Daily Dozen | Forbes: “Fork In The Road” on Twitter; Target’s $400 million theft toll; Fashion’s new billionaire

Former President Donald Trump may actually get richer in the run for office this time around. Forbes refutes the theory that FTX laundered Ukrainian relief funds to midterm Democratic candidates. Also, startup Prof Jim is using AI to convert textbooks into avatar-narrated videos to revamp the way students learn.

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In today’s news

  • Student loan delinquencies could rise by a “historically large” margin. if President Joe Biden’s loan forgiveness plan continues to be blocked by lawsuits, the Education Department warned Wednesday. The back-and-forth legal fuss leaves the 18 million borrowers who were on track to have their entire debt squandered at particular risk of default because they thought it would be canceled, he said.
  • Twitter employees have a deadline set by Elon Musk to decide by 5pm EST Thursday if they want to join the new “hardcore” Twitter or leave the company with three months of liquidation. Musk laid out the choice in a company email titled “A Crossroads,” instructing workers who wanted to stay on to click a link within the break.

The best takeaways

Former President Donald Trump has been busy offsite, repositioning his business in a way that could allow it to make money from its 2024 run. The billionaire lost funds when he ran for president, but this time he could get richer.

Blackstone CEO Stephen Schwarzman says he will not support former President Donald Trump’s 2024 bid for the White House, becoming the latest billionaire and one-time Trump ally to defect from him amid weakening Trump’s position with the GOP. Citadel hedge fund founder Ken Griffin, who once publicly applauded Trump’s presidential policies, recently endorsed Republican Florida Gov. Ron DeSantis as the party’s candidate for 2024. More: Meanwhile owned by Rupert Murdoch New York Post covered Trump’s campaign announcement with the cute front-page headline: “Florida Man Makes Announcement.”

Former cryptocurrency billionaire Sam Bankman-Fried had plenty of reasons to spend nearly $40 million in his 2022 mid-term as he tries to curry favor with lawmakers on both sides of the aisle in Washington, DC on a path to regulate the industry of cryptocurrencies. Ukraine probably had little to do with it. That’s why the conspiracy theory that the 30-year-old businessman and his company laundered relief funds for the Eastern European country to give to political candidates in the United States makes no sense.

Estée Lauder’s deal to acquire fashion company Tom Ford coins the 61-year-old luxury designer a billionaire, which comes 17 years after he founded his eponymous fashion brand. The deal propelled his company to a valuation of $2.8 billion and Forbes he estimates that Ford himself will receive about $1.1 billion in cash from the after-tax sale.

The target is seeing “a dramatic increase” in thefts amounting to a loss of $400 million in gross profit this year as goods disappear off shelves. The large retailer is now looking to balance improved employee training and in-store safety technology to mitigate the issue while maintaining a pleasant shopping experience for customers. Moreover: Target shares fell 16% early Wednesday after the company warned of a potentially slow holiday shopping season as consumers grapple with inflation.

While a new report shows household debt is at its peak, possibly fueled by rampant inflation, US households are in a better position than ever to make monthly payments. In effect, household debt service as a percentage of disposable income it remains near its lowest level registered, according to the Federal Reserve.

Must read today

Is green hydrogen the fuel of the future? This CEO is betting on it

Plug Power’s longtime CEO is repositioning the fuel cell maker to become a producer of water-based hydrogen and renewable energy to reduce climate-causing industrial carbon pollution from steel industries, oil and agricultural.

In case you missed it

Newly Launched AI Startup Professor Jim Bets It Can Revolutionize How Young People Learn using artificial intelligence to convert textbooks into avatar-narrated videos of contemporary teachers or famous historical figures such as Sacagawea and Aristotle. The technology comes at a time when students are turning to TikTok for (potentially unreliable) educational information.

Tips you can trust

  • Market conditions are challenging pressure on big tech companies to downsize their real estate holdings, with industry giants like Lyft, Meta, Salesforce, and others all stepping in to do so. It seems like halting construction, clearing outrageous office leases, and subletting space in prime locations. That’s why this is good news for remote workers, particularly as economic conditions reduce inventories.
  • In his own words, former billionaire Sam Bankman-Fried reportedly described “poor judgment” calls that contributed to the failure of his cryptocurrency exchange FTX. The entrepreneur’s leadership risks over the years light up a high-risk, high-reward decision-making philosophy that made his wealth possible— but also fragile. Here’s how this approach paved the way for the demise of his company and why it’s critical for founders to have someone to help them with decision making and risk management.

Videos not to be missed

Billionaire Streakers: These Americans have stayed ultra-wealthy since 1982

It took just $100 million ($300 million in today’s dollars) to land a spot on Forbes’ 400 Richest Americans list when we first launched it in 1982. The cap has since gone up to $2 7 billion, but that didn’t stop 17 people from the original list from also getting a spot in the 2022 edition, our 40th anniversary issue. Longtime members of the three-point club include Warren Buffett, Phil Knight, and Donald Trump.

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