Hello
It’s just sports: you can bet on anything those days, from the final results of the upcoming presidential election to the number of Elon Musk’s tweets in a given week.
Shayne Coplan, 26-year-old founder and CEO of Polymarket, introduced the blockchain-based betting site in the Covid-19 pandemic. This year, Polymarket has already surpassed $650 million in trading volume and expects to process $1 billion before the end. 2024.
The election markets on the website are by far the largest in terms of activity and reflect the latest public opinions. Still, prediction markets are in murky legal territory and American users place bets on the site.
Let’s get to the headlines
Shares of AI darling Nvidia fell on Tuesday and are now down 26% from their June high. No reason has caused the semiconductor chip designer to lose more than the equivalent of Tesla’s market capitalization in the span of six weeks, but it’s not unusual. a stock to fall after prolonged earnings generation.
Microsoft beat forecasts for bottom-line and bottom-line earnings in the second quarter, but a worse-than-expected expansion in its important artificial intelligence business sent shares up about 7% after the effects were announced. Profitable but simple, Microsoft gained momentum over the past two years as analysts declared the tech giant, which invested in OpenAI, to be the next winner of the artificial intelligence craze.
In the first part of 2024, the Prada organization saw its sales grow by up to 18%, generating $2. 76 billion in profits and exceeding analysts’ expectations despite an overall slowdown in the luxury market. The company’s exceptional functionality is evident in Japan, where sales increased by 55%, contributing to significant global growth.
Last year, franchised restaurants generated about $289 billion and hired more than 3 million people, according to a report, and Forbes analyzed the monetary figures of 4 of the fastest-growing fast-food franchises. Wingstop generated estimated net earnings consistent with those of the store. in 2023, at $310,600, while the self-service chain Scooter’s Coffee charges just 8% compared to the year in fees, less than many competitors.
Billionaires whose fortunes are tied to publicly traded crypto companies Coinbase Global and MicroStrategy Inc. They have sold a total value of around $850 million worth of shares over the past nine months, coinciding with a drop in the value of some cryptocurrencies. MicroStrategy CEO Michael Saylor has sold $362 million worth of shares in his company since the beginning of 2024, while filings show that Coinbase co-founders Brian Armstrong and Fred Ehrsam have sold $216 million, respectively. $270 million in Coinbase inventories between last November and the end of July.
Swiss virtual reality startup Loft Dynamics’ flight simulator is one-tenth the length and one-twentieth the load of the towering high-end models in use lately, and it just became the first virtual reality master in obtaining FAA approval. Loft founder and CEO Fabi Risen believes the company can boost education by making simulators more available and helping alleviate the pilot shortage airlines face.
Ross Fubini’s XYZ Venture Capital has raised $325 million through two new budgets and expanded its team by bringing in Camille Ricketts from Notion and Art Clarke from Apple. This expansion marks a vital step in the company’s strategy of a deep commitment to startups and its broader ambitions in the venture capital market.
OpenAI, maker of ChatGPT, on Tuesday released a preview edition of its voice assistant for some paid subscribers after delaying the initial launch following backlash over an earlier voice option that actress Scarlett Johansson called “eerily similar” to hers. OpenAI plans to roll out the feature to all GPT-Plus users in the fall, and it includes “Sky,” the voice that sounds like Johansson’s.
Simone Biles earned $7. 1 million in 2023, according to Forbes estimates, usually thanks to the endorsement of big brands such as Visa and Athleta, making her the sixteenth highest-paid female athlete and the only gymnast on the list. At the Olympics, Biles could earn thousands more just from the medals she wins.
The Israeli military on Tuesday claimed responsibility for an attack in the Lebanese capital Beirut, saying it targeted a Hezbollah commander guilty of an attack on the Israeli-controlled Golan Heights, amid fears of a wider regional conflict. The Israeli military said the attack targeted a commander “guilty of the murder of youths in Majdal Shams,” a town in the Golan Heights where Israel says Hezbollah killed at least 12 youths in a rocket attack over the weekend.
