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  • Millionaires Who Lost it All – Ex-Lottery Winners Turn to YouTube

    Millionaires Who Lost it All – Ex-Lottery Winners Turn to YouTube

    When you become millionaires from one day to the next anything can happen. That’s what happened to Petra and Hans-Joachim (known as Achim) Bubert from Schleswig-Holstein. In 1994 Achim filled out a lottery ticket and won eight million Deutsch marks (about $4.7 million).

    Nearly 25 years, later nothing is left of this profit except the memory. The former winner describes the path from being a millionaire back to everyday life with sadness. In his words:

    “If you get rich in one fell swoop, everyone suddenly gets in touch. But if you feel bad later, there is no one left.”

    This was the comment of the winner, who the media currently refers to as “Lotto Achim.” In his own opinion, he largely lost his fortune due to his generosity.

    Lotto Prize of Almost $5 million

    Achim Bubert is now 55 years old. He lives with his wife Petra in Rönnau in Schleswig-Holstein. There they lived before their unexpected wealth and remained doing so after the big win. This may have been their first mistake and the beginning of the end of their millions. As “Lotto-Achim” says, they simply gave away $3.5 million.

    Many former friends and neighbors contacted him when they found out that he won the jackpot. Everyone had their own worries and wishes. Now that he is in trouble, however, he finds there’s no one there to pay him back for his generosity.

    Before winning the lottery, Achim was working as a freelance carpenter. His wife is a trained hairdresser. They lived from hand-to-mouth. Then they became millionaires.

    And now they are back at the beginning. It’s not hard to see the mistakes they made. Family members and acquaintances received $2.2 million in the first weeks. Wife Petra speaks openly:

    “Of course, I wanted to boast a bit: Look, we are rich!”

    But now it’s all gone and giving the money away, poorly investing it, and using it up cost them almost 8 million Deutsch marks. Meanwhile, their accounts are blocked and frozen funds. The couple now lives from the income of their own fishing shop.

    These Mistakes Cost “Lotto Achim” His Fortune

    First of all, moving is sometimes not the worst idea. However, many winners cannot imagine a new beginning far from their friends and family. Staying where all know each other is sometimes difficult. Because either the news spreads fast about the lottery profit or it is very hard to hide it. Spouses Bubert told acquaintances and friends about their happiness to share the joys associated with it.

    No one could have foreseen the consequences in advance. If the Buberts were too stingy with their money, they were threatened with “visit from the Belarusians.” They were even threatened to have their children abducted or their animals tortured.

    Even their marriage was facing in problems because the parents of “Lotto Achim” wanted to turn him against his wife. Later, the couple saved their marriage only because the wife entrusted her diaries to her husband. She even described suicidal thoughts.

    Their children became targets at school. Their peers insulted them as the “lotto pigs.” Meanwhile, Achim committed more financially momentous mistakes.

    The 2008 economic crisis and unskillful dealings with real estate lead to further disappearing of the money. The specially-built fish shop did not bring the desired success, and their employees were stealing unrestrained. Already in 2009, the two published a book titled “Mit dem Geld Kamen die Tränen” (With Money Comes Tears).

    What has remained of the profit? In 2018, the lottery millionaires are left only with their house with the attached paddock and a less profitable fishing shop.

    Therefore, the two now want to become YouTube stars and so refill their accounts. They boasted about their millions and told too many people about it.

    A Bag of Cement

    The fishing shop with 7,000 square-meter property, which also includes a recording studio, is one of the “concrete gold” items that the Bubert still have. Because his passion is music, his most recent song is simply called: “A bag of cement.”

    Petra and Achim now want to become YouTube superstars. They recorded their songs in their in-house recording studio in Schleswig-Holstein. Now, the Buberts hope to be discovered on YouTube and become stars.

    Achim’s wife Petra just wants to forget the misfortune of lottery winnings. She states clearly:

    “It put a strain on our family, especially on the children. I want to forget this situation. But instead, we are repeatedly addressed to this lottery story. At some point, it has to be good! I hope people understand that!”

    A new source of income has to come from now on. Opinions are likely to diverge as to whether their vocal talents are enough for a big career. But if you want to judge for yourself what it sounds like when Petra starts rocking, you can hear in the video.

    Images via Facebook – Achim Bubert.

