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Top 10 RNA-Based Biopharmas

GEN’s updated A-List of top companies in RNA-based biotech, encompassing not only developers of vaccines and drugs based on various forms of RNA, but developers of RNA-based platform technologies. This list includes the five largest public companies…

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In GEN’s initial A-List published in 2018, the top five public companies generated a combined $1.536 billion in revenues for 2017 and the first three quarters of 2018. By contrast, the top five public companies appearing on this list generated a combined $31.218 billion in revenues in 2020 and the first three quarters of this year. [Christoph Burgstedt / iStock / Getty Images Plus]

In institutions and companies, investigators spent some two decades working on RNA-based drugs and vaccines before COVID-19 afforded many of them an opportunity to apply all that research into patients, with support from governments and regulators eager to fight the pandemic.

For two once obscure companies—Moderna, which went public in 2018, and BioNTech, which followed a year later—that opportunity has translated into multiple billions of dollars in new revenues. Not surprisingly as a result, both companies far outpace the other public companies ranked by GEN this year among top RNA-based biopharma companies.

Those companies and many others stand to make billions more from RNA-based vaccines and drugs. Only part of that is due to COVID-19 continuing to spawn a market for their messenger RNA (mRNA) vaccines and booster doses. The rest reflects expanding RNA-based pipelines by those companies and others, reflected recently in Moderna’s dosing its first patient in a Phase III trial of its cytomegalovirus (CMV) vaccine.

A report issued last month by BCC Research projected the market for vaccines and therapeutics based on mRNA alone jumping from $46.7 billion this year—a figure that has already been surpassed by the two leading COVID-19 vaccines alone—to $101.3 billion by 2026, reflecting a compound annual growth rate (CAGR) of 16.8%.

Also standing to make potential billions are companies that have launched RNA-related collaborations during 2021. Just six days into the new year, Genentech, a member of the Roche Group, agreed to apply Ribometrix’s discovery platform to discover, develop, and commercialize small molecule drug candidates against RNA targets, through a collaboration that could generate more than $1 billion for the Durham, NC-based developer of RNA-based small molecule therapeutics.

Through November 12, Eli Lilly had launched two such collaborations with smaller RNA-focused partners. In May, Lilly committed up to $1.25 billion (including $25 million upfront) toward partnering with U.K.-based MiNA Therapeutics to develop small activating RNA (saRNA) drugs for up to five targets across Lilly’s key therapeutic areas of cancer, diabetes, immunology, neurodegenerative diseases, and pain. Four months later, Lilly launched an up-to-$1.3 billion partnership ($50 million of that upfront) with ProQR to also pursue up to five targets by developing editing oligonucleotides using ProQR’s Axiomer® RNA editing platform.

Below is GEN’s updated A-List of top companies in RNA-based biotech, encompassing not only developers of vaccines and drugs based on various forms of RNA, but developers of RNA-based platform technologies.

This list includes the five largest public companies and five largest private companies. The public companies are ranked by their combined revenues for 2020 and 2021 (mostly the first through third quarters) as disclosed in regulatory filings, including sales of products or services, as well as revenue from collaborations and R&D activity.

Private companies are ranked by the total capital they have raised, as disclosed by the companies themselves, either in press statements or in responses to GEN queries verifying figures compiled by other sources. Companies that did not respond to those queries by deadline are listed with the highest figure published by an outside source.

Also included in this list are several “up and comers” that have either raised significant capital in recent months, shown positive data for their technologies, and/or launched significant new collaborations with partners.

Each company is listed with a summary of their recent activity.

To show how much the field has changed in three years: In GEN’s initial A-List published in 2018, the top five public companies generated a combined $1.536 billion in revenues for 2017 and the first three quarters of 2018. By contrast, the top five public companies appearing on this list generated a combined $31.218 billion in revenues in 2020 and the first three quarters of this year.

A much slower jump in total capital has been seen among private companies, with the top five raising a combined $1.715 billion by 2018, and a combined $2.034 billion three years later.

 
Top Public Companies
5. Sarepta Therapeutics

Revenue: $500.426 million in Q1-Q3 2021; $540.099 million in 2020

Sarepta Therapeutics has long focused on Duchenne muscular dystrophy, bringing to FDA approval three antisense oligonucleotides for patients amenable to skipping specific exons. The three—EXONDYS 51 (eteplirsen), VYONDYS 53 (golodirsen), and AMONDYS 45 (Casimersen)—generated strong revenue during the third quarter for Sarpeta, which raised its revenue guidance for 2021 by about $70 million, to between $605 million and $615 million. Also during Q3, Sarepta launched Part B of its MOMENTUM pivotal trial (SRP-5051-201; NCT04004065) for SRP-5051, the company’s next-generation peptide-conjugated phosphorodiamidate morpholino oligomer (PPMO) for exon 51 skip-amenable Duchenne patients; and EMBARK (SRP-9001-301; NCT05096221), a pivotal trial for SRP-9001, Sarepta’s micro-dystrophin gene therapy for Duchenne, being co-developed with Roche through an up-to-$2.85 billion collaboration. The three approved drugs are among 14 RNA programs within Sarepta’s pipeline of 42 programs.
4. Alnylam Pharmaceuticals

