Banks’ Fossil Fuel Bets | The Second-Home Unicorn | The Jersey Billionaire

Plus: State AGs Seek Crackdown On 3D-Printed ‘Ghost Guns’

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In the five years since the Paris Agreement was signed, the world’s largest financial institutions have actually increased investment in fossil fuels. We also look at a marketplace for second homes claiming to have achieved unicorn status in just five months, and at Fanatics chairman Michael Rubin’s rapidly rising net worth. Don’t miss our deep dive into the struggle to regulate 3D-printed guns.

In The News Today

Fashion giants H&M and Nike, among others, are facing backlash in China for expressing concern about human rights violations and forced labor camps in the cotton-producing Xinjiang region.

AstraZeneca’s updated numbers from its large scale U.S. Phase III trials show its Covid-19 vaccine is 76% effective against symptomatic disease—down from a previously claimed 79% efficacy, and remains 100% effective in preventing severe disease and hospitalization. 

Top Take-Aways

A marketplace for second homes, Pacaso says it has reached a $1 billion valuation just five months since launching, after raising $75 million in Series B financing.

Michael Rubin, who serves as chairman of Fanatics and owns close to half of the company through his holding firm Kynetic, saw his net worth surge $2.7 billion to $6.2 billion, after a $320 million funding round that valued the jersey-maker at $12.8 billion.

The world’s largest 60 banks have increased their investments in fossil fuels since 2016, the year following the Paris Agreement, peaking in 2019 with total investments of $824 billion, according to a new report. U.S. banks were named as the worst offenders.

A 46-year-old self-styled tech entrepreneur and former Apple store manager who filed for bankruptcy earlier this year was accused by the DOJ of stealing the identities of retirement home residents, including his own mother, in a $1.5 million Covid-19 relief fraud scheme.

Designer Diane von Furstenberg teamed up with Amazon to spotlight women-owned businesses on the e-commerce platform. The month-long campaign highlights companies from several countries, as well as friends and fellow A-listers like Mindy Kaling.

BBG Ventures cofounders and managing partners, Susan Lyne and Nisha Dua have closed their third fund, for $50 million—the largest pre-seed- and seed-stage fund solely, not just partly, investing in startups led by women.

Athleisure retailer Sweaty Betty claims to have sold a pair of “power leggings” every 60 seconds in 2020. Despite stores being closed for most of the year—the retailer has a total 55 standalone shops across the U.K.—sales grew 60% in 2020, totaling nearly $175 million

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