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☆ Elon Musk's wealth has crashed by $160 billion from its peak as Tesla's problems pile up
▼ + stars: | 2024-04-17 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The stock drop has fueled an estimated $160 billion decline in Elon Musk's net worth. AdvertisementTesla's mounting troubles have dealt a heavy blow to Elon Musk's net worth. However, Musk's net worth has plunged by about $160 billion since then to $178 billion at Tuesday's close. Musk's net worth has taken a big hit from the decline because his 13% stake in the automaker makes up a big chunk of his wealth. He topped the Bloomberg rich list with a $229 billion fortune in January, but his net worth has crashed by $51 billion, or 22%, since then.

Persons: —, Elon, Warren Buffett, LVMH's Bernard Arnault, Jeff Bezos, Meta's Mark Zuckerberg, Musk, He's, Zuckerberg, isn't Organizations: Service, Bloomberg, SpaceX, Buffett, Tesla, Twitter Locations: Elon Musk's

☆ ‘I didn’t know it would cause such a stir’: Serena Williams reveals how catsuit became an iconic fashion moment
▼ + stars: | 2024-04-16 | by ( Amanda Davies | Matias Grez | ) edition.cnn.com time to read: +6 min

Instead, the conversation largely revolved around what she was wearing: the now iconic superhero ‘catsuit.’And, boy, was there a conversation. “I didn’t know it would have such an impact,” Williams tells CNN Sport’s Amanda Davies. “Here I am, just trying to be healthy, I was a new mom and just trying to be me. I didn’t know it would cause such a stir.”Williams was banned from wearing the catsuit at future French Open tournaments after French Tennis Federation President Bernard Giudicelli said that Roland Garros would be introducing a dress code. Serena Williams wore the now iconic catsuit at the 2018 French Open.

Persons: Serena Williams, Kristýna, “, ” Williams, Amanda Davies, Bernard Giudicelli, Roland Garros, ” Giudicelli, Billie Jean King, Williams, Giudicelli, Tim Clayton, Corbis, ”, we’ve, –, Chaz Niell, “ Don’t, “ I’d, MICHAEL BRADLEY Organizations: CNN, French Tennis Federation, Marvel, Nike, Getty Locations: Wakanda, Olympia, AFP

☆ BP's EV charging arm cuts jobs, reduces global ambitions: Reuters
▼ + stars: | 2024-04-15 | by ( ) www.cnbc.com time to read: +2 min

EV charging, however, remains one of BP's key growth engines. The changes at BP Pulse are "a step towards ensuring that we can execute our goals with even greater precision and effectiveness". BP Pulse has also stepped away from several bets it made since launching its energy transition strategy under previous group CEO Bernard Looney in 2020. BP last May also shut down its home EV charging business. The company says it expects returns from its EV charging and convenience stores operations to exceed 15% and create $1.5 billion in earnings before interest, taxes, depreciation, and amortization by 2025.

Persons: Murray, Tesla, Bernard Looney, Auchincloss Organizations: BP, Reuters, EV Locations: United States, Britain, Germany, China

☆ Biden’s Student Loan Repayment Plan Is Being Challenged. Here’s What to Know.
▼ + stars: | 2024-04-13 | by ( Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

When President Biden announced his plan to provide student debt relief for 43 million borrowers nearly two years ago, there was a piece to his program that attracted less attention: a new student loan repayment program that would cut monthly payments in half for millions. The repayment program, called SAVE, was meant to become a permanent fixture of the federal student loan system, offering a more affordable path to repayment, particularly for lower-income borrowers. But two groups of Republican-led states have filed separate lawsuits to block the SAVE program — including many of the states that challenged Mr. Biden’s $400 billion debt cancellation plan, which was struck down by the Supreme Court last year. Missouri, along with six other states, filed suit on Tuesday in the U.S. District Court for the Eastern District of Missouri, seeking to upend the program. Both suits argue that the administration has again exceeded its authority, and the repayment plan is just another backhanded attempt to wipe debts clean.

