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What yachting industry insiders have to say about Jeff Bezos' superyacht

• Jeff Bezos' yacht , which reportedly cost $500 million to build, completed its first year at sea.
• The superyacht, Koru, was a frequent topic of conversation at the Palm Beach boat show.
• Here's what industry insiders think about the vessel.

It's been just about a year since Koru, Jeff Bezos ' $500 million megayacht, set sail from the Oceanco shipyard in the Netherlands, capturing the attention of yachting insiders and land dwellers alike.

Even after her first season at sea, the 127-meter ship is still one of the most talked about vessels among those in the know — and not just for the busty figurehead on its prow, which many have wrongly speculated is based on Bezos's fiancée . Koru was a hot topic at the annual Palm Beach International Boat Show, where the yachts of other billionaires were on display for sale or charter.

The overwhelming response from those Business Insider spoke to was awe, with many praising her unique design, commenting on her immense size, or remarking that they'd been lucky enough to see her up close.

"It's absolutely beautiful," said Federico Rossi, the COO of luxury yachtbuilder Rossinavi.

Still, due to the small size of the industry — and the fact that privacy is paramount in the yachting community — even those who complimented Koru mostly did not want to go on record in order to protect professional relationships.

"That thing's amazing," one such superyacht expert told BI. "It's very well done in terms of craftsmanship."

Unlike many other megayachts, Koru, which media billionaire Barry Diller's Eos inspired, is designed as a sailing yacht. That bucks the current trend of more severe-looking explorer boats — though Koru's 75-meter support vessel Abeona is of a more typical style,

"I heard back in 2018 or something that somebody had ordered a classic sailing yacht," the superyacht expert also told BI. "You order 125 meters, that's not really going to be classic. But it is. I think it's pretty cool."

Like most other megayachts, Koru is powered by her engines, which are reportedly innovative in their use of a kinetic energy recovery system. Industry experts, therefore, pointed out that her sails are more for looks than anything else — but that still works in her favor, with many praising her overall aesthetic appeal.

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"It's stunning," added a captain who has worked on several megayachts. He said he'd seen Koru in St. Barts, a favorite spot of Bezos and his fiancée Lauren Sanchez , over the holidays.

"There are definitely uglier boats out there," one yacht architect said. "It's not like it's shaped like his rocket," he jokily added, referring to the phallic design of Blue Origin's New Shephard .

Some, though, think the yacht is a bit excessive — which is saying something in a world where bigger is better and $250 million is a normal amount to spend.

"That's over the top. That's an insanely ridiculous boat," a longtime broker who favors discretion said. It's a "whole big show."

And the expert who praised the yacht's craftsmanship balanced his admiring comments by saying Koru's liberal use of teak — a wood traditionally used for yacht decks — was "bizarre."

The material has gained a bad reputation in the industry in recent years, as it typically comes from Myanmar, a country with a checkered human rights record. Plus, it takes a long time to grow, leading to deforestation.

Many shipyards have now turned to alternatives, like bamboo or plantation-grown teak, in their pushes toward sustainability. Bezos' team did not respond to BI's question about the origin of the deck's wood.

Teak or not, the yachting industry isn't generally known for being all that environmentally friendly — or indeed lowkey, so many who BI talked to didn't buy into the idea that Koru is "too much."

"If this is genuinely Jeff's dream come true, then great," Anders Kurtén, the CEO of brokerage Fraser Yachts, said. "I'm genuinely happy for him, and I'm happy for the people who got the opportunity to have employment to work on that."

And Bezos, of course, isn't the only billionaire with a stunning yacht . Billionaires like Jerry Jones and Bernard Arnault have also, at times, turned heads with their boats.

Most recently, insiders have tied Mark Zuckerberg to a 118-meter ship named Launchpad . It's the latest superyacht to capture the yachting world's attention.

So, as she sets sail for her debut summer season, Launchpad may take Koru's place as the main yacht on everyone's radar this year.

Watch: Walmart heiress' superyacht vandalized by activists in Ibiza

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Jeff Bezos’ Magnificent KORU Yacht and ABEONA Support Vessel

The KORU yacht is a 127 meter sailing yacht built in the Netherlands by Oceanco and delivered in 2023. She was designed by Dykstra Naval Architects with the the interior of the yacht designed by Mlinaric, Henry & Zervudachi.

In the world of luxury yachting, few names command as much attention as Jeff Bezos, the founder of Amazon and one of the richest individuals on the planet.

Bezos’ affinity for the sea and his penchant for exploration have materialized in the form of the breathtaking sailing yacht KORU and its companion, the support vessel ABEONA.

Commissioned from renowned shipbuilders Oceanco and Damen Yachting, respectively, these vessels are not only a testament to Bezos’ wealth but also a celebration of Māori culture and innovation in yacht design.

The Marvel of Modern Yacht Design: KORU Yacht

The KORU yacht, also known as Y721, is a masterpiece crafted by the acclaimed Oceanco shipyard. With a remarkable length of 127 meters (417 feet), the yacht exudes luxury and grandeur in every aspect. Launched in April 2023, KORU stands as a tribute to Māori art and culture, as evident from its name and styling.

The Māori word “koru” signifies a loop or coil, symbolizing new life, growth, strength, and peace. This symbolism resonates throughout the vessel, creating an immersive experience that pays homage to the essence of Māori art.

Inside the KORU yacht, guests are treated to a world of unparalleled luxury. The yacht boasts a large swimming pool on the aft deck, inviting guests to bask in the sun while surrounded by the beauty of the open sea.

Accommodating up to 18 guests and serviced by a crew of approximately 40, KORU offers a perfect balance between privacy and service.

The yacht’s interiors are a testament to meticulous design and craftsmanship, with each detail meticulously chosen to provide the highest level of comfort.

The Symbolism of KORU’s Name

The choice of the name “KORU” for the yacht holds deep significance. In Māori culture, the koru symbolizes new beginnings, growth, and the cycle of life.

It is often represented as an unfolding fern frond, embodying the concepts of renewal and continuous movement. Jeff Bezos, in an Instagram post , highlighted the symbolism behind the name, showcasing his embrace of growth, rebirth, and mindfulness.

ABEONA: The Perfect Companion

No luxury yacht is complete without a support vessel that complements its grandeur. Enter ABEONA, a 75-meter (246-foot) support vessel commissioned by Jeff Bezos.

Built by Damen Yachting, ABEONA serves as the perfect adjunct to the KORU yacht. This custom-built vessel carries all the toys, tenders, and equipment needed to enhance the yachting experience.

With a large helicopter hangar and the capacity to accommodate 45 staff, crew, and guests, ABEONA stands as an indispensable asset to the main yacht.

The Visionary Behind the Vessels: Jeff Bezos

With a staggering net worth of $160 billion, Jeff Bezos is not only a pioneer in the world of e-commerce but also a visionary with a passion for the sea.

The commissioning of the KORU yacht and the ABEONA support vessel reflects Bezos’ love for exploration and his desire to embrace the vastness of the ocean.

Bezos’ affinity for the sea is also reflected in his ownership of a Gulfstream G650ER private jet, showcasing his penchant for luxury both in the air and on the water.

Oceanco: The Pioneers of Luxury Yacht Building

The Oceanco shipyard has carved a name for itself as a pioneer in the luxury yacht industry. Established in 1987, Oceanco has consistently pushed the boundaries of design, craftsmanship, and innovation.

KORU, with its classic schooner design, stands as a testament to Oceanco’s commitment to creating vessels that are not only luxurious but also artistically inspired.

KORU yacht summary

The KORU yacht and its companion ABEONA support vessel stand as testaments to Jeff Bezos’ love for the sea, his appreciation for Māori culture, and his affinity for luxury and exploration.

These vessels, crafted with precision by Oceanco and Damen Yachting, redefine the boundaries of yacht design and innovation.

As Jeff Bezos embarks on journeys of discovery aboard these vessels, he continues to inspire awe and admiration among yachting enthusiasts and the world at large.

