Category: Business

• OnlyFans offers creators a variety of options to earn money.
• Models can monetize through subscriptions, pay-per-view posts, or paywalled DMs, for example.
• Learn how OnlyFans creators make money and have built incomes of up to $9.6 million a year.

The subscription platform OnlyFans has become a lucrative service for creators to publish exclusive content, and it has boomed among adult entertainers.

We spoke with eight OnlyFans models about how much money they made in a year, and their answers ranged from $143,000 to $5.4 million.

Read more about exactly how much these eight OnlyFans creators earned and how they did it

Even higher than that was Bryce Adams, who made $9.6 million in a year, she told Business Insider.

"I have over 300 videos that I've made," she said at the time. "I like to have a lot of variety, and it's always something new, so I'm not just heading up the same thing."

Read about how Adams built her OnlyFans business to millions in yearly revenue

Adams isn't the only one pulling in major cash. According to the company's most recent tax filings, OnlyFans users spent over $5.6 billion on the platform in 2022, and there were over 3 million registered creators for almost 250 million fans.

Creators on OnlyFans can make money in a variety of ways:

• Subscriptions: In order to unlock content, users usually pay a monthly or annual fee. The creator keeps 80% of subscription revenue, while 20% goes to OnlyFans. Creators can establish different subscription tiers, and sometimes, they have accounts that can be accessed free of charge. (Read more about how creators set prices for their content.)
• Pay-per-view content: On their feeds, creators have the option to put additional content behind a paywall, which the users can purchase at an extra cost — usually photos or videos.
• Pay-per-view messages: OnlyFans offers a direct messaging feature for fans to chat with creators. Fans normally pay a per-message fee or flat fee to interact with the creator, and sometimes request personalized content in exchange for an additional payment. Some creators, overwhelmed with the amount of messages from subscribers, have relied on ghostwriters to respond. (Read Insider's investigation into a secretive firm offering ghostwriting services for OnlyFans creators.) Recently, some creators have also started using AI tools to help with their chatting needs. (Here are some of the ways adult creators have been experimenting with AI.)
• Tips: Subscribers to an OnlyFans page also have the option to send cash to creators in the form of a tip. For example, Amber Sweetheart, whose OnlyFans business is based on her personal connection with her fans, says she has subscribers who come back daily to interact with her and send her tips. (Read more about how Sweetheart built her OnlyFans business to $2.6 million.) Sweetheart is not the only one to capitalize on the users' need for a connection, as men turn to the platform to build friendships or find "virtual girlfriends." (Read more about how men are using OnlyFans for personal connection.)
• Promo "shoutouts": Creators rely on marketing tactics to get new customers, like buying and selling "shoutouts" from each other to advertise on OnlyFans and other social-media platforms. For some, selling promotional content has become a big business, and they even hire assistants to help manage the requests for "shoutouts." (Read more about the business of promo content and how much creators make from it.)
• Coaching: Some creators have built a significant part of their business on teaching others how to leverage OnlyFans to make a sustainable income.
• Livestreaming: Going live can be a good way for creators to build deeper connections with their fans. Livestreams can be free for subscribers, or accessible for an additional fee. Some creators rely heavily on livestreaming for their income.

How much money OnlyFans models make

Creators on OnlyFans don't generally earn money from a single income stream — they often take advantage of the various monetization options the platform offers, as well as making money off-platform.

• Here's how much seven adult content creators charge for different kinds of content on OnlyFans, and how they determined their pricing strategies.
• Here's how much money eight OnlyFans creators make in a year, and the top ways they earn money, from subscriptions to messaging.

How much OnlyFans creators with fewer than 10,000 fans earn:

• Belle Grace, a British creator, has around 2,400 subscribers. She shared the exact schedule that made her six figures on OnlyFans and allowed her to buy a house.
• Audrey Aura has about 3,000 subscribers. She shared how much she made in a year and broke down her various income streams.

How much OnlyFans creators that have between 10,000 and 100,000 fans earn:

• Amber Sweetheart has about 26,000 fans on two profiles. And she's made over $2.6 million since joining OnlyFans.
• Steph Mi has about 50,000 subscribers. Read how she built her income to over $73,000 per month through livestreaming, airplane banners, and more.
• Rayna Rose, who works with Bryce Adams, has 26,000 fans. Working with Adams and sharing profits with her has allowed Rose to kickstart her career.
• Liensue, a creator known for her cosplay, has about 44,000 fans. She's been able to earn almost half a million dollars by fostering a connection with her fans.

How much OnlyFans creators with over 100,000 fans earn:

• Bryce Adams, who had over 700,000 subscribers as of early 2023, shared her strategies for success. She also broke down how she made over $5 million in a year from OnlyFans.
• OnlyFans superstar Amouranth explained how she built an adult-content business that made her $1.5 million per month, and her advice to creators.

• Barron Trump is set for to share in Donald Trump's big moment.
• Trump's youngest son will be a delegate to this July's Republican National Convention.
• Trump's other children, with the exception of Ivanka, will also be delegates. 

Former President Donald Trump's youngest son is set to enter the political spotlight.

Florida Republicans selected Barron Trump, 18, as an at-large delegate to the Republican National Convention in Milwaukee this July. The news, first reported by Politico and NBC, underlines how the Trump family will again play a major role in their father's third straight nomination to lead the Republican Party's presidential ticket.

Barron is set to graduate high school next week, a ceremony that the former president was set to miss before Justice Juan Merchan granted Trump a break in his Manhattan criminal trial.