Persons: Biden, Biden’s Organizations: Republican, Eastern, of Locations: Missouri, U.S, of Missouri, Kansas

☆ Opinion | Dating on Apps, and the Old-Fashioned Way
▼ + stars: | 2024-03-29 | by ( ) www.nytimes.com time to read: +1 min

To the Editor:Re “It’s Not You: Dating Apps Are Getting Worse,” by Magdalene J. Taylor (Opinion guest essay, nytimes.com, March 16):With more people on online dating platforms than ever, we have entered a new era rife with hot takes and opinions based on a narrow set of experiences. Recent surveys say that dating apps are the No. 1 way people meet today, and nearly 70 percent of individuals who met someone on a dating app said it led to a romantic, exclusive relationship. I am not here to question individual experiences, or pretend that every date will lead to success. There’s this false notion suggesting that dating apps don’t work.

Persons: Magdalene J, Taylor, we’ve, Bernard Kim Los Angeles Organizations: Match

☆ Sam Bankman-Fried has to repay $11 billion. How can he possibly do that?
▼ + stars: | 2024-03-29 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

New York CNN —A federal judge on Thursday ordered Sam Bankman-Fried to repay more than $11 billion as part of his sentence for defrauding customers and investors in his failed crypto exchange FTX. In their sentencing memorandum earlier this month, federal prosecutors laid out their reasoning for seeking $11 billion in forfeiture. Unlike restitution, where the money from seized assets goes directly to victims, the money from forfeiture is taken by the government and absorbed into the US Treasury. It is unclear how much Bankman-Fried is currently worth, but it’s likely not anywhere near $11 billion. So far, the Department of Justice has redistributed about $4 billion to Madoff’s victims.

Persons: Sam Bankman, Fried, SBF, ” Mitchell Epner, “, ”, District Judge Lewis Kaplan, Anthony Capozzolo, Elizabeth Holmes, Holmes, Ramesh “ Sunny ” Balwani, Bernard Madoff, Peter Katz, Katz, they’ll, ” Katz Organizations: New, New York CNN, CNN, Treasury, District, “, of, Department of Justice’s, Department of Justice, Department Locations: New York, Eastern, of New York

☆ Sam Bankman-Fried sentenced to 25 years in federal prison
▼ + stars: | 2024-03-28 | by ( Lauren Del Valle | Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —Sam Bankman-Fried has been sentenced to 25 years in federal prison for defrauding customers and investors in his failed crypto exchange FTX, a Manhattan court ruled Thursday. In this courtroom sketch, Sam Bankman-Fried, second from right, stands while making a statement during his sentencing in Manhattan federal court on March 28, 2024. There is no parole in federal cases, but Bankman-Fried may still be able to shave years off his term. Since 2018, however, nonviolent federal inmates can reduce their sentence by as much as 50% under prison reform legislation known as the First Step Act. In addition to the prison sentence, Kaplan also ordered a forfeiture of $11.02 billion.

Persons: Sam Bankman, Fried, Lewis Kaplan, it’s, ” Kaplan, Fried “, Bernard Madoff, Elizabeth Holmes, Elizabeth Williams, ” Mitchell Epner, Epner, ” Epner, Jordan Estes, Kramer Levin, “, ” Estes, Kaplan, Joe Bankman, Barbara Fried, ” Organizations: New, New York CNN, CNN, Federal, of Prisons Locations: New York, Manhattan, San Francisco

☆ What yachting industry insiders have to say about Jeff Bezos' superyacht
▼ + stars: | 2024-03-27 | by ( Madeline Berg | ) www.businessinsider.com time to read: +5 min

Read previewIt's been just about a year since Koru, Jeff Bezos' $500 million megayacht, set sail from the Oceanco shipyard in the Netherlands, capturing the attention of yachting insiders and land dwellers alike. Unlike many other megayachts, Koru, which media billionaire Barry Diller's Eos inspired, is designed as a sailing yacht. AdvertisementLike most other megayachts, Koru is powered by her engines, which are reportedly innovative in their use of a kinetic energy recovery system. AdvertisementTeak or not, the yachting industry isn't generally known for being all that environmentally friendly — or indeed lowkey, so many who BI talked to didn't buy into the idea that Koru is "too much." It's the latest superyacht to capture the yachting world's attention.

