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☆ Morgan Stanley's new wealth boss Jed Finn shares his playbook from playing matchmaker with E-Trade clients to getting advisors to teach each other how to use AI
▼ + stars: | 2024-05-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

AdvertisementThe units are combining their outsourced investment services for ultra-high-net-worth wealth clients and institutional customers. The wealth management arm is there to help them pay less taxes on their windfall and manage their fortune. That said, Morgan Stanley has drawn the line in the past at some offerings like health savings accounts. AdvertisementFor Finn, those offerings are a means to an end: converting as many of these clients as possible to become fee-paying wealth management clients. The revenue and margins of the workplace channel and E-Trade, which Morgan Stanley acquired for $13 billion in 2020, are "irrelevant," he said.

Persons: —, Morgan, Jed Finn doesn't, Finn, Andy Saperstein, James Gorman's, Saperstein, Jacques Chappuis, Ben Huneke, Andy Saperstein's, Larry Lettera, Wagner, multibillion, Morgan Stanley, Finn isn't, We're, Jeff McMillan Organizations: Service, McKinsey, bank's, Business, Wall Street, Solium, OpenAI, AIMS

☆ The Fed could make a big change today. We’re not talking about interest rates
▼ + stars: | 2024-05-01 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

New York CNN —Wednesday’s Federal Reserve policy decision will likely be pretty boring for investors — officials are widely expected to keep interest rates the same, just as they have since July 2023. They think that the Fed may curtail its quantitative tightening (QT) program — that’s the selling off of its assets to decrease money supply and increase interest rates — by as much as half. Those purchases ended up pushing down interest rates in certain parts of the economy, like housing and auto sales. That led to a “repo crisis”, where the interest rates for overnight loans between banks spiked unusually high. That’s because a taper should send bond prices higher, and interest rates lower.

Persons: there’s, Jamie Dimon, Jerome Powell doesn’t, Krishna Guha, Marco Casiraghi, ”, Bill Adams, Biden, reclassify, General Merrick Garland, Xochitl Hinojosa, “, Nancy Mace, Earl Blumenauer, ” Read, Zhao, Allison Morrow, ” Binance Organizations: CNN Business, Bell, New York CNN, Fed, JPMorgan Chase, Comerica Bank, Bank of America, CNN, US Department of Justice, Federal Register, Congress, Associated Press, Republican, CZ, Binance, Bloomberg Locations: New York, South Carolina, Oregon, Seattle

☆ DOJ charges 'Bitcoin Jesus' with $48 million tax fraud, seeks extradition
▼ + stars: | 2024-05-01 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +2 min

(Photo by Danny Lee/South China Morning Post via Getty Images)The Justice Department unveiled criminal tax fraud charges this week against a prolific bitcoin investor named Roger Ver. He came to be known as "Bitcoin Jesus," for getting in early on the digital currency and making a fortune. The DOJ alleges that in preparing those tax filings, Ver underrepresented his bitcoin holdings and evaded taxes on them. The United States is seeking his extradition to face trial on eight counts related to tax evasion, mail fraud and filing false tax returns. According to the indictment, the IRS used a strategy called "clustering analysis" to track the blockchain and identify Ver's bitcoin transactions.

Persons: Roger Ver, Danny Lee, Ver, Bryan Skarlatos, bitcoin Organizations: South China Morning, Getty, Justice Department, Internal Revenue Service, DOJ, CNBC, eBay, IRS Locations: South, California, Caribbean, St, Kitts, Nevis, U.S, Spain, United States, Pest

☆ Analysts bail on Starbucks with 2 downgrades, slashed price targets. 'Stunning across-the-board miss,' says Blair
▼ + stars: | 2024-05-01 | by ( Pia Singh | ) www.cnbc.com time to read: +4 min

But Deutsche kept its $89 price target, which suggests the stock could gain just 0.6%, as of Tuesday's close. Starbucks stock hasn't logged a positive year since 2021. Bank of America's Sara Senatore maintained her buy rating and $108 price target, which implies roughly 22% potential upside — a fairly bullish aim compared with other firms. Underpinning Senatore's stance is her expectation that Starbucks' earnings growth will reaccelerate in 2025, fueled by traffic-driving initiatives, such as more menu innovation and operational improvements. JPMorgan analyst John Ivankoe kept his overweight rating but moved his price target lower to $92 from $100.