  • Alibaba’s Singles’ Day Record Sales Might Not Add to Jack Ma’s Wealth

    Alibaba’s Singles’ Day Record Sales Might Not Add to Jack Ma’s Wealth

    Singles’ Day 2018 sales reached $10 billion in the first hour. It’s Jack Ma’s last Singles’ Day while leading Alibaba but the shopping events success probably won’t impact his overall wealth.

    Singles’ Day in China is as, as the name suggests, celebrated by Chinese single and often younger residents. It has also morphed into the largest offline and online shopping day in the world usually netting its largest benefactor, Alibaba, billions of dollars in sale revenue.

    In 2017, Alibaba grossed around $24.3 billion worth of consumer spending. This year, Singles’ Day already achieved $10 billion in the first hour alone–and $3 billion in the first five minutes.

    Jack Ma’s Last Singles’ Day

    Alibaba has this year offered 180,000 items in its online sale. It will be the e-commerce giant’s last event while China’s richest man, Jack Ma, is chairman of Alibaba. Ma, the founder of Alibaba, announced his retirement as chairman in September 2018. Alibaba Group CEO Daniel Zhang will replace Ma in September 2019.

    Zhang, after 11 years with Alibaba, has been tipped the “architect” of Singles’ Day. In a letter announcing his retirement and replacement Ma wrote of Zhang:

    “Teachers always want their students to exceed them, so the responsible thing to do for me and the company to do is to let younger, more talented people take over in leadership roles so that they inherit our mission ‘to make it easy to do business anywhere.’”

    Ma, worth an estimated $39 billion thanks to Alibaba added:

    “The one thing I can promise everyone is this: Alibaba was never about Jack Ma, but Jack Ma will forever belong to Alibaba.”

    With competition from other e-commerce players in China like JD.com and the impact of a stalling economy in China and international trade concerns, Alibaba is still hoping to achieve record final results.

    This year Alibaba’s total sales revenue will also include income from offline acquisitions including shopping malls, convenience stores, and food delivery businesses.

    Zhang said in October 2018:

    “Singles’ Day has now become a stage for Alibaba to showcase its capabilities across all its platforms.”

    Alibaba is expected to tot up half a billion website visitors with Zhang predicting:

    “We think 1 billion packages will become a daily event in the future.”

    Despite Record Success Alibaba’s Share Price Unlikely to Rise

    The latest indications of Alibaba’s revenue for Singles’ Day report that, with eight hours still remaining of the event, Alibaba’s sales had already surpassed last years $24.3 billion.

    The success of Singles’ Day is taken as a measure of consumer spending and retail health in China, the world’s second-largest economy.

    Despite the event’s success, some predict it may not add anything at all to Jack Ma’s overall wealth, which has already declined this year as China’s economy struggles and retail sales in China fall.

    Alibaba’s share price has, surprisingly, historically not benefitted from Singles’ Day reported results, with Alibaba’s share price having fallen on or after every Singles Day since 2014. As of Friday, Alibaba’s NYSE stocks are down just over 4%. Alibaba’s overall share value has fallen 16% so far across 2018.

    Alibaba Share Price Source: Google
  • Ryanair Forced to Pay the French €525,000 for Impounded Jet

    Ryanair Forced to Pay the French €525,000 for Impounded Jet

    Things have gone from bad to worse for Europe’s most hated low-cost airline Ryanair and chief executive Michael O’Leary. The tight-fisted Irish man is known for pioneering the low-cost airline movement. But also for making passengers travel like sardines with minimal luggage and maximum discomfort. He even proposed a move to make them pay for using the restroom onboard (which turned out to be illegal).

    Now O’Leary is left positively fuming after the company’s latest gaffe which sees them pay the French airport of Bordeaux some €525,000 ($595 million) in return for an impounded jet.

    Low-Cost and High Penalties

    Yet over the years, it isn’t just Ryanair’s passengers who have suffered at the hands of O’Leary and his cost-cutting policies. The ruling by the European Commission to pay the funds to recover the jet (in which 150 London-bound passengers were forced off as the airport seized it) was just one of seven rulings over illegal operations by Ryanair. over illegal arrangements at local airports including Cagliari, Altenburg, and Klagenfurt.

    The airline was forced to pay some €23.7 million ($26.9 million) over the unfair competitive advantage it had arranged with airports across Europe.

