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Gains in American households' net worth have flattened during President Biden's administration because of inflation, a new analysis finds.
A report by the Wall Street Journal analyzed changes in household net worth from the start of Biden's presidency in comparison to those seen during the tenure of his predecessor and presumptive opponent in the 2024 election, former President Donald Trump. It found that in nominal terms, total household net worth rose by 19% through Biden's first three years in office - a comparable figure to the 23% increase seen in Trump's first three years.
However, when factoring inflation's impact on household net worth, the data is less favorable for Biden. After adjusting for inflation, household net worth is up by just 0.7% through Biden's first three years in office, whereas it was up 16% in Trump's first three years.
At the time of Biden's inauguration in January 2021, year-over-year inflation in the U.S. economy was about 1.4%. However, inflation surged due to global supply chain disruptions related to the COVID pandemic as well as elevated levels of government spending, peaking at a 40-year high of 9.1% in June 2022.
HOW IT STARTED ... HOW IT'S GOING: HOME, ENERGY, CAR BILLS WAY UP THANKS TO INFLATION
The U.S. spent trillions of dollars to stimulate the economy amid the pandemic at the end of Trump's administration and at the outset of Biden's term.
Among those measures were the $1.9 trillion American Rescue Plan Act that was enacted in March 2021 and the Inflation Reduction Act, an $891 billion package enacted in August 2022. The two measures were approved by congressional Democrats on party-line votes using the budget reconciliation process.
INFLATION INCREASES 3.4% IN APRIL AS PRICES REMAIN ELEVATED
The Biden administration has blamed global supply chain disruptions as the main factor causing inflation and has defended those pieces of legislation as providing critical financial support to American households as the economy dealt with the pandemic's impact and addressing other pressing policy needs.
The White House has also pointed to other actions, like releasing oil from the Strategic Petroleum Reserve to give energy markets a boost, as ways it has looked to ease the sting of inflation.
The U.S. economy continues to experience elevated inflation, which came in at 3.4% in April. That's well above the Federal Reserve's target rate of 2%.
To tamp down inflation, the Fed raised the benchmark federal funds rate, which influences interest rates across the economy, to a more than 20-year high target range of 5.25% to 5.50%.
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With inflation remaining elevated, the central bank's policymakers have signaled that interest rates are likely to remain higher for longer than originally anticipated to allow more time for inflation to subside.
FOX Business' Megan Henney contributed to this report.

via: https://www.foxbusiness.com/politics/inflation-flattens-americans-wealth-gains-under-biden-repor

James Simons left behind a legacy in mathematics, finance and philanthropy, as well as a massive personal fortune and a yacht, when he passed away at age 86 last week.
The billionaire, who founded the extremely successful hedge fund Renaissance Technologies, built up a personal fortune worth $31.4 billion over the course of his lifetime and used billions of that money for charity, according to Forbes. His charitable organization, the Simons Foundation that he co-founded with wife Marilyn, provides funding for science, education, autism and other areas.
At one point in the 2000s, Simons reportedly used some of his wealth to acquire a yacht for himself. Outlets like the BBC and CNN have identified him over the years as the owner of the Feadship-built Archimedes.
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The yacht, built in 2008, is about 222 feet long and can sail at speeds of up to 16 knots, per BOAT International. In 2018, it received a refit. 
The Plymouth Marine Laboratory said in mid-February that Simons and his wife were "support[ing] marine research in some of the most remote and least studied parts of the ocean" with the Archimedes. Scientists affixed a light-measuring instrument to the vessel to help with their research, according to the organization. 
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In March, the yacht received a Science & Discovery award at the YCM Explorer Awards in Monaco for its contributions to ocean exploration and research, a Feadship press release said.
FOX Business reached out to the Simons Foundation for comment regarding the yacht.
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Simons and his wife together have dolled out charitable contributions totaling around $6 billion, Forbes reported. 
He left his role as chairman of Renaissance Technologies, which operates the Medallion Fund, back in 2021, over a decade after his retirement as the hedge fund's CEO.

