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☆ Meet the 15 members of the $100 billion club — who are jointly worth more than Amazon or Google
▼ + stars: | 2024-09-12 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

The elite group worth more than $100 billion includes Elon Musk, Jeff Bezos, and Bill Gates. The 15 members have grown about $280 billion richer this year and are jointly worth $2.2 trillion. Go to newsletter preferences Thanks for signing up! download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk, Jeff Bezos, and Mark Zuckerberg are among the handful of people on the planet with a net worth above $100 billion.

Persons: Elon Musk, Jeff Bezos, Bill Gates, Jim Walton, —, Mark Zuckerberg, Warren Buffett Organizations: Elon, Walmart, Service, Business

☆ Bill Gates-backed startup says a global gold rush for buried hydrogen is picking up momentum
▼ + stars: | 2024-09-12 | by ( Sam Meredith | In Samuelmeredith | ) www.cnbc.com time to read: +5 min

Geologic hydrogen — sometimes known as white, gold or natural hydrogen — refers to hydrogen gas that is found in its natural form beneath Earth's surface. Pete Johnson, CEO and co-founder of Koloma, told CNBC that geologic hydrogen is fundamentally an exploration and production business. A primary energy source, such as coal, oil, wind or solar, refers to a natural energy source that has not been altered or converted. It's within this context that momentum has been growing over the potential of geologic hydrogen. Ellis said that just a small percentage of geologic hydrogen recovery might well be enough to supply all the projected demand for 200 years.

Persons: Bill Gates, Jeff Bezos, Pete Johnson, Koloma, Ray Dalio, Virgin Group's Richard Branson, Alibaba's Jack Ma, Koloma Koloma's Johnson, there's, Johnson, Alex Halada, Geoffrey Ellis, Ellis Organizations: Geological Agency of, Ministry of Energy, Mineral Resources, Nurphoto, Getty, CNBC, Khosla Ventures, Fund, United Airlines, Breakthrough Energy Ventures, Bridgewater Associates, Rystad Energy, Afp, Energy Resources Program, . Geological Survey Locations: Pute Jaya, Morowali Regency, Central Sulawesi Province, Indonesia, U.S, Denver , Colorado, Canada, Australia, France, Spain, Colombia, South Korea, Russia, Ukraine, Germany

☆ Melinda French Gates opens up about how it feels to be a billionaire
▼ + stars: | 2024-09-12 | by ( Lloyd Lee | ) www.businessinsider.com time to read: +1 min

Melinda French Gates's net worth is estimated to be between $11 billion and $13.5 billion. French Gates spends much of her time on philanthropy through her company, Pivotal Ventures. Go to newsletter preferences Thanks for signing up! AdvertisementFor Melinda French Gates, her immense wealth comes with a great responsibility, but it's not one that bogs her down. In an interview with Vanity Fair, the philanthropist said her wealth feels "surreal" and that it comes with a "great responsibility,""But it doesn't feel like a weight," French Gates, 60, added.

Persons: Melinda French, Gates, —, Melinda French Gates, it's Organizations: Service, Business

Ulysses “Junior“ Bridgeman attends Day 2 of 2023 Invest Fest at Georgia World Congress Center on August 27, 2023 in Atlanta, Georgia. Businessman and former NBA player Ulysses Lee "Junior" Bridgeman is buying a 10% stake in the Milwaukee Bucks, according to three sources familiar with the deal. The transaction will value the team at $4 billion. NBA owners will be notified of the sale in a memo Thursday, added the sources, who asked to remain anonymous because the details of the deal are not public. Bridgeman and the Bucks did not immediately respond for comment.

Persons: Ulysses “, “ Bridgeman, Ulysses Lee, Junior, Bridgeman, Ebony Organizations: Invest, Georgia World, Center, NBA, Milwaukee Bucks, Bucks Locations: Atlanta , Georgia

☆ I waited 5 years after undergrad to enroll in graduate school. Waiting made me a better student.
▼ + stars: | 2024-09-12 | by ( Vanessa Ogle | ) www.businessinsider.com time to read: +4 min

AdvertisementWaiting helped improve my time managementSince my graduate school program met at night, I continued to work full-time. AdvertisementMore time meant more opportunities to hone academic skillsTo prepare for graduate school, I studied for the GRE. Graduate school actually gave me a valid way to put up more boundaries for a work-life balance. Ultimately, attending graduate school was a true honor, and it felt like a respite from the hectic demands of my day job. Graduate school was about making work that I was proud of, which was a nice change in my life.

