Business

Six of California’s 214 billionaires have been widely reported to have left the state in time to avoid a proposed 5% wealth tax — but that small cohort would have collectively generated $27 billion in tax revenue, roughly a fourth of the initiative’s projected $100 billion haul. Last November, panic erupted over the announcement of a proposed billionaire’s tax in…

The richest person in the world and the most well-known person leading the cause against creating more people like him have many differing views on taxing the ultrawealthy. But now, Elon Musk and Sen. Bernie Sanders, two men on opposite ends of the ideological spectrum, are using the same math to make opposite arguments for how much billionaires should be…

Until 1974, a single woman in the U.S. could not get a mortgage without a male co-signer. Just over 50 years later, a record-high share of single women own homes, and they are outpacing single men in the housing market by nearly two to one. It pays to be a single woman.  According to a new analysis from First American,…

Kevin O’Leary says the Gen Zers who shine the most are the ones who can get the job done—whether they’re in the office or not. O’Leary, the founder of venture capital investment platform O’Leary Ventures, said young people should focus on “executing” to be successful. The Shark Tank star, who has previously been critical of certain habits by younger people…

Asia-Pacific’s newest crop of entrepreneurs are rapidly turning to artificial intelligence, with founders both launching new AI startups and spending more on AI tools. Spending on AI tools by founders rose 20% last year, according to an in-house study of over 37,000 regional SMEs by Aspire, a Singapore-based fintech firm.  “This signals a reallocation of capital towards efficiency,” Andrea Baronchelli,…

The United States is now paying nearly $970 billion a year just to service the interest on its $38.8 trillion national debt—a figure that has nearly tripled since 2020 and already exceeds what the federal government spends on national defense or Medicaid, according to a February analysis by the Committee for a Responsible Federal Budget (CRFB). For many Americans, the…

OpenAI CEO Sam Altman isn’t worried about AI’s increasingly glaring resource consumption, and argued humans require a lot too.  In an on-stage interview at the India AI Impact summit, he went on the defensive after he was asked about ChatGPT’s water needs. He dismissed claims that the chatbot uses gallons of water per query as “completely untrue, totally insane,” according…

Bill Deng, CEO of China-based fintech platform XTransfer, thinks stablecoins can help finally digitize business-to-business transactions, often still stuck in a world of PDFs and emails.  Much of cross-border trade now operates around the clock. Ports, airports, and fulfillment centers work at all hours of the day. But “when it comes to money, there’s no 24/7 infrastructure,” Deng complained during…

The way we teach students, from classroom structures to teaching methods and standardized instruction, has not changed much over human history. Despite schools, colleges and mass education becoming more important for social cohesion and economic development than ever, teaching has stayed remarkably consistent even as other sectors and institutions have been transformed by computers and smartphones. But now it’s the…

A new artificial intelligence video generator from Beijing-based ByteDance, the creator of TikTok, is drawing the ire of Hollywood organizations that say Seedance 2.0 “blatantly” violates copyright and uses the likeness of actors and others without permission. Seedance 2.0, which is only available in China for now, lets users generate high-quality AI videos using simple text prompts. The tool quickly gained…