PHOTO BY TIM TADDER FOR FORBES
Forbes unveils our 30 Under 30 2023 list, highlighting the young movers and shakers in sectors including food and drink; manufacturing and industry; and games. Oil prices fell Monday to their lowest level in 11 months. Trading is down for bitcoin and many other digital assets following the collapse of Sam Bankman Fried’s crypto exchange FTX.
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In The News Today
- C.S. Venkatakrishnan, the 56-year-old Barclays CEO, says he will continue to helm the British banking giant as he begins treatment for a non-Hodgkin’s lymphoma cancer diagnosis.
- China reported more than 40,300 new Covid-19 cases on Monday, an all-time high for new cases reported on a single day in the country. The count raises questions about the effectiveness of the nation’s stringent zero-Covid approach that has triggered unprecedented mass protests in multiple Chinese cities.
Swiss banking giant Credit Suisse’s stock plummeted 5% to a record low of $3.41 Monday morning after its warning last week that it’s facing up to a $1.6 billion loss this quarter. The drop fueled investor fears that Switzerland’s second-largest bank by assets, long embroiled in worrisome scandals, could face a troubling liquidity crisis.
Oil prices also fell Monday to their lowest level in 11 months as uncertainty in China roiled global markets, sending the international benchmark Brent Crude down 1.8% to $82 Monday. The dip follows renewed concerns about demand for oil from China, the world’s largest oil importer, as the country continues to pursue a strict zero-Covid policy. It could also end up yielding a silver lining for Americans’ wallets at the gas pump.
In his first town hall meeting since returning to head Disney, CEO Bob Iger dismissed rumors of a merger with Apple as “pure speculation,” saying the entertainment giant isn’t on track for any large acquisitions anytime soon. He also touted a noteworthy growth strategy pivot by saying that he will focus on profitability over subscriber numbers for the company’s Disney+, ESPN+ and Hulu streaming services after Disney posted a hefty $1.5 billion loss in that arm last quarter.
Kim Kardashian is “re-evaluating” her relationship with luxury French-owned fashion house Balenciaga after the brand posted photos from a holiday ad campaign featuring children holding purses of teddy bears wearing BDSM-style harnesses and gear. The billionaire is a face of the brand and one of its most well-known celebrity supporters. Balenciaga is also suing the involved production company and set designer for at least $25 million in damages over the images after major backlash.
Cryptocurrencies across the market are struggling in the wake of FTX’s collapse and as zero-Covid protests in China spook investors, causing bitcoin and other digital assets to trade lower Monday. Crypto’s total market value stands at $849 billion, down 20% from $1.06 trillion on November 4, before news of FTX’s troubles began to circulate widely. More: Digital-asset lender BlockFi filed for Chapter 11 bankruptcy protection Monday, citing obligations owed to it by FTX.
Billionaire money manager Ron Baron of Baron Capital has remained steadfastly bullish in his approach to long-term investing in stocks over the decades, and his firm currently oversees roughly $50 billion in some 19 funds. Baron sat down with Forbes for a Q&A, diving into how he started out in the industry, the ways his investment strategy has evolved throughout the years, his greatest investing triumphs and disappointments, and more.
The supermodel has lent her image to brands like Jimmy Choo, Levi’s and Saint Laurent. Now she’s taking control of her name and her future with Rhode Skin, a skincare company with a waitlist that’s drawn a total of 700,000 people.
In Case You Missed It
From musicians and social media creators to professional athletes, tech whizzes and beyond, meet the entrepreneurs, innovators and stars on the 11th annual Forbes 30 Under 30 list. Our 2023 cohort (which boasts an average age of 27, with the youngest person being 15 years old) has cumulatively raised more than $5.3 billion in funding for their ventures and amassed upward of 613 million followers on social media. The honorees include Joel Embiid, center for the Philadelphia 76ers; Jada McLean, founder of Ethically; and Euphoria actress Sydney Sweeney.
Tips You Can Trust
- Before reaching for your checkbook or credit card to make a donation this Giving Tuesday, consider tapping into your IRA to make a gift using the qualified charitable distribution, a.k.a. the charitable IRA rollover. Here’s who stands to benefit from giving in this way, and how to use the method to your advantage.
- Amazon offered buyouts to its recruiters last week and could be ramping up to replace them with artificial intelligence software, revamping a failed 2017 attempt that it scrapped over allegations the system was biased against women. Here’s how the AI recruitment trend has grown over the years, plus a look at the pros and cons of relying on the technology.
The Grammy-winning singer hasn’t toured since 2018, and pent-up demand for her 2023 Eras Tour pushed Ticketmaster over the edge to the point that Congress says it will hold an antitrust hearing regarding its practices. ForbesWomen Editor Maggie McGrath walks us through the “mad rush” that happened in the Eras pre-sale, where 2 million tickets were snapped up, pushing Ticketmaster to cancel the ensuing general sale.
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