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Book Review of ‘George Soros: The Life and Times of a Messianic Billionaire’

Book Review of ‘George Soros: The Life and Times of a Messianic Billionaire’

George Soros (Trades, Portfolio) needs no introduction. This man is complex, however. Even though I have read all of the books Soros has written himself, I was surprised to still learn quite a lot about this fascinating man in Michael T. Kaufman’s biography.

If you have read any of the books Soros wrote himself, you will be aware that Soros, who is Jewish, survived Nazi-occupied Hungary‎ in World War II thanks to the actions of his father and then went to study economics and philosophy at the London School of Economics after the war. Kaufman goes into great detail about Soros’ upbringing.

Survival

As soon as Soros’s father realized the situation, he declared to his family:

“All the normal rules are suspended. This is an emergency. If we remain law-abiding citizens and continue our current existence, we are going to perish.”

This of course was a correct call and almost certainly saved the family. Experiencing this extreme situation no doubt was a good preparation for a later career in leveraged trading, as

Stanley Druckenmiller (Trades, Portfolio) later pointed out. Various details of this wartime period are interesting just from a pure historical point of view. It is fair to say the difficult environment toughened up a young Soros given the risks he and his family were taking living under false identities. Later on, we learn from one of Soros’ sons that the guru was obsessed with the importance of survival.
Soros was indeed always a competitive person thanks to the rivalry with his older brother, and sports was an important part of this. Immediately after the war ended, a teenaged Soros was asked by his father to trade some jewelery and currency on the black market. We learn that this activity gave Soros an introduction to markets along with some street smarts.

After Soros ‎moved to London, he found it difficult to fit in. He was, for all intents and purposes, a loner. This gave him time to read the works of Adam Smith, Hobbes, Ricardo, Bergson and Machiavelli, as well as Karl Popper, whose ideas on Open Society were very influential on Soros. As Time magazine noted:

“It was from Popper that Soros gained his personal philosophy of reflexivity. It boils down to the sensible if not entirely original idea that people always act on the basis of imperfect knowledge of understanding; that while they may seek the truth – in the financial markets, law or everyday life – they will never quite reach it, because the very act of looking distorts the picture. He says he has used this theory “to turn the disparate elements of my existence into a coherent whole.”

Doers

Soros moved to Wall Street and for a few years was effectively an analyst, broker and fund manager all at the same time. Regulatory changes meant this was unsustainable, Soros took a young Jim Rogers and some clients and spanned out the fund he was managing within the brokerage house. While others disliked Rogers due to a perceived arrogance in the young analyst, Soros appreciated his work ethic. Indeed, we learn from the book that Soros always looked to work with what he called “Doers.”

Rogers and Soros shunned Wall Street. Their New York office was not in Manhattan, and they came up with their own trade ideas, with Rogers reading mountains of trade journals for intel. Rogers apparently thought the Street was always wrong and that he and Soros were always right. Soros thought that both the Street and they were at any time fallible. Soros’ attitude was to invest first and investigate later as he sought to jump into trends early. Since Soros wanted to grow, he wanted Rogers to train new analysts, but Rogers apparently did not want to, which led to tension and eventually their split.

Although the details of Soros’ early career and the relationship with Rogers was interesting, apart from the famous sterling trade against the Bank of England, which is described in great detail, there is not much meat on other great trades Soros has executed. Although, to be fair, the section on how Soros reacted to the 1987 crash was insightful. His background in ‎survival influenced his decision to take huge losses on the day of the crash, even getting out of positions at worse than market rates for the sole purpose of ensuring a proper derisking and survival to fight another day.

Human nature being what it is, prospect theory in behavioral psychology shows most people prefer to gamble with losses and collect winnings early. Doing this with the leverage Soros has going into the 1987 crash could have wiped out his firm. Instead, his focus was survival at any cost. That gave Soros Fund Management the dry powder to trade after the crash and recover losses to end the year higher. I am sure most people would assume Soros being such a guru would have made money in the crash, but it was not the case.

