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For this special holiday edition of AI Playground, I asked ChatGPT and Anthropic's powerful new Claude 4 chatbot for recommendations for my Tahitian trip. I'm on vacation with my wife and a group of friends to celebrate the birthday of one of our oldest friends, Theresa. We're staying in Moorea for about seven days. There are four couples ranging in age between roughly 50 and 60 years old. I requested suggestions such as activities during the day and evenings, along with restaurant and bar recommendations. Finally, I asked what would be the best event and location to celebrate Theresa's birthday.

Then, I asked Theresa and another friend, Lisa, to review the AI responses. My buddies had already spent a ton of time planning this vacation, so they immediately knew whether the chatbots had done a good job, or not. Here's what they thought:

Theresa, the birthday girl:

Both chatbots gave similar recommendations, such as a cultural tour, 4x4 rentals, a lagoon cruise plus snorkeling, and what I hadn't even thought about: a sunset cruise on my birthday. ChatGPT recommended three restaurants that we booked: Rudy's, Moorea Beach Cafe, and the Manava Polynesian show. Claude recommended one place we booked, Cocobeach. Both recommended Holy Steak House, but it's a 40-minute taxi ride from our hotel, which seems not worth it when there are so many other restaurants nearer. I preferred the ChatGPT format of a day-by-day itinerary. Claude's seemed like it was too heavily focused on marketing from the Cook's Bay hotel.

Lisa:

ChatGPT's answer was more comprehensive, listing a sample daily itinerary with pricing estimates and source/reference links. There was overlap, but ChatGPT offered more options and parsed its suggestions in an easy-to-read bullet format. The icons were a bit gimmicky, or maybe just overused. The response from Claude was easier to read, and I preferred its visual layout, but it proposed a smaller selection of activities, restaurants, and other things to do. Neither site mentioned scuba diving as a possibility, despite the fact that there's excellent diving around Moorea and many of us are doing this on the trip. (She gave ChatGPT 4.5 stars out of 5. Claude got 3.5 stars from her.)

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Big Tech just won big in the battle over data and copyright. The implications for business, publishing, and the future of the web are profound.

Two recent US court rulings, including one in favor of Anthropic's use of millions of books for AI training, have nudged the legal consensus closer to this reality: All content published online is now fair game. Companies such as Google, Meta, OpenAI, and Microsoft may never have to pay for the text, images, or video they ingest to power their AI tools.

This is a huge win for Big Tech and the new AI economy. But it could upend the web and the creators who keep it vibrant. If AI can repackage all digital knowledge in milliseconds, the value of the written word, and probably other content, plunges. For now, judges seem unpersuaded by the US Copyright Office's argument that this flood of new content undermines the market for the original material. For now, fair use appears to protect the AI giants.

Cloudflare, which runs one of the largest networks on the web, is pushing back with a new tool to make AI pay-per-crawl, shifting the paradigm from opt-out to opt-in. Publishers including The Atlantic, Ziff Davis, and Time are on board.

These rulings could drive a deeper shift. Now that the content-scraping shackles are off, creators may rethink how and where they share knowledge online. Bloomberg keeps its news stories inside the Terminal. Tech blogger Ben Thompson uses newsletters and stays firmly behind a paywall. And Microsoft's new "Signal" magazine? Print-only.

In a world where AI bots roam freely, the most valuable ideas may move offline or go dark. A new era of scarcity, privacy — and maybe even paper — may be just beginning.

• Beans are packed with nutrients, including fiber and protein.
• A new study suggests consuming one cup per day can also lower low-grade inflammation in the body.
• Here are the recipes participants used to get it done.

Beans, beans, the magical fruit. The more you eat, the more you … can cut down on dangerous, chronic low-grade inflammation.

Researchers at Illinois Institute of Technology recently discovered just how much black beans can help lower inflammation in a remarkable trial.

