CEO Satya Nadella wants "to help people and organizations everywhere achieve more."
Good morning.
Microsoft CEO Satya Nadella has a letter out this morning, addressed to “shareholders, colleagues, customers and partners,” that does a good job explaining why his company now has a market cap of more than $2 trillion. “Microsoft was built for this moment,” he writes, citing a string of examples of the extraordinary technological transformation of business and society that is fed by Microsoft products and has been accelerated by the pandemic.
But I recommend reading the letter for its clear statement of purpose that follows the long list of technology accomplishments. “To help people and organizations everywhere achieve more,” he writes, “we are focused on four interconnected pillars.” The four:
• Support inclusive economic opportunity
• Protect fundamental rights
• Commit to a sustainable future
• Earn trust
The letter details what Microsoft has done in each of these areas, and it’s a pretty impressive list. I encourage you to read it here. It’s a stirring manifesto for the current moment, and a demonstration that purpose and profit can travel hand in hand.
By the way, Microsoft is one of only a handful of companies that have ever exceeded one trillion dollars in market capitalization—along with Amazon, Apple, Alphabet, PetroChina, Saudi Aramco and, briefly this summer, Facebook. But Tesla is knocking on the door of that exclusive club. Fortune’s Christiaan Hetzner takes a look at the five hot-button issues that could keep them out, here. Other news below.
Alan Murray
@alansmurray
alan.murray@fortune.com
The stakes have never been higher. Get the jump on the future of sustainability and the businesses leading the fight against climate change, with Fortune’s Path to Zero series. Learn more.
Facebook name
Mark Zuckerberg is reportedly preparing to announce a new name for his company, as it looks to a "metaverse" future—and as the Facebook brand keeps getting dragged through the mud. It looks something like what Google did when it created the Alphabet brand, but (as is arguably the case with Alphabet) the impact remains uncertain. Fortune
DraftKings and Entain
DraftKings and Entain have extended talks over their proposed (by DraftKings) $22.4 billion merger. As Jeremy Kahn writes: "The negotiations appear to be especially complicated because they involve a third party: MGM Resorts International, the U.S. casino operator that is Entain's joint venture partner in online gambling brand BetMGM, and which is a major rival of DraftKings." Fortune
Greener shipping
Amazon, IKEA, Unilever and other multinationals have pledged to use only zero-emission shipping by 2040. Amazon says this will apply even to the cargo of third-party merchants for whom it is handling logistics. Financial Times
Ma jaunt
Alibaba founder Jack Ma is on his first confirmed trip outside China since his run-in with financial regulators last year. He's apparently on his yacht in Mallorca, Spain, though the Alibaba-owned South China Morning Post reports he is in the country for "an agriculture and technology study tour related to environmental issues." This news, and possibly also Alibaba's release of a new server chip, has seen the company's share price rise nearly 7%. CNBC
Innovation: Beyond the buzzword What does the word innovation really mean? Deloitte’s inaugural Innovation Study explores investments, structure, operations, and performance of innovation programs and identifies what leading companies are doing differently. Read the report
Chinese taxes
China's President Xi Jinping is reportedly facing major pushback over his plan to curb housing speculation with a nationwide property tax. Officials apparently worry about the tax crushing house prices and, in turn, the wider economy. PS: Chinese home prices just saw their first month-on-month fall in six years. Wall Street Journal
M1 Finance
M1 Finance, a financial technology startup, has bought one of the U.S.'s smallest banks: First National Bank of Buhl (which is in northern Minnesota). Why? Because it gives M1 a license to offer its customers the capabilities of a bank, brokerage and more, through one portal. Fortune
Kids' vaccines
With the FDA potentially approving the Pfizer/BioNTech jab for five to 11 year-olds later this month, parents could soon have decisions to make, so here's an explainer of the potential risks and benefits. Fortune
COVID U.K.
COVID infection and death rates are rising in the U.K., but the government still isn't bringing in "Plan B" measures that could mandate face masks and encourage home-working. All in all, the authorities are bracing for a "particularly tough" winter. Fortune
This edition of CEO Daily was edited by David Meyer.
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