News Information and Media Site: Building Empires After Job Loss: How These Young Women Made Millions Post-Pandemic

Newsletter Sep 6, 2024

Building Empires After Job Loss: How These Young Women Made Millions Post-Pandemic

A new breed of businesswomen emerged after the pandemic.

During the COVID-19 pandemic, as businesses closed and economies struggled, a surprising trend of female entrepreneurship emerged. Many women in the US and the UK turned the adversity of job loss into an opportunity to start their own businesses. Data from the U.S. Census Bureau and the UK's Companies House reveal a significant rise in women-owned businesses during this period, with a 4.9% increase in the US and a 14% increase in the UK. These statistics highlight how women, particularly young women, seized the moment to build their own ventures and redefine their professional paths.

Among these entrepreneurs is Kiana Gomes, who founded the Cocktail Bomb Shop after losing her job at the age of 23. Her company, which offers homemade cocktail bombs, quickly grew into a seven-figure business and attracted major investors, even appearing on the reality show "Dragon's Den." Similarly, Ritika Sharma launched Boddess, a multi-retail beauty platform, after being pushed out of her job. Her innovative approach to the booming online beauty market transformed Boddess into a household name in India, attracting over 75 top beauty brands.

Other success stories include Sarah Forrai, who created the Contour Cube, the world's first ice facial tool, which gained popularity among celebrities and garnered significant investment on "Shark Tank." Amelia Hitchcock-Merritt also built her jewelry empire, Bijoux De Mimi, from her bedroom during lockdown, achieving remarkable growth through social media. These stories not only showcase individual triumphs but also reflect a broader trend of women redefining entrepreneurship by transforming adversity into opportunity. (Full story)

Around 1,000 GM Workers To Get A 35% Raise After Joining United Auto Workers Union

Approximately 1,000 employees at a General Motors and LG Energy Solution joint venture electric vehicle battery facility in Spring Hill, Tennessee, will receive significant pay increases after unionizing with the United Auto Workers (UAW). The union recognition follows a majority of employees signing cards in support, and wages will now align with a national contract that includes a 35% raise, increasing starting pay from $20 to $27.72 per hour and gradually reaching $30.88 within three years. This development marks the second GM joint venture battery plant to unionize and is part of the UAW's broader efforts to organize non-union auto plants in the southern U.S. In contrast to this union success, GM is laying off over 1,000 salaried employees globally to streamline its software and services division, including 600 at its tech campus near Detroit. (Full story)

LONDON NOOTROPICS

Stressed out? You're not alone—74% of UK adults admit they've been overwhelmed this year, but there's a delicious solution brewing. Enter London Nootropics, adaptogenic mushroom coffee blends that can help you stay sharp, unwind, or get a much-needed energy boost.

Americans Think An Hour Of Their Time Is Worth $240 Or 8 Times The Average US Salary

Empower's March survey of 2,204 US adults reveals a shift in the definition of wealth from money to valuing time, with 63% considering quality time with loved ones as a sign of wealth and 40% prioritizing time-saving over money. On average, Americans value their time at $240 an hour, over eight times the average US salary, driven largely by millennials who, due to economic downturns, demand higher rates for their time. The survey also shows a growing trend toward paying for convenience, such as delegating household tasks or using financial advisors and AI for money management, which could benefit related industries. Despite early retirement planning efforts, many feel they lack time to save adequately, and economic challenges like cooling job markets and slow wage growth are increasing concerns about financial security in retirement. (Full story)

RCB R17 Electric Scooter

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Boss Refuses To Fire Employee Who Went Viral For 'Hitting A Woman's Car'; Gets Praise From Netizens For Standing By Him

A man named Nigel Ford faced online backlash after a video surfaced of him berating a woman over a parking dispute. Despite calls for his dismissal, Ford's employer, Deena Saunders-Green, defended him, citing his positive character and deciding not to fire him, even under California's at-will employment laws. Saunders-Green's defense video went viral, amassing over 3 million views, and she emphasized the importance of grace and understanding in business. The incident sparked a divided public reaction, with some criticizing Ford's behavior and others supporting him, highlighting the complexities of online shaming and the dark side of viral videos. (Full story)

Nvidia CEO Jensen Huang Drops Out Of $100 Billion Club After Fortune Goes From $105B To $94.9B—What Happened?

Nvidia CEO Jensen Huang's net worth plunged by $9.9 billion on Tuesday, dropping from $105 billion to $94.9 billion, causing him to fall out of the $100 billion club and slip from 14th to 18th on the Bloomberg Billionaires Index. This decline was triggered by a 9.5% drop in Nvidia's stock, wiping out $279 billion in market value, the largest one-day loss ever recorded for a U.S. company, amid a broader chip stock downturn and an ongoing DOJ antitrust investigation. Despite this setback, Huang's net worth has risen by $51 billion this year due to Nvidia's 118% stock surge, driven by its leadership in the AI microchip market. Additionally, Huang will receive the Charles F. Jenkins Lifetime Achievement Award at the 76th Engineering, Science & Technology Emmy Awards for his contributions to AI and accelerated computing.

(Full story)