Tag: billionaires

Hawai’i’s Crisis as a Playground for the Ultrawealthy

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At the turn from the Queen Ka’ahumanu Highway into the Mauna Kea Resort on the Kona coast of Hawai’i Island, I pulled over to the side of the road and told my wife to take over driving.

We were supposed to meet our former landlords from California for lunch at the resort’s beachside restaurant, but I couldn’t do what had been a generally accepted practice here in Hawai’i: stop at a guardhouse for permission to enter.

As an Indigenous person, I felt enervated, that it was wrong. I hate pulling up to a gated community in Hawai’i, but the islands are full of these artificial barriers intended to create paradise for visitors.

What’s extra galling is that all of Hawai’i’s beaches and coastlines are open to the public. There is no such thing as a private beach in Hawai’i, so access to the shoreline is a right, but it’s not always easy.

It’s not just the hotels. As I paddle along the coast in outrigger canoes, the coastlines of Hawai’i are full of homes and large lots of land that are gated and continually surveilled. Aloha, indeed.

Now the uneasy relationship between the ultrawealthy and those with generational ties to Hawai’i is being reexamined in the aftermath of the horrific fires on Maui in August.

Dwayne Johnson now understands this. He acknowledged on Instagram last month that he may have been insensitive in his appeal for donations to the People’s Fund of Maui he established with Oprah Winfrey in the wake of the fires two months ago.

Johnson said he had been paying attention to social media, and his statement was quickly accepted by prominent social media accounts in Hawai’i.

The question is whether Johnson’s fellow ultrawealthy individuals will follow his stated lead of trying to be better toward the people of Hawai’i.

The profound hurt on display in the aftermath of the Maui wildfires goes beyond the loss of life and property. It extends to the fear that this is the last straw for Native Hawaiians and those with generational ties to Hawai’i.

The story of how so much of Hawai’i ended up in the hands of outsiders is not pretty. The marketing of Hawai’i for real estate and tourism has back-burnered the plight of Native Hawaiians in favor of images of paradise. There’s no space in glossy publications selling luxury residences for the story of the overthrow of Hawai’i’s sovereign government by Americans.

Hawai’i is part of the American tradition of taking lands from Indigenous peoples and then pushing them to the brink of extinction.

But that was then—and that was them—not us today. What’s wrong with legally buying large amounts of land on an island (or buying 98% of Lana’i in the case of Oracle’s Larry Ellison), you may ask?

The answer is that it limits opportunity for Native Hawaiians by blocking off an already small amount of land, making Hawaii less affordable, less livable, and hastening the exodus of Hawaiians from their homelands. More Native Hawaiians now live outside of Hawai’i than live in Hawai’i.

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Naka Nathaniel

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November 22, 2023
Jeff Bezos Moving to Miami, Bids Seattle Goodbye on Instagram | Entrepreneur

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Amazon founder Jeff Bezos is relocating from his longtime home in Seattle to the beachside city of Miami.

In an Instagram post on Thursday, Bezos shared the news alongside a video from the Seattle garage where he established Amazon almost 30 years ago.

“As exciting as the move is, it’s an emotional decision for me,” Bezos wrote. “Seattle, you will always have a piece of my heart.”

The tech billionaire says he’s moving to be closer to his parents and the Cape Canaveral operations of Blue Origin LLC, Bezo’s space exploration company.

Last month, Bezos purchased a seven-bedroom mansion in Miami for $79 million located next door to his other Miami mansion, a 2.8-acre home, which Bezos purchased in August for $68 million. Both homes sit in Indian Creek, a man-made barrier island in the Miami area known as the “Billionaire Bunker.”

Along with his new Miami home — or homes? — Bezos has properties in Washington, D.C., New York City, Los Angeles, and Maui, along with a 300,000-acre ranch in Texas, which serves as the base for Blue Origin’s New Shepard rocket launch site.

^{Indian Creek in Miami, Florida. Jeffrey Greenberg/Universal Images Group | Getty Images.}

As the world’s third richest person, Bezos boasts a net worth of $161 billion, according to the Bloomberg Billionaires Index.

Bezos’ announcement came on the same day that the FTC released a new, less-redacted lawsuit against Amazon, revealing new details about the accusations against the tech giant, including claims that Bezos “directly ordered” the advertising team to intentionally inundate its search results with irrelevant “defect” ads as a means to “drive up Amazon’s advertising profits.”

However, Amazon has refuted the accusations.

“The claim that Amazon leadership directed employees to accept more advertising defects that would degrade the customer experience is grossly misleading and taken out of context,” Tim Doyle, an Amazon spokesman, told Entrepreneur.

Related: Jeff Bezos Lost $5 Billion in 1 Day After Amazon FTC Lawsuit News

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Madeline Garfinkle

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November 3, 2023
Taylor Swift is officially a billionaire thanks to her record-breaking tour and re-recording project, according to Bloomberg

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Pop music supernova Taylor Swift has officially joined the three-comma club, Bloomberg News reports. On the eve of the release of 1989 TV—and amid a record-breaking tour and box office bonanza—the singer-songwriter’s net worth sits at an estimated $1.1 billion.

Bloomberg’s analysis takes into account the estimated value of Swift’s music catalog and her five homes, as well as earnings from streaming, music sales, and her concerts. The news outlet says the calculation is likely conservative and is based “only on assets and earnings that could be confirmed or traced from publicly disclosed figures.” Swift did not respond to Bloomberg’s request for comment.

The bulk of her wealth is tied to her impressive catalog, which Bloomberg values at $400 million. (And that’s the music she’s released since 2019—the music she made before that is now held by Shamrock Holdings. If all of her music is included, the value reaches $1 billion on its own, per Bloomberg.) Another $370 million is tied to ticket sales and merchandise, while Spotify and YouTube earnings account for $120 million, and her five homes are valued at $110 million. It is possible she has other sources of wealth that are not public.

“She’s one of the few entertainers to reach that status based on music and performing alone, the result of work and talent, but also canny marketing and timing,” Bloomberg notes.

The world’s ‘most charismatic CEO’

Speculation on when, not if, Swift would officially crossover into billionaire-dom has abounded since the Eras Tour kicked off with unprecedented demand for tickets. The tour itself, which is currently slated to run through the end of 2024, is set to rack in well over $1 billion in ticket sales, much of which makes its way to Swift.

The Eras Tour has worked as something of a marketing machine for her other projects. While many artists make most of their money off of touring, Swift is the rare musician who also makes a significant amount from digital and physical music sales. Her devoted fan base makes sure of that (her most recent release, Speak Now TV, debuted in the midst of the tour and sold 716,000 copies, including nearly 270,000 on vinyl LP).

And with the fourth re-record of her first six studio albums set to release Friday, the 33-year-old is bringing in even more money. Analysts expect 1989 TV to be one of the biggest albums of the year in terms of sales.

But Swift, never one to settle for just one or two projects at a time, is also benefitting from movie ticket sales. Taylor Swift: The Eras Tour has brought in around $165 million at the worldwide box office in the past two weeks, thanks to support from fans and other movie-goers curious to get a taste of the Eras Tour for themselves. That makes it the highest-grossing concert tour movie of all time.

Bloomberg also credits Swift’s billionaire status, partly, to her shrewd negotiations around streaming. The pop star took her music off of Spotify in 2014—when the original 1989 was released—demanding the company better compensate artists for their work. She took on Apple to task a few years later, resulting in changes at both streamers.

Swift’s Eras Tour was a boon not just to the singer, but to the cities she performed in. The Eras Tour added $4.3 billion to the U.S.’s gross domestic product throughout the first 53 shows, according to estimates from Bloomberg Economics. She even got a shoutout from the U.S. Federal Reserve.

“Taken together, Swift Inc. is essentially a multinational conglomerate with the world’s most devoted customer base, its most charismatic CEO and significant economic power,” Bloomberg writes.

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Alicia Adamczyk

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October 26, 2023
Vivek Ramaswamy and Entrepreneurs Who Have Run for President | Entrepreneur
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Vivek Ramaswamy is the latest entrepreneur pivoting to politics. The 2024 Republican presidential candidate is one of a long list of business leaders who have run for President of the United States.

And some have even won. Entrepreneurs are no strangers to the Oval Office—at least eight former U.S. presidents have taken their business backgrounds to the highest office in the land—from Donald Trump’s real estate business to Jimmy Carter’s peanut farm.

Ramaswamy, 38, is also garnering attention because he is one of the wealthiest people ever to enter the race.

Here’s more about Ramaswamy’s business history, plus other entrepreneurs who have tried to take on the presidency.

^{Photo by Win McNamee | Getty Images — Republican presidential candidate, Vivek Ramaswamy, participates in the first debate of the GOP primary season on August 23, 2023, in Milwaukee, Wisconsin.}

Who is Vivek Ramaswamy?

