Business

When Mark Zuckerberg decided to launch his quest for the metaverse in 2021, he threw fistfuls of cash at the effort. Meta’s boss is now repeating the act, this time with generative artificial intelligence (AI). Hot on the heels of what may be the world’s most expensive acquihire—a $14.3bn deal to buy 49% of Scale AI, a data-labelling firm whose main asset is Alexandr Wang, its 28-year-old founder—people close to the matter say Mr Zuckerberg is planning to offer more than $1bn combined for two of Silicon Valley’s hottest AI brain boxes, who would work under Mr Wang. It marks the start of a reset of Meta’s generative-AI ambitions. More

It is common for family empires to eventually pass into the managerial hands of an outsider. Rarely does an heir later take back the reins. Yet that is precisely what is under way at Bertelsmann, a German media colossus. After more than 40 years of being run by a series of hired bosses, the company has signalled that one of two brothers descended from its founder will be its next leader. This is the latest surprising twist in a bizarre family saga. More

At the world’s best-known lingerie brand, the dirty laundry is on full display. In an open letter to Victoria’s Secret published on June 16th, Barington Capital, an activist investor, told Donna James, the brand’s chairwoman, that the company is failing its shareholders. Hillary Super, chief executive since August, has not “gained the confidence of employees”. More

THE RENAULT Twingo Equilibre is a pint-sized runaround for the thrifty. The special-edition Gucci Jackie Notte handbag is an iconic accessory for the loaded. Besides being available in black and a price tag on a similar order of magnitude—€14,000 and €10,000 ($16,000 and $11,500), respectively—the two appear to be nothing alike. On June 16th, they acquired an unexpected fresh commonality: Luca de Meo. More

America’s millionaire population grew by 379,000 for a total of 23.8 million, the most of any country, according to a new study by UBS.
Much of that wealth growth came from strong markets and a stable dollar, which both have been disrupted so far in 2025 by a trade war and recession fears.
Even among the world’s richest, there is a “wealth gap,” UBS economist James Mazeau told CNBC.

Mercer Island, a wealthy enclave just outside Seattle.
Danita Delimont | Gallo Images Roots Rf Collection | Getty Images

A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
The United States is home to the most millionaires of any country, with a tally of 23.8 million in 2024, according to a new report by UBS. The Swiss bank estimated the U.S. minted some 379,000 new millionaires last year, or more than a thousand each day, for an increase of 1.5%.

Mainland China came in second at 6.3 million, up 2.3%, with 141,000 new millionaires. By percentage, Turkey’s millionaire population increased the most with an 8.4% bump to 87,000. 
America extended its lead thanks to a banner year for Wall Street as well as a stable U.S. dollar. The first six months of 2025, however, have been rocky. President Donald Trump’s trade war and recession fears have roiled markets and weighed on the dollar, which is down about 9% this year.
UBS economist James Mazeau told CNBC it’s too early to say whether U.S. household wealth will grow at a slower rate this year. A weaker dollar spurs wealth growth in countries with non-dollar currencies rather than stalling it in the U.S., according to Mazeau. But he also said American real estate has been resilient and that U.S. equities could end the year slightly higher than where they are now.

Get Inside Wealth directly to your inbox

“This year could be lower than last year, but it doesn’t mean we’ll have a reversal in fortune and see negative wealth creation,” he said. “I don’t think the engines of growth are dead in the United States — far from it.”
While nearly 40% of the world’s millionaires are based in the U.S., Luxembourg and Switzerland have higher concentrations of wealth. In both countries, more than one in seven adults are worth at least $1 million, according to UBS. 

The worldwide millionaire population rose by more than 684,000 to some 60 million, due in large part to increasing real estate values. However, this growth was disparate geographically, with some countries losing share. Japan, for instance, lost 33,000 millionaires with its shrinking population.
The billionaire count increased modestly to 2,891, but Mazeau noted that there was high turnover. Billionaires lost wealth in 15 of 56 markets in UBS’s sample, with the sharpest declines in the Netherlands and Uruguay. Singapore, Qatar, Greece and Poland recorded the highest gains.
“There can be great reversals of fortune even within that segment,” he said.

