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Happy Friday! Ancient Egyptians still left us a few secrets as archaeologists may have just found a hidden chamber at the base of the Great Pyramid of Giza.

In today's big story, we're looking at the historic guilty verdict against former President Donald Trump.

What's on deck:

• Markets: Take a trip down memory lane as top investors relive the best trades of their careers.
• Tech: A leaked trove of Google Search documents has a corner of the internet up in arms.
• Business: It lives! The housing market is showing signs of life.

But first, the verdict is in.

If this was forwarded to you, sign up here.

The big story

A Presidential verdict

Guilty on all counts.

In a historic verdict, former President Donald Trump was convicted of all 34 criminal counts related to a hush-money payment made to a porn star, write Business Insider's Laura Italiano, Jacob Shamsian, and Natalie Musumeci.

It's the first time a US president has become a convicted felon. According to a veteran court sketch artist who captured the moment for history, Trump looked "demolished" by the verdict.

It took the jury less than 10 hours over two days to reach a verdict on the case, which focused on a $130,000 hush-money payment to adult film actor Stormy Daniels made 11 days before the 2016 election.

A key piece of deliberations could have been the judge's "rain metaphor" instructions. On Thursday, jurors asked to rehear the concept — you can infer it's raining by seeing a wet umbrella even if you don't see actual rain — suggesting they were weighing Trump's intent.

Trump's sentencing is scheduled for July 11, where he could face up to four years in prison, but don't expect things to move quickly.

A legal expert told BI's Lloyd Lee that Trump likely won't face any consequences before the election due to what's sure to be a lengthy appeals process. (There's also a slim chance Trump will see the inside of a jail cell for these charges anyway.)

In the meantime, the 77-year-old, who is the likely Republican presidential nominee, didn't mince words after the verdict was announced.

"This was a disgrace. This was a rigged trial by a conflicted judge that was corrupt," Trump told reporters in the Manhattan courtroom hallway.

"I'm a very innocent man," he added.

Trump also didn't waste time leveraging his conviction into a fundraising opportunity. A graphic on his campaign's website labeled him "a political prisoner."

So what does this conviction really mean for Trump?

He can still run for president as a convicted felon. In fact, two previous candidates did it behind bars, although, unlike Trump, they were long shots.

And the conviction won't even stop him from voting — as long as he's not in jail on Election Day — according to an attorney who spoke with NBC News.

You could even argue feelings about Trump, for better or worse, will remain unchanged despite the guilty verdict. If anything, it might cause supporters and detractors to dig their heels in deeper.

(Either way, I'm curious if you feel differently about Trump. Vote here.)

In reality, Trump's fate still comes down to November's election. Trump told reporters Thursday the "real verdict is going to be November 5 by the people."

At least one person agrees: President Joe Biden.

3 things in markets

1. Wall Street vets run through their greatest hits. Top investors like Rob Arnott and Bob Elliott detail the best trades of their careers and the lessons they learned from them. From a 93% gain in three months to betting big against the volatility index, these are the bets that stand out.
2. Elliott Management just raised a ton of cash. Here's what it's gonna do with it. Paul Singer's vaunted hedge fund raised $8.5 billion, according to a letter to investors seen by BI. The $66 billion firm is preparing for a potential market downturn where distressed opportunities, its specialty, will arise.
3. Tech-savvy hedge funds are hiring top AI talent. BI collected salary data from eight hedge funds and prop-trading firms for AI roles. Check out who's paying the most at firms like Bridgewater, Two Sigma, Jane Street, and more.

3 things in tech

1. The SEO industry isn't happy with Google these days. A trove of 2,500 documents containing highly coveted secrets about how Google ranks its search results pages was circulated this week. SEO experts said the documents showed Google hasn't always been honest when answering questions about how it ranks websites.
2. In more Google news, the company is scaling back its AI search plans. The tech giant's head of search Liz Reid confirmed in a blog post on Thursday that Google would roll back the use of AI-generated answers after the feature made several errors, including telling users to put glue in their pizza sauce.
3. Microsoft seems concerned about an OpenAI deal with Apple. CEO Satya Nadella met with Sam Altman to discuss the deal, The Information reported. Nadella was reportedly worried about the potential impact it could have on Microsoft's product ambitions.

3 things in business

1. The Shopify Plus brand will no longer be used. According to a leaked internal memo, Shopify Plus, a more premium version of Shopify's SaaS product, has "outlived its usefulness." The company will stop referring to Shopify Plus as a stand-alone brand.
2. The housing market appears to be entering a recovery period. In a recent note, Charles Schwab said supply, price growth, and home sales all look to be improving from past conditions — but that doesn't mean we'll be seeing a booming expansion.
3. Laid-off TikTok staffers speak out. The company started letting go of employees across its ops and marketing teams last week after it had previously bucked the Big Tech trend by holding fire on cost-cutting efforts. Several ex-staffers told BI how they're feeling about the layoffs.

