Youngkin’s Top Billionaire Donor | All About Allbirds IPO | China’s 100 Richest People

Plus: Tesla’s India Fans Are Eager To Buy Elon Musk’s Cars, But Politics Is Getting In The Way

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An increase in the Carlyle Group’s stock price makes Glenn Youngkin even wealthier than he was when he started campaigning for the gubernatorial race in Virginia—his fortune makes him one of the richest governors in the U.S., one with wealthy backers, too. We’re also covering Allbirds’ IPO and unveil this year’s ranking of China’s 100 richest people. Finally, don’t miss this story looking into Tesla’s troubles in India.

In The News Today

Credit Suisse will scale back its investment banking business after losing $5.5 billion from the implosion of hedge fund Archegos, and a series of scandals.

The U.K. government announced an international agreement has been reached to accelerate the end of coal, securing commitments from the highly coal-dependent nations of Poland, Vietnam, Egypt, Chile and Morocco.

Top Take-Aways

Former Carlyle Group co-CEO Glenn Youngkin is set to become one of the wealthiest governors in the United States. A key contributor to his successful gubernatorial run in Virginia was billionaire insurance tycoon Patrick Ryan.

Sustainable shoemaker Allbirds raised more than $300 million in its initial public offering on Wednesday, with shares surging 90% in the first few hours of trading to give the company a valuation over $4 billion.

Facebook’s rebranding to Meta came at a turbulent time for the social media giant, but its CMO Alex Schultz argues that it proves the company has nothing to hide—it’s just showing its commitment to the metaverse, a virtual reality-powered digital world.

Health insurers and hospitals in the U.S. spend more than $800 billion each year on administrative costs. Twenty-month-old startup Medallion has raised a $30 million Series B funding round to soothe these pain points with automation.

British fashion designer Stella McCartney wants governments to regulate the fashion industry, starting with a ban on fur and animal leather, as she promotes sustainable alternatives like mushroom leather on the sidelines of COP26.

A tumultuous 12 months for mainland China’s 100 richest people nonetheless saw their collective net worth rise from last year’s list. Their total wealth increased to $1.48 trillion from $1.33 trillion a year earlier.

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