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Jeff Bezos’ Giant Yacht Is Apparently Too Big to Anchor Near Others in Florida

The superyacht, called Koru, arrived in Port Everglades in Florida on Nov. 22, and has been docked near a more-than 610-foot-long oil tanker named Magnolia State.

By Lola Fadulu

First, Jeff Bezos’ new megayacht was too big to pass under a bridge in the Netherlands. Now, the massive vessel’s size — it’s more than 400 feet long — has played a role in preventing it from keeping company with other private yachts in Port Everglades, Fla., where it is anchored.

Instead, the megayacht, named Koru, is hanging with huge oil tankers and general container ships. The yacht is docked there because of its size and also because of what berths were available in the seaport, according to a spokeswoman for Port Everglades.

Koru is a sailing yacht, unlike the much bigger diesel-powered boats popular with other billionaires. It is the largest sailing yacht in the world, according to Oceanco , the Dutch company that finished building the boat earlier this year.

The deck space of the three-masted schooner has three Jacuzzis and a swimming pool. The inside has a “timeless, contemporary style,” according to Oceanco, with natural wood tones, warm neutrals, and patterned textiles. It also includes a mermaid on the bow that appears to resemble Mr. Bezos’ partner, Lauren Sánchez.

Koru, which Bloomberg estimated cost about $500 million to build, arrived to the Florida port on Nov. 22 after departing from Gibraltar earlier this month, according to Marine Traffic , a real-time maritime data platform.

It was unclear why exactly Mr. Bezos docked his yacht there, but earlier this month he said that he would be moving back to Miami to be closer to his parents and to Ms. Sánchez.

Mr. Bezos had since 1994 lived in Seattle , where he started Amazon from his garage. He has already purchased two mansions in South Florida, one for $68 million and another for $79 million, according to Bloomberg News .

Bloomberg estimated his net worth to be $171 billion.

Port Everglades charges yachts larger than 400 feet at least $309.50 per 24 hours. Ships that have been closest to Koru include a more-than 610-foot-long oil tanker named Magnolia State .

Koru is Maori for “coil” or “loop” and has come to symbolize new life, growth, and peace in traditional Maori art.

Mr. Bezos’ journey with his new yacht started off rocky . Last year, city officials in Rotterdam, the Dutch city, initially agreed to dismantle De Hef, a 95-year-old bridge, so that Koru could pass through it from the nearby city where it had been built. The dismantling process would have taken more than a day, and putting it back together would have too. But after uproar from the community — including calls to throw eggs at the boat as it would have passed — Oceanco decided against it and the yacht was towed to a different location to have its masts attached.

Jack Begg contributed research.

Lola Fadulu is a general assignment reporter on the Metro desk of The Times. She was part of a team that was a finalist for a Pulitzer Prize in 2023 for coverage of New York City’s deadliest fire in decades. More about Lola Fadulu

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Has the World Finally Had a Glimpse of Jeff Bezos’s $500 Million Mega-Yacht?

By Shivani Vora

Amazon founder Jeff Bezos is appears to be getting closer to welcoming the superyacht he reportedly commissioned in 2018: a fancy toy fitting for the world’s second-richest person, given that it costs a reported $500 million and breaks one world record after another.

Called Y721, this vessel of all vessels is being custom designed by Dutch builder Oceanco and was spotted at a shipyard last week in Zwijndrecht, a town in the western Netherlands. It’s reportedly heading to another Netherlands town, Alblasserdam, for a final fitting. With a length of 417 feet, Y721 is the biggest sailing yacht in the world and the longest vessel to be built in the Netherlands. Features include a black hull, classic shape, three large decks, and three masts.

Superyacht Bravo Eugenia , belonging to the U.S. billionaire Jerry Jones, owner of the Dallas Cowboys, was built by Oceanco, which is also rumored to be behind Bezos’s new massive vessel.

Y721 is going to totally change the world of yachting with its design and innovation, says Fernando Nicholson, a luxury yacht sales broker with the yachting company Camper & Nicholsons. “It’s a boat with the latest technology and bells and whistles that have never been seen,” he says. “This will be the standard for all superyachts to follow, but in years to come, when its features become more affordable. Right now, only someone with Bezos’s wealth can swing the cost.”

The superyacht is said to be modeled after Oceanco’s famous yacht, the Black Pearl , which the company site says , “is one of the largest and most ecological sailing yachts in the world. She can cross the Atlantic without burning even a liter of fossil fuel.” Y721 will go through sea trails following its fitting-out in Alblasserdam and is expected to be ready sometime next year.

The Flying Fox , allegedly owned by Bezos.

However, it’s only one of two new boats for Bezos: He has also commissioned a shadow vessel called YS 7512 from builder Damen Yachts. This support ship measures 246 feet in length and accommodates 45 additional crew and guests. It will also feature a helipad and meeting space and have a vast amount of storage for Bezos’s endless number of water toys, with diving and snorkeling gear, jet and water skis, waterslides, and surfboards among the bunch. Shadow vessels are a growing phenomenon in the superyacht industry and one more extra toy that their owners want to have at the ready, says Nicholson. “You see them more and more now as an add-on to a superyacht purchase,” he says. “They’ve almost become a must.”

There’s no doubt that Bezos will be sailing the high seas in full panache and style come 2022. But really, is there any other way when you have more money than almost anyone else in the world and attract an endless amount of attention too?

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Inside Jeff Bezos’ $400 Million Megayacht: The Flying Fox

With a net worth of $188 Billion dollars, Jeff Bezos owns some pretty incredible stuff. Let's take a look at his $400 million mega-yacht.

In July 2021, Amazon 's founder Jeff Bezos decided to finally leave the company he'd put much of his blood, sweat, and tears into, where he was not only the president but also the CEO - a position that was profusely intense and time-consuming, to say the least. With an estimated net worth of nearly $190 billion and an age of 57 at the time, it made sense for Bezos to leave his hard-working life behind to enjoy some of his well-earned bucks.

One of the first things Bezos did was what any billionaire would after or even before retirement: buy a massive yacht. Called 'The Flying Fox', the ultra-luxury boat was supposedly commissioned by the Amazon founder in 2019 to be built by Lürssen Yachts , and at a whopping price tag of around $400 million dollars, it's said to be the 18th largest yacht in the world in terms of overall size, and the 14th largest regarding interior space. Before getting on with this amazing yacht, make sure to check out this insane car that's also owned by Jeff Bezos.

The Flying Fox isn't just special because it's owned by Amazon's founder and one of the world's richest people, Jeff Bezos; it's also an incredible piece of machinery in its own right that's nothing short of a private luxury hotel that floats. Let's take a look inside:

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Jeff Bezos' Flying Fox: An Overview Of The Megayacht's Interior

With a length of 466 feet and a width of 74 feet, The Flying Fox's gigantic size accommodates 22 pairs of guests in 11 different rooms, all with their very own private terraces and ensuite bathrooms. While the exterior and body of the yacht were designed by the widely renowned Naval Architect, Espen Øino, the interior was actually imagined by Mark Berryman, and it features a theme that gravitates mostly around wooden trimming and decor.

The mega-yacht has a total of 6 decks, and amongst them, you can find a two-story 4,300 square-foot spa with a wide variety of amenities including rain shower massages and a cryotherapy sauna, a 40-foot pool that can go from cold to warm in 10 seconds, an enormous outdoor dining deck catered by world-class chefs, and a gym just in case you feel the need to work out in the middle of the sea. Most important of all, however, is the master bedroom, which takes up an entire deck with 348 square feet and is basically a house within the yacht.

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The Flying Fox Has An Entire World-Class Crew At Its Disposal

The $400 million yacht has a crew of 55 members, and all of them are the best of the best at what they do. There's a team of top-notch chefs, multiple masseurs, bartenders, gym and diving instructors, amongst many more. In terms of ship management, the crew is composed of members of the British military; which means they earn pretty high salaries for their efforts upon The Flying Fox. The captain of such a yacht can earn around $450,000 per year, while engineers make somewhere close between $100,000 and $150,000.

Passengers aboard The Flying Fox can expect an experience similar or even superior to that of an all-inclusive 5-star hotel; the added bonus is that this one can travel all around the world at an impressive top speed of 20 knots. Though it may not be as quick as this other mega-yacht you should take a look at later.

