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☆ Jeff Bezos' net worth slumped by $5 billion in a single day after the FTC sued Amazon
▼ + stars: | 2023-09-27 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Amazon founder Jeff Bezos saw his personal fortune drop by $5 billion on Tuesday. Bezos' net worth has still jumped by over $40 billion this year to around $150 billion. AdvertisementAdvertisementJeff Bezos saw a hefty $5 billion wiped from his personal fortune in a single day, after the Federal Trade Commission filed a lawsuit against Amazon. Despite the eye-watering drop, Bezos's net worth remains up $43 billion this year at $150 billion thanks to Amazon's stock price rally, according to the Bloomberg Billionaires Index. Nine of the 10 billionaires who have added the most to their net wealth are from the tech sector.

Persons: Jeff Bezos, —, Ford, Bezos, Lina Khan Organizations: FTC, Amazon, Service, Federal Trade Commission, Bloomberg

☆ JPMorgan's Jamie Dimon warns of the risk of 7% interest rates: "Are you prepared?"
▼ + stars: | 2023-09-26 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Jamie Dimon has warned that it's possible for US interest rates to rise as high as 7%. "If I was advising a company, I would say, are you prepared for 7% rates? AdvertisementAdvertisementJamie Dimon has warned that it's possible for US interest rates to surge as high as 7%, thanks to inflationary pressures stoked by factors including huge fiscal spending and the global energy transition. "I absolutely think they're possible," the JPMorgan CEO told the The Economic Times in an interview, referring to 7% rates. The Federal Reserve's benchmark interest rate is currently in the 5.25%-5.5% band, up 525 basis points since early 2022.

Persons: Jamie Dimon, —, Dimon didn't, I'm, Dimon Organizations: JPMorgan, Economic Times, Service, Federal Reserve Locations: disinflationary, China, that's

☆ How two former Goldman Sachs traders built the No. 1 US coal exporting business
▼ + stars: | 2023-09-23 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Peter Bradley and Spencer Sloan have built a $1 billion commodities firm over the last eight years. Javelin Global Commodities is now the No. Javelin Global Commodities has grown to become the No. 1 exporter of American coal, Bloomberg reported, citing sources familiar to the company. "It's pretty disheartening that vast fortunes are still being made in activities that are driving dangerous, and potentially catastrophic, global warming."

Persons: Goldman, Peter Bradley, Spencer Sloan, Goldman Sachs, Joseph Curtin Organizations: Bloomberg, Commodities, Service, International Energy Agency, Riverside Shipping, Rockefeller Centre Locations: Wall, Silicon, America, Ukraine, Europe, Moscow

☆ Elon Musk, Mark Zuckerberg, and Jeff Bezos have topped a list of mega-billionaires enjoying an eye-watering wealth jump in 2023
▼ + stars: | 2023-09-22 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Elon Musk, Mark Zuckerberg, and Jeff Bezos have topped a list of billionaires who saw the biggest wealth increases in 2023. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Musk saw the steepest jump in net worth with a $99 billion increase to $236 billion, cementing his position as the world's richest person. 2 on the list of wealth gainers, with a $61.9 billion increase in his riches to $108 billion. Nvidia CEO Huang's wealth surged by $22.2 billion in 2023 as the chipmaker's stock rocketed 187%, outperforming every other stock in the S&P 500 index.

Persons: Elon Musk, Mark Zuckerberg, Jeff Bezos, Nvidia's Jensen Huang, Larry Page, Sergey Brin, Musk, Zuckerberg, Larry Ellison, Steve Ballmer, Michael Dell, Amancio Ortega, Ortega Organizations: Bloomberg, Google, Service, Meta, Nvidia Locations: Wall, Silicon

☆ Cathie Wood says Ark Invest avoided Arm's blockbuster IPO because valuation was on 'high side'
▼ + stars: | 2023-09-22 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Arm was the biggest IPO in the US since late 2021 when it made its market debut last week. But Ark Invest's Cathie Wood sat out the chip designer's float. "Arm came out, we think, from a valuation point of view on the high side," she told CNBC. The Ark Invest CEO chose not to participate in Arm's $55 billion float because she thought it was overvalued compared to its competitors. AdvertisementAdvertisementArm's IPO was the biggest stock market debut since 2021 after a prolonged slump in listings over the past 18 months.