Revenue: $585.752 million in Q1-Q3 2021; $492.853 million in 2020

Alnylam founding CEO John Maraganore, PhD, in October announced plans to transition into an advisory board role at year’s end, to be succeeded by President Yvonne Greenstreet, MBChB. His accomplishments included laying out several five-year plans (most recently Alnylam P5x25), through which the company has delivered RNA-based medicines for rare and prevalent diseases. These include hereditary transthyretin-mediated (hATTR) amyloidosis with polyneuropathy, where Alnylam on October 27 reported positive topline 18-month results from the Phase III HELIOS-A trial (NCT03759379) assessing vutrisiran. The RNA interference (RNAi) therapeutic completed enrollment in August ahead of schedule in the Phase III HELIOS-B trial (NCT04153149) for ATTR amyloidosis with cardiomyopathy. That indication also being pursued in the Phase III APOLLO-B study (NCT03997383) by Alnylam’s patisiran, approved in 2018 as ONPATTRO® for polyneuropathy of hATTR amyloidosis in adults.
3. Ionis Pharmaceuticals

Revenue: $370.450 million in Q1-Q3 2021 ; $729.3 million in 2020.

Ionis Pharmaceuticals during the third quarter expanded its late-stage pipeline to seven Phase III programs, and acknowledged that tofersen (licensed to Biogen) missed its primary endpoint in the Phase III VALOR trial (NCT02623699) in people with superoxide dismutase 1 (SOD1) amyotrophic lateral sclerosis (ALS), with Biogen evaluating next steps. But Biogen and Ionis added that tofersen showed signs of reduced disease progression across multiple secondary and exploratory measures that included motor function, respiratory function, and quality of life. In November, the company launched a second Phase III trial (CORE; NCT05079919) of its ligand-conjugated antisense (LICA) medicine olezarsen in people with severe hypertriglyceridemia. Ionis expanded its LICA medicine platform in July through technology licensed from Bicycle Therapeutics for $45 million upfront—including an $11 million equity investment in Bicycle.
2. Moderna

Revenue: $11.260 billion in Q1-Q3 2021; $803.395 million in 2020

Moderna’s shares tumbled 33% between November 3 and 12 on investor jitters over distribution delays for its COVID-19 vaccine, earnings that missed analyst forecasts, and ongoing patent disputes with the NIH and Arbutus Biopharma. Yet this past year, Moderna’s COVID-19 vaccine (along with the Pfizer/BioNTech shot) showed how successfully RNA-based biopharmas can disrupt the industry. Moderna’s revenues have multiplied exponentially from $60.209 million in 2019 and $803.395 million in 2020 (about two-thirds consisting of grant funding from the federal Biomedical Advanced Research and Development Authority). Moderna’s mRNA clinical pipeline consists of 37 programs in development across 34 development candidates, including 21 in ongoing clinical studies. In October, Moderna’s six-RNA vaccine mRNA-1647 became only the company’s second candidate (and first besides the COVID-19 vaccine) to advance into a Phase III trial (NCT05085366) dubbed “CMVictory.”
1. BioNTech (made 2018 list as a private company)

Revenue: €13.444 billion ($15.384 billion) in Q1-Q3 2021; €482.325 million ($551.905 million) in 2020

“The last 18 months have demonstrated the power flexibility and the speed of our mRNA vaccine technology,” BioNTech CEO and co-founder Ugur Sahin told analysts November 10. Like Moderna, BioNTech’s revenues have zoomed with development of a COVID-19 vaccine. As of November 2, BioNTech and partner Pfizer delivered 2 billion-plus doses of BNT162b2, one of 22 mRNA candidates among 30 programs disclosed in the company’s pipeline. The COVID-19 vaccine accounted for 99% of BioNTech’s €6,087.3 billion ($6.966 billion) in Q3 revenues, with the company raising its 2021 revenue forecast for the shot from €15.9 billion ($18.2 billion) to between €16 billion and €17 billion ($18.3 billion and about $19.5 billion). BioNTech’s RNA success has extended into oncology with a Phase II trial of autogene cevumeran (BNT122/RO7198457), an adjuvant colorectal cancer immunotherapy partnered with Genenetch, a member of the Roche Group.
 