Persons: —, Jeff Bezos, Koru, they'd, Federico Rossi, Barry Diller's Eos, he'd, Bezos, Lauren Sanchez, Origin's, Shephard, That's, Anders Kurtén, I'm, Jerry Jones, Bernard Arnault, Mark Zuckerberg Organizations: Service, Palm, Business, Industry, Yachts Locations: Netherlands, St, Myanmar

☆ A dog and a bird formed an unlikely friendship. Their separation has infuriated followers
▼ + stars: | 2024-03-27 | by ( Hilary Whiteman | ) edition.cnn.com time to read: +6 min

In the four years since their unlikely bond was posted online, the odd couple has attracted almost two million followers on Instagram and Facebook. But in an emotional video posted online Tuesday, Peggy’s owners, Juliette Wells and Reece Mortensen, announced that the animals had been separated. Wildlife officials worried that others would follow their lead of domesticating wild animals in the hope of profiting online. Followers are being urged to write to their local member of parliament and the director general of the department. Bernard Ashcroft, CEO of Wildlife Rescue Australia, said the law prohibits people from taking wild animals as pets, for good reason.

Persons: Australia CNN —, Peggy, Molly ”, Molly, Juliette Wells, Reece Mortensen, ”, Wells, “, Darryl Jones, Molly didn’t, “ Peggy, Mortensen, DESI, Jones, Australia – “, “ It’s, ” Jones, Bernard Ashcroft Organizations: Australia CNN, Facebook, DES – Department of Science, Department of Science, Griffith University, CNN, Australia –, Wildlife Rescue Locations: Brisbane, Australia, Staffordshire, Australian, crazily

☆ How a New Rule Could Change the Way Advisers Handle Your Retirement Money
▼ + stars: | 2024-03-26 | by ( Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

It seems like an issue everyone can agree on: Financial professionals should be required to handle our retirement money with the utmost care, putting investors’ interests first. The issue has re-emerged as the department prepares to release a final rule that would require more financial professionals to act as fiduciaries — that is, they’d be held to the highest standard, across the investment landscape, when providing advice on retirement money held or destined for tax-advantaged accounts, like individual retirement accounts. Most retirement plan administrators who oversee the trillions of dollars held in 401(k) plans are already held to this standard, part of a 1974 law known as ERISA, which was established to oversee private pension plans before 401(k)s existed. But it doesn’t generally apply, for example, when workers roll over their pile of money into an I.R.A. Nearly 5.7 million people rolled $620 billion into I.R.A.s in 2020, according to the latest Internal Revenue Service data.

Persons: they’d Organizations: U.S . Labor Department, Internal Revenue Service

☆ RFK Jr. set to announce his vice presidential pick in California
▼ + stars: | 2024-03-26 | by ( Eva Mckend | Aaron Pellish | ) edition.cnn.com time to read: +10 min

The event marks a critical moment for Kennedy’s White House bid that could accelerate his efforts to gain ballot access in all 50 states. His vice presidential pick will also be tasked with broadening Kennedy’s appeal and helping raise money for his big-spending campaign. Kennedy campaign ballot access attorney Paul Rossi suggested Nevada Democrats were attempting to block Kennedy from gaining ballot access in the state – a claim the secretary of state’s office rejected. “Vice presidential candidates don’t tend to push elections very far, even for the major-party candidates. “I would never choose a vice presidential candidate based on how much money they have,” Kennedy said in a NewsNation interview last week.

Persons: Robert F, Kennedy Jr, Kennedy, Nicole Shanahan, Jesse Ventura, Aaron Rodgers, Tulsi Gabbard, Republican Sen, Rand Paul, Andrew Yang, Mike Rowe, Tony Robbins, Tricia Lindsay, “, ”, we’ve, ” Kennedy, John F, Kennedy’s, Shanahan, Sergey Brin, Rodgers, Cecilia Heston, Paul Rossi, ” Heston, Donald Trump, Joe Biden, Sandy, Pamela Brown, Stefanie Spear, Robbins, Biden, Angela McArdle, Trump, –, Cornel West, Bernard Tamas, Tamas, CNN’s Gregory Krieg Organizations: CNN, Independent, Minnesota Gov, NFL, Democratic, Republican, Oakland, Bay Area Fox, KTVU, Google, University of California, PAC, White, Nevada Democrats, Democratic National, Federal, Kennedy, Democratic Party of Hawaii, Sandy Hook Elementary, Children’s Health Defense, Libertarian Party, ”, Trump, Biden, Valdosta State University, FEC, New York Times Locations: Oakland , California, Minnesota, Oakland, Chico , California, Berkeley, Washington, Utah, New Hampshire , Nevada, Hawaii, Arizona , Georgia, Michigan, South Carolina, Nevada, Pennsylvania, Georgia

