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Illustration: Aïda Amer/Axios

XPRIZE, a nonprofit organization that holds grand competitions to inspire innovation, announced this week that it would launch a $5 million contest to help retrain workers who lost employment to automation.

Why it matters: The pandemic has only accelerated the job-destroying effects of automation. As the U.S. looks to put tens of millions of people back to work, truly big solutions will be needed.

How it works: In the new contest, called XPRIZE Rapid Reskilling, teams will take a cohort of people who had been in lower-skilled occupations, attempt to retrain them over a period of 60 days, and then place them in more sustainable new occupations.

  • "We hope this competition is really going to stimulate a conversation about using technology to create a better future for jobs," says XPRIZE CEO Anousheh Ansari.

Background: XPRIZE has run a number of innovation competitions since it was founded in 1995, including the Ansari XPRIZE, which offered $10 million to the first privately financed team that could build and fly a three-passenger vehicle 62 miles into space twice within two weeks.

  • The contest, which was won by Mojave Aerospace Ventures after more than eight years of work, arguably helped kick off the private spaceflight era.
  • Such innovation competitions have a historical pedigree that goes back to the Longitude Prize, which the British government awarded in 1714 to the first person who developed a way for a seagoing ship to measure longitude.

The bottom line: Prize contents can encourage out of the box thinking, which is something the field of reskilling desperately needs.

Go deeper: Coronavirus speeds the way for robots in the workplace

Go deeper

Dan Primack, author of Pro Rata
38 mins ago - Economy & Business

The Leon Black clock strikes midnight

Illustration: Sarah Grillo/Axios

Leon Black is "retiring" as CEO of Apollo Global Management, the alternative investment giant he has led since co-founding it in 1990. But he is not making a full break, as Black will remain chair of Apollo's board of directors.

Why it matters: This is the culmination of 18 months of head-in-the-sand obfuscation of Black's dealings with Jeffrey Epstein.

Reddit traders look to pummel Wall Street's old guard

Illustration: Sarah Grillo/Axios

Reddit traders are taking on Wall Street pros at their own game with this basic mantra: Stocks will always go up.

Why it matters: Their trades — egged on in Reddit threads — have played a role in historic market activity in recent days.

The week the Trump show ended

Data: NewsWhip; Chart: Andrew Witherspoon/Axios

Donald Trump was eclipsed in media attention last week by President Biden for the first time since Trump took office, according to viewership data on the internet, on social media and on cable news.

Why it matters: After Trump crowded out nearly every other news figure and topic for five years, momentum of the new administration took hold last week and the former president retreated, partly by choice and partly by being forced off the big platforms.