
<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Rihanna confirmed Wednesday she will release her first new song in five years on Friday, marking the singer’s long-awaited return to music after focusing on her makeup and lingerie lines.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>The single, called “Lift Me Up,” is part of the soundtrack for the upcoming movie&nbsp;<em>Black Panther: Wakanda Forever</em>—Marvel Studios&nbsp;<a href="https://twitter.com/MarvelStudios/status/1585073731524706305?s=20&amp;t=Kd8MD4ZG4hA8AbKWGJqplA" target="_blank" rel="noreferrer noopener">tweeted</a>&nbsp;a video of the movie’s logo, with the letter “R” moving out and glistening, the same “R” Rihanna shared&nbsp;<a href="https://twitter.com/rihanna/status/1585302326318813185?s=20&amp;t=qQ7k1WV_HzaXDt8VlwOWpQ" target="_blank" rel="noreferrer noopener">on social media</a>&nbsp;on Wednesday.&nbsp;</p>



<p>The short clip of the tune shared by Rihanna features her humming.&nbsp;</p>



<p>The song was written as a tribute to&nbsp;<em>Black Panther</em>&nbsp;star Chadwick Boseman, who died from cancer in 2020,&nbsp;<a href="https://variety.com/2022/music/news/rihanna-song-black-panther-wakanda-forever-1235412876/" target="_blank" rel="noreferrer noopener"><em>Variety</em></a>&nbsp;reported.</p>



<p>Many fans expected Rihanna’s return to music was coming after she announced last month she would perform at the upcoming Super Bowl halftime show.&nbsp;</p>



<p>However, the singer has not announced any plans of releasing her ninth studio album.</p>



<h2 class="wp-block-heading">FORBES VALUATION</h2>



<p>Rihanna first became a billionaire in August and&nbsp;<a href="https://www.forbes.com/sites/maddieberg/2021/08/04/fentys-fortune-rihanna-is-now-officially-a-billionaire/?sh=580a927f7c96"><em>Forbes</em>&nbsp;estimates</a>&nbsp;her net worth is $1.4 billion.&nbsp;</p>



<h2 class="wp-block-heading">KEY BACKGROUND&nbsp;</h2>



<p>Rihanna last appeared on N.E.R.D.’s song “Lemon” in 2017. Her last album&nbsp;<em>Anti</em>&nbsp;was released in 2016. During her hiatus from music, she’s grown her Fenty business empire, including her Fenty Beauty makeup line, her Fenty Skin skincare line and her Savage X Fenty lingerie line. This year, she confirmed she was pregnant with her first child, with her boyfriend, rapper A$AP Rocky. The couple&nbsp;<a href="https://www.tmz.com/2022/05/19/rihanna-asap-rocky-gives-birth-welcomes-baby-boy/" target="_blank" rel="noreferrer noopener">reportedly</a>&nbsp;welcomed a baby boy in May.&nbsp;</p>



<h2 class="wp-block-heading">WHAT TO WATCH FOR&nbsp;</h2>



<p><em>Wakanda Forever</em>&nbsp;is the sequel to 2018’s wildly successful&nbsp;<em>Black Panther</em>, and will be released in theaters on November 11. The first movie’s soundtrack was curated by Kendrick Lamar, and his song for the film with SZA, “All The Stars,” was nominated for the the Oscar for Best Original Song. Rihanna’s annual Savage X Fenty fashion show hits Amazon Prime Video on November 9, and is set to feature performances by Burna Boy and Anitta, and appearances by Sheryl Lee Ralph, Cara Delevingne and Simu Liu.&nbsp;</p>



<h2 class="wp-block-heading">BIG NUMBER</h2>



<p>9. That’s how many Grammy awards Rihanna has won.&nbsp;</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/carlieporterfield/2022/09/25/rihanna-will-headline-next-years-super-bowl-halftime-show/?sh=ecf577b1e7ca">Rihanna Will Headline Next Year’s Super Bowl Halftime Show</a>&nbsp;(Forbes)&nbsp;</p>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/01/31/rihanna-is-pregnant-and-expecting-baby-with-boyfriend-aap-rocky/?sh=6f4f991877a5">Rihanna Is Pregnant And Expecting Baby With Boyfriend A$AP Rocky</a>(Forbes)&nbsp;</p>



<p><a href="https://www.forbes.com/sites/maddieberg/2021/08/04/fentys-fortune-rihanna-is-now-officially-a-billionaire/?sh=f9b2acc7c96b">Fenty’s Fortune: Rihanna Is Now Officially A Billionaire</a>&nbsp;(Forbes)</p>


Marvel Studios’ “Black Panther 2: Wakanda Forever” Premiere

Rihanna Released Her First New Music In Five Years On Friday


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Facebook parent Meta Platforms reported earnings Wednesday that fell short of expectations, pummeling the company&#8217;s stock in after-hours trading as the social media giant with&nbsp;<a href="https://www.forbes.com/sites/mariagraciasantillanalinares/2022/10/26/meta-sticks-to-metaverse-plans-as-already-meager-sales-evaporate/?sh=1e7e19844dce">metaverse ambitions</a> scrambles to cut costs amid advertising headwinds spurred by concerns about the global economy.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>Meta&nbsp;<a href="https://investor.fb.com/investor-news/press-release-details/2022/Meta-Reports-Third-Quarter-2022-Results/default.aspx" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;net income of $4.4 billion, or $1.64 per share, cratering 49% year over year and falling short of expectations for $1.89 per share; revenue of $27.7 billion fared slightly better than the $27.4 billion analysts were forecasting, but down 4% from one year ago.</p>



<p>The company also said its revenue this quarter would fall between $30 billion and $32.5 billion—toward the lower end of average analyst expectations.</p>



<p>Meta shares sank 11% to $115 immediately after the report, pushing losses to more than 61% this year alone—far worse than the tech-heavy Nasdaq&#8217;s 30% decline.</p>



<p>In a pre-earnings note, Bank of America analyst Justin Post downgraded shares of Meta to a neutral rating, saying the firm&#8217;s investment in the immersive virtual reality world known as the metaverse &#8220;will remain [an]&nbsp;overhang&#8221; on the stock, costing an estimated $10.7 billion next year even as economic concerns potentially intensify.</p>



<p>The report comes less than a month after Meta&nbsp;<a href="https://www.bloomberg.com/news/articles/2022-09-29/meta-announces-hiring-freeze-warns-employees-of-restructuring?sref=gni836kR" target="_blank" rel="noreferrer noopener">announced</a>&nbsp;plans to cut costs by restructuring some teams and instituting a hiring freeze as advertising revenue growth slows amid economic pressures, which are quickly mounting: On Monday, an investor with more than $300 million worth of shares&nbsp;<a href="https://medium.com/@alt.cap/time-to-get-fit-an-open-letter-from-altimeter-to-mark-zuckerberg-and-the-meta-board-of-392d94e80a18" target="_blank" rel="noreferrer noopener">urged</a>&nbsp;the company to further slash expenses by laying off employees.</p>



<p>In the earnings release, Meta CFO David Wehner said the company has “increased scrutiny on all areas of operating expenses” but it also said its employee headcount would remain roughly flat next year from current levels; in the third quarter, the company’s free cash flow, which measures cash left over after operating expenses, cratered to $173 million from $9.5 billion a year ago.</p>



<h2 class="wp-block-heading">FORBES VALUATION</h2>



<p>$47.2 billion. That&#8217;s how much Meta founder&nbsp;<a href="https://www.forbes.com/profile/mark-zuckerberg/?sh=50a048733e06">Mark Zuckerberg</a>, 38, was worth when the market closed on Wednesday. At one point worth more than $130 billion, Zuckerberg&#8217;s fortune has plunged by more than 60% since Meta stock peaked in September 2021.&nbsp;</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Global economies have started to slow down as central banks including the Federal Reserve work to combat inflation by tempering consumer demand with higher interest rates. Recent earnings reports have started to reflect the pressures. On Tuesday, Alphabet stock&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2022/10/26/microsoft-and-alphabets-250-billion-stock-plunge-fuels-fears-of-earnings-recession/">plunged</a>&nbsp;after the Google parent missed third-quarter sales and profit expectations. The company&#8217;s YouTube advertising unit posted a much weaker-than-forecast $7.1 billion, versus average expectations of about $7.5 billion. In a note, analyst Adam Crisafulli of Vital Knowledge pointed out YouTube and social media advertising is typically much less resilient during economic downturns than other types of ads.</p>



<h2 class="wp-block-heading">CRUCIAL QUOTE</h2>



<p>“I had hoped the economy would have more clearly stabilized by now,” Zuckerberg&nbsp;<a href="https://www.bloomberg.com/news/articles/2022-09-29/meta-announces-hiring-freeze-warns-employees-of-restructuring?sref=gni836kR" target="_blank" rel="noreferrer noopener">reportedly</a>&nbsp;told employees at a meeting outlining the company&#8217;s cost-cutting plan last month. &#8220;But from what we&#8217;re seeing it doesn&#8217;t yet seem like it has, so we want to plan somewhat conservatively.&#8221;</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/mariagraciasantillanalinares/2022/10/26/meta-sticks-to-metaverse-plans-as-already-meager-sales-evaporate/?sh=1e7e19844dce">Meta Sticks To Metaverse Plans As Already-Meager Sales Evaporate</a><em>(Forbes)</em></p>



<p><a href="https://www.forbes.com/sites/mariagraciasantillanalinares/2022/10/25/metas-metaverse-has-investors-heads-spinning-ahead-of-earnings-not-in-a-good-way/?sh=9df01bb42187">Meta’s Metaverse Has Investors’ Heads Spinning Ahead Of Earnings, Not In A Good Way</a>&nbsp;<em>(Forbes)</em></p>



