Meta founder Mark Zuckerberg surpassed Oracle founder Larry Ellison to become the third-wealthiest person in the world Monday, according to Forbes’ Real-Time Billionaire List, after the title had gone back-and-forth between the two tech billionaires on Friday.
Key facts
Zuckerberg’s net worth was up more than 4% to $217.7 billion after market close on Monday, while Ellison’s was down 0.3% to $209 billion.
The tech executives’ net worths mirrored their companies stock movements Monday, with Zuckerberg’s Meta closing at $630.20—about a 4% increase in share price—and Ellison’s Oracle closing down 0.3% at $165.78.
Zuckerberg and Ellison traded places between the third and fourth spots on Friday, Jan. 3, but Ellison ended the day on top.
Elon Musk remains the wealthiest person in the world with a net worth of $425.2 billion, followed by Amazon founder Jeff Bezos, whose net worth is $241 billion.
Key background
As recently as November, Ellison’s net worth was more than $228 billion and he was competing with Bezos for the title of the world’s second richest person, but his net worth took a tumble in early December. It was cut by $15 billion when Oracle’s stock paced its worst loss in nearly a year after releasing an earnings report showing it fell short of its estimates. Ellison owns roughly 40% of Oracle and serves as chairman, chief technology officer and cofounder. For his part, Zuckerberg owns about 13% of Meta’s stock and serves as the company’s chief executive and chairman. A number of technology executives saw their net worths increase after Donald Trump beat Kamala Harris in November’s election, with Ellison becoming $12 billion richer in the weeks after Election Day and Bezos’ net worth spiking $7 billion. Musk, who has become a key adviser to Trump, saw the largest swell of his net worth, which grew almost $21 billion in the day after the election.
Surprising fact
Ellison and Zuckerberg’s net worths are both rounded out by impressive real estate portfolios. Business Insider reported last April that Zuckerberg has purchased more than 10 properties—including hundreds of acres in Hawaii and homes in Silicon Valley and Lake Tahoe—while Ellison has more than two dozen property investments, including nearly all of a Hawaiian island, a resort and multiple homes in California.
Tangent
Meta announced a new addition to its board of directors on Monday: UFC president and CEO Dana White. Zuckerberg announced White’s addition, along with the addition of Exor CEO John Elkann and former Microsoft team lead Charlie Songhurst, on Facebook Monday, saying he believes there are “massive opportunities ahead in AI, wearables, and the future of social media, and our board will help us achieve our vision.”
In one year, Donald Trump has gone from a net worth of $2.5 billion and facing significant legal burdens, to becoming President-elect and returning to Forbes’ tally of America’s richest people, thanks to his majority stake in Truth Social’s parent company, which grew his net worth to $6.1 billion.
Timeline
January 2024
By early this year, Trump’s net worth stood around $2.5 billion, a figure Forbes determined in September 2023 for the annual Forbes 400 list of wealthiest Americans; that figure declined from his previous time in office, when his net worth reached $4 billion—although his net worth was less volatile before he gained ownership of a public company.
March 26, 2024
Trump’s net worth rose rapidly to $6.4 billion within a day of Truth Social’s parent company going public—jumping from $2.3 billion after his legal judgments weighed down his net worth between January and March. His net worth fell from $2.5 billion after his legal burdens weighed down his net worth between January and March. Shares—listed with the ticker DJT—popped after the reverse merger closed between the special purpose acquisition company Digital World Acquisition Corp and Trump Media & Technology Group (TMTG), which was approved after months of delays.
March 27, 2024
Within two days of being publicly traded, Trump touched a $7 billion net worth as excitement about the company continued.
April 16, 2024
Trump’s net worth, at $3.67 billion, reached one of the year’s lowest points on April 16, as TMTG share price hit bottom following a drop lasting several days, but the stock began rising by the month’s end, pushing Trump’s net worth to $7.6 billion on Apr. 30 as he expanded his stake.
