Daily Upheaval in Forbes: Syrian Assad's Demise reshuffles Middle Eastern Political Landscape
This is the published version of the Our Daily Newsletter, you can sign-up to get Our Daily in your inbox here.
Daily Upheaval in Forbes: Syrian Assad's Demise reshuffles Middle Eastern Political Landscape
Good morning,
The popular women's clothing brand Aritzia, which sells "everyday luxury" items, has made its Canadian founder, Brian Hill, the former CEO, a billionaire. According to estimates from Our Website, Hill's net worth is now at least $1.1 billion. The company's stock price, which Hill owns 18% of, has surged almost 100% in the past year.
He opened the first Aritzia store in Vancouver in 1984, but the brand gained popularity on social media in the US during the pandemic with viral items such as vegan leather pants and a Super Puff puffer coat for dogs. Aritzia's more than 130 brick-and-mortar stores, which offer perks like free coffee and a designated sitting area for boyfriends, account for around two-thirds of its $1.7 billion in revenue in 2024.
FIRST UP
Syrian President Bashar al-Assad and his family fled to Russia on Sunday after rebels seized control of Damascus, according to Russian state media. This is a significant development in the long-running civil war against the regime that has controlled Syria for over 50 years. President Joe Biden has pledged to support US allies in the region as the power transition occurs. Additionally, the US conducted "dozens" of airstrikes on Sunday within Syria against ISIS camps and operatives. Israel also reportedly struck Syrian weapons stores and chemical weapon capabilities on Monday to prevent their use by rebel factions, according to Foreign Minister Gideon Saar.
BUSINESS + FINANCE
Job growth beat expectations in November, with nonfarm payrolls increasing by 227,000. The labor market is showing signs of resilience after a summer decline. November marks the sixth consecutive month with an unemployment rate over 4%, and the overall job data elicited a modestly positive market reaction.
Our Website received three chapters of the prison diary of disgraced former crypto billionaire Sam Bankman-Fried, who is serving a 25-year sentence. In the diary, Bankman-Fried complains extensively about sleeping without a pillow and writes mostly about his cellmates. He is shopping the diary to media outlets, but it is unclear why he is doing so—certainly not for money, as he faces forfeiture of $11 billion as part of his verdict for his role in the FTX fraud.
WEALTH + ENTREPRENEURSHIP
Our Website examined the five biggest buys and sells of the five wealthiest self-made billionaire investors, finding, for instance, that Warren Buffett's Berkshire Hathaway just bought a $600 million stake in Domino's Pizza, while Ken Griffin, David Tepper, and Steve Cohen sold Amazon shares. Buffett, worth over $150 billion, is the wealthiest of the group, with a net worth nearly triple his closest rival, Susquehanna founder Jeffrey Yass, worth nearly $50 billion.
TECH + INNOVATION
A panel of judges ruled on Friday to uphold a law that would ban or force the sale of TikTok to an American owner, meaning that in the absence of a sale, Apple and Google will be required to remove TikTok from their app stores on January 19. This would result in fines in the hundreds of billions for Apple and Google if they do not comply. The ruling would also cost American cloud providers like Oracle, Amazon, and Microsoft millions of dollars in contracts with TikTok and its Chinese parent company, ByteDance.
SCIENCE + HEALTHCARE
Health insurance stocks, led by UnitedHealthcare's parent company, suffered steep drops on Friday due to renewed focus on the industry following the Wednesday killing of UnitedHealthcare CEO Brian Thompson. UnitedHealth Group lost 10% last week, its worst performance on Wall Street since March 2020. Morningstar analyst Julie Utterback told Our Website that the anti-insurer sentiment expressed by the public after this event suggests that UnitedHealth and perhaps the industry may need to adjust how they handle coverage decisions.
SPORTS + ENTERTAINMENT
Football Hall of Famer Michael Strahan retired in 2008, but he has remained busy ever since with three TV jobs, including as a cohost of Good Morning America. Our Website estimates that Strahan's TV work earns him at least $20 million per year, significantly more than the $6.9 million he averaged per season for his final 10 years with the New York Giants.