To summarize, The Flying Fox is a floating wonder that the overwhelming majority of us can only ever hope to experience, let alone own. We should clarify that Jeff Bezos' ownership of the mega-yacht is only alleged, and it cannot be confirmed for sure, but that doesn't change the fact that it's still one of the most exclusive and unattainable vehicles in the world.

Jeff Bezos’ Fiancée Lauren Sanchez Simmers in Sexy Red Dress at White House State Dinner

The engaged couple traveled to Washington D.C. for a meal hosted by President Joe Biden and First Lady Jill Biden.

Lauren Sanchez ’s trip to Washington D.C. wasn’t complete without one fabulous outfit. The former journalist joined fiancé Jeff Bezos at the White House for a state dinner on April 10.

Lauren, 54, chose a sizzling red gown from Rasario that featured a plunging neckline adorned with lace. She completed her look – styled by Kelly Johnson – with a pair of Gianvito Rossi Flavia pumps.

Hairstylist Olivia Halpin perfected Lauren’s hair and teased a shorter cut via Instagram Stories when she wrote, “We did a thing.” The final style allowed fashion lovers to have a view of Lauren’s diamond earrings.

“How it started…how it ended,” Lauren wrote via Instagram on April 10 when showcasing her look. “Such a beautiful evening in DC. Can’t wait to show you more tomorrow.”

The black-tie event was in honor of Japan Prime Minister Fumio Kishida ’s official state visit.

Other guests in attendance included Robert De Niro and his girlfriend Tiffany Che , Apple CEO Tim Cook and Japanese American Olympic medalists Kristi Yamaguchi , Alex Shubitani and Maia Shibutani .

View this post on Instagram A post shared by Lauren Sanchez (@laurenwsanchez)

Jeff, 60, and Lauren have been together since 2019. The pair got engaged four years later and are currently planning their dream wedding.

In a rare interview with The Wall Street Journal , Lauren provided a glimpse into what makes her relationship with the Amazon founder work.

“It’s the greatest experience I’ve ever had,” she shared in January 2023. “I’ve always had a career very separate from my partner. We love to be together and we love to work together. He’s helping me with the book. He’s getting his pilot’s license. We fly together. We work out together. We’re together all the time.”

While both Lauren and Jeff have children from previous relationships, the duo have found a way to create a happy, blended family.

“On a typical Saturday, we hang out, we have dinner with the kids, which is always fun because you never know where the conversation is going to go with this many kids,” she said. “We are the Brady Bunch!”

As for what Jeff admires most about his partner, it has to be her generosity.

“Lauren is the most generous, most big-hearted person that you would ever meet,” Jeff gushed to CNN in November 2022. “She is an inspiration in that way at every level. She is generous with somebody she just meets, she’s generous with every person and she’s generous in the large too.”

Lauren Sanchez dazzles in $2,200 gown as she and Jeff Bezos lead the glamorous arrivals at Joe Biden's state dinner

Joe and jill biden's state dinner honored japanese prime minister fumio kishida.

Jeff Bezos and Lauren Sanchez , alongside luminaries Robert De Niro and his girlfriend Tiffany Chen and political power couple Bill and Hillary Clinton, were the stars at President Joe and Jill Biden's state dinner, honoring Japanese Prime Minister Fumio Kishida. 

Lauren Sanchez turned heads in a striking red Rasario gown worth $2,200, which perfectly complemented the glamorous evening. 

Vice President Kamala Harris and Second Gentleman Doug Emhoff also graced the red carpet, making a noteworthy appearance in elegant attire by Valentino.

Bill and Hillary Clinton shared their excitement for the evening, expressing delight at being part of such a significant event. 

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Their arrival was made even more special upon noticing Hillary Clinton's first lady portrait near the entrance, adding a personal touch to their welcome.

Among the early arrivals was Naomi Biden, the President's granddaughter, who chose to wear a designer gown by Bernadette adorned with cherry blossom motifs, echoing the evening's theme of spring and renewal. 

The Biden family, including Naomi's husband Peter Neal, daughter Ashley, and granddaughter Finnegan, gathered at the White House to extend a warm welcome to Prime Minister Kishida and his wife Yuko.

The White House was transformed into a veritable spring garden for the occasion, complete with a koi pond illusion and floating lily pads, setting an enchanting scene for the distinguished guests. 

Legendary musician Paul Simon was slated to perform, promising an unforgettable experience with a menu that included home-cured salmon, rib-eye steak, and a cherry-themed dessert in honor of President Biden's favorite ice cream flavor.

The celebration commenced with an informal visit by the Kishidas to the White House, followed by a dinner at the renowned Blacksalt Restaurant, known for its exquisite seafood offerings. 

The magic of the evening unfolded as guests stepped onto a floor that mimicked a koi pond, leading them through a path adorned with cherry blossoms.

Event designer Bryan Rafanelli, who previously orchestrated Naomi Biden's White House wedding, lent his creative genius to the evening's decor, crafting the illusion of a pond that connected the East Room and the State Dining Room, where guests dined and enjoyed Paul Simon's performance. 

The decor featured colorful hydrangeas and table arrangements of sweet peas and peonies, with silk and glass butterflies adding a whimsical touch.

The dinnerware varied between George W. Bush's presidency's green china and Lyndon B. Johnson's era's floral-patterned china, reflecting the evening's theme of celebrating spring in both nations. 

White House Social Secretary Carlos Elizondo highlighted that every detail of the menu was inspired by the season, aiming to create a memorable experience symbolizing the enduring friendship between the two countries.

The state dinner, marking the first visit by a Japanese leader in nine years, underscored the importance of the U.S.-Japan alliance, focusing on economic and security issues, including the challenge of China's growing influence in the Indo-Pacific region. 

President Biden and Prime Minister Kishida's discussions in the Oval Office further emphasized the strong partnership between the two nations, showcasing mutual support on defense and economic matters amidst regional concerns.

Get the lowdown on the biggest, hottest celebrity news, features and profiles coming out of the U.S.  Sign up to our HELLO! Hollywood newsletter and get them delivered straight to your inbox. 

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Jeff bezos says, 'people have very high standards' for their work-life balance — if you 'enjoy half of it, that's a home-run'.

As founder of one of the largest employers in the world, Amazon.com Inc. Founder Jeff Bezos has several thoughts on running a business, workers and work-life balance.

Amazon, which has more than 1.5 million employees worldwide, has also been controversial over the years, with some employees complaining about not receiving bathroom breaks and being forced to use bottles while others report unsustainable wages for grueling work. But that would seem to come with the territory as the world's second-largest employer.

According to Amazon, their average pay for customer fulfillment and operational roles is $20.50 per hour. Based on a 40-hour work week, those employees make an average of $42,640 per year. In 2023, the average salary in the U.S. was $59,384, meaning employees are paid well below market rate likely adding a degree of truth to some of the claims.

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But with 1.5 million employees, Bezos has more control over people's lives than nearly any other corporate entity on the planet. Humans spend, on average, 90,000 hours working throughout their lives, or about 10 years of continuous work and 15% of their total life span.

In an interview conducted in India, Bezos laid out some of his philosophy on work and life. In the interview, the panel asked Bezos, "Is there something you think is a sheer waste of time?" to which Bezos replied, "People have very high standards for how they want their work-life to be. If you can get your work-life to be where you enjoy half of it, that is a home run, that is amazing."

In this context, Bezos explained that everything in life has "overhead" and things people aren't going to enjoy about their jobs. Whether it's meetings or committees, there's no such thing as a perfect job.

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"You could be a Supreme Court justice, and there are still going to be pieces of your job you don't like," he said.

The issue is that most don't get anywhere close to enjoying even 50% of their work. If you can get to at least 50% enjoyment of your job, you're doing much better than everyone else, according to Bezos. This is true outside of work as well because there are plenty of aspects of life people don't enjoy, but "that's a part of it."

As a senior executive, "you should have the least stress," Bezos said. Bezos highlighted that there is a false idea that executives like CEOs are under the most stress because they control the company, and the growth of the company falls on them. But Bezos said executives have one of the easiest jobs because they're one of the few people who can control nearly every aspect of their jobs.

