Schadenfraud Anyone? Forbes Unveils its Latest Top 400; Can’t Stop Netflix; Venmo’s the New Way to Go. At Least According to Paypal

That’s a whole lotta money…

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Forbes has unveiled its latest list. This time it’s the top 400 richest Americans for 2017 and there are very few surprises in store. Bill Gates and his $89 billion net worth takes the top spot, followed by Amazon’s Jeff Bezos and everyone’s favorite Omaha Oracle, Warren Buffett.  Facebook’s Mark Zuckerberg sits pretty in fourth place. The first time we finally see a woman on the list is at spot number 13 and it’s occupied by Alice Walton of the illustrious Walmart clan. There are 22 newbies on the list and some of them are even self-made billionaires, including Netflix CEO Reed Hastings who comes in at number 359. He had a good year and his company had a great quarter. But we’ll get to that one in a bit. Former Uber CEO Travis Kalanick comes in at number 115, despite being out of his CEO job, while beloved Star Wars creator George Lucas gets spot 118. As for President Trump, he did make the list, coming in at a less than impressive (for him) ranking of 248.  He shares the spot with 15 other people including Snapchat founder Evan Spiegel. Their fortunes are valued at $3.1 billion, a figure the President will probably dispute. It’s a steep drop for the President, whose 2016 ranking had him at the 156th spot. But I guess that’s what happens when your portfolio loses $600 million. I wonder who he’s going to blame for that one?

Wall Street ❤️ Netflix…

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The best way to bring Wall Street to its finicky knees is to crush its expectations. And Netflix did just that. First, the video streaming company laughed in the face of analysts’ projections for subscriber growth. For Netflix that was a 5.3 million increase, far from the modest forecast of 4.5 million new subscribers. A large percentage of those new subscribers came from outside the U.S. Netflix now boasts 109 million subscribers and I’m guessing you must be one of them, right? As for the next quarter, the company expects to add 6.3 million subscribers. Revenue for the company was $2.99 billion, again beating projections of $2.97 billion.  However, at first glance, Netflix’s profit was not so impressive. But that’s only because the company is throwing down serious cash for producing its own shows. And if you’ve ever seen “Orange is the New Black” or “House of Cards” then you’d probably agree that it’s money well spent.  So what does this all mean for you, the Netflix connoisseur/viewer, who obsessively waits for new seasons of your beloved shows to be unleashed? Well, you can probably expect an increase in your subscription plans but hey, that’s the price you gotta pay if you want to keep watching new seasons of “Stranger Things,” right?

Going half-sies…

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If you haven’t signed up for Venmo yet, now might be a good time to start. The company just announced that users can now use the app to make mobile online purchases from over 2 million retailers including Forever 21 and Foot Locker.  But what’s so darn cute about Venmo is a feature that gives you the option to split a purchase with a friend. Or even an acquaintance, I suppose. Which is so great when you go out for lunch and can’t be bothered to do the math at the table or when you just want to pay the rent down the middle. And, you can even share status updates about the purchase. How nifty. Especially if you’re a millennial. Did I mention that Paypal is Venmo’s parent company? Well, it is. And pretty much anywhere you’re able to use PayPal, you can now use Venmo there as well. Just think of all the Lululemon merchandise you can purchase with all your besties.

 

 

 

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​Big City Woos: It’s All About Amazon’s HQ2; Weinstein’s Ship Might Be Sinking But You Won’t Believe Who Might Come to its Rescue; Nords​trom’s Holding Out for a Santa Save

Pick me! Pick me!

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As a Thursday deadline looms, a heated race is on for cities across the United States (okay, and Canada too) as they toss away all their dignity in desperate attempts to woo Amazon and its latest project. The e-commerce giant announced about a month ago that it wants to set up a second headquarters, dubbed HQ2 and now there’s a mad dash from Atlanta to Grand Rapids and beyond to claim that glory, not to mention the $5 billion investment that comes with it. The fact that a project of this magnitude would also create around 50,000 jobs is the icing on this proverbial fiscal cake. Of course, Amazon’s got its own formula for picking the winning city and it’s got very little to do with Tucson delivering a 70 ft. saguaro cactus to Amazon’s Seattle door or Birmingham erecting giant replicas of Amazon boxes and strategically placing them around the city. For Amazon, it will probably boil down to which city will offer up the best tax incentives and breaks from local and state governments. In fact, the company has earned quite the reputation for being able to secure those tax breaks, whether through the promise of job creation or other financial packages that would have any major city’s mouth watering. Besides financial incentives for Amazon, any city that legitimately stands a snowball’s chance is also going to have to be in close proximity to a major airport,  possess the infrastructure to support the project, have easy access to mass transit and a population that boasts at least a million people to readily fill tens of thousands of jobs. That right there puts the kibosh on a bunch of contenders. But you know which cities analysts are expecting to see on the short list? Atlanta, Denver and Pittsburgh. As for Tucson and its aforementioned cactus, well you can visit the rejected botanical specimen at the Desert Museum.

It’s all a matter of perspective…or is it?

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The Weinstein Co. may be getting a much-needed cash-infusion to stay afloat in the wake of co-founder Harvey Weinstein’s ever-growing sexual harassment scandal. The cash-infusion could come from a private equity firm called Colony Capital, headed by an individual named Tom Barrack. If the name Tom Barrack rings a bell that’s because he served as chairman of President Trump’s Private Inaugural Committee and his name is being been bandied about as a pick for the White House Chief of Staff.  That’s right! Harvey Weinstein, an ardent Hillary Clinton supporter and staunch Democratic donor is probably getting a bailout from a Trump ally. But for Barrack, it’s all in a days work since he has a habit of picking up distressed companies in the entertainment realm, making all sorts of deals for the assets still in its clutches and making a mean mint in the process. Perhaps you can take comfort in the fact that there’s a good chance that this bailout will actually mean the Weinstein name disappears from the company, along with some of its honchos, because apparently, they knew about Harvey Weinstein’s sickening behavior for a long time. A sale could also mean that the Weinstein company, sans the name which is now synonymous with lechery, harassment, and abuse, could be restored to its former glory as a powerhouse of independent film and television production.

Let it snow let it snow let it snow…

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We may still have Halloween ahead of us but Nordstrom is already gearing up for Christmas. The retailer, which has seen its share of loss in the last few quarters – along with every other retailer in the U.S. – previously had plans for the founding namesake family to take the company private. There’s talk that the family, who controls a third of the shares, was trying to team up with private equity firm Leonard Green Partners to achieve this goal. However, now those plans are on hold to until after the holiday shopping season because rumor has it, the Nordstroms have been experiencing some issues borrowing cash at a respectable rate, whatever that means. Interestingly enough, while the company isn’t faring as well in terms of same-store sales, its e-commerce is alive, well and thriving quite nicely.  Still, Wall Street didn’t much care for the news and sent shares plummeting over 6%  Those shares, by the way, are over 30% lower than its 52-week high of $62.82.