Good morning,
You don’t just need to be a billionaire to make this year’s Forbes 400 list. The cutoff for the 2024 list of America’s 400 wealthiest is $3.3 billion.
In fact, for the first time, there are more American billionaires not on the list than are on it. But many of those who did make the cut are familiar faces: Elon Musk is the richest person in America for a third-straight year, followed by Jeff Bezos and Mark Zuckerberg.
Perhaps the most notable person to make the list, despite falling off of it last year, is Donald Trump, who has cashed in on the presidency more than anyone else, and benefitted from the shaky stock market run of Truth Social’s parent company.
Bullish views have dominated Wall Street in 2024.
The S&P 500 had its best start to the year through September since 1997, gaining 21% so far this year. Big tech stocks benefitting from the generative AI boom have performed best, though the market has shifted slightly in recent months as investors anticipated and reacted to this month’s supersized interest rate cut.
Dockworkers along the East and Gulf Coasts walked out on strike early Tuesday, a stoppage that one economist estimated could cost the economy up to $7.5 billion per week. The International Longshoremen’s Association is requesting a wage increase as part of a new contract with the United States Maritime Alliance, which represents shipping companies.
If former President Donald Trump wins in November, it could hamper the Chinese stock market’s recent rally, JPMorgan Chase strategists cautioned Monday. The risk of a Trump presidency for emerging market stocks is tied to his hawkish trade policies, especially toward China. Still, the strategists noted that emerging market stocks could be at a “turning point.”
Fintech heavyweights like Jack Dorsey’s Block and payments giant Stripe are joining a new compliance coalition for fintechs, in an effort to avoid the missteps of recent........© Forbes