displaced by AI), and retire early. One Reddit user claims to have just landed a fifth concurrent job, bringing their income to over $3,000 a day. 

But employers are complaining about shoddy quality work, ghosted meetings, and a feeling they’ve been “scammed.”

What the law says about holding down multiple gigs

Unfortunately for disgruntled bosses, employment experts say there’s no law outright prohibiting holding down multiple jobs at once—at least not in the U.S. or UK.

Nicolas Lakeland, an employment law Partner, Laytons tells Fortune “it depends on what the contract of employment says but most full-time contracts of employment will have a clause which says that an employee will devote their ‘their whole time and attention’ to their work and not have alternative employment outside of that.”

The reason for this, he adds, is usually to stop employees working for competitors. “But also they want their employees to turn up on a Monday morning and be able to work productively.” 

So, the burden is mostly on employers to protect themselves. And with “overemployment” being a very new issue, they’ll need to check the scope of the restrictions in their contracts—and police it.

“In short, it is legal to do this in the US,” Peter Rahbar, employment attorney, workplace issues expert and founder of The Rahbar Group, echoes. “The key consideration for employees is whether their employer has a policy, or there is a provision in their offer letter or employment agreement that would prohibit holding other employment.”

Before accepting secret side jobs, Rahbar says employees should look into whether they “present a conflict of interest, or are competitive with, the primary job.” If the answer is yes, he’d “strongly advise that the employee not move forward, as it could present additional legal issues.” 

For employers, Rahbar recommends moonlighting policies—and outright prohibiting “other employment” in contracts. But on a more human level, he suggests paying employees well. “Most employees take other jobs for money, not intellectual curiosity,” he adds.

As Parekh, the software engineer who sparked the overemployment debate, told the tech show TBPN: “No one really likes to work 140 hours a week, I had to do it out of necessity.” 

“Last, managers should make sure to communicate frequently with their employees, this will not only help build trust and achieve team goals, but reduces the opportunity to do other work,” Rahbar adds.

Even if being overemployed is technically legal, that doesn’t mean there won’t be consequences

Just as there is no outright federal law preventing workers from holding down multiple gigs, there’s no law protecting that right either. “It would also not be illegal for an employer to fire the employee if it found out,” employment lawyer Tom Spiggle from The Spiggle Law Firm highlights.

Where workers could land on the wrong side of the law is if they share confidential information from one company with another, or work for a competitor.

“In that situation, the employee could be legally liable in some states for interfering with the initial employer’s business,” Spiggle explains. “The fancy legal term is ‘interference with prospective business advantage.’”

There are also tighter legal restrictions for those working for the federal government and some government contractors, particularly in the defense space. But in most cases, he says workers would simply be in breach of their contract, and while they could be “subject to monetary damages,” the most likely scenario would be they just get sacked. 

Lewis Maleh, CEO of executive recruitment agency Bentley Lewis, says he’s seen multiple workers dismissed for this exact reason. “If someone is doing a full-time perm job and being paid accordingly, they should not be doing another full-time perm role unless the company is OK with it,” he says. “I don’t think it’s ethical and will cost you down the road if you get found out.”

And apparently, the chances of being caught are fairly high. Maleh says workers have been exposed through LinkedIn activity, tax-record checks, background-screening companies and even by accident when a client happened to be on a Zoom interview for another job.

Even if the work is getting done, Maleh says employers care because:

  • It creates trust issues: If you’re hiding this, what else are you hiding?
  • Tax implications
  • Confidentiality risks: Sharing or reusing sensitive information across companies—intentionally or not—can pose legal issues
  • Availability concerns: You may be unreachable during emergencies, meetings, or required travel
  • Intellectual property disputes: Anything created on company time may become a grey area if you’re splitting hours between employers.

“It’s short-term financial gain and potential long-term career suicide,” he concluded. “Always be honest… The recruitment world is small, especially in senior roles, and it could impact references for years.”

If that second or third job really is that important to your livelihood, the safest bet is bringing it up with your employer right away.

As Lakeland says: “There is nothing stopping an employee from negotiating a variation to their contract, but that means being open, honest, and upfront about what you want to do and asking the employer’s permission.”

Did your boss catch you for holding multiple jobs at once? Fortune wants to hear from you. Get in touch: orianna.royle@fortune.com 



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SpaceX to offer insider shares at record-setting $800 billion valuation

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SpaceX is preparing to sell insider shares in a transaction that would value Elon Musk’s rocket and satellite maker at as much as $800 billion, people familiar with the matter said, reclaiming the title of the world’s most valuable private company. 