In other news

• Tesla accuses advisory firm of 'scaremongering' after it urged investors to vote against Musk's pay package.
• Elon Musk says he hasn't discussed taking a role in a second Trump administration.
• Apple lets YouTuber MKBHD inside its stress-test labs, where machines subject iPhones to water jets and drop tests.
• Apollo CEO Marc Rowan defends private credit from Jamie Dimon, saying shadow banking 'makes the system safer.'
• Disney's Bob Iger may be celebrating today after Nelson Peltz's latest move.
• 'The Apprentice' producer says Donald Trump used the n-word on set.
• 15 rising stars in influencer management building impressive talent rosters and making waves in the creator economy.
• My coworker hated me and badmouthed me to everyone. Leaving the job I loved was the best decision I ever made.
• The IRS says its direct file program saved Americans $5.6 million in filing fees. Now they're making it permanent.

What's happening today

• The Bureau of Economic Analysis will publish April's PCE inflation data, which is the Federal Reserve's preferred measure of inflation.

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.

• Elon Musk's X is planning a live town hall event with Donald Trump, The Wall Street Journal reported.
• The platform is reportedly partnering with NewsNation and will show the events on both outlets.
• The relationship between Trump and Musk appears to be warming up.

Elon Musk's X appears to be planning to host a live town hall event with Donald Trump.

The social media platform, which has been pushing toward video content, is partnering with cable network NewsNation and will air the events on both outlets, The Wall Street Journal reported.

Its unnamed source said a date for the event had not been finalized.

The Journal reported that X also plans to host a similar town hall event with rival presidential candidate Robert F. Kennedy Jr.

X did not immediately respond to a request for comment from Business Insider, made outside normal working hours.

The plan would bring Trump back to Musk's platform, where he was previously an influential and active user before his account was banned following his supporters' attack on Congress on January 6, 2021.

Musk reinstated the account in late 2022 after he took control of Twitter, but Trump has only posted once since then.

The personal relationship between Trump and Musk also appears to be strengthening.

In a separate report, The Journal said that Trump was considering giving Musk an advisory role if he regains the White House in November.

The outlet said the pair had discussed ways for Musk to provide input on border security and economic policies, though the title and details of Musk's role remain unclear.

Musk later denied the report on X: "There have not been any discussions of a role for me in a potential Trump Presidency."

The Tesla CEO also defended Trump after a Manhattan jury convicted him of 34 counts of falsifying business records in his hush-money trial, calling the case a "trivial matter."

Despite the Thursday verdict making him the first former president to become a convicted felon, some billionaires are nevertheless revealing their support for Trump.

Bloomberg reported that prominent business and finance figures were starting to embrace the possibility of another Trump presidency.

Following the Thursday verdict, Omeed Malik, president of 1789 Capital, said the ruling would have "less than zero impact" on his support for Trump.

According to multiple reports, Pershing Square Capital Management CEO Bill Ackman is also considering a public announcement backing Trump.

• Allison Chen studied to be a pastry chef and worked in a kitchen while attending Duke University.
• She was passionate about baking but worried about pursuing a low-paid career after college.
• After posting about her job on TikTok, Chen was able to multiply her income using brand deals.

This as-told-to essay is based on a transcribed conversation with Allison Chen, 21, from New York, about using TikTok as a source of income. The following has been edited for length and clarity.

During my sophomore year at Duke University, I decided to move to France for a sixth-month pastry school. I was a biology major then but had lost interest in my degree. I've always loved cooking, particularly baking, and I decided to take some time off from college to pursue that passion.

Since studying at pastry school, I've worked as a pastry chef and have been building a baking TikTok account alongside my degree. My creator side hustle has been much more lucrative than any of my work in an actual kitchen, but I still don't think I'll be a content creator full-time immediately after university.

I went to a pastry school in France

France has the best pastries, and during my semester-long break from Duke in 2022, I attended École Ducasse to get my pastry diploma. This one was the most modern of the pastry programs I looked at. My parents were paying for my college education, so I used the money they would have spent on the semester and put it toward pastry school instead.

I learned about fundamental pastry techniques and French desserts. We made things like chocolate, croissants, and ice cream. I went to school six hours a day, four days a week. The school was based in rural France, so it was also a nice change of pace. I feel so lucky that I could have this experience; it was life-changing.

I finished the program in June 2022 and did a stage — which is an unpaid internship — in a patisserie in Paris.

I knew that I wanted to finish my bachelor's degree, and returned to Duke in August. I started a part-time job the following January, working back-of-house as a pastry prep cook in a restaurant near my university campus. I wanted to continue to practice my baking skills in a commercial setting.

