Forbes Daily Recap: 2024 in Review

Top Stories of 2024

This year has been marked by significant events, including a Boeing crisis, a hotly contested election, and potential social media bans. Forbes presents a roundup of the top stories from various sectors.

Exceptional Stock Performance: Palantir Technologies

Despite the dominance of tech giants like Nvidia and Tesla, Palantir Technologies has emerged as the best-performing stock on the S&P 500. Benefiting from increased defense spending anticipation under the new administration, Palantir's shares have soared 58% since Election Day.

Saks Global Acquires Neiman Marcus

Amazon and other companies have joined forces to support Saks Global in acquiring Neiman Marcus. This deal marks a merger of two luxury department store chains, with Amazon gaining access to more high-end products.

Bore's Head Deli Meat Scandal

Following a deadly listeria outbreak, Forbes investigated the secretive workings of Boar's Head and revealed that the company is facing lawsuits and internal conflicts involving warring family owners.

Blackstone's Global Ambitions

Blackstone, led by billionaire Steve Schwarzman, continues its global expansion, driven by optimism in financial opportunities. Despite his age and vast wealth, Schwarzman remains enthusiastic about lucrative opportunities.

The Rise of Decabillionaire Dynasties

Forbes unveils its inaugural ranking of Decabillionaire Dynasties, identifying 45 multigenerational families with assets exceeding $10 billion. Notable names include the Waltons, the Mars family, and the Kochs, whose influence extends beyond wealth into politics.

Elon Musk's Meteoric Wealth

Supporting Donald Trump's political campaign, Tesla CEO Elon Musk has witnessed a skyrocketing net worth, becoming the first person to surpass $400 billion. Tesla's share price surge post-election has significantly contributed to his wealth.

Defense Tech Ventures

Venture capitalists have invested heavily in defense technology startups, creating a new generation of military-oriented companies. Forbes introduced the "Gundo Bros," a group of patriotic entrepreneurs leading this trend.

TikTok's Uncertain Future

President Biden's potential ban on the Chinese-owned video app TikTok has raised concerns about data security. Forbes experts analyze the complexities of unraveling the app from ByteDance.

Betting on Politics: Polymarket's Boom

Led by 26-year-old Shayne Coplan, Polymarket has experienced significant trading volume in political betting markets. However, Coplan's recent investigation by federal agents has cast uncertainty over the company's future.

Trump's Political Goldmine

Breaking political norms, former President Donald Trump has leveraged his popularity for significant financial gain, becoming the first American to generate billions from politics through his media ventures.

The Rich Get Richer in Sports

The combined net worth of the top 20 professional sports owners has reached an astounding $504 billion. NBA franchises have witnessed an impressive 2,200% appreciation since 1998, attracting wealthy investors.

Women's Sports Rise

Caitlin Clark's record-breaking performances have boosted women's sports, leading to higher fan attendance and viewership. Top female athletes in the WNBA have also witnessed a 15% increase in earnings.

Boeing's Quality Issues and Exodus

A series of quality problems, including a plane panel blowout, has plagued Boeing. Turnover among employees has been cited as a potential contributing factor, leading to the CEO's replacement and a lengthy strike.

Cost of Living Extremely Well: The Ultraluxe Market

Despite inflationary pressures, the Cost of Living Extremely Well Index (CLEWI) has experienced below-average growth. However, luxury items like sailboats and Gucci loafers have witnessed significant price increases.

The Forbes 400: Collective Wealth Surges

Collective net worth of the Forbes 400 richest Americans has hit a record $5.4 trillion. This growth outpaces the CLEWI increase, demonstrating the financial resilience of America's wealthiest.

Bitcoin's Rise and Retrenchment

Bitcoin has experienced a significant surge in 2024, bolstered by Donald Trump's election. However, a recent pullback from its all-time high has reduced the aggregate market cap of cryptocurrencies.

Alternative Financing Options for Small Businesses

Start-up costs remain a barrier to small business growth. Forbes suggests exploring alternative financing options, such as SBA loans and sale leasebacks.

Billionaires Own Vast Private Land

Forbes investigation reveals that 37 billionaires possess a staggering 11.1% of private land in Montana.