The world’s best fund manager and stateless statesman

Although Soros was known within the industry thanks to Institutional Investor calling him the world’s best fund manager and due to his book, “The Alchemy of Finance,” the geopolitical elites had constantly ignored Soros until the Bank of England trade and a London Times interview with Anatole Kaletsky helped propel his status in the geopolitical sphere, where Soros longed to be influential. Having long tried to keep a low profile as a fund manager, Soros decided to raise his profile in the media as he turned his attention increasingly to philanthropist activities and a role as a “stateless statesman.”

Soros was never a very good manager, but he recognized this and hired a fellow named Gary Gladstein to look after the operational side of Soros Fund Management, and it was Gladstein who described Soros’ skills as a fund manager and his ability to visualize the entire world’s money and credit flows:

“He has this macro vision of the entire world. He consumes all this information, digests it all, and from there he can come out with his opinion as to how this is all going to be sorted out. What the impact will be on the dollar or other currencies, the interest rate markets. He’ll look at charts, but most of the information he’s processing is verbal, not statistical.”

It was also mentioned in the book that Soros was excellent at compartmentalizing the different roles he was playing in his life. One wonders, though, if his activity in “activist philanthropy” was an important part of the “verbal” information he was processing on world affairs, given his hands-on approach in many of the emerging markets where he was active with his foundations.

Soros has been a global philanthropist, but much of his early efforts were spent opposing communism in Central and Eastern Europe. He funded dissidents and actually spent plenty of time with them, preferring their company to that of Wall Streeters and tycoon businessmen. Again, reading the book one really wonders if this access to on-the-ground geopolitical intel was an advantage to Soros on the investment side of things, but for the longest period he tried not to invest in countries where he had his foundations operating.

Risk

Soros the philanthropist was also a risk-taker. A man named Fred Cuny, whom he employed after a hugely successful project in war-torn Sarajevo, was then killed in war-torn Chechnya. Although it seems that Soros was not to blame here, it was an example of how Soros always pushed the envelope in his activities. This section was compelling reading, purely for its historical insight.

Conclusion

‎Overall, for those interested in Soros the investment guru, then “The Alchemy of Finance” or “Soros on Soros” are better reads, or just the two chapters on Soros in the excellent “More Money Than God.” However, for those interested in Soros the complex individual, who simply speaking has lived quite an amazing life, this book gives a lot more color and historical context and is an easy and fascinating read.

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This post originally posted here The European Times News

The Virgin Galactic founder became the first billionaire

The Virgin Galactic founder became the first billionaire to reach suborbital flight in his own rocket-powered plane. He called it ‘the experience of a lifetime.’

Getting Richard Branson to space is a two-step process — and frankly, it’s weird.

If you know anything about quirky aerospace visionary Burt Rutan and his early involvement in Virgin Galactic, you’ll understand why.

There are no NASA-esque rocket towers or launch pads being used here.

SpaceShipTwo is a winged, rocket-powered spaceplane that takes off from an airport runway, attached beneath the conjoined wings of a mammoth mothership, called WhiteKnightTwo, which is essentially a twin-fuselage airplane. That must sound strange, and that’s because it is indeed a very strange looking setup:

The Virgin Galactic founder became the first billionaire
SpaceShipTwo VSS Unity flies in New Mexico airspace in October 2020. Virgin Galactic

The two vehicles fly conjoined up to about 50,000 feet altitude, at which point the spacecraft, with its four occupants inside, drops from its mothership. SpaceShipTwo’s single rocket motor will fire up as soon as the spacecraft detaches in order to blast the vehicle up to nearly 300,000 feet in just one minute.

If all goes according to plan, of course. Though Virgin Galactic has successfully sent a crew to the edge of outer space three times, it was forced to abort a test as recently as December of 2020, when the rocket failed to ignite.