"You're in charge, why don't you delegate the stress?" Bezos asked.

These ideas exemplify that there are plenty of things in life out of people's control that they don't like, and while you can minimize them, you can't get rid of them.

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This article Jeff Bezos Says, 'People Have Very High Standards' For Their Work-Life Balance — If You 'Enjoy Half of It, That's a Home-Run' originally appeared on Benzinga.com

© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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A denim-clad Jeff Bezos and Lauren Sánchez spotted at Coachella waiting for Lana Del Rey's performance, reports say

• Oops! Something went wrong. Please try again later. More content below

Amazon CEO Jeff Bezos and fiancée Lauren Sánchez were spotted at Coachella.

They were seen in the VIP section waiting for Lana Del Ray's performance, say reports.

Earlier this week, the couple attended a White House state dinner.

Amazon CEO Jeff Bezos was spotted alongside his fiancée Lauren Sánchez at the Coachella music festival this weekend, say reports.

Bezos wore a jean jacket over a white t-shirt and blue jeans, while Sánchez donned a casual white halter top and light-colored jeans, reported People.

Bezos, 60, and Sánchez, 54, were photographed in the VIP section waiting for Lana Del Rey's performance to begin.

The couple, pictured on their phones , were seen alongside businessman Corey Gamble, currently dating Kris Jenner. Other celebrities attending the festival included Kendall Jenner, Billie Eilish, Justin, and Hailey Bieber, according to Page Six.

This year's Coachella includes headliners Lana Del Rey, Tyler, the Creator, and Doja Cat. Gwen Stefani's band No Doubt is also scheduled to take the stage more than 30 years after releasing their debut album .

Bezos and Sánchez were seen at last year's Coachella dancing to rapper Bad Bunny's performance. At the time, Bezos's outfit (a long-sleeve light blue button-up shirt with butterflies on the front, a pair of tight skinny jeans, and white sneakers) was compared to the "Fast and Furious" franchise, as well as Jim Carrey character Ace Ventura.

Earlier this week, the couple attended the White House state dinner in honor of Japanese Prime Minister Fumio Kishida and their wife, Yuko.

he president and first lady Jill Biden hosted over 200 guests on April 10 at the glitzy White House East Room event. Other A-listers, including actor Robert De Niro, producer Tiffany Chen, Apple CEO Tim Cook, and JP Morgan's Jamie Dimon, were also in attendance.

At the event, Bezos sported a classic black tuxedo with a white shirt and a bow tie, while Sánchez wore a revealing $2,300 red Rasario dress.

The dress featuring an off-the-shoulder corset bodice with sheer lace at the abdomen attracted some criticism for being too revealing and breaking White House protocol.

Read the original article on Business Insider

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What Would Society Look Like if Extreme Wealth Were Impossible?

Limitarianism questions the idea that individual wealth is ever individual.

Listen to this article

Produced by ElevenLabs and News Over Audio (NOA) using AI narration.

In February, 93-year-old Ruth Gottesman, a former professor at the Albert Einstein College of Medicine and the widow of financier David Gottesman, announced a gift of $1 billion to her school. With the funds came instructions: The money is to be used to make tuition free for students at the Bronx institution, in perpetuity.

The donation was celebrated—for its size, of course, but also for its humanitarian cast. As the New York Times columnist Ginia Bellafante put it , Gottesman’s giving “broadcasts a message of how a billionaire might live his or her best life—without terra-forming Mars, without Burning Man, without the attempts to stealth-run Harvard.”

Endowing an underfunded medical school is clearly a better use of money than buying yet another super-yacht. But it’s also staggering that a decision as society-shaping as dissolving the debt load of thousands of potential doctors could depend on the whims of one individual, and that one person has the resources to implement such a policy on their own, needing no one else’s input or approval.

Read: Jeff Bezos’s master plan

Gottesman’s fortune is comparatively modest next to those of the growing group of ultrawealthy individuals. Her estimated $3 billion isn’t even high enough to crack the top 100 wealthiest on the Forbes list, where characters such as Elon Musk, Jeff Bezos, and Bernard Arnault cavort in the 12 figures. If Gottesman has the power to change so many lives, the power held by those with 10 or 50 times her fortune is hard for the mind to even grasp. Maybe we should be asking whether she—or anyone else—should have that much wealth at all.

“For a long time, I felt there was something wrong with an individual amassing so much money, but I couldn’t properly articulate why,” writes the Dutch philosopher Ingrid Robeyns. “After a decade of analyzing and debating extreme wealth, I became convinced that we must create a world in which no one is super-rich—that there must be a cap on the amount of wealth any one person can have. I call this limitarianism .” In her book of the same name, Robeyns fleshes out the case for such a cap while upending common conceptions of agency, ownership, and what a fortune really signifies.

Extreme wealth keeps the poor poor, she argues, and expands inequality. The super-rich undermine democracy through their outsize political influence and wreck the climate with their luxurious lifestyles. Some of their money is acquired through questionable means—from exploitative business practices , or dodging taxes , or outright theft . Robeyns argues that no one deserves such excess, that people would be better off morally and psychologically without it, and that there are better uses for society’s spillover abundance—ending poverty, say, or improving infrastructure. Even well-intentioned philanthropy doesn’t make up for these downsides: It’s no stand-in for a well-functioning, well- funded government—the sort that the wealthy often undermine in the course of making their fortune.

And it’s that government and its citizens on which any fortune depends. “Take any multimillionaire or billionaire, and put them on a desert island,” Robeyns writes. “They still have all the same talents and personal traits as before. How rich could they become? Not very rich, obviously.”

Read: Cancel billionaires

Any individual’s wealth is dependent on the resources, effort, and cooperation of the society that surrounds them. Yet today, even though multibillionaires make their fortunes using the resources of a broader society—profiting off customers, employees, and public infrastructure; protected by government regulation and international accords—they are able to make unilateral decisions that shape society according to their desires, without that same society having much input at all.

Robeyns proposes two upper limits on personal wealth. Most countries with a solid social safety net should bake a 10-million-euro (approximately $10.8 million) cap into their social and fiscal systems, she argues. As an ethical guide, individuals should limit themselves to 1 million (perhaps $5 million in the less secure United States, where one mistimed hospital bill could be enough to thrust a household into bankruptcy). She also notes ruefully that both proposed numbers are also less restrictive than some philosophers’ ideal: In The Laws , for instance, Plato argues that the wealthiest people shouldn’t be able to have more property than four times what people with the least have.

The numbers are somewhat arbitrary and context-dependent, but precise amounts are less important than having a socially recognized upper limit in play—a line between being reasonably wealthy and being unethically super-rich. After a certain point, extra money brings decreasing marginal utility for an individual—instead, Robeyns suggests, those surplus funds should be used to address society’s most urgent and unmet needs, “redistributed to those who have very little or else used to fund public goods that benefit us all.”

Any limit, of course, would likely be difficult to enforce without significant changes to our tax and governance frameworks. Critics say that such a policy would be impossible to put into practice—and even if it were, a cap on potential wealth would be demotivating, stifling innovation. Plus, the idea that others might have a say in distributing what an individual has personally earned (even though, as Robeyns convincingly illustrates, no one “earns” anything in a vacuum) can feel like a threatening prospect. Can governments use the money as efficiently as we might want? Do we really trust our fellow citizens to make good decisions?

But it’s not the intricacies of implementation that make Robeyns’s “case against extreme wealth” compelling. Rather, it’s the challenge to often unexamined beliefs about ownership and how many people measure their own worth. Limitarianism questions the idea that individual wealth is ever individual.

The majority of extreme wealth is born from happenstance, Robeyns posits: wealthy parents, a well-timed inheritance, or unearned natural endowments like intelligence and creativity. And while it’s fair to leverage one’s assets and drive—some people work harder than others, and in a limitarian regime, inequality would not be eliminated—doing so shouldn’t result in the wild disparities we see today.