They gave roughly two dozen people with prediabetes a three-month supply of canned beans. The directions were simple: incorporate one cup of black beans into your diet, every single day for 12 weeks. (In a control group, participants ate white rice instead).

Some people mixed their beans into soups, others topped their salads with black beans. Each person in the bean-eating group just had to ensure they were eating a cup per day.

It's something that people living in the longevity Blue Zones around the world already do automatically, through force of habit. With this study, there's fresh evidence that their technique can help anybody who is at risk of developing chronic diseases improve their health and longevity.

Black beans owe their dark, deep hue to plant chemicals that may also help fend off inflammation

In this small study, eating black beans had a big impact on people's levels of a protein called interleukin-6 (IL-6) which is a key marker of inflammation. During the course of the study, black bean eaters reduced their average IL-6 levels from 2.57 picograms per milliliter to 1.88, a significant decrease.

Lead researcher Indika Edirisinghe, a professor of food science and nutrition at IIT, says he suspects a big part of the reason why black beans are so great at lowering chronic, low-grade inflammation has to do with the chemicals that give them their rich, deep black coloring.

"They have something called polyphenolic compounds," Edirisinghe told Business Insider. "The polyphenolic compounds are bioactive, and they have antioxidant and anti-inflammatory activity."

Just in case participants were stumped on how to start incorporating more black beans into each day, they were given a lifeline: Edirisinghe and his team offered participants several mouthwatering bean recipes, including one for black bean brownies, a chicken and black bean chili, a bean "caviar" snack dip, and a colorful bean salad in a jar.

"There's no rocket science," Edirisinghe said. "It's very simple, and there's a great opportunity here to become healthy."

Here are 4 of the easy — and tasty — black bean recipes patients used during the study

Taco salad in a jar

Ingredients:

• 1 15-oz. can of black beans, rinsed and warmed up
• 1 lb. ground turkey
• 2 cups of frozen corn, thawed and warmed up
• 1 head of romaine, chopped
• 1 cup of shredded pepperjack cheese
• 1 cup of diced tomatoes
• 1 tbsp. taco seasoning
• 2 tbsp. extra virgin olive oil
• Salt

Directions:

1. In a large skillet, heat the olive oil over medium-high heat
2. Add the turkey and season with taco seasoning and salt
3. Cook the turkey, breaking it up with a spoon or spatula, until it is golden and cooked through, about eight to 10 minutes. Then set it aside for five minutes to let it cool.
4. Using six mason jars, layer the turkey, then black beans, corn, romaine, cheese, and tomatoes
5. Refrigerate until ready to eat. (Makes a great lunch!)

Black bean brownies

Ingredients:

• 1 15-oz. can of black beans, drained and rinsed
• 1/2 cup of oats
• 1/2 tsp. baking powder
• 2 tbsp. cacao powder
• 1/4 tsp. salt
• 1/2 cup maple syrup
• 1/4 cup coconut oil
• 2 tsp. vanilla extract
• 1/3 cup chocolate chips, plus extra for topping

Directions:

1. Preheat your oven to 350F
2. Combine all the ingredients except the chocolate chips in a food processor, and blend until very smooth. (If you don't have a food processor, a blender can work, but the consistency won't be as smooth.)
3. Stir in the chips
4. Pour into a well greased 8x8 pan
5. Sprinkle extra chips on top, if you like
6. Cook brownies for 15 to 18 minutes
7. Let cool for at least 10 minutes before cutting
8. If they still look somewhat undercooked, put them in the fridge for an hour to firm up

Chicken, quinoa, and black bean chili verde

Ingredients:

• 1 15-oz. can of black beans, rinsed
• 1 rotisserie chicken, shredded
• 6 cups of chicken broth
• 1 cup of quinoa
• 1 16-oz. jar of salsa verde
• 3 cloves of garlic, minced
• 1 large onion, diced
• 1 tbsp. of canola oil
• 1 tbsp. of ground cumin
• Salt
• Sour cream and cilantro, for serving

Directions:

