Latest news with #billionaires
Wall Street Journal
20 hours ago
- Business
- Wall Street Journal
Inside Trump and Musk's Complicated Relationship
WASHINGTON—President Trump recently posed an evocative question to his advisers about billionaire Elon Musk's promise to slash $1 trillion in government spending. 'Was it all bullshit?' Trump asked, according to administration officials, wondering whether Musk could have ever come close to the cuts he promised to carry out through the Department of Government Efficiency.
Sky News
a day ago
- Entertainment
- Sky News
Mountainhead: Succession writer Jesse Armstrong's new film takes aim at tech billionaires
Succession writer Jesse Armstrong says he hopes his new film about toxic tech billionaires can be a receptacle for anyone who is "feeling wonky about the world". Now making his film directorial debut with Mountainhead, starring Steve Carell and Jason Schwartzman, Armstrong has shifted his focus from cut-throat media moguls to a group of billionaire friends meeting up to compare bank balances against the backdrop of a rolling international crisis they appear to have stoked. Speaking to Sky News about the project, he said: "For a little while I poured some of my anxieties and feelings into it… and I hope it can be a receptacle for other people if they're feeling wonky about the world, maybe this can be somewhere they put some of their anxieties for a while." Few television writers achieve widespread recognition beyond their work, but Armstrong - the man behind Succession, one of the most critically acclaimed TV shows of the past decade - has become a household name and is today one of the world's hottest properties in high-end drama. "If there was more self-reflection and self-knowledge, there probably wouldn't be such amenable targets for comedy and satire," he admits. Long before he gifted viewers with the likes of manipulative Logan Roy and sycophantically ambitious Tom Wambsgans, back in the beginning, there was selfish slacker Jez and the perennially insecure Mark on his breakthrough hit Peep Show. "I love comedy, you know, it's my way in," he explains. "I think I like it because… the mixture that you get of tragedy and absurdity strikes me as a sort of a true portrayal of the world… and I just like jokes, you know, that's probably the basic reason." After putting his pen down on the finale of Succession, walking away with 19 Emmys and nine Golden Globes, attention was always going to be drawn to what Armstrong did next. "I had a couple of other things that I thought I would write first and this kind of snuck up on me as an area of interest," Armstrong says. "After I'd listened to a bunch of tech podcasts and Ted talks, I sort of needed somewhere to put the tone of voice that was increasingly in my head." Tapping into the unease surrounding big tech, he wrote, shot and edited Mountainhead in less than six months. Capturing the audience mood Explaining why he worked so fast, he said he "wanted to be in the same sort of mood as my audience, if possible". While he insists there aren't "any direct map-ons" to the billionaire tech moguls, which frequently make headlines in real life, he joked he's "happy… to play a game of 'where did I steal what from who?'" with viewers. "You know… Elon Musk… I think at least people would see some Mark Zuckerberg and, I don't know, some Sam Altman, there is a bunch of those people in all the [film's] different characters… and we've stolen liberally from the world in terms of the stories we've given them." Steve Carell is tasked with delivering some of the film's most memorable lines as the satire explores the dynamic between those holding the power and those pulling the strings. Lack of self-knowledge 'good for comedy' "People who lack a certain degree of self-knowledge are good for comedy….and if there was more self-reflection and self-knowledge, there probably wouldn't be such amenable targets for comedy and satire. "You know, living in a gated community and travelling by private jet certainly doesn't help you to understand what life is like for most people." Armstrong's gift for using humour to savagely dramatic ends is arguably what makes him one of the most sought-after writers working today. Behind his ability to craft some of the sharpest and scathing dialogue on our screens, he views what he does as more than getting a laugh. "I do believe in the sort of nobility of the idea, that this is a good way to portray the world because this is how it feels a lot of the time."