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Creeping price hikes have become all too common for consumers recently and Costco has generally been a safe haven for savvy shoppers due to its bulk buys and competitive prices. 
However, the retailer has upped the prices on some of its popular goods recently.
For instance, while most Costco warehouses have gas stations with prices lower than competitors in that area, the company has quietly increased its prices on gas. Costco gas tends to be thirty to fifty cents cheaper than other gas stations, according to GoBankingRates, which is based on prices listed by the GasBuddy app.
EatThis,NotThat! (ETNT) reported that shoppers across the U.S. and Canada saw notable price increases on Kirkland Signature organic extra virgin olive oil. At one store in Brooklyn the oil jumped from $16.99 in March 2023 to $24.99 this year, according to ETNT.
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Membership fees, according to reports, may see an uptick in price. During the chain's fiscal-first-quarter earnings call, former Costco CFO Richard Galanti hinted at a price increase on the company's popular CostcoGold and Executive memberships - the first time the memberships have increased since 2017. The increase could be anywhere between $5 and $10. The company reported its total cardholders increased to 132 million as of the end of the second quarter, a 7.3% increase over the same period a year ago.
Galanti added that there's been improved profitability in gasoline, however, and the club has been able to increase prices in line with the market, according to The Street.
"What we have found is we've been able to see improved profitability, not just in the last quarter or two, but over the last few years, the last three to five years, improved profitability in gas because others are making more and we're allowed to make a little more," Galanti said. 
"When we do our competitive price shops on gas, which we do weekly at every gas station we operate with neighboring competitive gas stations, our value proposition is actually increased - increased number of cents per gallon than we've ever seen," he said. "So, that's been, if you will, a win-win for us."
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However, Galanti said at the earnings call that some items like furniture and other bulky lower-priced items may start falling in price due to reduced freight costs, The Street reports. 
"Some deflationary items were as much as 20% to 30% and, again, mostly freight-related," he explained.
Meanwhile, in better news, Galanti said the $1.50 cost of the warehouse retailer's hot dog and soda combo "is probably safe for a while."
The hot dog and soda combo has long been a fixture of Costco's food court, and so has its $1.50 price. The company hasn't increased the combo's cost in the roughly four decades it has offered it, thanks to a pledge from its founders, FOX Business previously reported.
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Elsewhere, Fox Business reported last month that the retailer is now selling Kimbap, a dish similar to sushi, at competitive prices. It consists of rice and various ingredients wrapped in seaweed. The item has been a popular feature at Trader Joe's, often selling out.
"You get 6 kimbap for $18, making it slightly cheaper than TJ's," one Reddit user wrote under the Costco thread. "Solid 8/10. We will definitely be getting it again once it's back in stock."

via: https://www.foxbusiness.com/retail/costco-price-hike-popular-items-see-unexpected-jumps-cos

A luxury cruiseliner is now offering retirees the chance to live on its ships and travel the world for a flat sum - and it may be more economical than keeping a home.
Villa Vie Residences's new Endless Horizons program requires a one-time payment of $299,999 for single-occupancy. For a double-occupancy cabin, the price increases to $499,999.
Passengers will sail on the Villa Vie Odyssey ship, which embarks on a seven-continent adventure on May 30. The ship is currently docked in Belfast, Northern Ireland.
In a press release, the company explained that the "lifetime access" deal caters to individuals who "envision their retirement years as a time for exploration and personal growth."
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"Villa Vie Residences makes this possible by combining the comforts of home with the excitement of travel," the statement explained.
"Residents will enjoy a guaranteed Outside Cabin and access to more than 50 active interest groups ranging from culinary arts to fitness and purposeful exploration, ensuring a vibrant and engaging community atmosphere."
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For budget-conscious seniors who are concerned about rising inflation and the cost of maintaining a home, Villa Vie Residences believes that the Endless Horizons may be the right fit for them.
"One aspect most people nearing retirement age are concerned about is ongoing living expenses and the possibility of outliving their savings," Chief Operating Officer of Villa Vie Residences Kathy Villalba said in a statement. "This program eliminates that concern altogether while offering the ultimate dream: exploring every corner of the world by sea."
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Chief Executive Officer of Villa Vie Residences Mikael Petterson explained that his business's mission is to "offer a seamless solution for those looking to retire on a fixed budget to never worry about ongoing expenses again."
"This is more than just a travel opportunity; it's a new way of life," he said. "For less than the price of an average home, you can secure a lifetime of experiences."
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Information about booking is available on Villa Vie Residences' website. Fox Business reached out to Villa Vie Residences for a statement, but did not immediately hear back.
For more Lifestyle articles, visit foxbusiness.com/lifestyle.

