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this year, forbes magazine The World Billionaires List has discovered more billionaires than ever before, most of them concentrated in a few cities.
Almost a quarter of the world's 2,781 billionaires (worth a total of $3 trillion) live in one of 10 cities. As a matter of course, The city with the most billionaires is New York, has held that title in all but one of the past 11 years. The Big Apple is home to about 110 billionaires, many of whom work on Wall Street as real estate moguls or are moguls in the fashion and retail industries.
However, Hong Kong and Moscow tied for second place in the billionaire ranking, while Mumbai jumped to fourth place. Other cities, including London and Shanghai, have lost billionaires.
Let's get into the headlines.
First
of The Ivy League is losing its place as a producer of America's best talent.: forbes When we surveyed Future of Work newsletter subscribers, 33% of respondents said they are less likely to hire an Ivy League graduate than they were five years ago. forbes We have identified 20 “new ivies”. From the University of North Carolina at Chapel Hill to Emory University to Georgia Tech, we're producing hungry graduates.
On Friday, Philadelphia-based regional bank Republic First Bancorp was seized by Pennsylvania regulators. First local bank failure this yearFulton Bank has reached an agreement with regulators to take over 32 Republic First branches in Pennsylvania, New York and New Jersey and will reopen them under the Fulton Bank name.
Business + Finance
Inflation is higher than expected last month and remains well above the Federal Reserve's 2% target, according to government data released Friday. The long-awaited rate cut looks increasingly unlikely. In the near future. The Core Personal Consumption Expenditure Index, which measures how much Americans spend year-over-year on items excluding volatile energy and food prices and is the Federal Reserve's preferred inflation indicator, rose 2.8% in March. , which exceeded economists' expectations.
Warren Buffett's real estate brokerage, HomeServices of America, has reached a $250 million settlement for allegedly setting its fees artificially high. Maximum amount paid by an intermediary to settle a case Regarding the industry fee structure, wall street journal report. The National Association of Realtors, HomeServices and other major brokerages were sued in 2019 by a group of home sellers, alleging they pay exorbitant commissions to agents and brokers.
wealth + entrepreneurship
Chicago-based nonprofit Lever for Change hosts a challenge to pre-screen small nonprofits. Donors like Mackenzie Scott and Reid Hoffman are helping shift some of their giving from their personal networks to global grassroots organizations. Scott's “Open Call” contest recently resulted in his $640 million unrestricted gift to 250 winners out of 6,300 entries. “It's hard to get on her radarAnd it’s usually not an open process,” said one grantee.
Technology + Innovation
Tesla could start selling its humanoid robot Optimus by the end of next year, and could one day rake in more cash from robots than cars, CEO Elon Musk says. In an even bolder claim, he said experts said it could be within the realm of possibility.technology is It is highly unlikely that automakers will make a profit in the near future.. Tesla's humanoid robot, Optimus, will be able to perform useful tasks in factories by the end of the year, Musk told investors after the company's disappointing earnings report.
more: The National Highway Traffic Safety Administration announced Friday that it is investigating whether Tesla properly responded to a recall of more than 2 million cars in December. Federal regulators detect flaw in Autopilot system. The recall affected nearly all vehicles sold by the company in the United States at the time, and the company provided a remedy with an automatic software update.
Top First Amendment law firm compiles cases for creators and small businesses. Fighting new law to shut down TikTok in the united states Unless Chinese parent company ByteDance sells the app to American owners, according to several creators interviewed. Forbes. But some TikTokers are hesitant to confront the US government.
money and politics
Shares of Trump Media and Technology Group, which operates Truth Social, plummeted after trading began in late March, and the company was exposed to a number of short-sellers who sold the company naked short, meaning they sold the stock without securing the shares to sell. claims to be selling.But there are five securities lawyers. forbes I talked to I was skeptical about illegal naked short selling.— if that’s what’s happening — that’s why the stock price is down. Rather, experts say the company, like many talked-about tech startups, has yet to prove itself as a sustainable business.