1. In a large pot over medium heat, heat up the oil
2. Cook the onion and garlic until tender, about six minutes
3. Add the cumin, and season with salt
4. Add the beans, chicken, and salsa verde and stir until combined
5. Add 5 cups of the chicken broth and quinoa and bring to a boil
6. Reduce the heat and let it simmer until the quinoa is tender, about 20 minutes
7. If the quinoa absorbs most of the liquid, add the extra cup of chicken broth
8. Serve with sour cream and cilantro

Cowboy caviar

Ingredients:

• 1 cup of black beans
• 1 cup of corn
• 1 cup of cherry tomatoes, quartered
• 1 small red onion, finely chopped
• 2 orange bell peppers, chopped
• 1 avocado, chopped
• 1 tsp. salt
• 1/2 tsp. cumin
• 1/3 cup of lime juice
• 1/3 cups of extra virgin olive oil
• 3 tbsp. of chopped fresh cilantro
• 1 tbsp. of hot sauce
• Tortilla chips for serving

Directions:

1. In a small bowl, combine the olive oil, lime juice, cilantro, hot sauce, cumin, and salt
2. In a large bowl, combing the remaining ingredients, except the chips
3. Pour the dressing from the small bowl into the large bowl and toss until well combined
4. Serve it up with the chips

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Good morning. Happy 249th birthday, America — not that we're counting! — with warm regards from London.

As the BI Today team is off for the holiday, I'm bringing you an abbreviated version of the newsletter.

In today's big story, why Fourth of July celebrations may be more muted than you're expecting — and why the situation next year could be even worse.

Also, don't forget to subscribe to BI's Defense Flash, your new weekly guide to the latest in warfare innovation, defense tech, and more. Subscribe!

If this was forwarded to you, sign up here.

The big story

The surprise guests at your barbecue: tariffs

Could you imagine the Fourth of July without fireworks? Well, we aren't quite there yet, but you may be seeing fewer in the sky this evening.

That's because many Americans have discovered their sparklers now come with a surcharge. From fireworks to backyard barbecues, President Donald Trump's tariffs are threatening to rain on America's birthday parade.

The trade war with China has driven up the price of many of America's favorite pyrotechnics.

Meanwhile, higher tariffs, coupled with stubbornly high inflation and a historic low in the American cattle supply, have jacked up the price of everything from beef to ice cream.

Although I've never personally celebrated a Fourth of July (my lot was on the other side), those all strike me as crucial components for a quintessentially American celebration.

Northwestern University's Medill Spiegel Research Center, which tracks consumer behavior, predicts a 5% drop in Independence Day celebrations this year, largely thanks to those higher prices.

BI spoke with Americans who feel like they're being forced to scale back on parties this year — with one discovering that the tariffs will push them $2,000 over-budget.

Perhaps even more alarming is the impact the tariffs could have on next year's celebrations.

It'll mark the 250th birthday of the US — meaning Americans will likely do it big.

Demand for fireworks is expected to surge for the momentous anniversary, but due to long lead times (shipments from China are usually ordered a full year in advance) and uncertainty around where the China tariffs will end up, industry watchers say there's a real risk of significant product shortages and higher prices.

In other news

• Congress has passed Trump's 'Big Beautiful Bill.' Here are 4 ways it could impact your wallet.
• Trump's tax plan won't help Tesla, but 2 other EV companies got a stock boost.
• Diddy could get a 20-year prison sentence but the reality probably won't be anything close to that.
• The NCAA settlement is a big win for football players. For other athletes, the picture is murkier.
• This company is requiring employees take PTO this summer — and is offering some a $1,000 vacation stipend.
• 'I don't trust it, I don't like it': Lawmakers sound off on why they don't use AI.
• Robinhood is known for its meme-stock and crypto traders. Its CEO says users are embracing passive investing too.
• The CEO of a key SpaceX rival says customers are drawn to his company because it's 'even-keeled'.
• 'Love Island USA' star Elan's brother is running his Instagram. He told us he's 'not doing this for the clout.'