Persons: —, wasn't, didn't Organizations: Service, Business Locations: undergrad

☆ General Mills sells North American yogurt operations in $2 billion deal to focus on stronger brands
▼ + stars: | 2024-09-12 | by ( ) edition.cnn.com time to read: +2 min

CNN —General Mills will sell its North American yogurt business to French dairy firms Groupe Lactalis and Sodiaal in a $2.1 billion deal, the Cheerios maker said on Thursday. Reuters reported in April that General Mills was working with investment bank JPMorgan Chase to attract interest from potential buyers for the business, which houses brands such as Yoplait and Liberté. The North American yogurt business contributed about $1.5 billion to General Mills’ fiscal 2024 net sales. Bloomberg News earlier on Thursday reported that General Mills was in talks to sell the North America yogurt operations to Groupe Lactalis and Sodiaal. In 2021, General Mills sold the European operations of Yoplait to Sodiaal.

Persons: Mills, Lactalis, Sodiaal, Jeff Harmening, Yoplait, General Mills Organizations: CNN, Groupe Lactalis, Canadian, Reuters, JPMorgan Chase, Bloomberg, General, PAI Partners Locations: U.S, Valley , Minnesota, North America, Yoplait, Sodiaal

☆ Adobe stock slips on soft fourth-quarter revenue guidance
▼ + stars: | 2024-09-12 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Adobe reported third-quarter results on Thursday that beat Wall Street expectations for sales and earnings, but the stock slid 10% in extended trading on fourth-quarter guidance that came up short. Here's how Adobe did for the quarter ending in August versus LSEG consensus estimates:Revenue : $5.41 billion, vs. $5.37 billion expected: $5.41 billion, vs. $5.37 billion expected Earnings per share: $4.65, adjusted, vs. $4.53 estimatedAdobe said it expected earnings per share between $4.63 and $4.68 on revenue in the fourth quarter of between $5.5 billion and $5.55 billion. Analysts polled by LSEG were expecting a forecast of $4.67 of earnings on $5.61 billion of sales. Adobe said it recorded $1.68 billion of net income during the quarter, or $3.76 per diluted share. In total, Adobe recorded $5.18 billion in subscription revenue during the quarter, up 11% year-over-year.

Persons: LSEG Organizations: Adobe, Digital Media

☆ Dutch neobank Bunq goes on hiring spree, targeting digital nomads, as other fintechs slash jobs
▼ + stars: | 2024-09-12 | by ( Ryan Browne | ) www.cnbc.com time to read: +4 min

Dutch digital bank Bunq is plotting re-entry into the U.K. to tap into a "large and underserved" market of some 2.8 million British "digital nomads." "Bunq focusses on digital nomads who tend to roam the world," Ali Niknam, Bunq's CEO and co-founder, told CNBC via emailed comments. And in the U.K., Bunq is awaiting a decision from financial regulators on an application to become a licensed e-money institution, or EMI. Many of these positions will be part of a "tailored digital nomad" program that allows staff to work from anywhere in the world, Bunq said. Bunq earlier this year reported its first full year of profitability, generating 53.1 million euros ($58.51 million) in net profit in 2023.

Persons: Pavlo Gonchar, Bunq, Britain's, Ali Niknam, Niknam, Coinbase, Klarna, Bunq's Niknam Organizations: Getty Images, CNBC, European Union, U.S, EMI, PayPal Locations: United States, Amsterdam, Sofia, Istanbul, Munich, Paris, Dublin, Madrid, London, New York City

☆ A 30 year old with a $1 million net worth explains the 4 steps that got her there
▼ + stars: | 2024-09-12 | by ( Business Insider | Stephanie Hallett | ) www.businessinsider.com time to read: +8 min

She also traveled the world for two years and learned to make money without a day job. AdvertisementShortly after returning from Europe, Tseung began investing and using her skills to build multiple sources of passive income. She now teaches others how to manage their finances, invest, and build passive income through on her blog and her accounts on YouTube, TikTok, and Instagram. This book taught her to make money work for her instead of working for money. For me, it's to continue being impactful and building my brand, teaching people how to build passive income and become financially free.

