The NewCo Daily: Today’s Top Stories
Apple is sitting on an unimaginably huge pile of spare cash —roughly $250 billion. This corporate wealth reserve will only grow if and when the Trump administration makes good on its desire to help tech giants repatriate profits that they have stashed overseas to evade U.S. taxes.
What should Apple do with all that money? There are only so many perfect doorknobs a company can buy, after all. In Quartz, David Mattin proposes a suitably grand goal for the company: Fund a giant pilot-test of a universal basic income scheme.
Shareholders wouldn’t be happy, he admits, and at first the idea might seem a little far afield for a company whose specialty has been computing and gadgetry. But right now Apple is stuck sitting on its laurels and its cash. It’s having a hard time following up on the iPhone, and it has lost its sense of purpose. It needs a new big mission, and, Mattin suggests, “reinventing capitalism” might be a great one.
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