Business
The Mooch’s second act: Anthony Scaramucci’s improbable quest to transcend Trump and transform America
Published
5 months agoon
By
Jace Porter
Anthony Scaramucci strides into the seaside ballroom of Bermuda’s plush Hamilton Princess hotel sporting a well-tailored suit, a spangled American flag pin, a Mickey Mouse watch, and plenty of hair gel.
Scaramucci is here to talk up his hedge fund’s latest SALT investors conference. But prior to our interview, he tells me, he was yukking it up with Bermuda’s premier, E. David Burt. Scaramucci, proud of his youthful appearance at age 61, says he shared a favorite one-liner extolling darker complexions: “Black don’t crack,” he recalls telling Burt—“but beige don’t age!”
This is “the Mooch”— a nickname Scaramucci picked up in childhood—on full blast, entertaining and outrageous. His body pulses with energy and he talks in a rapid stream, his nasal Long Island accent peppered with F-bombs.
Most Americans encountered the Mooch for the first time in 2017. That’s when Scaramucci got a gig as first-term President Donald Trump’s communications director, only to yap his way out of that job after 11 days. His fleeting tenure became fodder for late-night comics and social media wags, who coined the metric of “a Scaramucci” to measure the length of a failed short-term stint.
It’s hard to come back from an episode like that. Yet Scaramucci has somehow done just that, and eight years later, he has evolved into something new—arguably, one of the most influential voices in American politics and finance.
In the last few years, Scaramucci has parlayed his disastrous White House foray into a role as one of Trump’s most arch critics, often drawing on his personal knowledge of the man he worked for during the 2016 presidential campaign. Using his massive social media following and his cohosting of the popular The Rest is Politics: US podcast, Scaramucci has won over a legion of unlikely fans across the political landscape. At the same time, his popular crypto-focused SALT conferences have attracted leading celebrities and business figures and, along with his hedge fund, helped Scaramucci amass a personal fortune of nearly $200 million.
The Mooch’s brassy schtick is still there, but now he has something serious to say. Wielding insights gleaned from world history and his voracious reading, he offers Americans a compelling road map to transcend the crassness and culture wars of the moment.
A formative trip to Disney World
Scaramucci’s childhood was about as far removed as you can get from the Hamilton Princess. The son of a crane operator on Long Island, his family did not go to five-star hotels—or really anyplace—except, he recalls, one precious vacation to Miami Beach when he was 12. That was the time he and his brother persuaded their father to take them to Disney World.
“I’ve got to give my old man credit for this, because he really didn’t want to do this,” he tells me. “I mean, this poor son of a bitch—chainsmoker, Scotch drinker, blue-collar worker—all he wanted to do was lay on the beach, but I got his ass in a bus, and we went from Miami Beach up to Orlando.”
The four-hour bus ride allowed for barely half a day at the theme park, but that was enough to leave Scaramucci with indelible memories, an abiding love of the Magic Kingdom, and a swelling desire to get rich and have all the things his family could not then afford. Five decades later, his eyes are a pool of wonder and pain as he recalls the trip.
“I’m a big Disney fan and I’ve spent almost a year of my life on Disney property,” Scaramucci says, twisting his Mickey Mouse watch. (An incorrigible name-dropper, the Mooch can’t help but add that the company’s CEO, Bob Iger, is a good buddy.)
Though he doesn’t say so, that glimpse of the Happiest Place on Earth likely was a salve for Scaramucci, who has said that he experienced poverty and domestic violence as a child. He’s a quiet benefactor of former Yankee manager Joe Torre’s Safe at Home Foundation, a charity that provides services to children who have experienced trauma.
Scaramucci’s path to upward mobility was aided by charisma, as well as a sharp intelligence that got him into Harvard Law School and helped him land a job at Goldman Sachs (which he was later fired from, and then rehired by the firm). The head of the trading desk at Goldman tagged the young Scaramucci with the nickname Good Will Hunting, after the Matt Damon character in the 1997 film about a genius who works as a janitor at MIT. “He’s like, ‘You know a lot more than you’re willing to admit at the card table,’” Scaramucci recalls.