Donald Trump Jr. and Eric Trump are also part of the delegation. Tiffany Boulos, Trump's youngest daughter, and her husband, Michael, are also at-large delegates. Former Fox News host Kimberly Guifoyle, Trump Jr.'s fiancée, rounds out the list.

Ivanka Trump, the former president's eldest daughter, and former senior White House advisor Jared Kushner are notably absent. Trump, who also served in the Trump administration, said she would stay away from her father's bid to reclaim the White House.

Like the former president, many of the Trumps now live in Florida. Trump easily won the Sunshine State's primary and its 125 delegates. Florida Gov. Ron DeSantis, once Trump's best-positioned primary foe, bowed out of the race and endorsed Trump long before Floridians headed to the polls.

President Joe Biden has vowed to compete in Florida this year, but the state has increasingly moved away from its swing state roots.

• Walmart CEO Doug McMillon started his career with the company unloading trucks in Arkansas. 
• After college, he rose through the ranks to join the C-suite in 2005 and was appointed CEO in 2014.
• McMillon is now in charge of 2.1 million employees, more than 10,000 stores, and annual sales of $648 billion.

Doug McMillon has been part of the Walmart family for a very long time.

40 years ago, McMillon started unloading trucks at a Walmart distribution center as a teen saving money for college, and later rose through the ranks to join the C-suite in 2005. 

Since becoming CEO in 2014, McMillon has expanded Walmart's offerings by launching Walmart+ and modernizing the company with new tech, drone delivery services, and by leveraging generative AI.

McMillon is now in charge of the largest company in the world by sales and headcount, with 2.1 million employees, more than 10,000 retail stores, and annual sales of $648 billion.

Here's a look at McMillon's journey from unloading trucks to becoming the Walmart CEO.

Carl Douglas McMillon was born in 1966 in Memphis, Tennessee, and spent his early years in Jonesboro, Arkansas.

When he was 16, his family moved to the birthplace of Walmart, Bentonville, Arkansas, where his father opened a dental practice.

During the summer, McMillon worked at a Walmart distribution center unloading trucks.

"The highest paying job in Bentonville, Arkansas, in 1984 was the Walmart Warehouse at $6.50 an hour compared to McDonald's at $3.35, so I chose Walmart," McMillon told the Stratechery podcast. ($6.50 an hour in 1984 is worth about $19.79 in today's dollars.)

After graduating from the local public high school, McMillon set off for the University of Arkansas in Fayetteville.

He graduated in 1989 with a bachelor's degree in business administration. His Instagram bio, "Husband. Father. Razorback. Gadget geek. Retail lifer. Proud Walmart associate," nods to the university's mascot, a razorback hog known as "Big Red."

Next, McMillon enrolled in the University of Tulsa's MBA program.

While completing his studies, he returned to Walmart as an assistant manager at store #894 in Oklahoma. Soon after, McMillon moved back to his Arkansas hometown to be Walmart's fishing tackle buyer at the corporate headquarters.

From fishing tackle, McMillon has since worked across food, apparel, home furnishing, baby food, and more.

He worked as a general merchandise manager at Sam's Club (Walmart's wholesale club store) and climbed to a senior VP at Walmart overseeing toys, electronics, and sporting goods.

In 2006, McMillon got his first truly high-profile job in the company, as CEO of Sam's Club.

McMillon found success by focusing on small business owners, the Wall Street Journal reported.

"The job at Sam's really stretched me to be responsible for everything from club operations to real estate, finance and all the other functions, which was a lot of fun. And I finally started to use my MBA a bit to polish off some of those skills," McMillon told Stratechery.

After four years leading Sam's Club, McMillon was appointed CEO of Walmart International in 2009.

With the international business, "we were all over the world and operating these different independent businesses, and got a lot more involved in strategy, M&A, and talent development specifically," McMillon told Stratechery.

As CEO, McMillon has extended his leadership beyond retail, seeking to make a positive impact on social issues.

In 2019, Walmart announced it would stop selling e-cigarettes after vaping-related lung injuries were linked to 530 hospitalizations and eight deaths. That year, Walmart also announced it would limit the sales of guns and ammunition in the wake of two deadly shootings at Walmart stores in El Paso, Texas, and Southaven, Mississippi.

During the Covid-19 pandemic, Walmart provided essential goods to low-income shoppers and helped strengthen vaccination efforts through out the country.

In February 2021, McMillon urged Congress to pass another stimulus check, referencing Walmart spending data as proof that families need more money to buy essentials like groceries.

Following the murder of George Floyd, McMillon condemned racial violence and pledged that Walmart would provide mentorship and funding to help advance racial equity.

The company donated a total of $14 million to 16 different nonprofit organizations and set a goal to donate $100 million over five years to fight systemic racism.

In 2020, McMillon also oversaw the launch of the Walmart+ membership program.

The company also launched the Walmart Connect advertising business, express delivery, and curbside pickup at Sam's Club.

2022 tested McMillon and Walmart, as e-commerce growth slowed down and supply chain issues and inflationary issues led to a glut of excess inventory.

The company reported a 32% year-over-year increase in inventory in the second quarter that year.

McMillon continues to modernize Walmart, expanding drone delivery and advancing the use of generative AI.

"It's a people business and it's a merchandising business," McMillon told Stratechery. "Today, it's increasingly a technology business."

More recently, McMillon has been positioning the 62-year-old retail business as a tech-powered company with advancements in robotics, media, and artificial intelligence.

