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Inside the ‘chaos’ at New York City’s Eleven Madison Park

Hi, I’m Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Weekly, a roundup of some of our top stories. Happy Father’s Day to those who celebrate. 

On the agenda today:

  • Eleven Madison Park had long been a hot spot for the rich and powerful. Now, insiders say it’s a “shit show.”
  • Silicon Slopes stood by as this Utah tech CEO partied nonstop and pushed antisemitic conspiracy theories.
  • Don’t move yet — soon there will be brand-new cities built around working from home.
  • Index-rebalance traders have been demolished this month.

But first: Today is also Juneteenth, a federal holiday that commemorates the freedom of enslaved African Americans in the US. We’ll begin by sharing some important reads.

Subscribe to Insider for access to all our investigations and features. New to the newsletter? Sign up here.  Download our app for news on the go – click here for iOS and here for Android.

Honoring Juneteenth

People carry a Juneteenth flag as they march during a Juneteenth reenactment celebration in Galveston, Texas, in 2021.

MARK FELIX/Getty Images

Last year, the US federal government officially recognized Juneteenth as a federal holiday. Many employers — including Insider — observe the day as well. And so, in honor of Juneteenth, here are three vital stories to read:

  • A conversation with Google’s head of diversity: Shootings in New York, Texas, and California prompted Google’s Melonie Parker, who is Black, to reflect on the company’s DEI progress. Read on to find out how Google plans to improve its internal culture.
  • A Texas park founded by formerly enslaved people celebrates Juneteenth: Founded on June 19, 1872, Emancipation Park will hold its 150th anniversary today. Texas residents who lived by the park during the Jim Crow era shared memories with Insider. 
  • James Baldwin. Audre Lorde. Ta-Nehisi Coates: These are some of the most prominent Black writers in history. Insider checked in with several Black literary and historical experts to draw up a list of crucial texts about racism, reparations, and racial policies. Here are 14 eye-opening essays from Black writers.

With that, let’s look at this week’s top stories.

‘Shit show’ at NYC’s best restaurant

Daniel Humm

Reuters

Eleven Madison Park in Manhattan had been named the best restaurant in the world in 2017 and counted the rich and powerful as fans. But in 2021, chef Daniel Humm reopened the restaurant as meat-free — and insiders say it’s been a “shit show” ever since.

One former staffer told us that while Humm — who dated Laurene Powell Jobs — describes the restaurant as farm to table, it’s actually “farm to trash.” Another recalled Chipotle founder Steve Ellis being “insulted” that staffers had to refuse a $1,000 tip. Others spoke of Humm dancing around the kitchen and lighting up a joint with Woody Harrelson.

Read the full story here:

  • Eleven Madison Park went vegan. It’s been an understaffed, chaotic mess of a year.

Who is Entrata CEO Dave Bateman?

Excerpts from some of Dave Bateman's posts on social media.Excerpts from some of Dave Bateman’s posts on social media.

Stacie Scott/AP; Rachel Mendelson/Insider

For many, the proptech founder only came into view this spring when he was ousted from the company for emailing antisemitic conspiracy theories to some of Utah’s biggest politicos and tech leaders. 

But others, including people who have worked with him, say Bateman was a hard-partying CEO who thought he was too big to be stopped. Insider spoke with former Entrata employees who described his erratic behavior as an open secret — and one that no one did anything to address.

Read the full story here:

  • A Utah tech CEO partied nonstop and pushed antisemitic conspiracy theories. Silicon Slopes stood by and watched.

Don’t move just yet…

Remote cities

Rebecca Zisser/Insider

The future of remote work is now — and many Americans could soon work from cities that don’t exist yet: WFH-ers may soon see a flourishing of “Remotevilles” created just for them. 

These “experiments” will be on the fringe of metropolitan hubs and could have cheaper housing, better schools, and smarter government. So don’t move just yet.

Read the full story here:

  • Remotevilles will need these three key ingredients before they’re built.

How the bubble in the index-rebalance trade popped 

Building collapsing

REUTERS/China Daily

Betting on the annual rebalancing of stock indexes has been easy money in recent years for many hedge funds, including Ken Griffin’s Citadel and Steven Cohen’s Point72. The stocks that are widely expected to be added to an index typically climb, while those being cast out, fall.  

But a volatile stock market has turned that trade on its head, causing some portfolio managers to face steep losses. For example, the nearly 300 stocks expected to join the Russell 3000 Index later this month tumbled a combined 58% over the first two weeks of June. Alex Morrell explains what went wrong with this popular arbitrage strategy.

Read the full story here:

  • The bubble has popped on the mighty index-rebalance trade.

This week’s quote:

Elon Musk looks at his phone with a display of a space capsule entering orbit behind him.Tesla and SpaceX CEO Elon Musk

REUTERS/Steve Nesius

“I’ll stop trolling people about aliens because people really think — I’ve seen no actual evidence for aliens. I get asked that a lot and I’d think I’d know and I’ve not seen anything. Yet.” 

  • One of the many major quotes from Elon Musk’s first all-hands meeting with Twitter employees. We have the full transcript here — and the 12 biggest takeaways from the meeting here. 

More of this week’s top reads:

  • Tiger Global hacked venture capital — now that strategy is backfiring.
  • How this 30-year-old rakes in about $89,000 a month from two online hustles.
  • Google is going all in on a new internal AI project.
  • Here’s the salary breakdown for Harvard’s most recent MBA class across industries.
  • Crypto influencers open up about the portfolio wreckage they’ve suffered.
  • The fracking boom has come to an end — and gas prices aren’t immune. 
  • This Bolt engineer borrowed $100,000 for stocks, and then he was laid off. 

Plus: Keep updated with the latest business news throughout the week by checking out The Refresh from Insider, a dynamic audio-news brief from the Insider newsroom. Listen here tomorrow.

Curated by Matt Turner. Edited by Lisa Ryan, Sarah Belle Lin, and Jordan Parker Erb. Sign up for more Insider newsletters here.

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