265 New Billionaires this Year... So Far

THE PROFITS💸

• 265 New Billionaires this Year… So Far

• All Eyes on the GDP

• A Supreme Acquisition

Read Time: 3 mins

THE BIG PROFITS💸
265 New Billionaires for 2024 and We are Only in July
150 billionaires in 2023 and 265 billionaires in 2024. Whats next?

All Eyes on the GDP
What our economy looks like right now

A Supreme Acquisition
EssilorLuxottica Makes Their Move into Apparel

More Billionaires

265 New Billionaires for 2024 and We are Only In July

Newly minted billionaires include Andrea Pignataro, who tops the list with a $27.5 billion fortune from founding ION Group and owning luxury property Canouan Estate. Sofia Högberg Schörling and Märta Schörling Andreen, daughters of Swedish tycoon Melker Schörling, each hold $5.6 billion and are among the 46 new female billionaires this year. Taylor Swift has become the first musician to reach billionaire status solely through her music and performances, with a $1.1 billion fortune from her Eras Tour, music catalog, and real estate. At 19, Livia Voigt is the youngest billionaire, having inherited $1.1 billion from the Brazilian turbine manufacturer WEG. Meanwhile, Magic Johnson and Christian Louboutin each have $1.2 billion from their respective investments and brands, and Shunsaku Sagami, at 33, is the youngest self-made billionaire, thanks to his M&A Research Institute.

GDP in Q2

All Eyes on the GDP for Q2

Economic growth is expected to have remained stable through the second quarter, with GDP projected to have increased at an annualized rate of 1.9%.

This growth would be an improvement over the first quarter but still less robust than the latter half of last year, according to economists.

The Federal Reserve's high benchmark lending rate has contributed to a slowdown in economic activity and a reduction in inflation, with future rate cuts anticipated if inflation trends toward the Fed's 2% target.

Key contributors to the second quarter's growth include increased inventory levels and rising durable goods orders, though consumer spending remains the most significant driver.

Despite challenges like inflation and high borrowing costs, consumer spending has remained strong, supported by high household wealth, rising disposable income, and low unemployment, potentially paving the way for improved growth and manageable inflation in 2025.

GDP: Gross Domestic Product and Q2 is Quarter 2. We are on a good pace for more economic growth.

New Acquisitions

A Supreme Acquisition

Supreme has been sold to the eyewear company EssilorLuxottica for $1.5 billion, a significant drop from the $2.1 billion VF Corp. paid for it in 2020. EssilorLuxottica aims to integrate Supreme into its portfolio to enhance innovation and reach new audiences, marking its first acquisition of an apparel brand.

Supreme, founded in 1994, has a strong following among skateboarders and younger generations. The Carlyle Group previously acquired a 50% stake in the brand in 2007. Following the sale announcement, VF Corp.’s shares rose nearly 7%, as the company noted limited synergies between Supreme and its other brands.

Analyst Neil Saunders commented that VF Corp. may have overpaid for Supreme and struggled with its development, while EssilorLuxottica’s strong distribution and brand management capabilities could offer potential benefits. The brand's widespread presence and declining resale value on platforms like StockX have impacted its popularity.

EssilorLuxottica buys the Supreme Brand for $1.5 billion to bridge the gap into apparel.

Global Tech Outage Poll

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THE DAILY ADVANTAGE

Seismic Starbucks Shift: Starbucks has shifted from being a cozy, sit-down "third place" to primarily a takeout and drive-thru business due to the rise of mobile ordering, customer demand for convenience, and the impact of the Covid-19 pandemic. This transformation has improved efficiency but diminished the unique, welcoming atmosphere that originally defined the brand.

Tech Slips Up World Wide: CrowdStrike caused a massive global tech outage due to flawed code in a software update, disrupting businesses and costing significant revenue. While the company is working to resolve the issue, it faces potential legal and reputational challenges, with the total cost of damages possibly exceeding $1 billion.