The Upside Roundup - 5 Things I Like This Week, September 18
The Hundred-Million Dollar “Spaceship House,” Digital Fitness Domination, and Staggering Wealth Inequality Widens
Summer is drawing to a close on Tuesday, and even though it’s been challenging, warmer weather has a way of making everything better. Now that it’s behind us, it’s time to look ahead to the important things to look forward to in the next season over the next three months. This includes, but is not limited to, the election, which is reaching the stretch run under 50 days away. The first presidential debate is September 29 in Cleveland, the second one is October 15 in Miami and the final one taking place a week later in Nashville. On October 7th, the VP debate will take place. The next four years are going to be pivotal for the US as it navigates life post-pandemic.
1. The Rich Are Getting Much Richer
· In the face of massive destruction, there is one group of people that is unsurprisingly thriving during the pandemic: American billionaires. The Institute for Policy Studies (IPS) has been tracking the numbers, and since March 18, the 643 billionaires in the United States have collectively gotten $845 billion richer. That represents a 29% increase, or $4.7 billion a day. The IPS says that extreme wealth inequality is America’s “pre-existing condition.” The primary driver of this wealth creation has come from the stock market, which has recouped pretty much all of the losses it suffered at the very beginning of quarantine. Jeff Bezos, Elon Musk, and Mark Zuckerberg have seen their wealth increase the most in the past six months, with $73.2 billion, $67.4 billion, and $45.9 billion being gained, respectively, since the unofficial start of quarantine.
2. The $140 Million “Spaceship House”
· Prestigious architect Zaha Hadid only designed one private home in her legendary career, but the 36,000 square foot house she designed in a Russian forest outside of Moscow is on another level. Featuring Hadid’s signature features of organic intricacy, complexity, and spatial arrangements, the house cost close to $140 million to build. The “Capital Hill Residence” was commissioned by billionaire Vladislav Doronin and includes a nightclub, a 65-foot swimming pool, and a master bedroom that is over 100 foot high. Doronin approached Hadid specifically for the project and told her, “I want to wake up in the morning and I want to just see the blue sky. I don’t want to see any neighbors and I want to feel free.” The futuristic “spaceship house” she came up with was completed in 2018, two years after Hadid died, but resembles a style that elevated her to the status of being the greatest female architect in the world.
3. Record-Breaking Sale of the Mets
· On Monday, hedge fund billionaire Steve Cohen reached a deal to buy the New York Mets from the Wilpon and Katz families. This takes place months after his initial bid for the team fell through. The agreement for a price of between $2.4 and $2.45 billion is the highest price paid for a North American sports team and will give Cohen 95% ownership. The deal is contingent on a majority of the other 29 owners in baseball giving their green light. The vote is expected to take place in the next couple of months, and will require 23 owners to give the go-ahead. Back in February, Cohen bid $2.6 billion for 80% of the team, but the deal was not finalized after disagreements with the current ownership group could not be reconciled. Cohen currently owns 8% of the team through an 8% limited partnership he got for $40 million in 2012.
4. Will Episodes of the Joe Rogan Podcast Be Removed?
· It’s been less than three weeks since the Joe Rogan Experience started streaming on Spotify, and content moderation questions are already being raised. Spotify CEO Daniel Ek said that there have been 10 meetings held internally to discuss concerns of the content Rogan has discussed in the past. There have been running disagreements between Spotify workers and executives. Episodes with right-wing members Alex Jones and Gavin McInnes have already been removed, and staffers within the company have voiced concerns about transphobic episodes. In response, Ek has defended keeping those episodes on the streaming platform, saying “The fact that we aren’t changing our position doesn’t mean we aren’t listening. It just means we made a different judgment call.” The episode in question involves a conversation Rogan had with Abigail Shrier in July. The deal that brought Rogan over to Spotify was a licensing deal so he will retain creative direction for the podcast.
5. The Surge of Digital Fitness
· While many well-known gyms, including Gold’s Gym, 24-Hour Fitness, and New York Sports Club, have filed for bankruptcy over the last few months, fitness nerds haven’t missed a beat. The seamless transition to digital fitness has been staggering, with Peloton emerging as the biggest winner thanks to its stationary bike that is quickly becoming a staple of the quarantine living room. Peloton CEO John Foley believes that his company could have 100 million subscribers someday, a 30x increase from the 3.1 million current subscribers. With the announcement of two new products, including a cheaper treadmill, the company continues to make efforts to innovate. However, they’re not alone as Zwift officially reached unicorn status earlier this week, Apple unveiled its offering called Fitness+, and Lululemon revised its projections for Mirror upward. It’s safe to say that there are plenty of options if you are looking for an in-home gym.