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11 billionaires who've won Oscars

Steven Spielberg and George Lucas at the 64th Academy Awards.
Directors Steven Spielberg and George Lucas are two of the billionaires who have won Oscars.

Frank Trapper/Corbis via Getty Images

  • These billionaires have been recognized for their film achievements at the Oscars.
  • Some are filmmakers behind commercially successful franchises.
  • Others are billionaires who have accumulated their wealth through other avenues.

When thinking about Oscar winners, NFL team owners and computer-science researchers might not immediately come to mind.

But some of these icons of their industries have joined other, more famously creative billionaires to accept Hollywood's highest honors.

Here are 11 billionaires who have won Academy Awards for movies, documentaries, and short films they've worked on as directors, producers, writers, executive producers, or in other capacities.

Steven Rales
Steven Rales attends the 91st Oscars - Oscar Week: Animated Features at the Academy of Motion Picture Arts and Sciences on February 23, 2019.
Rales has worked closely as a producer in Wes Anderson films since 2006.

Rodin Eckenroth/Getty Images

Estimated net worth: $8.3 billion, per Forbes

Rales, the chairman and cofounder of medical manufacturer Danaher, founded the film production company Indian Paintbrush in 2006 and has worked closely with director Wes Anderson ever since.

Rales also owns film distributors Janus Films and The Criterion Collection and has a 20% in the NBA Indiana Pacers.

He won the best live-action short film award in 2024 with Anderson's "The Wonderful Story of Henry Sugar," which he produced.

Jeffrey Lurie
Jeffrey Lurie.
The Philadelphia Eagles owner has won three Oscars.

Brooke Sutton/Contributor/Getty Images

Estimated net worth: $5.3 billion, per Forbes

The Boston businessman purchased the Philadelphia Eagles for $185 million in 1994 and has won two Super Bowls since. But Lurie has a background in film, and has produced and executive-produced more than a dozen movies.

His grandfather founded the General Cinema movie-theater chain, which operated 1,500 screens at its peak in 1991 before it was acquired by AMC in the early 2000s.

Lurie has won three Oscars for best documentary as executive producer of "Inside Job" in 2011, "Inocente" in 2013, and "Summer of Soul" in 2022.

Steven Spielberg
Steven Spielberg at the Oscars.
The filmmaker is regarded as the most commercially successful film director of all time.

Amy Sussman/WireImage

Estimated net worth: $5.3 billion, per Forbes

The film director and producer has worked on some of the most successful films of the past 30 years, directing films like "Jurassic Park," "Jaws," and "E.T. the Extra-Terrestrial."

He's regarded as the most commercially successful film director of all time and a pioneer of the modern blockbuster, with his films amassing a box-office total of over $10.7 billion over 37 films, as reported by The Numbers.

He won the Oscar for best director in 1999 with "Saving Private Ryan" and in 1994 with "Schindler's List," which also won best picture that year.

Jeff Skoll
Jeff Skoll, Ricky Strauss, Davis Guggenheim, winner Best Documentary Feature for "An Inconvenient Truth" and Lawrence Bender during The 79th Annual Academy Awards
The former eBay president (left) has executive produced two best picture award-winning films.

Jeff Vespa/WireImage

Estimated net worth: $5.2 billion

Skoll, who was eBay's first president from 1996 to 1998, founded film production company Participant Media in 2004 to create films that increased awareness of social issues.

He won best picture as executive producer of "Spotlight" in 2016 and "Green Book" in 2019.

In total, Participant Media has won 21 Academy Awards over 86 nominations, including best international film for "Roma."

George Lucas
George Lucas holds Irving G. Thalberg Memorial Award at the 64th Annual Academy Awards
The Lucasfilm founder sold his production company to Disney in 2012.

Frank Trapper/Corbis via Getty Images

Estimated net worth: $5.2 billion, per Forbes

The creator of the "Star Wars" and "Indiana Jones" franchises founded the film production company Lucasfilm in 1971 and sold it to Disney for $4 billion in 2012.

In 1992, he won the Oscars' Irving G. Thalberg Award, which awards "creative producers whose bodies of work reflect a consistently high quality of motion picture production." He was also nominated for best director and best original screenplay for "American Graffiti" and "Star Wars" in 1973 and 1977, respectively.

