Welcome to Finance Insider, Business Insider's summary of the top stories of the past 24 hours. Jeff Bezos is now the world's richest person. A surge in Amazon stock on Thursday morning increased his net worth by $1.1 billion, officially moving him ahead of Bill Gates. Here's how he got there, and here's what he could do with his money. Elsewhere in tech, Facebook blew past Wall Street's expectations in its second-quarter earnings. Here's what you need to know: In other tech news, Twitter didn't add any new users last quarter, and the stock is diving. Slack just got a $5 billion valuation in a mega funding round led by SoftBank and Accel. And Samsung is smashing it with record profits, despite a corruption scandal. Back in finance, global markets are too calm for Deutsche Bank. The corporate and investment banking division of Germany's largest lender posted a 10% slide in revenues in the second quarter to €6.6 billion. Also, 11 Deutsche Bank board members past and present just turned down bonuses of €38 million as "an act of solidarity." The Federal Reserve left its benchmark interest rate unchanged on Wednesday and said it planned to start shrinking its balance sheet "relatively soon." And Elizabeth Warren unloaded on Trump's pick to lead Fed bank regulation. Howard Marks, billionaire investor and founder of Oaktree Capital, published a memo for clients on Wednesday. Here are some snippets: Also, legendary strategist Byron Wien says the stock market is entering uncharted territory. And stock market fear just hit a record low. Lastly, here's what it's like to eat a 10-course meal at the farm-to-table mecca that's one of the best restaurants in the world. |
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