Vivek Ramaswamy was born on August 9, 1985, and raised by Indian immigrant parents in Cincinnati, Ohio. He excelled in tennis and was nationally ranked in his youth. He was also valedictorian of his high school senior class, per Business Insider.

He graduated summa cum laude from Harvard University with a degree in biology before earning a J.D. from Yale University.

RELATED: 10 Quotes By Entrepreneur And Fiery Republican Presidential Candidate Vivek Ramaswamy

During his studies, he worked at QVT Financial LP as a hedge fund investor specializing in pharmaceutical investments, making $7 million in his first seven years in the workforce, according to Forbes. He was made partner by age 28 while studying at Yale.

Around the same time, he met his wife, Apoorva, a throat surgeon and assistant professor at the Ohio State University Wexner Medical Center. The couple wed in 2015 and live in Ohio, raising their two sons.

What are Vivek Ramaswamy’s businesses?

Ramaswamy left the hedge fund in 2014 and founded Roivant Sciences, a biotech company, at age 29. Roivant received backing from Ramaswamy’s former employer. It operated by purchasing patents from pharmaceutical companies that had not been fully developed to then develop and market the products.

The company and its subsidiaries made billions under this business model, per The Wall Street Journal.

However, the business hit rough waters when it purchased an experimental Alzheimer’s drug in 2014 for $5 million, per The New York Times. The drug failed clinical trials, and Roivant discontinued development in 2017, according to Insider.

Today, Roiviant is focused on developing drugs for psoriasis and dermatitis, according to its website.

RELATED: Top 5 Richest Presidents in US History, #3 Will Surprise You

Roivant went public in 2021, and Ramaswamy stepped down as CEO shortly after. That same year, he also published a book, “Woke Inc.: Inside Corporate America’s Social Justice Scam” with Center Street, an imprint of Hachette Book Group. It was a New York Times Bestseller.

In 2022, he founded Strive, an asset management firm with big-name backers (Peter Thiel, Bill Ackman). In September, the company hit $1 billion in assets, according to Bloomberg.

What has the reception been to Ramaswamy entering the race?

Heading into the second Republican debate Wednesday evening, Ramaswamy is in second place, polling around (13%) in the latest survey of likely GOP primary voters in New Hampshire, per CNN.

Former President Trump is the first choice, polling at 39%.

Ramaswamy’s numbers have skyrocketed since the first debate, but his run so far hasn’t been without some controversy. He was booed at the first 2024 Republican presidential primary debate for stating: “The climate change agenda is a hoax.”

Last month, Eminem had his team at BMI send a cease-and-desist letter to Ramaswamy’s campaign after the candidate used the rapper’s hit 2002 song “Lose Yourself” at the Iowa State Fair in August.

This year, two former Stive employees sued Ramaswamy for allegedly making staffers violate securities law and mistreat their fellow coworkers, according to Bloomberg. One suit filed in June alleges that Ramaswamy exaggerated the company’s finances to employees and investors. The other suit filed in August claimed the plaintiff was fired for raising concerns about sexual harassment and age discrimination.

What is Vivek Ramaswamy’s net worth?

Ramaswamy’s net worth is just under $1 billion, making him one of the youngest almost-billionaires in the country and one of the wealthiest Republican nominees, per Forbes.

His fortune is comprised of a 10% stake in Riovant, valued at $600 million. Additionally, the company has paid him $260 million from his salary and other bonuses. His stake in Strive is reportedly worth $100 million. He also has an investment portfolio with various crypto investments.

Meet some other entrepreneurs who have run for President of the United States:

Michael Bloomberg

^{Photo by BRYAN R. SMITH/AFP via Getty Images | Former New York City Mayor Michael Bloomberg on September 13, 2023 in New York.}
- Founder of Bloomberg LP.
- He was elected mayor of New York City in 2001 and held office for three consecutive terms.
- Ran for Democratic presidential nominee in 2020.
- Net worth is $96.3 billion, per Forbes.
Ross Perot

^{Photo by Ed Lallo/Bloomberg via Getty Images | H. Ross Perot, co-founder and chairman emeritus of Perot Systems Corp., stands for a photo in his office in this file photo taken on Sept. 28, 2008.}
- A Dallas computer billionaire, Perot founded Electronic Data Systems.
- Ran as an Independent in 1992 — won 19% of the popular vote, the most ever for an independent candidate.
- Had a net worth of $4.1 billion at his time of death in 2019, per Forbes.
Steve Forbes

^{Photo by Patrick McMullan/PMC via Getty Images | Steve Forbes on April 7, 2022, in New York City.}
- Editor-in-chief of Forbes magazine.
- Ran for Republican presidential nominee in 1996 and 2000.
- Net worth is $430 million, per Investopedia.
Herman Cain

^{Photo by Michael Tullberg/Getty Images | Former presidential candidate Herman Cain on November 11, 2019 in Hollywood, California.}

Carly Fiorina

^{Nathan Congleton/NBCU Photo Bank/NBCUniversal via Getty Images | Carly Fiorina on the TODAY show on Tuesday, April 30, 2019.}

Tom Steyer

^{Photo by Mike Coppola/Getty Images for TIME | Tom Steyer in New York on April 25, 2023 in New York City.}
- Ran hedge fund Farallon Capital for 26 years.
- Ran for Democratic presidential nominee in 2020.
- Net Worth: $2.1 billion, per Forbes.
Andrew Yang

^{Photo by JP Yim/Getty Images – Andrew Yang May 05, 2023, in New York City.}
- Manhattan Prep CEO
- Ran as a Democrat in 2020 – left the party in 2021 and founded the Forward Party, a centrist political action committee and political party.
- Had a net worth of $1 million when he ran for president in 2020, according to Forbes.
Mitt Romney

^{Photo by Jabin Botsford/The Washington Post via Getty Images | Sen. Mitt Romney on Wednesday, Sept 13, 2023, in Washington, DC.}
- CEO of management consultant company Bain & Company and founder of spin-off private equity investment firm Bain Capital.
- Was elected governor of Massachusetts in 2002 and was elected to the U.S. Senate in 2018.
- Ran for Republican presidential nominee in 2008. Ran again in 2012 and won the nomination, but lost the presidential race to President Obama.
- Net worth is $85 million, per Insider Business
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Entrepreneur Staff

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September 27, 2023
Who Is Françoise Bettencourt Meyers, World’s Richest Woman? | Entrepreneur

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^{This article originally appeared on Business Insider.}

Françoise Bettencourt Meyers, the 70-year-old granddaughter of L’Oreal founder Eugène Schueller, is the richest woman in the world, according to the Bloomberg Billionaires Index.

Bettencourt Meyers is worth almost $88 billion, mostly due to her stake in L’Oreal. She’s in 13th position on the Bloomberg list and has become $16 billion better off this year.

Here’s a look at her life and wealth.

Françoise Bettencourt Meyers, 70, is the granddaughter of L’Oreal founder Eugène Schueller.

^{Pierre Vauthey/Getty Images via BI}

Schueller, a pharmacist, founded the company that was to become L’Oreal in 1909.

His daughter and Bettencourt Meyers’ mother, Liliane, inherited Schueller’s fortune and control of the company upon his death in 1957.

Along with her husband, André Bettencourt, a French politician, the Bettencourts were well known in France for their glamorous parties.

But Bettencourt Meyers was less interested in the socialite lifestyle of her parents, preferring to stay in and play the piano or read, Vanity Fair reported.

Bettencourt Meyers had a fraught relationship with her mother.

^{Pascal Le Segretain/Getty Images via BI}

The mother-daughter relationship was strained since Bettencourt Meyers was a teenager.

“Françoise was heavy and slow,” Bettencourt once said, per Vanity Fair. “Always one lap behind me.”

Bettencourt also called Françoise “a cold child” in an interview with a French newspaper, per The New York Times.

As an adult, Bettencourt Meyers chose to focus on her career as an author.

^{ALAIN JOCARD/AFP via Getty Images via BI}

The heiress has written books on topics ranging from Greek mythology to Judaism and Catholicism.

Her most recent book, a Biblical commentary entitled “Regard sur la Bible,” was published in 2008, according to its Amazon page.

Bettencourt Meyers also sits on L’Oreal’s board and chairs the family’s holding company.

^{Getty Images via BI}

Bettencourt Meyers has a 33% stake in L’Oreal and is a board member.

Her relationship with her mother came to a tipping point when Bettencourt Meyers initiated a decade-long family feud over her inheritance.

^{Getty Images via BI}

In the lawsuit, Bettencourt Meyers alleged that photographer François-Marie Banier used his friendship with Liliane Bettencourt to manipulate the elderly heiress into giving him some 1.3 billion euros ($1.4 billion) of cash, art, and life insurance policies, The New York Times reported.

