October 22, 2023 • 4 min read with Matt Turner Hello! Welcome back to Insider Today’s Sunday edition, a roundup of the week’s top stories. I’m Matt Turner, the editor in chief of business at Insider.  On the agenda today: Leaked Microsoft guidelines shed light on how much the company pays. This Morgan Stanley veteran is ready to be CEO — it just might be somewhere else. Tech billionaire Peter Thiel was an FBI informant. The myth of the Great Boomer Wealth Transfer. But first: The stock market is getting Ozempic’ed.

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Florian Gaertner/Photothek via Getty Images Dispatch The Ozempic effect The rapid rise of AI, growing geopolitical risk, and the fight against inflation have dominated the discourse about the markets in 2023.     It’s time to add the emergence of weight-loss drugs like Ozempic and Wegovy to the conversation. These drugs could lead millions of Americans to alter their diet and lifestyles in the years ahead, reshuffling huge amounts of spending in the process.    Research on the effects of these drugs has sent stock prices for kidney dialysis providers and CPAP manufacturers plunging. The same is true for companies that make insulin-delivery systems. Walmart has said it’s seen customers on the drugs pull back on spending on food.   There are obvious beneficiaries, too. Novo Nordisk, which makes Ozempic and Wegovy, is now Europe’s most valuable company. Insurers and pharmacy benefit managers could cash in. Doctors are rushing to get certified to treat obesity.   There are real questions over how these drugs will be paid for, with one Blackstone exec saying the cost of covering them to help people lose weight could put some companies out of business.    And the science is developing quickly, with another drug, Eli Lilly’s Mounjaro, showing signs it could be more effective than Ozempic for weight loss. As with any medication, drugs won’t be the answer for everyone.    Still, it’s possible to picture a world where millions or even tens of millions are eating less, losing weight, and feeling differently about themselves. The impact that has on companies’ bottom lines and on the economy will be one of the big stories of the next decade. Read the full story

Microsoft CEO Satya Nadella. JASON REDMOND/AFP via Getty Images This week's top reads How much Microsoft pays Insider obtained Microsoft’s pay guidelines, shedding light on how the tech giant pays new hires by varying levels. The leaked guidelines included ranges for base pay, hiring bonuses, and annual stock awards.   The highest pay package, according to the guidelines viewed by Insider, included a $316,000 salary, a $1.2 million hiring bonus, and roughly $1 million in annual stock awards. The lowest, meanwhile, was a $42,500 salary with no hiring bonus or guaranteed stock award.    See how much Microsoft pays new hires by level.   Also read: Microsoft is preparing to bring on Amazon as a customer of its 365 cloud tools in a $1 billion megadeal, according to an internal document Amazon tells managers they can now fire employees who won't come into the office 3 times a week

Dan Simkowitz. Michael M. Santiago/Getty Images; Chelsea Jia Feng/Insider Morgan Stanley’s long-shot CEO candidate Dan Simkowitz very well might end up being a CEO at some point in his career. But most likely, it won’t be at Morgan Stanley.   Morgan Stanley’s head of investment management is viewed as smart, poised, and “CEO-esque” by former colleagues. But his chances of taking over for CEO James Gorman have been overshadowed by two fellow candidates: the investment-banking head Ted Pick and the wealth-management head Andy Saperstein.    That’s not to say Simkowitz isn’t a name worth knowing. "He is going to be a CEO somewhere if he doesn't get this job,” said one former colleague.   Read more on Dan Simkowitz’s rise.   Also read: Meet the candidates in the running to replace James Gorman as Morgan Stanley's CEO

John Lamparski/Getty Images; Rebecca Zisser/Insider Peter Thiel’s FBI secret Peter Thiel has worn many hats over the years: Silicon Valley founder, Trump megadonor, cryptocurrency booster, democracy skeptic.    But there is yet another facet to Thiel, one that has remained secret until now: FBI informant, which he became in the summer of 2021, Insider has learned.   Read the story.

Chelsea Jia Feng/Insider The myth of the Great Boomer Wealth Transfer Boomers are sitting on a massive amount of wealth, but younger generations shouldn’t bank on getting most of it.   A life-changing inheritance from a relative isn’t the reality for most people. Only families in the wealthiest 1% of Americans said they’d received a six-figure inheritance.    In reality, most boomers’ wealth will go toward long-term care and end-of-life costs.   Why many will be disappointed by their inheritance.

This week's quote “To paraphrase Yoda: Leave or do not. There is no threat.” — Chris Williams, Microsoft’s former VP of HR, on why you should never threaten to quit for another offer.

More of this week’s top reads: Tech was supposed to take everyone's job. We're still working. What happened? Locals are being priced out of Texas and Florida. Here's where they're looking for affordable homes instead. Tensions flare at Two Sigma over donations after Hamas attack. Marc Andreessen is getting raked over the coals for calling social responsibility the “enemy.” Coders are no longer the high-flying stars of Big Tech — and it's making them grumpy. FBI says North Korea deployed thousands of IT workers to get remote jobs in the US with fake IDs. The 53 most promising climate tech startups of 2023, according to top VCs. 14 slides the WNBA's Seattle Storm used to sell stakes that raised the team's valuation to a record-setting $151 million.

Event invite Consumer expectations continue to shift dramatically. How can you meet or exceed these expectations? Join PayPal on October 24 at 12 p.m. ET to learn the ways you can better understand where your customers are and what's motivating their purchases. Register now.

The Insider Today Sunday team Matt Turner, editor in chief of business, in New York City. Dan DeFrancesco, senior editor, in New York City. Diamond Naga Siu, senior reporter, in San Diego. Grace Lett, associate editor, in Chicago. Hallam Bullock, editor, in London. Lisa Ryan, executive editor, in New York City.