While at pastry school, I started making baking content on TikTok

I downloaded the TikTok app a month before going to pastry school. I had made a few TikToks before, but while there, I'd film the chef's demonstrations, showing what my pastry looked like and filming myself eating it at the end. I wanted to document my experience so people back home could see what I was up to.

My videos started to go semi-viral, and over a month into posting, I had a video that hit a million views. I shared videos daily, and people seemed interested in what I'd learn next. I didn't intend to monetize my videos, but when I got back to the US, brands started reaching out to me with deal offers.

Most brands I work with are in the lifestyle space; they want me to help promote their products to a college-aged audience. I've done ads for a TV show and language app in the past.

Most of the time, the brands let me plan the video. I typically cook or make a dessert in line with the company's theme or the product they were promoting. I'd promote the product in the video, disclosing it was an ad.

Content creation made me an income, but I wanted to work in a restaurant for the experience. It's always good to work in different kitchens to learn how they operate and to learn new skills.

I was able to make more from content creation than pastry work

My part-time job as a pastry cook paid around $17 an hour. I worked between 10 and 12 hours a week on average. When I left in May 2023, at the end of the school term, I'd made around $3,000 over the five months.

It solidified that being a pastry chef alone was not a lucrative career. While I would love to continue to bake all day, I'm not sure I'm cut out for the long hours and low pay of restaurant work.

When I was working at my part-time restaurant job, I posted five ads for three different companies on TikTok and made $23,600 — over $20,000 more than the $3,000 I made from the actual job.

I now have almost 350,000 followers on TikTok, around 260,000 followers on Instagram, and 200,000 subscribers on YouTube. In addition to the money I can make from brand deals, I make as much as $500 a month through these platforms, including YouTube ad revenue and the Creator Rewards Program.

Content creation has given me an extra source of income; I don't need to worry so much about my future salary

It's hard to be a really good pastry chef. It requires a lot of work and doesn't always come with appropriate compensation. I think it's cool I've been able to supplement my pastry work with money from content creation. But content creation is essentially freelance work, and the income isn't consistent, which can be stressful. I'm still making money from content and hope someday to turn it into my full time job.

I graduated from Duke in mid-May after switching my major from biology to visual media studies. For now, I think I will get a job in addition to being a content creator. I'm thinking of applying for an internship in marketing to try something different and then returning to a pastry shop when I start to miss baking.

Content creation has helped me to pay for more of my expenses. In 2024, I started paying for my college tuition, which has allowed me to alleviate that burden from my parents, who were paying for it previously.

It's also given me more professional freedom. When I get a full-time job, whether it's in marketing or pastry or something else, I can be more flexible about the salary I'm earning because I have this other source of income — I can do pastry work without having to worry about the low income from working in a kitchen.

• Brick Fest Live was promoted as the "UK's biggest Lego festival." It was not affiliated with the Lego company.
• Instead, the "bleak" convention hall left fans feeling like they'd been conned. 
• The event is being compared to the disastrous Willy Wonka experience that went viral for being so bad.

British Lego fans were left feeling less than impressed last weekend after a convention dubbed the "UK's biggest Lego festival" turned out to be a "bleak" half-empty room.

Brick Fest Live UK was held from May 25 to 27 in the British city of Birmingham. It promised to bring fans a "jaw-dropping collection of brick creations from across the globe under one roof."

It was not sponsored by or affiliated with Lego.

The poster promised a Lego brick pit, life-sized models, floor mosaics, derby races, and a "glow zone."

Instead, footage from the event appeared to show a large convention hall with a few large models scattered about the room, a shop, and a small children's playpit.

The event's disappointing offering has been compared to the Willy Wonka experience fiasco held in Scotland last February, which went viral because it was such a letdown.

'It's as bad as that Willy Wonka experience in Scotland, hardly anything there, both of my kids were so disappointed," one mother told Birmingham Live.

Another attendee shared a video of his experience at Brick Fest Live on his Youtube channel, saying he paid $50 for a VIP ticket and was "filled with regret."

"Most of the event is empty space and piles of loose Lego," the Lego enthusiast, whose channel is called Block Party UK, said.

"It is one of the biggest cons I've ever experienced, and I've been coming to conventions for 15 years."

Fellow angry fans commented on the video, agreeing that the festival had been a disappointment and was "utter rubbish." Several said that they were demanding a refund.

"They shouldn't be allowed to get away with this blatant false advertising," commented a father who had brought his 10-year-old son to the event.

Brick Fest Live UK's website and social media sites were all inactive when Business Insider tried to contact the organizers.