Persons: Sharon Tseung didn't, —, Sharon Tseung, Tseung, doesn't, Timothy Ferriss, Rich Dad, Robert T, it's Organizations: Service, University of California, Business, YouTube Locations: Berkeley, Europe

☆ Jensen Huang's 14-hour days and workaholic lifestyle helped him turn Nvidia into an AI powerhouse
▼ + stars: | 2024-09-12 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +6 min

He told last year's New York Times DealBook Summit: "I don't wake up proud and confident — I wake up worried and concerned." That's because Nvidia almost went bankrupt in the late 1990s — a memory he says is hard to shake off. Huang works holidays but finds it relaxingNvidia CEO Jensen Huang. On the "20VC" podcast in March, Tangen said Huang told him, "'Nicolai, there is hard work and then there's insanely hard work.'" When I'm not working, I'm thinking about working, and when I'm working, I'm working.

Persons: —, Jensen Huang, Huang, Mohd Rasfan, Huang doesn't, Nicolai Tangen, Tangen, Nicolai, I'm, David Solomon, Goldman Sachs, Huang's, Michael M, That's Organizations: Service, Nvidia, Financial Times, Business, New York Times DealBook, Microsoft, Apple, Getty, Norges Bank Investment Management, Technology Conference, Stripe's Sessions, Big Tech, CNN, Forbes, Stripe Sessions, Stanford School of Business, Stanford University Locations: AFP

☆ U.S. median household income rose to $80,610, the first significant increase since 2019—but it's not good news for everyone
▼ + stars: | 2024-09-12 | by ( Kamaron Mcnair | In Kamaronmcnair | ) www.cnbc.com time to read: +2 min

White and non-Hispanic white households were the only racial or Hispanic-origin groups whose incomes rose significantly, growing by 5.4% and 5.7%, respectively. Median household income in the U.S. rose to $80,610 in 2023, according to U.S. Census Bureau estimates . While Black and Hispanic household incomes did increase, they only grew by 2.8% and 0.4% from 2022 to 2023. The gap between Asian and white non-Hispanic household earnings shrank slightly between 2022 and 2023, while the gap between white non-Hispanic and Hispanic household incomes grew. That figure drops to about $62,000 for Hispanic households and to about $45,000 among Black households in 2022, according to the Fed.

Organizations: Census, Fed, National Women's Law Locations: U.S

☆ UAW, U.S. dealers increase criticism of Stellantis CEO over cuts, sales declines
▼ + stars: | 2024-09-12 | by ( Michael Wayland | ) www.cnbc.com time to read: +3 min

David Dee Delgado | ReutersDETROIT – Stellantis ' U.S. dealer network has joined the United Auto Workers union in criticizing CEO Carlos Tavares for the company's recent sales declines, factory production cuts and other decisions they deem detrimental to the automaker's business. "The market share of your brands has been slashed nearly in half, Stellantis stock price is tumbling, plants are closing, layoffs are rampant, and key executives fleeing the company. We will continue to work with our dealers to avoid any public disputes that will delay our ability to deliver results." Stellantis reported a record profit in 2023, but so far this year, the automaker reported a first-half net profit of 5.6 billion euros ($6.07 billion), down 48% from the same period of 2023. It's part of his "Dare Forward 2030" plan to increase profits and double revenue to 300 billion euros ($325 billion) by 2030.

