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Fortune | FORTUNE

One man can kill Bill Ackman’s $64 billion bid for Universal Music Group—and no one knows what he’ll do | Fortune Poppi’s cofounder pitched her startup on Shark Tank while 9 months pregnant and landed a $400,000 deal—now it's worth $2 billion | Fortune Teen boys are choosing AI girlfriends over real ones for 'maximum control, zero rejection'—experts say it could make them unemployable | Fortune A United American merger is by no means impossible given the president 'loves big deals' | Fortune Reed Hastings’s planned exit from $455 billion Netflix ‘had nothing to do with’ the failed deal for Warner Bros., says Ted Sarandos | Fortune Meet Joe McCann: The high-flying crypto trader held in Tanzania after sudden death of his influencer fiancée Ashly Robinson | Fortune Gen Z is carving a different path in the housing market by doing it alone | Fortune U.S. Catholic leaders criticize Trump for ‘disparaging words’ about the pope as Vatican clash risks alienating Catholic voters | Fortune China has ‘nearly erased’ America’s lead in AI—and the flow of tech experts moving to the U.S. is slowing to a trickle, Stanford report says | Fortune Self-made millionaire behind $5 billion Skims Emma Grede says it all began with a cold call to Kris Jenner: Emma Grede—the self-made millionaire behind the $5 billion Skims empire—says it all began with an audacious cold call to Kris Jenner: ‘The difference between me and someone else is, I made it happen’ | Fortune Americans have never been this gloomy about the economy. Wall Street has never cashed in harder | Fortune ‘The college grading system [is] almost meaningless’: People see the Ivy League as an easy A and with flawed admissions standards | Fortune The CEO of $8.5 billion Japanese car giant Nissan plays the drums in a band and hits the tennis courts to destress from the top job | Fortune New York governor's take on a millionaires tax: fancy pied-à-terre second apartments worth over $5 million | Fortune Pope Leo XIV: A ‘handful of tyrants’ are ravaging earth with war and exploitation | Fortune Trump has no plan to cut the $39 trillion national debt, but he does want to cut childcare. His budget director is scrambling to clarify | Fortune China's economy grows 5% in first quarter, surprising economists to the upside | Fortune Everyone was wondering what Trump wanted more: Warsh smoothly seated at the Fed, or for Powell to pay. We have our answer | Fortune Palantir exec: the biggest mistake retailers are making with AI? Trying to do it all with one agent | Fortune American YouTuber who calls himself a 'troll' sentenced to 6 months in Korean prison for literally dancing on wartime graves | Fortune BBC plans to cut up to 2,000 jobs to save 10% of annual budget | Fortune Canva debuts a new suite of agentic tools, as the design app quietly becomes one of the world’s most used AI services | Fortune Moody's CEO: AI has a trust problem – better models won’t fix it | Fortune Top New York surgeon: Americans have better data for choosing restaurants than surgeons. That has to change | Fortune The Iran war’s fertilizer shock is hammering American farmers, and 70% can’t afford what they need for this year’s growing season | Fortune Education experts to Mamdani: Why are you foisting AI on our kids? | Fortune This CEO pirated video games as a teen and became a hacker for the Air Force. Now he’s built a $3 billion cyber firm | Fortune Teacher, blame thyself: Yale report savages Ivy League schools for destroying American trust in higher education | Fortune Fed chair nominee Kevin Warsh is worth more than $100 million and has stakes in SpaceX and Polymarket | Fortune From wool sneakers to GPUs: Allbirds’ desperate AI pivot and 600% stock surge, explained | Fortune
A 6 year study shows which CEOs are pushing RTO mandates:...
Claire Zillman · 2026-06-25 · via Fortune | FORTUNE

Good morning. Claire Zillman writing from London this morning. CEOs have offered many different reasons for calling workers back into the office—despite research that suggests working from home can be as effective, if not more effective, than in-office work. Amazon’s Andy Jassy says in-person collaboration is “simpler and more effective.” Jamie Dimon calls Zoom-heavy work “management by Hollywood Squares.” Instagram’s Adam Mosseri says five days in-office breeds creativity. Larry Fink even floated the idea that getting bodies back in chairs could help beat inflation.

