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LeBron James’ Commitment is Impressive but Could Eventually Cost Him Over $105 Million

Megan Turnbull

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Lebron James' Commitment is Impressive but Could Cost him $105 Million

LeBron James just showed one of the biggest and warmest acts of generosity in the word of charitable celebrities and it is something you won’t find very often these days.

The launch of the I Promise School in his hometown in Akron, Ohio has received lots a praise and positive feedback regarding the project.

The school is aimed at providing education to children in difficult life situations and challenging backgrounds. This is, however, going to cost the basketball superstar millions of dollars.

Not only did James fund all the infrastructure himself; his pledge in 2015 to give scholarships to up to 2,300 kids through the LeBron James Family Foundation could also turn out to be quite a huge commitment.

A new report estimates that the numbers could end up being more than $105 million in scholarships.

 

LeBron James’ Pledge Three Years Ago

In 2015, he announced an initiative to give as many as 2,300 of his students who graduate with a 3.0 GPA, full scholarships to the University of Akron.

The numbers above come as a result of the current tuition and fees at the University of Akron which is just a few hundred short of $12,000. For LeBron James, this is the reason behind such a massive commitment.

“It’s the reason I do what I do. These students have big dreams, and I’m happy to do everything I can to help them get there. They’re going to have to earn it, but I’m excited to see what these kids can accomplish knowing that college is in their futures.”

 

The school will open with 240 at-risk third and fourth-grade students. But James isn’t stopping there as there are plans to expand and accommodate more students in the next few years.

According to a spokesman for the foundation, it would be difficult to calculate or estimate the total costs of the commitment now; while giving the reason that the tuition and fees are not stable and they increase from time to time.

He also added that it is possible that the number of kids that would eventually qualify for the scholarship may not be up to 2,300.

 

What does this mean for LeBron James?

As at the time this article was published, the tuition and other fees for Akron University students is $11,466. Since it typically takes four years to complete a degree; if we multiply that number by four, we have close to $46,000.

Now, $46,000 for each student who will be 2,300 in number, gives us a whopping $105 million cost for the LeBron James Foundation.

But even with these huge estimated numbers, it is very obvious that James has committed to this with all his heart. He has called it the most important achievement in his career.

 

How much is LeBron worth right now?

So where does this number stack up in comparison to LeBron James’ overall net worth? At the time of writing this article, LeBron is worth over $440 million dollars.

Still, this will certainly put a very large dent in his bank account.

Megan Turnbull is a political entrepreneur, commentator, and writer. She uses her wealth of experience to provide audiences with vantage views of both the political and non-political world, dishing out shrewd, tried and true information and guidance for a better business and a better world.

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Elon Musk Abandons His Plans to Take Tesla Private

Megan Turnbull

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Elon Musk Abandons Plans to Take Tesla Private

Elon Musk seems to have made a reverse on his decision to make Tesla private. The CEO of the electric car company revealed in a recent statement that investors have persuaded him not to follow up on his plans to privatize the company.

In a statement made by the unpredictable CEO, his decision to keep the company public is based on feedback from shareholders; who said they have internal rules limiting how much they can sink into a private company.

The statement also said that the business magnate met with Tesla’s board of directors on Thursday and informed them of his new decision, with the board indicating that they agree.

 

Elon Musk’s Private Dream

In an earlier event, Musk shocked the company’s board and investors when he tweeted on Aug. 7 about his intentions to take the company private.

He said in his tweet that funding was already secured for the deal; but it was later revealed by the company that talks were still only in progress with Saudi Arabia’s Public Investment Fund.

The tweet also said that the electric company would offer shares at $420. Which as of Aug. 6 closing date was higher by 23 percent.

Assuming all the shares were bought, the said deal would be around $72 billion; though Musk later said he was expecting not more than one-third of the stakeholders to agree to the buyout.

The unexpected tweet posted by Musk on his way to the airport has triggered investigations from the federal government. The U.S. Securities and Exchange Commission are reportedly probing whether Musk was deliberately attempting to manipulate stock prices.

Musk’s statement initially sent the company’s stock price soaring but it has since fallen.

In his new statement, Musk said he talked to investors and consulted investment powerhouses Goldman Sachs, Morgan Stanley and Silver Lake to carefully examine all his options:

“Given the feedback I’ve received, it’s apparent that most of Tesla’s existing shareholders believe we are better off as a public company.”

He went on to add that his belief that Suadi Arabia’s Investment fund could provide the billions of dollars necessary to take Tesla private was “reinforced during this process.”

 

What Now For Musk And Tesla?

Elon Musk may have put an end to his idea to take Tesla private, but still has a tough road ahead to meet profitability and production projections, especially as Tesla handles investigations and lawsuits stemming from his ridiculous “funding secured” tweet.