☆ Visa and Mastercard Agree to Cap Swipe Fees in Settlement
▼ + stars: | 2024-03-26 | by ( Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

Visa and Mastercard have agreed to cap the so-called swipe fees they charge to merchants that accept their credit cards, as part of a class-action settlement that could save merchants an estimated $30 billion over five years — the latest development in a nearly 20-year legal battle. Each time a customer uses one of its credit cards, Visa or Mastercard collects a swipe fee — also called an interchange fee — for processing the transaction, which it shares with banks issuing the cards. The settlement, which was announced on Tuesday and is subject to court approval, can be traced back to a 2005 lawsuit by merchants arguing that they paid excessive fees to accept Visa and Mastercard credit cards. As more consumer spending has shifted to credit cards over the years, processing fees have also risen. To accept Visa and Mastercard, U.S. merchants paid $101 billion in total fees in 2023, including $72 billion in interchange fees, according to the Nilson Report, which tracks the payments industry.

Persons: Nilson Organizations: Visa, Mastercard

☆ The presidential race is set, but ‘uncommitted’ remains an option in Louisiana and Missouri.
▼ + stars: | 2024-03-23 | by ( Nick Corasaniti | Neil Vigdor | ) www.nytimes.com time to read: +7 min

Georgia, with its long history of the suppression of Black voters, has been ground zero for fights about voting rights laws for decades. The result has been a slew of laws that included restrictions to voting, like limiting voting by mail and adding voter ID requirements. He found that the growing racial turnout gap since the Supreme Court’s decision in Shelby had been felt most acutely by younger voters across the country. In Bulloch County, Ga., Winston County, Miss., and Newberry County, S.C., the racial turnout gap among young voters grew by 20 percentage points or more between the 2012 and 2020 elections. Seeing a more substantial racial turnout gap among young voters cuts against some conventional wisdom about recent changes to voting laws.

Persons: Barack Obama, Lowndes County —, Georgia —, Michael Podhorzer, Lowndes, Obama, Holder, “, Podhorzer, ” Podhorzer, Biden, Bernard Fraga, ” Fraga, Emily Elconin, Donald Trump, I’ve Organizations: Black, Republican, Justice Department, Brennan, Valdosta State University, Emory University, The New York Times, The Times, Times Locations: Georgia, Lowndes County, Shelby County, Shelby, Bulloch County ,, Winston County, Miss, Newberry County, S.C, Atlanta, Dearborn, Mich, Arizona , Georgia, Michigan, Nevada , Pennsylvania, North Carolina, Wisconsin, onpolitics@nytimes.com

☆ Going once, going twice: How Trump's cash and properties would be garnished and auctioned to pay his NY fraud debt
▼ + stars: | 2024-03-23 | by ( Laura Italiano | ) www.businessinsider.com time to read: +10 min

AG Letitia James plans to go after Trump's cash and property if he doesn't pay his civil fraud debt. Is the ball in Letitia James' court? "The burden is on Letitia James to find Trump's assets" and decide what she wants garnished or auctioned, he said. D'Orazio predicts James would first target the cash that Trump and the Trump Organization keep in New York-registered bank accounts. He would then remit $95 million to the Attorney General's Office, and that would go toward paying Trump's judgment.

