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Welcome to your January 24 newsletter...
Warren Buffett’s Berkshire Hathaway has revealed an £893M stake in a crypto bank stock. This marks a surprising shift in Buffett's stance on cryptocurrency investments. Also, want to earn $600k annually? Become a Walmart multi-store manager! Find out how in today's Money Making Moves:
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In the Fast Lane of Business...
> Warren Buffett, once a vocal critic of cryptocurrencies, surprised many as Berkshire Hathaway disclosed a significant stake in Nu Holdings, a Brazilian bank with its own crypto platform, Nubank Cripto. According to a November 2024 SEC filing, Berkshire holds over 86.43 million shares worth $1.1 billion, reflecting its growing interest in blockchain-related assets. Nu Holdings, which launched its crypto platform in 2022, supports major tokens like Bitcoin and Ethereum, contributing to a 34% year-over-year rise in its stock price. Despite Buffett's historical skepticism toward crypto, the investment suggests Berkshire is adapting to the increasing global adoption of digital assets. > JPMorgan Chase raised CEO Jamie Dimon’s 2024 compensation to $39 million, an 8.3% increase from the previous year, following a record $59 billion in net income for the year. His pay includes a $1.5 million base salary and $37.5 million in performance-based variable income, with the majority allocated as performance share units tied to the bank's metrics. The announcement comes as JPMorgan's stock rose 57% over the past year, reaching $265 per share, highlighting its strong financial performance. Dimon, the longest-serving CEO of a major bank, hinted he could remain in his role for another 4–5 years, despite previously signaling his tenure was nearing its end. > Shein's Executive Chairman Donald Tang stated that the company’s low prices can remain unaffected by tariffs as long as they are applied equally across regions. Proposed tariffs from former President Donald Trump, initially as high as 60%, have been reduced to 10%, but Tang did not confirm whether Shein would raise prices if tariffs are implemented. Critics argue that Shein benefits from a de minimis trade loophole, which exempts packages under $800 from import duties—a policy both the Biden and Trump administrations have sought to tighten. While Shein scrapped plans for a U.S. IPO amid political tensions, Tang emphasized that becoming a public company is crucial for accountability and long-term trust.
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Unique Business Idea For You
Starting a buy-and-sell business specializing in Nike products on sale could be a smart move, given the company's shift in strategy. With new CEO Elliott Hill focusing on fewer discounts to position Nike as a premium brand, opportunities for resellers to profit from discounted items purchased before the shift are significant. However, entrepreneurs must ensure they operate within legal boundaries, as Nike's intellectual property rules may restrict how their products can be resold. Focusing on items in Nike's priority categories—running, basketball, training, football, and sportswear—can help align with market trends and boost demand, but careful planning is key to navigating the evolving retail landscape.
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Side Hustle You’d Be Crazy Not to Try
Selling novelty items or hot commodities online can be a highly lucrative and unique side hustle, especially when tapping into trending opportunities. For instance, during TikTok's brief US ban, iPhones with the app pre-installed became rare commodities, with sellers listing them for thousands of dollars on eBay. Such trends highlight the potential to profit from items tied to fleeting demand or cultural moments. However, timing and awareness are key, as success in this space often depends on identifying trends early and understanding the market's appetite for such unique products.
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Personal Finance News
> Saving money on groceries doesn’t have to be time-consuming or complicated, especially with grocery prices rising. By using grocery store apps, joining loyalty programs, and exploring cash-back apps like Ibotta or Fetch Rewards, you can easily find deals without resorting to extreme couponing. Combining store and manufacturer coupons with sale items can lead to significant savings, but it's important to focus on items you already buy to avoid unnecessary purchases. With just a few simple strategies, saving $10–$20 a week can add up to hundreds of dollars annually. For more couponing opportunities, click here. > Living in an expensive city like New York doesn’t mean you have to settle for low-quality housing. Merete Muenter, a choreographer, secured a luxurious Manhattan studio for just $623 a month through an affordable housing lottery, proving that these programs can offer high-quality homes in prime locations. Affordable housing initiatives, often misunderstood, cater not just to those in financial need but also to middle-income professionals, making desirable neighborhoods more accessible. While the process is competitive and involves thorough eligibility checks, affordable housing can be a game-changer for anyone seeking to live comfortably without overspending. > Walmart offers lucrative career opportunities without requiring a college degree, with market managers now eligible for total compensation exceeding $600,000 annually. The company is increasing market manager salaries from $130,000 to $160,000 and boosting stock grants from $75,000 to $100,000, along with raising potential bonuses to 100% of base pay. Store managers also enjoy competitive pay, with salaries ranging from $90,000 to $170,000 and total compensation for top earners reaching $530,000, including bonuses and stock grants. Walmart emphasizes internal promotion, with 75% of its salaried field management team rising from hourly positions.
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