<p><a href="https://www.forbes.com/sites/jonathanponciano/2022/10/26/microsoft-and-alphabets-250-billion-stock-plunge-fuels-fears-of-earnings-recession/">Microsoft And Alphabet&#8217;s $250 Billion Stock Plunge Fuels Fears Of Earnings Recession</a><em>&nbsp;(Forbes)</em></p>



<p><a href="https://www.forbes.com/sites/jonathanponciano/2022/10/05/stock-market-poised-for-bigger-losses-as-economy-enters-danger-zone-morgan-stanley-warns/?sh=45be032e21b4">Stock Market Poised For Bigger Losses As Economy Enters ‘Danger Zone’</a><em>(Forbes)</em></p>



<p><strong><em>By Jonathan Ponciano, Forbes Staff</em></strong></p>


In this photo illustration the American online social media

Meta Stock Crash Steepens As Facebook Parent Grapples With Recession Fears


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Many of Twitter&#8217;s most active users abandoned the platform in recent years and have shown no sign of coming back, according to company documents obtained by&nbsp;<a href="https://www.reuters.com/technology/exclusive-where-did-tweeters-go-twitter-is-losing-its-most-active-users-internal-2022-10-25/" target="_blank" rel="noreferrer noopener">Reuters</a>, sparking serious concerns about Twitter&#8217;s future just days before Elon Musk is slated to take control of it.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>The number of &#8220;heavy tweeters,&#8221; which Twitter defines as someone who uses the platform six or seven days a week and tweets at least three times a week, has been in &#8220;absolute decline&#8221; since the start of the Covid-19 pandemic, according to an internal report viewed by Reuters.</p>



<p>Interest in mainstay topics popular with advertisers like sports, news and entertainment has been in decline among English-speaking frequent users, according to Reuters, while interest in cryptocurrency and pornographic &#8220;not safe for work&#8221; content has been on the rise.</p>



<p>&#8220;Heavy tweeters&#8221; are reportedly responsible for 90% of tweets and half of the company&#8217;s revenue, despite making up less than 10% of all monthly users.</p>



<p>The most significant user losses appear to be among accounts that tweeted about celebrities like the Kardashians, with the company reportedly finding a &#8220;devastating&#8221; decline in that area, possibly due to users migrating to Instagram or TikTok.</p>



<p>Interest in world news and liberal politics have also suffered massive declines, according to Reuters.</p>



<p>Twitter did not immediately respond to a request for comment from&nbsp;<em>Forbes</em>.</p>



<h2 class="wp-block-heading">CRUCIAL QUOTE</h2>



<p>“It seems as though there is a significant discrepancy between what I might imagine are our company values and our growth patterns,” a company researcher reportedly wrote.</p>



<h2 class="wp-block-heading">BIG NUMBER</h2>



<p>237.8 million. That&#8217;s how many total daily active users Twitter&nbsp;<a href="https://s22.q4cdn.com/826641620/files/doc_financials/2022/q2/Final_Q2'22_Earnings_Release.pdf" target="_blank" rel="noreferrer noopener">reported</a>&nbsp;in the second quarter of this year, up almost 17% from a year prior. Some 41.5 million active users were U.S.-based.</p>



<h2 class="wp-block-heading">WHAT TO WATCH FOR</h2>



<p>A Delaware judge has given Musk, the world&#8217;s richest person, until Friday afternoon to close his $44 billion deal to purchase Twitter and take it private. If the deal doesn’t close by then, a lawsuit from the social media company seeking to force him to follow through with the deal will go to trial. Musk told bankers he plans to abide by the Friday deadline,&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/10/25/elon-musk-reportedly-tells-bankers-hell-buy-twitter-by-friday-deadline/?sh=6cbd56814a4c">Bloomberg reported Tuesday</a>.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>The&nbsp;<a href="https://www.washingtonpost.com/technology/2022/10/20/musk-twitter-acquisition-staff-cuts/" target="_blank" rel="noreferrer noopener"><em>Washington Post</em></a>&nbsp;reported last week that Twitter is planning massive staffing cuts due to its turbulent financial situation. The company has a reported goal of slashing $800 million in payroll by 2023, which would impact critical infrastructure such as data centers, potentially making the platform and its users more susceptible to security threats. Musk, meanwhile, has reportedly told prospective investors he’s eyeing even deeper cuts: According to the&nbsp;<em>Post</em>, he plans&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2022/10/20/musk-plans-to-cut-75-of-twitter-workforce-report-says/?sh=7f91de2e496c">to eliminate about 75%</a>&nbsp;of Twitter&#8217;s 7,500-person workforce if the deal closes. The billionaire also reportedly promised potential investors he will triple the number of users who see ads by the end of his third year as owner, while he&#8217;s also floated a subscription service offering users access to premium content for a fee as a way to raise revenue.</p>



<h2 class="wp-block-heading">FORBES VALUATION</h2>



<p>We estimate Musk to be worth $219.6 billion, making him the richest&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?sh=2c0b1ec77999">person in the world</a>.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.reuters.com/technology/exclusive-where-did-tweeters-go-twitter-is-losing-its-most-active-users-internal-2022-10-25/" target="_blank" rel="noreferrer noopener">Exclusive: Twitter is losing its most active users, internal documents show</a>(Reuters)</p>



<p><a href="https://www.forbes.com/sites/nicholasreimann/2022/10/20/musk-plans-to-cut-75-of-twitter-workforce-report-says/?sh=7f91de2e496c">Musk Plans To Cut 75% Of Twitter Workforce, Report Says</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/dereksaul/2022/10/25/elon-musk-reportedly-tells-bankers-hell-buy-twitter-by-friday-deadline/?sh=6cbd56814a4c">Elon Musk Reportedly Tells Bankers He’ll Buy Twitter By Friday Deadline</a>(Forbes)</p>



<p><strong><em>By Nicholas Reimann, Forbes Staff</em></strong></p>


In this photo illustration the Twitter logo seen displayed

Twitter Hemorrhaging Its Most Active Users, Report Says￼


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Sam Smith and Kim Petras’ song “Unholy” earned the top spot on the&nbsp;<em>Billboard</em>&nbsp;Hot 100 on Monday after three weeks in the top ten, making them the first nonbinary and transgender artists, respectively, to rank No. 1 on the singles chart.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>In the week ending October 20, “Unholy” received 25.3 million streams, 21.5 million radio airplay impressions and 19,000 downloads.&nbsp;</p>



<p>The song is the first No. 1 of either Smith’s or Petras’ careers, though Smith has been behind popular hits like “Stay With Me,” “I’m Not The Only One” and “Dancing With A Stranger.”&nbsp;</p>



<p>The song was released September 22 and debuted at No. 3 on the Hot 100, before ranking at No. 2 for the last two weeks.</p>



<p>“Unholy” has spent four weeks at No. 1 on the U.K. Official Charts, and four weeks as the top song on Spotify’s weekly global Top Songs chart.&nbsp;</p>



<p>Like many recent chart hits, “Unholy” is popular on TikTok, where over a million videos have been made to it.</p>



<h2 class="wp-block-heading">TANGENT</h2>



<p>With the release of the album&nbsp;<em>It’s Only Me</em>, rapper Lil Baby became the third artist in history to chart at least 25 songs on the Hot 100 simultaneously, following Drake, who in 2017 charted 27, and Taylor Swift, who charted 26 last year.&nbsp;</p>



<h2 class="wp-block-heading">WHAT TO WATCH FOR&nbsp;</h2>



<p>Swift’s new album&nbsp;<em>Midnights</em>&nbsp;was released Friday and became the most-streamed album on Spotify in a day. The work is largely expected to dominate next week’s chart.&nbsp;</p>



<h2 class="wp-block-heading">BILLBOARD HOT 100 TOP 10 SINGLES</h2>



<ol><li>“Unholy,” Sam Smith and Kim Petras&nbsp;</li><li>“Bad Habit,” Steve Lacy</li><li>“As It Was,” Harry Styles</li><li>“California Breeze,” Lil Baby</li><li>“I Like You (A Happier Song),” Post Malone feat. Doja Cat</li><li>“I Ain’t Worried,” One Republic&nbsp;</li><li>“You Proof,” Morgan Wallen</li><li>“Forever,” Lil Baby feat. Fridayy</li><li>“Super Freaky Girl,” Nicki Minaj&nbsp;</li><li>“Real Spill,” Lil Baby</li></ol>



<h2 class="wp-block-heading">BILLBOARD 200 TOP FIVE ALBUMS</h2>



<ol><li><em>It’s Only Me</em>, Lil Baby</li><li><em>Un Verano Sin Ti</em>, Bad Bunny&nbsp;</li><li><em>Return of the Dream Canteen</em>, Red Hot Chili Peppers&nbsp;</li><li><em>Dangerous: The Double Album,</em>&nbsp;Morgan Wallen&nbsp;</li><li><em>The Highlights,&nbsp;</em>The Weeknd&nbsp;</li></ol>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Smith’s debut album,&nbsp;<em>In The Lonely Hour</em>, was released in 2014. They have been nominated for six Grammys and have won four. Last week, Smith announced their fourth studio album&nbsp;<em>Gloria</em>&nbsp;will be released on January 27. Smith came out as nonbinary in 2019. Petras was born in Germany and appeared on talk shows when she was young to talk about her transgender identity. She started releasing music in 2008 and released her debut album,&nbsp;<em>Clarity</em>, in 2019.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/10/03/steve-lacys-bad-habit-ends-harry-styles-record-breaking-no-1-run-for-now/?sh=57d9e04d280a">Steve Lacy’s ‘Bad Habit’ Ends Harry Styles Record-Breaking No. 1 Run—For Now</a></p>