Here’s an overview of the flight path Virgin Galactic previously shared:

SpaceShipTwo, controlled by two pilots, can house up to eight paying passengers in its cabin, offering them panoramic views of the Earth and the star-speckled expanse of the cosmos through its twelve circular windows.

The SpaceShipTwo that will be used for today’s flight is VSS Unity, the only SpaceShipTwo that has previously flown to space.

The billionaire owner behind Our Yorkshire Farm Ravenseat estate

Our Yorkshire’s Farm has rocketed in popularity since launching in 2018.

And like with many shows, fans can’t help but get a little invested in the details, with some wondering whether the Owens family really owns the Ravenseat Farm or not.

Amanda and Clive welcome the public into their lives at the farm where they live with their nine children, some who were born at Ravenseat.

But people often wonder whether they actually own the beautiful North Yorkshire farm, Yorkshire Live reports.

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Robert Miller – entrepreneur and co-founder of DFS

For those wondering, The Express reported that the Owens do own Ravenseat Farm where they live with all of their nine children.

However, the estate is actually owned by billionaire Robert Miller who is the co-founder of DFS (Duty Free Shops).

Amanda and Clive have been at the farm for more than 20 years now and continue to proudly farm in the same way as it would have been done hundreds of years prior.

On top of farming and taking care of the land, the Owens have also got to tend to their animals and their children, some of whom were born at Ravenseat.

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While this is their actual family home, fans of the show can visit and even stay on the land.

As well as their own home, the Owens have also got a couple of farmhouses which they rent out for holiday-goers.

According to Amanda’s website Yorkshire Shepherdess, there is an option to either stay at Shepherd Hut which is for a maximum of two people or The Firs which is the six-bedroom farmhouse.

A stay at Shepherds Hut will set visitors back £60 for single occupancy and £175 per night at The Firs.

But Amanda is not currently accepting bookings thanks to the coronavirus pandemic and is expected to resume at a later date.

Amanda Owen Huddersfield-born Yorkshire Shepherdess
Amanda Owen Huddersfield-born Yorkshire Shepherdess

Ravenseat is a 2,000-acre working farm located in North Yorkshire in Upper Swaledale.

The land is around an hour walk west of Keld and is also situated halfway up the Coast to Coast walk.

This walk was made famous by author Alfred Wainwright, with the journey taking hikers 192 miles across England from St Bees to Robin Hoods Bay.

While Ravenseat has picturesque scenery which the Owens have enjoyed for many years, they have decided to move.

The couple revealed in the first episode of season four that they had bought another property.

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Their future home is a dilapidated farmhouse which is located adjacent to Ravenseat.

Amanda was seen taking her children up to the new house and explaining a bit about its history.

They also discussed the logistics of moving their flock and animals to the new land but it’s going to be quite some time until the big move.

The farmhouse is nowhere near liveable as it is now so there’s a lot of work that needs doing before they can move in.

Amanda said: “When the opportunity came up and I saw that ‘for sale’ sign go up, it was like a no brainer.

“The opportunity to get that doesn’t come up that often.

“It’s so exciting but scary as well as it’s a big undertaking.”

Our Yorkshire Farm airs every Tuesday at 9pm on Channel 5.

Author: [email protected] (Hayley Anderson, Mellissa Dzinzi, Lucy Marshall)
This post originally appeared on Hull Live – Celebs & TV

Ethereum creator Vitalik Buterin becomes world’s youngest crypto billionaire

Ethereum creator Vitalik Buterin becomes world’s youngest crypto billionaire

The latest surge in the price of the world’s second biggest digital asset, ethereum, turned its co-founder Vitalik Buterin into the youngest crypto billionaire in history.

The public ether address of the Russian-born Canadian IT programmer hit $ 1 billion on its balance sheet after ether’s meteoric growth to $ 3,200 was recorded earlier this week.

