Balance of Power: Early Edition 5/29/2025
On the early edition of Balance of Power, Bloomberg Washington Correspondents Joe Mathieu and Kailey Leinz discuss President Donald Trump's meeting with Federal Reserve Chair Jerome Powell. On today's show, Bloomberg Washington Correspondent Tyler Kendall, Former General Counsel for the Office of the United States Trade Representative Greta Peisch, Stonecourt Capital Partner Rick Davis, Center for the Study of the Presidency and Congress Senior Democracy Fellow Jeanne Sheehan Zaino, Former Republican Congressman and Bloomberg Contributor Patrick McHenry. (Source: Bloomberg)
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If Elon Musk's Wealth Was Evenly Distributed Across America, How Much Money Would Every Person Get?
We've seen the headlines that reveal how rich the world's top billionaires are — but it's hard to comprehend just how rich they are. Consider this: Let's say you had $1 billion in your bank account and had to spend $100,000 every day, for an entire year. After 365 days, you would still have $963,500,000 (nine hundred sixty-three million five hundred thousand). Discover More: Find Out: Over the last two decades, billionaires have ballooned their wealth to unparalleled levels. In 2005, Microsoft co-founder Bill Gates ranked as the world's richest person, with a net worth of $46.5 billion, as reported by CNN. Today, that title belongs to Tesla CEO Elon Musk, whose net worth stands at $368 billion as of June 5, according to the Bloomberg Billionaires Index. Even when adjusted for inflation, Gates' former net worth would be equivalent to roughly $76 billion in today's dollars. It is worth noting that other billionaires have also increased their wealth during the same time. For instance, tech billionaires Mark Zuckerberg and Jeff Bezos are worth $229 billion and $227 billion, ranking second and third globally. For many Americans, this trend is not sitting well. The sky-high cost of living has catalyzed support for redistributive tax policies, especially among younger voters and the progressive base of the Democratic Party. While higher taxation may or may not happen in the years to come, here's hypothetically how much you'd get if the world's richest man gives a check to every American. The United States Census Bureau estimates the current population to be around 341 million people, ranking only behind India and China. If Musk's enormous $390 billion were equally divided in the U.S., each person would receive $1,144 (rounded to the nearest dollar). A couple would receive $2,288, while a family of four would get $4,576. Despite the enormous wealth of billionaires, much of their fortune is tied up in stocks, real estate, and other holdings. Only a small percentage of their assets is held in cash. Based on data from Forbes, Musk has a 12% ownership stake in Tesla and to date, he remains the largest shareholder in the $1.15 trillion electric vehicle company. This is in addition to a 42% slice in SpaceX and a 54% interest in xAI, among many other businesses. Interestingly, Bloomberg reported that Musk's financial holdings appreciated by 77% after joining the campaign trail with President Donald Trump late last year, as reported by Bloomberg. Investors became bullish on Tesla and Musk became the first person to ever reach a net worth exceeding $400 billion. Since then, Tesla's market value has fluctuated as a result of volatile market conditions, macroeconomic factors and the threat of a global trade war. More From GOBankingRates 4 Housing Markets That Have Plummeted in Value Over the Past 5 Years This article originally appeared on If Elon Musk's Wealth Was Evenly Distributed Across America, How Much Money Would Every Person Get? Sign in to access your portfolio
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PINEWOOD.AI ANNOUNCES AGREEMENT TO ACQUIRE LITHIA'S MAJORITY STAKE IN NORTH AMERICAN JOINT VENTURE
to Acquire Lithia's 51% Stake; New Contract Secures Deployment Across Lithia's Dealerships in US and Canada by 2028 LONDON and MEDFORD, Ore., June 6, 2025 /PRNewswire/ -- Pinewood Technologies Group plc ( a leading cloud-based software provider for the automotive retail industry, and Lithia UK Holdings Limited, a wholly-owned subsidiary of Lithia & Driveway (NYSE: LAD), today announced an agreement in which will acquire Lithia's 51% interest in their North American joint venture for $76.5 million. The acquisition will be satisfied through the issue of 14,560,691 new ordinary shares in and values the joint venture at $150 million. Full ownership of the joint venture gives complete control of its North American platform, removing potential barriers to its broader adoption and supporting its expansion across the region's $6.5 billion automotive retail software sector. The acquisition will also simplify structure and financial reporting, enabling full revenue consolidation and greater transparency. Alongside the proposed transaction, the two companies have signed a five-year contract committing to the rollout of the Pinewood Automotive Intelligence™ platform across all Lithia's current and future dealerships in the US and Canada projected by the end of 2028. The contract also includes an agreement on pricing for Lithia's use of expects to generate approximately $40 million in annual recurring revenue once the current rollout is complete. With additional North America-specific features planned for release by the end of 2028, projected annual revenue from Lithia is expected to reach approximately $60 million. The valuation attributed to the joint venture has been independently supported by Kroll LLC and is based on the deployment of DMS platform and layered applications across