These are the arguments CEOs have made publicly. But a new study suggests there’s a less flattering explanation that nobody has put in a memo. A Wharton study co-authored by organizational psychologist Adam Grant found that leader narcissism is directly associated with resistance to remote work. The main reason? Power is easier to perform in person.

In the six-year study, researchers collected data on Fortune 500 CEOs, using behavioral proxies—signature size, photo size in annual reports, pay gap relative to peers—to construct narcissism scores. The higher the score, the more likely a CEO was to publicly oppose remote and hybrid work and seek additional status (like a board chairmanship). In a separate experiment, CEOs whose egos were primed—by reflecting on the assertive leadership styles of Steve Jobs and Larry Ellison—showed significantly greater opposition to working from home than a control group. 

“The higher the opinions of themselves leaders expressed, the more they coveted power and status—and the more they favored return-to-office mandates,” the authors wrote in a New York Times opinion piece.

Grant and his coauthors warn that ego may be blinding CEOs to the upside of more flexible working arrangements—a perk employees love—and motivating them to impose full-time in-office mandates that could backfire

The study should be a wakeup call for leaders: There may be totally legitimate reasons to call employees back into the office, but massaging the boss’s ego isn’t one of them.

Contact CEO Daily via Diane Brady at diane.brady@fortune.com

Top leadership news

Zohran Mamdani goes three for three in congressional endorsements

New York City Mayor Zohran Mamdani's backed candidates swept three House Democratic primaries Tuesday, unseating two incumbents and prompting Treasury Secretary Scott Bessent to declare him "the leader of the Democratic Party." The bigger concern for Fortune 500 CEOs, analysts say, is what a more progressive Albany legislature—energized, perhaps, by these NYC primary victories—means for corporate taxes in New York. 

AI is going to be an ‘earthquake’

Author Robert Wright, whose new book argues AI could be a new evolutionary force for humanity, told Fortune that Anthropic CEO Dario Amodei's framing of AI as an existential race with China is a "suicidal ideology" that forecloses the global coordination needed to manage the technology safely. "When you look at all the fronts—economic, cultural, political, personal, family, psychological and so on—it is going to be an earthquake," Wright said.

The U.S. could lose nearly $500 billion by driving away international STEM students

A Peterson Institute paper published Tuesday found that a one-third drop in foreign-born STEM graduates over the next decade would cost the U.S. economy between $240 billion and $481 billion, as immigration crackdowns push talent to competitor countries. "These high-skill STEM workers lost to the United States won't disappear. They will supply their talents instead to competitor countries,” the authors wrote.

The markets

S&P 500 futures are up 0.7% this morning. The last session closed down 0.1%. South Korea’s KOSPI rose 5.4%, while Japan’s Nikkei 225 rose 4.6%. Hong Kong’s Hang Seng Index fell 1.4%, while Mainland China’s CSI 300 rose 1.6%. India’s NIFTY 50 is up 0.1%, while the STOXX Europe 600 is up 0.6% in morning trading. Shares in SK Hynix surged 13.1% after the chipmaker unveiled plans for a $29 billion U.S. listing. Bitcoin has dropped below $62,000.

Around the watercooler

‘Wipe out and change are different’: Amazon exec slams AI job apocalypse fears as he hires thousands of Gen Z grads by Preston Fore

Ray Dalio just finished a 10-day trip to China. He says global leaders know America ‘doesn’t have what it takes to fight to maintain its empire’ by Nick Lichtenberg

Exclusive: Vinod Khosla wanted ‘every available dollar’ of Runlayer’s funding round. It just raised $30 million to govern the agent workforce by Lily Mae Lazarus

Trump mistakes the bully pulpit for bullying leadership — history’s villains were never heroes by Jeffrey Sonnenfeld and Steven Tian

CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.