Oprah Winfrey
Oprah Winfrey speaks onstage during the 87th Annual Academy Awards at Dolby Theatre on February 22, 2015 in Hollywood, California.
The media mogul was nominated for best supporting actress in 1985 and won an honorary award in 2011.

Kevin Winter/Getty Images

Estimated net worth: $3 billion, per Forbes

The TV host and media mogul has been often regarded as the most powerful woman in media and was once the world's only Black billionaire.

She won the Oscars' Jean Hersholt Humanitarian Award, which recognizes "outstanding contributions to humanitarian causes" in 2011. She was also nominated for best supporting actress in 1985 for "The Color Purple."

Pat Hanrahan
Pat Hanrahan arrives at the Academy Of Motion Picture Arts And Sciences' Scientific And Technical Awards Ceremony at Beverly Hills Hotel on February 15, 2014.
Pat Hanrahan has won multiple Academy Awards.

Valerie Macon/Getty Images

Estimated net worth: $2.3 billion, per Forbes

The computer graphics researcher, founding Pixar Animation Studio employee, and computer-science and electrical-engineering professor at Stanford University has worked on groundbreaking animation software that led to films like "Toy Story."

He won a scientific and engineering Academy Award in 1993 and two technical achievement Oscars in 2004 and 2014.

Steve Tisch
"Forrest Gump" producers Steve Starkey, Wendy Finerman, and Steve Tisch at the Shrine Auditorium in Los Angeles, California
The New York Giants co-owner (right) has produced over 40 films, including "Forrest Gump."

Jim Smeal/Ron Galella Collection via Getty Images

Estimated net worth: $1.6 billion, per Forbes

The chairman, co-owner, and executive vice president of the New York Giants has produced over 40 films and has worked closely with Columbia and Sony Pictures.

He won the Oscar for best picture in 1995 with "Forrest Gump."

Peter Jackson
Peter Jackson, winner of Best Director for "The Lord of the Rings: The Return of the King"
The "Lord of the Rings" and "Hobbit" creator has amassed over $6.5 billion at the box office.

Albert L. Ortega/WireImage

Estimated net worth: $1.5 billion, per Forbes

The "Lord of The Rings" and "Hobbit" filmmaker has written, directed, and worked on over 20 films and is the fifth highest-grossing director of all time, with his films surpassing $6.5 billion at the box office, per The Numbers rankings.

In 2004, he won Oscars for best director, best adapted screenplay, and best picture for "The Lord of the Rings: The Return of the King."

Tyler Perry
Tyler Perry holding his Oscar statue.
The Madea creator has an estimated net worth of $1.4 billion.

ABC via Getty Images

Estimated net worth: $1.4 billion, per Forbes

The filmmaker and playwright created the Madea character in 1999 and founded his own production company, Tyler Perry Studios, in 2006. In 2019, he unveiled the new 330-acre studio grounds in Atlanta. His films have made over $765 million at the box office.

He received the Oscars' Jean Hersholt Humanitarian Award in 2021.

Richard Anthony Wolf
Dick Wolf attends Variety Power of Law presented by City National Bank.
The "Law & Order" producer won best short film as a producer for "Twin Towers" in 2003.

Araya Doheny/Variety via Getty Images

Estimated net worth: $1.2 billion, per Forbes

The film producer, best known for creating the "Law & Order" franchise, founded Wolf Entertainment in 1988. It has become one of the most prolific companies in the television business.

He won the Academy Award for best short film as a producer with "Twin Towers" in 2003.

Read the original article on Business Insider

A US Air Force general says more than just new fighters and bombers is needed to win the next war

A US Air Force F-22 Raptor flies above a blue and cloudy sky.
The Air Force can't just rely on reinventing its fleet for a future fight in highly contested environments.

US Air Force photo by Tech. Sgt. Natasha Stannard

  • Radically reinventing the Air Force won't win a future fight, its director for force design said.
  • The Air Force has been analyzing and wargaming what it'll need to defeat a top adversary.
  • The service is now prioritizing how to tailor systems for countering very specific threats.

New fighter jets or bombers won't be enough to win the next war, the US Air Force director for force design, integration, and wargaming said this week.