In 2018, Buterin referred to the address as his main wallet.The wallet held 333,521 ether coins worth nearly $ 1.16 billion at 14:03 GMT, according to on-chain data-tracker Etherscan, as bitcoin’s number one rival quadrupled in value this year.
Also on rt.com Ether market cap bigger than Disney & Nestle as world’s second-biggest crypto breaks past $ 3,000
Ether was trading at $ 3,456, up more than 11% over the past 24 hours, with gains of 37% over the past seven days, according to data tracked by CoinMarketCap.

Buterin proposed the open-source computing platform Ethereum, based on blockchain technology, in late 2013. The 27-year-old billionaire is now seen as one of the founding members of cryptocurrencies and other blockchain applications.

Ethereum is currently the most actively used blockchain, while ether is ranked as the second largest cryptocurrency after bitcoin by market value. On Tuesday, ethereum’s market capitalization reached $ 405 billion, exceeding that of Disney, Nestle and Bank of America, the second largest lender in the US.
Also on rt.com Bitcoin crashes 15% as global regulators hesitate to greenlight crypto for commercial use
Born in Kolomna in the Moscow region, Buterin emigrated with his parents to Canada. In 2017, the programmer relocated to Singapore.

Last week, he donated 100 ether and 100 maker tokens to a Covid-19 relief fund for India.

For more stories on economy & finance visit RT’s business section

Author: RT
This post originally appeared on RT Business News

United against the Glazers: How long-running resentment from Man Utd fans

United against the Glazers: How long-running resentment from Man Utd fans

Sunday’s scenes at Old Trafford were seen by many as a reaction to Manchester United’s involvement in the ill-fated Super League, but the reality is the disconnect between the club’s owners and its fanbase has long been raging.

It has been a year of significant ups and downs for the billionaire Glazer family. Their bustling sporting portfolio saw perhaps its biggest success yet earlier this year when, bolstered by the addition of legendary quarterback Tom Brady, the NFL franchise they have owned since 1995, the Tampa Bay Buccaneers, defeated the Kansas City Chiefs in the Super Bowl.

It was a remarkable turnaround for a sports team who had become little more than an also-ran in NFL circles, and much of it came about as the result of repeated and considered investment in the team.

Brady’s arm will cost Tampa and the Glazer’s a cool $ 41 million in 2021 alone (some of which is offset by league rules and salary cap dark arts, but that’s a conversation for another time) – but Brady is just one of a galaxy of experienced stars who, let’s just say, weren’t exactly tempted to sign a contract in Tampa Bay because of the team’s sterling reputation (prior to last year, the Buccaneers hadn’t made the playoffs since 2007).

But ask any Manchester United supporter about this and you will likely be met with a scowl. There is a prevalent thought amongst many United fans that Tampa’s recent success has been built on the backs of the world’s most famous football club, and if you dip into the archives it is easy to see why.

It was in 2003 when the patriarch of the Glazer family, Malcolm, set in place a series of actions which would culminate in Sunday’s chaos in the red half of Manchester when he purchased an initial stake of 2.9%.

By October of the following year, Glazer had upped his stake to almost 30%, and by the end of May 2005 he owned more than 76% of the club – prompting both the club and its board to advise shareholders to accept the Glazer’s ensuing takeover bid.

By June, though, signs were becoming clear that the thousands of fans who pack themselves into Old Trafford each week, as well as the millions who follow the club across the globe, were sounding the alarm bells when as part of the takeover the Glazers placed their own borrowings of £525 million ($ 730 million) – a figure which has since reportedly snowballed to in excess of £1 billion.

For some supporters, this signaled the end of a lifelong association with Manchester United. A host of furious fans set up a phoenix club, FC United of Manchester, who would be placed in the 10th tier of English football – and while they wouldn’t quite be taking part in the glamour ties Manchester United were associated with, FC United of Manchester was seen by some as a clean slate. A football club unencumbered by the grubby paws of foreign billionaires.