May 09, 2024
For the second time in one year, Trump’s net worth doubled in value to more than $8.1 billion, the highest of all time, with his net worth remaining above $5 billion throughout the month and reaching $8 billion again on the 14th. Coincidentally, on the same day, a jury found Trump had abused Elle magazine writer E. Jean Carroll and granted her $5 million in damages. Days prior, adult film star Stormy Daniels testified in a hush money trial against Trump that he was later convicted in.
May 31, 2024
Trump’s net worth dropped about $300 million to $7.5 billion the day after a jury decided he was guilty of all 34 felony charges from falsifying business records in his criminal hush money trial that dates back to 2023.
July 15, 2024
An assassination attempt against Trump during a rally in Butler, Pennsylvania, on July 14 was followed by a surge in TMTG, boosting his net worth by more than $1 billion to $6.1 billion.
September 13, 2024
Trump announced he wouldn’t sell his shares in TMTG as a lockup period that prevented him from selling was nearing expiration. His net worth rose by about $200 million to $3.9 billion as he told reporters, “I’m not selling. No, I love it.” The rebound came days after his net worth dropped following his debate performance against Vice President Kamala Harris, and shares remained depressed throughout the month, reaching some of the lowest points of the year.
October 1, 2024
In a turn of fate for the 78-year-old billionaire, Trump’s months of holding TMTG placed him back on the 2024 Forbes 400 list, where he ranked 319th with a net worth of $4.3 billion after he was dropped from the list in 2021 for the first time in 25 years.
October 29, 2024
In the most significant spike of the year, Trump’s net worth peaked for the third time at $8 billion after several weeks of TMTG rallying as the betting odds of a Trump election victory grew.
November 6, 2024
Trump’s election victory sent his net worth to $6.2 billion the day after his win was called and his net worth remained consistently around $5.1 billion and higher throughout the month.
December 6, 2024
As Trump spent his first month as President-elect focused on the transition, his net worth grew to $6 billion by Dec. 9th and remained there or above—reaching $6.51 billion on Dec. 16th and slightly shifting on Dec. 20 as he transferred his entire stake to a trust.
What assets does Donald Trump own?
Trump’s portfolio of assets on Dec. 23 was worth $6.1 billion, making him the 530th richest person in the world. His wealth is largely tied to the value of TMTG. His 60% stake in the fluctuating stock makes him the largest shareholder, and it makes up more than half of his net worth. He also owns about $1.1 billion worth of skyscrapers, penthouses, buildings, homes, hotels and golf courses worldwide. Additionally, he owns a licensing business and sells various products, like Trump-themed NFTs, sneakers, Chinese-manufactured bibles, guitars, cologne and watches.
How much does Trump spend each year?
Trump spent some $130 million on average annually between 2010 and 2019, Forbes reported through accessing bank records divulged for the first time in December from Trump’s civil fraud trial. That near-decade also saw several significant purchases, such as the customized Boeing 757 that would become Trump Force One, major properties and redevelopments.
How much did Trump earn as president?
Trump made more money as the sitting president than any previous president, Forbes reported. His assortment of businesses brought in some $2.4 billion in revenue and some $550 million in income from 2017 to 2020.
Sehow much did Trump’s 2024 campaign raise?
The Trump campaign committee raised some $388 million from Jan. 2023 and to Oct. 2024, ending up with about $36 million cash remaining. Trump-affiliated PACs raised $1.1 billion. Forbes reported that Trump didn’t spend any of his own money on the campaign—in fact, several of his businesses, such as his airplane, were hired by the campaign as he stumped across America.
Tangent
New York Attorney General Letitia James said in December Trump won’t be let off the hook for the $454 million, plus interest, ordered in the February judgment in his civil fraud trial. The payment is the judgment leveled against Trump for intentionally approving financial documents that exaggerated the value of his assets to land better business opportunities. Separately, sentencing was postponed for Trump’s 34 felony convictions from his hush money trial after he became President-elect. Trump wants his conviction thrown out, while prosecutors want to postpone sentencing until after his presidential term. His other three ongoing lawsuits have also largely dissolved, including the federal indictment against Trump for trying to overturn the 2020 election, the federal case from charges alleging Trump stored classified documents in his Florida home, and the paused case dealing with criminal charges in Georgia from allegedly interfering with the 2020 election results.
