The lowdown

Here’s what you missed while you were living your best life:

• 📉 40,000 Federal Workers Take Trump’s Buyout Offer
  The federal workforce is shrinking fast as 40,000 employees take President Trump’s buyout offer, part of his plan to slash government spending. With more departures expected, agencies are bracing for potential labor shortages and operational shake-ups.

• ⚖️ The New York Times Has Spent $10.8M Fighting OpenAI
  The NYT’s lawsuit against OpenAI is turning into one of the costliest legal battles in media history, with the paper already spending $10.8 million. Unlike smaller outlets that have taken OpenAI’s cash in licensing deals, the Times is betting big that a courtroom win could change the AI landscape for publishers.

• 🥇 Russians Are Buying Record Gold as Inflation Surges
  With the ruble struggling under inflation and sanctions, Russians are snapping up gold at record levels—75.6 metric tons in 2024 alone. As Western sanctions tighten and the country’s economic woes deepen, gold has become a rare safe haven for both citizens and the Kremlin

Featured story

Conglomerates Are Out: Honeywell’s $120B Split Is Official 

Honeywell is breaking itself into pieces—and Wall Street loves it. The industrial giant, one of the last great American conglomerates, is splitting into three separate companies, following the breakup trend that already hit GE and Alcoa. Activist investor Elliott Investment Management, which took a $5 billion stake, had been pushing for the shake-up, arguing that Honeywell’s aerospace and automation businesses would be worth more as independent firms. Now, CEO Vimal Kapur is making the split official, betting that leaner, more focused companies will unlock major shareholder value.

The breakup will see Honeywell’s aerospace and automation businesses go their own way, while its advanced materials unit spins off by early 2026. With a market value north of $120 billion, the move will create three specialized players, each better positioned to dominate their respective industries. It’s a dramatic shift for a company that once prided itself on size and diversification—but in today’s market, bigger isn’t always better.

This is just the latest chapter in the slow death of the mega-conglomerate. Investors are demanding sharper, more agile companies that can move fast, not sprawling empires weighed down by bureaucracy. As GE, 3M, and now Honeywell break themselves apart, the message is clear: In 2025, specialization wins, and the era of industrial giants running everything under one roof is fading fast.

Off-balance sheet items

• Apple Insider: Airline now using AirTags to find lost luggage.

• People: Celebrities who have lost homes in the CA wildfires.

• Stanford Business: OpenAI drops sign-in requirements for web feature.

The bottom line

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