onfocus

“It’s been an amazing year for the world’s richest people, with more billionaires around the world than ever before,” said Chase Peterson-Withorn, Forbes’ wealth editor. “A record-breaking 14 centibillionaires [$100bn] have 12-figure fortunes. Even during times of financial uncertainty for many, the super-rich continue to thrive.”

slow clap.

“Some firms seem to have used rising costs as an opportunity to further hike prices to increase their profits, and profits remain elevated even as supply chain pressures have eased,” the report read.

Some firms deserve our scorn and ridicule, I say. It would be nice if the government could reign in the profiteering but I'm not holding my breath. Burn your large grocer loyalty cards I guess.

Putting a 25% tax on 750 people to benefit the 330 million other members of the American public? Maybe you can see why it's not a radical idea when middle-class people are already paying higher rates themselves. To be clear, those affected by the rate increase would continue to be billionaires—it's just that their fortunes would grow past a billion at a slightly slower pace.

Escape velocity is a great way to think about when enough is enough for any one human to have. Society doesn't see much benefit from allocating so many resources to a small number of individuals. The standard argument is job creators! but that's a joke in a world where record profits lead to mass layoffs.

“I don’t really see any good that can come from Reddit going public,” Dan M. told me. “Not to sound dramatic but it kinda feels like the final nail in Reddit’s coffin after years of degrading quality.”

Same, they treat their volunteer moderators like expendable cogs and all of their revenue depends on them. Add the new pressure of shareholders to the situation and it seems like a recipe for meh. Feels like someone’s cash out before the end.

Update (3/9): LOL

All of the major tech companies conducting another wave of layoffs this year are sitting atop mountains of cash and are wildly profitable, so the job-shedding is far from a matter of necessity or survival.

Short term stock boost is more important than people. Thanks, job creators!

“Costs have come down substantially, and while corporations were quick to pass on their increased costs to consumers, they are surprisingly less quick to pass on their savings to consumers,” Liz Pancotti, a Groundwork strategic advisor and paper co-author, told the Guardian.

ah, just the natural cycle of high prices at the supermarket due to [checks notes] record profits.

The surprisingly good GDP figures prompted Biden aides to launch a more aggressive push to tout the economy’s strength as the presidential campaign heats up, hoping to flip what has long been perceived as one of the president’s biggest political vulnerabilities into an asset heading into the presidential campaign season.

Thanks, Bidenomics! Too bad about the corporate layoffs due to [checks notes] record profits.

From billions of mysterious Tethers to the apparent identity theft of Thai sex workers, many questions remain about what happened at Bankman-Fried's crypto empire.

WTF was going on at FTX? Molly White's coverage of the FTX trial was fantastic and her list of topics that almost came up makes it seem like the trial was just the tip of a very weird iceberg.

That being said: She’s a billionaire, her tour is taking over the world, she’s transforming the music industry in real time, and very few living celebrities have her scale of cultural influence. With all the love in the world, shouldn’t someone be, at least, attempting to look without fear or favor to see if she’s truly keeping her side of the street clean?

The kinds of stories that could shed light on the music industry if they looked with a critical eye.

Breaking news from Spotify: starting in 2024 (less than two months from now), they will no longer pay any royalty on tracks that fall below a minimum 1,000 streams a year. These tracks will still earn royalties, in theory – but those royalties will not be paid to their rights holders. Instead, they will go into a pot to be divided among accounts that garner more plays.

Happy holidays from Spotify, artists!

Update (12/4): Happy holidays from Spotify, employees

Do No Harm has used its small slice of the Edelmans’ wealth to launch a successful campaign against health care services for trans Americans.

So frustrating that billionaires have more than they could ever need and still look around and say: now, how can I make people suffer?

Starting in October, the ad-free tier of Disney+ will rise from $11 to $14 a month, while ad-free Hulu will increase from $14 to $18 a month.

Must be to offset the money they’re suddenly paying to writers and actors now. (Sarcasm)