Behind Saudi Arabia’s huge investment in tourism

This is the public version of. Forbes Daily Newslettersign up here to get Forbes Daily delivered to your inbox.

good morning,

8 days – research-backed results When health and happiness peak during the holidays. Of course, it depends on your financial situation and how you like to relax, but it’s an original study in an aptly titled study. Happiness Studies Journal reports that for many travelers, the best places to visit are just a week away, even for long vacations.

But regardless of the length of the trip, the study also found that a week of work brought happy emotions back to baseline.

breaking news

Elon Musk’s brain implant company Neuralink implants chips in humans Musk said the initial results of the procedure are “promising” and the patient is “recovering well.” Neuralink’s first product will be “telepathic” and give customers the ability to control computers with their minds, the technology billionaire said on Monday.

more: Musk regained his title as the world’s richest person on Monday as Tesla stock rebounded modestly. Musk’s net worth is estimated at $210 million, just shy of LVMH’s Bernard Arnault’s $209 billion.

Business + Finance

Walmart announces plans to pay store managers Annual stock grant worth up to $20,000, significantly increases compensation potential for store managers at the retail giant. This follows other pay program changes the company introduced for store managers earlier this month, including increasing store manager salaries from an average of $117,000 to $128,000 and potential This includes increasing annual bonuses from 150% to 200% of base salary.

ordered by a Hong Kong court Evergrande, the world’s most indebted development companyis set to go into liquidation more than two years after defaulting on its debts, marking another grim milestone for Hui Kar Yang, once Asia’s richest man. The ruling opens a new round of costly, multi-year legal proceedings as offshore creditors prepare to fight for access to the Chinese property developer’s assets.

wealth + entrepreneurship

Chris Dixon, partner and founder of Andreessen Horowitz’s cryptocurrency division, believes big tech companies like Alphabet and Meta have had monopolistic profits for too long. Cryptocurrency will displace the Magnificent Seven. However, challenges such as decentralized governance, token economics, and dealing with regulatory headwinds prevented cryptocurrencies from having a ChatGPT or iPhone moment.

money and politics

Donald Trump’s two legal battles coming together could result in: More than $400 million in collective damages owed That could be a serious blow to his finances. Following last week’s jury verdict, President Trump was ordered to pay $83.3 million to Jean Carroll in a defamation case and in a civil fraud case in which New York Attorney General Letitia James is seeking $370 million plus interest. A verdict is expected this month.based on forbes According to estimates, President Trump only has an estimated $426 million in cash and liquid assets.

Sports + Entertainment

Much remains unknown about the long-term impact of last week’s lawsuit accusing Vince McMahon and WWE of sexual abuse and human trafficking, but despite the legal risks (or if McMahon remains TKO’s biggest individual) Despite the fact that they are shareholders), The UFC and WWE brands are themselves popular sports properties Comes with media rights that are expected to be highly appreciated. According to a report from Moffett Nathanson, the two brands have been pioneers in streaming since 2014, including WWE’s recent Netflix deal, WWE’s deal with Peacock that expires in 2026, and UFC rights that expire in 2025. It has become.

Travel + Lifestyle

Whatever your preconceptions are, Saudi Arabia as a travel destination That means it’s going to undergo a major renovation. The Middle Eastern kingdom is undergoing massive construction, building private islands, luxury hotels, theme parks, cruise ports and even desert ski resorts. The question remains: If they build it, who will come?

Trends and commentary

Former President Trump is likely to appeal his $83.3 million judgment in the E. Jean Carroll defamation suit, but if the ruling stands, the irony of U.S. tax law is that Trump There will likely be an appeal. Deduct most or all of your payment as an expense, Meanwhile, Carol has to pay taxes on all of that. All punitive damages, including the portion paid directly to the attorney, are taxed as ordinary income, but even compensatory damages are taxable in the case of emotional distress.

daily cover story

Debunking the myths of decentralization

top line Over the past decade, the cryptocurrency industry has Selling the promise of decentralizationa new financial system without intermediaries, but the story of the Aragon Network Token (ANT) shows that the idea may be nothing more than a pipe dream.

Those who held the ANT cryptocurrency were told this last November: Whether they liked it or not, they were being robbed of cash from their investments.. The Aragon Institute, which issued the token, unilaterally decided to keep its assets out of the reach of corporate activists, a highly centralized move for an organization considered the standard-bearer of decentralized finance. It’s movement. Fearing that investors could ultimately control more than 50% of the votes, the association proposed buying 0.0025376 ether (approximately $5.76), giving holders 12 ethers until November of this year. You can get cash within a month.

The deal will see at least $11 million, and likely more, go to a successor nonprofit company created by Aragon. Aragon did not respond to requests for comment, but there may be more to this story.Disgruntled ANT owner managed to get $300,000 In the decentralized autonomous organization of Aragon, used it to maintain a law firm May oppose Aragon’s strategy. The company, Patagon Management, did not respond to requests for comment, but wrote in a post on X: “In our opinion, this is a theft covered up and glamorized.”

Why is it important? If all this seems like the height of Wall Street’s corporate raid culture in the 1980s; That’s because it is. Camila Russo, founder of The Defiant, a publication focused on decentralized finance, explains that decentralization is about people who are “trying to use cryptocurrencies to attract new investors and gain more legitimacy.” “It’s something you have to do if you’re there.”

Much of the cryptocurrency business simply mimics what already exists in traditional finance, but with a fascinating high-tech story. “[Decentralized finance] It evolved in a much more centralized way than we expected,” Russo said.

more: Why DeFi’s predicament exists

facts and comments

Remote workers need to be careful To combat low visibility and managerial bias in the workplace, recognize the potential increased risk of termination and take proactive steps to ensure job security.

35%: Professionals working from home are more likely to be laid off compared to on-site employees.

67%: Percentage of remote employees who report that stress related to layoffs is impacting their productivity

One step ahead: Show your boss or company that even though you’re offsite, you’re still an active participant and aware of the big picture.

strategy and success

golden bachelor That aside, sex and old age is considered a story about decline.But calling people names or making fun of them sex and intimacy for older people It makes no sense. More social acceptance and legitimate support from medical professionals could go a long way in helping older Americans cope with loneliness, isolation, and economic security.

quiz

This week 15th Anniversary of the Lilly Ledbetter Fair Pay Act, which helped increase enforcement of equal pay laws. Where was Mr. Ledbetter working as a supervisor when he filed suit claiming he was making thousands of dollars less annually than his male counterpart?

A. Goodyear Tire and Rubber Company

B. Hormel Foods

C. Caterpillar

D. Mattel

Check your answer.