Top 5 Private Companies
5. Nutcracker Therapeutics

Total Capital Raised: $219.437 million X

While Nutcracker Therapeutics has been quiet since announcing a $60 million Series B financing last year, the company almost as quietly informed the U.S. Securities and Exchange Commission on September 3 that it raised $144.5 million—$144,499,977, to be precise—toward a planned financing of $200 million ($199,999,994). Nutcracker develops RNA therapeutics through a microfluidic, biochip-based platform it formally and aptly calls ACORN, and informally calls “GMP-in-a-box.” ACORN is a computer-controlled RNA manufacturing system that starts with a nucleic acid sequence of interest and produces optimized nanoparticle-encapsulated RNA therapeutics on dedicated, single-use biochips. According to Nutcracker, all steps are performed in an automated, fully isolated microfluidic path, enabling rapidly scalable, efficient manufacturing of high-quality products within smaller footprint facilities with reduced operating costs compared to conventional bioreactor manufacturing.
4. Deep Genomics

Total Capital Raised: $236.7 million

Deep Genomics says its efforts to develop “programmable” RNA therapeutics based on its artificial intelligence discovery platform were expanded when it completed a $180 million Series C financing led by SoftBank Vision Fund 2* in July. The company focuses on applying AI and machine learning to program and prioritize “transformational” RNA therapeutics for genetic diseases. Deep Genomics’ pipeline consists of preclinical candidates for four CNS conditions—Parkinson’s disease, pediatric epilepsy, Niemann-Pick Disease Type C, and frontotemporal dementia—and two metabolic disorders, Wilson disease and refractory gout. The company also has four undisclosed preclinical programs partnered with BioMarin Pharmaceutical under a collaboration of undisclosed value. That collaboration gave BioMarin an exclusive option to obtain Deep Genomics’ development and commercialization rights to each program.
3. Sirnaomics

Total Capital Raised: $270 million

Sirnaomics has racked up a pair of $105 million financings over the past 13 months—a Series D round completed in October 2020, and a Series E round completed in July. The company said proceeds from the Series E will fund the continued development of its novel RNAi therapeutics for treating human disorders, as diverse as cancers, viral infections, fibrosis, and metabolic diseases. The capital is also going toward developing its delivery technology platforms and expanding its large-scale manufacturing capacity to support its pipeline at different clinical stages. That pipeline is led by STP705 and STP707, which are in clinical phases for 12 indications encompassing cancer and fibrosis. Sirnaomics is headquartered in Gaithersburg, MD, with subsidiaries in Suzhou and Guangzhou, China.
2. Laronde

Total Capital Raised: $490 million

Laronde is French for “the round,” which explains its approach to engineering a new class of RNA that is circular rather than linear. Laronde’s Endless RNATM (eRNA) is a versatile synthetic RNA platform designed to instruct cells to express a desired therapeutic protein inside the body. Because eRNA has no free ends, it is not recognized by the immune system and is stable, enabling a longer duration of protein expression than linear RNA. “We’re talking about weeks to months,” Laronde CEO Diego Miralles, MD, told GEN Edge in September . In August, Laronde completed $440 million in Series B financing led by Flagship Pioneering, which launched the company in 2017 and brought it out of stealth mode in May of this year, committing $50 million to the startup.
1. Abogen Biosciences

Total Capital Raised: $817.5 million X

Abogen flabbergasted analysts and other observers of the RNA therapeutic space in August, when the mRNA-based biotech announced that it completed an eye-popping “more than $700 million” Series C financing with participation mostly from Asian-based investment firms, as well as Eli Lilly’s Lilly Asian Ventures. Suzhou-based Abogen said it intended to use the capital toward developing the mRNA vaccine candidate against COVID-19 it is co-developing with Chinese-based Walvax Biotechnology; advancing more vaccine and oncology programs into the clinic; and reinforcing Abogen’s “leading position” as an mRNA therapy in China. Though less well known globally among Chinese COVID-19 vaccine developers as Sinovac (CoronaVac) and Sinopharm Group (BBIBP-CorV and a second candidate), Abogen in April advanced its shot against the virus into a Phase III trial (NCT04847102).