Lithia's North American footprint. "We are delighted to have reached an agreement with Lithia to acquire the majority stake of the North America joint venture. The US and Canada are central to our growth strategy, and through the joint venture, we have made significant progress towards commercializing the Pinewood Automotive Intelligence™ platform for the North American market. Assuming full control of the joint venture will strengthen our ability to fully capitalize on the opportunities available in a key strategic growth market," commented Bill Berman, Chief Executive Officer of Pinewood Technologies Group plc. "Today, we are also announcing that we have agreed the terms of a five-year contract with Lithia to implement the Pinewood Automotive Intelligence™ Platform across all its current and future sites by the end of 2028. This is a significant milestone on our journey to entering the North American market and we remain on track to pilot the platform in Lithia's US stores in the second half of 2025, with the full system rollout commencing in 2026. I would like to take this opportunity to thank Lithia for their partnership in the joint venture and we look forward to working with them as a key customer long into the future." "This agreement represents the next step in our strategic partnership with and supports our vision to modernize customer experiences across our ecosystem. As largest global customer, we are excited to partner in the rollout of their platform across our North American network and accelerate our transformation into a fully integrated, data-driven retailer. is now able to emerge as the leading automotive intelligence provider in the U.S. Each of our global stores are committed to the Pinewood Automotive Intelligence™ Platform, and we will continue partnering on best-in-class product development," said Bryan DeBoer, President and CEO of Lithia & Driveway. Following completion, Lithia will remain a committed minority shareholder and key long-term customer. About Pinewood Technologies Group PLC First established in 1981, Pinewood Technologies Group PLC (Pinewood) is a leading cloud based full-service technology provider to automotive retailers and OEMs. Pinewood's system is a market-leading automotive intelligence platform, which has been developed collaboratively with dealers and OEMs to provide secure cloud-based software across sales, aftersales, accounting and CRM. Headquartered in the UK, Pinewood has a team of over 200 people serving over 35,000 global users across 21 countries and long-standing partnerships with over 50 OEM brands. Previously part of Pendragon PLC, in 2024 Pinewood became an independent entity following the sale of Pendragon's UK Motor and Leasing divisions to Lithia Motors, Inc., one of the largest automotive retailers in North America. Pinewood simultaneously signed a strategic partnership with Lithia to roll out its software across Lithia's UK locations and form a joint venture to co-develop capabilities and accelerate Pinewood's entry into the North American market. LSE: PINE OTCQX: PINWF About Lithia & DrivewayLithia & Driveway (NYSE: LAD) is the largest global automotive retailer providing a wide array of products and services throughout the vehicle ownership lifecycle. Simple, convenient, and transparent experiences are offered through our comprehensive network of physical locations, e-commerce platforms, captive finance solutions, fleet management offerings, and other synergistic adjacencies. We deliver consistent, profitable growth in a massive and unconsolidated industry. Our highly diversified and competitively differentiated design provides us the flexibility and scale to pursue our vision to modernize personal transportation solutions wherever, whenever and however consumers desire. View original content to download multimedia: SOURCE Lithia Motors, Inc. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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H&M Billionaire Quietly Moves Brand Toward Private Ownership
(Bloomberg) -- Hennes & Mauritz AB, the fast-fashion retailer that's been listed on the Swedish stock market since 1974, is steadily moving back toward private ownership. Next Stop: Rancho Cucamonga! ICE Moves to DNA-Test Families Targeted for Deportation with New Contract Where Public Transit Systems Are Bouncing Back Around the World US Housing Agency Vulnerable to Fraud After DOGE Cuts, Documents Warn The Global Struggle to Build Safer Cars The founding family has stepped up purchases of H&M shares, spending more than 63 billion kronor ($6.6 billion) since 2016 to amass nearly two-thirds control and fueling speculation it could take the Stockholm-based company back into private hands — despite denials from family members. The Perssons, one of Sweden's wealthiest families, have built up a growing stake through holding company Ramsbury Invest, saying little about their intentions other than that they 'believe' in H&M, which was founded in 1947 by Erling Persson. The media-shy clan is now getting within striking distance of full control of the retailer, which in recent years has been losing ground among shoppers to its main rival Zara and 'ultra-fast fashion' upstarts like Shein. 'This is something we've been talking about for years, and few would doubt that's the direction things are headed,' said Sverre Linton, chief legal officer and spokesperson for the Swedish Shareholders' Association, which represents small stock investors. If the family doesn't plan to take H&M private, it should communicate that more clearly and stop buying shares, he added. The family has ramped up insider buying by reinvesting dividends, boosting its H&M stake to almost 64% from 35.5% over the past nine years via Ramsbury, a vehicle named after billionaire Stefan Persson's sprawling estate, one of the largest private landholdings in southern England. Including extended family holdings, the Perssons now control roughly 70% of the capital and some 85% of voting rights, according to H&M's website. In an interview last year with Bloomberg, H&M Chairman Karl-Johan Persson — grandson of the founder — dismissed talk that the family intended to take the company private. 