What Star Entrepreneurs Don’t Like To Flaunt | Biting Into Beyond Meat | SpaceX’s Moon Crash

Plus: Tesla Shares Are Tanking, But CEO Elon Musk’s Focus Is On The White House

Good morning.

Some celebrity entrepreneurs have built their businesses on sharing their lives and routines with fans. But one thing they are less keen to flaunt is key financial information. We’re also covering short sellers’ appetite for Beyond Meat and a SpaceX rocket’s final days before crashing into the Moon. Finally, check out this story looking into world’s richest billionaire Elon Musk’s feud with President Joe Biden. 

In The News Today

A federal judge rescinded oil and gas leases for a wide swath of the Gulf of Mexico, arguing the Biden administration failed to consider their impact on climate change before they were auctioned off late last year.

Japan’s SoftBank Group confirmed the departure of its chief operating officer, Marcelo Claure, following a Bloomberg report detailing a clash between the outgoing COO and the company’s founder and CEO, Masayoshi Son.

Top Take-Aways

Both Rihanna and Kim Kardashian announced hefty funding rounds for their respective fashion ventures this week. The two billionaires are quick to gush about company growth on social media and elsewhere, but like many celebrity entrepreneurs, they are heavily guarded when it comes to disclosing crucial financial information.

During the first three-quarters of 2021, the unprofitable Beyond Meat posted $400 million in revenue, but an earnings miss pushed the stock price down double digits. A record number of investors are now betting against the stock of the plant-based food maker.

Compound, a financial technology startup emerging from stealth with $37 million in funding, is one of a plethora of wealth management firms that wants to make wealthy peoples’ financial lives easier. At least four billionaires have invested in the startup.

Credit building platform Esusu raised a $130 million Series B funding round and broke the billion-dollar valuation barrier, making it one of the few startups with a Black founder to reach unicorn status.

A Los Angeles home twice the size of the White House is being sold for $295 million and could break the record of the most expensive U.S. property ever sold, set in 2019 by billionaire and hedge fund tycoon Ken Griffin’s $238 million New York penthouse.

A SpaceX Falcon 9 rocket that has spent seven years in orbit after completing its mission to launch the Deep Space Climate Observatory is on course to crash against the Moon.

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Calling a bottom in the market is generally a fools’ game, especially in a market this volatile that has traded at such a premium for so long. But with earnings season for technology stocks going into full swing, investors should soon have more clarity.

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