At Harvard Law School, Scaramucci had been brash and popular, the kind of guy who proposed to his first wife on a Times Square billboard. He also held his own academically, earning an A- from the famous constitutional law scholar Laurence Tribe. But unlike many of his fellow students, Scaramucci didn’t profess any aspirations to use his legal training for the greater good, or to be a thundering moral figure like the fictional criminal defense attorney Atticus Finch, a classmate has written of him. Instead, he seemed aligned with his working-class parents’ view, as published in the 1989 Harvard Law yearbook: “To the victor go the spoils,” they wrote in a congratulatory note.
Following law school, Scaramucci twice failed the New York bar exam, but he got his spoils all the same. After a seven-year stint at Goldman Sachs, he realized he could make even more money by starting his own hedge fund, Oscar Capital, which he would go on to sell to another financial giant in 2001. Four years later, he started his current fund, SkyBridge Capital.
Today, a source close to Scaramucci said his net worth is at the higher end of the $150 million to $200 million range (the exact value has fluctuated significantly, since most of his portfolio is in the volatile crypto sector). That fortune was amassed primarily from personal investments and fees he collects from his fund, SkyBridge Capital, which oversaw $2.6 billion in assets at the end of 2024. He is also an author, earning royalties from The Little Book of Hedge Funds and several other books.
Not everyone is impressed by Scaramucci’s business acumen. Upon learning I was writing this profile, a general partner at a crypto venture capital fund fumed that Scaramucci was “dumb as a bag of rocks” when it came to finance, and that his success came entirely from his skills as a networker.
John Darsie, the CEO of the SALT franchise, dismisses such criticisms. He says that while Scaramucci has never held the role of chief investment officer at SkyBridge, he has always been instrumental in supplying the broad strokes of the firm’s investment strategy. Darsie also credits Scaramucci with making a series of critical pivots when the firm was on the rocks.
Those include dropping Skybridge’s original focus on hedge fund seeding to embrace instead a fund-of-funds model, which Scaramucci pulled off by acquiring a unit of Citi bank in 2010. Then there’s SkyBridge’s 2020 pivot to crypto, which now makes up 70% of the fund’s portfolio alongside its investments in big hedge funds such as Millennium Management Global Investment and Elliott Management, and bets on credit and private equity.
In early 2025, Scaramucci himself held over 60% of his net worth in Bitcoin, he told the Substack The Profile. Despite being a tireless booster of cryptocurrency, he has never pretended his embrace of the sector is rooted in some higher ideal. Instead, he says he bought Bitcoin to get rich—a refreshing take in an industry where many pose as reformers bent on democratizing finance.
Scaramucci says he first encountered Bitcoin in 2012, and describes meeting Hal Finney, the late computer scientist who was party to the very first transactions. He admits he did not see the value proposition at the time—SkyBridge’s first Bitcoin purchase came in 2020—but says he agrees with the philosophy that sees the currency as an antidote to the reckless printing of money by central banks and governments.
“If you could say one thing about the last 100 years, central bankers have been drunk drivers,” he says. “Bitcoin takes the keys away from the central bankers.”
Adventures, and misadventures, in crypto-land
The 1609 Bar is a short beachward walk from the Hamilton Princess lobby. Its ample windows offer sumptuous views of Bermuda’s picturesque harbor. On this April evening, the SALT conference guests are sipping Rum Swizzles—the national drink—and Dark & Stormys while chattering loudly about crypto projects.
This is the 25th such gathering for SALT, which stands for SkyBridge Alternatives, and began in 2008 as a forum to discuss non-mainstream investments. This year’s event in Bermuda has drawn some of the industry’s leading figures, but it’s no 2022.
That’s the year Scaramucci’s firm co-hosted the most famous—and infamous—gathering in crypto history. It took place in the Bahamas, another island nation with aspirations of supplementing its tourism economy by becoming a digital assets hub. The A-listers in attendance included Tom Brady, Bill Clinton, Katy Perry, and Shark Tank’s Kevin O’Leary.
The main draw, though, was the other co-host—a shlubby crypto tycoon named Sam Bankman-Fried, who was heading to the apex of his fame. Known to everyone as SBF, Bankman-Fried ran the crypto exchange FTX, then valued at $25 billion, which co-sponsored the conference and was spending lavishly on political donations, acquisitions and endorsement deals. Shortly after the Bahamas gathering, SBF also bought a 30% stake in Scaramucci’s fund, SkyBridge, as part of a broader $67 million investment.