<p>(Forbes)</p>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/09/26/harry-styles-parade-of-success-continues-with-a-record-breaking-week-on-billboard-chart/?sh=535bfc033714">Harry Styles’ Parade Of Success Continues With A Record-Breaking Week On Billboard Chart</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/09/19/tiktok-spurs-steve-lacys-bad-habit-toward-no-1-spot-on-billboard-charts-but-can-he-top-harry-styles/?sh=26754a1d1977">TikTok Spurs Steve Lacy’s ‘Bad Habit’ Toward No. 1 Spot On Billboard Charts—But Can He Top Harry Styles?</a>&nbsp;(Forbes)</p>



<p><em><strong>By</strong></em><strong><em> <strong><em>Marisa Dellatto</em></strong><em><strong>,</strong></em></em></strong><em><strong> Forbes Staff</strong></em></p>


2022 iHeartRadio Music Festival – Night 1 – Show

Sam Smith And Kim Petras Become First Openly Nonbinary And Trans Artists To Reach Billboard’s No. 1


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Former finance minister Rishi Sunak has been chosen to become Britain’s next prime minister, the third person to assume the mantle this year with the hopes of soothing the political and economic omnishambles left behind from Liz Truss’ brief tenure, after she replaced Boris Johnson.&nbsp;</p>



<h2 class="wp-block-heading" id="h-key-facts">KEY FACTS</h2>



<p>Sunak, 42, is a relative newcomer to British politics but has risen rapidly through the ranks of the Conservative Party and was elected as a Member of Parliament (MP) for the Yorkshire seat of Richmond in 2015.</p>



<p>Since entering Parliament in 2015, he&nbsp;<a href="https://www.rishisunak.com/news/why-i-will-vote-britain-leave-eu-0" target="_blank" rel="noreferrer noopener">backed</a>&nbsp;Brexit and was named finance minister in 2020 having only&nbsp;<a href="https://www.gov.uk/government/people/rishi-sunak" target="_blank" rel="noreferrer noopener">entered</a>&nbsp;government as a junior minister in the housing ministry in 2018 and joining the treasury as second-in-command to the finance minister in 2019.&nbsp;</p>



<p>Sunak was promoted to finance minister in 2020, just before the pandemic, and his economic support schemes during lockdown gained him widespread recognition and public support.</p>



<p>He was widely viewed as a surefire contender to replace Johnson as Conservative leader one day, though his popularity&nbsp;<a href="https://www.ft.com/content/523112e5-6066-47f1-b984-5de1da4fc79f" target="_blank" rel="noreferrer noopener">plummeted</a>following a series of politically unpopular policies, involvement in the lawbreaking “<a href="https://www.forbes.com/sites/roberthart/2022/06/06/uk-prime-minister-boris-johnson-survives-confidence-vote-after-partygate-scandal/?sh=60916aef12e6">Partygate</a>” scandal of government rule breaking during lockdown and after news emerged that his wealthy wife&nbsp;<a href="https://www.theguardian.com/politics/2022/apr/06/rishi-sunaks-wife-claims-non-domicile-status" target="_blank" rel="noreferrer noopener">avoided</a>&nbsp;millions in tax by claiming non-domicile status.</p>



<p>Sunak&nbsp;<a href="https://www.forbes.com/sites/roberthart/2022/07/06/uk-prime-minister-boris-johnson-fights-for-survival-after-wave-of-government-resignations/?sh=307176f76400">kick-started</a>&nbsp;the spate of government resignations that ultimately ousted Johnson and was runner up to Truss in the race to replace him with a campaign slogan of “Ready for Rishi” (evidently, voters were not ready).&nbsp;</p>



<p>Sunak, born in Southampton in the south of England to parents of Indian origin who emigrated to the U.K. from east Africa, will be the&nbsp;<a href="https://apnews.com/article/boris-johnson-covid-health-liz-truss-government-and-politics-1a90c0824d2abe92e9c0bd54849a1591" target="_blank" rel="noreferrer noopener">youngest</a>&nbsp;prime minister in more than 200 years and the country’s first South Asian leader.&nbsp;</p>



<h2 class="wp-block-heading" id="h-news-peg">NEWS PEG</h2>



<p>Truss abruptly&nbsp;<a href="https://www.forbes.com/sites/roberthart/2022/10/20/uk-prime-minister-liz-truss-resigns-after-6-turbulent-weeks-in-office/?sh=4c67b4d0640e">resigned</a>&nbsp;as prime minister last week after just six weeks on the job, the shortest tenure in British history. Her departure, following weeks of financial turmoil from her fiscal policies and constant political u-turning, kicked-off another contest to select the leader of the Conservative Party, who will go on to be prime minister. The rules require contenders to garner support of 100 MPs to back their claim, effectively limiting the field to three candidates. Penny Mordaunt, the leader of the House of Commons and runner up to Sunak and Truss in the last contest, pulled out of the race to replace Truss minutes before nominations were due to close. Former Prime Minister Johnson, whose ousting led to Truss’ premiership, was widely tipped to throw his hat in the ring. He never formally announced his intention to do so, however, though a number of lawmakers nevertheless flocked to his banner (it is unclear whether support was strong enough to secure him a slot on the ballot to dues paying Party members). On Sunday, Johnson&nbsp;<a href="https://www.forbes.com/sites/carlieporterfield/2022/10/23/boris-johnson-drops-out-of-uk-prime-minister-contest/?sh=7a9d744550b3">said</a>&nbsp;he would not pursue leadership again, leaving Sunak the&nbsp;<a href="https://www.bbc.co.uk/news/uk-politics-63370359" target="_blank" rel="noreferrer noopener">clear favorite</a>.&nbsp;</p>



<h2 class="wp-block-heading" id="h-forbes-valuation">FORBES VALUATION</h2>



<p>$4.5 billion. That’s the estimated net worth of N.R. Narayana Murthy, an Indian programmer who co-founded tech giant Infosys, according to&nbsp;<em>Forbes’</em>&nbsp;real time&nbsp;<a href="https://www.forbes.com/profile/nr-narayana-murthy/?sh=6c53ca83e05f">tracker</a>. Murthy’s&nbsp;<a href="https://www.theguardian.com/politics/2022/apr/07/akshata-murty-who-is-rishi-sunak-wife" target="_blank" rel="noreferrer noopener">daughter</a>, Akshata Murthy, married Sunak after the two met when working towards an MBA at Stanford University.&nbsp;</p>



<h2 class="wp-block-heading" id="h-what-we-don-t-know">WHAT WE DON’T KNOW</h2>



<p>If Sunak is enough to calm the political storm. Sunak is a divisive figure within his own party, which could make gaining enough support to rule difficult. Strife within the Conservative Party over picking another leader, exemplified by the potential return of Johnson, the Tories’ incredible unpopularity in polls and the prospect of installing a third prime minister without another election has opposition parties and the public clamoring for another general election. Constitutionally, any prime minister that can command a majority in the House of Commons has a right to serve in the U.K. until the next general election and there are no set dates for these. Under current rules, the next election can be held no later than January 2025 and the Tories are not obligated to do so until then. They are unlikely to do so as polls project a devastating defeat, possibly so bad as to&nbsp;<a href="https://www.telegraph.co.uk/politics/2022/10/17/politics-latest-news-jeremy-hunt-budget-liz-truss/" target="_blank" rel="noreferrer noopener">push</a>&nbsp;the Conservatives out of&nbsp;<a href="https://www.independent.co.uk/news/uk/politics/tory-poll-liz-truss-labour-starmer-b2204553.html" target="_blank" rel="noreferrer noopener">opposition</a>&nbsp;as well as government. To call an election, a prime minister must formally seek one from King Charles III or the government must lose either a formal confidence motion or a vote it has billed as a confidence issue.&nbsp;</p>



<h2 class="wp-block-heading" id="h-what-to-watch-for">WHAT TO WATCH FOR</h2>



<p>King Charles III will ask Truss’ replacement to form a new government in his name. This will be the first time he has done so since taking the throne, as Truss took office days before his mother, Queen Elizabeth II, died.&nbsp;</p>



<h2 class="wp-block-heading" id="h-further-reading">FURTHER READING</h2>



<p><a href="https://www.theguardian.com/politics/2022/oct/22/from-fighter-to-quitter-the-weird-rise-and-fall-of-liz-truss" target="_blank" rel="noreferrer noopener">From fighter to quitter: the ‘weird’ rise and fall of Liz Truss</a>&nbsp;(Observer)</p>



<p><a href="https://www.forbes.com/sites/roberthart/2022/09/05/liz-truss-is-the-uks-new-prime-minister-heres-what-to-know-about-boris-johnsons-successor/?sh=54b7d39527ee">Liz Truss Is The U.K.’s New Prime Minister. Here’s What To Know About Boris Johnson’s Successor</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/roberthart/2022/10/20/uk-prime-minister-liz-truss-resigns-after-6-turbulent-weeks-in-office/?sh=4c67b4d0640e">U.K. Prime Minister Liz Truss Resigns After 6 Turbulent Weeks In Office</a>(Forbes)<a href="https://www.forbes.com/sites/roberthart/"></a></p>



<p><strong><em>By Robert Hart, Forbes Staff</em></strong></p>


Rishi Sunak Becomes Leader Of The Conservative Party And UK’s New Prime Minister

Rishi Sunak Selected As Britain’s Next Prime Minister—Here’s What To Know


<p>In November last year, Tesla CEO Elon Musk became the first person in history to obtain a $300 billion fortune. </p>



