The recent bankruptcy of Synapse, a fintech middleman, has unveiled a significant shortfall of $85 million between the deposits owed to customers and what partner banks are currently holding. This has led to more than 100,000 customers of various fintech firms being locked out of their savings accounts for nearly a month, marking one of
In December of 2023, Apollo Asset Management Co-President Scott Kleinman made a bold statement by going against the market consensus of predicting rate cuts. While many were expecting multiple rate cuts in 2024, Kleinman took a contrarian view and bet against it. Surprisingly, his prediction has been proven right so far, as rates have remained
GameStop, the popular video game retailer, recently reported its fiscal first-quarter results, and the numbers were not encouraging. The company’s net sales for the period were $881.8 million, representing a significant 29% decline from the previous year. This decline was even more severe than what analysts had predicted, with estimates ranging from $900 million to
The United States experienced a significant increase in millionaires last year, outpacing the rest of the world. According to a report from Capgemini, the U.S. added 600,000 new millionaires in 2023, bringing the total millionaire population to 7.5 million people. These millionaires amassed fortunes totaling $26.1 trillion, representing a 7% increase from the previous year.
Chinese electric car company Nio, founded almost a decade ago, is set to make a big leap into the Middle East market this year. The CEO, William Li, announced on an earnings call that the company will be introducing its lowest-cost brand, Firefly, in the first half of the coming year. Nio, which has recently
Many Americans believe that real estate is one of the best long-term investment options available to them. In fact, a recent survey conducted by Gallup revealed that about 36% of surveyed Americans ranked real estate as their top choice for long-term investments. This percentage was higher than those who cited stocks, mutual funds, gold, or
Rivian Automotive, a pioneer in the electric vehicle space, has recently unveiled its redesigned R1 pickup and SUV models for the 2025 model year. The company has partnered with Nvidia to integrate cutting-edge computing power into its vehicles, offering significant improvements in range, performance, and overall capabilities. While the exterior design of the new models
Joel Anderson, the CEO of Five Below, highlighted the struggles faced by lower-income consumers due to inflation. He mentioned that the lower-end customer segment is underperforming and feeling stretched financially. This indicates that despite signs of easing inflation, the effects are still significant for the average consumer. Five Below issued soft revenue guidance for the
When it comes to maximizing tax-free retirement savings, mega backdoor Roth conversions are a powerful tool that can be utilized by certain investors. This strategy involves after-tax 401(k) contributions that are shifted to Roth accounts, allowing individuals to bypass the IRS income limits for direct Roth IRA contributions. Unlike regular backdoor Roth conversions, mega backdoor
Latest reports suggest that the PGA Tour and Saudi-backed LIV Golf are actively engaged in discussions to merge their forces. The talks have been described as “extremely active” and involve key figures such as professional golfers Rory McIlroy and Tiger Woods, along with the Fenway Sports Group Founder John Henry. Both entities have been meeting