Forbes’ second annual 50 over 50.
KRIS JENNER, BOBBI BROWN AND HODA KOTB BY REBECCA MILLER FOR FORBES; THERESIA GUOW BY GRABRIELA HASBUN
Mortgage applications hit their lowest level since 1997, which could reduce home prices by up to 20% in key markets. Donald Trump may soon be back on Twitter, thanks to Elon Musk. The White House is trying to figure out what to do after OPEC countries cut oil production by 2 million barrels a day.
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In the News Today
- A jury found former Uber security chief Joe Sullivan guilty on Wednesday federal obstruction of justice charges for failing to report a 2016 hack of the rideshare company to the Federal Trade Commission. The case is believed to be the first time an executive has faced criminal trial for a security breach.
- NASA and SpaceX launch Falcon 9, their fifth joint spacecraft, to the International Space Station on Wednesday, sending a team into Earth orbit that includes the first Native American woman to make the trip. The crew will provide crucial information for future NASA Artemis missions, which aim to understand how to make human life on Mars possible.
Top-outs
Tesla CEO Elon Musk and Twitter have reportedly postponed his long-delayed filing in the ongoing lawsuit between the two parties, as Musk says reviving his $44 billion bid to buy Twitter will be years off. the process of creating his X “super app”.. The billionaire hasn’t revealed many details about the platform, but has positioned it as a potential competitor to Chinese multi-purpose app WeChat, which helps connect users with a wide range of services, including hailing a taxi, buying groceries and booking a doctor’s appointment.
Musk’s decision to move forward with the Twitter acquisition could also mean the former president Donald Trump may soon restore his account on the platform, along with banned accounts belonging to several other right-wing figures, such as Sandy Hook conspiracy theorist Alex Jones and the personal hand of Rep. Marjorie Taylor Greene (R-Ga.). Those rollbacks could affect voter opinion for the November midterms or the 2024 presidential election, depending on when the deal ends.
Mortgage applications fell to a 25-year low, according to new data released Wednesday, which left some experts believing the housing market slump could reduce prices up to 20% in some major markets like Dallas and Los Angeles. It could also hit pandemic-era hotspots including Phoenix, Austin and Las Vegas hard, even if the broader housing market successfully treads water.
Morgan Stanley warned the economy has entered a “danger zone” where financial and economic stress is inevitable due to the intense inflationary monetary policy of the Federal Reserve. The stock market snapped a historic two-day rally on Wednesday as investors remain cautious ahead of incoming third-quarter corporate reports that are likely to illustrate how worsening economic conditions are weighing on earnings.
The US State Department issued 98 revised travel advisories, citing the threat of terrorism as a reason Americans should exercise caution when visiting many international destinations, including Turkey, France, Italy, Spain and the UK, six “Level 4: Do Not Travel” advisories were also posted for Russia, Ukraine, Central African Republic, Mali, Burkina Faso and Belarus.
OPEC oil ministers met in Vienna on Wednesday and agreed cut daily oil production volumes by 2 million barrelshas reportedly sent panic into the Biden administration as it looks to avoid a spike in oil prices between now and Election Day. Forbes reporter Christopher Helman analyzes the conundrum of oil accessibility.
Things to read today
Introducing 50 over 50 2022
The women entrepreneurs, investors, creatives and entertainers who make up the second annual Forbes 50 Over 50 list prove that success has no age limit. Produced in partnership with Mika Brzezinski and her Know Your Value initiative, the 200 honorees, from Ketanji Brown-Jackson to JPMorgan’s Anu Aiyengar, represent four broad categories — lifestyle, entrepreneurs, influence and money — and dozens of subsectors. Don’t miss: Profiles the TODAY Show’s first anchor team in 70 years and the creators who helped make this list’s visuals come true. Plus, Brzezinski’s words of wisdom for a younger crowd, including: “It’s okay to make mistakes. Men do it all the time.”
In case you miss it
As blockchain-powered concepts like Web3 and the metaverse continue to grow, banks want in on the action, but lack of industry regulation holds back financial services firms from getting a slice of the pie.
Advice you can trust
- If you squint, you can catch a fine line in this year’s turbulent financial markets: cash is king once again. This means you don’t want to miss out on your lucrative cash advance by letting it gather dust in any old bank account that yields 0.01% per year. Here are four ways you can steer your money instead as interest rates rise.
- With legal challenges brewing against President Joe Biden’s student debt relief plan, some say the forgiveness celebration is premature—and if you’re getting most of your information about the saga via TikTok, you’ll probably want to of get a second opinion on what you watch. Here’s what to look out for as you get financial advice from the stars on the social media app.
A must watch video
From Politics to Venture Capital: How to Drive Change with Michael Tubbs
When Michael Tubbs, the former mayor of Stockton, California, who was elected at age 26, lost re-election in 2020, he had to find a new way to spark change. That process began with learning “how to use rejection as redirection,” Tubbs said at the 2022 Forbes Under 30 Summit. He founded Tubbs Ventures, which now seeks to prove “the thesis that talent and intellect are indeed universal, but resources and the possibilities are not”. Here are his tips for influencing generations to come.
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