High Net Worth Individuals

Subterms

    Latest story

    75 Shares125 Views

    What the ‘Exhausted Majority’ Really Wants

    by

    It’s probably not Elon Musk’s new party.It’s probably not Elon Musk’s new party.The New York TimesThe New York Times columnists Michelle Cottle and David French discuss whether the moment might be right for a third party. And French tells the story of the time he briefly considered a run for president as a third-party candidate.What the ‘Exhausted Majority’ Really WantsIt’s probably not Elon Musk’s new party.Below is a transcript of an episode of “The Opinions.” We recommend listening to it in its original form for the full effect. You can do so using the player above or on the NYT Audio app, Apple, Spotify, Amazon Music, YouTube, iHeartRadio or wherever you get your podcasts.The transcript has been lightly edited for length and clarity.Michelle Cottle: I’m Michelle Cottle, and I cover national politics for New York Times Opinion, and I am here with the Opinion columnist David French today. David, hello.David French: Michelle, it’s great to be with you. And it’s just the two of us.Cottle: I know, which means we get to get extra juicy digging into Elon Musk. This week he announced he wants to launch a new national political party.Now, there is a long history of — how do I put this gently? — underwhelming third-party attempts in this country. Does anybody even remember that there is a Forward Party at this point?We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    More stories

    • 75 Shares175 Views

      in Elections

      We Shouldn’t Have Billionaires, Mamdani Says

      by

      Appearing on “Meet the Press” days after the mayoral primary, Zohran Mamdani defended his proposals to make New York City more affordable and to increase taxes on the wealthy.Zohran Mamdani, who campaigned for mayor on the theme of making New York City more affordable, said in a major national television interview that during a time of rising inequality, “I don’t think we should have billionaires.”Mr. Mamdani, the likely winner of the Democratic primary for mayor of New York, said in an appearance on “Meet the Press” on Sunday that more equality is needed across the city, state and country, and that he looked forward to working “with everyone, including billionaires, to make a city that is fairer for all of them.”At the same time, Mr. Mamdani, a democratic socialist, asserted that he is not a communist, a response to an attack from President Trump. “I have already had to start to get used to the fact that the president will talk about how I look, how I sound, where I’m from, who I am — ultimately because he wants to distract from what I’m fighting for,” Mr. Mamdani said.But one question he continued to sidestep was whether he would denounce the phrase “globalize the intifada,” after he declined to condemn it during a podcast interview before the primary.The slogan is a rallying cry for liberation among Palestinians and their supporters, but many Jews consider it a call to violence invoking resistance movements of the 1980s and 2000s.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares129 Views

      in Elections

      Eric Adams Meets With Business Leaders Desperate to Stop Mamdani’s Rise

      by

      Daniel Loeb, the hedge fund manager, and some other New York City business leaders are aghast at Zohran Mamdani’s success in the Democratic mayoral primary and are considering backing Mr. Adams in the general election.In a conference room in Manhattan on Wednesday night, Mayor Eric Adams and Daniel S. Loeb, the hedge fund manager, met with other business leaders and political brokers to discuss how to stop the rise of Zohran Mamdani and possibly bolster Mr. Adams’s re-election campaign.The business leaders were impressed that Mr. Adams was already staging a public fight against Mr. Mamdani, several people familiar with the meeting said. Earlier in the day, during an interview on “Fox & Friends,” Mr. Adams called Mr. Mamdani a “snake-oil salesman.”Mr. Mamdani, a democratic socialist state assemblyman from Queens, on Tuesday shocked the New York political establishment by outperforming Andrew M. Cuomo, the former New York governor, in the Democratic primary for mayor. Mr. Cuomo is now considering whether to run as an independent in the general election, or end his campaign altogether.Should Mr. Cuomo withdraw, Mr. Mamdani is poised to face off against Mr. Adams, who is running as an independent; Curtis Sliwa, the Republican founder of the Guardian Angels; and Jim Walden, a lawyer also running as an independent.The prospect of Mr. Mamdani’s campaigning as the Democratic standard-bearer in a city where Democrats outnumber Republicans by six to one has sent shivers down the spines of many New York business leaders, who recoil at his plans for expansive new government programs funded with tax increases on corporations and the wealthiest New Yorkers. Some have quickly begun to throw their support behind the incumbent mayor, despite the scandals that have tarnished his tenure.Andrew Epstein, a spokesman for Mr. Mamdani, said the businessmen at the meeting were simply scared of “our plan to tax them a little bit more to fund an agenda to lower the cost of living and improve the quality of life for all New Yorkers.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 125 Shares169 Views

