Snap’s First Profit | Asia’s New Richest Billionaires | What Medals Earn Olympians

Plus: How Donald Trump Inflated The Value Of His Los Angeles Land–And Got A Tax Break

Good morning.

Meta’s share price drop wreaked havoc on the Nasdaq and its founder’s net worth—but rival Snap quickly rebounded, as it posted its first profit. We’re also covering Asia’s new richest billionaire as well as the opening of the Beijing Winter Olympics and which medalists will earn the most for their podium success. Don’t miss the latest instalment in our series looking at former President Donald Trump’s inflated fortunes—this time, the spotlight falls on the Trump National Golf Club Los Angeles.

In The News Today

Amazon will increase the price of its Prime membership, even though the company weathered a challenging holiday season with profits surging to $14.3 billion.

Several central and north-eastern states in the U.S. are braced for another day of power outages and travel chaos as a large winter storm continues its path towards New England.

Top Take-Aways

Tumbling shares of Facebook parent company Meta shook the stock market and wiped nearly $30 billion from CEO Mark Zuckerberg’s net worth—one of the biggest drops on record. Rival Snap, instead, has once again beat analysts’ expectations and recorded its first-ever profit.

Indian billionaire Mukesh Ambani, head of Reliance Industries, is no longer Asia’s richest person. The title now belongs to fellow Indian businessman Gautam Adani, but the gap between the two is relatively small—a mere $100 million.

Clearview AI, the facial recognition company backed by investor Peter Thiel that sparked controversy for harvesting billions of images of people’s faces from social media sites, will provide the U.S. Air Force with augmented reality glasses combined with facial recognition.

The resignation of CNN president Jeff Zucker over the failure to disclose a consensual relationship with a colleague renews the spotlight on companies’ workplace romance policies, especially as employees return to the office either permanently or in hybrid arrangements.

The growing opioid epidemic is a scourge on society. With more than 70,000 deaths in 2020, the ballpark cost of the opioid epidemic is now more than $1.3 trillion and rising, according to a Forbes estimate using the same approach as the CDC.

The opening of the Beijing Winter Olympics saw various foreign dignitaries in attendance, while the U.S. and its allies opted for a diplomatic boycott to protest China’s human rights record. Here’s what you need to know about these Games like no other, as well as a look at which countries reward their medalists the most, and how American figure skater Nathan Chen has become a favorite with sponsors.

Today's Must Read

In Case You Missed It

Melinda French Gates is no longer planning to distribute the bulk of her wealth through the Bill & Melinda Gates Foundation, shifting donations to other philanthropic organizations in a break with her previous commitments to the foundation she cofounded with her former husband. 

Tips You Can Trust

A new survey shows employees care more about financial benefits, like 401(k) matching, than vacation days and freebies. Here are seven questions to ask to make sure your own benefits are up to snuff.

It sounds counterintuitive, but being an irreplaceable subject-matter expert can hold you back from getting to the next level. Here's what to focus on to get promoted.

Today's Must Watch

Recommendations
From Beyond The Newsroom