Bettencourt, who was diagnosed with dementia, disputed her daughter’s assertion, said she freely shared her assets with Banier.

In a 2008 letter to Banier, Bettencourt described their relationship to him writing: “With you, I am like a mother, a lover, all the feelings pass through me. It makes me tremble,” according to Vanity Fair.

Bettencourt Meyers told a French news magazine in 2009 that Mr. Banier’s “objective is clear: break away my mother from our family to profit from her. I will not let it happen.”

The case went to trial in 2015. Bainer was convicted of “abus de faiblesse,” or “abuse of weakness.”

He was sentenced to two and half years in prison and told to pay Bettencourt 158 million euros million in damages.

The jail sentence and payment were later reversed in an appeal.

The pair weren’t on speaking terms after Bettencourt Meyers filed the criminal complaint in 2009.

^{Liliane Bettencourt and Françoise Bettencourt-Meyers. Thibault Camus/AP via BI}

“I don’t see my daughter anymore and I don’t wish to,” Bettencourt said in a 2008 interview, according to Vanity Fair. “For me, my daughter has become something inert.”

A lawyer involved in the case told Vanity Fair: “The mother massacred the daughter, then the daughter massacred the mother.”

In 2011, Bettencourt was placed under the guardianship of her family due to concerns over her declining mental health.

The lawsuit also drudged up long-forgotten family secrets, including speculation that Bettencourt Meyer’s father Andre and her grandfather were Nazi sympathizers.

^{Andre Bettencourt and Françoise Bettencourt-Meyers in 1988. James Andanson/Getty Images via BI}

Bettencourt Meyers’ grandfather, Eugene Schueller, had publicly commended Adolf Hitler’s “dynamism” in the early years of Nazi Germany and was investigated as a Nazi collaborator after World War II ended, Insider’s Áine Cain reported.

Schueller was also a member of a secret society that plotted to overthrow France’s republican government in the 1930s, Insider reported. The group, which was linked to multiple murders and bombings, was bankrolled by Schueller who hosted its meetings at L’Oréal’s headquarters.

André Bettencourt, Bettencourt Meyers’ father, wrote anti-Semitic diatribes for the pro-German press during the war, according to Time, though he switched his allegiances and joined the Resistance. He was later decorated for his military service during World War II and went on to serve in the French government.

Even though she was on the winning side of the lawsuit, Bettencourt Meyers was later investigated for allegations of bribing a witness.

^{Antoine Gyori/Getty Images via BI}

The investigation stemmed from a criminal complaint filed by Bainer in 2015, according to Vanity Fair. At the time, Bettencourt Meyers said the payment she made to the witness was part severance payment, part personal loan, and not a bribe for the testimony.

That suit and Bettencourt Meyers’ countersuit against Bainer were resolved in a secret plea deal in 2016, Vanity Fair reported.

Bettencourt Meyers inherited tens of billions of dollars when her mother died in 2017, and valuable assets like this mansion in the suburbs of Paris …

^{Samir Tolba/AFP/Getty Images via BI}

The house is located in Neuilly-sur-Seine, a wealthy suburb west of Paris. Neuilly-sur-Seine is known in France as “power suburb, a place not only of wealth but influence,” according to The Independent. It’s also home to actors Christian Clavier, Thierry Lhermitte, Gerard Jugnot, and politician Marine Le Pen.

The Art deco mansion and is where Bettencourt spent her final days, Time reported.

… and this mansion overlooking France’s Brittany coast.

^{Getty Images via BI}

The mansion was one of Bettencourt’s childhood homes, The New York Times reported.

Bettencourt Meyers lived in this nearby home.

^{Boris Horvat/AFP/Getty Images}

French police searched this home in 2010 as a part of the investigations surrounding the Bettencourt affair, Bloomberg reported at the time.

Bettencourt Meyers lived there with her husband Jean-Pierre Meyers.

^{Jean-Victor Meyers, Nicolas Meyers, Francoise Bettencourt Meyers and her husband Jean-Pierre Meyers in 2019. Bertrand Rindoff Petroff/Getty Images for Foundation L’Oreal via BI}

Jean-Pierre Meyers is CEO of French spirits producer Tethys SAS, and is also on the board of Nestle.

The couple has two adult sons, Jean-Victor and Nicolas. Jean-Victor is on L’Oreal’s board of directors along with Bettencourt Meyers.

In the years since the controversy involving her family, Bettencourt Meyers’ fortune has grown exponentially.

^{Francois Guillot/AFP/Getty Images via BI}

Bettencourt Meyers is worth $87.8 billion, Bloomberg estimates, making her the world’s wealthiest woman and the 13th richest person.

She and her family control 33% of L’Oréal, the world’s largest cosmetics maker. L’Oréal shares were up 29% in the first half of 2023, according to Forbes.

The company owns mass-market brands like Maybelline, Essie, Garnier, and, of course, L’Oréal, as well as high-end beauty companies like Urban Decay, Lancôme, and Kiehl’s. L’Oréal also licenses the beauty divisions of luxury fashion houses including Yves Saint Laurent and Valentino.

Bettencourt Meyers isn’t the only French billionaire on the rich list. LVMH chief Bernard Arnault became the world’s wealthiest person in December 2022 but relinquished the crown to Elon Musk in June. Arnault is worth $175 billion, per Bloomberg, while Musk is worth $249 billion.

The overall wealth of French company founders and heirs has jumped by $93 billion in 2023 alone, reports Bloomberg.

Bettencourt Meyers has dedicated some of her billions to philanthropy.

^{Françoise Bettencourt-Meyers. Martin Bureau/AFP/Getty Images via BI}

Bettencourt Meyers hasn’t kept all her money to herself. In April 2019 she was among French billionaires who pledged millions after Notre Dame Cathedral caught fire, Insider reported.

Bettencourt Meyers is also the president of the Bettencourt Schueller Foundation, the charity she cofounded in the 1980s. It issues grants to support research in the life sciences and arts projects, according to its website.

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Polly Thompson and Taylor Nicole Rogers

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September 18, 2023
Who Is Howard Schultz? Former Starbucks CEO Bids Farewell | Entrepreneur

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Starbucks is bidding farewell to former CEO Howard Schultz after he stepped down from the company’s board on Wednesday, September 13, after over 40 years on the job and three stints at the top of the coffee giant.

Schultz, who first served as CEO from 1987 to 2000 and then again from 2008 to 2017, has been executive chairman and a member of the board since 2018. He returned to the position as interim CEO after Kevin Johnson stepped down from the role in April 2022. This time around, he only held the job for 11 months before announcing Laxman Narasimhan as the company’s new CEO in October.

Starbucks is now honoring Schultz with the title of “lifelong Chairman Emeritus” in the wake of his exit from the board.

“I look forward to supporting this next generation of leaders to steward Starbucks into the future as a customer, supporter, and advocate in my role as chairman emeritus,” Schultz said in a press release.

^{Stephen Brashear/Getty Images | Starbucks Chairman and CEO Howard Schultz speaks during Starbucks annual shareholders meeting March 18, 2015 in Seattle, Washington.}

Wei Zhang, who formerly served as president of Alibaba Pictures Group and senior advisor to Alibaba, will be assuming Schultz’s seat on the board. She is set to step into the role on October 1.

Keep scrolling for more details about Howard Schultz and Wei Zhang.

RELATED: Entrepreneurial Lessons From Howard Schultz and Starbucks: How To Tide Over Recession With Reinvigoration

Who Is Howard Schultz?

Howard Schultz was born on July 19, 1953, and was raised in Brooklyn, New York. He studied at Northern Michigan University before going on to work in sales and marketing for the Xerox Corporation and a Swedish houseware company.

He was first introduced to Starbucks as a consumer in 1981 before moving to Seattle to be the company’s director of operations and marketing just one year later, his company biography states. He was made CEO in 1987.

When he first started, Starbucks only had four locations, but he grew the brand to over 3,000 stores by the time he stepped down from CEO the first time in 2000. He worked as the company’s global chief strategist until returning to the role of CEO in 2008. At that point, Starbucks had 15,000 stores, but he expanded the brand again to 30,000 stores by the time he retired in 2018.

RELATED: ‘The Most Vile Coffee Drink I Have Ever Had’: Starbucks’ Olive Oil-Infused Beverages Are Coming to More Cities

He has continued to be a member of the board since his retirement but briefly came back as interim CEO in April 2022 until Laxman Narasimhan took on the job.

Schultz has been married to his wife Sherri Kersch Shultz since 1982. Together they share two children, Eliahu Jordan Schultz and Addison Schultz.

What Is Howard Schultz’s Net Worth?