Persons: Carlos Tavares, David Dee Delgado, Tavares, Kevin Farrish, Farrish, Ford Stellantis, Stellantis, Shawn Fain, Kamala Harris, Tim Walz, Rebecca Cook Organizations: New York, Auto, Reuters DETROIT, United Auto Workers, Chrysler, Dodge, Investor, Bloomberg, Stellantis, GM, Fiat Chrysler, France's PSA Groupe, UAW, U.S, Democratic Locations: Manhattan , New York, U.S, Virginia, Romulus , Michigan

☆ Interest payments on the national debt top $1 trillion as deficit swells
▼ + stars: | 2024-09-12 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

The U.S. government for the first time has spent more than $1 trillion this year on interest payments for its $35.3 trillion national debt, the Treasury Department reported Thursday. Subtracting the interest the government earns on its investments, net interest payments have totaled $843 billion, higher than any other category except Social Security and Medicare. The jump in debt service costs came as the U.S. budget deficit surged in August, edging closer to $2 trillion for the full year. The Fed is widely expected to lower rates next week, but just by a quarter percentage point. The benchmark 10-year note last yielded about 3.7%, down more than three-quarters of a percentage point since early July.

Organizations: U.S . Treasury, Treasury Department, Federal Reserve, Social Security Locations: Washington , U.S, U.S

☆ Just the Facts – Energy and the Environment: Steve Ballmer Talks Through the Number
▼ + stars: | 2024-09-12 | by ( Sponsor Post | ) www.businessinsider.com time to read: +11 min

The federal government and many state governments are passing laws and regulations designed to reduce our use of fossil fuels and increase renewable energy production. Now let's talk about energy production. Big picture, America's production of oil, natural gas, and renewables is growing with natural gas growing most of all. In 1950, natural gas was about 18% of total US energy production. As for oil, US domestic crude oil production has more than doubled since 2000.

Persons: Steve Ballmer, That's Organizations: Insider Studios, LA Clippers, US, Buildings, Transportation, Global Locations: United States, America, China, Russia, Ukraine, Venezuela

“Obamacare was lousy health care. Harris senior adviser David Plouffe promised Wednesday that voters will hear more about Trump’s health care comments. “He promised us a health care plan back in 2015. But he still wants to basically throw tens of millions of people off health care,” Plouffe said on MSNBC. I say: How are we going to fix the system?”Asked if he supports Trump's call to reopen the ACA fight, No.

Persons: WASHINGTON, Donald Trump, Kamala Harris, “ Obamacare, It’s, ” Trump, “, ”, didn’t, Trump’s, Trump, Harris, Biden, David Plouffe, ” Plouffe, Barack Obama, Sen, John McCain, I’ve, Joe Biden, hasn’t, ” Sen, Rick Scott, Republican Sen, John Barrasso, Obama’s Organizations: Affordable, ACA, Republicans, MSNBC, “, GOP, Trump, Democrats, Republican Locations: Trump, Wyoming

☆ A hotel is offering ‘self-love pods’ for solo play. Here’s why that’s a thing
▼ + stars: | 2024-09-11 | by ( Maureen O'Hare | ) edition.cnn.com time to read: +5 min

In Europe, the trend is even stronger, with around 46% of Danish households inhabited by men and women flying solo. To mark Sexual Health Awareness Month this September, New York’s Walker Hotel Tribeca has introduced a “Self-Love Pod” offer, aimed at the recently single. When it comes to romantic partners, there’s no cheaper date than your own five digits, but rates for Walker Tribeca’s Self-Love Pods start at $350 – and that’s before you even buy yourself dinner. That’s quite a lot to shoot for, but it’s definitely one of the most fun ways to reduce cancer risk. If getting the peace and quiet to be oneself means booking a “Self-Love Pod” in Tribeca, then have at it, ladies.

Persons: “, onanism, Cacit Welness, Maude, Walker, Walker Tribeca’s, ”, Virginia Woolf Organizations: CNN, Walker Tribeca, British Medical, University College London Locations: Europe, New, Manhattan, Flatiron, midlife, Tribeca

6:59 a.m.: Citi raises AT & T price target A wave of improving outlook for telecommunications could benefit shares of AT & T , according to Citi. The firm upgraded the telecommunications company to neutral from sell and left its $350 per share price target unchanged. "Although our 2028 EPS is still c16% ahead of consensus, we now see less scope for earnings outperformance 2024/2025," the analyst added. The firm upgraded the home furnishings stock to buy from hold and increased its price target to $156 per share to $148. His price target of $105, down from $122, implies upside of just 8.7% from Tuesday's close.

