Top Billionaires’ Bad Week | Peloton’s Downhill Ride | 5G Rollout Can Fly

Plus: Trump’s Billionaire Donors Got Richer Than Biden’s Over The Past Year

Good morning.

Some of the wealthiest Americans have seen their net worths decrease last week as tech companies’ stock took a hammering. We’re also taking a closer look at Peloton’s dismal performance and at a resolution in the standoff between aviation and telcos over the 5G nationwide rollout. Finally, take a look at why billionaire backers of former President Donald Trump got richer last year than those who supported President Joe Biden.

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Top Take-Aways

Peloton suspended production of its at-home fitness equipment as it struggles to offload its inventory of bikes and treadmills. A bleak sales forecast for 2022 has spooked investors, with shares taking a hit and some demanding CEO and cofounder John Foley’s removal.

It was also a bad week in the stock market for the founders of Google, Oracle, Amazon and Tesla, who all lost billions, resulting in a shakeup among the world’s richest, with a change at the second spot of the world's billionaires ranking.

Mental health startup Cerebral, which recently achieved a $4.8 billion valuation after raising $300 million from investors including Softbank, was found to have violated Instagram’s policies around eating disorders and body image for serving ads associating ADHD with disordered eating.

Utah-based startup Route has reached unicorn status after a $200 million funding round raised its valuation to $1.25 billion. The e-commerce tracking firm says its revenues more than doubled last year, from $34 million in 2020 to an estimated $80 million.

Aviation agencies and airlines have largely resolved their concerns over the nationwide rollout of 5G after the FAA approved 78% of the U.S. commercial aircraft fleet to perform low-visibility landings at airports where wireless companies deployed 5G in the C-band.

As TV series Billions aired its sixth season, the show co-creators David Levien and Brian Koppelman talked to Forbes about what has changed in the behavior and public perception of the super-rich since the show’s debut in 2016. 

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