"We've changed and are changing a lot," McMillon said at the Consumer Electronics Show in January. "I've been asked, how do you even describe Walmart today? We're a people-led, tech-powered, omni-channel retailer dedicated to helping people. We want to help people live better. That starts with saving them money. But it doesn't stop there."

McMillon is paid handsomely for his work, earning $26.9 million in total compensation in 2023.

By comparison, Target CEO Brian Cornell's most recently disclosed compensation package was $17.6 million, while Craig Jelinek made $16.8 million in his final year as Costco's CEO.

With Walmart's scale, McMillon is also having a significant impact on workers and the environment.

"Under his leadership as president and CEO, Walmart is investing heavily in wages, benefits and education — including a debt-free college program and an expanded parental leave policy," his corporate bio says. "During his tenure, the company also set an aspirational goal to become a regenerative company and launched ambitious work such as Project Gigaton to combat climate change and work with suppliers to avoid 1 billion metric tons of emissions worldwide."

McMillon says he's often asked for advice on how to climb the corporate ladder like he did.

His top tips: do your job well, be a good teammate, and help solve new challenges.

 

Ben Tobin and Hannah Towey contributed to previous versions of this story.

• This post originally appeared in the Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Almost Friday! Yesterday, I asked you if TikTok should be banned in the US. More than 60% of readers said they support the ban.

In today's big story, we're looking at how Corporate America is rethinking its sustainability and diversity efforts amid a push to avoid being labeled "woke."

What's on deck:

• Markets: A Wall Street tragedy has led to a reexamination of junior employees' workloads.
• Tech: Apple's iPad ad is literally crushing everything we love.
• Business: No, seriously. Where are the TikTok buyers?

But first, let's not talk politics.

If this was forwarded to you, sign up here.

The big story

The great un-wokening

"Go woke, go broke!"

The rallying cry against companies' progressive campaigns is starting to leave a mark on Corporate America.

After years of big promises and grand plans around social issues like diversity and sustainability, companies have taken a noticeable step back, Business Insider's Emily Stewart writes.

DEI and ESG — the two acronyms at the center of these debates — are MIA, according to data Emily got from FactSet. Mentions of ESG on fourth-quarter earnings calls in 2023 compared to 2020's Q4 dropped more than 78%. DEI's decline was even larger during that time frame, falling 88%.

The so-called "great un-wokening" in the business world could be a product of the current economy.

When business was booming and stocks were only going up, companies were happy to talk about how they planned to improve the world.

But it's not 2021 anymore. Interest rates are a long way from zero, and the threat of a recession still feels very real. Rather than stick their neck out for causes that could alienate customers, companies are just worried about keeping their heads above water.

The shift from businesses touting progressive ideologies hasn't always led to a boon for conservative ones.

An "anti-woke" bank backed by Peter Thiel closed three months after it was founded. And right-leaning companies that went public amid the SPAC frenzy haven't soared.

Trump Media, former President Donald Trump's social media company, has managed to maintain a lofty valuation that seems to confound even bankers. But it hasn't come without plenty of volatility.

Meanwhile, those caught up in the public fight against "woke capitalism" are trying to rebound.

Take Bud Light. The backlash from the beer brand's partnership with transgender influencer Dylan Mulvaney cratered sales and AB InBev's stock. Layoffs ensued.

Things have settled down more than a year later, but scars remain. The stock is still shy of where it sat before the controversy. But Kid Rock, who filmed himself shooting cases of the beer, seems to have come around on the brand, so there's that.

Corporate America's approach going forward might be to avoid politics altogether, especially in an election year, in an attempt to stay above the fray.

3 things in markets

1. A banker's untimely death raises questions about Wall Street's working conditions. A 35-year-old Bank of America associate who was a Green Beret died after closing a deal. Now Wall Street is questioning the onerous demands of the industry, where 100-hour-plus weeks can be the norm. 
2. The best of Warren Buffett. The legendary investor discussed AI fraud, fiscal woes, and bad bets at Berkshire Hathaway's annual meeting. Here are 15 of his top quotes from the event. 
3. China's central bank is on a gold-buying spree. According to official data released on Tuesday, the People's Bank of China loaded up on the precious metal for the 18th straight month in April. It's trying to push back against the soaring US dollar, which is making it too expensive for Beijing to import goods.

3 things in tech

1. Viewers are not pleased with Apple's iPad ad. The video shows a pile of creative tools — cans of paint, a piano, a trumpet, books — slowly crushed in a hydraulic press and replaced by an iPad. In a rare misstep for Apple's advertising, the video hit a nerve for people concerned about tech replacing human creativity.
2. Merit raises are back at Microsoft. After freezing salaries last year, the company plans to restart performance-based raises for some employees during this year's review cycle. The past year has been marked by internal dissatisfaction over pay.
3. Tesla's hiring freeze. The electric car maker axed more than 3,400 job postings in North America down to just three on Wednesday. The move comes as Elon Musk's company presses ahead with layoffs in a bid to cut costs and reassure investors.

3 things in business

1. Where are all the TikTok buyers? Former Google CEO Eric Schmidt decided against buying the company, leaving a really tiny list of people who say they want to buy TikTok. It could (theoretically) be Steve Mnuchin or Kevin O'Leary, but that's about it. We have some theories. 
2. Google is capitalizing on the TikTok ban. According to an internal document, Google is telling salespeople to highlight the possibility that TikTok could be banned in the US. It's an attempt to nudge advertisers to spend more on YouTube. It also comes as YouTube tries to capitalize on its status as the top streamer. 
3. The dark heart of modern chess. Thanks to the pandemic's forced isolation and the Netflix smash hit "The Queen's Gambit," the game has never been more popular. But chess's ugly side has also never been more exposed — it's a cheater's paradise that's mired in rampant sexism, BI's Rob Price writes. 