Even among the world’s richest people, the wealth is concentrated toward the top. 
UBS estimates some 60 million individuals hold $226.47 trillion combined, nearly half of the world’s global wealth. Within that group are 2,860 billionaires who represent $15.7 trillion in assets. And at the very top, 15 centibillionaires, less than 1% of the group, boast a combined net worth of $2.4 trillion.
“We do see that there is wealth concentration or, I would say, wealth inequality, even amongst billionaires,” Mazeau said. He attributed most of the concentration to the outperformance of the tech sector and the rise of “mega tech entrepreneurs.”
There is not much data on individuals in the $50 million to $1 billion range, which distorts the picture, according to Mazeau. He also said the wealth growth among middle and lower wealth brackets is underappreciated. For instance, the number of individuals with $1 million to $5 million, whom UBS dubs “everyday millionaires,” has more than quadrupled since 2000 to about 52 million.
“They have more wealth collectively than all the billionaires in the world,” he said. “It is often overlooked how much wealth is rising and is going towards the middle of the pack.” More

The Buss family has agreed to sell a majority stake of the Los Angeles Lakers to businessman Mark Walter.
The deal values the team at $10 billion, according to people with knowledge of the terms.
As part of the deal, Jeanie Buss will retain a minority stake in the team she has owned since her family purchased the franchise in 1979.

Owner Jeanie Buss of the Los Angeles Lakers and Jay Mohr prior to game one of a first round NBA basketball game between the Los Angeles Lakers and the Minnesota Timberwolves at Crypto.com Arena in Los Angeles on Saturday, April 19, 2025.
Keith Birmingham | MediaNews Group | Pasadena Star-News | Getty Images

The Buss family has agreed to sell a majority stake of the Los Angeles Lakers to businessman Mark Walter in a deal that values the team at $10 billion, according to people with knowledge of the terms.
The sale would mark a new record for NBA valuations. The Crypto.com Arena, where the Lakers play, is owned by AEG and is not included in the deal.

CNBC’s most recent Official NBA Team Valuations ranked the Lakers as third in the league in terms of value, at $7 billion.
“Mark Walter is entering into an agreement to acquire additional interests in the NBA’s Los Angeles Lakers, which he has been a stakeholder since 2021,” a representative for Walter said in a statement to CNBC.
The Lakers did not immediately respond to a request for comment.
As part of the deal, Jeanie Buss will retain a minority stake in the team she has owned since her family purchased the franchise in 1979 for $67.5 million. She will also retain her governor seat.
Walter is CEO and co-founder of Guggenheim Partners and is not new to sports ownership. He is also the majority owner of MLB’s Los Angeles Dodgers, WNBA’s Sparks and Cadillac’s forthcoming Formula 1 team. He also owns the Professional Women’s Hockey League.

Former Lakers legend Earvin “Magic” Johnson, who is also a business partner of Walter’s, praised the transaction in a post on X.
“Job well done to my sister Jeanie Buss for striking an incredible deal and picking the right person to carry on the Lakers legacy and tradition of winning,” Johnson said. “Mark Walter is the best choice and will be the best caretaker of the Laker brand.”
NBA valuations have skyrocketed since the league completed its most recent media rights agreement, valued at $77 billion over 11 years.
In March, the Boston Celtics sold for a then-record of $6.1 billion to private equity executive Bill Chisholm.
The Celtics and Lakers are arguably two of the most marquee franchises in the NBA.
In February, the Lakers acquired Dallas Mavericks superstar Luka Doncic to team up with LeBron James.
The Lakers finished the 2025 season as the No. 3 seed in the Western Conference with a 50-32 record.
The Lakers have won 11 NBA titles since the Buss family took over, the most of any NBA franchise during that period.
— CNBC’s Michael Ozanian contributed to this report. More

The Food and Drug Administration approved Gilead’s twice-yearly antiviral drug for preventing HIV.
The company and some experts say it is a milestone that could help bring the world closer to ending the decadeslong epidemic caused by the virus. 
But the launch of the injectable drug, lenacapavir, faces a set of potential threats, including the Trump administration’s proposed cuts to federal funding for HIV prevention efforts. 