    Ryanair employees have been having a bad time lately as well, staging strikes over pay and working conditions. Six employees were also recently fired after being pictured sleeping on the floor in a Ryanair office in Spain.

    Ryanair crew
    Ryanair Crew image from BBC

    The Cases Against Ryanair Just Keep Piling Up

    As if a €23.7-million fine, half a million for an impounded jet, dissatisfied staff and customers weren’t enough, Ryanair’s woes are just getting started. Italy’s antitrust agency has opened up a probe against the airline’s new hand luggage policy. The policy means that if you don’t pay for a premium service you can pretty much carry nothing on board, not even a laptop.

    Moreover, the airline and chief exec O’Learly are being sued by a New York shareholder who claims that the share price was inflated by O’Leary and his promise of managing labor relations and keeping costs down.

    Ryanair has also recently been the subject of a high-profile racial case against an elderly passenger in which a customer was filmed hurling abuse.

    The company reported a 9% drop in pre-tax profit to €1.3 billion last month.

    Featured image from Shutterstock.

  • Raising the Stakes – Jimmy Butler Is Traded to the Philadelphia 76ers

    Raising the Stakes – Jimmy Butler Is Traded to the Philadelphia 76ers

    The speculation is over and fans of the Philadelphia 76ers had the rumors confirmed yesterday afternoon as the blockbuster deal was announced. The Minnesota Timberwolves will give up their star player Jimmy Butler in exchange for the Sixers forwards Dario Saric, and Robert Covington.

    But Jimmy is worth more than two players it seems since the Timberwolves will also be receiving a 2020 second-round draft pick and guard Jerryd Bayless in the deal, although this is unconfirmed.

    LeBron James Says Trade Will Be Good for Both Sides

    Lakers power forward and legendary Lakers player Lebron James said that the trade will be good for both sides. The Sixers have been coveting Jimmy Butler for some time now after his shining performance with the Timberwolves. Butler was traded in June 2017 to the Minnesota side from the Chicago Bulls.

    The talented baller averaged 22.2 points per game last season, helping propel the Timberwolves to their first playoffs since 2005. But not everyone was happy with the deal and Butler had expressed his malaise with his contract status and also turned down a four-year extension in July.

    Jimmy Butler Demanded a Trade

    It seems that the lonely swamps of Minnesota didn’t suit the Texas-born shooting guard and he demanded a trade in the preseason. There were also mounting tensions between the star player and Coach Tom Thibodeau.

    He didn’t let this show on the court however and joins the Sixers averaging 21.3 points over the last 10 games. Minnesota will also be sending teammate forward Justin Patton to Philadelphia.

    The Sixers for the Finals?

    Butler’s move to Philadelphia will certainly raise the stakes–and the hopes–of a spot in the conference finals along with the Toronto Raptors, the Boston Celtics, and the Milwaukee Bucks. The deal is set to finalize on Monday with Butler’s debut game likely to be on Wednesday against Orlando Magic.

    While it’s likely that the Sixers will offer Butler a long-term contract, formal negotiations can’t begin until the star opts out of the final year of his $92-million contract with the Chicago Bulls initiated in 2015. As it stands, Butler is set to make $18.7 million this season.

    Featured image by Catherine Salaün.

  • Fortune Magazine Sold to Bangkok Businessman for $130 Million

    Fortune Magazine Sold to Bangkok Businessman for $130 Million

    US media company Meredith Corporation offloaded Fortune magazine to Bangkok-based businessman Chatchaval Jiaravanon for $150 million in cash, according to an official press release from the company.

    Jiaravanon is an international businessman affiliated with Asian conglomerate Charoen Pokphand Group (CP Group), owned by the Chearavanont/Jiaravanon family, one of the largest producers of livestock. He also serves on the board of communication conglomerate True Corporation, SVI, Finansia Syrus Securities, and a host of other firms.

    The sale of Fortune, which is still subject to approval from regulators, becomes the second sale from Meredith after it sold Time Magazine to Salesforce founder Marc Benioff earlier this year.

    According to the statement from Meredith, Jiaravanon will own the media company as a personal investment under his name not to be affiliated with any of his numerous businesses. Jiaravanon stated in the release:

    “The demand for high-quality business information is growing, and with further committed investment in technology and brilliant journalism, we believe the outlook for further profitable growth is excellent both for the publication and the events business.”