In other news

• A California school district 'ignored and concealed' the sexual abuse of students.
• Golden visas attracted wealthy Americans to Southern Europe. Then their housing crisis followed.
• A top Citi tech exec breaks down the 4 phases of the bank's AI strategy that will impact everyone from operations to wealth and product.
• Goodnight, sweet Panera charged lemonade prince.

What's happening today

• Today's earnings: Dropbox, Groupon, and other companies are reporting.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. George Glover, reporter, in London.

• Warner Bros. Discovery reported a $200 million loss on the game "Suicide Squad: Kill the Justice League."
• It's a reminder of how similar the video game business is to Hollywood: big expenses, big rewards, big penalties for missing.
• Big media companies can't ignore video games. But should they be making their own?

Did you play "Suicide Squad: Kill the Justice League," the video game that came out in February?

Me neither. And the problem for Warner Bros. Discovery, which released the game, is that very few people did, and the ones who did really didn't like it.

And that led the company to take a staggering $200 million loss on the game, which it disclosed in its first-quarter earnings Thursday.

WBD CFO Gunnar Wiedenfels described the game's results as "disappointing," and the company repeatedly pointed out the impact of the game's failure on its bottom line. Particularly since a year ago, it had a massive hit with a different game — "Hogwarts Legacy."

All of which points out something the games industry has been grappling with for some time: It looks more and more like Hollywood. That means it places very big bets on would-be blockbusters, which are increasingly tied to intellectual property that's been successful in the past. When that strategy works, it's great. And when it doesn't …

But even by those standards, "Suicide Squad" is a spectacular dud, in line with some of the worst mistakes a movie studio has ever made. In 2012, for instance, Disney announced that it would take a $200 million charge for "John Carter;" a year later, it said it would lose up to $190 million on "The Lone Ranger."

All of which might make you question, yet again, if a Big Media company ought to be in games at all. Big Media doesn't have an answer to that question, by the way: Sometimes companies like Disney make really big investments in games, correctly assessing that the people who watch their TV shows and movies also spend a lot of time playing games; sometimes they pivot out of that strategy, after concluding that making good TV shows and movies doesn't give them a leg up when it comes to making games.

Warner Bros. Discovery has gone through that indecision in the past. Its previous owners had thought they might sell the company's game business, then decided to keep it.

And you can see it at other Big Media companies — like at Disney, which has made multiple forays into games, pulled back, and most recently announced a $1.5 billion investment in Epic Games, the company behind "Fortnite." And Netflix started building its own games division a few years ago, though the results seem underwhelming so far, and the company has been rethinking its strategy as well.

• Consulting firm Henley & Partners identified 3 US cities with huge potential for wealth growth.
• They have faster growth in millionaire residents, said Henley, which advises the wealthy on moving. 
• Scottsdale, Palm Beach, and Greenwich draw high-net-worth people leaving New York and California. 

New York, Los Angeles, and Chicago may no longer hold the same sway for millionaires and billionaires anymore, according to consulting firm Henley & Partners.

Instead a "millionaire remix" is underway, according to the firm, in which increasing numbers of wealthy people are choosing destinations farther away from the economic centers that once dominated.

"Cities such as Austin, Miami, and Scottsdale are gaining residents, while traditional hubs such as Los Angeles, New York, and Chicago experience modest declines," wrote Henley & Partners managing partner Mehdi Kadiri.

Henley & Partners, a London-based firm that advises wealthy people on moving and citizenship, tracks the movements of high-net-worth individuals using data from wealth intelligence firm New World Wealth.

Alongside its new ranking of the world's wealthiest cities — ones with the most millionaire and billionaire residents — Henley & Partners also highlighted smaller spots poised for significant wealth growth in 2024 and beyond.

Take Scottsdale, Arizona, a city just outside Phoenix, prized for its resort-like homes and amenities, including golf courses, which come at a fraction of the cost of nearby California.

Two other cities with fast-growing wealthy populations — Palm Beach, Florida, and the posh Connecticut suburbs of Greenwich and Darien — attract finance types. Lower taxes and quality-of-life improvements may also motivate high-net-worth individuals to move.

The numbers of wealthy residents in these cities might be smaller than in the major hubs, but their rate of growth is much higher. New York, for example, has 349,500 millionaires, according to Henley & Partners, while Scottsdale only has 14,500. However, the number of millionaires in Scottsdale grew 102% from 2013 to 2023, while New York's millionaire population went up 48% over the same period.

Here's a look at the three American locations Henley & Partners projected will boom with wealthy residents in the coming years.

Scottsdale, Arizona

Number of millionaires: 14,500

Number of centi-millionaires (over $100 million): 63

Number of billionaires: 5

Millionaire growth from 2013 to 2023: 102%

Wealthy residents include: GoDaddy founder Bob Parsons, basketball legend Charles Barkley, and NASCAR driver Danica Patrick

Why it's booming: In Scottsdale, one in every 17 residents is a millionaire, according to Henley & Partners. Business Insider reporter Joey Hadden visited Scottsdale and found out why. The city offers a "luxury desert" experience, she said, with numerous golf courses, mansions with mountain views, and perfectly manicured landscapes.