Ismail Haniyeh, Hamas’s most sensible political leader, was assassinated early Wednesday in Tehran, Iranian officials said, and Hamas accused Israel of wearing down the targeted killing. Israeli military officials declined to comment. Haniyeh is a key figure involved in the ongoing ceasefire and hostage-release talks with Israel, mediated by Qatar, Egypt and the United States, and his assassination will likely further delay any agreement.
Shares of JetBlue, the nation’s fifth-largest airline, posted their biggest daily percentage gain since February on Tuesday, surging as much as 20% in delayed morning trading. The airline reported better-than-expected quarterly revenue, even though it has suffered several setbacks in recent years, in addition to a federal ruling that blocked its plan to merge with another cheap carrier, Spirit Airlines, earlier this year.
German billionaire Christian Angermayer will launch the Enhanced Games, the 21st century Olympics on steroids, literally.
A year ago, when Angermayer’s friend Aron D’Souza, a businessman and lawyer who worked with Peter Thiel to bring down Gawker Media, said he was seeking to disrupt the Olympics by launching a primary sporting occasion for athletes to They dope with performance-enhancing substances. products. drugs (under the supervision of a doctor), Angermayer concept the brilliant concept.
Angermayer, 46, who is worth $1. 1 billion and invests through his family office, Malta-based Apeiron Investment Group, has invested about $2. 5 million in Enhanced Games. The organization, which will offer a millionaire prize to whoever breaks the world record in the 100-meter dash and the 50-meter freestyle in swimming, hopes to premiere its first festival in 2025 with five sports.
Many of Angermayer’s projects, animated by the spirit of the times, seem realistic at first glance. His sui generis investment portfolio ranges from crypto mining to psychedelic drugs, dinosaur fossils and brain implants.
“If I’m in fashion, I’m the one who sets the trend,” says Angermayer, who has a tattoo depicting the chemical arrangement of psilocybin on his forearm. “I see things very early. “
Still, Angermayer’s portfolio has been a bit mixed up lately. It claims that some investments have resulted in a 5x higher return, some of its publicly traded positions have been overtaken.
MORE “Christian Angermayer is the typical billionaire,” say Forbes senior reporter Brandon Kochkodin and editor-in-chief Will Yakowicz. “His eclectic interests range from biohacking and psychedelics to geopolitics, and he maintains a network that includes celebrities, business leaders, and heads of state. This positions him to set investment trends. His new adventure?The Enhanced Games, a new technique for the Olympics that allows athletes to take steroids and other performance-enhancing drugs.
MORE Why Blake Mycoskie, Founder of Toms Shoes, Is Devoting $100 Million to Psychedelic Research
Disney has averted what would have been the first strike in 40 years at its Anaheim, California, theme park after union staff ratified a three-year contract. The contract will come into force immediately:
$24: The hourly wage for 2024, as stipulated in the contract.
14,000: This is the number represented through Disney Workers Rising, a coalition of unions. Workers range from caretakers and ride operators to candy makers and balloon vendors.
73%: The percentage of Disneyland employees who said they don’t earn enough cash to cover basic expenses for the month.
It’s one of the most sensitive and sensitive issues leaders can face: when is the right time to step down?To ensure a smooth transition and avoid gridlock, organizations will need to focus on establishing succession plans and transparent timelines for leadership changes. Leaders deserve to practice self-reflection and seek recommendations from trusted executive coaches or advisors to know when the time is right.
After winning her eighth Olympic medal in the women’s team final at the Paris Games on Tuesday, an elite athlete has become the most decorated U. S. Olympic gymnast in history. Who?
A. Shannon Miller
B. Aly Raisman
C. Simone Biles
Mr. Suni Lee
Check your answer.
There has been a lot of action in recent years at the intersection of sports and business; stay up to date with the latest offers through our SportsMoney Playbook newsletter. You can register here.
Thank you for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff, with writing contributions from Tavon Thomasson.
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