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Amazon's Market Cap Briefly Topped $1 Trillion – What's Jeff Bezos' Net Worth At That Level?

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A few minutes ago Amazon's market cap briefly topped $1 trillion for the first time. Amazon broke through the $1 trillion milestone almost exactly one month after Apple became the first publicly traded American company hit that mark. This happened when a single share of AMZN jumped over $2050.27 for about a minute. It quickly dropped back down to $2040. You can do the math on this market cap calculation yourself. There are currently 487,741,189 total shares of Amazon. So when you multiple the stock price by the # of shares, you get the company's total market capitalization. In today's case, $2050.27*487,741,189 equals $1,000,000,000,000. So what is Jeff Bezos' net worth at that level?

Jeff Bezos owns 17% of Amazon. Approximately 83 million shares. The math is pretty easy when you're dealing with a round number like $1 trillion. At that level, Jeff Bezos' paper net worth is $170 billion.

Bezos is by far the richest person on the planet. Bill Gates is the second richest with a current net worth of $98 billion. That means Jeff isn't too far away from being TWICE as rich as Gates. That is stunning. Especially when you consider that in January 2018, just seven months ago, Jeff was worth $100 billion. Three years ago, in July 2015, Jeff was worth "just" $50 billion.

Drew Angerer/Getty Images

At $170 billion, Jeff actually doesn't move too much on our list of the richest human beings of all time (inflation adjusted). Jeff is currently the 12th richest human being of all time. He needs around $9 billion to top Alan Rufus, the 11th century British land baron. He needs $19 billion to top Henry Ford and break into the top 10.

Keep in mind, Amazon's market cap has moved around $500 billion this year alone! And with every $1 billion movement, Jeff tacks another $170 million onto his net worth. If by some insane miracle Amazon increases by another $500 billion over the next 9 months, by May 2018 he'll be sitting on a net worth of $255 billion. Still not enough to be the richest human of all time, but a very impressive number.

On the flip side, should we feel cautious or nervous that the stock market is trading at all-time highs after a winning streak that has lasted a decade at this point? We have two companies with $1 trillion market caps and a few more within striking distance. We haven't had a crash in a decade when historically we've averaged a crash every seven years… How do you feel about the next 12 months of the stock market?

Do you think Jeff Bezos' net worth will be more or less than it is today 12 months from now?

Read more: Amazon's Market Cap Briefly Topped $1 Trillion – What's Jeff Bezos' Net Worth At That Level?


Bugatti's New $5.8 Million Divo Supercar Is Already Sold Out

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Here's a classic good news/bad news scenario: Bugatti has unveiled its new supercar, the $5.8 million Divo, at a press event in Monterrey, California. That's cool and all, but if you had your heart set on owning one I hope you already made your down payment, since despite the high price tag and the limited quantities, the Bugatti Divo has already sold out.

The Divo's limited production run consisted of just 40 vehicles, and according to Bugatti, all of them sold out "immediately." Bugatti President Stephan Winkelmann talked up the car's appeal in a press statement, and he seems to be one person who's not likely to be the least bit surprised that the car got such a positive response from buyers:

"To date, a modern Bugatti has represented a perfect balance between high performance, straight-line dynamics and luxurious comfort. Within our possibilities, we have shifted the balance in the case of the Divo further towards lateral acceleration, agility and cornering … The Divo is made for bends."

"The feedback from our customers was overwhelming … We showed the Divo to a small group of selected Chiron customers. All 40 cars were sold immediately – this was fantastic confirmation for the Bugatti team which had put so much dedication and passion into the project."

Bugatti

It's also no surprise that fans of past Bugatti cars would appreciate the Divo, since it shares many classic Bugatti design elements with previous Bugatti vehicles, like its distinctive fin and horseshoe front grille. But it's also a performance upgrade in significant ways, like its weighing in at 77 pounds less than its predecessor, and as Winkelmann alludes to in his statement, a greater focus on performance and speed. Then there's "Titanium Liquid Silver" and "Divo Racing Blue," the two colors developed exclusively for the Divo.

