Thirteen years ago, billionaire financier David Rubenstein gave $10 million to the Lincoln Center for the Performing Arts in New York, part of a $1.2 billion redevelopment that revamped the complex 50 years after it opened in the early 1960s. That gift helped redesign the 7,000-square foot indoor space on Broadway between 62nd and 63rd streets, formerly known as the Harmony Atrium, and rebranded it the David Rubenstein Atrium. Now, the cofounder of private equity giant the Carlyle Group is donating another $10 million, this time to help the atrium expand beyond free weekly performances and continue its Covid-era programming, ranging from blood drives to citizenship classes for prospective Americans. "It turns out that after 10 years, the atrium has worked out much better than anybody originally thought. Pre-Covid it was very popular, post-Covid it will no doubt be popular again,” Rubenstein told Forbes in a phone interview. “People like it as a gathering area, but more …
Elon Musk Eclipses $200 Billion To Become Richest Person In The World Again
Share to Twitter Share to Linkedin Elon Musk became the third person to ever be worth $200 billion on Monday, riding a surging Tesla stock that in turn made him the richest person in the world. His milestone feat follows Amazon founder and space rival Jeff Bezos, who first reached the $200 billion mark in August 2020, and luxury magnate Bernard Arnault, who did so for a short time last month. Shares of Musk’s electric vehicle company Tesla continued a four-month rally, closing up 2.2% at $791.36, the highest they’ve been since February this year. Musk became $3.8 billion richer on Monday and was worth $203.4 billion at the close of markets. He surpasses Bezos, whose fortune fell by $1 billion Monday to $197.7 billion due to a 0.6% decline in Amazon stock. Musk is even richer now than he was at Tesla’s peak in January—when he briefly became the world’s richest tycoon for the first time —because he’s received additional stock option grants that have …
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China Detains Fallen HNA Ex-Billionaire Chairman Ahead Of Airline Restructuring Vote
Share to Twitter Share to Linkedin The English-language website of Chinese conglomerate HNA Group is dotted with photos of chairman Chen Feng accepting prestigious awards and international praise in 2017 and 2018. Articles include “HNA Group Chairman Joined UNICEF’s Inaugural International Council — UNICEF recognizes Chairman Chen Feng’s longstanding contributions to the United Nations and children’s causes on behalf of HNA Group.” There’s also: “HNA Group Awarded Brand of the Year by the China General Chamber of Commerce, Presented by Blackstone CEO Stephen A. Schwarzman” as well as a biography note that “Mr. Chen was awarded the “ Knights of the Oriental Art” by the Belgian Parliament in honor of HNA Group’s contributions to communications between the East and the West.” Chen made his only appearance on the Forbes China Rich List in 2017, ranking No. 205 with an estimated fortune of $1.7 billion. A year earlier, the Harvard Business School published a …
Jeff Bezos Once Again The World’s Richest Person After Rollercoaster Week
THE CHANGING FORTUNES OF THE WORLD’S RICHEST A mazon chief Jeff Bezos ended a bumper car week against Tesla founder Elon Musk by once again becoming the world’s richest person, with an estimated net worth of $181.5 billion (despite his fortune falling $1.4 billion on Friday). The two men traded places nearly every day this past week for the top spot on our Real-Time Billionaires list. Markets opened lower Friday after President-elect Joe Biden released the details of his proposed $1.9 trillion coronavirus relief package in a speech the previous night, with investors likely reacting to the potential of a second Senate impeachment trial of President Trump in delaying passage of the legislation for weeks, along with the possibility of higher taxes in the incoming Democratic administration. Amazon’s stock fell by just under 1% by Friday’s closing bell, while Tesla’s dropped by over 2%, enough to put Bezos back ahead of Musk. More broadly, tech stocks are down , …
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Jeff Bezos Overtakes Elon Musk As World’s Richest Person
Share to Twitter Share to Linkedin Jeff Bezos has yet again clinched the title of world’s richest person from Elon Musk, after shares of Amazon AMZN jumped on Wednesday. Amazon’s stock rose by nearly 1.5% on Wednesday, pushing Bezos’ net worth up by $2.4 billion, to $184.9 billion. That makes him the richest person in the world once again, according to Forbes ’ estimates. Bezos is just $200 million richer than number two richest Musk, who is worth $184.7 billion. The Tesla TSLA chief briefly took the number one spot from Bezos last Friday and again on Tuesday , Forbes calculates. Shares of Musk’s electric-vehicle maker, Tesla, rose by 0.6% on Wednesday, slightly increasing the fortune of its billionaire cofounder by nearly $1 billion. While Musk and Bezos compete for top spot, they are both more than $30 billion richer than the world’s third-wealthiest person, French luxury tycoon Bernard Arnault. He is now worth $150.5 billion, Forbes …