"We are aware that Brick Fest Live is potentially not delivering for adult-level enthusiasts, and there are elements of the show that are not of satisfaction for this sector of customers," Brick Fest Live UK said in a statement shared with The Sun.

It confirmed that it was considering customer feedback.

The convention originated in the US nearly a decade ago and is supposed to be a showcase and fan celebration of all Lego creations.

• MrBeast criticized copycat creators for lacking originality and relying on his formula.
• Copying MrBeast's content misses what drives his success, and knockoffs probably won't succeed.
• Experts agree that a unique voice is vital for longevity in content creation.

MrBeast is the most successful YouTuber of all time, but copying him isn't likely to yield the same results.

In a recent interview with the journalist and YouTuber Jon Youshaei, Jimmy Donaldson, AKA MrBeast, said some creators attempt to "copy and paste" successful content, while others are inspired by their peers.

YouTube is full of creators trying to imitate MrBeast's style. Some have the same type of thumbnail, same overlay text, and even visit the same places Donaldson does. Many even try to impersonate him by mimicking his voice and characteristics.

Youshaei said there's a difference between "plagiarism, which is not good, and remixing and elevating."

'Copy with taste'

He describes the latter as "copy with taste," which "is elevating the past, giving credit, and then blending from different sources."

Donaldson agreed that copycat content is noticeable because a creator will post a video where the only difference between his and theirs is their level of resources.

"We don't need someone else doing my videos with lower budget and less effort," Donaldson said. "We need people doing their own version of it with their own unique spin and taste."

Donaldson pointed to Ryan Trahan, a YouTuber with 15 million subcribers, as an example of a creator who was inspired by him but has developed his own original style.

"Ryan has his own voice; he's quirky," Donaldson said. "We need more people like that."

Xavier English, the founder of content creation agency Supermix, told Business Insider that simply copying the surface layer of a popular video is "missing the point."

While it may help in the short term by generating a good number of views, there will remain a lack of understanding about why it worked in the first place, and that will backfire, he said.

Creators that do this also "ooze fakeness," English said, which "audiences can smell a mile away."

"You could drop MrBeast at a Neanderthal campfire 50,000 years ago, and he'd probably tell a story with a 70% audience retention rate," English said.

"His content doesn't succeed because of what you can see on the surface or flash-in-the-pan trends. It's because of a deeper understanding of timeless human psychology."

Copycats are 10 steps behind

Katya Varbanova, the owner of content marketing firm Viral Marketing Stars, told BI that being yourself is in, and copying what others do is out.

"The difference between pioneers like MrBeast and copycats is that pioneers are 10 steps ahead," she said, "making it impossible for copycats to win because the pioneer is learning from and making mistakes the copycat hasn't even gotten to yet."

Knockoffs of popular creators aren't likely to win in the long run, Varbanova said, because "they'll always be a few steps behind."

The main difference between copying and inspiration is "lazy research," Varbanova added.

"Copying is where you simply follow what your competitors do," she said. "Inspiration is when your competitors' content is only one piece of the puzzle in your research."

Donaldson, for instance, started out performing challenges in his bedroom (like counting to 100,000 in one sitting). He gradually increased the ambition, budget, and scale of his stunts until he is where he is now: recreating Squid Game, shredding Lambourginis, burying himself alive, or stranding himself on a desert island.

Isla Moon, a fishing influencer and OnlyFan star, told BI it's difficult to find "a truly original idea" as a content creator. But copying is not the answer.

"It just leaves a sour taste in your mouth because it's simply a lack of effort on their part," she said.

Copying Donaldson will also not work because he has such vast resources that almost nobody else has access to, so any copycats are likely to be underwhelming.

"If you're basing your whole content idea on what someone else is doing, you'll run out of ideas eventually because you're solely dependent on what someone else is doing without throwing in anything new," she said. "It's just not sustainable."

Kaye Putnam, a psychology-based brand strategist at Freewyld, told BI that originality pays off in the end, not being a "secondary version" of someone you aspire to be like.

The key to building a strong brand is for creators to understand who they are and how they can express that to the world — looking inward before focusing on others for inspiration.

"Stop trying to model what success looks like," Putnam said. "Yes, it's natural to model success, but the less you try to be like someone else, the more attention that you get for your work."

• Jason Cooper discovered a stegosaurus fossil on his Colorado property in May 2022.
• The fossil, named Apex, is about 70% complete and could fetch up to $6 million at auction.
• Apex will be sold by Sotheby's in July, with some paleontologists arguing it belongs in a museum.

On his 45th birthday in May 2022, Jason Cooper was strolling through his Colorado property when he came across part of a stegosaurus bone sticking out of a rock wall.

He began excavating it, cleaning and assembling the skeleton, and named it Apex.

As a professional commercial fossil hunter, Cooper knew that Apex was an impressive find. The fossil stands about 11 feet tall, spans over 20 feet long, and is about 70% complete, he told BBC News.