Bugattimost

The Divo gets its name from legendary French racer Albert Divo, who drove a Type 35 Bugatti to multiple victories over the course of his career. And even though it's sold out, you can enjoy the car vicariously through the promotional video below:

Read more: Bugatti's New $5.8 Million Divo Supercar Is Already Sold Out

Colin Kaepernick's Grievance Against The NFL Is Going To Trial

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For the past two years, Colin Kaepernick has been a major voice of protest against social injustice. But after hitting free agency last spring, no NFL team has signed him to a deal. Kaepernick filed a grievance against the NFL, claiming the league's owners conspired to keep him off their rosters.

And now, the league is preparing for a legal battle after arbitrator Stephen B. Burbank voted to send Kaepernick's grievance to trial.

The decision means there was enough evidence of collusion to continue the grievance filing. Owners, coaches, and team executives will be asked to testify during the season.

Kaepernick led the San Francisco 49ers to a Super Bowl appearance during the 2013 season, and still put up fairly productive numbers in his last season with the team.

Sean M. Haffey/Getty Images

During that 2016 season, Kaepernick began a series of protests across the league by kneeling during the national anthem. Though he's claimed he was protesting police brutality and racial inequality, his actions have proven divisive across the country.

Kaepernick's case states that owners violated the collective bargaining agreement with players by working together to keep the quarterback off their teams.

Kaepernick's former teammate, safety Eric Reid, filed a similar grievance earlier this year. Reid joined Kaepernick in his protests in San Francisco. Reid's grievance is still pending, and he remains unsigned.

While the battle between Kaepernick and the league continues, the NFL still hasn't determined a punishment for kneeling or demonstrating during the national anthem – or if players should be punished at all.

The discussion around protests likely won't go away as the NFL kicks off this month. And while that makes the league uneasy, it certainly adds extra interest around the sport.

Read more: Colin Kaepernick's Grievance Against The NFL Is Going To Trial

Here Are The 15 American Small Towns That Are Home To The Most Millionaires

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A person with at least a million dollars to their name likely has the financial resources to live anywhere they want. In the United States, that can mean massive metropolises like New York City or Los Angeles, but it can also mean small, suburban towns with populations of anywhere from 10,000 and 50,000 (the US Census Bureau's own parameters for "micropolitan" areas). A recent Kiplinger report shines a spotlight on the micropolitan towns that are home to the most millionaires in their respective populations. For your perusal, here are the top 15:

Vineyard Haven, Massachusetts: 615 Millionaire Households

Win McNamee/Getty Images

Bill Clinton, Barack Obama, and the late Jacqueline Kennedy Onassis have all called Vineyard Haven home, and right now there are 615 millionaire households there out of a total of more than 7,000.

Fredericksburg, Texas: 830 Millionaire Households 

Fredericksburg is home to 11,486 households tucked away in Texas Hill Country, about an hour and a half outside Austin. 830 of them have at least a million bucks in the bank.

Los Alamos, New Mexico: 898 Millionaire Households 

Joe Raedle/Newsmakers

While Los Alamos is not home to the most millionaires total, it does have the most per capita, with about 1 in 9 households being millionaires. Many of these are research scientists working for the government in the town that gave birth to the atom bomb.

Dickinson, North Dakota: 1,000 Millionaire Households

Dickinson is a jewel of North Dakota, and a thousand millionaires out of 14,000 households choose to call it home.

Summit Park, Utah: More Than 1,000 Millionaire Households 

Summit Park in Utah has a similar population to Dickinson, and a similar number of millionaires, with a little over a thousand of them living in the town.

Jackson, Wyoming / Jackson, Idaho: 1,026 Millionaire Households

Yellowstone National Park is nearby the state-straddling Jackson, which with its 1,026 millionaire households was also recently cited as "the most unequal place in America" by the Economic Policy Institute.

Easton, Maryland: 1,168 Millionaire Households 

Annapolis, Baltimore, and Washington D.C. are all adjacent to Easton, which is likely part of its appeal to a high number of millionaires.

Juneau, Alaska: 1,192 Millionaire Households 

Todd Warshaw//Pool/Getty Images

The high concentration of millionaires in Juneau is a matter of practicality as well as luxury. Its remote distance means that virtually everything costs more than it does in the rest of the US.