What's happening today

• Samsung Electronics issues Q2 pre-earnings guidance.

• Nathan's Famous Fourth of July Hot Dog Eating Contest.

  ---

  Hallam Bullock, senior editor, in London. Grace Lett, editor, in New York. Akin Oyedele, deputy editor, in New York. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave).

• I upgraded to Eurostar Plus for an extra $34 on a work trip to Paris.
• It wasn't as luxurious as premium economy, and the meal was mediocre.
• But cheap upgrades are frequent, and the extra space is ideal for a solo traveller.

I might be an aviation reporter, but I always prefer taking the Eurostar over a flight to Paris.

Security is much more efficient, and the journey times aren't too different, given that the train stations are in the city centers.

On a work trip from London to the French capital last month, to report from the Paris Air Show, I had the opportunity to upgrade to Eurostar Plus.

Business Insider paid $130 for this journey, only $34 more than the standard class on the same train.

I definitely preferred the extra legroom and having no seat next to me. However, the mediocre meal and lack of lounge access assured me that I wouldn't go out of my way to upgrade.

While the top class, Eurostar Premier, offers lounge access and better food, prices are typically above $300.

Compared to an airline, I'd say Eurostar Plus isn't quite as luxurious as flying premium economy. I think I felt more benefits as a solo traveler, so I would only look to upgrade again for a similarly good price.

It isn't that rare to see Eurostar Plus offered at a small upgrade from standard.

The online booking process was straightforward, without any of the pop-ups or add-ons you find with a budget airline.

Each passenger is allowed two pieces of luggage plus one piece of hand luggage. Eurostar Premier allows a third piece of luggage too.

I found the journey, 2 hours and 15 minutes long, less stressful than flying.

A flight between London Heathrow and Paris Charles de Gaulle takes about 1 hour and 20 minutes. But there's a further commute to the airports than to the train stations, plus a longer wait at security, not to mention the lack of a chance to take in views of the English and French scenery.

Going under the Channel Tunnel is entertaining too.

On the one hand, it's just like a regular tunnel, albeit 31 miles long. However, the Channel Tunnel is a remarkable feat of engineering.

It took six years before it opened in 1994, with boring machines starting from either side, meeting underneath the sea.

I arrived just over an hour before departure, and found checking in to be smooth and efficient.

I last took the Eurostar from London St. Pancras station almost exactly two years earlier, for the previous Paris Air Show. Back then, the lines were enormous and snaked through the concourse, but this time I barely had to queue.

Unlike the French side, I didn't have to remove my laptop from my bag, which made security quicker. Neither station requires you to remove liquids, like most airports.

Boarding began after a short wait, and I was impressed to see a staff member guarding a velvet rope by the Eurostar Plus car at the back of the train.

He checked off my name on an iPad, directed me toward my seat, and the nearest luggage rack — a small touch of luxury which elevated the experience.

For me, the biggest highlight was the seat itself.

The Eurostar Plus car is arranged in a 1-2 layout rather than the usual 2-2. Since I was traveling by myself, this was ideal as it gave me much more space and privacy than usual.

Unlike most airlines, you don't need to pay extra to choose your seat.

However, many of them have a limited window view, so it helps to book well in advance.

There were plenty of accessories that added to the comfort, too.

On the left, you can see a flip-down cup holder and a small light. There was another reading light to my left by the window, two seatback pockets, and a small mirror at the top.

Plus, there was more legroom and the ability to recline.

The seat reclined within its shell, which meant I didn't have to worry about irritating the passenger behind me.

However, I found the meal to be underwhelming.

Two staff members came down the aisle with a trolley, with a vegetarian or a meat option. I went for the chicken with chickpeas, peppers, and broccoli.

Dessert was a small popcorn and chocolate affair, and I found the chocolate was almost too rich.

