Former Google CEO Eric Schmidt said much of his job involved sitting in meetings 12 hours a day, five days a week, plus weekends, stretching his workweek to roughly 63 hours. The 71-year-old now believes AI platforms can eliminate much of this 'coordination tax.' He cited an unnamed friend who laid off 20% of staff, including 'glue people' who planned and moved information across the business, and estimated that a 10,000-person company may have a couple of thousand people it doesn't need. Schmidt, with an estimated net worth of $66 billion, reportedly owns about a 1% stake in Anthropic, which could be worth $20 billion if the AI company goes public at its $2 trillion target. He urged workers, especially Gen Z, to adapt to AI, noting that companies will still need great inventors, salespeople and leaders.
Summary written by Upside AI from the original article. Read the source for full details.
Read the original on Yahoo Finance ↗
Keywords
artificial intelligenceemploymentAnthropicEric Schmidt
Open a keyword to see other news on the same topic.
Related tickers and likely impact
GOOGL
• NeutralAlphabet Inc. (Class A)
Relevance: low
| Market | US stocks |
|---|---|
| Sector | Communication Services |
| Industry | Interactive Media & Services |
| Market cap | $4.3T |
| Close on 10/21/2026 | 334.67 |
| Change that session | -1.65% |
Impact is scored by AI from the headline and may be wrong. It is not investment advice.
Related news
- Eric Schmidt Rejects AI Bubble Fears, Says Anthropic Is Growing Twice as Fast as Google Did
Former Google CEO Eric Schmidt says artificial intelligence is “not a bubble.” He points to Anthropic's explosive revenue growth as evidence that customers are paying for technology they find useful, and draws a comparison with the revenue growth pace during his time as Google CEO.
- Ex-Google CEO got the job after a Burning Man trip with Larry Page. Now an ex’s intro could make him $20B on Anthropic
Eric Schmidt was vetted by Sergey Brin and Larry Page and hired as Google's CEO after an unconventional interview process, with Brin citing Schmidt as the only CEO finalist who had gone to Burning Man. In 2011, Schmidt began dating Camilla Clark for three years; she later married Anthropic CEO Dario Amodei. In 2018, that connection led Schmidt to meet with her and her then-partner to discuss Anthropic, and he invested early and now owns about 1% of the company. According to the Financial Times, Anthropic could be valued at as much as $2 trillion in an IPO, which could make Schmidt's stake worth $20 billion, more than half his current net worth per Forbes, compared with the roughly $461 million valuation when he invested.
- Eric Schmidt Wrote a Check to Anthropic Before the AI Boom: Here’s How Big the Payoff Could Get
According to Bloomberg, former Google CEO Eric Schmidt holds about 1% of Anthropic through a Series A investment of 'tens of millions of dollars', though it is unclear whether he has sold any stake. Anthropic was valued at $461 million when Schmidt invested in 2021, per PitchBook, while investors recently indicated a fair valuation of about $1.8 trillion to $2 trillion. At $2 trillion, the stake would lift his net worth by about one-third to nearly $80 billion. Alphabet owns about 14% of Anthropic and Amazon has invested an estimated $8 billion, while early investor Brad Gerstner expects an IPO in 'weeks, not months'. Per Reuters, Anthropic told investors that third-quarter revenue rose 45% from the previous quarter to $16.8 billion and that it was profitable on an adjusted basis.
- Eric Schmidt reportedly owns about half as much of Anthropic as CEO Dario Amodei
According to Bloomberg, former Google CEO Eric Schmidt owns about 1% of Anthropic after investing tens of millions of dollars in its 2021 Series A round, when PitchBook data valued the startup at $461 million. That stake is roughly half the 2% held by co-founder and CEO Dario Amodei, and Anthropic is widely expected to go public before the end of the year, with top market estimates of up to $2 trillion. At that valuation, Schmidt's stake could add as much as $20 billion to his net worth, which Bloomberg puts at $57.5 billion. The article notes Schmidt has been an active tech investor since stepping down as Google CEO in 2011, with bets including Mistral, General Intuition and Reflection AI. Neither Schmidt nor Anthropic immediately responded to requests for comment.
- Eric Schmidt Wrote a Check to Anthropic Before the AI Boom: Here’s How Big the Payoff Could Get
Former Google CEO Eric Schmidt reportedly holds about 1% of Anthropic PBC through an early investment, which could make him one of the largest individual winners from the AI company’s upcoming public listing. According to Bloomberg, he put “tens of millions of dollars” into Anthropic’s Series A round in 2021, when the company was valued at $461 million, and it is unclear whether he has sold any of his stake. Investors indicated a fair valuation of $1.8 trillion to $2 trillion; at $2 trillion, Schmidt’s net worth could rise by about one-third to nearly $80 billion. Alphabet owns about 14% of Anthropic, and the company told investors that third-quarter revenue rose 45% from the previous quarter to $16.8 billion and that it was profitable on an adjusted basis. Anthropic has not formally announced an IPO date, though an early investor expects a listing in “weeks, not months.”
