CBX Daily 4/30/2024

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CultureBanx Team
April 30, 2024

Today Basquiat’s brilliance shines in auction rooms, but let’s start with how Black-led startups bloom in every room…

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Majority Black Areas Are Major Catalysts For U.S. Startup Growth Up 198%

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Startups have taken off during the pandemic with majority Black areas playing a huge role in their success. A new report from Third Way found that in counties where over 75% of residents are Black, applications for new businesses increased 198%. The U.S. Census Bureau’s Business Formation Statistics data reveals the pandemic-era startup surge may have been more pronounced for minority entrepreneurs as the labor tide continues to shift.

Basquiat's Masterpieces Set To Fetch Millions In New Auction

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Christie is preparing to auction The Italian Version of Popeye Has No Pork in His Diet by Jean Michel Basquiat this May. This among other Basquiat's masterpieces are ready to hit the auction block at Christie’s, a world-known auction house for the arts. The 1982 painting potentially reached bids surpassing $30 million. It's been seven years since the last Basquiat painting was sold and it set an auction record for selling at $110.5 million.

Does America’s Aging Population Impact The Wealth Gap?

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The 21st-century American household is significantly different from what it was a few decades ago, from 4.6 persons to 2.65 persons. An aging U.S. population has also significantly influenced the household composition shift, with the average African American in their mid-30s. Between 2010 and 2017, the share of adults ages 45 to 64 declined from 35% to 33%, while the share ages 65 and older increased from 17% to 20%. This change in the share of U.S. households by income and age can have several implications for the future of the African American community.

Americans In A Ticking Time Bomb Sprinting Towards Retirement's Deadline

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Retirement is a dream many Americans hold dear, a time to relax, enjoy life, and reap the rewards of years of hard work. However, a dark cloud hangs over this dream as a retirement crisis looms. Many Americans are struggling to save enough for their golden years, and the situation is becoming increasingly dire. Just 44% of US adults are able to afford an emergency expense of $1,000 or more from their savings. Further, the median retiree has a meager $142,500 in savings, while a shocking 25% haven't saved anything at all.

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.

Vibes of the Week

“Take Dat” is what Black entrepreneurs are dishing out as they prove the power of Black-led startups. Gucci Mane giving as a hit in our CBX Vibes!