Persons: Goldman Sachs, Morgan Stanley, Jefferies, Michael Rollins, Rollins, — Brian Evans, Graham Parry, Parry, Sonoma Jefferies, William, Jonathan Matuszewski, Matuszewski, Brian Evans, Goldman Sachs downgrades Morgan Stanley, Richard Ramsden, Ramsden, Fred Imbert Organizations: CNBC, Williams, Citi, AT, JV, Apple, Communications Citi, Communications, Charter Communications, Bank of America downgrades Novartis Bank of America, Novartis, William, Elm, Brands, WSM, Goldman Sachs downgrades Morgan Stanley Investors Locations: U.S, Sonoma, Swiss, William, Tuesday's

☆ Mark Zuckerberg could become the richest person on the planet after a $51 billion wealth surge this year
▼ + stars: | 2024-09-11 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +1 min

Mark Zuckerberg could become the world's wealthiest person after surging up the rich list. The Meta CEO has gained $51 billion this year and recently ranked third in net worth. Go to newsletter preferences Thanks for signing up! AdvertisementMark Zuckerberg has rocketed up the ranks of the world's richest people — and could take the top spot for the first time. Zuckerberg sits in fourth place at the time of writing, behind Tesla's Elon Musk (worth $248 billion), Amazon's Jeff Bezos (worth $202 billion), and LVMH's Bernard Arnault (worth $180 billion).

Persons: Zuckerberg, Jeff Bezos, —, Mark Zuckerberg, Tesla's Elon Musk, LVMH's Bernard Arnault Organizations: Elon, Service, Meta, Facebook, Bloomberg, Business

☆ America might be headed for a government shutdown (again)
▼ + stars: | 2024-09-11 | by ( Allie Kelly | Brent D. Griffiths | ) www.businessinsider.com time to read: +6 min

Speaker Mike Johnson on Wednesday pulled a temporary government funding bill off the House floor hours before a planned vote amid dissent within his own party. Senate Majority Leader Chuck Schumer has blasted Johnson's spending bill and his insistence to tie it to the controversial proposal. The only way to reopen the government is for lawmakers to pass a spending bill. The shutdown lasted 35 days, causing 800,000 federal employees to go without pay and costing the federal government billions of dollars. Trump is advocating for a shutdown, calling on fellow Republicans to only accept a spending bill if it includes promises of election security.

Persons: —, Mike Johnson, Johnson, Chuck Schumer, Donald Trump, Kamala Harris, what's, there's, Government shutdowns, couldn't, Kevin McCarthy, Joe Biden, Trump, don't, servicemembers, Bill Clinton, Clinton Organizations: Service, Wednesday, Associated Press, Republican, Business, SAVE, Veterans Affairs, Trump, Democratic, Department of Homeland Security, National Parks, SNAP, Government, Republicans, shutdowns, The Washington Post Locations: Washington

☆ Check out these 11 U.S.-listed foreign stocks — which analysts give over 100% upside
▼ + stars: | 2024-09-11 | by ( Ganesh Rao | ) www.cnbc.com time to read: +3 min

The table below lists 11 stocks that analysts give over 100% upside potential in their local currency over the next 12 months. Investors should note that these stocks are exposed to foreign exchange fluctuations. Although the company has a primary listing on the Toronto stock exchange, the stock is also traded on U.S. stock exchanges . Valneva France-based Valneva has the second-biggest consensus upside potential on the list, at 213%. Stifel's price target of 9 euros ($9.94) a share indicates a 201% upside potential.

Persons: Desjardins, Frederic Tremblay, Canaccord, Katie Lachapelle, Meaghan, Valneva, Lyme, Christian Glennie, Evan Wang Organizations: CNBC Pro, Battery Metals, Valneva, Pfizer, Analysts, Guggenheim Securities Locations: U.S, Toronto, James Bay, Valneva France, Paris

☆ Small business owners could be poised for a 1990s-like boom
▼ + stars: | 2024-09-11 | by ( John Towfighi | ) www.businessinsider.com time to read: +6 min

This has spiked the interest rates small business owners are paying on new mortgages, credit, and loans. Related storiesPowell said that small business owners are poised to benefit regardless of the size of the cut and should remain hopeful about future growth. According to the National Federation of Independent Businesses, small business confidence dipped in August. AdvertisementHe said small businesses tend to be more credit-constrained, so changes in interest rates are particularly influential for business owners' management decisions. Are you a small business owner who has experienced a recent change in sales or hiring?