The Verge
a day ago
- Entertainment
- The Verge
Mountainhead succeeds at showing you how truly deranged the billionaire mindset can be
The degree to which Mountainhead, HBO's new black dramedy from Succession creator Jesse Armstrong, will make you laugh depends almost entirely on how much news you consume about tech billionaires who see themselves as übermensch chosen by fate to shape the arc of history. The more time you've spent listening to Silicon Valley types wax poetic about reality being a simulation, ' universal basic compute,' and how humanity is a 'biological bootloader' for artificial intelligence, the less Mountainhead 's CEO characters come across as being amusing caricatures. But if you're part of the lucky bunch that has never bothered listening to billionaires insist that they're going to achieve immortality in preparation for colonizing Mars, Mountainhead might strike you as an incisive send-up of the uber-wealthy oligarch class. Especially in this moment where we've all been able to watch some of the world's richest tech overlords prostrate themselves before Donald Trump in hopes of amassing even more power, the movie's depiction of tech bros flirting with the idea of taking over the world seems so plausible that it almost doesn't work as satire. But each of Mountainhead 's lead performances is infused with a manic, desperate energy that makes the film feel like an articulation of the idea that, when you strip all the self-aggrandizing mythos away, billionaire founders are just people with enough money to make their anxieties and insecurities everyone else's problem. Though it's narrative territory we've seen Armstrong explore before, Mountainhead is no Succession. Compared to Armstrong's more expansive episodic work, there's a breathless urgency to his first feature that reflects the speed with which he wrote and shot it. But the film does make you appreciate how dangerous and divorced from reality today's titans of industry tend to be when left to their own devices. Set almost entirely in a palatial lodge nestled high up in the Utah mountains, Mountainhead revolves around a quartet of absurdly wealthy frenemies who come together for a weekend of rest, relaxation, and metaphorical dick measuring while the rest of the world hurtles toward a doomsday scenario. On some level, social media tycoon Venis (Cory Michael Smith) knows that the new generative AI tools rolling out on his Twitter-like platform, Traam, have the potential to incite chaos by feeding people deepfaked footage designed to keep them angry and endlessly scrolling. Venis has seen the news reports about multiple outbreaks of violence targeted at immigrants and ethnic minorities. He's also heard commentators linking his creation to a widespread erosion of trust on a societal level. But with his net worth at an all-time high, it's easy for the twitchy CEO to ignore all that bad press and dismiss the disturbing imagery flooding Traam. Similar to Mission: Impossible — The Final Reckoning, Mountainhead frames AI's ability to obfuscate the truth and manipulate people's perceptions of reality as the kind of threat that should give everyone pause. But rather than telling a story about humans racing to stop a tech-driven apocalypse, Armstrong is much more interested in exploring the ways in which artificial intelligence's potential for harm is directly connected to the worldviews of those who create it. Venis isn't the only tech mogul ready to roll his eyes as Traam's AI continues to stoke unrest and violence around the globe. Almost all of his closest friends — a small group of men who call themselves the Brewsters — feel exactly the same way. James (Steve Carell), a steely Steve Jobs type who refuses to accept the reality of his terminal cancer diagnosis, sees Traam's popularity as a sign that Venis is on the right path and setting himself up to corner the market on digitizing human consciousness within a decade. Even though Jeff (Ramy Youssef), the creator of a rival AI toolset that can reliably identify deepfakes, has gone on the podcast circuit understandably trash-talking Venis, he can't deny that Traam's dangerous slop has led to an exponential growth of his own valuation. And as the 'poorest' member of the Brewsters, multimillionaire health nut Hugo / 'Soup Kitchen' (Jason Schwartzman), is more than willing to cosign basically anything his friends do. Some of it boils down to Soup's need for an influx of cash for his next business venture — an ill-conceived wellness and meditation app. But the deeper truth that Armstrong repeatedly highlights is that groups like the Brewsters always need someone around who's willing to play a game of boar on the floor or eat a soggy biscuit to make themselves feel like they're all having a good time. The desire to have a good time is ostensibly why Soup invites the other Brewsters to come spend the weekend at Mountainhead, his drearily chic vacation home that reeks of new money and a juvenile obsession with Ayn Rand. But once the group has gotten together and sent their assistants — most of the movie's sparingly few women characters — away, it isn't long before the boys' deep-seated resentments of one another start bubbling to the surface. And when the unnamed president of the United States calls up Venis and Jeff to discuss how the Traam deepfake situation is getting worse by the minute, the group takes it as a sign that they might be looking at an opportunity to play and win a game of real IRL Risk. Given how relatively few places it physically takes its characters, Mountainhead does a solid job of not feeling like a claustrophobic play about delusional billionaires beefing on top of a mountain. Few of the Brewsters' digs at each other are truly laugh-out-loud funny, but what's impressive is how each of the characters feels like a distinct embodiment of the culture that gave birth to the modern celebrity tech founder archetype. Armstrong wants us to see these people as ghouls who are beyond high on their own supplies, but also as profoundly broken men whose fixations on biometrics and being seen as sigma men speak to a deeper sense of inescapable inadequacy. Things like James' tense relationship with his personal doctor and the odd, vaguely homoerotic game of wits Venis and Jeff start to play in Mountainhead 's third act are intriguing. But they're also part of what makes the film feel like it might have been more compelling as a miniseries with enough time and space to show us more of how the Brewsters move through the world and what besides their money would make these four men want to spend time with one another. Just when Mountainhead starts to get juicy and unhinged, it rushes to a dramatic climax that feels right-minded, but premature. It's almost as if Armstrong means to leave you unsatisfied as a way of emphasizing how people like the Brewsters seldom get what they really deserve. As a piece of eat (and ogle) the rich social commentary, Mountainhead works fine if you're craving a cheeky, surface-level indictment of tech barons who fancy themselves as gods. But if you're looking for something more dramatic and substantive, you might be better off just reading the news.