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Amazon Just Hit $1 Trillion Dollars in Market Value

Megan Turnbull

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Amazon Just Hit $1 Trillion Dollars in Market Value

Amazon Inc. on Tuesday last week surpassed the $1 trillion market capitalization for the first time in its history.

The e-commerce giant became the second U.S.-based company ever to hit that milestone a month after Apple to hit the $1 trillion market valuation.

This happened after Amazon stock price raced to $2050.77 per share. It didn’t stay there for long though, slightly receding to $2040 later. You can do the math yourself. The current number of shares of AMZN totals about 487,741,189.

If we multiply this by the stock price, we have Amazon’s total market cap. As at Tuesday when the stock price was $2050.27, the market cap became $1,000,000, resulting from multiplying its number of shares, 487,741,189 by the stock price, $2050.27.

 

What Does This Mean For Jeff Bezos’ Net worth?

The American technology entrepreneur currently has ownership of 17% of Amazon which is about 83 million shares. Now that Jeff’s company is one of the world’s most valuable, his estimated net worth is about $170 billion.

Jeff Bezos is already the richest man in the world, with Bill Gates far behind with a net worth of $91 billion. This makes Jeff just a little shy of being twice as rich as Bill Gates.

This is incredible! Especially when you consider that just about seven months ago, Jeff Bezos was estimated to have a net worth of $100 billion. In fact, about 3 years, in July 2015, his net worth was “only” $50 billion.

However, a $170 billion net worth doesn’t really change Jeff’s rankings in the list of the richest people of all time. Right now, he holds the 12th position in that list and would need around $9 billion to move above Alan Rufus who is in 11th position.

He would also need an additional $10 billion to go above Henry Ford and move into the top 10 list of the richest human beings of all time.

You should also remember that in 2018 alone, Amazon’s market capitalization has moved around $500 billion. Every single billion dollar movement adds $170 to the net worth of Jeff Bezos. If over the next 9 months, the market turns in Amazon’s favor and it increases by another $500 billion,

Jeff could be having a net worth of $255 by May 2019. This will still not get him to the top of the list, but it would be an incredible number if reached.

 

Who’s Next?

There are different ways to look at this milestone achieved by Amazon. The stock market is trading at astonishingly high prices after several sequences of success that has lasted more than 10 years.

Amazon has already joined the $1 trillion club and there are several other companies looking to jump on the bandwagon. This may push the stock price higher, hurt wage growth, or widen income inequality.

What do you think about the current state of the stock market and what it could be in the next 12 months?

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Apple’s Next iPhone X Release Could Be The Biggest One Ever

Megan Turnbull

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Apple's Next Iphone X Release Could Be the Biggest One Ever

We are in that period again when rumors and news about Apple begin to pop up in every corner of the internet. Even though there has been no official confirmation yet; there is news everywhere that the next iPhone X release could be the biggest one since the start of the iPhone X series.

The $1 trillion company plans to unveil three new versions of the iPhone X soon, according to Bloomberg. The new devices will boast a wider range of prices, sizes, and features that are not present in previous versions.

Bloomberg reported that two of the new devices will be “high-end” X models. It is expected that these two iPhone X’s will feature 6.5-inch displays which will make them the largest ever.

This anticipated release can be compared with the new Samsung device; Galaxy Note 9 which has a 6.4-inch display.

If the rumors are true, then the new iPhone X’s will take the position for the largest phone screen. The new X models will also feature an all-glass back finish with stainless steel edges. There will also be an upgrade on the cameras and they will have dual cameras at the back.

 

More Expectations For Apple’s 2018 iPhone X Lineup

The cameras are not the only features getting upgrades, the inside of the phones will too. The Bloomberg report also suggested that there be an increase in the processing speed of the new models.

One feature that would be really cool, if confirmed by Apple; is the ability to run apps and other content side-by-side.

One of the three new models will also be seen as a replacement for iPhone 8. In terms of price, the said iPhone will be cheaper than the earlier described high-end versions. It will be available in a variety of colors and will possess a 6.1-inch display.

We are not sure exactly what those colors will be but the current version of the iPhone X come in Silver and Space Gray with a 5.8-inch display. However, this model will have an aluminum edge finish and not the stainless steel casing as expected in the other two.

Apple isn’t stopping there, though. Bloomberg said that all the new X models will have a Face ID feature and a gesture-based interface system. The two larger and more expensive versions could also have two SIM card slots.

 

Here Is When Apple’s Next iPhone Will Likely Launch

Apple’s annual unveiling event comes up every September. With August already over, we can expect the announcement anytime soon. If the company’s previous product unveilings are anything to go by, we should look forward to seeing the much-anticipated news in the next few weeks.

Apple recently became a $1 trillion company and has always been the expert when it comes to releasing appealing products to customers. So we can almost certainly expect some high-tech features that have never appeared anywhere else.

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