Paul Graham, the founder of famed startup accelerator Y Combinator, coined a new term this week that has taken over social media: founder mode.

In an article released on September 1 and publicized on X over Labor Day weekend, Graham separates “founder mode” from the traditional “manager mode” route by noting key differences in management styles and organizational structure. Graham’s X post has over 21 million views at press time.

Related: How to Start a Multi-Million Dollar Company, According to an IBM Engineer Turned Founder

Founder mode means that the CEO interacts with employees across the organization, not just their direct reports. The startup, even as it grows into a large company, is less hierarchical; the CEO could do “skip-level” meetings with employees, for example. Graham gave the real-world example of Steve Jobs running an annual retreat for who he thought were the 100 most important people at Apple — regardless of where they were on the corporate ladder.

Manager mode, meanwhile, is less hands-on and involves more delegation to other people. Founders can grow companies and run them effectively without switching to manager mode, Graham stated.

“Hire good people and give them room to do their jobs,” Graham wrote. “Sounds great when it’s described that way, doesn’t it? Except in practice, judging from the report of founder after founder, what this often turns out to mean is: hire professional fakers and let them drive the company into the ground.”

Related: How to Start Your Dream Business This Weekend, According to a Tech CEO Worth $36 Million

Graham gave the example of Airbnb CEO Brian Chesky, who tried to follow conventional “manager mode” wisdom to hire good people and let them do their jobs.

“The results were disastrous,” Graham wrote.

Chesky had to pivot to a different “founder mode” style of management and explained in an interview last year that founders have multiple advantages over managers: They have owned every part of the process of building a company, from start to finish; They have built the company up, so they can rebuild it; and they have permission to rebrand the company or make major changes.

This is it: @bchesky on founder mode.

Three reasons why founders differ from managers:
1. Being the biological parent
2. Full permission to make change
3. Knowing how to rebuild the company pic.twitter.com/VhuQ70B8FK

— Yana Welinder (@yanatweets) September 2, 2024

In the past few days since Graham released his essay, the social media world has begun exploring what it means in humorous and insightful ways. One post drew a comparison between micromanaging and founder mode.

founder mode pic.twitter.com/LWOlaFq4UJ

— ST (@seyitaylor) September 2, 2024

Other posts from women founders addressed the question: Can women be in founder mode too?

Chesky wrote on X earlier this week that women founders had been reaching out to him since Graham released the essay about how they can’t run their companies in founder mode the same way men can.

“This needs to change,” he wrote.

Remember when the female founders did founder mode and all got cancelled for it?

— Sara Mauskopf (@sm) September 3, 2024

It happened to me first — headlines portraying me as a “toxic leader” when I had to make the same, often unpopular, decisions that my male peers did without critique.

For them, it’s called Founder Mode, and it’s celebrated (a proper noun! With its own merch! And trademarks… https://t.co/rF0IM1huy3

— Sophia Amoruso 3.0 (@sophiaamoruso) September 5, 2024

Nvidia’s stock faced an unprecedented drop on Tuesday, wiping off $279 billion in market value, the largest one-day loss in U.S. history. The loss is worth more than all of the shares of many major U.S. businesses, including McDonald’s and Chevron, per CNN.

Nvidia’s shares tumbled over 9% in regular U.S. trading and continued the descent post-market by an additional 2%, after a report of a subpoena from the Department of Justice relating to an antitrust investigation, per Bloomberg.

Related: Why Are Nvidia Earnings So Important? They Could Be a ‘Market Mover,’ Says Expert

Jensen Huang, the CEO and Nvidia’s top individual shareholder, also took a personal hit with a $10 billion drop in his wealth.

^{Nvidia CEO Jensen Huang – Photo by I-HWA CHENG/AFP | Getty Images}

Shares were up about 1% Wednesday afternoon, according to CNBC.

Nvidia has about 80% of the market for AI chips. In response to the DOJ antitrust investigation, a company spokesperson told the outlet that Nvidia “wins on merit, as reflected in our benchmark results and value to customers, who can choose whatever solution is best for them.”

Despite the losses, Nvidia is still up 118% year to date, per Reuters.

Related: Why Millionaire Nvidia Employees Are Still Working Until 2 a.m.

A “new” TikTok trend claiming people could get free money from Chase Bank ATMs is nothing more than old-fashioned check fraud, the company says.

The trend involved depositing a check for a high amount and taking out most of the money before the check bounced. On Thursday, a post about the scam on X was viewed over 7.5 million times — and the trend eventually snowballed into lines forming at Chase Banks in New York.

A Chase spokesperson confirmed on Tuesday that the bank knows about the situation and has addressed it. Chase has now fixed the error, locked accounts that took advantage of it, and leveled negative balances with the label “DR DUE TO ATM/DEP ERROR.”

Related: Jamie Dimon Says a Mild Recession Is Still on the Table: ‘There’s a Lot of Uncertainty Out There’

“Regardless of what you see online, depositing a fraudulent check and withdrawing the funds from your account is fraud, plain and simple,” the spokesperson stated.

This run been personal pic.twitter.com/PQY9m39xa0

— Drench (@ionfeellnun) August 30, 2024

Check fraud has increased by 385% since the pandemic.

While TikTok and other social media may have played a negative part in the Chase glitch trend by spreading the word, TikTok has been the site of less fraudulent personal finance trends — like the “pay off my debt” trend, which saw viewers uniting and watching each other’s videos to help each other pay off debt.

“We have to remember that financial stability is usually a long game,” Jake Burgett, the physician assistant student behind the trend, told Entrepreneur in June. “Social media gives the illusion of a quick financial fix, and I am glad I got to put that theory into motion… But remember not to sacrifice more than you are able to along the way.”

Related: ‘Pay Off My Debt’ TikToker Explains How Much Money He Made from His Viral Video and the Inspiration for the Trend