Howard Schultz has an estimated net worth of $3.2 billion, per Forbes. Schultz is also the founder of the venture capital firm Maveron, where he has invested in several major companies including Groupon and Allbirds. He also started the Schultz Family Foundation which focuses on training and hiring veterans.

RELATED: Starbucks’ Pumpkin Spice Latte Is Celebrating a 20-Year Reign Nobody Expected, Especially Its Co-Creator

Who Is Wei Zhang?

Wei Zhang’s election to Starbucks’ board of directors makes her the third woman on the nine-seat board.

In addition to her decade at Alibaba, where she led the brand’s corporate development and strategy, she also held roles at News Corp China, CNBC China, Bain & Company, and General Electric, per CNBC.

She’s currently a Ralph Lauren Corporation board member. Zhang has a long history as a board member and formerly sat on the boards of the Los Angeles Sports & Entertainment Commission, Amblin Partner, the Jack Ma Foundation, and more.

“I’ve been a Starbucks customer across the globe for decades,” Zhang said in a press release announcing her new role. “I’m honored to have the opportunity to work with the board and talented leadership team to contribute to the power, relevance, and resilience of the Starbucks business and brand – creating significant value for all stakeholders.”

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Sam Silverman

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September 14, 2023
This Tech CEO Became $4.2 Billion Richer Overnight | Entrepreneur

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Jensen Huang is having a really good week.

On Wednesday, the CEO and co-founder of Nvidia surpassed all predictions with a Q2 revenue projection, thanks to the surge in demand for its A.I. chips. The company also announced a stock buyback of $25 billion, leading to a significant spike in its after-hours share prices.

Earlier today, the Bloomberg Billionaires Index announced that Huang’s fortune rocketed from $38 billion to $42 billion, making the 60-year-old Taiwanese entrepreneur one of the world’s 25 richest men.

Related: NVIDIA Wants You To Talk To Side Characters In the Virtual World and Have a Customizable Experience

Exceeding all expectations

Nvidia makes a fortune by manufacturing chips that execute all sorts of intricate A.I. functions such as image analysis, facial and speech recognition, and generating text for chatbots like ChatGPT.

The New York Times recently called Nvidia “a one-stop shop for A.I. development” crediting their success with banking on the A.I. boom earlier than everyone else (at least 10 years ago).

How dominant is the company? Research firm Omdia reported that Nvidia sold 70 percent of all A.I. chips sales in 2022, and the company continues to be a market leader in training generative A.I. models. Basically, Nvidia has a near-monopoly on the computing systems that power services like ChatGPT.

On Wednesday, Nvidia achieved almost legendary status after it announced its reported revenue of $13.51 billion, a 101% jump from last year. Analysts had expected revenue to come in at $11.04 billion, according to Yahoo.

Who is billionaire Jensen Huang?

Known for his black leather jacket, Huang is now the world’s richest semiconductor entrepreneur in the world. His latest earnings put him only $300 million behind TikTok founder Zhang Yiming.

Huang founded NVIDIA in 1993 when it was a PC graphics company. The company eventually helped build the gaming market into the monster it is today with the invention of the GPU, which makes modern computer graphics possible. More recently, GPU deep learning ignited the modern AI movement — with the GPU acting as the brain of computers, robots, and self-driving cars.

“Smart people focus on the right things,” Huang told Venture Beat in an interview.

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Jonathan Small

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August 24, 2023
Vegan Sam Bankman-Fried Endures Jail ‘Bread and Water’ Diet | Entrepreneur

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Sam Bankman-Fried, founder and former CEO of crypto exchange FTX — and a vegan — is surviving on “only bread and water” in jail while he awaits a pending trial according to his attorneys.

On Tuesday, Bankman-Fried entered a plea of not guilty in response to an amended indictment that charged him with fraud and money laundering conspiracy, marking his first appearance in court since his bail was revoked on August 11th. The one-time billionaire is being held at the Metropolitan Detention Center in Brooklyn.

Bankman-Fried’s legal team told the court that the detention center has failed to accommodate their client’s vegan dietary requirements, as well as ensure the distribution of his prescribed Adderall medication.

“He’s literally now subsisting on bread and water, which are the only things he’s served that he can eat, and sometimes peanut butter,” Mark Cohen, Bankman-Fried’s lawyer argued, per CNN. “Your Honor, that’s outrageous and needs to be remedied,” he added.

Related: Who Is FTX Founder Sam Bankman-Fried and What Did He Do? Everything You Need to Know About the Disgraced Crypto King

Christian Everdell, another attorney on Bankman-Fried’s case, told the judge these conditions have made it difficult for SBF to prepare for his hearing.

^{Bankman-Fried faces a total of 13 counts ranging from conspiracy to commit wire fraud to conspiracy to violate the anti-bribery provisions of the Foreign Corrupt Practices Act. Yuki Iwamura/Bloomberg | Getty Images.}

“There is no way for him to effectively prepare for his defense,” Everdell told Magistrate Judge Sarah Netburn on Tuesday, per The AP.

Judge Netburn stated that she would communicate with the Bureau of Prisons to address the issues, CNN added.

Bankman-Fried has pleaded not guilty to various charges of fraud and conspiracy linked to the downfall of his former cryptocurrency exchange, FTX, which ultimately collapsed in November. If found guilty on all counts, the former billionaire could potentially face a prison sentence exceeding 100 years.

FTX, once a prominent global crypto-trading platform endorsed by notable celebrities and featured in Super Bowl ads, suffered a rapid decline within a week.

As he awaits trial, Bankman-Fried is allowed to confer with his legal team on weekdays from 8:30 a.m. to 3 p.m., per CNN.

Related: A ’30 Under 30′ Recipient Was Indicted For Fraud — And He’s Not the Only One. Here Are 5 Former Honorees Who Turned Out to Be Felons

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Madeline Garfinkle

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August 22, 2023
Who Is Jessica Pegula? ‘Cotton Eye Joe’ Interrupts Tennis Pro | Entrepreneur

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Tennis champion Jessica Pegula has made headlines for her game on the court, no matter the distraction. On Sunday, she won the National Bank Open marking her third WTA Tour victory.

However, Pegula is known for more than just her tennis skills as the daughter of Buffalo Bill’s co-owner and billionaire Terry Pegula. The tennis star also made headlines after sipping a beer following her loss at last year’s US Open.

Last week, her semi-final match at the Open went viral after it was interrupted by the sound of “Cotton Eye Joe” playing over the loudspeaker.

From her game to her family, keep scrolling for more details about Jessica Pegula.

^{Photo by Minas Panagiotakis/Getty Images | Jessica Pegula of the United States of America holds up the National Bank Open trophy after her 6-1, 6-0 victory against Liudmila Samsonova in the final round on Day 7 during the National Bank Open at Stade IGA on August 13, 2023 in Montreal, Canada.}

Who Is Jessica Pegula?

As of press time, Jessica Pegula is ranked No. 3 in the world for Women’s Singles and No. 5 for Women’s Doubles, according to WTA Tennis.

The athlete has been playing tennis since she was seven years old.

RELATED: Venus Williams’ Approach to Success Goes Against Everything You’ve Been Told: ‘You Don’t Have to Go All-In.’

She won her first WTA title in 2019, before winning her second title in 2022 after defeating four Grand Slam champions at Guadalajara.

She made headlines after a video of her sipping a beer after her loss at last year’s US Open against Iga Swiatek went viral.

Remembering this epic Jessica Pegula moment when she cracked open a beer after her loss to Iga Swiatek at the US Open

“It does help ease the loss”

11 months later & she gets the win.

Someone get this lady a victory beer
pic.twitter.com/wLnAv2wj1w

— The Tennis Letter (@TheTennisLetter) August 12, 2023

What happened at Jessica Pegula and Iga Swiatek’s “Cotton Eye Joe” Interrupted Match?

During Jessica Pegula’s heated match against Iga Swiatek at the National Bank Open in Canada on Saturday, the second-set tiebreaker was derailed by “Cotton Eye Joe.”

The song, which was played at New York Yankees’ games during the 8th inning for years, was blasted over a loudspeaker while the two were in the middle of a rally, forcing them to replay the point.

Clips of the unlikely incident have since gone viral on social media.

Yo DJ what are we doing

Cotton Eye Joe was played MID-POINT! #OBN23 pic.twitter.com/bfD1uFfquR

— Tennis Channel (@TennisChannel) August 12, 2023

“I just thought it was funny,” Pegula said about the “Cotton Eye Joe” interruption, per Reuters. “I’ve never had that happen let alone with ‘Cotton-Eye Joe’. I was like, ‘Is this really happening right now?’ Of all the songs. It was just like, ‘What is going on?’”