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Boeing's shareholders voted to re-elect its outgoing CEO, contrary to the proxy adviser's recommendation, amid an ongoing safety culture crisis. 
Proxy Adviser Glass Lewis last month recommended against shareholders reelecting Boeing CEO Dave Calhoun at this week's annual meeting, but they ignored the guidance and passed the measure, according to a preliminary tally. 
Lewis raised concerns over dissatisfaction with efforts to change the safety culture at the company, which has come under intense scrutiny this year after a number of high-profile incidents - including the death of a whistleblower and several high-level malfunctions and issues, Reuters reported.
A door plug on an Alaska Airlines flight blew out midflight in January, followed by a plane that was forced to land without front landing gear and a plane skidding off the runway in Senegal. Calhoun announced earlier this year that he would resign from his position at the end of 2024 as a result of the crisis. 
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Boeing has also faced multiple whistleblowers, such as Sam Salehpour, who testified to a culture of "effectively... putting out defective airplanes" and suggested that the planes could "fall apart at the joints" if issues do not receive immediate attention. 
Salehpour, who spent 40 years at Boing as a quality engineer, has claimed that he received physical threats for trying to raise the concerns during his time at the company. 
"My boss said, 'I would have killed someone who said what you said in a meeting,'" he testified. "This is not safety culture when you get threatened by bringing issues of safety concerns." 
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The Federal Aviation Administration (FAA) also opened an investigation into the company after it came to light that several 787 Dreamliner planes had missed vital inspections before distribution, leading to accusations of falsified records. 
Boeing shares have dropped 30% in value this year as a result of the ongoing issues, according to The Guardian. 
Boeing's newly-appointed Chairman Steve Mollenkopf will continue to seek a permanent replacement for Calhoun, drawing on his own experience as the former Qualcomm CEO and an engineer. 
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He has held discussions with Boeing suppliers and airline customers about their concerns so that he can appropriately frame the challenges the new CEO will face, with his search in the early stages, The Seattle Times reported. 
Mollenkopf assured the shareholders that the company remains "committed to a process that will identify the next CEO to lead Boeing through our current challenges and into the future."
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"The months and years ahead are critically important to our company as we take the necessary steps to regain the trust lost in recent times, get back on track and perform like the company that we all know Boeing can and must be every day," Mollenkopf said at the meeting.
FOX Business' Chris Pandolfo contributed to this report. 

via: https://www.foxbusiness.com/business-leaders/boeing-reelects-outgoing-ceo-search-replacement-continues-safety-culture-crisi

The massive estate that Jeff Bezos reportedly owns in Beverly Hills appears to be coming together.
Photos of the property taken this month by X17 Online depicted significant headway after the Daily Mail and other outlets reported in late February on various developments towards completion of the billionaire Amazon founder's construction project there.
The property has been under Bezos's ownership since early 2020, when he reached a deal with then-owner and entertainment tycoon David Geffen to purchase it, according to The Wall Street Journal.
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Beverly Hills, where the large compound is located, has long been considered an extremely wealthy area in Los Angeles County. Bezos also has real estate in Washington, New York, Texas, Hawaii, Florida and the District of Columbia, Architectural Digest reported.
Reports vary on how much the Beverly Hills compound cost, with some saying Bezos had to hand over $165 million. 
The property sprawls roughly 10 acres, per the New York Post.
Close to its mansion, it boasts a pool with a diving board and a shallow area for lounging in the water, according to X17 Online photos. Nearby, there is also a large pergola.
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Areas to play sports like tennis and basketball are also reportedly present on the grounds along with other buildings.
As for the mansion sitting on the property, it consists of several stories and significant square footage, the New York Post reported. 
Construction on the Beverly Hills mansion and its property has been a multi-year effort, according to reports.
FOX Business reached out to a Bezos representative for comment.
Bezos, who moved to Florida, has a personal fortune worth $202.4 billion as of Friday, with much of that stemming from his stake in Amazon, according to Forbes. He offloaded 50 million Amazon shares earlier this year but remains one of the e-commerce giant's major shareholders.
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He also has a 417-foot superyacht - the Koru - that he and fiancee Lauren Sanchez started being able to use last summer.
The engaged couple have had a busy handful of weeks, attending the Met Gala earlier this month and a White House state dinner last month. They also recently became the recipients of Conservation International's "Global Visionary Award" and accepted that honor during a New York City event.

