American Economy News & Updates

[FuturePAF]

New reactor comes online in Georgia.
Hope they build some in Texas, considering their independent grid and major outage a few years ago.

 

[RabzonKhan]

Where are Immigrant Founders of U.S. Unicorns From?​

August 8, 2023
By Avery Koop

The majority of U.S. unicorns—private startups worth more than $1 billion—have at least one immigrant founder, according to the National Foundation for American Policy (NFAP).

While some of the companies and founders are well known, like SpaceX from South Africa’s Elon Musk, hundreds of lesser-known unicorns have been founded from the top talent of just a handful of countries.

This visual using NFAP data lays out the countries which are home to the most U.S. billion-dollar startup founders as of May 2022.

Note: These rankings are based on unicorn valuations as of May 2022. As valuations regularly fluctuate, some companies may have gained or lost unicorn status since that time.

Countries with the Most U.S. Unicorn Founders​

Here’s a look at the countries that these immigrant founders come from.

The 382 founders accounted for below have combined to start 319 of 582 U.S.-based unicorns. Read more

Far in the lead is India with 66 startup founders and Israel with 54 startup founders. Together, they account for 31% of all unicorn founders listed. In fact, more than half of the immigrant unicorn founders came from just six countries: India, Israel, the UK, Canada, China, and France.

These immigrant founders have helped found many of the world’s biggest startups:

• Stripe was co-founded by Irish brothers Patrick and John Collison
• Instacart’s founder and former CEO, Apoorva Mehta, was born in India, then moved to Libya and Canada as a child.
• Big data startup Databricks was founded by a group of seven computer scientists from the University of California, including five immigrants from Iran, Romania, and China.

• Immigration and Entrepreneurship​

  Though some of these founders came to the U.S. as successful business leaders, the report noted that many immigrated as children or international students.
  In addition, there are another 51 founders (not included in the above statistics) that were not immigrants themselves but are first-generation Americans born to immigrant parents. Data from the report also shows that 80% of unicorns have an immigrant in some key role, whether it’s as a founder, a C-level executive, or some other crucial position.
  Even historically, some of the biggest companies in the U.S. were not founded by Americans. For example, the founders of Procter & Gamble emigrated from England and Ireland in the early 1800s. And today, one of the biggest companies in the U.S. is NVIDIA, which recently broached a trillion dollar market cap and whose founder is from Taiwan.
  

  The Ever-Changing Unicorn Landscape​

  While this dataset is from mid-2022, it should be noted that the startup ecosystem has shifted drastically in just the last year.
  Rapidly rising interest rates and a slowdown in venture capital have conspired to create a more precarious fundraising environment, leading to down rounds and stagnation for some of these billion-dollar companies.
  In Q1 2023, unicorn births declined 89%, suggesting that in upcoming years the unicorn list—and the number of immigrant founders—may be subject to change.

 

[RabzonKhan]

The U.S. remains the leader in total satellites, when adding those owned by both companies and government agencies together.

Nearly 7,000 satellites orbit the Earth, serving vital functions such as communication, navigation, and scientific research.

In 2022 alone, more than 150 launches took place, sending new instruments into space, with many more expected over the next decade.

But who owns these objects? In this graphic, we utilize data from the Union of Concerned Scientists to highlight the leaders in satellite technology.

SpaceX’s Dominance in Space​

SpaceX, led by Elon Musk, is unquestionably the industry leader, currently operating the largest fleet of satellites in orbit—about 50% of the global total.


The company has already completed 62 missions this year, surpassing any other company or nation, and operates thousands of internet-beaming Starlink spacecraft that provide global internet connectivity.

Starlink customers receive a small satellite dish that self-orients itself to align with Starlink’s low-Earth-orbit satellites.

Owner	Total	Share	Country
SpaceX	3,395	50%	USA
OneWeb Satellites	502	7%	UK
Chinese Government	369	5%	China
U.S. Government	306	4%	USA
Planet Labs, Inc.	195	3%	USA
Russian Federation	137	2%	Russia
Spire Global Inc.	127	2%	USA
Swarm Technologies	84	1%	USA
Iridium Communications, Inc.	75	1%	USA
Other	1,528	23%

Read more

 

[Stranagor]

MSN

Toyota’s Mega Investment: $8 Billion Surge in North Carolina Battery Factory​

 

[HamzaWaseem]

President Joe Biden's administration has announced plans to forgive $4.7 billionin loans to Ukraine, aimed at supporting the country amid its ongoing conflict with Russia. This decision underscores the U.S. commitment to assisting Ukraine during a critical time.

Key Points:​

• Loan Forgiveness for Ukraine: The Biden administration's decision to forgive this substantial amount is part of broader efforts to provide financial and military support to Ukraine as it defends itself against Russian aggression.
• Contrast with Domestic Debt Relief: Critics have pointed out the stark contrast between this international aid and the lack of widespread relief for American citizens facing significant household debt, which totals approximately $18 trillion. Many Americans are struggling with student loans, mortgages, and other forms of debt, yet Biden's efforts to implement a comprehensive student loan forgiveness plan have faced legal challenges and setbacks.
• Legal Challenges: Biden's previous attempts at student loan forgiveness were blocked by the Supreme Court, which ruled that his administration lacked the authority to unilaterally cancel such debt. This has led to frustration among borrowers who were hoping for relief following promises made during Biden's campaign.
• Political Implications: The decision to forgive loans for Ukraine while domestic debt relief remains unresolved may become a contentious issue in the upcoming elections, with critics arguing that the administration should prioritize American citizens' financial struggles.

This situation highlights the complexities of balancing international commitments with domestic economic challenges, as well as the political ramifications of such decisions in the context of ongoing legal battles over student debt relief in the U.S.