Forbes
a day ago
- Business
- Forbes
Forbes Daily: Supreme Court Gives A Boost To Oil And Gas Billionaires
J.K. Rowling brought magic to multiple generations with her wizarding world—and it's made her a billionaire, again, despite plenty of recent controversy. The Harry Potter author is now worth $1.2 billion, according to Forbes estimates, after previously falling off the Billionaires List in 2012 as a result of charitable giving. That's in spite of the fact that Rowling has placed herself at the center of a culture war, frequently posting anti-transgender rhetoric on social media. Since 2020, she has earned more than $80 million per year from the sales of her books and the vast litany of Potterverse brand extensions. The staying power of the franchise is only set to continue, with a new HBO Max series adaptation of the books going into production this summer. President Donald Trump's 'Liberation Day' tariffs will stay in effect for now, a federal appeals court ruled, despite a Wednesday ruling from the Court of International Trade that they were unlawful, plus a second, similar ruling from a federal court Thursday. But if an appeals court or the Supreme Court, where the case is likely to end up, ultimately sides with the international court and says they're unlawful, the Trump Administration will have to refund any tariffs collected. MORE: Nvidia briefly became the world's most valuable company again Thursday after its latest earnings report, surpassing Microsoft, before falling back into No. 2. The AI chip giant's stock surged post-earnings and after the international trade court's tariff ruling, helping lift the broader market, before indexes ended the day at more modest gains. Meanwhile, Treasury Secretary Scott Bessent said trade talks between China and the U.S. have stalled and a direct call between the two countries' presidents may be needed to close a deal, leading U.S. stock futures to drop slightly in early trading on Friday. After their meeting in Geneva earlier this month, U.S. and Chinese officials announced they would significantly cut back tariffs placed on each other's goods for at least 90 days, while both sides work on a trade agreement. Despite President Trump repeatedly attacking Federal Reserve Chairman Jerome Powell, the pair met Thursday at Trump's request—Powell's first meeting with a sitting president since May 2022. Trump has expressed frustration with the Fed's hesitation to lower interest rates, but Powell was insistent that the Fed would determine monetary policy based on economic data, according to a statement from the central bank. The SEC dropped a lawsuit against Binance on Thursday, days after the crypto exchange began listing a stablecoin created by World Liberty Financial, one of President Donald Trump's blockchain ventures. Binance admitted in a November 2023 plea deal to anti-money laundering and sanctions violations, agreeing to pay $4 billion, and it's not the only Trump crypto partner to have benefited personally from his administration. The Supreme Court gave a boost to oil and gas companies as it sided Thursday with a railway company that argued an environmental review of a planned construction project in Utah was too broad. Dozens of energy billionaires stand to benefit, like Anschutz Exploration Corporation leader Philip Anschutz and Energy Transfer LP founders Kelcy Warren and Ray Davis, who are worth $16.9 billion, $7.2 billion and $3.7 billion, respectively. As AI chatbots become more trusted with high-stakes jobs like helping to diagnose medical patients or screening loan applications, they're also making more mistakes,—which means assessing a model's performance is more crucial than ever. The once-buzzy data-labeling startup Snorkel AI is shifting gears to help enterprises create evaluation systems and datasets to test their AI models, raising $100 million at a $1.3 billion valuation. Despite repeated promises of an imminent launch, President Donald Trump's Gold Card visa—which would give wealthy investors U.S. residency and an expedited path to citizenship—would require Congress to change immigration laws, a process that could take months or years. And furthermore, while Trump has suggested the administration could raise trillions selling the cards, the math just doesn't add up, according to one expert: To afford the visa, someone would have to be worth over $100 million, and there are fewer than 30,000 centimillionaires in the entire world, more than a third of whom are American. A federal judge will indefinitely block the Trump Administration's ban on Harvard University's enrollment of foreign students, amid the ongoing feud between the university and federal government. In a shift from the Department of Homeland Security's initial announcement, which stated the ban would take effect immediately, the administration