Persons: William Blair, Sharon Zackfia, Zackfia, Lauren Silberman, Deutsche, Wells, Bank of America's Sara Senatore, Laxman Narasimhan, John Ivankoe Organizations: Starbucks, Deutsche Bank, JPMorgan, UBS, Bank of America, Bank of America's Locations: Tuesday's, U.S, China, Wells Fargo, Israel

☆ Binance's former CEO could be the richest US prison inmate ever if sentenced with his $43 billion fortune
▼ + stars: | 2024-04-30 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +3 min

Binance's founder CZ could end up being the richest-ever US prison inmate if he's sentenced on Tuesday. Zhao currently has a $43 billion fortune, according to an estimate from Bloomberg. The former crypto exchange boss has asked for no prison time. If he does go to jail, Zhao could be the richest inmate ever to be sentenced in the US, given his $43 billion fortune, per an estimate from Bloomberg. In a letter sent to a Seattle judge in February, he apologized for his "poor decisions" while running his crypto exchange.

Persons: he's, Zhao, —, Changpeng Zhao, That's, Sam Bankman, Fried, Yi, Binance's, Binance Organizations: Bloomberg, Service, Seattle Court, Forbes, Binance, Street Journal, of Justice, CZ Locations: Seattle

☆ Binance founder is sentenced to 4 months in prison on money-laundering charges
▼ + stars: | 2024-04-30 | by ( Allison Morrow | ) edition.cnn.com time to read: +1 min

New York CNN —Changpeng Zhao, the founder of the world’s leading cryptocurrency exchange, was sentenced on Tuesday to four months in prison after pleading guilty to money-laundering charges last year. The sentence, handed down in a US federal court in Seattle, is far lighter than the three years prosecutors had argued for. Prior to the sentencing hearing Tuesday, Zhao, who goes by CZ, apologized for mistakes he made as CEO of Binance, the crypto exchange he founded in 2017. “Words cannot explain how deeply I regret my choices that result in me being before the Court,” he said in a letter to the judge. Zhao, who is 47 and has a personal fortune of nearly $40 billion, according to Bloomberg, agreed to step down as CEO and pay $200 million in fines.

Persons: Changpeng Zhao, Zhao, ”, “, ” Binance Organizations: New, New York CNN, CZ, Binance, Bloomberg Locations: New York, Seattle

☆ Elon Musk is $36 billion richer since returning from his triumphant China trip
▼ + stars: | 2024-04-30 | by ( Tom Carter | ) www.businessinsider.com time to read: +3 min

Elon Musk has gained $36 billion in net worth over the last week, per Bloomberg. Musk is reaping the benefits after Tesla shares surged following his successful trip to China. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk is $36 billion richer following his recent trip to China. Three years later, he's now behind LVMH boss Bernard Arnault and Amazon founder Jeff Bezos, with a current estimated net worth of $202 billion.

Persons: Elon Musk, —, Elon, Musk, Dan Ives, he's, Bernard Arnault, Jeff Bezos, Tesla Organizations: Bloomberg, Service, Tesla, SpaceX, Amazon Locations: China, China . China

Cryptocurrency exchange Binance founder and CEO Changpeng Zhao speaks at a Binance fifth anniversary event in Paris, France, July 8, 2022. Former federal prosecutor Neama Rahmani agrees, adding that Zhao's personal wealth won't be affected by his sentence. That's a different siutation from Sam Bankman-Fried, the controversial ex-CEO and founder of crypto exchange FTX. Bankman-Fried received a 25-year prison term for crimes connected to the operation of his crypto exchange. "Negative long-term impact on Binance will diminish the value of CZ's investment in the crypto exchange," said Yadav.

Persons: Changpeng Zhao, Reuters Changpeng Zhao, Zhao, Gabriel Abed, Richard Jones, Tre Lovell, Neama Rahmani, David Ryder, Binance, Braden Perry, Sam Bankman, Joshua de Vos, de Vos, Fried, Yesha Yadav, That's, Forbes, he's, Lucas Kiely, Kiely —, —, Yadav, it's Organizations: Staff, Reuters, CNBC, U.S, U.S . Department of Justice, District, Toyota, Bloomberg, Getty, Bank, Commodity Futures Trading Commission, Vanderbilt University, Department, Securities and Exchange Commission, SEC Locations: Paris, France, Seattle, Zhao, Binance, Los Angeles, Seattle , Washington, Dubai, U.S, bitcoin, Iran

☆ Even as He Faces Prison Time, Binance’s Founder Plans a Comeback
▼ + stars: | 2024-04-30 | by ( David Yaffe-Bellany | Cade Metz | ) www.nytimes.com time to read: +1 min

And he chatted about start-ups with Sam Altman, the chief executive of OpenAI. After pleading guilty to a money-laundering violation in November, Changpeng Zhao, the founder of the cryptocurrency exchange Binance, did not sit still. A federal judge denied his request to return home to Dubai, but Mr. Zhao, 47, was free to roam the United States. When he pleaded guilty, Mr. Zhao, once the most powerful figure in the global crypto industry, resigned as Binance’s chief executive and agreed to pay a $50 million fine. But Mr. Zhao, who goes by the initials CZ, is already looking to the future.