The details, discussed by SpaceX’s board of directors on Thursday at its Starbase hub in Texas, could change based on interest from insider sellers and buyers or other factors, said some of the people, who asked not to be identified as the information isn’t public. SpaceX is also exploring a possible initial public offering as soon as late next year, one of the people said. 

Another person briefed on the matter said that the price under discussion for the sale of some employees and investors’ shares is higher than $400 apiece, which would value SpaceX at between $750 billion and $800 billion. The company wouldn’t raise any funds though this planned sale, though a successful offering at such levels would catapult it past the record of $500 billion valuation achieved by OpenAI in October.

Elon Musk on Saturday denied that SpaceX is raising money at a $800 billion valuation without addressing Bloomberg’s reporting on the planned offering of insiders’ shares. 

“SpaceX has been cash flow positive for many years and does periodic stock buybacks twice a year to provide liquidity for employees and investors,” Musk said in a post on his social media platform X. 

The share sale price under discussion would be a substantial increase from the $212 a share set in July, when the company raised money and sold shares at a valuation of $400 billion. The Wall Street Journal and Financial Times earlier reported the $800 billion valuation target.

News of SpaceX’s valuation sent shares of EchoStar Corp., a satellite TV and wireless company, up as much as 18%. Last month, EchoStar had agreed to sell spectrum licenses to SpaceX for $2.6 billion, adding to an earlier agreement to sell about $17 billion in wireless spectrum to Musk’s company.

Subscribe Now: The Business of Space newsletter covers NASA, key industry events and trends.

The world’s most prolific rocket launcher, SpaceX dominates the space industry with its Falcon 9 rocket that lifts satellites and people to orbit.

SpaceX is also the industry leader in providing internet services from low-Earth orbit through Starlink, a system of more than 9,000 satellites that is far ahead of competitors including Amazon.com Inc.’s Amazon Leo.

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SpaceX is among an elite group of companies that have the ability to raise funds at $100 billion-plus valuations while delaying or denying they have any plan to go public. 

An IPO of the company at an $800 billion value would vault SpaceX into another rarefied group — the 20 largest public companies, a few notches below Musk’s Tesla Inc. 

If SpaceX sold 5% of the company at that valuation, it would have to sell $40 billion of stock — making it the biggest IPO of all time, well above Saudi Aramco’s $29 billion listing in 2019. The firm sold just 1.5% of the company in that offering, a much smaller slice than the majority of publicly traded firms make available.

A listing would also subject SpaceX to the volatility of being a public company, versus private firms whose valuations are closely guarded secrets. Space and defense company IPOs have had a mixed reception in 2025. Karman Holdings Inc.’s stock has nearly tripled since its debut, while Firefly Aerospace Inc. and Voyager Technologies Inc. have plunged by double-digit percentages since their debuts.

SpaceX executives have repeatedly floated the idea of spinning off SpaceX’s Starlink business into a separate, publicly traded company — a concept President Gwynne Shotwell first suggested in 2020. 

However, Musk cast doubt on the prospect publicly over the years and Chief Financial Officer Bret Johnsen said in 2024 that a Starlink IPO would be something that would take place more likely “in the years to come.”

The Information, citing people familiar with the discussions, separately reported on Friday that SpaceX has told investors and financial institution representatives that it’s aiming for an IPO of the entire company in the second half of next year.

Read More: How to Buy SpaceX: A Guide for the Eager, Pre-IPO

A so-called tender or secondary offering, through which employees and some early shareholders can sell shares, provides investors in closely held companies such as SpaceX a way to generate liquidity.

SpaceX is working to develop its new Starship vehicle, advertised as the most powerful rocket ever developed to loft huge numbers of Starlink satellites as well as carry cargo and people to moon and, eventually, Mars.



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National Park Service drops free admission on MLK Day and Juneteenth while adding Trump’s birthday

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The National Park Service will offer free admission to U.S. residents on President Donald Trump’s birthday next year — which also happens to be Flag Day — but is eliminating the benefit for Martin Luther King Jr. Day and Juneteenth.

The new list of free admission days for Americans is the latest example of the Trump administration downplaying America’s civil rights history while also promoting the president’s image, name and legacy.

Last year, the list of free days included Martin Luther King Jr Day and Juneteenth — which is June 19 — but not June 14, Trump’s birthday.

The new free-admission policy takes effect Jan. 1 and was one of several changes announced by the Park Service late last month, including higher admission fees for international visitors.

The other days of free park admission in 2026 are Presidents Day, Memorial Day, Independence Day, Constitution Day, Veterans Day, President Theodore Roosevelt’s birthday (Oct. 27) and the anniversary of the creation of the Park Service (Aug. 25).