told Harvard ahead of the court hearing that it had 30 days to show why the school should not be barred from enrolling international students. Real Madrid forward Vinícius Forbes' latest ranking of the World's Most Valuable Soccer Teams, Spain's Real Madrid once again takes the crown, worth an estimated $6.75 billion after becoming the first soccer team to cross $1 billion in annual revenue during the 2023-24 season. Together, the 30 most valuable soccer teams are worth more than $72 billion, or an average of $2.4 billion, up 5% from last year. Michigan Potash & Salt founder Ted Pagano jamel toppin for forbes Michigan is sitting on a motherlode of potash, a mineral which is the main ingredient in agricultural fertilizer. The U.S. uses 5.3 million tons annually and imports 95% of it, mostly from Canada. Ted Pagano's Michigan Potash & Salt Company is on the cusp of closing on $1.8 billion of financing for a new mine, including a $1.3 billion loan from the Department of Energy and $500 million in equity being arranged by JPMorgan and Goldman Sachs. If all goes well, the mine will be churning out 1 million tons per year of potash (worth $350 million) and 1.3 million tons of salt (worth $80 million) by the end of the decade. With a resource base proven to be 130 million tons, the company could keep that up for a century or more—and make Pagano, who owns 65%, very rich. Even now his stake is worth at least $300 million. To extract the potash, Pagano will use a form of 'in-situ,' or solution mining. He'll drill 8,000-foot-deep wells in pairs. One is the injection well, down which Michigan Potash will send hot water to dissolve potash and salt in place. The second is the production well; the solution travels up that well to the processing plant for separation and drying. The water is reclaimed, heated and sent back down the hole. From the surface the mine will hardly be noticeable and should be eligible for green tax credits. 'There's no hair on this project that we're ashamed of,' says chief operating officer Aric Glasser. In all, Forbes estimates that costs should come to about $140 per ton; potash sells for about $350 a ton today. And agricultural giant ADM has already agreed to buy nearly all of Pagano's yearly potash production. WHY IT MATTERS 'This story shows how even in a giant, oligopoly-controlled industry like fertilizer, an individual entrepreneur like Ted Pagano—in the right place at the right time—can generate huge value for himself and for the country,' says Forbes senior editor Christopher Helman. 'This matters now because there are many other critical minerals of which the U.S. needs to develop secure domestic supplies. Hopefully Pagano's story can inspire more entrepreneurs to take on the challenge.' MORE The $800 Million Rare Earths Portfolio Of Australia's Richest Woman References to DEI in the corporate reports of top companies took a sharp dive this year, according to analysis by Gravity Research. As President Donald Trump has waged a war on DEI, many companies have dropped or reframed their diversity initiatives: 72%: The drop in references to diversity, including 'DEI' and 'racial diversity,' in the reports of major corporations between 2024 and 2025, per the study 87%: The increase in usage of the word 'belonging' between 2023 and 2024 as a 'safer' alternative to DEI, though mentions of the word then declined 47% between 2024 and 2025 'Speaks volumes to the current political environment': said Joanna Piacenza, vice president of thought leadership at Gravity Research No matter the reason, if you were seeking a promotion that didn't pan out, you can still create your own opportunities for leadership development in your current role. Look at previous performance reviews to figure out what skills you need to work on, and collaborate with your manager to restructure your role for stretch assignments. And if you're looking for an opportunity to manage people, start by managing a project or asking your boss if you can take something off their plate. Scientists have created a 'smart' dental floss that doesn't just clean your teeth, but also gauges what about your health? A. Blood pressure B. Presence of cavities C. Stress levels D. Recent drug use Check your answer. Thanks for reading! This edition of Forbes Daily was edited by Sarah Whitmire and Chris Dobstaff.
Bloomberg
a day ago
- Business
- Bloomberg
Adani, Emaar Said to Cease Talks on Indian Real Estate Unit Sale
Sign up for the India Edition newsletter by Menaka Doshi – an insider's guide to the emerging economic powerhouse, and the billionaires and businesses behind its rise, delivered weekly. Billionaire Gautam Adani's real estate division has decided against buying the Indian unit of Dubai-based developer Emaar Group due to disagreements on valuation, according to people familiar with the matter.