Persons: Letitia James, —, padlocks, Donald Trump's, Trump, James, Bernard D'Orazio, D'Orazio, — James, Mark, we're, doesn't, It's, she'll, Arthur Engoron, Jeff Greenberg, — Trump Organizations: Service, Trump, Trump Plaza, New, Social, Trump —, GOP, AP, Trump Organization, Radio City Music Hall, Forbes, New York, Fire Locations: New York, New York City, Manhattan, New, Westchester County, Trump, Americas

SACRAMENTO, Calif. (AP) — Jalen Brunson scored 42 points, becoming the fourth player in franchise history with 40 or more in consecutive games, and the New York Knicks beat the Sacramento Kings 98-91 on Saturday night. He's the first Knicks player to reach that total in back-to-back games since Carmelo Anthony on Feb. 19 and 21, 2014. Isaiah Hartenstein was a force on the defensive end, blocking five shots and grabbing 14 rebounds, along with seven points. De’Aaron Fox added 20 points, nine assists and seven rebounds, but was held to 5-for-19 shooting. The Knicks led 53-48 at the half and extended the advantage to nine early in the third quarter on a pair of layups by Brunson.

Persons: — Jalen Brunson, Brunson, Carmelo Anthony, Hall, Hall of Famers Bernard King, Patrick Ewing, Donte DiVincenzo, Josh Hart, Isaiah Hartenstein, Domantas Sabonis, De’Aaron Fox, Malik Monk Organizations: New York Knicks, Sacramento Kings, Thursday's, Portland, Knicks, Hall of Famers, Sacramento, NEXT, Golden State, Memphis, NBA Locations: SACRAMENTO, Calif, New York, York, Golden

☆ Jeff Bezos and Bernard Arnault are worth a combined $400 billion — here are the routes they took to achieve mega-wealth
▼ + stars: | 2024-03-16 | by ( Jyoti Mann | ) www.businessinsider.com time to read: +1 min

Jeff Bezos and Bernard Arnault have a combined net worth of around $400 billion. Bezos and Arnault are the world's richest people, topping Bloomberg's Billionaires Index. AdvertisementJeff Bezos and Bernard Arnault are the world's two richest people, with a combined net worth of around $400 billion. Arnault, the owner of the luxury goods conglomerate LVMH, is ranked first on Bloomberg's Billionaires Index, with a net worth of $202 billion. Amazon founder Bezos is ranked second on the index, with a net worth of $197 billion.

Persons: Jeff Bezos, Bernard Arnault, —, Dom Pérignon, Bezos Organizations: Service, Tiffany

☆ A couple bought a $2 million home in New York occupied by a squatter who found loopholes in the law and won't leave
▼ + stars: | 2024-03-16 | by ( Lauren Edmonds | ) www.businessinsider.com time to read: +7 min

The Landa family attempted to move in but couldn't because of a loophole in New York City's squatters' rights laws. The Landas told WABC 7 that they purchased the home because it's right next door to family members. Related storiesThe couple told WABC 7 that they've had five hearings, but the process keeps getting delayed. Advertisement"It makes me feel completely forgotten in this legal system, unfair, and not able to do anything," Joseph told WABC 7. Advertisement"A revelation will turn this narrative on its head," O'Sullivan told WABC 7.

Persons: Joseph, Susana Landa, hasn't, —, they'd, Susana Landa —, Brett Flores, Flores, It's, Bernard Fernandez, Fernandez, Landa, Joseph Russo, Alex, Susana, they've, Landas, they're, who've, Dennis O'Sullivan, Anthony Mordente, Flores —, Brett Fisher —, O'Sullivan, he'd, Flores hadn't Organizations: Service, Down, Google, Business, WABC, ABC, BI, Trust, The New York State Senate, New, New York Post, Daily Mail, Fox, Queens County Civil Locations: Queens , New York, New York, York City, Queens, New York City

☆ Eva Longoria and Admiral Bill McRaven to receive $100 million Bezos Award
▼ + stars: | 2024-03-14 | by ( Jake Tapper | Ramishah Maruf | ) edition.cnn.com time to read: +3 min

In 2021, the inaugural recipients of the prize were Van Jones, a lawyer and CNN commentator, and chef José Andrés, each of whom received $100 million. They also serve as national spokespeople for the Brain Health Project, which focuses on brain health and brain performance with a concentration on veterans. Longoria, who starred in the television series “Desperate Housewives,” has focused on education and entrepreneurship in Latino communities. The Eva Longoria Foundation aims to connect Latinos and Latinas in lower-income areas with peer mentors, and Longoria has a start-up fund for Latino-owned small businesses. Bezos and Sánchez pledged $100 million to recovery efforts in Maui after the devastating wildfires in 2023, though the donation has come under scrutiny.