    Meredith, which is backed by billionaire brothers Charles and David Koch, had purchased Time Inc. last year for $1.8 billion to consolidate its stake in the publishing and broadcasting business.

    The Time Inc. acquisition, which also consists of Sports Illustrated, Money, People and Fortune, and others, at the time of purchase, was rumored to give Meredith an extensive reach for paid members and internet-focused millennials.

    Created during the Great Depression in 1929, Fortune was positioned as a media outlet for the influential and wealthy in the society, but like all media companies, dwindling newsstand sales led to the company cutting print production, which led to a reduction in its circulation and sales to its online properties.

    These days, Fortune is notable for its franchise the Fortune 500, its published list of the largest companies in the US and around the world. The media outlet currently reaches 20 million people monthly through its online platform and print publication.

    Featured image from Shutterstock.

  • Facebook Scraps Private Arbitration for Sexual Harassment Claims

    Facebook Scraps Private Arbitration for Sexual Harassment Claims

    Facebook says its employees will finally be able to pursue their sexual harassment complaints in open court, joining the likes of Google, Uber, and Microsoft, who have also scrapped the controversial private arbitration rule.

    In a post titled “Facebook’s Harassment Policy (US Locations),” published on its site, Facebook stated that it was amending the current “arbitration agreements to make arbitration a choice rather than a requirement in sexual harassment claims” adding that “sexual harassment is something” the Social Media giant takes “very seriously.”

    “Facebook may consider an employee’s conduct to be in violation of this Policy even if it falls short of unlawful harassment under applicable law. When determining whether conduct violates this Policy, we consider whether a reasonable person could conclude that the conduct created an intimidating, hostile, degrading, or demeaning environment.”

    Facebook went on to warn employees who violate the policy or decide to harass other employees about the possibility of facing disciplinary action including termination of employment.

    Private arbitration has long been used by tech companies as a tool to prevent a disgruntled employee from suing them in court, but things have started to change in Silicon Valley.

    The sudden change by Facebook comes on the heels of an employee protest at Google, where they complained of how the tech giant had treated cases of sexual harassment, even rewarding executives indicted with large exit packages, including $90 million paid to senior executive Andy Rubin.

    Facebook also updated its policy as regarding office dating between employees. Employees who are directors and above now have to file a disclosure when dating a colleague. Prior to this change, Facebook only required disclosures from supervisors or heads of department dating someone they directly manage.

    Featured image from Shutterstock.

  • The Retail Apocalypse and Its Knock-on Effects on Society

    The Retail Apocalypse and Its Knock-on Effects on Society

    In 2017 a record 8,000 store closures took place. The annual average is 2,000. As 2018 draws to a close, will the numbers be just as bad, if not worse? The explosion of online retailers and improvements in delivery infrastructure mean that brick-and-mortar retailers have to fight harder than ever to stay afloat as the retail apocalypse takes hold.

    And the effects of store closures and retailers going out of business aren’t contained to the company and its shareholders. They have knock-on effects that ripple throughout society like a deck of dominos folding in the wake of the Amazon era. Employees, landlords, customers, shopping malls, and entire neighborhoods stand to lose when key employers shut their doors.

    However, according to Lauren Leach, a member of Conway MacKenzie’s Real Estate Vertical, not all retailers are going out of business due to the shift toward online sales. Some have simply fallen victim to bad business practices and acquired too much debt.

    Responsible for the overall workout strategy and client relationship of managed portfolios, and specializing in distressed and troubled real-estate properties, Leach knows a thing or two about the retial apocalypse.

    Major Bankruptcies so Far in 2018

    2018 has made headlines for plenty of household names. Some of the largest ones to file for bankruptcy protection are Sears last month, that will be closing 142 stores in addition to the 46 previously announced before the end of the year. The company listed $6.9 billion in assets and $11.3 billion in liabilities.

    Sears bankruptcy

    Another one failing to compete in the digital age is the Mattress Firm that filed in October and plans to close 700 of its 3,272 stores. The company’s debts are over $3.2 billion. The rise of innovative and cheaper models such as ordering a bed in a box without intermediaries put the final nail in the coffin for the chain.

    Shoe store Nine West also joined the stores above listing debts of over $1 billion and even Claire’s, the popular children’s accessory retailer, plans to close 92 stores in the near future, citing lack of foot traffic as responsible for the decline in sales. And the list goes on.