      in Elections

      With $25 Million, Pro-Cuomo Super PAC Shatters Outside Spending Records

      by

      Former Gov. Andrew M. Cuomo’s candidacy has been bankrolled by the largest super PAC ever created in a New York City mayoral campaign.Former Gov. Andrew M. Cuomo has modeled himself as the candidate of working New Yorkers, but his candidacy has largely been funded by record donations from billionaires and other wealthy business interests.Fix the City, a super PAC led by one of Mr. Cuomo’s closest advisers, has raised $25 million to boost his comeback bid for mayor and bury Assemblyman Zohran Mamdani, his chief rival, in withering attack ads.The group is the largest super PAC ever created in a New York City mayoral campaign, a financial juggernaut on track to spend three times as much as Mr. Cuomo’s actual campaign legally can. The group has hired canvassers to take Mr. Cuomo’s message directly to voters, and one of its ads calling Mr. Mamdani a radical has been aired more than any other in the race.As of Monday, former Mayor Michael R. Bloomberg alone had given the group $8.3 million. DoorDash, the food delivery company, had given another $1 million; and Bill Ackman, an investor and supporter of President Trump, had donated $500,000.Some were motivated by Mr. Cuomo’s record, others more out of fear how Mr. Mamdani, a democratic socialist who wants to raise taxes on businesses and the rich, would change the city if elected.Mr. Mamdani has denounced the outside spending and has tried to incorporate it into his critique of Mr. Cuomo. He argues that the former governor is in the pocket of corporate interests and shares donors with Mr. Trump.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 163 Shares169 Views

      in Elections

      Palm Beach, Never Richer, Is a Draw for Young MAGA. Locals Aren’t Pleased.

      by

      Donald Trump’s presidency has turned this Florida island into the nightlife headquarters of MAGA, but the town’s old guard — much of it Republican — doesn’t love the new vibe.There are no star maps on Palm Beach, and many of its biggest estates are hidden behind elaborate landscaping. To learn what belongs to whom, and how much it cost, a guide is needed, and Dana Koch, who has been selling real estate here for 22 years, knows the area cold. He’s a veteran docent in a zoo where the creatures are billionaires and it’s difficult to see the cages.“Howard and Beth Stern live here,” he said, pointing to a gate flanked by shrubbery. “This whole place, he paid about $50 million for it years ago. Now it’s worth $200 million.”On it goes, an inventory of rich and famous people, a patter that rambles along, like Mr. Koch’s car, at about 10 miles an hour. Jon Bon Jovi lives there. That’s where Roger Ailes slipped in the shower and died. William Lauder built this, after buying Rush Limbaugh’s place for $155 million and tearing it down.Some homes are identified by job (N.F.L. owner, sugar magnate) others by names, (Dr. Oz, Tom Ford, Charles Schwab). That lot once belonged to Jeffrey Epstein, whose place was razed. A new house is under construction, and the owners, Mr. Koch speculates, are going to apply for a new address.After the election last year, in one week alone, $100 million of residential real estate was sold in Palm Beach.Martina Tuaty for The New York TimesThese have been busy months for Mr. Koch, 52, who is not related to the famous Republican donors. (“Same name, different bank account.”) Palm Beach is, of course, home to President Trump’s private club, Mar-a-Lago. After the election in November, there was a “Trump bump,” with $100 million worth of property on Palm Beach going under contract in the span of a week. Late last year, the Fox News host Sean Hannity purchased a $23.5 million mansion in nearby Manalapan, then spent $14.9 million on an oceanfront townhouse in Palm Beach in January. (He’d previously spent $5.3 million for a townhouse here in 2021.)We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 150 Shares149 Views

      in Elections

      You Only Get Married a Few Times. Why Not Go All Out?

