Peter Thiel is Richer Than Ever as Tech Eclipses Macro Mess

(Bloomberg) — “Competition is for losers.”

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That’s Peter Thiel talking, again and again, about his big rule for success.

It means go where other people haven’t yet, something he famously did in the 1990s by co-founding PayPal Holdings Inc., and then even more famously, in the 2000s, by throwing $500,000 at a hoodied Harvard kid and something called TheFacebook.

His iconoclastic streak has made Thiel a rich man — richer than ever, in fact, with his data-mining company, Palantir Technologies Inc., soaring on the stock market. Today he’s worth $5.3 billion, according to the Bloomberg Billionaires Index.

But if, after a point, money is just a way to keep score, even his latest coup with Palantir can’t disguise this fact: Peter Thiel may be one of the best investors in Silicon Valley, but his track record is decidedly mixed.

The same against-the-grain approach that has paid off so

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Peter Thiel is Richer Than Ever as Tech Wins Eclipse Macro Mess

(Bloomberg) — “Competition is for losers.”

Loading...

Load Error

That’s Peter Thiel talking, again and again, about his big rule for success.

It means go where other people haven’t yet, something he famously did in the 1990s by co-founding PayPal Holdings Inc., and then even more famously, in the 2000s, by throwing $500,000 at a hoodied Harvard kid and something called TheFacebook.

His iconoclastic streak has made Thiel a rich man — richer than ever, in fact, with his data-mining company, Palantir Technologies Inc., soaring on the stock market. Today he’s worth $5.3 billion, according to the Bloomberg Billionaires Index.

But if, after a point, money is just a way to keep score, even his latest coup with Palantir can’t disguise this fact: Peter Thiel may be one of the best investors in Silicon Valley, but his track record is decidedly mixed.

The same against-the-grain approach that has paid off so

Read More

America’s Ten Richest People Are $28 Billion Richer As Election Bolsters Big Tech Prospects

Even with the presidential election in flux, the U.S. stock market—led by a rally in tech shares—jumped on Wednesday, helping America’s ten richest people add billions of dollars to their fortunes.

Both Republican President Donald Trump and Democratic challenger Joe Biden claimed they would win the race, despite several battleground states still not called, including Pennsylvania, Michigan, North Carolina, Georgia, Arizona and Nevada. 

Despite the uncertainty, markets surged on Wednesday, with shares of major tech companies like Amazon, Facebook and Microsoft leading the rally. The Dow Jones Industrial Average rose nearly 400 points, or 1.3%, as of market close on Wednesday, while the S&P 500 was up 2.2% and the tech-heavy Nasdaq Composite soared 3.9%.

Some experts on Wall Street attributed the strength in tech stocks

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Bernard Arnault Is $8 Billion Richer After Dior, Louis Vuitton Sales Soar

THE CHANGING FORTUNES OF THE WORLD’S RICHEST


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he luxury goods market has taken a particularly big hit during the pandemic, but luxury conglomerate LVMH reported signs of a comeback last week. The news—and subsequent stock rally—has made its chairman and CEO, Bernard Arnault, $8 billion richer this week, with a net worth of $122 billion.

Between Thursday, October 15 and Thursday, October 22, LVMH’s stock jumped 6%, far outperforming the S&P 500, which was down 0.9% over that time period, and the Dow Jones Industrial Average, which was down 0.5%. 

LVMH is not out of the woods. The company—parent to legacy brands like Bulgari, Guerlain and Dom Pérignon—reported a 21% drop in revenue in the first nine months of the year on October 15. Its  cosmetics, beverage, jewelry and retail sectors all reported lower revenues in the third quarter than for the same period last year, but its fashion

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