Read: American wealth is broken

Yet it can be destabilizing to realize just how much of a role luck plays in our success and how much wealth is undeserved—which is why the most fortunate may avoid talking about money at all . Frequently, they regurgitate platitudes that suggest that with a little elbow grease , a cultish morning regimen , and a tight grip on our bootstraps, any disadvantage can be overcome.

After all, the U.S. has long idealized the self-made man, whether he’s a rough-hewn frontiersman or a Carnegie-style tycoon. And some Americans believe that restrictions on individual economic freedom are a threat to political freedom , that governments are inherently wasteful , and that we can define our worth by what we’ve attained.

Only a minuscule percentage of Americans would meet that net-worth threshold of $5 million—in fact, the average yearly salary in the U.S. today is $59,384 . (Compare that with the centibillionaire Jeff Bezos, whose net worth increases by $59,000 roughly every minute .) Limitarian policies would not materially affect most people’s money. But directing excessive wealth toward prosocial goals—using it to pay for a stronger social safety net and better public resources, to mitigate climate change, or to end hunger—would help everyone feel more secure.

Even so, the thought of capping wealth is intuitively disquieting because it contradicts some of American culture’s most deeply held beliefs. If extreme wealth is no longer aspirational, what else should we strive for? Will we lose all ambition if the prospect of material gain goes away? If we didn’t earn what we have, how do we measure our worth?

In provoking this discomfort, Robeyns’s book is a timely addition to the conversation about extreme wealth—subverting assumptions in a way that may make it easier to accept the (far less dramatic) shifts that may finally be taking place. People generally agree that inequality is too high in the United States. Younger generations already view capitalism less favorably than their parents once did, and are more supportive of redistributive policies. President Joe Biden’s latest budget proposal calls for a 25 percent minimum income tax on Americans with more than $100 million in wealth, in part to help fund Social Security and Medicare, among other policies meant to shrink income inequality.

Policy change is necessary, but most essential is a change of heart. “We don’t just need institutional design and fiscal choices; we also need to develop a set of public values that are culturally embedded, where material gain is not the leading incentive,” Robeyns writes. “We must rebalance our view of society, and our view of ourselves as human beings.”

A society with limits on wealth will have to develop new aspirations. Now is as good a time as any to begin dreaming new dreams.

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Jeff Bezos Just Dropped $90 Million on a Third Indian Creek Island Property

The amazon founder has spent nearly a quarter-billion dollars buying up homes on miami's billionaire bunker., abby montanez, abby montanez's most recent stories.

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Last November, the former CEO of Amazon announced in the most modern of ways—on his Instagram—that he was officially relocating from Seattle to Miami , noting that he wanted to be closer to his parents and his fiancée, Lauren Sanchez. “I’ve lived in Seattle longer than I’ve lived anywhere else and have so many amazing memories here,” he captioned the post. “As exciting as the move is, it’s an emotional decision for me. Seattle, you will always have a piece of my heart.”

Several months earlier, in August 2023, Bezos dropped  $68 million  in a clandestine, off-market transaction for a three-bedroom, three-bath home on the man-made barrier island. At the time, he was reportedly eyeing the house next door too, and it was only a few months before he worked out another under-the-radar deal to acquire it for $79 million. The existing home, with seven bedrooms, spans more than 19,000 square feet.

Bezos now owns three of the roughly 40 homes on the 300-acre island, at a cost of nearly a quarter billion dollars—$237 million, to be exact.

Abigail Montanez is a staff writer at Robb Report. She has worked in both print and digital publishing for over half a decade, covering everything from real estate, entertainment, dining, travel to…

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Inside Amazon’s Push to Crack Trader Joe’s—and Dominate Everything

W hen Amazon was working on a new private-label food brand called Wickedly Prime, members of the team pitched management this vision for the brand: to replicate the top 200 items sold at Trader Joe’s, the grocery-store chain with a rabid fan following.

To help in its quest, the team recruited a senior manager from Trader Joe’s snack-foods business. The recruit wasn’t told specifically what she’d be working on when Amazon conducted her interview in 2015.

But during her first week she walked into a conference room at headquarters with brown paper covering the windows and door to ensure privacy, and she started piecing things together. The mysterious conference room was filled with boxes of Trader Joe’s snack foods piled high on shelves, which Amazon had bought up to study for its own brand. This alarmed the employee, who was eventually told she was hired to help create the product assortment for Wickedly Prime.

The problem was that Trader Joe’s secrets were well guarded. The grocer doesn’t offer online shopping, so there is less known about the company’s top sellers than about products sold by retailers that sell online, which have customer reviews. Much of what Trader Joe’s sells, it makes itself—interesting concoctions that fly off shelves, like cinnamon bun spread and rosemary croissant croutons. Amazon wasn’t sure exactly which 200 items to copy, but a manager on the team was determined that their new employee would help them figure that out.

A part of Amazon’s success is a cutthroat culture where employees are incentivized to win to an unusual degree. Amazon uses stack ranking, grading employees against each other and cutting the bottom 6% of performers each year. New employees get the majority of their restricted stock units paid in their third and fourth year at the company, which can mean they never receive them, since there is notoriously high employee turnover at Amazon.

An environment where every year employees are cut from an already all-star pool of talent at a company with unprecedented access to data meant that accessing data to gain an edge—as well as using other tactics to hurt competition—was a powerful way to stay ahead and make it to their restricted stock units.

This reporting draws on hundreds of pages of internal documents and emails, and interviews with more than 600 employees, partners, competitors and regulators. They show that Amazon often had its thumb on the scale, creating scenarios to give itself a leg up or create hit products at the expense of rivals.

Amazon’s spokesman said Amazon has innovated for customers, spurred lower prices, enabled millions of successful small businesses, and significantly increased competition in retail. Its “culture centers on innovating for customers to make their lives better and easier,” he said. It doesn’t do stack ranking, he said, but admitted that Amazon currently has a percentage goal for what Amazon calls unregretted attrition in place.

Amazon is the number one, two or three player in a staggering number of industries from e-commerce to cloud computing, giving the company unrivaled access to partner, seller and even competitor data. An intense culture combined with unparalleled leverage and data across industries has made Amazon one of the most powerful and most feared companies in business history.

Well beyond snacks, Amazon’s private-label employees for years have looked at the proprietary data of its third-party sellers on Amazon.com to reverse engineer bestsellers and undercut them on pricing. Entrepreneurs who have met with Amazon’s dealmaking or venture-capital arms complain that Amazon executives pumped them for intelligence about their inventions and shared proprietary information with other Amazon teams that stood to benefit only to ghost the entrepreneurs and create similar Amazon products. Amazon’s spokesman said the company doesn’t use seller or entrepreneur data to create competing products. Amazon’s own employees describe lax firewalls that allowed information that was supposed to be safeguarded to bleed between business units.

Snack attack

After stumbling upon the secret Trader Joe’s room at Amazon’s Seattle headquarters, things only became more stressful for the former Trader Joe’s employee. For six months, her manager hounded her for information about the grocer’s bestselling products. She tried to deflect, but the pressure kept ratcheting up. Finally, the manager demanded that the employee email any documents she had kept from her time at Trader Joe’s to another colleague on the team. She emailed over an Excel spreadsheet that detailed Trader Joe’s top-​selling items nationally over the course of a week. It contained the number of units sold per item over that time period.

Her manager didn’t stop with the sales data. He also demanded that she share Trader Joe’s margins for each product. When she refused, her manager angrily screamed at her, “You just have to give us the data!” a person who witnessed the exchange recalled. The employee, who had been pressured for months, burst into tears. But she declined to share the margins data.

Nonetheless, the team disseminated her sales document and started to think about how to incorporate it. Another employee became uncomfortable with the ethics of using Trader Joe’s proprietary data and reported it to someone in Amazon’s legal department. Soon, the handful of employees who had accessed the data were fired. Amazon responded to the behavior appropriately, but employees on the team say the use of the data was emblematic of the type of pressure they were under.

“We do not condone the misuse of proprietary confidential information, and thoroughly investigate any reports of employees doing so and take action, which may include termination,” an Amazon spokesperson said.