But he might have been surprised to learn that Sotheby's believes it could fetch up to $6 million at auction.

Apex is "virtually complete" and well preserved, with 274 possible bone elements mounted on a steel armature, Sotheby's said in a press statement.

According to the auction house's global head of science and popular culture, Cassandra Hatton, it is "one of the best fossils of its kind ever unearthed."

Apex will be auctioned in July during Sotheby's annual "Geek Week" sale. It's estimated to be worth $4-6 million, with the auction house describing it as one of the "most valuable dinosaur fossils ever offered."

The stegosaurus was discovered in the Morrison Formation in Colorado, a stretch of sedimentary rock dating back to the Jurassic period.

The area is a rich source of dinosaur fossils, according to the National Park Service.

BBC News reported that Cooper and his family live on a property with just under 100 acres of land.

According to the BBC, Cooper recorded data about where the fossil was found, covered up the bones, and then began cleaning and reassembling the skeleton using a pneumatic chisel, microscopes, and sand-blasting jets.

Sotheby's said there were no signs of combat or predation-related injuries on the fossil, but there was evidence of arthritis, which suggests the dinosaur lived to an old age.

The upcoming sale is attracting some controversy.

While the skeleton will be on exhibition at Sotheby's galleries in New York before being auctioned, some paleontologists argue it shouldn't be privately sold.

Steve Brusatte, a professor of paleontology at the University of Edinburgh, told CNN that Apex belongs in a museum.

"It is a great shame when a fossil like this, which could educate and rouse the curiosity of so many people, just disappears into the mansion of an oligarch," he told the news outlet.

BBC News reported in 2019 that celebrities like Leonardo DiCaprio, Russell Crowe, and Nicolas Cage are among the famous people who have bought prehistoric remains.

• JPMorgan just published its 25th annual summer reading list.
• The bank suggests 11 titles it believes capture a world experiencing "radical shifts."
• AI, Formula 1, and Matt Damon all feature on JPMorgan's recommendations.

JPMorgan's annual reading list might be the closest thing the US has to a billionaire's book club.

For a quarter of a century its private banking division has offered up its summer must-reads, based on recommendations from client advisors around the world.

JPMorgan Asset and Wealth Management's chief communications officer Darin Oduyoye touted the bank's picks as an attempt to capture a world experiencing "radical shifts." It may come as little surprise that the AI revolution is the main theme of one title on its list.

Other picks focus on Gen Z anxiety and Formula 1, while Matt Damon, Jake Gyllenhaal, and Google's productivity czar Laura Mae Martin are among the authors featured.

Check out the 11 books JPMorgan says you should be reading this summer.

1. "Supercommunicators" by Charles Duhigg

Charles Duhigg's "Supercommunicators: How to Unlock the Secret Language of Connection" is a deep dive into the latest research about how to have better conversations.

The former New York Times reporter zeroes in on a wide range of examples — including divided jury rooms and CIA agents tapping up foreign sources.  

2. "The Anxious Generation" by Jonathan Haidt

Jonathan Haidt's latest book tackles what the social psychologist calls "the great rewiring of childhood," referring to the massive impact smartphones are having on the lives of younger people.

He argues that parents and governments need to act now to address rising sleep deprivation, loneliness, and addiction among children.

3. "Giants: Art from the Dean Collection of Swizz Beatz and Alicia Keys"

"Giants" showcases selections from Swizz Beatz and Alicia Keys' Dean Collection, which coincides with an exhibition at the Brooklyn Museum. It celebrates the work of nearly 40 groundbreaking Black artists, including Jean-Michel Basquiat and Gordon Parks.

4. "Brave New Words" by Salman Khan

Earlier this month, Bill Gates took to social media to recommend "Brave New Words," by Salman Khan, the founder and CEO of the Khan Academy nonprofit.

The book argues that advances in AI will transform education and offers a guide for teachers, parents, and students on navigating a fast-changing world.

5. "Love & Whiskey" by Fawn Weaver

Fawn Weaver, who became the first African-American woman to head a major spirits brand when she founded Uncle Nearest in 2017, reflects on her journey to uncover the life of Nearest Green, who played a pivotal role in the development of Jack Daniel's.

6. "The Formula" by Joshua Robinson and Jonathan Clegg

Formula 1 is one of the fastest-growing sports in the US, thanks to the huge popularity of Netflix's "Drive to Survive" and new races in Miami and Las Vegas.

Clegg and Robinson, who also coauthored one of the definitive books about the rise of Premier League soccer, team up again to give readers an inside look at the history and future of F1.