Instead, the service needs to focus on what specific threats top adversaries like China or Russia pose to Air Force operations to tailor solutions for defeating them.

At a Hudson Institute event on Wednesday, Maj. Gen. Joseph Kunkel, who oversees force design for the Air Force, talked about how the service is evolving its capabilities and strategies at what other leaders have described as a critical time.

Kunkel said that the Air Force has been on a decade-long journey to redesign and reinvent. That conversation started like this: "We probably just need to look at new fighters. We've always had fighters, so let's look at new fighters, and we've always had bombers, so let's look at new bombers."

The US military has fielded new fighters, such as the Boeing F-15EX Eagle II and the Lockheed Martin F-35 Lightning II Joint Strike Fighter, and new bombers, like the Northrop Grumman B-21 Raider.

But just upgrading to next-generation aircraft isn't enough to prepare the US Air Force and larger Joint Force for future warfare. "When we do the analysis," Kunkel said, "what we find is just reinventing the Air Force doesn't win."

Instead, he said, combat success is more about integrating capabilities and systems together, using autonomy and all-domain sensing, for example. "Those are things that we're finding as game-changers," Kunkel said, because they address specific challenges to the force.

US Air Force B-1B bombers, F-22 fighter jets, and South Korean Air Force F-35 fighter jets
US Air Force B-1B bombers, F-22 fighter jets, and South Korean Air Force F-35 fighter jets fly during a joint air drill at an undisclosed location in South Korea.

South Korean Defense Ministry via Getty Images

The problems facing the Air Force in a future fight could look similar to the fight in Ukraine today, where the skies are contested, with neither side being able to secure air superiority like what the US and its allies enjoyed in the Middle East.

American adversaries are fielding their own next-gen fighters, and air and missile defense systems are becoming increasingly sophisticated, demanding more from pilots. And there are also growing missile threats, both in Europe and the Indo-Pacific, to bases the service relies on to conduct air operations.

One of the Air Force's priorities in recent years has been Agile Combat Employment, which aims to boost survivability by having air assets operate from unconventional runways and outposts, thus complicating enemy targeting of US aircraft. Bases are fixed, but American adversaries can't target every piece of concrete, every road and highway.

ACE has been a major focus as China has been building an intimidating missile force that could overwhelm US airfields and airpower in a missile strike. The Air Force is now building on this thinking, looking to ideas that go beyond new aircraft.

Air Force Guam agile combat employment
US Air Force, US Marine Corps, Japan Air Self-Defense Force, and Royal Australian Air Force personnel participate in fueling operations during the Agile Combat Employment exercise at Andersen Air Force Base in Guam.

US Air Force/Master Sgt. JT May III

Kunkel said the Air Force's focus is on something it hadn't really done before: tailoring attributes for capabilities based on the threat. The first step, he said, is to define the threat and how it's impacting US Air Force operations.

When the Air Force understands how potential enemies can pressure both air and ground missions, then it can determine what capabilities it needs to counter specific threats and deliver more than just an upgraded aircraft. Instead, it brings a targeted response.

The Air Force has faced tough questions about generating readiness and maintaining overmatch in a time of great-power competition. And last year, the service announced widespread changes in its focuses, more specifically in how it trains its airmen and develops capabilities needed for various threats.

At the time, then-Air Force Secretary Frank Kendall said the service was "moving forward with a sense of urgency to ensure we are ready to deter and, if necessary, win."

Read the original article on Business Insider

Photos and videos show the 'Tesla takedown' protests that have sprung up in US cities

People holding posters to boycott Tesla in Seattle.
Hundreds gathered at entrances to the University Village shopping mall on February 22 in Seattle.

David Ryder/Getty Images

  • "Tesla Takedown" protests have happened in cities around the country in opposition to Elon Musk's DOGE work.
  • Protesters are calling for Tesla owners to sell their stock and cars. Some owners have seen their vehicles vandalized.
  • Tesla's stock price taken a hit this month and some shareholders told BI they want to sell their shares.

Criticism of Elon Musk has spilled out from the virtual walls of social networks and into the streets.