 
Companies to Watch
Arrowhead Pharmaceuticals

Arrowhead Pharmaceuticals develops RNA interference (RNAi) therapies through its Targeted RNAi Molecule (TRiMTM) platform. Revenues were $100.004 million for the nine months ending June 30, and $87.992 million in the fiscal year ending September 30, 2020. On November 15, Arrowhead presented Phase I/II (NCT04720534) data showing ARO-APOC3, which targets apolipoprotein C-III (APOC3), “may represent a promising RNAi therapeutic for the treatment of [severe hypertriglyceridemia] sHTG with infrequent dosing of every 3 months or every 6 months.” Collaboration partner Janssen Pharmaceuticals shared Phase II trial (NCT03982186) data showing the highest 200 mg dose of small interfering RNA (siRNA) therapeutic JNJ-3989 (formerly ARO-HBV) led to 74.7% of patients achieving <100 IU/mL of Hepatitis B surface antibody (HBsAg). In June, Arrowhead licensed ARO-XDH for uncontrolled gout to Horizon Therapeutics through a collaboration that could generate up to $700 million ($40 million upfront) for Arrowhead.
Dicerna Pharmaceuticals

Dicerna Pharmaceuticals just missed being ranked among top public companies, finishing with revenues of $151.894 million in Q1-Q3 2021 and $164.307 million in 2020. On November 12, Dicerna declared proof of principle for the first two targets in a potentially $3.7 billion-plus collaboration with Eli Lilly launched in 2018 to develop new treatments based on 10+ targets in cardio-metabolic disease, neurodegeneration, and pain. In September, Dicerna dosed the first subjects in a Phase I trial (NCT05021640) assessing DCR-AUD, Dicerna’s GalXC RNAi therapeutic candidate for the treatment of alcohol use disorder. A month earlier, Dicerna reported positive topline data from its pivotal PHYOX2 trial (NCT03847909) showing that nedosiran, its GalXC RNAi therapeutic candidate for primary hyperoxaluria, showed statistically significant reduction from baseline in urinary oxalate (Uox) excretion compared to placebo.
LocanaBio

LocanaBio uses gene therapy to deliver RNA binding protein-based systems designed to correct the RNA “message” in severe neurodegenerative, neuromuscular and retinal diseases. In May, LocanaBio presented positive preclinical in vivo results at the 24th Annual American Society of Gene and Cell Therapy (ASGCT) Meeting showing a novel PUF RNA-binding protein system delivered via an adeno-associated virus serotype 9 (AAV9) vector was safe and effective in eliminating toxic CUG repeats in a mouse model of myotonic dystrophy type 1 (DM1). In addition to DM1, LocanaBio’s pipeline includes candidates for Huntington’s disease, Spinocerebellar ataxia type 1, Amyotrophic Lateral Sclerosis (ALS targeting the C9orf72 gene), frontotemporal dementia, and retinal disease. LocanaBio has raised $159 million in total capital, most of that from a $100 million Series B round in December 2020.
ProQR

ProQR landed a big-pharma partner in September when Eli Lilly began collaborating with the Dutch company to discover, develop, and commercialize RNA therapies for genetic disorders in the liver and nervous system, based on ProQR’s Axiomer® RNA editing platform. The collaboration generated $50 million upfront for ProQR and could yield up to $1.25 billion in research, development, and commercialization milestone payments, plus royalties. “There’s significant room beyond that to potentially do additional partnerships,” ProQR Founder and CEO Daniel A. de Boer told GEN. Axiomer is designed to enable the editing of single nucleotides in RNA in a highly targeted and specific manner based on editing oligonucleotides (EONs) designed to recruit endogenous Adenosine Deaminases Acting on RNA (ADAR) enzymes to a selected target adenosine in a disease-associated RNA.
Shape Therapeutics (ShapeTX)

Shape Therapeutics (ShapeTX) launched an up-to-$3 billion collaboration with Roche in August to apply its RNA editing platform RNAfix and potentially leverage its AAVid technology platform for next-generation tissue-specific AAVs to develop gene therapies against Alzheimer’s disease, Parkinson’s disease, and rare diseases. The company’s pipeline targets 52 genes implicated in these diseases and others, including Rett Syndrome, Stargardt disease, Alpha-1 antitrypsin deficiency (AATD), and Duchenne muscular dystrophy, and cystic fibrosis. ShapeTX’s suite of tech platforms broadly enable RNA targeting, RNA editing, and RNA replacement for patients suffering from genetic disorders with high unmet need. Seattle-based ShapeTX completed a $112 million Series B financing in July, saying the proceeds would enable it to continue building its RNA tech portfolio and accelerate development through partnerships.
Stoke Therapeutics

Stoke Therapeutics gives new meaning to the phrase, “it takes two to tango,”—as in Targeted Augmentation of Nuclear Gene Output (TANGO). The research platform has generated antisense oligonucleotides that bind to pre-mRNA, helping the target genes produce more protein. By selectively restoring protein levels, Stoke reasons it can treat a broad range of diseases where patients have one healthy copy of a gene and one mutated copy that fails to produce an essential protein. On November 8, Stoke nominated a second clinical candidate, STK-002, to treat autosomal dominant optic atrophy (ADOA). Earlier this year Stoke reported positive interim data from its Phase I/IIa MONARCH trial (NCT04442295) assessing its first clinical candidate, STK-001, in children and adolescents with Dravet syndrome. Of 11 patients in single ascending dose cohorts (10mg, 20mg, 30mg), eight showed a reduction in convulsive seizure frequency.