Fan discontent flash-boiled. “Love United, Hate Glazer” became a catchphrase rarely far from the lips of the Stretford End faithful. In July 2005, Glazer family members were whisked away from Old Trafford in a secure police fan after encountering furious protests at the Old Trafford. It was their first ever visit to the stadium.

Also on rt.com Man United vow to punish ‘criminal activity’ in wake of Old Trafford unrest as footage shows police officer ‘punching protester’

By 2010 the debt saddled onto the club had inflated past £700 million – with the Glazers against castigated for taking £10 million from Manchester United’s coffers for ‘management and administration fees’. They also borrowed a further £10 million from the club.

Then in 2014, Malcolm Glazer dies at the age of 85. Shortly afterwards, the Glazer family made $ 200 million selling shares in the now publicly listed football club, adding to the $ 75 million made in the same manner the year prior. Again, the furious fanbase was powerless – and the Glazer family vowed that they wouldn’t consider selling the club for at least five years, regardless of the overwhelming sentiment from supporters.

Remarkably, an investigation by The Guardian concluded that well over £1 billion has been removed from the club’s bank account since the Glazer’s debt was placed on the club in 2005, due to the accrual of interest and other assorted fees. The total debt associated with the club stands at over £450 million as of March of this year.

That brings us to the present day. Manchester United’s involvement as a founding member and signatory of the Super League, of which Joel Glazer was a key voice, appears to have been the straw which broke the camel’s back. Former players and fans alike have savaged the club’s ownership at every opportunity, with ex-United fullback Gary Neville being particularly vocal on the issue.

The first echoes of fan rancor were heard recently at United’s Carrington training ground when a disgruntled mob of supporters staged a sit-in protest and were only compelled to leave when personally addressed by manager Ole Gunnar Solksjaer, among other club dignitaries – but the true boiling point came on Sunday at Old Trafford, in a move which has made headlines across the world and will have even blipped on the Glazer’s absentee landlord radar.

And this is the issue. The Glazers view the Manchester United as a completely different entity to its supporters. The perception is that for the owners, the world’s most famous club is a financial asset – a piggy bank from which to shake out coins, hopefully without having to use a hammer to smash it. It is a franchise. It is a sports entertainment brand.

To fans, it is more than just a football club: it is an identity, and not a commodity. And unlike the Tampa Bay Buccaneers, you can’t buy off the fanbase with shiny new toys. But for now, one suspects that the Glazer family are more than content in keeping their financial interests tied to a club they probably won’t be able to ever visit in their lifetimes.

Also on rt.com The battle is won but not the war – football fans must fight on against the gall and greed among the game’s elite

Author: RT
This post originally appeared on RT Sport News

‘So out of touch’: Elderly billionaire Real Madrid president Perez claims young people shun football and ‘in 2024 we are all dead’

‘So out of touch’: Elderly billionaire Real Madrid president Perez claims young people shun football and ‘in 2024 we are all dead’

Real Madrid president Florentino Perez has been slammed for being “so out of touch” following comments made in an interview on Spanish television attempting to justify the creation of the controversial new European Super League.

Speaking on the hugely-popular El Chiringuito show, the elderly billionaire stated that the LaLiga champions are financially “ruined” after losing $ 482 million over the past two seasons, while $ 6 billion has been lost collectively between the 12 founding outfits.

Claiming that the move is being made in a bid “to save football at this critical moment”, Perez just as outlandishly said that that “young people are no longer interested in football”, putting forward ideas to shorten 90-minute matches in order to keep their attention. 

“Audiences are decreasing and rights are decreasing and something had to be done. We are all ruined. Television has to change so we can adapt,” Perez insisted.

In Perez’s view, the younger generation are tuning out “because there are a lot of poor quality games and they are not interested – they have other platforms on which to distract themselves.”

In response to reforms to its flagship club competition passed by UEFA on Monday, Perez argued: “If we continue with the Champions League, there is less and less interest and then it’s over.