I would've preferred a hot meal, like what's available in Eurostar Premier. Also, I was a bit surprised that I was only given a 150ml (5 fl oz) can of Coca-Cola.

I didn't have huge expectations, but the service wasn't as good as premium economy on a flight.

Still, it was a benefit that I didn't have to get up from my seat. Although I did miss the fun experience of walking to and ordering from the onboard café.

Shortly after, everyone was offered tea or coffee, and the service ended less than an hour after departure.

From then on, I enjoyed the comforts of my seat, reclining and taking in the views of the French countryside.

The benefits of Eurostar Plus became clearer on my return journey in the standard class.

My economy seat still had a footrest, but it was harder to use, with less space and no recline.

Having somebody sit next to me also felt a bit claustrophobic, especially on a hot summer day where temperatures exceeded 90 degrees.

The table was also a bit smaller, but I was still able to relax better on the train than on a plane.

I bought a soda in the waiting area before boarding. After a busy week of work, I spent most of the journey back to London reading a novel.

Overall, I'd always recommend the Eurostar over a plane, and to keep your eye out for a cheap upgrade.

If there's a conveniently timed train where Eurostar Plus is just a few extra bucks, it's worth booking it, especially if you're on your own. The free meal may also mean you save a bit of money.

Although if I were traveling in a couple or as a family, I think the benefits of space would feel less valuable.

As well as Paris, you can also take the Eurostar from London to Brussels and Amsterdam.

• President Franklin D. Roosevelt maintained a lifelong connection with Springwood, his family home.
• He was raised at the property in Hyde Park, New York, and hosted dignitaries there as president.
• Measuring about 21,000 square feet, Springwood has 49 rooms and eight bathrooms.

President Franklin D. Roosevelt's estate in Hyde Park, New York, is the only place in the US where a president was born, maintained a connection throughout his life, and is buried, according to the National Park Service.

Widely regarded as one of the most influential US presidents, Roosevelt was elected in 1932 and led the country through the Great Depression and World War II. Known for expansive government programs such as the New Deal, he died in office while serving an unprecedented fourth term in 1945.

Roosevelt's 21,000-square-foot family home, an Italianate-style villa known as Springwood, is open to the public as part of the Franklin D. Roosevelt Presidential Library and Museum in Hyde Park. Everything inside is original to the home.

I visited Springwood in June 2024. Take a look inside the historic site.

President Franklin D. Roosevelt's home, known as Springwood, is in Hyde Park, New York.

The Vanderbilt family's 45,000-square-foot Gilded Age mansion is also in Hyde Park, which is about 95 miles from New York City.

It's located on the grounds of the Franklin D. Roosevelt Presidential Library and Museum.

The National Park Service operates both the Franklin D. Roosevelt Presidential Library and Museum and the Home of Franklin D. Roosevelt National Historic Site, while the National Archives manages the library's collections.

The National Park Service offers 40-minute guided tours of Springwood from May through October. Tickets cost $15 each and are sold in person on a first-come, first-serve basis.

As I began my walk to Springwood, I passed bronze statues of Roosevelt and his wife, Eleanor Roosevelt.

The statues were modeled after a 1933 photograph of the Roosevelts at their Hyde Park home.

A park ranger told me to follow the sign for the stables to reach Roosevelt's home.

Further along the path, I began to see signs for Springwood, which is located next to the stables.

The stables still featured the names of the Roosevelt family's horses.

Roosevelt was an avid equestrian and continued riding even after his legs became paralyzed due to polio.

The tour started outside Springwood as a park ranger spoke about the history of the home and the Roosevelt family.

Roosevelt's father, James Roosevelt, was a Harvard-educated lawyer who earned his fortune as a businessman for various railroad and coal companies. He purchased the original farmhouse on the property in 1867 and named it "Springwood."

In 1915, Roosevelt and Eleanor added two stone wings and most of the third floor to make more room for their six children.

The guide also pointed out a front portico that resembled the South Portico of the White House.

"Perhaps a little political foreshadowing?" he said.