Demonstrators have gathered in cities around the US in recent days and weeks to participate in "Tesla Takedown" protests of varying sizes. Meanwhile, some Tesla owners have said they have faced insults or vandalism amid the Musk criticism.

Participants of the protests have called for a boycott of the EV giant in response to Musk's involvement with the Trump administration and DOGE's efforts to decrease the size of the federal workforce.

The "Tesla Takedown" effort started on BlueSky, a competitor to Musk's X platform, and now has a dedicated website. The site calls for Tesla owners to sell their vehicles and stock in an effort to "stop Musk now."

The website's organizer, "Bill & Ted" actor and filmmaker Alex Winter, wrote in a RollingStone op-ed that demonstrations have happened at over 100 Tesla showrooms and other locations.

Tesla owner and shareholder David Abrams told Business Insider he's heard about multiple protests but wasn't aware of the "takedown" effort specifically. Abrams said he added "Anti Elon Tesla Club" and "I Bought This Before Elon Went Crazy" stickers to his car window, and is hoping that's enough to keep it from getting vandalized.

"I absolutely want to sell my car and my shares," Abrams said, adding that he's waiting for the stock price to go up and would have sold his car already if it made financial sense.

While boycotts aren't always effective at materially impacting a company's bottom line, Wedbush analyst and Tesla bull Dan Ives wrote in a Monday note that Musk's role in DOGE had a "visible perceived downside impact" on the company's stock. Tesla's share price has dropped this week after figures showed a 45% year-over-year drop in Tesla sales in Europe last month amid Musk's vocal support of Germany's far-right AfD party.

Musk addressed some of the protests while speaking at CPAC last week, calling them "fake rallies" with "hardly any people" and saying the demonstrations didn't have "popular support."

Here's a closer look at some of the protests and anti-Tesla vandalism attempts that have taken place in recent weeks in the US.

Demonstrators gathered in Seattle on Saturday to protest against Musk and Tesla
Boycott Tesla sign on poster with Tesla logo behind
Demonstrators protesting against Elon Musk and electric car maker Tesla on February 22, 2025, in Seattle.

David Ryder/Getty Images

Protesters gathered at various entrances to the University Village shopping mall in Seattle, as well as outside the Tesla showroom at the mall. Some of the signs called to "boycott Tesla" and "defund Musk."

Protesters rallied in front of a Tesla dealership in Fort Lauderdale
Cybertruck riding past Tesla dealership
Protesters lined up on Fort Lauderdale Federal Highway in front of a Tesla dealership on Saturday.

Mike Stocker/South Florida Sun Sentinel

Demonstrators gathered in a line on Federal Highway in Fort Lauderdale in front of the Tesla dealership on Saturday to protest Musk and his work with DOGE. Over 200 people gathered outside of the dealership, local publication Sun Sentinel reported on February 22.

Multiple protests happened in San Francisco
Protestors Van Ness location California
Protesters outside Tesla's Van Ness location on February 17.

Lloyd Lee

The above image shows protesters gathered on February 17 outside Tesla's Van Ness location in San Francisco. Demonstrators chanted "No hate. No fear. Immigrants are welcome here."

Other protests have appeared outside Tesla showrooms on several occasions recently, some of which clipped posters to the glass doors.

Some of the protests have included stints with cardboard cutouts of Musk
Uncle Sam cutout burning in a Tesla
A protest in Arlington on February 25.

Anadolu/Anadolu via Getty Images

A demonstration outside a Tesla dealership in Virginia on February 25 included an elevated cardboard cutout of Uncle Sam burning in a Cybertruck. Next to the cutout, a woman held a sign with the words "Nobody elected Elon!"

Protesters gathered outside a Tesla dealership in New Jersey
@hollowayryan2025 🚨 They don’t want you to see this. 🚨 We protested outside Tesla Cherry Hill because we’re DONE letting billionaires like Elon Musk and Donald Trump buy our democracy. Musk is pushing Trump’s agenda while crushing workers’ rights and platforming extremists. And we’re supposed to just take it? NOPE. πŸ‘€ Comment β€œπŸ›‘β€ if you’re over it. Share this to keep the momentum going. #ProtestTesla #NoToElon #NoToTrump #BanTheBillionaires #Indivisible #WorkersOverWealth #RejectTheRight #TakeBackDemocracy ♬ original sound - HollowayRyan2025

Rebecca Holloway, who posted the video, told BI that "people are fed up with the unchecked power of the ultra-wealthy" and are responding in their own way.