Persons: Sam Altman, Changpeng Zhao, Zhao, Forbes Organizations: OpenAI Locations: Montana, U.S, Telluride, Colo, Moab , Utah, Dubai, United States, Seattle

☆ Take a look inside a historic 54-room Gilded Age mansion that belonged to one of America's richest families
▼ + stars: | 2024-04-30 | by ( Talia Lakritz | ) www.businessinsider.com time to read: +1 min

The Vanderbilt Mansion in Hyde Park, New York, was built by Frederick Vanderbilt in the 1890s. The 45,000-square-foot Gilded Age mansion is located on 153 acres of land in the Hudson Valley. The National Park Service offers tours of the mansion to the public. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers.

Persons: Frederick Vanderbilt, —, Cornelius Vanderbilt, Cornelius, William Vanderbilt Organizations: Vanderbilt, National Park Service, Service, US Treasury, Business Locations: Hyde Park , New York, Hudson, America

☆ Elon Musk says he picked Tesla robotaxi's August 8 launch date because it's a lucky number in China
▼ + stars: | 2024-04-30 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

The date, Elon Musk says, was chosen partly because it is a "lucky number in China." AdvertisementTesla CEO Elon Musk might've been hoping for some much-needed good fortune when he picked the robotaxi's projected August 8 launch date. "I did partly pick it because 8/8 is a lucky number in China!" The date, Musk added, was also chosen because it is the birthday of his triplets. Musk fathered the triplets — Kai, Saxon, and Damian — with his first wife, Justine Musk.

Persons: Tesla, Elon Musk, —, Elon Musk might've, Michel de Guilhermier, Musk, — Kai, Damian —, Justine Musk Organizations: Service Locations: China

☆ Gangs forced out Haiti’s government. This FBI ‘Most Wanted’ gang leader claims they’re liberating the country
▼ + stars: | 2024-04-29 | by ( Caitlin Stephen Hu | David Culver | ) edition.cnn.com time to read: +22 min

Port-au-Prince, Haiti CNN —Vitel’homme Innocent’s picture on the FBI’s “Ten Most Wanted” list of fugitives suggests a crazed man – eyes wide and wild, teeth bared. But the man on the gold sofa preferred to talk about a brighter future – one that he claims Haiti’s gangs are prepared to usher in. Abandoned cars on the road between the US Embassy and the Kraze Baryé stronghold in Port-au-Prince, Haiti, on April 28, 2024. Kraze Baryé employs around 100 men and women, according to Innocent’s lieutenant and cousin, the bleach-blond Dezod Augustin, 34. But Haiti’s gangs maintain they deserve a seat at the negotiating table.

Persons: Haiti CNN —, Innocent, Evelio Contreras, “, ” Innocent, de, –, Kraze Baryé, ”, Viv Ansanm, Ariel Henry, Henry, Kraze, “ It’s, ’ Marie, Lucie Bonhomme Opont, Pierre, Louis Opont, territoire perdue, Opont, ’, Jimmy Chérizier, Robin Hood, Sanjou, Dezod Augustin, Gedeon Jean, Prince, Baryé, Delmas, Antony Blinken, Haiti Dennis Hankins, Rick Barton, Haiti’s, CNN Jean, Henry’s, Jean, CNN’s Rachel Clarke Organizations: Haiti CNN, CNN, Haiti’s, Prince, de Mars, United Nations, Haitian National Police, ”, Kenya, Haiti’s National Police, CARICOM, US Embassy, Security, “, Washington, US, UN, Fund, Federal Bureau of, State Department Locations: Prince, Haiti, Tabarre, Haiti’s, Port, balaclavas, Haitian Creole, Haitian, Nairobi, “, Canada, United States, Kraze Baryé, American, France, Kenya, Bahamas, Bangladesh, Barbados, Benin, Chad, Jamaica, it’s, Atlanta

☆ How rich are we? The wealthy families who don't prepare their heirs
▼ + stars: | 2024-04-29 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +4 min

Rich families across the globe are concerned about how to prepare their children to manage their wealth, but few are doing anything about it. According to a survey by JPMorgan, 69% of ultra-wealthy families cite succession planning as a top priority. That said, she attributed some of the reluctance to many of these family offices being formed within the past 10 or even five years. "Conversations about wealth can be challenging and, in our experience, families often have found it difficult to get started," she told Business Insider. Only 15% of family offices with at least $1 billion in assets kept heirs unaware compared with 27% for firms with $50 million to $500 million.