The post Top 10 RNA-Based Biopharmas appeared first on GEN - Genetic Engineering and Biotechnology News.

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Shakira’s net worth

After 12 albums, a tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth more than 4 decades into her care…

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March 14, 2024

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Shakira’s considerable net worth is no surprise, given her massive popularity in Latin America, the U.S., and elsewhere. 

In fact, the belly-dancing contralto queen is the second-wealthiest Latin-America-born pop singer of all time after Gloria Estefan. (Interestingly, Estefan actually helped a young Shakira translate her breakout album “Laundry Service” into English, hugely propelling her stateside success.)

Since releasing her first record at age 13, Shakira has spent decades recording albums in both Spanish and English and performing all over the world. Over the course of her 40+ year career, she helped thrust Latin pop music into the American mainstream, paving the way for the subsequent success of massively popular modern acts like Karol G and Bad Bunny.

In late 2023, a 21-foot-tall bronze sculpture of Shakira, the barefoot belly dancer of Barranquilla, was unveiled at the city's waterfront. The statue was commissioned by the city's former mayor and other leadership.

Photo by STR&sol;AFP via Getty Images

In December 2023, a 21-foot-tall beachside bronze statue of the “Hips Don’t Lie” singer was unveiled in her Colombian hometown of Barranquilla, making her a permanent fixture in the city’s skyline and cementing her legacy as one of Latin America’s most influential entertainers.

After 12 albums, a plethora of film and television appearances, a highly publicized tax evasion case, and now a towering bronze idol sculpted in her image, how much is Shakira worth? What does her income look like? And how does she spend her money?

Related: Dwayne 'The Rock' Johnson's net worth: How the new TKO Board Member built his wealth from $7

How much is Shakira worth?

In late 2023, Spanish sports and lifestyle publication Marca reported Shakira’s net worth at $400 million, citing Forbes as the figure’s source (although Forbes’ profile page for Shakira does not list a net worth — and didn’t when that article was published).

Most other sources list the singer’s wealth at an estimated $300 million, and almost all of these point to Celebrity Net Worth — a popular but dubious celebrity wealth estimation site — as the source for the figure.

A $300 million net worth would make Shakira the third-richest Latina pop star after Gloria Estefan ($500 million) and Jennifer Lopez ($400 million), and the second-richest Latin-America-born pop singer after Estefan (JLo is Puerto Rican but was born in New York).

Shakira’s income: How much does she make annually?

Entertainers like Shakira don’t have predictable paychecks like ordinary salaried professionals. Instead, annual take-home earnings vary quite a bit depending on each year’s album sales, royalties, film and television appearances, streaming revenue, and other sources of income. As one might expect, Shakira’s earnings have fluctuated quite a bit over the years.

From June 2018 to June 2019, for instance, Shakira was the 10th highest-earning female musician, grossing $35 million, according to Forbes. This wasn’t her first time gracing the top 10, though — back in 2012, she also landed the #10 spot, bringing in $20 million, according to Billboard.

In 2023, Billboard listed Shakira as the 16th-highest-grossing Latin artist of all time.

Shakira performed alongside producer Bizarrap during the 2023 Latin Grammy Awards Gala in Seville.

Photo By Maria Jose Lopez&sol;Europa Press via Getty Images

How much does Shakira make from her concerts and tours?

A large part of Shakira’s wealth comes from her world tours, during which she sometimes sells out massive stadiums and arenas full of passionate fans eager to see her dance and sing live.

According to a 2020 report by Pollstar, she sold over 2.7 million tickets across 190 shows that grossed over $189 million between 2000 and 2020. This landed her the 19th spot on a list of female musicians ranked by touring revenue during that period. In 2023, Billboard reported a more modest touring revenue figure of $108.1 million across 120 shows.

In 2003, Shakira reportedly generated over $4 million from a single show on Valentine’s Day at Foro Sol in Mexico City. 15 years later, in 2018, Shakira grossed around $76.5 million from her El Dorado World Tour, according to Touring Data.

Related: RuPaul's net worth: Everything to know about the cultural icon and force behind 'Drag Race'

How much has Shakira made from her album sales?

According to a 2023 profile in Variety, Shakira has sold over 100 million records throughout her career. “Laundry Service,” the pop icon’s fifth studio album, was her most successful, selling over 13 million copies worldwide, according to TheRichest.