A free pass

Amazon.com launched in 1995 as an online bookstore during the start of the internet frenzy. Its revolutionary business model at a time when malls and department stores reigned king allowed it to grow for years without showing profits—an extraordinarily long leash from shareholders who demanded quarterly profits from its retail competitors. That free pass from Wall Street—coupled with a loophole permitting mail-order catalogs to forgo collecting sales taxes in states where they didn’t have physical locations—allowed Amazon to grow unfettered, and to leave a trail of competitors’ corpses in its wake.

Even early on, Amazon’s most senior team of leaders talked about Amazon’s “total addressable market” (finance speak for a company’s top revenue potential) as “everybody else’s operating margin,” recalls Warren Jenson, Amazon’s chief financial officer until 2002. Put another way, if your company made money, Amazon viewed you as the competition and was coming for your business.

In 2006, Amazon founder and then Chief Executive Jeff Bezos attended a retail gala and panel in Manhattan. The event attracted largely the same guest list of clubby retail CEOs each year, such as the leaders of Macy’s, Saks Fifth Avenue and J. Crew. At the time Amazon had just a $19 billion market value. Most CEOs in the room didn’t think the company could upend apparel, where shoppers liked to touch merchandise and try it on.

David Jaffe, the former chair and CEO of Ascena Retail Group, the owner of Lane Bryant, and other brands, recalls spotting Bezos at the bar.

“What are you doing here?” he asked. Bezos’s answer made him raise his eyebrows.

“Your margin is my opportunity,” Jaffe recalls Bezos responding to him.

An Amazon spokesman said Bezos didn’t say that.

While ambitious, the company would make good on that. The guest list of attendees from that year — Linens ’n Things, Filene’s Basement, and Modell’s — now reads like a bankruptcy docket.

The daily habit

In meetings with senior leaders, Bezos would describe a world where customers didn’t visit Amazon.com once a month for various items like paper towels and batteries. Instead, Amazon would become embedded in the customer’s lifestyle.

Bezos came to call this the “daily habit,” which would make Amazon an essential part of people’s lives in both implicit and explicit ways. The company dissected habits that people formed, like watching videos or listening to music, and decided that whatever those categories were, Amazon needed to be in them.

“Jeff was talking about making Amazon a ‘daily habit’ at a bunch of meetings,” recalls Roy Price, who headed up Amazon Studios until October 2017. “When you think about music and video, that puts you in touch with the brand on a daily basis, so if you want to increase [the] frequency of touchpoints, transform the brand from someplace I occasionally go to get a book to something I am in touch with every day. The change for Amazon was moving from a retailer that you went to when you needed to buy something to a service provider who was just part of your lifestyle,” Price said.

Just as Amazon had fully disrupted retail, it would now methodically spread into other industries, with a focus on integrating itself into everyday life.

Wall Street has made vocal bets on Amazon’s ability to disrupt ever-new sectors. The day Amazon acquired Whole Foods in 2017, for instance, nearly $22 billion of market value among American grocery chains was erased.

As it continued entering industries, watching Amazon decimate rivals became a pastime on Wall Street, with one firm even keeping a “Death by Amazon” index. The astonishing range of commercial activities the company entered has put it head-to-head with juggernauts such as FedEx, Google, Netflix, Microsoft, Apple, Walmart and Kroger.

Big enough?

In recent years, concerns have mounted about Amazon’s dominance, first abroad and then at home.

On Sept. 26, 2023 the company faced its biggest challenge to date. The Federal Trade Commission sued Amazon for being an illegal monopoly, contesting that Amazon’s dominance in e-commerce in the U.S., where 40% of all online shopping happens on Amazon.com, creates higher prices for consumers.

“Amazon now takes one of every $2 that a seller makes, so sellers are effectively paying a 50% Amazon tax that has steadily been increasing over the last decade. And prices are higher for shoppers as a result,” said FTC Chair Lina Khan of the lawsuit. The agency made the case that Amazon’s dominance in e-commerce is so asymmetrical that the giant’s power causes prices to rise not just on Amazon.com but at other online retailers as well.

“The company fundamentally disagrees with the FTC’s allegations because they are wrong or misleading, and they would harm consumers and independent businesses,” an Amazon spokesman says.

Khan early on in her career saw parallels between Amazon and Standard Oil, and viewed Bezos as a modern-day Rockefeller. The showdown between Amazon and regulators isn’t dissimilar to what befell Standard Oil more than a century ago when the oil giant was forced to break up, though the question remains: will the same fate befall Amazon?

In the midst of these assaults, Amazon continues to forge ahead, seeking new areas to spread its tentacles. As regulators around the world decry the company as being too big, Amazon’s CEO Andy Jassy has told his senior leaders it isn’t big enough. Jassy recently told his deputies that Amazon could become a $10 trillion company—the world’s largest by valuation—over the next decade.

Adapted from “The Everything War: Amazon’s Ruthless Quest to Own the World and Remake Corporate Power” written by Dana Mattioli, to be published by Little, Brown and Co. on April 23, 2024. Copyright © by Dana Mattioli. Printed by arrangement with Little, Brown and Co.

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• Watch out Jeff Bezos and Lauren Sánchez — Mark Zuckerberg and Priscilla Chan are trying out mob chic, too

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Step aside Jeff Bezos and Lauren Sánchez ; there's a new it couple in town, and they're coming for the "mob chic" crown.

Meta founder Mark Zuckerberg and his wife, Priscilla Chan, debuted some fashionable fits at Saturday's UFC 300 event.

"What an epic night," the tech billionaire wrote in a Facebook post on Sunday.

While this isn't the first time Zuckerberg, a known martial arts enthusiast , has taken his wife to a UFC event, the couple has had a major fashion glow-up.

In October 2022, Zuckerberg and Chan attended a UFC Fight Night event together. At the time, Zuckerberg wore an army-green T-shirt, while Chan wore a floral print dress.

Zuckerberg and Chan may be taking a leaf out of Bezos' and Sánchez's playbook.

In January, Bezos and Sánchez were spotted channeling the "mob chic" look when they attended the Dolce & Gabbana Party at the Milan Fashion Week.

Both glow-ups appear to mark an intentional, choreographed shift in fashion choices by tech billionaires like Zuckerberg and Bezos. Both men have abandoned low-effort, casual dressing in favor of louder luxury, with a lot more bling.

And nowhere has that shift been clearer with Zuckerberg. The now-shredded Meta founder has ditched his once- standard array of gray t-shirts and hoodies for shearling brown jackets and other statement pieces.

Zuckerberg has also been down to trade fits with his fellow billionaires.

In March, Zuckerberg said he did a " jersey swap " with Nvidia CEO Jensen Huang. The pair were photographed swapping jackets, with Huang wearing Zuckerberg's brown coat while Zuckerberg wore Huang's iconic black leather jacket .

Zuckerberg even had major watch envy when he saw Anant Ambani's Richard Mille watch during the latter's pre-wedding celebrations in March.

"You know, I never really wanted to get a watch. But after seeing that, I was like, watches are cool," Zuckerberg said then. Representatives for Zuckerberg at Meta did not immediately respond to a request for comment from Business Insider sent outside regular business hours.

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USPS got billions in financial aid, and now says it needs more

Two years after a $107 billion financial lift, the postal service says it needs $14 billion in additional help.

Two years after Congress wiped more than $100 billion in obligations off the U.S. Postal Service’s books, the mail service and its allies are pressing for help again, warning the agency could face a financial crisis that affects home delivery without billions more.

Top Biden administration officials, including counselor to the president Steve Ricchetti, have in recent months met with representatives of the mail service’s largest union. And members of the Domestic Policy Council have convened repeatedly with the Postal Service’s largest customers — including Amazon — about the agency’s persistent delivery struggles, leadership and balance-sheet woes, according to five people familiar with the meetings, who spoke on the condition of anonymity to share details of private conversations. (Amazon founder Jeff Bezos owns The Washington Post.)

The difficulties with delivery and financial troubles, some lawmakers and advocates worry, could disrupt mail-in balloting in November’s elections, along with other key functions the Postal Service performs every day.

Postmaster General Louis DeJoy and other top agency officials are set to appear before a Senate hearing on Tuesday about the chronic issues.

