Burr Steps Down, FBI Moves In | Stimulus Support From White House | World’s First Trillionaire?

Plus: Plus: Wisconsin Bars Open To Busy Crowds: “We’re The Wild West”

Know Now

• Another 3 Million Filed For Unemployment Last Week—Two-Month Total Hits 36 Million

• White House Could Support More Stimulus Checks

• FDA Warns Abbott Rapid Covid-19 Tests Could Be Inaccurate

• Australia Toasts Its First Steps Out Of Lockdown, But An Economic Challenge Lies Ahead

Top Take-Aways

Sen. Richard Burr steps down as chair of the influential Intelligence Committee, coming after reports that the Republican’s phone was seized by the FBI as part of an investigation into his controversial February stock sales. MORE: Insider trading explained: Why Burrr is being investigated and how certain stock trades are illegal.

Wisconsin bars welcomed busy crowds without masks, social distancing or capacity restrictions on Thursday night immediately after the state Supreme Court overturned the governor’s latest stay-at-home order. “We’re the Wild West,” said Gov. Evers. 

The World Bank has predicted that there will be a 20% decline in money sent to home countries by foreign workers in 2020. It could be the sharpest drop in global remittances to vulnerable countries—down to $445 billion—amid economic volatility induced by the COVID-19 shutdown.

Small Giants: 25 profitable and privately owned companies whose commitment to greatness over fast growth enables them to best serve their customers, employees and communities. 

New Jersey beaches will reopen for Memorial Day weekend. “We highly recommend that you wear a face covering, particularly when social distancing is difficult to maintain such as waiting in line for a slice of boardwalk pizza,” said Gov. Murphy.

Here’s what Barstool Sports founder Dave Portnoy gets wrong in his rant about coronavirus restrictions. “When did this become ‘flatten the curve’... to ‘we have to find a cure’ or everyone’s going to die?” 

The health challenges of the Covid-19 pandemic are not limited to the virus itself, according to experts who say eating plenty of vegetables—along with specialty items like oysters—and enough sleep and exercise can all contribute to a stronger and healthier immune system.

Today's Must-Read

Jeff Bezos’ wealth suddenly caught Twitter's attention amid ‘claims’ that the world’s richest man is set to become a trillionaire, in part thanks to pandemic-driven demand that has sent Amazon stock soaring.  

The source was a months-old study by a small business advice platform that claimed that Bezos' net worth could reach $1 trillion by 2026. We take billionaire valuations—and speculation—very seriously. So Forbes wealth guru, Kerry A. Dolan, assigned Staff Writer Angel Au-Yeung to check the math. 

Dolan reports: “She confirmed that if Amazon stock were to keep rising at the rate that it has for the past five years, Bezos would become a trillionaire by 2026.”

But will it keep rising at the same rate? “That's the question no one knows the answer to,” says Dolan. “At some point, it will be hard for Amazon to sustain its growth rate if it gets much bigger...but who knows? In 2015 we didn't have a $100 billion man. Now we have one—and  sometimes two, depending on stock prices. 

 The 56-year-old’s net worth is now $144 billion. Bezos owns a nearly 11.2% stake in Amazon, and his wealth has surged upwards from around $125 billion in March. But he still has a long way to go to before becoming the world’s first trillionaire. 

Across Forbes

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