The largest U.S. banks are scrutinizing members of the Federal Reserve for any insight into how the central bank will tinker interest rates.Banksread more
Facebook's cryptocurrency project has already been met with skepticism from policymakers around the world.Technologyread more
The U.S. and China restarted their trade talks, but signs are showing a comprehensive deal could be a long way off, if it happens at all.Marketsread more
Stone, 66, a notorious Republican political operative who has described himself as a "dirty trickster," had previously been dressed down by the judge for his public remarks...Politicsread more
The Biden team's second-quarter Federal Election Commission filing shows that the campaign wrote a check of just over $5,300 on June 28 to Sheehan Associates for "strategic...2020 Electionsread more
See which stocks are posting big moves after the bell on July 16.Market Insiderread more
United Airlines' second-quarter profit tops estimates but questions about the 737 Max linger.Airlinesread more
Three civil rights groups filed a federal lawsuit on Tuesday challenging the Trump administration's new asylum rule, which bars asylum claims from most noncitizens who travel...Politicsread more
Google VP of policy Karan Bhatia started sweating early as hearing chair Ted Cruz brings out an internal presentation created within the company.Technologyread more
At a hearing with the House Judiciary subcommittee on antitrust, an Amazon representative disputed a key argument about how it users sellers' data.Technologyread more
Charles Evans spoke Tuesday at CNBC's @Work Human Capital + Finance Conference in Chicago. The Fed president said he is worried about low inflation and several other issues.At Workread more
Benioff answered several questions about the deal by text message on Sunday night. Lightly edited excerpts follow.
Q. This would be faster over the phone.
A. Hard to believe but … I am in a massage. (Mr. Benioff texts a cartoon image of a man under a towel with cucumbers on his eyes.)
Where did you get the idea of buying Time?
I have been speaking with the C.E.O. of Meredith since he bought Time Inc. about all of his assets.
I was interested in the potential. They are great assets.
You haven't shown much interest in media before, right?
They are aligned with the impact investing I do. I have a portfolio of almost 200 companies I have invested in.
You wanted to buy Twitter at one point.
My investors turned against me. I loved (Twitter). Love (Twitter chief executive) Jack (Dorsey) too.
More from The New York Times:
Time Magazine Is Bought by Marc Benioff, Salesforce Billionaire
Sweden to End Twitter Experiment Letting Ordinary People Be Nation's Voice
Betting Against Tesla: Skeptics Make Their Case
Why didn't you buy Fortune magazine?
Time is the best fit for us.
I really liked the Meredith team, and I definitely wanted to do something with them. It just wasn't clear what it was. When Time emerged as the candidate we all felt it was right. That took nine months to figure out.
If Meredith didn't buy Time Inc. this never would have happened. Meredith is the key player.
You're going to be 54 soon. Do you have any dreams left to fulfill?
I live with a beginner's mind. I didn't realize two weeks ago I was going to buy Time.
(Mr. Benioff texts a screenshot of a quote from the Zen master Suzuki: "In the beginner's mind there are many possibilities, in the expert's mind there are few.")
My power was that I didn't really want to do anything but I was open to all possibilities.
Will you move Time magazine to San Francisco?
No, it will stay in New York. I'm not going to get involved operationally. We don't get operationally involved in our investments. I'm busy enough with my job. They have a great team. It's a very strong business. Very profitable.
Meredith will continue to be a key partner going forward.
Will you be involved spiritually?
I feel our values are aligned. Trust is my highest value and it is Time's as well.
I thought journalism was Time's highest value. Did you read Time as a kid? Or an adult?
Yes, always loved it.
Would you hope interviews in Time magazine are more probing than this?
"I've decided I can only be myself. Everyone else is taken." — Oscar Wilde.
Thanks for your time. How is the massage?
Paulene is amazing. Let me know if you want her number.