Blackstone's Solotar on Japan Private Wealth
Joan Solotar, Global Head of Private Wealth at Blackstone, discusses the company's strategy in Japan as she sets sights on an ambitious $1 trillion goal at the business. She speaks with Haidi Stroud-Watts and Paul Allen on "Bloomberg: The Asia Trade".
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Forbes
5 hours ago
- Forbes
All The Celebrities On Forbes' 2025 List Of America's Richest Self-Made Women
In business, timing is everything—even for the rich and famous. The boom time for celebrity entrepreneurship took off like a rocket around the end of 2020, and the pop stars, actors and talk show hosts who best took advantage minted fortunes in the hundreds of millions, even billions in a few cases, by putting their name on everything from cosmetics brands to TV and movie production companies. But now they, like many others, are feeling the effects of a cooling economy. On Forbes' list of America's Richest Self-Made Women this year, 16 celebrities rank among the 100 entrepreneurs, executives and entertainers. In order to make the cut, candidates had to be worth at least $350 million—up from $300 million last year and $225 million in 2023. These stars of the stage and screen are collectively worth $14.1 billion, up from $13.3 billion last year—thanks to the addition of actress Selena Gomez (No. 48), who isn't yet a billionaire but whose estimated $700 million net worth makes up almost the entirety of that difference. Most of the other 15 stars' fortunes are little changed from a year ago. Gomez launched her cosmetics company Rare Beauty at the start of the celebrity business boom, in September 2020, and it disclosed $367 million in revenue by 2023. Similarly, Judy Sheindlin (No. 61) signed a mega deal in late 2020 to move her eponymous TV arbitration show to Amazon Prime; pop star Rihanna (No. 35) raised money for her Savage x Fenty lingerie brand at a $1 billion valuation in early 2021; Madonna (No. 42) signed a lucrative new deal with Warner Music that summer; and, perhaps most notably, movie star Reese Witherspoon (No. 82) sold a majority stake in her production company Hello Sunshine in August 2021 at a reported $900 million valuation. The Hello Sunshine sale is now referenced regularly throughout Hollywood as the peak of a celebrity production bubble. At the time of the acquisition by Blackstone-backed Candle Media, the company projected $80 million in profit by 2023. But according to an October 2023 report in Bloomberg, it produced less than $10 million that year, and the pace of new productions has only continued to slow in the two years since. As of 2025, Forbes estimates Hello Sunshine is worth less than a third of its sale price. (A representative for Witherspoon disagreed with Forbes, but offered no guidance.) Markets have similarly cooled in the cosmetics space, the industry behind several women on the list, including Gomez, Rihanna, Kardashian and her half-sister Kylie Jenner (No. 52). Forbes estimates Rihanna's net worth dropped nearly 30% in the past year, due to estimates of flat sales at Fenty Beauty and lingerie brand Savage X Fenty. 'The market condition right now is exerting a sort of downward pressure on valuation,' Morningstar analyst Dan Su told Forbes in early May, referring to cosmetics firms. The same goes for music catalogs. Katy Perry (No. 97) sold stakes in her master recordings and publishing rights in 2023 for an estimated $225 million, but a similar artist trying to do the same deal today would expect a 20% to 30% discount, analysts tell Forbes. Perry is headed back out on tour this summer, as is Beyoncé Knowles-Carter (No. 45), who saw a massive jump in her net worth during her blockbuster Renaissance tour in 2023 but has already seen lower ticket prices and sales during early stops of her Cowboy Carter tour. The big outlier to this trend is Taylor Swift (No. 21), whose wealth increased by $300 million in the past year to $1.6 billion, according to Forbes estimates. Her signature Eras Tour started in 2023 and ended in December 2024, grossing a record-breaking $2 billion and generating earnings in a variety of ways, including ticket sales, a blockbuster movie and a book about the tour, a phenomenon that made her immune to the trend that hit other celebrities. Tom Williams/Getty-Images Her eponymous talk show has been off the air nearly 15 years, but Winfrey remains a consistent presence on our TV screens, appearing in the Netflix movie The Six Triple Eight and hosting three TV specials in the past year. She also dropped a reported $75 million on a new