Williston, North Dakota: 1,301 Millionaire Households 

Another North Dakota town on this list, an oil town with more than 1,300 millionaire households within its borders.

Gillette, Wyoming: 1,580 Millionaire Households

40 percent of America's coal comes from Wyoming, and most of the coal in Wyoming comes from Gillette. That means big business for the lucky 1,580 millionaire households that live and work there.

Edwards, Colorado: 1,610 Millionaire Households 

Edwards' claim to fame, apart from its 1,610 millionaires, is its world famous ski resorts.

Kapaa, Hawaii: 1,846 Millionaire Households

Kent Nishimura/Getty Images

Life on a tropical paradise isn't cheap, and Kapaa's famed "Green Island" Kaui is a popular spot for the affluent due to its relatively undeveloped landscape.

Oak Harbor, California: More Than 2,000 Millionaire Households 

Most of the millionaires in Oak Harbor, California are concentrated on Whidbey Island.

Truckee-Grass Valley, California: 3,000 Millionaire Households

More than 3,000 millionaires call Truckee-Grass Valley home, close to the Nevada border and just outside Lake Tahoe.

Torrington, Connecticut: 6,148 Millionaire Households 

Torrington isn't just chock full of millionaires, it's also said to have more than its share of museums, galleries, and performing arts venues.

Read more: Here Are The 15 American Small Towns That Are Home To The Most Millionaires

Tina Thompson Net Worth

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Tina Thompson net worth: Tina Thompson is an American professional basketball coach and former professional basketball player who has a net worth of $2 million. Tina Thompson was born in Los Angeles, California in February 1975. She was a 6'2″ small forward and power forward who played at Morningside High School and USC. Thompson was drafted #1 overall by the Houston Comets in the 1997 WNBA Draft. She played for the Comets from 1997 to 2008. During that time she also played overseas. Tina Thompson played for the Los Angeles Sparks from 2009 to 2010 and also played overseas. She played for the Seattle Storm from 2012 to 2013. During her career she was a four time WNBA champion and a nine time WNBA All-Star. Thompson was the WNBA All-Star Game MVP in 2000 and was selected to three All-WNBA First Teams. She was named one of the WNBA's Top 15 Players of the All-Time and is a member of the WNBA All-Decade Team. She also won a Russian National League, EuroLeague, and Romanian National League championship. She won two gold medals for the U.S. At the Olympics and became the head coach at Virginia in 2018. As coach of the UVA women's basketball team she earns $325,000 per year. She has a 5-year contract that began in mid-2018.

Read more: Tina Thompson Net Worth

Perry Como Net Worth

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Perry Como net worth: Perry Como was an American singer and television personality who had a net worth of $40 million at the time of his death. Perry Como was born in Canonsburg, Pennsylvania in May 1912 and passed away in May 2001. His career spanned more than 50 years and sold millions of records with the RCA Victor label. He actually sold so many records that he asked the record company to stop counting. Como hosted a weekly musical variety TV series. From 1955 to 1959 he won five Emmy Awards, a Peabody Award, and a Christopher Award. In 1959 he signed a deal with NBC that would pay him $1.2 million per year which is roughly $10 million today after adjusting for inflation. Como received a Kennedy Center Honor in 1987 and was inducted into the Academy of Television Arts & Sciences Hall of Fame in 1990. In 2002 he posthumously received the Grammy Lifetime Achievement Award and he has stars on the Hollywood Walk of Fame for television, radio, and music. Perry Como was described by Bing Crosby as "the man who invented casual". Perry Como passed away on May 12, 2001 at 88 years old.

Read more: Perry Como Net Worth

Quincy Carter Net Worth

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Quincy Carter net worth: Quincy Carter is an American former professional football player who has a net worth of $100 thousand. Quincy Carter was born in Decatur, Georgia in October 1977. He was a quarterback who played at Decatur Southwest DeKalb High School. He played baseball in the minor league system of the Chicago Cubs and was drafted in the 1996 MLB Draft. Carter played his college football at Georgia where he was named the SEC Freshman of the Year and second-team All-SEC in 1998 and 1999. He was drafted #53 overall by the Dallas Cowboys in the 2001 NFL Draft. Quincy Carter played for the Cowboys from 2001 to 2003. He played for the New York Jets from 2004 to 2005. He then played Arena Football and indoor football for the Bossier-Shreveport Battle Wings, the Kansas City Brigade, the Abilene Ruff Ryders, and the Corpus Christi Fury. In 2001 Carter was named NFC Offensive Player of the Week. During his NFL career he threw 32 touchdowns and 37 interceptions. He has also been an independent youth football coach.