Eliminating Martin Luther King Jr. Day and Juneteenth, which commemorates the day in 1865 when the last enslaved Americans were emancipated, removes two of the nation’s most prominent civil rights holidays.

Some civil rights leaders voiced opposition to the change after news about it began spreading over the weekend.

“The raw & rank racism here stinks to high heaven,” Harvard Kennedy School professor Cornell William Brooks, a former president of the NAACP, wrote on social media about the new policy.

Kristen Brengel, a spokesperson for the National Parks Conservation Association, said that while presidential administrations have tweaked the free days in the past, the elimination of Martin Luther King Jr. Day is particularly concerning. For one, the day has become a popular day of service for community groups that use the free day to perform volunteer projects at parks.

That will now be much more expensive, said Brengel, whose organization is a nonprofit that advocates for the park system.

“Not only does it recognize an American hero, it’s also a day when people go into parks to clean them up,” Brengel said. “Martin Luther King Jr. deserves a day of recognition … For some reason, Black history has repeatedly been targeted by this administration, and it shouldn’t be.”

Some Democratic lawmakers also weighed in to object to the new policy.

“The President didn’t just add his own birthday to the list, he removed both of these holidays that mark Black Americans’ struggle for civil rights and freedom,” said Democratic Sen. Catherine Cortez Masto of Nevada. “Our country deserves better.”

A spokesperson for the National Park Service did not immediately respond to questions on Saturday seeking information about the reasons behind the changes.

Since taking office, Trump has sought to eliminate programs seen as promoting diversity across the federal government, actions that have erased or downplayed America’s history of racism as well as the civil rights victories of Black Americans.

Self-promotion is an old habit of the president’s and one he has continued in his second term. He unsuccessfully put himself forwardfor the Nobel Peace Prize, renamed the U.S. Institute of Peace after himself, sought to put his name on the planned NFL stadium in the nation’s capital and had a new children’s savings program named after him.

Some Republican lawmakers have suggested putting his visage on Mount Rushmore and the $100 bill.



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JPMorgan CEO Jamie Dimon says Europe has a ‘real problem’

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JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon called out slow bureaucracy in Europe in a warning that a “weak” continent poses a major economic risk to the US.

“Europe has a real problem,” Dimon said Saturday at the Reagan National Defense Forum. “They do some wonderful things on their safety nets. But they’ve driven business out, they’ve driven investment out, they’ve driven innovation out. It’s kind of coming back.”

While he praised some European leaders who he said were aware of the issues, he cautioned politics is “really hard.” 

Dimon, leader of the biggest US bank, has long said that the risk of a fragmented Europe is among the major challenges facing the world. In his letter to shareholders released earlier this year, he said that Europe has “some serious issues to fix.”

On Saturday, he praised the creation of the euro and Europe’s push for peace. But he warned that a reduction in military efforts and challenges trying to reach agreement within the European Union are threatening the continent.

“If they fragment, then you can say that America first will not be around anymore,” Dimon said. “It will hurt us more than anybody else because they are a major ally in every single way, including common values, which are really important.”

He said the US should help.

“We need a long-term strategy to help them become strong,” Dimon said. “A weak Europe is bad for us.”

The administration of President Donald Trump issued a new national security strategy that directed US interests toward the Western Hemisphere and protection of the homeland while dismissing Europe as a continent headed toward “civilizational erasure.”

Read More: Trump’s National Security Strategy Veers Inward in Telling Shift

JPMorgan has been ramping up its push to spur more investments in the national defense sector. In October, the bank announced that it would funnel $1.5 trillion into industries that bolster US economic security and resiliency over the next 10 years — as much as $500 billion more than what it would’ve provided anyway. 

Dimon said in the statement that it’s “painfully clear that the United States has allowed itself to become too reliant on unreliable sources of critical minerals, products and manufacturing.”

Investment banker Jay Horine oversees the effort, which Dimon called “100% commercial.” It will focus on four areas: supply chain and advanced manufacturing; defense and aerospace; energy independence and resilience; and frontier and strategic technologies. 

The bank will also invest as much as $10 billion of its own capital to help certain companies expand, innovate or accelerate strategic manufacturing.

Separately on Saturday, Dimon praised Trump for finding ways to roll back bureaucracy in the government.

“There is no question that this administration is trying to bring an axe to some of the bureaucracy that held back America,” Dimon said. “That is a good thing and we can do it and still keep the world safe, for safe food and safe banks and all the stuff like that.”



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