How much does Trump owe?
Trump owes more than $1.5 billion in liabilities. He has loans on more than 10 properties, including a New York City office place where his $118 million is larger than the value of the property by a few million dollars. He also owes the more than $480 million, plus interest, from the New York civil fraud trial and the potential $92 million to Carroll from his two penalties. Trump posted bonds this year in his payments for Carroll, owing her $91.6 million for one penalty and $5.5 million for the other.
Key background
Truth Social’s reverse merger has proved to be one of his defining achievements: he’s the only U.S. politician to make such a significant amount of wealth from his political status and career, as Forbes reported in September. But the company isn’t all roses for Trump. TMTG is largely viewed as a “meme stock,” or a stock that doesn’t have value because of its products but is fueled by internet hype. It saw a net loss of $380 million in a year. In November, it reported a net loss of $19 million. And the share price clearly responds to Trump’s media and internet presence, and that can be seen as the volatile share price corresponding repeatedly throughout the year to match his positioning in the election. As Forbes reported in September, the company’s financial situation is “absurd.”
The global watch market sold 130,740 watches in November, generating a total sales value of $1.7 billion, according to a report published Thursday by EveryWatch.
Luxury watch market
The report revealed that 170,240 new watches worth $2.3 billion were added to the market in November. Auction sales surged by 91.3%, totaling $187 million, with 11,269 lots offered.
The total market size of the global watch market stood at 1.04 million watches, worth $14.1 billion.
EveryWatch noted that established players like Patek Philippe and Rolex continue to lead in November, but independent brands are increasingly capturing attention with unique designs and innovative craftsmanship.
It also highlighted that the sharp rise in auction sales reflects heightened interest in premium and rare models, signaling sustained market confidence.
The watch insights platform said that the influx of new watches and expanding buyer demographics point to a growing and diversifying base of watch enthusiasts.
The firm expects that the market’s adaptability to evolving collector preferences will play a pivotal role in shaping future growth.
Standout brands
The report revealed that independent brands saw auction sales surge by 342.9%, totaling $27.5 million. This includes highlights like the F.P. Journe Tourbillon Souverain, which sold for $8.36 million, the highest auction sale for November.
The second highest auction sale for November was the Rolex Daytona 16599SACO, which achieved a price of $6.28 million. The third place was the Urban Jürgensen 1563, which was auctioned for $4.21 million.
Patek Philippe, which has a total market value of $2.4 billion, saw robust auction activity climbing 65.2%, led by models like the Aquanaut 5167 and Nautilus 5980. Moreover, A. Lange & Söhne achieved a market value of $174 million, with auction sales growing by 115.2% to $5.4 million.
The UAE Minister of State for Foreign Trade, Thani bin Ahmed Al Zeyoudi, announced on Tuesday that the Gulf country will continue to expand its Comprehensive Economic Partnership Agreements (CEPAs) in 2025, according to state-run media agency WAM.
Trade agreements
The Foreign Trade Minister said that the agreements aim to strengthen rules-based international trade, drive sustainable development, boost investments, and enhance opportunities for trade in goods, services, and re-exports.
He explained that the UAE’s CEPA program is designed to expand the country’s commercial and investment partnerships globally, positioning it as a key gateway for non-oil goods and services as well as a global hub for business and investment.
Al Zeyoudi emphasized that the diversity of these agreements, coupled with the UAE’s ability to form valuable partnerships across five continents, significantly increases opportunities for various sectors and opens new markets.
He further noted that the agreements have already positively impacted the UAE’s foreign trade, particularly in non-oil trade, re-export services, logistics, clean and renewable energy, technology, financial services, green industries, advanced materials, agriculture, and sustainable food systems.