Persons: Wood, CNBC's Organizations: CNBC, Service, Ark Locations: Wall, Silicon

☆ Instacart shares come back down to earth as IPO surge is wiped out
▼ + stars: | 2023-09-21 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Instacart soared 40% above its IPO price on Tuesday as trading began. Its shares have since tumbled close to its debut price of $30 as momentum fades. The stock soared 43% in its trading debut on Tuesday, but most of those gains were wiped out the following day when shares closed at $30.10, just 1o cents above its float price. "Finally people can see under the hood related to Instacart that this is not a stable situation," he said. Instacart's plunge is a cautionary tale for other companies thinking of coming to market following Arm's successful debut last week.

Persons: Instacart, Jerome Powell's, Phil Lempert, SupermarketGuru, Lempert Organizations: Bloomberg, Service Locations: Wall, Silicon, Instacart

☆ Russian tycoons haul over $50 billion of assets back home under pressure from sanctions and the Kremlin
▼ + stars: | 2023-09-14 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Russian billionaires are re-domiciling their assets under pressure from Western sanctions and the Kremlin's moves. Over $50 billion of Russian wealth has been repatriated since the invasion of Ukraine, per Bloomberg. On the flip side of the coin, Putin is making it harder for foreign firms to exit Russia. Europe has for decades been the preferred destination for offshore Russian companies to base their funds, but this tradition could soon come to an end as the costs of keeping capital abroad rise. A timeline of the hurdles Russia has imposed on companies looking to flee its heavily sanctioned economy can be found here.

Persons: Putin, Vladimir Putin, Alexei Kuznetsov Organizations: Bloomberg, Service, Kremlin Locations: Ukraine, Russia, Wall, Silicon, Europe, Cyprus, Malta, Moscow, Russian

☆ MacroMavens' Stephanie Pomboy sounds the alarm on corporate bankruptcies, warning it could herald financial catastrophe
▼ + stars: | 2023-09-12 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Economist Stephanie Pomboy has warned of the economic risks signaled by rising corporate bankruptcies in the US. First-half US corporate bankruptcies surged to the highest level since 2010, per S&P data. "It's really something, listening to johnny-come-latelys parroting my talking points on corporate bankruptcies (which none of them saw coming 6 mo's ago). If they did, they'd be calling for a fiscal & monetary response that makes 2008-9 look like peanuts," Pomboy wrote. This is not the first time Pomboy has raised concerns of looming economic and market risks in 2023.

Persons: Stephanie Pomboy, Mavens, they'd, Pomboy Organizations: Service, P Global Market Intelligence, Valley, Bed, Lordstown Motors, Mediamath Holdings, Federal Reserve Locations: Wall, Silicon

☆ Warren Buffett's Berkshire Hathaway sees its market value surge to a new record of almost $800 billion
▼ + stars: | 2023-09-12 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Shares of Warren Buffett's Berkshire Hathaway ended Monday's trading at all-time highs. That's boosted the investment conglomerate's market value to an unprecedented high of almost $800 billion. Buffett has overseen a roughly 4,300,000% gain in Berkshire stock since becoming CEO in 1965. AdvertisementAdvertisementApple shares continue to drive the rally in Berkshire stock. Buffett's firm owns 5.8% of the world's largest company – a stake worth around $162 billion as of Monday's close.

Persons: Warren Buffett's Berkshire Hathaway, That's, Buffett, Tesla, – Organizations: Service, Oracle, Apple, Big Tech, Microsoft, Disney Locations: Warren, Berkshire, Wall, Silicon, Omaha

☆ The trusty American consumer is poised to run out of steam by early next year, investor survey says
▼ + stars: | 2023-09-12 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Spending by the ever-reliable US consumer is about to fizzle out, according to a Bloomberg investor survey. Such resilience has staved off widespread recession fears, but as household savings run out, the fortunes of the US economy could reverse. AdvertisementAdvertisementIndeed, excess savings accumulated since the pandemic are poised to evaporate by as early as the end of September, the Federal Reserve Bank of San Francisco has said. "We still have very high prices, but we don't have all of that funny money around anymore, and the excess savings are going negative." The famed investor says the drying up of consumer savings is set to hammer corporate profits as spending declines.

Persons: –, Jeffrey Gundlach, Michael Burry Organizations: Bloomberg, Service, Federal Reserve, Federal Reserve Bank of San, Billionaire, DoubleLine, Fox Business Locations: Wall, Silicon, Federal Reserve Bank of San Francisco

☆ Country Garden just dodged a default but China's property-debt distress continues
▼ + stars: | 2023-09-09 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Leading Chinese developer Country Garden avoided a debt-default last week with an 11th-hour coupon payment. But this may have provided only a temporary relief for the Asian nation's ailing property sector. Country Garden Holdings managed to pay interest totaling $22.5 million last Monday, which offered a temporary reprieve to the embattled industry. His firm holds some Country Garden bonds. The market for Chinese developers' dollar-denominated bonds has lost a staggering 87% of value over the past two years.