Persons: Rich, Elisa Shevlin Rizzo, Goldman Sachs, Ackah, Edward Jones Organizations: JPMorgan, Business, Forbes, UBS

☆ A woman outed by social media as the alleged stalker who inspired 'Baby Reindeer' says she's considering legal action against the Netflix show's creator
▼ + stars: | 2024-04-28 | by ( Eve Crosbie | ) www.businessinsider.com time to read: +4 min

Netflix's "Baby Reindeer," tells the story of a male comedian whom an older woman stalked. AdvertisementA woman who believes the stalker character in Netflix's latest hit series "Baby Reindeer" is based on her has said she is considering taking legal action against the Netflix show. She has alleged that she has received "death threats and abuse from Richard Gadd supporters." Richard Gadd as Donny Dunn in "Baby Reindeer." NetflixFollowing its release in mid-April, "Baby Reindeer" has become a surprise hit for Netflix, having risen to No.

Persons: Richard Gadd, —, Gadd, Martha Scott, Jessica Gunning, sleuths, Tom Goodman, Hill, Ed Miller, Martha, He's, Donny Dunn, Matha, What's Organizations: Service, Netflix, Daily Mail, Scottish, Mail

☆ 10 Years, 100 Stories: The Work That Defines the Upshot
▼ + stars: | 2024-04-27 | by ( The Upshot Staff | ) www.nytimes.com time to read: +20 min

Ten years ago this week, The New York Times introduced the Upshot, a section devoted to explaining “politics, policy and everyday life.” That’s a wide scope, by design. As a result, more than 5,000 articles later, the Upshot has been many things to many readers. To mark our 10th birthday, we’ve collected 100 stories that embody the Upshot. WordleBot Eden Weingart/The New York Times When Wordle first became popular, several people on the internet claimed, plausibly, that they had come up with the “best” opening word. Force of Ship Impact Was on the Scale of a Rocket Launch Erin Schaff/The New York Times We think of the Upshot as a place where back-of-the-envelope calculations can be both helpful and welcome.

Persons: ”, Nate Cohn’s, we’ve, Kevin Quealy, John Branch, John, Patrick Thomas, tut, Trump, pollsters, Obamacare, Leif Parsons, We’re, Jason Henry, Tony Luong, Jordan, ‘, Ruth Fremson, Laurel, ’ Rodrigo Corral, Alex Welsh, Paul Romer, Tim Enthoven, Barack Obama, epidemiologists, It’s, you’re, WordleBot Eden, Wordle, Lila Barth, McCabe, Tom Brady, ChatGPT, —, Erin Schaff Organizations: New York Times, Facebook, Yankees, Red, State Newspaper, ESPN, The Athletic, The Times, You’re, Voters, Trump, Mr, Times, Siena College, Walmart, The New York Times, Jordan Siemens, Health, New, Nike, Democratic, Twitter, America, Iowa, Iowa Democratic, Cancer, Hit, Biden, Insurance, Roe America, Disorders, Republican, Republican Party of, U.S, Budget, NASA, National, Traffic, Administration, Yorkers, Force Locations: It’s, Red Sox, State, America, Dakota, Ireland, Chipotle, Japan, U.S, United States, Siena, New Pennsylvania, District, Iowa, Covid, York City, New York, Pennsylvania, Roe, Tonga, Arizona, York, Holland

☆ Sundar Pichai, James Gorman, and Sheryl Sandberg have all worked for McKinsey. Here's why the consultancy is a CEO factory.
▼ + stars: | 2024-04-27 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

Many Fortune 500 CEOs have previously worked at McKinsey. The firm has become known as a CEO factory, but has sparked controversy in the past, too. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . This story is available exclusively to Business Insider subscribers.

