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Michael Jordan, Oprah Winfrey and Jay-Z in the top five on Forbes’ 2024 world billionaires list.

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Michael Jordan, Oprah Winfrey, Jay-Z, Forbes, Billionaires


Forbes released its annual list of the world’s billionaires, and Black Excellence dominated the list of the top 14 celebrities who made the list.

Michael Jordan, Oprah Winfrey and Jay-Z helped close the five biggest celebrity billionaires and the NBA legend finished third with a net price of $3.1 billion, behind Steven Spielberg ($4.8 billion) and George Lucas ($5.5 billion). Jordan earned a coveted spot on the list, securing $1.8 billion through partnerships with brands corresponding to his infamous Jordan brand under Nike. On the sports front, his time as owner of the NBA’s Charlotte Hornets netted him $3 billion when he sold the team in August 2023 after purchasing the franchise for $175 million in 2010.

Just behind Jordan was media mogul Winfrey with a net price of $2.8 billion, mostly acquired through real estate and her own production company, while Jay-Z got here in fifth with a net price of $2.5 billion. The hip-hop mogul has made billions through shrewd business moves, including selling a 50% stake in his Armand de Brignac champagne brand to luxury goods giant LVMH in 2021 for no less than $300 million and a majority stake in his D’ Usse cognac label in 2023 for a reported $750 million for Bacardi. Jay-Z also owns shares in successful corporations corresponding to Uber and Block.

Filmmaker and fellow media mogul Tyler Perry secured a spot in the top 10 due to his $1.4 billion valuation, which equaled that of pop star and entrepreneur Rihanna. Perry’s billions were amassed from his film and television activities, including creating and starring in several television shows, movies and plays. Meanwhile, it’s no secret how much Rihanna’s net price has skyrocketed since founding Fenty Beauty, which she owns with luxury goods giant LVMH and lingerie company Savage X Fenty.

Tiger Woods, price $1.3 billion, closed the list of the top 10 celebrity billionaires in tenth place. His earnings come in mainly from earnings and profession recommendations. Woods’ contract with Nike expired in January, and Woods has since began his own clothing company, Sun Day Red.

NBA star LeBron James was just behind Woods with a net price of $1.2 billion, earned due to the $1 billion he earned inside and outside the league over his 20-year profession. In addition to the thousands and thousands he earns in the NBA, James has made clever investments in real estate, grocery chains corresponding to Blaze Pizza, his media company SpringHill, and ownership interests in sports teams corresponding to Fenway Sports Group, MLB’s Boston Red Sox, the Football Club Liverpool and the Pittsburgh Penguins of the NHL.

NBA alumnus and entrepreneur Magic Johnson tied James with a net price of $1.2 billion, rating him twelfth. After gaining fame and fortune playing for James’ current team, the Los Angeles Lakers, in the Nineteen Eighties and Nineties, Johnson stabilized his fortune through business. With most of his fortune derived from his stake in EquiTrust, an Iowa-based life insurance company, Johnson also has stakes in sports teams, including the NFL’s Washington Commanders (with Justin Harris), MLB’s Los Angeles Dodgers (with with Todd Boehly), the WNBA’s Los Angeles Sparks and MLS’s LAFC.


This article was originally published on : www.blackenterprise.com
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Business and Finance

Home Depot to pay $2 million to settle false advertising case

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Home Depot


Home Depot has settled a civil case alleging false advertising and other deceptive business practices. The home goods store will pay nearly $2 million despite admitting no wrongdoing.

District attorneys in California initially filed the grievance in San Diego Superior Court. According to the Los Angeles County District Attorney’s Office, Home Depot allegedly cheated customers to pay the next price than the advertised price of the product. This was considered a “scanner violation”, the product label on the shelf won’t ring the identical on the checkout due to the costlier UPC code.

Case lawyer George Gascón called the settlement a “clear message” that these illegal practices by large corporations won’t be tolerated.

“False advertising and unfair competition are serious crimes that undermine consumer trust and distort the marketplace,” District Attorney Gascón explained in a press release. “When companies engage in deceptive practices, they not only deceive consumers, but they also gain an unfair advantage over companies that operate ethically and transparently. This settlement sends a clear message that such behavior will not be tolerated and underscores our commitment to protecting the rights of consumers in our community.”

