Answer extracted from the ACQ2 by Acquired podcast — listen to the full episode below.
How do junior employees and 'jilted' insiders uncover major business stories?
The best stories rarely come from senior executives protecting their interests. Instead, they originate from people who have lost something and have no remaining stake in the game—what Andrew Sorkin calls the "jilted somebody." These are junior employees or insiders who lost an auction, were passed over for a major client or deal, or saw years of work stolen by a competitor. With nothing left to protect, they become willing sources.
Sorkin identifies a clear pattern in investigative reporting: great stories begin at very junior levels, not in corner offices. A junior banker who spent months cultivating a client relationship only to watch Goldman Sachs win the account feels betrayed. A business development executive who lost a critical merger to a rival has motive to talk. These individuals are far more inclined to leak information or provide insights to reporters than someone still playing the game and worried about their career.
The mechanism is psychological. When someone has exhausted their options within the system—when they have been rejected, overlooked, or beaten—the only remaining source of control is the ability to upset the situation. For a reporter, this makes them ideal sources. As Sorkin explains in the episode, identifying who has lost something is as important as identifying who has won.
"I think it's important to understand what their motivation is. But ultimately, as long as I can confirm the information typically from two, three, four different sources, or I can get documentation of the issue, I try not to worry too much about what their ultimate incentives are."
Andrew Sorkin — Anchor, CNBC Squawk Box, and Founder of DealBook. Sorkin joined the New York Times at age 18 in 1995 and founded DealBook in 2001 as an email newsletter covering mergers and acquisitions. Over 25 years, he has grown it to over one million subscribers while co-creating the television series Billions and authoring two major books: Too Big to Fail and 1929.
This approach to source motivation reflects a deeper truth about investigative journalism: the story's value depends not on a source's purity, but on verification. A motivated source is not a disqualified source. What matters is confirmation from multiple independent sources or hard documentation, as Sorkin emphasizes. Once information is verified through these channels, the source's original motive becomes secondary.
The practical implication is clear: if you want to uncover a major business story, look first at who has been jilted. The junior employee is often more valuable than the CEO. The person who lost is often more forthcoming than the person who won. This dynamic has powered some of the most significant financial and corporate exposés in recent decades, and it remains one of the most reliable patterns in breaking news about mergers, acquisitions, and boardroom conflict.
For more on how Sorkin navigates the complexities of source relationships and maintains journalistic standards across his multiple platforms, listen to the full episode on Listenly.
See also
How should journalists approach sources who have mixed or ulterior motives for sharing information?
Rather than worrying about their ultimate incentives, journalists should focus on confirmation. Sorkin verifies information from multiple independent sources or obtains documentation before using it, letting the verification process guide editorial decisions regardless of source motivation.
How does a media professional manage multiple demanding roles simultaneously across television, newsletters, and books?
Andrew Ross Sorkin's day typically begins around 4:30 in the morning. He spends about one hour before Squawk Box starts at 6 a.m. Eastern on final tweaks to DealBook, then anchors a full three-hour broadcast, followed by reporting, writing, and management of his publishing empire.
What was the first advertiser for DealBook when it launched?
The original advertiser for DealBook was Brooks Brothers. The luxury menswear brand partnered with Sorkin's nascent newsletter in 2001, helping establish the publication's early financial foundation.