Also: Twitter vs. Threads, Binance exodus, Tesla’s ‘socialist values.'
Good morning.
It has been eight years since I joined Fortune, and there are few things I’m prouder of in that time than the creation of the Change the World list, which former editor Cliff Leaf and I conspired on back in 2015. At the time, Fortune had lots of lists. We ranked companies by revenue, by market value, by speed of growth, by employee satisfaction, by public image, and much more. But we had never recognized the ones that made the greatest contributions to society. And after all, the purpose of corporations, as Oxford professor Colin Mayer has put it, is to “profitably solve the problems of people and planet.” Why not highlight those who are doing it best?
So I am happy to announce that we are now taking nominations for the ninth annual installment of the Change the World list. At a time when “woke” corporations are under political attack, it’s worth taking time to celebrate those that ignore the noise and focus on their contributions to humankind. Profits are critical, to be sure; but profits are a means to an end.
If you want to see companies that have earned the honor in the past, you can do so here. It’s an inspiring testament to the positive power of capitalism. And if you want to nominate a company for the 2023 list, you may do so here. If you have questions, feel free to reach out to Matt Heimer and Erika Fry, who curate the list, here. They are looking for companies that are finding better, smart and more profitable ways of reaching net zero; helping their workforces adapt and reskill in the face of unprecedented technological change; tackling global challenges of keeping people fed and healthy; or finding other innovative ways of helping the world. Don’t let politicians spoil what’s good about business at its best. Make your nominations by July 31. The list publishes in October.
And since it’s Friday, a bit of feedback. RP writes in to endorse the two CEOs who cited the Bible as the best book they’d read in the last year. In his view, it is “a reference book on how to address ESG issues and run a successful business.”
More news below. And read why the folks at Morgan Stanley think generative A.I. will catapult Microsoft into the $3 trillion club, here.
Alan Murray
@alansmurray
alan.murray@fortune.com
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Twitter vs. Threads
Elon Musk is threatening to sue Meta over Threads, the Instragram-based Twitter clone launched earlier this week. A letter sent by Elon Musk’s personal lawyer accuses the Facebook owner of hiring former Twitter employees and using trade secrets to produce a "copycat." Twitter has laid off 80% of its workforce, Musk claimed earlier this year. Fortune
Binance exits
Several top executives at Binance, including its general counsel and chief strategy officer, are leaving the company over CEO Changpeng Zhao’s handling of regulatory investigations. Zhao has disputed the reported reasons for the exits on Twitter. The U.S. Securities and Exchange Commission sued the crypto exchange last month, accusing it of mishandling user funds and evading U.S. law. Fortune
Tesla’s ‘socialist values’
Tesla and its Chinese EV competitors are calling a truce in a fierce price war and agreeing to uphold “core socialist values.” Automakers have slashed prices in China in a bid to capture market share, with Tesla and BYD—the Chinese EV giant backed by Warren Buffett—being the main beneficiaries. Beijing has taken a dim view of these hardball tactics, with one official calling them “reckless.” Financial Times
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The future of workforce well-being The concept of workforce well-being has grown beyond an organization’s current employees and now prioritizes long-term human sustainability, according to a Deloitte survey. And while 89% of executives said their company is advancing human sustainability in some capacity, just 41% of employees agree. So how might leaders take action to improve the well-being of their workforce? Explore insights here.
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Fortune's Impact Initiative Event |
Redefining Purpose and Charting the Way Forward Fortune's Impact Initiative conference supports executives supporting executives who manage the risks and growth opportunities that put people, planet, and purpose at the core of their business strategies. Join leaders from PayPal, Cisco Systems, Meta, L'Oreal USA and more. Register here to join. |
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