Months later, it all came undone when FTX collapsed and it became clear that billions in customer funds were missing. The fallout ensnared many prominent figures in the crypto world, including Scaramucci. The repercussions included a series of clawback lawsuits seeking to recover assets that Bankman-Fried had spent or transferred. Some of these lawsuits are still ongoing, including one aimed at Scaramucci and SkyBridge.
Scaramucci does not appear humbled by the SBF debacle, and is quick to claim that Bankman-Fried’s $67 million investment was not what it seemed. That’s because a hefty portion of it came in the form of so-called “Sam coins”—new cryptocurrencies the conman spun up and passed around like so many magic beans. They became worthless after FTX’s collapse.
Meanwhile, the broader crypto world has moved on. In Bermuda, SBF’s crimes do not come up as the SALT guests toast to the price of Bitcoin crossing $100,000, and enthuse about stablecoins and AI-infused blockchains.
Scaramucci, who has a near-photographic memory, banters easily with guests and hotel staff alike. Hosting a multiday conference is grueling work, but Scaramucci looks remarkably fresh—a testament to his natural vigor and, perhaps, his elaborate self-care regime. That regime, he told the FT, involves injections (“I’ve probably taken more Botox needles to my forehead than any 60-year-old I know”), PRP doses to keep his hair thick, and regular visits to a woman he describes as the best colorist in Manhattan.
Hovering over a buffet spread, he snatches an hors d’oeuvre and catches my eye. “They call me the Mooch for a reason,” he says with a grin. It’s a line he has no doubt used hundreds of times, but it still lands.
Scaramucci can slip into the full-wattage version of the Mooch in an instant, parceling out jokey lines and chummy confidences at will. These qualities have led some to observe that Scaramucci’s true talent is as a connector: someone who can read the room, and draw together some of the world’s most powerful and influential people.
It’s no wonder that in 2016, a former reality-show host and fellow New Yorker who was still trying to learn the ropes as a professional politician found a high-profile role for Scaramucci in his presidential campaign.
The shortest White House stint
The Mooch now sees his time working for Trump as a low point in his life. “My wife and I almost got our asses divorced,” he says. “She hates Trump almost as much as Melania does.”
The Scaramuccis’ near divorce came in 2017, a year when the Mooch became a star in Trumpworld, and a polarizing figure in Washington, D.C. Deidre, Scaramucci’s second wife and the mother of two of his five children, was ready to leave after he missed the birth of his youngest son to attend a Boy Scouts event with Donald Trump. “But also,” Scaramucci reflects, “we were fighting about other things.”
Things are steady now. After getting over his brief intoxication with political power, Deidre says, her husband has grounded himself by embracing the bookworm and homebody sides of his personality. Even at home, though, he relishes being the Mooch, Deidre says when I reach her on the phone shortly before Independence Day: Her husband has been parading around the house in his “It’s not the Fourth of July until my wiener comes out” T-shirt.
In Bermuda, Scaramucci proudly shows a tattoo on his ring finger that he got after the near-divorce: “That’s Deidre—the letter D in her handwriting, on my wedding finger.” Deidre got his initial on her finger too. Instead of ending his marriage, Scaramucci had a rather spectacular breakup with his employer, who fired him after the Mooch criticized two other top lieutenants in the first Trump administration, Reince Priebus and Steve Bannon, in a profanity-laced interview with the New Yorker.
In the years since his dramatic exit from public service, some of Scaramucci’s jibes at Trump have come in the form of cheap laughs, including one about how the orange of his Mickey Mouse wristband is more fetching than Trump’s complexion.
But he also takes every opportunity he can to issue what he sees as a serious warning: Scaramucci—who still identifies as a Republican—claims the president is running the same playbook as the leaders of fascist Germany. And like others who spent time in the inner circle of Trump’s White House, he has since become a vocal critic of a man he calls malevolent and amoral.
Unsurprisingly, Trump no longer thinks highly of Scaramucci, either. Following his second election victory, the President took to Truth Social to blast his former staffer as “a major loser who was fired from the administration after only 11 days.” Reached for comment on this story, White House spokesman Kush Desai told Fortune: “No one cares about what Scaramucci thinks or says.”