Persons: Edward Al, Columbia Threadneedle, Debtwire, Chaim Estulin, Lehman Organizations: Country, Service, Garden Holdings, Investment, Bloomberg, Columbia, Reuters Locations: Wall, Silicon, Beijing, China

☆ Billionaire Ryan Cohen's 2022 purchase and abrupt sale of Bed Bath & Beyond shares are being investigated by the SEC, report says
▼ + stars: | 2023-09-08 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Meme-stock investor Ryan Cohen's 2022 trades in Bed Bath and Beyond's stock are being probed by the SEC, per the WSJ. The billionaire took a $120 million position in BBBY stock in early 2022, but sold it abruptly five months later. Cohen, who also chairs video game retailer and fellow meme stock GameStop, scored a profit of almost $60 million following the sale, the WSJ reported. "So meme stock investors conceivably understood Cohen's tweet to mean that Cohen was confident in Bed Bath and that he was encouraging them to act." In April 2023, Bed Bath & Beyond filed for Chapter 11 bankruptcy and closed hundreds of stores across the US.

Persons: Ryan Cohen's, Cohen, Ryan, Trevor McFadden, Cohen didn't Organizations: SEC, Service, Bed, Securities and Exchange Commission, Wall Street, GameStop, CNBC, Washington DC Locations: Bed Bath, BBBY, Wall, Silicon, Bath

☆ China's economic woes mount with the yuan hitting a 16-year low
▼ + stars: | 2023-09-07 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

The yuan has plummeted against the dollar this year, as China's economy stagnated. Now, the struggling currency has dropped to a 16-year low versus the dollar. The yuan latest drop came as official data showed Chinese exports declined for the fourth straight month. The latest leg down in the currency came after official data showed China's exports contracted for the fourth month in a row, falling 8.8% in August from a year earlier. Last week China rolled out new measures designed to prop up the struggling currency.

Organizations: Service, People's Bank of China, Bloomberg Locations: Wall, Silicon, China

☆ US banks hoard $3.3 trillion in cash amid fears of an economic slump
▼ + stars: | 2023-09-06 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Since the collapse of SVB and Signature Bank in March, US banks have become cautious on lending. They're holding a cash pile of $3.3 trillion amid fears of an economic slowdown, Reuters reported. The sector remains subdued after Moody's slashed the credit ratings on 10 US banks in August. US banks are now holding back almost $3.3 trillion in cash amid fears of an economic slowdown, ongoing deposit withdrawals, and stricter liquidity rules, Reuters reported. The banking sector has remained subdued this year and was hit with a ratings downgrade in August.

Persons: Moody's, David Fanger Organizations: Signature Bank, Service, Silicon Valley Bank, Reuters, Moody's, BNY Mellon, US Bancorp Locations: Wall, Silicon

☆ Vivek Ramaswamy's 'anti-woke' investment firm now manages assets worth more than $1 billion
▼ + stars: | 2023-09-06 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Republican presidential candidate Vivek Ramaswamy is the cofounder of an "anti-woke" ETF firm. The company was set up last year and now manages assets worth more than $1 billion. Ramaswamy's firm is a riposte to the ESG-centric policies of some big investment firms. Last month he said the "big three" investment firms – BlackRock, State Street, and Vanguard – represented "arguably the most powerful cartel in human history." Ramaswamy is vying with Florida governor Ron DeSantis for second place in opinion polls, but both lag some distance behind former President Donald Trump in the race for the Republican presidential nomination.

Persons: Vivek Ramaswamy, Ramaswamy, Eric Balchunas, Anson Frericks, It's, Vanguard –, Ron DeSantis, Donald Trump Organizations: Service, GOP, Bloomberg Intelligence, US Energy ETF, Energy ETF, Bloomberg, – BlackRock, Vanguard, Republican Locations: Wall, Silicon, BlackRock, ESG, Florida

☆ US households are on the brink with excess savings likely to be depleted by month-end, San Francisco Fed says
▼ + stars: | 2023-09-05 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Savings built up by American households during the pandemic are all but gone, the San Francisco Fed says. In 2021, Americans had amassed a record $2.1 trillion in excess savings, spurred by government stimulus checks and a drop in in-person spending. AdvertisementAdvertisement"Our updated estimates suggest that households held less than $190 billion of aggregate excess savings by June. There is considerable uncertainty in the outlook, but we estimate that these excess savings are likely to be depleted during the third quarter of 2023," San Francisco Fed analysts said in a recent blog. As of July 2023, the US personal savings rate stood at 3.5% – below pre-pandemic averages.

