Daily Dozen | Forbes: Musk’s Lost $100 Billion; Super App Outage; Increased Executive Stress

Dan Snyder might be at risk of being ousted from the NFL; Bobbi Brown is becoming a TikTok star thanks to Jones Road Beauty; Caesars Entertainment wants to bring a casino resort to Times Square.

Washington Commanders owner Dan Snyder might be at risk of being ousted from the league by his fellow NFL owners. Makeup mogul Bobbi Brown is becoming a TikTok star thanks to her new brand, Jones Road Beauty. Finally, Caesars Entertainment is pushing to bring a full-fledged casino resort to Times Square.

Sign up here to get the Forbes Daily Dozen morning newsletter straight to your inbox.

In The News Today

Top Take-Aways

Many employees experienced increased burnout and mental health concerns throughout the pandemic, and now as economic pressures mount, higher-ups are feeling a similar squeeze. Overall work satisfaction is down 15% for executives, who also indicated a 20% decrease in work-life balance and 40% uptick in work-related stress and anxiety in a new survey. That stress can have an impact on the people who work for them, effectively fueling managerial behaviors that detract from team goals.

Tesla CEO Elon Musk last November became the first person in history to accumulate a $300 billion fortune, hitting $320.3 billion at its peak. Since, however, the soon-to-be Twitter owner has lost more than $100 billion, primarily due to a sharp drop in the price of Tesla stock. He’s still the richest person in the world, but the tumble mixed with recession fears has investors spooked.

An SEC-led NFL probe into the Washington Commanders’ alleged toxic workplace and financial fraud is the latest controversy for the team, owned by Dan Snyder, who is losing comrades fast in the world of fellow NFL owners. Rules exist that would actually allow ownership of 24 of the 32 teams in the league to band together and jettison Snyder, and further motivation to do so might come if brands start to feel pressure in their wallets from the public.

An outage for South Korea’s most popular app Kakao, which is used for everything from making payments, ordering groceries, hailing taxis and sending messages, illustrates the potential risks of so-called “super apps,” which Elon Musk has alluded to wanting to recreate in the U.S. with a new platform he dubs “X”. Kakao’s co-CEO Whon Namkoong resigned after facing questions about the lack of failsafes against such a blackout.

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

Blackjack may soon round out the list of activities available in Times Square as Caesars Entertainment unveiled plans to develop a massive casino resort on Broadway in one of the most bustling pockets of Manhattan. The proposed venture is for 1515 Broadway, once home to MTV’s famous Times Square studios, which currently houses a 54-story office building.

Today’s Must-Read

Fire Sale! China’s “Warren Buffett” Races To Sell Assets

The debt crisis that roiled China’s real estate market has spread to one of the country’s largest conglomerates. Fosun, owner of an English Premier league soccer team, Portugal’s largest bank and Club Med, can no longer raise capital so it must sell off assets before it defaults on its short-term debt.

In Case You Missed It

Finally free from a corporate owner and a two-decade non-compete clause, makeup mogul Bobbi Brown is reveling in the ability to speak directly with her most ardent fans via TikTok, where she’s become a “65-year-old TikTok sensation” crafting some videos that garner millions of views. “I don’t hire focus groups,” Brown says. “I have the internet.”

Tips You Can Trust

Must-Watch Video

The Youngest Billionaires In America 2022

Ten billionaires under age 40 landed on this year’s 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 high inflation and recession fears roiled industries from tech to used car sales, while in 2021 their fortunes surged due to pandemic-fueled momentum in the markets. Of note, cryptocurrency’s plummeting values wiped tens of billions of dollars of wealth from youthful crypto billionaires including Coinbase co-founders Brian Armstrong and Fred Ehrsam.

A Forbes subscription illuminates, informs and inspires. Join today to gain unlimited access to all our journalism and a front-row seat at exclusive subscriber-only events.

Leave a Reply

Your email address will not be published. Required fields are marked *