The area has attracted Californians seeking an escape from pricey real estate and high taxes, but still looking for year-round sunny weather.

In fact, Maricopa County, where Scottsdale is located, welcomed an average of 1,127 residents a year from Santa Clara County in California, where Silicon Valley is located, between 2011 and 2015, according to census data. That number jumped 38% to 1,555 California-to-Arizona movers a year between 2016 and 2020.

Palm Beach and West Palm Beach, Florida

Number of millionaires: 10,200

Number of centi-millionaires (over $100 million): 69

Number of billionaires: 9

Millionaire growth from 2013 to 2023: 93%

Wealthy residents include: Blackstone CEO Stephen Schwarzman, Fidelity CEO Abigail Johnson, and investor Charles Schwab

Why it's booming: Palm Beach has long been a bastion of old money popular with the golf-and-croquet set, but the recent uptick in migration of tech and finance companies, executives, and employees to Florida further bolstered its profile as a destination for the well-heeled. Motivations include lower taxes and better weather.

In 2022, tech tycoon Larry Ellison purchased a Palm Beach estate for $173 million, setting a state record for the most expensive home ever sold. Rumors are spreading that Citadel CEO Ken Griffin plans to build the most expensive home on earth in Palm Beach — a $1 billion compound built on properties he's snatched up over 27 acres, according to the New York Post.

Greenwich and Darien, Connecticut

Number of millionaires: 12,500

Number of centi-millionaires (over $100 million): 120

Number of billionaires: 10

Millionaire growth from 2013 to 2023: 84%

Wealthy residents include: Mets owner and hedge funder Steve Cohen, WWE's former CEO Vince McMahon, and Bridgewater founder Ray Dalio

Why it's booming: Many hedge funds relocated to Connecticut well before the pandemic to cut down on executives' and employees' commute times to New York City. But the pandemic-fueled remote-work boom, which accelerated the migration of wealthy Manhattan residents to the Connecticut suburbs, continues to reshape hubs of economic activity.

During the summer of 2020, Connecticut homes that were previously sitting on the market for months started to get snatched up overnight, sometimes sight unseen. Between 2013 and 2023, the millionaire population of Greenwich and Darien grew by 84%, to about 12,500, according to Henley & Partners.

According to Bloomberg, more financial-services and investment firms have set up shop in the "sleepy" town of Darien, about an hour by train from Midtown Manhattan. Meanwhile, some New York office towers sit empty.

• Warren Buffett's Q&A at Berkshire's annual meeting was full of interesting nuggets and tidbits.
• He teased a possible Canadian bet, and said he could make a 50% annual return on $1 million.
• Buffett predicted higher taxes and revealed a $500 million donation of Berkshire stock.

Warren Buffett let slip a slew of intriguing facts and anecdotes during Berkshire Hathaway's annual shareholder meeting on Saturday.

The headlines from the event included Buffett confirming he'd sold 13% of his gargantuan Apple stake, admitting responsibility for a losing bet on Paramount, and raising the alarm on AI-powered fraud.

But the Berkshire CEO also warned of higher taxes, teased a potential Canadian investment, and revealed a $500 million gift of Berkshire stock.

Moreover, Buffett declared that he could earn a 50% annual return on $1 million, predicted Berkshire's cash pile would balloon to more than $200 billion this quarter, and recalled the time a Russian chess grandmaster visited Omaha.

Here are 14 interesting nuggets from the Berkshire meeting:

1. Raking it in

Buffett pointed out that Berkshire generated some $37 billion in operating profits last year, meaning that on an average day, he received a fresh $100 million to deploy. The investor was underscoring the difficulty of shrewdly investing such a large and relentless inflow of cash.

2. Cash hoard

Berkshire's mountain of cash and Treasury hit a record $189 billion last quarter, and it's likely to swell to more than $200 billion this quarter, Buffett said.

"I don't mind at all, under current conditions, building the cash position. When I look at the alternative of what's available, in the equity markets, and I look at the composition of what's going on in the world, we find it quite attractive."

3. Taxing times

The government will probably raise taxes in the coming years in a bid to balance its budget, Buffett said.

"I would say with the present fiscal policies that something has to give. I think that higher taxes are quite likely. The government may decide that someday they don't want the fiscal deficit to be this large, and they may not want to decrease spending a lot, and they may decide they'll take a larger percentage of what we earn."

4. Charlie and Costco

Buffett bemoaned that he should have listened to his late business partner, Charlie Munger, and been "more aggressive" with his investment in Costco.

Berkshire increased its stake in the retailer from $32 million in 1999 to $1.3 billion in June 2020, then exited the following quarter. Costco stock surged more than 500% during that period.

"Charlie twice pounded the table with me and just said, 'Buy, buy, buy.' BYD was one of them and Costco was the other," Buffett said.

5. Canada intrigue

Buffett revealed he's exploring a potential investment in Canada.

"We do not feel uncomfortable in any way, shape, or form putting our money into Canada. In fact, we're actually looking at one thing now."

6. New regime

Buffett appeared to change his mind over who would run Berkshire's stock portfolio once he's gone. Instead of his investment managers, Todd Combs and Ted Weschler, he suggested his successor as CEO, Greg Abel, would oversee it.

"I think the responsibility ought to be entirely with Greg," Buffett said. "He understands businesses extremely well and if you understand businesses, you understand common stocks."

