Tag: Billionaire

Billionaire Ken Griffin drops extra $26.7M against Pritzker’s graduated-rate income tax amendment proposal. His total stands at more than $46.7M

Ken Griffin, the billionaire founder and CEO of the Chicago-based Citadel hedge fund and investment firm, put another $26.7 million into the campaign against billionaire Democratic Gov. J.B. Pritzker’s ballot proposal to shift the state from a flat-rate income tax to a graduated tax with rates that increase with income.

Ken Griffin wearing a suit and tie standing in front of a building: Ken Griffin, the founder and CEO of Citadel, in 2014.

© E. Jason Wambsgans/Chicago Tribune/TNS/Chicago Tribune/TNS
Ken Griffin, the founder and CEO of Citadel, in 2014.

With Griffin’s latest investment, he has now given $46.75 million of the approximately $48.1 million million that has been received by the Coalition to Stop the Proposed Tax Hike Amendment. In August, Griffin gave the group $20 million.


Load Error

Griffin and Pritzker are the main funding sources of the campaigns for and against the proposal asking voters to change the state’s constitution to replace Illinois’ current flat-rate income tax with a graduated-rate tax. Pritzker, an heir to the Hyatt Hotel fortune, has given

Read More

Biden brandishes working-class roots and middle-class image in bid to reclaim Rust Belt battlegrounds from self-styled billionaire Trump

Joe Biden stood on the floor of a Wisconsin aluminum plant this week, shed the trappings of his decades in national politics and then took aim at the billionaire New Yorker he wants to evict from the Oval Office.

“I’ve dealt with guys like Donald Trump my whole life, who would look down on us because we didn’t have a lot of money or your parents didn’t go to college,” Biden said, recalling his boyhood roots. “Guys who think they’re better than you. Guys who inherit everything they’ve ever gotten in their life and squander it.”

Biden has long cultivated his persona as “Middle-Class Joe” with “hardscrabble” roots, but as he turns to the closing stretch of his third presidential bid, the Scranton, Pa., native is personalizing his pitch as he tries to undercut one of the president’s core strengths.

“The truth is,” Biden said, “he never really respected us.”

Read More

Japanese Consultant Becomes Billionaire By Battling Activist Investors

The recent rise of shareholder activism in Japan has boosted the stock price of Tokyo-listed IR Japan, a consultancy specializing in shareholder relations, elevating its CEO Shirou Terashita into the ranks of the world’s billionaires.

Terashita, 61, saw his fortune rise to $1 billion as shares of IR Japan soared 247% over the past year. He declined to comment for this story.

Investors are optimistic about the growth potential of the Tokyo-based firm, which is said to have a high level of expertise in proxy fights at shareholder annual general meetings and also provides advisory services like measures to counter activist investors.

In the quarter ended in June, IR Japan said its sales had jumped 9.7% from a year earlier to 2.38 billion yen (about $20 million). The company’s net profit came in at 913 million yen, up 7.8% from the

Read More

Japanese Billionaire Regrets Losing $41 Million in Stock Trading

(Bloomberg) — A Japanese billionaire said on Twitter that he had lost 4.4 billion yen ($41.4 million) by trading stocks amid volatile swings triggered by the pandemic.

In a tweet titled “Deep Regrets,” Yusaku Maezawa, founder and former chief executive of online fashion retailer Zozo Inc., said he lost money through day trading — a practice he has failed to master. He expressed regret over the sum he had lost and vowed to recover it through his business.

“I was blinded by the virus-driven market swings and lost 4.4 billion yen through repeated short-term trading of stocks, something I haven’t familiarized myself with,” Maezawa said in the Sunday tweet. “With 4.4 billion yen, how many people could the money have been given out to and saved? There’s no end to this regret.”

Yusaku Maezawa posing for the camera: News Conference As Yahoo Japan Agrees to Buy Majority Stake in Fashion Site Zozo

© Bloomberg
News Conference As Yahoo Japan Agrees to Buy Majority Stake in Fashion Site Zozo

Yusaku Maezawa

Read More