“The new format, which starts in 2024, is absurd. In 2024 we are all dead.

“When you have no income other than television, you say that the solution is to make more attractive matches that fans from all over the world can see with all the big clubs, and we came to the conclusion that if instead of having a Champions League we have a Super League, we would be able to alleviate what we have lost.”

Reacting on Twitter, the majority of fans were against the ESL, calling Perez “out of touch” for spouting “so much nonsense” and “utter drivel”.

“What young people is he speaking to?” one asked, while a critic noted: “He is doing the ‘millennials killed insert business’ stuff.”

Another wondered: “Is he just burning down the house at this point for fun and thinking it’s a blaze of glory?”

“Legacy fans are stuck in the past, future fans are simple-minded with a short attention span, and managers and players are irrelevant and obsequious to the slave God, Money? What’s the goal here?”

Elsewhere, it has been claimed by a couple of different outlets that some of the founding clubs are getting cold feet already. 

“Two English clubs are close to losing their nerve,” wrote a journalist from the Mail on Sunday, while another from Sky said that there are now “strong differences of opinion emerging in private between breakaway clubs”.

There is reportedly a feeling from some “nervous” and “disappointed” execs that they are “being hung out to dry”, and that the project and its resulting furor are not what they signed up for.

By contrast, the BBC claimed that “there is no weakening of resolve within the six English clubs who have signed up to ESL”, as the plans have “been thought through and will benefit the game as a whole”, with bosses “waiting for the storm to die down”.

In the Premier League, Everton have released one of the strongest-worded statements yet in criticism of the developments, saying that those behind it were “betraying the majority of football supporters across our country and beyond” while demonstrating “preposterous arrogance”.

“Six clubs acting entirely in their own interests. Six clubs tarnishing the reputation of our league and the game,” it scathed, addressing its domestic rivals who have opted to join the ESL.

Trying to lighten the mood, Wolverhampton Wanderers have altered their Twitter bio to imagine an edition of the English top flight that they would have won had the six ESL clubs gone through with their plan before then. “Probably too late for a parade,” they admitted.
Also on rt.com ‘Shame it’s not like this with racism’: Premier League stars break silence on Super League as Klopp admits he knew nothing (VIDEO)

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Bitcoin is a ‘Chinese financial weapon’ that threatens the US dollar – billionaire Peter Thiel

Bitcoin is a ‘Chinese financial weapon’ that threatens the US dollar – billionaire Peter Thiel

The Chinese government may be supporting bitcoin as a means to undermine the foreign and monetary policy of the United States, PayPal co-founder and venture capitalist Peter Thiel has said.

He added that Beijing has tried to use the euro in the same way.

Speaking at a virtual event hosted by the Richard Nixon Foundation, Thiel, who is a major investor in virtual currency ventures as well as in cryptocurrencies themselves, said that the US should consider tighter regulations on cryptos. 

While commenting on whether China’s central bank-issued digital currency (CBDC) could threaten the US dollar’s status as a global reserve currency, the businessman suggested that an “internal stablecoin in China” will amount to little more than “some sort of totalitarian measuring device.”

He said: “From China’s point of view, they don’t like the US having this reserve currency, because it gives a lot of leverage over oil supply chains and all sorts of things like that. 

“Even though I’m a pro-crypto, pro-bitcoin maximalist person, I do wonder whether if, at this point, bitcoin should also be thought-of in part as a Chinese financial weapon against the US, where it threatens fiat money, but it especially threatens the US dollar.”

Thiel also said that China attempted to denominate oil trades in euros in recent years, in a bid to undermine the global standing of the dollar. “I think the euro, you can think of as part of a Chinese weapon against the dollar – the last decade didn’t really work that way, but China would have liked to see two reserve currencies, like the euro.”
Also on rt.com Bitcoin price surge may be driving up interest in digital yuan, Bank of China says
The billionaire entrepreneur speculated that Beijing does not actually want its renminbi to become the global reserve currency, claiming that the government would have to “open their capital accounts,” among other measures “they really don’t want to do.”