<p>A lot has happened since then. He’s on the verge of buying Twitter after months of back-and-forth and reportedly&nbsp;<a href="https://www.washingtonpost.com/technology/2022/10/20/musk-twitter-acquisition-staff-cuts/" target="_blank" rel="noreferrer noopener">plans to lay off 75% of its staff&nbsp;</a>if the deal goes through. He&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2022/07/06/elon-musk-secretly-fathered-twins-with-neuralink-executive-report-says/?sh=2ba2f0406505">had secret twins</a>&nbsp;with one of his employees and was rumored to be&nbsp;<a href="https://www.wsj.com/articles/elon-musk-affair-sergey-brin-wife-divorce-11658674840" target="_blank" rel="noreferrer noopener">having an affair with Nicole Shanahan</a>, the soon-to-be ex-wife of Google cofounder Sergey Brin. (Musk denied the affair.)</p>



<p>He also lost more than $100 billion.&nbsp;</p>



<p>From its peak on November 4, 2021, Musk’s fortune has fallen nearly 35%, from $320.3 billion to $209.4 billion as of close of market Thursday–almost entirely due to a sharp drop in the price of Tesla stock. This month alone, Musk’s fortune is down $28 billion. In quarterly earnings reported on Wednesday, the electric carmaker’s revenue still&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2022/10/19/tesla-stock-drops-after-missing-revenue-expectations/?sh=d9bce421d2ec">fell short</a>&nbsp;of some analyst expectations. Add in worries about a possible recession, and investors are spooked.&nbsp;</p>



<h3 class="wp-block-heading" id="h-farewell-to-110-billion-in-eleven-and-a-half-months-elon-musk-s-net-worth"><strong>Farewell To $110 Billion In Eleven And A Half Months: Elon Musk’s Net Worth</strong></h3>



<figure class="wp-block-image size-large is-style-default"><img loading="lazy" decoding="async" width="1024" height="717" src="https://cms.forbesafrica.com/wp-content/uploads/2022/10/Screenshot-2022-10-24-at-08.44.24-1024x717.png" alt="" class="wp-image-56642" srcset="https://cms.forbesafrica.com/wp-content/uploads/2022/10/Screenshot-2022-10-24-at-08.44.24-1024x717.png 1024w, https://cms.forbesafrica.com/wp-content/uploads/2022/10/Screenshot-2022-10-24-at-08.44.24-300x210.png 300w, https://cms.forbesafrica.com/wp-content/uploads/2022/10/Screenshot-2022-10-24-at-08.44.24-768x538.png 768w, https://cms.forbesafrica.com/wp-content/uploads/2022/10/Screenshot-2022-10-24-at-08.44.24.png 1468w" sizes="(max-width: 1024px) 100vw, 1024px" /></figure>



<p>“He sells high-priced cars, so a recession will not be good for his business,” says Matt Maley, chief market strategist at Miller Tabak + Co., in an email.</p>



<p>Musk was so rich to begin with, he’s still the wealthiest person in the world, even after his fortune took such a dramatic drive. He’s $60 billion richer than LVMH chief Bernard Arnault and $71 billion richer than Amazon founder Jeff Bezos. When he surpassed Bezos last year, he&nbsp;<a href="https://www.forbes.com/sites/kenrickcai/2021/09/28/elon-musk-responds-to-replacing-jeff-bezos-richest-person-silver-medal/?sh=d75b40f1cd4b">joked</a>&nbsp;in an email to&nbsp;<em>Forbes</em>&nbsp;that he wanted to send Bezos a giant statue with the digit 2.</p>



<p>Musk sold&nbsp;<a href="https://www.forbes.com/sites/nicholasreimann/2022/08/09/elon-musk-sells-69-billion-of-tesla-stock/?sh=bbf5617135a2">$31 billion</a>&nbsp;worth of Tesla stock in the last year to finance his bid to acquire Twitter and take it private. Since the deal hasn’t been finalized,&nbsp;<em>Forbes&nbsp;</em>counts the value of the cash (minus taxes) gained from those sales toward his net worth. But all of the drama associated with the deal is turning off investors, who believe Musk is overpaying for the social network and is irresponsibly selling Tesla stock to fund it.&nbsp;</p>



<p>“The problem for Tesla investors is that more stock sales are likely by Musk to fund this deal, which we believe will go down as one of the worst, most overpaid M&amp;A deals in the history of the market,” Wedbush analyst Dan Ives said in an email.&nbsp;</p>



<p>Others are more optimistic about Tesla’s prospects. Garrett Nelson, an equity analyst at CFRA Research, says Tesla “remains one of the market’s strongest earnings growth stories over the intermediate and long term” and is encouraged by record vehicle sales in the latest quarter.</p>



<p><strong><em>By Rachel Sandler, Forbes Staff</em></strong></p>


Tesla Officially Opens Gruenheide Gigafactory

Elon Musk’s Fortune Has Fallen By More Than $100 Billion In Less Than A Year


<p>For months, the pandemic has driven an upswing in&nbsp;<a href="https://www.forbes.com/sites/tracybrower/2022/07/24/burnout-is-a-worldwide-problem-5-ways-work-must-change/?sh=77a4f1f6c1e6">burnout</a>&nbsp;among workers, focused attention on employees’ mental health concerns and fueled a wave of departures known as the&nbsp;<a href="https://www.forbes.com/sites/jenamcgregor/2021/12/14/2021-brought-us-the-great-resignation-no-one-can-agree-what-to-call-it/">Great Resignation</a>, most noticeably on the&nbsp;<a href="https://www.theatlantic.com/ideas/archive/2021/12/great-resignation-myths-quitting-jobs/620927/" target="_blank" rel="noreferrer noopener">front lines</a>.</p>



<p>But the latest quarterly&nbsp;<a href="https://futureforum.com/research/future-forum-pulse-summer-snapshot/" target="_blank" rel="noreferrer noopener">survey</a>&nbsp;released Thursday from Future Forum, a consortium backed by the messaging platform Slack, finds that now, even senior executives’ sentiments about their jobs are declining—and it appears to be prompting them to fall back on old norms about where and when people work.&nbsp;</p>



<p>Future Forum’s latest report, which surveyed more than 10,000 workers during August, found that overall work satisfaction scores dropped 15% for executives, who also reported work-life balance scores that were 20% worse and work-related stress and anxiety scores that were 40% higher. While the sentiment and experience scores for executives dropped precipitously—particularly among those who work for large companies—those for non-executives remained flat or rose slightly, the report said.</p>



<p>While that might elicit little pity from employees who’ve felt overworked and underpaid over the past two years—and who are also worried about the economic slowdown—the added economic stress for executives can have an impact on the people who work for them, says Slack’s Brian Elliott, the executive leader for Future Forum.&nbsp;</p>



<p>“On top of that set of changes and challenges [from the pandemic], you’re facing a lot of economic pressures too,” says Elliott. “That kind of stress is leading people to go back to what’s familiar and comfortable for them. Executives are saying things like ‘I need my finger on the pulse of the organization’”—otherwise known as monitoring people in the office. “This is the first time we’re seeing this kind of jump and increase in stress in executives.”</p>



<p>Elliott says that whenever he talks to senior leaders—Future Forum does research but also convenes executives to swap ideas—the issues of productivity and culture come up as concerns. But the new data suggests employees work more productively if they have flexibility—and that concerns about culture erosion may be overblown.&nbsp;</p>



<p>Future Forum’s report—released by Slack, which makes tools it hopes will serve as a “<a href="https://slack.com/digital-hq" target="_blank" rel="noreferrer noopener">digital HQ</a>” for hybrid workers—found that workers who have full flexibility with their schedules say they are 29% more productive and 53% more able to focus than those who have no schedule flexibility.&nbsp;</p>



<p>Meanwhile, remote and hybrid workers were 52% more likely to say company culture has improved over the past two years, compared with those who work onsite daily, even though 25% of executives said “team culture is negatively impacted” by not being together in the office.</p>



<p>“I get why the stress is there on executives, but it’s driving a set of behaviors that are actually contrary to what they want to accomplish,” Elliott says. The report, for instance, also found that 60% of executives surveyed said they are designing policies with little direct input from employees.&nbsp;</p>



<p>He says that could lead organizations to be less competitive when it comes to recruiting talented employees. “If, as a senior leadership team, you’re still basing most of your decisions on the discussions that are happening at this level and not really getting in and understanding it,” Elliott says, “then you’re at risk of going backwards.”</p>



<p><a href="https://www.forbes.com/sites/jenamcgregor/"></a><strong><em>By Jena McGregor, Forbes Staff</em></strong></p>


gettyimages-1084167640-170667a

As Economic Concerns Rise, Executives Are Reporting Record-High Stress—And Defaulting To Old Office Habits


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Billionaire Elon Musk plans to shrink Twitter&#8217;s staff by nearly 75% after his long-delayed deal to take over the social media company closes, according to the&nbsp;<a href="https://www.washingtonpost.com/technology/2022/10/20/musk-twitter-acquisition-staff-cuts/" target="_blank" rel="noreferrer noopener"><em>Washington Post</em></a>, in a massive downsizing that could impact user experience.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>Musk reportedly informed prospective investors he plans to cut Twitter&#8217;s workforce from 7,500 to around 2,000.</p>



<p>Twitter already planned to cut around a quarter of its workforce in&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/10/04/twitter-shares-soar-22-after-musk-offers-to-buy-company-at-original-price/?sh=752762964d41">the now-unlikely event</a>&nbsp;Musk’s $44 billion takeover falls through, as the company aims to slash payroll by $800 million by the end of 2023, according to the&nbsp;<em>Post</em>, citing corporate documents and people familiar with internal discussions.</p>



<p>The company’s planned cuts reportedly include critical infrastructure like data centers, which could make it more difficult to police information and defend against security risks for Twitter’s more than 200 million estimated daily active users.</p>



<p>Musk and Twitter did not immediately respond to requests for comment from&nbsp;<em>Forbes</em>.</p>



