English Premier League leaders Manchester City has a squad valued at over $1 billion and is still on course for an unprecedented quadruple of trophies this season, but this weekend it’s faced with an unusual challenge. For the fifth round of this season’s FA Cup, England’s major domestic cup competition, Manchester City has been drawn
Former Homeland Security chief Tom Ridge is now at the center of growing concerns over security and passenger screening at JetSmarter. Following a CNBC investigation into the company last month, JetSmarter, the Florida-based private jet start-up, sent an email to members highlighting its security policies, saying its “proprietary safety and security infrastructure on the ground
More people are feeling optimistic about their own finances, according to Gallup. In a recent poll, nearly 7 out of 10 participants said they expected to be “better off” financially by this time next year. The company surveyed 1,017 U.S. adults by phone in January. This level of optimism hasn’t been seen in 16 years,
Virgin Group founder Richard Branson is part of the growing circle of elite business players questioning wealth disparity in the world today. Amid heated debate about whether the rich should be more highly taxed, the billionaire philanthropist weighed in with his own view during the Milken Institute Summit in Abu Dhabi this week. “We have
Facebook is worth almost a half trillion dollars. It has more than 2 billion users who log in at least once a month. It has a famous CEO, Mark Zuckerberg, hailed in Silicon Valley as a Bill Gates for the Internet age – the suburban Harvard kid who dropped out of college to start a
The call to increase taxes on the wealthy has been gaining steam — but that isn’t enough to stop to the growing wealth and income gap in America, Democratic former Sen. Heidi Heitkamp told CNBC on Monday. “How do we close that gap and make America’s economy and capitalism work for everyone, including working people
Chris Hughes, co-founder of Facebook and an advocate for wealth equality, told CNBC on Monday that he and other ultrawealthy Americans should be paying higher taxes to help make life better for everyone in society. “We have a free-rider problem. The top 1-percent — and even more specifically the top 0.1-percent, those with household wealth
It’s early 2019 and you work at one of those richly valued tech companies that’s raised billions of dollars on its way to becoming a household name. This is the year it’s all supposed to happen for you. You’ve put in a half-decade or more. You’ve held onto your stock options even when you could
In a blog headlined “No thank you, Mr. Pecker,” Jeff Bezos claims David Pecker’s National Enquirer threatened to post sexual pictures that the Amazon CEO had texted to his mistress, Lauren Sanchez, including a “below the belt selfie.” In the blog post published Thursday, Bezos CEO accused AMI, the tabloid’s publisher, of blackmail and extortion.
SoftBank Group Founder and Chief Executive Masayoshi Son, already one of Asia’s richest men, may have just added billions into his pocket from Thursday’s trading session. SoftBank’s stock ended Thursday’s session in Japan at 9,962.0 yen per share, a 17.73 percent gain over its last close at 8462.0. Son owned 231,205,000 shares in the Japanese
When I first heard about a Lamborghini SUV, I thought it was the ultimate four-wheeled oxymoron. Like low-fat-ice cream or soft rock, Lambos and SUVs just didn’t belong together. It was bound to be the worst of both worlds — all the sloth of an SUV combined with the outlandish curves and price, starting at
An estate on Indian Creek Island sold for $50 million, making it the most expensive single-family home ever sold in the Miami area, according to people familiar with the deal. The property, at 3 Indian Creek Island Road, was not officially listed, but had sold in 2012 for $47 million. At the time, that marked
The streaming wars continue to revolutionize how consumers are able to get their content, making it easier than ever for people to enjoy movies. Platforms like Netflix, Hulu and YouTube are putting the pressure on theaters to find a way to keep customers to enjoy the movie going experience. One solution: Bring the subscription model
Apple this week pulled a Facebook app from the App Store. It’s called Facebook Research, and its purpose was to let Facebook watch everything that its users did on the phone. Apple says the snooping app is too invasive, even if users consented to letting Facebook watch their every move. That raises some questions. How
Turkish Airlines passengers with layovers of between six and 24 hours in Istanbul can show their boarding passes at the Hotel Desk and join a free highlight tour of the city. Separately, Korean Air’s Excellent Boarding Pass program offers a full week of perks in Korea to passengers who hold onto their international boarding pass