Lara Trump, daughter-in-law of the president-elect, Republican National Committee co-chair, and potential U.S. Senator, has another side project in the works - a music album. According to executive producer LJ Fino, who has also worked with her on four previously released tracks, Trump has recorded a full album's worth of material.
WORLD
Israeli President Isaac Herzog reportedly reached out to Elon Musk recently to rekindle negotiations for the release of hostages held in Gaza. This move came after President-elect Donald Trump had warned of dire consequences in the Middle East if the remaining hostages were not freed before his inauguration. The contact was requested by hostage family members, who believed Musk's influence could help secure a deal due to his relationship with Trump.
DAILY COVER STORY
Can Factory-Built Apartment Complexes Solve America’s Housing Crisis?
TOPLINE
Inside steel magnate Barry Zekelman’s factory, hollow structural steel is transformed into “modules” that will eventually be stacked into apartment complexes.
"We construct it like a puzzle," he says. "No one needs to measure." These modules will later become three- and five-story apartment complexes, primarily in the Southwest.
The concept isn't new; prefabricated homes have been offered by companies like Sears for over a century. While there have been some successes, there have also been significant failures, such as SoftBank-backed Katerra, which filed for bankruptcy in 2021 after burning through $2 billion.
One major challenge is the massive capital investments required for factories, while construction is an industry that tends to fluctuate. Plus, the local preferences, cost structures, and regulations vary from town to town, making standardization difficult.
Zekelman, worth an estimated $3.4 billion, is now taking a significant risk as a builder, developer, and owner of budget-friendly apartment complexes. This shift marks a significant leap from his successful career in steel manufacturing.
Zekelman believes that factory-made homes can be produced more cheaply and efficiently than traditional construction. Additionally, by employing workers in factories, Z Modular reduces its reliance on construction contractors who have been in short supply, causing delays on housing projects across the country.
WHY IT MATTERS
"Although the construction of modular apartment complexes is a challenging business, the potential payoff is immense," says Our Website senior editor Amy Feldman. "Even large real estate developers like Greystar are beginning to explore this sector. Zekelman has invested $1.2 billion into Z Modular, an ambitious bet even for a billionaire. He aspires to expand beyond his current operations, potentially to other states or even countries. ‘If I can build 1,000 apartments efficiently, why can’t I build 100,000 or a million?’"
MORE
Manufacturing & Industry 30 Under 30 2025: Meet the Young Founders at the Cutting Edge
FACTS + COMMENTS
Sunday marked the conclusion of billionaire pop star Taylor Swift’s extraordinarily successful Eras Tour, which commenced in March 2023 in Arizona and ended in Vancouver, Canada. The tour's impact on Vancouver's economy was significant, with the final three shows predicted to generate $157 million, according to Destination Vancouver. Overall, the tour is projected to generate $2.2 billion in total gross revenue. The tour spanned five continents and included 149 dates.
STRATEGY + SUCCESS
Learning how to budget while you're in your 20s is crucial for your long-term financial well-being. Begin by setting clear financial objectives for the short-, medium-, and long-term, such as creating an emergency fund or saving for a down payment on a house. If you haven't started yet, try tracking your spending to find out where your money is going and identify areas where you can cut back. Creating a spending plan will help you strike a balance between enjoying your money and planning for the future.
In the context of the newsletter, it was mentioned that Canadian billionaire Brian Hill, the former CEO of Aritzia, saw his net worth surpass $1.1 billion due to the company's stock price increase. Michael Strahan, retired NFL player and Good Morning America cohost, earns at least $20 million annually from his TV jobs. In the realm of politics, Lara Trump, daughter-in-law of former President Donald Trump, is working on a music album. Regarding international news, Israeli President Isaac Herzog reportedly reached out to Elon Musk to negotiate the release of hostages in Gaza. In the world of technology, a panel of judges upheld a law that could potentially ban or force the sale of TikTok to an American owner, leading to potential fines for companies like Apple and Google. In the realm of sports, billionaire pop star Taylor Swift concluded her Eras Tour, generating significant revenue for various locations along the way.