7. Cracking down

Buffett admitted that he and Munger were lenient with underperforming managers, but declared that would change once Abel takes over.

"If you have 20 children and you're very rich, you'll have some that will be go-getters anyway, and you'll have some that won't. We are a very, very rich company and we haven't had a history of being very tough on people that coasted. Greg will do something about it."

8. Bashing banks

Buffett took aim at Wall Street while underscoring that Berkshire's rock-solid financials allow it to lend and invest money during dark periods when nobody else will.

"At those times, we want to be sure that the US government thinks we're an asset to the situation and not a liability or a supplicant, as the banks were in 2008 and 2009. They were all tarred with the same brush. But we want to be sure that the brush that determines our future is not tarred."

9. Paying fees

Buffett may be a bargain hunter with little respect for middlemen, but he happily paid the standard broker fee on his last home sale.

"I did sell a house for $7 million. I did not negotiate the 6% down, and I feel I got my money's worth and then some. And I'm cheap by nature, so it isn't I'm careless about it. I got my money's worth."

10. Mystery gift

Ruth Gottesman, the widow of the late Berkshire director Sandy Gottesman, recently donated $1 billion of Berkshire stock to the Albert Einstein College of Medicine to cover students' tuition in perpetuity.

Buffett revealed that at the same time that Berkshire was repurchasing those shares from the college in exchange for cash, it was also buying back $500 million of stock from another charitable donor in a different state.

He shared that fact to make the case that Berkshire shareholders are unrivaled in their generosity.

11. Pocket change

Buffett claimed that if he had only $1 million to invest instead of nearly $200 billion, he could earn a 50% annual return. "I would try and know everything about everything small, and I would find something."

12. Dollar champion

Buffett shrugged off fears of "de-dollarization" or dwindling dollar dominance worldwide: "There really isn't any alternative to the dollar as a reserve currency."

13. Debt and deficit

The investor raised the alarm on the US government running a large budget deficit and racking up unprecedented amounts of debt.

"I don't sit and work myself into a stew about it in the least," Buffett said about the government spending more than it brings in each year. "But I can't help thinking about it."

"It won't be the quantity, it will be whether in any way inflation would get let loose in a way that really threatened the whole world economic situation," he said about the national debt.

14. Chess royalty

Buffett recalled that Russian chess icon Garry Kasparov once visited his home town and met the legendary founder of Berkshire-owned Nebraska Furniture Mart.

"I know great bridge players, I know great chess players. Actually, Kasparov came to Omaha, met Mrs B."

• A salvage company has lost a legal battle with South Africa over $43 million in shipwrecked silver.
• The company claimed it was due a salvage fee from the country for hauling up the treasure.
• The case highlights the complex legal wranglings that surround shipwrecks and salvage rights.

A company that hauled 2,364 silver bars from a shipwreck on the ocean floor has lost a legal case with the South African government over the treasure.

A UK Supreme Court judgment, seen by Business Insider, ruled that salvage company Argentum Exploration doesn't have a salvage fee claim for recovering $43 million of silver from the wreck of the SS Tilawa.

Argentum Exploration is majority-owned by British hedge fund manager Paul Marshall.

The Tilawa was sunk by a Japanese submarine under mysterious circumstances just off the Seychelles Islands in 1942, killing 280 people and sending its silver cargo to the bottom of the Indian Ocean.

The ship had been transporting the silver from Bombay to South Africa, where it was to be used to mint coins.

The BBC has dubbed the ship "the Indian Titanic."

In 2017, Argentum Exploration sent specialist salvage vessels a mile and a half down to the site to gather the silver. It was then brought to the UK, where the legal battle over salvage fees unfolded.

Although the silver belongs to South Africa, Argentum Exploration said that it was entitled to a claim for salvage. In international maritime law, salvage companies can make such a claim even if they weren't commissioned by the legal owners.

But South Africa said it was immune from that law.

The case turned on the question of whether the silver was in commercial use at the time it was lost — which would have removed the country's immunity.

While earlier rulings sided with Argentum, on Wednesday the UK's Supreme Court disagreed.

The judgment said that "cargo sitting in the hold of a ship is not being used for any purpose, commercial or otherwise."

The case illustrates the complex and often high-stakes international legal wranglings that surround shipwrecks and precious salvage, as Business Insider's Katherine Tangalakis-Lippert previously reported.

In their ruling, the judges also noted that the two parties had arrived at a private settlement last month, without giving details.

"The parties have agreed that we should nevertheless hand down the judgment and we are satisfied that it is appropriate to do so," they wrote.

The settlement is subject to a non-disclosure agreement, Ross Hyett, managing director of Argentum Exploration, told BI. He added that the ruling was "an important judgment clarifying the law on sovereign immunity."

Marshall, Argentum's majority owner, also co-owns GB News, a self-styled anti-"woke" news outlet in the UK in the mold of Fox News.

Hyett told BI that Marshall had no input into the running of Argentum, or its dealings with the South African government.

• After a water leak damaged the flooring, my partner and I decided to remodel most of our house. 
• We've also decided to do it ourselves while still living in it, which has caused some issues.
• Our two young kids are helping out, too, so we are making memories while building our dream home.

My home is a space where you need to wear shoes all day long. Shoes are necessary if you dislike cold concrete or dirt sticking to the pads of your feet. To put it bluntly, my house isn't a home right now. It's a construction zone.

Our 1940s, 2,200-square-foot slab house is undergoing a remodel. My spouse and I are doing all the work ourselves — with some help from our two small children — in between our full-time jobs.

