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Plus: The Highest-Paid Tennis Players 2020: They Are Barely Playing, But The Top 10 Pros Still Earned $340 Million

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Top Take-Aways

Elon Musk’s net worth nears $100 billion as Tesla stock jumped 3.75%. The electric car maker’s stock will split on a 5-for-1 basis after market close today, and start trading on a split-adjusted basis on Monday. Shares have risen 35% since Tesla announced the move this month.

Through fast timing, big bets—and a worldwide pandemic—Todd McKinnon, 48, grew his cloud security company, Okta, into a $27 billion business. Suddenly, McKinnon is now officially a billionaire, worth an estimated $1.7 billion.

In an attempt to swat away Oracle’s bid to acquire TikTok, Microsoft has enlisted a surprise ally: Walmart. That America’s largest big-box retailer is joining a tech giant to buy an app that mostly targets Gen-Z users seems baffling but to industry insiders, it makes perfect sense.

Many of the largest companies have told their employees to continue working from home through 2020, and some extended their policies into next summer. Some, including Twitter, are allowing permanent remote work. Here’s when major companies plan to go back to the office.

France has reported its second-highest tally of new daily Covid infections since the beginning of the pandemic, the latest signal that Western Europe is seeing a resurgence of coronavirus cases. Many put the blame on partying young people and those taking summer holidays.

Beginning this weekend, Burning Man 2020 will take place digitally instead of the Nevada desert. It will be a “multiverse” with global reach: “If social distancing is the answer to the pandemic, Burning Man might just be the answer to social distancing.”

Today's Must-Read

When the U.S. Open starts Monday, more than 300 of the world’s best tennis players will be competing for the chance to win $44 million in prize money, including $3 million each for the male and female singles champions.

For most of them, it could be the difference between a money-losing year and a profitable one. The pandemic has hit tennis especially hard. It’s a global sport that requires a lot of international travel. And financially, tennis players are essentially independent contractors, with no team to fall back on in tough times.

But the very top players have none of these concerns, says SportsMoney Senior Editor Kurt Badenhausen. Consider Roger Federer. The 39-year-old Swiss tennis ace, who isn’t competing in the 2020 Open as he recovers from a pair of knee surgeries, once again lands No. 1 on the Forbes ranking of the Highest-Paid Tennis Players 2020 with pretax earnings of $106.3 million between June 2019 and June 2020. Not only is Federer—for the 15th straight year—the world’s highest-earning tennis player, but he is also the top-earning athlete on the planet.

Novak Djokovic, No. 2 on the list, earned $44.6 million, 72% of it from endorsements and appearance fees. Djokovic, the top-ranked men’s player, contracted Covid-19 in June, but does plan to play in New York next week. No. 3 Rafael Nadal won’t, citing Covid concerns. Nadal earned $40 million, 65% off the court.

Women represent 40% of the earners on our list, led by Japan’s Naomi Osaka (No. 4, $37.4 million) and Serena Williams (No. 5, $36 million). Both intend on competing in the U.S. Open, but the other two top-earning athletes on the women’s side—Ashleigh Barty and Simona Halep—are skipping the event. 

See the full ranking here.

Across Forbes