'There are no plans,' he said. 'We just buy because we believe in the company.' Representatives at Ramsbury Invest and H&M declined to comment. Analysts including Niklas Ekman at DNB Carnegie say the regular purchases could be more than a show of confidence in the retailer. In a note to clients last month, he estimated that if the family keeps acquiring shares at the same pace a buyout could come as early as two years from now. If the family's holding reached 90%, it could request a de-listing of the shares. A take-private would be 'based on emotional rather than financial motives,' Ekman wrote, given that the family already has a controlling stake and has long managed the company with little regard for minority shareholders. He attributed the push to patriarch Stefan Persson, 77, who built H&M into one of the world's largest fast-fashion retailers during his 16 years as chief executive officer and more than two decades as chairman. He remains deeply invested in the company's future. Stefan's fortune amounts to $18.6 billion, mostly in H&M stock, making him the richest person in Sweden, according to the Bloomberg Billionaires Index. He bought the 3,000-acre Ramsbury estate in 1997 and has since expanded it to 19,000 acres, building a brewery, distillery and oil press on the property. His son Karl-Johan, who took over as H&M chairman in 2020 after serving as CEO, also holds an active role at Ramsbury Invest. He has voiced frustration in interviews with the stock market's short-term focus on maximizing profits. 'They've never, at least in modern times, expressed a strong desire to remain public,' said Daniel Schmidt, an analyst at Danske Bank. 'I would say that transparency has always been a part of it.' H&M's shares reached an all-time high about a decade ago, and have since fallen by around 60%, valuing the group at 220 billion kronor. Zara owner Inditex SA, by contrast, has climbed about 60% over that period. For the Perssons, the sagging stock price is no doubt a frustration, but also presents an opportunity by making full control more attainable. At the current price it would cost the family at least 70 billion kronor to buy the remaining outstanding shares, according to Ekman. That would likely require them to take on debt. A delisting would probably also require a premium, according to Bloomberg Intelligence analyst Charles Allen. 'If the bid were financed by debt then it may reduce the company's operating flexibility,' Allen said. 'It wouldn't really matter if the debt was in the company or the family as either way cash flow would have to be diverted from investment to pay interest and then repay.' Operationally, the fast-fashion retailer appears stuck in the slow lane, facing tepid demand for its apparel, fierce competition and now US tariffs. The first-quarter results were weaker than analysts had expected and showed that efforts to claw back customers through higher marketing spending hadn't brought a rebound. CEO Daniel Erver, an H&M veteran who took the top job last January, was involved in setting the current strategy and has yet to reverse market share losses in countries including Germany, France and the UK. Attempts to reconnect with younger audiences through collaborations, such as with pop artist Charli XCX, haven't significantly boosted growth. 'With the share price as subdued as it is currently, offering a small premium today, could potentially be cheaper if the share price recovers at some point in the future,' said Mads Lindegaard Rosendal, a senior analyst at Danske Bank. He said the potential risk of a take private is one of the reasons why Danske Bank has an 'underweight' rating on H&M, which is a 'company that is also struggling somewhat with their ongoing operational turnaround.' As one of the most shorted stocks in Europe, a buyout could force short sellers to unwind their negative bets on H&M and send the shares soaring. Shares out on loan, an indication of short interest, were at 21% of H&M's free float as of June 4, according to data from S&P Global Market Intelligence. H&M has been criticized for a lack of transparency over sudden management changes and being the only company in Stockholm's benchmark index not to disclose the shareholdings of its top executive team. 'Obviously, being a listed company puts management under more scrutiny than if they were private, but it also presumably offers some incentives to management and other employees that would not be available if it were private,' BI's Allen said. Anders Oscarsson, the head of equities at AMF, one of Sweden's biggest pension managers and the largest non-family shareholder, said he hasn't heard the family say anything about taking H&M private, and that such a move would be a big loss for investors. 'It would be sad if the company disappears from the stock exchange,' he said. 'If we're to generate returns from the stock market, we need strong companies listed.' Yet if the family's purchases lead to a marked deterioration in the stock's liquidity, that wouldn't be a good outcome either. 'It might become a bit like Hotel California — where you can neither check in nor check out.' --With assistance from Blaise Robinson. 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