Persons: Jeff Bezos, Lauren Sánchez, Bill McRaven, Eva Longoria, Bernard Arnault, Van Jones, José Andrés, Dolly Parton, McRaven, “, Lauren, Jeff, ” McRaven, Longoria, ”, ” Longoria, Bezos, Warren Buffett, Melinda French Gates, Bill Gates, MacKenzie Scott, Sánchez Organizations: New, New York CNN, Amazon, University of Texas, Bloomberg, CNN, Warrior Foundation, Brain Health, “, Fund Locations: New York, Bezos, Maui

☆ A new documentary wrestles with the highlights — and lowlights — of John Galliano’s controversial career
▼ + stars: | 2024-03-12 | by ( Trey Taylor | ) edition.cnn.com time to read: +9 min

CNN —After a first intervention for the fashion house’s seismic creative director John Galliano failed, Dior’s then-CEO Sidney Toledano staged a second, more serious one. In response, as Toledano recounts in the new documentary “High & Low: John Galliano,” the then-50-year-old gym-obsessive ripped open his shirt to reveal a rippling torso and said, “Does this look like the body of an alcoholic?”And so the designer’s drinking and pill-popping rolled on. At least, “High & Low” director Kevin Macdonald, whose documentary performs a thrilling autopsy of Galliano’s career collapse, thinks so. Nicholas MatthewsUnraveling threadsAs its title suggests, “High & Low” scrutinizes the designer’s extraordinary rise and dramatic flameout. John Galliano, pictured at his home in Beauvais, France.

Persons: John Galliano, Dior’s, Sidney Toledano, Galliano, Dior, Bernard Arnault, Arnault, Toledano, ”, Perle, Hitler, ” John Galliano, France —, Dominique Charriau, decamped, Low, Kevin Macdonald, I’d, ” Macdonald, “, ’, Macdonald, Anna Wintour — Galliano’s, —, Wintour, ’ ” Macdonald, shouldn’t, I’m, John —, Nicholas Matthews Galliano, Nicholas Matthews, ” Johann Brun, John, “ John, ” Galliano, John Galliano’s, Derek Hudson, He’s, you’d, John then, Tim Blanks, Cecil B, DeMille, Kate Moss, Jamie Hince, Oscar de la, Maison, Pat McGrath, Galliano’s, it’s Organizations: CNN, Paris Fashion, Couture, Rodin, Dior, Hulton Locations: Paris, France, Scottish, Couture, Beauvais

☆ Sephora's success shows that people still want to treat themselves during tough economic times
▼ + stars: | 2024-03-09 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +2 min

Sephora's CEO said the company had benefited from the "lipstick effect," The FT reported. Sephora's CEO, Guillaume Motte, told The FT that its sales success, which is highlighted in LVMH's 2023 annual results, benefited from the "lipstick effect." In-store sales have driven Sephora's recent growth, Motte told The FT. In the annual results report, Arnault linked the company's growth to the "ever-growing popularity of Sephora's store concept worldwide." The US is Sephora's biggest market and "we are gaining market share there like crazy," Motte told The FT. Across North America, Sephora reached $10 billion in revenue in 2023.

Persons: LVMH, —, Guillaume Motte, Alpha, Gen Zers, Motte, Bernard Arnault, Jeff Bezos, Arnault, Sephora Organizations: Service, FT Locations: North America

☆ How Fraudsters Break Into Social Security Accounts and Steal Benefits
▼ + stars: | 2024-03-09 | by ( Tara Siegel Bernard | ) www.nytimes.com time to read: +1 min

For the past two decades, Liz Birenbaum’s 88-year-old mother, Marge, has received her Social Security check on the second Wednesday of each month. When the deposit didn’t arrive in January, they logged into Marge’s Social Security account, where they found some startling clues: the last four digits of a bank account number that didn’t match her own, at a bank they didn’t recognize. (Ms. Birenbaum requested to refer to her mother by her first name only to protect her from future fraud.) Ms. Birenbaum immediately started making calls to set things right. When she finally connected with a Social Security representative from a local office in a Bloomington, Minn., the rep casually mentioned that this happens “all the time.”