Read more: Quincy Carter Net Worth

Rob Cesternino Net Worth

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Rob Cesternino net worth: Rob Cesternino is an American reality television personality and podcasting personality who has a net worth of $400 thousand. Rob Cesternino was born in Wantagh, New York in October 1978. He is best known for appearing on the reality TV series Survivor: The Amazon in 2003 and Survivor: All Stars in 2004. He is also the host of his podcast Rob Has a Podcast. He earned his broadcasting degree and wrote his college senior these titled "The Impact of Reality Television". During his first Survivor appearance he made it to day 38 out of 39. He finished in 15th place on the All Star edition. He has appeared in the films Soup of the Day, Girls of Summer, Charlie Cobb's Flash Bash, and Panman. He has also directed, produced, and/or written for the TV series Big News TV, Upstairs Girls, DownstairsGuys, and Roommates and the TV movies Model Ball, The Shatner Project, and The Scorned.

Read more: Rob Cesternino Net Worth


Daniel Kessler Net Worth

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Daniel Kessler net worth: Daniel Kessler is an English musician and singer who has a net worth of $8 million. Daniel Kessler was born in London, England in September 1974. He is best known for being the lead guitarist and backing vocalist of the band Interpol. The band formed in Manhattan, New York in 1997 and released their debut studio album Turn on the Bright Lights in 2002. Interpol released the album Antics in 2004. Their album Out Love to Admire was released in 2007 and reached #2 in the UK as well as #4 in the US and the Top 5 in Belgium, Canada, Finland, and the Netherlands. They released their self titled album in 2010 which reached #7 in the US and #10 in the UK. Interpol released the album El Pintor in 2014 which reached #7 in the US and #9 in the UK. Their album Marauder was released in 2018 and reached #6 in the UK. Daniel Kessler started side project Big Noble in 2014 and they released the album First Light in 2015.

Read more: Daniel Kessler Net Worth

A Shoe Brand That Hasn't Been Prominent For 25 Years Is Challenging The Trademarks Of The Los Angeles Rams And Chargers

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If you're under 25 years old, chances are you probably don't know about LA Gear. The shoe company, which was endorsed by Kareem Abdul-Jabbar, James Worth, and Joe Montana, is most famous for its light-up sneakers. The kicks were stylish back then, but the company filed for bankruptcy in 1998 and was eventually purchased by ACI International.

But now, LA Gear is back in the spotlight.

The company asserts that trademark filings for "LA Rams" and "LA Chargers" are too similar to "LA Gear." Why? Because all three use "LA."

Jean Fang/Getty Images for LA Gear

According to filings with the U.S. Patent and Trademark Office, both the Rams and Chargers have been in settlement talks. But last month, the Rams offered a formal response to LA Gear's claim of ownership: basically, that it has no claim.

The Rams say LA Gear can't own the term "LA" because it's an abbreviation of Los Angeles, and a company can't own an entire city. The team also noted that in the past two decades, hundreds of trademarks using "LA" or "Los Angeles" in the clothing goods category alone have been granted.

Meanwhile, the Chargers and LA Gear are still in talks. However, it's highly unlikely that LA Gear emerges victorious here. Their case is pretty flimsy, at best.

That skepticism can be felt throughout the world of law, too. As Josh Gerben, a trademark lawyer in Washington, D.C. so eloquently put it: "The Cleveland Browns probably have a better chance of winning the Super Bowl than LA Gear does of winning this case."

Looks like LA Gear better become fans of the Dawg Pound.