<h2 class="wp-block-heading">WHAT WE DON’T KNOW</h2>



<p>Musk has a stated goal of “authenticating all humans” on Twitter and significantly cutting down on spam accounts on the platform. It’s unclear whether laying off 75% of the company’s workforce will clash with that push.</p>



<h2 class="wp-block-heading">WHAT TO WATCH FOR</h2>



<p>Musk has until October 28 to close the deal to buy Twitter, per a Delaware judge’s order, or he will face a trial to potentially force the deal through. Twitter sued Musk after he attempted to call off the deal earlier this year, and a trial was originally set for this month, but Musk&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/10/04/twitter-shares-soar-22-after-musk-offers-to-buy-company-at-original-price/?sh=66265d3c4d41">confirmed two weeks ago</a>&nbsp;he’s willing to buy the company at the originally agreed-upon price. If the deal closes, Twitter will become a private company controlled by Musk.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Twitter has struggled with profitability for years and Musk has suggested he plans to radically transform the company to improve its financial situation, but he’s offered few concrete details of how that will be accomplished. Musk floated layoffs during a June town hall meeting with Twitter’s staff, saying he didn’t see a reason to&nbsp;<a href="https://www.forbes.com/sites/petersuciu/2022/05/10/elon-musk-suggested-possible-layoffs-at-twitter--does-the-platform-even-need-7500-employees/?sh=228bdb78463e">keep low performers around</a>. The billionaire has also said he may institute a subscription service for premium content on the platform, and he reportedly told investors Twitter will triple the number of users who see ads within his first three years of ownership.</p>



<h2 class="wp-block-heading">TANGENT</h2>



<p>Dozens of major U.S. companies have instituted layoffs this year in response to an economic downturn and fears of an imminent recession. Read the full list&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2022/10/19/gopuff-slashes-10-of-its-workforce-microsoft-reportedly-cuts-nearly-1000-employees-here-are-the-biggest-us-layoffs-this-year/?sh=3b3395f728b5">here</a>.</p>



<h2 class="wp-block-heading">FORBES VALUATION</h2>



<p>We estimate Musk to&nbsp;<a href="https://www.forbes.com/profile/elon-musk/?sh=40b693af7999">be worth $209.4 billion</a>, largely due to his stakes in Tesla and SpaceX, making him the richest person in the world.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.washingtonpost.com/technology/2022/10/20/musk-twitter-acquisition-staff-cuts/" target="_blank" rel="noreferrer noopener">Documents detail plans to gut Twitter’s workforce</a>&nbsp;(Washington Post)</p>



<p><a href="https://www.forbes.com/sites/brianbushard/2022/10/19/gopuff-slashes-10-of-its-workforce-microsoft-reportedly-cuts-nearly-1000-employees-here-are-the-biggest-us-layoffs-this-year/?sh=3b3395f728b5">Gopuff Slashes 10% Of Its Workforce, Microsoft Reportedly Cuts Nearly 1,000 Employees—Here Are The Biggest U.S. Layoffs This Year</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/petersuciu/2022/05/10/elon-musk-suggested-possible-layoffs-at-twitter--does-the-platform-even-need-7500-employees/?sh=228bdb78463e">Elon Musk Suggested Possible Layoffs At Twitter – Does The Platform Even Need 7,500+ Employees?</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/dereksaul/2022/10/04/twitter-shares-soar-22-after-musk-offers-to-buy-company-at-original-price/?sh=752762964d41">Twitter Shares Soar 22% After Musk Offers To Buy Company At Original Price</a>&nbsp;(Forbes)</p>



<p><strong><em>By Nicholas Reimann, Forbes Staff</em></strong></p>


Economic Photo Illustrations

Musk Plans To Cut 75% Of Twitter Workforce, Report Says￼


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Actress Judi Dench on Wednesday became the latest high-profile critic of the upcoming season of&nbsp;<em>The Crown</em>&nbsp;on Netflix, pushing the streaming service to clearly label the show a work of fiction, as worries grow that the series could portray the royal family—and the new king, Charles III—in a poor light after Queen Elizabeth II’s recent death.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>In an open letter to Netflix published in&nbsp;<em>The Times</em>&nbsp;of London, Dench&nbsp;<a href="https://twitter.com/scobie/status/1582819506522816512/photo/1" target="_blank" rel="noreferrer noopener">called</a>&nbsp;<a href="https://www.thetimes.co.uk/article/the-crown-is-crude-and-cruel-says-dame-judi-dench-l6wzqpns9" target="_blank" rel="noreferrer noopener">out</a>&nbsp;two&nbsp;<a href="https://www.thetimes.co.uk/article/why-the-crowns-new-season-is-the-most-controversial-yet-wtxhdtq3p" target="_blank" rel="noreferrer noopener">rumored plotlines</a>&nbsp;in the fifth season—“that King Charles plotted for his mother to abdicate” and that he “once suggested his mother’s parenting was so deficient that she might have deserved a jail sentence”—as reasons&nbsp;<em>The Crown&nbsp;</em>should consider adding disclaimers at the start of each episode clarifying the show is “fictionalised drama.”&nbsp;</p>



<p>The 87-year-old dame called the plotlines “cruelly unjust,” and said she fears “a significant number of viewers, particularly overseas,” could view them as accurate.&nbsp;</p>



<p>Former U.K. Prime Minister John Major—who is reportedly portrayed in the upcoming season having a conversation with Charles, Elizabeth’s eldest son and the current king, about getting the queen to abdicate the throne in the 1990s—called the alleged plotline &#8220;a barrel-load of malicious nonsense” and denied that it happened.</p>



<p>A Netflix spokesperson&nbsp;<a href="https://www.bbc.com/news/entertainment-arts-63283024" target="_blank" rel="noreferrer noopener">told reporters</a>&nbsp;the show is a “fictional dramatisation, imagining what could have happened behind closed doors” during a time period that “has already been scrutinised and well-documented by journalists, biographers and historians.</p>



<h2 class="wp-block-heading">CRUCIAL QUOTE</h2>



<p>“The time has come for Netflix to reconsider—for the sake of a family and a nation so recently bereaved, as a mark of respect to a sovereign who served her people dutifully for 70 years, and to preserve its reputation with its British subscribers,” Dench wrote.&nbsp;</p>



<h2 class="wp-block-heading">WHAT TO WATCH FOR&nbsp;</h2>



<p>The fifth season of&nbsp;<em>The Crown</em>&nbsp;premieres on Netflix on November 9, and will show its version of the royal family living through the 1990s.&nbsp;</p>



<h2 class="wp-block-heading">KEY BACKGROUND&nbsp;</h2>



<p>This is not the first time&nbsp;<em>The Crown</em>&nbsp;has faced calls to add a fiction disclaimer. In 2020, several prominent Britons asked the company to add the warning to its episodes, including U.K. culture secretary Oliver Dowden and Princess Diana’s brother, Charles. Helena Bonham Carter, who played Princess Margaret in the series, said the show has a “moral responsibility” to state that it’s a work of fiction, not fact. In response, Netflix said it has “no plans, and see no need, to add a disclaimer,” as it has always presented&nbsp;<em>The Crown</em>&nbsp;as a drama, and “we have every confidence our members understand it’s a work of fiction that’s broadly based on historical events.” When the fourth season aired two years ago, it depicted the affair between King Charles III and Queen Camilla Parker-Bowles. Some viewers took to the royal’s official Instagram in response and&nbsp;<a href="https://www.insider.com/the-crown-fans-trolling-prince-charles-and-camilla-social-media-2020-11" target="_blank" rel="noreferrer noopener">posted comments</a>&nbsp;about Princess Diana on photos of Parker-Bowles, who is now queen, causing Charles’ office to&nbsp;<a href="https://www.cosmopolitan.com/uk/reports/a34794646/charles-camilla-twitter/" target="_blank" rel="noreferrer noopener">temporarily restrict</a>&nbsp;the ability to leave comments on its Twitter account.</p>



<h2 class="wp-block-heading">TANGENT</h2>



<p><em>Deadline</em>&nbsp;reported Monday that Netflix delayed its docuseries about Prince Harry and Meghan Markle until 2023, as executives worried about releasing two controversial projects about the royal family so close together, and so close to the queen’s death.&nbsp;</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/carlieporterfield/2022/10/17/netflix-reportedly-delays-harry-and-meghan-doc-after-the-crown-backlash-heres-why/?sh=69678253b18c">Netflix Reportedly Delays Harry And Meghan Doc After &#8216;The Crown&#8217; Backlash—Here’s Why</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/09/15/interest-in-the-crown-and-other-royal-media-surges-after-queen-elizabeths-death/?sh=563dc26e6d07">Interest In ‘The Crown’ And Other Royal Media Surges After Queen Elizabeth’s Death</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/carlieporterfield/2020/11/29/netflixs-the-crown-should-include-disclaimer-that-its-fiction-uk-culture-official-says/?sh=78cdff767636">Netflix’s ‘The Crown’ Should Include Disclaimer That It’s Fiction, U.K. Culture Official Says</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/carlieporterfield/2021/07/30/children-are-off-limits-hbos-the-prince-slammed-for-parodying-8-year-old-prince-george/?sh=187ef9dc4126">‘Children Are Off Limits’: HBO’s ‘The Prince’ Slammed For Parodying 8-Year-Old Prince George</a>&nbsp;(Forbes)</p>



<p><strong><em>By Marisa Dellatto, Forbes Staff</em></strong></p>


“The Crown” Filming

Controversy Over ‘The Crown’ Grows: Judi Dench Says Netflix Should Add Disclaimers To Series


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>U.K. Prime Minister Liz Truss has resigned after just six weeks in office, marking an abrupt end to the shortest premiership in British history after weeks of policy flip-flops, disastrous u-turns and economic chaos.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>Speaking from Downing Street, Truss said she was stepping down as leader of the Conservative Party as she could not deliver the mandate on which she was elected.&nbsp;</p>



