The truth about wealth

Also in today’s edition:

• Starbucks let store managers decide how to decorate for Pride. Chaos ensued.
• Fifteen towns for homebuyers on a budget.
• The Fed just paused on raising interest rates. What that means for you.

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Trump, Tesla, & more

• Trump’s die-hard fans handed him another $6.6 million, per his campaign. The donations came as the former president was indicted a second time. The full story.
• One of America’s biggest health insurers just issued a warning that healthcare costs are about to soar, as more Americans get elective procedures.
• Tesla’s market value soared almost $300 billion in just a month as deals with GM and Ford supercharged the EV maker’s stock. More here.

How to feel wealthy

In the survey, Schwab asked 1,000 respondents in America whether they feel wealthy. 48% said very or somewhat. What’s striking is what goes into that calculus.

More than 60% of Gen Z and millennial respondents, for instance, said they feel wealthy when they can afford a similar lifestyle to their friends. Just over half of Gen Zers said they compare their lives to others on social media.

For many others, meanwhile, feelings of wealth came with a life well-lived. When asked which statement better describes their feelings about wealth, 72% said “having a fulfilling personal life” rather than “working on my career.”

Starbucks, Musk, & more

• Starbucks is the latest company to face controversy surrounding Pride month. Chaos and confusion broke out after Starbucks managers took different approaches to decorations, with some workers claiming they were told Pride-month decor was banned, the Starbucks workers’ union blasting the move on Twitter, and Starbucks denying changing any policies. Dig into it here.
• Young people across China are ditching white-collar jobs for blue-collar roles as baristas and cashiers. It’s part of a larger trend known as “taking off Kong Yiji’s long gown,” and they’re sharing photos and videos of their new roles en masse online. Read more.
• The Fed just paused on raising interest rates. Here’s what that means for your summer: jobs are expected to keep going strong, your bank account should be safe, and energy and gas prices are seeing relief. We break it down further here.
• Are you a homebuyer on a budget? Then we’ve got 15 towns you should check out. In these markets — which include Independence, Missouri; Joliet, Illinois; and Waterbury, Connecticut — the average down payment is $50,000 or less. See the others here.
• Elon Musk is adding to a headache for Goldman Sachs. Goldman is part of a group of banks that made a $1.7 billion loan to Columbia Property Trust, the owner of several of Twitter’s offices — and Musk is accused of not paying rent on those offices. Read more.
• Russia has lost so much money that it’s trying to raise $4 billion by taxing its oligarchs. The Kremlin is feeling the pinch from its war in Ukraine, so much that it’s imposing a one-time windfall tax on companies that made more than 1 billion rubles in profits since 2021. The full story.
• Jeff Bezos kicks off hot yacht summer with Lauren Sanchez. A series of photos show Bezos hanging out with his fiancée on a superyacht in the Italian Riviera. The ship is reportedly the Koru, the $500 million yacht that the Dutch nearly dismantled a historic bridge for. Check it out.

Underground city

Ozempic explained

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