    Analysts expect more than 3,800 stores to close in 2018, which is not as high as last year but still nearly double the historical annual average with some of the most notable names among this year’s closures being Gap, Toys ‘R’ Us, and Walgreens (600 stores).

    Plenty More Stores on the Verge of Succumbing to the Retail Apocalypse

    Leach says that many more stores are on the verge of closure announcements with some major names already on the watch list, including JC Penney, 99 Cents Only Stores, Bebe Stores Inc., and a bunch of others in danger of filing for bankruptcy in 2019.

    There’s no doubt that a large portion of mall-based retailers are in trouble as a result of the explosion of online sales. But Leach says that online shopping is not the sole culprit for the demise of all retailers. While many are quick to point the finger at Amazon & Co., others can blame their woes on being saddled with an immense amount of debt.

    J. Crew, for example, currently has some $1.7 billion of debt racked up while JC Penney is carrying debts of around $4.2 billion. Earlier this year, the company refinanced over $300 million of debt that was set to mature in 2019 and 2020.

    JC Penney

    What does this mean for the real estate market and the landlords that rent the locations?

    Impact on Real Estate and Landlords

    Leach explains that many store closures have a domino effect on real estate and its landlords. Many sophisticated retailers negotiate to include co-tenancy clauses in its leases with landlords. A co-tenancy clause is a requirement that either certain named key tenants (often anchor tenants or department stores) or a percentage of the gross leasable area remains occupied.

    If that requirement is violated, the tenant with a co-tenancy clause has the right to reduce rent; usually to a nominal percentage of its gross sales. For example, when a department store closes, it will likely trigger a co-tenancy violation for a number of other stores within the mall.

    The more stores that close, especially those with larger footprints, the more the landlord will be impacted. Not only does the landlord lose the revenue from that specific tenant who closed, but several other tenants have the ability to reduce their rental payments as well. This can send a mall into a tailspin.

    The Takeaway

    The record-breaking number of store closures and bankruptcy filings by some of the biggest brands in the world is alarming, although there is also cause for hope by using the technologies available to online retailers to drive foot traffic into stores.

    Making use of big data, online avenues, fast and free delivery, and a personalized shopping experience will be key to surviving in the retail apocalypse. As well as using intuitive tactics to build communities and make their stores an environment in which customers want to be.

    Images from Shutterstock.

  • Big Tech Companies to Make New York the Next Big Hub

    Big Tech Companies to Make New York the Next Big Hub

    Two of the largest tech giants Amazon and Google are planning major expansions in New York, which could make the Big Apple America’s next big tech hub. The city is already home to almost 7,500 active tech startups, and is the second largest startup ecosystem in the world, behind Silicon Valley.

    The New York tech sector has revenues over $125 billion a year and provides around 291,000 tech and related non-tech jobs.

    The initiative of turning the city into a tech hub started almost 10 years ago and belonged to Michael Bloomberg, entrepreneur and ex-mayor of New York.

    Over 35,000 New Tech Jobs

    Amazon alone can create almost 25,000 jobs by settling its second corporate headquarters in New York. The company had made public its plans for the HQ2 expansion in September 2017.

    A few days ago, the New York Times wrote that the company would invest in two locations instead of one. One of them could be in the neighborhood of Queens. Coincidence or not, the local administration had announced the city would spend $180 million for infrastructure, resiliency, transportation, and housing.

    A couple of days later, the Wall Street Journal announced Google’s expansion in New York. According to the journalists, this move would create space for other 12,000 new jobs, almost double what the company has at the moment in the city.

    Google hasn’t confirmed the news but spent $2.4 billion for a Chelsea Market building in Manhattan. The company has already set up some of its New York offices here.

    New York Tech Startups Got $3 Billion from Investors

    Besides the tech giants, investors are turning their attention to New York as well. According to a report by the New York City Economic Development Corp, in Q2 of 2018, venture capital investment in the city reached $2.97 billion a 28% increase from last year.

    Among the most appreciated New York startups, some firms that work with artificial intelligence. Other promising startups that raked in over $100 million from investors were a cryptocurrency app and a wedding planning service.

    Nick Beim, a known New York software investor, explained the evolution of the city in an interview for the New York Post:

    “The city has strong tech talent pools, including university data science labs and a lot of financial quants.”

    The startup ecosystem in New York hasn’t reached its real potential and is still in the early stages of its development. However, many of the giants in the industry have been consolidating their attendance in the city.