RELATED: 4 Lessons Entrepreneurs Can Learn From Roger Federer

Swiatek won the tiebreaker, forcing a third match where Pegula beat the No. 1 women’s singles star 6 to 4. Pegula went on to win her third WTA 1000 final on Sunday after beating Liudmila Samsonova in the finals.

Who Are Jessica Pegula’s Parents and Family?

While Pegula has made a name for herself on the court, she isn’t the only one invested in athletics in her family.

The tennis star is the daughter of Buffalo Bill’s co-owners Terry and Kim Pegula. Terry is ranked No. 255 on Bloomberg’s Billionaire’s Index with an estimated fortune of $8.66 billion. Terry earned his riches after founding natural gas producer, East Resources, in 1983. He sold the company to Royal Dutch Shell in 2010 for $4.7 billion, per Bloomberg.

He went on to buy the NHL’s Buffalo Sabres pro hockey franchise and the team’s arena for $189 million in 2011.

He and his wife are also the principal owners of the Buffalo Bills football franchise after purchasing the team for $1.4 billion in 2014.

Jessica Pegula married Taylor Gahagen in 2021. He’s worked as a senior investment analyst and has been an executive at the family’s investment firm, Pegula Sports and Entertainment, since 2013, according to his LinkedIn.

What Is Jessica Pegula’s Net Worth?

To date, Pegula has taken home $10,184,118 million in prize money, per WTA Tennis, and has an estimated net worth of $7 to $10 million according to various sources.

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Sam Silverman

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August 15, 2023
Mark Cuban Says These 3 Things Measure Success More than Money | Entrepreneur

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Billionaire Mark Cuban recently told LinkedIn’s “The Path” podcast his three keys to success — and why what’s in his bank account isn’t one of them.

Cuban, 65, most widely known for his role on “Shark Tank,” boasts a net worth of $6.72 billion, according to Bloomberg. His journey into affluence began at 32, when he sold his initial business, software firm MicroSolutions, to CompuServe for $6 million. Eight years later, he climbed the billionaire ranks with the sale of his subsequent endeavor, Broadcast.com, to Yahoo for $5.7 billion.

Today, Cuban is the owner of the NBA’s Dallas Mavericks and the cofounder of Cost Plus Drugs, a company he launched last year with the objective of lowering prescription drug prices.

Here, Cuban offers advice to entrepreneurs about how to be successful in business — and in life.

1. Have goals

When it comes to success, Cuban believes it’s less about monetary gains, and more about setting intentional goals and feeling a sense of purpose in what one does.

“Success isn’t necessarily how much money you have,” Cuban said on the podcast. “Success is just setting a goal and being able to wake up every morning feeling really good about what you’ve accomplished.”

2. Keep learning and stay curious

“I think what I do that probably separates me is that I’m infinitely curious,” Cuban said. “There’s nothing I’m not interested in learning about.”

Cuban has long been vocal about his commitment to lifelong learning. In 2020, he told Men’s Health that “learning was truly a skill” and continuing to learn is how he’s “able to compete and keep up and get ahead of most people.”

Fellow billionaire Bill Gates also emphasizes reading to wind down — a habit that a 2019 study of over 200 self-made millionaires found to be a common practice, with 86% saying they turn to books instead of television to decompress.

3. Don’t stress it

Problems will arise in any workplace, but how you handle yourself (and those around you) will set you apart, and lead to more opportunities in the long run.

“Reduce the stress of people around you,” Cuban said. “If you’re a stress reducer, everybody wants you, so there’s always going to be something for you to do.”

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Madeline Garfinkle

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August 14, 2023
Mark Cuban Doesn’t Have a Butler and Does His Own Laundry | Entrepreneur

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Billionaire Mark Cuban is just like us. Well, sort of.

In a candid podcast interview with TikTok creator Bobbi Althoff, the Shark Tank star revealed that he tries to lead an ordinary life despite the trappings of his fortune.

“I just try to be the same person as I was when I was poor and middle and rich,” he said. “I mean, when I was broke, I had a blast. I loved my life. I could wake up smiling, and back then, you just had to not answer the phone because it’d be a bill collector.”

Cuban appeared on The Really Good Podcast sitting on the floor of a parking garage. Althoff explained that she couldn’t afford a real studio and that Cuban did not want her filming in his home.

“His feet are dirty because there was oil all over the floors, and I did not have time to clean them all up,” Althoff told her audience before starting the interview.

The video of the podcast currently has 1.6 million views on YouTube.

Cuban doesn’t have billionaire friends

Althoff bombarded Cuban with personal questions about being rich in a deadpan comedic style reminiscent of Zach Galifianakis on “Between Two Ferns.”

“When did you stop being poor,” she asked.

“Probably when I was 28 or 29,” Cuban said. “But when I was 27, I…went to the ATM, and it showed me a big old zero. So that’s when I was 27. And then got past that, and then bam, bam, bam, bam, bam.”

Althoff asked Cuban if he hangs around with other billionaires.

“I know some others,” he said. “I’ve done events and stuff where there’s been others there, but most of my friends are like guys that I moved to Dallas with or were friends in Dallas or friends in Indiana where I went to school or friends from Pittsburgh. All my friends that have been my friends my entire life are still my friends.”

Related: ‘Please Feel Free To Correct Me’: Mark Cuban Slams Elon Musk Over ‘Free Speech’ On Twitter

He doesn’t have a butler and does his laundry

Talking about the assumptions people make when you’re a billionaire, Cuban said, “People think you gotta make new friends or you got butlers.”

Shocked, Althoff replied. “You don’t have a butler?”

“No,” Cuban said.

“Do you cook your own meals?”

“I have somebody who will, like, when I’m in Dallas and trying to eat healthy, I have a chef,” he conceded. “But that’s just for my stuff. My wife will cook for the family.”

When asked if he does his laundry, Cuban said, “I’m capable, yeah.”

“That’s wild. I don’t think I’d do my own laundry if I had that much money,” Althoff said.

“It takes two seconds. It’s just easier,” Cuban explained, admitting that he draws the line at doing laundry for his kids. “The kids are now supposed to do their own.”

He keeps cash in his car

Cuban said that he doesn’t carry cash anymore. Asked how he tipped people like valets who only accept cash, Cuban revealed that he keeps $20 in his car for such occasions. But this doesn’t always work out.

“The other day, someone stole my $20,” he said. “I was so pissed. I forget where I was, but like, I went in, and I went right in the console where I keep it in my car, and someone stole my $20.

“Oh, my goodness. I’m sure that really hurt you financially,” Althoff joked.

He doesn’t have a driver

When asked if he had a chauffeur, “No, I like to drive myself. I drove myself here,” Cuban said. “I’ve been around people who like have to hire somebody to do everything for them, and that’s just like, no privacy.”

His one indulgence

While Cuban dismissed the stereotype of billionaires owning to own a yacht, he did admit that he has a weakness for planes.

He has a 757 for the Mavs, a G5, and a Bombardier Global 6000.

“I love it. I’m not gonna lie. It’s my best toy.”

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Jonathan Small

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August 9, 2023
Powerball Hits $1B, Mega Millions at $640M | Entrepreneur

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Billion-dollar dreams are within reach as the Powerball jackpot skyrockets to a staggering $1 billion after no winning tickets were sold in Monday night’s drawing for a $900 million prize.

The new jackpot is the third-highest in the country’s history and will continue to grow until a winner emerges. The next Powerball drawing is Wednesday. Participants have the opportunity to win either $1 billion paid out over several years or a one-time lump sum of $516.8 million before taxes.

The highest recorded Powerball jackpot to date was $2.04 billion in November 2022. The winning ticket was sold in California. The second-highest jackpot was $1.6 billion in 2016, which was split among three winners — a couple in California, a woman in Florida and a couple in Tennessee.

Despite the high payouts, buying a winning Powerball ticket has remarkably low odds of 1 in 292.2 million, per NPR.

Related: Woman Wins Lottery After Clearing Life Savings For Daughter’s Cancer Treatment: ‘The Best Winning Lottery Story’

The most recent Powerball jackpot victory took place on April 19, with the grand prize amounting to nearly $253 million. However, since then, there have been 38 consecutive drawings without a winner.

The Powerball jackpot was $900 million in Monday’s drawing. Michele Sandberg | Getty Images

Powerball is played across 45 states, as well as in Washington, D.C., Puerto Rico and the U.S. Virgin Islands.

Before the $1 billion Powerball drawing on Wednesday, Mega Millions is drawing its $640 million jackpot on Tuesday. Winners will receive an annual payout or a lump sum of $328 million cash before taxes.

Although there was no Mega Millions jackpot winner in the latest drawing, South Carolina Lottery officials announced on Monday that someone purchased a $2 million winning ticket in Orangeburg, South Carolina at the Gaz-Bah gas station for Friday’s drawing. The ticket was purchased for $2.

