The Rich just got a lot Richer 💣
This Week in Review☕️: Inheritance, Monopoly and “Crony connections” | Trump sworn in as 47th President | TikTok ban halted by 75 days | A full-time Return to Office policy leads to backlash | Dating
Quick Bites:
Wealth 💰: Billionaire wealth surged to 'unimaginable levels' in 2024.
The world’s richest people increasingly benefited from inheritance and powerful connections last year, according to Oxfam’s latest inequality report.
The global charity now predicts at least five trillionaires within a decade.
Ways to make money:
1. Inherit
2. Marry rich
3. Repeat 1 and 2
“The failure to stop billionaires is now spawning soon-to-be trillionaires"
"Not only has the rate of billionaire wealth accumulation accelerated- by three times- but so too has their power”, says Oxfam International Director.
The report highlights an increase in “unmerited wealth,” showing that 60% of billionaire wealth now comes from inheritance, monopoly or the power of “crony connections.”
PS. Jealousy is ugly guys. You can't dictate what Daddy does with his wealth. It is NOT cool for you to assume that rich people should cut their kids out of their inheritance.
Infact it is genuinely one of the dumbest flexes alive.. All because of these Silicon Valley cucks making a once-in-a-lifetime app 👋
We will personally be leaving a sizeable fortune for our kids, and none of you will EVER be able to get a dime because we have the same trust attorneys you buffoons have!!
Key Highlights, reported by CNBC:
💡The combined wealth of the world’s richest rose from $13 trillion to $15 trillion in just 12 months
💡This is the 2nd largest annual increase in billionaire wealth
💡Meanwhile, the number of people living in poverty has barely changed since 1990
💡The richest 1% of people own nearly 45% of all wealth, while 44% of humanity are living below the World Bank poverty line of $6.85 per day, the data showed.
💡Elon Musk, CEO of Tesla, and close ally of Trump, is on track to become the world’s first trillionaire by 2027.
He’s currently worth about around $440 billion, Bloomberg indicates.
💡Outgoing US President Joe Biden this week warned of the rise of an “oligarchy taking shape in America of extreme wealth, power and influence.”
💡Money that is flowing to the bank accounts of the super rich instead of much-needed investment in teachers and medicines is “not just bad for the economy- it’s bad for humanity,” said Oxfam's Director.
Our Thoughts💡: Not sure how we feel about this rich getting richer report bc being poor now just leads to being poorer later FML
Can't pay to clean your teeth? Next year, pay for a root canal. Can't pay for a new mattress? Next year pay for back surgery. Can't pay to get your migraines checked? Next year, pay for mental therapy.
Poverty charges INTEREST folks 🤯
Business 🌎 : Bumble founder to return as CEO.
Whitney Wolfe Herd will return to the dating site as CEO in March, roughly a year after she was replaced by former Slack head Lidiane Jones, CNBC reports.
Umm we don't care whose in charge of Bumble.. We've deleted all our dating apps and are back to meeting people the old-fashioned way
+2 years of a sexually tense relationship that turns into cat and mouse games until one of us checks into therapy 😭
Herd will come in at a turbulent time for the company which has struggled to get users to pay for subscriptions and is now valued at a fraction of its IPO market cap.
Last year, the company laid off roughly 30% of its staff.
Key Highlights, reported by CNBC:
💡Bumble is a dating app that encourages women to make the first move.
💡Whitney Wolfe Herd founded the company in 2014 in an effort to create a safer online dating community
💡Bumble went public through a successful IPO in 2021 but its market cap has tumbled significantly in the past 4 years
💡It debuted at $7.7 billion and is around $847 million now
Our Thoughts💡: Tbh, part of the thrill of dating apps used to be not knowing whether you'll meet your soulmate of if you'll end up murdered in a ditch and worn as a skin suit.
But we understand why people aren't paying for apps like Bumble anymore.. The younger generation wanna meet the old-fashioned way.. through sambuca shots and poor judgement 🍸
Work 💻 : JP Morgan blocks comments on new return-to-office policy
The bank, which often sets the trend for all of Wall Street, is calling most of its 300,000 employees back to office, five days a week, The Wall Street Journal reports.
However, employees pushed back against the order by posting comments on the company's website. After more than 300 comments were posted within the 1st hour, the page was locked.
Umm what do you do when employees push back?
If you’re JP Morgan you just shut down those comments and tell workers to SUCK IT UP and say "Nah nah nah can't hear you" 🖕🏻
What would you do if your colleagues were acting out?
Among the comments posted online were: Commuting costs, child care and work-life balance.
At least one employee suggested a union.
JPMorgan says the policy, set to begin in March, "is the best way to run the company," while acknowledging it might not be popular.
Companies, including Amazon, are facing similar criticism.
"We know that some of you prefer a hybrid schedule and respectfully understand that not everyone will agree with this decision [..] However, being together greatly enhances brainstorming and getting things done"
-JP Morgan
Entertainment 📱 : What comes next for TikTok? Donald Trump restores service for users, hours after ban.
Trump, who tried to ban the app during his 1st term, said he would “extend the period of time before the law’s prohibitions take effect, so that we can make a deal to protect our national security.”
Key Highlights, reported by Forbes:
💡Trump signed an executive order halting the TikTok ban for 75 days “to determine the appropriate course of action”
💡Chew is attending Trump’s inauguration after arriving alongside Apple CEO Tim Cook and podcaster Joe Rogan.
💡Trump said while speaking during a victory rally: “We have no choice, we have to save it,” while suggesting the US will own 50% of the company in what he referred to as a “joint venture” that would “make a lot of money.”
💡TikTok is now back online for many American users, sending a popup message that states: “Welcome back! As a result of President Trump’s efforts, TikTok is back in the US”
However late on Sunday, the app was unavailable for download on US app stores.
Other apps owned by ByteDance, including video editing app "CapCut" and lifestyle social app "Lemon8", were also offline and unavailable in American app stores as of this weekend.
Our Thoughts💡:
Teachers unpaid, zero gun laws to keep people safer, women's reproductive rights being questioned, LGBQT+ community constantly being harassed.. but the government found time to vote on a TikTok ban
Quicker Bites:
Donald Trump officially sworn in as the 47th President of the United States.
Trump signs dozens of presidential executive actions: including one to formally delay TikTok ban, along with energy and crypto initiatives.
Cold grips the US as the South faces storm.
Israeli hostages reunited with their mothers.
Donald and Melania Trump launch a pair of meme coins ahead of the inauguration.
Government workers globally ordered back to office.