CBX Daily 4/24/2024

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CultureBanx Team
April 24, 2024

Today Levi gains momentum after a Beyoncé mention, but let’s start with how leveling the digital playing field can steer Black businesses in the right direction…

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How Reinstating Net Neutrality Impacts Black Entrepreneurs

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The Federal Communications Commission (FCC) recently voted to advance a proposal aimed at resurrecting the previously rescinded net neutrality rules. This move comes five years after the rules were repealed by the previous administration. Since net neutrality is of particular importance for African Americans as an essential tool for activism, organizing, and the dissemination of information within the community, the potential impacts of reinstatement on the Black community is a major focal point.

Beyoncé's Track Is Re-Igniting Levi's In New Retail Surge

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Levi Strauss & Co. (LEVI +2.55%) has registered a 20% rise in footfall to stores across the country. Fashion trends may fade, but denim doesn’t thanks to the Beyoncé effect. The Cowboy Carter mastermind has propelled the clothing company Levi Strauss’ share price by 20 percent, all thanks to her giving the jeans maker a shout out on her song "Levii's Jeans". A week after Beyoncé's eighth album dropped, the exciting jump happened and as a gesture of gratitude to the artist, Levi's quickly changed their IG account name to “Levii’s”.

Major Key Alert: Black Women Homebuyers Surge Up 18%

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Black women are less concerned with societal norms and are choosing to live their best lives by outpacing men in homeownership. Between June 2020 and September 2021, Black female buyers surged 18.1% compared to the previous year, versus an 11.5% increase in Black male buyers over the same horizon. They are acquiring higher levels of education and have found their independence through one of the greatest assets along the way to building generational wealth. 

The A-List Millionaires And Billionaires Reside In The U.S.

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The U.S has now taken over the number one spot from China leading with the highest number of millionaires and billionaires. Currently, the U.S has 788 billionaires and 9,850 centi-millionaires while China has 305 billionaires and 2,352 centi-millionaires. These figures have catapulted the U.S. to greater heights and is now home to 37% of the world's millionaires. This further solidifies its position as a hub for wealth accumulation and economic opportunity.

Black-Led Startups Struggle As Venture Funding Dips Below $1 Billion

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In venture funding, where opportunities often seem boundless and innovation reigns supreme, the reality for Black entrepreneurs often tells a starkly different story. Recent data reveals a troubling trend: venture funding for Black-founded startups has plummeted below the $1 billion mark for the first time since 2016. This staggering decline, amidst an already challenging economic landscape, raises critical questions about equity, access, and the future of entrepreneurship for communities of color.

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