Fortune on LinkedIn: Temu's billionaire founder lost his title as China's richest person just… (2024)

KKR’s co-CEOs want to reach $1 trillion in assets by 2030.Bucking the famously “capital-light” approach their industry was built on, they’re aiming to fashion the nextBerkshire Hathaway—in other words, channeling the cash flows from alternative money-spinning franchises to acquire a roster of strong, stable businesses they own outright for a long period of time.That unorthodox “ownership” approach, they claim, will drive the firm’s valuation to levels never before witnessed in asset management.Another major leg of the strategy that’s also Warren Buffett–like: KKR’s 100% position in a giant insurer that’s not only a big profitmaker in its own right, but provides multiple billions a year in premiums for KKR’s fixed-income arm to manage.If co-CEOs Joe Bae and Scott Nuttall hit the mark, KKR would be worth one-third more than Bank of America’s value today, and almost 70% that of JPMorgan.But their strategy entails huge risks. Read more from the latest digital issue of Fortune Magazine: https://lnkd.in/ehXN5b2M

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Does American tennis have a pickleball problem?Even as the U.S. Open opened last week with more than a million fans expected for the sport’s biggest showcase, the game’s leaders are being forced to confront a devastating fact — the nation’s fastest-growing racket sport (or sport of any kind) is not tennis but pickleball, which has seen participation boom 223% in the past three years.Pickleball, an easy-to-play mix of tennis and ping pong using paddles and a wiffleball, has quickly soared from nearly nothing to 13.6 million U.S. players in just a few years, leading tennis purists to fear a day when it could surpass tennis’ 23.8 million players. Read more here: bit.ly/3Xk5NEt

Peloton was one of the hottest commodities on the market during the pandemic. But as the dangers of COVID-19 subsided, so too did the stock of the fitness equipment company, and its former billionaire CEO John Foley says his wealth got wiped out in the process.“You know, at one point I had a lot of money on paper,” Foley, who cofounded Peloton in 2012 and was at its helm for a decade, told theNew York Post. “Not actually [in the bank], unfortunately. I’ve lost all my money. I’ve had to sell almost everything in my life.”Read more: https://lnkd.in/eFHye-fQ

What’s better than receiving a signing bonus? Maybe getting a bigger one just over a year later. Delta gave Mike Spanos a $250,000signing bonusto join the airline as its chief operating officer last June, but he’ll now get double that just by signing the dotted line to become CEO of Bloomin’ Brands, the parent of Outback Steakhouse.All told, Spanos’s initialcompensation packageis valued at almost $12.3 million. That’s over 1 million orders of the Bloomin’ Onion, Outback’s signature fried appetizer currently priced at $10.99.Read more: https://lnkd.in/ehyPMk7f

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The average human body is more than 60% water. Water makes up almost two-thirds of your brain and heart, 83% of your lungs, 64% of your skin, and even 31% of your bones. It’s involved in almost every process that keeps you alive. “Water is essential for your body’s survival,” saysCrystal Scott, registered dietitian-nutritionist with Top Nutrition Coaching. “It helps regulate your temperature, transports nutrients, removes waste, lubricates your joints and tissues, and it also plays a crucial role in maintaining the delicate balance of electrolytes and fluids in your body.”How much water you should drink each day? Read more: https://lnkd.in/gtqvKi2g

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It feels great to be popular—until the fame gets out of hand. That’s become Italy’s battle this summer. With hundreds of millions of tourists flocking to the sunny European destination this summer, the uptick seems relentless. It’s now become a source of public anger across the region. Some of Italy’s most sought-after cities, such as Venice, have tried to address the issue with an entry fee and measures to curb big groups of visitors. Read more here: bit.ly/4dOWl1J

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Red Lobster floundered this past year, making headlines afterfiling for bankruptcyand blaming it at least partly on an ill-conceived endlessshrimp deal. Naturally, the fast-casual seafood chain was in the market for a new CEO. Damola Adamolekun, 35, was tapped for the difficult job of turning Red Lobster around. Adamolekun, formerly the CEO of Asian-fusion chain P.F. Chang’s, already has some time under his belt as an executive wunderkind. He certainly didn’t get to where he is now by pretending to be chill, as he toldFortunein2023. His career mentality is all about one thing. Read more: https://lnkd.in/emhiMFjP

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For those parents debilitated by the stress of raising kids and caring for their families,U.S. Surgeon General Dr. Vivek Murthysees you. Murthy released anadvisoryon August 28 declaring parental mental health an urgent public health issue. Advisories are reserved for “significant public health challenges that require the nation’s immediate awareness and action,” according to theDepartment of Health and Human Services.“Being a dad is the toughest and most rewarding job I’ve ever had,” Murthy wrote in the advisory.Read more: https://lnkd.in/gEpJyaYE

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The sound of an errant sneeze, sniffle, or cough in the workplace is enough to make any employee’s hair stand up on the back of their neck. Sure, workers arestill showing up to workwhen they’re under the weather, but Gen Z is leading the charge to change that—and the generation’schanging attitudestoward taking sick days is, in fact, contagious.Read more: https://lnkd.in/d7efvK74

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