Super-wealthy investors are making some changes to their portfolios for 2019. They are increasing their cash holdings and reducing their equity exposure. They are also cutting back on some of their real estate investments and finding a “short-term solution” in fixed income, according to Michael Sonnenfeldt, founder of investment club Tiger 21. “There’s a lot
Wheels Up has hired bankers for “strategic initiatives” that could include acquisitions, the company’s CEO told CNBC. “We have hired advisors to assist us with our pursuit of strategic initiatives that include exploring acquisition opportunities and expansion of our digital platform,” Wheels Up CEO Kenny Dichter told CNBC in a statement Wednesday evening. “Our plan
Economist Larry Summers has advised Democratic presidents, but he’s not ready to jump behind Democratic Sen. Elizabeth Warren’s proposed wealth tax. Warren, of Massachusetts, is a prominent voice in the party’s liberal wing and is exploring a run for president. Her proposal, which she is calling an ultra-millionaire tax, would apply to Americans with more
A collection of skateboard decks sold at Sotheby’s Friday to a Vancouver collector for $800,000. Sotheby’s announced Friday morning that a young Vancouver collector, named Carson Guo, bought the set of 248 skate decks made by Supreme. The collection included all of the decks produced by Supreme between 1998 and 2018. It is the highest
Democrats have taken aim at the wealthy — and that has former Rep. Jeb Hensarling afraid of what could come. Hensarling, a Republican who represented Texas from 2003 to 2019, told CNBC on Tuesday that the move to slap more taxes on the rich by the left wing of the Democratic Party is all about
The game has changed. Not so long ago, a movie was valuable if it had a big showing at the box office, though there was the occasional film that did big rental business but didn’t do much in theaters. (For more on that, see the entire careers of Mary Kate and Ashley Olsen after Full
From Papa John’s to Uber, company CEOs are now under more scrutiny than ever before, particularly driven by technology. People now have the power and transparency to keep corporate leaders accountable in the social media era. So what should you do if your CEO screws up? Jon Fortt sits down with a panel of experts
You don’t have to drive luxury cars or vacation on a remote island to know your net worth. In fact, it’s a simple equation that says a lot about your financial standing — whatever that may be. “It’s the first snapshot into an overall look at your finances,” said Michael LaRiviere, a certified financial planner
Hedge fund billionaire Ken Griffin has just smashed another real estate price record, buying the most expensive home sold in London in over a decade for $122 million. Griffin, the CEO and founder of Citadel, bought a famed mansion near Buckingham Palace that was once home to Charles de Gaulle, according to a company spokesperson.
Investing in global health organizations aimed at increasing access to vaccines creates a 20-to-1 return in economic benefit, billionaire Microsoft co-founder and philanthropist Bill Gates told CNBC on Wednesday. Over the past two decades, the Bill and Melinda Gates Foundation has donated “a bit more than $10 billion” into mainly three groups: The Global Alliance
Around 270 private jets were flown into Switzerland by Davos participants between Sunday and Tuesday, according to the World Economic Forum (WEF). The total number could be higher given that a number of delegates will remain in Davos – where the threats posed by climate change have been high on the agenda – until later
Sen. Elizabeth Warren, D-Mass., is planning to propose a “wealth tax” on some of the richest Americans, an economist who advises her told CNBC on Thursday. The new tax from Warren, who recently announced her bid to challenge President Donald Trump in 2020, would only apply to Americans with more than $50 million in assets.
Hundreds of thousands of people are living without a paycheck amid the longest government shutdown in history. As a result, federal employees and contractors are digging into their retirement savings, filing for unemployment, picking up other jobs and unable to meet their rent or mortgage payments. Most people would be in the same bind if
Hedge fund billionaire Ken Griffin closed a deal to buy the most expensive home ever sold in the U.S., paying around $238 million for a New York penthouse overlooking Central Park. The deal is the largest in Griffin’s recent $700 million, global real estate shopping spree, believed to be the largest ever for a U.S.
DAVOS, Switzerland – The elite financiers attending Davos are worried about the 70 percent tax rate on earnings above $10 million proposed by freshman Rep. Alexandria Ocasio-Cortez, D-N.Y. “It’s scary,” Scott Minerd, global chief investment officer for $265 billion Guggenheim Partners, said in an interview on the sidelines of the World Economic Forum in Davos,