Photo by Chip Somodevilla/Getty Images
Scaramucci’s ongoing and vocal critiques of the President come at a time when most in the crypto sector are falling over themselves to praise the President’s deregulatory policies, which include dropping a slew of SEC investigations and disbanding a Justice Department unit that specialized in blockchain. Trump is now an honorary crypto bro himself, as he and his sons pocket tens of millions selling memecoins, so Scaramucci risks crossing not just the White House but his own industry by speaking out.
He says many of his banker and hedge-fund friends quietly agree with him, and he wishes they would do the same. “My buddies on Wall Street, who know better,” he says, “they don’t have the balls to speak out.”
Beneath the brashness, a sober and historic worldview
Scaramucci tugs on my sleeve to emphasize his latest point. After 40 minutes, his energy hasn’t flagged a whit. To borrow from Walt Whitman, the Mooch is out of the cradle, endlessly rocking.
Yet this colorful Mooch persona—which he describes as an “Italian exoskeleton”—hides an inner Scaramucci who is deeply contemplative. Unlike those who treat reading as a pretext to name-drop a title they have half-skimmed, Scaramucci’s literary range is authentic and impressive.
On stage, on his podcast, and in our conversation, Scaramucci effortlessly weaves in references—along with plenty of profanity—to the historian Barbara Tuchman; Thomas Hobbes’ Leviathan; and The Art of Chemistry, a popular 2023 novel about a California woman who perseveres in science in the face of blatant sexism.
Scaramucci’s love of the novel reflects another aspect of his personality: a perhaps unexpectedly feminist side. Katty Kay, a prominent former news broadcaster who cohosts The Rest is Politics: US, says that Scaramucci stands out from other men. “One of the things that my female friends particularly say they like about the podcast is the respect he shows me,” she tells me. It may seem a low bar, but Kay says this has been a refreshing change from other male coworkers, and a stark contrast with political forums where, she says, research shows men typically speak 30% more than women.
While Scaramucci was her second choice as cohost (she had initially sought the author Michael Lewis), his popularity with listeners has helped The Rest is Politics: US become the fast-growing political podcast in the world with over 7.5 million audio and YouTube plays every month. Kay attributes this success in part to Scaramucci’s ability to offer listeners—especially those outside the U.S.—a perspective they rarely hear: that of an American who grew up in the working class.
Scaramucci’s own politics, meanwhile, are hard to pin down. He describes himself as libertarian-leaning and faithful to the GOP, but was tapped as a surrogate for the Harris-Walz presidential campaign. He is vociferously anti-Trump but also impatient with the knee-jerk identity politics of some on the left. Most of all, though, Scaramucci is fixated upon an earlier era of American greatness—and aspects of it not captured by the MAGA movement.
He cites former Secretary of State Dean Acheson’s memoir Present at the Creation, about the U.S. creating a peaceful world from the ashes of World War II by helping its one-time enemies to rebuild. Juxtaposing it with the petty, retribution-driven political climate of today, he is struck by that American generation’s commitment to raising living standards worldwide, and reducing global conflict.
“They didn’t punish the vanquished,” he says. “They supported the vanquished. They built a world order. They integrated the system.”
Now, though, Scaramucci says the memory of the horrors, collective trauma, and brave sacrifices of the WWII era has faded from public memory, opening the door for would-be oligarchs to impose a new political order. Citing the UK historian Laurence Rees’s new book The Nazi Mind, he runs down the warning signs as he sees them in Trump’s actions: his spreading of conspiracy theories; the use of “us and them” rhetoric; leading as a hero; eliminating resistance; and so on.
And despite his own connections in Silicon Valley, Scaramucci worries that the so-called tech broligarchy, and their MAGA allies, are failing to carve out a place in society for ordinary Americans. He is particularly incensed by the current vogue among tech leaders for Curtis Yarvin, the once-fringe far-right blogger who proposes replacing U.S. democracy with a CEO-led monarchy.
Their prescription, Scaramucci warns, threatens to replace the American dream with a society where a small elite lives behind barbed wire in mansions, and ordinary people struggle for a decent living. This country, he says, needs a leader who has imbibed the lessons of history.
“If you had the right transformational leadership in the country, you could go to the American people and say, ‘Listen, here is your heritage, and here’s what your future could be,’” he says. “’Or you could have a dystopian future, which is what JD Vance wants you to have.’”