      by

      As the Jeff Bezos-Lauren Sánchez nuptials approach, a look at how second weddings went from low-key to lavish. They were one of the world’s most famous couples, their future sealed when he renounced his throne for her and she renounced her husband for him. But so much disapproval surrounded the audacious affair between King Edward VIII of England and the American socialite Wallis Simpson that their eventual marriage, before a handful of guests in France in 1937, felt more like a perp walk than a wedding.“It was a sad little service,” Lady Alexandra Metcalfe, a wedding guest known as “Baba Blackshirt” because of her reputed Nazi sympathies, wrote in her journal. “It could be nothing but pitiable and tragic to see a King of England of only six months ago, an idolized King, married under these circumstances.”It seems quaint to remember the days when second weddings were typically quiet and modest affairs, especially after a bit of adultery. Perhaps there was a sense that everyone was allowed just one public spectacle-style wedding in a lifetime. Maybe it was considered indecorous to declare “til death do us part” once again, when death had clearly not parted you the first time you said it.That’s why former monarchs fled to France and commoners had small, tasteful celebrations, perhaps at City Hall, the brides wearing outfits like “a gray suit and a pillbox hat,” as the high-end event planner Bryan Rafanelli described it in an interview.In contrast, let us consider the 2025 version of a royal wedding: the forthcoming marriage in Venice between Jeff Bezos, the billionaire king of Amazon, and the ex-TV host and helicopter pilot Lauren Sánchez. Having entered public consciousness when their racy texts were leaked to the tabloids during their previous marriages, their relationship — buoyed and insulated by Mr. Bezos’ estimated $228 billion fortune — has always had the feel of an extended P.D.A. victory lap.Depending on what you read, the wedding will cost $15 million, or $20 million. Or maybe it will be scaled back to under $10 million because of the couple’s supposed decision to be “less ‘Marie Antoinette’” after the Blue Origin spaceflight this spring featuring Ms. Sánchez and a group of her famous female friends. The 11-minute mission suffered from a bit of a P.R. problem when the women donned sexy space outfits, discussed their extraterrestrial makeup routines and, in the case of Katy Perry, declared the intention to “put the ‘ass’ in astronaut.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 163 Shares169 Views

      in Elections

      Donald Trump and Elon Musk’s Fight Brings the Memes Out in Full Force

      by

      What happens when two billionaires with huge followings on social media start a public feud? Great memes.It was a messy divorce, and the internet was watching from the sidelines. So of course, the memes were out in full force.As the relationship between President Trump and Elon Musk unraveled publicly on Thursday, bystanders flooded social media with memes comparing them to the main figures in some of the most legendary feuds, including the teenage frenemies of “Mean Girls” and the rappers Drake and Kendrick Lamar.“The big beautiful bill led to the big beautiful breakup,” one person observed on X, Mr. Musk’s social media platform, referring to the disagreement over Mr. Trump’s domestic policy bill that set off the clash. An X account devoted to political jokes posted a doctored image of an iPhone emergency alert: “THE GIRLS ARE CRASHING OUTTTTT,” it announced.It’s “like Kendrick v. Drake but with two Drakes,” another X user posted, comparing Mr. Trump and Mr. Musk to the rapper who was perceived as having definitively lost his feud with Mr. Lamar after Mr. Lamar performed a diss track at the Super Bowl in February.Other scenarios recast Mr. Trump and Mr. Musk as a divorced couple sharing custody of their child, Vice President JD Vance; supermarket lobsters being egged on to fight; and two monkeys engaged in a knife fight surrounded by cheering spectators clutching fistfuls of money — a scene from a 2000 episode of “The Simpsons.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 75 Shares189 Views

      in Elections

      What Does Ultra Wealth Look Like?

