Kris Jenner.
REBECCA MILLER FOR FORBESFrom LeBron James to Kevin Durant, Forbes compiled a list of the highest-paid NBA players of 2022. Ark Invest CEO Cathie Wood remains bullish on disruptive innovation stocks and foresees sustained deflationary trends into next year. Sandy Hook conspiracy theorist Alex Jones likely doesn’t have $1 billion to pay damages to families of the shooting victims, meaning his assets could be on the line.
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In The News Today
- The Social Security Administration announced an 8.7% cost-of-living adjustment for 2023—the largest increase since 1981, which affects 70 million Americans. The bump is based on the year-over-year third quarter increase in the Consumer Price Index for Urban Wage Earners, and means the average retired worker will receive $1,827 a month next year, up $146 from $1,681 this year.
- Consumer prices jumped 8.2% in the 12 months ending in September, slowing down for a third month but still climbing more than expected in a “nightmare scenario” for the Federal Reserve. The spike signals the stubbornness of record high inflation, demonstrating how it’s “far harder” to bring down for services than it is for energy.
Top Take-Aways
NBA players are making more than ever on and off the court, and basketball’s booming business means their pay should continue rising. Forbes determined the ten highest-paid players in the league, led by LeBron James, who in June became the first active athlete we certified as a billionaire. Cumulatively, the cohort is set to collect $751 million before taxes and agents’ fees, up 5% from last year’s record total of $714 million.
JPMorgan Chase reportedly severed ties with Kanye West and his apparel brand Yeezy Inc. as the rapper stands at the center of a flurry of recent controversies including his anti-semitic comments and social media tirades that prompted both Instagram and Twitter to lock his access to their platforms.
Bargain-hunting Americans are flocking to Europe as the dollar stays strong against the Euro after first reaching parity in July for the first time in 20 years. Travelers are splurging on shopping and dining, accumulating hundreds or thousands of dollars of savings in the process, even as inflation drives up hotel and flight prices—all serving as an economic boon for popular overseas destinations like the U.K., Italy and France.
Undeterred by the market selloff this year, Ark Invest founder and CEO Cathie Wood doubled down on disruptive innovation stocks for the likes of electric vehicles, artificial intelligence, gene sequencing and blockchain technology while predicting deflationary trends will continue into 2023 in her remarks at the Forbes/SHOOK Top Advisor Summit in Las Vegas.
India’s post-pandemic revival shot its economy to the fifth-largest in the world, surpassing the U.K. even as the nation’s stock market fell slightly from the year-ago period, led by a 10% hit to the rupee. Nevertheless, India’s 100 richest grew their combined wealth by $25 billion to $800 billion. Here’s how Forbes determined the nation’s highest rollers.
In the pending sale of the Phoenix Suns by controlling partner Robert Sarver, who the NBA suspended and fined after determining he used racist language, some minority investors stand to make out better from the transaction than others. Namely: Dyal HomeCourt Partners, which has an ace up its sleeve because it’s the only one with tag-along rights that allow it to sell its interest simultaneously with Sarver.
Today's Must-Read
How Kris Jenner Made The Kardashians Famous, Rich And Insanely Influential
At age 51, she landed her family a reality TV show that would change everything. Fifteen years later, the “momager” still gets a cut of her kids’ 15 businesses and, more recently, is striking out on her own.
In Case You Missed It
The assets of far-right radio host Alex Jones, including five homes in Texas that Forbes estimates are collectively worth $7.5 million, could be on the line after a jury ordered the operator of conspiracy theory-riddled website InfoWars to pay $965 million to families of victims of the 2012 Sandy Hook massacre after a years-long misinformation campaign about the elementary school shooting. It’s very unlikely Jones has even close to the sum he’s supposed to cough up.
Tips You Can Trust
- Los Angeles is reeling after an audio recording leaked in which City Council president Nury Martinez made multiple racist remarks. She resigned, but two other council members allegedly involved in the conversation are holding onto their seats, sparking protests. These are lessons leaders and organizations can learn from the crisis about taking accountability for offensive statements.
- The Federal Reserve’s strict economic tightening policy aimed at taming inflation could spell trouble in the job market at large, but a weakening labor market is particularly harmful for people of color, who disproportionately rely solely on wages from work versus income from capital like dividends and interest. Here’s why a strong labor market is especially critical for workers of color.
Must-Watch Video
Delta Plans To Inject Up To $200 Million Into Electric Air Taxi Joby
Delta Air Lines is partnering with California-based Joby Aviation in pursuit of offering zero-emission airport-to-city transfers in electric aircraft that will eliminate travelers’ stressful commutes to the airport. The service will initially debut in New York and Los Angeles in the coming years before expanding to other destinations as part of a five-year exclusive collaboration with the startup in the U.S. and U.K.
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