Read more: A Shoe Brand That Hasn't Been Prominent For 25 Years Is Challenging The Trademarks Of The Los Angeles Rams And Chargers

Just Hours After Being Traded, Khalil Mack Became The Highest-Paid Defensive Player In NFL History

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The defensive stars of the NFL are finally getting their due. Just one day after Aaron Donald signed a six-year, $135 million extension with the Los Angeles Rams, Khalil Mack topped him. He just had to change teams to do so.

The Oakland Raiders traded Mack to the Chicago Bears, who promptly signed the 2016 Defensive Player of the year to a massive extension. Mack's deal is worth $141 million over six years, with $90 million guaranteed. Both the total sum and guaranteed money are NFL records for defensive players.

The deal also includes $60 million due at signing.

Mack had been holding out in Oakland as he sought a better deal. Rather than shell out the money, the Raiders opted to deal their star defensive lineman for a bevy of picks.

Robert Reiners/Getty Images

To acquire Mack, the Bears gave up first-round picks in 2019 and 2020, a third-round pick in 2020, and a sixth-round pick in 2019. Chicago also received both a second-round pick and a conditional fifth-round pick for the 2020 draft.

It's a bit of a puzzling move by a Raiders team that's a threat to win the AFC West. Even Raiders general manager Reggie McKenzie said it was "not a plan" to trade Mack.

The move is also an indication of the power that new head coach Jon Gruden has. Gruden has already moved left tackle Donald Penn to right tackle – after he took a pay cut to stay with the Raiders. Trading Mack was likely heavily influenced by Gruden, too.

Meanwhile, the Bears continue their summer of aggressive spending. They've brought in receivers Allen Robinson and Taylor Gabriel, as well as tight end Trey Burton. With Jordan Howard and Tarik Cohen in the backfield, the Bears are doing all they can to put second-year quarterback Mitchell Trubisky in a position to succeed.

And now with Mack, the defense is looking a whole lot better than it did earlier this offseason.

Read more: Just Hours After Being Traded, Khalil Mack Became The Highest-Paid Defensive Player In NFL History

Billionaire Michael Bambang Hartono Wins Asian Games Medal In Bridge

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Billionaire Michael Bambang Hartono is one of the two richest men in Indonesia. But now AFP reports that he's gotten a hold of a prize that money can't buy: An Asian Games medal in his card game of choice, bridge. And to make the medal even sweeter, he was among those that were "instrumental" in bringing the card game to the regional Olympics event for the first time.

The bronze medal bridge champ was said to be "comfortably equipped" during the bridge competition, with his own VIP area where he can give interviews to the press, watch TV, and even catch a nap. But he says that his success in bridge comes from the same well where he gets his business acumen, because the two pursuits are indelibly linked:

"Bridge is like business. First you get the data, the information. You analyse the information, and then you make a decision. So business, real life and bridge are the same. Decision-making is the same … If you want to be a good leader, and you want to be a successful man, business man, play bridge. Never quit, never give up."

RIFKIANTO NUGROHO/AFP/Getty Images

Hartono's philosophy has earned him a fortune in his native Indonesia, and it also got him an Asian Games bronze medal in the supermixed team bridge event, so he might be onto something with the similarities between bridge and the business world. He says he's been a bridge player since he was six years old, enjoying the challenge of the game. But he also says it hasn't been the number one priority of his life:

"Number one priority is of course family. Number two is business. And if I have time I play bridge as a hobby. And also another hobby is music."

Along with his brother Robert, Michael Hartono has been called the richest man in Indonesia. The 78-year-old communications, tobacco and banking tycoon is worth $11.8 billion.

Read more: Billionaire Michael Bambang Hartono Wins Asian Games Medal In Bridge

Jay Leno Net Worth: How Much Money Has The Comedian Made Over His Career? And What's His Car Collection Worth?

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Jay Leno has had an absolutely incredible career. There was a time when he earned minimum wage flipping fries at McDonald's in his home town of Andover, Massachusetts, all while dreaming of being a famous comedian when that wasn't really a viable career path. He then spent the better part of a decade honing his comedic craft, mostly in strip clubs, while working as a car salesman during the day. In those early days, Jay established several important financial habits: First, he forces himself to live exclusively off the money he makes performing standup. He's also never carries any debt and avoids credit cards whenever possible. Believe it or not, he has held true to these habits even after transitioning from car salesman to $30 million-per-year television star. He didn't buy a mansion until he could do so in cash. So what is Jay Leno's net worth today? How much did he make during his decades at NBC hosting The Tonight Show? What's the value of his beloved car collection?