From the program’s launch in September 2021 through early December 2024, the UAE has signed 24 CEPAs with countries and international blocs, covering approximately 2.5 billion people, according to WAM.
UAE’s foreign trade
In August, official data revealed that the UAE’s non-oil trade surged by 11.2% in the first half of 2024, reaching an all-time high of $379.8 billion (AED 1.39 trillion). This marked the sixth consecutive half-year period of foreign trade growth.
Al Zeyoudi stated at the time that it is evident the CEPA program plays a central role in achieving these record results.
Non-oil exports increased by 25% year-on-year in the first six months, reaching $69.8 billion (AED 256.4 billion). The increase in exports was attributed to key sectors, including gold, silver, jewelry, oils, perfumes, aluminum, copper wires, and iron products.
The UAE is targeting $1.089 trillion (AED 4 trillion) in non-oil foreign trade by 2031.
Recent agreements
In October, the UAE and Vietnam signed agreements to bolster ties in trade, government development, education, economy, investment, scientific research, and logistics during Vietnamese Prime Minister Pham Minh Chinh’s visit to the Gulf country. These deals included a memorandum of understanding (MoU) on investment cooperation in innovation and financial centers between the UAE’s Ministry of Investment and Vietnam’s Ministry of Investment and Planning.
Earlier in October, the UAE and Jordan signed a CEPA to enhance bilateral trade and investment. The agreement, the first CEPA signed between the UAE and another Arab state, aims to accelerate growth in key industries, create job opportunities, and strengthen supply chains.
In September, the UAE and New Zealand signed a CEPA to create new economic opportunities for exporters and reinforce supply chains. The deal will eliminate duties on 98.5% of New Zealand’s exports, with that proportion expected to rise to 99% within three years.
China’s gross domestic product (GDP) is expected to pass $18.08 trillion (RMB 130 trillion) in 2024, Chinese President Xi Jinping said on Tuesday during his New Year message for 2025, according to state news agency Xinhua.
President’s statement
The President said that the Chinese economy has rebounded and is on an upward trajectory, adding that the grain output has surpassed 700 million tons.
Xi added that the country has proactively responded to the impacts of the changing environment at home and abroad and has adopted a full range of policies to make solid gains in pursuing high-quality development in the past year.
The Chinese President also said that China has fostered new quality productive forces and that new business sectors, forms, and models have kept emerging. He noted that for the first time, China has produced more than 10 million new energy vehicles in a year, and breakthroughs have been made in fields including integrated circuits, artificial intelligence (AI), and quantum communications.
The President also highlighted government measures introduced to improve people’s livelihoods, including raising the basic pension, lowering mortgage rates, and expanding a scheme for cross-province direct settlement of medical bills.
“We should work together to steadily improve social undertakings and governance, build a harmonious and inclusive atmosphere, and settle real issues, big or small, for our people. We must bring more smiles to our people and greater warmth to their hearts,” stated Xi.
Xi also said that in 2025, the country will implement more proactive and effective policies, prioritize high-quality development, promote greater self-reliance and strength in science and technology, and maintain sound momentum in economic and social development.
Chinese economy
Last week, the World Bank raised its forecast for China’s economic growth marginally by 0.1 percentage points to 4.9% for 2024, citing the country’s recent policy easing and near-term export strength.
China’s real GDP growth for 2025 is expected at 4.5%, higher than the multilateral lending agency’s earlier forecast of 4.1%.
The World Bank said that despite multiple challenges, China’s economic growth has remained robust at 4.8% in the first three quarters of the year. However, it highlighted that growth has moderated since the second quarter of 2024, weighed down by subdued domestic demand and a prolonged downturn in the property sector.
The World Banks also said that the Chinese government has provided policy stimulus aimed at balancing short-term support for domestic demand with longer-term financial stability objectives.