The Entrance Hall was decorated with prints from Roosevelt's naval collection and editorial cartoons from the 18th century.

Roosevelt served as assistant secretary of the Navy under President Woodrow Wilson. His fondness for Navy ships was evident in the decor throughout Springwood.

The Entrance Hall also featured Roosevelt's boyhood bird collection and a bronze statue of him at age 29.

As a child, Roosevelt collected birds and had them stuffed in order to study them up close.

The bronze statue depicts Roosevelt in 1911 when he was serving his first term in the New York State Senate.

In the Dining Room, Roosevelt sat at the head of the table in the seat pulled out on the left.

The small round table in the back of the room was the kids' table.

After dinner, guests would move to the Dresden Room, which functioned as a sitting room.

The room is named for the Dresden chandelier and sconces that Roosevelt's father brought back from Dresden, Germany.

A foldable ramp made the stairs leading into the Library accessible for Roosevelt's wheelchair.

At 39 years old, Roosevelt was diagnosed with polio and became paralyzed from the waist down. He didn't want people to know that he used a wheelchair, so the ramp could be folded up and hidden away when guests were present.

When Roosevelt took business meetings at Springwood, his aides positioned him in an armchair and put a stack of papers in his lap to give him a plausible reason not to stand when his guests arrived.

In the Library, Roosevelt met with world leaders and dignitaries.

Roosevelt's famous guests included King George VI and Queen Elizabeth (the Queen Mother), Prince Frederik and Princess Ingrid of Denmark, Prince Olav and Princess Martha of Norway, and Winston Churchill.

The room also featured a portrait of Roosevelt painted by Ellen Emmet Rand.

Roosevelt sat for the portrait after he was elected to his first term as president in 1932.

The tour continued upstairs with the Pink Room, which functioned as a guest room.

King George VI and Winston Churchill slept in this room during their visits to Hyde Park.

Another guest room was used by his political advisors.

Louis Howe and Harry Hopkins, two of Roosevelt's close political advisors, stayed in this room.

The Chintz Room was also used as a guest room for important visitors.

Queen Wilhelmina of the Netherlands, Russian pianist Madam Knavage, and Queen Elizabeth, the Queen Mother, stayed in the Chintz Room during their time at Springwood.

Roosevelt was born in the Blue Room on January 30, 1882.

His father, James Roosevelt, wrote in his diary on the night of Roosevelt's birth that he was a "splendid, large baby boy" who weighed 10 pounds. Everything in the Blue Room is original, including the mattress Roosevelt was born on.

James and his wife, Sara Roosevelt, slept in the Blue Room. After James' death, Sara moved into another room down the hall when the home was renovated in 1915, bringing her furniture with her. The Blue Room was then redecorated and repurposed as a guest room.

Sara requested that the original furniture be moved back into the Blue Room after her death to restore it to the way it looked when Roosevelt was born.

Growing up, Roosevelt slept in this bedroom until he married Eleanor in 1905.

When the Roosevelts had children of their own, the oldest son living at home slept here.

The hallway leading to the primary bedrooms included a unique piece of decor: a mirror mounted on a 45-degree angle.

The Secret Service used the mirror to monitor activity down the hall and around the front of the house.

Roosevelt's mother, Sara Roosevelt, slept in a bedroom at the end of the hall.

Roosevelt's father, James, died in 1900, while Sara lived for another 41 years. She moved from the Blue Room into this room after the home's 1915 renovation.

Eleanor moved into a smaller bedroom connected to Roosevelt's room after he became sick with polio.

The space was originally intended to be a morning room.

After Roosevelt's death in 1945, Eleanor moved to Val-Kill, a cottage she built with friends Nancy Cook and Marion Dickerman. Located around 2.5 miles from Springwood, the property is now known as the Eleanor Roosevelt National Historic Site.

Roosevelt's bedroom windows featured views of the Hudson River.