The Tonight Show

Jay Leno began hosting NBC's The Tonight Show in 1992. It's been said that Jay played a slightly dirty/aggressive game to oust former host Johnny Carson early and to force NBC to select him as the replacement over David Letterman. If you want to know more about how this all went down, watch an HBO movie called The Late Shift. It's pretty amazing.

In Johnny's last year, NBC paid him $25 million. That's the same as earning $40 million today after adjusting for inflation, by the way.

In Jay's first year, his Tonight Show salary was just $1 million. He didn't get a raise until 1994 when he was bumped to $3 million. He then proceeded to get small pay bumps every few years. Amazingly, Jay does not have an agent or a manager and insists on negotiating all of his deals himself without any outside professional counsel.

Jay really started to earn big money in the early 2000. From 2002 to 2008 he earned $20 million per year. From 2008 to 2010 he earned $30 million. Impressively, he actually agreed to take a 50% paycut in 2012 to save his staff from layoffs as NBC sought to cut budgets amid an advertising slump. So for the last three years of his career at NBC, Jay made significantly less money than he was contractually owed. A pretty honorable move.

When it was all said and done, between 1992 and 2013, NBC paid Jay Leno $320 million in base salary. And if you'll recall, Jay did not touch a penny of those earnings and instead lived off his standup earnings. What standup earnings? Amazingly, throughout his NBC days, Jay continued to perform standup on a very regular basis. To this day he performs over 200 nights a year. And whatever money he earns from those dates, is the money he lives off… and uses to buy cars. Speaking of cars…

Aaron Davidson/Getty Images

Jay Leno's Car Collection:

Before Jay was even a car salesman, Jay has had a passion for cars (maybe that's why he took that job!). As he made money, he bought cars. And over the years he has built one of the most impressive private car collections in the world. At his home he can take an elevator straight from the bedroom to the garage. Jay also has a larger garage in Burbank where he houses the majority of his collection which now totals 170 cars and more than 100 motorcycles.

A handful of his cars are worth over $1 million on their own. Some of his most valuable cars include a 2014 McLaren P1 valued at $1.35 million, a 1955 Mercedes 300SL Gullwing Coupe valued at $1.8 million and a one-of-a-kind 2006 GM EcoJet that is almost considered priceless do to its rarity.

In total, Jay Leno's car collection is valued conservatively at $50 million. It's possible the total value touches $100 million.

Frederick M. Brown/Getty Images

Jay Leno Net Worth:

As of this writing, we estimate Jay Leno's net worth to be $400 million. That's liquid assets, real estate and, of course, his car collection. And speaking of real estate, back in 2017 Jay purchased (presumably in cash) a $13.5 million waterfront mansion in Newport, Rhode Island. He also has a mansion in Beverly Hills that he bought in 1987 for $2.45 million. Nearby similar properties are worth $10-15 million today. Interesting that he could afford to buy (in cash, supposedly) a $2.45 million house back in 1987, five years before he started hosting The Tonight Show. He was a very popular comedian and occasional actor at the time.

Jay is still working on TV with his show Jay Leno's Garage which debuted in 2015 and is currently airing its fourth season on CNBC.

What do you think of Jay's financial habits? What's the first car you'd buy for your collection if you had the money?

Read more: Jay Leno Net Worth: How Much Money Has The Comedian Made Over His Career? And What's His Car Collection Worth?

Richard DeVos – Billionaire Co-Founder Of Amway, Owner Of The Orlando Magic (And Father-In-Law Of Betsy DeVos) – Has Died At The Age Of 92

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Richard DeVos, the multi-billionaire co-founder of Amway and owner of the Orlando Magic, has died at the age of 92. DeVos, a major philanthropist and supporter of conservative causes, is the father-in-law of current Secretary of Education Betsy DeVos. At one point in his life, Richard was the 10th richest American in the world. At the time of his death, his personal net worth was $6 billion and he was one of the 200 richest people on the planet.