Earlier in December, the world’s second-biggest economy said it is committed to raising its fiscal spending and government bond issuances in 2025 in a bid to revive its faltering economy by enhancing consumption and improving domestic demand.
In recent months, China introduced several stimulus measures to reignite economic growth, including assisting local governments with debt repayment and cutting key interest rates.
Football legend Lionel Messi’s real estate investment trust (REIT), Edificio Rostower Socimi, has debuted in Spain’s Portfolio Stock Exchange at $59.58 (EUR 57.4) per share, translating into a market capitalization of $232 million, Reuters reported Tuesday.
REIT details
The Argentinian player was named Chairman of the real estate trust, and Messi’s family investment vehicle, Limecu Espana 2010, is the only shareholder, the report showed. The report added that Messi’s wife, Antonella Roccuzzo, is the board’s vice president, while Alfonso Nebot, who runs Messi’s family office, is a member of the board.
Edificio Rostower Socimi owns seven hotels in Spain and Andorra, three office spaces, five apartments in Spain, and apartments in London and Paris. The company was founded in 2013 and posted a $1.76 million loss in 2023.
Most of the company’s investments are in the Spanish region of Catalonia, where the World Cup winner moved in 2000 to join FC Barcelona. Messi lived there until he left the club in 2021 to join France’s Paris St Germain, and he currently plays for Inter Miami. Messi has repeatedly said in the past that he plans to return to live in Barcelona with his family after retiring from football.
Portfolio stock exchange
Portfolio Stock Exchange’s Chief Executive, Santiago Navarro, told Reuters that the trust plans to open up to new investors. He said that the exchange, which launched in 2023 and supervised by the Bank of Spain, only allows trading when a company seeks to sell shares or increase its capital.
Navarro explained that the approach allows greater flexibility and control as well as lower costs compared to traditional initial public offerings, adding that any purchase request order must first be approved by shareholders.
The choice of the Portfolio exchange for Messi’s REIT listing is unusual, as it’s smaller and less well-known than the BME Growth index, which is popular among REITs in Spain, according to a Bloomberg report. Investors usually list REITs in order to meet legal requirements to benefit from the special tax regime in Spain, rather than to raise cash, the report added.
Spain’s government said in November that it plans to increase the corporate tax rate paid by REITs, but failed so far to garner support in parliament for its approval, according to Reuters.
The Malaysian government on Friday agreed to a plan to restart the search for the Malaysian Airlines MH370 flight, which mysteriously disappeared more than a decade ago and remains one of the biggest unresolved aviation disasters in history.
Key Facts
Malaysian Transport Minister Anthony Loke said the country’s cabinet had “agreed in principle” to a proposal made by American marine robotics and deep ocean exploration company, Ocean Infinity, to resume the search.
The final terms of the deal with Ocean Infinity will be finalized early in the new year and will be based on the “no find, no fee” proposal laid out by the firm earlier this year.
If a substantive wreckage of the MH370 is found, Ocean Infinity will receive a payout of $70 million.
Loke said Ocean Infinity’s search would focus on a new area “estimated at 15,000 square kilometers” in the southern Indian Ocean—widely believed to the area where the plane crashed.
The minister added that Ocean Infinity was confident about the proposed search area, and government officials determined the company had a credible lead “based on the research of many experts.”
Loke noted the Malaysian government’s “responsibility and obligation and commitment is to the next of kin,” of the passengers, and he hoped “the wreckage will be found and give closure to the families.”
What We Know About Ocean Infinity’s Proposal
In March this year—shortly before the 10th anniversary of MH370’s disappearance—Ocean Infinity submitted a proposal for a new underwater search for the missing plane. The Austin, Texas-based company’s CEO Oliver Plunkett told Malaysian outlet the New Straits Times that they had procured newer technology and more advanced robotics since its unsuccessful attempt to search for the plane in 2018 and was in a position to “return to the search.” Plunkett said Ocean Infinity has worked with several experts to analyze available data on the missing plane to help narrow the search area “down to one in which success becomes potentially achievable.”