Exactly how much money Shakira has taken home from her album sales is unclear, but in 2008, it was widely reported that she signed a 10-year contract with LiveNation to the tune of between $70 and $100 million to release her subsequent albums and manage her tours.

Shakira and JLo co-headlined the 2020 Super Bowl Halftime Show in Florida.

Photo by Kevin Winter&sol;Getty Images&rpar;

How much did Shakira make from her Super Bowl and World Cup performances?

Shakira co-wrote one of her biggest hits, “Waka Waka (This Time for Africa),” after FIFA selected her to create the official anthem for the 2010 World Cup in South Africa. She performed the song, along with several of her existing fan-favorite tracks, during the event’s opening ceremonies. TheThings reported in 2023 that the song generated $1.4 million in revenue, citing Popnable for the figure.

A decade later, 2020’s Superbowl halftime show featured Shakira and Jennifer Lopez as co-headliners with guest performances by Bad Bunny and J Balvin. The 14-minute performance was widely praised as a high-energy celebration of Latin music and dance, but as is typical for Super Bowl shows, neither Shakira nor JLo was compensated beyond expenses and production costs.

The exposure value that comes with performing in the Super Bowl Halftime Show, though, is significant. It is typically the most-watched television event in the U.S. each year, and in 2020, a 30-second Super Bowl ad spot cost between $5 and $6 million.

How much did Shakira make as a coach on “The Voice?”

Shakira served as a team coach on the popular singing competition program “The Voice” during the show’s fourth and sixth seasons. On the show, celebrity musicians coach up-and-coming amateurs in a team-based competition that eventually results in a single winner. In 2012, The Hollywood Reporter wrote that Shakira’s salary as a coach on “The Voice” was $12 million.

Related: John Cena's net worth: The wrestler-turned-actor's investments, businesses, and more

How does Shakira spend her money?

Shakira doesn’t just make a lot of money — she spends it, too. Like many wealthy entertainers, she’s purchased her share of luxuries, but Barranquilla’s barefoot belly dancer is also a prolific philanthropist, having donated tens of millions to charitable causes throughout her career.

Private island

Back in 2006, she teamed up with Roger Waters of Pink Floyd fame and Spanish singer Alejandro Sanz to purchase Bonds Cay, a 550-acre island in the Bahamas, which was listed for $16 million at the time.

Along with her two partners in the purchase, Shakira planned to develop the island to feature housing, hotels, and an artists’ retreat designed to host a revolving cast of artists-in-residence. This plan didn’t come to fruition, though, and as of this article’s last update, the island was once again for sale on Vladi Private Islands.

Real estate and vehicles

Like most wealthy celebs, Shakira’s portfolio of high-end playthings also features an array of luxury properties and vehicles, including a home in Barcelona, a villa in Cyprus, a Miami mansion, and a rotating cast of Mercedes-Benz vehicles.

Philanthropy and charity

Shakira doesn’t just spend her massive wealth on herself; the “Queen of Latin Music” is also a dedicated philanthropist and regularly donates portions of her earnings to the Fundación Pies Descalzos, or “Barefoot Foundation,” a charity she founded in 1997 to “improve the education and social development of children in Colombia, which has suffered decades of conflict.” The foundation focuses on providing meals for children and building and improving educational infrastructure in Shakira’s hometown of Barranquilla as well as four other Colombian communities.

In addition to her efforts with the Fundación Pies Descalzos, Shakira has made a number of other notable donations over the years. In 2007, she diverted a whopping $40 million of her wealth to help rebuild community infrastructure in Peru and Nicaragua in the wake of a devastating 8.0 magnitude earthquake. Later, during the COVID-19 pandemic in 2020, Shakira donated a large supply of N95 masks for healthcare workers and ventilators for hospital patients to her hometown of Barranquilla.

Back in 2010, the UN honored Shakira with a medal to recognize her dedication to social justice, at which time the Director General of the International Labour Organization described her as a “true ambassador for children and young people.”

On November 20, 2023 (which was supposed to be her first day of trial), Shakira reached a deal with the prosecution that resulted in a three-year suspended sentence and around $8 million in fines.

Photo by Adria Puig&sol;Anadolu via Getty Images

Shakira’s tax fraud scandal: How much did she pay?

In 2018, prosecutors in Spain initiated a tax evasion case against Shakira, alleging she lived primarily in Spain from 2012 to 2014 and therefore failed to pay around $14.4 million in taxes to the Spanish government. Spanish law requires anyone who is “domiciled” (i.e., living primarily) in Spain for more than half of the year to pay income taxes.

During the period in question, Shakira listed the Bahamas as her primary residence but did spend some time in Spain, as she was dating Gerard Piqué, a professional footballer and Spanish citizen. The couple’s first son, Milan, was also born in Barcelona during this period. 