The company began negotiations with district attorneys on August 26. As a result, the ruling ordered Home Depot to pay $1.7 million plus an extra $277,251 in investigation costs and damages. The additional fee may also support enforcement of consumer protection laws.

In addition, Home Depot is prohibited from promoting false advertising and charging more for an item than is visible. The ruling also ordered it to implement a price accuracy program. It includes more audits and training, in addition to eliminating weekday price increases.

However, an act of contrition was not certainly one of the necessities, as Home Depot didn’t admit to committing against the law. LADA noted that the corporate, which Identifies as the world’s largest home improvement retailer, cooperated throughout the investigation.


This article was originally published on : www.blackenterprise.com
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Orlando Magic Brings Big Dave’s Cheese Steaks to Florida

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The Orlando Magic are entering a brand new multi-year agreement with Big Dave’s cheesesteaks. The partnership will bring the growing franchise to Florida on the Kia Center in Orlando.

The location shall be the primary Big Dave’s in Central Florida. In a continued partnership with the Orlando Magic, its exclusive location will feature additional brand integrations throughout the sector, including a concession stand and food cart.

The Orlando Magic also spoke concerning the “power of teamwork” on this latest partnership.

“Magic is excited to partner with Big Dave’s Cheesesteaks and be the first to welcome this franchise to Central Florida,” Magic Senior Vice President of Global Partnerships JT McWalters said in a press release obtained by BLACK ENTREPRENEURSHIP“As two companies that believe in teamwork, we are excited to partner with the first Florida franchise and its new owner, Derek Lewis. We can’t wait to connect Big Dave’s Cheesesteaks with our local community and give our fans a taste of what it’s all about.”

Derrick Hayes founded Big Dave’s Cheesesteaks in 2016, starting out in a gas station in Georgia. The franchise has since expanded prolonged to five locations statewide, with one other recently opened in North Carolina. Now its first franchise owner, Lewis, is spearheading the trouble at Sunshine state.

“I am excited to bring Big Dave’s Cheesesteaks to the heart of the Orlando sports and entertainment scene,” said Lewis. “This partnership with the Orlando Magic and Kia Center is the perfect combination of exceptional food and exciting basketball. Opening our doors on October 11th during the preseason is just the beginning of what I believe will be a groundbreaking presence at the arena. As the first owner of a Big Dave’s franchise, I am committed to delivering the same quality and taste that Derrick Hayes made famous while creating an exceptional experience for Magic fans and guests.”

In addition, Lewis intends to grow Big Dave’s diverse community of cheesesteak lovers and sports fans. The chain also expects to open 10 locations within the Central Florida region.

“This venture is about more than just great cheesesteaks; it’s about supporting the community, celebrating diversity and being part of the electric atmosphere that the Orlando Magic brings to the city,” he added. “Get ready, Orlando – we’re going to elevate your game day experience!”


This article was originally published on : www.blackenterprise.com
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Junior Bridgeman reportedly buying 15% stake in Milwaukee Bucks

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At some point, the circle is closing, with former Milwaukee Bucks point guard Junior Bridgeman reportedly close to buying a 15% stake in the team he played for for many of his NBA profession.

According to , the 70-year-old Bridgeman, whose number two jersey has been retired by the Bucks, I’ll receive a privileged discount for the limited partner, which entitles him to a 15% share in the organization.

According to , Bridgeman currently owns Jet and Ebony magazines. The agreement states that the Milwaukee Bucks, a small NBA franchise, are value $4 billion. According to their sources, the NBA was alleged to notify the owners of the sale in a memo on September 12.

Bridgeman has built a net value of over $600 million largely through success in various businesses, including fast-food restaurants and running a Coca-Cola bottling distributor. Neither the Milwaukee Bucks nor Bridgeman himself have commented on the sale.

Although the team finished third in the Eastern Conference last season, they suffered a loss because that they had to make use of the luxurious tax and pay $52 million. According to , that quantity is NBA’s fourth-highest luxury tax.

The Bucks are expected to face similar luxury tax challenges in the 2024-2025 NBA season, with Giannis Antetokounmpo, Damian Lillard, and Khris Middleton set to make $48 million, $45 million, and $31 million, respectively. The team’s last ownership change got here in April 2023, when Cleveland Browns owners Jimmy and Dee Haslam bought a 25% stake from former co-owner Marc Lasry. At the time, before the NBA’s recent television deal, the Bucks were valued at $3.2 billion.


This article was originally published on : www.blackenterprise.com
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