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Democrat On Powerful House Ways And Means Committee Apparently Violated Stock-Trade Rules
R ep. Tom Suozzi (D-NY), a Democrat on the House Ways and Means Committee, is the latest member of Congress not to comply with a federal law that requires lawmakers to report securities trades within 45 days . On Thursday, Suozzi revealed that he had failed to properly disclose more than $6 million of trades dating back to January 2017 . The Ways and Means panel is the chief tax-writing committee in the House, giving Suozzi influence over many of the companies in which he was investing. Subscribe to Forbes' Checks & Imbalances newsletter for an in-depth look at the politicians, businesses and money sloshing around Washington, D.C. The Democrat’s office has not responded to an inquiry. But in a statement to NPR , which reported some of Suozzi’s late disclosures earlier this week, a spokesperson acknowledged the error. “The congressman’s investments are managed through independent advisors with discretion over all transactions,” the representative said. …
Walter Scott Jr., Warren Buffett’s Longtime Friend And Business Partner, Dead At 90
Share to Twitter Share to Linkedin Walter Scott Jr., a lifelong friend and business partner of Warren Buffett, died on Saturday at the age of 90. Scott had a net worth of $4.2 billion, Forbes estimates , thanks largely to a 6% stake in Berkshire Hathaway Energy, the $21 billion (2020 revenues) subsidiary of Berkshire Hathaway. Scott sat on both companies’ boards. “It is with great sadness that we recognize the passing of our founder,” a foundation set up by the Omaha billionaire said in a statement. “We are blessed to have known and learned from Walter as we continue his philanthropic legacy.” Scott was born in 1931, the son of an engineer at the Omaha-based construction giant Kiewit Corp. He vied for high school sweethearts with classmate Warren Buffett and spent his summers working as a water boy on Kiewit job sites before joining the firm after getting an engineering degree from Colorado State in 1953. He took over as chief executive in …
Millionaires to Congress: Tax us!
advertisement advertisement advertisement advertisement A nonpartisan group of high-net-worth Americans has issued an open letter to Congress urging a tax increase on themselves and those even wealthier in order to pay for the $3.5 trillion infrastructure bill making its way through the House. The group, called the Patriotic Millionaires, is urging Congress to change the tax code so that the rich pay a higher tax rate than the poor and middle class. advertisement Specifically, the Patriotic Millionaires are asking Congress to enact three changes in legislation proposed by the House Ways and Means Committee. Those changes include: Ending the 20% capital gains tax rate for people with income over $1 million. The average income is taxed up to 37%. Ending the ability for billionaires to pay no capital gains taxes on inherited assets. Ending the Carried Interest Loophole that hedge fund managers use to characterize their income as …
Maye Musk—Elon’s Mom—Plugs $100 Anti-Aging Supplement, But Says She Hasn’t ‘Noticed’ If It’s Working
M aye Musk has a lot of energy, as she tells it, and wants to live to age 98—at the very least. The 73-year-old model and registered dietician with two master’s degrees—most famously known as Tesla CEO Elon Musk’s mom—just moved to New York City three months ago, she told Forbes at a late September breakfast event in a luxe Times Square hotel. We’re gathered in honor of Timeline Nutrition, which sells powder and pills that claim to contain anti-aging properties and for which Musk recently signed on as a spokesperson. The compound allegedly “revitalizes mitochondria” (the cellular workhorses that convert food into energy in humans) but the evidence to back this claim is still preliminary. While the company has proven to the U.S. Food and Drug Administration that its products are safe to ingest as dietary supplements, more research is needed to support its other claims, since supplement manufacturers don’t have to prove their products work. Asked if she feels a difference from …
Stop The Steal Organizer Amy Kremer Owes $20,000 In Past-Due Fines To FEC
W omen Vote Smart and its treasurer, Amy Kremer, owe $20,000 in past-due fines to the Federal Election Commission for failing to submit financial reports in 2020. The FEC disclosed the latest penalty, a $7,400 fine for missing a third quarter filing, on Friday. Through a nonprofit named Women for America First, Kremer and her daughter Kylie organized the January 6 rally that segued into the riot at the Capitol. The House select committee investigating the attack has requested any communication involving Kremer from the National Archives. Kremer did not respond to a request for comment from Forbes . Subscribe to Forbes' Checks & Imbalances newsletter for an in-depth look at the politicians, businesses and money sloshing around Washington, D.C. Founded in May 2016 as Women Vote Trump, the PAC changed its title the following month, after the FEC pointed that using a candidate’s name violated campaign-finance rules. Kremer became the PAC’s …
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