The winning Mega Millions ticket matched all five numbers on the white balls that were drawn: 10, 24, 48, 51, 66 and the Megaball number 15. Additionally, the winner chose to add the Megaplier option for an additional dollar, which doubled the prize because the Megaplier number was 2. The fortunate individual now has 180 days to claim their prize, lottery officials wrote in the release.

Related: Massachusetts Father-Son Duo Slammed With Nearly 10-Year Prison Sentence for Perpetrating an ‘Elaborate’ $20 Million Lottery Scheme

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Madeline Garfinkle

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July 18, 2023
If You’ve Got the Ruler, Elon Musk Has the Dick: Billionaire Challenges Mark Zuckerberg to “Literal Dick Measuring Contest”

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Last week, Mark Zuckerberg’s Meta officially launched Threads, a text-based app many hope will replicate the Twitter experience but with fewer white nationalists. Not surprisingly, given that words like “Twitter killer” have been thrown around, the higher-ups at the Elon Musk–owned social media company are not thrilled with the competition. On Wednesday, Twitter sent a legal warning to Zuckerberg threatening to sue, and on Sunday, the richest man in the world suggested he and his rival settle things like totally well-adjusted adults: by whipping out their actual penises.

That’s right: following his call for a cage match with Zuckerberg—which his mom is against—Musk took to Twitter last night to propose a “literal dick measuring contest.”

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And just in case you were thinking this was all in good humor, and that Musk actually likes Zuckerberg a lot, before he proposed the measuring contest, the Twitter owner described the Meta CEO as a “cuck.” (It’s not clear which definition of cuck Musk thinks applies to his rival; the ones offered by Merriam-Webster are: “(1) a man whose wife is unfaithful: cuckold. (2) informal, disparaging + often offensive : a weak or submissive man. Often used as an insulting and contemptuous term for a man who has politically progressive or moderate views.”)

Twitter content

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Like the aforementioned cage match, this particular competition seems unlikely to ever happen, but of course, we’re talking about two billionaires, and those people are known for doing dumb shit for sport—so, hey, who knows! In related news, Twitter was endorsed by the leader of the Taliban on Monday.

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Bess Levin

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July 10, 2023
Rescuers Searching for Lost Titanic Submarine Detect Sounds | Entrepreneur

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As rescuers frantically search a swath of the Atlantic Ocean the size of Connecticut for the missing OceanGate submarine, a Canadian plane with sonar capabilities “detected underwater noises in the search area,” the US Coast Guard announced via Twitter.

Canadian P-3 aircraft detected underwater noises in the search area. As a result, ROV operations were relocated in an attempt to explore the origin of the noises. Those ROV searches have yielded negative results but continue. 1/2

— USCGNortheast (@USCGNortheast) June 21, 2023

The Coast Guard provided no further information about the detected sounds or how they were picked up.

Earlier today, Richard Garriott de Cayeux, president of the Explorers Club, tweeted: “We understand that likely signs of life have been detected at the site. “We await hopefully good news.”

Message from President Richard Garriott Regarding the Ongoing Titanic Search and Rescue Mission pic.twitter.com/ec7YX5VQCY

— ExplorersClub (@ExplorersClub) June 21, 2023

Aircraft from the U.S. and Canada have been scanning the surface for the submarine while sonar buoys have been pinging the bottom of the ocean.

The Titan submersible carrying five high-profile tourists began its journey to the Titanic wreckage on Sunday morning. But it lost contact with a chartered Canadian research vessel about an hour and 45 minutes into the dive. International rescue teams are racing to locate the vessel before the air runs out.

Read more about the story here: Two Billionaires Among the Missing on Tourist Submarine Exploring the Titanic

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Jonathan Small

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June 20, 2023
Tourist Submarine Exploring the Titanic Goes Missing | Entrepreneur

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British billionaire Hamish Harding is one of five people on board a missing submarine that takes people to the depths of the Atlantic Ocean to see the wrecks of the Titanic.

According to Sky News, other passengers on board the Titan submersible are French submarine pilot Paul-Henry Nargeolet and chief executive and founder of OceanGate Expeditions, Stockton Rush.

The exclusive tour is run by OceanGate Expeditions, a private company that charges as much $250,000 a person for the chance to see the Titanic wreckage off the coast of Newfoundland.

Lost communication

According to the US Coast Guard, the small submarine carrying five passengers began its journey on Sunday morning. About an hour and 45 minutes into the dive, the Canadian research vessel, Polar Prince, that it was working with lost contact with the crew.

The Coast Guard warned that the search had been a “challenge” due to the remote location. They also noted that they are racing against the clock as the oxygen onboard diminishes.

“We’re doing everything we can do to locate the submersible and rescue those on board,” Rear Admiral John Mauger told reporters. “In terms of the hours, we understood that was 96 hours of emergency capability from the operator, and so we anticipate that there’s somewhere between 70 to the full 96 hours available at this point.”

Mauger said the Canadian Coast Guard also sent out sonar buoys capable of detecting the submarine even at the bottom of the ocean.

In a statement, OceanGate said it was “exploring and mobilizing all options” to bring the crew back safely.

Because of the submarine’s remote location, the USCG must rely on Elon Musk’s Starlink satellites to communicate at sea.

Not Harding’s first adventure

The Dubai-based Harding is chairman of Action Aviation. He is no stranger to expensive, death-defying adventures. Last year, he paid to be a passenger aboard Jeff Bezos’s Blue Origin rocket. He has also dived the Challenger Deep to a depth of 36,000 feet.

On Saturday, Harding shared a photo of himself on Instagram just before OceanGate’s voyage to the Titanic, writing, “Due to the worst winter in Newfoundland in 40 years, this mission is likely to be the first and only manned mission to the Titanic in 2023. A weather window has just opened up and we are going to attempt a dive tomorrow.”

His stepson, Brian Szasz, wrote on Facebook earlier today: “Thoughts and prayers for my stepfather Hamish Harding as his Submarine has gone missing exploring Titanic. Search and rescue mission is underway.”

About OceanGate

OceanGate made its first successful manned submarine tour of the Titanic’s wreckage in 2021. On its website, the company boats that the 5-passenger Titan submarine can dive over 13,000 feet with the push of one button.

“Titan is lighter in weight and more cost-efficient to mobilize than any other deep diving submersible. A combination of ground-breaking engineering and off-the-shelf technology gives Titan a unique advantage over other deep-diving subs.”

The inside of the 22-foot-long submersible is about the size of a minivan. There is one porthole through which passengers can view the wreckage.

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Jonathan Small

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June 19, 2023
Bill Gates: ‘There Is More To Life Than Work’ | Entrepreneur

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Bill Gates spoke at the commencement ceremony for Northern Arizona University last weekend, where he doled out life advice to soon-to-be graduates about preparing for work-life balance in the “real world.”

The May 13th speech was creatively crafted as the advice he wished he had been given had he not dropped out of college, aptly titled, “5 Things I Wish I Heard at the Graduation I Never Had.”

The billionaire, who enrolled in Harvard in 1973 and dropped out in 1975, delivered a hard-hitting life lesson to college seniors about work ethic: Take a break!

Related: Bill Gates Gets Emotional About Divorce, Empty Nesting: ‘It’s Been a Year of Great Personal Sadness For Me’

“When I was your age, I didn’t believe in vacations. I didn’t believe in weekends. I pushed everyone around me to work very long hours,” Gates told the crowd, noting that in the earliest days of founding Microsoft, he would take note of which employees were working the longest hours daily. “But as I got older—and especially once I became a father—I realized there is more to life than work. Don’t wait as long as I did to learn this lesson. Take time to nurture your relationships, to celebrate your successes, and to recover from your losses.”

Gates’s net worth was valued at an estimated $125 billion as of Wednesday afternoon.

The Microsoft founder has faced personal challenges recently amid a divorce from his wife of 27 years, Melinda French Gates, and coming to terms with empty nesting, something he mused about in an essay on his blog in December 2021.

“The house is a lot quieter without a bunch of teenagers hanging around all the time,” he wrote at the time. “I miss having them at home, even if it is easier to focus on reading a book or getting work done these days.”

In the commencement speech, Gates urged grads to “have fun” and to “take it easy on the people around you when they need it, too.”

Related: ‘The Age of AI Has Begun’: Bill Gates Says This ‘Revolutionary’ Tech Is the Biggest Innovation Since the User-Friendly Computer

The message was similar in ideology to a 2007 commencement speech he gave at Harvard University, where he explained how his greatest accomplishment during his time at school wasn’t the final product or the amount of hard work he put in, but rather the environment that fostered him to succeed.