Richard Marvin DeVos was born on March 4, 1926 in Grand Rapids, Michigan. He attended Calvin College and then joined the military during World War II as a member of the US Army Air Corps.

Upon returning from the war, Richard and a childhood friend named Jay Van Andel set out to start a business together. The first business was a hamburger stand. They then ran a sailing business and a air charter service. None of their early ventures produced much success.

In 1949, they signed up to be distributors of a nutritional supplement company called Nutrilite. This is how the duo was introduced to the world of multi-level-marketing businesses. Over the next decade they built a very successful 5000-person Nutrilite distribution chain.

In 1959, they were concerned about Nutrilite's financial future so they, along with a few of their top distributors, launched their own multi-level-marketing business. Jay and Richard named the business Amway which was an abbreviation for "American Way Association". Their first product was an organic house cleaner called Frisk. They bought the rights to the product and distributed it through their sales channels.

In 1950, they bought a manufacturing company in Detroit which allowed the company to make its own products. This was a key innovation and caused profit margins to explode.

Amway experienced incredible growth over the next 20 years. In 1972 they actually bought their old company Nutrilite. And between the 1970s and the 1990s, the company aggressively expanded overseas in markets like Australia, the middle-East, Latin America, Asia and Africa.

Today Amway generates around $8.5 billion in annual revenue and is still privately owned. It is one of the largest privately-owned companies in the United States.

Elsa/Getty Images

Amway's success made Richard an enormous amount of money. He was worth $6 billion at the time of his death today.

In 1991 he spent $85 million to win the rights to bring an NBA franchise to Orlando, Florida. Today the Orlando Magic are worth $1.225 billion.

Richard and his wife Helen were married from 1927 until her death in 2017. They had four children together. Richard Jr., who goes by Dick, is married to the current Secretary of Education Betsy DeVos. And before you go assuming that Betsy married Dick for his money, you should know that she comes from an extremely wealthy family herself. In 1976, Betsy's father Edgar patented a simple, yet innovative, sun visor with a built-in mirror for vehicles. That simple patent paid the DeVos family a royalty every time a car that featured one was sold. At their peak in the mid 1990s, The Prince Company manufactured 20,000 sun visors every day. In 1996, the family sold the business to Johnson Controls for $1.3 billion in cash. Betsy's brother Erik Prince is the billionaire founder of private military firm Blackwater, also known as Academi and Xe.

Richard DeVos and his wife Helen were devout Christians who supported a number of charities, both secular and non-secular. Their most notable contribution would probably be the Helen DeVos Children's Hospital in Grand Rapids, but the DeVos name adorns many many many institutions in Michigan.

He also somehow found time to author five books. What a guy!

Rest in peace Richard DeVos.

Read more: Richard DeVos – Billionaire Co-Founder Of Amway, Owner Of The Orlando Magic (And Father-In-Law Of Betsy DeVos) – Has Died At The Age Of 92

The Absolutely Insane 1996 Bankruptcy Of Burt Reynolds

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In December 1996, Burt Reynolds declared Chapter 11 bankruptcy. It was a shocking predicament for an actor who had been one of the biggest stars on the planet for two decades. Burt's divorce was perfectly normal and cliche in many ways. He overspent on his lifestyle and was caught off guard by a lawsuit and an expensive divorce. But in many more ways, the circumstances that led to Burt being millions of dollars in debt are pretty insane and unique. Here's the full story…

Burt became a star after his work in the 1972 film "Deliverance". In the 1970s and early 80s, he was unquestionably the biggest star on the planet thanks to smash hit movies like "Smokey and the Bandit", "The Longest Yard" and "The Cannonball Run". For five straight years, from 1978 to 1982, he was the #1 box office draw in the world, a feat no star since has matched.

His film career made Burt fabulously wealthy. By his own estimation, at the peak of his career Burt's net worth topped $60 million. That's $60 million after taxes in the 1980s. That's the same as around $150 million today after adjusting for inflation.

