Morgan Stanley’s Recovery Outlook | The Richest Of Them All | World's Most Valuable Sports Empires

Plus: Shock And Condemnation: 14 Billionaire Reactions To Wednesday’s Insurrection On Capitol Hill

Good morning.

We look at how America’s top CEOs and billionaires reacted to the storming of the Capitol. We also explain why Elon Musk is not the world’s richest person—yet—and unfold China’s disturbing history of business leaders disappearing. 

In The News Today

Boeing will pay $2.51 billion for misleading the government about a feature of its 737 MAX aircraft that played a key role in two crashes that left 346 dead.

China has enforced a lockdown in Shijiazhuang, a city with 11 million residents, that reported 66 new Covid-19 cases on Friday.

Top Take-Aways

The stock market shrugged off the violent attempt to overturn the result of the presidential election as the three main indices once again hit new record highs.

Among the stocks that leapt ahead on Thursday is Tesla, whose founder Elon Musk’s fortune has skyrocketed in the past year. But he has yet to dethrone Amazon founder Jeff Bezos as the world’s richest person—here’s why.

One share that moved against the market was Las Vegas Sands that closed down 1.25% on Wednesday on the news that founder, chairman and chief executive officer Sheldon Adelson taking a medical leave of absence to resume cancer treatment.

With Democrats in control of Congress and the new cabinet taking shape, the Biden presidency’s economic plans has Morgan Stanley experts forecasting a full economic recovery by the fourth quarter–but that big spending could spell future inflationary trouble.

There’s been much speculation over the whereabouts of Alibaba founder Jack Ma, one of China’s richest people. His absence from the public sphere is part of a larger pattern involving other business people who have run afoul of the Chinese government. 

JetBrains was likely one of the biggest tech companies you’d never heard of—until Wednesday, when it was cited in reports saying it was being investigated for links to the SolarWinds hack. The Prague-based business CEO, Maxim Shafirov, is baffled.

Rihanna’s first investment outside of her own ventures is in allergy-friendly food brand Partake Foods, whose CEO Denise Woodard is the first woman of color to raise $1 million for a food startup.

The 20 most valuable sports empires have a combined enterprise value of more than $100 billion, led by Liberty Media at No.1 with $13 billion.

Today's Must Read

The storming of the U.S. Capitol building by supporters of President Donald Trump elicited strong condemnation across the country—with several members of Trump’s cabinet resigning—and the world. Not everyone in corporate America spoke out against the insurrection, but these billionaires and top CEOs are among those who did.  

In Case You Missed It

After their stints at the White House, press secretaries usually go on to make millions taking their skills—and credibility—to corporate America. Forbes Chief Content Officer Randall Lane believes that Trump’s liars don’t merit that same golden parachute, and has a message to anyone planning on offering them a job: “Hire any of Trump’s fellow fabulists above, and Forbes will assume that everything your company or firm talks about is a lie. We’re going to scrutinize, double-check, investigate with the same skepticism we’d approach a Trump tweet. Want to ensure the world’s biggest business media brand approaches you as a potential funnel of disinformation? Then hire away.”

Tips You Can Trust

Trending: How Learning To Sleep Better Is The New 2021 Female Wellness Ally

7 Fast-Growing Industries For Freelancers

Across Forbes