Roosevelt would often spend early mornings in his room reading the paper or meeting with one of his secretaries.

Beside his bed, a designated phone provided a direct, secure line to the White House.

Having direct communication with Washington was state-of-the-art technology at the time, and proved crucial as his health began to fail towards the end of his life.

Our tour guide ended his presentation with a surprising detail: the clothes hanging in Roosevelt's bedroom closet.

"The clothes that are in that room on display, FDR handpicked for you to see," our guide said. "He knew you were coming."

Eleanor turned Springwood over to the National Park Service in 1945, shortly after Roosevelt's death, and spoke at its dedication as a national historic site in 1946.

"I think Franklin realized that the historic library, the house, and the peaceful resting place behind the high hedge with flowers blooming around it would perhaps mean something to the people of the United States," she said at the event, author Olin Dows wrote in his 1949 book, "Franklin Roosevelt at Hyde Park," according to the National Park Service. "They would understand the rest and peace and strength which he had gained here and perhaps learn to come, and go away with some sense of healing and courage themselves."

As I exited Springwood through the south lawn, I was greeted by stunning views of the Hudson Valley.

Roosevelt planted many of the trees on the property as part of his forestry experiments and conservation efforts.

Visitors could also pay their respects at the Roosevelts' burial site in Springwood's rose garden.

Roosevelt wrote that he wanted to be buried where the sundial stood in the rose garden on his Hyde Park estate, according to the National Park Service.

Roosevelt's legacy lives on in his presidential library and museum, the construction of which he oversaw himself.

The Franklin D. Roosevelt Presidential Library and Museum was dedicated in 1941.

He was the first US president to establish a library to house papers and artifacts from his political career, a model that every president since has followed.

When I visited my first presidential library, the Jimmy Carter Presidential Library and Museum in Atlanta, I bought a passport to fill with stamps from all 15 presidential libraries nationwide. I was delighted to find a desk with stamps to add to my booklet just outside the gift shop.

Springwood remains a meaningful historical site memorializing one of America's most prominent presidents.

Nearly 10,000 people visited Springwood on the first day it was open to the public in 1946, and they haven't stopped visiting since.

• Bloomberg recalculated Bill Gates' net worth on Thursday to reflect recent philanthropic giving.
• The change lowered his net worth by 30%, sending him seven places down Bloomberg's rich list.
• Gates now sits in 12th place, behind his former assistant, Steve Ballmer, in fifth.

Bill Gates lost about $52 billion or 30% of his wealth on Thursday. But don't feel bad — his net worth was simply recalculated to reflect the Microsoft cofounder's charitable giving.

The recalculation shrank Gates' fortune from over $175 billion to $124 billion, sending him from fifth place to 12th on the Bloomberg Billionaires Index. His former assistant and successor as Microsoft's CEO, Steve Ballmer, replaced him in the fifth spot with a $172 billion net worth as of Thursday's close.

Gates also trails Alphabet cofounders Larry Page and Sergey Brin, Nvidia CEO Jensen Huang, and longtime friend and Berkshire Hathaway CEO Warren Buffett in the rankings.

Bloomberg says that it lowered the appreciation rates used in calculating his wealth to "better reflect Gates' outside charitable giving and the wealth estimate" that Gates provided in a blog post in May.

In that blog, Gates pegged his fortune at $108 billion and pledged to give away virtually all his money through the Gates Foundation over the next 20 years. He estimated the organization would spend more than $200 billion before closing at the end of 2045.

According to the Gates Foundation website, Gates and his ex-wife, Melinda French Gates, have gifted a total of $60 billion to the organization as of December's close, and Buffett has donated $43 billion.

Gates owns around 1% of Microsoft and has received upward of $60 billion in stocks and dividends from the company, according to his Bloomberg page. Most of his fortune is now housed within Cascade Investment, a holding company that invests in assets from real estate and energy to private and public companies.

Ballmer's loyalty paid off

It's striking that Ballmer is now richer than Gates, given that employees are usually worth much less than successful founders.

