Author: Ariel Solomon

As the national debate continues regarding whether or not the United States is currently in a recession, or the timeline for when it will inevitably face one over the next year, a few things are indisputably true. First, the U.S. economy (GDP) has declined for the past two consecutive quarters, and second, inflation, which is hovering around a 40-year high at 8.5% in July, remains prohibitively excessive. While recessions have ripple effects across communities and businesses, these effects aren’t evenly distributed or experienced uniformly and hit people of color the hardest.  

Two years ago, companies came out in droves to show support for the Black Lives Matter movement, two years later, they’re being held accountable for their highly vocal promises, by way of racial equity audits. Most importantly, these audits evaluate whether or not these companies cause or perpetuate discrimination. While Apple (AAPL +1.55%), Amazon (AMZN 1.47%), Microsoft (MSFT +1.70%), and Meta (META +1.22%) have either recently completed or agreed to complete such audits, not all big tech companies are willing to conduct them even following shareholder pressure.

Millennials have higher balances in their 401(k)s than Gen Xers did at the same age, as the Black segment of this generation along with younger people make up 59% of the population, according to Pew Research. More interesting than the physical make-up of the group however, is their financial standing. These millennials are continuing to pace ahead in retirement savings than Baby boomers and Gen Xers.

By Ariel Solomon
– The investment gap between races is narrowing with 68% market participation from Black Americans under 40
– Black Americans are taking on riskier investments with 25% invested in cryptocurrencies Black Americans have faced systematic exclusion from a number of American institutions including investment opportunities, though that could be changing. The investment gap between Black and white Americans has recently narrowed, with higher stock market participation among young Black people under 40. In an effort to take back power, interest in investing has grown as this demographic has developed a propensity to take on riskier investments.

By Ariel Solomon Sotheby’s Virgil Abloh designed sneaker auction rakes in a record-breaking $25M The global sneaker market is expected to reach $120B by 2026 History was made on a number of fronts when the commemoration of Nike’s (NKE +4.85%) beloved Air Force 1 Sotheby’s 40th Anniversary auction took place. It featured 200 pairs of