Mike Blake | Reuters

The Food and Drug Administration on Wednesday approved Gilead’s twice-yearly antiviral injection for preventing HIV — a milestone that the company and some experts say could help bring the world closer to ending the decadeslong epidemic caused by the virus. 
But the launch of the injectable drug, which will be marketed under the name Yeztugo, faces a set of potential threats, including the Trump administration’s proposed cuts to federal funding for HIV prevention efforts. 

In two groundbreaking clinical trials in 2024, Gilead’s injection proved to be capable of virtually eliminating new HIV infections when taken every six months. That’s a less frequent dosage than for all existing HIV prevention medications, including daily pills from Gilead and another injection, from GSK, taken every other month. 
That makes Yeztugo a valuable and far more convenient tool for addressing an epidemic that led to around 1.3 million new infections and contributed to the deaths of 630,000 people globally in 2023, according to the World Health Organization. 
The U.S. alone sees 700 new cases and 100 HIV-related deaths each week, Gilead CEO Daniel O’Day said in an interview ahead of the approval. HIV continues to have a disproportionate impact on people of color, gay and bisexual men, other men who have sex with men and transgender women.
“It’s hard to overstate the importance of this for global public health,” O’Day said, adding that the injection “really will bend the arc of the epidemic as we roll this out across the globe.”
But the magnitude of its impact will also depend on how easy it is to get, said Jeremiah Johnson, executive director of PrEP4All, an organization focused on expanding access to HIV prevention medications. 

Pricing, access, efficacy

Lenacapavir, the generic name of Yeztugo, has an annual list price of $28,218 in the U.S. before insurance, a Gilead spokesperson said in an email. That is in line with existing branded medications approved for the same use: pre-exposure prophylaxis, or PrEP, which reduces the risk of getting HIV. 
A month’s supply of Truvada and Descovy, Gilead’s daily pills for PreP, are both around $2,000 without insurance, which amounts to around $24,000 per year. One dose of GSK’s Apretude, which is taken once monthly for the first two months and then once every other month thereafter, costs roughly $4,000 before insurance.
“We are working to make Yeztugo accessible for anyone who needs or wants it and expect to see broad insurance coverage,” the Gilead spokesperson said, adding that there is broad insurance coverage for existing prevention options.
The company said it has a copay savings program for eligible insured patients that may reduce out-of-pocket payments for Yeztugo to as little as zero dollars. Gilead also has a program for eligible uninsured people to receive the injection for free.
Lenacapavir is already approved for treating HIV under the brand name Sunlenca, which has a price tag of more than $42,200 per year. One analysis in 2024 found that the drug could be made for as little as $26 to $40 a year.
Mizuho analysts have estimated that lenacapavir could reach peak sales of around $4 billion globally for both HIV prevention and treatment.
O’Day said the company is also committed to supplying the drug for that use globally as the virus “knows no boundaries.” Gilead in October granted licenses to six generic manufacturers to produce and sell lower-cost versions of the injection in 120 low- and lower-middle-income countries.
Gilead also promised to supply doses for up to 2 million people at no profit before those generic versions come to the market, O’Day said. 
PrEP has been available for a decade in the form of daily pills, but infections have climbed or remained roughly flat in many areas. Pills can be difficult for many people to take consistently for several reasons, including inconvenience and stigma around HIV and PrEP in many communities, particularly outside the demographic of white men who have sex with men.
Black Americans account for 39% of new HIV diagnoses but only 14% of PrEP users, while Hispanic people represent 31% of new diagnoses but just 18% of PrEP users, according to AIDSVu, a public resource for HIV surveillance data from Gilead in partnership with Emory University’s Rollins School of Public Health.
“Unfortunately, there’s still enormous amount of stigma and cultural challenges when it comes to HIV prevention,” Johanna Mercier, Gilead’s chief commercial officer, said in an interview. “Getting a twice-a-year injection really gives you that privacy that people have been looking for.”
She said Gilead aims to ensure that more people, especially those not currently using PrEP, are aware of that convenience advantage and the efficacy of the company’s injection.
In one late-stage trial, 99.9% of patients who took Gilead’s injection did not contract an infection. There were only two cases among more than 2,000 patients, effectively reducing the risk of HIV infection by 96% and proving 89% more effective than Gilead’s daily pill Truvada. The study enrolled cisgender men, transgender women, transgender men and gender nonbinary individuals who have sex with partners assigned male at birth.
Another trial, on more than 5,000 cisgender women, found that none of the roughly 2,000 participants who received Gilead’s injection contracted an HIV infection, demonstrating 100% efficacy. 