via: https://www.foxbusiness.com/lifestyle/jeff-bezos-massive-beverly-hills-compound-coming-togethe

The Justice Department and TikTok on Friday asked a U.S. appeals court to fast-track the social media platform's lawsuit challenging a potential ban. 
Under a law signed by President Biden, TikTok's China-based parent company ByteDance must divest TikTok's U.S. assets by Jan. 19, else the short-form video website will be banned. TikTok, ByteDance and a group of TikTok content creators have filed a lawsuit to stop the forced sale, arguing divestiture is not possible by the deadline. 
On Friday, both the plaintiffs and the Justice Department asked the U.S. Court of Appeals for the District of Columbia to rule by Dec. 6 so that if the case is appealed to the Supreme Court, a decision would come before the January deadline. 
"In light of the large number of users of the TikTok platform, the public at large has a significant interest in the prompt disposition of this matter," the Department of Justice and TikTok petitioners said in a court filing, according to Reuters. 
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On Tuesday, a group of TikTok creators filed suit to block the law that could ban the app used by 170 million Americans, saying it has had "a profound effect on American life."
Last week, TikTok and parent company ByteDance filed a similar lawsuit, arguing that the law violates the U.S. Constitution on a number of grounds including running afoul of First Amendment free speech protections.
The lawsuit argues that divestiture "is simply not possible: not commercially, not technologically, not legally. ... There is no question: the Act will force a shutdown of TikTok by January 19, 2025, silencing the 170 million Americans who use the platform to communicate in ways that cannot be replicated elsewhere."
Critical to ByteDance's argument is that the Chinese government "has made clear that it would not permit a divestment of the recommendation engine that is a key to the success of TikTok in the United States."
TIKTOK'S FORCED SALE FROM CHINA WILL BE 'MOST SIGNIFICANT' NATIONAL SECURITY STEP, SAYS FCC COMMISSIONER
The lawsuit goes on to say that TikTok has already spent $2 billion on efforts to protect the data of American TikTok users.
TikTok said that a fast-tracked schedule would allow its lawsuit to be resolved without a request for a court order to postpone the Jan. 19 deadline. 
Both parties asked the court to schedule arguments for as soon as practical in September. The Justice Department said it may file classified material in secret with the court to support the White House's arguments that TikTok's Chinese ownership must end on national security grounds. 
TIKTOK'S FORCED SALE FROM CHINA WILL BE 'MOST SIGNIFICANT' NATIONAL SECURITY STEP, SAYS FCC COMMISSIONER
The law prohibits app stores like Apple and Alphabet's Google from offering TikTok and bars internet hosting services from supporting TikTok unless ByteDance divests the platform. 
The Biden administration has clarified that the legislation is not seeking to ban TikTok, but rather end its involvement with the Chinese Communist Party.
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In 2020, then-President Trump was blocked by the courts in his bid to ban TikTok and Chinese-owned WeChat, a unit of Tencent, in the United States. Trump, the presumptive 2024 Republican presidential candidate, has reversed course and said on Monday that Biden was "pushing" for a ban on TikTok and would be the one responsible if a ban were imposed, urging voters to take notice.
TikTok CEO Shou Zi Chew said the company is prepared for this legal battle last month, calling the legislation a "ban on TikTok." 
Reuters contributed to this report.

via: https://www.foxbusiness.com/politics/biden-admin-tiktok-court-fast-track-pivotal-ruling-decide-fate-social-media-platfor