He's an exception in part because, when he joined Microsoft in 1980 as an assistant to the president, he agreed to a $50,000 base salary plus 10% of the profit growth he generated, but his compensation became so high that the company offered a sizable equity stake instead.

Ballmer succeeded Gates as CEO in 2000 and stepped down in 2014 with a 4% stake in Microsoft. He now owns the Los Angeles Clippers.

Microsoft stock has soared more than 10-fold over the past decade to nearly $500 a share, making it the world's second-most valuable company, after Nvidia, with a $3.7 trillion market cap.

Ballmer recently told the "Acquired" podcast that Buffett's late business partner, Charlie Munger, asked him publicly why he held on to his Microsoft stock while the company's two cofounders, Gates and Paul Allen, diversified their investments much more.

"Steve, I'm wondering why you held onto your Microsoft stock when your partners over there didn't," Ballmer recalled the famously frank Munger saying. "I know you're not that smart."

"No, Charlie, but I'm that loyal," Ballmer replied.

• The average American needs to spend 44.6% of their income to afford a median-priced home.
• Only three major metro areas are affordable for median earners without topping 30% of their income.
• As homebuying costs outpace salaries, Americans will have to stretch their pockets to buy a home.

Buying a home this year? You'll be spending an even bigger chunk of your paycheck.

Data from Realtor.com shows that the median-priced home in May was $440,000. To afford a home at that price, the company found the typical American household would need to spend 44.6% of its income, far above the 30% that experts generally recommend for housing costs.

(Realtor.com based its income calculation on a scenario in which a buyer purchases a median-priced home ($440,000 as of May) in the US with a 20% down payment, has a 6.82% mortgage rate, based on Freddie Mac's May 2025 average, and has an annual tax and insurance rate of 1.72%.)

That 30% rule, which the Department of Housing and Urban Development suggested starting back in the 1980s, exists for a reason: It ensures households have enough room in their budgets for essential living expenses like groceries, utilities, childcare, and life's inevitable surprises, such as medical bills or car repairs.

But with today's high housing costs and sluggish income growth, that benchmark is no longer a realistic expectation for many households.

"Home prices have leveled off, but remain near historic peaks in much of the country," Hannah Jones, a senior economic research analyst with Realtor.com, told Business Insider. "Mortgage rates have hovered between 6.5% and 7% since last fall. Altogether, this means that for many households, buying a home today would be a stretch financially."

Especially since "home prices have accelerated faster than wages over the last 5-plus years," Jones added.

Many Americans aren't convinced that buying a home is smart

In 2023, the most recent year with available US Census data, median household income rose to $80,610 — the first annual increase since 2019, before the COVID-19 pandemic. According to Census data, the national median home price surged by 33% since the first quarter of 2019.

While home prices have begun to fall in some US cities, many Americans still aren't convinced that buying a home is a smart decision.

In June, Fannie Mae — which backs the majority of mortgages originated in the US — released its monthly housing survey, which polls 1,000 Americans, older than 18, each month on their views about renting, home buying, household finances, and the broader economy. May results showed that 74% said it was a bad time to buy.

You may especially feel that way if you live in coastal cities like Los Angeles, New York, and Boston. These cities already have the reputation of being expensive, but if you're making the median salary or lower, buying a home there will deeply cut into your take-home pay, according to Realtor.com. Data from the company shows that metro areas for those cities require a 104.5%, 66.9%, and 64.3% share of your income, respectively.

As for cities where you can budget more effectively, they're all closer to the middle of the map.

"The Midwest is the most affordable region in the country, and is the only region with large metros where the typical household can afford to buy the typical home," Jones said.

Only three of the top 50 metros made the cut:

• In May, the St. Louis metropolitan area's median list price was $299,900, which required only a 30% share of income to afford;
• Detroit's metro required a share of 29.8%;
• Pittsburgh was the most affordable. It only required a 27.4% share of income.