You're Paying $10 Billion in Inheritance Tax!

Fambam! Whateedo?!

I hope you had a great week and an even better weekend so far! …and by the way, ensure you observe the highest level of security caution in all you do and check in on your family from time to time. It’s No News That We Care About Ya!

How has earnings been for ya?!

Smashing Earnings

A ton of companies have released their first quarter performance report and it’s been nothing short of record breaking. Yezzirrr, you heard me right! Q1 2021 hasn’t been too shabby for most companies, especially those that leverage on technology to deliver their product or services to customers. Even those who assisted/empowered other businesses to reach their customers have won big in this period. Just because I’m your favorite stock market enthusiast, I’ve put together a read on how some of your favorite companies performed: click here to see the full report.

That moment when you smash earnings:

It’s so good, You get to read more on Q1 Earnings

A record 87% of S&P 500 companies have beat earnings estimates [if this were a school result, that would totally be an A, if you ask me], and earnings look to be growing by more than 46%. [You people should teach somebody how to make this money na 🙁] Credit Suisse has upped its forecast for the S&P 500 because of the strong earnings: “We are raising our 2021 S&P 500 price target to 4600 from 4300, representing 9.2% upside from current levels, and 22.5% for the year”. We’re looking to hear more about earnings from a diverse group of companies, like General Motors, ViacomCBS, etc. Pharma will be in the spotlight as Covid vaccine makers Pfizer and Moderna both report. Draftkings and Beyond Meat are also on to report this week, so will a host of travel-related companies issue results, from Booking Holdings and Hilton Worldwide to Marriott Vacations. We have a calendar ready for you – click here to check it out.

You’re Paying $10.8 billion in Inheritance Tax

Excuse You, Say Wha?!?! If you’re like me, you’re also probably “flabber-whelmed” and “over-gasted” by this news. Sounds like making money is trouble in China but worse off, inheriting cash is even bigger trouble. Think about it: who pays $10.8 Billion as inheritance tax? [Just nuts! scratch that, Just RIDUNCULOUSSS – Okay, I shouted a bit] It’s one thing to be rich, it’s another to be able to transfer that wealth to your family. The family of late Samsung Electronics Chairman Lee Kun-hee said on Wednesday that they will pay over 12 trillion won ($10.8 billion) in inheritance tax for his estate which is valued at 26 trillion won ($23.4 billion). They will also have to donate his vast private art collection to state curators. That’s pretty much paying one third of his wealth as tax. The inheritance tax bill – one of the largest-ever in South Korea and globally – has been closely watched due to its potential to dilute the family’s controlling stake in Samsung.

E. Be. Thingzz
You work hard to make your money but government be like:

No One is Above the Law; Not even the CEO

Justin Zhu, the founder of Iterable, got fired from his own company by the board and will be replaced by his fellow co-founder. Justin Zhu told Bloomberg that the primary reason for his dismissal was that he took a small amount of the illegal psychedelic prior to a meeting in 2019, with the intention of improving his focus. Apparently, micro-dosing with small amounts of LSD and other psychedelics are becoming common in Silicon Valley with many users saying the drugs can help with creativity and focus. Whewwwww! Wetin Musa no go see for gate?! The email, which Bloomberg obtained, said Zhu had violated the company’s policies, values, and employee handbook. Iterable is currently vaulted at $2.1 billion as of March of this year.

I guess, it is what it is!

Grim in India

India’s daily Covid-19 cases pass 400,000 for the first time as the second wave worsens. Shsshhh. The country posted a record daily rise of 401,993 new coronavirus cases on Saturday. It was the first time India’s daily case count had topped 400,000 after 10 consecutive days over 300,000. Deaths from Covid-19 jumped by 3,523 over the past 24 hours. [We thought the worst part of this was behind us…] Some experts blame mass religious gatherings and political rallies for the severity of India’s second wave. Unfortunately, the world’s biggest producer of Covid-19 vaccines has a limited number of shots available. The chief minister of the hard-hit state of Delhi on Friday implored people not to queue at vaccination centers, promising more vaccines would arrive “tomorrow or the day after”.

I mean this is just sad, fam!