7. "Secret Stays" by Melinda Stevens, Issy von Simson, and Tabitha Joyce

This coffee-table book published by Assouline introduces readers to 22 little-known travel spots, ranging from a secluded Croatian monastery to a Japanese townhouse.

JPMorgan describes the title as "a fresh look at the diverse and ever-evolving face of travel today."

8. "Finding Fortunato" by Adam Pearson

Adam Pearson's "Finding Fortunato" charts the history of the entrepreneurial Peruvian family that found the Nacional white cacao bean — setting the stage for it to start making what's become known as "the Rolex of chocolate."

9. "Uptime" by Laura Mae Martin

Google's productivity advisor Laura Mae Martin, who's worked for Alphabet for more than a decade, shares easy-to-follow steps to boost your output and avoid burnout in her new book.

10. "The Secret Society of Aunts & Uncles" by Jake Gyllenhaal, Greta Caruso and Dan Santat

Actor Jake Gyllenhaal, his childhood best friend Greta Caruso, and illustrator Dan Santat teamed up to write this ode to uncles, aunts, nieces, and nephews.

11. "The Worth of Water" by Gary White and Matt Damon

To mark its 225th anniversary, JPMorgan highlighted this book, reflecting its earliest predecessor's origins as a waterworks company.

Garry White and Matt Damon outline a trial-and-error approach to solving the water crisis, emphasizing the role that collective action could play.

• The 10 wealthiest sports owners collectively own 15 major sports teams.
• These owners include tech moguls, hedge fund managers, and heirs to massive fortunes.
• Forbes data highlights their diverse origins, from Walmart heirs to hedge fund managers.

As sports team values continue to skyrocket, the people who can afford to invest in these franchises are among the wealthiest people on the planet.

Today, the list of wealthiest sports team owners includes two separate heirs to the Walmart fortune, Rob Walton and Ann Walton Kroenke, along with Bill Gates' former assistant Steve Ballmer.

Business Insider compiled a list of the wealthiest individuals who own a majority stake in a team from a major professional sports league and looked at how they made their fortunes, using data from Forbes.

These 10 billionaires —along with some of their families — are worth a combined $548.8 billion and own four soccer teams, four NBA teams, three NFL teams, two NHL teams, an MLB team, and a cricket team in India.

10. Steve Cohen

Net worth: $19.8 billion

Teams owned: New York Mets (MLB)

Steve Cohen made his billions as a founder of several hedge funds, including Point72, which manages $33.9 billion in assets. The firm has 185 investing teams and its primary focus is stock-picking.

In 2020, Cohen purchased a 95% share of the New York Mets for an estimated $2.4 billion.

9. David Tepper

Net worth: $21 billion

Teams owned: Carolina Panthers (NFL), Charlotte FC (MLS)

David Tepper spent many years working for Goldman Sachs but left in the early 1990s when he was passed over for partner. He founded the Appaloosa Management hedge fund in 1993, which holds $6.7 billion in assets. Its biggest holdings are in Alibaba and Adobe.

Tepper purchased the Carolina Panthers in 2018 for a then-record $2.2 billion.

8. François Pinault

Pinault and family net worth: $26 billion

Teams owned: Stade Rennais FC (French Ligue 1)

François Pinault is the founder and owner of Kering, a luxury group that owns several iconic fashion brands, including Gucci, Saint Laurent, and Balenciaga. Pinault's first success came in the timber industry before pivoting to wine and retail.

Pinault purchased his hometown soccer club, Stade Rennais FC, in 1998.

7. Stan Kroenke and Ann Walton Kroenke

Net worth: $27 billion ($16 billion via Stan Kroenke and $11 billion via Ann Kroenke)

Teams owned: Los Angeles Rams (NFL), Denver Nuggets (NBA), Colorado Avalanche (NHL), Arsenal FC (English Premier League), Colorado Rapids (MLS)

Stan Kroenke made most of his fortune in real estate development through the ownership of The Kroenke Group. He is married to Ann Walton Kroenke, the niece of Walmart founder Sam Walton and one of the heirs to the family's fortune. Together, they are one of the largest landowners in the US.

The Kroenkes own many sports franchises through their holding company Kroenke Sports & Entertainment, including some esports teams.

6. Dan Gilbert

Net worth: $28 billion

Teams owned: Cleveland Cavaliers (NBA)

Dan Gilbert grew his fortune as the founder of an online mortgage lending company called Rock Financial that was purchased by Intuit in 1999 at a valuation of $370 million. That year, the company was rebranded to Quicken Loans. Today, Gilbert owns over 100 businesses, including the highly successful online sneaker marketplace StockX.

Gilbert purchased the Cleveland Cavaliers in 2005 for a then-NBA record $375 million.

