Billionaires are up in arms over New York City’s new tax on second homes. But it won’t make much of a dent in their fortunes.

Forbes looked at the impact of the pied-à-terre tax, which targets homes that aren’t primary residences, on 10 billionaires. Hedge fund billionaire Ken Griffin, who has sparred with Mayor Zohran Mamdani over the tax, would have to pay an estimated $12.9 million through 2031—that’s the equivalent of a person worth $100,000 paying $25 in extra taxes.

“It’s almost like Mamdani’s not even really taxing the rich like he promised,” says Nathan Goldman, a professor of accounting at North Carolina State University who has written about the tax for Forbes.

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Amazon’s better-than-expected earnings report propelled its stock to its largest gain in a decade, boosting Jeff Bezos’ fortune as he once again became the world’s third-richest person.

Bitcoin plunged to its lowest level in weeks on Friday as Strategy, the world’s largest institutional holder of the cryptocurrency, said it would sell up to $5 billion of bitcoin.

Thousands of people in eastern Washington are under evacuation orders after a series of wildfires broke out on Saturday, as forecasters predict “very dry conditions” and breezy winds that could potentially exacerbate ongoing blazes.

Novo Nordisk’s stock lost nearly 9% on Friday after the drugmaker said its late-stage experimental........

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