A future in politics?
All of this raises the question of whether Scaramucci has ambitions for political office himself. He certainly has the name recognition, with his 1 million X followers and large podcast audience. Scaramucci is also collaborating with the celebrity business professor and podcaster Scott Galloway to develop a mentorship program called Lost Boys to help boost young men—a demographic that is flailing badly, and one that the Democratic Party desperately needs to win back.
Could the Mooch complete his jester-to-statesman evolution by running as a charismatic centrist who can bring the U.S. into a post-partisan age?
“Where would I run?” he asks when I put the question to him. “I can’t run as a Republican—that’s JD Vance’s party. Okay, so I’m gonna run in AOC’s party?” he scoffs, adding that his wife would castrate him if he tried to return to politics.
In any case, Scaramucci has a fund and crypto empire to run and a family to focus on, including his second son’s directorial debut at the Tribeca Film Festival, with a film titled, fittingly, Money Talk$. (Its main character is a $100 bill.) Kay, his podcast host, points out that he is also incapable of spending any length of time away from Long Island, where his mother, whom he sees often, and extended family all live close by.
“Some people have said, ‘If Trump is elected, I’m going to leave,’ or ‘If he starts coming after me, I’m going to leave,’” she says. “Anthony? He’s not going anywhere.”
As our interview wraps up, word is out that the Vatican has just chosen its first American pope, and Scaramucci rushes off to offer his two cents on a podcast, before it’s time to get onstage for his conference’s keynote address.
Being a politician or statesman may have its appeal one day, but for now, Scaramucci is having plenty of fun just being the Mooch.
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Business
Stocks: Facing a vast wave of incoming liquidity, the S&P 500 prepares to surf to a new record high
Published
29 minutes agoon
December 5, 2025By
Jace Porter
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.
Business
Gen Z fears AI will upend careers. Can leaders change the narrative?
Published
60 minutes agoon
December 5, 2025By
Jace Porter
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
Leaderboard
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:
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.”
Business
Four key questions about OpenAI vs Google—the high-stakes tech matchup of 2026
Published
2 hours agoon
December 5, 2025By
Jace Porter
Hello, Tech Editor Alexei Oreskovic, pitching in for Allie. We’ve been enjoying some crisp blue-sky days here in San Francisco in true December fashion. For the folks at OpenAI however, the days have been red — Code Red.
In case you haven’t been following, OpenAI CEO Sam Altman on Monday declared a “Code Red” alert in a memo to employees, according to the Information and the Wall Street Journal. The alert, the highest level on OpenAI’s three-point scale, is essentially an all-hands-on-deck call to mobilize and defend against an imminent threat. That threat is Google and its latest version of the Gemini AI model, which competes with OpenAI’s GPT family of models, particularly its flagship ChatGPT product.
It’s a remarkable turn of events, almost exactly three years to the day that OpenAI released ChatGPT and put Google and the rest of the tech industry on the back foot. Now Google is on the ascent, hoping to turn OpenAI into MySpace. Of course, with its $500 billion valuation, OpenAI and its investors are not about to surrender.
So, as the two AI superpowers roll up their sleeves for what’s sure to be a 2026 slugfest, we thought it would be interesting to tap into the wisdom of Term Sheet readers and ask for your perspectives on some of the key questions of this critical moment in tech history. Send your thoughts directly to me or to Allie G.
How can a company like OpenAI turn a first-mover advantage into a sustainable and long-lasting business that doesn’t get bulldozed by giants with more resources and capital?
Is there a lesson—good or bad—from a first mover of the past (e.g. Netscape vs Microsoft; Blackberry vs iPhone) that OpenAI should heed?
What is the Google Achilles heel that OpenAI should exploit?
What is the single most important thing that OpenAI needs to execute on right now – and what is the best metric to measure its success?
And of course, what other important parts of this story should we be thinking about?
Fire away!
Alexei Oreskovic
X:@lexnfx
Email:alexei.oreskovic@fortune.com
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Joey Abrams curated the deals section of today’s newsletter.Subscribe here.
Venture Deals
– 7AI, a Boston-based agentic cybersecurity platform, raised $130 million in Series A funding. Index Ventures led the round and was joined by Blackstone Innovations Investments, as well as existing seed investors Greylock, CRV, and Spark.