<p>There will be an election within the party to select her replacement as leader and prime minister, she added, which will be “completed within the next week.”&nbsp;</p>



<p>Truss said she will stay on as prime minister until her successor is chosen.</p>



<p>Her resignation comes a day after she&nbsp;<a href="https://www.reuters.com/world/uk/fighter-truss-mocked-parliament-uk-pm-defends-her-record-2022-10-19/" target="_blank" rel="noreferrer noopener">told</a>&nbsp;lawmakers she was a “fighter, not a quitter,” and vowed to remain in office, her latest u-turn in a series of embarrassing reversals that have characterized her tenure at Number 10 Downing Street.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Though short in duration, Truss’ time at Number 10 Downing Street has been eventful. Queen Elizabeth II died just days after she assumed the role after more than 70 years on the throne, triggering a period of national mourning and kicking-off the monumental effort for the monarch’s large state funeral and the formal accession of King Charles III. Once the period of mourning finished, Truss introduced a series of surprising fiscal policies—including unfunded tax cuts that disproportionately benefited the wealthy—that sparked domestic outrage, spooked markets and sent the pound plummeting to record lows. In a series of dramatic u-turns, Truss abandoned most of the policies and fired finance minister Kwasi Kwarteng. Truss limped on until&nbsp;<a href="https://www.forbes.com/sites/roberthart/2022/10/20/12-hours-to-save-her-job-britains-government-on-brink-of-collapse-as-liz-truss-clings-to-power/?sh=2d8a301a7518">Wednesday</a>, when another top minister, Suella Braverman, quit the cabinet and a key government vote descended into chaos. Many lawmakers, including those from her own party, publicly called for Truss to leave and she holds the dubious&nbsp;<a href="https://www.politico.eu/article/uk-liz-truss-tories-least-popular-pm/" target="_blank" rel="noreferrer noopener">record</a>&nbsp;of the country’s least popular prime minister in the history of polling.&nbsp;</p>



<h2 class="wp-block-heading">BIG NUMBER</h2>



<p>45. That’s how many days Truss has held the post of prime minister for. She is the shortest-serving prime minister in U.K. history, barring a very long extension to the leadership election timeline she set out when resigning. George Canning, who has the second-shortest tenure,&nbsp;<a href="https://www.bbc.co.uk/news/live/uk-politics-63309400" target="_blank" rel="noreferrer noopener">served</a>&nbsp;for 119 days before dying in 1827.&nbsp;</p>



<h2 class="wp-block-heading">FURTHER VIEWING</h2>



<p>The lettuce won and is now partying. A days-old lettuce purchased at a supermarket has managed to outlast Liz Truss. The lettuce, complete with googly eyes and a blonde wig, was live streamed by British tabloid the&nbsp;<em>Daily Star,</em>&nbsp;asking: “Will Liz Truss outlast this lettuce?” Amid political turmoil, the vegetable became something of a celebrity and captivated the nation. It even garnered&nbsp;<a href="https://www.nytimes.com/2022/10/19/world/europe/liz-truss-lettuce-stream.html" target="_blank" rel="noreferrer noopener">international</a>&nbsp;media attention in its efforts to outlast the beleaguered prime minister. The lettuce can now be seen with a smiley face, several fruit companions, alcoholic drinks and party lights on the live stream, along with celebratory music.</p>



<h2 class="wp-block-heading">WHAT TO WATCH FOR&nbsp;</h2>



<p>Leadership contest. Truss’ departure will trigger yet another leadership race among Conservative politicians. The winner will become both party leader and the next prime minister. Lawmakers are&nbsp;<a href="https://www.telegraph.co.uk/politics/2022/10/16/mps-want-tory-members-barred-leadership-election-party-power/" target="_blank" rel="noreferrer noopener">reportedly loath&nbsp;</a>to repeat the drawn out process used to replace Boris Johnson earlier this year and Truss’ timeline rules this out, though it is not clear who will stand and who can unify the party, especially after the division of recent months. Former finance minister Rishi Sunak, who came second to Truss in the contest to replace Johnson, Leader of the Commons Penny Mordaunt and even former prime minister Boris Johnson are among those to have been floated as possible contenders.</p>



<h2 class="wp-block-heading">TANGENT</h2>



<p>Constitutionally, a prime minister that can command a majority in the House of Commons has a right to serve in the role until the next general election. There are no set dates for general elections in the U.K. and under current rules the next one can be held no later than January 2025. To call one, a prime minister must formally seek one from the sovereign or the government must lose a formal confidence motion or a vote it has billed as a confidence issue. Opposition parties have demanded an election following Truss’ resignation and public pressure is mounting. An election is unlikely to go well for Truss’ Conservative party and polls project a devastating defeat and a&nbsp;<a href="https://www.theguardian.com/politics/2022/oct/16/rees-mogg-coffey-and-hunt-would-lose-seats-in-election-poll-suggests" target="_blank" rel="noreferrer noopener">landslide</a>&nbsp;victory for Labour. Some polls even suggest an election would be so bad as to&nbsp;<a href="https://www.telegraph.co.uk/politics/2022/10/17/politics-latest-news-jeremy-hunt-budget-liz-truss/" target="_blank" rel="noreferrer noopener">push</a>&nbsp;the Conservatives out of&nbsp;<a href="https://www.independent.co.uk/news/uk/politics/tory-poll-liz-truss-labour-starmer-b2204553.html" target="_blank" rel="noreferrer noopener">opposition</a>&nbsp;as well as government.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/roberthart/2022/10/20/12-hours-to-save-her-job-britains-government-on-brink-of-collapse-as-liz-truss-clings-to-power/?sh=2d8a301a7518">‘12 Hours’ To Save Her Job: Britain’s Government On Brink Of Collapse As Liz Truss Clings To Power</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/roberthart/2022/09/05/liz-truss-is-the-uks-new-prime-minister-heres-what-to-know-about-boris-johnsons-successor/?sh=5b5e9e3327ee">Liz Truss Is The U.K.’s New Prime Minister. Here’s What To Know About Boris Johnson’s Successor</a>&nbsp;(Forbes)</p>



<p><strong><em>By Robert Hart, Forbes Staff</em></strong></p>


Liz Truss Resigns As Prime Minister Of The United Kingdom

U.K. Prime Minister Liz Truss Resigns After 6 Turbulent Weeks In Office


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>A team of scientists from Korea and Egypt have discovered a better way to grow insect-hunting fungi in a lab, according to research&nbsp;<a href="https://www.frontiersin.org/articles/10.3389/fmicb.2022.1017576/full" target="_blank" rel="noreferrer noopener">published</a>&nbsp;Wednesday in&nbsp;<em>Frontiers in Microbiology,&nbsp;</em>a breakthrough that could pave the way to investigating a new range of cancer- and virus-fighting treatments.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>Research suggests&nbsp;<em>Cordyceps</em>&nbsp;fungi, particularly a chemical compound found in the mushroom called cordycepin, have many possible health benefits—including potential antiviral and cancer-fighting properties—though their rarity in the wild and difficulties cultivating them make it hard to produce and test at scale.</p>



<p>The fungi can be grown using grains like brown rice but they do not produce much cordycepin, prompting the researchers to suggest insects—which are a richer protein source and the fungi target in nature—as a better alternative.</p>



<p>Tests on a variety of edible insects including mealworms, crickets and grasshoppers revealed this to be the case and study author Dr. Mi Kyeong Lee said&nbsp;<em>Cordyceps</em>&nbsp;grown on edible insects “contained approximately 100 times more cordycepin compared” to fungi grown on brown rice.</p>



<p>Though levels of cordycepin varied by what insect the fungi consumed, the researchers found that fat, not protein, was the key factor.&nbsp;</p>



<p>Lee hopes the study findings will allow cordycepin to be produced “more effectively and economically,” though she noted that supplies of edible insects are not yet sufficient to scale&nbsp;<em>Cordyceps</em>&nbsp;production to industrial levels.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>A huge number of fungi—hundreds of species—are grouped together under the&nbsp;<em>Cordyceps&nbsp;</em>umbrella. They excel at infecting insects, spreading and growing throughout its host’s body before eventually killing them. Some species have become famous for their ability to turn unwitting hosts into zombies, seizing control of their bodies and manipulating behavior to infect others. The fungi are eaten in parts of Asia and some species are prized ingredients in traditional medicines for many ailments. More recently, the fungi have&nbsp;<a href="https://www.bonappetit.com/story/cordyceps-foraging-tibet" target="_blank" rel="noreferrer noopener">taken</a>&nbsp;off as a health supplement in the West, though like&nbsp;<a href="https://qz.com/1010684/all-the-wellness-products-american-love-to-buy-are-sold-on-both-infowars-and-goop/" target="_blank" rel="noreferrer noopener">many</a>&nbsp;<a href="https://www.nbcnews.com/news/asian-america/try-these-traditional-chinese-medicine-practices-self-care-during-quarantine-n1207206" target="_blank" rel="noreferrer noopener">alternative</a>&nbsp;therapies there is a lack of solid scientific evidence that they work as claimed.&nbsp;</p>



<h2 class="wp-block-heading">SURPRISING FACT</h2>



<p>Cordycepin belongs to a class of antiviral chemicals and some evidence suggests it may have virus-fighting properties. Recent research highlights its potential as a Covid-19 therapy, Lee said. The findings strongly justify preclinical and clinical trials to evaluate it as a “comprehensive treatment,” Lee added.</p>



<h2 class="wp-block-heading">TANGENT</h2>



<p>Popular culture has seized upon the ability of<em>&nbsp;Cordyceps</em>&nbsp;to take control of its hosts. The fungi serve as inspiration for zombie monsters in the&nbsp;<em>Last of Us</em>&nbsp;game franchise, which HBO is developing into a TV series. It also inspires zombies in the book&nbsp;<em>The Girl With All the Gifts</em>.</p>



<h2 class="wp-block-heading">FURTHER VIEWING</h2>



<figure class="wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio"><div class="wp-block-embed__wrapper">
<iframe loading="lazy" title="Cordyceps: attack of the killer fungi - Planet Earth Attenborough BBC wildlife" width="500" height="281" src="https://www.youtube.com/embed/XuKjBIBBAL8?feature=oembed" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen></iframe>
</div></figure>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.theatlantic.com/science/archive/2018/06/how-to-tame-a-zombie-fungus/562544/" target="_blank" rel="noreferrer noopener">How to Tame a Zombie Fungus</a>&nbsp;(Atlantic)</p>



<p><a href="https://www.nytimes.com/2019/10/24/science/ant-zombies-fungus.html" target="_blank" rel="noreferrer noopener">After This Fungus Turns Ants Into Zombies, Their Bodies Explode</a>&nbsp;(NYT)</p>


Closeup of Ophiocordyceps sinensis, Yarsagumba/Keeda jadi in hand, This is a high value Traditional herb found in higher altitudes of himalaya regions in nepal, china and india.