Key Background
The disappearance of the MH370 remains one of the biggest aviation-related mysteries of the past few decades. The plane was scheduled to fly from Kuala Lumpur to Beijing, with 227 passengers and 12 crew members on board, but unexpectedly disappeared on March 8, 2014. The unexplained disappearance triggered a multinational search effort using planes, satellites, surface ships and underwater crafts. However, no definitive details about what happened to the plane and its final location were found, although experts believe it crashed in a remote part of the southern Indian Ocean. Although the crash site has never been located, small pieces of debris from the aircraft have washed up along the eastern coast of Africa and other islands in the Indian Ocean.
One of the nation’s biggest philanthropists, Scott doubles down on solving housing problems and indicates that big banks may lose a chunk of her business.
As he was grabbing his bags off the security screener at LaGuardia airport in October, Shaun Donovan picked up his phone, despite not recognizing the number. The person at the other end of the call told him that his affordable housing nonprofit, Enterprise Community Partners, had just gotten $65 million from billionaire philanthropist MacKenzie Scott. It was a huge surprise. Yes, it’d gotten a $50 million gift from her in 2020, also a surprise, but there had been no indication that the nonprofit was inline for another gift.
“One of the remarkable things about her philanthropy is that they don’t share insight into their process and criteria,” Donovan says. Enterprise hadn’t solicited additional funding from Scott, although it had sent her team annual reports in the three years following its initial grant. Says Donovan of the new funding: “We fundamentally believe it’s a vote of confidence in the work that we’ve done with the original $50 million, … and it’s a recognition that affordable housing has in many ways become the most important domestic policy issue.”
Enterprise Community Partners wasn’t the only group to get a second grant from Scott in 2024. Some of her other donations this year were repeats, a departure from her previous giving strategy. Other two-time recipients include the Corporation for Supportive Housing, which received a $40 million grant; the Local Initiatives Support Corporation, a nonprofit that also works on affordable housing, ($65 million); the Corporation for Supportive Housing ($40 million); the Nonprofit Finance Fund, which lends money and offers consulting, ($22 million); and Undue Medical Debt, which works to eliminate medical debt, received $30 million, following a $50 million grant in 2022.
Altogether, Scott gave $2 billion in total 2024 gifts to 199 organizations, she announced in her annual post on Wednesday, December 18 on her Yield Giving website. That brings her total lifetime giving, per Forbes estimates, to $19.3 billion.
Scott wrote that 75% of the gifts went to “non-profits that support economic security and opportunity of people who are struggling by improving access to affordable housing, jobs” education, healthcare, low-interest rate loans and more.
Scott also highlighted a new initiative in the works: She’s asked her team to help find for-profit solutions to some of the challenges she’s addressing, including affordable housing and women-focused digital health platforms. And Scott gave notice to big financial institutions that she may not be keeping all her wealth with them for the long term. “When I make gifts, rather than withdrawing funds from a bank account, or from a stock portfolio that increases the wealth and influence of leaders who already have it, I’d like to withdraw them from a portfolio of investments in mission-aligned ventures, with leaders from the populations they are serving, or from generally undercapitalized groups like women and people of color,” Scott wrote. By doing so, Scott continued in her essay, she would be helping address issues twice: first by advancing economic mobility of such groups, and then by granting funds to experienced nonprofit teams working to care for people and effect change.
Scott, one of the world’s most-watched philanthropists, is also among the five most generous living donors in the U.S. and one of just 10 members of the Forbes 400 list of richest Americanswho has given away more than 20% of their wealth. She is known for her rapid pace of giving: In the five years since she received a 4% stake in Amazon in her 2019 divorce from Jeff Bezos, she has already sold or gifted 255 million shares. Assuming she has transferred nearly all of those Amazon shares into giving vehicles, Scott is still worth an estimated $31.8 billion. If she’d held onto her entire stake she would be one of the 20 richest people in the world, worth nearly $87 billion.