He said: “China wants to do things to weaken [the dollar] – China’s long [bet is] bitcoin, and perhaps, from a geopolitical perspective, the US should be asking some tougher questions about exactly how that works.”

For more stories on economy & finance visit RT’s business section

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Kim Kardashian Officially Becomes A Billionaire Like Kanye West: What Put Her Over The Top

Kim Kardashian Officially Becomes A Billionaire Like Kanye West: What Put Her Over The Top

Sorry, Kylie Jenner, but it looks like Kim Kardashian is the richest KarJenner sister because the KKW Beauty boss is now a billionaire.

The initials “KKW” now stand for money because Kim Kardashian[1] is officially worth an estimated $ 1 billion, according to Forbes[2]. Kim, 40, finally made it to the magazine’s World’s Billionaires List[3], a decade after being first mentioned in the financial magazine’s pages. So, what finally helped the Keeping Up with the Kardashians star enter this exclusive club? Credit her two booming businesses. According to Forbes, Kim’s wealth rose from $ 780 million in October to $ 1 billion thanks to KKW Beauty and SKIMS, as well as “cash from reality television and endorsement deals, and a number of smaller investments.”

Kim got a huge payday when she sold 20% of KKW Beauty to cosmetics conglomerate Coty for $ 200 million last year. While this deal would value the company at $ 1 billion, Forbes estimates that figure “is a little bloated” due to Coty’s history of overpaying. Still, the magazine estimates that Kim’s remaining stake in KKW is worth about $ 500 million. Kim also owns a majority stake in SKIMS, but the company “hasn’t disclosed its revenues.” However, Forbes estimates that the company is valued at “north of $ 500 million,” which would make Kim’s state “worth a conservative $ 225 million.” Add in all the endorsement deals, investments, and real estate purchases, and Kim’s estimated worth is more than a billion dollars.

Kim Kardashian Officially Becomes A Billionaire Like Kanye West: What Put Her Over The Top
Kim Kardashian West out and about in New York City in 2020. A year later, she would be worth an estimated $ 1 billion. (Shutterstock)

Kim’s estranged (and seemingly future ex[4])husband, Kanye West[5], also appeared on Forbes’s World Billionaire List. The 43-year-old rapper is worth an estimated $ 1.8 billion, according to Forbes – who, earlier in the year, disputed[6] the multiple reports that claimed Kanye is the “richest Black person in America” and is worth $ 6.6 billion[7]. Bloomberg reported that Ye’s Yeezy sneaker brand – as well as Yeezy Gap, which Forbes notes “has yet to sell one stitch of clothing” – has a combined value of $ 4.7 billion, and Kanye has “an additional $ 1.7 billion in assets.” Forbes claims their competitor’s assumption was on “projected future earnings,” meaning Kanye could be worth $ 6.6 billion someday.

At the moment, Kanye will have to be happy with his estimated $ 1.8 billion (up from $ 1.3 billion last May.) This wealth putting him at an 86-way-tie at Rank No. 1750 on the World’s Billionaire List (proving that there are way too many billionaires.) Kim Kardashian, with just (just!) one billion, comes in at No. 2674.

Kim Kardashian Officially Becomes A Billionaire Like Kanye West: What Put Her Over The Top
Kanye West in 2019. In 2021, Bloomberg estimated he was worth $ 6.6 billion, but Forbes disputed that, putting Ye’s value at an estimated $ 1.8 billion (Shutterstock)

Kim is now the richest sister in the KarJenner empire. There was a time when Forbes claimed that Kylie Jenner[8], 23, was the “world’s youngest self-made billionaire[9].” The publication first dubbed her a billionaire[10] in 2019 and again the following year, but a late-April 2020 report accused Kylie and her team of lying about her business to make her look richer than she is. The accusations that the Jenners, and/or their accountants, falsified tax returns and then lied about their 2016 revenues for the last four years, are absolutely false,” Kylie and Kris Jenner[11] said in a statement, and Kylie clapped back on Twitter[12]. “All I see are a number of inaccurate statements and unproven assumptions, lol. I’ve never asked for any title or tried to lie my way there EVER. period.” Currently, Forbes estimates Kylie’s net worth at $ 900 million.