private jet last year and maintains significant real estate holdings in Hawaii. WeightWatchers, whose board she left in May 2024, filed for bankruptcy this February, Kardashian's nearly $900 million (estimated sales) shapewear business Skims introduced NikeSkims, a new brand with the athletic shoe and apparel giant; product is expected to hit shelves in the coming months. Beauty company Coty divested its 20% stake in Kardashian's skin care line SKKN by Kim in March, recording a $71 million loss as a result of the divestiture. Emma McIntyre/TAS24 After 149 concerts in 54 cities, her Eras Tour wrapped in December as the most successful tour in music history—grossing over $2 billion in ticket sales, double the previous record. The biggest star in the world has found numerous ways to monetize her devout fandom apart from ticket sales, including movies, books and rerecordings of her albums, all of which earned her more than $200 million in the past two years. In late May, she bought back the master recordings of her first six albums from private equity firm Shamrock Capital, giving her total ownership over her entire catalog for the first time. In a letter posted to her website, she called it 'my greatest dream come true.' The pop star's fortune fell by $400 million amid setbacks at her key businesses. The CEO of her lingerie brand Savage X Fenty quit in August 2024 to take over Victoria's Secret. Sales are estimated to be flat at her cosmetics line Fenty Beauty, which she coowns with luxury conglomerate LVMH. Fenty Beauty launched in China last year amid what LVMH called a 'challenging environment.' In more celebratory news, Rihanna revealed she was pregnant with her third child at the Met Gala in May. She's more than 40 years into her career and isn't done yet. She revealed on social media this past December that she has been in the studio: 'Who wants to hear new music in 2025!' That tease comes on the heels of wrapping up her Celebration Tour last May, grossing nearly $230 million, her sixth to gross more than $100 million since 2001. In late April, the pop star kicked off her Cowboy Carter Tour, which will include 32 stadium shows in nine cities across the United States and Europe this summer. Talks of a residency at the Sphere in Las Vegas broke down last year, and tensions with the venue's owner, James Dolan, escalated this spring when a CGI video of Beyoncé picking up the Sphere was shown at her first several concerts, prompting Dolan to send her a cease-and-desist years ago, Gomez launched Rare Beauty, naming it after her third solo studio album. The cosmetics company, known for its punchy liquid blushes and sold through its website and Sephora, brought in roughly $370 million in revenue last year. Forbes estimates that it's worth $1.3 billion and that she owns at least 51%. The former Disney Channel star reportedly earns $600,000 per episode (40 so far) as an actress in and co-producer of the hit show Only Murders in the Building. She was nominated in December for a best supporting actress Golden Globe for the movie Emilia Pérez. In March Gomez released a new album with her fiancé, producer Benny Blanco. Though Coty sold its stake in the skin care line of her half-sister, Kim Kardashian (No. 20), it's happy with Kylie Cosmetics, citing its successful global expansion into new markets including India and Singapore. Jenner's new Cosmic fragrance also appears to be boosting sales. Though a bright spot for Coty, valuations of beauty stocks are largely down, and Coty's stock has tumbled 50% since last year. The youngest of Kris Jenner's children, Kylie separately debuted a canned vodka soda called Sprinter last year. Last January, the TV arbiter best known as Judge Judy re-upped her deal with Amazon and still produces an impressive 120 episodes per year of Judy Justice, which not only stream online but also get syndicated to 100 television stations. She has properties in Florida, California, Rhode Island and New York, where she's currently selling a penthouse apartment for nearly $10 million. Dion took an extended break from performing her signature power ballads after revealing in 2022 that she'd been diagnosed with stiff-person syndrome, an incurable autoimmune condition. A documentary about her disorder, I Am: Celine Dion, was released in June on Amazon Prime Video. The star amazed the world in July when she returned to sing one song at the Paris Olympics. The vocal powerhouse has a new album of duets coming out in June featuring Paul McCartney, Bob Dylan, Mariah Carey and Ariana Grande. She owns a $127 million home in Malibu that was