      by

      In HBO’s “Mountainhead,” the “Succession” creator Jesse Armstrong uses subtle status symbols — and a secluded $65 million ski chalet — to convey hierarchy among the 0.001 percent.When Paul Eskenazi, the location manager for “Mountainhead,” a new film from the “Succession” showrunner Jesse Armstrong, set out to find a house to serve as the primary setting for this satire about a group of ultrarich tech bros, he needed a very specific kind of extravagance. In the same way that “Succession,” which Eskenazi also worked on, reveled in “quiet luxury,” “Mountainhead” needed its moneyed protagonists to be living large but without flamboyance. Its characters are too wealthy for mere McMansions, and not any private residence would do.Portraying how the ultrawealthy really live — with all their subtle signals and status cues — has become something of a specialty for Armstrong and Eskenazi. It’s about not just private jets and sprawling homes, but the quiet hierarchies within the top 1 percent. There’s a pecking order between the 0.01 percent and the 0.001 percent, the kind of distinction that insiders equate to owning a Gulfstream G450 versus a Gulfstream G700.From left, Cory Michael Smith, Steve Carell, Jason Schwartzman and Ramy Youssef in “Mountainhead.”Courtesy of HBOWhen Eskenazi found a lavish, 21,000-square-foot ski chalet built into a hill of Deer Valley in Utah, he knew it was the right fit — not because it was so large and impressive, though it’s certainly both, but because its extravagance had a subtlety that made it almost understated.“There’s a kind of quiet wealthy embedded in that location that doesn’t necessarily scream at you. It reveals itself slowly,” Eskenazi said, pointing out that it has a private gondola with direct access to a nearby ski resort. “It’s not flashy, but it’s deeply exclusive — the kind of feature that signals a level of access and control money affords without ever needing to show off.”“Mountainhead” is a tightly wound satirical chamber drama about four rich friends in tech who gather for a weekend of carousing while the world is plunged into chaos. There’s Venis (Cory Michael Smith), the founder of a Twitter-like app whose new A.I. creator tools have triggered a tidal wave of online disinformation; Jeff (Ramy Youssef), whose content-moderation software holds the key to resolving global strife; Randall (Steve Carrell), an elder plutocrat with a philosophical bent; and Hugo (Jason Schwartzman), whose meager $500 million net worth has earned him the nickname “Soups,” for “soup kitchen.”We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

    • 138 Shares119 Views

      in Elections

      Elon Musk, Distanced From Trump, Says He’s Exiting Washington and DOGE

      by

      Elon Musk took a swipe at President Trump’s signature domestic policy legislation, saying it would add to the national deficit. He complained to administration officials about a lucrative deal that went to a rival company to build an artificial-intelligence data center in the Middle East. And he has yet to make good on a $100 million pledge to Trump’s political operation.Mr. Musk, who once called himself the president’s “first buddy,” is now operating with some distance from Mr. Trump as he says he is ending his government work to spend more time on his companies. Mr. Musk remains on good terms with Mr. Trump, according to White House officials. But he has also made it clear that he is disillusioned with Washington and frustrated with the obstacles he encountered as he upended the federal bureaucracy, raising questions about the strength of the alliance between the president and the world’s richest man.Mr. Musk was the biggest known political spender in the 2024 election, and he told Mr. Trump’s advisers this year that he would give $100 million to groups controlled by the president’s team before the 2026 midterms. As of this week, the money hasn’t come in yet, according to multiple people familiar with the matter, who spoke on the condition of anonymity to describe the behind-the-scenes dynamic.Mr. Musk did not respond to a request for comment. In a post on X, his social media site, on Wednesday night, he officially confirmed for the first time that his stint as a government employee was coming to an end and thanked Mr. Trump “for the opportunity to reduce wasteful spending.”“The @DOGE mission will only strengthen over time as it becomes a way of life throughout the government,” he added, referring to his Department of Government Efficiency team.The billionaire’s imprint is still firmly felt in official Washington through that effort, an initiative to drastically cut spending that has deployed staff across the government. But Mr. Musk has said in recent days that he spent too much time focused on politics and has lamented the reputational damage he and his companies have suffered because of his work in the Trump administration.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More