Shakira maintained that she spent far fewer than 183 days per year in Spain during each of the years in question. In an interview with Elle Magazine, the pop star opined that “Spanish tax authorities saw that I was dating a Spanish citizen and started to salivate. It's clear they wanted to go after that money no matter what."

Prosecutors in the case sought a fine of almost $26 million and a possible eight-year prison stint, but in November of 2023, Shakira took a deal to close the case, accepting a fine of around $8 million and a three-year suspended sentence to avoid going to trial. In reference to her decision to take the deal, Shakira stated, "While I was determined to defend my innocence in a trial that my lawyers were confident would have ruled in my favour [had the trial proceeded], I have made the decision to finally resolve this matter with the best interest of my kids at heart who do not want to see their mom sacrifice her personal well-being in this fight."

How much did the Shakira statue in Barranquilla cost?

In late 2023, a 21-foot-tall bronze likeness of Shakira was unveiled on a waterfront promenade in Barranquilla. The city’s then-mayor, Jaime Pumarejo, commissioned Colombian sculptor Yino Márquez to create the statue of the city’s treasured pop icon, along with a sculpture of the city’s coat of arms.

According to the New York Times, the two sculptures cost the city the equivalent of around $180,000. A plaque at the statue’s base reads, “A heart that composes, hips that don’t lie, an unmatched talent, a voice that moves the masses and bare feet that march for the good of children and humanity.” 

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Delta Air Lines adds a new route travelers have been asking for

The new Delta seasonal flight to the popular destination will run daily on a Boeing 767-300.

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Those who have tried to book a flight from North America to Europe in the summer of 2023 know just how high travel demand to the continent has spiked.

At 2.93 billion, visitors to the countries making up the European Union had finally reached pre-pandemic levels last year while North Americans in particular were booking trips to both large metropolises such as Paris and Milan as well as smaller cities growing increasingly popular among tourists.

Related: A popular European city is introducing the highest 'tourist tax' yet

As a result, U.S.-based airlines have been re-evaluating their networks to add more direct routes to smaller European destinations that most travelers would have previously needed to reach by train or transfer flight with a local airline.

The new flight will take place on a Boeing 767-300.

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Delta Air Lines: ‘Glad to offer customers increased choice…’

By the end of March, Delta Air Lines  (DAL)  will be restarting its route between New York’s JFK and Marco Polo International Airport in Venice as well as launching two new flights to Venice from Atlanta. One will start running this month while the other will be added during peak demand in the summer.

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“As one of the most beautiful cities in the world, Venice is hugely popular with U.S. travelers, and our flights bring valuable tourism and trade opportunities to the city and the region as well as unrivalled opportunities for Venetians looking to explore destinations across the Americas,” Delta’s SVP for Europe Matteo Curcio said in a statement. “We’re glad to offer customers increased choice this summer with flights from New York and additional service from Atlanta.”

The JFK-Venice flight will run on a Boeing 767-300  (BA)  and have 216 seats including higher classes such as Delta One, Delta Premium Select and Delta Comfort Plus.

Delta offers these features on the new flight

Both the New York and Atlanta flights are seasonal routes that will be pulled out of service in October. Both will run daily while the first route will depart New York at 8:55 p.m. and arrive in Venice at 10:15 a.m. local time on the way there, while leaving Venice at 12:15 p.m. to arrive at JFK at 5:05 p.m. on the way back.

According to Delta, this will bring its service to 17 flights from different U.S. cities to Venice during the peak summer period. As with most Delta flights at this point, passengers in all fare classes will have access to free Wi-Fi during the flight.

Those flying in Delta’s highest class or with access through airline status or a credit card will also be able to use the new Delta lounge that is part of the airline’s $12 billion terminal renovation and is slated to open to travelers in the coming months. The space will take up more than 40,000 square feet and have an outdoor terrace.

“Delta One customers can stretch out in a lie-flat seat and enjoy premium amenities like plush bedding made from recycled plastic bottles, more beverage options, and a seasonal chef-curated four-course meal,” Delta said of the new route. “[…] All customers can enjoy a wide selection of in-flight entertainment options and stay connected with Wi-Fi and enjoy free mobile messaging.”

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Stock Market Today: Stocks turn lower as factory inflation spikes, retail sales miss target

Stocks will navigate the last major data releases prior to next week’s Fed rate meeting in Washington.

Published

4 hours ago

on

March 14, 2024

By

Check back for updates throughout the trading day

U.S. stocks edged lower Thursday following a trio of key economic releases that have added to the current inflation puzzle as investors shift focus to the Federal Reserve's March policy meeting next week in Washington.