threatened by January's wildfires but survived. After the 2024 presidential election, the former talk show host went on a selling spree of her enormous U.S. real estate portfolio and reportedly moved to the U.K. with her wife, actress Portia de Rossi. She sold her largest property, a 10-acre mansion near Santa Barbara, California, for a reported $96 million to mining billionaire Robert Friedland. Her husband of almost 60 years, Carl Dean, died in March. The famously private Dean had spent decades supporting Parton quietly while staying out of the public eye. On Valentine's Day, the iconic songstress and Sabrina Carpenter released their Billboard-charting rendition of Carpenter's 'Please, Please Please.' In 2024, she collaborated with Beyoncé on another hit, 'Tyrant.' Witherspoon sold a majority of her production company, Hello Sunshine, in 2021, at the peak of what turned out to be a bubble for celebrity-backed content houses. It's now worth less than a third of its $900 million sale valuation. Still, the actress remains in demand. She starred in You're Cordially Invited, a romantic comedy for Amazon Prime Video released in January, and will return for the fourth season of The Morning Show on AppleTV+ later this year. She is also the executive producer of Legally Blonde prequel Elle, now in production. Perry's latest album, 143, was panned by critics upon its release last September. In April, she was mocked for participating in an all-female Blue Origin trip to space and announcing at the time that she would 'put the 'ass' in astronaut.' Undeterred, the pop star began her Lifetimes Tour days after returning to Earth and will spend the next eight months on the road. She sold the rights to her music catalog in 2023 for a reported $225 million. The newly inducted U.S. Olympic Hall of Famer, who retired from tennis in 2022, has stayed active. Her Nine Two Six Productions released a docuseries on ESPN last July highlighting her legendary playing career. This year she collaborated with children's clothing brand Janie and Jack, and joined the ownership group of the Toronto Tempo, a WNBA expansion franchise, set to begin play next summer.
Newsweek
6 hours ago
- Newsweek
Florida's Housing Market 'Turning Down Fast'
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The Florida housing market is "turning down fast," according to real estate analyst Nick Gerli, as sellers are increasingly offering reluctant buyers dramatic price cuts to convince them to close a purchase. Gerli, founder and CEO of real-estate platform Reventure, shared on X, formerly Twitter, late last month, a Zillow listing of a home in Saint Petersburg, Florida, which was bought by an investor in 2022—the peak of the COVID-19 pandemic homebuying frenzy—for a staggering $550,000 and sold again in late March for a much more reasonable $391,000. "Twenty-eight percent loss in three years," Gerli wrote in his post. Why It Matters The Sunshine State's housing market exploded during the pandemic, when the rise of remote work enabled many out-of-state movers to relocate to more affordable parts of the country offering a better quality of life than the country's busiest metropolises. The newcomers rapidly increased demand as well as prices across Florida, investors flocked to the state chasing what at the time seemed like sure-fire opportunities, and builders received authorization for building thousands of new homes to keep up with buyers. But Florida's once red-hot housing market started showing signs of a significant cooldown over the past year, as domestic migration shrank compared to the pandemic boom, housing costs rose sharply, and the threat of more frequent, more severe natural disasters and higher home insurance premiums swayed some buyers away from the state. The result is that prices have started to drop across much of the state, as historically high mortgage rates are still putting a significant damper on demand, despite growing inventory giving buyers more options. The median sale price of a home in Florida in April, according to Redfin, was $409,900, down 3.2 percent from a year earlier. Home sales were down 8.8 percent from April 2024, at 33,667. Photo-illustration by Newsweek/Getty What To Know Gerli pointed at a home listing in Saint Petersburg as a glaring example of the dynamics unfolding in the state. The property, a three-bedroom home built in 1960 and sitting on 1,703 square feet of land, is estimated by Zillow to be worth about $386,800, having risen in value by 157 percent in the past 10 years. According to the property's price history, the home was sold in