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People in the LGBTQ+ community experience unique economic disparities that cisgender straight people and heteronormative families do not. According to a 2019 Williams Institute analysis of Behavioral Risk Factor Surveillance System data, 22% of LGBTQ+ adults in the United States live in poverty, compared with an estimated 16% of their cisgender straight counterparts.

LGBTQ+ financial pros are uniquely positioned to share their knowledge and relate it to their individual experiences of queerness because of these disparities and the political climate affecting their communities.

We talked to some financial influencers from the LGBTQ+ community about tips on finding affordable housing, starting a business, building generational wealth and finding resources for family planning. read more

By The Associated Press

Twitter may now be worth one-third of what Elon Musk paid for the social media platform just seven months ago.

The Fidelity Blue Chip Growth Fund has reduced the market value of its equity stake in Twitter for a third time, now putting it at $6.55 million. That’s down from the nearly $20 million the Fidelity fund valued its stake at in October.

Financial services provider Fidelity Investments is privately held, not public, but is required by the SEC to regularly disclose its holdings. Because Twitter is a private company now called X Holdings Corp., information about its finances can’t be verified.

Musk took control of Twitter in October, after a protracted legal battle and months of uncertainty. The CEO of Tesla, who also owns SpaceX, bought Twitter for $44 billion.

The billionaire financed the purchase with funds including loans from a group of banks. Musk has said the $44 billion price tag for Twitter was too high but that the company had great potential.

By April Musk was telling the BBC that running Twitter has been “ quite painful ” but that the social media company is now roughly breaking even after he acquired it late last year. Musk predicted at the time that Twitter could become “cash flow positive” in the current quarter “if current trends continue.” read more

By LISA MASCARO, KEVIN FREKING, STEPHEN GROVES and FARNOUSH AMIRI (Associated Press)

WASHINGTON (AP) — Veering away from a default crisis, the House approved a debt ceiling and budget cuts package late Wednesday, as President Joe Biden and Speaker Kevin McCarthy assembled a bipartisan coalition of centrist Democrats and Republicans against fierce conservative blowback and progressive dissent.

The hard-fought deal pleased few, but lawmakers assessed it was better than the alternative — a devastating economic upheaval if Congress failed to act. Tensions ran high throughout the day as hard-right Republicans refused the deal, while Democrats said “extremist” GOP views were risking a debt default as soon as next week.

With an overwhelming House vote, 314-117, the bill now heads to the Senate with passage expected by week’s end.

McCarthy insisted his party was working to “give America hope” as he launched into a late evening speech extolling the bill’s budget cuts, which he said were needed to curb Washington’s “runaway spending.” read more