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June Employment, Jersey Mike's IPO, OpenAI Explores Giving US Gov't Stake: Money Minute

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June Employment, Jersey Mike's IPO, OpenAI Explores Giving US Gov't Stake: Money Minute

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16 segments

0:00

This is a Bloomberg Money minute. June's employment report showed that

0:03

just 57,000 jobs are added, far fewer than widely forecast hirings were mainly

0:08

concentrated in private education and health services.

0:11

Surprisingly, leisure and hospitality showed the biggest losses, despite the

0:15

U.S. co-hosting the World Cup as well as

0:17

preparing for life with celebrations. Meanwhile, the numbers for April and May

0:21

were revised sharply lower. Sub chain Jersey Mike's has filed

0:25

paperwork for an initial public offering and plans to trade on the New York Stock

0:28

Exchange with the ticker symbol JMC. The company is seeking a valuation of at

0:33

least $12 billion, and the IPO is anticipated to raise more than $1

0:37

billion. Bloomberg News reported back in January.

0:40

OpenAI, the maker of ChatGPT, has begun preliminary discussions regarding giving

0:45

the U.S. government a 5% stake in the company.

0:48

That's according to the Financial Times. CEO Sam Altman has floated the idea of

0:52

the government taking similarly sized stakes in other artificial intelligence

0:56

companies. Dan Schwarzman, Bloomberg.

Interactive Summary

This Bloomberg Money minute covers the disappointing June employment report with only 57,000 jobs added, news of Jersey Mike's upcoming IPO, and reports of OpenAI discussing a potential equity stake for the U.S. government.

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