Daily Dozen | Forbes: Cannabis Stocks Smoked; World’s Best Employers; Jet Setting To The Airport

© Provided by Forbes The riot on the U.S. Capital on January 6, 2021. GETTY IMAGES

Young millionaires have lost faith in the traditional stock market. Russian billionaires are renouncing their citizenship amid the war in Ukraine. This year’s Social Security cost-of-living adjustment could be the highest in more than 40 years.

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In The News Today

• Baltimore prosecutors dropped the charges against Adnan Syed, the subject of the popular podcast “Serial,” and apologized for wrongfully imprisoning him for 23 years over a false murder conviction after another round of DNA tests cleared Syed’s involvement in a 1999 slaying.
• Saudi Arabia will face “consequences” for teaming with Russia and other OPEC+ oil-exporting countries to curtail oil production by 2 million barrels per day starting next month, President Joe Biden said Tuesday. The reduction is anticipated to drive up global oil prices. Biden was tight-lipped on specific repercussions, and will workshop his response with Congress when it returns from recess.

Top Take-Aways

Cannabis stocks spiked last week after Biden pardoned thousands with federal marijuana possession charges, but those gains have since largely cratered and in some cases plummeted much lower than before his announcement. Forbes unpacks where marijuana stocks stand now and how additional legislation and reform could lead to a more long-lasting high.

Delta Air Lines invested $60 million in Santa Cruz, Calif.-based Joby Aviation, developer of green vertical takeoff and landing aircraft, as the companies team up on a vision to use electric air taxis to transport travelers to airports, skipping the obligatory traffic and stress that comes with getting to your flight. New York City and Los Angeles head up the list of launch sites.

Pro-life super PAC Women Speak Out spent $165,000 on digital advertising and canvassing to boost Herschel Walker’s Senate campaign in the days immediately following allegations that the Georgia Republican encouraged and paid for his girlfriend to get an abortion, Forbes discovered. More: The Supreme Court on Tuesday declined to take up a case that would have granted constitutional rights to embryos and fetuses, without commenting on its reasoning.

Millennial and Gen-Z millionaires have lost confidence in the traditional stock market and instead choose to funnel their money into crypto, with about 75% of those ages 21 to 42 who responded to a Bank of America survey indicating they think it’s impossible to achieve above-average returns by solely investing in stocks and bonds.

The Great Resignation, a hallmark of the Covid-19 pandemic, transformed the workplace and shifted employees’ priorities to purpose-driven work, higher salaries, better benefits and advancement opportunities, and work-life balance. Forbes kept that in mind while compiling our sixth annual World’s Best Employers ranking alongside Statista. Read more about our methodology, and see if your company made the cut.

Twitch cofounder Justin Kan has teamed up with four others to launch Rye, a web3 shopping platform that will use crypto to build a cheaper ‘Spotify for ecommerce’ aimed at establishing an internet-wide directory of purchasable products. The startup will launch with $14 million in venture capital funding led by a16z crypto, and ultimately hopes its own Rye token will become a valuable digital asset.

Today’s Must-Read

Tech Billionaire Larry Ellison’s Record Political Giving Funds Election Deniers In Midterms

Oracle’s cofounder is bankrolling a super PAC that is spending millions to support four prominent Senate candidates who have cast doubt on the 2020 presidential election results.

In Case You Missed It

Early Facebook investor Yuri Milner renounced his Russian citizenship as the Silicon Valley bigwig—known for investments in Twitter, Spotify and Airbnb—continues to try to distance himself from his birth country. He’s not the only billionaire to do so amid the ongoing war in Ukraine.

Tips You Can Trust

• Some experts anticipate this year’s Social Security cost-of-living adjustment, which could be announced as soon as this week, may be the largest since 1981 and reach as high as 10%. Here’s what to expect with the change, and how it factors into a secure retirement.
• The pandemic underscored the importance of financial literacy and wellness for many working Americans, and about 75% of employees experiencing monetary stress say it distracts them on the job. Here’s how employers providing financial education services could benefit workers and boost employee retention and morale.

Must-Watch Video

Megan Thee Stallion Is Megan Thee Mogul: Forbes Under 30 Summit Closing Keynote

The three-time Grammy award-winning musician is adept at balancing entrepreneurship with rapping: navigating partnerships with major brands like Nike and Revlon; parlaying acting, production, directing, and writing screenplays into a deal with Netflix; and earning a college degree mid-stardom. “Creating your own legacy and creating your own wealth is super important to me as a Black woman because I feel like originally we didn’t have a lot of opportunities,” she said.

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