Business
Can You Guess How Many Billionaires There Are In The United States?
America has a huge wealth gap and the economic disparity is evident when you look at the number of billionaires in the country. Only 630 Americans are considered billionaires, but of that number just seven are…
Source: Handout / Getty
Everybody dreams of one day becoming incredibly wealthy. The whole idea of working hard to get ahead and one day having all the riches you could want, and more, is the prize so many of us chase. The ultimate expression of that used to be the millionaire. Back about a hundred years ago, one million was that magic number that changed everything. This meant names like Carnegie and even fictional ones like Jay Gatsby were the epitome of wealth.
But in the 21st century, that golden ticket into the super-rich club has been pumped up to a billion. Yes, that’s the updated American Dream. And as of 2020, it’s estimated that about 630 billionaires have broken into that zone.
So, how many of those 630 are Black? This is an important question because there should be equal representation in all areas of society. And while there is a lot of catching up to do for Black America in the billionaire category, the good news is the list has been growing and promises to keep doing so in the coming years. The luminaries who have made it are, by and large, huge names who are amazing examples of what Black achievement can look like in our country.
There are, in fact, only seven, but what they inspire is incredibly important. Think of them as shining lights others can follow. Keep reading to meet the amazing Black Americans who have made it into this exclusive club and the incredible stories that got them there.
Business
Drakeo The Ruler’s Estate Faces Setback as Judge Rejects Pretrial Financial Disclosure Request
A wrongful death lawsuit brought by the estate of Drakeo The Ruler and his mother, Darrylene Corniel, against Live Nation Worldwide Inc., C3 Presents LLC, and other defendants has hit a snag ahead of trial.
Los Angeles Superior Court Judge James I. Montgomery ruled that the production companies in the case do not have to disclose their financial condition until trial, according to a report by Patch citing City News Service in Los Angeles.
The decision followed a concerted effort by Drakeo’s estate and Corniel to access that information as they seek potential punitive damages. They claimed they had shown a significant likelihood of success on the merits of a punitive damages claim based on allegations of malice and oppression.
The lawsuit follows Drakeo’s death in 2021, when someone stabbed him backstage at the Once Upon A Time In LA festival. The estate is looking for accountability from festival organizers and security-related parties regarding the circumstances surrounding the deadly incident.
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The defense also argued that the record clearly shows a good faith effort to ensure safety, including communication with various entities and law enforcement agencies. They further said that the fight that led to Drakeo’s death was his responsibility, not the responsibility of their clients.
The latest ruling therefore represents one development in an ongoing legal process, not the conclusion of the estate’s case. The plaintiffs did not receive the financial information they requested before the trial, but the lawsuit is still active. It is expected to proceed before the scheduled start date of November 30.
The case has continued to get attention outside the courtroom, with recent rumors surrounding Drakeo’s death involving YG and Drake. The talks followed YG’s detention earlier this year and seemed to support theories that Drake may be helping the investigation. But for Drakeo’s family, the wrongful death lawsuit continues to be about making people responsible for the circumstances of his death. The latest court ruling restricts access to some financial information ahead of the trial as the wider case moves into its next major phase.
Business
Young Thug Launches Primal to Turn Creative Influence Into Business Ownership
Young Thug is taking his entrepreneurial ambitions to the next level with the official launch of Primal. This new holding company helps artists, athletes, and creators build businesses they can actually own.
Primal is founded on ownership, rather than being a traditional talent agency or endorsement platform. The company plans to develop new intellectual property, acquire and invest in existing businesses, and provide resources to help turn creative ideas into standalone companies. The bigger vision is to get talent off of just getting paid to promote someone else’s product. Instead, Primal wants to give artists and creators a chance to own a piece of the businesses they help build.
Thug said he is building a new generation of founders. Primal plans to pursue opportunities in a wide range of industries, including fashion, entertainment, sports, technology, media, hospitality, consumer products, and licensing. But the company says it will not try to develop many projects at once. Its strategy is to focus on fewer businesses where its capital, creative resources, and industry relationships can really make a difference.
The venture also draws on Thug’s experience turning his cultural influence into a business. His Atlanta born SP5DER brand has grown into a recognizable streetwear company and expanded its reach this year through a global collaboration with adidas Originals. Primal arrives as Thug continues to grow and build the YSL ecosystem.
That history gives Primal an immediate link to a few areas Thug has already explored. His work in music, fashion, and the YSL ecosystem has given him experience in both creative and business. At the same time, the new company focuses on enabling other talent to take ownership stakes.
Instead of seeing artists as just performers or promotional figures, Primal is built on the idea that their creative influence can form the basis of businesses they have equity in. The company’s expected to announce its first batch of ventures over the next few months. For now, Primal is just another extension of Young Thug’s business interests, and its stated focus is not only endorsements but also building, investing in, and owning companies.
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