We're renovating a full bathroom, a hallway, and the floors in our living room — plus a front closet (because why not at that point?).

It has been a slow, rewarding process, but I am so ready for it to be over.

We are DIYing the construction project

The project began when a water leak caused us to rip out our floors. Upgrading the standing shower to full size had been in our five-year plan, so we decided that if we were going to redo the floors, why not do the whole bathroom? It seemed so simple at first.

That led to the need to match floors, so we removed the rest of the dated pieces that weren't original to the house or functional. We were then left with a sizable construction zone.

My spouse is handy and a mechanic by trade, so we own most of the tools needed to do the work. We also decided that DIYing was more affordable. We are cash-flowing the project rather than taking out a loan; this allows us to purchase items here and there while working on the house in our free time.

The first and biggest step was the demo, which involved pulling an enclosed trailer we own to the front yard and filling it with rolls of stained carpet, rotted boards, and more. It was only the beginning.

Home renovations are more than meets the eye

Because we're dealing with an older house that was poorly remodeled by a previous owner, we've run into hitches along the way. We've added support beams that, for some reason, had been removed. We've had to rethink design plans due to cracked flooring, all while cleaning the weekend mess up each Sunday afternoon in an attempt to have a functional space come Monday morning for the workweek ahead.

The project has also been slowed down due to supply chain issues. For instance, we could not find the right size drywall and had to make do with thicker pieces instead. We'll have to sand and smooth everything out. Hopefully, no one but us will know.

The cost of supplies has also remained steadily high, even though we've found creative fixes for working in an older home.

It's not all bad, though. I snagged a 1940s ceramic sink for $10 at a garage sale and a lovely front hutch from the side of the road. Just like the house, each item needs a little TLC to reach its full potential.

Family time is the best project of all

Despite the difficulties, I'd start it all over again. We have had a blast learning new skills and teaching our kids that anything worth having is worth the hard work. At 4 and 6, they are also expert helpers, grabbing tools, vacuuming, taking trash to the trailer, and any other task that may arise.

It may have started as a leak, but we've always wanted to make the house our own. We purchased when interest rates were low and prefer the financial security of updating a little at a time. Eventually, we'll have a home that's perfect for us — with our sweat equity to show for it.

It's not an easy or glamorous process, but it will be worth it in the end. Together, we're making a home we can be proud to call our own and making memories the kids will never forget.

• A friend and I had dinner at Red Lobster and spent $125.
• We ordered two appetizers, two entrées, and two signature cocktails.
• The rich, decadent meal impressed me, and I felt completely stuffed.

I recently took a friend out for dinner on a Saturday night at the Red Lobster's Times Square location in New York City to try the restaurant for the very first time.

I was excited to try Red Lobster's signature Cheddar Bay Biscuits and judge the overall quality and value of the food, especially considering the chain is reportedly considering filing for Chapter 11 bankruptcy protection.

I was impressed by the meal, but surprised by how high the prices were on many menu items.

Here's what our visit was like.

A friend and I dined at Red Lobster in the heart of Times Square on a Saturday night. It was my first time eating at the chain.

The first Red Lobster opened in Lakeland, Florida, in 1968. Red Lobster, a family-owned restaurant, was founded to provide "delicious, high-quality seafood" to everyone, according to the restaurant's website.

In 1970, General Mills acquired Red Lobster, according to the restaurant's timeline online, and the business expanded across the country. Today, Red Lobster has more than 700 locations across the world.

Because it was my first time dining at a Red Lobster, I was eager to see how this restaurant compared to other chain restaurants I love, such as Chili's.

Since it was a Saturday night in Times Square, an extremely busy tourist destination, I made a reservation a few hours before arriving at the restaurant.

As we approached, I took in the large marquee that advertised the chain's "fresh fish and live lobsters." Along the side of the building was a large lobster. It was impossible to miss the restaurant's name, similar to how other chains in Times Square advertise to draw in tourists.

Inside the restaurant, a fishnet-covered wall advertised the chain's merchandise.

From vintage-inspired tees to a play on the iconic "I Heart NY" shirts — featuring a lobster instead of the "I" — the merchandise was fresh and a fun nod to New York City and the restaurant.

After checking in with the hostess, we were directed up the elevator to the second-floor dining room.

The dining room was expansive, with booths and tables filling the large restaurant. I was glad I made a reservation because the main dining area was nearly full.

It was borderline dark inside the restaurant, which created a slightly upscale vibe. The mahogany-accented booths and tables compounded the romantic atmosphere.

We were seated in the Board Room of the restaurant, a smaller, enclosed dining room in the back.

The room had five tables of various sizes, but we were the only two in the dining room.

It created a more private atmosphere, but we couldn't help feeling a little awkward — we couldn't hear any music from the main dining area, and we missed the buzz of being surrounded by other diners.

The art on the walls emphasized the chain's nautical theme.

The walls themselves had a polished-wood finish. We thought it gave the impression of being inside a luxury ocean liner.

The menu was large and offered everything from appetizers and flatbreads to lobster, shrimp, crab, and signature surf-and-turf feasts.

Right away, the prices intimidated us a little. They were higher than at other chain restaurants I've tried, including Chili's and Applebee's.

But since seafood is typically more expensive than other cuisines, it probably shouldn't have been all that surprising.

I decided to be mindful of the prices, but also order a similar amount of food to what I've ordered at other chains, for comparison's sake.