Proposed federal funding cuts pose a threat

In the U.S., ensuring access to underserved populations will also require broad insurance coverage. Most PrEP users are under commercial plans, according to the HIV+Hepatitis Policy Institute. But the federal Medicaid program is also crucial to reaching lower-income communities.
Medicaid is the largest source of insurance coverage for people who have the virus in the U.S., covering an estimated 40% of nonelderly adults who have HIV, according to health policy research organization KFF. That makes Republicans’ proposed funding cuts to Medicaid a huge potential threat to HIV treatment and prevention access.
Mercier said that, as of now, Gilead believes that Medicaid will continue to cover HIV services and support.
“There are pretty incredible programs out there, not only Medicaid and other government programs, that really have safety nets to make sure that people who need or want access, both for HIV treatment and prevention, are set up,” she said, also pointing to Gilead’s programs for uninsured individuals.
But PrEP4All’s Johnson said the “entire foundation for HIV prevention in America is under attack at this moment.”
Other proposed federal funding cuts could make it harder to get Gilead’s injection into the hands of physicians and patients, Johnson said. For example, the White House’s proposed budget for fiscal year 2026 includes deep cuts to several HIV prevention programs, particularly those that are run through the CDC.
While some funding streams are continuing, Johnson said they are doing so “in a way that would completely destabilize the entire field of HIV prevention.”
He said if Congress does not push back on the White House’s proposed cuts, people currently taking PrEP “could start to slip off” and HIV infections could rise in many communities.  More

Nike is delaying the launch of its highly anticipated NikeSKIMS activewear line, according to a person familiar with the matter.
The companies do not have a new launch date, but they are expecting to debut the apparel later this year.
Nike is betting big that the popular Skims brand will reinvigorate the brand.

NikeSKIMS, a new brand from Nike Inc. and SKIMS.
Courtesy: NikeSKIMS

Kim Kardashian fans are going to have to wait a little longer for the highly anticipated NikeSKIMS line.
The activewear line will launch later this year instead of in the spring, like the companies had originally announced, because of production delays, according to a person familiar with the matter who requested anonymity to speak candidly. The person added that the delays are internal and not because of a supplier or shipping issue.

No date has been determined for the new launch date, the person added.
The person also said the relationship with Kardashian and the brand is still strong and that everyone is on the same page, but they want to make sure they take their time and get the products right.

Nike and SKIMS collaboration featuring Kim Kardashian, co-founder and chief creative officer of SKIMS.
Courtesy: Nike Inc.

Nike first announced the Skims partnership in February and said it would include apparel, footwear and accessories. Since then, Heidi O’Neill, one of the key leaders behind the partnership, has left the company.
New Nike CEO Elliott Hill has been betting big on the Skims brand as he looks to reinvigorate the company after recent declines in sales and its business. For Skims, which was last valued at $4 billion, the partnership with Nike brings a growth opportunity as it expands into athleisure.
Nike’s stock is down more than 20% year to date.

“The origin of NikeSKIMS is rooted in a desire to bring something new and unexpected to an industry that is craving something different, and to invite a new generation of women into fitness with disruptive product designed to meet their needs in both performance and style,” the company said about the line when they introduced it.
The news was first reported by Bloomberg.

Don’t miss these insights from CNBC PRO More