Rio Tinto CEO Resigns | Trump’s Census Defeat | RH Billionaire’s Doubling Fortunes

Plus: Trump’s Businesses Raked In $1.9 Billion During His First Three Years In Office

Know Now

• CEO Of One Of The World’s Largest Mining Companies Forced To Resign Over Destruction Of Sacred Indigenous Site

• Second Stimulus Update: GOP Bill Fails In The Senate. Will There Ever Be More Relief?

• Election Polls: Biden Keeps Strong National Lead, But Pennsylvania, Florida Tighten

• Judges Say Census Must Count Unauthorized Immigrants, Ruling Against Trump

• 4 Houston Police Officers Fired For Shooting Man Dead While He Appeared To Be On His Knees

Top Take-Aways

Wall Street giant Citi’s CEO Michael Corbat is retiring after an eight-year tenure as CEO. He’ll be replaced by Jane Fraser, currently Citi’s president and retail banking CEO, who will become the first woman to head up a major Wall Street bank.

Gateway Computers is returning exclusively to Walmart, complete with its iconic cow-spotted boxes. The deal seeks to leverage Gateway’s brand as a “recognizable relic” and Walmart’s reach as a retailer.

Luxury goods purveyor LVMH may have pulled the plug on the deal with fine jewelry maker  Tiffany & Co., but the story is very much to be continued. The two companies are now taking matters to court, after Tiffany sued LVMH to force the deal through and LVMH countersued, alleging mismanagement and violating the terms of their acquisition deal.

Business is booming for luxury furniture retailer RH (formerly known as Restoration Hardware) and so is the net worth of CEO and largest shareholder Gary Friedman, whose fortune has nearly doubled to $2.5 billion this year, with $500 million added in just the past 24 hours.

After turning skies blood red in California’s Bay Area and Oregon, the wildfires raging across the Western U.S. worsened, destroying hundreds more homes, forcing further evacuations and killing at least seven people.
MORE: 12% of Oregon’s population has been evacuated due to wildfires.

Saturday Night Live will return to its New York City studio for new episodes beginning October 3. In grand SNL tradition, the lampooning and skewering of politicians will also be back in time for the dramatic finale of the 2020 election season.

Today's Must-Read

Donald Trump never really got out of business. Sure, he handed day-to-day management of his companies to his children, like a lot of tycoons who get preoccupied with other interests late in life.

But the president held onto ownership of his assets after taking office, ensuring that he would continue to generate money while serving in the White House. From 2017 to 2019, the president’s businesses pulled in an estimated $1.9 billion of revenue.

An analysis of documents and conversations with industry experts, broken down for the first time in Senior Editor Dan Alexander’s forthcoming book White House, Inc., offers an unprecedented look at the president’s finances, which he has worked so hard to shield from public scrutiny.

Trump’s golf course and club portfolio produced the biggest chunk of revenue, some $753 million in three years. The second-biggest revenue generator is Trump’s collection of commercial real estate assets.

The flow of money has likely slowed down in 2020, thanks to the coronavirus, and it’s difficult to put precise figures on all of that without seeing more documentation (which won’t be available until next year). But it seems certain that even if Trump’s tenure ends in January 2021, he should still be the first president to literally rake in billions of dollars while serving in office.

See our full report here.

Across Forbes