In the ‘Chaos’ at Eleven Madison Park in New York City

Hi, I’m Matt Turner, editor-in-chief of Insider. Welcome back to Insider Weekly, an overview of some of our top stories. Happy Father’s Day to those who celebrate it.


Today on the agenda:

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


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In honor of Juneteenth

Juneteenth Celebrations in the United States

People carry a Juneteenth flag as they march at 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 – are also observing the day. And so, in honor of Juneteenth, here are three essential stories to read:

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


‘Shit show’ at NYC’s best restaurant

daniel hum


Reuters


Eleven Madison Park in Manhattan was voted the best restaurant in the world in 2017, counting 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.

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

Read the full story here:

Who is Entrata CEO Dave Bateman?

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

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

Stacie Scott/AP; Rachel Mendelson/Insider


For many, the proptech founder only came into the picture this spring when he was fired from the company for emailing anti-Semitic conspiracy theories to some of Utah’s top politicians 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 held back. Insider spoke to former Entrata employees who described his erratic behavior as an open secret — and one that no one was doing anything about.

Read the full story here:

Don’t move yet…

remote towns


Rebecca Zisser/Insider


The future of remote work is now — and many Americans could soon be working from cities that don’t yet exist: WFHers may soon see a bloom of “Remotevilles” made just for them.

Located on the fringes of metropolitan hubs, these “experiments” could have cheaper housing, better schools, and smarter government. So don’t move just yet.

Read the full story here:

How the Index Rebalancing Trade Bubble Exploded

Building collapsing


REUTERS/China Daily


Betting on the annual rebalancing of stock indices has been easy money for many hedge funds in recent years, including Ken Griffin’s Citadel and Steven Cohen’s Point72. The stocks that are generally expected to be added to an index tend to rise, while the stocks that are thrown out fall.

But a volatile stock market has turned that trading upside down, leaving some portfolio managers in for significant losses. For example, the nearly 300 stocks expected to join the Russell 3000 Index later this month fell 58% in the first two weeks of June. Alex Morrell explains what went wrong with this popular arbitrage strategy.

Read the full story here:

This week’s quote:

Elon Musk looks at his phone with a display of a space capsule orbiting behind him.

Elon Musk, CEO of Tesla and SpaceX

REUTERS/Steve Nesius


“I stop trolling people about aliens because people really think – I haven’t seen any real evidence for aliens. I’m often asked that and I would think I would know and I haven’t seen anything yet.”

More of this week’s top picks:

Plus: Stay on top of the latest business news throughout the week by watching Insider’s The Refresh, a dynamic audio newsletter from the Insider editors. Listen here tomorrow


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

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