    Facebook has increased its New York presence this year as well. The company took additional 78,000 square feet of space at their current office building. Microsoft also owns a research lab in the city.

    Featured image from Shutterstock.

  • Want to Buy a British Football Club? Liverpool FC Might Be For Sale

    Want to Buy a British Football Club? Liverpool FC Might Be For Sale

    Remember when rich people used to buy small dogs they could perch in their handbags as fashion accessories? In this day and age, the ultra-rich buy football clubs, not pet rats. If you are looking to buy a football club, Liverpool is apparently for sale.

    The word is in the British and American media that Liverpool is up for sale, although no official statements have been released by the club or its owners at this time.

    Liverpool For Sale at the Right Price

    If you’re a billionaire looking to buy a British football club, not many are more prestigious than Liverpool. According to reports in The Sun newspaper and the NY Post, Liverpool’s billionaire owner John Henry is seriously considering selling the club and the word is the club is “quietly up for sale.” It’s not quiet anymore since The Sun found out.

    John Henry is also the owner of the prestigious Boston Red Sox and is apparently looking for in the region of $2 billion for the Merseyside football club.

    Henry initially bought Liverpool for a cool $470m back in 2010, so if a sale did go through for $2 billion, it would be a massive piece of business.

    Sources apparently close to Henry told the NY Post that the billionaire was in the “passive sale process” and “It’s for sale if he can get the right price.”

    The Trend of Buying a British Football Club

    The trend of buying a British football club has been rife over the past decade or more. Liverpool was recently valued at approximately $2 billion by Forbes, so is a solid starting point for potential buyers.

    Back in August, Sheik Khaled Bin Zayed Al Nahayan, along with a Chinese bidding consortium, supposedly made an offer for Liverpool of around $2.3 billion, which was unsuccessful because the Chinese could not find the sufficient funding.

    The Sheik’s cousin owns Man City, which shows that buying a British football club is a growing trend amongst the filthiest rich people on the planet.

    We will have to see how things pan out in regards to the sale of Liverpool. But no doubt the fans would be happy to accept a billionaire owner who is willing to throw the cash around on the transfer market to help the club win a league title for the first time in over 30-years.

    Featured image from Pixabay.

  • Norwegian Billionaire Gustav Magnar Witzøe Boosts Wealth on Salmon Sales

    Norwegian Billionaire Gustav Magnar Witzøe Boosts Wealth on Salmon Sales

    The salmon farming business owned by Gustav Magnar Witzøe has delivered strong third-quarter results, elevating its share price and increasing the wealth of the world’s third youngest billionaire at 25 years old.

    Witzøe controls over 52% of one of the largest producers of farmed salmon – SalMar, through his 97% ownership of SalMar shareholder Kverva.

    SalMar has exceeded analyst’s expectations delivering revenue growth and cost savings, according to its quarterly report on Friday. SalMar’s third-quarter revenue for 2018 is up to around $213 million from just over $200 million for the same period last year.  Operating profit for Salmar has reached around $111 million for the quarter compared to around $95 million last year.

    Olav-Andreas Ervik, SalMar’s CEO, referring to this year’s healthy salmon crops said:

    “Efficient operations and a strong biological performance have helped SalMar deliver a strong financial result. This achievement has been made possible by the dedication and hard work of our employees, whose efforts have contributed to lower costs, good price achievement and increased efficiency in our harvesting and processing plants.”

    Based in Frøya, Norway, SalMar owns 100 licenses for the production of Atlantic salmon in the country and operates commercial salmon farming operations as well as processing and selling the fish.

    Overnight Million Dollar Gains for Witzøe

    SalMar’s share price jumped by 4% immediately on Friday after the release of the results, then continued to rise during trading to achieve over 10% gains.

    SalMar Share Price 2018 Source: Google
    SalMar Share Price 2018 Source: Google

    The growth delivered billionaire owner Witzøe an overnight increase to his stock value of $332 million. The company has seen steady and significant growth, 84% overall to date, across 2018, on the Norwegian Oslo Børs stock exchange.

    Witzøe, avoiding inheritance tax, was transferred the bulk of his father’s company shares in 2011 when he was just 19. He’s reportedly earned the equivalent of over $2 billion over 2018.

    The young billionaire also models professionally and has recently invested in Norwegian social media startup Gobi.