Saturday , July 11 2020

Billionaire Roundup: Wear Your Masks Or Summer Is Canceled And Black Lives Matter Edition

Party people! How does it hang? Are you still in detention or have you opened the door of your house, ripped off your mask and decided that Covid-19 was finished? I’m not going to judge you, because it’s not my style, but put this mask back on so we can all have a semblance of summer. I’m a kid, especially. Either way, our favorite billionaires continue to make the news even though the world is still in the midst of a pandemic with no vaccine on the horizon. WeWork may have thrown its controversial founder and former CEO, Adam Neumann, but it still has a private jet (with a whole story attached) that it has to sell. Yeezy is still his narcissistic self, but now that he is officially a billionaire, he is also looking to develop his business in the beauty industry. He certainly got married in the right family for that! Billionaire Robert F. Smith has a plan to channel billions to black-owned businesses in America. And finally, I hope you don’t expect to receive the money Square owes you because they aren’t paying it right now.

The famous WeWork private jet now on sale

Adam Neumann, founder of WeWork, was shown the door after his tirade and anger filled his tenure as CEO who was marked by mismanagement and leadership, overspending and bullying of employees. However, WeWork still has the company’s private jet, a chic 2018 Gulfstream G650 for sale. In 2019, the company put the jet on the market for $ 60 million after the fall of Neumann’s IPO. Now the jet, which is one of the most expensive and luxurious models of private aircraft on the market today, has been reduced to $ 49.9 million. Brand new, the jet costs at least $ 65 million. The G650 is considered to be the biggest, fastest and best money for private jet possible. Unfortunately, WeWork, which is currently managed by Softbank, could not find a buyer for the jet. Neumann’s palace in the sky flew for only 414 hours and received 131 landings. When WeWork attempted its unfortunate IPO, company employees were shocked that Neumann had spent $ 60 million on a jet while the company was losing money by handing it over. They are right. Either way, if you have enough friends, maybe you can pool your resources and buy this jet. I would wash it in bleach and sage before flying in, but it’s just me.

Yeezy registers a brand to enter the Beauty Biz

Is there something that Kanye west can’t do? He’s a rapper, a fashion designer, he runs his Sunday Service like a cult leader, he made the noise to run for president in four years … and now he wants to tackle the beauty industry. But wait, that would put him in direct competition with his wife Kim Kardashian West, owner of KKW Beauty and his sister-in-law, Kylie Jenner, who founded Kylie Cosmetics and sold a majority share of his business to Coty for $ 600 million end 2019. Yeezy, unlike Kylie, is a billionaire, however. In early June, West filed a new trademark application with the United States Patent and Trademark Office for a range of new products to be marketed under its Yeezy brand. These products include makeup, perfumes, skin care, hair care, nail care, glitter for the face and body, baby wipes, depilatory cream (it’s an IMD that I don’t can’t ignore for Kim), as well as aromatherapy pillows, bath crystals, essential oils, scented stones and scented pine cones.

Theo Wargo / Getty Images

Robert F. Smith’s plan to put billions in the hands of black business owners in the United States

Billionaire investor Robert F. Smith has a plan to reverse the history of systematic corporate racism in America. In his opening remarks, he said that large corporations should use 2% of their annual net income for the next 10 years for the benefit of minority communities. He made the comment after sending a plan to CEOs calling on big banks to invest in black-owned businesses and entrepreneurial businesses run by minorities. He said that black and minority communities have been abandoned by the big banks. These communities need capital to build their business and their local infrastructure and institutions. Smith called it restorative capital and said that investing directly in these communities would be the quickest way to bring more economic justice to black Americans. Black Lives Matter, people. Racism is bad, hateful and bad. We cannot help the color of the skin with which we are born any more than the color of our eyes.

I hope you don’t expect payment from Square because the company doesn’t pay it

I think we can all agree that what we all need in this pandemic (except perhaps people who are multimillionaires and wealthier) is money. Money, as they say, is king. Well, I hope you don’t run your business using Square for payments. the Jack dorsey The founded and managed company would withhold about 30% of its payments, forcing customers who rely on those payments to fire employees and skip their own bills, including rents and mortgages. With the unemployment rate skyrocketing in the United States right now (2.5 million people applied for unemployment in May with a national unemployment rate of 13.3%), this does not seem to be a good deal. Square says the new policy, which allows the company to withhold up to 30% of payments owed to customers, is to protect itself against “risky” transactions that can result in a higher than usual repayment rate. However, sellers claim that Square withholds thousands of payments for up to 120 days, whether or not the seller has risky transactions. Over 1,400 companies have signed a petition asking the company to stop withholding funds. The vendors said they felt like they were keeping Square afloat during the pandemic when they were the ones who had to keep their heads (and businesses) out of the water. These sellers are right. After all, Dorsey is a billionaire several times. Your average mom and pop business using Square to process payments isn’t.

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