- Eric Schmidt’s 1% Anthropic stake sets up massive windfall ahead of IPO -Bloomberg
Former Google CEO Eric Schmidt holds about 1% of Anthropic after investing tens of millions of dollars in its Series A round, and is poised to reap one of the largest individual windfalls from the AI startup's upcoming IPO. According to PitchBook data cited by Bloomberg, Anthropic was valued at $461 million when Schmidt invested in 2021, while prospective public valuations of $1.8 trillion to $2 trillion would be more than 4,300 times that Series A baseline. At the upper end of that range, his stake could lift his net worth by roughly one-third to nearly $80 billion. Anthropic is expected to begin formal marketing for its IPO as early as the week of Nov. 9, and aims to match or surpass SpaceX's record $1.77 trillion IPO completed in June.
Related markets
Latest news
- SpaceX Says It’s on Pace to Bring 200,000 Nvidia Chips Online a Month. Here’s Why Jensen Huang Calls GPU-Backed Loans “the Big Idea”
Nvidia (NVDA) closed at $221.97 on October 21, up 2.54%, a day after SpaceX said on its earnings call it expects to bring about 200,000 Nvidia GB300s online each month for the rest of the year. According to the Financial Times, SpaceX is seeking about $40 billion in loans and investment-grade debt to buy the chips, with Apollo expected to lead; a source told CNBC the deal would likely use the GPUs as collateral, though Bloomberg reports talks are early and could fail. Nvidia is both a supplier and a SpaceX shareholder, with a stake worth about $21 billion at the end of June. The article's main risk is financing: if rental rates fall, collateral value falls too, and Nvidia's free cash flow dropped to $21.40 billion in the July quarter from $48.59 billion the prior quarter.
- a16z Drops Crypto From Its Name, Widens Bets to AI and Frontier Tech
Andreessen Horowitz is renaming its crypto fund “a16z Frontier” and widening its mandate to AI and other long-horizon technologies, according to an email to newsletter subscribers. The firm says it will keep investing in crypto and advocating for sensible crypto regulation. Chris Dixon argues blockchains have faded into the background of products from Wall Street and fintech firms, so companies should be defined by what they do rather than the technology they use. He expects new “native use cases” to emerge, and sees crypto as a way for AI agents to pay each other. The new fund will be led by Dixon with Marc Andreessen, Ben Horowitz, Eddy Lazzarin and Guy Wuollet; the post gives no size for it, and the latest figure on record is the $2.2 billion announced in May.
- Dell Unveiled New AI Servers a Week After Barclays’ Downgrade. Here’s Where the Stock Could Go by 2031
Dell unveiled new AI Factory servers with NVIDIA at GTC Berlin on October 21, one week after Barclays downgraded the stock and cut its target to $574 from $603. Shares closed at $485.88, still below the $572.47 close of October 13. Barclays argues strong revenue mainly reflects memory costs passed on to customers, while CFO David Kennedy says new dense systems can replace 5 or 6 of those existing servers and supply will be tighter in 2027. Traditional servers and networking revenue rose 122% to $10.5 billion in the fiscal second quarter, and the AI server backlog stood at $95 billion as of July 31. TIKR's mid-case scenario puts the stock near $750 by January 31, 2031, about 54% higher, while Dell reports fiscal third-quarter results after the close on November 24.
- Elon Musk invests $1bn in CNN-owner Skydance
Elon Musk reportedly invested $1bn in Skydance, the newly formed company created through Paramount's $110bn takeover of Warner Bros, which owns CNN and CBS News, according to Semafor. Skydance carries net debt of roughly $80bn and is targeting $6bn in cost savings. The article says the investment repays a favour to Larry Ellison, who backed Musk's $1bn Twitter takeover in 2022. While the cash may ease pressure on Skydance's balance sheet, it could also fuel concerns about a right-wing media empire, as unions have accused CBS of editorial interference.
- Winklevoss PAC moves into Texas Senate race with $81K ad buy
Digital Freedom Fund, a super PAC launched in 2025 by Gemini co-founders Cameron and Tyler Winklevoss, spent more than $81,000 on direct mail backing Republican Ken Paxton and opposing Democrat James Talarico in the Texas Senate race. The PAC also spent in Ohio, bringing its support for Republican Jon Husted to about $7 million, and reported raising about $34 million as of Sept. 30. Prediction markets Kalshi and Polymarket heavily favored Democrats retaking the House and Senate in 2027, a result that would significantly affect the chances of passing the Digital Asset Market Clarity Act. Paxton had earlier benefited from $500,000 in ads funded by Fellowship PAC, which went through Nxum Group, co-founded by former Trump crypto adviser Bo Hines, and Nxum reportedly received $6.3 million in a deal with Tether.
- Why HubSpot Stock Rallied Today
HubSpot shares jumped as much as 7% on Thursday amid speculation about software sector M&A. Earlier this week Salesforce agreed to acquire Braze for $5.66 billion at a 58% premium, and the prior week CCC Intelligent Solutions and Varonis Systems agreed to deals at 44% and 52% premiums. Jefferies analyst Samad Samana sees the Braze deal as a possible spark for a takeover of Klaviyo and considers HubSpot an attractive private equity candidate, though he views a direct acquisition as unlikely. The article estimates a HubSpot deal, given its market cap above $13 billion and an average 51% premium, could cost around $20 billion, but stresses this is speculation.
Get the briefing on Telegram or Zalo
Join the Upside Telegram channel or Zalo group for the Vietnam stocks and gold briefing at 8:00 and 19:00 (Vietnam time) on trading days, plus a weekly wrap on Saturday morning.