Scientists Work Out How To Grow Zombie Mushrooms In A Lab — It Could Help Unlock New Virus-Fighting, Anti-Cancer Drugs

Dennis Basso – Runway – September 2022 New York Fashion Week: The Shows

How Kris Jenner Made The Kardashians Famous, Rich And Insanely Influential￼


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Netflix gained 2.4 million new paid subscribers in the third quarter of this year, the company said in an&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2022/q3/FINAL-Q3-22-Shareholder-Letter.pdf" target="_blank" rel="noreferrer noopener">earnings report</a>&nbsp;Tuesday, a reversal for the streamer after reporting losses for the first time in 10 years over the last two consecutive quarters.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>Netflix reported 223.09 million subscribers, up from the 220.67 million it reported in July and 213.56 million in the third quarter of last year.</p>



<p>The streaming service beat its&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2022/q2/FINAL-Q2-22-Shareholder-Letter.pdf" target="_blank" rel="noreferrer noopener">own forecast</a>&nbsp;of 221.67 subscribers.</p>



<p>Netflix predicted it will continue to grow its subscriber base and add 4.5 million paid users by the end of the fourth quarter.</p>



<p>The company generated $1.4 billion in net income in the third quarter, down nearly 4% from a year ago, and revenue grew 5.9% to $7.9 billion, both of which&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2022/q2/FINAL-Q2-22-Shareholder-Letter.pdf" target="_blank" rel="noreferrer noopener">beat the company’s forecasts</a>.&nbsp;</p>



<p>Much of the growth came from the Asia-Pacific region, where 1.4 million paid memberships were added in the third quarter.&nbsp;</p>



<p>Netflix’s share price jumped more than 12% in after-hours trading Tuesday and stood at $275.40 as of 8 p.m., after closing at $240.86.</p>



<h2 class="wp-block-heading">WHAT TO WATCH FOR</h2>



<p>In November, Netflix plans to launch a cheaper ad-supported tier, the first time ads will be coming to the streaming service. Amid tight competition for viewers attention, Disney+ is also launching an ad-supported tier in December. When HBO Max and Discovery+&nbsp;<a href="https://www.forbes.com/sites/marisadellatto/2022/08/04/hbo-max-and-discovery-will-combine-into-one-streaming-service/?sh=d604f3319312">combine</a>&nbsp;into one streaming service next year, a free ad-supported tier will be offered.</p>



<h2 class="wp-block-heading">KEY BACKGROUND&nbsp;</h2>



<p>In April, Netflix reported its first subscriber loss in a decade, losing 200,000 subscribers. The company&nbsp;<a href="https://s22.q4cdn.com/959853165/files/doc_financials/2022/q1/FINAL-Q1-22-Shareholder-Letter.pdf" target="_blank" rel="noreferrer noopener">blamed</a>&nbsp;the suspension of its service in Russia amid the country’s conflict with Ukraine, as well as competition with other streaming services and the “large number of households” that share accounts with each other. It suffered another loss of 970,000 subscribers in July. Netflix has since said it is exploring ways to monetize people who share one account and crack down on password-sharing, and launched a “profile transfer” feature this week that allows a user to move their data between accounts. Roughly 450 Netflix staffers&nbsp;<a href="https://www.nytimes.com/2022/06/23/business/media/netflix-layoffs.html" target="_blank" rel="noreferrer noopener">were laid off</a>&nbsp;this year. Netflix credited its third-quarter subscriber boost to programming, including the release of the fourth season of&nbsp;<em>Stranger Things</em>&nbsp;and&nbsp;<em>Monster: The Jeffrey Dahmer Story</em>.&nbsp;</p>



<h2 class="wp-block-heading">TANGENT</h2>



<p>In the third quarter, Netflix produced 1,024 episodes of original TV content, according to a report published last week by research firm MoffettNathanson. That’s a record for the company, and five times that of any other streaming service, the report said. Nearly 160 original shows were launched on the platform during that time period.&nbsp;</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/10/13/netflixs-cheaper-ad-supported-tier-launching-november-3/?sh=2433f53d47db">Netflix’s Cheaper Ad-Supported Tier Launching November 3</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/carlieporterfield/2022/10/12/netflix-produced-a-record-1024-original-television-episodes-this-quarter/?sh=41d8786437f9">Netflix Produced A Record 1,024 Original Television Episodes This Quarter</a>&nbsp;(Forbes)</p>



<p><strong><em>By Marisa Dellatto, Forbes Staff</em></strong></p>


In this photo illustration the Netflix logo seen displayed

Netflix Adds 2.4 Million Subscribers After Months Of Declines


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>French dairy and food giant Danone on Friday announced plans to exit the Russian market, following the likes of Pepsi, Coca-Cola, McDonald&#8217;s and other global food brands to exit the country amid its ongoing invasion of Ukraine.</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p>In a&nbsp;<a href="https://www.danone.com/content/dam/danone-corp/danone-com/investors/en-all-publications/2022/pressreleases/danone141022pr.pdf" target="_blank" rel="noreferrer noopener">press release</a>, Danone said it has begun the process of transferring control of its essential dairy and plant-based business to an as-yet unnamed entity in Russia.</p>



<p>The company said it expects the exit will cost the company €1 billion ($975 million).</p>



<p>So far this year, Danone said its Russian operations accounted for 5% of the company’s net sales, the company added.</p>



<p>Explaining the decision, Danone said it believes the move is the “ best option to ensure long-term local business continuity” for its workers, customers and partners in Russia.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Danone joins several other multinational food and beverage companies that have either exited Russia or have been forced to scale down their business in the country, owing to a bevy of sanctions against the country following its invasion of neighboring Ukraine. Last month, PepsiCo&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/09/20/pepsi-reportedly-stops-manufacturing-sodas-in-russia-joining-global-food-giants-leaving-amid-ukraine-invasion/?sh=402a16f415a8">stopped manufacturing</a>&nbsp;its popular soda brands—including Pepsi-Cola, Mountain Dew, Mirinda and 7Up—in Russia. Its top rival, Coca-Cola, has also&nbsp;<a href="https://www.coca-colahellenic.com/en/media/news/corporate_news/2022/an-update-on-our-russian-operations" target="_blank" rel="noreferrer noopener">stopped producing</a>&nbsp;and selling its marquee brands in the country and its bottler in the region is only working with local brands. Swiss food and beverage major Nestle has also&nbsp;<a href="https://www.nestle.com/ask-nestle/our-company/answers/update-russia-ukraine" target="_blank" rel="noreferrer noopener">suspended</a>&nbsp;sales of its popular global brands like KitKat and Nesquik in Russia. Both Pepsi and Nestle, however, continue to sell products deemed as daily essentials such as milk, baby formula and baby food. Other major food brands like&nbsp;<a href="https://www.forbes.com/sites/roberthart/2022/05/16/mcdonalds-says-its-exiting-russia-after-more-than-30-years/?sh=2a3f332432ad">McDonald&#8217;s</a>&nbsp;and&nbsp;<a href="https://www.forbes.com/sites/dereksaul/2022/05/23/starbucks-will-exit-russia-close-130-cafes/?sh=592f301d295b">Starbucks</a>&nbsp;have fully exited Russia after shutting all their locations across the country.</p>



<h2 class="wp-block-heading">TANGENT</h2>



<p>Danone is the second major multinational to announce its exit from Russia this week, following a similar announcement by Japanese carmaker Nissan. In its&nbsp;<a href="https://www.forbes.com/sites/siladityaray/2022/10/11/nissan-sells-its-russian-business-for-1-as-it-joins-other-multinational-giants-leaving-amid-war/?sh=284a292b15cc">announcement</a>, Nissan said it was selling off its Russian unit to a state-owned entity for a token amount of €1 ($0.98). Other major carmakers such as Toyota, Volkswagen, Mercedes-Benz, and General Motors have all suspended manufacturing in, and imports into, Russia.&nbsp;<a href="https://www.forbes.com/sites/marisadellatto/2022/03/16/verizon-pfizer-deutsche-bank-here-are-the-companies-cutting-ties-with-russia-over-ukraine-invasion/?sh=6f3213e841af">Other companies</a>&nbsp;that have exited or halted their business operations in Russia include apparel giants like Nike, H&amp;M, Uniqlo and Adidas, among others. Several tech giants like Apple, Google, Microsoft, Samsung and Sony’s Playstation have suspended hardware sales and blocked access to their digital storefronts in Russia.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/marisadellatto/2022/03/16/verizon-pfizer-deutsche-bank-here-are-the-companies-cutting-ties-with-russia-over-ukraine-invasion/?sh=6f3213e841af">Spotify, Nestle, S&amp;P Global Ratings—Here Are The Companies Cutting Ties With Russia Over Ukraine Invasion</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/siladityaray/2022/10/11/nissan-sells-its-russian-business-for-1-as-it-joins-other-multinational-giants-leaving-amid-war/?sh=284a292b15cc">Nissan Sells Its Russian Business For €1 As It Joins Other Multinational Giants Leaving Amid War</a>&nbsp;(Forbes)</p>