Persons: Liz Birenbaum’s, Marge, It’s, ”, Birenbaum Organizations: Social, Citibank, Social Security Locations: Chappaqua, Minnesota, Bloomington, Minn

☆ A real-estate investor with a 311-unit portfolio breaks down the tax rule that's saved her hundreds of thousands of dollars — and even allowed her to claim a $167,000 check from the IRS
▼ + stars: | 2024-03-08 | by ( William Edwards | ) www.businessinsider.com time to read: +6 min

So when she heard about a particular tax strategy on a podcast about two years ago, it surprised her that she'd never come across it. Cost segregation. According to Rocket Mortgage, a cost segregation study takes about a month or two to complete. AdvertisementIt's also worth keeping in mind the rules around cost segregation from the Tax Cuts and Jobs Act of 2017. AdvertisementThen there's the cost of a cost segregation study.

Persons: Anne Curry, she's, hasn't, she'd, Curry, Bernard Reisz, you've, Reisz, It's, it's, —, there's, I'm, who's Organizations: Service, Rocket Mortgage, Internal Revenue Service, Business, CPA Locations: New York City

☆ Jeff Bezos only lasted a few days as the world's richest person — now it's Bernard Arnault again
▼ + stars: | 2024-03-07 | by ( Alexandra Bacon | ) www.businessinsider.com time to read: +1 min

Bernard Arnault is the CEO and founder of the luxury conglomerate LVMH. He currently has a fortune of $197 billion making him the world's richest person. The title often bounces between Arnault, Amazon founder Jeff Bezos, and Tesla CEO Elon Musk. AdvertisementBernard Arnault, CEO of LVMH, has once again become the world's richest person with a fortune of $197 billion, snagging the title from Jeff Bezos. As of Thursday, his fortune has been eclipsed by Arnault by only $1 billion, according to Bloomberg's Billionaire Index.

Persons: Bernard Arnault, Jeff Bezos, Elon Musk, — Organizations: Amazon, Tesla, Service, Arnault

☆ Elon Musk's wealth is down by almost $40 billion this year — and it's only March
▼ + stars: | 2024-03-07 | by ( Polly Thompson | ) www.businessinsider.com time to read: +2 min

The Tesla CEO's wealth has dropped by almost $40 billion since the start of 2024. The EV maker's sagging stock price has taken its toll on Musk's net worth. The Tesla CEO's net worth has plunged by almost $40 billion this year, according to the Bloomberg Billionaires Index. AdvertisementThe LVMH chief is worth $197 billion, $1 billion more than Bezos, after adding $18 billion to his worth this year. Most of Musk's wealth comes from his 21% stake in the EV maker.

Persons: Elon, —, Jeff Bezos, He's, Bernard Arnault, it's, Arnault, Musk Organizations: Service, Tesla, Bloomberg Locations: China, Delaware

☆ Tesla's value has slumped by $234 billion this year — that's more than McDonald's, Disney, or Nike are worth
▼ + stars: | 2024-03-07 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Tesla's market value has tumbled $234 billion this year, or more than McDonald's or Disney are worth. Elon Musk's EV maker is close to losing more value than Netflix or Coke's entire market caps. AdvertisementTesla's market value has plunged by an astounding $234 billion this year — that's considerably more than McDonald's ($212 billion), Disney ($202 billion), and Cisco ($199 billion) are worth. That decline is close to the entire market caps of Netflix ($259 billion) and Coca-Cola ($257 billion), and larger than the entire market value of American Express ($158 billion) and Nike ($148 billion). It's also worth noting that Tesla is still worth more than 10 times the value of either General Motors ($46 billion) or Ford ($49 billion).

Persons: —, It's, He's, LVMH's Bernard Arnault, Jeff Bezos, Tesla, Musk, hasn't, Ross Gerber Organizations: Elon Musk's, Netflix, Service, Disney, Cisco, American Express, Nike, FedEx, Bloomberg, Motors, Ford Locations: China

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