A 25-year-old Bank of America employee died suddenly while playing soccer Thursday night just weeks after a 35-year-old investment banker with the company died of a blood clot.
Bank of America confirmed Adnan Deumic's death to Fox Business. 
"The death of our teammate is a tragedy, and we are shocked by the sudden loss of a popular, young colleague," a Bank of America spokesperson told Fox News Digital of Deumic's death. "We are committed to providing our full support to Adnan's family, his friends and to our many employees grieving his loss."
Deumic, 25, was based in the United Kingdom and had been with the organization as a credit portfolio and algorithmic trader since July 2022, according to his Linkedin profile. 
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His death comes just a couple weeks after Leo Lukenas, 35, who was in the bank's investment banking group in New York City, died of an acute coronary artery thrombus, according to the New York City Office of the Chief Medical Examiner. 
The 35-year-old had been working more than 100 hours a week and wanted to leave his job at the time of his death, a recruiter who talked to him about a new job told Reuters. 
Wall Street workers are known for putting in grueling hours. 
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Lukenas, a former Green Beret, started with the bank in March 2023 and soon became an investment banking associate, according to his LinkedIn. 
"We are devastated by the loss of our teammate," Bank of America said in a statement after his death. "We continue to focus on doing whatever we can to support the family and our team especially those who worked closely with him."
Deumic was working closer to a standard workweek compared to Lukenas. 
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Neither of their deaths have been officially linked to working long hours. 
Reuters contributed to this report. 

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U.S. workers at a Mercedes-Benz plant in Alabama handed a stinging loss to the United Auto Workers on Friday, rejecting the union in a vote it had expected would build on a win at a Tennessee Volkswagen plant and push it deeper into the U.S. South.
It marked the first big loss for UAW organizers after a series of victories, including double-digit raises for Detroit workers and the union's expansion to a VW factory in Chattanooga last month. That leaves the next steps unclear for the union, which is in the midst of a $40 million campaign targeting other automakers including Toyota and Tesla.
"It was clearly damaging to the union and other organizing attempts near-term, but it is the beginning, not the end," said Harley Shaiken, a labor professor at the University California, Berkeley. He blamed worker unfamiliarity with the union and pushback from Mercedes for the loss.
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The workers at the plant in Vance, Alabama, and a nearby battery facility voted 2,642 to 2,045 against joining the UAW, meaning 56% voted "no," according to the U.S. National Labor Relations Board, which oversaw the vote. The result still needs to be certified.
"While this loss stings, we'll keep our heads up," UAW President Shawn Fain said at a nearby union hall following the loss.
"I'm not scared at all," he said when asked about losing momentum. "This is a setback."
The UAW had hoped to continue a run that includes the overwhelming VW win in Tennessee, as well as a lucrative new contract at six Daimler Truck facilities across the South. Daimler Truck was spun off from what is now Mercedes.
The UAW's next steps are uncertain. The union previously cited organizing progress at a Hyundai plant in Alabama, and Toyota plants in Missouri and Georgetown, Kentucky.
A win at Mercedes would have marked the second foreign-owned automaker in the U.S. South to join the UAW, but instead the union will need to redouble efforts to win over workers in a region that has previously been inhospitable to unions. Widening its reach beyond the Detroit automakers is critical for the UAW to maintain its influence within the industry.
Until the Tennessee VW win, the union had repeatedly failed to organize a foreign-owned automaker in the U.S. South for its nearly 90-year existence.
Much of the politically conservative South has treated left-leaning unions as enemies, passing laws that make it difficult to operate, and anti-union forces have warned that companies are more likely to close union factories. A previous UAW corruption scandal that resulted in the arrest of several leaders further eroded support.
VW workers twice voted against the UAW before last month's win, and Nissan workers at a plant in Mississippi rejected the UAW by a wide margin in 2017. In 2021, workers at an Amazon.com warehouse in Alabama voted against forming a union by a more than 2-to-1 margin.
The loss complicates the story of how the UAW can market its influence, especially in the South, but it likely will not deal a significant blow to the rest of the UAW's organizing efforts, labor experts said.
"It's easy to overstate the momentum issue," said Stephen Silvia, a professor at American University who has published on the UAW's past organizing campaigns in the South.
"Ultimately it comes down to what is going on in each individual workplace," he added, emphasizing how just as a win at Volkswagen did not guarantee a victory at Mercedes, this loss does not guarantee future defeats.
The company made its feelings clear in the run-up. Signs urging workers to vote "no" were hung around the Alabama plant, and the company hired anti-union firms to speak with workers about the potential risks of joining the UAW, according to workers, as well as photos and audio reviewed by Reuters.
Fain on Friday said the automaker engaged in illegal behavior. Mercedes previously rejected claims it prevented union organizing efforts in Alabama.
"Our goal throughout this process was to ensure every eligible team member had the opportunity to participate in a fair election," Mercedes said in a statement after the vote. "We look forward to continuing to work directly with our team members."
Political opposition was staunch in this campaign, too. Six U.S. governors, including Alabama's Kay Ivey, signed a letter asking workers to reject the UAW. They said unionization would stunt the auto industry's growth across the South.
Mercedes also brought in a new president of its U.S. business in the weeks leading up to the vote, a change that made some workers hopeful that conditions could improve without the union.
Anti-union Mercedes worker Melissa Howell broke into tears of relief once the results were clear. She has worked for Mercedes for 18 years and felt her voice would be stifled if the union won.
In the last two-and-a-half weeks, she and others worked to stop the UAW, and she noticed anti-union momentum growing in the final days of the campaign. "In the last week, people were coming to me," Howell said. "I noticed a huge change in the attitudes of people."

