Forbes Comes Under Heavy Criticism as Under 30 Alumni Gets Arrested For Fraud Scams
Global media company that focuses on business, investing, technology, entrepreneurship, leadership, and lifestyle, Forbes, has come under heavy criticism as one of its 30 under 30 alumni Charlie Javice gets arrested for fraud scams.
Charlie who is the founder of startup “Frank”, a student loan software company, was apprehended by the U.S. authorities in New Jersey on Monday, for engaging in a brazen scheme to defraud financial services company JP Morgan Chase in the course of a $175 million acquisition deal.
Charlie marketed her startup as a platform that supports students trying to get educational loans and claimed to simplify the application process for users. She described the startup as an Amazon for higher education which saw JP Morgan Chase acquire the company for $175 million in 2021 also hiring some of the startup employees.
Soon after, JP Morgan Chase filed a lawsuit against Charlie in the US District Court in Delaware, arguing that her claim of having a user base of 4million was incorrect, also noting that she manipulated the figures. Furthermore, JPMC alleged that she tried to cover up the issue by asking a vendor to delete the fake list.
In her defense, she filed a counterclaim against JP Morgan Chase, accusing the financial services company of compromising her reputation and withholding $28 million of retention payments and equity in February 2023.
Reports reveal that before JP Morgan filed a lawsuit, Charlie had already sued the bank after she alleged that she was the whistleblower on the whole ordeal after she was owed millions of dollars for expenses incurred while defending herself against internal investigations that began last spring.
She will however face a four counts of charges. They are one count of conspiracy to commit bank and wire fraud, one count of wire fraud affecting a financial institution, one count of bank fraud, and one count of securities fraud. Three of the charges each carry a maximum sentence of 30 years in prison.
Charlie Javice whom Forbes named a rising star in its “30 under 30” issue in 2019, joins the likes of other Forbes under 30 alumni such as Elizabeth Holmes of Theranos, Sam Bankman Fried of FTX, and Invictus Obi of Invictus Group that have all been convicted of fraud cases.
Following the recurrent cases of Forbes alumni being convicted of fraud cases, a lot of people have said the global media company has lost its credibility. According to findings by Investors King, so many users have expressed disappointment at Forbes for its recurring faulty list.
On twitter, a user @RGA wrote, “At this point, the Forbes 30 under 30 is less of an honor and more of a wanted list.
@BobbyBigWheel wrote, “The Forbes 30 under 30 list might as well be the FBI’s Ten Most Wanted”
@OsasDapheel wrote, “Most Forbes 30 under 30 are always linked with one fraud or the other. Is the universe telling us something there?”
Several other users have disclosed that Forbes 30 under 30 lists is being paid for, hence it is no longer a badge of honor, as being a part of the list isn’t as elegant as it once was.
Top 7 Richest People in The World Earned $16 Billion in the Last 24 Hours
Elon Musk, the wealthiest individual in the world, along with six others, collectively earned $16.054 billion within the past 24 hours as global stocks rebounded following an agreement reached by United States lawmakers to suspend the nation’s debt ceiling for the next two years.
On Friday, Elon Musk, the wealthiest individual in the world, along with six others, collectively earned $16.054 billion within the past 24 hours as global stocks rebounded following an agreement reached by United States lawmakers to suspend the nation’s debt ceiling for the next two years.
Elon Musk led the pack, earning $4.61 billion, bringing his year-to-date increase to $62.5 billion and raising his net worth to $199 billion.
Bernard Arnault, the second richest person, saw his net worth rise by $3.99 billion to $29 billion, while Jeff Bezos, the well-known owner of Amazon, added $1.64 billion, resulting in a year-to-date change of $40.9 billion and a net worth of $148 billion. Bill Gates followed with an increase of $1.94 billion, placing him as the fourth richest individual with $128 billion.
Larry Ellison’s net worth surged by $419 million. Steve Ballmer and Warren Buffet gained $925 million and $2.53 billion, respectively.
Earlier this week, Elon Musk reclaimed his title as the richest person in the world, surpassing Bernard Arnault.
Musk had temporarily lost the top spot in December due to a drop in Tesla’s stock value following his $44 billion acquisition of Twitter. A significant portion of Musk’s wealth is tied to Tesla’s stock, and he also serves as the CEO of SpaceX and owns Twitter.
Following a notable two-day visit to Shanghai, where he met with Chinese officials amidst ongoing U.S.-China tensions, analysts noted the importance of the Chinese market for Tesla.