Persons: —, Phil Powell, it's, Powell, Jerome Powell, Sean Higgins, Higgins Organizations: Service, Federal Reserve, Business, Indiana Business Research Center, Indiana University Kelley School of Business, Federal Open Markets, Treasury Department, National Federation of Independent Businesses, Kellogg School of Management, Northwestern University

Mint shut down back in March, but people are still searching for a replacement budgeting app. Free budgeting apps are becoming less common, but there are still a few options to try. It's left a significant gap for people who prioritize free budgeting tools, and even months after Mint's closure, Reddit users are still looking for a good replacement. "That was Mint's biggest draw, that it was a free budgeting app," explains Mykail James, MBA, certified financial education instructor, and owner of BoujieBudgets.com. AdvertisementWe'll explain the current budgeting app environment and share tips on how you can choose the best budgeting app for you.

Persons: —, Everyone's, It's, Mykail James, Eric Croak, James, Croak, haven't, I've, they've Organizations: Mint, Service, Croak, Quicken

☆ $11 billion ExodusPoint just made a concession on fees. It could be the start of a massive change for hedge funds' biggest names.
▼ + stars: | 2024-09-11 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +4 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Multi-strategy hedge funds, led by Citadel, Millennium, and Point72, had churned out returns in turbulent markets with limited volatility. In that environment, even the multi-strategy funds not among the sector's top tier were able to demand long lock-ups and high fees. Bobby Jain's new fund launched with $5.3 billion in July after there were whispers of him raising $10 billion six months prior.

Persons: —, Michael Gelband, Goldman Sachs, Bobby Jain's, Doug Haynes, Justin Young Organizations: Service, Citadel, Tiger, Business, Millennium, Street, FT, Bloomberg, of Texas, Treasury, Multilateral Endowment Management Company, Oklahoma State Foundation, LinkedIn

☆ A 'butterfly' options spread trade that pays off if there's an earnings-driven rally in Adobe
▼ + stars: | 2024-09-11 | by ( Tony Zhang | ) www.cnbc.com time to read: +3 min

The company's innovation pipeline provide long-term growth potential, with the earnings event likely serving as a catalyst for further upside. With expected EPS growth of 14% and revenue growth of 11%, Adobe maintain its leadership in the software industry. To capitalize on the potential for an earnings-driven rally, we suggest using a "broken wing butterfly," which offers a high reward-to-risk ratio. Specifically, I suggest the ADBE Sep 20, 2024 $585/630/650 Call butterfly at $10.96 Debit. This strategy entails: • Buying the Sep 20 $585 Calls @ $18.80 • Selling the Sep 20 $630 Calls (2 contracts) @ $5.53 • Buying the Sep 20 $650 Calls @ $3.22 This butterfly strategy offers a maximum reward of $3,404 per contract while limiting risk to only $1,096 per contract.

Organizations: Adobe, CNBC, NBC UNIVERSAL

☆ Bill Gates shares the single-minded attitude he used to grow Microsoft: I focused my life 'just on the one job'
▼ + stars: | 2024-09-11 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +2 min

When Bill Gates dropped out of college to co-found Microsoft, he wasn't thinking about becoming a billionaire or running a company that's now valued at more than $3 trillion. At the time, in 1976, computer obsessives like Gates and co-founder Paul Allen were considered "hobbyists" — yet they fervently believed that a technological revolution was imminent. And I was willing to focus my life, in my 20s, just on software, just on the one job," says Gates. Specifically, that job was creating high-quality software that could make the general public actually embrace the personal computer. That intense focus on creating the best product possible didn't mean Gates wasn't aware that there was also money to be made — in fact, he insisted upon it from the beginning.

Persons: Bill Gates, Gates, Paul Allen, Allen, —, Netflix docuseries Organizations: Microsoft, CNBC, Forbes, Netflix

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