Updated at 9:59 AM EDT

Red start

Stocks are now falling sharply following the PPI inflation data and retail sales miss, with the S&P 500 marked 18 points lower, or 0.36%, in the opening half hour of trading.

The Dow, meanwhile, was marked 92 points lower while the Nasdaq slipped 67 points.

Treasury yields are also on the move, with 2-year notes rising 5 basis points on the session to 4.679% and 10-year notes pegged 7 basis points higher at 4.271%.

Updated at 9:44 AM EDT

Under Water

Under Armour  (UAA)  shares slumped firmly lower in early trading following the sportswear group's decision to bring back founder Kevin Plank as CEO, replacing the outgoing Stephanie Linnartz.

Plank, who founded Under Armour in 1996, left the group in May of 2021 just weeks before the group revealed that it was co-operating with investigations from both the Securities and Exchange Commission and the U.S. Department of Justice into the company's revenue recognition accounting.

Under Armour shares were marked 10.6% lower in early trading to change hands at $7.21 each.

Source: Under Armour Investor Relations

Updated at 9:22 AM EDT

Steely resolve

U.S. Steel  (X)  shares extended their two-day decline Thursday, falling 5.75% in pre-market trading following multiple reports that suggest President Joe Biden will push to prevent Japan's Nippon Steel from buying the Pittsburgh-based group.

Both Reuters and the Associated Press have said Biden will express his views to Prime Minister Kishida Yuko ahead of a planned State Visit next month at the White House. 

Related: US Steel soars on $15 billion Nippon Steel takeover; United Steelworkers slams deal

Updated at 8:52 AM EDT

Clear as mud

Retail sales rebounded last month, but the overall tally of $700.7 billion missed Street forecasts and suggests the recent uptick in inflation could be holding back discretionary spending.

A separate reading of factory inflation, meanwhile, showed prices spiking by 1.6%, on the year, and 0.6% on the month, amid a jump in goods prices.

U.S. stocks held earlier gains following the data release, with futures tied to the S&P 500 indicating an opening bell gain of 10 points, while the Dow was called 140 points higher. The Nasdaq, meanwhile, is looking at a more modest 40 point gain.

Benchmark 10-year Treasury note yields edged 3 basis points lower to 4.213% while two-year notes were little-changed at 4.626%.

Stock Market Today

Stocks finished lower last night, with the S&P 500 ending modestly in the red and the Nasdaq falling around 0.5%. The declines came amid an uptick in Treasury yields tied to concern that inflation pressures have failed to ease over the opening months of the year.

A better-than-expected auction of $22 billion in 30-year bonds, drawing the strongest overall demand since last June, steadied the overall market, but stocks still slipped into the close with an eye towards today's dataset.

The Commerce Department will publish its February reading of factory-gate inflation at 8:30 am Eastern Time. Analysts are expecting a slowdown in the key core reading, which feeds into the Fed's favored PCE price index.

Retail sales figures for the month are also set for an 8:30 am release as investors search for clues on consumer strength, tied to a resilient job market. Those factors could give the Fed more justification to wait until the summer months to begin the first of its three projected rate cuts.

"The case for a gradual but sustained slowdown in growth in consumers’ spending from 2023’s robust pace is persuasive," said Ian Shepherdson of Pantheon Macroeconomics. 

"Most households have run down the excess savings accumulated during the pandemic, while the cost of credit has jumped and last year’s plunge in home sales has depressed demand housing-related retail items like furniture and appliances," he added.

Benchmark 10-year Treasury yields are holding steady at 4.196% heading into the start of the New York trading session, while 2-year notes were pegged at 4.628%.

With Fed officials in a quiet period, requiring no public comments ahead of next week's meeting in Washington, the U.S. dollar index is trading in a narrow range against its global peers and was last marked 0.06% higher at 102.852.

On Wall Street, futures tied to the S&P 500 are indicating an opening bell gain of around 19 points, with the Dow Jones Industrial Average indicating a 140-point advance.

The tech-focused Nasdaq, which is up 7.77% for the year, is priced for a gain of around 95 points, with Tesla  (TSLA)  once again sliding into the red after ending the Wednesday session at a 10-month low.

In Europe, the regionwide Stoxx 600 was marked 0.35% higher in early Frankfurt trading, while Britain's FTSE 100 slipped 0.09% in London.

Overnight in Asia, the Nikkei 225 gained 0.29% as investors looked to a key series of wage negotiation figures from key unions that are likely to see the biggest year-on-year pay increases in three decades.

The broader MSCI ex-Japan benchmark, meanwhile, rose 0.18% into the close of trading. 

Related: Veteran fund manager picks favorite stocks for 2024

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