Persons: San Francisco Fed, –, Marko Kolanovic Organizations: San Francisco, Service, San Francisco Fed, Federal Reserve Locations: Wall, Silicon

☆ Hollywood walkouts have wiped $5 billion from California's economy, exceeding analysts' estimates
▼ + stars: | 2023-09-05 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Hollywood writers and actors have been on strike for over four months. The impact on California's economy has been enormous – reaching almost $5 billion. Caterers, dry cleaners, drivers, and other small enterprises are among those most affected, says one researcher. Todd Holmes, an entertainment industry professor at Cal State Northridge, had predicted a $3 billion blow to California's economy in the first 100 days of the strike. AdvertisementAdvertisementAs a result, Hollywood studios have begun delaying new releases, as strike rules prohibit actors from promoting their films.

Persons: AFTRA, Kevin Klowden, –, Klowden, Todd Holmes Organizations: Service, Writers Guild of America, SAG, Milken Institute, Financial Times, Yahoo Finance, Cal State Northridge, Hollywood Locations: Wall, Silicon, Los Angeles

☆ SEC's Gary Gensler is waging war against crypto. Here's a look at how his views on the industry have evolved over the years
▼ + stars: | 2023-09-03 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +5 min

The SEC has waged war against the cryptocurrency industry this year with a string of lawsuits. At the heart of it is SEC chief Gary Gensler – who has railed against crypto since taking office. Amid his regulatory battle against crypto, Insider maps the evolution of his views on the sector. AdvertisementAdvertisementAs 2023 progresses, Gensler has become more hardline on crypto – waging lawsuits not just against FTX, but also the Binance and Ripple platforms. Lawsuit fatigueAfter almost six months of attrition warfare, Gary Gensler had crypto on the ropes.

Persons: Gary Gensler –, Gary Gensler, messier, Gensler, Satoshi's, Bitcoin, Sam Bankman, Ritchie Torres, Fortune Crypto Organizations: SEC, Service, Securities and Exchange Commission, Investments, CoinDesk, Goldman, Bloomberg TV Locations: Wall, Silicon

☆ China's economic woes mount as manufacturing continues to shrink
▼ + stars: | 2023-08-31 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

The nation's manufacturing activity shrank for the fifth straight month, the latest data show. Economists have slashed their China growth forecasts for 2023 and 2024. The latest reading for the nation's manufacturing purchasing managers' index, or PMI, came in at 49.7 — below the 50 level that divides expansion and contraction. AdvertisementAdvertisementBut these measures have fallen short of the massive amount of stimulus it would take to revive its ailing industries – including its enormous, debt-ridden property sector. China's property sector makes up about 30% of the country's overall output.

Persons: Robert Carnell Organizations: Service, PMI, Reuters, ING Group, Bloomberg Locations: China, Wall, Silicon, Beijing

☆ Why the S&P 500 could rally another 11% by year-end, according to a Morgan Stanley senior portfolio manager
▼ + stars: | 2023-08-30 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Despite a downbeat August, the S&P 500 index is still boasting impressive year-to-date gains. The benchmark stock-market gauge is up over 17% so far in 2023, and one expert sees it climbing even higher. Morgan Stanley's Andrew Slimmon sees the S&P 500 nearing 5,000 by year-end – what would be an 11% rise. Despite their already-high valuations, Slimmon sees further room to run. Nvidia in particular is one of the biggest success stories of 2023, with its share price soaring by 234% year-to-date.

Persons: Morgan Stanley's Andrew Slimmon, Andrew Slimmon, CNBC's, Slimmon, they're, – Organizations: Service, Morgan Stanley Investment Management, Apple, Microsoft, Nvidia, Tesla Locations: Wall, Silicon

☆ US companies are finding China increasingly 'uninvestible', commerce secretary Gina Raimondo says
▼ + stars: | 2023-08-29 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

US companies are finding China increasingly "uninvestible", according to commerce secretary Gina Raimondo. "Increasingly I hear from businesses, China is uninvestible because it's become too risky," she said, according to Bloomberg. And then there's a whole new set of concerns, the sum total of which is making China feel too risky for them to invest," Raimondo added. AdvertisementAdvertisementUS firms are contending with new anti-spying laws introduced by Xi Jinping's Politburo, as well as more competition from state-funded Chinese companies. "It doesn't mean when we talk, I'm going to compromise or concede," Raimondo added.