Persons: Sundar Pichai, Sheryl Sandberg, —, it's Organizations: McKinsey, Service, Street, Department of Justice, Enron, Business Locations: Saudi

☆ Walmart heir Rob Walton is stepping down from the retailer's board after four decades
▼ + stars: | 2024-04-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +2 min

Rob Walton, eldest son of Walmart founder Sam Walton, is stepping down from the company's board. He first joined Walmart in 1969 and has served on the board for more than 40 years. The company said Walton "helped shape some of the most important moments in Walmart history." AdvertisementRob Walton, eldest son of Walmart founder Sam Walton's three children, is stepping down from the company's board of directors in June. Even in retirement, Walton will have significant influence over Walmart through his co-ownership of Walton Enterprises, which is the largest holder of Walmart stock.

Persons: Rob Walton, Sam Walton, Walton, —, Sam Walton's, Sam, Greg Penner Organizations: Walmart, Service, Walton Enterprises, Bloomberg

☆ 30-year-old supercommutes over 500 miles to work in New York: ‘I'm the happiest I've ever been’
▼ + stars: | 2024-04-26 | by ( Morgan Smith | ) www.cnbc.com time to read: +5 min

Some mornings, Kaitlin Jorgenson travels 544 miles to get to a job she'll be at for 72 hours. Although Jorgenson was ready to leave New York, she didn't want to give up the career she had built there. All in all, Jorgenson estimates she would spend a minimum of $4,000 each month to live and work in Manhattan. Moving to Charlotte, Jorgenson estimates, has saved her at least $2,000 each month — commuting expenses and all. During the weeks she's not in New York, Jorgenson works part-time at Superbloom Hair Studio in Charlotte, a job with flexible hours that change depending on Jorgenson's appointment schedule.

Persons: Kaitlin Jorgenson, she's, she'll, Jorgenson, Scott J, — Organizations: Charlotte Douglas International, CNBC, Companies, National Bureau of Economic Research, Corporate Locations: New York City, Charlotte , North Carolina, Brooklyn, Charlotte, New York, —, New Jersey, Manhattan, New, LaGuardia, Houston, Chicago, Queens

☆ Alphabet and Chipotle are among the most overbought names on Wall Street. Here are the others
▼ + stars: | 2024-04-26 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +4 min

CNBC Pro used its stock screener tool to identify the most overbought and oversold stocks on Wall Street as measured by their 14-day relative strength index, or RSI. Stocks with a 14-day RSI above 70 are said to be overbought, indicating that shares might soon turn lower. On Thursday, the technology giant posted a first-quarter earnings and revenue beat as its Google Cloud and YouTube advertising revenue outpaced expectations. On the other hand, Ulta Beauty , with an RSI of 21, is one of the most oversold stocks on Wall Street. IBM stock slipped this week after the company posted better-than-expected first-quarter earnings but missed on revenue.

Persons: Jefferies, Ashley Helgans, J.B, Fred Imbert Organizations: Microsoft, CNBC Pro, Google, Hasbro, Hunt Transport Services, Tech, International, Machines, IBM

☆ The 15 bonus tracks from Taylor Swift's 'The Tortured Poets Department' could be their own near-perfect album
▼ + stars: | 2024-04-25 | by ( Callie Ahlgrim | ) www.businessinsider.com time to read: +7 min

That's certainly true of her latest album, "The Tortured Poets Department," which arrived last Friday to mixed reviews. New Taylor Swift music is bound to spark widespread debate, but the conversation swelled when she surprise-released "The Tortured Poets Department: The Anthology," a deluxe edition with 15 extra songs. Indeed, most of these deluxe tracks succeed as self-contained stories, recalling the mythic peaks of "Folklore" and "Evermore." Then again, more songs equals more streams, and "The Tortured Poets Department" is on target to become one of the most-played albums of the streaming era. AdvertisementFinal Grade: 9.3/10"The Tortured Poets Department: The Anthology" was released on April 19, 2024.

Persons: —, Taylor Swift, I'm, Swift, I've, Swift's, aIMee, Cassandra, Peter, Wendy, shouldn't, It's, Beth Garrabrant Worth, Chloe, Sam, Sophia, Marcus, Robin Organizations: Service, Poets Department, Business, Department, Press Locations: Cardigan

☆ Mark Zuckerberg 's net worth plummets by more than $18 billion from Meta stock drop
▼ + stars: | 2024-04-25 | by ( Rohan Goswami | In Rohangoswamicnbc | ) www.cnbc.com time to read: +2 min

Mark Zuckerberg's net worth plunged by $18 billion Thursday after comments from the Meta CEO on the earnings call sent his company's stock price to its steepest decline since October 2022. Meta said it plans to spend $35 billion to $40 billion Meta on capital expenditures this year, an increase from its prior forecast. Zuckerberg's fortune has swung up and down through the years, as his company's stock has been particularly volatile. His net worth fell by around $100 billion in 2022. In early 2022, he lost almost $30 billion in a single day, when his company's stock price tumbled 26% on weak earnings and disappointing guidance.