Among the ultrawealthy, Scott’s giving approach is unique. She is known for no-strings-attached grants to local organizations that are usually unsolicited. One exception was the $640 million she awarded to 361 organizations in March as part of her Open Call challenge with nonprofit Lever for Change, which works to help shift billionaire giving from alma maters and medical centers to global grassroots organizations.
Scott’s philanthropy has primarily gone to organizations that work to resolve inequity—racial, economic, gender and otherwise.
Awards hopefuls like “The Color Purple” and “Napoleon” may have had their Oscarsprospects dashed by missing important Golden Globe nominations, the first major awards show of the season and typically a predictor of Oscars success.
Key facts
“The Color Purple,” a musical adaptation of the classic novel and stage production, earned acting nominations for Fantasia Barrino and Danielle Brooks, but was shut out everywhere else, including Best Motion Picture-Musical or Comedy and a supporting actress nod for Taraji P. Henson.
Oscars hopeful “The Holdovers” earned a Best Motion Picture-Musical or Comedy nomination and a few acting nods, but was not nominated in the director and screenplay categories—despite ranking first on the Variety and GoldDerby predictions for the Best Original Screenplay Oscar.
Despite being the most-nominated film this year, “Barbie” failed to land a supporting actress nod for America Ferrera, thought of by some awards predictors as a contender for an Oscar nomination.
One day after picking up a Los Angeles Film Critics award for supporting actress, Rachel McAdams missed a Globe nomination for her turn in “Are You There God? It’s Me, Margaret.”
“Napoleon” was completely shut out by the Globes, though its star Joaquin Phoenix landed a surprise nod for his other leading role this year in “Beau is Afraid.”
Other films hoping to kick-start their Oscar campaigns, like “Ferrari” and “The Iron Claw,” were also overlooked.
Big number
9. That’s how many nominations “Barbie” picked up at the Globes this year, including nods for Best Motion Picture-Musical or Comedy, screenplay and directing nominations for Greta Gerwig, and acting nominations for Margot Robbie and Ryan Gosling. “Barbie” is tied for the second most nominations of all time, just behind 1975 film “Nashville,” which earned 11 nods. “Oppenheimer” earned eight nominations, the second most this year, potentially paving the way for “Barbenheimer” dominance this awards season.
Contra
Some films performed better than expected, including the critically beloved “Past Lives,” which picked up five total nods. Celine Song earned a director nomination, defying the Variety and GoldDerby predictions, and the film landed other important nods for screenplay and actress (Greta Lee). Finnish film “Fallen Leaves” also had a strong showing, earning nominations for Best Picture, Non-English Language and Best Actress-Musical or Comedy for Alma Pöysti. Pöysti earned a nod over actresses in contention from better-known films, like Halle Bailey (“The Little Mermaid”), Julia Louis-Dreyfus (“You Hurt My Feelings”) and Abby Ryder Forston (“Are You There God? It’s Me, Margaret”).
Key background
The Golden Globes are looking to overcome years of controversy that forced the broadcast off the air in 2022. The awards body came under criticism in 2021 after the Los Angeles Times reported the Hollywood Foreign Press Association, the now-shuttered organization of journalists that oversaw the Globes, had no Black members and some members had engaged in questionable financial practices and threatened prospective members. NBC aired the Globes in 2023 on a one-year contract, and the upcoming ceremony is set to air on CBS. The Globes have since made efforts to increase the diversity of its voting body. In October, Variety reported the voting group had reached 300 members, 47% of whom are female and 60% of whom are racially and ethnically diverse.
Nissan Motor’s shares surged sharply on Wednesday morning after reports emerged that the company had initiated talks for a merger with fellow Japanese carmaker Honda, in a move that intended to help Nissan wade through an ongoing crisis and reportedly allow the Japanese companies to compete better against electric vehicle rivals from China and Tesla.