“I worked day and night on this little extra credit project that marked the end of my college education and the beginning of a remarkable journey with Microsoft. What I remember above all about Harvard was being in the midst of so much energy and intelligence,” he said. “It could be exhilarating, intimidating, sometimes even discouraging, but always challenging. It was an amazing privilege – and though I left early, I was transformed by my years at Harvard, the friendships I made, and the ideas I worked on.”

You can read the full transcript of Gates’ speech to graduates here.

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Emily Rella

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May 18, 2023
Jay-Z Wants to Open a Casino in the Heart of Times Square | Entrepreneur

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The Big Apple is about to roll the dice on gambling, and many billionaire investors want to try their luck at winning the big prize.

Elected officials have finally authorized one casino license in the Big Apple (that’s right—just one for a city of 8 million people), causing a massive and sometimes ugly bidding war between various wealthy suitors.

One interested party is nonother than Jay-Z and his entertainment company Roc Nation. The entrepreneur famous for saying, “I’m not a businessman, I’m a business, man,” has teamed up with SL Green and Caesars Entertainment to propose building a Caesars Palace in the heart of bustling Times Square.

In an open letter on Roc Nation’s Instagram and Twitter titled “It’s Time, Times Square,” the company made a case for why they should be granted New York City’s gambling golden ticket.

“The winning group must have a track record of turning words into deeds — of putting New York City and its residents first — people of all races, religions, ethnicities, genders, sexual orientations and socio-economic statuses,” the statement said. “Our proposal lays out an innovative plan that will not only draw additional tourists to our city but will also enhance the lives of everyday New Yorkers.”

Jay-Z’s plan promises to give back to surrounding businesses, benefit mass transit, invest in sanitation and security, and “deliver a much-needed transportation plan,” among other things. “Our bid commits $115 million for diverse theater programs that include daycare for Broadway workers and their families,” the letter said.

Related: Jay-Z Invests Big Money in a Robo Pizza Truck That’s Solving a Major Food Industry Problem

An all-out bidding war

New York voters approved of Las Vegas-like casinos in their state in 2013. But it wasn’t until last year that elected officials in Albany authorized casino licenses for downstate New York, including New York City, Long Island, and Westchester County.

The prospect of opening a fully operational casino in the largest city in America has billionaires salivating to become the King of New York casinos. Aside from Jay-Z, other bidders include New York Mets owner Steve Cohen, Gristedes supermarket scion John Catsimatidis, and Hudson Yards developer Stephen Ross.

“Every billionaire wants a casino. The epitome of success in the US is to own your own casino,” a source told The New York Post.

However, the billionaires have different ideas about where they want to build their casinos. Cohen has teamed up with Hard Rock and wants to open a casino around Citi Field in Queens, where the Mets play. Catsimatidis is eyeing Coney Island, famous for its boardwalk, amusement park, and hot dog eating contest. Ross, who has partnered with Wynn, wants to put the casino in the newly developed Hudson Yards.

Accusations of a ‘misinformation’ campaign

The Roc Nation letter, which also appeared in ads in the New York Post, New York Daily News, and Amsterdam News, accused some “conflicted parties” of spreading “misinformation,” claiming they had written the letter to set the record straight.

While Roc Nation did not name names, some believe they may be referring to a coalition of Broadway theater owners and producers, the midtown Manhattan community, and tenant organizations calling themselves No Times Square Casino.

According to an article in Deadline, the coalition opposes building a Caesars Palace in Times Square, also home to most Broadway theaters, citing traffic congestion, economic disruption, and making the area “less welcoming to families.”

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Jonathan Small

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May 12, 2023
Where Do Billionaires Live in the US? Here Are the Top Cities | Entrepreneur

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This article originally appeared on Business Insider.

About 770 billionaires live in the United States, according to a new report on the world’s wealthiest cities from London-based consulting firm Henley & Partners.

There are just a handful of cities they love to call home — or at least park their private jets when they’re in town.

Three of the four biggest clusters of billionaires in the world are classic US destinations for the uberwealthy: New York City, Los Angeles, and the Bay Area, which includes the neighboring tech hubs of San Francisco and Silicon Valley. Nearly 163 billionaires reside in those three hot spots alone.

Some of America’s richest residents, though, choose quieter cities for their home bases.

Comparably smaller Seattle, Washington boasts 10 billionaire residents, while Boston, Massachusetts claims eight.

And one of America’s fastest-growing cities — Austin, Texas — has emerged as a relatively new billionaire hot spot, counting nine as residents. Henley & Partners said that “no state income tax and ample space” helps make the Texas capital a prime destination, especially as tech titans like Elon Musk descend on the city.

Check out the full list of the US cities where the most billionaires live.

9. Boston, Massachusetts

Boston, Massachusetts. DenisTangneyJr/Getty Images

The CEO of biotech and vaccine giant Moderna, Stéphane Bancel, and founder of online furniture company Wayfair, Niraj Shah, reside in Beantown, according to Boston Magazine.

Population: 675,647

Number of billionaires: 8

Number of high-net-worth individuals with wealth over $1 million: 41,700

Increase in millionaires and billionaires from 2012 to 2022: 50%

8. Austin, Texas

Austin, Texas. dszc/Getty Images

Electric-car billionaire Elon Musk, who is a recent transplant to the Texas capital, said on a podcast that his new hometown will be “the biggest boomtown America has seen in 50 years.“

Population: 961,855

Number of billionaires: 9

Number of high-net-worth individuals with wealth over $1 million: 30, 500

Increase in millionaires and billionaires from 2012 to 2022: 102%

7. Seattle, Washington

Seattle, Washington. Sean Pavone/Getty Images

Starbucks CEO Howard Schultz calls the “Rainy City” home.

Population: 737,015

Number of billionaires: 10

Number of high-net-worth individuals with wealth over $1 million: 50,500

Increase in millionaires and billionaires from 2012 to 2022: 68%

6. Miami, Florida

Miami Beach at night. Buena Vista Images

During the COVID-19 pandemic, Florida as a whole — and Miami in particular — lured finance and tech elites away from worse weather and higher taxes in northern cities. Take billionaire hedge-funder Ken Griffin, who moved himself and his hedge fund Citadel to the Magic City from Chicago.

Population: 442,241

Number of billionaires: 12

Number of high-net-worth individuals with wealth over $1 million: 38,000

Increase in millionaires and billionaires from 2012 to 2022: 75%

5. Houston, Texas

Houston, Texas. Justin Sullivan/Getty Images

People with fortunes buoyed by oil and pipeline companies, including Jeffery Hildebrand and Richard Kinder, dominate Houston’s billionaire scene, according to the Houston ABC affiliate.

Population: 2,304,580

Number of billionaires: 20

Number of high-net-worth individuals with wealth over $1 million: 98,500

Increase in millionaires and billionaires from 2012 to 2022: 65%

4. Chicago, Illinois

A bicyclist rides near Lake Michigan with the Chicago skyline in the background. Beata Zawrzel/Getty Images

The chairman of Hyatt Hotels, Thomas J. Pritzker, and a grandson of the Walmart founder, Lukas Walton, call the Windy City home, according to Chicago TV station WGN.

Population: 2,746,388

Number of billionaires: 24

Number of high-net-worth individuals with wealth over $1 million: 124,000

Increase in millionaires and billionaires from 2012 to 2022: 24%

3. Los Angeles, California

The downtown LA skyline. halbergman/Getty Images

California is home to the most billionaires — not just in the US, but in the world, according to Forbes. Los Angeles, in particular, is a hot spot. Some billionaires there have names that light up Hollywood marquees, like director Steven Spielberg. Others prefer to fly under the radar, like reclusive In-N-Out heiress Lyndsi Snyder.

Population: 10,014,009

Number of billionaires: 42

Number of high-net-worth individuals with wealth over $1 million: 205,400

Increase in millionaires and billionaires from 2012 to 2022: 35%

2. New York City

The Manhattan skyline, with One World Trade Center at the center. Getty Images

Former mayor and one-time presidential candidate Michael Bloomberg and Blackstone CEO Stephen Schwartzman are two notable billionaire New Yorkers.

Population: 8,804,190

Number of billionaires: 58

Number of high-net-worth individuals with wealth over $1 million: 340,000

Increase in millionaires and billionaires from 2012 to 2022: 40%

1. The Bay Area, made up of San Francisco and Silicon Valley

The downtown San Francisco skyline. Alexander Spatari/Getty Images

Tech’s explosion has made San Francisco and nearby Silicon Valley the largest cluster of billionaires in the US and the world. Meta’s Mark Zuckerberg, Alphabet’s Larry Page, and Airbnb’s Brian Chesky all call the region home.

Population: 7.7 million, according to the San Francisco Chronicle

Number of billionaires: 63

Number of high-net-worth individuals with wealth over $1 million: 285,000

Increase in millionaires and billionaires from 2012 to 2022: 68%

All population data is from the US Census’ 2020 survey except where otherwise noted.