"The Tesla Takedown movement is about holding powerful people accountable β€” whether it's Elon Musk normalizing extremism or billionaires using their influence to shape our economy and politics to benefit themselves," Holloway, who posted the video, told BI.

Efforts to convince people to sell their Teslas were also seen in New York
Windshield with paper that says sell your car
On February 25, a Tesla in Brooklyn was spotted with a piece of paper on the windshield that read, "Sell your car."

Graham Rapier

A "sell your car" leaflet with a photograph of Musk's widely criticized gesture during a January 20th event celebrating Trump's election was spotted in Brooklyn.

Demonstrators also gathered in the Meatpacking neighborhood of New York City, and close to 300 demonstrators showed up outside the city at a Mount Kisko Tesla showroom to protest, News 12 Westchester reported.

An anti-Tesla ad made its way to a bus stop in London

London Guerrilla Ad-fare: #Tesla the #Swasticar ... from 0 to 1939 in just 3 seconds #Musk pic.twitter.com/y96FiQ5g1Z

β€” Peter Speetjens (@PeterBeirut) February 24, 2025

An ad at a London bus stop went viral on social media for displaying Musk in a Tesla with the caption "goes from 0 to 1939 in 3 seconds."

Musk has responded to criticism of his January 20th gesture with jokes on X.

Some of the posters at protests refer to fascism, with posters at the Seattle protest labeled, "Make Nazis afraid again." Others say "Your Tesla paid for fascism."

Some Tesla owners have been subject to insults

Earlier today a group of people (elderly, at that) exited a BMW and as they walked past my Tesla, among other comments, called it a "Swastika car".

I also have seen several recent posts in San Diego of Teslas being randomly vandalized.

Since it appears fewer people than ideal… pic.twitter.com/lHHp6LDAYv

β€” Jed Bratt (@Jed_Bratt) February 26, 2025

"Look at yourself in the mirror and ask yourself how you can live with so much hate in your heart," Jed Bratt said in the post on X addressing Musk's critics.

At a Manhattan protest in Tesla's Meatpacking neighborhood, protesters shouted insults at Tesla vehicles, The Verge reported on Tuesday.

Some owners say their Teslas have been vandalized

One Tesla owner said he came back from a birthday dinner to writing on his car with an expletive aimed at Musk. While he was able to remove the writing, he said it still made him feel "violated" and want to get another truck.

@WholeMarsBlog @SawyerMerritt @Guylouis @elonmusk @Tesla_AI @realMeetKevin @Teslaconomics @Gfilche came back from my birthday dinner to this surprise. Sucks so bad when this happens to your truck even though it’s just a Permanent marker. Fortunately it came out with alcohol but… pic.twitter.com/GBpFsZKE0L

β€” DrT (@ariteymoorian) February 25, 2025

It's not the first time Teslas have been vandalized. In June, a 35-second video showing a fleet of Cybertrucks spray painted with expletives about Musk went viral.

Read the original article on Business Insider

Michelle Trachtenberg's friends and costars react to the 'Buffy' and 'Gossip Girl' star's sudden death at 39: 'I wish I could have helped'

Michelle Trachtenberg and Sarah Michelle Gellar
Michelle Trachtenberg played Sarah Michelle Gellar's sister on "Buffy the Vampire Slayer."

Frazer Harrison/Getty Images

  • Michelle Trachtenberg was found dead on Wednesday morning. She was 39.
  • She began her acting career as a child star and is best known for "Buffy" and "Harriet the Spy."
  • Trachtenberg's famous friends and former costars paid tribute to the actor.

After Michelle Trachtenberg's death on Wednesday morning, celebrities and fans are paying tribute.

The NYPD told Business Insider that Trachtenberg had been found dead in a luxury apartment in Manhattan near Central Park. No cause of death has been given, and authorities said they're not treating the death as suspicious.

Trachtenberg, who began acting in commercials at age 3, had a decadeslong career in Hollywood, appearing in memorable films like "Harriet the Spy" and "EuroTrip" and TV series like "Buffy the Vampire Slayer" and "Gossip Girl." As the news of her death spread, her famous friends and former costars shared their reactions and heartfelt messages online.

