AI, Avocado Toast & Abortion 💊
This Week in Review☕️: Millennials set to become the "Wealthiest Generation ever" | Elon Musk sues OpenAI | Rolex sales $10 billion for the first time | Levis wants to be known for more than its jeans
Quick Bites:
Wealth 💰: Millennials set to become the richest generation in history.
Over the next 20 years, they are set to inherit $90 trillion in assets from the so-called 'Silent Generation' (those born between 1928-1945) and Baby Boomers (1946-1964) to become the "wealthiest generation ever", CNBC reports.
💡Sam Altman is looking to raise $7 trillion to invest in artificial intelligence
💡We are looking to raise $7 on GoFundme for a milkshake and a hotdog
We are not the same
PS. Just a quick reminder that F**k U money is not 5 months of your household costs. Thanks and good luck surviving out there 😫
This great wealth transfer to millennials will consist of assets including real estate, financial resources and businesses, as the baby boomer generation pass way, CNBC.
Well, thank god for Grandpa. About time we ditch this cliché of lazy, avocado toast eaters who splurge on overpriced coffee all day 👋
PS. Feeling antsy today. We hope 10 Nespresso shots and trading on the stock market is the answer🤯🤯
However, it's important to keep in mind that this wealth will not be distributed equally.
According to Knight Frank's Wealth Report, expect "seismic changes" in how that wealth is used, given that millennials have a growing awareness on issues such as climate change and reducing consumption.
The research also showed that affluent young people are less likely to see property or real estate as a way to build wealth in the future.
Our Thoughts💡:
If we ever win the lottery, we're not telling anyone but there will be signs.. 👇🏻
Big Tech 📱: Elon Musk vs OpenAI.. Let the games begin.
Elon Musk has sued OpenAI and its CEO Sam Altman, saying the startup has breached its contract by prioritising profits over the "benefit of humanity".
And this coming from a dude who continues to plant chips inside humans heads
So, in a span of a few hours, we learned that Musk has sued the ChatGPT-maker and publicly challenged Figure's humanoid robot which is in partnership with OpenAI, Microsoft, Amazon, Intel and Nvidia..
Must've been one hell of a toilet break
Also, this lawsuit is a complete banger for the lethally online
Key Highlights, according to TechCrunch:
💡Musk says the company is no longer "freely available", open-source and non-profit as originally intended
💡Instead, it has become a “closed-source de facto subsidiary” of Microsoft, which has invested around $13 billion into the startup
💡In the filing, Musk accuses Altman of choosing a new board designed to maximize profits for Microsoft rather than the benefit of humanity
Background:
💡Musk has donated over $44 million to OpenAI between 2016 and 2020
💡He was a a co-founder of the company in 2015, but stepped down from the board in 2018, four years after saying that AI is “potentially more dangerous than nukes.”
💡Sam Altman's response to Musk's concerns at a conference last year: “I like the dude. I think he’s totally wrong about this stuff [..] He can sort of say whatever he wants but I’m like proud of what we’re doing
💡X (formerly known as Twitter) launched 'Grok', a rival to ChatGPT last year
Luxury ⌚️: Rolex sales top $10 billion for the first time, Bloomberg Pursuits reports.
The Swiss luxury watch produced 1.24 million watches with sales of $11.5 billion last year, a 11% rise from 2022.
1.2 milly watches a year and y'all still can't get one 😈
💡Therapist: Do you have any history of mental illness in your family?
💡Us: We have an aunt who spent $200K and 4 years on a waitlist to buy a $20k Rolex
The 10 stages of money:
Stage 1: No watch
Stage 2: No watch
Stage 3: Swatch
Stage 4: No watch
Stage 5: No watch
Stage 6: Rolex
Stage 7: Audemars Piguet
Stage 8: Patek Philippe
Stage 9: No watch
Stage 10: Apple watch
Our Thoughts💡: That G-shock felt like a Daytona in '08 y'all 😎
PS. You DEF weren't one of the cool kids if you didn't have a G-shock, Nike Jordans and a Blackberry during this decade
Fashion 👖: Levi's wants to be known for more than just its denim.
The 171-year old brand known for jeans, is aiming to turn into a full outfitter for shirts, jumpsuits and jackets, The New York Times reports.
“It isn’t just walls and walls of jeans”
Under its new CEO Michelle Gass, the company opened a record 105 stores in the US last year.
Because jeans are more of a staple and purchased less frequently than other clothing types, Gass views complementary styles such as tops and baseball caps as more likely to increase growth.
Levi’s is also looking to depend less on wholesale partners as department stores and instead bring shoppers to its stores, website and online shop, The NY Times reports.
Our Thoughts💡: How to make the most of the remaining winter season:
By shivering under blankets on the sofa burning enough calories to finally fit into those Levi's skinny jeans 🥶
Health 💊 : First over-the-counter birth control will now be available in the US, CNN reports.
The FDA has given the go-ahead to retailers like Walgreens and CVS to sell abortion pill 'Mifepristone' in certain states where it is legal.
If men could get preggers, they’d have birth control in vending machines
Mifepristone is the first pill used in the two-drug medication abortion process.
Medication abortion is the most common method of terminating a pregnancy. That method is only allowed upto 10 weeks into pregnancy.
Notably, these pharmacies will not provide the medication by mail, reported by The New York Times.
Background, reported by CNBC:
💡The FDA is challenging a more than 20-year disapproval of mifepristone.
💡An anti-abortion rights group sued the drugmaker in 2022 in a bid to completely ban the pill from the US market
💡Before the FDA’s regulatory change, only a few mail-order pharmacies or specially certified doctors could distribute the pill
💡The Supreme Court's decision to overturn the landmark Roe v Wade ruling was a drastic change after nearly 50 years of federal abortion protection
💡The Biden administration has sought to make abortion and contraception access a main platform of the president’s 2024 campaign
Quicker Bites
Jeff Bezos once again reclaims title of Richest Person in the World.
Supreme Court rules Donald Trump cannot be kicked off 2024 ballot.
Nvidia leaps over Aramco to become World’s 3rd Most Valuable Company.
Dune 2 brings in $81.5 million, scores biggest opening of 2024.
France becomes the 1st country to enshrine abortion rights in the constitution.
Bitcoin tops $65,000 as it nears 2021 all-time high.
Turkey inflation reaches a 15-month high and spirals closer to 70%.
Texas wildfires engulf 500,000 acres.
US and Jordan airdrop aid into Gaza.
CDC ends 5-day isolation for recovering Covid patients.
10 stages of money is accurate 😂