“There have been a lot of concerns that people have expressed about delays and inefficiencies. We’d like to get more transparency as to exactly what’s happening,” said Sen. Gary Peters (D-Mich.), chair of the Senate’s Homeland Security and Governmental Affairs Committee, which is holding Tuesday’s hearing. “Postmaster General DeJoy talked about being on a sounder financial footing now, and I have questions about that.”

A spokesperson for the Postal Service said in a statement that DeJoy does not have “specific legislative requests for Congress.”

“Instead, Congress and other stakeholders should help support USPS in the implementation of key self-help initiatives outlined in the [Delivering for America] Plan that are critically necessary and that will ultimately enable our operational and financial success,” the statement continued.

In 2022, Congress relieved the Postal Service of $107 billion of past-due and future obligations for retiree health care benefits, an amount lawmakers hoped would enable the agency to invest in long-overdue maintenance and mail delivery improvements. The agency also received $10 billion more in taxpayer funding in the 2020 Cares Act, and another $3 billion in 2022 to purchase electric delivery trucks and charging stations.

But since, the Postal Service posted a $6.5 billion loss in the 2023 fiscal year , and it’s on track to lose more than $8 billion in fiscal 2024 , which ends Sept. 30. The agency, according to DeJoy’s 10-year “ Delivering for America ” restructuring plan, was supposed to break even in 2023 and post a $1.7 billion surplus in 2024.

“We may not have sufficient liquidity to meet all of our existing legal obligations when due while also repaying our maturing debt and making the critical infrastructure investments that have been deferred in recent years, and that are necessary to fulfill our primary mission,” the Postal Service warned in its latest quarterly report .

The agency in a statement said that it had cut its originally forecast $160 billion loss over 10 years down to a $65 billion loss.

“The financial improvements that we have realized thus far are a promising start, but the hard work is just beginning, and we must recognize that we need to stay resolute in our approach to cutting costs and generating revenue,” the Postal Service said.

The financial struggles have coincided with sharp price increases on mail products — in July, first-class letter rates will have increased by 46 percent since 2018 — and dwindling on-time delivery performance.

Nearly 20 percent of nation’s first-class mail was delivered late in late March, the most recent dates for which data is available, according to Postal Service tracking. The agency’s service standard is a 95 percent on-time rate.

Certain areas, including those that could prove crucial in November’s elections, are far behind. Only 43 percent of mail was delivered on time in Atlanta in that span, for example.

Three House members, Reps. Sam Graves (R-Mo.), Mark Alford (R-Mo.) and Emanuel Cleaver II (D-Mo.), introduced legislation earlier in March that would require the Postal Service to reimburse consumers’ late fees if their bills or bill payments were caught in mail delays.

“We recognize that there have been unintended service impacts surrounding the rollout of some of our initiatives,” the Postal Service’s statement said. “We fully recognize that there is room for improvement, and we fully commit that we will improve. The recent localized service impacts that we’ve seen in places like Atlanta, Houston, and Richmond have resulted from operations management execution failures, severe employee attendance issues, gaps in transportation scheduling, and our overall inability to rapidly progress from the costly and deteriorated operating practices embedded in our legacy working environment to the high level of precision now required in our performance.”

The struggles threaten to weaken the $1.6 trillion mailing and package industries that underpin the Postal Service and its reach to more than 160 million addresses each day. The service’s powerful public-sector unions have also expressed growing concern about the agency’s financial health and ability to sustain its nearly 650,000 employees.

The Postal Service is supposed to be self-sustaining, able to finance its operations based on the sale of postage products rather than taxpayer money. But by some estimates that factor in years-long declines in mail volume, the agency could run out of cash within three years — potentially forcing it to cut back on delivery service or turn to Congress for a bailout. The liquidity crunch could also forestall the agency’s desperately needed modernization; mail clerks report to work in processing plants outfitted with decades-old machinery, and letter carriers drive trucks built in the 1980s .

“If they’re going to grow their capacity and modernize, they have to be able to invest. Short term, this would create the financial breathing room that would allow them to appropriately invest where they need to invest to create a network for the mail mix we have now and what the business will look like in the future,” Brian Renfroe, president of the roughly 285,000-member National Association of Letter Carriers, told The Post.

DeJoy — and officials from the mailing industry and labor movement — have turned up pressure on the Biden administration for more financial relief. They’ve asked the White House to send the Postal Service $14 billion, which would come from what the agency says is decades of overpayments into the Civil Service Retirement System, according to five people involved in those conversations, also speaking on the condition of anonymity to share details of private talks.

That request may only be an opening entreaty, the people say. Though the agency is asking for $14 billion now, the Postal Service estimates that it is entitled almost $100 billion more, an spokesperson wrote in an emailed statement.

The Postal Service said a financial adjustment of that magnitude could dramatically improve its delivery performance.

“Service performance does not exist in a vacuum, however, and it cannot be divorced from the financial realities of our current situation,” the Postal Service’s statement said.

Biden administration officials told postal stakeholders, including representatives from the National Association of Letter Carriers, Amazon and another mailing industry group, that the White House had referred the Postal Service’s request to the Justice Department’s Office of Legal Counsel for an opinion on the president’s authority to reimburse the agency. That opinion was pending, White House officials said, according to people familiar with the meetings.

“President Biden knows the critical service USPS provides hundreds of millions of Americans across the country every day — particularly rural communities, veterans and older Americans,” White House spokesman Michael Kikukawa said in a statement. “The president is committed to supporting USPS workers and strengthening and modernizing the Postal Service to ensure it continues serving the American people for decades to come.”

A spokesperson for the Justice Department declined to comment.

The Postal Service has long sought to access the additional larger pool of money, which is linked to how employee retirement accounts were funded when the agency transitioned from a Cabinet-level department to an independent agency in 1971.

The Postal Service, backed by economic studies dating from 2010, asserts that it overpaid into accounts that should have been covered by the federal government. In 2018, its Office of Inspector General found the value of the overpayment could be worth up to $111 billion.

The issue has ratcheted up tensions in the tightknit postal community. A representative for Amazon asked DeJoy at a recent industry-wide meeting what the e-commerce behemoth could do to help the agency secure funding and political support, according to six people at the meeting, who also spoke on the condition of anonymity to recount a private discussion.

The postmaster rebuffed the request: “I reject the premise that you could do anything to help me,” DeJoy said, according to those people in attendance.

A Postal Service spokesperson did not dispute DeJoy’s remarks, and said in an emailed statement that the agency “cannot direct or suggest advocacy activities of outside organizations, particularly not organizations which are registered to lobby.”

Amazon spokesman Scott Kelly said in a statement the Postal Service was the company’s “first and oldest business partner.”

“We’ve long supported common-sense steps led by USPS leadership and members of Congress to strengthen the USPS’s finances and operations and we’ll continue to do so where possible, because that’s what good partners do,” Kelly said.

Other mailing-industry trade groups, which represent commercial and nonprofit mailers, package shippers and printing companies, are traditionally the tip of the spear of advocacy efforts for the Postal Service on Capitol Hill and the White House. Some have declined to help the agency, citing concerns with DeJoy’s plans and consistent rate increases.

“We’re just not inclined to give the Postal Service another blank check only to see them do the same thing they did with the resources for Delivering for America,” one industry leader who has been key to postal policy discussions in Congress, told The Post.

“What industry gets from the Postal Service right now is, ‘You’ve got to wait 10 years before this will work.' Well, no one has 10 years to wait,” said another.

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40 facts about elektrostal.

Written by Lanette Mayes

Modified & Updated: 02 Mar 2024

Reviewed by Jessica Corbett

Elektrostal is a vibrant city located in the Moscow Oblast region of Russia. With a rich history, stunning architecture, and a thriving community, Elektrostal is a city that has much to offer. Whether you are a history buff, nature enthusiast, or simply curious about different cultures, Elektrostal is sure to captivate you.

This article will provide you with 40 fascinating facts about Elektrostal, giving you a better understanding of why this city is worth exploring. From its origins as an industrial hub to its modern-day charm, we will delve into the various aspects that make Elektrostal a unique and must-visit destination.

