Daily Dozen | Forbes: Musk Lost $100 Billion; Super app crash; Increased executive stress

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Washington Commanders owner Dan Snyder could be at risk ousted of the league by fellow NFL owners. Makeup mogul Bobbi Brown is become a tiktok star thanks to its new brand, Jones Road Beauty. Finally, Caesars Entertainment strives to bring true seaside resort in Times Square.

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In the news today

  • Former finance minister Rishi Sunak is favorite to become the UK’s next Prime Minister, which would make him the third person to hold the post this year after Liz Truss’ brief term ended last week. At 42, Sunak would also be the youngest prime minister in over 200 years and the country’s first South Asian leader.
  • Luxury fashion house Balenciaga has severed ties with Kanye Westbecoming the first company to do so after the rapper and designer made a series of controversial and anti-Semitic remarks in recent weeks. West and Balenciaga collaborated on his short-lived Yeezy line with retailer Gap, which ended its partnership with West last month after the billionaire accused the store of breaching its contract with him.

Best takeaways

Many employees have experienced an increase in burnout and mental health issues throughout the pandemic, and now that economic pressures are mounting, senior ranks are feeling similar pressure. Overall job satisfaction is down 15% for executives, who also reported a 20% decrease in work-life balance and a 40% increase in work-related stress and anxiety in a new survey. This stress can impact the people who work for them, effectively fueling managerial behaviors that undermine team goals.

Tesla CEO Elon Musk last November became the first person in history to amass a $300 billion fortune, reaching $320.3 billion at his peak. Since, however, the future owner of Twitter lost over $100 billion, mainly due to a sharp drop in Tesla’s stock price. He is still the richest person in the world, but the fall has been mixed with fears of recession are investors afraid.

An SEC-led NFL investigation into Washington commanders’ alleged toxic workplace and financial fraud is the latest controversy for the team, owned by Dan Snyder, who is quickly losing comrades in the world of other NFL owners. There are rules that would actually allow the ownership of 24 of the league’s 32 teams to regroup and dump Snyderand additional motivation to do so could come if brands begin to feel pressure in their portfolio from the public.

An outage for South Korea’s most popular app, Kakao, which is used to make payments, order groceries, hail taxis and send messages, illustrates the potential risks of so-called “super apps”, which Elon Musk has hinted at wanting to recreate in the United States with a new platform he dubs “X”. Kakao co-CEO Whon Namkoong resigned after being questioned about the lack of security against such a blackout.

Republican Ted Budd, who voted against certifying President Biden’s election, takes on Democrat Cheri Beasley in a North Carolina contest that could help determine which party controls the US Senate. Billionaires line up to support Budd, even though some of them barely know his name.

Blackjack may soon top the list of activities available in Times Square as Caesars Entertainment has revealed plans to develop a huge casino on Broadway in one of Manhattan’s liveliest pockets. The proposed company is for 1515 Broadway, once home to MTV’s famous Times Square studios, now home to a 54-story office building.

Must read today

Fiery sale! China’s ‘Warren Buffett’ rushes to sell assets

The debt crisis that has rocked China’s property market has spilled over to one of the country’s largest conglomerates. Fosun, owner of an English Premier League soccer team, Portugal’s biggest bank and Club Med, can no longer raise capital and must therefore sell assets before defaulting on its short-term debt.

In case you missed it

Finally freed from a business owner and a two-decade non-compete clause, makeup mogul Bobbi Brown is revel in the ability to speak directly with her most ardent fans via TikTok, where she has become a “65-year-old TikTok sensation” create videos that garner millions of views. “I don’t run focus groups,” Brown says. “I have the Internet.”

Advice you can trust

  • About half of new leaders fail within their first 18 months, according to several studies by McKinsey & Company. British Prime Minister Liz Truss was no different, stepping down last week after serving 44 days in office. In a combination of ppotential factors ranging from poor role fit to inability to quickly adjust to mistakes, here is What went wrong and ultimately made Truss the shortest prime minister in British history.
  • The Internal Revenue Service has announced that for 2023, 401(k) savings limits will increase by a record amount, alongside limiting contributions to a pre-tax IRA or Roth and other retirement plans to keep up with inflation that is at its highest level in 40 years. Here is What do you want to know to make informed decisions about your future contributions.

Must-see video

America’s Youngest Billionaires 2022

Ten billionaires under 40 landed this year Forbes 400 list of the richest Americans, a reduction from 15 in 2021. That’s because the wealth of many young billionaires took a nosedive in 2022 as fears of high inflation and recession rocked industries from technology to used car sales, while in 2021 their fortunes surged due to pandemic-fueled market momentum. It should be noted that the fall in cryptocurrency values ​​wiped out tens of billions of dollars of wealth from young crypto-billionaires, including Coinbase co-founders Brian Armstrong and Fred Ehrsam.

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