– Fact Base, a Tokyo-based manufacturing SaaS startup and maker of drawing management system ZUMEN, raised $28.5 million in Series C funding from Insight Partners.
– imper.ai, a New York City-based startup that prevents AI and cyber impersonation, emerged from stealth after raising $28 million in funding. Redpoint Ventures and Battery Ventures led the investment round and were joined by Maple VC, Vessy VC, and Cerca Partners.
– pH7 Technologies, a Vancouver, British Columbia-based metal extraction company, raised $25.6 million in initial Series B funding. Fine Structure Ventures led the round with strategic investment from BHP Ventures and was joined Energy & Environment Investment, Siteground, Gaingels Fund, and Calm Ventures, along with existing investors including TDK Ventures, Pangaea Ventures, Rhapsody Venture Partners, and BASF Venture Capital.
– Pine AI, a Palo Alto, Calif.-based startup that specializes in agentic AI for customer service applications, raised $25 million in Series A funding. Investors included Fortwest Capital.
– Lumia, an agentic AI security and governance platform, raised $18 million in seed funding. Team8 led the round and was joined by New Era.
– Multifactor, a San Francisco-based agentic AI security platform, raised $15 million in seed funding. Nexus Venture Partners led the round and was joined by Y Combinator, Taurus Ventures, Honeystone Ventures, Flex Capital, Pioneer Fund, Ritual Capital, and Liquid2 Ventures.
– Laigo Bio, a Utrecht, Netherlands-based biotech company specializing in novel membrane protein degradation, raised €11.5 million ($13.4 million) in seed funding. Kurma Partners and Curie Capital co-led the round and were joined by Argobio Studio, Angelini Ventures, Eurazeo, the Oncode Bridge Fund, ROM Utrecht Region, and Cancer Research Horizons.
– Helmet Security, a Washington, D.C.-based agentic AI communication security startup, emerged from stealth after raising $9 million from SYN Ventures and WhiteRabbit Ventures.
– Addis Energy, a Somerville, Mass.-based ammonia production technology developer, raised $8.3 million in seed funding. At One Ventures led the round and was joined by existing investors Engine Ventures and Pillar VC.
– Alinia AI, a Barcelona, Spain- and New York City-based startup that builds compliance tools for AI systems, raised $7.5 million in seed funding. Mouro Capital led the round and was joined by Speedinvest, Raise Ventures, and Precursor.
– BuiltAI, a London, U.K.-based financial modeling platform for commercial real estate investment, raised $6 million in seed funding. Work-Bench led the round and was joined by Lerer Hippeau, Timber Grove Ventures, Emerald Pine, and angel investors.
– Curvestone AI, a London, U.K.-based platform that reduces compound errors in automated workflows, raised $4 million seed funding. MTech Capital led the round and was joined by Boost Capital Partners, D2 Fund, and Portfolio Ventures.
– Govstream.ai, a Seattle-based startup building AI-native permitting tools for local governments, raised $3.6 million in seed funding. 47th Street Partners led the round and was joined by Nellore Capital, Ascend, Kevin Merritt, and Andreas Huber.
Private Equity
– Ares Management Corporation recapitalized MGT, a Tampa-based national technology and advisory solutions company serving state and local education institutions and governments, with a $350 million investment that values MGT at $1.25 billion. Existing investors include the Vistria Group, JPMorgan, and WhiteHorse Capital.
– TRP Infrastructure Services, an Arlington Capital Partners portfolio company, completed its acquisition of Corpus Christi, Texas-based Highway Barricades & Services, a provider of pavement marking and traffic control services. Financial terms were not disclosed.
– The Care Team, a Revelstoke Capital Partners portfolio company, acquired select hospice and palliative care operations from Traditions Health, a Tennessee-based hospice, palliative, and home health provider with operations in 16 states. Financial terms were not disclosed.
– Inovara Group, an Ambienta portfolio company, acquired Guildford, U.K.-based IBL Lighting Limited, an LED engine design and architectural lighting provider. Financial terms were not disclosed.
People
– Hunter Point Capital, a New York City-based investment firm, hired Jonathan Coslet as a senior partner. Previously, he was at TPG.
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