I had never been to Red Lobster before, so I was excited to try the chain's signature Cheddar Bay Biscuits.

I've heard a lot about these biscuits over the years, and I've come across countless copycat recipes online. But I had never dug into the real thing until this visit to Red Lobster.

We received a basket of four biscuits, free of charge.

The biscuit was buttery and fluffy.

They also arrived at the table warm, which we appreciated.

The biscuits had a delightful cheesy taste, with a slight kick.

The biscuits were moist and flavorful, and I could immediately see why they have such a devoted following.

We both ordered a Deep Sea Lobsterita, a twist on the chain's signature margarita.

The Deep Sea Lobsterita comes with Cazadores tequila blanco, Malibu coconut rum, and Finest Call blue curaçao.

Each margarita cost $15.99, excluding tax.

The margaritas were very large and came topped with a pineapple garnish and a paper, glitter-covered lobster.

The drinks were very sweet, and we were pleasantly surprised that they actually glittered as we swirled them with our straws, thanks to edible glitter poured into the drink.

The Deep Sea Lobsterita was fun and deliciously sweet and sour. The drink was also so large that we only needed to order one each.

We ordered two appetizers for the table. The first was the Parrot Isle jumbo coconut shrimp.

The plate had six pieces of coconut shrimp and a piña colada-flavored dipping sauce.

It cost $15.49, excluding tax.

The shrimp were extremely crispy, and the sweet coconut flaked off in my mouth with every bite.

The creamy, pineapple-flavored sauce added a delicious tartness to the coconut shrimp. I've never had this kind of sauce with fried shrimp before, and I was really impressed.

But while I thought this dish was very tasty, I think the portion size was a little small for almost $16 for the serving.

The second appetizer we ordered was the lobster dip.

The menu said it was made with Maine and Langostino lobster, spinach, and artichoke in a three-cheese blend sauce. It came served with tortilla chips and pico de gallo.

The lobster dip cost $17.99, excluding tax.

The dip was piping hot when it arrived and contained large pieces of lobster meat.

The lobster meat was tender and juicy, and the dip itself was perfectly cheesy. I didn't even realize it had artichokes in it when I ordered it but was pleasantly surprised by the addition. It was creamy, rich, flavorful, and filling.

My only complaint was that the chips served with the lobster were a bit oily. Combined with the richness of the dip, the dish left me feeling a bit weighed down.

By the time we were done with our filling appetizers, I was feeling a little bit intimidated by our main courses.

I ordered the Shrimp Your Way deal, which offered a variety of shrimp dishes. I could choose two from the menu and opted for a double serving of shrimp linguine Alfredo.

The Shrimp Your Way combination was among the least expensive entrée options on the menu. It cost $21 for the entrée, excluding tax.

The double serving of pasta was massive. I thought it was a great deal for the price.

The pasta tasted strongly of cheese, and there was a generous serving of Alfredo sauce that clung to each and every noodle. The sauce was just OK — it didn't taste much different from the Alfredo sauce I've had out of a jar, in my opinion.

The dish was slightly oily, which I didn't love. However, the shrimp tasted fresh and had a nicely grilled texture that amped up the flavor. While I liked the dish's taste, it was slightly heavy — I definitely wouldn't order any appetizers if I chose this one again.

Since it was my first time at Red Lobster, I had no idea what to expect regarding portion size. I would get this dish again but go for the half portion next time.

It was just too much food, and I ended up taking half home for leftovers.

The carb-heavy dinner left me feeling stuffed, but I loved the taste of everything.

In addition to the two shrimp dishes, I could choose a side from a number of options, including broccoli, orzo rice, mashed potatoes, fries, coleslaw, or a baked potato.

There were also premium sides to choose from, such as bacon mac and cheese and crispy Brussels sprouts.

I chose the mashed potatoes, which I thought were creamy, buttery, and well-seasoned.

My friend ordered the grilled sea scallops and shrimp skewers.

The dish came with a skewer of grilled scallops, a skewer of grilled shrimp, rice, and the choice of two sides. She opted for the mashed potatoes and broccoli.

My friend thought the scallops and shrimp were hearty and nicely charred, as if they were actually roasted over a fire, and agreed with me that the mashed potatoes were creamy and herby.

She also agreed that the portion was massive. She got six scallops and six pieces of shrimp, in addition to the three sides — by the end, we both felt extremely stuffed.

"Overall, the skewer meal felt lighter and healthier than the rich appetizers we shared," she said.

The grilled sea scallops and shrimp skewers cost $28.99, excluding tax.

This was, by far, the most decadent meal I've ever eaten at a chain restaurant.

Whether you go to Red Lobster for a special occasion or just for a regular weeknight dinner, I think it's a decent option if you want to splurge a little on some seafood. However, there are probably better seafood restaurants out there in a similar price bracket.

The highlights from the meal were the coconut shrimp, the lobster dip, and the shrimp and scallop skewers. We also enjoyed the Lobsterita cocktails and the complimentary Cheddar Bay Biscuits.

Overall, the meal was a little heavy for my taste. The Alfredo sauce was a little oily, as were the chips served with the lobster dip, and the giant portions left us feeling stuffed.

Our meal came to $125, excluding the tip, for two appetizers, two large entreés with sides, and two large cocktails. I thought the meal was expensive, but I could have easily gotten two meals out of it with the large portions we were served.

For a special occasion, I wouldn't mind spending this kind of money. But for a standard Saturday night out, it was a little out of my budget for only two people.