Chinese Foreign Minister Qin Gang assured Musk of China’s openness to foreign businesses, prompting Musk to express interest in further expanding in China. This bolstered Tesla stock by 3.11 percent or $6.45 to $213.97 on Friday.
Elon Musk Reclaims Position as The Richest Man in The World
Tesla and Twitter CEO Elon Musk has reclaimed his position as the richest man in the world.
Tesla and Twitter CEO Elon Musk has reclaimed his position as the richest man in the world.
Musk’s net worth increased by 40.3% this year, which has seen him currently worth $192 billion after shares of his electric automaker Tesla rose about 24% in May. Also on Wednesday, 31, 2023, shares of Tesla traded at $203.93.
The Tesla billionaire who reportedly earned over $1 billion in the last 24 hours, dethroned the CEO of LVMH Bernard Arnault who is worth $187 billion, from the first position, after occupying the second spot for over six months.
A decline in the net worth of Arnault can be attributed to the loss of $11.2 billion, which he reportedly lost in one day. The stock blow is said to be the biggest the company has seen in over a year. According to Bloomberg, the stock’s fall caused the European Luxury sector to be slashed by roughly $30 billion.
Recall that Arnault surpassed Musk in December last year, after his wealth increased due to a boom in luxury goods sales that helped drive up LVMH’s, stock price. LVMH, one of the world’s biggest conglomerates, is home to brands including Louis Vuitton, Dior, and Celine.
Musk on the other hand, has enjoyed a meteoric rise up the world’s rich lists in recent years as the majority of his fortunes are directly linked to Tesla, his electric automaker company, which he owns about 13%.
Investors King understands that both Musk and Arnault have continued to be in head-to-head competition for some time now, as both billionaires have on several occasions displaced each other on the top global billionaire ranking.
Notably, Musk doesn’t seem to slow down in breaking new ground, after he made his first trip to the world’s second-largest economy, China, on Wednesday, in over three years.
Musk met with China’s industry minister Jin Zhuanglong and discussed the development of electric vehicles. In a statement on Tuesday, China’s foreign ministry said that Musk was willing to expand the car maker’s business in the country, which is Tesla’s biggest market after the US.
Bloomberg Finally Lists Abdulsamad Rabiu on Billionaire Index, Ranked 287th Richest Man
One of Nigeria’s richest entrepreneurs, investors and philanthropists, Abdulsamad Rabiu, has made it to Bloomberg Billionaire Index for the first time.
The global leading business platform ranked Rabiu as the 287th richest man alive and the second richest Nigerian after Alhaji Aliko Dangote with a $7.63 billion net worth.
In the last 24 hours, Rabiu lost $40 million to stock swing but has gained $1.16 billion in net worth year to date, according to the data available on Bloomberg.
Rabiu, 62, is the founder and chairman of BUA Group, a leading conglomerate based in Lagos, Nigeria. The group owns Bua Cement, Nigeria’s second-largest cement producer after Dangote Cement and had revenue of $847 million or N361 billion in the 2022 financial year.
Bua Group is also the proud owner of the largest pasta and flour plant, BUA Foods, listed on Nigeria’s exchange in 2022.
The majority of Rabiu’s fortune is derived from his stake in BUA Cement, the second-largest cement producer in Nigeria, according to the company website. He owns about 98% of the company directly and through three other companies, according to its 2023 first-quarter report and the 2022 annual report.
He also controls a 93% stake in BUA Foods, which owns the largest pasta and flour plant in Nigeria, according to the company’s 2023 first-quarter report and the 2022 annual report.
Other businesses within the BUA Group are not included in the valuation because requisite details are not known.
A liability is included based on an analysis of costs for acquisitions, insider transactions, taxes, market performance and charitable contributions.
Rabiu was born in 1960 in Kano, a city in northern Nigeria. His late father, Isyaku Rabiu, founded Isyaku Rabiu & Sons which spanned manufacturing, finance and real estate.
After studying Economics in Capital University in Ohio, he returned to Nigeria at the age of 24 and oversaw the family business.
Rabiu founded BUA Group in 1988, importing food, iron and steel. The company became a manufacturer of cement and sugar through series of mergers, including the acquisition of Cement Company of Nothern Nigeria (CCNN) in 2009.
BUA Cement began trading publicly in Nigeria in January 2020. BUA Foods went public two years later in January 2022.
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