#59 Chelsea FC sold for $5.3 billion
Bought for $190 million in 2003
Welcome to another edition of Business News for Kids 🙇♂️.
Busy business this week 💼
An American consortium led by LA Dodgers owner Tod Boehly has acquired English Premier League’s Chelsea Football Club for £4.25 billion (~$5.3 bn). Russian oligarch Roman Abramovich had bought the club in 2003 for $190 million (£140 mn), generating a nearly 27x return; though he will not benefit from the profits. Net proceeds will be donated to charities supporting the rebuilding of Ukraine.
Payments company Square announced it is working with Apple to integrate Apple’s Tap to Pay services with the Square App. Apple’s Tap to Pay helps small businesses collect payments without any additional hardware, just using their iPhone 😲. Square processed $167 billion worth of payments in 2021 😱.
Remake of 1986 movie Top Gun, Top Gun Maverick starring Tom Cruise and several other original movie actors, made over $248 million on opening weekend, making it a great comeback for movie theatres. Global Box Office Revenues dropped more than 50% from pre pandemic $40+ billion highs. So this is some good news. 🚀
High-end luxury brand Gucci is coming to Roblox through the new game Gucci Town. In the virtual zone, you can play a bunch of mini games, get gems and buy accessories. You can also go to Gucci school, which will teach you about the history of Gucci 🤷. Did you know Gucci has revenues of $11 billion 🚀.
And finally, some news from the super computer world the US regained the super computer crown with its Frontier supercomputer that can perform over 1 quintillion calculations per second 🤯😱🤯! Alexa says 😆, an average computer 💻 can calculate at 4 billion calculations per second, so the HPE Frontier system is 250 million times faster than an average computer.
Wait, what is..
Consortium: Is a group of individuals or companies that decide to work together to achieve a common business goal. Geek out here.
Board: A Board or a Board of Directors 🕵️ is a set of individuals that provide oversight to a company’s functioning.
Woah 😱 Weird 🥴?
A 3D printed house that generates its own electricity and water 😱? Well, yes. These solar houses were developed startup PassivDom, and start at $199,999 🚀. Check them out 👇👇👇.
Inspiring business people to know 🙏
Meet Gus Mears our (somewhat) inspiring business person of this week.
Henry Augustus "Gus" Mears was an english businessman who founded the football team Chelsea FC in March 1905. After purchasing the Stamford Bridge Athletics Ground and a nearby market in 1896, Gus tried to convince Fulham FC to move to Stamford Bridge and even thought to sell it to a company that wanted to build a Coal Yard. Having failed in both endeavours, he eventually decided to start Chelsea FC, that generations later is one of the best football teams, with a valuation of $4.25 billion.
Interesting fact: he had borrowed money from his family’s JT Mears Trust and could never return it.. and so the Trust became the beneficial owner and members of the Mears family owned it till 1980s. Curious about the ‘somewhat’? Read this.
About BNFK
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BNFK distills the latest, most interesting, Business News 📰 .. to an emoji filled, ultra informative, and fun Newsletter for Kids. Delivered every Sunday. Previous editions here. Forwarding this? Ask them to hit 👇 & subscribe for FREE.
Stocks, stonks and.. ⚡️
After Netflix’s market cap dropped from 300 bn to < 90bn ⚡️💥🔥what does the future hold for streaming services?! Read this insightful, full-of-wait-what’s, article and make some notes.
Mental models.. whaaaat! 🤯
My dad insisted we put this section in here, even though I protested saying its going to be a while before kids need to apply mental models. Mental models are nothing but ways of thinking, you can use as a framework, to take decisions or solve problems. Who knows, they might just be useful!
Continuing with our Recession themed #spendcontrol mental models we bring to you the Law of Diminishing Marginal Utility 🤯🤯🤯.
Use it if ever you really really 'want' something. Basically the law of diminishing marginal utility states that the joy you experience from consuming something reduces, the more you use it. Say you're really excited about buying that next He-man Revelations toy.. you know you'll love playing with it the 1st time, and the 2nd time and even perhaps the 3rd time, but after some time the joy just wouldn't be the same as that first time.. so really what you spent a whole lot of money on, eventually did not bring you continuing joy.
So next time before buying something, think about it's Diminishing Marginal Utility 😆.Geek out here and don’t miss watching the video.
Tech, products, toys ++ 🤖
DeLorean is Back, Back to the future! If you’ve got no clue ask Mum, Dad or a Big person about the Gull-winged doors of the DMC aka DeLorean Motor Co car in the Back To The Future movies.. they’d be happy to know its making a come back.. and how 😱! 👇👇👇
Pro Tip: The magic of learning is in curiosity. Don’t shy away from clicking those hyperlinked texts to read and learn more. We mostly hyperlink to text we have read ourselves to make sure it is safe, but please be aware that comments and ads shown on these pages are beyond our control. We recommend using a kids friendly browser to view the links. Please read all Disclaimers.
Take care. See you next week. Pray for Ukraine and for Russian citizens. 🙏