This is the year that technology ate the Young Rich List. An inordinate number of the e-commerce sites, online payment apps or collaboration software programs we’ve relied on in the COVID-19 pandemic have been made by Australians aged 40 or under, the very folk whose wealth the Financial Review Young Rich List has tracked since 2003.
The dramatic impact on their fortunes is encapsulated by Nicholas Molnar, the inventor of buy now, pay later platform Afterpay. In March, fears that Afterpay’s Millennial customers would be wiped out by the looming recession hammered Afterpay’s share price. Then government stimulus kicked in, extended lockdowns exacerbated the need for retail therapy, and now Molnar is not only Australia’s youngest ever billionaire at 30, Read more…..
Chart of the Day
CNBC’s Jim Cramer said Tuesday that some of the stock gains in the market are “insane,” with investors recently buying certain names from Tesla to Royal Caribbean seemingly without regard for fundamentals or the state of the coronavirus pandemic and holding onto them.