Persons: Mark Zuckerberg, Mark Zuckerberg's, Zuckerberg, Meta Organizations: Facebook, Paley Center For Media, Meta, Harvard, Reality Labs Locations: New York

☆ Nvidia-backed startup Synthesia unveils AI avatars that can convey human emotions
▼ + stars: | 2024-04-25 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

U.K. tech startup Synthesia unveiled a new range of AI-generated avatars that can convey emotions like happiness, sadness, and frustration. Nvidia -backed artificial intelligence firm Synthesia on Thursday unveiled a new wave of AI-generated digital avatars that can convey human emotions using a user's text inputs. The company said its "Expressive Avatars" can blur the lines between the virtual world and real characters. In one demonstration, the company showed three lines of text being inserted into its platform — "I am happy. The company's technology is used by more than 55,000 businesses, including half of the Fortune 100, to make digital avatars for corporate presentations and training videos, according to Synthesia.

Persons: Synthesia, Kleiner Perkins Organizations: Nvidia, Fortune, Accel, GV, FirstMark, MMC Locations: London

☆ 9 ways rich real estate owners save big on taxes from putting mansions in trusts to donating rental property income
▼ + stars: | 2024-04-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. Here are nine little-known techniques that wealthy real estate owners use to pay less to Uncle Sam:Qualified personal residence trusts, better known as "QPRTs," effectively freeze the value of a real estate property for tax purposes. With an FLP, an individual — often a parent or two parents — pools their business assets, commonly real estate or stocks. The heirs don't own the trust assets, but rather have lifetime rights to the trust's income and real estate.

Persons: Uncle Sam, Trump, Sam Walton, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI, Jackie O, I've, Edward Renn, remarries Organizations: Federal, Business, Walmart, Biden, Blackstone, Lombard, Taxpayers, IRS Locations: Trump, Florida, Wyoming, Plenty

☆ Mark Zuckerberg's wealth may slide $25 billion in a day as Big Tech faces $350 billion sell-off
▼ + stars: | 2024-04-25 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Read previewMark Zuckerberg's fortune could shrink by $25 billion in a single day due to Meta's post-earnings slump. The cofounder and CEO of Facebook, Instagram, and WhatsApp's parent company was worth an estimated $175 billion at Wednesday's close, per the Bloomberg Billionaires Index. Zuckerberg has a stake of about 13% in Meta that was valued at around $170 billion at Wednesday's close. However, the stock price tumbled as much as 15% to $420 in premarket trading on Thursday, indicating Zuckerberg's shares are now worth $25 billion less at $145 billion. AdvertisementA $25 billion reduction in wealth in one day would be remarkable, as only the top 70 richest people in the world command fortunes of that size.

Persons: —, Zuckerberg, Bill Gates, Gates, Elon, Musk, we've Organizations: Service, Facebook, Bloomberg, Business, Microsoft, Big Tech, Meta Locations: Meta

☆ Microsoft shares jump 4% after the big AI winner delivers in all the right places
▼ + stars: | 2024-04-25 | by ( Jim Cramer | ) www.cnbc.com time to read: +9 min

However, momentum from AI services will keep Azure growth stabilized at these high levels, outperforming the market's expectations. AI services continue to be a large source of revenue growth, contributing seven percentage points of growth. The Office Commercial Products and Cloud Services revenue rose 12%, while the Office Consumer Products and Cloud Services revenue grew 4%. Windows Commercial Products and Cloud Services revenue increased 12%, driven by demand for Windows 365. The company guided Azure's constant currency revenue growth to 30% to 31%, which is higher than estimates of 29%.

Persons: OpenAI, Satya Nadella, there's, we're, Jim Cramer's, Jim Cramer, Jim, Satya Narayana Nadella, Lucas Jackson Organizations: Microsoft, Revenue, Google, Fortune, Productivity, Products, Cloud Services, Consumer Products, Novo Nordisk, Nvidia, Activision, Windows, Management, CNBC Locations: OpenAI, ChatGPT, Novo, Manhattan, New York City

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