Science + Healthcare
Biotech startup Gordian Biotechnology has debuted a new animal screening platform. Enable testing of multiple gene therapies Only one animal at a time. This means that one mouse could potentially support the evaluation of hundreds of new gene therapies in a way that is faster, affects fewer animals, and reduces the risk of harm to animals. means.
Trends and commentary
More than half of states have enacted “filial piety'' laws, which allow those who can afford to legally support their children. Pay for nursing homes, medical bills, and other expenses for poor families Members include elderly parents, adult children, and spouses. Most of them are “scarecrow” laws, which are rarely enforced and remain in state law as a warning, with little effort to repeal them.
daily cover story
How a bold 35-year-old CEO launched a $100 million jerky brand
top line More than 13 years after CEO Eugene Kang purchased Country Archer for $500,000, the brand The 5th largest jerky company in America.
Among storied brands like Jack Lynx and Slim Jim, it's the only better-for-you option with grass-fed meat, little sugar, and no antibiotics.
With annual revenues of more than $100 million, Country Archer is currently at a critical inflection point. In the food industry, when a company reaches its nine-figure mark, it usually gets acquired or goes public. Kang's jerky business grew 49% last year, making it a prime target. But Country Archer is still growing, rapidly catching up with its next biggest competitor, Tillamook Country Smoker, an Oregon-based company with annual sales of $140 million.
as a can Take on a $4.5 billion industrySeven out of 10 Americans purchased a meat snack in the past year. He is focused on building an authentic and healthier brand that will last for decades to come.
But buying a well-funded brand like Slim Jim, owned by $12 billion food giant ConAgra, would require a lot of cash, Mr. Kang said.
The son of Korean immigrants who ran a gas station in the Southern California desert, Kang has been a student of the jerky industry ever since he stocked his family's store as a child. He and his aunt Susan, who is his partner in his business, share his 50% ownership of Archer Country. The rest is owned by private equity investor Monogram Capital, which began backing Country Archer in 2016, five years into Kang's tenure.
forbes Estimate Country Archer is conservatively worth at least $300 million.
The brand has been a bright spot in the jerky category, where other areas have struggled. Jerky sales have fallen more than 4% over the past year as grocery buyers order fewer than usual. But Country Archer's jerky and meatsticks are growing the fastest, even pulling some customers away from other snacks.
Why is it important? “more Access to healthy protein is critically needed“And Country Archer is building its business by reaching new consumers who want to enjoy food even more.” forbes Staff writer Chloe Sorvino. “It's a movement that won't go away.”
more Exclusive: Mars announces strategy to double snacking revenue to $36 billion
facts and comments
CEOs of some of America's largest entertainment companies were compensated last year. More than twice as much as the average CEO Even the nation's largest companies, according to new data. Top executives at Disney, Warner Bros., Netflix, and five others will earn an average of $34.8 million in 2023.
20%: 2022-2023 pay increases for CEOs of Warner Bros., Liberty Media, Disney, Lionsgate and Netflix
284%: Lionsgate CEO John Feltheimer's salary has been significantly increased from 2022 to 2023, bringing his total compensation to $21.5 million.
$23.7 million: Average salary for CEOs of the 100 largest revenue generating companies in 2023, according to Equilar
strategy and success
A Roth IRA is a type of account that allows you to contribute after-tax dollars toward your retirement and earn money tax-free. This is useful if you think you may be subject to higher taxes in retirement, or if you do not plan to rely on your IRA during your golden years.But there is Benefits of holding funds in both a Roth IRA and a traditional IRA or 401(k).
video
quiz
In Pennsylvania, soft drinks are subject to sales tax, but water is not.A court there recently ruled that Which carbonated water brand is it? Does it have to be taxed because it is a soft drink?
A. La Croix
B. Perrier
C.Topo Chico
D. Spindrift
Check your answer.
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