<p><strong><em>By Siladitya Ray, Forbes Staff</em></strong></p>


Danone logo or sign on top of an old building

Food Giant Danone To Exit Russia—Taking A Nearly $1 Billion Hit


<h2 class="wp-block-heading" id="h-topline">TOPLINE</h2>



<p>Crypto markets tumbled Thursday morning in anticipation of new federal <a href="https://www.forbes.com/sites/jonathanponciano/2022/10/13/inflation-spiked-worse-than-expected-82-in-september/?sh=7e6bee7a2712">data</a>, which revealed consumer prices rose 8.2% over the past 12 months—continuing crypto’s fall as investors fear rising inflation and a new round of potential interest rate hikes could tip the economy into a recession and a dreaded “crypto winter.”</p>



<h2 class="wp-block-heading">KEY FACTS</h2>



<p><a href="https://www.forbes.com/digital-assets/assets/bitcoin-btc/?sh=74133434357f">Bitcoin</a>, considered the “<a href="https://www.ecosia.org/search?q=Goldman%20Sachs%20Bitcoin%20digital%20gold&amp;addon=firefox&amp;addonversion=4.1.0&amp;method=topbar" target="_blank" rel="noreferrer noopener">gold standard</a>” in the crypto market, fell 3.91% on Thursday, to $18,404, continuing a steady decline from a peak of $63,599 last November, and reaching its lowest point since June.</p>



<p>The second-largest cryptocurrency, <a href="https://www.forbes.com/digital-assets/assets/ethereum-eth/?sh=6480994316a8">Ethereum</a>, also dropped 6.53%, to $1,221.40 in the wake of the Labor Department data, which also showed overall prices rose 0.4% over the past month, over economists’ predictions of 0.3%.</p>



<p>Billionaire Elon Musk favorite&nbsp;<a href="https://www.forbes.com/digital-assets/assets/dogecoin-doge/?sh=48d216833ab3">Dogecoin</a>, meanwhile, fell 5.62%, to $.057.</p>



<p>The drop comes one month after bitcoin fell 9.35%, to $20,304—its largest drop since June—following the Labor Department’s August inflation report, which showed an 8.3% 12-month rise in consumer prices.</p>



<p>OANDA senior market analyst Craig Erlam said crypto’s decline is part of a recent slide, even as other “high-risk assets,” including tech stocks, are expected to <a href="https://www.forbes.com/sites/jonathanponciano/2022/10/05/stock-market-poised-for-bigger-losses-as-economy-enters-danger-zone-morgan-stanley-warns/?sh=2343532321b4">rally</a>—although Morgan Stanley strategist Michael Wilson said those gains might not last long amid economic uncertainty from Russia’s ongoing war in Ukraine and economic volatility weakening the dollar.</p>



<h2 class="wp-block-heading">KEY BACKGROUND</h2>



<p>Low interest rates and Covid-era stimulus checks helped fuel bitcoin’s rise in 2020 and 2021, to its peak last November. Recent inflation reports and three rounds of Federal Reserve interest rate&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2022/09/21/fed-raises-rates-another-75-basis-points-pushing-borrowing-costs-to-highest-level-since-great-recession/?sh=48292968782a">hikes</a>&nbsp;this summer and fall, however, made investing riskier, accelerating crypto’s decline. In an interview with&nbsp;<a href="https://www.cnbc.com/2022/10/10/jpmorgan-jamie-dimon-warns-us-likely-to-tip-into-recession-soon.html" target="_blank" rel="noreferrer noopener">CNBC</a>&nbsp;on Monday, JPMorgan Chase CEO Jamie Dimon warned rising interest rates compounded with short energy supplies from Russia’s invasion of Ukraine are “very, very serious things” that are “likely to put the U.S. in some kind of recession” in the next six to nine months. Those have been bad signs for bitcoin, which&nbsp;<a href="https://www.forbes.com/sites/brianbushard/2022/08/27/bitcoin-drops-below-20000-amid-recession-fears/?sh=2e84567d77f4">dropped</a>&nbsp;below $20,000 on August 27 following the Labor Department’s inflation data. At roughly $890 billion, the overall crypto market has wiped out virtually all its gains since January 2021, according to CoinMarketCap.</p>



<h2 class="wp-block-heading">WHAT WE DON’T KNOW</h2>



<p>How the Federal Reserve will continue to tackle inflation, and if it means a fourth interest rate hike. Its latest last month raised rates another .75 percentage points—an effort to cut inflation by making borrowing more expensive and tempering demand, although&nbsp;<a href="https://www.forbes.com/sites/jonathanponciano/2022/09/21/fed-raises-rates-another-75-basis-points-pushing-borrowing-costs-to-highest-level-since-great-recession/?sh=48292968782a">economists</a>&nbsp;are torn on the effects another rate hike could have on the economy, with some worrying it could drive it into recession.</p>



<h2 class="wp-block-heading">FURTHER READING</h2>



<p><a href="https://www.forbes.com/sites/jonathanponciano/2022/10/13/inflation-spiked-worse-than-expected-82-in-september/?sh=7e6bee7a2712">Inflation Spiked Worse-Than-Expected 8.2% In September</a>&nbsp;(Forbes)</p>



<p><a href="https://www.forbes.com/sites/billybambrough/2022/10/12/very-very-serious-jpmorgan-ceo-issues-a-stark-panic-prediction-warning-that-could-hit-the-price-of-bitcoin-ethereum-and-crypto/?sh=73004bf65dfc">‘Very, Very Serious’—JPMorgan CEO Issues A Stark ‘Panic’ Warning That Could Hit The Price Of Bitcoin, Ethereum And Crypto</a>&nbsp;(Forbes)</p>



<p><a href="https://www.bloomberg.com/news/articles/2022-10-13/bitcoin-btc-becoming-less-volatile-than-stocks-raises-warning-flag" target="_blank" rel="noreferrer noopener">Bitcoin Becoming Less Volatile Than Stocks Raises Warning Flag</a>(Bloomberg)</p>



<p><strong><em>By Brian Bushard, Forbes Staff</em></strong></p>


Author: Forbes

FORBES AFRICA SOCIAL MEDIA

Rihanna Released Her First New Music In Five Years On Friday

Meta Stock Crash Steepens As Facebook Parent Grapples With Recession Fears

Twitter Hemorrhaging Its Most Active Users, Report Says

Sam Smith And Kim Petras Become First Openly Nonbinary And Trans Artists To Reach Billboard’s No. 1

Rishi Sunak Selected As Britain’s Next Prime Minister—Here’s What To Know

Elon Musk’s Fortune Has Fallen By More Than $100 Billion In Less Than A Year

As Economic Concerns Rise, Executives Are Reporting Record-High Stress—And Defaulting To Old Office Habits

Musk Plans To Cut 75% Of Twitter Workforce, Report Says

Controversy Over ‘The Crown’ Grows: Judi Dench Says Netflix Should Add Disclaimers To Series

U.K. Prime Minister Liz Truss Resigns After 6 Turbulent Weeks In Office

Scientists Work Out How To Grow Zombie Mushrooms In A Lab — It Could Help Unlock New Virus-Fighting, Anti-Cancer Drugs

How Kris Jenner Made The Kardashians Famous, Rich And Insanely Influential

Netflix Adds 2.4 Million Subscribers After Months Of Declines

Food Giant Danone To Exit Russia—Taking A Nearly $1 Billion Hit

Crypto Markets Dip Toward Two-Year Low After Disappointing Inflation Report

FORBES AFRICA SOCIAL MEDIA

Rihanna Released Her First New Music In Five Years On Friday

Meta Stock Crash Steepens As Facebook Parent Grapples With Recession Fears

Twitter Hemorrhaging Its Most Active Users, Report Says￼

Sam Smith And Kim Petras Become First Openly Nonbinary And Trans Artists To Reach Billboard’s No. 1

Rishi Sunak Selected As Britain’s Next Prime Minister—Here’s What To Know

Elon Musk’s Fortune Has Fallen By More Than $100 Billion In Less Than A Year

As Economic Concerns Rise, Executives Are Reporting Record-High Stress—And Defaulting To Old Office Habits

Musk Plans To Cut 75% Of Twitter Workforce, Report Says￼

Controversy Over ‘The Crown’ Grows: Judi Dench Says Netflix Should Add Disclaimers To Series

U.K. Prime Minister Liz Truss Resigns After 6 Turbulent Weeks In Office

Scientists Work Out How To Grow Zombie Mushrooms In A Lab — It Could Help Unlock New Virus-Fighting, Anti-Cancer Drugs

How Kris Jenner Made The Kardashians Famous, Rich And Insanely Influential￼

Netflix Adds 2.4 Million Subscribers After Months Of Declines

Food Giant Danone To Exit Russia—Taking A Nearly $1 Billion Hit

Crypto Markets Dip Toward Two-Year Low After Disappointing Inflation Report￼

Twitter Hemorrhaging Its Most Active Users, Report Says

Musk Plans To Cut 75% Of Twitter Workforce, Report Says

How Kris Jenner Made The Kardashians Famous, Rich And Insanely Influential

Crypto Markets Dip Toward Two-Year Low After Disappointing Inflation Report