July 1999 for $93,000 and then again in December 2021 for $255,000. At the peak of the pandemic homebuying frenzy, in March 2022, it was listed for sale for $499,900, but the listing was later removed. The property was listed and sold again in April 2022 for an even higher price tag—$550,000—to a Blackstone-owned entity, according to Gerli. The new owner then listed it for sale again in February 2024 for a lower price, $529,000 and then offered four different price cuts in the following months. The listing was removed and reposted several times, until the home was sold on March 21, 2025 for $391,000—a drop of nearly $160,000 from the amount it fetched in 2022. "The house sat on the market for a year, and they incrementally lowered the price until finally it sold," Gerli said. According to the analyst, there was no clear issue with the property. "This does not appear to be a hurricane-damaged property, as they had already cut the price down to $431K (22-percent loss from purchase) before the hurricanes hit," he wrote on X. "After the hurricane hit, the price went down another $40K (7 percent)." For Gerli, the fate of this home in Saint Petersburg shows what can happen when investors get involved in a market, contributing to its overheating and then its downturn. "Investors had a huge impact in driving the Florida real estate bubble during the pandemic boom years of 2020 and 2021," he told Newsweek. Gerli added: "In markets like Jacksonville and Orlando, investor purchases nearly doubled from the pre-pandemic norm. Since then, they have collapsed by 50-60 percent from peak, leaving a gaping hole in the market. Many investors are now also electing to sell, particularly big Wall Street Investors, because the economics of owning real estate in Florida no longer make sense due to stagnating rents and skyrocketing insurance costs." On X, he wrote: "Imagine being a neighbor on this street, and getting excited about how much the value of your neighborhood was increasing. Only to now look at the new sales comp, and realize that the marginal buyer is now paying 28 percent less than three years ago. This is what investors do. Make the boom bigger on the way up, but the crash bigger on the way down." According to Gerli, investors are backing out of Florida for three main reasons—including high interest rates, rising housing costs and falling rents. "Higher interest rates significantly increased the cost of capital for investors, who almost always use debt to finance their acquisitions. Higher debt costs mean it's difficult to earn cash flow, making owning real estate a less attractive option," he said. "Second are the costs of holding real estate in Florida. Both property tax and insurance rates have skyrocketed in Florida over the last three years, further hurting investor margins and lowering the incentive to buy," he added. Gerli continued: "Third is the rental market. Rents in many areas of Florida are now dropping on a year-over-year basis, which makes the whole thesis of owning cash-flow driven real estate hard to justify, especially in market that is in a bubble like Florida. Many investors see this as their last chance to sell out before the prices and rents drop further." What Happens Next According to Gerli and most housing experts who talked with Newsweek, what is happening in Florida is the natural correction that you would expect to follow years of overheating. Many locals in the Sunshine State have been priced out of the market in recent years, and without investors buying up properties, demand has naturally come down. Investors backing off the market could exacerbate these dynamics, accelerating downward pressure on prices and forcing other sellers to slash prices to sell their homes. "Investors rushing to the exits is already destabilizing the market in Florida and making the downturn worse," Gerli told Newsweek. "In some neighborhoods around Tampa and St. Petersburg, there are examples of investors selling houses at 20-25 percent losses from their purchase price in 2022. These sales are now entering the comps and significantly lowering the values of homes in the surrounding area."
Yahoo
a day ago
- Yahoo
TriVista Capital CEO: Long on Santen Pharmaceutical
Masaki Gotoh, CEO and CIO at TriVista Capital, discusses his investment strategy in Japan and why he chose to go long on ophthalmology firm Santen Pharmaceutical at the Sohn Hong Kong Investment Leaders Conference. He speaks with Shery Ahn and Haidi Stroud-Watts on "Bloomberg: The Asia Trade". 擷取數據時發生錯誤 登入存取你的投資組合 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤 擷取數據時發生錯誤