5. Miriam Adelson

Adelson and family net worth: $32 billion

Teams owned: Dallas Mavericks (NBA)

Miriam Adelson is the widow of Sheldon Adelson, the former owner of the Las Vegas Sands casino, who died in 2021. She and her family own more than half of the gambling kingdom.

In 2023, Adelson and her family purchased the Dallas Mavericks from Mark Cuban for $3.5 billion.

4. David Thomson

Thompson and family net worth: $72 billion

Teams owned: Winnipeg Jets (NHL)

David Thomson is the head of Canada's wealthiest family, which made its money from a publishing and media empire. Additionally, Thomson is the chairman of the Thomson Reuters Corporation.

Thomson is also a co-owner of the sports and entertainment ownership and management company True North Sports + Entertainment. In 2011, True North purchased the NHL's Atlanta Thrashers and moved the team to Canada, where it became the Winnipeg Jets.

3. Rob Walton

Walton and family net worth: $82 billion

Teams owned: Denver Broncos (NFL)

Rob Walton is the former Walmart chairman and son of the Walmart founder. When his father died in 1992, he inherited a large chunk of the family fortune.

Walton and his family purchased the Denver Broncos in 2022 for $4.65 billion. At the time, it was the highest price ever paid for a professional sports team.

2. Mukesh Ambani

Net worth: $114 billion

Teams owned: Mumbai Indians (Indian Premier League)

Mukesh Ambani is the richest person in India and the patriarch of the wealthiest family in Asia. He is one of the heirs to the Ambani fortune, which began with a fabric and textile company, Reliance Industries. Ambani is the owner and chairman of what is now a massive conglomerate that includes energy, retail, telecommunications, media, and entertainment companies.

In 2008, upon the formation of the new cricket league, the Indian Premier League, Reliance Industries purchased the Mumbai Indians for $112 million.

1. Steve Ballmer

Net worth: $127 billion

Teams owned: Los Angeles Clippers (NBA)

Steve Ballmer joined Microsoft in 1980 as Bill Gates' assistant. He eventually negotiated a contract that included an equity stake in the company, which helped him build most of his fortune. He eventually rose to CEO of Microsoft. At the time of this writing, Forbes ranked him the 10th richest person in the world.

In 2014, Ballmer purchased the Los Angeles Clippers for $2 billion. Many believed he overpaid for the team at the time, with the price not in line with other contemporary sales of NBA teams. However, according to Forbes, the franchise is now worth $4.7 billion.

• A DC basic income program lets participants choose their monthly payment amounts, no-strings-attached.
• The CashRx pilot by Bread for the City aims to improve health outcomes for low-income residents.
• Deborah Ogarro Kelly, a participant, is using the money to afford medicine and rent. 

For Deborah Ogarro Kelly, $1,400 a month is what she needs to cover household medical bills.

Kelly, 47, isn't able to work because she's the main caregiver for her husband, who is blind and has health issues. And since last fall, she's been a participant in a Washington DC-area guaranteed basic income program.

With her husband's SSDI disability benefit, the couple lives on a fixed income of under $2,000 each month, which is separate from their guaranteed basic income. However, she often worries about paying for their rent, groceries, and prescriptions.

Basic income has alleviated some of her financial anxiety, but she said "it's still not enough" to feel stable.

"I want to be able to pay all my bills, and I want to handle my balance and not owe anybody," Kelly told Business Insider. "It's a lot, but I want to be able to work, and I want my husband to get all the resources that he needs."

The basic income program Kelly participates in is one of over 100 pilots across the US. Since 2019, GBI has become an increasingly popular strategy to address poverty. The model differs from traditional social services like SNAP or Medicaid because participants can choose how to spend their money.

"There's a reduction of barriers that guaranteed income provides and the real ability for someone to make the decision for their family about what's going to advance themselves," Shafeka Hashash, associate director of Guaranteed Income at the Economic Security Project, previously told BI. "I think guaranteed income is such a strong system."

CashRx, the guaranteed basic income pilot Kelly is participating in, is run by Bread for The City. The nonprofit provides medical, legal, food, and work assistance to low-income DC residents. All participants in the GBI cohort must be established patients at Bread for the City's medical clinic.

The yearlong basic income program, which began payments in November 2023, allowed each of its five participants to choose the amount of their no-strings-attached monthly checks. Kelly chose $1,400 a month because it's what her family needs to offset out-of-pocket medical costs. Other participants chose between $1,100 and $1,400 a month.

The program's funding is provided through the Community Foundation's Health Equity Fund — a $95 million fund established to address health disparities in DC — and several grants.

Although Bread for the City hopes to eventually expand the GBI pilot to 10 participants, the program is intentionally small. In a spring program report provided to BI, the nonprofit said its goal is to improve health outcomes for its clients by addressing circumstances like economic instability and housing insecurity.