Burt Reynolds Net Worth

And Burt wasn't shy about spending his money. He didn't just buy one mansion in Beverly Hills, he bought several. He built a massive water-front estate in Florida. He bought a 160-acre ranch, also in Florida, where he kept a stable of 150 horses. He bought a mansion in Georgia. He had a private jet and a helicopter to take him back and forth to the private jet. When he married actress Loni Anderson in 1988, he didn't just move them into one of the mansions he already owned in Beverly Hills, he bought an entirely new mansion for them to live in.

Getty Images

And it wasn't just real estate, trophy wives and toys that caught Burt's eye. He also fell into a fairly cliche trap of investing in businesses he didn't fully understand and had no experience running.

In the 1980s, Burt's business manager convinced him to invest in a chain of family-style country restaurants called "Po' Folks". It actually wasn't a terrible idea on paper. The chain was doing well financially and had the backing of what seemed to be a strong parent company. So Burt and a partner, who ran a country music label in Nashville, bought a few franchises. Ok, maybe not a few. They bought 30.

As it turned out, Burt and his partner were sold somewhat of a lemon. The parent company was a disaster and customers hated the food. To make matters worse, Burt and his partner were absentee owners. Burt had his film career and the partner was busy making music back in Nashville. They just weren't around to run the machine so everything suffered.

They hired a consultant to help get them out of the business, but somehow this "expert" actually convinced the two to invest in ANOTHER (different) chain of restaurants. Burt would later concede that this move took what could have been a $5-6 million write-off, and turned it into a $20-30 million loss for both men. To make matters especially bad, Burt had guaranteed the restaurant leases personally, as opposed to protecting himself with an LLC. So every month he bled money. It was bad.

In the prenup to his 1988 marriage to Loni Anderson, Burt listed his net worth at $15 million. Remember, that's down from a peak of roughly $50 million just a few years prior.

Despite this business failing, Burt and Loni did not choose to live conservatively. He kept the houses, the horses, the plane, the helicopter. Money was spent before the check arrived.

In 1990 when he agreed to star in the CBS TV series "Evening Shade", Burt asked to borrow $4 million from the network. His thought process was that he'd do the show for a few seasons, living off the loan. Then when the show sold into syndication, he'd pay back his debt and maybe make a few million for himself. The show needed five seasons or 100 episodes to qualify for syndication. The show was canceled in 1994 after four seasons, having produced 98 episodes. 🙁

Suddenly Burt found himself in hock to CBS to the tune of $3.7 million. Money he did not have. To make matters worse, right around this time, Loni filed for divorce and ultimately received a large settlement plus $15,000 per month in spousal support and he had to continue covering the mortgage on their $2 million home. They had been married for five years.

When CBS ultimately sued Burt over the $3.7 million debt, he was forced to file for Chapter 11 bankruptcy. In a 1998 bankruptcy court disclosure he declared assets of $6.65 million and debts of $11.2 million. In addition to CBS, he owed money to the IRS, Chase bank, Creative Artists Agency, William Morris, a former manager… Somehow he owed his toupee maker $121,000.

His career wasn't totally dead, but he also wasn't making huge money anymore. For the 1996 movie "Striptease" , which earned $113 million, Burt's co-star Demi Moore was paid a then record-breaking $12.5 million. Burt was paid just $200,000. He earned a similarly-paltry salary for 1997's "Boogie Nights" which earned him an Academy Award nomination and helped reinvigorate his career for a few years.

Burt continued to experience levels of financial problems for the rest of his life. In 2011 he lost an estate to his bank after failing to make the payments. He even landed on a publicly-released list of California's largest tax delinquents. In 2014 he was reportedly forced to sell most of his memorabilia to satisfy debt. He was also reportedly facing foreclosure on his Florida home after failing to pay $1.2 million worth of his mortgage payments.

He spent the remainder of his life in Palm Beach County on a 3.4-acre estate squeezed between a river and a state park. He was by no means broke, but also miles away from 1980s heyday fortune.

If there are any lessons here, I'd say avoid investing in restaurants, or any business you don't fully grasp and aren't willing to run yourself. Don't get divorced. Don't live beyond your means… Honestly it's all the lessons. Say what you will about Burt Reynolds, he certainly did not live a boring life!

Rest in peace Burt Reynolds!

Read more: The Absolutely Insane 1996 Bankruptcy Of Burt Reynolds


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