Key Facts
According to Nikkei Asia, which first reported the merger talks, the two automakers are discussing the possibility of operating under a single holding company that would allow them to pool their resources to take on emerging rivals.
The report said the size of each of the two automakers’ stakes in the new holding company and other financial details of the merger are yet to be decided.
The merged entity also plans to eventually bring Mitsubishi Motors—whose top shareholder is Nissan—on board, the report added.
In a Tokyo Stock Exchange filing, Nissan said it is considering “various ways of future collaboration” with Honda and Mitsubishi as part of a strategic partnership that was announced earlier this year, “including some matters reported in the press…but nothing has been finalized at this time.”
Honda also issued a similar statement in a regulatory filing, noting that the media reports are not based on any official announcements from the company.
How the market reacted to the Honda-Nissan merger reports?
The price of Nissan’s shares surged 23.70% to JPY 417.6 ($2.72) in Wednesday morning trading in Tokyo, prompting a pause in trading as it hit the upper limit for a single-day swing. Mitsubishi Motor Corp’s stock price surged 19.65% to JPY 487 ($3.17) after the news was reported. The shares of Honda Motors—the biggest of the three companies—went up initially, but eventually slipped to JPY 1,233 ($8.04), down nearly 4% from the previous day. The stock of Japan’s biggest automaker Toyota—which will continue to hold that crown even if this merger goes through—rose nearly 2% to JPY 2,725 ($17.76).
Big number
Around 4 million. That is the combined number of vehicles Honda, Nissan and Mitsubishi sold globally in the first half of 2024, according to Bloomberg. This is lower that the 5.2 million sold by Toyota—the world’s biggest car marker—in the same period.
Mike Federle
CEO
Mike Federle is the Chief Executive Officer of Forbes, one of the world’s most instantly recognizable brands and one of the largest media companies by audience. Under Mike’s direction, Forbes continues to expand its product portfolio and its reach. Forbes, which is synonymous with “success” in almost every country around the world, engages 150 million people across every platform every month – the most in its 104-year history. Since he was appointed to CEO in December 2017, Mike has successfully completed Forbes’ digital transformation efforts and led the company to four of its most successful years on record. He works closely with his management team and employees at all levels to set corporate strategy and nurture a #OneTeam culture that fosters innovation and allows the brand to quickly pivot in a rapidly changing marketplace. Today, Forbes delivers the most-diverse audiences of any business media brand – entrepreneurs, the C-suite (CMOs, CEOs, CFOs, CIOs), small-business owners and more – through a robust product portfolio that includes the industry-leading BrandVoice, Insights, ForbesWomen, LIVE and Forbes Virtual platforms, as well as highly recognizable global franchises, including Under 30, Over 50, Philanthropy, Forbes 400 and more. Under Mike’s direction, the company also has undertaken an aggressive and highly successful licensing strategy that includes 47 licensed local editions in 80 countries, as well as brand extensions in education, financial services and more. Forbes has also embarked on a strategic M&A strategy that extends the brand into new areas and is differentiated in the marketplace. The combination of Mike’s vision, execution and employee empowerment skills make him a widely respected thought leader on a range of subjects such as the intersection of tech and media, digital transformation/change management, corporate culture, and emerging technologies (AI, Blockchain, automation). In addition to serving as CEO, Mike serves as a Director on the Forbes Media, LLC Board of Directors. Mike previously served as the company’s President and Chief Operating Officer. Prior to joining Forbes in 2011, he was a Co-Founder, President and Chief Operating Officer of Techonomy Media Inc, a multimedia company based in New York, in which Forbes acquired an equity interest in July 2011. Techonomy was sold in 2018 to Clarim Holdings, a private holding company established by Jim McCann, founder of 1-800-Flowers. With 30+ years’ experience in the media business, he has successfully guided multiple companies through the constantly evolving industry. He has held top positions at Publisher of Fortune magazine, Group Publisher of the Time Inc. Business & Finance Network that included media properties such as Fortune, Money, Business2.0 and CNNMoney.