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Dan Latu

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April 20, 2023
Elon Musk Is the Richest Man In the World — Again | Entrepreneur

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Well, that was quick.

Elon Musk is now worth $187 billion, according to the latest installment of the Bloomberg Billionaires Index, making him the wealthiest man in the world.

Last December, the leader of Space X, Tesla, and Twitter was dethroned as the world’s richest man by Bernard Arnault, the French tycoon who owns 48% of fashion company LVMH.

But Musk regained the top spot today, edging out Arnault by $2 billion. For those keeping score at home, the third richest man in the world is Amazon executive chairman Jeff Bezos with a paltry $117 billion.

Related: DogeCoin Blows Up After Elon Musk Tweets Photo of his Dog in Twitter CEO Chair

A good start to 2023 for Musk

Despite some financial setbacks late last year, including breaking the Guinness World Record for the largest loss of personal fortune ever, Musk has received some good news over the past few months.

First, Tesla stock has rallied significantly after dropping almost 70%. Musk also tweeted that Twitter is on pace to break even after suffering big losses in 2022.

Last 3 months were extremely tough, as had to save Twitter from bankruptcy, while fulfilling essential Tesla & SpaceX duties. Wouldn’t wish that pain on anyone.

Twitter still has challenges, but is now trending to breakeven if we keep at it. Public support is much appreciated!

— Elon Musk (@elonmusk) February 5, 2023

Musk has also had some legal victories. Last month, Tesla shareholders sued him for making false statements in his tweets in 2018 about taking the company private. The jury sided with Musk, clearing him of any wrongdoing.

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Jonathan Small

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February 27, 2023
10 Billionaires Stepping Up to Fight Climate Change | Entrepreneur

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Opinions expressed by Entrepreneur contributors are their own.

Billionaires get a bad rap for leaving a giant carbon footprint, but some of the world’s wealthiest people are leading the cause to help reduce the devastating effects of climate change.

These business leaders are investing their private fortune in renewable energy sources, funding research to reduce pollution, and helping to create sustainable jobs. They’re also propping up green businesses and organizations trying to make a lasting impact.

On the subject of sustainability, many business leaders and companies talk the talk (greenwashing has been well-documented), but here are some billionaires who are putting their money where their mouth is.

Related: ‘I Give a Lot More Money to Climate Change Than Elon Musk’: Bill Gates and Elon Musk Reignite Feud

Yvon Chouinard

Estimated Net Worth: $1.2 Billion

Yvon Chouinard founded Patagonia, a California-based clothing and gear company. What started as Chouinard selling clothes to support his equipment business in 1973 turned into a $3 billion company today, operating in multiple countries.

Last year, Chouinard, his wife, Malinda Pennoyer, and their children, Fletcher and Claire, transferred their entire Patagonia ownership to a trust and the non-profit organization, The Holdfast Collective, whose mission is to combat climate change. Chouinard says he wants Patagonia’s profits to combat climate change and safeguard undeveloped land.

Marc Lore

Estimated Worth: $4 Billion

Tech entrepreneur Lore founded Jet.com and Quidsi and was the former CEO of Walmart U.S. eCommerce. He’s built his success on a commitment to customer satisfaction and a drive to make a difference.

Lore recently outlined his vision for a Telosa, a “new city in America,” an eco-friendly metropolis he wants to create across 150,000 acres of American desert land. Lore hopes it will be home to 50,000 “diverse” people by 2030.

His vision is to deliver sustainable energy production and a “15-minute” city design that lets residents access their work, schools, and other necessities close to their homes and eliminate commuting times.

Gwendolyn Sontheim Meyer

Estimated Worth: $6.8 Billion

Gwendolyn Sontheim Meyer is an inspiring female billionaire and philanthropist. The great-great-granddaughter of the founder of Carfill, William Wallace Cargill, Meyer owns a stake in the privately owned U.S. food giant.

She founded a leading software company and advocates for women’s rights and economic sustainability.

For her economic philanthropy, Meyer has made working with Native tribes a priority and was recently actively involved in the campaign to protect Bristol Bay from a mining project. Meyer is passionate about preserving the natural environment, supporting a sustainable future, and creating an ecologic future for the area.

Phil Knight

Estimated Worth: $45.6 Billion

Co-founder of Nike, Phil Knight is a self-made billionaire who turned a small footwear business into one of the world’s most recognizable brands.

Referred to as “Uncle Phil,” Knight has infused a culture at Nike that defends our environment. They have launched a move to-zero campaign, which is Nike’s vision to reach zero carbon and zero waste.

Outside of Nike, Knight made the largest cash donation Stanford had ever received from an individual – $400 million – to help create a new program, Knight-Hennessy Scholars, to impact poverty and climate change. He made the announcement one day before his 78th birthday.

Robert F. Smith

Estimated Worth: $8 Billion

In 2000, Smith founded the private equity firm Vista Equity Partners, which with $96 billion in assets, is one of the best-performing private equity firms in the world today.

Smith has long advocated addressing and tackling climate change. With Business Roundtable, he works alongside CEOs from the largest U.S. companies, including Amazon, Chevron, and General Motors, to support market-based carbon prices and create strategies to reduce greenhouse gas emissions.

The group says it will support initiatives to reduce U.S. greenhouse gas emissions to 80% below 2005 levels by 2050. In addition, he has donated significantly to educational institutions, and his commitment to giving back has made a difference in countless lives.

Jensen Huang

Estimated Worth: $19.2 Billion

Billionaire and co-founder of NVIDIA, Jensen Huang revolutionized how we experience computing. His expertise in Artificial Intelligence, Graphics Processing, and High-Performance Computing has made him one of the most successful entrepreneurs in the world.

Huang believes that AI can be used to simulate the future, particularly the impacts of climate change over time. He and his wife, Lori Huang, donated $50 million to Oregon State University’s Innovation Complex, which he believe will help scientists understand how to manage climate change effects. The complex will include a supercomputer acting as a “digital twin” to Earth to simulate and predict climate change.

Donald “Bubba” and Dan Cathy

Estimated Worth: $8.1 Billion Each

Founded by their late father, Samuel Truett Cathy, in 1946, Chick-fil-A has become one of the most iconic restaurant chains. After his passing in 2014, his sons Donald and Dan have taken the reigns of the Dwarf House and Chick-fil-A, continuing the social responsibility of their operations.

They follow a unique approach to reducing construction waste and have implemented a process called “Lean Construction,” which has a 50% reduction in construction waste. The Cathy brothers have centered the key to their corporate purpose is being a “faithful steward of all that is entrusted” to them, including the planet.

Alice Walton

Estimated Worth: $64.7 Billion

When Alice’s father, Sam Walton, founded Walmart in 1962, she was only 13. By 1990, Walmart had become the biggest retailer in the United States. Sam once said that his only daughter Alice is “the most like me—a maverick—” After he died 1992, Alice continued to fulfill his philanthropic vision.

Through the Walton Family Foundation, she focuses on conservation work, protecting oceans and rivers to benefit people and the environment, and tackling food sustainability challenges. It is a shared belief in their Foundation that those closest to environmental changes are often closest to the solution.

Passionate about sustaining the resources that sustain the people, her shared goal with the Foundation is to ensure healthy water for people and nature and work an economically and environmentally sustainable path forward for our planet.

Joe Gebbia

Estimated Worth: $8.3 Billion

After Joe Gebbia graduated from the Georgia Institute of Technology, he moved to San Francisco with his friend, Brian Chesky, to follow their entrepreneurship aspirations. Together they created the revolutionary platform Airbnb, which made Gebbia a billionaire and a leader in the hospitality industry.

Gebbia has focused much of his philanthropic efforts on battling climate change through trash removal. He’s donated to groups like The Ocean Cleanup to remove plastic from our oceans and rivers.

Seeing that roughly $175 billion a year is needed to protect the oceans, but less than $10 billion total had been invested in the cause, Gebbia stepped up. After donating $25 million, Gebbia shared, “I’m proud to partner with The Ocean Cleanup in their crucial work to remove harmful plastics from our oceans.”

David Filo

Estimated Worth: $5.3 Billion

David Filo co-founded Yahoo! in 1994 with Jerry Tang, which became one of the world’s biggest brands and most trafficked websites. While with Yahoo!, Filo has been behind several grassroots campaigns to improve energy efficiency to ensure Yahoo! is a solution, not a problem, to climate change.

As early as 2009, Yahoo! said it wouldn’t purchase carbon offsets for its operations, focusing its climate strategy on reducing the energy used by its data centers.

Outside of Yahoo!, David and his wife, Angela Filo, run the Yellow Chair Foundation, with climate change and the environment are among their top priorities.

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Auria Moore

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February 24, 2023