Rosie O'Donnell said she wished she could've helped Trachtenberg.
Rosie O'Donnell and Michelle Trachtenberg
Rosie O'Donnell costarred with Trachtenberg in the younger actor's film debut.

Evan Agostini/Liaison

In a statement to Us Weekly, O'Donnell, who played the beloved nanny of Trachtenberg's character in her 1996 film debut "Harriet the Spy," called the younger actor's death "heartbreaking."

"I loved her very much. She struggled the last few years. I wish I could have helped," O'Donnell told the publication.

Michelle Branch shared a photo of Trachtenberg with broken heart emojis.
Michelle Branch's tribute to Michelle Trachtenberg
Michelle Branch reacted to Trachtenberg's death.

Michelle Branch/Instagram

Branch was a musical guest star on the sixth season of "Buffy the Vampire Slayer."

Shawn Ashmore called Trachtenberg an incredible person.
Shawn Ashmore and Michelle Trachtenberg
Shawn Ashmore previously dated Trachtenberg.

J.Sciulli/WireImage

Ashmore and Trachtenberg dated in the 2000s. In his post about her death, he called it an "incredible loss."

"Incredibly sad to hear about Michelle's passing. She was an incredible person and I will always remember the years we spent together fondly," he wrote. "She was loving, quirky and would never pass up a law and order SVU marathon:) My condolences to her mother Lana and sister Irene!"

Ed Westwick shared a photo of Trachtenberg as her "Gossip Girl" character.
Ed Westwick's tribute to Michelle Trachtenberg
Ed Westwick starred with Trachtenberg on "Gossip Girl."

Ed Westwick/Instagram

Westwick played reformed bad boy Chuck Bass and Trachtenberg played fan-favorite antagonist Georgina Sparks throughout all six seasons of The CW teen drama "Gossip Girl."

"So sad to hear of the passing of @MichelleTrachtenberg," he wrote in his Instagram story. "Sending prayers."

David Boreanaz sent prayers to Trachtenberg's family.
David Boreanaz shares news of Michelle Trachtenberg's death
David Boreanaz and Trachtenberg both starred on "Buffy."

David Boreanaz/Instagram

Boreanaz played the vampire Angel, the longtime love interest of Buffy Summers on "Buffy the Vampire Slayer" and was a series regular on the first three seasons of the show before departing for his own spinoff.

Trachtenberg joined the series as Buffy's sister Dawn Summers in season five.

Kim Cattrall shared a throwback photo of her and Trachtenberg in "Ice Princess."
Michelle Trachtenberg and Kim Cattrall
Kim Cattrall was in the 2005 movie "Ice Princess" with Trachtenberg.

Andrew H. Walker/Getty Images

"Rest in peace sweet Michelle πŸ’”" Cattrall captioned the post.

Trachtenberg's "Buffy" costar James Marsters shared a heartfelt message.
Michelle Trachtenberg and James Marsters
James Marsters met Trachtenberg when she joined the cast of "Buffy" in 2000.

Kevin Winter/Getty Images

Marsters, who played Spike in "Buffy the Vampire Slayer," worked closely with Trachtenberg from the time she joined the series in 2000 as a young teen.

"My heart is heavy today. We have lost a beautiful soul. Michelle was fiercely intelligent, howlingly funny, and a very talented person," the actor wrote on Instagram. "She died much too young, and leaves behind scores of people who knew and loved her."

"My heart goes out to her family who are good people, and are suffering the greatest loss anyone could bear. I hope everyone can give them space to heal in this most difficult time. Godspeed Michelle. You are missed," Marsters added.

Read the original article on Business Insider

TJX CEO says Trump's tariffs are creating a 'textbook' buying opportunity

Accessories on display at TJ Maxx.
T.J. Maxx says it directly imports only a small percentage of products from China.

Danielle Bauter

  • TJX CEO Ernie Herrman says he's excited about the opportunity for businesses like his from tariffs.
  • "We've been to the movie before," he said of rising costs. "It's a different headline."
  • Herrman also pointed to several ways the off-price retailer is able to soften the impact of tariffs.

