Blog: Business news you might have missed


elon muskFrom billionaires, to American Pharoah’s worth and Elon Musk’s dependence on government subsidies, here are some of the most interesting business news stories you may have missed this week.

Billionaires report

UBS released a new report about billionaires with some interesting insights. Here are some highlights:

  • Second Guilded Age

We’re living in a period when great wealth has accumulated in the hands of a few. Most billionaires made their money over the past two decades. Americans led the way through technology and financial innovation.

  • Degrees still matter

Despite the myth, most self-made billionaires — 82 percent, in fact — graduated from college.

  • Three key personality traits

Billionaires appear to share three personality traits in common: smart risk taking, business focus and determination.

  • Philanthropic wave

As with the first Guilded Age, UBS expects to see a wave of philanthropy as billionaires age and start thinking about their legacies. This has already started in the United States with Bill Gates and his pledge to give away 50 percent of his wealth in his lifetime. UBS expects philanthropy will grow in other countries as well, although it will be adapted to each region’s needs and customs.

Look at a detailed infographic of the report on UBS’s website.

Why American Pharoah, the first Triple Crown winner in 37 years, is worth $50 million

From Forbes comes a financial look at the first Triple Crown winner since 1978, American Pharoah and why he’s worth so much money. Here’s a hint: it’s all about the breeding.

Forbes explains how the value of horses in calculated: the stallion’s stud fee multiplied by 300 or 400, depending how many mares he is “booked” with. Some experts says American Pharoah could command a fee of $100,000, putting his value in the $48 million range.

If you want to know more, check out the article at

Elon Musk responds to L.A. Times story about subsidies

In case you missed it, here’s interesting interview from earlier this week that ran on CNBC. Tesla CEO Elon Muck responded to the May 30 L.A. Times story that was critical of the government subsidies Musk’s companies, including Solar City and Tesla receive.

It also provided a brief account of Nevada’s negotiations with Tesla for the gigafactory.

Musk wouldn’t give an interview to the Times, but told CNBC, “I thought the article was actually incredibly misleading and deceptive to the reader. It provides no context whatsoever for and of the incentives that my companies been awarded.”

You can read the transcript of the interview on CNBC’s website or watch it here:


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