References

  1. ^ Kim Kardashian (hollywoodlife.com)
  2. ^ Forbes (www.forbes.com)
  3. ^ World’s Billionaires List (www.forbes.com)
  4. ^ future ex (hollywoodlife.com)
  5. ^ Kanye West (hollywoodlife.com)
  6. ^ disputed (www.forbes.com)
  7. ^ is worth $ 6.6 billion (hollywoodlife.com)
  8. ^ Kylie Jenner (hollywoodlife.com)
  9. ^ world’s youngest self-made billionaire (hollywoodlife.com)
  10. ^ first dubbed her a billionaire (hollywoodlife.com)
  11. ^ Kris Jenner (hollywoodlife.com)
  12. ^ clapped back on Twitter (hollywoodlife.com)

Jason Brow

Guardiola claims mega-rich Man City cannot afford a new striker – despite $832MN NET spend in 5 years & billionaire owners (VIDEO)

Guardiola claims mega-rich Man City cannot afford a new striker – despite $832MN NET spend in 5 years & billionaire owners (VIDEO)

Manchester City manager Pep Guardiola has been savaged online for claiming that he cannot afford to replace Sergio Aguero – even though the departing striker is a huge earner and the club’s Abu Dhabi owners are worth billions.

Stern-faced Guardiola issued one of football’s most unlikely sob stories ahead of the weekend’s Premier League fixtures, claiming that the club owned by Sheikh Mansour – a member of the royal family of Abu Dhabi whose wealth has been recently estimated at around $ 20 billion – cannot afford a striker.

Guardiola’s words fell flat with fans, who expressed cynicism after the club’s net spend of around $ 832 million during the five years to last June, which dwarfed next-nearest English big-spenders Manchester United’s total of around $ 670 million.

“Sorry, we are not going to sign any striker,” said Guardiola, shaking his head when he was asked about his squad plans in the aftermath of hugely prolific hitman Sergio Aguero announcing that he will leave the club when his contract expires at the end of the season.

“It’s impossible. We cannot afford it. It’s impossible.”

Irrespective of the club’s vast wealth, the departure of Aguero is expected to ease City’s wage bill by at least $ 318,000 a week.

The league leaders are widely thought to be one of the frontrunners to sign Lionel Messi should the six-time Ballon d’Or winner leave Barcelona in the summer, with any deal likely to make the Argentina striker the highest-paid player in the Premier League.

Skeptics suggested that top tactician Guardiola’s words could be a ploy to improve City’s negotiating position with agents such as Mino Raiola, who is widely reported to have flown in for talks over a move for Erling Haaland with Champions League rivals Barcelona and Real Madrid this week.

Guardiola, who took a cut to his $ 27.6 million salary as the pandemic hit revenues last year, said that the global crisis was to blame for his funding problems.

“All the clubs are stuggling financially,” Guardiola complained, having described master marksman Aguero as “irreplaceable”. “We are not an exception.”

City Football Group, whose main stakeholders are the Abu Dhabi group and own a litany of other football clubs including Melbourne City and New York City, was said to have revenues of around $ 880 million in 2019.

Sheikh Mansour is thought to be worth almost $ 9 billion more than the next wealthiest owner of a Premier League club, Chelsea’s Russian chief Roman Abramovich.

Four-time Premier League winner Aguero cost City around $ 48 million when he joined from Atletico Madrid in 2011.
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