via: https://www.foxbusiness.com/markets/mercedes-benz-workers-alabama-vote-against-union-major-blow-ua

Elon Musk announced Friday that his startup, Neuralink, is accepting applications for a second person to get a cybernetic brain implant as part of an ongoing trial. 
"This is our Telepathy cybernetic brain implant that allows you to control your phone and computer just by thinking," Musk posted on X alongside a clip of the first quadraplegic participant in the world to test it out, Noland Arbaugh.
"No one better than Noland himself to tell you about the first," Musk continued. 
FIRST NEURALINK PATIENT PLAYS CHESS WITH BRAIN CHIP IMPLANT IN NEW VIDEO
In January, the company's brain-computer interface (BCI) was implanted into Arbaugh's brain as part of a study to see if quadriplegic patients are able to control a computer or mobile device with their mind.
The N1 Implant is "designed to record neural activity through 1,024 electrodes distributed across 64 flexible leads" otherwise known as "threads," which are thinner than a human hair, according to Neuralink's website. 
The company's goal is to eventually advance the functionality of the implant, so quadriplegic patients will be able to control robotic arms, wheelchairs and other technologies "that may help increase independence."
FIRST NEURALINK PATIENT ABLE TO CONTROL MOUSE WITH THOUGHTS: ELON MUSK
"If you have quadriplegia and want to explore new ways of controlling your computer, we invite you to participate in our clinical trial," Neuralink posted on X on Thursday.
Anyone with "limited or no ability to use both hands due to cervical spinal cord injury or amyotrophic lateral sclerosis (ALS)" can apply for the PRIME Study, according to Neuralink.
Since Arbaugh's surgery more than 100 days ago, Neuralink says he has been able to use the system for various applications, like playing online chess and Sid Meier's Civilization VI. Previously, he relied on a digital interface that was a mouth-held tablet stylus or mouth stick that had to be put in place by a caregiver.
In an interview with "Good Morning America," Arbaugh admitted that he wasn't worried about signing up for trial. In doing so, he realized he could help improve the lives of so many others.
"I knew that if I did this then it would take a lot of headache and heartache away from the people down the road," he said. 
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In the weeks following the surgery, "a number of threads retracted from the brain, resulting in a net decrease in the number of effective electrodes," Neuralink said in a May 8 update.
This resulted in a reduction in bits-per-second (BPS), which is how the company measures the speed and accuracy of cursor control.
"It was very, very hard to give up all of the amazing things that I was able to do," Arbaugh told "Good Morning America." "I think I had cried, basically, afterward."
However, the company said it made certain modifications and improvements that resulted in a "rapid and sustained improvement in BPS, that has now superseded" Arbaugh's initial performance. 

via: https://www.foxbusiness.com/lifestyle/elon-musks-neuralink-accepting-applications-second-brain-implant-participan