Persons: Gina Raimondo, They're, Raimondo, it's, they've, Xi Jinping's, State Anthony Blinken, Janet Yellen, Joe Biden's, John Kerry Organizations: Service, Bloomberg, Xi Jinping's Politburo, State Locations: China, Wall, Silicon, Beijing, Shanghai, outflows

☆ Veteran short-seller Jim Chanos calls soaring electric carmaker VinFast a '$200 billion meme stock'
▼ + stars: | 2023-08-29 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +2 min

Vietnamese electric carmaker VinFast has seen its shares skyrocket since it went public on August 15. Its market capitalization now stands at over $190 billion – but some investors cannot hide their disbelief. Veteran short-seller Jim Chanos called the carmaker a "$200B meme-stock" in a post on X. Monday's close saw the market capitalization of the lossmaking EV firm hit an eye-watering $190 billion – more than Ford, General Motors, and Chrysler Stellantis combined. AdvertisementAdvertisementFor veteran short-seller Jim Chanos, however, the stock is being driven by a retail investor craze and little else.

Persons: Jim Chanos, Monday's, Drew Dickson, Dickson, VinFast, Le, Thuy Organizations: Service, Ford, General Motors, Chrysler Stellantis, Vanda Research, Bloomberg, Albert Bridge Capital, Toyota Locations: Wall, Silicon

☆ There could be even tougher times ahead for China's economy, as forecasters slash their growth predictions
▼ + stars: | 2023-08-29 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Forecasters polled by Bloomberg have slashed their growth outlook for China. The country is battling deflation, soaring youth unemployment, and a property-market crisis. Policymakers cut stamp duty taxes Monday – but are yet to roll out a "big bang" economic fix. China's economy expanded 6.3% over the second quarter of 2023, falling well short of forecasters' expectations, while the country is also battling deflation, record youth unemployment, and a severe real-estate crisis. "As its economy continues facing downward pressures, its growth momentum might slow down further, in turn exacerbating the already significant pressures that the global economy is facing."

Persons: They're, Joe Biden, Alfredo Montufar, – Organizations: Bloomberg, Service, China Center, Conference Board Locations: China, Wall, Silicon, Beijing

☆ Taylor Swift, Beyonce, and 'Barbenheimer' may boost US GDP by $8.5 billion
▼ + stars: | 2023-08-25 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Taylor Swift, Beyoncé, and the "Barbenheimer" phenomenon have given a sizable boost to consumer spending this year. Collectively, they may add an impressive $8.5 billion to the US economy in the third quarter, per Bloomberg. High-profile concert tours by Taylor Swift and Beyoncé, along with the twin-movie phenomenon that's come to be known as 'Barbenheimer', are projected to add $8.5 billion to US output in the third quarter, according to Bloomberg Economics. The Bloomberg economists warn, however, that the Hollywood boost for the economy may be short-lived. AdvertisementAdvertisementNeither Beyonce nor Swift have any concerts planned in the US in the last quarter of the year, and the economists described the success of 'Barbenheimer' as a "once-in-a-blue moon" event.

Persons: Taylor Swift, Barbie, Oppenheimer, Anna Wong, Eliza Winger, Swift, – Organizations: Bloomberg, Service, Bloomberg Economics, Revenue, Federal Reserve, Hollywood Locations: Wall, Silicon, Montenegro, Barbados

☆ 'Mind-blowing' US debt binge amid high interest rates is threatening financial stability, Larry McDonald says
▼ + stars: | 2023-08-25 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

The US government has spent some $28 trillion since 2020, causing its debt to surge to a record of almost $33 trillion. The spending binge has created a "mind-blowing hole" in the nation's public finances, according to Larry McDonald. Earlier this year, experts like Ray Dalio and Nouriel Roubini have also warned of the risk of a debt crisis in the US. Fiscal spending has skyrocketed since the pandemic and shows little sign of slowing — and this has created a "mind-blowing hole" in the nation's finances, according to markets guru Larry McDonald. "Another way to improve debt to GDP ratios is through hidden debt reduction i.e.

Persons: Larry McDonald, Ray Dalio, Nouriel, that's, It's, McDonald isn't, Nouriel Roubini, —, McDonald Organizations: Service, Fitch, Federal Reserve Locations: Wall, Silicon

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