CashRx follows Bread for the City's previous basic income program. It was an implementation partner for THRIVE East of the River, a basic income pilot that gave $5,500 to about 600 low-income families in DC between summer 2020 and winter 2022.

Kelly still worries about money, but basic income makes her feel less "stuck"

Kelly feels like her expenses keep growing. Many of her husband's medications and appointments are out-of-pocket, and she also has to pay for her own healthcare needs. The couple has Medicaid, but insurance doesn't cover everything.

She pays several thousand dollars in rent for her apartment, and she's not sure what she'll do if her landlord raises the price or doesn't renew their month-to-month lease. She has tried to apply for a rental assistance voucher because of her husband's medical conditions but hasn't been granted one.

"Where are we going to go if the money runs out in that situation?" Kelly said. "We don't have anything stable."

For food, Kelly said she and her husband qualify for some assistance through SNAP, but it's just over $100 a month and usually isn't enough to pay for groceries.

On top of that, she said it's difficult to find money to pay for their transportation, cellphone bills, household necessities, and the storage unit they need for their belongings.

Costs are still a concern, but Kelly said basic income has been the financial help she and her husband needed to keep supporting themselves. She still hopes she can go back to work someday. Her husband would enjoy working too, so Kelly is hoping he can get the support he needs to maintain a part-time job.

"We've gotten a lot of things straight as far as health and getting our mouths fed," Kelly said. "If it wasn't for Bread for the City, we would still be stuck."

Participants report that GBI has helped them improve their mental health

Similar to Kelly, DC basic income participants have told Bread for the City that cash payments allowed them to afford housing and utilities, start saving toward emergency funds, spend more time with family, and improve their mental health, per Bread for the City's spring program report.

One participant told Bread for the City that they were able to get prescription eye glasses for their child, while others were able to buy ingredients for food that better matches their preferences and cultures.

As basic income programs across the US face legislative opposition from Republican lawmakers, Kelly wishes more people understood that they can give people a chance to afford their basic needs. She's grateful for the assistance right now. And, at some point, she knows someone else will need help too.

"You give people a chance, and you see what they're going to do, they do the right thing," Kelly said. "And once I get on my feet, then you can pass it on to the next person."

Have you benefitted from a guaranteed basic income program? Are you open to sharing your story? If so, reach out to allisonkelly@businessinsider.com.

• Anant Yardi took a majority stake in WeWork through its bankruptcy process.
• WeWork struggled post-2019 from pandemic constraints and long lease obligations.
• Yardi plans to focus on small businesses and use hotel-like tech for real-time booking.

WeWork's new owner prefers to stay out of the spotlight — and he's already sketching out new plans for the embattled office company.

Anant Yardi, who, alongside his wife, founded the widely-used commercial real estate software Yardi Systems, took a majority stake in WeWork through its bankruptcy process. In total, he invested more than half a billion dollars in debt and equity. Japanese investor SoftBank and hedge fund King Street now own minority stakes.

WeWork catapulted to a household name on the heels of founder Adam Neumann's eccentric leadership and SoftBank's billions of dollars in investment, and fell from grace in 2019 for largely the same reasons. The company's ensuing turnaround was constrained by the pandemic and long lease obligations inked under Neumann, who failed to buy back the company out of bankruptcy.

Yardi, unlike Neumann, likes to build in the background and only recently started flying business class, the Financial Times reported on Thursday.

Yardi said he's planning to expand WeWork's marketing to focus on small businesses. That represents a major shift for the company, which has spent the last several years courting enterprise businesses, including under Neumann. Companies, especially in tech, prioritize bigger businesses in hopes that those customers will provide more stability and value than small startups and freelancers — WeWork's original customers.

But WeWork's enterprise business never fully realized its ambitions. Even back in 2019, the sales team missed targets, Business Insider reported at the time. WeWork pushed for enterprise sales hard in the wake of the pandemic, as companies rethought their office footprints.

In March 2021, WeWork had just over 200,000 enterprise customers — 52% of its customer base, excluding countries including China and Israel. By June 2023 — the latest time such data is publicly available — WeWork counted 240,000 enterprise memberships, 41% of the customer base.

WeWork will also look to use technology similar to the hotel industry, like real-time booking, and partner with other coworking companies, Yardi told the FT.

WeWork's balance sheet, now less constrained by leases, "looks very good," Yardi said.

"WeWork is such a popular and well-known brand, it didn't seem right to let it go down," Yardi told the FT. "I realize financial decisions are not made on right and wrong. But there's also a tremendous opportunity in terms of turning around WeWork."

At WeWork's peak in January 2019, SoftBank valued the company at $47 billion. Last month, WeWork advisers valued the company at about $750 million.

WeWork did not immediately respond to a request for comment, sent outside standard business hours.