So, join us as we uncover the hidden treasures of Elektrostal and discover what makes this city a true gem in the heart of Russia.

Key Takeaways:

• Elektrostal, known as the “Motor City of Russia,” is a vibrant and growing city with a rich industrial history, offering diverse cultural experiences and a strong commitment to environmental sustainability.
• With its convenient location near Moscow, Elektrostal provides a picturesque landscape, vibrant nightlife, and a range of recreational activities, making it an ideal destination for residents and visitors alike.

Known as the “Motor City of Russia.”

Elektrostal, a city located in the Moscow Oblast region of Russia, earned the nickname “Motor City” due to its significant involvement in the automotive industry.

Home to the Elektrostal Metallurgical Plant.

Elektrostal is renowned for its metallurgical plant, which has been producing high-quality steel and alloys since its establishment in 1916.

Boasts a rich industrial heritage.

Elektrostal has a long history of industrial development, contributing to the growth and progress of the region.

Founded in 1916.

The city of Elektrostal was founded in 1916 as a result of the construction of the Elektrostal Metallurgical Plant.

Located approximately 50 kilometers east of Moscow.

Elektrostal is situated in close proximity to the Russian capital, making it easily accessible for both residents and visitors.

Known for its vibrant cultural scene.

Elektrostal is home to several cultural institutions, including museums, theaters, and art galleries that showcase the city’s rich artistic heritage.

A popular destination for nature lovers.

Surrounded by picturesque landscapes and forests, Elektrostal offers ample opportunities for outdoor activities such as hiking, camping, and birdwatching.

Hosts the annual Elektrostal City Day celebrations.

Every year, Elektrostal organizes festive events and activities to celebrate its founding, bringing together residents and visitors in a spirit of unity and joy.

Has a population of approximately 160,000 people.

Elektrostal is home to a diverse and vibrant community of around 160,000 residents, contributing to its dynamic atmosphere.

Boasts excellent education facilities.

The city is known for its well-established educational institutions, providing quality education to students of all ages.

A center for scientific research and innovation.

Elektrostal serves as an important hub for scientific research, particularly in the fields of metallurgy, materials science, and engineering.

Surrounded by picturesque lakes.

The city is blessed with numerous beautiful lakes, offering scenic views and recreational opportunities for locals and visitors alike.

Well-connected transportation system.

Elektrostal benefits from an efficient transportation network, including highways, railways, and public transportation options, ensuring convenient travel within and beyond the city.

Famous for its traditional Russian cuisine.

Food enthusiasts can indulge in authentic Russian dishes at numerous restaurants and cafes scattered throughout Elektrostal.

Home to notable architectural landmarks.

Elektrostal boasts impressive architecture, including the Church of the Transfiguration of the Lord and the Elektrostal Palace of Culture.

Offers a wide range of recreational facilities.

Residents and visitors can enjoy various recreational activities, such as sports complexes, swimming pools, and fitness centers, enhancing the overall quality of life.

Provides a high standard of healthcare.

Elektrostal is equipped with modern medical facilities, ensuring residents have access to quality healthcare services.

Home to the Elektrostal History Museum.

The Elektrostal History Museum showcases the city’s fascinating past through exhibitions and displays.

A hub for sports enthusiasts.

Elektrostal is passionate about sports, with numerous stadiums, arenas, and sports clubs offering opportunities for athletes and spectators.

Celebrates diverse cultural festivals.

Throughout the year, Elektrostal hosts a variety of cultural festivals, celebrating different ethnicities, traditions, and art forms.

Electric power played a significant role in its early development.

Elektrostal owes its name and initial growth to the establishment of electric power stations and the utilization of electricity in the industrial sector.

Boasts a thriving economy.

The city’s strong industrial base, coupled with its strategic location near Moscow, has contributed to Elektrostal’s prosperous economic status.

Houses the Elektrostal Drama Theater.

The Elektrostal Drama Theater is a cultural centerpiece, attracting theater enthusiasts from far and wide.

Popular destination for winter sports.

Elektrostal’s proximity to ski resorts and winter sport facilities makes it a favorite destination for skiing, snowboarding, and other winter activities.

Promotes environmental sustainability.

Elektrostal prioritizes environmental protection and sustainability, implementing initiatives to reduce pollution and preserve natural resources.

Home to renowned educational institutions.

Elektrostal is known for its prestigious schools and universities, offering a wide range of academic programs to students.

Committed to cultural preservation.

The city values its cultural heritage and takes active steps to preserve and promote traditional customs, crafts, and arts.

Hosts an annual International Film Festival.

The Elektrostal International Film Festival attracts filmmakers and cinema enthusiasts from around the world, showcasing a diverse range of films.

Encourages entrepreneurship and innovation.

Elektrostal supports aspiring entrepreneurs and fosters a culture of innovation, providing opportunities for startups and business development.

Offers a range of housing options.

Elektrostal provides diverse housing options, including apartments, houses, and residential complexes, catering to different lifestyles and budgets.

Home to notable sports teams.

Elektrostal is proud of its sports legacy, with several successful sports teams competing at regional and national levels.

Boasts a vibrant nightlife scene.

Residents and visitors can enjoy a lively nightlife in Elektrostal, with numerous bars, clubs, and entertainment venues.

Promotes cultural exchange and international relations.

Elektrostal actively engages in international partnerships, cultural exchanges, and diplomatic collaborations to foster global connections.

Surrounded by beautiful nature reserves.

Nearby nature reserves, such as the Barybino Forest and Luchinskoye Lake, offer opportunities for nature enthusiasts to explore and appreciate the region’s biodiversity.

Commemorates historical events.

The city pays tribute to significant historical events through memorials, monuments, and exhibitions, ensuring the preservation of collective memory.

Promotes sports and youth development.

Elektrostal invests in sports infrastructure and programs to encourage youth participation, health, and physical fitness.

Hosts annual cultural and artistic festivals.

Throughout the year, Elektrostal celebrates its cultural diversity through festivals dedicated to music, dance, art, and theater.

Provides a picturesque landscape for photography enthusiasts.

The city’s scenic beauty, architectural landmarks, and natural surroundings make it a paradise for photographers.

Connects to Moscow via a direct train line.

The convenient train connection between Elektrostal and Moscow makes commuting between the two cities effortless.

A city with a bright future.

Elektrostal continues to grow and develop, aiming to become a model city in terms of infrastructure, sustainability, and quality of life for its residents.

In conclusion, Elektrostal is a fascinating city with a rich history and a vibrant present. From its origins as a center of steel production to its modern-day status as a hub for education and industry, Elektrostal has plenty to offer both residents and visitors. With its beautiful parks, cultural attractions, and proximity to Moscow, there is no shortage of things to see and do in this dynamic city. Whether you’re interested in exploring its historical landmarks, enjoying outdoor activities, or immersing yourself in the local culture, Elektrostal has something for everyone. So, next time you find yourself in the Moscow region, don’t miss the opportunity to discover the hidden gems of Elektrostal.

Q: What is the population of Elektrostal?

A: As of the latest data, the population of Elektrostal is approximately XXXX.

Q: How far is Elektrostal from Moscow?

A: Elektrostal is located approximately XX kilometers away from Moscow.

Q: Are there any famous landmarks in Elektrostal?

A: Yes, Elektrostal is home to several notable landmarks, including XXXX and XXXX.

Q: What industries are prominent in Elektrostal?

A: Elektrostal is known for its steel production industry and is also a center for engineering and manufacturing.

Q: Are there any universities or educational institutions in Elektrostal?

A: Yes, Elektrostal is home to XXXX University and several other educational institutions.

Q: What are some popular outdoor activities in Elektrostal?

A: Elektrostal offers several outdoor activities, such as hiking, cycling, and picnicking in its beautiful parks.

Q: Is Elektrostal well-connected in terms of transportation?

A: Yes, Elektrostal has good transportation links, including trains and buses, making it easily accessible from nearby cities.

Q: Are there any annual events or festivals in Elektrostal?

A: Yes, Elektrostal hosts various events and festivals throughout the year, including XXXX and XXXX.

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