Tariffs are shaking up retail, but not all companies are looking at the changes in the same way.

For TJX, CEO Ernie Herrman says he's excited about the opportunity the new trade costs present for businesses like his.

"We've been to the movie before," he said of managing rising costs from inflation. "It's a different headline; it's just the same approach."

Speaking on a fourth-quarter earnings call Wednesday, Herrman said TJX β€” which owns brands like T.J. Maxx, Marshall's, Sierra, and Home Goods β€” directly imports only an extremely small percentage of its inventory from China.

As an off-price retailer, the company typically stocks up on merchandise that other retailers have already imported (and paid the relevant duties on) and could not sell themselves.

In other words, most new tariffs aren't coming directly from TJX's pockets. Meantime, higher prices could push US consumers to get even more cautions about paying full price for things β€” and as long as TJX can sell products for less than their traditional retail counterparts do, Hermann says the company will come out ahead.

"I'm excited about the sales and margin opportunity in this environment, because this is pretty much textbook situation coming up," he said.

In addition, Herrman noted that a large chunk of TJX's sales come from housewares and furnishings, which tend to be more exposed to Chinese tariffs.

To soften the impact of those β€” and to differentiate TJX's assortment from its competitorsβ€” Hermann said the company sources more of its home goods from Europe.

"It creates an umbrella of fashion and brand and quality that other home retailers don't do," he said. "Customers love that piece of our mix."

Read the original article on Business Insider

Republicans labeled BlackRock as 'woke.' Here's a brief history of how the firm has tried to shed that description.

Larry Fink
BlackRock CEO Larry Fink.

Associated Press

  • BlackRock removed DEI mentions from its annual report amid political pressure.
  • The asset manager has faced criticism from Republicans for being too "woke."
  • Here's how BlackRock has tried to distance itself from the themes it once championed.

Many big American companies have been quick to respond to President Donald Trump's pushback on DEI, but none of their steps carry more symbolic weight than a retreat by BlackRock, the world's largest asset manager.

An early advocate of diversity, equity, and inclusion, BlackRock has removed all mention of the strategy from its latest annual report. The asset manager and its CEO, Larry Fink, have over the years become targets for Republicans who claim the firm is too "woke."

What was the DEI section in the asset manager's last report has now been reframed as "connectivity and inclusivity" in the Tuesday filing. Last year, it said that it believed "a diverse workforce with an inclusive and connected culture is a commercial imperative and indispensable to its success."

This year it avoided mentioning the acronym or a diverse workforce, just "diverse perspectives."

When reached for comment, a BlackRock spokesman referred to the new paragraph in its annual report that said the firm's approach to "building a connected and inclusive culture is aligned with the firm's business priorities and long-term objectives. Delivering for the firm's clients requires attracting the best people from across the world.

"BlackRock is committed to creating an environment that supports top talent and fosters diverse perspectives to avoid groupthink."

BlackRock has also removed references to a three-pillar strategy, which included phrasing around cultivating a work environment where employees felt "seen, heard, valued, and respected."

The firm left out a section that previously broke down its US employees by gender and ethnicity. In its 2023 annual review, it introduced the statistics with a line saying that "BlackRock views transparency and measurement as critical to its strategy."

Companies have been quick to respond to President Donald Trump's executive order on "radical and wasteful" DEI programs, though a few big names such as JPMorgan Chase and Costco have reaffirmed their commitment to diversity initiatives.

Through his annual investor letters, Fink promoted stakeholder capitalism and environmental, social, and governance investing, becoming the unofficial corporate poster child for the movements. In the last few years, however, Fink has had to tone down his support for ESG and defend against the idea that the firm has an ideological agenda it's forcing on the many companies it invests in through its mutual funds and ETFs.

The firm also has critics on the political left. Climate activists have previously protested outside Fink's home and BlackRock's New York headquarters, calling for a divestment from fossil fuels.

"The only agenda we have is delivering for our clients," he said in 2023 LinkedIn post, which he drafted as a response to being called the "king of the woke industrial complex" in a Republican Party presidential candidate debate.

Here is a timeline of how BlackRock built and then knocked down its reputation as a social and environmental champion:

Read the original article on Business Insider

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